Document:

Exhibit

Exhibit 10.3
EXECUTION VERSION

MASTER GUARANTEE AGREEMENT
dated as of
January 29, 2016,
among
NORTHSTAR ASSET MANAGEMENT GROUP INC.
THE OTHER GUARANTORS PARTY HERETO
and
MORGAN STANLEY SENIOR FUNDING, INC., 
as Administrative Agent 
 

TABLE OF CONTENTS	
				
	 
	 
	Page
	

	ARTICLE I

	Definitions

	Section 1.01.
	Credit Agreement
	1
	

	Section 1.02.
	Other Defined Terms
	1
	

	ARTICLE II

	The Guarantees

	Section 2.01.
	Guarantee
	2
	

	Section 2.02.
	Guarantee of Payment; Continuing Guarantee
	2
	

	Section 2.03.
	No Limitations
	2
	

	Section 2.04.
	Waiver of Defense
	4
	

	Section 2.05.
	Reinstatement
	4
	

	Section 2.06.
	Agreement to Pay; Subrogation
	4
	

	Section 2.07.
	Information
	4
	

	Section 2.08.
	Payments Free of Taxes
	5
	

	ARTICLE III

	Indemnity, Subrogation and Subordination

	Section 3.01.
	Indemnity and Subrogation
	5
	

	Section 3.02.
	Contribution and Subrogation
	5
	

	Section 3.03.
	Subordination
	5
	

	ARTICLE IV

	Representations and Warranties

	ARTICLE V

	Miscellaneous

	Section 5.01.
	Notices
	6
	

	Section 5.02.
	Waivers; Amendment
	6
	

	Section 5.03.
	Administrative Agent’s Fees and Expenses; Indemnification
	7
	

	Section 5.04.
	Successors and Assigns
	7
	

	Section 5.05.
	Survival of Agreement
	7
	

	Section 5.06.
	Counterparts; Effectiveness; Several Agreement
	7
	

	Section 5.07.
	Severability
	7
	

	Section 5.08.
	Right of Set-Off
	7
	

	Section 5.09.
	Governing Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent
	8
	

	Section 5.10.
	WAIVER OF JURY TRIAL
	8
	

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	Page
	

	 
	 
	 

	Section 5.11.
	Headings
	9
	

	Section 5.12.
	Termination or Release
	9
	

	Section 5.13.
	Additional Guarantors
	9
	

	Section 5.14.
	Keepwell
	9
	

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MASTER GUARANTEE AGREEMENT dated as of January 29, 2016 (this “Agreement”), among NORTHSTAR ASSET MANAGEMENT GROUP INC., the other GUARANTORS from time to time party hereto (the “Guarantors”) and MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent, on behalf of itself and the other Secured Parties.
Reference is made to the Term Loan Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among NORTHSTAR ASSET MANAGEMENT GROUP INC., a Delaware corporation (“Parent”), NSAM LP, a Delaware limited partnership (the “Borrower”), the Lenders party thereto and Morgan Stanley Senior Funding, Inc., as Administrative Agent.  Parent, the Borrower and the Subsidiaries may at any time and from time to time incur Secured Cash Management Obligations and/or enter into one or more Swap Agreements the obligations under which constitute Secured Swap Obligations with one or more Secured Parties.  The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement.  The obligations of the Lenders and the other Secured Parties to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement.  The other Guarantors are affiliates of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit.  Accordingly, the parties hereto agree as follows:
ARTICLE I 
 
Definitions
SECTION 1.01.        Credit Agreement.  Capitalized terms used in this Agreement (including in the introductory paragraph hereto) and not otherwise defined herein have the meanings specified in the Credit Agreement.
The rules of construction specified in Section 1.03 of the Credit Agreement also apply to this Agreement, mutatis mutandis.
SECTION 1.02.        Other Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“Agreement” has the meaning assigned to such term in the preamble to this Agreement.
“Claiming Party” has the meaning assigned to such term in Section 3.02.
“Contributing Party” has the meaning assigned to such term in Section 3.02.
“Credit Agreement” has the meaning assigned to such term in the introductory paragraph to this Agreement.
“Excluded Swap Obligation” has the meaning assigned to such term in the Collateral Agreement.
“Fraudulent Transfer Laws” means §548 of the Bankruptcy Code, 11 U.S.C. §548, or any applicable provisions of comparable state, provincial or territorial law.
“Qualified ECP Loan Party” means, in respect of any Secured Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the 

relevant security interest becomes effective with respect to such Secured Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
“Specified Loan Party” means any Loan Party that is not an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 5.14).
“Supplement” means an instrument in the form of Exhibit I to the Collateral Agreement, or any other form approved by the Administrative Agent, and in each case reasonably satisfactory to the Administrative Agent.
ARTICLE II 
 
The Guarantees
SECTION 2.01.        Guarantee.  Each Guarantor irrevocably and unconditionally guarantees to each of the Secured Parties, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, by way of an independent payment obligation, the due and punctual payment and performance of the Secured Obligations.  Each Guarantor further agrees that the Secured Obligations may be extended or renewed, in whole or in part, or amended or modified, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal, or amendment or modification, of any of the Secured Obligations.  Each Guarantor waives presentment to, demand of payment from and protest to the Borrower or any other Loan Party of any of the Secured Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment.
SECTION 2.02.        Guarantee of Payment; Continuing Guarantee.  Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual of collection of any of the Secured Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by the Administrative Agent or any other Secured Party to any security held for the payment of any of the Secured Obligations or to any balance of any deposit account or credit on the books of the Administrative Agent or any other Secured Party in favor of the Borrower, any other Loan Party or any other Person.  Each Guarantor agrees that its guarantee hereunder is continuing in nature and applies to all of its Secured Obligations, whether currently existing or hereafter incurred.
SECTION 2.03.        No Limitations.  Except for the termination or release of a Guarantor’s obligations hereunder as expressly provided in Section 5.12, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise of any of the Secured Obligations, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any of the Secured Obligations, any impossibility in the performance of any of the Secured Obligations or otherwise.  Without limiting the generality of the foregoing, except for the termination or release of its obligations hereunder as expressly provided in Section 5.12, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by:
(a)    the failure of any Secured Party or any other Person to assert any claim or demand or to enforce any right or remedy under the provisions of any Loan Document or otherwise;

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(b)    any rescission, waiver, amendment, restatement or modification of, or any release from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to any other Guarantor under this Agreement;
(c)    the release of, or any impairment of or failure to perfect any Lien on, any security held by any Secured Party for any of the Secured Obligations;
(d)    any default, failure or delay, willful or otherwise, in the performance of any of the Secured Obligations;
(e)    any other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the payment in full in cash of all the Secured Obligations that constitute Loan Document Obligations (excluding contingent obligations not yet due);
(f)    any illegality, lack of validity or lack of enforceability of any of the Secured Obligations;
(g)    any change in the corporate existence, structure or ownership of any Loan Party, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Loan Party or its assets or any resulting release or discharge of any of the Secured Obligations;
(h)    the existence of any claim, set-off or other rights that any Guarantor may have at any time against the Borrower, the Administrative Agent, any other Secured Party or any other Person, whether in connection with the Credit Agreement, the other Loan Documents or any unrelated transaction;
(i)    this Agreement having been determined (on whatsoever grounds) to be invalid, non-binding or unenforceable against any other Guarantor ab initio or at any time after the Closing Date;
(j)    the fact that any Person that, pursuant to the Loan Documents, was required to become a party hereto may not have executed or is not effectually bound by this Agreement, whether or not this fact is known to the Secured Parties;
(k)    any action permitted or authorized hereunder; or
(l)    any other circumstance (including any statute of limitations), or any existence of or reliance on any representation by the Administrative Agent, any Secured Party or any other Person, that might otherwise constitute a defense to, or a legal or equitable discharge of, the Borrower, any Guarantor or any other guarantor or surety (other than the payment in full in cash of all the Secured Obligations that constitute Loan Document Obligations (excluding contingent obligations not yet due)).
Each Guarantor expressly authorizes the Secured Parties to take and hold security in accordance with the terms of the Loan Documents for the payment and performance of the Secured Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole discretion or to release or substitute any one or more other guarantors or obligors upon or in respect of the Secured Obligations, all without affecting the obligations of any Guarantor hereunder.  Any term or provision of this Agreement or any other Loan Document to the contrary notwithstanding, the maximum aggregate 

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amount of the Secured Obligations for which any Guarantor shall be liable shall not exceed the maximum amount for which such Guarantor may be liable without rendering this Agreement or any other Loan Document, as it relates to such Guarantor, subject to avoidance under Fraudulent Transfer Laws, in each case after giving effect (a) to all other liabilities of such Guarantor, contingent or otherwise, that are relevant under such Fraudulent Transfer Laws (specifically excluding, however, any liabilities of such Guarantor in respect of intercompany Indebtedness to the Borrower to the extent that such Indebtedness would be discharged in an amount equal to the amount paid by such Guarantor hereunder) and (b) to the value of assets of such Guarantor (as determined under the applicable provisions of such Fraudulent Transfer Laws) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights held by such Guarantor pursuant to (i) applicable Requirements of Law, (ii) Section 3.02 of this Agreement or (iii) any other contractual obligations providing for an equitable allocation among such Guarantor and other Subsidiaries or Affiliates of the Borrower of obligations arising under this Agreement.
SECTION 2.04.        Waiver of Defenses.  To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of the Borrower or any other Loan Party or the unenforceability of the Secured Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any other Loan Party, other than the payment in full in cash of all the Secured Obligations.  The Administrative Agent and the other Secured Parties may, at their election and in accordance with the terms of the Loan Documents, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Secured Obligations, make any other accommodation with the Borrower or any other Loan Party or exercise any other right or remedy available to them against the Borrower or any other Loan Party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Secured Obligations have been paid in full in cash.  To the fullest extent permitted by applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Borrower or any other Loan Party, as the case may be, or any security.
SECTION 2.05.        Reinstatement.  Each Guarantor agrees that, unless released pursuant to Section 5.12(b), its guarantee hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Secured Obligations is rescinded or must otherwise be restored by any Secured Party upon the bankruptcy or reorganization (or any analogous proceeding in any jurisdiction) of any Borrower, any other Loan Party or otherwise.
SECTION 2.06.        Agreement to Pay; Subrogation.  In furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower or any other Loan Party to pay any Secured Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent for distribution to the applicable Secured Parties in cash the amount of such unpaid Secured Obligation.  Upon payment by any Guarantor of any sums to the Administrative Agent as provided above, all rights of such Guarantor against any Borrower or the other Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article III.
SECTION 2.07.        Information.  Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s and each other Loan Party’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Secured Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees 

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that none of the Secured Parties will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks.
SECTION 2.08.        Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Guarantor hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes on the same terms and to the same extent that payments by the Borrower are required to be so made pursuant to the terms of Section 2.17 of the Credit Agreement. The provisions of Section 2.17 of the Credit Agreement shall apply to each Guarantor, mutatis mutandis.
ARTICLE III 
 
Indemnity, Subrogation and Subordination
SECTION 3.01.        Indemnity and Subrogation.  In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable law (but subject to Section 3.03) in respect of any payment hereunder, the Borrower agrees that (a) in the event a payment in respect of any obligation of the Borrower shall be made by any Guarantor under this Agreement, the Borrower shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment and (b) in the event any assets of any Guarantor shall be sold pursuant to any Security Document to satisfy in whole or in part any Secured Obligations owed to any Secured Party, the Borrower shall indemnify such Guarantor in an amount equal to the greater of the book value or the fair market value of the assets so sold.
SECTION 3.02.        Contribution and Subrogation.  Each Guarantor (a “Contributing Party”) agrees (subject to Section 3.03) that, in the event a payment shall be made by any other Guarantor hereunder in respect of any Secured Obligations or assets of any other Guarantor (other than the Borrower) shall be sold pursuant to any Security Document to satisfy any Secured Obligation owed to any Secured Party and such other Guarantor (the “Claiming Party”) shall not have been fully indemnified as provided in Section 3.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 5.13, the date of the Supplement executed and delivered by such Guarantor) and the denominator shall be the aggregate net worth of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 5.13, such other date).  Any Contributing Party making any payment to a Claiming Party pursuant to this Section 3.02 shall be subrogated to the rights of such Claiming Party under Section 3.01 to the extent of such payment.
SECTION 3.03.        Subordination. 
(a)    Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors under Sections 3.01 and 3.02 and all other rights of the Guarantors of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the payment in full in cash of all the Secured Obligations.  No failure on the part of the Borrower or any Guarantor to make the payments required by Sections 3.01 and 3.02 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Guarantor with respect to its obligations hereunder, and each Guarantor shall remain liable for the full amount of the obligations of such Guarantor hereunder.

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(b)    Each Guarantor hereby agrees that upon the occurrence and during the continuance of an Event of Default and after notice from the Administrative Agent (provided that no such notice shall be required to be given in the case of any Event of Default arising under Section 7.01(h) or 7.01(i) of the Credit Agreement), all Indebtedness and other monetary obligations owed by it to, or to it by, any other Guarantor or any other Subsidiary shall be fully subordinated to the payment in full in cash of all the Secured Obligations.
ARTICLE IV 
 
Representations and Warranties
Each Guarantor represents and warrants to the Administrative Agent and the other Secured Parties that (a) the execution, delivery and performance by such Guarantor of this Agreement have been duly authorized by all necessary corporate or other action and, if required, action by the holders of such Guarantor’s Equity Interests, and that this Agreement has been duly executed and delivered by such Guarantor and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and (b) all representations and warranties set forth in the Credit Agreement as to such Guarantor are true and correct on each date as required by Article IV of the Credit Agreement in all material respects; provided that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language is true and correct in all respects.
ARTICLE V 
 
Miscellaneous
SECTION 5.01.        Notices.  All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 9.01 of the Credit Agreement.  All communications and notices hereunder to any Guarantor shall be given to it in care of Parent as provided in Section 9.01 of the Credit Agreement.  
SECTION 5.02.        Waivers; Amendment.
(a)    No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 5.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.  No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances.
(b)    Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Guarantor or Guarantors with respect to which such waiver, amendment or modification is 

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to apply, subject to any consent required in accordance with Section 9.02 of the Credit Agreement; provided that the Administrative Agent may, without the consent of any Secured Party, consent to a departure by any Guarantor from any covenant of such Guarantor set forth herein to the extent such departure is consistent with the authority of the Administrative Agent set forth in the definition of the term “Collateral and Guarantee Requirement” in the Credit Agreement.
SECTION 5.03.        Administrative Agent’s Fees and Expenses; Indemnification.  The provisions of Section 9.03 of the Credit Agreement shall apply to each Guarantor, mutatis mutandis.
SECTION 5.04.        Successors and Assigns.  Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor or the Administrative Agent that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.
SECTION 5.05.        Survival of Agreement.  All covenants, agreements, representations and warranties made by the Loan Parties in this Agreement or any other Loan Document and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Secured Parties and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by or on behalf of any Secured Party and notwithstanding that the Administrative Agent, any Lender or any other Secured Party may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement or any other Loan Document, and shall continue in full force and effect until such time as (a) all the Loan Document Obligations(excluding contingent obligations for indemnification not yet due) have been paid in full in cash and (b) all Commitments have terminated or expired.  
SECTION 5.06.        Counterparts; Effectiveness; Several Agreement.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract.  Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement.  This Agreement shall become effective as to any Guarantor when a counterpart hereof executed on behalf of such Guarantor shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such Guarantor and the Administrative Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Guarantor, the Administrative Agent and the other Secured Parties and their respective successors and assigns, except that no Guarantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein (and any such assignment or transfer shall be void) except as expressly provided in this Agreement and the Credit Agreement.  This Agreement shall be construed as a separate agreement with respect to each Guarantor and may be amended, modified, supplemented, waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations of any other Guarantor hereunder.
SECTION 5.07.        Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.  
SECTION 5.08.        Right of Set-Off.  The provisions of Section 9.08 of the Credit Agreement shall apply to each Guarantor, mutatis mutandis.

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SECTION 5.09.        Governing Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent
(a)    This Agreement shall be construed in accordance with and governed by the laws of the State of New York.
(b)    Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Guarantor or its respective properties in the courts of any jurisdiction.
(c)    Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)    Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01.  Nothing in this Agreement will affect the right of any party to this Agreement or any other Loan Document to serve process in any other manner permitted by law.
(e)    Each Subsidiary Loan Party hereby irrevocably designates, appoints and empowers the Borrower as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents that may be served in any such action or proceeding and the Borrower hereby accepts such designation and appointment.
SECTION 5.10.        WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.10.

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SECTION 5.11.        Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or to be taken into consideration in interpreting, this Agreement.
SECTION 5.12.        Termination or Release.
(a)    Subject to Section 2.05, this Agreement and the Guarantees made herein shall terminate when (i) all the Loan Document Obligations (excluding contingent obligations for indemnification not yet due) have been paid in full in cash and (ii) all Commitments have terminated or expired.
(b)    Notwithstanding any other provision contained herein, the guarantees made herein shall also terminate and be released at the time or times and in the manner set forth in Section 9.15 of the Credit Agreement.
(c)    In connection with any termination or release pursuant to paragraph (a) or (b) of this Section, the Administrative Agent shall execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release so long as the applicable Loan Party shall have provided the Administrative Agent such certifications or documents as the Administrative Agent shall reasonably request in order to demonstrate compliance with this Section 5.12.  Any execution and delivery of documents by the Administrative Agent pursuant to this Section 5.12 shall be without recourse to or warranty by the Administrative Agent or any other Secured Party.
(d)    Notwithstanding anything to the contrary in this Agreement, if as a result of any change in law after the Closing Date (including any change with retroactive effect), any Subsidiary that is a Subsidiary Loan Party becomes an Excluded Subsidiary described in clause (d), (e) or (f) of the definition of “Excluded Subsidiary” in the Credit Agreement, such Subsidiary shall be released from this Agreement (and if such Subsidiary under such changed law as so retroactively applied would have been an Excluded Subsidiary, such release will be deemed to have occurred immediately prior to the period of retroactive effect).
SECTION 5.13.        Additional Guarantors.  Additional Persons may become Guarantors after the date hereof as contemplated by the Credit Agreement.  Upon execution and delivery by the Administrative Agent and a Person of a Supplement, any such Person shall become a Guarantor hereunder with the same force and effect as if originally named as such herein.  The execution and delivery of any such instrument shall not require the consent of any other Guarantor hereunder.  The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any Person as a party to this Agreement.
SECTION 5.14.        Keepwell.  Each Qualified ECP Loan Party, jointly and severally, hereby absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by any other Loan Party hereunder to honor all of such Loan Party’s obligations under this Agreement in respect of Swap Obligations (provided, however, that each Qualified ECP Loan Party shall only be liable under this Section 5.14 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 5.14, or otherwise under this Agreement, voidable under applicable law, including applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Loan Party under this Section 5.14 shall remain in full force and effect until all of the Secured Obligations and all other amounts payable under this Agreement (excluding contingent obligations for indemnification not yet due) shall have been paid in full in cash and the Commitments shall have expired or been terminated. Each Qualified ECP Loan Party intends that this Section 5.14 constitute, and this Section 5.14 shall be 

-9-
        

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.
[Signature Pages Follow]

-10-
        

IN WITNESS WHEREOF, the parties hereto have duly executed this Master Guarantee Agreement as of the day and year first above written.
	
		
	NORTHSTAR ASSET MANAGEMENT GROUP INC.

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	SUBSIDIARY LOAN PARTIES:

	
		
	CROWD INVEST T-II, LLC

	 

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	HEALTHCARE JV GP, LLC

	 

	By: NSAM P-Holdings, LLC, its sole member

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

[Signature Page to Master Guarantee Agreement]
        

	
		
	NORTHSTAR ASSET MANAGEMNET GROUP, LLC

	 

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	NORTHSTAR HEALTHCARE INCOME OP HOLDINGS, LLC

	 

	By: NSAM P-Holdings, LLC, its sole member

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	NORTHSTAR OP HOLDINGS II, LLC

	 

	By: NSAM P-Holdings, LLC, its sole member

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

[Signature Page to Master Guarantee Agreement]
        

	
		
	NORTHSTAR OP HOLDINGS, LLC

	 

	By: NSAM P-Holdings, LLC, its sole member

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	NORTHSTAR REALTY ASSET MANAGEMENT, LLC

	 

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	NS AM MEMBER, LLC

	 

	By: NorthStar Realty Asset Management, LLC, its sole member

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

[Signature Page to Master Guarantee Agreement]
        

	
		
	NS SECURITIES ADVISORS LLC

	 

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	NS SERVICING II, LLC

	 

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	NSAM P-HOLDINGS, LLC

	 

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

[Signature Page to Master Guarantee Agreement]
        

	
		
	NSAM US LLC

	 

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	PLATFORM HEALTHCARE INVESTOR T-II, LLC

	 

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	PLATFORM HOSPITALITY INVESTOR T-II, LLC

	 

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

[Signature Page to Master Guarantee Agreement]
        

	
		
	NSAM US-RECF, LLC

	 

	By: NSAM US LLC, its sole member

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	
		
	THUNDER INVESTOR T-II, LLC

	 

	By: NorthStar Asset Management Group, LLC, its sole member

	By: NSAM LP, its sole member

	By: NorthStar Asset Management Group Inc., its general partner

	 

	By:
	/s/ Ronald J. Lieberman

	 
	Name: Ronald J. Lieberman

	 
	Title: Executive Vice President, General Counsel & Secretary

	 
	 

[Signature Page to Master Guarantee Agreement]
        

	
		
	MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent

	 

	By:
	F. Michael Manfred

	 
	Name: F. Michael Manfred

	 
	Title: Authorized Signatory

[Signature Page to Master Guarantee Agreement]EX-10.1

 EXHIBIT 10.1 
  

 
  

 
 

 
 CREDIT AGREEMENT 

dated as of 
 December 2,
2015 
 among 
 Graham
Corporation, 
 the Loan Parties Party Hereto, 

The Lenders Party Hereto 
 and

 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 
  

 
 J.P. MORGAN
SECURITIES LLC, 
 as Sole Bookrunner and Sole Lead Arranger 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I.  Definitions
	  	 	1	  
	 SECTION 1.01.  Defined Terms
	  	 	1	  
	 SECTION 1.02.  Classification of Loans and Borrowings
	  	 	23	  
	 SECTION 1.03.  Terms Generally
	  	 	23	  
	 SECTION 1.04.  Accounting Terms; GAAP
	  	 	24	  
	 SECTION 1.05.  Pro Forma Adjustments for Acquisitions and Dispositions
	  	 	24	  
	 SECTION 1.06.  Status of Obligations
	  	 	24	  
	 ARTICLE II.  The Credits
	  	 	25	  
	 SECTION 2.01.  Revolving Commitments
	  	 	25	  
	 SECTION 2.02.  Loans and Borrowings
	  	 	25	  
	 SECTION 2.03.  Requests for Borrowings
	  	 	26	  
	 SECTION 2.05.  Swingline Loans
	  	 	26	  
	 SECTION 2.06.  Letters of Credit
	  	 	27	  
	 SECTION 2.07.  Funding of Borrowings
	  	 	33	  
	 SECTION 2.08.  Interest Elections
	  	 	33	  
	 SECTION 2.09.  Termination and Reduction of Commitments; Increase in Revolving Commitments
	  	 	34	  
	 SECTION 2.10.  Repayment and Amortization of Loans; Evidence of Debt
	  	 	36	  
	 SECTION 2.11.  Prepayment of Loans
	  	 	37	  
	 SECTION 2.12.  Fees
	  	 	38	  
	 SECTION 2.13.  Interest
	  	 	39	  
	 SECTION 2.14.  Alternate Rate of Interest
	  	 	40	  
	 SECTION 2.15.  Increased Costs
	  	 	40	  
	 SECTION 2.16.  Break Funding Payments
	  	 	41	  
	 SECTION 2.17.  Taxes
	  	 	42	  
	 SECTION 2.18.  Payments Generally; Allocation of Proceeds; Sharing of Set-offs
	  	 	45	  
	 SECTION 2.19.  Mitigation Obligations; Replacement of Lenders
	  	 	47	  
	 SECTION 2.20.  Defaulting Lenders
	  	 	48	  
	 SECTION 2.21.  Returned Payments
	  	 	49	  
	 SECTION 2.22.  Banking Services and Swap Agreements
	  	 	50	  
	 ARTICLE III.  Representations and Warranties
	  	 	50	  
	 SECTION 3.01.  Organization; Powers
	  	 	50	  
	 SECTION 3.02.  Authorization; Enforceability
	  	 	50	  
	 SECTION 3.03.  Governmental Approvals; No Conflicts
	  	 	50	  
	 SECTION 3.04.  Financial Condition; No Material Adverse Change
	  	 	51	  
	 SECTION 3.05.  Properties
	  	 	51	  
	 SECTION 3.06.  Litigation and Environmental Matters
	  	 	51	  
	 SECTION 3.07.  Compliance with Laws and Agreements; No Default
	  	 	52	  
	 SECTION 3.08.  Investment Company Status
	  	 	52	  
	 SECTION 3.09.  Taxes
	  	 	52	  
	 SECTION 3.10.  ERISA
	  	 	52	  
	 SECTION 3.11.  Disclosure
	  	 	52	  
	 SECTION 3.12.  Material Agreements
	  	 	52	  
	 SECTION 3.13.  Solvency
	  	 	53	  
	 SECTION 3.14.  Insurance
	  	 	53	  

							
	 SECTION 3.15.  Capitalization and Subsidiaries
	  	 	53	  
	 SECTION 3.16.  Security Interest in Collateral
	  	 	53	  
	 SECTION 3.17.  Employment Matters
	  	 	53	  
	 SECTION 3.18.  Federal Reserve Regulations
	  	 	54	  
	 SECTION 3.19.  Use of Proceeds
	  	 	54	  
	 SECTION 3.20.  No Burdensome Restrictions
	  	 	54	  
	 SECTION 3.21.  Anti-Corruption Laws and Sanctions
	  	 	54	  
	 ARTICLE IV.  Conditions
	  	 	54	  
	 SECTION 4.01.  Effective Date
	  	 	54	  
	 SECTION 4.02.  Each Credit Event
	  	 	56	  
	 ARTICLE V.  Affirmative Covenants
	  	 	57	  
	 SECTION 5.01.  Financial Statements; Borrowing Base and Other Information
	  	 	57	  
	 SECTION 5.02.  Notices of Material Events
	  	 	59	  
	 SECTION 5.03.  Existence; Conduct of Business
	  	 	59	  
	 SECTION 5.04.  Payment of Obligations
	  	 	60	  
	 SECTION 5.05.  Maintenance of Properties
	  	 	60	  
	 SECTION 5.06.  Books and Records; Inspection Rights
	  	 	60	  
	 SECTION 5.07.  Compliance with Laws and Material Contractual Obligations
	  	 	60	  
	 SECTION 5.08.  Use of Proceeds
	  	 	60	  
	 SECTION 5.09.  Accuracy of Information
	  	 	61	  
	 SECTION 5.10.  Insurance
	  	 	61	  
	 SECTION 5.11.  Appraisals
	  	 	61	  
	 SECTION 5.12.  Casualty and Condemnation
	  	 	61	  
	 SECTION 5.13.  Depository Banks
	  	 	62	  
	 SECTION 5.14.  Additional Collateral; Further Assurances
	  	 	62	  
	 SECTION 5.15.  Post-Closing Covenants
	  	 	63	  
	 ARTICLE VI.  Negative Covenants
	  	 	63	  
	 SECTION 6.01.  Indebtedness
	  	 	63	  
	 SECTION 6.02.  Liens
	  	 	65	  
	 SECTION 6.03.  Fundamental Changes
	  	 	66	  
	 SECTION 6.04.  Investments, Loans, Advances, Guarantees and Acquisitions
	  	 	66	  
	 SECTION 6.05.  Asset Sales
	  	 	67	  
	 SECTION 6.06.  Sale and Leaseback Transactions
	  	 	68	  
	 SECTION 6.07.  Swap Agreements
	  	 	68	  
	 SECTION 6.08.  Restricted Payments; Certain Payments of Indebtedness
	  	 	68	  
	 SECTION 6.09.  Transactions with Affiliates
	  	 	69	  
	 SECTION 6.10.  Restrictive Agreements
	  	 	69	  
	 SECTION 6.11.  Amendment of Material Documents
	  	 	70	  
	 SECTION 6.12.  Financial Covenants
	  	 	70	  
	 ARTICLE VII.  Events of Default
	  	 	70	  
	 ARTICLE VIII.  The Administrative Agent
	  	 	73	  
	 SECTION 8.01.  Appointment
	  	 	73	  
	 SECTION 8.02.  Rights as a Lender
	  	 	73	  
	 SECTION 8.03.  Duties and Obligations
	  	 	73	  
	 SECTION 8.04.  Reliance
	  	 	74	  
	 SECTION 8.05.  Actions through Sub-Agents
	  	 	74	  
	 SECTION 8.06.  Resignation
	  	 	74	  
	 SECTION 8.07.  Non-Reliance
	  	 	75	  
	 SECTION 8.08.  Not Partners or Co-Venturers; Administrative Agent as Representative of the Secured
Parties
	  	 	76	  

  
 ii 

							
	 ARTICLE IX.  Miscellaneous
	  	 	76	  
	 SECTION 9.01.  Notices
	  	 	76	  
	 SECTION 9.02.  Waivers; Amendments
	  	 	78	  
	 SECTION 9.03.  Expenses; Indemnity; Damage Waiver
	  	 	80	  
	 SECTION 9.04.  Successors and Assigns
	  	 	82	  
	 SECTION 9.05.  Survival
	  	 	86	  
	 SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic Execution
	  	 	86	  
	 SECTION 9.07.  Severability
	  	 	86	  
	 SECTION 9.08.  Right of Setoff
	  	 	87	  
	 SECTION 9.09.  Governing Law; Jurisdiction; Consent to Service of Process
	  	 	87	  
	 SECTION 9.10.  WAIVER OF JURY TRIAL
	  	 	87	  
	 SECTION 9.11.  Headings
	  	 	88	  
	 SECTION 9.12.  Confidentiality
	  	 	88	  
	 SECTION 9.13.  Several Obligations; Nonreliance; Violation of Law
	  	 	89	  
	 SECTION 9.14.  USA PATRIOT Act
	  	 	89	  
	 SECTION 9.15.  Disclosure
	  	 	89	  
	 SECTION 9.16.  Appointment for Perfection
	  	 	89	  
	 SECTION 9.17.  Interest Rate Limitation
	  	 	89	  
	 SECTION 9.18.  Marketing Consent
	  	 	90	  
	 ARTICLE X.  Loan Guaranty
	  	 	90	  
	 SECTION 10.01.  Guaranty
	  	 	90	  
	 SECTION 10.02.  Guaranty of Payment
	  	 	90	  
	 SECTION 10.03.  No Discharge or Diminishment of Loan Guaranty
	  	 	90	  
	 SECTION 10.04.  Defenses Waived
	  	 	91	  
	 SECTION 10.05.  Rights of Subrogation
	  	 	91	  
	 SECTION 10.06.  Reinstatement; Stay of Acceleration
	  	 	91	  
	 SECTION 10.07.  Information
	  	 	92	  
	 SECTION 10.08.  Termination
	  	 	92	  
	 SECTION 10.09.  Taxes
	  	 	92	  
	 SECTION 10.10.  Maximum Liability
	  	 	92	  
	 SECTION 10.11.  Contribution
	  	 	92	  
	 SECTION 10.12.  Liability Cumulative
	  	 	93	  
	 SECTION 10.13.  Keepwell
	  	 	93	  

 SCHEDULES: 
  

	
	 Commitment Schedule

	 Schedule 3.05 – Properties, etc.

	 Schedule 3.06 – Disclosed Matters

	 Schedule 3.14 – Insurance

	 Schedule 3.15 – Capitalization and Subsidiaries

	 Schedule 5.13 – Existing Standby Letters of Credit

	 Schedule 6.01 – Existing Indebtedness

	 Schedule 6.02 – Existing Liens

	 Schedule 6.04 – Existing Investments

	 Schedule 6.10 – Existing Restrictions

 EXHIBITS: 
  

	
	 Exhibit A – Assignment and Assumption

  
 iii 

			
	 Exhibit B – Opinion of Counsel for the Loan Parties

	 Exhibit C-1 – U.S.
	 	 Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

	 Exhibit C-2 – U.S.
	 	 Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

	 Exhibit C-3 – U.S.
	 	 Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

	 Exhibit C-4 – U.S.
	 	 Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

	 Exhibit D – Compliance Certificate

	 Exhibit E – Joinder Agreement

  
 iv 

 CREDIT AGREEMENT dated as of December 2, 2015 (as it may be amended or
modified from time to time, this “Agreement”), among Graham Corporation, a Delaware corporation, as Borrower, the other Loan Parties party hereto, the Lenders party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

 The parties hereto agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 “Account” has the meaning assigned to such term in the Security Agreement. 

“Account Debtor” means any Person obligated on an Account. 

“Acquisition” means the purchase by a Loan Party of all or substantially all of the assets or Equity
Interests of a Person or division or line of business of a Person. 
 “Adjusted LIBO Rate” means, with
respect to any Eurodollar Borrowing for any Interest Period or for any CBFR Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by
(b) the Statutory Reserve Rate. 
 “Adjusted One Month LIBOR Rate” means, for any day, an interest
rate per annum equal to the sum of (i) 2.50% plus (ii) the Adjusted LIBO Rate for a one-month interest period on such day (or if such day is not a Business Day, the immediately preceding Business Day); provided that, for the
avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate at approximately 11:00 a.m. London time on such day; provided further, that, if the LIBO Screen Rate at such time shall be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement. 
 “Administrative Agent” means
JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder. 
 “Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common Control with the specified Person. 

“Agency Site” means the Electronic System established by the Administrative Agent to administer this
Agreement. 
 “Aggregate Credit Exposure” means, at any time, the aggregate Credit Exposure of all the
Lenders at such time. 
 “Aggregate Revolving Exposure” means, at any time, the aggregate Revolving
Exposure of all the Lenders at such time (with the Swingline Exposure of each Lender calculated assuming that all of the Lenders have funded their participations in all Swingline Loans outstanding at such time). 

  
 1 

 “Anti-Corruption Laws” means all laws, rules, and regulations of
any jurisdiction applicable to the Borrower or any of its Affiliates from time to time concerning or relating to bribery or corruption. 

“Applicable LC Rate” means, for any day, with respect to the outstanding undrawn amount of each Letter of
Credit, payable quarterly in arrears, the applicable rate per annum set forth below under the caption “Applicable LC Rate Not Cash Collateralized” or “Applicable LC Rate Cash/Cash Equivalents Collateralized”, as the case may be,
based upon the Borrower’s Funded Indebtedness to EBITDA Ratio as of the most recent determination date, provided that until the delivery to the Administrative Agent, pursuant to Section 5.01, of the Borrower’s consolidated
financial information for the Borrower’s first fiscal quarter ending after the Effective Date, the “Applicable LC Rate” shall be the applicable rates per annum set forth below in Category 1: 

 

					
	
Funded Indebtedness

to EBITDA

Ratio
	  	 Applicable LC

Rate Not Cash
 Collateralized
	  	
Applicable LC
 Rate Cash/Cash

Equivalents

Collateralized

	 Category
1
 > 3.00 to 1.0
	  	120 bps	  	40 bps
	
Category 2

< 3.00 to 1.0 but

> 2.00 to 1.0
	  	95 bps	  	40 bps
	
Category 3

< 2.00 to 1.0 but

> 1.00 to 1.0
	  	80 bps	  	40 bps
	
Category 4

< 1.00 to 1.0
	  	70 bps	  	40 bps

 “Applicable Percentage” means, at any time with respect to any Lender, a
percentage equal to a fraction the numerator of which is such Lender’s Revolving Commitment at such time and the denominator of which is the aggregate Revolving Commitments at such time (provided that, if the Revolving Commitments have
terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s share of the Aggregate Revolving Exposure at such time); provided that, in accordance with Section 2.20, so long as any Lender shall be a
Defaulting Lender, such Defaulting Lender’s Commitment shall be disregarded in the calculations above. 

“Applicable Rate” means, for any day, with respect to any Loan, or with respect to the Commitment Fees
payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Revolving Commitment CBFR Spread”, “Revolving Commitment Spread” or “Commitment Fee”, as the case may be, based
upon the Borrower’s Funded Indebtedness to EBITDA Ratio as of the most recent determination date, provided that until the delivery to the Administrative Agent, pursuant to Section 5.01, of the Borrower’s consolidated financial
information for the Borrower’s first fiscal quarter ending after the Effective Date, the “Applicable Rate” shall be the applicable rates per annum set forth below in Category 1: 

 

							
	
Funded Indebtedness

to EBITDA

Ratio
	  	 Revolving

Commitment

CBFR Spread
	  	 Revolving

Commitment

LIBOR Spread
  
	  	
Commitment

Fee

	 Category
1
 > 3.00 to 1.0
	  	0	  	175 bps	  	30 bps
	
Category 2

< 3.00 to 1.0 but

> 2.00 to 1.0
	  	0	  	150 bps	  	25 bps
	 Category
3
 < 2.00 to 1.0 but

> 1.00 to 1.0
	  	0	  	120 bps	  	20 bps
	
Category 4

< 1.00 to 1.0
	  	0	  	95 bps	  	20 bps

  
 2 

 For purposes of the foregoing, (a) the Applicable Rate shall be determined as of the
end of each fiscal quarter of the Borrower, based upon the Borrower’s annual or quarterly consolidated financial statements delivered pursuant to Section 5.01 and (b) each change in the Applicable Rate resulting from a change in the
Funded Indebtedness to EBITDA Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately
preceding the effective date of the next such change, provided that (A) at any time that an Event of Default has occurred and is continuing or (B) at the option of the Administrative Agent or at the request of the Required Lenders,
if the Borrower fails to deliver the annual or quarterly consolidated financial statements required to be delivered by it pursuant to Section 5.01, the Funded Indebtedness to EBITDA Ratio shall be deemed to be in Category 1 during the
period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. 
 If at any time
the Administrative Agent determines that the financial statements upon which the Applicable Rate was determined were incorrect (whether based on a restatement, fraud or otherwise), the Borrower shall be required to retroactively pay any additional
amount that the Borrower would have been required to pay if such financial statements had been accurate at the time they were delivered. 

“Approved Fund” has the meaning assigned to the term in Section 9.04(b). 

“Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Availability” means, at any time, an amount equal to (a) the aggregate Revolving Commitments
minus (b) the Aggregate Revolving Exposure (calculated, with respect to any Defaulting Lender, as if such Defaulting Lender had funded its Applicable Percentage of all outstanding Borrowings). 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of
the Revolving Credit Maturity Date and the date of termination of the Revolving Commitments. 
 “Bank
Guarantee” means a Guarantee issued by an Issuing Bank. 
 “Bank Guarantee Exposure” means, at any
time, the aggregate amount of any and all outstanding Bank Guarantees. 
 “Bank Guarantee Payment” means
any payment made by an Issuing Bank pursuant to a Bank Guarantee. 
 “Banking Services” means each and any
of the following bank services provided to any Loan Party by Chase or any of its Affiliates: (a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored
value cards, (c) merchant processing services, and (d) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement,
overdrafts and interstate depository network services). 

  
 3 

 “Banking Services Obligations” means any and all obligations of
the Loan Parties or their Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with
Banking Services. 
 “Bankruptcy Event” means, with respect to any Person, when such Person becomes the
subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business,
appointed for it, or, in the good faith exercise of the business judgment of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment,
provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results
in or provides such Person with immunity from the jurisdiction of courts within the U.S. or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject,
repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Beneficial Owner”
means, with respect to any U.S. federal withholding Tax, the beneficial owner, for U.S. federal income tax purposes, to whom such Tax relates. 

“Board” means the Board of Governors of the Federal Reserve System of the U.S. 

“Borrower” means Graham Corporation, a Delaware corporation. 

“Borrowing” means any (a) Revolving Loans of the same Type, made, converted or continued on the same
date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03.

 “Burdensome Restrictions” means any consensual encumbrance or restriction of the type described in
clause (a) or (b) of Section 6.10. 
 “Business Day” means any day that is not a Saturday,
Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on
which banks are not open for general business in London. 
 “Capital Expenditures” means, without
duplication, any expenditure or commitment to expend money for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in
accordance with GAAP. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to
pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance
sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

  
 4 

 “CB Floating Rate” means the Prime Rate; provided that the CB
Floating Rate shall never be less than the Adjusted One Month LIBOR Rate on such day (or if such day is not a Business Day, the immediately preceding Business Day). Any change in the CB Floating Rate due to a change in the Prime Rate or the Adjusted
One Month LIBOR Rate shall be effective from and including the effective date of such change in the Prime Rate or the Adjusted One Month LIBOR Rate, respectively. 

“CBFR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising
such Borrowing, bear interest at a rate determined by reference to the CB Floating Rate. 
 “Change in
Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on
the date hereof) of Equity Interests representing more than 30% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower; (b) occupation of a majority of the seats (other than vacant
seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii) appointed by directors so nominated. 

“Change in Law” means the occurrence after the date of this Agreement (or, with respect to any Lender, such
later date on which such Lender becomes a party to this Agreement) of any of the following: (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or
the Issuing Bank’s holding company, if any) with any request, guideline, requirement or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that,
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in the
implementation thereof, and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or
foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented. 

“Charges” has the meaning assigned to such term in Section 9.17. 

“Chase” means JPMorgan Chase Bank, N.A., a national banking association, in its individual capacity, and its
successors. 
 “Class”, when used in reference to (a) any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans, and (b) any Lender, refers to whether such Lender has a Loan or Commitment of a particular Class. 

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

“Collateral” means any and all property owned, leased or operated by a Person covered by the Collateral
Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be, become or intended to be, subject to a security interest or Lien in favor of the Administrative Agent, on behalf of itself and
the Lenders and other Secured Parties, to secure the Secured Obligations. 

  
 5 

 “Collateral Access Agreement” has the meaning assigned to such
term in the Security Agreement. 
 “Collateral Documents” means, collectively, the Security Agreement, and
any other agreements, instruments and documents executed in connection with this Agreement that are intended to create, perfect or evidence Liens to secure the Secured Obligations, including, without limitation, all other security agreements, pledge
agreements, mortgages, deeds of trust, loan agreements, notes, guarantees, subordination agreements, pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases, financing statements and all other written matter
whether theretofore, now or hereafter executed by any Loan Party and delivered to the Administrative Agent. 

“Commercial LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding commercial (or documentary) Letters of Credit plus (b) the aggregate amount of all LC Disbursements relating to commercial Letters of Credit that have not yet been reimbursed by or on behalf of the Borrower. The
Commercial LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate Commercial LC Exposure at such time. 

“Commitment” means, with respect to each Lender, such Lender’s Revolving Commitment. The initial amount
of each Lender’s Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. 

“Commitment Fees” means the fees to be paid by the Borrower to the Administrative Agent in accordance with
Section 2.12(a). 
 “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. 
 “Communications” has the meaning assigned to such term in
Section 9.01(d). 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

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

“Credit Exposure” means, as to any Lender at any time, such Lender’s Revolving Exposure at such time.

 “Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline Lender or any other
Lender. 
 “Default” means any event or condition which constitutes an Event of Default or which upon
notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

  
 6 

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

“Disclosed Matters” means the actions, suits, proceedings and environmental matters disclosed in
Schedule 3.06. 
 “Document” has the meaning assigned to such term in the Security Agreement.

 “dollars” or “$” refers to lawful money of the U.S. 

“Domestic Subsidiary” means any Subsidiary that is organized under the Laws of any state of the United States
or the District of Columbia. 
 “EBIT” means, for any period, Net Income for such period plus
(a) without duplication and to the extent deducted in determining Net Income for such period, the sum of (i) Interest Expense for such period, (ii) income tax expense for such period net of tax refunds, (iii) any extraordinary
non-cash charges for such period and (iv) any other non-cash charges for such period (but excluding any non-cash charge in respect of an item that was included in Net Income in a prior period and any non-cash charge that relates to the
write-down or write-off of inventory), minus (b) without duplication and to the extent included in Net Income, (i) any cash payments made during such period in respect of non-cash charges described in clause (a)(v) taken in a
prior period and (ii) any extraordinary gains and any non-cash items of income for such period, all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP. 

“EBITDA” means, for any period, Net Income for such period plus (a) without duplication
and to the extent deducted in determining Net Income for such period, the sum of (i) Interest Expense for such period, (ii) income tax expense for such period net of tax refunds, (iii) all amounts attributable to depreciation and
amortization expense for such period, (iv) any extraordinary non-cash charges for such period and (v) any other non-cash charges for such period (but excluding any non-cash charge in respect of an item that was included in Net Income in a
prior period and any non-cash charge that relates to the write-down or write-off of inventory), minus (b) without duplication and to the extent included in Net Income, (i) any cash payments made during such period in respect
of non-cash charges described in clause (a)(v) taken in a prior period and (ii) any extraordinary gains and any non-cash items of income for such period, all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP. 

  
 7 

 “ECP” means an “eligible contract participant” as
defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or
waived in accordance with Section 9.02). 
 “Electronic Signature” means an electronic sound, symbol,
or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 

“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®,
Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Bank and any of its respective Related Parties or any other Person,
providing for access to data protected by passcodes or other security system. 
 “Environmental Laws” means
all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or
reclamation of natural resources, the management, Release or threatened Release of any Hazardous Material or to health and safety matters. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) any violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) any exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the environment or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equipment” has the meaning assigned to such term in the Security Agreement. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited
liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing. 

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

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower,
is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day notice 

  
 8 

 
period is waived); (b) the failure to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any ERISA Affiliate
of any liability under Title IV of ERISA as a result of the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice indicating an intention to terminate any Plan
or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any ERISA Affiliate from any Plan or
Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any
ERISA Affiliate of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“ES Acquisition Subsidiary” means ES Acquisition Corp., a Delaware corporation. 

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, bear interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of
Default” has the meaning assigned to such term in Article VII. 
 “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 of, 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 ECP at the time the Guarantee of such Guarantor or the grant of such security interest becomes or would become 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 Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be
withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes,
(b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in
each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or
Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“FATCA” means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code.

  
 9 

 “Federal Funds Effective Rate” means, for any day, the weighted
average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by
the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by
the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided, that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller
of the Borrower. 
 “Financial Statements” has the meaning assigned to such term in Section 5.01. 

“Fixtures” has the meaning assigned to such term in the Security Agreement. 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and
(b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 

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

“Funded Indebtedness” means, all outstanding Indebtedness for borrowed money and other interest-bearing
liabilities, including current and long term Indebtedness. 
 “Funded Indebtedness to EBITDA Ratio” means,
at any date, the ratio of (a) Funded Indebtedness for such date to (b) EBITDA for the period of four fiscal quarters ended on or most recently prior to such date. 

“Funding Account” has the meaning assigned to such term in Section 4.01(h). 

“GAAP” means generally accepted accounting principles in the U.S. 

“Governmental Authority” means the government of the U.S., any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government. 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the
purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

  
 10 

 “Guaranteed Obligations” has the meaning assigned to such term
in Section 10.01. 
 “Guarantors” means all Loan Guarantors and all non-Loan Parties who have
delivered an Obligation Guaranty, and the term “Guarantor” means each or any one of them individually. 

“Hazardous Materials” means: (a) any substance, material, or waste that is included within the
definitions of “hazardous substances,” “hazardous materials,” “hazardous waste,” “toxic substances,” “toxic materials,” “toxic waste,” or words of similar import in any Environmental Law;
(b) those substances listed as hazardous substances by the United States Department of Transportation (or any successor agency) (49 C.F.R. 172.101 and amendments thereto) or by the Environmental Protection Agency (or any successor agency) (40
C.F.R. Part 302 and amendments thereto); and (c) any substance, material, or waste that is petroleum, petroleum-related, or a petroleum by-product, asbestos or asbestos-containing material, polychlorinated biphenyls, flammable, explosive,
radioactive, freon gas, radon, or a pesticide, herbicide, or any other agricultural chemical. 
 “Impacted Interest
Period” has the meaning assigned to such term in the definition of “LIBO Rate”. 
 “Inactive
Subsidiary” means Graham Indonesia, Inc., a Delaware corporation. 
 “Indebtedness” of any Person
means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all
obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of
Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations,
contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) obligations under any liquidated earn-out, (l) any other Off-Balance Sheet Liability and (m) obligations, 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 Swap Agreements, and (ii) any and all cancellations, buy
backs, reversals, terminations or assignments of any Swap Agreement transaction. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent
such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

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

“Indemnitee” has the meaning assigned to such term in Section 9.03(b). 

  
 11 

 “Ineligible Institution” has the meaning assigned to such term
in Section 9.04(b). 
 “Information” has the meaning assigned to such term in Section 9.12. 

“Interest Coverage Ratio” means, for any period, the ratio of (a) EBIT for such period to
(b) Interest Expense for such period. 
 “Interest Expense” means, with reference to any period, total
interest expense (including that attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries (including all commissions, discounts
and other fees and charges owed with respect to letters of credit and bankers’ acceptances and net costs under Swap Agreements in respect of interest rates, to the extent such net costs are allocable to such period in accordance with GAAP),
calculated for the Borrower and its Subsidiaries on a consolidated basis for such period in accordance with GAAP. 

“Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in
accordance with Section 2.08. 
 “Interest Payment Date” means (a) with respect to any CBFR Loan
(other than a Swingline Loan), the first Business Day of each calendar month and the Revolving Credit Maturity Date, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is
a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of
such Interest Period and the Revolving Credit Maturity Date, and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Revolving Credit Maturity Date. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such
Eurodollar Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, or three months thereafter, as the Borrower may elect; provided that (i) if any Interest Period would end on a day other than a
Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day
and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of
the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter, in the case of a Revolving Borrowing, shall be the effective date of the most
recent conversion or continuation of such Borrowing. 
 “Interpolated Rate” means, at any time, for any
Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate
that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the
shortest period (for which the LIBO Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time. 

“Inventory” has the meaning assigned to such term in the Security Agreement. 

“IRS” means the United States Internal Revenue Service. 

  
 12 

 “Issuing Bank” means, individually and collectively, each of
Chase, in its capacity as the issuer of Letters of Credit hereunder, and any other Revolving Lender from time to time designated by the Borrower as an Issuing Bank, with the consent of such Revolving Lender and the Administrative Agent, and their
respective successors in such capacity as provided in Section 2.06(i). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by its Affiliates, in which case the term “Issuing Bank” shall
include any such Affiliate with respect to Letters of Credit issued by such Affiliate (it being agreed that such Issuing Bank shall, or shall cause such Affiliate to, comply with the requirements of Section 2.06 with respect to such Letters of
Credit). At any time there is more than one Issuing Bank, all singular references to the Issuing Bank shall mean any Issuing Bank, either Issuing Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of Credit, or both (or
all) Issuing Banks, as the context may require. 
 “Issuing Bank Sublimits” means, as of the Effective
Date, (i) $25,000,000 in the case of Chase, and (ii) such amount as shall be designated to the Administrative Agent and the Borrower in writing by an Issuing Bank; provided that any Issuing Bank shall be permitted at any time to increase
or reduce its Issuing Bank Sublimit upon providing five (5) days’ prior written notice thereof to the Administrative Agent and the Borrower. 

“Joinder Agreement” means a Joinder Agreement in substantially the form of Exhibit E. 

“LC Collateral Account” has the meaning assigned to such term in Section 2.06(j). 

“LC Disbursement” means any payment made by an Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of the Commercial LC Exposure, the Standby LC Exposure and the Bank
Guarantee Exposure at such time. The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate LC Exposure at such time. 

“Lenders” means the Persons listed on the Commitment Schedule and any other Person that shall have
become a Lender hereunder pursuant to (i) Section 2.09 or (ii) an Assignment and Assumption, other than any such Person that ceases to be a Lender hereunder pursuant to an Assignment and Assumption. Unless the context otherwise
requires, the term “Lenders” includes the Swingline Lender and the Issuing Bank. 
 “Letters of
Credit” means the letters of credit issued pursuant to this Agreement, and the term “Letter of Credit” means any one of them or each of them singularly, as the context may require. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any applicable Interest Period or for any
CBFR Borrowing, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars) for a period equal in length to such Interest Period as displayed on
pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of
such other information service that publishes such rate from time to time as shall be selected by the Administrative Agent in its reasonable discretion (in each case, the “LIBO Screen Rate”) at approximately 11:00 a.m., London time,
two (2) Business Days prior to the commencement of such Interest Period; provided that, (x) if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement and (y) if the
LIBO Screen Rate shall not be available at such time for a period equal in length to such Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate at such time, subject to Section 2.14
in the event that 

  
 13 

 
the Administrative Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error); provided
further, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO Rate” is
used in connection with a CBFR Borrowing, such rate shall be determined as modified by the definition of Adjusted One Month LIBOR Rate. 

“LIBO Screen Rate” has the meaning assigned to such term in the definition of “LIBO Rate”. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation,
encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same
economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Loan Documents” means, collectively, this Agreement, each promissory note issued pursuant to this Agreement,
any Letter of Credit applications, each Collateral Document, the Loan Guaranty, any Obligation Guaranty, any Guaranty now or hereafter executed by any Loan Party for the benefit of the Administrative Agent with respect to the obligations of any
Subsidiary and each other agreement, instrument, document and certificate identified in Section 4.01 executed and delivered to, or in favor of, the Administrative Agent or any Lender and including each other pledge, power of attorney, consent,
assignment, contract, notice, letter of credit agreement and each other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Administrative Agent or
any Lender in connection with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments,
restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. 

“Loan Guarantor” means each Loan Party. 

“Loan Guaranty” means Article X of this Agreement. 

“Loan Parties” means, collectively, the Borrower, the Borrower’s Domestic Subsidiaries and any other
Person who becomes a party to this Agreement pursuant to a Joinder Agreement and their successors and assigns, and the term “Loan Party” shall mean any one of them or all of them individually, as the context may require. 

“Loans” means the loans and advances made by the Lenders pursuant to this Agreement, including Swingline
Loans. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations, prospects or condition, financial or otherwise, of the Borrower and its Subsidiaries taken as a whole, (b) the ability of any Loan Party to perform any of its obligations under the Loan Documents to which it is a party, (c) the
Collateral, or the Administrative Agent’s Liens (on behalf of itself and the other Secured Parties) on the Collateral or the priority of such Liens, or (d) the rights of or benefits available to the Administrative Agent, the Issuing Bank
or the Lenders under any of the Loan Documents. 
 “Material Indebtedness” means Indebtedness (other than
the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Loan Parties in an 

  
 14 

 
aggregate principal amount exceeding $1,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of any Loan Party in respect of any Swap
Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Loan Party would be required to pay if such Swap Agreement were terminated at such time. 

“Maximum Rate” has the meaning assigned to such term in Section 9.17. 

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

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Net Income” means, for any period, the consolidated net income (or loss) determined for the Borrower and its
Subsidiaries, on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the
Borrower or any Subsidiary, (b) the income (or deficit) of any Person (other than a Subsidiary) in which the Borrower or any Subsidiary has an ownership interest, except to the extent that any such income is actually received by the Borrower or
such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary, to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time
permitted by the terms of any contractual obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary. 

“Net Proceeds” means, with respect to any event, (a) the cash proceeds received in respect of such event
including (i) 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 receivable or otherwise,
but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar event, condemnation awards and similar payments, minus (b) the
sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a sale and
leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory
prepayment as a result of such event and (iii) the amount of all taxes paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable, in each case
during the year that such event occurred or the next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith by a Financial Officer). 

“Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(d). 

“Non-U.S. Lender” means a Lender that is not a U.S. Person. 

“Obligated Party” has the meaning assigned to such term in Section 10.02. 

“Obligation Guaranty” means any Guarantee of all or any portion of the Secured Obligations executed and
delivered to the Administrative Agent for the benefit of the Secured Parties by a guarantor who is not a Loan Party. 

“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure,
all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, 

  
 15 

 
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Loan Parties to any of the Lenders,
the Administrative Agent, the Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated
or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations
incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof. 
 “OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury. 
 “Off-Balance Sheet
Liability” of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or obligation under any so-called
“synthetic lease” transaction entered into by such Person, or (c) any indebtedness, liability or obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which
does not constitute a liability on the balance sheet of such Person (other than operating leases). 
 “Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having
executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document), or sold or assigned an
interest in any Loan, Letter of Credit, or any Loan Document. 
 “Other Taxes” means all present or future
stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

“Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Participant” has the meaning assigned to such term in Section 9.04(c). 

“Participant Register” has the meaning assigned to such term in Section 9.04(c). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor
entity performing similar functions. 
 “Permitted Acquisitions” means any Acquisition by any Loan Party
where: 
 (a)        the business or division acquired is for use,
or the Person acquired is engaged, in businesses which are similar or related to the businesses engaged in by the Borrower on the date of this Agreement or are otherwise reasonably incidental or complementary thereto; 

(b)        immediately before and after giving effect to such
Acquisition, no Default or Event of Default shall exist; 

  
 16 

 (c)        immediately
before such Acquisition, the Borrower’s Funded Indebtedness to EBITDA Ratio on a pro forma basis after giving effect to such acquisition(s) is equal to or less than 3.0 to 1.0; 

(d)        if a new Subsidiary is formed or acquired as a result of or
in connection with the Acquisition, the Borrower shall have complied with the requirements of Article IV and Section 5.14, as applicable. 

“Permitted Encumbrances” means: 

(a)  Liens imposed by law for Taxes that are not yet due or are being contested in compliance with
Section 5.04; 
 (b)  carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or are being contested in compliance with
Section 5.04; 
 (c)  pledges and deposits made in the ordinary course of business in
compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 

(d)  deposits to secure the performance of bids, trade contracts, leases, statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

(e)  judgment Liens in respect of judgments that do not constitute an Event of Default under clause
(k) of Article VII; and 
 (f)  easements, zoning restrictions, rights-of-way and similar
encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of
business of the Borrower or any Subsidiary; 
 provided that the term “Permitted Encumbrances”
shall not include any Lien securing Indebtedness, except with respect to clause (e) above. 
 “Permitted
Investments” means: 
 (a)  direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the U.S. (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the U.S.), in each case maturing within one year from the date of acquisition thereof;

 (b)  investments in commercial paper maturing within 270 days from the date of acquisition
thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s; 

(c)  investments in certificates of deposit, bankers’ acceptances and time deposits maturing
within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the U.S. or any state thereof
which has a combined capital and surplus and undivided profits of not less than $500,000,000; 

  
 17 

 (d)  fully collateralized repurchase agreements with a
term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 

(e)  money market funds that (i) comply with the criteria set forth in Securities and Exchange
Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit
plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Platform” means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.

 “Prepayment Event” means: 

(a)  any sale, transfer or other disposition (including pursuant to a sale and leaseback
transaction) of any property or asset of any Loan Party or any Subsidiary, other than dispositions described in Sections 6.05(a) or 6.05(b); or 

(b)  any casualty or other insured damage to, or any taking under power of eminent domain or by
condemnation or similar proceeding of, any property or asset of any Loan Party or any Subsidiary with a fair value immediately prior to such event equal to or greater than $100,000; or 

(c)  the issuance by the Borrower of any Equity Interests, or the receipt by the Borrower of any
capital contribution; or 
 (d)  the incurrence by any Loan Party or any Subsidiary of any
Indebtedness, other than Indebtedness permitted under Section 6.01. 
 “Prime Rate” means the rate of
interest per annum publicly announced from time to time by Chase as its prime rate in effect at its principal offices in New York City. Each change in the Prime Rate shall be effective from and including the date such change is publicly announced as
being effective. 
 “Projections” has the meaning assigned to such term in Section 5.01(e). 

“Public-Sider” means a Lender whose representatives may trade in securities of the Borrower or its
controlling person or any of its Subsidiaries while in possession of the financial statements provided by the Borrower under the terms of this Agreement. 

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets
exceeding $10,000,000 at the time the relevant Loan Guaranty or grant of the relevant security interest becomes or would become effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract
participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
 18 

 “Real Property” means all real property that was, is now or may
hereafter be owned, occupied or otherwise controlled by any Loan Party pursuant to any contract of sale, lease or other conveyance of any legal interest in any real property to any Loan Party. 

“Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any
Issuing Bank, or any combination thereof (as the context requires). 
 “Refinance Indebtedness” has the
meaning assigned to such term in Section 6.01(f). 
 “Register” has the meaning assigned to such term
in Section 9.04(b). 
 “Related Parties” means, with respect to any specified Person, such
Person’s Affiliates and the respective directors, officers, partners, members, trustees, employees, agents, administrators, managers, representatives and advisors of such Person and such Person’s Affiliates. 

“Release” means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, leaching, migrating, disposing, or dumping of any substance into the environment. 

“Report” means reports prepared by the Administrative Agent or another Person showing the results of
appraisals, field examinations or audits pertaining to the Borrower’s assets from information furnished by or on behalf of the Borrower, after the Administrative Agent has exercised its rights of inspection pursuant to this Agreement, which
Reports may be distributed to the Lenders by the Administrative Agent. 
 “Required Lenders” means, at any
time, Lenders (other than Defaulting Lenders) having Credit Exposure and unused Commitments representing at least 66.6% of the sum of the Aggregate Credit Exposure and unused Commitments at such time if there are more than three Lenders at such
time, and 66.6% of the sum of the Aggregate Credit Exposure and unused Commitments at such time if there are not more than three Lenders at such time; provided that, as long as there are only two Lenders, Required Lenders shall mean both
Lenders; provided further that, for purposes of declaring the Loans to be due and payable pursuant to Article VII, and for all purposes after the Loans become due and payable pursuant to Article VII or the Commitments expire
or terminate, then, as to each Lender, clause (a) of the definition of Swingline Exposure shall only be applicable for purposes of determining its Revolving Exposure to the extent such Lender shall have funded its participation in the
outstanding Swingline Loans. 
 “Requirement of Law” means, with respect to any Person, (a) the
charter, articles or certificate of organization or incorporation and bylaws or operating, management or partnership agreement, or other organizational or governing documents of such Person and (b) any statute, law (including common law),
treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any arbitrator or court or other Governmental Authority (including Environmental Laws), in each case applicable to or binding upon such Person
or any of its property or to which such Person or any of its property is subject. 
 “Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests. 

  
 19 

 “Revolving Commitment” means, with respect to each Lender, the
commitment, if any, of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving
Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s
Revolving Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the Lenders’
Revolving Commitments is $25,000,000.00. 
 “Revolving Credit Maturity Date” means December 2, 2020
(if the same is a Business Day, or if not then the immediately next succeeding Business Day), or any earlier date on which the Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof. 

“Revolving Exposure” means, with respect to any Lender, at any time, the sum of the aggregate outstanding
principal amount of such Lender’s Revolving Loans and its LC Exposure and its Swingline Exposure at such time. 

“Revolving Lender” means, as of any date of determination, a Lender with a Revolving Commitment or, if the
Revolving Commitments have terminated or expired, a Lender with Revolving Exposure. 
 “Revolving Loan”
means a Loan made pursuant to Section 2.01(a). 
 “S&P” means Standard & Poor’s
Ratings Services, a Standard & Poor’s Financial Services LLC business. 
 “Sale and Leaseback
Transaction” has the meaning assigned to such term in Section 6.06. 
 “Sanctioned Country”
means, at any time, a country or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or by the United Nations Security Council, the European Union or any European Union member state,
(b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from
time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the United Nations Security Council, the European
Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom. 
 “SEC” means
the Securities and Exchange Commission of the U.S. 

  
 20 

 “Secured Obligations” means all Obligations, together with all
(i) Banking Services Obligations and (ii) Swap Agreement Obligations owing to one or more Lenders or their respective Affiliates; provided, however, that the definition of “Secured Obligations” shall not create any
guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor. 

“Secured Parties” means (a) the Lenders, (b) the Administrative Agent, (c) each Issuing Bank,
(d) each provider of Banking Services, to the extent the Banking Services Obligations in respect thereof constitute Secured Obligations, (e) each counterparty to any Swap Agreement, to the extent the obligations thereunder constitute
Secured Obligations, (f) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document and (g) the successors and assigns of each of the foregoing. 

“Security Agreement” means that certain Pledge and Security Agreement (including any and all supplements
thereto), dated as of the date hereof, among the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement entered into, after the date of this
Agreement by any other Loan Party (as required by this Agreement or any other Loan Document) or any other Person for the benefit of the Administrative Agent and the other Secured Parties, as the same may be amended, restated, supplemented or
otherwise modified from time to time. 
 “Standby LC Exposure” means, at any time, the sum of (a) the
aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of
the Borrower at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate Standby LC Exposure at such time. 

“Statement” has the meaning assigned to such term in Section 2.18(g). 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one
and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative
Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant
to such Regulation D of the Board. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from
time to time to any Lender under such Regulation D of the Board or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordinated Indebtedness” of a Person means any Indebtedness of such Person, the payment of which is
subordinated to payment of the Secured Obligations to the written satisfaction of the Administrative Agent. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation,
limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance
with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of
the ordinary voting 

  
 21 

 
power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise
Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any direct or indirect subsidiary of the Borrower or of any other Loan Party, as
applicable. Notwithstanding anything contained herein to the contrary, neither the Inactive Subsidiary nor the ES Acquisition Subsidiary shall be deemed a “Subsidiary” for purposes of this Agreement and the other Loan Documents. 

“Swap Agreement” means any agreement with respect to any swap, forward, spot, future, credit default or
derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic,
financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors,
officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement. 
 “Swap Agreement
Obligations” means any and all obligations of the Loan Parties and their Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications
thereof and substitutions therefor), under (a) any Swap Agreement permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction
permitted hereunder with a Lender or an Affiliate of a Lender. 
 “Swap Obligation” 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 or any rules or regulations promulgated thereunder.

 “Swingline Commitment” means the amount set forth opposite Chase’s name on the Commitment Schedule
as Swingline Commitment. 
 “Swingline Exposure” means, at any time, the aggregate principal amount of all
Swingline Loans outstanding at such time. The Swingline Exposure of any Revolving Lender at any time shall be the sum of (a) its Applicable Percentage of the total Swingline Exposure at such time other than with respect to any Swingline Loans
made by such Revolving Lender in its capacity as the Swingline Lender and (b) the principal amount of all Swingline Loans made by such Revolving Lender in its capacity as the Swingline Lender outstanding at such time (less the amount of
participations funded by the other Lenders in such Swingline Loans). 
 “Swingline Lender” means Chase, in
its capacity as lender of Swingline Loans hereunder. Any consent required of the Administrative Agent or the Issuing Bank shall be deemed to be required of the Swingline Lender and any consent given by Chase in its capacity as Administrative Agent
or Issuing Bank shall be deemed given by Chase in its capacity as Swingline Lender as well. 
 “Swingline
Loan” means a Loan made pursuant to Section 2.05. 
 “Taxes” means any and all present or
future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

  
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 “Transactions” means the execution, delivery and performance by
the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan,
or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the CB Floating Rate. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or in any
other state, the laws of which are required to be applied in connection with the issue of perfection of security interests. 

“Unliquidated Obligations” means, at any time, any Secured Obligations (or portion thereof) that are
contingent in nature or unliquidated at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including any
guarantee) that is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations. 

“U.S.” means the United States of America. 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the
Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 2.17(f)(ii)(B)(3). 
 “USA PATRIOT Act” means the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. 
 “Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

SECTION 1.02.  Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may
be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified
and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 

SECTION 1.03.  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 “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder
having the force of law or with which affected Persons customarily comply) and all judgments, orders and decrees of all Governmental Authorities. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any

  
 23 

 
statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws),
(c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignments set forth herein) and, in the case of any Governmental Authority, any other Governmental
Authority that shall have succeeded to any or all functions thereof, (d) 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, (e) 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, (f) any reference in
any definition to the phrase “at any time” or “for any period” shall refer to the same time or period for all calculations or determinations within such definition, and (g) 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 1.04  Accounting Terms; GAAP.  Except as otherwise expressly provided herein, all terms of
an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if after the date hereof there occurs any change in GAAP or in the application thereof on the operation of any
provision hereof and the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of such change in GAAP or in the application thereof (or if the Administrative Agent notifies
the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be
interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision
contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Financial Accounting
Standards Board Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Loan Party at
“fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Financial Accounting Standards Board Accounting Standards Codification 470-20 (or any
other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at
the full stated principal amount thereof. 
 SECTION 1.05.  Pro Forma Adjustments for Acquisitions and
Dispositions.  To the extent the Borrower or any Subsidiary makes any Acquisition permitted pursuant to Section 6.04 or disposition of assets outside the ordinary course of business permitted by Section 6.05 during the period
of four fiscal quarters of the Borrower most recently ended, the financial covenants set forth in Section 6.12 shall be calculated after giving pro forma effect thereto (including pro forma adjustments arising out of events which are directly
attributable to the acquisition or the disposition of assets, are factually supportable and are expected to have a continuing impact, in each case as determined on a basis consistent with Article 11 of Regulation S-X of the Securities Act of 1933,
as amended, as interpreted by the SEC, and as certified by a Financial Officer), as if such acquisition or such disposition (and any related incurrence, repayment or assumption of Indebtedness) had occurred in the first day of such four-quarter
period. 
 SECTION 1.06. Status of Obligations.  In the event that the Borrower or any other Loan Party shall at
any time issue or have outstanding any Subordinated Indebtedness, the Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Secured Obligations to constitute senior indebtedness (however
denominated) in respect of such Subordinated Indebtedness 

  
 24 

 
and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the
terms of such Subordinated Indebtedness. Without limiting the foregoing, the Secured Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in
respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order
that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. 

ARTICLE II 
 The Credits

 SECTION 2.01.  Revolving Commitments.  Subject to the terms and conditions set forth
herein, each Lender severally (and not jointly) agrees to make Revolving Loans in dollars to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application
of proceeds of such Borrowing pursuant to Section 2.10(a)) in (i) such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment or (ii) the Aggregate Revolving Exposure exceeding the aggregate Revolving
Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 

SECTION 2.02.  Loans and Borrowings. 

(a)  Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same
Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder;
provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth in
Section 2.05. 
 (b)  Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of
CBFR Loans or Eurodollar Loans as the Borrower may request in accordance herewith, provided that all Revolving Borrowings made on the Effective Date must be made as CBFR Borrowings but may be converted into Eurodollar Borrowings in accordance
with Section 2.08. Each Swingline Loan shall be a CBFR Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the
provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance
with the terms of this Agreement. 
 (c)    At the commencement of each Interest Period for any
Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000. At the time that each CBFR Borrowing is made, such Borrowing shall be in an aggregate amount that is
an integral multiple of $50,000 and not less than $250,000; provided that a CBFR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Revolving Commitments or that is required to finance
the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $100,000. Borrowings of more than one Type and Class may be
outstanding at the same time; provided that there shall not at any time be more than a total of 5 Eurodollar Borrowings outstanding. 

(d)  Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to
elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date. 

  
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 SECTION 2.03.  Requests for Borrowings.  To
request a Borrowing, the Borrower shall notify the Administrative Agent of such request either in writing (delivered by hand or fax) in a form approved by the Administrative Agent and signed by the Borrower or by telephone (a) in the case of a
Eurodollar Borrowing, not later than 10:00 a.m., New York time, three Business Days before the date of the proposed Borrowing or (b) in the case of a CBFR Revolving Borrowing, not later than noon, New York time, on the date of the proposed
Borrowing; provided that any such notice of a CBFR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 9:00 a.m., New York time, on the date of the
proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or fax to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and
signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.01: 
  

	 	(i)	 the Class of Borrowing, the aggregate amount of the requested Borrowing, and a breakdown of the separate wires comprising such Borrowing;

  

	 	(ii)	 the date of such Borrowing, which shall be a Business Day; 

 

	 	(iii)	 whether such Borrowing is to be a CBFR Revolving Borrowing or a Eurodollar Revolving Borrowing; and 

 

	 	(iv)	 in the case of a Eurodollar Revolving Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period.” 

 If no election as to the Type of Borrowing is specified, then the
requested Borrowing shall be a CBFR Revolving Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested
Borrowing. 
 SECTION 2.04.  Intentionally Omitted 

SECTION 2.05.  Swingline Loans. 

(a)        Subject to the terms and conditions set forth herein, from time to time
during the Availability Period, the Swingline Lender may in its discretion make Swingline Loans to the Borrower, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding
Swingline Loans exceeding the Swingline Lender’s Swingline Commitment, (ii) the Swingline Lender’s Revolving Exposure exceeding its Revolving Commitment, or (iii) the Aggregate Revolving Exposure exceeding the aggregate Revolving
Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may

  
 26 

 
borrow, prepay and reborrow Swingline Loans. To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by fax), not later than noon,
New York time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly
advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the Funding Account(s) (or, in the case of a Swingline Loan made to
finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the Issuing Bank, and in the case of repayment of another Loan or fees or expenses as provided by Section 2.18(c), by remittance to the
Administrative Agent to be distributed to the Lenders) by 2:00 p.m., New York time, on the requested date of such Swingline Loan. 

(b)        The Swingline Lender may by written notice given to the Administrative
Agent require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which the 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 Applicable Percentage of such Swingline Loan or Loans. Each Revolving Lender
hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 11:00 a.m., New York time, on a Business Day no later than 4:00 p.m., New York time on
such Business Day and if received after 11:00 a.m., New York time, “on a Business Day” shall mean no later than 9:00 a.m. New York time on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the
Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and
unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, 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 2.07 with respect to Loans
made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the
Revolving Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative
Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline 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 Revolving Lenders that shall have made their payments
pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline 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 reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 

SECTION 2.06.  Letters of Credit and Bank Guarantees. 

(a)        General.  Subject to the terms and conditions set forth
herein, the Borrower may request the issuance of Letters of Credit or Bank Guarantees (or the amendment, renewal or extension of an outstanding Letter of Credit or Bank Guarantee), as the applicant thereof for the support of its or its
Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the Issuing 

  
 27 

 
Bank, at any time and from time to time during the Availability Period and the Issuing Bank may, but shall have no obligation, to issue such requested Letters of Credit or Bank Guarantees (or to
amend, renew or extend such outstanding Letter of Credit or Bank Guarantee) pursuant to this Agreement. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit
application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit or Bank Guarantee, the terms and conditions of this Agreement shall control. The Borrower
unconditionally and irrevocably agrees that, in connection with any Letter of Credit or Bank Guarantee issued for the support of any Subsidiary’s obligations as provided in the first sentence of this paragraph, the Borrower will be fully
responsible for the reimbursement of LC Disbursements or Bank Guarantee Payments in accordance with the terms hereof, the payment of interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it were the sole
account party in respect of such Letter of Credit or Bank Guarantee (the Borrower hereby irrevocably waiving any defenses to the fullest extent permitted by law, that might otherwise be available to it as a guarantor or surety of the obligations of
such Subsidiary that is an account party in respect of any such Letter of Credit Bank Guarantee). Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue, any Letter of
Credit or Bank Guarantee (i) the proceeds of which would be made available to any Person (A) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the
subject of any Sanctions or (B) in any manner that would result in a violation of any Sanctions by any party to this Agreement, (ii) if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain the Issuing Bank from issuing such Letter of Credit or Bank Guarantee, or any Requirement of Law relating to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit or Bank Guarantee in particular or shall impose upon the Issuing Bank with
respect to such Letter of Credit or Bank Guarantee any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuing Bank any
unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuing Bank in good faith deems material to it, or (iii) if the issuance of such Letter of Credit or Bank Guarantee would violate one or more
policies of the Issuing Bank applicable to letters of credit generally; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines,
requirements or directives thereunder or issued in connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed not to be in effect on the Effective Date for purposes
of clause (ii) above, regardless of the date enacted, adopted, issued or implemented. 

(b)        Notice of Issuance, Amendment, Renewal, Extension; Certain
Conditions.    To request the issuance of a Letter of Credit or Bank Guarantee (or the amendment, renewal or extension of an outstanding Letter of Credit or Bank Guarantee), the Borrower shall hand deliver or fax (or transmit
by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any
event no less than three Business Days) a notice requesting the issuance of a Letter of Credit or Bank Guarantee, or identifying the Letter of Credit or Bank Guarantee 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 or Bank Guarantee is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit or Bank
Guarantee, 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 or Bank Guarantee. If requested by

  
 28 

 
the Issuing Bank, the Borrower also shall submit a bank guarantee or letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit or
Bank Guarantee. A Letter of Credit or Bank Guarantee shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit or Bank Guarantee the Borrower shall be deemed to represent and
warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not exceed $25,000,000, (ii) the aggregate Standby LC Exposure shall not exceed $25,000,000, (iii) the aggregate
Commercial LC Exposure shall not exceed $10,000,000, (iv) no Revolving Lender’s Revolving Exposure shall exceed its Revolving Commitment and (v) the Aggregate Revolving Exposure shall not exceed the aggregate Revolving Commitments. No
Letter of Credit or Bank Guarantee may be renewed within six months of the Revolving Credit Maturity Date, as the same may be extended from time to time unless cash collateralized in accordance with Section 2.06(j). Notwithstanding the
foregoing or anything to the contrary contained herein, no Issuing Bank shall be obligated to issue or modify any Letter of Credit or Bank Guarantee if, immediately after giving effect thereto, the outstanding LC Exposure in respect of all Letters
of Credit or Bank Guarantee issued by such Person and its Affiliates would exceed such Issuing Bank’s Issuing Bank Sublimit. Without limiting the foregoing and without affecting the limitations contained herein, it is understood and agreed that
the Borrower may from time to time request that an Issuing Bank issue Letters of Credit or Bank Guarantee in excess of its individual Issuing Bank Sublimit in effect at the time of such request, and each Issuing Bank agrees to consider any such
request in good faith. Any Letter of Credit or Bank Guarantee so issued by an Issuing Bank in excess of its individual Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit or Bank Guarantee for all purposes of the
Credit Agreement, and shall not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations on the aggregate LC Exposure set forth in clause (i) of this Section 2.06(b). 

(c)        Expiration Date.  Except as permitted by
Section 2.06(b), each Letter of Credit or Bank Guarantee shall expire (or be subject to termination or non-renewal by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the date five (5) years
after the date of the issuance of such Letter of Credit or Bank Guarantee (or, in the case of any renewal or extension thereof, including, without limitation, any automatic renewal provision, one year after such renewal or extension); provided,
however, that (i) the LC Exposure relating to Letters of Credit and Bank Guarantees with a maturity date beyond the Revolving Credit Maturity Date shall not exceed $7,500,000 at any time and (ii) the Borrower shall deposit cash collateral
in the LC Collateral Account in an amount sufficient to fully cash collateralize, in accordance with and when required by Section 2.06(j), all outstanding Letters of Credit and Bank Guarantees with a maturity date beyond the Revolving Credit
Maturity Date. 
 (d)        Participations.    By the
issuance of a Letter of Credit or Bank Guarantee (or an amendment to a Letter of Credit or Bank Guarantee increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby
grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit or Bank Guarantee equal to such Lender’s Applicable Percentage of the aggregate amount available to be
drawn under such Letter of Credit or Bank Guarantee. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank,
such Lender’s Applicable Percentage of each LC Disbursement and Bank Guarantee Payment made by the Issuing Bank 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 Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit or Bank Guarantees 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 Bank Guarantee 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. 

  
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(e)        Reimbursement.    If the Issuing Bank shall make
any LC Disbursement or Bank Guarantee Payment in respect of a Letter of Credit or Bank Guarantee, respectively, the Borrower shall reimburse such LC Disbursement or Bank Guarantee Payment by paying to the Administrative Agent an amount equal to such
LC Disbursement or Bank Guarantee Payment not later than 11:00 a.m., New York time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement or Bank Guarantee Payment, as applicable, if such notice is received prior to
9:00 a.m., New York time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is received after 9:00 a.m., New York time, on the day of receipt; provided
that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a CBFR Revolving Borrowing or Swingline 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 CBFR Revolving Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall
notify each Revolving Lender of the applicable LC Disbursement or Bank Guarantee Payment, the payment then due from the Borrower in respect thereof, and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice,
each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07
shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving 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 Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this
paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank, as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement or Bank
Guarantee Payment (other than the funding of CBFR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement or Bank Guarantee
Payment. 
 (f)        Obligations
Absolute.        The Borrower’s obligation to reimburse LC Disbursements or Bank Guarantee Payment 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 Bank Guarantee or this
Agreement, or any term or provision therein or herein, (ii) any draft or other document presented under a Letter of Credit or Bank Guarantee proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) any payment by the Issuing Bank under a Letter of Credit or Bank Guarantee against presentation of a draft or other document that does not comply with the terms of such Letter of Credit or Bank Guarantee, 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
Borrower’s obligations hereunder. None of the Administrative Agent, the Revolving Lenders or the Issuing Bank, or 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 Bank Guarantee, 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 or Bank Guarantee (including any document required to make a drawing or payment thereunder), any error in interpretation of technical
terms or any consequence arising from 

  
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causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct
damages (as opposed to special, indirect, consequential or punitive 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 Issuing Bank’s
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit or Bank Guarantee comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful
misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. 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 or Bank Guarantee, the Issuing Bank 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 or Bank Guarantee. 

(g)        Disbursement Procedures.    The Issuing Bank
shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit or Bank Guarantee. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by fax) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement or Bank Guarantee Payment thereunder; provided that any failure to give or delay in giving such notice shall not
relieve the Borrower of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement or Bank Guarantee Payment. 

(h)        Interim Interest.    If the Issuing Bank shall
make any LC Disbursement or Bank Guarantee Payment, then, unless the Borrower shall reimburse such LC Disbursement or Bank Guarantee Payment in full on the date such LC Disbursement or Bank Guarantee Payment is made, the unpaid amount thereof shall
bear interest, for each day from and including the date such LC Disbursement or Bank Guarantee Payment is made to but excluding the date that the Borrower reimburses such LC Disbursement or Bank Guarantee Payment, at the rate per annum then
applicable to CBFR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is due; provided that, if the Borrower fails to reimburse such LC Disbursement or Bank Guarantee Payment when due pursuant to
paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Revolving
Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 

(i)        Replacement of the Issuing Bank.    The Issuing
Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of the
Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such
replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit or Bank Guarantees to be issued thereafter and (ii) references herein to the
term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the
replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit or Bank Guarantees then outstanding and issued by it prior to such
replacement, but shall not be required to issue additional Letters of Credit or Bank Guarantees. 

  
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 (j)        Cash
Collateralization. 
 (i)        The Borrower may, at its
option, deposit cash collateral with respect to any Letter of Credit or Bank Guarantee issued hereunder by depositing such cash collateral in the LC Collateral Account (defined below). 

(ii)        If (A) any Letter of Credit or Bank Guarantee is
outstanding on any date that is fourteen (14) Business Days prior to the Revolving Credit Maturity Date, as the same may be extended from time to time, then with respect to each such Letter of Credit or Bank Guarantee the Borrower shall
immediately deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “LC Collateral Account”), an amount in cash equal to 100% of the amount of
each such Letter of Credit or Bank Guarantee as of such date plus accrued and unpaid interest thereon or (B) any Default shall occur and be continuing, then on the Business Day that the Borrower receives notice from the Administrative Agent or
the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure representing greater than 66.6% of the aggregate LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the
Borrower shall deposit in an LC Collateral Account, an amount in cash equal to 100% of the amount of the LC Exposure as of such date plus accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral
pursuant to clause (B) 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 Event of Default with respect to the Borrower described
in clause (h) or (i) of Article VII. The Borrower also shall deposit cash collateral in accordance with this paragraph as and to the extent required by Section 2.6, 2.11(b) or 2.20. Each such deposit shall be held by the
Administrative Agent as collateral for the payment and performance of the Secured Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the LC Collateral Account and the
Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account and all moneys or other assets on deposit therein or credited thereto. 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 Issuing Bank for LC Disbursements or Bank Guarantee Payments 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 Revolving Lenders with LC Exposure representing greater than 66.6% of
the aggregate LC Exposure), be applied to satisfy other Secured Obligations. 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 (3) Business Days after all such Defaults have been cured or waived as confirmed in writing by the Administrative Agent. 

(k)        Issuing Bank Reports to the Administrative
Agent.    Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent
(i) periodic activity (for such period or recurrent periods as shall be requested by the Administrative Agent) in respect of Letters of Credit and Bank Guarantees issued by such Issuing Bank, including all issuances, extensions, amendments and
renewals, all expirations and cancelations and all disbursements and reimbursements, (ii) reasonably prior to the time that such Issuing Bank issues, amends, renews or extends any Letter of 

  
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Credit or Bank Guarantee, the date of such issuance, amendment, renewal or extension, and the stated amount of the Letters of Credit or Bank Guarantees issued, amended, renewed or extended by it
and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement or Bank Guarantee
Payment, the date and amount of such LC Disbursement or Bank Guarantee Payment, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement or Bank Guarantee Payment required to be reimbursed to such Issuing Bank on
such day, the date of such failure and the amount of such LC Disbursement or Bank Guarantee Payment, and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit or
Bank Guarantees issued by such Issuing Bank. 
 (l)        LC Exposure
Determination.    For all purposes of this Agreement, the amount of a Letter of Credit or Bank Guarantee that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the
stated amount thereof shall be deemed to be the maximum stated amount of such Letter of Credit or Bank Guarantee after giving effect to all such increases, whether or not such maximum stated amount is in effect at the time of determination. 

SECTION 2.07.  Funding of Borrowings. 

(a)        Each Lender shall make each Loan to be made by such Lender hereunder on
the proposed date thereof by wire transfer of immediately available funds by 1:00 p.m., New York time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such
Lender’s Applicable Percentage; provided that Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like
funds, to the Funding Account(s); provided that CBFR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank. 

(b)        Unless the Administrative Agent shall have received notice from a Lender
prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such
date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such
amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to CBFR Revolving Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall
constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.08.  Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a
Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar
Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably

  
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among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline
Borrowings, which may not be converted or continued. 
 (b)    To make an election pursuant to this
Section, the Borrower shall notify the Administrative Agent of such election by telephone or in writing by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting
from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. Each such telephonic Interest Election Request shall be confirmed promptly by hand delivery or fax to the Administrative
Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 

(c)  Each telephonic and written Interest Election Request shall specify the following information in compliance
with Section 2.02: 
 (i)   the Borrowing to which such Interest Election Request applies
and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and
(iv) below shall be specified for each resulting Borrowing); 
 (ii)  the effective date of
the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii)    whether the resulting Borrowing is to be a CBFR Borrowing or a Eurodollar
Borrowing; and 
 (iv)    if the resulting Borrowing is a Eurodollar Borrowing, the
Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be
deemed to have selected an Interest Period of one month’s duration. 
 (d)  Promptly following receipt of an
Interest Election Request, the Administrative Agent shall advise each Lender of the applicable Class of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e)   If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing
prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a CBFR Borrowing. Notwithstanding any contrary provision
hereof, if a Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long a Default is continuing (i) no outstanding Borrowing may be converted to or
continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to a CBFR Borrowing at the end of the Interest Period applicable thereto. 

SECTION 2.09.    Termination and Reduction of Commitments; Increase in Revolving Commitments. 

(a)  Unless previously terminated, all the Revolving Commitments shall terminate on the Revolving Credit Maturity
Date. 

  
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 (b)  The Borrower may at any time terminate the Revolving Commitments
upon (i) the payment in full of all outstanding Revolving Loans and LC Disbursements, together with accrued and unpaid interest thereon, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect
to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit (or at the discretion of the Administrative Agent a backup standby letter of credit satisfactory to the Administrative Agent and the Issuing Bank) in an
amount equal to 100% of the LC Exposure as of such date), (iii) the payment in full of the accrued and unpaid fees, and (iv) the payment in full of all reimbursable expenses and other Obligations together with accrued and unpaid interest
thereon. 
 (c)  The Borrower may from time to time reduce the Revolving Commitments; provided that
(i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving
effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the Aggregate Revolving Exposure would exceed the aggregate Revolving Commitments. 

(d)  The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving
Commitments under paragraph (b) or (c) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt
of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments
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. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Revolving
Commitments. 
 (e)  The Borrower shall have the right to increase the Revolving Commitments by obtaining
additional Revolving Commitments, either from one or more of the Lenders or another lending institution, provided that (i) any such request for an increase shall be in a minimum amount of $5,000,000 and, if in excess thereof, in increments of
$1,000,000, (ii) the Borrower may make a maximum of two (2) such requests, (iii) after giving effect thereto, the sum of the total of the additional Commitments does not exceed $25,000,000, (iv) the Administrative Agent, the
Swingline Lender and the Issuing Bank have approved the identity of any such new Lender, such approvals not to be unreasonably withheld, (v) any such new Lender assumes all of the rights and obligations of a “Lender” hereunder, and
(vi) the procedures described in Section 2.09(f) below have been satisfied. Nothing contained in this Section 2.09 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment
hereunder at any time. 
 (f)  Any amendment hereto for such an increase or addition shall be in form and
substance satisfactory to the Administrative Agent and shall only require the written signatures of the Administrative Agent, the Borrower and each Lender being added or increasing its Commitment, subject only to the approval of all Lenders if any
such increase or addition would cause the Revolving Commitments to exceed $50,000,000. As a condition precedent to such an increase or addition, the Borrower shall deliver to the Administrative Agent (i) a certificate of each Loan Party signed
by an authorized officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (B) in the case of the Borrower, certifying that, before and after giving
effect to such increase or addition, (1) the representations and warranties contained in Article III and the other Loan Documents are true and correct, except to the extent that such 

  
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representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, (2) no Default exists and (3) the Borrower is in
compliance (on a pro forma basis) with the covenants contained in Section 6.12, and (ii) legal opinions and documents consistent with those delivered on the Effective Date, to the extent requested by the Administrative Agent. 

(g)        On the effective date of any such increase or addition, (i) any
Lender increasing (or, in the case of any newly added Lender, extending) its Revolving Commitment shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the
benefit of the other Lenders, as being required in order to cause, after giving effect to such increase or addition and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of
all the Lenders to equal its revised Applicable Percentage of such outstanding Revolving Loans, and the Administrative Agent shall make such other adjustments among the Lenders with respect to the Revolving Loans then outstanding and amounts of
principal, interest, Commitment Fees and other amounts paid or payable with respect thereto as shall be necessary, in the opinion of the Administrative Agent, in order to effect such reallocation and (ii) the Borrower shall be deemed to have
repaid and reborrowed all outstanding Revolving Loans as of the date of any increase (or addition) in the Revolving Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified
in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on
the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods.
Within a reasonable time after the effective date of any increase or addition, the Administrative Agent shall, and is hereby authorized and directed to, revise the Commitment Schedule to reflect such increase or addition and shall distribute such
revised Commitment Schedule to each of the Lenders and the Borrower, whereupon such revised Commitment Schedule shall replace the old Commitment Schedule and become part of this Agreement. 

SECTION 2.10.   Repayment and Amortization of Loans; Evidence of Debt. 

(a)        The Borrower hereby unconditionally promises to pay (i) to the
Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Revolving Credit Maturity Date, and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline
Loan on the earlier of the Revolving Credit Maturity Date and the fifth Business Day after such Swingline Loan is made; provided that on each date that a Revolving Loan is made, the Borrower shall repay all Swingline Loans then outstanding
and the proceeds of any such Revolving Loan shall be applied by the Administrative Agent to repay any Swingline Loans outstanding. 

(b)  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, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c)  The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan
made hereunder, the Class and Type thereof and the Interest Period applicable thereto, if any, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

  
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 (d)  The entries made in the accounts maintained pursuant to paragraph
(b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts
or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

(e)  Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower
shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the
Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein
(or, if such promissory note is a registered note, to such payee and its registered assigns). 
 SECTION
2.11.  Prepayment of Loans. 
 (a)  The Borrower shall have the right at any time and from time
to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (e) of this Section and, if applicable, payment of any break funding expenses under Section 2.16. 

(b)  In the event and on such occasion that the Aggregate Revolving Exposure exceeds the aggregate Revolving
Commitments, the Borrower shall prepay the Revolving Loans, LC Exposure and/or Swingline Loans (or, if no such Borrowings are outstanding, deposit cash collateral in the LC Collateral Account in an aggregate amount equal to such excess, in
accordance with Section 2.06(j)). 
 (c)  In the event and on each occasion that any Net Proceeds are
received by or on behalf of any Loan Party or any Subsidiary in respect of any Prepayment Event, the Borrower shall, immediately after such Net Proceeds are received by any Loan Party or Subsidiary, prepay the Obligations and cash collateralize the
LC Exposure as set forth in Section 2.11(d) below in an aggregate amount equal to 100% of such Net Proceeds, provided that, in the case of any event described in clause (a) or (b) of the definition of the term “Prepayment
Event”, if the Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that the Loan Parties intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate),
within 90 days after receipt of such Net Proceeds, to acquire (or replace or rebuild) real property, equipment or other tangible assets (excluding inventory) to be used in the business of the Loan Parties, and certifying that no Default has
occurred and is continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such certificate, provided that to the extent of any such Net Proceeds that have not been so applied by the end
of such 90-day period, a prepayment shall be required at such time in an amount equal to such Net Proceeds that have not been so applied; provided further that the Borrower shall not be permitted to make
elections to use Net Proceeds to acquire (or replace or rebuild) real property, equipment or other tangible assets (excluding inventory) with respect to Net Proceeds in any fiscal year in an aggregate amount in excess of $1,000,000. 

(d)  All prepayments required to be made pursuant to Section 2.11(c) shall be applied, first to prepay
the Revolving Loans (including Swingline Loans) without a corresponding reduction in the Revolving Commitments and second if a request has been made pursuant to Section 2.06(j), to cash collateralize outstanding LC Exposure. 

(e)  The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the
Swingline Lender) by telephone (confirmed by fax) of any prepayment under this Section: (i) in the case of prepayment of a Eurodollar Borrowing, not later than 10:00 a.m., New 

  
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York time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of a CBFR Borrowing, not later than 10:00 a.m., New York time, one (1) Business Day
before the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 11:00 a.m., New York time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the
principal amount of each Borrowing or portion thereof to be prepaid; provided that if a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09,
then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof.
Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a
mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and
(ii) break funding payments pursuant to Section 2.16. 
 SECTION 2.12.  Fees. 

(a)  The Borrower agrees to pay to the Administrative Agent a Commitment Fee for the account of each Revolving
Lender, which shall accrue at the Applicable Rate on the daily amount of the undrawn portion of the Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which the Lenders’
Revolving Commitments terminate; it being understood that the LC Exposure of a Lender shall be included in the drawn portion of the Revolving Commitment of such Lender for purposes of calculating the Commitment Fees. Accrued Commitment Fees shall be
payable in arrears on the last day of March, June, September and December of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof. 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 agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a
participation fee with respect to its participations in Letters of Credit, which shall accrue at the Applicable LC Rate on the daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and
(ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.25% per annum on the daily amount of the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing
Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder; provided, however,
that the Borrower shall not be responsible for any fronting fees under clause (ii) above during any periods which Chase is the only Lender under this Agreement. Participation 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 after the Effective Date; provided that all such fees shall be payable on the date on
which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable
within ten (10) days after demand. All participation 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).

  
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 (c)  To the extent permitted by law, the Borrower agrees to pay a late
fee in an amount not to exceed four percent (4%) of any payment that is more than fifteen (15) days late. The imposition and payment of a late fee shall not constitute a waiver by the Administrative Agent’s rights with respect to any
such Default in connection with any such late payment. 
 (d)  The Borrower agrees to pay to the Administrative
Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 

(e)  All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the
Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of Commitment Fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances.

 SECTION 2.13.  Interest. 

(a)  The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CB
Floating Rate plus the Applicable Rate. 
 (b)  The Loans comprising each Eurodollar Borrowing shall bear
interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c)
Notwithstanding the foregoing, during the occurrence and continuance of an Event of Default, the Administrative Agent or 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 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at 4% plus the rate otherwise
applicable to such Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunder, such amount shall accrue at 4% plus the rate applicable to such fee or other obligation as provided
hereunder. 
 (d)  Accrued interest on each Loan (for CBFR Loans, accrued through the last day of the prior
calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph
(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall
be payable on the effective date of such conversion. 
 (e)  All interest hereunder shall be computed on the
basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

  
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 SECTION 2.14.  Alternate Rate of Interest. If prior to the
commencement of any Interest Period for a Eurodollar Borrowing: 
 (a)        the
Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining (including, without limitation, by means of an Interpolated Rate) the
Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 

(b)        the Administrative Agent is advised by the Required Lenders that the
Adjusted LIBO Rate or the LIBO Rate, as applicable, for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans included in such Borrowing for such Interest
Period. 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by electronic communication as provided
in Section 9.01 as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that
requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto,
and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as a CBFR Borrowing. 

SECTION 2.15.  Increased Costs. (a) If any Change in Law shall: 

(i)  impose, modify or deem applicable any reserve, special deposit, liquidity or similar
requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted
LIBO Rate) or the Issuing Bank; or 
 (ii)  impose on any Lender or the Issuing Bank or the London
interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or 

(iii)  subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other
Recipient of making, continuing, converting into or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or
maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender,
the Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

 (b)  If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding

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

(c)  A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such
Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such
Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

(d)    Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to
this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this
Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of
such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to
above shall be extended to include the period of retroactive effect thereof. 
 SECTION
2.16.    Break Funding Payments.    In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a
result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.09(d) and is revoked in accordance therewith), or (d) the
assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or 9.02(d), then, in any such event, the Borrower shall compensate each
Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the
amount of interest which would have accrued on the principal amount of such Eurodollar Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Eurodollar Loan, for the period from the date of such event to
the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Eurodollar Loan), over (ii) the amount of interest which
would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar
market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such
Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

  
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 SECTION 2.17.  Taxes. 

(a)  Withholding Taxes; Gross-Up; Payments Free of Taxes.  Any and all payments by or on account
of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable
withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or
withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17), the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made. 
 (b)  Payment of Other Taxes by Loan Parties.  The Loan Parties shall
timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes. 

(c)  Evidence of Payment.  As soon as practicable after any payment of Taxes by any Loan Party to
a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment, or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(d)  Indemnification by the Loan Parties.  The Loan Parties shall jointly and severally indemnify
each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such
Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Loan Party by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error. 
 (e)    Indemnification by the
Lenders.    Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan
Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of
Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or
otherwise payable by the Administrative Agent to such Lender from any other source against any amount due to the Administrative Agent under this paragraph (e). 

  
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 (f)   Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender. 
 (ii)  Without limiting the generality of the foregoing, in the event that
the Borrower is a U.S. Person, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and
the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form
W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign
Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the U.S. is a
party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty; 
 (2) in the case of a Foreign Lender claiming that its extension
of credit will generate U.S. effectively connected income, executed originals of IRS Form W-8ECI; 
 (3) in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or 

  
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 (4) to the extent a Foreign Lender is not the Beneficial Owner,
executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents from each
Beneficial Owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax
Compliance Certificate substantially in the form of Exhibit C-4 on behalf of each such direct and indirect partner; 

(C)  any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it
previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g)    Treatment of Certain Refunds.    If any party determines, in its sole
discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay
to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of
such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party
the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and 

  
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giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This
paragraph (g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(h)  Survival.   Each party’s obligations under this Section 2.17 shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

(i)  Defined Terms.    For purposes of this Section 2.17, the term “applicable
law” includes FATCA. 
 SECTION 2.18.  Payments Generally; Allocation of Proceeds; Sharing of
Set-offs. 
 (a)        The Borrower shall make each payment required to be
made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., New York time, on the date when due, in immediately available
funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent at its offices at One Chase Square, 11th Floor, Rochester, NY 14643-0001, except payments to be made directly to the Issuing
Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments
received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next
succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars. 

(b)        Any proceeds of Collateral received by the Administrative Agent
(i) not constituting either (A) a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower), or (B) a mandatory prepayment (which shall be applied
in accordance with Section 2.11) or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall be applied ratably first, to pay any fees,
indemnities, or expense reimbursements including amounts then due to the Administrative Agent, the Swingline Lender and the Issuing Bank from the Borrower (other than in connection with Banking Services Obligations or Swap Agreement Obligations),
second, to pay any fees or expense reimbursements then due to the Lenders from the Borrower (other than in connection with Banking Services Obligations or Swap Agreement Obligations), third, to pay interest then due and payable on the
Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and to pay any amounts owing with respect to Swap Agreement Obligations up to and including the amount most recently provided to the Administrative
Agent pursuant to Section 2.22, ratably, fifth, to pay an amount to the Administrative Agent equal to one hundred percent (100%) of the aggregate LC Exposure, to be held as cash collateral for such Obligations, and sixth, to
the payment of any amounts owing in respect of Banking Services Obligations up to and including the amount most recently provided to the Administrative Agent pursuant to Section 2.22, and seventh, to the payment of any other Secured
Obligation due to the Administrative Agent or any Lender from the Borrower or any other Loan Party. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Borrower, or unless a Default is in existence,
neither the Administrative Agent nor any 

  
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Lender shall apply any payment which it receives to any Eurodollar Loan of a Class, except (i) on the expiration date of the Interest Period applicable thereto, or (ii) in the event,
and only to the extent, that there are no outstanding CBFR Loans of the same Class and, in any such event, the Borrower shall pay the break funding payment required in accordance with Section 2.16. The Administrative Agent and the Lenders shall
have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations. 

Notwithstanding the foregoing, Secured Obligations arising under Banking Services Obligations or Swap Agreement Obligations
shall be excluded from the application described above and paid in clause seventh if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may have reasonably
requested from the applicable provider of such Banking Services or Swap Agreements. 

(c)        At the election of the Administrative Agent, all payments of principal,
interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees, costs and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the
proceeds of Borrowings made hereunder, whether made following a request by the Borrower pursuant to Section 2.03 or 2.05 or a deemed request as provided in this Section or may be deducted from any deposit account of the Borrower maintained with
the Administrative Agent. The Borrower hereby irrevocably authorizes (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due
under the Loan Documents and agrees that all such amounts charged shall constitute Loans (including Swingline Loans), and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or 2.05, as applicable, and
(ii) the Administrative Agent to charge any deposit account of the Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.

 (d)        If, except as otherwise expressly provided herein, any Lender shall,
by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion
of the aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other similarly situated 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 Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by all such Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) 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 or sale of a participation in any of its Loans or
participations in LC Disbursements or Swingline Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

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

(f)        If any Lender shall fail to make any payment required to be made by it
hereunder, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s
obligations hereunder until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender hereunder.
Application of amounts pursuant to (i) and (ii) above shall be made in such order as may be determined by the Administrative Agent in its discretion. 

(g)        The Administrative Agent may from time to time provide the Borrower with
account statements or invoices with respect to any of the Secured Obligations (the “Statements”). The Administrative Agent is under no duty or obligation to provide Statements, which, if provided, will be solely for the
Borrower’s convenience. Statements may contain estimates of the amounts owed during the relevant billing period, whether of principal, interest, fees or other Secured Obligations. If the Borrower pays the full amount indicated on a Statement on
or before the due date indicated on such Statement, the Borrower shall not be in default of payment with respect to the billing period indicated on such Statement; provided, that acceptance by the Administrative Agent, on behalf of the Lenders, of
any payment that is less than the total amount actually due at that time (including but not limited to any past due amounts) shall not constitute a waiver of the Administrative Agent’s or the Lenders’ right to receive payment in full at
another time. 
 SECTION 2.19.  Mitigation Obligations; Replacement of Lenders. 

(a)        If any Lender requests compensation under Section 2.15, or
if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a
different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, 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 any Lender requests compensation under Section 2.15, or if the Borrower is required to pay
any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender) pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than
its existing 

  
 47 

 
rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement and other Loan Documents to an assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and in circumstances where its consent would be required under
Section 9.04, the Issuing Bank and the Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded participations
in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case
of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such
compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and
delegation cease to apply. 
 SECTION 2.20.  Defaulting Lenders. 

Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions
shall apply for so long as such Lender is a Defaulting Lender: 
 (a)        fees
shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a); 

(b)        such Defaulting Lender shall not have the right to vote on any issue on
which voting is required (other than to the extent expressly provided in Section 9.02(b)) and the Commitment and Revolving Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may
take any action hereunder or under any other Loan Document; provided that, except as otherwise provided in Section 9.02, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other
modification requiring the consent of such Lender or each Lender directly affected thereby; 

(c)        if any Swingline Exposure or LC Exposure exists at the time such Lender
becomes a Defaulting Lender then: 
 (i)        all or any part of
the Swingline Exposure and LC Exposure of such Defaulting Lender (other than the portion of such Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance
with their respective Applicable Percentages but only (x) to the extent that 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) to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such
non-Defaulting Lender’s Revolving Exposure to exceed its Revolving Commitment; 

(ii)       if the reallocation described in clause (i) above cannot, or can
only partially, be effected, the Borrower shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize, for the benefit of
the Issuing Bank, the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in
Section 2.06(j) for so long as such LC Exposure is outstanding; 

  
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 (iii)      if the Borrower cash
collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 

(iv)      if the LC Exposure of the non-Defaulting Lenders is reallocated
pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and 

(v)      if all or any portion of such Defaulting Lender’s LC Exposure is
neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees payable under
Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 

(d)        so long as such Lender is a Defaulting Lender, the Swingline Lender shall
not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend, renew, extend or increase any Letter of Credit, unless it is satisfied that the related exposure and such Defaulting Lender’s then
outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.20(c), and Swingline Exposure related to any such newly made
Swingline Loan or LC Exposure related to any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein).

 If (i) a Bankruptcy Event with respect to the Parent of any Lender shall occur following the date hereof and for so
long as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend
credit, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall
have entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder. 

In the event that each of the Administrative Agent, the Borrower, the Swingline Lender and the Issuing Bank agrees that a
Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving
Commitment and on the date of such readjustment such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such
Loans in accordance with its Applicable Percentage. 
 SECTION 2.21.  Returned Payments.  If,
after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender
such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any
other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall
continue in full force as if such payment 

  
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or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may
have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination of this Agreement. 

SECTION 2.22.    Banking Services and Swap Agreements.    Each Lender or
Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap
Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured,
absolute or contingent). In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, following the end of each calendar month, a summary of the amounts due or to become due in respect of such
Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services
Obligations and/or Swap Agreement Obligations will be placed. 
 ARTICLE III 

Representations and Warranties 

Each Loan Party represents and warrants to the Lenders that (and where applicable, agrees): 

SECTION 3.01.    Organization; Powers.    Each Loan Party and each Subsidiary
is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.02.  Authorization; Enforceability.  The Transactions are within each Loan Party’s
organizational powers and have been duly authorized by all necessary organizational actions and, if required, actions by equity holders. Each Loan Document to which each Loan Party is a party has been duly executed and delivered by such Loan Party
and constitutes a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION
3.03.  Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been
obtained or made and are in full force and effect and except for filings necessary to perfect Liens created pursuant to the Loan Documents, (b) will not violate any Requirement of Law applicable to any Loan Party or any Subsidiary,
(c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary or the assets of any Loan Party or any Subsidiary, or give rise to a right thereunder to require any
payment to be made by any Loan Party or any Subsidiary, and (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any Subsidiary, except Liens created pursuant to the Loan Documents. 

  
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 SECTION 3.04.  Financial Condition; No Material Adverse Change.

 (a)  The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of
income, stockholders equity and cash flows (i) as of and for the fiscal year ended March 31, 2015, reported on by Deloitte & Touche LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the
portion of the fiscal year ended September 30, 2015, certified by its Financial Officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its
consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to normal year-end audit adjustments all of which, when taken as a whole, would not be materially adverse and
the absence of footnotes in the case of the statements referred to in clause (ii) above. 
 (b)  No event,
change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect, since March 31, 2015. 

SECTION 3.05.  Properties. 

(a)  As of the date of this Agreement, Schedule 3.05 sets forth the address of each parcel of real property
that is owned or leased by any Loan Party. Each of such leases and subleases is valid and enforceable in accordance with its terms and is in full force and effect, and no default by any party to any such lease or sublease exists. Each of the Loan
Parties and each Subsidiary has good and indefeasible title to, or valid leasehold interests in, all of its real and personal property, free of all Liens other than those permitted by Section 6.02. 

(b)  Each Loan Party and each Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights,
patents and other intellectual property necessary to its business as currently conducted, a correct and complete list of which, as of the date of this Agreement, is set forth on Schedule 3.05, and the use thereof by each Loan Party and each
Subsidiary does not infringe in any material respect upon the rights of any other Person, and each Loan Party’s and each Subsidiary’s rights thereto are not subject to any licensing agreement or similar arrangement. 

SECTION 3.06.  Litigation and Environmental Matters. 

(a)    There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority
pending against or, to the knowledge of any Loan Party, threatened against or affecting any Loan Party or any Subsidiary (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters set forth on Schedule 3.06) or (ii) that involve any Loan Document or the Transactions. 

(b)  Except for the Disclosed Matters, (i) no Loan Party or any Subsidiary has received notice of any claim
with respect to any Environmental Liability and (ii) except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, no Loan Party or any Subsidiary
(A) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law (B) has become subject to any Environmental Liability, (C) has
received notice of any claim with respect to any Environmental Liability or (D) knows of any basis for any material Environmental Liability. 

(c)  Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that,
individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 

  
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 SECTION 3.07.  Compliance with Laws and Agreements; No
Default.  Except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, each Loan Party and each Subsidiary is in compliance with (i) all Requirements
of Law applicable to it or its property and (ii) all indentures, agreements and other instruments binding upon it or its property. No Default has occurred and is continuing. 

SECTION 3.08.    Investment Company Status.    No Loan Party or any Subsidiary
is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

SECTION 3.09.  Taxes.  Each Loan Party and each Subsidiary has timely filed or caused to be filed
all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which such Loan
Party or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not be expected to result in a Material Adverse Effect. No tax liens have been filed and no claims are
being asserted with respect to any such taxes. 
 SECTION 3.10.    ERISA.  No ERISA
Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present
value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such
amounts, exceed by more than $1,000,000.00 the fair market value of the assets of all Plans. 
 SECTION
3.11.      Disclosure.    The Loan Parties have disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which any Loan Party or any Subsidiary is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of
any Loan Party or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or any other Loan Document (as modified or supplemented by other information so furnished) contains any material
misstatement of fact and the reports, financial statements, certificates and other information furnished by or on behalf of any Loan Party or any Subsidiary to the Administrative Agent and the Lenders in connection with the negotiation of this
Agreement and the other Loan Documents (as modified or supplemented by other information so furnished), taken as a whole, do not omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided that, with respect to projected financial information, the Loan Parties represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time
delivered and, if such projected financial information was delivered prior to the Effective Date, as of the Effective Date. 

SECTION 3.12.  Material Agreements. No Loan Party or any Subsidiary is in default in the performance,
observance or fulfillment of any of the material obligations, covenants or conditions contained in (i) any material agreement to which it is a party or (ii) any agreement or instrument evidencing or governing Indebtedness. 

  
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 SECTION 3.13.  Solvency.  (a)  Immediately
after the consummation of the Transactions to occur on the Effective Date, (i) the fair value of the assets of each Loan Party, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the
present fair saleable value of the property of each Loan Party, calculated on a going concern basis, will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute and matured; (iii) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (iv) no Loan Party will have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted after the Effective Date. 

(b)        No Loan Party intends to, nor will permit any Subsidiary to, and no Loan
Party believes that it or any Subsidiary will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash
to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary. 
 SECTION
3.14.    Insurance.    Schedule 3.14 sets forth a description of all insurance maintained by or on behalf of the Loan Parties and their Subsidiaries as of the Effective Date. As of the
Effective Date, all premiums in respect of such insurance have been paid. The Loan Parties believe that the insurance maintained by or on behalf of the Loan Parties and their Subsidiaries is adequate and is customary for companies engaged in the
same or similar businesses operating in the same or similar locations. 
 SECTION 3.15.  Capitalization and
Subsidiaries.   Schedule 3.15 sets forth (a) a correct and complete list of the name and relationship to the Borrower of each Subsidiary, (b) a true and complete listing of each class of each Subsidiary’s
authorized Equity Interests, of which all of such issued Equity Interests are validly issued, outstanding, fully paid and non-assessable, and owned beneficially and of record by the Persons identified on Schedule 3.15, and (c) the type
of entity of the Borrower and each Subsidiary. All of the issued and outstanding Equity Interests owned by any Loan Party have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and
are fully paid and non-assessable. 
 SECTION 3.16.  Security Interest in Collateral.  The
provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on
the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Encumbrances, to the extent
any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement and (b) Liens perfected only by possession (including possession of any certificate of title),
to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral. 
 SECTION
3.17.  Employment Matters.    As of the Effective Date, there are no strikes, lockouts or slowdowns against any Loan Party or any Subsidiary pending or, to the knowledge of any Loan Party, threatened. The hours
worked by and payments made to employees of the Loan Parties and their Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable federal, state, local or foreign law dealing with such matters. All payments due
from any Loan Party or any Subsidiary, or for which any claim may be made against any Loan Party or any Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the
books of such Loan Party or such Subsidiary. 

  
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 SECTION 3.18.      Federal Reserve
Regulations.  No part of the proceeds of any Loan or Letter of Credit has been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations
T, U and X. 
 SECTION 3.19.    Use of Proceeds.  The proceeds of the Loans have been
used and will be used, whether directly or indirectly as set forth in Section 5.08. 
 SECTION
3.20.      No Burdensome Restrictions.  No Loan Party is subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.10. 

SECTION 3.21.  Anti-Corruption Laws and Sanctions.  Each Loan Party has implemented and maintains
in effect policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and such Loan Party, its
Subsidiaries and their respective officers and employees and to the knowledge of such Loan Party its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) any Loan
Party, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of any such Loan Party or Subsidiary, any agent of such Loan Party or any Subsidiary that will act in any capacity in connection with or
benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds, Transaction or other transaction contemplated by this Agreement or the other Loan Documents will violate Anti-Corruption
Laws or applicable Sanctions. 
 ARTICLE IV 

Conditions 

SECTION 4.01.    Effective Date.    The obligations of the Lenders to make
Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 

(a)  Credit Agreement and Loan Documents.    The Administrative Agent (or its counsel)
shall have received (i) from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include fax or other electronic
transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and such other certificates, documents, instruments and agreements as the
Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including any promissory notes requested by a Lender pursuant to Section 2.10 payable to the order of
each such requesting Lender and a written opinion of the Loan Parties’ counsel, addressed to the Administrative Agent, the Issuing Bank and the Lenders in substantially the form of Exhibit B. 

(b)  Financial Statements and Projections.    The Lenders shall have received
(i) audited consolidated financial statements of the Borrower and its Subsidiaries for the fiscal years ended March 31, 2013 and March 31, 2014, (ii) unaudited interim consolidated financial statements of the Borrower and its
Subsidiaries for each fiscal quarter ended after the date of the latest applicable financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and such financial statements shall
not, in the reasonable judgment of the Administrative Agent, reflect any material adverse change in the consolidated financial condition of the Borrower and its Subsidiaries as reflected in the audited, consolidated financial statements described in
clause (i) of this paragraph and (ii) satisfactory Projections through the fiscal year ending March 31, 2017. 

  
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 (c)      Closing Certificates; Certified
Certificate of Incorporation; Good Standing Certificates.  The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which
shall (A) certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of
the officers of such Loan Party authorized to sign the Loan Documents to which it is a party and, in the case of the Borrower, its Financial Officers, and (C) contain appropriate attachments, including the charter, articles or certificate of
organization or incorporation of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its bylaws or operating, management or partnership agreement, or other
organizational or governing documents, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization. 

(d)  No Default Certificate.  The Administrative Agent shall have received a certificate, signed
by the Financial Officer of the Borrower and each other Loan Party, dated as of the Effective Date (i) stating that no Default has occurred and is continuing and (ii) stating that the representations and warranties contained in the Loan
Documents are true and correct as of such date. 
 (e)  Fees.  The Lenders and the
Administrative Agent shall have received all fees required to be paid, and all expenses required to be reimbursed for which invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Effective Date.
All such amounts will be paid with proceeds of Loans made on the Effective Date and will be reflected in the funding instructions given by the Borrower to the Administrative Agent on or before the Effective Date. 

(f)  Lien Searches.  The Administrative Agent shall have received the results of a recent lien
search in the jurisdiction of organization of each Loan Party and each jurisdiction where assets of the Loan Parties are located, and such search shall reveal no Liens on any of the assets of the Loan Parties except for liens permitted by
Section 6.02 or discharged on or prior to the Effective Date pursuant to a pay-off letter or other documentation satisfactory to the Administrative Agent. 

(g)  Pay-Off Letter.  The Administrative Agent shall have received satisfactory pay-off letters
for all existing Indebtedness required to be repaid and which confirms that all Liens upon any of the property of the Loan Parties constituting Collateral will be terminated concurrently with such payment and all letters of credit issued or
guaranteed as part of such Indebtedness shall have been cash collateralized or supported by a Letter of Credit. 

(h)  Funding Account.  The Administrative Agent shall have received a notice setting forth the
deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement. 

(i)  Collateral Access and Control Agreements.  The Administrative Agent shall have received each
of a Collateral Access Agreement required to be provided pursuant to Section 4.13 of the Security Agreement. 

(j)  Solvency.  The Administrative Agent shall have received a solvency certificate signed by a
Financial Officer dated the Effective Date in form and substance reasonably satisfactory to the Administrative Agent. 

  
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 (k)  Pledged Equity Interests; Stock Powers; Pledged
Notes.  The Administrative Agent shall have received (i) the certificates representing the Equity Interests pledged pursuant to the Security Agreement, together with an undated stock power for each such certificate executed in
blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer
form in blank) by the pledgor thereof. 
 (l)    Filings, Registrations and
Recordings.    Each document (including any Uniform Commercial Code financing statement) required by the Collateral Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or
recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens
expressly permitted by Section 6.02), shall be in proper form for filing, registration or recordation. 

(m)  Insurance.    The Administrative Agent shall have received evidence of insurance
coverage in form, scope, and substance reasonably satisfactory to the Administrative Agent and otherwise in compliance with the terms of Section 5.10 of this Agreement and Section 4.12 of the Security Agreement. 

(n)  Letter of Credit Application.    The Administrative Agent shall have received a
properly completed letter of credit application (whether standalone or pursuant to a master agreement, as applicable, and whether electronic or on the Issuing Bank’s trade paper) if the issuance of a Letter of Credit will be required on the
Effective Date. 
 (o)  Legal Due Diligence. The Administrative Agent and its counsel shall have completed
all legal due diligence, the results of which shall be satisfactory to Administrative Agent in its sole discretion. 

(p)  USA PATRIOT Act, Etc.  The Administrative Agent and Lenders shall have received all
documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including USA PATRIOT Act, and a properly completed and signed IRS Form W-8
or W-9, as applicable, for each Loan Party. 
 (q)      Other
Documents.    The Administrative Agent shall have received such other documents as the Administrative Agent, the Issuing Bank, any Lender or their respective counsel may have reasonably requested. 

SECTION 4.02.      Each Credit Event.    The obligation of each
Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 

(a)    The representations and warranties of the Loan Parties set forth in the Loan Documents shall be
true and correct in all material respects with the same effect as though made on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (it being understood and agreed
that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any
materiality qualifier shall be required to be true and correct in all respects). 

  
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 (b)        At the time of and
immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 

(c)    After giving effect to any Borrowing or the issuance, amendment, renewal or extension of any
Letter of Credit, Availability shall not be less than zero. 
 (d)    No event shall have occurred and
no condition shall exist which has or could be reasonably expected to have a Material Adverse Effect. 
 Each Borrowing and each issuance,
amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a), (b), (c) and (d) of this Section. 

Notwithstanding the failure to satisfy the conditions precedent set forth in paragraphs (a), (b), (c) or (d) of this Section, unless
otherwise directed by the Required Lenders, the Administrative Agent may, but shall have no obligation to, continue to make Loans and an Issuing Bank may, but shall have no obligation to, issue, amend, renew or extend, or cause to be issued,
amended, renewed or extended, any Letter of Credit for the ratable account and risk of Lenders from time to time if the Administrative Agent believes that making such Loans or issuing, amending, renewing or extending, or causing the issuance,
amendment, renewal or extension of, any such Letter of Credit is in the best interests of the Lenders. 
 ARTICLE V 

Affirmative Covenants 

Until the Commitments shall have expired or been terminated and the principal of and interest on each Loan and all fees
payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated, in each case without any pending draw, and all LC Disbursements shall have been reimbursed, each Loan Party executing this Agreement covenants
and agrees, jointly and severally with all of the other Loan Parties, with the Lenders that: 
 SECTION
5.01.  Financial Statements and Other Information.  The Borrower will furnish to the Administrative Agent and each Lender: 

(a) within ninety (90) days after the end of each fiscal year of the Borrower, its audited consolidated
balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent
public accountants of recognized national standing or otherwise acceptable to the Required Lenders (without a “going concern” or like qualification, commentary or exception, and without any qualification or exception as to the scope of
such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied, accompanied by any management letter prepared by such accountants; 
 (b)
within forty-five (45) days after the end of each of the first three fiscal quarters of the Borrower, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such
fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year,

  
 57 

 
all certified by a Financial Officer as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 

(c)  The Borrower represents and warrants that it, its controlling Person and any Subsidiary, in
each case, if any, either (i) has no registered or publicly traded securities outstanding, or (ii) files its financial statements with the SEC and/or makes its financial statements available to potential holders of its 144A securities,
and, accordingly, the Borrower hereby (i) authorizes the Administrative Agent to make the financial statements to be provided under Section 5.01(a) and (b) above (collectively or individually, as the context requires, the
“Financial Statements”), along with the Loan Documents, available to Public-Siders and (ii) agrees that at the time such Financial Statements are provided hereunder, they shall already have been made available to holders of its
securities. The Borrower will not request that any other material be posted to Public-Siders without expressly representing and warranting to the Administrative Agent in writing that such materials do not constitute material non-public information
within the meaning of the federal securities laws or that the Borrower has no outstanding publicly traded securities, including 144A securities. In no event shall the Administrative Agent post compliance certificates or budgets to Public-Siders.

 (d) concurrently with any delivery of the Financial Statements under clause (a) or (b) above, a
certificate of a Financial Officer in substantially the form of Exhibit D (i) certifying, in the case of the Financial Statements delivered under clause (b) above, as presenting fairly in all material respects the financial
condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes,
(ii) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations
demonstrating compliance with Section 6.12 and (iv) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change
has occurred, specifying the effect of such change on the Financial Statements accompanying such certificate; 

(e)  as soon as available, but in any event no later than sixty (60) days after the end of each
fiscal year of the Borrower, a copy of the plan and forecast (including a projected consolidated and consolidating balance sheet, income statement and cash flow statement) of the Borrower for each month of the upcoming fiscal year (the
“Projections”) in form reasonably satisfactory to the Administrative Agent; 
 (f) promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any Loan Party or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions
of the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be; 

(g)  promptly following any request therefor, such other information regarding the operations,
material changes in ownership of Equity Interests, business affairs and financial condition of any Loan Party or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request; and

  
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 (h) promptly after any request therefor by the Administrative
Agent or any Lender, copies of (i) any documents described in Section 101(k)(1) of ERISA that the Borrower or any ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in
Section 101(l)(1) of ERISA that the Borrower or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided that if the Borrower or any ERISA Affiliate has not requested such documents or notices from the administrator or
sponsor of the applicable Multiemployer Plan, the Borrower or the applicable ERISA Affiliate shall promptly make a request for such documents and notices from such administrator or sponsor and shall provide copies of such documents and notices
promptly after receipt thereof. 
 SECTION 5.02.      Notices of Material
Events.      The Borrower will furnish to the Administrative Agent and each Lender prompt (but in any event within any time period that may be specified below) written notice of the following: 

(a) the occurrence of any Default; 

(b)  receipt of any notice of any investigation by a Governmental Authority or any litigation or
proceeding commenced or threatened against any Loan Party or any Subsidiary that (i) seeks damages in excess of $100,000, (ii) seeks injunctive relief, (iii) is asserted or instituted against any Plan, its fiduciaries or its assets
(excluding (A) benefit claims being contested through internal or external administrative review procedures provided that all such claims, taken together, do not claim in excess of $250,000 and (B) claims not described in clause
(A) claiming less than $100,000 individually provided that all such claims, taken together, claim less than $250,000) seeking aggregate amounts in excess of $250,000, (iv) alleges criminal misconduct by any Loan Party or any Subsidiary,
(v) alleges the violation of, or seeks to impose remedies under, any Environmental Law or related Requirement of Law, or seeks to impose material Environmental Liability, (vi) asserts liability on the part of any Loan Party or any
Subsidiary in excess of $100,000 in respect of any tax, fee, assessment, or other governmental charge, or (vii) involves any product recall; 

(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred,
could reasonably be expected to result in liability of the Loan Parties and their Subsidiaries in an aggregate amount exceeding $100,000; 

(d) within two (2) Business Days after the occurrence thereof, any Loan Party entering into a Swap
Agreement or an amendment to a Swap Agreement, together with copies of all agreements evidencing such Swap Agreement or amendment; and 

(e) any other development that results in, or could reasonably be expected to result in, a Material Adverse
Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of
the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03.    Existence; Conduct of Business.  Each Loan Party will, and will cause
each Subsidiary to, (a) do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises, governmental authorizations,
intellectual property rights, licenses and permits material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted; provided that the foregoing
shall not prohibit any merger, consolidation, 

  
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liquidation or dissolution permitted under Section 6.03 and (b) carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as
it is presently conducted. 
 SECTION 5.04.    Payment of
Obligations.    Each Loan Party will, and will cause each Subsidiary to, pay or discharge all Material Indebtedness and all other material liabilities and obligations, including Taxes, before the same shall become delinquent
or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP and
(c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect; provided, however, that each Loan Party will, and will cause each Subsidiary to, remit withholding taxes
and other payroll taxes to appropriate Governmental Authorities as and when claimed to be due, notwithstanding the foregoing exceptions. 

SECTION 5.05.    Maintenance of Properties.    Each Loan Party will, and
will cause each Subsidiary to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted. 

SECTION 5.06.    Books and Records; Inspection Rights.    Each Loan Party
will, and will cause each Subsidiary to, (a) keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities and (b) permit any
representatives designated by the Administrative Agent or any Lender (including employees of the Administrative Agent, any Lender or any consultants, accountants, lawyers, agents and appraisers retained by the Administrative Agent), during regular
business hours and upon reasonable prior notice, to visit and inspect its properties, conduct at the Loan Party’s premises field examinations of the Loan Party’s assets, liabilities, books and records, including examining and making
extracts from its books and records, environmental assessment reports and Phase I and/or other non-invasive studies, surveys or audits, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such
reasonable times and as often as reasonably requested. The Loan Parties acknowledge that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain Reports pertaining to the Loan
Parties’ assets for internal use by the Administrative Agent and the Lenders. 
 SECTION
5.07.    Compliance with Laws and Material Contractual Obligations.    Each Loan Party will, and will cause each Subsidiary to, (i) comply in all material respects with each Requirement of Law
applicable to it or its property (including without limitation Environmental Laws) and (ii) perform in all material respects its obligations under material agreements to which it is a party. Each Loan Party will maintain in effect and enforce
policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

SECTION 5.08.  Use of Proceeds. 

(a)        The proceeds of the Loans and the Letters of Credit will be used only
(i) for general corporate purposes, including capital expenditures, and (ii) to finance Acquisitions permitted by Section 6.04. No part of the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly,
for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 

(b)        The Borrower will not request any Borrowing or Letter of Credit, and the
Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, 

  
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employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of
money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned
Country, (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto, or (iv) in furtherance of, directly or indirectly, any transaction or series of transactions to acquire a controlling interest
in any publicly-traded company unless the Administrative Agent provides written consent thereto. 
 SECTION
5.09.    Accuracy of Information.    The Loan Parties will ensure that any information, including financial statements or other documents, furnished to the Administrative Agent or the Lenders in
connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder contains no material misstatement of fact and that such information, taken as a whole, does not omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and the furnishing of such information shall be deemed to be a representation and warranty by the
Borrower on the date thereof as to the matters specified in this Section 5.09; provided that, with respect to the Projections, the Loan Parties will cause the Projections to be prepared in good faith based upon assumptions believed to be
reasonable at the time. 
 SECTION 5.10.    Insurance. Each Loan Party will, and will cause each
Subsidiary to, maintain with financially sound and reputable carriers having a financial strength rating of at least A- by A.M. Best Company (a) insurance in such amounts (with no greater risk retention) and against such risks (including loss
or damage by fire and loss in transit; theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general liability) and such other hazards, as is customarily maintained by companies of established
repute engaged in the same or similar businesses operating in the same or similar locations and (b) all insurance required pursuant to the Collateral Documents. The Borrower will furnish to the Lenders, upon request of the Administrative Agent,
but no less frequently than annually, information in reasonable detail as to the insurance so maintained. 
 SECTION
5.11.    Appraisals.  At any time that the Administrative Agent requests, but no more than once per year (other than after the occurrence and during the continuance of an Event of Default), and at the expense of
the Administrative Agent, the Borrower will, and will cause each Subsidiary to, provide the Administrative Agent with appraisals or updates thereof of their Inventory, Equipment and real property from an appraiser selected and engaged by the
Administrative Agent, and prepared on a basis satisfactory to the Administrative Agent, such appraisals and updates to include, without limitation, information required by any applicable Requirement of Law; provided, however, that upon the
occurrence and during the continuance of an Event of Default, the Borrower shall, at its sole expense, provide such appraisals and/or updates as the Administrative Agent may, in its sole discretion, request. 

SECTION 5.12.      Casualty and Condemnation.      The
Borrower (a) will furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any
material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation
awards or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Collateral Documents 

  
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 SECTION 5.13. Depository Banks. The Borrower and each Subsidiary will
maintain the Administrative Agent as its principal depository bank, including for the maintenance of operating, administrative, cash management, collection activity, and other deposit accounts for the conduct of its business. Notwithstanding the
foregoing, the Borrower and each Subsidiary may continue (i) to open and maintain certificates of deposit with Bank of America, N.A. or any other financial institution, (ii) to maintain the money market deposit accounts with Bank of
America, N.A. existing on the date hereof (collectively, the “Pledged Accounts”), which such Pledged Accounts may be pledged to secure, and only to secure, Existing SBLCs but only so long as any Existing SBLC remains outstanding,
(iii) to maintain in effect any standby letters of credit existing on the date hereof and listed on Schedule 5.13, as the same may be renewed or extended, but not increased, from time to time (collectively, the “Existing
SBLCs”). 
 SECTION 5.14.  Additional Collateral; Further Assurances. 

(a)    Subject to applicable Requirements of Law, each Loan Party will cause each of its Domestic
Subsidiaries formed or acquired after the date of this Agreement to become a Loan Party by executing a Joinder Agreement. Upon execution and delivery thereof, each such Person (i) shall automatically become a Loan Guarantor hereunder and
thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan Documents and (ii) will grant Liens to the Administrative Agent, for the benefit of the Administrative Agent and the other Secured
Parties, in any property of such Loan Party which constitutes Collateral, including any parcel of real property located in the U.S. owned by any Loan Party. 

(b)  Each Loan Party will cause (i) 100% of the issued and outstanding Equity Interests of each of its
Domestic Subsidiaries and (ii) 65% (or such greater percentage that, due to a change in applicable law after the date hereof, (1) could not reasonably be expected to cause the undistributed earnings of such foreign Subsidiary as determined
for U.S. federal income tax purposes to be treated as a deemed dividend to such foreign Subsidiary’s U.S. parent and (2) could not reasonably be expected to cause any material adverse tax consequences) of the issued and outstanding Equity
Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Foreign
Subsidiary directly owned by the Borrower or by any Domestic Subsidiary to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent for the benefit of the Administrative Agent and the other Secured Parties,
pursuant to the terms and conditions of the Loan Documents or other security documents as the Administrative Agent shall reasonably request. 

(c)  Without limiting the foregoing, each Loan Party will, and will cause each Subsidiary to, execute and deliver,
or cause to be executed and delivered, to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements, fixture filings,
mortgages, deeds of trust and other documents and such other actions or deliveries of the type required by Section 4.01, as applicable), which may be required by any Requirement of Law or which the Administrative Agent may, from time to time,
reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all at the expense of the Loan
Parties. Notwithstanding the foregoing, at any time after an Event of Default has occurred, each Loan Party will, upon the request of the Administrative Agent, cause each Foreign Subsidiary to become a Loan Party and a Loan Guarantor and to grant
Liens to the Administrative Agent on its assets and have the balance of its Equity Interests pledged to the Administrative Agent. 

(d)    If any material assets (including any real property or improvements thereto or any interest
therein) are acquired by any Loan Party after the Effective Date (other than assets constituting 

  
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Collateral under the Security Agreement that become subject to the Lien under the Security Agreement upon acquisition thereof), the Borrower will (i) notify the Administrative Agent and the
Lenders thereof, and, if requested by the Administrative Agent or the Required Lenders, cause such assets to be subjected to a Lien securing the Secured Obligations and (ii) take, and cause each applicable Loan Party to take, such actions as
shall be necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions described in paragraph (c) of this Section, all at the expense of the Loan Parties. 

SECTION 5.15.  Post-Closing Covenants. 

(a)        The Borrower shall (i) cause the Inactive Subsidiary to transfer any
and all of its assets to the Borrower and be dissolved and (ii) provide the Administrative Agent with a copy of the Certificate of Dissolution for the Borrower, stamped as filed by the Delaware Secretary of State, each within ninety
(90) days after the Effective Date. The Borrower shall not and shall not permit any Person to capitalize the Inactive Subsidiary or otherwise allow the Inactive Subsidiary to conduct any business prior to such dissolution. 

(b)        The Borrower shall (i) cause the ES Acquisition Subsidiary to merge
with and into the Borrower pursuant to Section 253 of the Delaware General Corporation Law and (ii) provide Borrower with a copy of the Certificate of Ownership and Merger, stamped as filed by the Delaware Secretary of State, each within
ninety (90) days after the Effective Date. The Borrower shall not and shall not permit any Person to capitalize the ES Acquisition Subsidiary or otherwise allow the ES Acquisition Subsidiary to conduct any business prior to such merger. 

(c)        The Borrower shall, within thirty (30) days after the Effective Date,
provide the Administrative Agent a Collateral Access Agreement with respect to its facilities located at 3123 John Conley Drive, Lapeer, Michigan 48446 executed by the landlord and tenant thereof. 

(d)        The Borrower shall, within three (3) Business Days after the
Effective Date, deliver to the Administrative Agent or its counsel the originally executed stock certificate(s) of Energy Steel & Supply Co. 

ARTICLE VI 
 Negative Covenants

 Until the Commitments shall have expired or been terminated and the principal of and interest on each Loan and all
fees, expenses and other amounts payable under any Loan Document shall have been paid in full and all Letters of Credit shall have expired or terminated, in each case without any pending draw, and all LC Disbursements shall have been reimbursed,
each Loan Party executing this Agreement covenants and agrees, jointly and severally with all of the other Loan Parties, with the Lenders that: 

SECTION 6.01.  Indebtedness.  No Loan Party will, nor will it permit any Subsidiary to, create,
incur, assume or suffer to exist any Indebtedness, except: 
 (a)  the Secured Obligations; 

(b)    Indebtedness existing on the date hereof and set forth in Schedule 6.01 and any
extensions, renewals, refinancings and replacements of any such Indebtedness in accordance with clause (f) hereof; 

  
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 (c)    Indebtedness of the Borrower to any Subsidiary and of
any Subsidiary to the Borrower or any other Subsidiary, provided that (i) Indebtedness of any Subsidiary that is not a Loan Party to the Borrower or any other Loan Party shall be subject to Section 6.04 and (ii) Indebtedness of
any Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured Obligations on terms reasonably satisfactory to the Administrative Agent; 

(d)  Guarantees by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the
Borrower or any other Subsidiary, provided that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by the Borrower or any other Loan Party of Indebtedness of any Subsidiary that is not a Loan
Party shall be subject to Section 6.04 and (iii) Guarantees permitted under this clause (d) shall be subordinated to the Secured Obligations on the same terms as the Indebtedness so Guaranteed is subordinated to the Secured
Obligations; 
 (e)      Indebtedness of the Borrower or any Subsidiary (i) incurred to
finance the acquisition, construction or improvement of any fixed or capital assets (whether or not constituting purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any
such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness in accordance with clause (f) below; provided that such Indebtedness described in
clause (i) is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, and (ii) other unsecured Indebtedness at any time outstanding; provided further, however, that the
aggregate principal amount of Indebtedness permitted by this clause (e), together with any Refinance Indebtedness in respect thereof permitted by clause (f) below, shall not exceed $1,000,000 at any time outstanding; 

(f)    Indebtedness which represents extensions, renewals, refinancing or replacements (such Indebtedness
being so extended, renewed, refinanced or replaced being referred to herein as the “Refinance Indebtedness”) of any of the Indebtedness described in clauses (b) and (e) and (i) hereof (such
Indebtedness being referred to herein as the “Original Indebtedness”); provided that (i) such Refinance Indebtedness does not increase the principal amount or interest rate of the Original Indebtedness, (ii) any
Liens securing such Refinance Indebtedness are not extended to any additional property of any Loan Party or any Subsidiary, (iii) no Loan Party or any Subsidiary that is not originally obligated with respect to repayment of such Original
Indebtedness is required to become obligated with respect to such Refinance Indebtedness, (iv) such Refinance Indebtedness does not result in a shortening of the average weighted maturity of such Original Indebtedness, (v) the terms of
such Refinance Indebtedness are not less favorable to the obligor thereunder than the original terms of such Original Indebtedness and (vi) if such Original Indebtedness was subordinated in right of payment to the Secured Obligations, then the
terms and conditions of such Refinance Indebtedness must include subordination terms and conditions that are at least as favorable to the Administrative Agent and the Lenders as those that were applicable to such Original Indebtedness; 

(g)  Indebtedness owed to any Person providing workers’ compensation, health, disability or other employee
benefits or property, casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business; 

(h)  Indebtedness of any Loan Party in respect of performance bonds, bid bonds, appeal bonds, surety bonds and
similar obligations, in each case provided in the ordinary course of business; 
 (i) Indebtedness of any Person that
becomes a Subsidiary after the date hereof; provided that (x) such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and
(y) the aggregate principal amount of Indebtedness permitted by this clause (i) together with any Refinance Indebtedness in respect thereof permitted by clause (f) above, shall not exceed $1,000,000 at any time outstanding; and 

(j)    Indebtedness of any Loan Party in connection with the reimbursement obligations with respect to
the Existing SBLCs not in excess of the aggregate amount of such Existing SBLCs on the date hereof plus any fees incurred in connection with the collection thereof (collectively, the “Existing Reimbursement Obligations”). 

 

  
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 SECTION 6.02.  Liens.   No Loan Party will, nor
will it permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property (including any Real Property) or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including Accounts) or rights
in respect of any thereof, except: 
 (a) Liens created pursuant to any Loan Document; 

(b) Permitted Encumbrances; 

(c) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set
forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date
hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 

(d) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary;
provided that (i) such Liens secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the
completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such Liens shall not apply to any other property
or assets of the Borrower or any Subsidiary; 
 (e) any Lien existing on any property or asset (other than
Accounts and Inventory) prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset (other than Accounts and Inventory) of any Person that becomes a Loan Party after the date hereof prior to the time such
Person becomes a Loan Party; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Loan Party, as the case may be, (ii) such Lien shall not apply to any other
property or assets of the Loan Party and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Loan Party, as the case may be, and extensions, renewals and
replacements thereof that do not increase the outstanding principal amount thereof; 
 (f)  Liens
of a collecting bank arising in the ordinary course of business under Section 4-208 of the UCC in effect in the relevant jurisdiction covering only the items being collected upon; 

(g)  Liens arising out of Sale and Leaseback Transactions permitted by Section 6.06; 

(h)  Liens granted by a Subsidiary that is not a Loan Party in favor of the Borrower or another Loan
Party in respect of Indebtedness owed by such Subsidiary; and 
 (i)  Liens on the Pledged Accounts to secure the
Existing Reimbursement Obligations. 

  
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 SECTION 6.03.  Fundamental Changes. 

(a)  No Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate with any other Person, or
permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, (i) any
Subsidiary of the Borrower may merge into the Borrower in a transaction in which the Borrower is the surviving entity, (ii) any Loan Party (other than the Borrower) may merge into any other Loan Party in a transaction in which the surviving
entity is a Loan Party and (iii) any Subsidiary that is not a Loan Party may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially
disadvantageous to the Lenders; provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04. 

(b)  No Loan Party will, nor will it permit any Subsidiary to, engage in any business other than businesses of the
type conducted by the Borrower and its Subsidiaries on the date hereof and businesses reasonably related thereto. 
 (c) No
Loan Party will, nor will it permit any Subsidiary to change its fiscal year or any fiscal quarter from the basis in effect on the Effective Date. 

(d) No Loan Party will change the accounting basis upon which its financial statements are prepared. 

(e) No Loan Party will change the tax filing elections it has made under the Code. 

SECTION 6.04.  Investments, Loans, Advances, Guarantees and Acquisitions.  No Loan Party will, nor
will it permit any Subsidiary to, form any subsidiary after the Effective Date, or purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party and a wholly owned Subsidiary prior to such merger) any Equity
Interests, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist
any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase of assets, merger or
otherwise), except: 
 (a)  Permitted Investments, subject to control agreements in favor of the
Administrative Agent for the benefit of the Secured Parties or otherwise subject to a perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties; 

(b) investments in existence on the date hereof and described in Schedule 6.04; 

(c)  investments by the Borrower and the Subsidiaries in Equity Interests in their respective
Subsidiaries, provided that (i) any such Equity Interests held by a Loan Party shall be pledged pursuant to the Security Agreement (subject to the limitations applicable to Equity Interests of a Foreign Subsidiary referred to in
Section 5.14) and (ii) the aggregate amount of investments by Loan Parties in Subsidiaries that are not Loan Parties (together with outstanding intercompany loans permitted under Section 6.04(d) and outstanding Guarantees permitted
under Section 6.04(e)) shall not exceed $1,000,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs); 

  
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 (d)  loans or advances made by any Loan Party to any
Subsidiary and made by any Subsidiary to a Loan Party or any other Subsidiary, provided that (i) any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged pursuant to the Security Agreement and
(ii) the amount of such loans and advances made by Loan Parties to Subsidiaries that are not Loan Parties (together with outstanding investments permitted under Section 6.04(c) and outstanding Guarantees permitted under
Section 6.04(e)) shall not exceed $1,000,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs); provided, however, that, notwithstanding anything to the contrary in this Section 6.04(d), the
Borrower may make investments in and loans to Borrower’s Wholly Owned Foreign Enterprise Subsidiary (the “WOFE”) formed in China, which such investments and loans shall not exceed an aggregate amount of $2,500,000 outstanding
at any one time; 
 (e)  Guarantees constituting Indebtedness permitted by Section 6.01,
provided that the aggregate principal amount of Indebtedness of Subsidiaries that are not Loan Parties that is Guaranteed by any Loan Party (together with outstanding investments permitted under clause (ii) to the proviso to
Section 6.04(c) and outstanding intercompany loans permitted under clause (ii) to the proviso to Section 6.04(d)) shall not exceed $1,000,000 at any time outstanding (in each case determined without regard to any write-downs or
write-offs); 
 (f) loans or advances made by a Loan Party to its employees on an arms-length basis in the
ordinary course of business consistent with past practices for travel and entertainment expenses, relocation costs and similar purposes up to a maximum of $250,000 in the aggregate at any one time outstanding; 

(g) notes payable, or stock or other securities issued by Account Debtors to a Loan Party pursuant to
negotiated agreements with respect to settlement of such Account Debtor’s Accounts in the ordinary course of business, consistent with past practices; 

(h)  investments in the form of Swap Agreements permitted by Section 6.07; 

(i)   investments of any Person existing at the time such Person becomes a Subsidiary of the
Borrower or consolidates or merges with the Borrower or any Subsidiary (including in connection with a permitted acquisition), so long as such investments were not made in contemplation of such Person becoming a Subsidiary or of such merger; 

(j)    investments received in connection with the disposition of assets permitted by
Section 6.05; 
 (k)  investments constituting deposits described in clauses (c) and
(d) of the definition of the term “Permitted Encumbrances”; 
 (l)  Permitted
Acquisitions; and 
 (m)    Investments not otherwise permitted under this
Section 6.04 in an amount not to exceed $250,000 in the aggregate any time outstanding. 
 SECTION
6.05.  Asset Sales.    No Loan Party will, nor will it permit any Subsidiary to, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest owned by it, nor will the Borrower permit
any Subsidiary to issue any additional Equity Interest in such Subsidiary (other than to the Borrower or another Subsidiary in compliance with Section 6.04), except: 

(a)  sales, transfers and dispositions of (i) Inventory in the ordinary course of business and
(ii) used, obsolete, worn out or surplus Equipment or property in the ordinary course of business; 

  
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 (b)    sales, transfers and dispositions of
assets to the Borrower or any Domestic Subsidiary, provided that any such sales, transfers or dispositions involving a Domestic Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09; 

(c)    sales, transfers and dispositions of Accounts (excluding sales or dispositions in a
factoring arrangement) in connection with the compromise, settlement or collection thereof; 

(d)    sales, transfers and dispositions of Permitted Investments and other investments
permitted by clauses (i) and (k) of Section 6.04; 
 (e)  Sale and Leaseback
Transactions permitted by Section 6.06; 
 (f)    dispositions resulting from any
casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of the Borrower or any Subsidiary; and 

(g)    sales, transfers and other dispositions of assets (other than Equity Interests in a
Subsidiary unless all Equity Interests in such Subsidiary are sold) that are not permitted by any other clause of this Section, provided that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in reliance
upon this paragraph (g) shall not exceed $250,000 during any fiscal year of the Borrower. 
 SECTION
6.06.  Sale and Leaseback Transactions.  No Loan Party will, nor will it permit any Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used
or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred (a
“Sale and Leaseback Transaction”), except for any such sale of any fixed or capital assets by the Borrower or any Subsidiary that is made for cash consideration in an amount not less than the fair value of such fixed or capital
asset and is consummated within 90 days after the Borrower or such Subsidiary acquires or completes the construction of such fixed or capital asset. 

SECTION 6.07.    Swap Agreements.    No Loan Party will, nor will it permit
any Subsidiary to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or
any Subsidiary), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any
interest-bearing liability or investment of the Borrower or any Subsidiary. 
 SECTION 6.08.  Restricted
Payments; Certain Payments of Indebtedness. 
 (a)  No Loan Party will, nor will it permit any Subsidiary to,
declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or 

  
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otherwise) to do so, except (i) the Borrower may declare and pay dividends with respect to its common stock payable solely in additional shares of its common stock, and, with respect to its
preferred stock, payable solely in additional shares of such preferred stock or in shares of its common stock, (ii) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, and (iii) so long as no Event of
Default has occurred and is continuing or would result after giving effect to any distribution pursuant to this paragraph (a), the Borrower may make unlimited dividends, redemptions of its Equity Interests, distributions and withdrawals to its
owners; provided, however, that if the Borrower’s Funded Indebtedness to EBITDA Ratio as of the last day of the most recent fiscal quarter of the Borrower then ended is greater than 2.0 to 1.0, calculated pursuant to
Section 6.12, any dividends, redemptions, distributions or withdrawals permitted pursuant to this subsection (iii) shall not exceed twenty five percent (25%) of Net Income of the Borrower for the four (4) fiscal quarters ending
on the last day of the most recent fiscal quarter of the Borrower then ended. 
 (b)    No Loan Party
will, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or
any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness,
except: 
 (i)  payment of Indebtedness created under the Loan Documents; 

(ii)    payment of regularly scheduled interest and principal payments as and when due in
respect of any Indebtedness permitted under Section 6.01, other than payments in respect of the Subordinated Indebtedness prohibited by the subordination provisions thereof; 

(iii)  refinancings of Indebtedness to the extent permitted by Section 6.01; and 

(iv)    payment of secured Indebtedness that becomes due as a result of the voluntary sale
or transfer of the property or assets securing such Indebtedness to the extent such sale or transfer is permitted by the terms of Section 6.05. 

SECTION 6.09.  Transactions with Affiliates.  No Loan Party will, nor will it permit any
Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions
that (i) are in the ordinary course of business and (ii) are at prices and on terms and conditions not less favorable to such Loan Party or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties,
(b) transactions between or among the Loan Parties not involving any other Affiliate, (c) any investment permitted by Sections 6.04(c) or 6.04(d), (d) any Indebtedness permitted under Section 6.01(c), (e) any Restricted
Payment permitted by Section 6.08, (f) loans or advances to employees permitted under Section 6.04(f), (g) the payment of reasonable fees to directors of the Borrower or any Subsidiary who are not employees of the Borrower or any
Subsidiary, and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the Borrower or its Subsidiaries in the ordinary course of business, and (h) any issuances
of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by the Borrower’s board of directors. 

SECTION 6.10.    Restrictive Agreements.    No Loan Party will, nor will it
permit any Subsidiary to, directly or indirectly enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party or any Subsidiary

  
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to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any Equity
Interests or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions
imposed by any Requirement of Law or by any Loan Document, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any extension or renewal of, or any
amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale,
provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement
relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (v) clause (a) of the foregoing shall not apply to customary provisions in
leases and other contracts restricting the assignment thereof. 
 SECTION 6.11.  Amendment of Material
Documents.   No Loan Party will, nor will it permit any Subsidiary to, amend, modify or waive any of its rights under (a) any agreement relating to any Subordinated Indebtedness, or (b) its charter, articles or
certificate of organization or incorporation and bylaws or operating, management or partnership agreement, or other organizational or governing documents, to the extent any such amendment, modification or waiver would be adverse to the Lenders. 

SECTION 6.12. Financial Covenants. 

(a)        Funded Indebtedness to EBITDA Ratio.    The
Borrower will not permit its Funded Indebtedness to EBITDA Ratio, on the last day of any fiscal quarter, to exceed 3.5 to 1.0. The Funded Indebtedness to EBITDA Ratio shall be calculated on a trailing twelve (12) month basis and tested on the
last day of each fiscal quarter commencing with the calendar quarter ending December 31, 2015. 

(b)        Interest Coverage Ratio.    The Borrower will
not permit the Interest Coverage Ratio, for any period of four consecutive fiscal quarters ending on the last day of any fiscal quarter, to be less than 4.0 to 1.0. The Interest Coverage Ratio shall be calculated on a trailing twelve (12) month
basis and tested on the last day of each calendar quarter commencing with the calendar quarter ending December 31, 2015. 
 ARTICLE VII

 Events of Default 

If any of the following events (“Events of Default”) shall occur: 

(a)  the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC
Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to
in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) days; 

  
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 (c) any representation or warranty made or deemed made by or on behalf of any
Loan Party or any Subsidiary in, or in connection with, this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other
document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been materially incorrect when made or deemed
made; 
 (d) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in
Section 5.02(a), 5.03 (with respect to a Loan Party’s existence) or 5.08 or in Article VI; 
 (e) any Loan
Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or any other Loan Document (other than those specified in clause (a), (b) or (d)), and such failure shall continue unremedied for a period
of (i) 5 days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from the Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions of
Section 5.01, 5.02 (other than Section 5.02(a)), 5.03 through 5.07, 5.10, 5.11 or 5.13 of this Agreement or (ii) 15 days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from the Administrative
Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions of any other Section of this Agreement or of any other Loan Document; 

(f) any Loan Party or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of
amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 
 (g) any event or
condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness
or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g)
shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness to the extent such sale or transfer is permitted by the terms of Section 6.05; 

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of a Loan Party or Subsidiary or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall
continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) any Loan Party or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Loan Party or Subsidiary of
any Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or
(vi) take any action for the purpose of effecting any of the foregoing; 

  
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 (j) any Loan Party or any Subsidiary shall become unable, admit in writing its
inability, or publicly declare its intention not to, or fail generally, to pay its debts as they become due; 
 (k) one or
more judgments for the payment of money in an aggregate amount in excess of $500,000 shall be rendered against any Loan Party, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty
(30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party or any Subsidiary to enforce any such judgment or any
Loan Party or any Subsidiary shall fail within thirty (30) days to discharge one or more non-monetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments
or orders, in any such case, are not stayed on appeal and being appropriately contested in good faith by proper proceedings diligently pursued; 

(l) an ERISA Event shall have occurred that, in the business judgment of the Required Lenders, when taken together with all
other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (m) a Change
in Control shall occur; 
 (n) the Loan Guaranty or any Obligation Guaranty shall fail to remain in full force or effect or
any action shall be taken to discontinue or to assert the invalidity or unenforceability of the Loan Guaranty or any Obligation Guaranty, or any Loan Guarantor shall fail to comply with any of the terms or provisions of the Loan Guaranty or any
Obligation Guaranty to which it is a party, or any Loan Guarantor shall deny that it has any further liability under the Loan Guaranty or any Obligation Guaranty to which it is a party, or shall give notice to such effect, including, but not limited
to notice of termination delivered pursuant to Section 10.08 or any notice of termination delivered pursuant to the terms of any Obligation Guaranty; 

(o)  except as permitted by the terms of any Collateral Document, (i) any Collateral Document shall for any
reason fail to create a valid security interest in any Collateral purported to be covered thereby, or (ii) any Lien securing any Secured Obligation shall cease to be a perfected, first priority Lien; 

(p) any Collateral Document shall fail to remain in full force or effect or any action shall be taken to discontinue or to
assert the invalidity or unenforceability of any Collateral Document; 
 (q) any material provision of any Loan Document
for any reason ceases to be valid, binding and enforceable in accordance with its terms (or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction that evidences its
assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms); or 

(r) any Loan Party is criminally indicted or convicted under any law that may reasonably be expected to lead to a forfeiture
of any property of such Loan Party having a fair market value in excess of $250,000; 
 then, and in every such event (other than an event
with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, whereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and

  
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payable in whole (or in part, but ratably as among the Classes of Loans and the Loans of each Class at the time outstanding, in which case any principal not so declared to be due and payable may
thereafter be declared to be due and payable), whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and
payable immediately, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in the case of any event with respect to the Borrower described in clause (h) or (i) of
this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due
and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at
the request of the Required Lenders shall, increase the rate of interest applicable to the Loans and other Obligations as set forth in this Agreement and exercise any rights and remedies provided to the Administrative Agent under the Loan Documents
or at law or equity, including all remedies provided under the UCC. 
 ARTICLE VIII 

The Administrative Agent 

SECTION 8.01.  Appointment.  Each of the Lenders, on behalf of itself and any of its Affiliates
that are Secured Parties and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf, including execution of the other Loan Documents, and to
exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. In addition, to the extent required under the laws of any jurisdiction
other than the U.S., each of the Lenders and the Issuing Bank hereby grants to the Administrative Agent any required powers of attorney to execute any Collateral Document governed by the laws of such jurisdiction on such Lender’s or Issuing
Bank’s behalf. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders (including the Swingline Lender and the Issuing Bank), and the Loan Parties shall not have rights as a third party beneficiary
of any of such provisions. It is understood and agreed that the use of the term “agent” as used herein or in any other Loan Documents (or any similar term) with reference to the Administrative Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. 
 SECTION 8.02.  Rights as a Lender.  The bank serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from,
lend money to and generally engage in any kind of business with any Loan Party or any Subsidiary or any Affiliate thereof as if it were not the Administrative Agent hereunder. 

SECTION 8.03.  Duties and Obligations.  The Administrative Agent shall not have any duties or
obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default
has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that
the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and, (c) except

  
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as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any
Loan Party or any Subsidiary that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct
as determined by a final nonappealable judgment of a court of competent jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the
Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents
of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document,
(iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral, or
(vi) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

SECTION 8.04.  Reliance.  The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may
rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 8.05.  Actions through Sub-Agents.  The Administrative Agent may perform any and all of its
duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. 

SECTION 8.06.  Resignation.  Subject to the appointment and acceptance of a successor
Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation
with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the
acceptance of its appointment as Administrative Agent hereunder by its successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor, unless
otherwise agreed by the Borrower and such successor. Notwithstanding the foregoing, in the event no successor 

  
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Administrative Agent shall have been so appointed and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to
resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (a) the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, provided that, solely for purposes of maintaining any security interest granted to the Administrative Agent under any
Collateral Document for the benefit of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties and, in the case of any Collateral in
the possession of the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this paragraph (it being understood and
agreed that the retiring Administrative Agent shall have no duty or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection of any such security interest), and (b) the
Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, provided that (i) all payments required to be made hereunder or under any other Loan Document to the
Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (ii) all notices and other communications required or contemplated to be given or made to the Administrative Agent
shall also directly be given or made to each Lender and each Issuing Bank. Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article, Section 2.17(d) and
Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause (a) above. 

SECTION 8.07.  Non-Reliance. 

(a)  Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and
letters of credit and not investments in a business enterprise or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and
without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or
hold Loans hereunder. Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the
U.S. securities laws concerning the Borrower and its Affiliates) 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, any
related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder. 

(b)  Each Lender hereby agrees that (i) it has requested a copy of each Report prepared by or on behalf of the
Administrative Agent; (ii) the Administrative Agent (A) makes no representation or warranty, express or implied, as to the completeness or accuracy of any Report or any of the information contained therein or any inaccuracy or omission
contained in or relating to a Report and (B) shall not be liable for any information contained in any Report; (iii) the Reports are not comprehensive audits or examinations, and that any Person performing any field examination will inspect
only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and that the Administrative Agent undertakes no
obligation to update, correct or supplement the Reports; (iv) it will keep all Reports 

  
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confidential and strictly for its internal use, not share the Report with any Loan Party or any other Person except as otherwise permitted pursuant to this Agreement; and (v) without
limiting the generality of any other indemnification provision contained in this Agreement, (A) it will hold the Administrative Agent and any such other Person preparing a Report harmless from any action the indemnifying Lender may take or
conclusion the indemnifying Lender may reach or draw from any Report in connection with any extension of credit that the indemnifying Lender has made or may make to the Borrower, or the indemnifying Lender’s participation in, or the
indemnifying Lender’s purchase of, a Loan or Loans; and (B) it will pay and protect, and indemnify, defend, and hold the Administrative Agent and any such other Person preparing a Report harmless from and against, the claims, actions,
proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys’ fees) incurred by the Administrative Agent or any such other Person as the direct or indirect result of any third parties who might obtain all or part of
any Report through the indemnifying Lender. 
  
 SECTION
8.08.  Not Partners or Co-Venturers; Administrative Agent as Representative of the Secured Parties. 

(a)        The Lenders are not partners or co-venturers, and no Lender shall be
liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender. The Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce
the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant to the terms of this Agreement. 

(b)        In its capacity, the Administrative Agent is a “representative”
of the Secured Parties within the meaning of the term “secured party” as defined in the UCC. Each Lender authorizes the Administrative Agent to enter into each of the Collateral Documents to which it is a party and to take all action
contemplated by such documents. Each Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood and agreed
that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Collateral Documents. In the event that any Collateral is hereafter pledged by any Person as collateral
security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a
Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties. 
 ARTICLE IX 

Miscellaneous 

SECTION 9.01.  Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone or Electronic Systems
(and subject in each case to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax,
as follows: 
  

	 	(i)	 if to any Loan Party, to it in care of the Borrower at: 

Graham Corporation 

20 Florence Avenue 

Batavia, New York 14020 

Attention: Jeffrey Glajch 

Fax No: (585) 815-2003 

  
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 With a copy to: 

Harter Secrest & Emery LLP 

1600 Bausch & Lomb Place 

Rochester, New York 14606 

Attention: Daniel Kinel, Esq. 

Fax No: (585) 232-2152 
  

	 	(ii)	 if to the Administrative Agent, the Swingline Lender, or the Issuing Bank, to JPMorgan Chase Bank, N.A. at: 

JPMorgan Chase Bank, N.A. 

One Chase Square, 11th Floor 

Rochester, NY 14643 

Attention: Kathleen McCarney 

Email: Kathleen.mccarney@chase.com 

Phone: (585) 797-0174 

Fax No.: (585) 797-1880 

With a copy to: 

JPMorgan Chase Bank, N.A. 

One Chase Square, 11th Floor 

Rochester, NY 14643 

Attention: Philip M. Hendrix 

Email: Philip.m.hendrix@chase.com 

Phone: (585) 797-0172 

Fax No.: (585) 797-1880 
  

	 	(iii)	 if to any other Lender, to it at its address or fax number set forth in its Administrative Questionnaire. 

All such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail shall
be deemed to have been given when received, (ii) sent by fax shall be deemed to have been given when sent, provided that if not given during normal business hours for the recipient, such notice or communication shall be deemed to have
been given at the opening of business on the next Business Day of the recipient, or (iii) delivered through Electronic Systems to the extent provided in paragraph (b) below shall be effective as provided in such paragraph. 

(b)   Notices and other communications to the Lenders hereunder may be delivered or furnished by Electronic
Systems pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II or to compliance and no Default certificates delivered pursuant to Section 5.01(d) unless
otherwise agreed by the Administrative Agent and the applicable Lender. Each of the Administrative Agent and the Borrower (on behalf of the Loan Parties) may, in its discretion, agree to accept notices and other communications to it hereunder by
Electronic Systems pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise 

  
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proscribes, all such notices and other communications (i) 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 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) except for notices sent to any Loan Party, posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the
intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and
(ii) above, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day of the
recipient. 
 (c)   Any party hereto may change its address, facsimile number or e-mail address for notices
and other communications hereunder by notice to the other parties hereto. 
 (d)  Electronic Systems. 

(i)        Each Loan Party agrees that the Administrative Agent may, but shall not be
obligated to, make Communications (as defined below) available to the Issuing Bank and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. 

(ii)        Any Electronic System used by the Administrative Agent is provided
“as is” and “as available.” The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind,
express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the
Communications or any Electronic System. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or the other Loan Parties, any Lender, the
Issuing Bank or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan
Party’s or the Administrative Agent’s transmission of communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided
by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or the Issuing Bank by means of electronic communications pursuant to this Section,
including through an Electronic System. 
 SECTION 9.02.  Waivers; Amendments. 

(a)  No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or
power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of
any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b)
of this Section, and then such waiver or consent shall 

  
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be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not
be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

(b)         Neither this Agreement nor any other Loan Document nor any provision
hereof or thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or (ii) in the case of any other Loan
Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, with the consent of the Required Lenders; provided that no such agreement shall
(A) increase the Commitment of any Lender without the written consent of such Lender (including any such Lender that is a Defaulting Lender), (B) reduce or forgive the principal amount of any Loan or LC Disbursement or reduce the rate of
interest thereon, or reduce or forgive any interest or fees payable hereunder, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) affected thereby, (C) postpone any scheduled date of payment of
the principal amount of any Loan or LC Disbursement, or any date for the payment of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of
any Commitment, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) affected thereby, (D) change Section 2.18(b) or (d) in a manner that would alter the manner in which payments are
shared, without the written consent of each Lender (other than any Defaulting Lender), (E) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision of any Loan Document specifying the
number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (other than any Defaulting
Lender) directly affected thereby, (F) change Section 2.20, without the consent of each Lender (other than any Defaulting Lender), (G) release any Guarantor from its obligation under its Loan Guaranty or any Obligation Guaranty
(except as otherwise permitted herein or in the other Loan Documents), without the written consent of each Lender (other than any Defaulting Lender), or (H) except as provided in clause (c) of this Section or in any Collateral Document,
release all or substantially all of the Collateral without the written consent of each Lender (other than any Defaulting Lender); provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent, the Swingline Lender or the Issuing Bank hereunder without the prior written consent of the Administrative Agent, the Swingline Lender or the Issuing Bank, as the case may be (it being understood that any amendment to
Section 2.20 shall require the consent of the Administrative Agent, the Swingline Lender and the Issuing Bank). The Administrative Agent may also amend the Commitment Schedule to reflect assignments entered into pursuant to
Section 9.04. Any amendment, waiver or other modification of this Agreement or any other Loan Document that by its terms affects the rights or duties under this Agreement of the Lenders of one or more Classes (but not the Lenders of any other
Class), may be effected by an agreement or agreements in writing entered into by the Borrower and the requisite number or percentage in interest of each affected Class of Lenders that would be required to consent thereto under this Section if such
Class of Lenders were the only Class of Lenders hereunder at the time. 

(c)         The Lenders and the Issuing Bank hereby irrevocably authorize the
Administrative Agent, at its option and in its sole discretion, to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the termination of all of the Commitments, payment and satisfaction in full
of all Secured Obligations (other than Unliquidated Obligations), and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each affected Lender, (ii) constituting property being sold or disposed of if the Loan
Party disposing of such property certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate,

  
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without further inquiry), and to the extent that the property being sold or disposed of constitutes 100% of the Equity Interests of a Subsidiary, the Administrative Agent is authorized to release
any Loan Guaranty or Obligation Guaranty provided by such Subsidiary, (iii) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (iv) as
required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Except as provided in the preceding sentence, the Administrative
Agent will not release any Liens on Collateral without the prior written authorization of the Required Lenders; provided that the Administrative Agent may, in its discretion, release its Liens on Collateral that the Administrative Agent
determines, in its sole discretion, not to be a material portion of the Collateral during any calendar year without the prior written authorization of the Required Lenders (it being agreed that the Administrative Agent may rely conclusively on one
or more certificates of the Borrower as to the value of any Collateral to be so released, without further inquiry). Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly
being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Any execution and delivery by
the Administrative Agent of documents in connection with any such release shall be without recourse to or warranty by the Administrative Agent. 

(d)         If, in connection with any proposed amendment, waiver or consent
requiring the consent of “each Lender” or “each Lender affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but
has not been obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such
replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower, the Administrative Agent and the Issuing Bank shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the
Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the
requirements of clause (b) of Section 9.04, and (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such
Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment
which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender. 

(e)         Notwithstanding anything to the contrary herein the Administrative Agent
may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency. 

SECTION 9.03.   Expenses; Indemnity; Damage Waiver. 

(a)  The Loan Parties, jointly and severally, shall pay all (i) reasonable out-of-pocket expenses incurred by
the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication and distribution (including, without limitation, via the internet or
through an Electronic System) of the credit facilities provided for herein, the preparation and administration of the Loan Documents and any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the
transactions contemplated hereby or thereby shall be consummated), (ii) reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension

  
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of any Letter of Credit or any demand for payment thereunder and (iii) out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees,
charges and disbursements of any counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement, collection or protection of its rights in connection with the Loan Documents, including its rights under this
Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. Expenses being
reimbursed by the Loan Parties under this Section include, without limiting the generality of the foregoing, fees, costs and expenses incurred in connection with: 

(A)        appraisals and insurance reviews; 

(B)        field examinations and the preparation of Reports based on
the fees charged by a third party retained by the Administrative Agent or the internally allocated fees for each Person employed by the Administrative Agent with respect to each field examination; 

(C)        background checks regarding senior management and/or key
investors, as deemed necessary or appropriate in the sole discretion of the Administrative Agent; 

(D)        Taxes, fees and other charges for (i) lien searches
and (ii) filing financing statements and continuations, and other actions to perfect, protect, and continue the Administrative Agent’s Liens; 

(E)        sums paid or incurred to take any action required of any
Loan Party under the Loan Documents that such Loan Party fails to pay or take; and 

(F)        forwarding loan proceeds, collecting checks and other items
of payment, and establishing and maintaining the accounts and lock boxes, and costs and expenses of preserving and protecting the Collateral. 

All of the foregoing fees, costs and expenses may be charged to the Borrower as Revolving Loans or to another deposit account, all as
described in Section 2.18(c). 
 (b)        The Loan Parties, jointly and
severally, shall indemnify the Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, penalties, incremental taxes, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out
of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the
consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank 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 a Loan Party or a Subsidiary, or any Environmental Liability related in any way to a Loan Party or a Subsidiary, (iv) the failure of a Loan Party to deliver to the Administrative Agent the required receipts or other required documentary
evidence with respect to a payment made by such Loan Party for Taxes pursuant to Section 2.17, or (v) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not such claim,
litigation, investigation or proceeding is brought by any Loan Party or their respective equity holders, Affiliates, creditors or any 

  
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other third Person and whether based on contract, tort or any other theory 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, penalties, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. 

(c)  To the extent that any Loan Party fails to pay any amount required to be paid by it to the Administrative
Agent (or any sub-agent thereof), the Swingline Lender or the Issuing Bank (or any Related Party of any of the foregoing) under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the
Swingline Lender or the Issuing Bank (or any Related Party of any of the foregoing), as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of
such unpaid amount (it being understood that the Borrower’s failure to pay any such amount shall not relieve the Borrower of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss, claim, damage,
penalty, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Swingline Lender or the Issuing Bank in its capacity as such. 

(d)  To the extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any
claim against any Indemnitee, (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), or
(ii) 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 or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this paragraph (d) shall relieve any Loan Party of any obligation it may have to
indemnify any Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. 

(e)  All amounts due under this Section shall be payable promptly after written demand therefor. 

SECTION 9.04.  Successors and Assigns. 

(a)  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any
Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent,
the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)(i)    Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or
more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with
the prior written consent (such consent not to be unreasonably withheld) of: 

(A)        the Borrower, provided that the Borrower shall be
deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof, and provided further that no consent
of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; 

  
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 (B)        the
Administrative Agent; 
 (C)        the Issuing Bank; and 

(D)        the Swingline Lender. 

Notwithstanding the foregoing, Chase, in its capacity as a Lender hereunder, shall at all times maintain at least 66.6% of the Aggregate
Credit Exposure, as the same may be increased or decreased from time to time. 

(ii)        Assignments shall be subject to the following additional conditions: 

(A)        except in the case of an assignment to a Lender or an
Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent,
provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 

(B)        each partial assignment shall be made as an assignment of
a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 

(C)        the parties to each assignment shall execute and deliver
to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties
to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500; and 

(D)        the assignee, if it shall not be a Lender, shall deliver
to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the other Loan
Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including federal and state securities
laws. 
  

  
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 For the purposes of this Section 9.04(b), the terms “Approved
Fund” and “Ineligible Institution” have the following meanings: 
 “Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Ineligible Institution” means a (a) natural person, (b) a Defaulting Lender or its Parent,
(c) holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof; provided that, such holding company, investment vehicle or trust shall not constitute an
Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant
experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the
ordinary course of its business; provided that upon the occurrence of an Event of Default, any Person (other than a Lender) shall be an Ineligible Institution if after giving effect to any proposed assignment to such Person, such Person would
hold more than 25% of the then outstanding Aggregate Credit Exposure or Commitments, as the case may be or (d) a Loan Party or a Subsidiary or other Affiliate of a Loan Party. 

(iii)        Subject to acceptance and recording thereof pursuant to
paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16,
2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (c) of this Section. 

(iv)        The Administrative Agent, acting for this purpose as a non-fiduciary
agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the
Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Bank and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by
the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(v)        Upon its receipt of (x) a duly completed Assignment and Assumption
executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment
and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any
written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the
assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05, 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have

  
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no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued
interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(c)  Any Lender may, without the consent of the Borrower, the Administrative Agent, the Swingline Lender or the
Issuing Bank, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in all or a portion of such Lender’s rights and obligations under this Agreement (including all
or a portion of its Commitment and the Loans owing to it); provided that (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 Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso
to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements
under Sections 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender and the information and documentation required under Section 2.17(g) will be
delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to
be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.15 or 2.17 with respect to any
participation than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.

 Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to
cooperate with the Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a
Lender, provided such Participant agrees to be subject to Section 2.18(d) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it
enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement or any other Loan Document (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any
Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person 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. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register. 
 (d)        Any Lender may
at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge 

  
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or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

SECTION 9.05.    Survival.    All covenants, agreements, representations and
warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of
the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic Execution. 

(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, 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 other parties
hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

(b)    Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed
pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,” “signed,”
“signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby or thereby shall be deemed to include Electronic Signatures,
deliveries 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, physical delivery thereof or the use of a paper-based recordkeeping system, as the
case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act. 
 SECTION 9.07.  Severability.  Any provision of any
Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

  
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 SECTION 9.08.  Right of Setoff.  To the fullest
extent permitted by law, if an Event of 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 any Loan Party against any of and all the Secured
Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations may be unmatured. The applicable Lender shall notify the Borrower and the Administrative
Agent of such set-off or application, provided that any failure to give or any delay in giving such notice shall not affect the validity of any such set-off or application under this Section. The rights of each Lender under this Section are
in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION
9.09.  Governing Law; Jurisdiction; Consent to Service of Process. 
 (a)  The Loan Documents
(other than those containing a contrary express choice of law provision) shall be governed by and construed in accordance with the internal laws (and not the law of conflicts) of the State of New York, but giving effect to federal laws applicable to
national banks. 
 (b)  Each Loan Party hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of any U.S. 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, or for recognition or enforcement of any judgment, and
each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such state court or, to the extent permitted by law, in such federal court. Each of
the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other
Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in
the courts of any jurisdiction. 
 (c)  Each Loan Party hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 (d)  Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10.    WAIVER OF JURY TRIAL.    EACH PARTY HERETO HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OR OTHER AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER 

  
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PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11.  Headings.  Article and Section headings and the Table of Contents used herein are
for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12.  Confidentiality.  Each of the Administrative Agent, the Issuing Bank and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any
Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by any Requirement of Law or by any subpoena or similar legal process, (d) to any
other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or
obligations under this Agreement or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Loan Parties and their obligations, (g) with the consent of the Borrower or (h) to
the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis from a source
other than the Borrower. For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the
Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league
table providers, that serve the lending industry; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required
to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information. 
 EACH LENDER ACKNOWLEDGES THAT INFORMATION (AS DEFINED IN THIS SECTION
9.12) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER, THE OTHER 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-

  
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LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, 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, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 
 SECTION 9.13. Several Obligations;
Nonreliance; Violation of Law.    The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any
other Lender from any of its obligations hereunder. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U of the Board) for the repayment of the Borrowings provided for herein. Anything
contained in this Agreement to the contrary notwithstanding, neither the Issuing Bank nor any Lender shall be obligated to extend credit to the Borrower in violation of any Requirement of Law. 

SECTION 9.14.  USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA
PATRIOT Act hereby notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such
Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act. 

SECTION 9.15.  Disclosure. Each Loan Party, each Lender and the Issuing Bank hereby acknowledges and agrees
that the Administrative Agent and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with, any of the Loan Parties and their respective Affiliates. 

SECTION 9.16.  Appointment for Perfection.  Each Lender hereby appoints each other Lender as its
agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession or control.
Should any Lender (other than the Administrative Agent) obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver
such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 

SECTION 9.17.    Interest Rate Limitation.    Notwithstanding anything herein
to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed
the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan
hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the
operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest
thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

  
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 SECTION 9.18.    Marketing
Consent.    The Borrower hereby authorizes Chase and its affiliates (including without limitation JPMorgan Securities LLC) (collectively, the “Chase Parties”), at their respective sole expense, but with the
prior approval of the Borrower, which shall not be unreasonably withheld or delayed, to publish such tombstones and give such other publicity to this Agreement as each may from time to time determine in its sole discretion. The foregoing
authorization shall remain in effect unless the Borrower notifies Chase in writing that such authorization is revoked. 
 ARTICLE X 

Loan Guaranty 

SECTION 10.01.  Guaranty.  Each Loan Guarantor (other than those that have delivered a separate
Guaranty) hereby agrees that it is jointly and severally liable for, and, as a primary obligor and not merely as surety, absolutely, unconditionally and irrevocably guarantees to the Secured Parties, the prompt payment when due, whether at stated
maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations and all costs and expenses including, without limitation, all court costs and reasonable attorneys’ and paralegals’ fees (including allocated
costs of in-house counsel and paralegals) and expenses paid or incurred by the Administrative Agent, the Issuing Bank and the Lenders in endeavoring to collect all or any part of the Secured Obligations from, or in prosecuting any action against,
the Borrower, any Loan Guarantor or any other guarantor of all or any part of the Secured Obligations (such costs and expenses, together with the Secured Obligations, collectively the “Guaranteed Obligations”); provided,
however, that the definition of “Guaranteed Obligations” shall not create any guarantee by any Loan Guarantor of (or grant of security interest by any Loan Guarantor to support, as applicable) any Excluded Swap Obligations of such Loan
Guarantor for purposes of determining any obligations of any Loan Guarantor). Each Loan Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it
remains bound upon its guarantee notwithstanding any such extension or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of any Lender that extended any portion of
the Guaranteed Obligations. 
 SECTION 10.02.  Guaranty of Payment.  This Loan Guaranty is a
guaranty of payment and not of collection. Each Loan Guarantor waives any right to require the Administrative Agent, the Issuing Bank or any Lender to sue the Borrower, any Loan Guarantor, any other guarantor of, or any other Person obligated for
all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations. 

SECTION 10.03.  No Discharge or Diminishment of Loan Guaranty. 

(a) Except as otherwise provided for herein, the obligations of each Loan Guarantor hereunder are unconditional and absolute
and not subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Guaranteed Obligations), including: (i) any claim of waiver, release, extension, renewal,
settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of the Borrower or any other Obligated Party liable for
any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; or
(iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent, the Issuing Bank, any Lender, or any other Person, whether in connection herewith or in
any unrelated transactions. 

  
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 (b)        The obligations of each Loan
Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of
applicable law or regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof. 

(c)        Further, the obligations of any Loan Guarantor hereunder are not
discharged or impaired or otherwise affected by: (i) the failure of the Administrative Agent, the Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations;
(ii) any waiver or modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the
Borrower for all or any part of the Guaranteed Obligations or any obligations of any other Obligated Party liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent, the Issuing Bank or any
Lender with respect to any collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance,
act, omission or delay that might in any manner or to any extent vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than the indefeasible payment in full in
cash of the Guaranteed Obligations). 
 SECTION 10.04.  Defenses Waived.  To the fullest extent
permitted by applicable law, each Loan Guarantor hereby waives any defense based on or arising out of any defense of the Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the
cessation from any cause of the liability of the Borrower, any Loan Guarantor or any other Obligated Party, other than the indefeasible payment in full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing, each
Loan Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against
any Obligated Party, or any other Person. Each Loan Guarantor confirms that it is not a surety under any state law and shall not raise any such law as a defense to its obligations hereunder. The Administrative Agent may, at its election, foreclose
on any Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any collateral securing all or a part of the Guaranteed
Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, without affecting or impairing in any
way the liability of such Loan Guarantor under this Loan Guaranty, except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in cash. To the fullest extent permitted by applicable law, each Loan Guarantor waives any
defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor against any Obligated Party
or any security. 
 SECTION 10.05.  Rights of Subrogation.  No Loan Guarantor will assert any
right, claim or cause of action, including, without limitation, a claim of subrogation, contribution or indemnification that it has against any Obligated Party, or any collateral, until the indefeasible payment in full in cash of the Obligations.

 SECTION 10.06.  Reinstatement; Stay of Acceleration.  If at any time any payment of any
portion of the Guaranteed Obligations (including a payment effected through exercise of a right of setoff) is rescinded, or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise
(including pursuant to any settlement entered into by a Secured Party in its discretion), each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall 

  
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be reinstated at such time as though the payment had not been made and whether or not the Administrative Agent, the Issuing Bank and the Lenders are in possession of this Loan Guaranty. If
acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to
the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Administrative Agent. 

SECTION 10.07.    Information.    Each Loan Guarantor assumes all
responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the
risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the Administrative Agent, the Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those
circumstances or risks. 
 SECTION 10.08.  Termination.  Each of the Lenders and the Issuing Bank
may continue to make loans or extend credit to the Borrower based on this Loan Guaranty until five (5) days after it receives written notice of termination from any Loan Guarantor. Notwithstanding receipt of any such notice, each Loan Guarantor
will continue to be liable to the Lenders for any Guaranteed Obligations created, assumed or committed to prior to the fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with respect to, or
substitutions for, all or any part of such Guaranteed Obligations. Nothing in this Section 10.08 shall be deemed to constitute a waiver of, or eliminate, limit, reduce or otherwise impair any rights or remedies the Administrative Agent or any
Lender may have in respect of, any Default or Event of Default that shall exist under Article VII hereof as a result of any such notice of termination. 

SECTION 10.09.  Taxes.  Each payment of the Guaranteed Obligations will be made by each Loan
Guarantor without withholding for any Taxes, unless such withholding is required by law. If any Loan Guarantor determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Loan Guarantor may so
withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by such Loan Guarantor shall be increased as
necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section), the Administrative Agent, Lender or Issuing Bank (as the case may be) receives the amount it would have received had
no such withholding been made. 
 SECTION 10.10.  Maximum Liability.  Notwithstanding any other
provision of this Loan Guaranty, the amount guaranteed by each Loan Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy
Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Loan Guarantor’s obligations hereunder pursuant
to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification or contribution which such Loan Guarantor may have under this Loan Guaranty, any other agreement or applicable law shall be taken
into account. 
 SECTION 10.11.  Contribution. 

(a)        To the extent that any Loan Guarantor shall make a payment under this Loan
Guaranty (a “Guarantor Payment”) which, taking into account all other Guarantor Payments then previously or concurrently made by any other Loan Guarantor, exceeds the amount which otherwise would have been paid by or attributable to
such Loan Guarantor if each Loan Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Loan Guarantor’s 

  
 92 

 
“Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Loan Guarantors as determined
immediately prior to the making of such Guarantor Payment, then, following payment in full of the Guarantor Payment and the Guaranteed Obligations (other than Unliquidated Obligations that have not yet arisen), and all Commitments and Letters of
Credit have terminated or expired or, in the case of all Letters of Credit, are fully collateralized on terms reasonably acceptable to the Administrative Agent and the Issuing Bank, and this Agreement, the Swap Agreement Obligations and the Banking
Services Obligations have terminated, such Loan Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Loan Guarantor for the amount of such excess, pro rata based upon their
respective Allocable Amounts in effect immediately prior to such Guarantor Payment. 

(b)        As of any date of determination, the “Allocable Amount” of any
Loan Guarantor shall be equal to the excess of the fair saleable value of the property of such Loan Guarantor over the total liabilities of such Loan Guarantor (including the maximum amount reasonably expected to become due in respect of contingent
liabilities, calculated, without duplication, assuming each other Loan Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Loan Guarantors as of such date in a
manner to maximize the amount of such contributions. 
 (c)        This
Section 10.11 is intended only to define the relative rights of the Loan Guarantors, and nothing set forth in this Section 10.11 is intended to or shall impair the obligations of the Loan Guarantors, jointly and severally, to pay any
amounts as and when the same shall become due and payable in accordance with the terms of this Loan Guaranty. 

(d)        The parties hereto acknowledge that the rights of contribution and
indemnification hereunder shall constitute assets of the Loan Guarantor or Loan Guarantors to which such contribution and indemnification is owing. 

(e)        The rights of the indemnifying Loan Guarantors against other Loan
Guarantors under this Section 10.11 shall be exercisable upon the full and payment of the Guaranteed Obligations (other than Unliquidated Obligations that have not yet arisen) and the termination or expiry (or, in the case of all Letters of
Credit, full cash collateralization), on terms reasonably acceptable to the Administrative Agent and the Issuing Bank, of the Commitments and all Letters of Credit issued hereunder and the termination of this Agreement, the Swap Agreement
Obligations and the Banking Services Obligations; provided however, that if a reinstatement shall occur pursuant to Section 10.06 hereof, the Loan Guarantors shall cease exercising any and all remedies unless and until the Guaranteed
Obligations shall again be paid in full. 
 SECTION 10.12.    Liability
Cumulative.    The liability of each Loan Party as a Loan Guarantor under this Article X is in addition to and shall be cumulative with all liabilities of each Loan Party to the Administrative Agent, the Issuing Bank and the
Lenders under this Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the other Loan Parties, without any limitation as to amount, unless the instrument or agreement
evidencing or creating such other liability specifically provides to the contrary. 
 SECTION
10.13.    Keepwell.        Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as
may be needed from time to time by each other Guarantor to honor all of its obligations under this Guarantee in respect of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.13 for
the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.13 or otherwise under this Loan Guaranty voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amount). Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this Section 10.13 

  
 93 

 
shall remain in full force and effect until the termination of all Swap Obligations. Each Qualified ECP Guarantor intends that this Section 10.13 constitute, and this Section 10.13
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. 

 
 [Signature Page Follows] 

  
 94 

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

			
	GRAHAM CORPORATION, a Delaware corporation
	
	By: /s/ Jeffrey Glajch
	Name: Jeffrey Glajch
	Title: Chief Financial Officer
	
	ENERGY STEEL & SUPPLY CO., a Michigan corporation
	
	By: /s/ Jeffrey Glajch
	Name: Jeffrey Glajch
	Title: Chief Financial Officer
	
	JPMORGAN CHASE BANK, N.A., individually, and as Administrative Agent, Swingline Lender and Issuing Bank
	
	By: /s/ Philip M. Hendrix
	Name: Philip M. Hendrix
	Title: Vice President and Authorized Officer

  
 95 

 COMMITMENT SCHEDULE 
  

							
	Lender	  	
Revolving

Commitment
	  	
Swingline

Commitment
	  	Commitment
	 JPMorgan Chase Bank, N.A.
	  	 $25,000,000.00

 
	  	 $5,000,000

 
	  	
$25,000,000.00
  

	 Total
	  	
$25,000,000.00
  
	  	 $5,000,000

 
	  	
$25,000,000.00
  

  
 Commitment Schedule 

 SCHEDULE 3.05 

Properties, etc. 

SCHEDULE 3.06 

Disclosed Matters 

SCHEDULE 3.14 

Insurance 
 SCHEDULE
3.15 
 Capitalization and Subsidiaries 

SCHEDULE 5.13 

Existing Standby Letters of Credit 

SCHEDULE 6.01 

Existing Indebtedness 

SCHEDULE 6.02 

Existing Liens 

SCHEDULE 6.04 

Existing Investments 

SCHEDULE 6.10 

Existing Restrictions 

 SCHEDULE 3.05 

Properties, etc. 
 Owned and Leased Real
Property -- See following. 
 Intellectual Property Rights -- 

PATENTS 
  

							
	Name of Grantor	 	Patent Description	 	Patent Number	 	Issue Date
	Graham Corporation	 	Instantaneous Water Heater	 	7140378	 	11-28-2006
	Graham Corporation	 	Apparatus For Removing Ammonia And Carbon Dioxide Gases From A Steam	 	5772709	 	06-30-1998

 TRADEMARKS 
  

									
	Name of Grantor  	 	Trademark	 	
     Registration      

Date
	 	 Registration Number  	 	      Country    
	Graham Corporation  	 	GRAHAM	 	11/18/1997	 	2,113,725	 	US
	Graham Corporation  	 	

	 	12/23/1997	 	2,123,101	 	US
	Graham Corporation  	 	

	 	11/20/2007	 	3,339,668	 	US
	Graham Corporation  	 	GRAHAM PRECISION PUMPS	 	7/7/1998	 	2,171,065	 	US
	Graham Corporation  	 	GRAHAM VACUUM AND HEAT TRANSFER	 	7/7/1998	 	2,171,070	 	US
	Graham Corporation  	 	HELIFLOW	 	4/8/2003	 	2,704,853	 	US
	Graham Corporation  	 	MICROMAX	 	6/17/2008	 	3,450,764	 	US
	Graham Corporation  	 	MICROMIX	 	11/18/1958	 	669,905	 	US
	Graham Corporation  	 	SEALCOOL	 	8/8/2000	 	2,375,893	 	US
	Graham Corporation  	 	ULTRAHEAT	 	10/23/2007	 	3,319,469	 	US
	Graham Corporation  	 	VACADEMICS	 	9/24/2002	 	2,626,331	 	US
	Graham Corporation  	 	VACWORKS	 	11/30/1999	 	2,296,884	 	US
	Graham Corporation  	 	G Logo	 	10/06/2006	 	004596011	 	CTM
	Graham Corporation  	 	GRAHAM	 	000486845	 	01/16/200	 	CTM
	Graham Corporation  	 	GRAHAM	 	004586467	 	11/27/2006	 	CTM
	Graham Corporation  	 	GRAHAM & DESIGN	 	000486852	 	3/3/1997	 	CTM
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN (Class 07)	 	5288202	 	4/14/2006	 	CN
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN (Class 37)	 	5288203	 	4/14/2006	 	CN

									
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN (Class 40)	 	5288204	 	4/14/2006	 	CN
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN (Class 42)	 	5288205	 	4/14/2006	 	CN
	Graham Corporation  	 	GRAHAM ENGINEERING & DESIGN	 	005290275	 	8/23/2007	 	CTM
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN	 	1502414	 	11/08/2006	 	IN
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN (Class 07)	 	992949	 	07/23/2007	 	MX
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN (Class 37)	 	971079	 	01/30/2007	 	MX
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN (Class 40)	 	971080	 	01/30/2007	 	MX
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN (Class 42)	 	971081	 	01/30/2007	 	MX
	Graham Corporation  	 	GRAHAM ENGINEERING ANSWERS & DESIGN (Class 11)	 	848887	 	04/17/2007	 	MX
	Graham Corporation  	 	GRAHAM VACUUM AND HEAT TRANSFER & DESIGN (Class 07)	 	5288206	 	04/14/2006	 	CN
	Graham Corporation  	 	GRAHAM VACUUM AND HEAT TRANSFER & DESIGN (Class 37)	 	5288207	 	04/14/2006	 	CN
	Graham Corporation  	 	GRAHAM VACUUM AND HEAT TRANSFER & DESIGN (Class 40)	 	5288208	 	04/14/2006	 	CN
	Graham Corporation  	 	GRAHAM VACUUM AND HEAT TRANSFER & DESIGN (Class 42)	 	5288209	 	04/14/2006	 	CN
	Graham Corporation  	 	GVHT (Class 07)	 	5288210	 	04/14/2006	 	CN
	Graham Corporation  	 	GVHT (Class 37)	 	5288211	 	04/14/2006	 	CN
	Graham Corporation  	 	GVHT (Class 40)	 	5288186	 	04/14/2006	 	CN
	Graham Corporation  	 	GVHT (Class 42)	 	5288187	 	04/14/2006	 	CN
	Graham Corporation  	 	GVHT (Class 11)	 	5882574	 	02/01/2007	 	CN
	Graham Corporation  	 	HELIFLOW	 	736590	 	12/01/2003	 	BX
	Graham Corporation  	 	HELIFLOW	 	TMA169350	 	05/22/1970	 	CA
	Graham Corporation  	 	HELIFLOW	 	977506	 	07/27/1987	 	DE
	Graham Corporation  	 	HELIFLOW	 	226805	 	01/08/2003	 	IE
	Graham Corporation  	 	HELIFLOW	 	2320120	 	01/08/2003	 	UK
	Graham Corporation  	 	MICROMAX	 	TMA631,364	 	01/27/2005	 	CA
	Graham Corporation  	 	MICROMIX	 	TMA169351	 	05/22/1970	 	CA

 COPYRIGHTS 
  

							
	Name of Grantor	  	Copyright	  	Registration Date	  	Registration Number
	Energy Steel & Supply Co.	  	The Duke of Nuke	  	1-9-1989	  	VA0000363219
	 	  	 	  	 	  	 

 SCHEDULE 3.05 

Properties, etc. 
  

			
	 OWNED – Batavia, NY 14020
 16-24 Florence
Avenue
	  	Manufacturing and Office
	6 Cedar Street	  	Manufacturing
	28 Cedar Street	  	Land
	4-12 Howard Street	  	Manufacturing
	113 Harvester Avenue	  	Land
	16 Howard Street	  	Land
	111 Harvester Avenue	  	Land
	2 Howard Street	  	Land
	3 Howard Street	  	Land
	119 Harvester Avenue	  	Land
	121 Harvester Avenue	  	Land
	114-A Harvester Avenue	  	Land
	114-B Harvester Avenue	  	Land
	114-C Harvester Avenue	  	Land
	19 Florence Avenue	  	Land
	9-31 Howard Street	  	Manufacturing
	33-37 Howard Street	  	Manufacturing
	60 Evans Street	  	Land
	33 Harvester Avenue	  	Land
	6 Florence Avenue	  	Land
	623 E. Main Street	  	Land

  
  

			
	LEASED	  	
	 3123 John Conley Drive
 Lapeer, Ml 48446
	  	Manufacturing and Office
		
	 333 N. Sam Houston Parkway E, Suite 850
 Houston, TX 77060
	  	Office
		
	 Suite 601, 23-B Harmony Times Square
 Huachi Street, Suzhou
Industrial Park
 Suzhou 215028, PR China
	  	Office

 SCHEDULE 3.06 

Disclosed Matters 
 None. 

 SCHEDULE 3.14 

Insurance 
 See following. 

											
		 		 		 		 		 	
		 	  
 For:
	 	  
 Graham Corporation
	 		 	  
 M & T Insurance Agency, Inc.
	 	
		 		 	Attn:  Jeffrey Glajch	 		 	285 Delaware Avenue, Ste 4000	 	
		 		 	20 Florence Avenue	 		 	Buffalo, NY 14202	 	
		 		 	 Batavia, NY 14020
  
	 		 	 716-853-7960
  
	 	
		 		 		 		 		 	

  

																	
		 	Commercial Package	  		  	Great Northern     Insurance Co.	  	35879559    	  		  	04/01/15    	  	04/01/16	  	
									
		 	Property	  		  		  		  		  		  		  	
									
		 	 Premise 1, Buildings 1-13
 20 Florence
Ave.
 Batavia, NY 14020
	  		  		  		  		  		  		  	
									
		 	 Premise 2, Building 1
 333 N. Sam Houston Parkway E.

Suite 850
 Houston, TX 77060
	  		  		  		  		  		  		  	
									
		 	 Premise 3, Building 1
 3123 John Conley Dr.

Lapeer, Ml 48446
	  		  		  		  		  		  		  	
									
		 	 Premise 4, Building 1
 23-B Harmony Times Square

Suite 601, Huachi Street
 Suzhou Industrial Park

Suzhou, 215028
 Peoples
Republic - China
	  		  		  		  		  		  		  	
									
		 	Blanket Building & Contents	  	57,503,622	  		  		  		  		  		  	
		 	(Premises 1 & 4 only)	  		  		  		  		  		  		  	
		 	Coinsurance (Agreed Value)	  	100%	  		  		  		  		  		  	
		 	 Replacement Cost
 Special Form Cause of Loss
	  		  		  		  		  		  		  	
		 	Deductible	  	25,000	  		  		  		  		  		  	
									
		 	Blanket Business Income &	  	19,571,429	  		  		  		  		  		  	
		 	 Extra Expense
  (Premises 1 & 3
only)
	  		  		  		  		  		  		  	
		 	Coinsurance (Agreed Value)	  	100%	  		  		  		  		  		  	
		 	 Special Form Cause of Loss
 Deductible
	  	24 hours	  		  		  		  		  		  	

											
		 		 		 		 		 	
		 	  
 For:
	 	  
 Graham Corporation
	 		 	  
 M & T Insurance Agency, Inc.
	 	
		 		 	Attn:  Jeffrey Glajch	 		 	285 Delaware Avenue, Ste 4000	 	
		 		 	20 Florence Avenue	 		 	Buffalo, NY 14202	 	
		 		 	 Batavia, NY 14020
  
	 		 	 716-853-7960
  
	 	
		 		 		 		 		 	

  

  

																	
		 	Premise 2, Building 1	  		  		  		  		  		  		  	
		 	Business Personal Property	  	26,100	  		  		  		  		  		  	
		 	Coinsurance	  	100%	  		  		  		  		  		  	
		 	Replacement Cost	  		  		  		  		  		  		  	
		 	Special Form Cause of Loss	  		  		  		  		  		  		  	
		 	Deductible	  	25,000	  		  		  		  		  		  	
									
		 	Business Income/Extra Expense	  	1,428,571	  		  		  		  		  		  	
		 	Coinsurance	  	100%	  		  		  		  		  		  	
		 	Special Form Cause of Loss	  		  		  		  		  		  		  	
		 	Deductible	  	24 hours	  		  		  		  		  		  	
									
		 	Premise 4, Building 1	  		  		  		  		  		  		  	
		 	Business Personal Property	  	20,000	  		  		  		  		  		  	
		 	Deductible	  	2,500	  		  		  		  		  		  	
									
		 	Flood:	  		  		  		  		  		  		  	
		 	  
 Premise 1 & 3
	  		  		  		  		  		  		  	
		 	Premises Annual Aggregate	  	25,000,000	  		  		  		  		  		  	
		 	Per Occurrence Limit	  	25,000,000	  		  		  		  		  		  	
		 	Property Damage Deductible	  	50,000	  		  		  		  		  		  	
		 	Waiting Period	  	48 hours	  		  		  		  		  		  	
									
		 	Wind/Hail/Hurricane:	  		  		  		  		  		  		  	
		 	  
 Premise 2
	  		  		  		  		  		  		  	
		 	Property Damage Deductible	  	2%	  		  		  		  		  		  	
		 	Property Damage Minimum	  		  		  		  		  		  		  	
		 	Dollar Deductible	  	25,000	  		  		  		  		  		  	
		 	Waiting Period	  	72 hours	  		  		  		  		  		  	
									
		 	Earthquake:	  		  		  		  		  		  		  	
		 	  
 Premise 1, 2, & 3
	  		  		  		  		  		  		  	
		 	Premises Annual Aggregate	  	25,000,000	  		  		  		  		  		  	
		 	Per Occurrence Limit	  	25,000,000	  		  		  		  		  		  	
		 	Property Deductible	  	50,000	  		  		  		  		  		  	
		 	Waiting Period	  	48 hours	  		  		  		  		  		  	
									
		 	Equipment Breakdown	  	Included	  		  		  		  		  		  	
		 	Business Income/Extra Expense	  	3x ADV	  		  		  		  		  		  	
		 	Property Damage Deductible	  	25,000	  		  		  		  		  		  	

											
		 		 		 		 		 	
		 	  
 For:
	 	  
 Graham Corporation
	 		 	  
 M & T Insurance Agency, Inc.
	 	
		 		 	Attn:  Jeffrey Glajch	 		 	285 Delaware Avenue, Ste 4000	 	
		 		 	20 Florence Avenue	 		 	Buffalo, NY 14202	 	
		 		 	 Batavia, NY 14020
  
	 		 	 716-853-7960
  
	 	
		 		 		 		 		 	

  

  

																	
		 	International Coverage	  		  		  		  		  		  		  	
									
		 	Liability Global Extension	  		  		  		  		  		  		  	
		 	Endorsement	  		  		  		  		  		  		  	
									
		 	Automobile:	  		  		  		  		  		  		  	
		 	Hired & Non-Owned Autos:	  		  		  		  		  		  		  	
		 	Bodily Injury & Property Damage	  	1,000,000	  		  		  		  		  		  	
		 	Auto Medical Payments	  	10,000	  		  		  		  		  		  	
									
		 	Workers’ Compensation:	  		  		  		  		  		  		  	
		 	International Voluntary –	  	State of Hire	  		  		  		  		  		  	
		 	International Executive	  		  		  		  		  		  		  	
		 	Employees	  		  		  		  		  		  		  	
		 	Employers Liability:	  		  		  		  		  		  		  	
		 	Bodily Injury by Accident	  		  		  		  		  		  		  	
		 	Each Accident	  	1,000,000	  		  		  		  		  		  	
		 	Bodily Injury by Disease	  		  		  		  		  		  		  	
		 	Aggregate	  	1,000,000	  		  		  		  		  		  	
		 	Bodily Injury by Disease	  		  		  		  		  		  		  	
		 	Each Employee	  	1,000,000	  		  		  		  		  		  	
		 	Repatriation Expenses	  		  		  		  		  		  		  	
		 	Each Employee	  	250,000	  		  		  		  		  		  	
		 	Aggregate	  	500,000	  		  		  		  		  		  	
									
		 	Blanket Accident:	  		  		  		  		  		  		  	
		 	Refer to policy for coverages and limits	  		  		  		  		  		  		  	
		
		 	Refer to policy for additional coverages, extensions and exclusions
									
		 	General Liability	  		  	Great Northern     Insurance Co.	  	35879559    	  		  	04/01/15    	  	04/01/16	  	
									
		 	Occurrence	  		  		  		  		  		  		  	
									
		 	General Aggregate	  	2,000,000	  		  		  		  		  		  	
		 	Products/Completed Oper. Aggr.	  	2,000,000	  		  		  		  		  		  	
		 	Personal & Advertising Injury	  	1,000,000	  		  		  		  		  		  	
		 	Each Occurrence	  	1,000,000	  		  		  		  		  		  	
		 	Damage to Rented Premises	  	1,000,000	  		  		  		  		  		  	
		 	Medical Expense (Any One Person)	  	10,000	  		  		  		  		  		  	

											
		 		 		 		 		 	
		 	  
 For:
	 	  
 Graham Corporation
	 		 	  
 M & T Insurance Agency, Inc.
	 	
		 		 	Attn:  Jeffrey Glajch	 		 	285 Delaware Avenue, Ste 4000	 	
		 		 	20 Florence Avenue	 		 	Buffalo, NY 14202	 	
		 		 	 Batavia, NY 14020
  
	 		 	716-853-7960	 	
		 		 		 		 		 	

  

  
  

											
	Employee Benefits Errors or	 		  		 		 		  	
	Omissions (Claims Made)	 		  		 		 		  	
	Each Claim Limit	 	1,000,000	  		 		 		  	
	Aggregate Limit	 	1,000,000	  		 		 		  	
	Deductible – each claim	 	1,000	  		 		 		  	
	Retroactive Date: 04/01/10	 		  		 		 		  	
	Refer to policy for additional coverages, extensions and exclusions	 		  	
	  
 Business Auto
	 		  	  
 Sentinel Ins Co Ltd
	 	  
   01UENT09826
	 	  
     04/01/15  
	  	  
 04/01/16

	  
 Liability – including Hired and Non-Owned Autos
	 		  		 		 		  	
	Combined Single Limit	 	1,000,000	  		 		 		  	
	Personal Injury Protection –	 	50,000	  		 		 		  	
	Per Person Limit	 		  		 		 		  	
	Additional Personal Injury	 	100,000	  		 		 		  	
	Protection	 		  		 		 		  	
	Medical Payments Each Person	 	10,000	  		 		 		  	
	Supplementary Uninsured/	 	1,000,000	  		 		 		  	
	Underinsured Motorists –	 		  		 		 		  	
	Combined Single Limit	 		  		 		 		  	
	Primary Hired Car Physical	 	50,000 or ACV	  		 		 		  	
	Damage	 		  		 		 		  	
	  Comprehensive Deductible	 	500	  		 		 		  	
	  Collision Deductible	 	500	  		 		 		  	
	  
 Broad Form Auto endorsement
	 		  		 		 		  	
	 Refer to policy for all coverage extensions and exclusions

* See Attached Vehicle Schedule
  
	  	
	Excess and Umbrella	 		  	 Federal
 Insurance

Company
	 	  79872747	 	04/01/15   	  	04/01/16
	Excess Coverage Other	 	10,000,000	  		 		 		  	
	Aggregate Limit (as applicable)	 		  		 		 		  	
	Umbrella Aggregate Limit	 	10,000,000	  		 		 		  	
	Products Completed Operations	 	10,000,000	  		 		 		  	
	Aggregate Limit	 		  		 		 		  	
	Advertising Injury and Personal	 	10,000,000	  		 		 		  	
	Injury Aggregate Limit	 		  		 		 		  	
	Each Occurrence Limit	 	10,000,000	  		 		 		  	

											
		 		 		 		 		 	
		 	  
 For:
	 	  
 Graham Corporation
	 		 	  
 M & T Insurance Agency, Inc.
	 	
		 		 	Attn:  Jeffrey Glajch	 		 	285 Delaware Avenue, Ste 4000	 	
		 		 	20 Florence Avenue	 		 	Buffalo, NY 14202	 	
		 		 	 Batavia, NY 14020
  
	 		 	716-853-7960	 	
		 		 		 		 		 	

  

  

											
	 Refer to policy for exclusions
  
	 		 		 		 		  	
	Excess Liability	 		 	St Paul Fire & Marine Ins. Co.	 	ZUP-10N83869-15-NF	 	    04/01/15  	  	04/01/16
	Each Loss Limit	 	10,000,000	 		 		 		  	
	Aggregate Limit	 	10,000,000	 		 		 		  	
	Refer to policy for all exclusions	 		 		 		 		  	
	  
 Ocean Cargo
	 		 	  
 AGCS Marine Insurance
	 	  
 OC95186000
	 	  
     04/01/15  
	  	  
 04/01/16

	Any One Vessel or connecting conveyance or in any one place at any one time	 	500,000	 		 		 		  	
	Any One Aircraft or connecting conveyance	 	500,000	 		 		 		  	
	Any one metal barge or any one tow (other than as a connecting conveyance)	 	250,000	 		 		 		  	
	  
 Any one package shipped by government or private mail or parcel post or parcel
delivery service
	 	5,000	 		 		 		  	
	Deductible	 	1,000	 		 		 		  	
	Refer to policy for all exclusions	 		 		 		 		  	
	  
 Workers Compensation
	 		 	  
 Great American Alliance Ins Co.
	 	  
 WC170896504
	 	  
     05/01/15  
	  	  
 05/01/16

	 Named States: NY, TX, Ml Employer’s Liability
 Each
Accident
	 	1,000,000	 		 		 		  	
	Disease Policy Limit	 	1,000,000	 		 		 		  	
	Disease Each Employee	 	1,000,000	 		 		 		  	
	  
 Deductible Limits:

Per Accident Limit (specific)
	 	250,000	 		 		 		  	
	Allocated Loss Adjustment	 	Included	 		 		 		  	
	 Expense
 Minimum Aggregate Limit
	 	752,000	 		 		 		  	
	  
 * See Attached Rating Information
	 		 		 		 		  	

											
		 		 		 		 		 	
		 	  
 For:
	 	  
 Graham Corporation
	 		 	  
 M & T Insurance Agency, Inc.
	 	
		 		 	Attn:  Jeffrey Glajch	 		 	285 Delaware Avenue, Ste 4000	 	
		 		 	20 Florence Avenue	 		 	Buffalo, NY 14202	 	
		 		 	 Batavia, NY 14020
  
	 		 	 716-853-7960
  
	 	
		 		 		 		 		 	

  

  
  

											
	Public Liability – Graham	 		 	Chubb Indemnity	 	  93518932	 	    10/03/14  	  	10/03/15
	Vacuum & Heat Transfer	 		 	Insurance Co.	 		 		  	
	Technology	 		 		 		 		  	
	  
 Limit of Indemnity
	 	  
 1,000,000
	 		 		 		  	
	  
 Jurisdiction: within the territory of P.R. China only

 
	 		  	
	 Errors & Omissions
 Liability
	 		 	Hudson Ins. Co.	 	  ELP212429	 	    04/21/15	  	04/21/16
	  
 Limit - each glitch
	 	  
 1,000,000
	 		 		 		  	
	  
 Limit – aggregate
	 	  
 1,000,000
	 		 		 		  	
	  
 Retention – each glitch

 
 Retroactive date: 04/21/2014
	 	  
 50,000
	 		 		 		  	
	  
 Contract specific

endorsement: Contract 0009- CON-GRM-36-62-0001 dated 8/2/2013 with Abeinsa Abener Teyma General Partnership.

 
 Purchase Order NG-OEC-019 dated 3/16/15 with Orascom E&C USA, Inc.
	 		 		 		 		  	

											
		 		 		 		 		 	
		 	  
 For:
	 	  
 Graham Corporation
	 		 	  
 M & T Insurance Agency, Inc.
	 	
		 		 	Attn:  Jeffrey Glajch	 		 	285 Delaware Avenue, Ste 4000	 	
		 		 	20 Florence Avenue	 		 	Buffalo, NY 14202	 	
		 		 	 Batavia, NY 14020
  
	 		 	 716-853-7960
  
	 	
		 	 Business Automobile - Vehicle Schedule    Policy No. 01UENTO9826

 
	 	
		 		 		 		 		 	

  

  

																					
	001	 	2002	 	Mitsubishi	 	Forklift	 	AF33A50013	 	Batavia, NY	  	7996	 	X	 		 		 	
	002	 	1973	 	Trojan	 	Forklift	 	201039	 	Batavia, NY	  	7996	 	X	 		 		 	
	003	 	1979	 	Caterpillar	 	Forklift	 	87M02297	 	Batavia, NY	  	7996	 	X	 		 		 	
	004	 	2008	 	Chev	 	2500	 	1GCHC24K68E123351	 	Batavia, NY	  	03499	 	X	 		 	500	 	500
	005	 	2006	 	Chev	 	Silverado	 	1GCHK24U86E126950	 	Lapeer, M	  	01499	 	X	 		 	500	 	500
	006	 	1995	 	Ford	 	F700	 	1FDNF70J6SVA82906	 	Lapeer, Ml	  	31499	 	X	 		 		 	
	007	 	2001	 	Ford	 	Super Duty	 	1FDXE45S01HA47853	 	Lapeer, Ml	  	21499	 	X	 		 		 	
	008	 	1996	 	Dodge	 	Pickup	 	1B7HF16Z7TS584662	 	Lapeer, Ml	  	01499	 	X	 		 		 	
	009	 	2011	 	Linde	 	H80D	 	H2X396B00720	 	Batavia, NY	  	7996	 	X	 		 		 	
	010	 	2012	 	Chev	 	Silverado	 	1GCNCPEX1CZ209484	 	Batavia, NY	  	03499	 	X	 		 	500	 	500
	011	 	2012	 	Linde	 	Forklift	 	H2X396C01043	 	Batavia, NY	  	7996	 	X	 		 		 	
	012	 	2012	 	Unde	 	Forklift	 	H2X394C02480	 	Batavia, NY	  	7996	 	X	 		 		 	
	013	 	2012	 	Hyster	 	Forklift	 	L177V11121K	 	Batavia, NY	  	7996	 	X	 		 		 	
	014	 	2012	 	Hyster	 	Forklift	 	L177V11122K	 	Batavia, NY	  	7996	 	X	 		 		 	

											
		 		 		 		 		 	
		 	  
 For:
	 	  
 Graham Corporation
	 		 	  
 M & T Insurance Agency, Inc.
	 	
		 		 	Attn:  Jeffrey Glajch	 		 	285 Delaware Avenue, Ste 4000	 	
		 		 	20 Florence Avenue	 		 	Buffalo, NY 14202	 	
		 		 	 Batavia, NY 14020
  
	 		 	 716-853-7960
  
	 	
		 	 Workers Compensation -
Rating            Policy No. WC170896503

Information
  
	 	
		 		 		 		 		 	

  

  

																	
	20 Florence Ave.	 	3632	    		 	Machine Shop NOC	  	 	11,510,000	  	    	 	5.02	  	 	
	Batavia, NY	 		    		 		  				    				 	
		 	8742	    		 	Salespersons - outside	  	 	573,100	  	    	 	.49	  	 	
		 	8809	    		 	Executive Officers NOC	  	 	395,200	  	    	 	.24	  	 	
		 	8810	    		 	Clerical Office Employees NOC	  	 	9,425,000	  	    	 	.23	  	 	
		 		    		 		  				    				 	
	16630 Imperial Valley Dr.	 	8742	    		 	Salespersons - outside	  	 	602,200	  	    	 	.41	  	 	
	Houston, TX	 		    		 		  				    				 	
		 	8810	    		 	Clerical Office Employees NOC	  	 	50,000	  	    	 	.25	  	 	
		 		    		 		  				    				 	
	3123 John Conley Dr.	 	8810	    		 	Clerical Office Employees NOC	  	 	1,947,800	  	    	 	.16	  	 	
	Lapeer, Ml	 		    		 		  				    				 	
		 	7215	    		 	Iron or Steel Merchant - drivers	  	 	37,100	  	    	 	13.54	  	 	
		 	4511	    		 	Analytical Laboratories - Research	  	 	455,700	  	    	 	.55	  	 	
		 	3365	    		 	Welding or Cutting NOC	  	 	614,100	  	    	 	5.80	  	 	
		 	3632	    		 	Machine Shop NOC	  	 	198,400	  	    	 	4.04	  	 	
		 	8742	    		 	Salesperson-outside	  	 	474,600	  	    	 	.34	  	 	

  
  

	
	 THIS SUMMARY IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO
RIGHTS TO THE INSURED. THIS SUMMARY DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES. IT IS STRONGLY RECOMMENDED THAT EACH POLICY BE THOROUGHLY REVIEWED.

 

  

					
	 Account Executive

 
	  	Kevin Weber	  	716-651-4253
	 Client Service Consultant

 
	  	Linda Sim	  	716-651-4243
	 Assistant Account Manager

 
	  	Erin Walls	  	716-651-4219
	 Claims Representative

 
	  	Jessica Stankiewicz	  	716-651-4270
	 Claims Manager

 
	  	Marlene Szretter	  	716-651-4249
	 Commercial Lines Manager

 
	  	Ruth Gustafson-Hare	  	716-651-4216

					
	 SUMMARY OF INSURANCE

 
	  	
Prepared:    10/23/15                   Page
1
  

	For:	 	Graham Corporation	  	M & T Insurance Agency, Inc.
	 	 	20 Florence Avenue	  	285 Delaware Avenue, Suite 4000
	 	 	 Batavia, NY 14020

585-343-2216
	  	 Buffalo, NY 14202

800-716-8314

													
	Coverage	 	Amount	 	Company	 	Policy No	 	Eff	 	Exp	 	  
	  	 	 	 	 	 	 	 	 	 	 	 	  

  

													
	 Directors and Officers Liability
	 	 	 	  Illinois National Insurance   Company (Chartis)	 	        01-137-47-11        	 	  04/01/15  	 	  04/01/16  	 	 
	 Claims Made
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 		 	 	 	 
	 Named Insured:
	 	 	 	 	 	 	 	 	 	 	 	 
	 Graham Corporation
	 	 	 		 	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Aggregate Limit of Liability
	 	$15,000,000	 		 	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Directors and Officers Liability Deductibles:
	 	 	 		 	 	 		 	 	 	 
	 Non-Indemnified
	 	  $5,000/$50,000  	 	 	 	 	 	 	 	 	 	 
	 Indemnified
	 	$125,000	 		 	 	 		 	 	 	 
	 Security Claims
(Entity)
	 	$500,000	 	 	 	 	 	 	 	 	 	 
	 Aggregate Tie In Limit of Liability to EPL Policy #02-778-27-59 and Fiduciary Policy
#01-137-72-43
	 	 	 		 	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 A-Side Directors and Officers Liability
	 	 	 	Federal Insurance Company (Chubb)	 	8223-5692	 	04/01/15	 	04/01/16  	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Claims Made
	 	 	 		 	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Named Insured:
	 	 	 		 	 	 		 	 	 	 
	 Graham Corporation
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 		 	 	 	 
	 Aggregate Limit of
Liability
	 	$10,000,000	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 		 	 	 	 
	 Employment Practices
Liability
	 	 	 	National Union Fire Insurance Company of Pittsburgh, PA (Chartis)	 	01-137-74-16	 	04/01/15	 	04/01/16  	 	 
	 	 	 	 		 	 	 		 	 	 	 
	 Claims Made
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 		 	 	 	 
	 Named Insured:
	 	 	 	 	 	 	 	 	 	 	 	 
	 Graham Corporation
	 	 	 		 	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Aggregate Tie In Limit of Liability Under the Directors and Officers Liability Policy
#01-137-47-11
	 	$5,000,000	 		 	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Employment Practices Liability Deductible
	 	$75,000	 		 	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Fiduciary Liability
	 	 	 	Illinois National Insurance Company (Chartis)	 	01-137-72-43	 	04/01/15	 	04/01/16  	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Claims Made
	 	 	 		 	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Named Insured:
	 	 	 		 	 	 		 	 	 	 
	 Graham Corporation
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 		 	 	 	 
	 Aggregate Tie In Limit of
Liability Under the Directors and Officers Liability Policy #01-137-47-11
	 	$5,000,000	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 		 	 	 	 
	 Fiduciary Liability
Deductible
	 	$100,000	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

													
	 Voluntary Compliance Loss Sublimit
	  	$250,000	  	 	  	 	  	 	  	 	 	 
	 Section 502(c) Penalties Sublimit
	  	$250,000	  	 	  	 	  	 	  	 	 	 
	 Pension Protection Act Penalties Sublimit
	  	$250,000	  	 	  	 	  	 	  	 	 	 
	 HIPAA Penalties Sublimit
	  	    $1,500,000    	  	 	  	 	  	 	  	 	 	 
	 Healthcare Reform Penalties Sublimit
	  	$250,000	  	 	  	 	  	 	  	 	 	 
	 Section 4975 Penalties Sublimit
	  	$250,000	  	 	  	 	  	 	  	 	 	 
	 Pension Crisis Fund Sublimit
	  	$100,000	  	 	  	 	  	 	  	 	 	 
	 	  	 	  	 	  	 	  	 	  	 	 	 
	 Commercial Crime Coverage
	  	 	  	      Federal Insurance      
      Company (Chubb)      	  	    8207-3264    	  	09/01/15  	  	09/01/16  	 	 
	 	  	 	  	 	  	 	  	 	  	 	 	 
	 Named Insured:
	  	 	  	 	  	 	  	 	  	 	 	 
	 Graham Corporation and its Subsidiaries
	  	 	  	 	  	 	  	 	  	 	 	 
	 	  	 	  	 	  	 	  	 	  	 	 	 
	 Employee Theft Coverage
	  	$1,500,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 Premises Coverage
	  	$1,000,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 In Transit Coverage
	  	$1,000,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 Forgery Coverage
	  	$1,000,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 Computer Fraud Coverage
	  	$1,000,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 Funds Transfer Fraud Coverage
	  	$1,000,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 Money Orders & Counterfeit Fraud Coverage
	  	$50,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 Credit Card Fraud Coverage
	  	$50,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 Expense Coverage
	  	$250,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 Telephone Fraud Coverage
	  	$100,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$10,000	  	 	  	 	  	 	  	 	 	 
	 ERISA Coverage
	  	See Policy	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$0	  	 	  	 	  	 	  	 	 	 
	 	  	 	  	 	  	 	  	 	  	 	 	 
	 Kidnap & Ransom Coverage
	  	 	  	      Federal Insurance      
      Company (Chubb)      	  	8211-5877	  	04/01/15  	  	04/01/18  	 	 
	 	  	 	  	 	  	 	  	 	  	 	 	 
	 Named Insured:
	  	 	  	 	  	 	  	 	  	 	 	 
	 Graham Corporation
	  	 	  	 	  	 	  	 	  	 	 	 
	 Energy Steel & Supply Co.
	  	 	  	 	  	 	  	 	  	 	 	 
	 ES Acquisition, Corp.
	  	 	  	 	  	 	  	 	  	 	 	 
	 All Subsidiaries Covered By Endorsement
	  	 	  	 	  	 	  	 	  	 	 	 
	 	  	 	  	 	  	 	  	 	  	 	 	 
	 Kidnap/Ransom and Extortion Coverage
	  	$5,000,000	  	 	  	 	  	 	  	 	 	 
	 Delivery Coverage
	  	$5,000,000	  	 	  	 	  	 	  	 	 	 
	 Expense Coverage
	  	$5,000,000	  	 	  	 	  	 	  	 	 	 
	 Legal Liability Coverage
	  	$5,000,000	  	 	  	 	  	 	  	 	 	 
	 Political Threat and Wrongful Detention Coverage
	  	$5,000,000	  	 	  	 	  	 	  	 	 	 
	 Threat Response Expense Coverage
	  	$5,000,000	  	 	  	 	  	 	  	 	 	 
	 Business Income / 6 Hours
	  	$5,000,000	  	 	  	 	  	 	  	 	 	 
	 Deductible
	  	$0	  	 	  	 	  	 	  	 	 	 
	 	  	 	  	 	  	 	  	 	  	 	 	 

 THIS SUMMARY IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE 

INSURED. THIS SUMMARY DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE 

POLICIES. IT IS STRONGLY RECOMMENDED THAT EACH POLICY BE THOROUGHLY REVIEWED. 
  

											
		 	Account Executive:	 	Kevin Weber	 	716-651-4253	 		 	
						
		 	Account Manager:	 	Linda Sim	 	716-651-4243	 		 	
						
		 	Claims Manager:	 	Marlene Szretter	 	716-651-4249	 		 	
						
		 	Surety Manager:	 	Joe Riggie	 	716-651-4239	 		 	

 SCHEDULE 3.15 

Capitalization and Subsidiaries 

Borrower: 
 Graham Corporation -- Delaware
corporation 
 Common stock, par value $0.10 per share -- 10,138,983 shares outstanding to 148 holders of record (as of 5/22/15) 

 
 Subsidiaries: 

Energy Steel & Supply Co. -- Michigan corporation 

Common stock, no par value -- 9,000 shares of common stock outstanding owned by Graham Corporation 

Graham Vacuum and Heat Transfer and Technology (Suzhou) Co., Ltd. -- limited liability company organized under the laws of the People’s Republic
of China -- 
 Wholly-owned by Graham Corporation -- equity interests are uncertificated 

Inactive Subsidiary: 
 Graham Indonesia, Inc.
-- Delaware corporation 
 Wholly-owned by Graham Corporation; to be dissolved 

 SCHEDULE 5.13 

Existing Standby Letters of Credit 
 See
following. 

 OUTSTANDING LETTERS OF CREDIT ISSUED BY BANK OF AMERICA, N.A. 

 

					
	        Issue Date        	 	            Beneficiary 
(abbreviated)            	 	  Outstanding Amount ($)  
	5/7/2012	 	GREAT AMERICAN INSUR	 	430,000.00
	7/18/2012	 	FUJI ELECTRIC CORP.	 	17,851.30
	1/7/2013	 	TOYO ENGINEERING KOR	 	37,200.00
	3/26/2013	 	NUKLEARNA ELEKTRARNA	 	414,426.00
	6/14/2013	 	DAELIM INDUSTRIAL CO	 	801,190.90
	6/25/2013	 	DAELIM INDUSTRIAL CO	 	60,168.40
	7/2/2013	 	TECNICAS REUNIDAS, S	 	427,516.90
	10/31/2013	 	BANK OF AMERICA	 	115,339.30
	3/27/2014	 	TR CANADA, INC.	 	584,910.00
	5/2/2014	 	ABEINSA ABENER TEYMA	 	79,270.00
	9/9/2014	 	UHDE SHEDDEN (AUSTRA	 	16,621.50
	9/29/2014	 	SAMSUNG ENGINEERING	 	27,000.00
	10/1/2014	 	TECNIMONT SPA	 	251,250.00
	11/5/2014	 	QUANTA POWER GENERAT	 	142,950.00
	2/10/2015	 	THYSSENKRUPP INDUSTR	 	72,130.70
	2/10/2015	 	THYSSENKRUPP INDUSTR	 	39,757.60
	3/2/2015	 	JGSK JOINT-VENTURE,	 	1,120,000.00
	3/16/15	 	CNOOC ZHONGJIE PETROCHEMICAL CO.	 	110,500.00
	4/29/15	 	THYSSENKRUPP INDUSTRIAL SOLUTIONS	 	74,397.70
	5/29/2015	 	CNOOC OIL & PETROCHE	 	3,800.00
	7/3/2015	 	THYSSENKRUPP INDUSTR	 	427,256.80
	7/17/2015	 	PTT GLOBAL CHEMICAL	 	133,834.70
	7/16/2015	 	TOYO U.S.A. INC.	 	677,400.00
	7/28/2015	 	PEMEX PETROQUIMICA	 	31,698.70
	7/28/2015	 	PEMEX PETROQUIMICA	 	237,740.25*
	7/30/2015	 	MHI COMPRESSOR INTER	 	423,187.70
	8/4/2015	 	THYSSENKRUPP INDUSTR	 	177,568.00
	9/3/2015	 	ORASCOM E & C USA IN	 	5,489.10
	9/10/2015	 	MHI COMPRESSOR INTER	 	504,655.40
	9/30/2015	 	SK ENGINEERING & CON	 	636,367.20
	10/27/2015	 	HYUNDAI ENGINEERING	 	92,500.00
	10/27/2015	 	HYUNDAI ENGINEERING	 	92,500.00
	11/6/2105	 	SAMSUNG ENGINEERING	 	246,537.00
	11/13/2015	 	ENAP REFINERIAS S.A.	 	212,500.00
	11/13/2015	 	ENAP REFINERIAS S.A.	 	217,840.00

 *  The face amount of this letter of credit on the Closing Date is $79,246.75. This letter of credit
will be amended shortly after or contemporaneously with the Closing Date to reflect the face amount listed in the Schedule. 

			
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	 Location / Institution
	 	United States - HSBC Bank USA NA
		
	 Account
	 	GRAHAM CORPORATION IMP 504-082801-750
		
	 Category
	 	Outstanding standby DCs
		
	 Currency subtotals
	 	USD              1,257,322.42    @    1.0000000
		
	 Total (LCY)
	 	USD              1,257,322.42
	
	 Please note that the above exchange rate is for Indication only.

					
	  
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	Outstanding standby DCs GRAHAM CORPORATION IMP 504-082801-750	 	
							
	 Standby DC
 number
	 	Beneficiary name	 	CCY	  	 Outstanding    

amount    
	  	Expiry date (dd/mm/yyyy)	 	Status	 	 
	  
 SDCMTN567144
	 	  

HSBC BANK PLC SUCURSAL EN ESPANA.
	 	 USD
	  	 96,092.80
	  	 04/01/2017
	 	 Issued
	 	
	 SDCMTN567149
	 	 HSBC BANK PLC SUCURSAL EN ESPANA.
	 	 USD
	  	 854,998.00
	  	 15/06/2016
	 	 Issued
	 	
	 SDCMTN567210
	 	 HSBC BANK PLC
	 	 USD
	  	 213,749.50
	  	 26/05/2019
	 	 Issued
	 	
	 SDCMTN567498
	 	 HSBC BANK PLC
	 	 USD
	  	 7,889.00
	  	 30/01/2019
	 	 Issued
	 	
	 SDCMTN567569
	 	 FACILITY USE ONLY
	 	 USD
	  	 0.01
	  	 31/12/2015
	 	 Issued
	 	
	 SDCMTN567587
	 	 HSBC BANK PLC
	 	 USD
	  	 1,472.56
	  	 04/01/2017
	 	 Issued
	 	
	 SDCMTN567589
	 	 HSBC BANK PLC
	 	 USD
	  	 12,985.76
	  	 03/12/2016
	 	 Issued
	 	
	 SDCMTN567591
	 	 HSBC BANK PLC
	 	 USD
	  	 8,287.29
	  	 24/11/2016
	 	 Issued
	 	
	 SDCMTN567709
	 	 HSBC BANK PLC
	 	 USD
	  	 61,847.50
	  	 23/03/2016
	 	 Issued
	 	

  Note: 
  Issued = Action completed from bank

  Submitted = Application submitted to bank 
  Am/In transit = Amendment
in transit 
  Am/Incomplete = Amendment incomplete 
  Am/Pend check =
Amendment pending check 
  Am/Pend auth = Amendment pending authorisation 

 Am/Pend 2nd = Amendment pending 2nd authorisation 
  Am/Pend 3rd = Amendment
pending 3rd authorisation 
  Am/Pend repair = Amendment pending repair 

 Am/Submitted = Amendment submitted to bank 
  Can/In transit = Cancellation
in transit 
  Can/Pend check = Cancellation pending check 
  Can/Pend auth
= Cancellation pending authorisation 
  Can/Pend 2nd = Cancellation pending 2nd authorisation 

 Can/Pend 3rd = Cancellation pending 3rd authorisation 
  Can/Submitted =
Cancellation submitted to bank 
  Can/Pend repair = Cancellation pending repair 

 Can/Incomplete = Cancellation incomplete 
  

					
			
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 SCHEDULE 6.01 

Existing Indebtedness 

1.  Unsecured line of credit with HSBC, N.A. -- up to $5,000,000 in principal amount 

$ 1,257,322.42 face amount of letters of credit outstanding as of Closing Date 

2.  Existing Standby letters of credit listed on Schedule 5.13 

 SCHEDULE 6.02 

Existing Liens 
 Cash collateralization of
standby letters of credit issued by Bank of America, NA and listed on Schedule 5.13, at Bank of America Deposit Account Number 483037479292. 

 SCHEDULE 6.04 

Existing Investments 
 See following list
of certificates of deposit maintained with Bank of America, N.A., each of which has/had a maturity beyond 180 days after acquisition thereof. 

									
	 	  	    INVESTMENT    	 	 	    MATURITY/    	 
	 	  	AMOUNT	 	 	CALL DATE	 
			
	 CD
	  	 	3,000,000.00   	  	 	 	1/13/2016	  
	 CD
	  	 	3,000,000.00   	  	 	 	12/14/2015	  
	 CD
	  	 	3,000,000.00   	  	 	 	2/10/2016	  
	 CD
	  	 	3,000,000.00   	  	 	 	3/10/2016	  
	 CD
	  	 	3,000,000.00   	  	 	 	4/11/2016	  
	 CD
	  	 	3,000,000.00   	  	 	 	5/11/2016	  
	 CD
	  	 	3,000,000.00   	  	 	 	6/10/2016	  
	 CD
	  	 	3,000,000.00   	  	 	 	7/5/2016	  
	 CD
	  	 	3,000,000.00   	  	 	 	8/10/2016	  
	 CD
	  	 	3,000,000.00   	  	 	 	9/8/2016	  
	 CD
	  	 	1,500,000.00   	  	 	 	9/8/2016	  
	 CD
	  	 	1,500,000.00   	  	 	 	10/7/2016	  
	 CD
	  	 	1,500,000.00   	  	 	 	10/7/2016	  
	 CD
	  	 	1,500,000.00   	  	 	 	10/17/2016	  
	 CD
	  	 	3,000,000.00   	  	 	 	11/10/2016	  
		  	 	39,000,000.00   	  	 			

 SCHEDULE 6.10 

Existing Restrictions 
 None.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]