Common use of TABLE OF CONTENTS Clause in Contracts

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1. Definitions 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41

TABLE OF CONTENTS. ARTICLE I 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 1 Section 1.1101. Definitions 1 Section 1.2102. Types Compliance Certificates and Opinions 11 Section 103. Form of Loans Documents Delivered to Trustee 12 Section 104. Acts of Holders 12 Section 105. Notices, etc. to Trustee and Borrowings 25 Issuer 14 Section 1.3106. Interpretive Provisions 25 Notice to Holders; Waiver 14 Section 107. Effect of Headings and Table of Contents 15 Section 108. Successors and Assigns 15 Section 109. Separability Clause 16 Section 110. Benefits of Indenture 16 Section 111. Governing Law 16 Section 112. Legal Holidays 16 Section 113. Agent for Service; Submission to Jurisdiction; Waiver of Immunities 16 Section 114. Conversion of Currency 17 Section 115. Currency Equivalent 18 Section 116. Securities in a Foreign Currency or in Euros 18 Section 117. Conflict with Trust Indenture Legislation 19 Section 118. Language Clause 19 Section 119. Unitholders, Officers, Trustees and Others Exempt from Individual Liability 19 Section 120. Waiver of Jury Trial 19 Section 121. Force Majeure 19 Section 122. References to Agreements and Documents 20 ARTICLE II LOANS 2 SECURITIES FORMS 20 Section 201. Forms Generally 20 Section 202. Form of Trustee’s Certificate of Authentication 21 Section 203. Securities Issuable in Global Form 21 ARTICLE 3 THE SECURITIES 22 Section 301. Amount Unlimited; Issuable in Series 22 Section 302. Denominations 26 Section 2.1303. Loans 26 Section 2.2. Request for Execution, Authentication, Delivery and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans Dating 27 Section 2.4304. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit Temporary Securities 29 Section 2.8305. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral Registration, Registration of Transfer and Exchange 31 Section 2.11306. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTERESTMutilated, FEESDestroyed, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection Lost and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Stolen Securities 35

TABLE OF CONTENTS. Page(s) ARTICLE I 1 DEFINITIONS 1 Section 1.1SECTION 1.01. Definitions Definitions. 1 Section 1.2ARTICLE 2 ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES 5 SECTION 2.01. Types Amount Unlimited; Issuable in Series. 5 SECTION 2.02. Form of Loans Trustee’s Certificate of Authentication. 6 SECTION 2.03. Form of Securities Generally; Establishment of Terms of Series. 6 SECTION 2.04. Securities in Global Form. 8 SECTION 2.05. Denominations; Record Date; Payment of Interest. 9 SECTION 2.06. Execution, Authentication, Delivery and Borrowings Dating of Securities. 9 SECTION 2.07. Exchange and Registration of Transfer of Securities. 10 SECTION 2.08. Temporary Securities. 12 SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Securities. 12 SECTION 2.10. Cancellation. 13 SECTION 2.11. Book-Entry Only System. 13 ARTICLE 3 REDEMPTION OF SECURITIES 14 SECTION 3.01. Redemption of Securities, Applicability of Section. 14 SECTION 3.02. Notice of Redemption, Selection of Securities. 14 SECTION 3.03. Payment of Securities Called for Redemption. 15 SECTION 3.04. Redemption Suspended During Event of Default. 15 ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY 15 SECTION 4.01. Payment of Principal, Premium and Interest. 15 SECTION 4.02. Offices for Notices and Payments. 16 SECTION 4.03. Provisions as to Paying Agent. 16 SECTION 4.04. Statement as to Compliance. 17 SECTION 4.05. Corporate Existence. 17 SECTION 4.06. Ownership of Material Subsidiary Stock. 17 SECTION 4.07. Waiver of Covenants. 18 ARTICLE 5 SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 18 SECTION 5.01. Securityholder Lists. 18 SECTION 5.02. Preservation and Disclosure of Lists. 19 SECTION 5.03. Reports by the Company. 19 SECTION 5.04. Reports by the Trustee. 19 ARTICLE 6 REMEDIES 20 SECTION 6.01. Events of Default; Acceleration of Maturity. 20 SECTION 6.02. Rescission and Annulment 21 SECTION 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee. 21 SECTION 6.04. Trustee May File Proofs of Claim. 22 SECTION 6.05. Trustee May Enforce Claims Without Possession of Securities. 22 SECTION 6.06. Application of Money Collected. 22 SECTION 6.07. Limitation on Suits. 23 SECTION 6.08. Unconditional Right of Securityholders to Receive Principal and Interest. 23 SECTION 6.09. Restoration of Rights and Remedies. 23 SECTION 6.10. Rights and Remedies Cumulative. 23 SECTION 6.11. Delay or Omission Not Waiver. 24 SECTION 6.12. Control by Securityholders. 24 SECTION 6.13. Waiver of Past Defaults. 24 SECTION 6.14. Undertaking for Costs. 25 Section 1.3SECTION 6.15. Interpretive Provisions Waiver of Stay or Extension Laws. 25 ARTICLE II LOANS 26 Section 2.17 CONCERNING THE TRUSTEE 25 SECTION 7.01. Loans 26 Section 2.2Duties and Responsibilities of Trustee. Request for and Making of Revolving Loans25 SECTION 7.02. Reliance on Documents, Opinions, etc. 26 Section 2.3SECTION 7.03. Deemed Request No Responsibility for Revolving Loans Recitals, etc. 27 Section 2.4SECTION 7.04. Protective Advances Ownership of Securities. 27 Section 2.5SECTION 7.05. Interest ElectionsMoneys to be Held in Trust. 27 SECTION 7.06. Compensation and Expenses of Trustee. 27 SECTION 7.07. Officers’ Certificate or Opinion of Counsel as Evidence. 28 Section 2.6SECTION 7.08. Letters Disqualifications; Conflicting Interest of Credit Trustee. 28 Section 2.7SECTION 7.09. Requesting Letters Eligibility of Credit Trustee. 28 SECTION 7.10. Resignation or Removal of Trustee. 29 Section 2.8SECTION 7.11. Reimbursement Acceptance by Successor Trustee. 29 SECTION 7.12. Successor by Xxxxxx, etc. 30 Section 2.9SECTION 7.13. No Duty Limitations on Rights of Trustee as Creditor. 30 SECTION 7.14. Notice of Default. 30 SECTION 7.15. Appointment of Authenticating Agent. 31 ARTICLE 8 CONCERNING THE SECURITYHOLDERS 32 SECTION 8.01. Action by Securityholders. 32 SECTION 8.02. Proof of Execution by Securityholders. 32 SECTION 8.03. Who Are Deemed Absolute Owners. 33 SECTION 8.04. Company-Owned Securities Disregarded. 33 SECTION 8.05. Revocation of Consents; Future Securityholders Bound. 33 SECTION 8.06. Record Date. 33 ARTICLE 9 SECURITYHOLDERS’ MEETINGS 34 SECTION 9.01. Purposes of Meeting. 34 SECTION 9.02. Call of Meetings by Trustee. 34 SECTION 9.03. Call of Meetings by Company or Securityholders. 34 SECTION 9.04. Qualifications for Voting. 34 SECTION 9.05. Regulations. 35 SECTION 9.06. Voting. 35 ARTICLE 10 SUPPLEMENTAL INDENTURES 35 SECTION 10.01. Supplemental Indentures without Consent of Securityholders. 35 SECTION 10.02. Supplemental Indentures with Consent of Holders. 37 SECTION 10.03. Compliance with Trust Indenture Act; Effect of Supplemental Indentures. 38 SECTION 10.04. Notation on Securities. 38 ARTICLE 11 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 38 SECTION 11.01. Company May Consolidate, etc., on Certain Terms. 38 SECTION 11.02. Successor Corporation Substituted. 38 SECTION 11.03. Opinion of Counsel and Officers’ Certificate to Inquire 30 Section 2.10be Given Trustee. LC Collateral 31 Section 2.1139 ARTICLE 12 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS 39 SECTION 12.01. Third Party Beneficiary 32 Section 2.12Discharge of Indenture. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.139 SECTION 12.02. Interest 34 Section 3.2Deposited Moneys to be Held in Trust by Trustee. Fees 34 Section 3.339 SECTION 12.03. Increased Costs 35 Section 3.4Paying Agent to Repay Moneys Held. Illegality 36 Section 3.540 SECTION 12.04. Break Funding Payments 36 Section 3.6Return of Unclaimed Moneys. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 13 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 40 Section 5.1SECTION 13.01. Security Interest Indenture and Securities Solely Corporate Obligations. 40 Section 5.2ARTICLE 14 DEFEASANCE AND COVENANT DEFEASANCE 40 SECTION 14.01. Perfection Applicability of Article. 40 SECTION 14.02. Defeasance and Protection Discharge. 40 SECTION 14.03. Covenant Defeasance. 41 SECTION 14.04. Conditions to Defeasance or Covenant Defeasance. 41 SECTION 14.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 42 ARTICLE 15 MISCELLANEOUS PROVISIONS 43 SECTION 15.01. Benefits of LenderIndenture Restricted to Parties and Securityholders. 43 SECTION 15.02. Provisions Binding on Company’s Security Interest 41 Section 5.3Successors. Collateral Proceeds Management 4143 SECTION 15.03. Addresses for Notices, etc., to Company and Trustee. 43 SECTION 15.04. Notice to Holders of Securities; Waiver. 43 SECTION 15.05. Evidence of Compliance with Conditions Precedent. 44 SECTION 15.06. Legal Holidays. 44 SECTION 15.07. Trust Indenture Act to Control. 44 SECTION 15.08. Execution in Counterparts. 45 SECTION 15.09. Governing Law; Waiver of Jury Trial. 45 SECTION 15.10. Severability. 45 SECTION 15.11. Interpretations. 45 SECTION 15.12. U.S.A. Patriot Act. 46 ARTICLE 16 RANKING OF SECURITIES 46 SECTION 16.01. Ranking. 46 THIS INDENTURE, dated as of [ ], 20[ ] between Hanmi Financial Corporation, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), and Wilmington Trust, National Association, as trustee (the “Trustee,” which term shall include any successor trustee appointed pursuant to Article 7 of this Indenture).

TABLE OF CONTENTS. Page ARTICLE I DEFINITIONS 1 Section 1.1SECTION 1.01. Definitions Defined Terms 1 Section 1.2SECTION 1.02. Types Classification of Loans and Borrowings 25 Section 1.31 SECTION 1.03. Interpretive Provisions 25 Terms Generally 1 SECTION 1.04. Accounting Terms; GAAP 1 ARTICLE II LOANS 26 Section 2.1THE CREDITS 2 SECTION 2.01. Commitment 2 SECTION 2.02. Loans 26 Section 2.2and Borrowings 2 SECTION 2.03. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request Borrowing Procedures; Requests for Revolving Loans 27 Section 2.4Borrowings 2 SECTION 2.04. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.63 SECTION 2.05. Letters of Credit 28 Section 2.73 SECTION 2.06. Requesting Letters Funding of Credit 29 Section 2.8Borrowings 6 SECTION 2.07. Reimbursement 30 Section 2.9Interest Elections 6 SECTION 2.08. No Duty to Inquire 30 Section Termination of Commitment 7 SECTION 2.09. Repayment and Amortization of Loans; Collection and Application of Collateral Proceeds; Evidence of Debt 7 SECTION 2.10. LC Collateral 31 Section Prepayment of Loans 8 SECTION 2.11. Third Party Beneficiary 32 Section Fees 9 SECTION 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1Interest 9 SECTION 2.13. Alternate Rate of Interest 34 Section 3.2. Fees 34 Section 3.310 SECTION 2.14. Increased Costs 35 Section 3.4. Illegality 36 Section 3.510 SECTION 2.15. Break Funding Payments 36 Section 3.611 SECTION 2.16. Taxes 36 Section 3.712 SECTION 2.17. Maximum InterestPayments Generally; Controlling Limitation 37 Allocation of Proceeds 13 SECTION 2.18. Indemnity for Returned Payments 13 ARTICLE IV PAYMENT 38 Section 4.1III REPRESENTATIONS AND WARRANTIES 14 SECTION 3.01. Interest 38 Section 4.2Organization; Powers 14 SECTION 3.02. PrepaymentAuthorization; Mandatory Payment of Deficiencies 38 Section 4.3Enforceability 14 SECTION 3.03. Mandatory PaymentsGovernmental Approvals; Payment on the Termination Date 39 Section 4.4No Conflicts 14 SECTION 3.04. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5Financial Condition; No Material Adverse Change 14 SECTION 3.05. Early TerminationProperties 14 SECTION 3.06. Litigation and Environmental Matters 15 SECTION 3.07. Compliance with Laws and Agreements; Prepayment Penalty 39 Section 4.6No Default 15 SECTION 3.08. General Payment Provisions 39 Section 4.7Investment Company Status 15 SECTION 3.09. Application 40 Section 4.8Taxes 15 SECTION 3.10. Reinstatement 40 Section 4.9ERISA 15 SECTION 3.11. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1Disclosure 15 SECTION 3.12. Material Agreements 16 SECTION 3.13. Solvency 16 SECTION 3.14. Insurance 16 SECTION 3.15. Capitalization and Subsidiaries 16 SECTION 3.16. Security Interest 40 Section 5.2in Collateral 16 SECTION 3.17. Perfection Employment Matters 17 SECTION 3.18. Federal Reserve Regulations 17 SECTION 3.19. Use of Proceeds 17 SECTION 3.20. No Burdensome Restrictions 17 SECTION 3.21. Anti-Corruption Laws and Protection Sanctions 17 SECTION 3.22. Affiliate Transactions 17 SECTION 3.23. Common Enterprise 17 ARTICLE IV CONDITIONS 18 SECTION 4.01. Effective Date 18 SECTION 4.02. Each Credit Event 18 ARTICLE V AFFIRMATIVE COVENANTS 19 SECTION 5.01. Financial Statements; Borrowing Base and Other Information 19 SECTION 5.02. Notices of Lender’s Security Material Events 19 SECTION 5.03. Existence; Conduct of Business 19 SECTION 5.04. Payment of Obligations 20 SECTION 5.05. Maintenance of Properties 20 SECTION 5.06. Books and Records; Inspection Rights 20 SECTION 5.07. Compliance with Laws and Material Contractual Obligations 20 SECTION 5.08. Use of Proceeds 20 SECTION 5.09. Accuracy of Information 21 SECTION 5.10. Insurance 21 SECTION 5.11. Casualty and Condemnation 21 SECTION 5.12. Appraisals 21 SECTION 5.13. Depository Banks 21 SECTION 5.14. Additional Collateral; Further Assurances 22 SECTION 5.15. Receivables 22 SECTION 5.16. Inventory and Equipment 23 ARTICLE VI NEGATIVE COVENANTS 23 SECTION 6.01. Indebtedness 23 SECTION 6.02. Liens 25 SECTION 6.03. Fundamental Changes 25 SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions 26 SECTION 6.05. Asset Sales 27 SECTION 6.06. Sale and Leaseback Transactions 28 SECTION 6.07. Swap Agreements 28 SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness 28 SECTION 6.09. Transactions with Affiliates 28 SECTION 6.10. Restrictive Agreements 29 SECTION 6.11. Amendment of Material Documents 29 SECTION 6.12. Financial Covenants 29 ARTICLE VII EVENTS OF DEFAULT 29 ARTICLE VIII MISCELLANEOUS 32 SECTION 8.01. Notices 32 SECTION 8.02. Waivers; Amendments 32 SECTION 8.03. Expenses; Indemnity; Damage Waiver 33 SECTION 8.04. Successors and Assigns 34 SECTION 8.05. Survival 35 SECTION 8.06. Counterparts; Integration; Effectiveness; Electronic Execution 35 SECTION 8.07. Severability 36 SECTION 8.08. Right of Setoff 36 SECTION 8.09. Governing Law; Jurisdiction; Consent to Service of Process 36 SECTION 8.10. WAIVER OF JURY TRIAL 37 ARTICLE IX 38 SECTION 9.01. Headings 38 SECTION 9.02. Confidentiality 38 SECTION 9.03. Nonreliance; Violation of Law 39 SECTION 9.04. USA PATRIOT Act 39 SECTION 9.05. Disclosure 39 SECTION 9.06. Interest 41 Section 5.3. Collateral Proceeds Management 41Rate Limitation 39

TABLE OF CONTENTS. Page ARTICLE I DEFINITIONS 1 Section 1.1. Definitions 1.1 Certain Terms Defined 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 SECURITIES 7 Section 2.1. Loans 26 2.1 Forms Generally 7 Section 2.2. Request for 2.2 Form of Trustee’s Certificate of Authentication 8 Section 2.3 Amount Unlimited; Issuable in Series 8 Section 2.4 Authentication and Making Delivery of Revolving Loans. 26 Securities 11 Section 2.3. Deemed Request for Revolving Loans 27 2.5 Execution of Securities 13 Section 2.4. Protective Advances 27 2.6 Certificate of Authentication 13 Section 2.5. 2.7 Denomination and Date of Securities; Payments of Interest Elections. 28 14 Section 2.6. Letters 2.8 Registration, Transfer and Exchange 14 Section 2.9 Mutilated, Defaced, Destroyed, Lost and Stolen Securities 18 Section 2.10 Cancellation of Credit 28 Securities 19 Section 2.7. Requesting Letters of Credit 29 2.11 Temporary Securities 20 Section 2.8. Reimbursement 30 2.12 Global Securities 20 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 2.13 CUSIP Numbers 20 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 COVENANTS OF THE ISSUER 21 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory 3.1 Payment of Deficiencies 38 Principal, Premium, Interest and Additional Amounts 21 Section 4.33.2 Offices for Payments, Etc. Mandatory Payments21 Section 3.3 Money for Security Payments to be Held in Trust; Unclaimed Money 22 Section 3.4 Statements of Officers of Issuer as to Default; Notice of Default 23 Section 3.5 Existence 23 Section 3.6 Maintenance of Properties 23 Section 3.7 Payment on the Termination Date 39 of Taxes and Other Claims 23 Section 4.4. Mandatory Prepayment in Respect 3.8 Commission Reports 24 Section 3.9 Calculation of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Original Issue Discount 24

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1. Definitions 1 Section 1.2SECTION 1.01. Types of Loans and Borrowings 25 Section 1.3Defined Terms. Interpretive Provisions 25 1 SECTION 1.02. Terms Generally. 1 SECTION 1.03. Accounting Terms; GAAP. 2 ARTICLE II LOANS 26 Section 2.1Noteholder Obligation 2 SECTION 2.01. Loans 26 Section 2.2Obligation. Request 2 ARTICLE III The Notes 2 SECTION 3.01. General. 2 SECTION 3.02. Forms of Notes. 2 SECTION 3.03. Legends. 3 SECTION 3.04. Cancellation. 4 SECTION 3.05. Exchange of Definitive Notes for Global Notes. 5 SECTION 3.06. Scheduled Maturity Date. 5 SECTION 3.07. Noteholder Representations, Acknowledgements and Making Agreements. 5 SECTION 3.08. Transfer. 5 SECTION 3.09. Registration, Transfer and Exchange. 6 SECTION 3.10. Transfer or Exchange of Revolving LoansDefinitive Notes. 26 Section 2.37 SECTION 3.11. Deemed Request for Revolving Loans Fiscal Agent; Other Agents. 7 SECTION 3.12. Resignation, Removal and Appointment of Successor. 8 SECTION 3.13. Authentication. 10 SECTION 3.14. Accounts of the Issuer. 11 SECTION 3.15. Payment. 12 SECTION 3.16. Interest. 12 SECTION 3.17. Principal Repayment. 13 SECTION 3.18. Taxes. 15 SECTION 3.19. Conditions of Fiscal Agent’s Obligations. 16 SECTION 3.20. Meetings and Amendments. 18 Collateral Agent 20 SECTION 4.01. Appointment. 20 SECTION 4.02. Obligations. 20 SECTION 4.03. Agents. 21 SECTION 4.04. Resignation, Removal and Appointment of Successor 21 SECTION 4.05. Fees and Indemnity. 22 ARTICLE V Representations and Warranties 22 SECTION 5.01. Issuer’s Representations and Warranties. 22 SECTION 5.02. Holding Company’s Representations and Warranties. 25 SECTION 5.03. Parent’s Representations and Warranties. 27 Section 2.4SECTION 5.04. Protective Advances 27 Section 2.5. Interest ElectionsFiscal Agent’s Representations and Warranties. 28 Section 2.6SECTION 5.05. Letters Collateral Agent’s Representations and Warranties. 28 ARTICLE VI Covenants of Credit 28 Section 2.7the Issuer 29 SECTION 6.01. Requesting Letters Compliance with Laws. 29 SECTION 6.02. Existence. 29 SECTION 6.03. Business of Credit the Issuer. 29 Section 2.8SECTION 6.04. Reimbursement Transaction Documents. 29 SECTION 6.05. Dividends. 29 SECTION 6.06. Investments. 30 Section 2.9SECTION 6.07. No Duty Liens. 30 SECTION 6.08. Issuance of Securities. 30 SECTION 6.09. Subsidiaries. 30 SECTION 6.10. Indebtedness. 30 SECTION 6.11. Books and Records; Inspection Rights. 30 SECTION 6.12. Reporting Documents. 30 SECTION 6.13. Material Agreements, Expenses or Expenditures. 31 SECTION 6.14. Collections. 31 SECTION 6.15. Change in Payment Instructions to Inquire 30 Section 2.10Obligors. LC Collateral 31 Section 2.11SECTION 6.16. Third Party Beneficiary Redemption; Recapitalization. 31 SECTION 6.17. Constituent Documents. 31 SECTION 6.18. Consultation. 32 Section 2.12SECTION 6.19. Cross Guaranty Non-Consolidation. 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1SECTION 6.20. Interest 34 Section 3.2Ratings. Fees 34 Section 3.335 SECTION 6.21. Increased Costs Taxes. 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1SECTION 6.22. Security Interest Interest. 36 SECTION 6.23. Appointment of Independent Director. 36 SECTION 6.24. Insurance. 36 ARTICLE VII Covenants of the Holding Company 36 SECTION 7.01. Compliance with Laws. 36 SECTION 7.02. Existence. 36 SECTION 7.03. Business Interference. 36 SECTION 7.04. Obligations. 37 SECTION 7.05. Dividends. 37 SECTION 7.06. Issuer Constituent Documents. 37 SECTION 7.07. Business of the Holding Company. 37 SECTION 7.08. Liens. 37 SECTION 7.09. Issuance of Securities. 37 SECTION 7.10. Indebtedness. 37 SECTION 7.11. Redemption; Recapitalization. 37 SECTION 7.12. Constituent Documents. 37 SECTION 7.13. Non-Consolidation. 38 SECTION 7.14. Taxes. 40 SECTION 7.15. Security Interest. 40 SECTION 7.16. Appointment of Independent Manager. 40 SECTION 7.17. Tax Restructuring. 41 ARTICLE VIII Covenants of the Parent 41 SECTION 8.01. Business Interference. 41 SECTION 8.02. Obligations. 41 SECTION 8.03. Redemption; Recapitalization. 41 SECTION 8.04. Broker-Dealer Services Agreement. 41 SECTION 8.05. Dividends. 41 SECTION 8.06. Constituent Documents of the Issuer and the Holding Company. 41 SECTION 8.07. Collections. 42 SECTION 8.08. Tax Restructuring. 42 ARTICLE IX Conditions 42 SECTION 9.01. Conditions Precedent. 42 ARTICLE X Events of Default 43 SECTION 10.01. Events of Default 43 SECTION 10.02. Remedies Upon an Event of Default. 44 SECTION 10.03. Limitation of Suits. 45 SECTION 10.04. Control by Noteholders. 46 ARTICLE XI Miscellaneous 46 SECTION 11.01. Notices. 46 SECTION 11.02. Waivers; Amendments. 49 SECTION 11.03. Successors and Assigns. 49 SECTION 11.04. Indemnity. 49 SECTION 11.05. Assignment of Rights. 50 SECTION 11.06. Survival. 50 SECTION 11.07. Counterparts; Integration; Effectiveness. 50 SECTION 11.08. Severability. 50 SECTION 11.09. Governing Law; Jurisdiction; Consent to Service of Process. 51 SECTION 11.10. WAIVER OF JURY TRIAL. 51 SECTION 11.11. Headings. 51 SCHEDULES: Schedule I – Defined Terms Schedule II – Initial Noteholders and Original Issuance Amount Schedule III – Collection Banks and Collection Accounts Schedule IV – Insurance EXHIBITS: Exhibit A – Form of the Notes Exhibit B – Amortization Schedule Exhibit C – Cash Flow Projections Exhibit D – Optional Repayment Schedule Exhibit E – Reporting Documents Exhibit F – Form of Annual Budget Exhibit G-1 – Opinion of McGuireWoods LLP regarding corporate matters, enforceability and security interest matters Exhibit G-2 – Opinion of McGuireWoods LLP regarding non-consolidation Exhibit H – Transfer Certificate SENIOR NOTE PURCHASE AGREEMENT, dated as of July 13, 2012 (the “Closing Date”), by and among Philadelphia Financial Administration Services Company (the “Issuer”), RGA Worldwide Reinsurance Company, Ltd., (the “Noteholder” and, together with any other person purchasing the Notes, the “Noteholders”), Philadelphia Financial Administration Services Company, in its capacity as fiscal agent, (the “Fiscal Agent”), RGA Reinsurance Company (the “Collateral Agent”), PFASC Holdings, LLC (the “Holding Company”) (solely for purposes of Section 5.2. Perfection 5.02 and Protection Article VII of Lender’s Security Interest 41 this Agreement) and Philadelphia Financial Group, Inc. (the “Parent”) (solely for purposes of Section 5.3. Collateral Proceeds Management 415.03, Article VIII and Section 11.05 of this Agreement).

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1(continued) 6.9. Definitions 1 Section 1.2. Types Repurchases and Exchanges of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9REIT Shares 21 6.10. No Duty Duplication of Fees or Expenses 21 ARTICLE 7 CHANGES IN GENERAL PARTNER 21 7.1. Transfer of the General Partner’s Partnership Interest 21 7.2. Admission of a Substitute or Additional General Partner 22 7.3. Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner 23 7.4. Removal of a General Partner 23 ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 24 8.1. Management of the Partnership 24 8.2. Power of Attorney 24 8.3. Limitation on Liability of Limited Partners 24 8.4. Ownership by Limited Partner of Corporate General Partner or Affiliate 24 8.5. Redemption Right 24 8.6. Required Redemption of Limited Partners 25 8.7. Registration Rights 26 ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 26 9.1. Purchase for Investment 26 9.2. Restrictions on Transfer of Limited Partnership Interests 26 9.3. Admission of Substitute Limited Partner 27 9.4. Rights of Assignees of Partnership Interests 28 9.5. Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner 28 9.6. Joint Ownership of Interests 28 ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 28 10.1. Books and Records 28 10.2. Custody of Partnership Funds; Bank Accounts 28 10.3. Fiscal and Taxable Year 28 10.4. Annual Tax Information and Report 28 10.5. Partnership Representative; Tax Elections; Special Basis Adjustments 29 10.6. Reports to Inquire Limited Partners 29 ARTICLE 11 AMENDMENT OF AGREEMENT; MERGER 29 ARTICLE 12 GENERAL PROVISIONS 29 12.1. Notices 29 12.2. Survival of Rights 29 12.3. Additional Documents 30 Section 2.1012.4. LC Collateral 31 Section 2.11Severability 30 12.5. Third Party Beneficiary 32 Section 2.12Entire Agreement 30 12.6. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1Pronouns and Plurals 30 12.7. Interest 34 Section 3.2Headings 30 12.8. Fees 34 Section 3.3Counterparts 30 12.9. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Governing Law 30 ACTIVE\193981801.8

TABLE OF CONTENTS. ARTICLE I DEFINITIONS Clause Page Clause 1 Section 1.1: Definitions 3 Clause 2 : Purposes of the Agreement 12 Clause 3 : Purchase Dates and Conditions Precedent 13 Clause 4 : Terms and Conditions governing purchases 15 Clause 5 : Consequences of the purchase 16 Clause 6 : Determination of the Purchase Price 17 Clause 7 : The Initial Purchase Price and Global Initial Purchase Price 18 Clause 8 : The Global Deferred Purchase Price 18 Clause 9 : Appointment of a Servicer 18 Clause 10 : Fees 19 Clause 11 : Waterfall 19 Clause 12 : Payments 20 Clause 13 : Intermediate closing of the Current Account 23 Clause 14 : Tax Gross-Up 24 Clause 15 : Representations and Warranties 25 Clause 16 : Undertakings 27 Clause 17 : Acceleration of the Transfer Dates 30 Clause 18 : Termination 31 Clause 19 : Exclusive rights 35 Clause 20 : Confidentiality 35 Clause 21 : Indemnity 36 Clause 22 : Recourses 38 Clause 23 : Survival of Clauses 39 Clause 24 : Repurchase Option 39 Clause 25 : Sale by the Purchaser of the Global Portfolio 40 Clause 26 : Compensation 40 Clause 27 : Solidarity between the Portfolio and the Italian Portfolio 40 Clause 28 : Communications 41 Clause 29 : Absence of Revocation 42 Clause 30 : Amendments 42 Clause 31 : Law and jurisdiction 43 Enclosure 1. Definitions Eligibility Criteria 45 2. Template 50 3. Transaction Administrator Report 51 4. Part 1 Section 1.2Calculation of the Purchase Price 52 Part 2 Calculation specifics and applied parameters for the calculation of the purchase price 60 5. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters Description of Credit and Collection Policies of the Seller 62 6. Charges and other costs 63 7. Compliance Certificate 65 8. Spanish Notarisation Procedure 66 9. French Receivables Transfer Procedure 71 10. French Receivables Retransfer Procedure 75 11. Form of Notice of Transfer for Purchased Receivables other than French Receivables 77 THIS AGREEMENT is dated 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTERESTOctober 2004 and has been amended and restated by an Amendment and Restatement Agreement dated 28 October 2005, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Between:

TABLE OF CONTENTS. Page ARTICLE I DEFINITIONS 1 Section 1.1. Definitions 1 Section 1.2SECTION 1.01. Types of Loans and Borrowings 25 Section 1.3Defined Terms 1 SECTION 1.02. Interpretive Provisions Terms Generally 25 ARTICLE II LOANS The Credits 26 Section 2.1SECTION 2.01. Commitments 26 SECTION 2.02. Revolving Loans 26 Section 2.2SECTION 2.03. Request for and Making Borrowing Procedures 27 SECTION 2.04. Evidence of Revolving LoansDebt; Repayment of Loans 28 SECTION 2.05. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5Fees 29 SECTION 2.06. Interest Electionson Loans 29 SECTION 2.07. 28 Section 2.6Default Interest 30 SECTION 2.08. Letters [Reserved] 30 SECTION 2.09. Termination and Reduction of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement Commitments 30 Section 2.9. No Duty to Inquire 30 Section SECTION 2.10. LC Collateral 31 Section Conversion and Continuation of Borrowings 30 SECTION 2.11. Third Party Beneficiary 32 Section [Reserved] 31 SECTION 2.12. Cross Guaranty Optional Prepayment 31 SECTION 2.13. Mandatory Prepayments 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS SECTION 2.14. Reserve Requirements; Change in Circumstances 33 SECTION 2.15. [Reserved] 34 Section 3.1SECTION 2.16. Interest Indemnity 34 Section 3.2SECTION 2.17. Fees Pro Rata Treatment 34 Section 3.3SECTION 2.18. Increased Costs Sharing of Setoffs 35 Section 3.4SECTION 2.19. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.635 SECTION 2.20. Taxes 36 Section 3.7SECTION 2.21. Maximum InterestAssignment of Commitments Under Certain Circumstances; Controlling Limitation 37 Duty to Mitigate 40 ARTICLE III Representations and Warranties 41 SECTION 3.01. Organization; Powers 41 SECTION 3.02. Authorization 41 SECTION 3.03. Enforceability 41 SECTION 3.04. Governmental Approvals 42 SECTION 3.05. Financial Statements 42 SECTION 3.06. No Material Adverse Change 42 SECTION 3.07. Title to Properties; Possession Under Leases 42 SECTION 3.08. Subsidiaries 42 SECTION 3.09. Litigation; Compliance with Laws 42 SECTION 3.10. Agreements 43 SECTION 3.11. Federal Reserve Regulations 43 Page SECTION 3.12. Investment Company Act 43 SECTION 3.13. Use of Proceeds 43 SECTION 3.14. Tax Returns 43 SECTION 3.15. No Material Misstatements 44 SECTION 3.16. Employee Benefit Plans 44 SECTION 3.17. Environmental Matters 44 SECTION 3.18. Insurance 44 SECTION 3.19. Security Documents 44 SECTION 3.20. Location of Real Property and Leased Premises 45 SECTION 3.21. [Accuracy of disclosure regarding Collateral Vessels as of the Closing Date] 45 SECTION 3.22. Labor Matters 45 SECTION 3.23. Solvency 45 SECTION 3.24. Sanctioned Persons 46 ARTICLE IV PAYMENT 38 Section 4.1Conditions of Lending 46 SECTION 4.01. Interest 38 Section 4.2All Credit Events 46 SECTION 4.02. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Closing Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 4146

TABLE OF CONTENTS. ​ ​ ​ ​ ​ ​ ​ Page ​ ​ ​ ​ ARTICLE I DEFINITIONS 1 ​ ​ ​ ​ ARTICLE II PURCHASE AND SALE 9 ​ ​ ​ ​ Section 1.1. Definitions 1 2.01 ​ Purchase and Sale 9 Section 1.2. Types 2.02 ​ Purchase Price 10 Section 2.03 ​ Closing 10 Section 2.04 ​ Transactions to be Effected at the Closing 10 Section 2.05 ​ Post-Closing Working Capital Adjustment 12 Section 2.06 ​ Withholding Taxes 13 ​ ​ ​ ​ ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER 13 ​ ​ ​ ​ Section 3.01 ​ Authority of Loans Seller 14 Section 3.02 ​ Organization, Authority and Borrowings Qualification of the Company 14 Section 3.03 ​ Capitalization 14 Section 3.04 ​ No Subsidiaries 15 Section 3.05 ​ No Conflicts; Consents 15 Section 3.06 ​ Financial Statements 15 Section 3.07 ​ Undisclosed Liabilities 15 Section 3.08 ​ Absence of Certain Changes, Events, and Conditions 16 Section 3.09 ​ Material Contracts 16 Section 3.10 ​ Title to Assets; Real Property 18 Section 3.11 ​ [Reserved.] 18 Section 3.12 ​ Intellectual Property 18 Section 3.13 ​ Inventory 19 Section 3.14 ​ Accounts Receivable 19 Section 3.15 ​ Customers and Suppliers 19 Section 3.16 ​ Insurance 20 Section 3.17 ​ Legal Proceedings; Governmental Orders 20 Section 3.18 ​ Compliance with Laws; Permits 20 Section 3.19 ​ Environmental Matters 20 Section 3.20 ​ Employee Benefit Matters 21 Section 3.21 ​ Employment Matters 22 Section 3.22 ​ Taxes 22 Section 3.23 ​ Books and Records 23 Section 3.24 ​ Investment Representations 23 Section 3.25 ​ Brokers 24 Section 3.26 ​ Full Disclosure 24 ​ ​ ​ ​ ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER 25 ​ ​ ​ ​ Section 4.01 ​ Organization and Authority of Buyer 25 Section 1.3. Interpretive Provisions 4.02 ​ No Conflicts; Consents 25 Section 4.03 ​ Investment Purpose 25 ​ ​ ​ ​ ​ ​ ​ ​ Section 4.04 ​ Valid Issuance 25 Section 4.05 ​ Brokers 25 Section 4.06 ​ Legal Proceedings 26 ​ ​ ARTICLE II LOANS V COVENANTS 26 ​ ​ ​ ​ Section 5.02 ​ Confidentiality 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 5.03 ​ Public Announcements 27 Section 2.4. Protective Advances 5.03 ​ Books and Records 27 Section 2.5. Interest Elections. 5.04 ​ Further Assurances 27 Section 5.05 ​ Non-Competition; Confidentiality 27 Section 5.06 ​ Issuance of New Shares 28 Section 2.6. Letters of Credit 28 5.07 ​ PPP Loan 29 ​ ​ ​ ​ ARTICLE VI INDEMNIFICATION 29 ​ ​ ​ ​ Section 2.7. Requesting Letters of Credit 6.01 ​ Survival Period 29 Section 2.8. Reimbursement 6.02 ​ Indemnification by Seller 29 Section 6.03 ​ Indemnification by Buyer 30 Section 2.9. No Duty to Inquire 6.04 ​ Limitations on Indemnification 30 Section 2.10. LC Collateral 6.05 ​ Indemnification Claims 31 Section 2.11. Third 6.06 ​ Defense of Third-Party Beneficiary Claims 32 ​ ​ ​ ​ ARTICLE VII MISCELLANEOUS 33 ​ ​ ​ ​ Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 7.01 ​ Expenses 33 Section 7.02 ​ Headings 33 Section 7.03 ​ Entire Agreement 34 Section 3.1. Interest 7.04 ​ Successors and Assigns 34 Section 3.2. Fees 7.05 ​ Severability 34 Section 3.3. Increased Costs 7.06 ​ Amendment 34 Section 7.07 ​ Notices 34 Section 7.08 ​ Counterparts 35 Section 3.4. Illegality 7.09 ​ Third-Party Rights 35 Section 7.10 ​ Exhibits and Schedules 35 Section 7.11 ​ Governing Law 35 Section 7.12 ​ Dispute Resolution 35 Section 7.13 ​ WAIVER OF JURY TRIAL 36 Section 3.57.14 ​ Specific Performance 37 ​ ​ ​ ​ MEMBERSHIP INTEREST PURCHASE AGREEMENT ​ THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”), effective as of August 30, 2021 (the “Effective Date”), is entered into by and between Xxxxx Xxxxxxx, an individual (“Seller”), and Digital Brands Group, Inc., a Delaware corporation (“Buyer”). Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on Seller and Buyer are sometimes collectively referred to herein as the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection “Parties” and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41individually as a “Party.” ​

TABLE OF CONTENTS. ARTICLE I DEFINITIONS Page Article 1. Definitions; Rules of Construction 1 Section 1.11.01. Definitions 1 Section 1.21.02. Types Other Definitions 15 Section 1.03. Rules of Loans Construction 16 Article 2. The Notes 17 Section 2.01. Form, Dating and Borrowings 25 Denominations 17 Section 1.32.02. Interpretive Provisions 25 ARTICLE II LOANS 26 Execution, Authentication and Delivery 17 Section 2.12.03. Loans 26 Initial Notes and Additional Notes 18 Section 2.22.04. Request for Method of Payment 18 Section 2.05. Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day 19 Section 2.06. Registrar, Paying Agent and Making of Revolving LoansConversion Agent 20 Section 2.07. 26 Paying Agent and Conversion Agent to Hold Property in Trust 20 Section 2.32.08. Deemed Request for Revolving Loans 27 Holder Lists 21 Section 2.42.09. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Legends 21 Section 2.10. LC Collateral 31 Transfers and Exchanges; Certain Transfer Restrictions 22 Section 2.11. Third Party Beneficiary 32 Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption 26 Section 2.12. Cross Guaranty Removal of Transfer Restrictions 27 Section 2.13. Replacement Notes 28 Section 2.14. Registered Holders; Certain Rights with Respect to Global Notes 28 Section 2.15. Cancellation 28 Section 2.16. Notes Held by the Company or its Affiliates 29 Section 2.17. Temporary Notes 29 Section 2.18. Outstanding Notes 29 Section 2.19. Repurchases by the Company 30 Section 2.20. CUSIP and ISIN Numbers 30 Article 3. Covenants 31 Section 3.01. Payment on Notes 31 Section 3.02. Exchange Act Reports 31 Section 3.03. Rule 144A Information 31 Section 3.04. Additional Interest 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.13.05. Interest 34 Additional Amounts 32 Section 3.23.06. Fees 34 Section 3.3. Increased Costs Compliance and Default Certificates 35 Section 3.43.07. Illegality Stay, Extension and Usury Laws 35 Section 3.08. Corporate Existence 36 Section 3.53.09. Break Funding Payments Acquisition of Notes by the Company and its Affiliates 36 Section 3.63.10. Taxes Further Instruments and Acts 36 Section 3.73.11. Maximum Interest; Controlling Limitation Supplemental Interest 36 Section 3.12. Covenant relating to Certain Events During the Note Valuation Period 37 ARTICLE IV PAYMENT 38 Article 4. Repurchase and Redemption 37 Section 4.14.01. Interest 38 No Sinking Fund 37 Section 4.24.02. Prepayment; Mandatory Payment Right of Deficiencies 38 Holders to Require the Company to Repurchase Notes upon a Fundamental Change 37 Section 4.34.03. Right of the Company to Redeem the Notes 41 Section 4.04. Mandatory Payments; Redemption 46 Article 5. Conversion 47 Section 5.01. Right to Convert 47 Section 5.02. Conversion Procedures 51 Section 5.03. Settlement upon Conversion 53 Section 5.04. Reserve and Status of Ordinary Shares Issued upon Conversion 56 Section 5.05. Adjustments to the Conversion Rate 56 Section 5.06. Voluntary Adjustments 67 Section 5.07. Adjustments to the Conversion Rate in Connection with a Make-Whole Event 67 Section 5.08. Exchange in Lieu of Conversion 69 Section 5.09. Effect of Ordinary Share Change Event 70 Section 5.10. Notice of the Commencement of the Note Valuation Period 72 Section 5.11. Notice of the Convertibility Commencement Date, Initial Make-Whole Table and Related Information 72 Article 6. Successors 72 Section 6.01. When the Company May Merge, Etc. 72 Section 6.02. Successor Corporation Substituted 73 Section 6.03. Transactions to Effect Maxeon Spin-Off 73 Article 7. Defaults and Remedies 73 Section 7.01. Events of Default 73 Section 7.02. Acceleration 75 Section 7.03. Sole Remedy for a Failure to Report 76 Section 7.04. Other Remedies 77 Section 7.05. Waiver of Past Defaults 77 Section 7.06. Control by Majority 78 Section 7.07. Limitation on Suits 78 Section 7.08. Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment on and Conversion Consideration 78 Section 7.09. Collection Suit by Trustee 79 Section 7.10. Trustee May File Proofs of Claim 79 Section 7.11. Priorities 79 Section 7.12. Undertaking for Costs 80 Article 8. Amendments, Supplements and Waivers 80 Section 8.01. Without the Termination Date 39 Consent of Holders 80 Section 4.48.02. Mandatory Prepayment in Respect With the Consent of Certain Events 39 Holders 81 Section 4.58.03. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection Notice of Amendments, Supplements and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Waivers 82

TABLE OF CONTENTS. ARTICLE I I. DEFINITIONS 1 Section SECTION 1.1. Definitions Capitalized Terms 1 Section SECTION 1.2. Types Other Definitional Provisions 5 ARTICLE II. ORGANIZATION 5 SECTION 2.1. Name 5 SECTION 2.2. Office 5 SECTION 2.3. Purposes and Powers 6 SECTION 2.4. Appointment of Loans Owner Trustee 7 SECTION 2.5. Initial Capital Contribution of Trust Estate 7 SECTION 2.6. Declaration of Trust 7 SECTION 2.7. Title to Trust Property 7 SECTION 2.8. Situs of Trust 8 SECTION 2.9. Representations and Borrowings 25 Section 1.3Warranties of the Depositor 8 SECTION 2.10. Interpretive Provisions Covenants of the Certificateholder[s] 9 SECTION 2.11. Federal Income Tax Treatment of the Trust 9 ARTICLE III. CERTIFICATE AND TRANSFER OF INTEREST 11 SECTION 3.1. Initial Ownership 11 SECTION 3.2. The Certificate[s] 11 SECTION 3.3. Authentication of Certificate 12 SECTION 3.4. Registration of Transfer and Exchange of Certificate[s] 12 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates 14 SECTION 3.6. Persons Deemed Certificateholders 14 SECTION 3.7. Maintenance of Office or Agency 14 SECTION 3.8. [Disposition in Whole But Not in Part 15 SECTION 3.9. ERISA Restrictions 18 SECTION 3.10. Appointment of Certificate Paying Agent 18 ARTICLE IV. VOTING RIGHTS AND OTHER ACTIONS 23 SECTION 4.1. Prior Notice to Holder with Respect to Certain Matters 23 SECTION 4.2. Action by Certificateholder[s] with Respect to Certain Matters 24 SECTION 4.3. Restrictions on Certificateholder’s Power 24 SECTION 4.4. [Reserved] 24 SECTION 4.5. Action with Respect to Bankruptcy Action 24 SECTION 4.6. Covenants and Restrictions on Conduct of Business 25 ARTICLE II LOANS 26 Section 2.1V. AUTHORITY AND DUTIES OF OWNER TRUSTEE 27 SECTION 5.1. Loans 26 Section 2.2General Authority 27 SECTION 5.2. Request for and Making of Revolving LoansGeneral Duties 27 SECTION 5.3. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. Action upon Instruction 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9SECTION 5.4. No Duty Duties Except as Specified in this Agreement or in Instructions 29 SECTION 5.5. No Action Except under Specified Documents or Instructions 29 SECTION 5.6. Restrictions 29 SECTION 5.7. Covenants for Reporting of Repurchase Demands due to Inquire Breaches of Representations and Warranties 30 Section 2.10ARTICLE VI. LC Collateral 31 Section 2.11CONCERNING THE OWNER TRUSTEE 30 SECTION 6.1. Third Party Beneficiary Acceptance of Trust and Duties 30 SECTION 6.2. Furnishing of Documents 32 Section 2.12SECTION 6.3. Cross Guaranty Representations and Warranties 32 SECTION 6.4. Reliance; Advice of Counsel 33 SECTION 6.5. Not Acting in Individual Capacity 34 SECTION 6.6. Owner Trustee Not Liable for Certificate[s] or Receivables 34 SECTION 6.7. Owner Trustee May Own Notes 34 SECTION 6.8. Payments from Owner Trust Estate 35 SECTION 6.9. Doing Business in Other Jurisdictions 35 SECTION 6.10. FATCA Information 35 SECTION 6.11. Financial Crimes Enforcement Network’s Customer Due Diligence 35 SECTION 6.12. Beneficial Ownership and Control of the Trust 36 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1VII. Interest 34 Section 3.2COMPENSATION OF OWNER TRUSTEE 36 SECTION 7.1. Owner Trustee’s Fees 34 Section 3.3and Expenses 36 SECTION 7.2. Increased Costs 35 Section 3.4Indemnification 37 SECTION 7.3. Illegality 36 Section 3.5Payments to the Owner Trustee 37 SECTION 7.4. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation Non-recourse Obligations 37 ARTICLE IV PAYMENT 38 Section 4.1VIII. Interest 38 Section 4.2TERMINATION OF TRUST AGREEMENT 37 SECTION 8.1. PrepaymentTermination of Trust Agreement 37 ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 39 SECTION 9.1. Eligibility Requirements for Owner Trustee 39 SECTION 9.2. Resignation or Removal of Owner Trustee 39 SECTION 9.3. Successor Owner Trustee 40 SECTION 9.4. Merger or Consolidation of Owner Trustee 40 SECTION 9.5. Appointment of Co-Trustee or Separate Trustee 41 ARTICLE X. MISCELLANEOUS 42 SECTION 10.1. Supplements and Amendments 42 SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder[s] 43 SECTION 10.3. Limitations on Rights of Others 43 SECTION 10.4. Notices 43 SECTION 10.5. Severability 44 SECTION 10.6. Counterparts and Consent to Do Business Electronically 44 SECTION 10.7. Assignments 44 SECTION 10.8. No Recourse 44 SECTION 10.9. Headings 45 SECTION 10.10. Force Majeure 45 SECTION 10.11. GOVERNING LAW 45 SECTION 10.12. Servicer 45 SECTION 10.13. Nonpetition Covenants 46 SECTION 10.14. [Third-Party Beneficiary] 46 SECTION 10.15. Regulation AB 46 ARTICLE XI. APPLICATION OF TRUST FUNDS; Mandatory Payment CERTAIN DUTIES 47 SECTION 11.1. Establishment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7Trust Accounts 47 SECTION 11.2. Application 40 Section 4.8of Trust Funds 47 SECTION 11.3. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection Method of Payment 48 EXHIBITS Exhibit A Form of Certificate Exhibit B Form of Certificate of Trust Exhibit C Form of Notice of Repurchase Request This AMENDED AND RESTATED TRUST AGREEMENT, dated as of , 20 , between AFS SENSUB CORP., a Nevada corporation, as depositor (the “Seller”), and Protection [OWNER TRUSTEE], a [entity type], as Owner Trustee, amends and restates in its entirety that certain Trust Agreement, dated as of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41, 20 , between the Seller and the Owner Trustee (the “Initial Trust Agreement”).

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Definitions And Other Provisions Of General Application 1 Section 1.11.01. Definitions 1 Section 1.21.02. Types Other Definitions 23 Section 1.03. Rules of Loans Construction 23 Section 1.04. Incorporation by Reference of TIA 24 Section 1.05. Conflict with TIA 24 Section 1.06. Compliance Certificates and Borrowings Opinions 24 Section 1.07. Form of Documents Delivered to Trustee 25 Section 1.31.08. Interpretive Provisions Acts of Noteholders; Record Dates 25 ARTICLE II LOANS 26 Section 2.11.09. Loans 26 Section 2.2. Request for Notices, Etc., to Trustee and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans Company 27 Section 2.41.10. Protective Advances Notices to Holders; Waivers 27 Section 2.51.11. Interest ElectionsEffect of Headings and Table of Contents 27 Section 1.12. Successors and Assigns 27 Section 1.13. Severability Clause 27 Section 1.14. Benefits of Indenture 28 Section 2.61.15. Letters of Credit Governing Law 28 Section 2.71.16. Requesting Letters Legal Holidays 28 Section 1.17. No Personal Liability of Credit Directors, Officers, Employees, Incorporators and Stockholders 28 Section 1.18. Exhibits and Schedules 28 Section 1.19. Counterparts 28 ARTICLE 2 Note Forms 28 Section 2.01. Forms Generally 28 Section 2.02. Form of Trustee’s Certificate of Authentication 29 ARTICLE 3 The Notes 29 Section 2.83.01. Reimbursement Title and Terms 29 Section 3.02. Denominations 30 Section 2.93.03. No Duty to Inquire Execution, Authentication and Delivery and Dating 30 Section 2.103.04. LC Collateral Temporary Notes 31 Section 2.113.05. Third Party Beneficiary Registration, Registration of Transfer and Exchange 31 Section 3.06. Mutilated, Destroyed, Lost and Stolen Notes 31 Section 3.07. Payment of Interest Rights Preserved 32 Section 2.123.08. Cross Guaranty 32 Persons Deemed Owners 33 Section 3.09. Cancellation 33 Section 3.10. Computation of Interest 33 Section 3.11. [Reserved] 33 Section 3.12. CUSIP Numbers 33 Section 3.13. Book-entry Provisions for Global Notes 33 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 4 Covenants 34 Section 3.14.01. Payment of Principal, Premium and Interest 34 Section 3.24.02. Fees Maintenance of Office or Agency 34 Section 3.34.03. Increased Costs Money for Payments to Be Held in Trust 35 Section 3.44.04. Illegality SEC Reports 35 Section 4.05. Certificates to Trustee 36 Section 3.54.06. Break Funding Payments Limitation on Indebtedness 36 Section 3.64.07. Taxes 36 Limitation on Restricted Payments 40 Section 3.74.08. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 on Dividend and other Payment Restrictions Affecting Restricted Subsidiaries and Joint Ventures 44 Section 4.14.09. Interest 38 Limitation on Sales of Assets 47 Section 4.24.10. Prepayment; Mandatory Limitation on Affiliate Transactions 49 Section 4.11. Limitation on Liens 50 Section 4.12. [Reserved.] 51 Section 4.13. [Reserved.] 51 Section 4.14. Repurchase of Notes upon a Change in Control 51 Section 4.15. Limitation on Sale and Leaseback Transactions 51 Section 4.16. Limitation on Line of Business 52 Section 4.17. Limitation on Accounts Receivable Facilities 52 Section 4.18. Limited Applicability of Covenants when Notes are Rated Investment-Grade 52 Section 4.19. Existence 52 Section 4.20. Payment of Deficiencies 38 Taxes and Other Claims 52 Section 4.34.21. Mandatory PaymentsMaintenance of Properties and insurance 52 Section 4.22. Limitation on Issuance of Guarantees by Restricted Subsidiaries 52 Section 4.23. Payments for Consents 53 ARTICLE 5 Consolidation, Merger or Sale of Assets 53 Section 5.01. Consolidation, Merger or Sale of Assets by the Company 53 Section 5.02. Successor Company Substituted 54 Section 5.03. Consolidation, Merger or Sale of Assets by a Subsidiary Guarantor 55 Section 5.04. Opinion of Counsel to Trustee 55 ARTICLE 6 Remedies 55 Section 6.01. Events of Default 55 Section 6.02. Acceleration 56 Section 6.03. Other Remedies 56 Section 6.04. Waiver of Past Defaults 57 Section 6.05. Control by Majority 57 Section 6.06. Limitation on Suits 57 Section 6.07. Rights of Holders to Receive Payment 57 Section 6.08. Collection Suit by Trustee 57 Section 6.09. Trustee May File Proofs of Claim 58 Section 6.10. Priorities 58 Section 6.11. Undertaking for Costs 58 Section 6.12. Restoration of Rights and Remedies 58 Section 6.13. Rights and Remedies Cumulative 58 Section 6.14. Waiver of Stay, Extension or Usury Laws 59 ARTICLE 7 The Trustee 59 Section 7.01. Certain Duties and Responsibilities 59 Section 7.02. Notice of Defaults 60 Section 7.03. Certain Rights of Trustee 60 Section 7.04. Not Responsible for Recitals or Issuance of Notes 61 Section 7.05. Trustee’s Disclaimer 61 Section 7.06. May Hold Notes 61 Section 7.07. Money Held in Trust 61 Section 7.08. Compensation and Reimbursement 61 Section 7.09. Conflicting Interests 62 Section 7.10. Corporate Trustee Required; Payment Eligibility 62 Section 7.11. Resignation and Removal; Appointment of Successor 62 Section 7.12. Acceptance of Appointment by Successor 63 Section 7.13. Merger, Conversion, Consolidation or Succession to Business 63 Section 7.14. Preferential Collection of Claims Against the Company 64 Section 7.15. Appointment of Authenticating Agent 64 ARTICLE 8 Holders’ List and Reports by Trustee and the Company 64 Section 8.01. The Company to Furnish Trustee Names and Addresses of Holders; Stock Exchange Listing 64 Section 8.02. Preservation of Information; Communications to Holders 64 Section 8.03. Reports by Trustee 65 ARTICLE 9 Amendment, Supplement or Waiver 65 Section 9.01. Without Consent of the Holders 65 Section 9.02. With Consent of Holders 65 Section 9.03. Execution of Amendments, Supplements or Waivers 66 Section 9.04. Revocation and Effect of Consents 67 Section 9.05. Conformity with TIA 67 Section 9.06. Notation on the Termination or Exchange of Notes 67 ARTICLE 10 Redemption of Notes 67 Section 10.01. Right of Redemption 67 Section 10.02. Applicability of Article 68 Section 10.03. Election to Redeem; Notice to Trustee 68 Section 10.04. Selection by Trustee of Notes to Be Redeemed 68 Section 10.05. Notice of Redemption 69 Section 10.06. Deposit of Redemption Price 69 Section 10.07. Notes Payable on Redemption Date 39 69 Section 4.410.08. Mandatory Prepayment Notes Redeemed in Respect Part 70 ARTICLE 11 Satisfaction and Discharge 70 Section 11.01. Satisfaction and Discharge of Certain Events 39 Indenture 70 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.711.02. Application 40 of Trust Money 71 ARTICLE 12 Defeasance and Covenant Defeasance 71 Section 4.812.01. Option of the Company to Effect Defeasance or Covenant Defeasance 71 Section 12.02. Legal Defeasance and Discharge 71 Section 12.03. Covenant Defeasance 72 Section 12.04. Conditions to Legal or Covenant Defeasance 72 Section 12.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions 73 Section 12.06. Repayment to Company 73 Section 12.07. Reinstatement 40 74 ARTICLE 13 Subsidiary Guarantees 74 Section 4.913.01. Account Stated 40 ARTICLE V COLLATERAL 40 The Guarantees 74 Section 5.113.02. Security Interest 40 Guarantee Unconditional 74 Section 5.213.03. Perfection Discharge; Reinstatement 75 Section 13.04. Waiver by the Subsidiary Guarantors 75 Section 13.05. Subrogation and Protection Contribution 75 Section 13.06. Stay of Lender’s Security Interest 41 Acceleration 75 Section 5.313.07. Collateral Proceeds Management 41Limits of Guarantees 75 Section 13.08. Execution and Delivery of Note Guarantee 75 EXHIBIT A – Form of Note EXHIBIT B – Form of Supplemental Indenture INDENTURE, dated as of [ ] (as amended, supplemented or otherwise modified from time to time, the “Indenture”), among LYONDELL CHEMICAL COMPANY, a Delaware corporation (as further defined below, the “Company”), the Subsidiary Guarantors party hereto and THE BANK OF NEW YORK, a New York banking corporation, as trustee (the “Trustee”).

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.11. Certain Definitions 1 Section 1.22. Types Appointment of Loans Warrant Agent 6 Section 3. Issuance of Warrants; Warrant Certificates 6 3.1. Form and Borrowings 25 Dating 6 3.2. Execution 7 3.3. Warrant Registrar and Depositary 7 3.4. Holder Lists 8 3.5. Transfer and Exchange 8 3.6. Replacement Warrants 19 3.7. Temporary Warrants 19 3.8. Cancellation 19 Section 1.34. Interpretive Provisions 25 ARTICLE II LOANS Separation of Warrants; Exercise of Warrants; Terms of Warrants 20 Section 5. Payment of Taxes 21 Section 6. Reservation of Warrant Shares; Registration of Warrant Shares 22 Section 7. Obtaining Stock Exchange Listings 22 Section 8. Adjustment of Exercise Price and Number of Warrant Shares Issuable 22 Section 9. Fractional Interests 26 Section 2.110. Loans Piggy-Back Registration 26 Section 2.211. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. Registration Procedures 28 Section 2.612. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty Notices to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS Warrant Holders 34 Section 3.113. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs Merger, Consolidation or Change of Name of Warrant Agent 35 Section 3.414. Illegality Warrant Agent 36 Section 3.515. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment Change of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date Warrant Agent 39 Section 4.416. Mandatory Prepayment in Respect of Certain Events Reports 39 Section 4.517. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application CUSIP Numbers 40 Section 4.818. Reinstatement Notices to Company and Warrant Agent 40 Section 4.919. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection Supplements and Protection of Lender’s Security Interest Amendments 41 Section 5.320. Collateral Proceeds Management 41Successors 41 Section 21. Termination 41 Section 22. Governing Law 42 Section 23. Benefits of This Agreement 42 Section 24. Counterparts 42 i This WARRANT AGREEMENT, dated as of December 30, 2005 (this “Agreement”), is made by and between IDLEAIRE TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”), and WXXXX FARGO BANK, NATIONAL ASSOCIATION, as warrant agent (in such capacity, the “Warrant Agent”).

TABLE OF CONTENTS. ARTICLE I I. DEFINITIONS 1 Section SECTION 1.1. Definitions 1 Section 1.2ARTICLE II. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section TRUST INDENTURE ACT 4 SECTION 2.1. Loans 26 Section Trust Indenture Act; Application 4 SECTION 2.2. Request for and Making List of Revolving Loans. 26 Section Holders 4 SECTION 2.3. Deemed Request for Revolving Loans 27 Section Reports by the Guarantee Trustee 5 SECTION 2.4. Protective Advances 27 Section Periodic Reports to the Guarantee Trustee 5 SECTION 2.5. Interest Elections. 28 Section Evidence of Compliance with Conditions Precedent 5 SECTION 2.6. Letters Events of Credit 28 Section Default; Waiver 5 SECTION 2.7. Requesting Letters Event of Credit 29 Section Default; Notice 6 SECTION 2.8. Reimbursement 30 Section 2.9Conflicting Interests 6 ARTICLE III. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTERESTPOWERS, FEES, REIMBURSEMENTS 34 Section DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 6 SECTION 3.1. Interest 34 Section Powers and Duties of the Guarantee Trustee 6 SECTION 3.2. Fees 34 Section Certain Rights of Guarantee Trustee 7 SECTION 3.3. Increased Costs 35 Section Indemnity 9 SECTION 3.4. Illegality 36 Section 3.5Expenses 9 ARTICLE IV. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section GUARANTEE TRUSTEE 9 SECTION 4.1. Interest 38 Section Guarantee Trustee; Eligibility 9 SECTION 4.2. PrepaymentAppointment, Removal and Resignation of the Guarantee Trustee 10 ARTICLE V. GUARANTEE 11 SECTION 5.1. Guarantee 11 SECTION 5.2. Waiver of Notice and Demand 11 SECTION 5.3. Obligations Not Affected 11 SECTION 5.4. Rights of Holders 12 SECTION 5.5. Guarantee of Payment 12 SECTION 5.6. Subrogation 12 SECTION 5.7. Independent Obligations 13 ARTICLE VI. COVENANTS AND SUBORDINATION 13 SECTION 6.1. Subordination 13 SECTION 6.2. Pari Passu Guarantees 13 ARTICLE VII. TERMINATION 13 SECTION 7.1. Termination 13 ARTICLE VIII. MISCELLANEOUS 14 SECTION 8.1. Successors and Assigns 14 SECTION 8.2. Amendments 14 SECTION 8.3. Notices 14 SECTION 8.4. Benefit 15 SECTION 8.5. Interpretation 16 SECTION 8.6. Governing Law 16 SECTION 8.7. Counterparts 16 GUARANTEE AGREEMENT THIS GUARANTEE AGREEMENT, dated as of September 30, 2005, is executed and delivered by CRESCENT BANKING COMPANY, a Georgia corporation (the “Guarantor”), having its principal office at 0 Xxxxxx Xxx, Xxxxxx, Xxxxxxx 00000, and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Capital Securities (as defined herein) of CRESCENT CAPITAL TRUST II, a Delaware statutory trust (the “Issuer Trust”). Pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”), dated of even date herewith, among Crescent Banking Company, as Depositor, Wilmington Trust Company, as Property Trustee (the “Property Trustee”), Wilmington Trust Company, as Delaware Trustee (the “Delaware Trustee”, and together with the Property Trustee, collectively, the “Issuer Trustees”), the Administrators named therein and the Holders from time to time of undivided beneficial interests in the assets of the Issuer Trust, the Issuer Trust is issuing up to $8,000,000 aggregate Liquidation Amount (as defined herein) of its Floating Rate Capital Securities (the “Capital Securities”), representing preferred undivided beneficial interests in the assets of the Issuer Trust and having the terms set forth in the Trust Agreement; Mandatory Payment The Capital Securities will be issued by the Issuer Trust and the proceeds thereof, together with the proceeds from the issuance of Deficiencies 38 Section 4.3. Mandatory Paymentsthe Issuer Trust’s Common Securities (the “Common Securities”), representing common undivided beneficial interests in the assets of the Issuer Trust of the Guarantor, will be used to purchase the Junior Subordinated Debentures due September 30, 2035 (the “Junior Subordinated Debentures”) of the Guarantor, which will be deposited with Wilmington Trust Company, as Property Trustee under the Trust Agreement, as trust assets; Payment and As an inducement to the Holders to purchase the Capital Securities, the Guarantor is willing to irrevocably and unconditionally agree, to the extent set forth herein, to pay to the Holders of the Capital Securities the Guarantee Payments (as defined herein) and to make certain other payments on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection terms and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41conditions set forth herein.

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Definitions And Other Provisions Of General Application 1 Section 1.11.01. Definitions 1 Section 1.21.02. Types Other Definitions 23 Section 1.03. Rules of Loans Construction 23 Section 1.04. Incorporation by Reference of TIA 24 Section 1.05. Conflict with TIA 24 Section 1.06. Compliance Certificates and Borrowings Opinions 24 Section 1.07. Form of Documents Delivered to Trustee 25 Section 1.31.08. Interpretive Provisions Acts of Noteholders; Record Dates 25 ARTICLE II LOANS 26 Section 2.11.09. Loans 26 Section 2.2. Request for Notices, Etc., to Trustee and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans Company 27 Section 2.41.10. Protective Advances Notices to Holders; Waivers 27 Section 2.51.11. Interest ElectionsEffect of Headings and Table of Contents 27 Section 1.12. Successors and Assigns 27 Section 1.13. Separability Clause 27 Section 1.14. Benefits of Indenture 28 Section 2.61.15. Letters of Credit Governing Law 28 Section 2.71.16. Requesting Letters Legal Holidays 28 Section 1.17. No Personal Liability of Credit Directors, Officers, Employees, Incorporators and Stockholders 28 Section 1.18. Exhibits and Schedules 28 Section 1.19. Counterparts 28 ARTICLE 2 Note Forms 28 Section 2.01. Forms Generally 28 Section 2.02. Form of Trustee’s Certificate of Authentication 29 Section 2.82.03. Reimbursement [Reserved] 29 ARTICLE 3 The Notes 29 Section 3.01. Title and Terms 29 Section 3.02. Denominations 30 Section 2.93.03. No Duty to Inquire Execution, Authentication and Delivery and Dating 30 Section 2.103.04. LC Collateral Temporary Notes 31 Section 2.113.05. Third Party Beneficiary Registration, Registration of Transfer and Exchange 31 Section 3.06. Mutilated, Destroyed, Lost and Stolen Notes 31 Section 3.07. Payment of Interest Rights Preserved 32 Section 2.123.08. Cross Guaranty 32 Persons Deemed Owners 33 Section 3.09. Cancellation 33 Section 3.10. Computation of Interest 33 Section 3.11. [Reserved] 33 Section 3.12. CUSIP Numbers 33 Section 3.13. Book-entry Provisions for Global Notes 33 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 4 Covenants 34 Section 3.14.01. Payment of Principal, Premium and Interest 34 Section 3.24.02. Fees 34 Section 3.3. Increased Costs Maintenance of Office or Agency 35 Section 3.44.03. Illegality Money for Payments to Be Held in Trust 35 Section 4.04. SEC Reports 36 Section 3.54.05. Break Funding Payments Certificates to Trustee 36 Section 3.64.06. Taxes Limitation on Indebtedness 36 Section 3.74.07. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 on Restricted Payments 40 Section 4.14.08. Interest 38 Limitation on Dividend and other Payment Restrictions Affecting Restricted Subsidiaries and Joint Ventures 44 Section 4.24.09. Prepayment; Mandatory Limitation on Sales of Assets 47 Section 4.10. Limitation on Affiliate Transactions 49 Section 4.11. Limitation on Liens 50 Section 4.12. [Reserved.] 50 Section 4.13. No Amendment to Subordination Provisions 50 Section 4.14. Repurchase of Notes upon a Change in Control 51 Section 4.15. Limitation on Sale and Leaseback Transactions 51 Section 4.16. Limitation on Line of Business 51 Section 4.17. Limitation on Accounts Receivable Facilities 51 Section 4.18. Limited Applicability of Covenants when Notes are Rated Investment-Grade 51 Section 4.19. Existence 52 Section 4.20. Payment of Deficiencies 38 Taxes and Other Claims 52 Section 4.34.21. Mandatory PaymentsMaintenance of Properties and Insurance 52 Section 4.22. Limitation on Issuance of Guarantees by Restricted Subsidiaries 52 Section 4.23. Payments for Consents 53 ARTICLE 5 Consolidation, Merger or Sale of Assets 53 Section 5.01. Consolidation, Merger or Sale of Assets by the Company 53 Section 5.02. Successor Company Substituted 54 Section 5.03. Consolidation, Merger or Sale of Assets by a Subsidiary Guarantor 54 Section 5.04. Opinion of Counsel to Trustee 55 ARTICLE 6 Remedies 55 Section 6.01. Events of Default 55 Section 6.02. Acceleration 56 Section 6.03. Other Remedies 56 Section 6.04. Waiver of Past Defaults 56 Section 6.05. Control by Majority 57 Section 6.06. Limitation on Suits 57 Section 6.07. Rights of Holders to Receive Payment 57 Section 6.08. Collection Suit by Trustee 57 Section 6.09. Trustee May File Proofs of Claim 57 Section 6.10. Priorities 58 Section 6.11. Undertaking for Costs 58 Section 6.12. Restoration of Rights and Remedies 58 Section 6.13. Rights and Remedies Cumulative 58 Section 6.14. Waiver of Stay, Extension or Usury Laws 58 ARTICLE 7 The Trustee 59 Section 7.01. Certain Duties and Responsibilities 59 Section 7.02. Notice of Defaults 59 Section 7.03. Certain Rights of Trustee 60 Section 7.04. Not Responsible for Recitals or Issuance of Notes 61 Section 7.05. Trustee’s Disclaimer 61 Section 7.06. May Hold Notes 61 Section 7.07. Money Held in Trust 61 Section 7.08. Compensation and Reimbursement 61 Section 7.09. Conflicting Interests 62 Section 7.10. Corporate Trustee Required; Payment Eligibility 62 Section 7.11. Resignation and Removal; Appointment of Successor 62 Section 7.12. Acceptance of Appointment by Successor 63 Section 7.13. Merger, Conversion, Consolidation or Succession to Business 63 Section 7.14. Preferential Collection of Claims Against the Company 63 Section 7.15. Appointment of Authenticating Agent 63 ARTICLE 8 Holders’ List and Reports by Trustee and the Company 64 Section 8.01. The Company to Furnish Trustee Names and Addresses of Holders; Stock Exchange Listing 64 Section 8.02. Preservation of Information; Communications to Holders 64 Section 8.03. Reports by Trustee 64 ARTICLE 9 Amendment, Supplement or Waiver 65 Section 9.01. Without Consent of the Holders 65 Section 9.02. With Consent of Holders 65 Section 9.03. Execution of Amendments, Supplements or Waivers 66 Section 9.04. Revocation and Effect of Consents 66 Section 9.05. Conformity with TIA 67 Section 9.06. Notation on the Termination or Exchange of Notes 67 ARTICLE 10 Redemption of Notes 67 Section 10.01. Right of Redemption 67 Section 10.02. Applicability of Article 68 Section 10.03. Election to Redeem; Notice to Trustee 68 Section 10.04. Selection by Trustee of Notes to Be Redeemed 68 Section 10.05. Notice of Redemption 68 Section 10.06. Deposit of Redemption Price 69 Section 10.07. Notes Payable on Redemption Date 39 69 Section 4.410.08. Mandatory Prepayment Notes Redeemed in Respect Part 70 ARTICLE 11 Satisfaction and Discharge 70 Section 11.01. Satisfaction and Discharge of Certain Events 39 Indenture 70 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.711.02. Application 40 of Trust Money 71 ARTICLE 12 Defeasance and Covenant Defeasance 71 Section 4.812.01. Option of the Company to Effect Defeasance or Covenant Defeasance 71 Section 12.02. Legal Defeasance and Discharge 71 Section 12.03. Covenant Defeasance 71 Section 12.04. Conditions to Legal or Covenant Defeasance 72 Section 12.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions 73 Section 12.06. Repayment to Company 73 Section 12.07. Reinstatement 40 73 ARTICLE 13 Subsidiary Guarantees 74 Section 4.913.01. Account Stated 40 ARTICLE V COLLATERAL 40 The Guarantees 74 Section 5.113.02. Security Interest 40 Guarantee Unconditional 74 Section 5.213.03. Perfection Discharge; Reinstatement 74 Section 13.04. Waiver by the Subsidiary Guarantors 74 Section 13.05. Subrogation and Protection Contribution 75 Section 13.06. Stay of Lender’s Security Interest 41 Acceleration 75 Section 5.313.07. Collateral Proceeds Management 41Limits of Guarantees 75 Section 13.08. Execution and Delivery of Note Guarantee 75 EXHIBIT A – Form of Note EXHIBIT B – Form of Supplemental Indenture INDENTURE, dated as of , 20 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), among LYONDELL CHEMICAL COMPANY, a Delaware corporation (as further defined below, the “Company”), the Subsidiary Guarantors party hereto and , a , as trustee (the “Trustee”).

TABLE OF CONTENTS. ARTICLE I DEFINITIONS Article I. Definitions and Interpretation 1 Section 1.1. 1.01 Definitions 1 Section 1.21.02 Interpretive Provisions. Types 3 Article II. Purchase and Sale 3 Section 2.01 Note Purchase. 3 Section 2.02 Deliverables and Actions at the Closing. 3 Article III. Conditions to the Closing 4 Section 3.01 Buyer’s Conditions to the Closing. 4 Section 3.02 Company’s Conditions to the Closing. 5 Article IV. Representations and Warranties of Loans the Company 5 Section 4.01 Authorization of Transactions. 5 Section 4.02 Capitalization; Valid Issuance. 6 Section 4.03 Corporate Records. 6 Section 4.04 Governmental Approvals; Non-contravention. 6 Section 4.05 Brokers. 6 Article V. Representations and Borrowings 25 Warranties of the Buyer 7 Section 1.35.01 Authorization of Transactions. Interpretive Provisions 25 ARTICLE II LOANS 26 7 Section 2.15.02 Governmental Approvals; Non-contravention. Loans 26 7 Section 2.25.03 Investment Representations. Request 7 Section 5.04 Brokers. 9 Article VI. Default and Termination 9 Section 6.01 Termination. 9 Section 6.02 Effect of Termination. 10 Article VII. Indemnification 10 Section 7.01 General Indemnification. 10 Section 7.02 Procedures for Indemnification. 10 Section 7.03 Payment. 12 Article VIII. Miscellaneous 12 Section 8.01 Further Assurances. 12 Section 8.02 Notices. 12 Section 8.03 Attorneys’ Fees. 13 Section 8.04 Amendments; No Waivers; Etc. 13 Section 8.05 No Consequential or Punitive Damages. 14 Section 8.06 Expenses. 14 Section 8.07 Successors and Making Assigns; Benefit. 14 Section 8.08 Third-Party Beneficiaries. 14 Section 8.09 Governing Law; Etc. 14 Section 8.10 Specific Performance. 15 Section 8.11 Survival. 15 Section 8.12 Trust Waiver. 15 Section 8.13 Severability. 15 Section 8.14 Entire Agreement. 15 Section 8.15 Counterparts. 15 Exhibit A Form of Revolving LoansConvertible Promissory Note Note Purchase Agreement This Note Purchase Agreement (together with all exhibits and schedules hereto, this “Agreement”) is entered into as of May 18, 2023 (the “Effective Date”), by and between Pono Capital Two, Inc., a Delaware corporation (the “Company”) and SBC Medical Group Holdings Incorporated, a Delaware corporation (“Buyer”). 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty The Company and Buyer may be collectively referred to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on herein as the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection “Parties” and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41individually as a “Party.”

TABLE OF CONTENTS. ARTICLE Page Article I DEFINITIONS Definitions and Other Provisions of General Application 1 Section 1.1. 1.1 Definitions 1 Section 1.2. Types of Loans 1.2 Compliance Certificates and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality Opinions 36 Section 3.51.3 Form of Documents Delivered to Trustee 37 Section 1.4 Acts of Holders; Record Dates 38 Section 1.5 Notices, Etc., to Trustee, Company and Subsidiary Guarantors 39 Section 1.6 Notice to Holders; Waiver 40 Section 1.7 Conflict with Trust Indenture Act 40 Section 1.8 Effect of Headings and Table of Contents 40 Section 1.9 Successors and Assigns 40 Section 1.10 Severability 41 Section 1.11 Benefits of Indenture 41 Section 1.12 Governing Law 41 Section 1.13 Legal Holidays 41 Section 1.14 Indenture May be Executed In Counterparts 41 Section 1.15 Waiver of Jury Trial 41 Article II The Securities 41 Section 2.1 Amount of Securities 41 Section 2.2 Amortization. Break Funding 43 Section 2.3 Fees 45 Section 2.4 Redemptions. 45 Section 2.5 [Reserved] 49 Section 2.6 [Reserved] 49 Section 2.7 Computation of Interest and Fees 49 Section 2.8 Pro Rata Treatment and Payments 36 50 Section 3.6. Taxes 36 2.9 [Reserved] 51 Section 3.7. Maximum 2.10 [Reserved] 52 Section 2.11 [Reserved] 52 Section 2.12 [Reserved] 52 Section 2.13 Indemnity 52 Section 2.14 [Reserved] 52 Section 2.15 Forms Generally 52 Section 2.16 Date and Denominations 54 Section 2.17 Execution, Authentication and Delivery 54 Section 2.18 Temporary Securities 55 Section 2.19 Registration, Registration of Transfer and Exchange 55 Section 2.20 Form of Certificate of Exchange 59 Section 2.21 Form of Certificate of Transfer 61 Section 2.22 Mutilated, Destroyed, Lost and Stolen Securities 62 Section 2.23 Payment of Interest; Controlling Limitation 37 ARTICLE Interest Rights Preserved 63 Section 2.24 Persons Deemed Owners 64 Section 2.25 Cancellation of Surrendered Securities 64 Section 2.26 Common Codes, ISINs and CUSIP numbers 64 Article III Representations and Warranties 64 Section 3.1 Financial Information 64 Section 3.2 No Material Adverse Change 65 Section 3.3 Existence and Power 65 Section 3.4 Compliance with Laws 65 Section 3.5 Organizational and Governmental Authorization; No Contravention 65 Section 3.6 All Consents Required 66 Section 3.7 Binding Effect 66 Section 3.8 Litigation 66 Section 3.9 Investment Company Act 66 Section 3.10 Margin Stock 67 Section 3.11 Compliance with ERISA 67 Section 3.12 Subsidiaries 67 Section 3.13 Ownership of Property; Liens 68 Section 3.14 Taxes 68 Section 3.15 Patents, Trademarks, Etc 68 Section 3.16 Insolvency 68 Section 3.17 Capital Stock 69 Section 3.18 Available Assets 69 Section 3.19 Labor Matters 70 Section 3.20 Full Disclosure 70 Section 3.21 No Default 70 Section 3.22 PATRIOT Act 70 Section 3.23 Security Documents 71 Section 3.24 Environmental Matters 71 Section 3.25 Certain Documents 72 Section 3.26 [Reserved] 72 Section 3.27 Debt Prepayments 73 Section 3.28 Restricted Payments 73 Article IV PAYMENT 38 Conditions to Closing 73 Article V Affirmative Covenants 77 Section 4.15.1 Reports and Other Information. Interest 38 77 Section 4.2. Prepayment5.2 Certificates; Mandatory Other Information 78 Section 5.3 Payment of Deficiencies 38 Taxes and Other Obligations 79 Section 4.35.4 Maintenance of Existence 79 Section 5.5 Maintenance of Property; Insurance 80 Section 5.6 Inspection of Property; Books and Records 80 Section 5.7 Notices 81 Section 5.8 Environmental Laws 82 Section 5.9 Financial Covenants 83 Section 5.10 Maintenance of Corporate Family Rating 83 Section 5.11 Compliance with Laws 83 Section 5.12 Additional Collateral, etc 84 Section 5.13 Portfolio Investments 85 Section 5.14 Managementsub 85 Section 5.15 Debt Investments 85 Section 5.16 Post-Closing Obligations. Mandatory Payments85 Section 5.17 Payment of Expenses and Taxes; Indemnification. 86 Section 5.18 Payment of Principal, Interest and Fees 87 Section 5.19 Maintenance of Office or Agency 87 Section 5.20 Money for Securities Payments to Be Held in Trust 88 Section 5.21 Statement by Officers as to Default 89 Section 5.22 Limits on the Termination Date 39 Disclosure of Reporting 89 Article VI Negative Covenants 89 Section 4.4. Mandatory Prepayment 6.1 Additional Debt 89 Section 6.2 Liens 91 Section 6.3 Consolidations, Mergers, and Sales of Assets 93 Section 6.4 Acquisitions; Portfolio Investments 95 Section 6.5 Other Investments 96 Section 6.6 Transactions with Affiliates 96 Section 6.7 Change in Respect Fiscal Year 96 Section 6.8 No Restrictive Agreement 97 Section 6.9 Restricted Payments 97 Section 6.10 Dissolution 98 Section 6.11 American Capital, LLC 98 Section 6.12 Payments and Modifications of Certain Debt Instruments 98 Section 6.13 Negative Pledge Clauses 100 Article VII Events 39 of Default 101 Section 4.5. Early Termination7.1 Events of Default 101 Section 7.2 Acceleration of Maturity; Prepayment Penalty 39 Rescission and Annulment 103 Section 4.6. General Payment Provisions 39 7.3 Collection of Debt and Proceedings for Enforcement by Trustee 104 Section 4.7. 7.4 Trustee May File Proofs of Claim 105 Section 7.5 Trustee May Enforce Claims Without Possession of Securities 105 Section 7.6 Application 40 of Money Collected 106 Section 4.8. Reinstatement 40 7.7 Limitation on Suits 106 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 7.8 Unconditional Right of Holders to Receive Principal, Interest and Fees 106 Section 5.1. Security Interest 40 7.9 Restoration of Rights and Remedies 107 Section 5.2. Perfection 7.10 Rights and Protection Remedies Cumulative 107 Section 7.11 Delay or Omission Not Waiver 107 Section 7.12 Control by Holders 107 Section 7.13 Waiver of Lender’s Security Interest 41 Past Defaults 107 Section 5.3. Collateral Proceeds Management 417.14 Undertaking for Costs 108 Section 7.15 Waiver of Usury, Stay or Extension Laws 108 Article VIII The Trustee 108 Section 8.1 Certain Duties and Responsibilities 108 Section 8.2 Notice of Defaults 109 Section 8.3 Certain Rights of Trustee 109

TABLE OF CONTENTS. ARTICLE I 1 CERTAIN DEFINITIONS 1 Section 1.1. Certain Definitions 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 2 JAC MEMBERSHIP CONTRIBUTION 10 Section 2.1. Loans 26 JAC Initial Capital Contribution. 10 Section 2.2. Request for JAC Additional Capital Contribution. 10 Section 2.3. Amendment and Making Restatement of Revolving LoansOperating Agreement. 10 Section 2.4. Issuance of Units. 10 Section 2.5. [reserved] 10 Section 2.6. The Closing. 10 Section 2.7. Deliveries at the Closing. 10 Section 2.8. Adjustments to Unit Ownership. 10 Section 2.9. Additional Units Subject to Earnout 13 Section 2.10. Payment of JAC Obligations 13 Section 2.11. Payment of Existing Members Expenses. 13 ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 13 Section 3.1. Organization and Qualification; Subsidiaries. 13 Section 3.2. Capitalization of the Group Companies. 14 Section 3.3. Authority 15 Section 3.4. [intentionally omitted] 15 Section 3.5. Consents and Approvals; No Violations 15 Section 3.6. Material Contracts. 15 Section 3.7. Absence of Changes 17 Section 3.8. Litigation. 17 Section 3.9. Compliance with Applicable Law 17 Section 3.10. Employee Benefit Plans. 17 Section 3.11. Environmental Matters. 18 Section 3.12. Intellectual Property. 19 Section 3.13. Labor Matters. 20 Section 3.14. Insurance. 20 Section 3.15. Tax Matters. 20 Section 3.16. Brokers 21 Section 3.17. Real and Personal Property. 21 Section 3.18. Transactions with Related Parties. 22 Section 3.19. Absence of Certain Payments. 22 Section 3.20. Customers and Suppliers. 22 Section 3.21. Company Information. 22 Section 3.22. State Takeover Statutes. 23 ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF EXISTING MEMBERS 23 Section 4.1. Authority. 23 Section 4.2. Consents and Approval; No Violations. 23 Section 4.3. Title to the Membership Interest; Ownership of Existing Member. 23 Section 4.4. Litigation. 24 Section 4.5. Brokers. 24 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF JAC 24 Section 5.1. Organization. 24 Section 5.2. Authority. 24 Section 5.3. Consents and Approvals; No Violations. 25 Section 5.4. Absence of Changes. 25 Section 5.5. Brokers. 25 Section 5.6. Transactions with Related Parties. 25 Section 5.7. JAC Information. 25 Section 5.8. Trust Account. 26 Section 2.35.9. Deemed Request for Revolving Loans 27 Listing. 26 Section 2.45.10. Protective Advances 27 [Reserved] 26 Section 2.55.11. Interest ElectionsJAC SEC Documents and Financial Statements 26 Section 5.12. 28 Litigation. 26 Section 2.65.13. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect Absence of Certain Events 39 Section 4.5Payments. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 4127

TABLE OF CONTENTS. ARTICLE I DEFINITIONS (Not a part of the Agreement) Section Heading Page SECTION 1. Authorization of Bonds. 1 Section 1.1SECTION 2. Definitions Sale and Purchase of Bonds. 1 Section 1.2SECTION 3. Types of Loans and Borrowings 25 Section 1.3Closing. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.12 SECTION 4. Loans 26 Section 2.2Conditions to Closing. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 2 Section 4.1. Interest 38 Representations and Warranties 2 Section 4.2. PrepaymentPerformance; Mandatory Payment of Deficiencies 38 No Default 2 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Compliance Certificates 2 Section 4.4. Mandatory Prepayment in Respect Opinions of Certain Events 39 Counsel 3 Section 4.5. Early Termination; Prepayment Penalty 39 Purchase Permitted By Applicable Law, Etc 3 Section 4.6. General Payment Provisions 39 Related Transactions 3 Section 4.7. Application 40 Payment of Special Counsel Fees. 3 Section 4.8. Reinstatement 40 Private Placement Number 3 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Changes in Corporate Structure 4 Section 4.10. Supplemental Indenture 4 Section 4.11. Execution, Authentication and Delivery of Bonds 4 Section 4.12. Recording and Filing 4 Section 4.13. Approvals 4 Section 4.14. Funding Instructions 4 Section 4.15. Proceedings and Documents 4 SECTION 5. Representations and Warranties of the Company. 4 Section 5.1. Security Interest 40 Organization; Power and Authority 5 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Authorization, Etc. Matters Relating to the Mortgage 5 Section 5.3. Collateral Proceeds Management 41Disclosure 6 Section 5.4. Subsidiaries 6 Section 5.5. Financial Statements; Independent Auditors 6 Section 5.6. Compliance with Laws, Other Instruments, Etc 6 Section 5.7. Governmental Authorizations, Etc 7 Section 5.8. Litigation; Observance of Agreements, Statutes and Orders 7 Section 5.9. Taxes 7 Section 5.10. Title to Property; Leases 7 Section 5.11. Licenses, Permits, Etc 8 Section 5.12. Compliance with ERISA 8 Section 5.13. Private Offering by the Company 9 Section 5.14. Use of Proceeds; Margin Regulations 9 Section 5.15. Existing Indebtedness; Future Liens 9 Section 5.16 Foreign Assets Control Regulations, Etc 10 Section 5.17. Status under Certain Statutes 11 AmericasActive:13331674.6 AmericasActive:15549684.1 Section 5.18. Environmental Matters 11 Section 5.19. Internal Controls 11 Section 5.20. Compliance with Xxxxxxxx-Xxxxx 12 SECTION 6. Representations of the Purchasers. 12 Section 6.1. Purchase for Investment 12 Section 6.2. Source of Funds 12 SECTION 7. Information as to Company. 14 SECTION 8. Payment and Prepayment of the Bonds 14 SECTION 9. Affirmative Covenants 14 Section 9.1. Compliance with Laws 14 SECTION 10. Negative Covenants 15 Section 10.1. Transactions with Affiliates 15 Section 10.2. Line of Business 15 Section 10.3. Economic Sanctions, Etc 15 Section 10.4. Withholding. 15 SECTION 11. Events of Default 15 SECTION 12. Remedies on Default, Etc. 16

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 – INTERPRETATION 1 Section 1.1. 1.1 Definitions 1 Section 1.21.2 Meaning of “Outstanding” 6 Section 1.3 Interpretation 7 Section 1.4 Incorporation by Reference of Trust Indenture Act 7 Section 1.5 Headings, etc. Types 8 Section 1.6 Time of Loans Essence 8 Section 1.7 Monetary References 8 Section 1.8 Invalidity 8 Section 1.9 Language 8 Section 1.10 Successors and Borrowings 25 Assigns 8 Section 1.3. Interpretive Provisions 25 1.11 Severability 8 Section 1.12 Entire Agreement 9 Section 1.13 Benefits of Indenture 9 Section 1.14 Applicable Law and Attornment; Conflict with Trust Indenture Act 9 Section 1.15 Payment 9 Section 1.16 Non-Business Days 10 Section 1.17 Accounting Terms 10 Section 1.18 Calculations 10 Section 1.19 Acts of Debentureholders 10 Section 1.20 Schedules 11 ARTICLE II LOANS 26 2 – THE DEBENTURES 11 Section 2.1. Loans 26 2.1 Issue of Global Debentures 11 Section 2.2. Request for and Making 2.2 Limit of Revolving Loans. 26 Debentures 13 Section 2.3. Deemed Request for Revolving Loans 27 2.3 Terms of Debentures of any Series 13 Section 2.4. Protective Advances 27 2.4 Form of Debentures 15 Section 2.5. 2.5 Non-Certificated Deposit 15 Section 2.6 Execution of Debentures 17 Section 2.7 Certification of Debentures 17 Section 2.8 Interim Debentures or Certificates 17 Section 2.9 Mutilation, Loss, Theft or Destruction 18 Section 2.10 Concerning Interest Elections. 28 18 Section 2.6. Letters 2.11 Debentures to Rank Pari Passu 19 Section 2.12 Payments of Credit 28 Amounts Due on Maturity 19 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory 2.13 Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 4119

TABLE OF CONTENTS. ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION 1 Section 1.1. 1.1 Definitions 1 Section 1.2. Types 1.2 Rules of Loans Construction 13 ARTICLE II PURCHASE AND SALE; CLOSING 13 Section 2.1 Intentionally Omitted 13 Section 2.2 Purchase and Borrowings Sale of Acquired Assets 13 Section 2.3 Purchase Price 19 Section 2.4 Closing Date Working Capital Statement; Adjustment Payments 20 Section 2.5 The Closing 22 ARTICLE III REPRESENTATIONS AND WARRANTIES OF PARENT 23 Section 3.1 Organization, Authority and Qualification of the Sellers 24 Section 3.2 Authorization; Enforceability 24 Section 3.3 No Conflict 24 Section 3.4 Litigation 25 Section 1.3. Interpretive Provisions 3.5 Intentionally Omitted 25 ARTICLE II LOANS Section 3.6 Financial Statements; No Undisclosed Liabilities 25 Section 3.7 Absence of Certain Changes 26 Section 2.1. Loans 3.8 Title to Acquired Assets 26 Section 2.2. Request for and Making of Revolving Loans. 3.9 Contracts 26 Section 2.3. Deemed Request for Revolving Loans 3.10 Real Property 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 3.11 Intellectual Property 28 Section 2.6. Letters of Credit 3.12 Employee Benefit Plans 28 Section 2.7. Requesting Letters of Credit 3.13 Labor Relations 29 Section 2.8. Reimbursement 3.14 Taxes 30 Section 2.9. No Duty to Inquire 3.15 Environmental Matters 30 Section 2.10. LC Collateral 3.16 Compliance with Laws 30 Section 3.17 Permits 30 Section 3.18 Brokers’ Fees 31 Section 2.11. Third Party Beneficiary 3.19 Sufficiency of Assets 31 Section 3.20 No Other Representations or Warranties 31 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER 32 Section 2.12. Cross Guaranty 4.1 Organization of Buyer; Authority 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 4.2 Authorization; Enforceability 32 Section 3.2. 4.3 No Conflict 32 Section 4.4 Litigation 33 Section 4.5 Financial Ability 33 Section 4.6 Brokers’ Fees 34 33 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 414.7 Independent Investigation 34

TABLE OF CONTENTS. ARTICLE I DEFINITIONS Section Heading Page Section 1. Authorization of Notes 1 Section 1.1. Definitions Authorization of Notes 1 Section 1.2. Types Changes in Interest Rate 1 Section 2. Sale and Purchase of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Notes 4 Section 2.1. Loans 26 Sale and Purchase of Series A Notes 4 Section 2.2. Request for and Making Additional Series of Revolving LoansNotes 4 Section 3. 26 Closing 6 Section 2.34. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty Conditions to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Closing 6 Section 4.1. Interest 38 Representations and Warranties 6 Section 4.2. PrepaymentPerformance; Mandatory Payment of Deficiencies 38 No Default 6 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Compliance Certificates 7 Section 4.4. Mandatory Prepayment in Respect Opinions of Certain Events 39 Counsel 7 Section 4.5. Early Termination; Prepayment Penalty 39 Purchase Permitted By Applicable Law, Etc 7 Section 4.6. General Payment Provisions 39 Sale of Other Notes 7 Section 4.7. Application 40 Payment of Special Counsel Fees 7 Section 4.8. Reinstatement 40 Private Placement Number 8 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Changes in Legal Structure 8 Section 4.10. Funding Instructions 8 Section 4.11. Rating 8 Section 4.12. Subsidiary Guaranty 8 Section 4.13. Proceedings and Documents 8 Section 4.14. Conditions to Issuance of Additional Notes 8 Section 5. Representations and Warranties of the Company 9 Section 5.1. Security Interest 40 Organization; Power and Authority 9 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Authorization, Etc 9 Section 5.3. Collateral Proceeds Management 41Disclosure 10 Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates 10 Section 5.5. Financial Statements; Material Liabilities 11 Section 5.6. Compliance with Laws, Other Instruments, Etc 11 Section 5.7. Governmental Authorizations, Etc 12 Section 5.8. Litigation; Observance of Agreements, Statutes and Orders 12 Section 5.9. Taxes 12 Section 5.10. Title to Property 12 Section 5.11. Licenses, Permits, Etc 13 Section 5.12. Compliance with ERISA 13 Section 5.13. Private Offering by the Company 13 Section 5.14. Use of Proceeds; Margin Regulations 13 BUSINESS.29995723.2 Section 5.15. Existing Indebtedness; Future Liens 14 Section 5.16. Foreign Assets Control Regulations, Etc 14 Section 5.17. Environmental Matters 15 Section 5.18. Investment Company Act 16 Section 5.19. Priority of Obligations 16 Section 6. Representations of the Purchasers 16 Section 6.1. Purchase for Investment 16 Section 6.2. Source of Funds fic 17 Section 6.3. Investment Experience; Access to Information 18 Section 6.4. Authorization 19 Section 6.5. Restricted Securities 19 Section 6.6. No Public Market 19 Section 6.7. Legends 19 Section 6.8. AML Compliance 20 Section 7. Information as to Company 20 Section 7.1. Financial and Business Information 20 Section 7.2. Officer’s Certificate 22 Section 7.3. Visitation 23 Section 7.4. Electronic Delivery 23 Section 8. Payment and Prepayment of the Notes 24 Section 8.1. Maturity 24 Section 8.2. Optional Prepayments with Prepayment Settlement Amount 24 Section 8.3. Allocation of Partial Prepayments 25 Section 8.4. Maturity; Surrender, Etc. 25 Section 8.5. Purchase of Notes 25 Section 8.6. Make-Whole Amount; Prepayment Settlement Amount 26 Section 8.7. Payments Due on Non-Business Days 28 Section 8.8. Change in Control 28 Section 9. Affirmative Covenants 29 Section 9.1. Compliance with Laws 29 Section 9.2. Insurance 29 Section 9.3. Maintenance of Properties 29 Section 9.4. Payment of Taxes and Claims 30 Section 9.5. Limited Liability Company Existence, Etc 30 Section 9.6. Books and Records 30 Section 9.7. Subsidiary Guarantors 30 Section 9.8. Status of BDC and RIC 32 Section 9.9. Investment Policies 32 Section 9.10. Rating Confirmation 32 Section 9.11. Most Favored Lender 32 Section 10. Negative Covenants 33 Section 10.1. Transactions with Affiliates 33 Section 10.2. Merger, Consolidation, Fundamental Changes, Etc 34 Section 10.3. Line of Business 37 Section 10.4. Economic Sanctions, Etc 37 Section 10.5. Liens 37 Section 10.6. Investments 38 Section 10.7. Certain Financial Covenants 39 Section 11. Events of Default 40 Section 12. Remedies on Default, Etc 42 Section 12.1. Acceleration 42 Section 12.2. Holder Action 43 Section 12.3. Rescission 43 Section 12.4. No Waivers or Election of Remedies, Expenses, Etc 44 Section 13. Registration; Exchange; Substitution of Notes 44 Section 13.1. Registration of Notes 44 Section 13.2. Transfer and Exchange of Notes 44 Section 13.3. Replacement of Notes 45 Section 14. Payments on Notes 46 Section 14.1. Place of Payment 46 Section 14.2. Payment by Wire Transfer 46 Section 14.3. Tax Forms 46 Section 15. Expenses, Etc 47 Section 15.1. Transaction Expenses 47 Section 15.2. Certain Taxes 48 Section 15.3. Survival 48 Section 16. Survival of Representations and Warranties; Entire Agreement 49 Section 17. Amendment and Waiver 49 Section 17.1. Requirements 49 Section 17.2. Solicitation of Holders of Notes 50 Section 17.3. Binding Effect, Etc 50 Section 17.4. Notes Held by Company, Etc 51 Section 18. Notices 51 Section 19. Reproduction of Documents 52 Section 20. Confidential Information 52 Section 21. Substitution of Purchaser 53 Section 22. Miscellaneous 54 Section 22.1. Successors and Assigns 54 Section 22.2. Accounting Terms 54 Section 22.3. Severability 55 Section 22.4. Construction, Etc 55 Section 22.5. Counterparts; Electronic Contracting 55 Section 22.6. Governing Law 56 Section 22.7. Jurisdiction and Process; Waiver of Jury Trial 56 Signature 58 Schedule A — Defined Terms Schedule 1(a) — Form of 8.10% Series A Senior Notes, Tranche A, due March 16, 2026 Schedule 1(b) — Form of 8.13% Series A Senior Notes, Tranche B, due March 16, 2028 Schedule 4.4(a) — Form of Opinion of Special Counsel for the Company Schedule 4.4(b) — Form of Opinion of Special Counsel for the Purchasers Schedule 5.3 — Disclosure Materials Schedule 5.4 — Subsidiaries of the Company and Ownership of Subsidiary Stock Schedule 5.5 — Financial Statements Schedule 5.15 — Existing Indebtedness Schedule 6.8 — AML Compliance Schedule 10.1 — Transactions with Affiliates Schedule 10.5 — Liens Schedule 10.6 — Investments Schedule 10.7 — Excluded Assets Schedule 13.2 — Non Competitors Purchaser Schedule — Information Relating to Purchasers Exhibit S — Form of Supplement to Master Note Purchase Agreement NORTH HAVEN PRIVATE INCOME FUND LLC 0000 Xxxxxxxx, 00xx Floor New York, New York 10036 $204,000,000 8.10% Series A Senior Notes, Tranche A, due March 16, 2026 $146,000,000 8.13% Series A Senior Notes, Tranche B, due March 16, 2028 March 16, 2023 To Each of the Purchasers Listed in the Purchaser Schedule Hereto: Ladies and Gentlemen: North Haven Private Income Fund LLC, a Delaware limited liability company (the “Company”), agrees with each of the Purchasers as follows:

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 1. THE MERGER 2 Section 1.11.01. Definitions 1 The Merger 2 Section 1.21.02. Types Articles of Loans Incorporation and Borrowings 25 Bylaws 2 Section 1.31.03. Interpretive Provisions 25 Directors and Officers of Surviving Entity 2 Section 1.04. Bank Merger 2 Section 1.05. Effective Time; Closing 2 Section 1.06. Additional Actions 3 Section 1.07. Structure Change 3 ARTICLE II LOANS 26 2. MERGER CONSIDERATION; EXCHANGE PROCEDURES 3 Section 2.12.01. Loans 26 Merger Consideration 3 Section 2.22.02. Request for and Making Rights as Shareholders; Stock Transfers 4 Section 2.03. Fractional Shares 4 Section 2.04. Plan of Revolving LoansReorganization 4 Section 2.05. 26 Stock Options. 5 Section 2.32.06. Deemed Request for Revolving Loans 27 Exchange Procedures 5 Section 2.42.07. Protective Advances 27 Dissenting Shares 6 Section 2.52.08. Interest ElectionsDeposit of Merger Consideration 6 Section 2.09. 28 Section 2.6. Letters Delivery of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Merger Consideration 7 Section 2.10. LC Collateral 31 Anti-Dilution Provisions 8 Section 2.11. Third Party Beneficiary 32 Exemption from Liability Under Section 2.1216(b) 8 ARTICLE 3. Cross Guaranty 32 ARTICLE III INTERESTREPRESENTATIONS AND WARRANTIES OF COMPANY AND COMPANY BANK 9 Section 3.01. Making of Representations and Warranties 9 Section 3.02. Organization, FEES, REIMBURSEMENTS 34 Standing and Authority 9 Section 3.13.03. Interest 34 Capital Stock 10 Section 3.23.04. Fees 34 Subsidiaries 11 Section 3.33.05. Increased Costs 35 Corporate Power 12 Section 3.43.06. Illegality 36 Corporate Authority 12 Section 3.53.07. Break Funding Payments 36 Regulatory Approvals; No Defaults 13 Section 3.63.08. Taxes 36 Financial Statements 14 Section 3.73.09. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Regulatory Reports 15 Section 4.13.10. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect Absence of Certain Changes or Events 39 16 Section 4.53.11. Early TerminationLegal Proceedings 17 Section 3.12. Compliance with Laws 17 Section 3.13. Company Material Contracts; Defaults 19 Section 3.14. Agreements with Regulatory Agencies 21 Section 3.15. Brokers 21 Section 3.16. Employee Benefit Plans 21 Section 3.17. Labor Matters 23 Section 3.18. Environmental Matters 24 Section 3.19. Tax Matters 25 Section 3.20. Regulatory Capitalization 27 Section 3.21. Loans; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection Nonperforming and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Classified Assets 27

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.14 SECTION 1.01. Definitions 1 Section 1.2Defined Terms 4 SECTION 1.02. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 Other Defined Terms 4 ARTICLE II LOANS 26 Section 2.1PLEDGE OF SECURITIES 8 SECTION 2.01. Loans 26 Section 2.2Pledge 8 SECTION 2.02. Request for Delivery of the Pledged Collateral 9 SECTION 2.03. Representations, Warranties and Making of Revolving LoansCovenants 10 SECTION 2.04. 26 Section 2.3Registration in Nominee Name; Denominations 11 SECTION 2.05. Deemed Request for Revolving Loans 27 Section 2.4Voting Rights; Dividends and Interest 12 SECTION 2.06. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 Article 8 Opt-In 14 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1SECURITY INTERESTS IN PERSONAL PROPERTY 14 SECTION 3.01. Security Interest 40 Section 5.214 SECTION 3.02. Perfection Representations and Protection Warranties 16 SECTION 3.03. Covenants 18 SECTION 3.04. Other Actions 20 SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright Collateral 21 SECTION 3.06. Secured Swap Obligation 22 ARTICLE IV REMEDIES 22 SECTION 4.01. Remedies upon Default 22 SECTION 4.02. Application of LenderProceeds 24 SECTION 4.03. Securities Act 25 SECTION 4.04. Grant of License to Use Intellectual Property 26 ARTICLE V MISCELLANEOUS 26 SECTION 5.01. Notices 26 SECTION 5.02. Waivers; Amendment 26 SECTION 5.03. Collateral Agent’s Fees and Expenses; Indemnification 27 SECTION 5.04. Successors and Assigns 28 SECTION 5.05. Survival of Agreement 28 SECTION 5.06. Counterparts; Effectiveness; Several Agreement 28 SECTION 5.07. Severability 28 SECTION 5.08. Right of Set-off 29 SECTION 5.09. Governing Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent 29 SECTION 5.10. Waiver of Jury Trial 30 SECTION 5.11. Headings 30 SECTION 5.12. Security Interest 41 Section 5.3Absolute 31 SECTION 5.13. Termination or Release 31 SECTION 5.14. Additional Subsidiaries 32 SECTION 5.15. Collateral Proceeds Management 41Agent Appointed Attorney-in-Fact 32 SECTION 5.16. Keepwell 33 Schedules Schedule I Pledged Equity Interests; Pledged Debt Securities Schedule II Intellectual Property Schedule III Commercial Tort Claims Schedule IV Grantor Information Exhibits Exhibit I Form of Supplement Exhibit II Form of Copyright Security Agreement Exhibit III Form of Patent Security Agreement Exhibit IV Form of Trademark Security Agreement COLLATERAL AGREEMENT, dated as of September 1, 2021 (this “Agreement”), among AMERICAN PUBLIC EDUCATION, INC., a Delaware corporation (the “Borrower”), AMERICAN PUBLIC UNIVERSITY SYSTEM, INC., a West Virginia corporation (“APUS”), NATIONAL EDUCATION SEMINARS, INC., an Ohio corporation (“NESI”), XXXXXXXXX COLLEGE, LLC, a Delaware limited liability company (“Rasmussen”), 000 XXXX XXXXXXXX, X.X.X., x Xxxx Xxxxxxxx limited liability company (“111 West Congress”), AMERICAN PUBLIC TRAINING LLC, a Delaware limited liability company (“APT”), the other GRANTORS from time to time party hereto and MACQUARIE CAPITAL FUNDING LLC, as Collateral Agent (in such capacity and together with successors in such capacity, the “Collateral Agent”). Reference is made to the Credit Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders and the Issuing Banks party thereto from time to time and Macquarie Capital Funding LLC, as Administrative Agent and as Collateral Agent. The Lenders and the Issuing Banks 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 Issuing Banks to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Each Grantor from time to time party hereto 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 and the Issuing Banks to extend such credit. Accordingly, the parties hereto agree as follows:

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Definitions 2 Section 1.1. Definitions 1 1.01 Defined Terms 2 Section 1.2. Types 1.02 Terms Generally 25 Section 1.03 Accounting Terms 25 Section 1.04 Rounding 26 Section 1.05 Timing of Payment or Performance 26 Section 1.06 Classification 26 Section 1.07 References to Laws 27 Section 1.08 Interest Rates; LIBOR Notification 27 ARTICLE II The Commitments and Borrowings 27 Section 2.01 The Loans 27 Section 2.02 Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 2.03 Requests for Borrowings and Notices 28 Section 2.7. Requesting Letters of Credit 2.04 [Reserved] 29 Section 2.8. Reimbursement 2.05 Funding of Borrowings 29 Section 2.06 Reserved 29 Section 2.07 Repayment of Loans; Termination of Commitments 29 Section 2.08 Evidence of Debt 30 Section 2.92.09 Fees 31 Section 2.10 Interest 31 Section 2.11 Alternate Rate of Interest 32 Section 2.12 Extension Option 32 Section 2.13 [Reserved] 33 Section 2.14 Taxes 33 Section 2.15 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 Section 2.16 Mitigation Obligations; Replacement of Lenders 38 Section 2.17 Illegality 39 Section 2.18 Defaulting Lenders 39 ARTICLE III Representations and Warranties 40 Section 3.01 Organization; Powers 41 Section 3.02 Authorization 41 Section 3.03 Enforceability 41 Section 3.04 Governmental Approvals 42 Section 3.05 Financial Condition 42 Section 3.06 No Material Adverse Effect 42 Section 3.07 Properties 42 Section 3.08 Capitalization and Subsidiaries 42 Section 3.09 Litigation; Compliance with Laws 43 Section 3.10 Investment Company Act 43 Section 3.11 Use of Proceeds 43 Section 3.12 Federal Reserve Regulations 43 Section 3.13 Tax 43 Section 3.14 Disclosure 44 Section 3.15 Employee Benefit Plans 44 Section 3.16 Environmental Matters 45 Section 3.17 Security Documents 45 Section 3.18 Affiliate Transactions 45 Section 3.19 Labor Matters 45 Section 3.20 Insurance 46 Section 3.21 USA PATRIOT Act and OFAC 46 Section 3.22 EEA Financial Institution. No Duty to Inquire 30 Loan Party is an EEA Financial Institution 46 Section 2.10. LC Collateral 31 3.23 Plan Assets 46 Section 2.11. Third Party Beneficiary 32 3.24 Accounts 46 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 3.25 Approved Budget 47 Section 3.1. Interest 34 3.26 Material Agreements 47 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 3.27 Chapter 11 Cases 47 ARTICLE IV PAYMENT 38 Conditions of Lending 47 Section 4.1. Interest 38 4.01 Closing Date 47 Section 4.2. Prepayment4.02 Conditions Precedent to Delayed Draw Term Loans 51 ARTICLE V Affirmative Covenants 52 Section 5.01 Existence; Mandatory Conduct of Business 52 Section 5.02 Insurance 52 Section 5.03 Taxes 53 Section 5.04 Financial Statements, Reports and Other Information 53 Section 5.05 Notices of Material Events 56 Section 5.06 Compliance with Laws 57 Section 5.07 Maintaining Records; Access to Properties and Inspections 57 Section 5.08 Compliance with Environmental Laws 58 Section 5.09 Further Assurances; Mortgages 58 Section 5.10 Fiscal Year; Accounting 59 Section 5.11 [Reserved] 59 Section 5.12 Collateral Monitoring and Reporting 59 Section 5.13 Use of Proceeds 59 Section 5.14 Approved Budget 59 Section 5.15 [Reserved] 60 Section 5.16 Material Agreements 60 Section 5.17 Status Calls 60 Section 5.18 Administrative Agent Professionals 60 Section 5.19 [Reserved] 60 Section 5.20 Debtor-In-Possession Obligations 61 Section 5.21 Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Obligations 61

TABLE OF CONTENTS. PAGE ARTICLE I ONE DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.11.01. Definitions 1 Section 1.21.02. Types Other Definitions 40 Section 1.03. Incorporation by Reference of Loans Trust Indenture Act 41 Section 1.04. Rules of Construction 41 ARTICLE TWO THE NOTES 42 Section 2.01. Form And Dating 42 Section 2.02. Execution and Borrowings 25 Authentication 44 Section 1.32.03. Interpretive Provisions 25 ARTICLE II LOANS 26 Methods of Receiving Payments on the Notes 44 Section 2.12.04. Loans 26 Registrar and Paying Agent 45 Section 2.22.05. Request for Paying Agent to Hold Money in Trust 45 Section 2.06. Holder Lists 46 Section 2.07. Transfer and Making of Revolving LoansExchange 46 Section 2.08. 26 Replacement Notes 59 Section 2.32.09. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Outstanding Notes 60 Section 2.10. LC Collateral 31 Treasury Notes 60 Section 2.11. Third Party Beneficiary 32 Temporary Notes 61 Section 2.12. Cross Guaranty 32 Cancellation 61 Section 2.13. Defaulted Interest 61 Section 2.14. CUSIP Numbers 61 Section 2.15. Additional Interest 62 Section 2.16. Issuance of Additional Notes 62 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 THREE REDEMPTION AND PREPAYMENT 62 Section 3.13.01. Interest 34 Notice to Trustee 62 Section 3.23.02. Fees 34 Selection of Notes to Be Redeemed 62 Section 3.33.03. Increased Costs 35 Notice of Redemption 63 Section 3.43.04. Illegality 36 Effect of Notice of Redemption 64 Section 3.53.05. Break Funding Payments 36 Deposit of Redemption Price 64 Section 3.63.06. Notes Redeemed in Part 64 Section 3.07. Optional Redemption 64 Section 3.08. Mandatory Redemption 65 Section 3.09. Application of Trust Money 65 ARTICLE FOUR COVENANTS 66 Section 4.01. Payment of Notes 66 Section 4.02. Maintenance of Office or Agency 66 Section 4.03. Reports 66 Section 4.04. Compliance Certificate 67 Section 4.05. Taxes 36 68 Section 3.74.06. Maximum InterestStay, Extension and Usury Laws 68 Section 4.07. Insurance 68 Section 4.08. Further Assurances 68 Section 4.09. Limitation on Indebtedness and Preferred Stock 69 Section 4.10. Limitation on Restricted Payments 72 Section 4.11. Limitation on Liens 79 Section 4.12. Limitation on Restrictions on Distributions from Restricted Subsidiaries 79 Section 4.13. Limitation on Sales of Assets and Subsidiary Stock 83 Section 4.14. Limitation on Affiliate Transactions 86 Section 4.15. Future Subsidiary Guarantors 88 Section 4.16. Business Activities 88 Section 4.17. Offer to Repurchase Upon a Change of Control 88 Section 4.18. Termination of Covenants 91 ARTICLE FIVE SUCCESSORS 91 Section 5.01. Merger and Consolidation 91 ARTICLE SIX DEFAULTS AND REMEDIES 93 Section 6.01. Events of Default 93 Section 6.02. Acceleration 96 Section 6.03. Other Remedies 97 Section 6.04. Waiver of Past Defaults 97 Section 6.05. Control by Majority 97 Section 6.06. Limitation on Suits 97 Section 6.07. Rights of Holders of Notes to Receive Payment 98 Section 6.08. Collection Suit by Trustee 98 Section 6.09. Trustee May File Proofs of Claim 98 Section 6.10. Priorities 99 Section 6.11. Undertaking for Costs 99 ARTICLE SEVEN TRUSTEE 99 Section 7.01. Duties of Trustee 99 Section 7.02. Certain Rights of Trustee 100 Section 7.03. Individual Rights of Trustee 101 Section 7.04. Trustee’s Disclaimer 102 Section 7.05. Notice of Default 102 Section 7.06. Reports by Trustee to Holders of the Notes 102 Section 7.07. Compensation and Indemnity 102 Section 7.08. Replacement of Trustee 103 Section 7.09. Successor Trustee by Merger, Etc 104 Section 7.10. Eligibility; Controlling Limitation 37 Disqualification 104 Section 7.11. Preferential Collection of Claims Against Company 105 Section 7.12. Trustee in Other Capacities 105 ARTICLE IV PAYMENT 38 EIGHT DEFEASANCE AND COVENANT DEFEASANCE 105 Section 4.18.01. Interest 38 Option to Effect Legal Defeasance or Covenant Defeasance 105 Section 4.28.02. PrepaymentLegal Defeasance and Discharge 105 Section 8.03. Covenant Defeasance 106 Section 8.04. Conditions to Legal Defeasance or Covenant Defeasance 106 Section 8.05. Deposited Money and U.S. Government Obligations to Be Held in Trust; Mandatory Payment of Deficiencies 38 Other Miscellaneous Provisions 108 Section 4.38.06. Mandatory Payments; Payment on Repayment to the Termination Date 39 Company 108 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.88.07. Reinstatement 40 108 ARTICLE NINE AMENDMENT, SUPPLEMENT AND WAIVER 109 Section 4.99.01. Account Stated 40 Without Consent of Holders of Notes 109 Section 9.02. With Consent of Holders of Notes 110 Section 9.03. Compliance with Trust Indenture Act 112 Section 9.04. Revocation and Effect of Consents 112 Section 9.05. Notation on or Exchange of Notes 112 Section 9.06. Trustee to Sign Amendments, Etc 112 ARTICLE V TEN SUBSIDIARY GUARANTEES 112 Section 10.01. Subsidiary Guarantee 112 Section 10.02. Limitation on Subsidiary Guarantor Liability 114 Section 10.03. Execution and Delivery of Notation of Guarantee 114 Section 10.04. Releases of Subsidiary Guarantors 114 ARTICLE ELEVEN COLLATERAL 40 AND SECURITY 115 Section 5.111.01. The Collateral Trustee 115 Section 11.02. Authority Of Collateral Trustee To Release Collateral And Liens 119 Section 11.03. Security Interest 40 Documents 120 Section 5.211.04. Perfection Intercreditor Agreement and Protection Collateral Trust Agreement 121 Section 11.05. Release of Lender’s Security Interest 41 Collateral 122 Section 5.311.06. Collateral Proceeds Management 41Form and Sufficiency of Release 123 Section 11.07. After-Acquired Property 124 ARTICLE TWELVE SATISFACTION AND DISCHARGE 124 Section 12.01. Satisfaction and Discharge 124

TABLE OF CONTENTS. PAGE ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 1 Section 1.1. Definitions 1.1 DEFINITIONS 1 Section 1.2. Types of Loans and Borrowings 25 1.2 COMPLIANCE CERTIFICATES AND OPINIONS 8 Section 1.3. Interpretive Provisions 25 1.3 FORM OF DOCUMENTS DELIVERED TO TRUSTEE 9 Section 1.4 ACTS OF HOLDERS 9 Section 1.5 NOTICES, ETC., TO TRUSTEE AND COMPANY 11 Section 1.6 NOTICE TO HOLDERS; WAIVER 11 Section 1.7 HEADINGS AND TABLE OF CONTENTS 12 Section 1.8 SUCCESSOR AND ASSIGNS 12 Section 1.9 SEVERABILITY 13 Section 1.10 BENEFITS OF INDENTURE 13 Section 1.11 GOVERNING LAW 13 Section 1.12 LEGAL HOLIDAYS 13 Section 1.13 NO RECOURSE AGAINST OTHERS 13 Section 1.14 COUNTERPARTS 14 ARTICLE II LOANS 26 SECURITY FORMS 14 Section 2.1. Loans 26 2.1 FORMS GENERALLY 14 Section 2.2. Request for and Making of Revolving Loans. 26 2.2 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION 14 Section 2.3. Deemed Request for Revolving Loans 2.3 SECURITIES IN GLOBAL FORM 15 Section 2.4 FORM OF LEGEND FOR SECURITIES IN GLOBAL FORM 15 ARTICLE III THE SECURITIES 16 Section 3.1 AMOUNT UNLIMITED; ISSUABLE IN SERIES 16 Section 3.2 DENOMINATIONS 20 Section 3.3 EXECUTION, AUTHENTICATION, DELIVERY AND DATING 20 Section 3.4 TEMPORARY SECURITIES 23 Section 3.5 REGISTRATION, TRANSFER AND EXCHANGE 23 Section 3.6 REPLACEMENT SECURITIES 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 3.7 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 3.8 PERSONS DEEMED OWNERS 29 Section 2.8. Reimbursement 3.9 CANCELLATION 30 Section 2.9. No Duty to Inquire 3.10 COMPUTATION OF INTEREST 30 Section 2.10. LC Collateral 31 3.11 CURRENCY AND MANNER OF PAYMENT IN RESPECT OF SECURITIES 30 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 3.12 APPOINTMENT AND RESIGNATION OF EXCHANGE RATE AGENT 35 Section 3.4. Illegality 3.13 WIRE TRANSFERS 35 Section 3.14 CUSIP NUMBERS 36 ARTICLE IV SATISFACTION, DISCHARGE AND DEFEASANCE 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 414.1 TERMINATION OF COMPANY’S OBLIGATIONS UNDER THE INDENTURE 36

TABLE OF CONTENTS. ARTICLE I I. DEFINITIONS 1 2 Section 1.11.01. Definitions 1 Defined Terms. 2 Section 1.21.02. Types Other Defined Terms. 2 ARTICLE II. PLEDGE OF SECURITIES 3 Section 2.01. Pledge. 3 Section 2.02. Delivery of Loans the Pledged Collateral. 4 Section 2.03. Representations, Warranties and Borrowings 25 Covenants. 5 Section 1.32.04. Interpretive Provisions 25 Registration in Nominee Name; Denominations. 7 Section 2.05. Voting Rights; Dividends and Interest. 7 Section 2.06. Article 8 Opt-In. 9 Section 2.07. Additional Covenants. 9 ARTICLE II LOANS 26 III. [RESERVED] 9 ARTICLE IV. REMEDIES 10 Section 2.14.01. Loans 26 Remedies upon Default. 10 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.74.02. Application 40 of Proceeds. 11 Section 4.84.03. Reinstatement 40 Securities Act. 12 ARTICLE V. MISCELLANEOUS 12 Section 4.95.01. Account Stated 40 ARTICLE V COLLATERAL 40 Notices. 12 Section 5.15.02. Waivers; Amendment. 12 Section 5.03. Agent’s Fees and Expenses; Indemnification. 13 Section 5.04. Successors and Assigns. 14 Section 5.05. Survival of Agreement. 14 Section 5.06. Counterparts; Effectiveness; Several Agreement. 14 Section 5.07. Severability. 14 Section 5.08. Right of Set-off. 14 Section 5.09. Governing Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent. 15 Section 5.10. Waiver of jury trial. 15 Section 5.11. Headings. 16 Section 5.12. Security Interest 40 Absolute; Reinstatement. 16 Section 5.25.13. Perfection Termination or Release. 16 Section 5.14. Additional Subsidiaries. 17 Section 5.15. Agent Appointed Attorney-in-Fact. 17 Section 5.16. Intercreditor Provisions. 18 Schedules Schedule I Pledgors Schedule II Pledged Equity Interests; Pledged Debt Securities Exhibits Exhibit I Form of Supplement THIRD AMENDED AND RESTATED PLEDGE AGREEMENT, dated as of March 10, 2021 (this “Agreement”), among FRANCHISE GROUP, INC., a Delaware corporation (“Administrative Borrower”), each of the undersigned identified on the signature pages hereto as a Pledgor and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41JPMORGAN CHASE BANK, N.A., as Agent (in such capacity, together with its permitted successors and assigns in such capacity, the “Agent”).

TABLE OF CONTENTS. ARTICLE I 1 DEFINITIONS 1 Section 1.11.01 Defined Terms. Definitions 1 Section 1.21.02 Interpretation. Types 5 ARTICLE 2 THE TRANSACTIONS 5 Section 2.01 The Purchase. 5 Section 2.02 Closing. 6 Section 2.03 Closing Deliverables. 6 Section 2.04 Additional Closing Events. 7 ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF SELLER 7 Section 3.01 Organization and Qualification. 7 Section 3.02 Power and Authority. 7 Section 3.03 Authorization of Loans and Borrowings 25 Agreement; Etc. 7 Section 1.33.04 No Conflict. Interpretive Provisions 25 ARTICLE II LOANS 26 8 Section 2.13.05 Capitalization. Loans 26 8 Section 2.23.06 Tax Status. Request for and Making of Revolving Loans8 Section 3.07 Brokers. 26 8 Section 2.33.08 Financial Statements, No Undisclosed Liabilities. Deemed Request for Revolving Loans 27 9 Section 2.43.09 Existing Indebtedness. Protective Advances 27 9 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect 3.10 Absence of Certain Events 39 Changes and Events. 9 Section 4.53.11 Disclaimer. Early Termination10 ARTICLE 4 ADDITIONAL REPRESENTATIONS AND WARRANTIES OF SELLER 10 Section 4.01 Good Title. 10 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF BUYER 10 Section 5.01 Organization. 11 Section 5.02 Power and Authority. 11 Section 5.03 Authorization of Agreement; Prepayment Penalty 39 Etc. 11 Section 4.65.04 No Conflict. General Payment Provisions 39 11 Section 4.75.05 Sufficiency of Funds. Application 40 11 Section 4.85.06 No Brokers. Reinstatement 40 11 ARTICLE 6 COVENANTS AND ADDITIONAL AGREEMENTS OF THE PARTIES 11 Section 4.96.01 Public Announcements. Account Stated 40 ARTICLE V COLLATERAL 40 11 Section 5.16.02 Notices of Certain Events. Security Interest 40 11 Section 5.26.03 Consents of Third Parties. Perfection and Protection of Lender’s Security Interest 41 11 Section 5.36.04 Non-Competition; Non-Solicitation; Non-Disparagement. Collateral Proceeds Management 4112 Section 6.05 Further Assurances. 13 Section 6.06Tax Returns for Pre-Closing Tax Periods. 13 Section 6.07 Continuing Indemnification. 13

TABLE OF CONTENTS. This Table of Contents is not part of the Agreement to which it is attached but is inserted for convenience of reference only. Page ARTICLE I DEFINITIONS AND ACCOUNTING TERMS 1 Section 1.11.01. Definitions Certain Defined Terms 1 Section 1.21.02. Types Computation of Time Periods; Terms Generally 26 Section 1.03. Accounting Terms; GAAP 26 Section 1.04. Daily Simple XXXXX Disclaimer 27 ARTICLE II AMOUNTS AND TERMS OF THE LOANS 28 Section 2.01. Loans 28 Section 2.02. Evidence of Indebtedness 28 Section 2.03. Interest 28 Section 2.04. Voluntary Commitment Reductions and Prepayments 29 Section 2.05. Notice of Credit Events; Funding of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.82.06. Reimbursement Payment on the Loans and Other Obligations 30 Section 2.92.07. No Duty to Inquire 30 Mandatory Commitment Reductions and Repayments 31 Section 2.08. Payment of Fees 32 Section 2.09. Increased Costs, Illegality, Etc 32 Section 2.10. LC Collateral 31 Taxes 34 Section 2.11. Third Party Beneficiary 32 Sharing of Payments, Etc 38 Section 2.12. Cross Guaranty 32 Mitigation; Replacement of Lender 39 Section 2.13. Interest Rate Determination 40 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 RESERVED 40 ARTICLE IV REPRESENTATIONS AND WARRANTIES 40 Section 3.14.01. Interest 34 Organization; Powers 40 Section 3.24.02. Fees 34 Authorization; Enforceability 40 Section 3.34.03. Increased Costs 35 Governmental Approvals; No Conflicts 41 Section 3.44.04. Illegality 36 Financial Condition; No Material Adverse Change 41 Section 3.54.05. Break Funding Payments 36 Litigation 41 Section 3.64.06. Compliance with Laws and Agreements; No Default 41 Section 4.07. Investment Company Status 42 Section 4.08. Taxes 36 42 Section 3.74.09. Maximum InterestDisclosure 42 Section 4.10. Margin Regulations 42 Section 4.11. Beneficial Ownership 43 Section 4.12. Use of Proceeds 43 Section 4.13. Acquisition Documents 43 Section 4.14. Solvency 43 ARTICLE V CONDITIONS OF LENDING 43 Section 5.01. Conditions to Effective Date 43 Section 5.02. Conditions to Closing Date 44 Section 5.03. Each Subsequent Borrowing Date 45 Section 5.04. Actions during Certain Funds Period 45 Section 5.05. Determinations under Article V 46 ARTICLE VI AFFIRMATIVE COVENANTS 46 Section 6.01. Financial Statements and Other Information 46 Section 6.02. Notices of Material Events 48 Section 6.03. Existence; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Conduct of Business 48 Section 4.16.04. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Obligations 48 Section 4.36.05. Mandatory PaymentsMaintenance of Properties 48 Section 6.06. Insurance 48 Section 6.07. Books and Records and Visitation Rights 49 Section 6.08. Compliance with Laws 49 Section 6.09. Use of Proceeds 49 Section 6.10. Beneficial Ownership 49 Section 6.11. Scheme and Offer 50 ARTICLE VII NEGATIVE COVENANTS 52 Section 7.01. Liens 52 Section 7.02. Fundamental Changes 53 Section 7.03. Transactions with Affiliates 53 Section 7.04. Debt to Capitalization Ratio 54 ARTICLE VIII EVENTS OF DEFAULT 54 Section 8.01. Events of Default 54 ARTICLE IX THE ADMINISTRATIVE AGENT 56 Section 9.01. Authorization and Action 56 Section 9.02. No Reliance 57 Section 9.03. Capacity as Lender 57 Section 9.04. Lender Credit Decision 57 Section 9.05. Indemnification 58 Section 9.06. Successor Administrative Agent 58 Section 9.07. ERISA Representations 58 Section 9.08. Erroneous Payments 60 ARTICLE X MISCELLANEOUS 62 Section 10.01. Notices 62 Section 10.02. Waivers; Payment on Amendments 63 Section 10.03. Costs and Expenses and Indemnification 64 Section 10.04. Assignments and Participations 65 Section 10.05. Survival 68 Section 10.06. Counterparts; Integration; Effectiveness 69 Section 10.07. Severability 69 Section 10.08. Right of Setoff 69 Section 10.09. Governing Law; Jurisdiction; Etc 69 Section 10.10. Headings 70 Section 10.11. Confidentiality 70 Section 10.12. USA PATRIOT ACT 72 Section 10.13. NO FIDUCIARY DUTY 72 Section 10.14. Acknowledgement and Consent to Bail-In of Affected Financial Institutions 72 Section 10.15. WAIVER OF JURY TRIAL 73 SCHEDULE I Commitments SCHEDULE II [Reserved] SCHEDULE III Liens SCHEDULE IV Disclosed Matters EXHIBIT A Form of Assignment and Acceptance EXHIBIT B Form of Note EXHIBIT C Form of Notice of Loan Borrowing EXHIBIT D Form of Closing Date Officer’s Certificate EXHIBIT E Form of Confidentiality and Front Running Letter BRIDGE CREDIT AGREEMENT This BRIDGE CREDIT AGREEMENT (as the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect same may from time to time be amended, restated or otherwise modified, this “Agreement”) is made effective as of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41August 2, 2021 among:

TABLE OF CONTENTS. Table of Contents Page ARTICLE I DEFINITIONS 1 AND OTHER PROVISIONS OF GENERAL APPLICATION 6 Section 1.11.01 Definitions. Definitions 1 6 Section 1.21.02 Compliance Certificates and Opinions. Types 12 Section 1.03 Form of Loans Documents Delivered to Trustee. 13 Section 1.04 Acts of Holders; Record Dates. 14 Section 1.05 Notices, Etc., to Trustee and Borrowings Company. 16 Section 1.06 Notice to Holders; Waiver. 16 Section 1.07 Conflict with Trust Indenture Act. 17 Section 1.08 Effect of Headings and Table of Contents. 17 Section 1.09 Successors and Assigns. 17 Section 1.10 Separability Clause. 17 Section 1.11 Benefits of Indenture. 18 Section 1.12 Governing Law. 18 Section 1.13 Legal Holidays. 18 Section 1.14 Waiver of Jury Trial. 18 Section 1.15 Force Majeure. 18 ARTICLE II SECURITY FORMS 19 Section 2.01 Forms Generally. 19 Section 2.02 Form of Face of Security. 19 Section 2.03 Form of Reverse of Security. 21 Section 2.04 Form of Legend for Global Securities. 24 Section 2.05 Form of Trustee’s Certificate of Authentication. 24 ARTICLE III THE SECURITIES 25 Section 1.33.01 Amount Unlimited; Issuable in Series. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.13.02 Denominations. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections3.03 Execution, Authentication, Delivery and Dating. 28 Section 2.63.04 Temporary Securities. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.83.05 Registration, Registration of Transfer and Exchange. Reimbursement 30 29 Section 2.93.06 Mutilated, Destroyed, Lost and Stolen Securities. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.113.07 Payment of Interest; Interest Rights Preserved. Third Party Beneficiary 32 Section 2.123.08 Persons Deemed Owners. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 33 Section 3.09 Cancellation. 34 Section 3.13.10 Computation of Interest. Interest 34 Section 3.23.11 CUSIP Numbers. Fees 34 Table of Contents ARTICLE IV SATISFACTION AND DISCHARGE 34 Section 3.34.01 Satisfaction and Discharge of Indenture. Increased Costs 34 Section 4.02 Application of Trust Money. 35 Section 3.4. Illegality ARTICLE V REMEDIES 36 Section 3.55.01 Events of Default and Defaults. Break Funding Payments 36 Section 3.65.02 Acceleration of Maturity; Rescission and Annulment. Taxes 36 37 Section 3.75.03 Collection and Suits for Enforcement by Trustee. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.15.04 Trustee May File Proofs of Claim. Interest 38 39 Section 4.25.05 Trustee May Enforce Claims Without Possession of Securities. Prepayment39 Section 5.06 Application of Money Collected. 39 Section 5.07 Limitation on Suits. 40 Section 5.08 Unconditional Right of Holders to Receive Principal, Premium and Interest. 40 Section 5.09 Restoration of Rights and Remedies. 41 Section 5.10 Rights and Remedies Cumulative. 41 Section 5.11 Delay or Omission Not Waiver. 41 Section 5.12 Control by Holders. 41 Section 5.13 Waiver of Past Defaults. 42 Section 5.14 Undertaking for Costs. 42 Section 5.15 Waiver of Usury, Stay or Extension Laws. 42 ARTICLE VI THE TRUSTEE 42 Section 6.01 Duties of Trustee. 43 Section 6.02 Rights of Trustee. 44 Section 6.03 Individual Rights of Trustee. 45 Section 6.04 Trustee’s Disclaimer. 45 Section 6.05 Notice of Default. 45 Section 6.06 Reports by Trustee to Holders. 45 Section 6.07 Compensation and Indemnity. 46 Section 6.08 Replacement of Trustee. 47 Section 6.09 Successor Trustee by Xxxxxx, Etc. 48 Section 6.10 Eligibility; Mandatory Disqualification. 48 Section 6.11 Preferential Collection of Claims against Company. 48 ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 48 Section 7.01 Company to Furnish Trustee Names and Addresses of Holders. 48 Section 7.02 Preservation of Information; Communications to Holders. 49 Section 7.03 Reports by Trustee. 49 Section 7.04 Reports by Company. 49 Table of Contents ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 50 Section 8.01 When Company May Merge, Etc. 50 Section 8.02 Successor Substituted. 50 ARTICLE IX SUPPLEMENTAL INDENTURES 51 Section 9.01 Supplemental Indentures Without Consent of Holders. 51 Section 9.02 Supplemental Indentures with Consent of Holders. 51 Section 9.03 Execution of Supplemental Indentures. 52 Section 9.04 Effect of Supplemental Indentures. 53 Section 9.05 Conformity with Trust Indenture Act. 53 Section 9.06 Reference in Securities to Supplemental Indentures. 53 Section 9.07 Subordination Unimpaired. 53 ARTICLE X COVENANTS 53 Section 10.01 Payment of Deficiencies 38 Securities. 53 Section 4.310.02 Maintenance of Office or Agency. Mandatory Payments53 Section 10.03 Money for Securities Payments to Be Held in Trust. 54 Section 10.04 Compliance Certificate; Payment on the Termination Date 39 Notice of Default. 55 Section 4.410.05 Corporate Existence. Mandatory Prepayment in Respect 55 Section 10.06 Tier 2 Capital Qualification. 56 Section 10.07 Waiver of Certain Events 39 Covenants. 56 ARTICLE XI REDEMPTION OF SECURITIES 56 Section 4.511.01 Applicability of Article. Early Termination56 Section 11.02 Election to Redeem; Prepayment Penalty 39 Notice to Trustee. 56 Section 4.611.03 Selection by Trustee of Securities to Be Redeemed. General 57 Section 11.04 Notice of Redemption. 57 Section 11.05 Deposit of Redemption Price. 58 Section 11.06 Securities Payable on Redemption Date. 58 Section 11.07 Securities Redeemed in Part. 59 ARTICLE XII SINKING FUNDS 59 Section 12.01 Applicability of Article. 59 Section 12.02 Satisfaction of Sinking Fund Payments with Securities. 59 Section 12.03 Redemption of Securities for Sinking Fund. 60 ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE 60 Section 13.01 Company’s Option to Effect Defeasance or Covenant Defeasance. 60 Section 13.02 Defeasance and Discharge. 60 Section 13.03 Covenant Defeasance. 61 Section 13.04 Conditions to Defeasance or Covenant Defeasance. 61 Table of Contents Section 13.05 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 63 Section 13.06 Reinstatement. 63 Section 13.07 Qualifying Trustee. 64 ARTICLE XIV SUBORDINATION OF SECURITIES 64 Section 14.01 Securities Subordinate to Senior Indebtedness. 64 Section 14.02 Payment Over of Proceeds Upon Dissolution, Etc. 64 Section 14.03 Prior Payment to Senior Indebtedness Upon Acceleration of Securities. 65 Section 14.04 No Payment When Senior Indebtedness in Default. 66 Section 14.05 Payment Permitted If No Default. 66 Section 14.06 Subrogation to Rights of Holders of Senior Indebtedness. 66 Section 14.07 Provisions 39 Solely to Define Relative Rights. 67 Section 4.714.08 Trustee to Effectuate Subordination. Application 40 67 Section 4.814.09 No Waiver of Subordination Provisions. Reinstatement 40 67 Section 4.914.10 Notice to Trustee. Account Stated 40 ARTICLE V COLLATERAL 40 68 Section 5.114.11 Reliance on Judicial Order or Certificate of Liquidating Agent. Security Interest 40 68 Section 5.214.12 Trustee Not Fiduciary for Holders of Senior Indebtedness. Perfection 69 Section 14.13 Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights. 69 Section 14.14 Article Applicable to Paying Agents. 69 Section 14.15 Certain Conversions Deemed Payment. 69 Section 14.16 Trust Moneys Not Subordinated. 70 Table of Contents INDENTURE, dated as of , between Xxxxxxx Holding Company, a corporation duly organized and Protection existing under the laws of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Mississippi (herein called the “Company”), having its principal office as of the date hereof at 0000 00xx Xxxxxx, Xxxxxxxx, XX 00000, and The Bank of New York Mellon Trust Company, N.A., a national association, as Trustee (herein called the “Trustee”).

TABLE OF CONTENTS. ARTICLE I §1. DEFINITIONS AND RULES OF INTERPRETATION 1 Section 1.1. §1.1 Definitions 1 Section 1.2§1.2 Rules of Interpretation 21 §2. Types THE CREDIT FACILITY 22 §2.1 Revolving Credit Loans 22 §2.2 RESERVED 22 §2.3 Notes 22 §2.4 Facility Unused Fee 22 §2.5 Reduction and Termination of the Revolving Credit Commitments 23 §2.6 RESERVED 23 §2.7 Interest on Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request 23 §2.8 Requests for Revolving Credit Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. 24 §2.9 Funds for Loans 24 §2.10 Use of Proceeds 25 §2.11 Letters of Credit 25 §2.12 Increase in Total Commitment 28 Section 2.7§2.13 Extension of Revolving Credit Maturity Date 30 §3. Requesting Letters REPAYMENT OF THE LOANS 31 §3.1 Stated Maturity 31 §3.2 Mandatory Prepayments 31 §3.3 Optional Prepayments 31 §3.4 Partial Prepayments 32 §3.5 Effect of Credit 29 Section 2.8Prepayments 32 §4. Reimbursement 30 Section 2.9CERTAIN GENERAL PROVISIONS 32 §4.1 Conversion Options 32 §4.2 Fees 32 §4.3 [Intentionally Omitted.] 33 §4.4 Funds for Payments 33 §4.5 Computations 35 §4.6 Suspension of LIBOR Rate Loans 35 §4.7 Illegality 35 §4.8 Additional Interest 36 §4.9 Additional Costs, Etc. No Duty 36 §4.10 Capital Adequacy 37 §4.11 Breakage Costs 37 §4.12 Default Interest; Late Charge 37 §4.13 Certificate 37 §4.14 Limitation on Interest 37 §4.15 Certain Provisions Relating to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4and Non-Funding Lenders 38 §5. Illegality 36 Section 3.5COLLATERAL SECURITY 39 §5.1 Collateral 39 §5.2 Appraisals; Adjusted Value 39 §5.3 Addition of Collateral Properties 39 §5.4 Release of Collateral Property 40 §5.5 Additional Subsidiary Credit Parties 41 §5.6 Release of Certain Subsidiary Credit Parties 41 §5.7 Release of Collateral 41 §6. Break Funding Payments 36 Section 3.6REPRESENTATIONS AND WARRANTIES 41 §6.1 Corporate Authority, Etc. Taxes 36 Section 3.741 §6.2 Governmental Approvals 42 §6.3 Title to Collateral Properties 42 §6.4 Financial Statements 42 §6.5 No Material Changes 43 §6.6 Franchises, Patents, Copyrights, Etc. 43 §6.7 Litigation 43 §6.8 No Material Adverse Contracts, Etc. 43 §6.9 Compliance with Other Instruments, Laws, Etc. 43 §6.10 Tax Status 44 §6.11 No Event of Default 44 §6.12 Investment Company Act 44 §6.13 Absence of UCC Financing Statements, Etc. 44 §6.14 Setoff, Etc. 44 §6.15 Certain Transactions 44 §6.16 Employee Benefit Plans 44 §6.17 Disclosure 45 §6.18 Trade Name; Place of Business 45 §6.19 Regulations T, U and X 45 §6.20 Environmental Compliance 45 §6.21 Subsidiaries; Organizational Structure 47 §6.22 Leases 47 §6.23 Property 47 §6.24 Brokers 48 §6.25 Other Debt 48 §6.26 Solvency 49 §6.27 No Bankruptcy Filing 49 §6.28 No Fraudulent Intent 49 §6.29 Transaction in Best Interests of Borrowers; Consideration 49 §6.30 OFAC 49 §7. AFFIRMATIVE COVENANTS 49 §7.1 Punctual Payment 50 §7.2 Maintenance of Office 50 §7.3 Records and Accounts 50 §7.4 Financial Statements, Certificates and Information 50 §7.5 Notices 52 §7.6 Existence; Maintenance of Properties 53 §7.7 Insurance; Condemnation 53 §7.8 Taxes; Liens 57 §7.9 Inspection of Collateral Properties and Books 58 §7.10 Compliance with Laws, Contracts, Licenses, and Permits 58 §7.11 Further Assurances 58 §7.12 Management 59 §7.13 Leases of the Property 59 §7.14 Business Operations 59 §7.15 Registered Servicemark 60 §7.16 Ownership of Real Estate 60 §7.17 Distributions of Income to Parent Borrower 60 §7.18 Plan Assets 60 §7.19 Guarantor Covenants 60 §7.20 Collateral Properties 60 §7.21 Xxxxxxxxx 00 §0. NEGATIVE COVENANTS 61 §8.1 Restrictions on Indebtedness 61 §8.2 Restrictions on Liens, Etc. 62 §8.3 Restrictions on Investments 63 §8.4 Merger, Consolidation 65 §8.5 Intentionally Deleted 65 §8.6 Compliance with Environmental Laws 65 §8.7 Distributions 66 §8.8 Asset Sales 67 §8.9 Collateral Properties 67 §8.10 Restriction on Prepayment of Indebtedness 67 §8.11 Derivatives Contracts 68 §8.12 Transactions with Affiliates 68 §8.13 Management Fees 68 §9. FINANCIAL COVENANTS 68 §9.1 Maximum InterestLeverage Ratio 68 §9.2 Minimum Liquidity 68 §9.3 Minimum Fixed Charge Coverage Ratio 68 §9.4 Minimum Tangible Net Worth 68 §9.5 Minimum Debt Yield 68 §9.6 Maximum Loan to Value Ratio 69 §9.7 Interest Rate Protection 69 §10. CLOSING CONDITIONS 69 §10.1 Loan Documents 69 §10.2 Certified Copies of Organizational Documents 69 §10.3 Resolutions 69 §10.4 Incumbency Certificate; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Authorized Signers 69 §10.5 Opinion of Counsel 69 §10.6 Payment of Deficiencies 38 Section 4.3Fees 69 §10.7 Insurance 69 §10.8 Performance; No Default 69 §10.9 Representations and Warranties 70 §10.10 Proceedings and Documents 70 §10.11 Eligible Real Estate Qualification Documents 70 §10.12 Compliance Certificate 70 §10.13 Appraisals 70 §10.14 Consents 70 §10.15 Other 70 §11. Mandatory PaymentsCONDITIONS TO ALL BORROWINGS 70 §11.1 Prior Conditions Satisfied 70 §11.2 Representations True; No Default 70 §11.3 Borrowing Documents 71 §11.4 Future Advances Tax Payment on the 71 §12. EVENTS OF DEFAULT; ACCELERATION; ETC. 71 §12.1 Events of Default and Acceleration 71 §12.2 Certain Cure Periods 73 §12.3 Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection Commitments 73 §12.4 Remedies 73 §12.5 Distribution of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 4174 §13. SETOFF 75 §14. THE AGENT 75 §14.1 Authorization 75 §14.2 Employees and Agents 75 §14.3 No Liability 75 §14.4 No Representations 76 §14.5 Payments 76 §14.6 Holders of Notes 77 §14.7 Indemnity 77 §14.8 Agent as Lender 77 §14.9 Resignation 77 §14.10 Duties in the Case of Enforcement 78 §14.11 Bankruptcy 78 §14.12 Request for Agent Action 78 §14.13 Reliance by Agent 79 §14.14 Approvals 79 §14.15 Borrowers Not Beneficiary 79 §14.16 Defaulting Lenders 79 §14.17 Reliance on Hedge Provider 81 §15. EXPENSES 82 §16. INDEMNIFICATION 82 §17. SURVIVAL OF COVENANTS, ETC. 83 §18. ASSIGNMENT AND PARTICIPATION 83 §18.1 Conditions to Assignment by Lenders 83 §18.2 Register 84 §18.3 New Notes 84 §18.4 Participations 84 §18.5 Pledge by Lender 85 §18.6 No Assignment by Borrowers 85 §18.7 Disclosure 85 §18.8 Titled Agents 86 §18.9 Amendments to Loan Documents 86 §19. NOTICES 86 §20. RELATIONSHIP 86 §21. GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE 87 §22. HEADINGS 87 §23. COUNTERPARTS 87 §24. ENTIRE AGREEMENT, ETC. 87 §25. WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS 87 §26. DEALINGS WITH THE BORROWERS 88 §27. CONSENTS, AMENDMENTS, WAIVERS, ETC. 88 §28. SEVERABILITY 89 §29. TIME OF THE ESSENCE 89 §30. NO UNWRITTEN AGREEMENTS 89 §31. REPLACEMENT NOTES 89 §32. NO THIRD PARTIES BENEFITED 89 §33. PATRIOT ACT 89 §34. [Intentionally Omitted.] 90 §35. JOINT AND SEVERAL LIABILITY 90 §36. ADDITIONAL AGREEMENTS CONCERNING OBLIGATIONS OF BORROWERS AND SUBSIDIARY GUARANTORS 90 §36.1 Attorney-in-Fact 90 §36.2 Accommodation 90 §36.3 Waiver of Automatic or Supplemental Stay 90 §36.4 Waiver of Defenses 90 §36.5 Waiver 92 §36.6 Subordination 93 §36.7 Waiver of Rights Under Anti-Deficiency Rules 93 §36.8 Further Waivers 94 §37. ACKNOWLEDGMENT OF BENEFITS; EFFECT OF AVOIDANCE PROVISIONS 94 EXHIBITS AND SCHEDULES Exhibit A FORM OF REVOLVING CREDIT NOTE Exhibit B RESERVED Exhibit C FORM OF JOINDER AGREEMENT Exhibit D FORM OF REQUEST FOR REVOLVING CREDIT LOAN Exhibit E FORM OF LETTER OF CREDIT REQUEST Exhibit F FORM OF BORROWING BASE AVAILABILITY CERTIFICATE Exhibit G FORM OF COMPLIANCE CERTIFICATE Exhibit H FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT Exhibit I FORM OF LETTER OF CREDIT APPLICATION Schedule 1.1 LENDERS AND COMMITMENTS Schedule 1.2 ELIGIBLE REAL ESTATE QUALIFICATION DOCUMENTS Schedule 6.3 LIST OF ALL ENCUMBRANCES ON ASSETS Schedule 6.5 NO MATERIAL CHANGES Schedule 6.7 PENDING LITIGATION Schedule 6.15 CERTAIN TRANSACTIONS Schedule 6.20(d) REQUIRED ENVIRONMENTAL ACTIONS Schedule 6.21 SUBSIDIARIES Schedule 6.22 EXCEPTIONS TO RENT ROLL Schedule 6.23 PROPERTY Schedule 6.25 MATERIAL LOAN AGREEMENTS Schedule 8.8 ASSET SALES Schedule 19 NOTICE ADDRESSES THIS AMENDED AND RESTATED CREDIT AGREEMENT AMENDS AND RESTATES IN ITS ENTIRETY THAT CERTAIN CREDIT AGREEMENT DATED AS OF APRIL 21, 2014 , AS AMENDED, AMONG CITY OFFICE REIT OPERATING PARTNERSHIP, L.P. AND CERTAIN AFFILIATED ENTITIES, COLLECTIVELY, AS BORROWER, THE LENDERS PARTY HERETO, AND KEYBANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT, AND KEYBANC CAPITAL MARKETS, AS SOLE BOOKRUNNER AND SOLE LEAD ARRANGER AMENDED AND RESTATED CREDIT AGREEMENT THIS AMENDED AND RESTATED CREDIT AGREEMENT is made as of the 26th day of June, 2015, by and among CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership (“Parent Borrower”), the Subsidiary Credit Parties hereafter becoming a party hereto, KEYBANK NATIONAL ASSOCIATION (“KeyBank”), the other lending institutions which are parties to this Agreement as “Lenders”, and the other lending institutions that may become parties hereto pursuant to §18, KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (the “Agent”), and KEYBANC CAPITAL MARKETS, as Sole Lead Arranger and Sole Book Manager.

TABLE OF CONTENTS. PAGE Table of Contents CROSS-REFERENCE TABLE* i ARTICLE I ONE DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.11.02. Definitions 1 Section 1.21.03. Types Other Definitions 39 Section 1.04. Incorporation by Reference of Loans Trust Indenture Act 39 Section 1.05. Rules of Construction 39 ARTICLE TWO THE NOTES 40 Section 2.01. Form And Dating 40 Section 2.02. Execution and Borrowings 25 Authentication 42 Section 1.32.03. Interpretive Provisions 25 ARTICLE II LOANS 26 Methods of Receiving Payments on the Notes 42 Section 2.12.04. Loans 26 Registrar and Paying Agent 43 Section 2.22.05. Request for Paying Agent to Hold Money in Trust 43 Section 2.06. Holder Lists 43 Section 2.07. Transfer and Making of Revolving LoansExchange 44 Section 2.08. 26 Replacement Notes 57 Section 2.32.09. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Outstanding Notes 58 Section 2.10. LC Collateral 31 Treasury Notes 58 Section 2.11. Third Party Beneficiary 32 Temporary Notes 59 Section 2.12. Cross Guaranty 32 Cancellation 59 Section 2.13. Defaulted Interest 59 Section 2.14. CUSIP Numbers 59 Section 2.15. Additional Interest 60 Section 2.16. Issuance of Additional Notes 60 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 THREE REDEMPTION 60 Section 3.13.01. Interest 34 Notice to Trustee 60 Section 3.23.02. Fees 34 Selection of Notes to Be Redeemed 60 Section 3.33.03. Increased Costs 35 Notice of Redemption 61 Section 3.43.04. Illegality 36 Effect of Notice of Redemption 62 Section 3.53.05. Break Funding Payments 36 Deposit of Redemption Price 62 Section 3.63.06. Notes Redeemed in Part 62 Section 3.07. Optional Redemption 62 Section 3.08. Mandatory Redemption 63 Section 3.09. Application of Trust Money 63 ARTICLE FOUR COVENANTS 64 Section 4.01. Payment of Notes 64 Section 4.02. Maintenance of Office or Agency 64 Section 4.03. Reports 65 Section 4.04. Compliance Certificate 65 Section 4.05. Taxes 36 66 Section 3.74.06. Maximum InterestStay, Extension and Usury Laws 66 Section 4.07. Limitation on Indebtedness and Preferred Stock 66 Section 4.08. Limitation on Restricted Payments 69 Section 4.09. Limitation on Liens 75 Section 4.10. Limitation on Restrictions on Distributions from Restricted Subsidiaries 75 Section 4.11. Limitation on Sales of Assets and Subsidiary Stock 78 Section 4.12. Limitation on Affiliate Transactions 82 Section 4.13. Future Subsidiary Guarantors 83 Section 4.14. Business Activities 84 Section 4.15. Offer to Repurchase Upon a Change of Control 84 Section 4.16. Termination of Covenants 87 ARTICLE FIVE SUCCESSORS 87 Section 5.01. Merger and Consolidation 87 ARTICLE SIX DEFAULTS AND REMEDIES 89 Section 6.01. Events of Default 89 Section 6.02. Acceleration 91 Section 6.03. Other Remedies 92 Section 6.04. Waiver of Past Defaults 92 Section 6.05. Control by Majority 93 Section 6.06. Limitation on Suits 93 Section 6.07. Rights of Holders of Notes to Receive Payment 93 Section 6.08. Collection Suit by Trustee 93 Section 6.09. Trustee May File Proofs of Claim 94 Section 6.10. Priorities 94 Section 6.11. Undertaking for Costs 95 ARTICLE SEVEN TRUSTEE 95 Section 7.01. Duties of Trustee 95 Section 7.02. Certain Rights of Trustee 96 Section 7.03. Individual Rights of Trustee 97 Section 7.04. Trustee’s Disclaimer 97 Section 7.05. Notice of Default 97 Section 7.06. Reports by Trustee to Holders of the Notes 98 Section 7.07. Compensation and Indemnity 98 Section 7.08. Replacement of Trustee 99 Section 7.09. Successor Trustee by Merger, Etc. 100 Section 7.10. Eligibility; Controlling Limitation 37 Disqualification 100 Section 7.11. Preferential Collection of Claims Against Company 100 ARTICLE IV PAYMENT 38 EIGHT DEFEASANCE AND COVENANT DEFEASANCE 100 Section 4.18.01. Interest 38 Option to Effect Legal Defeasance or Covenant Defeasance 100 Section 4.28.02. Prepayment; Mandatory Payment of Deficiencies 38 Legal Defeasance and Discharge 100 Section 4.38.03. Mandatory Payments; Payment on Covenant Defeasance 101 Section 8.04. Conditions to Legal Defeasance or Covenant Defeasance 102 Section 8.05. Deposited Money and U.S. 103 Section 8.06. Repayment to the Termination Date 39 Company 103 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.88.07. Reinstatement 40 104 ARTICLE NINE AMENDMENT, SUPPLEMENT AND WAIVER 104 Section 4.99.01. Account Stated 40 Without Consent of Holders of Notes 104 Section 9.02. With Consent of Holders of Notes 105 Section 9.03. Compliance with Trust Indenture Act 106 Section 9.04. Revocation and Effect of Consents 107 Section 9.05. Notation on or Exchange of Notes 107 Section 9.06. Trustee to Sign Amendments, Etc. 107 ARTICLE V COLLATERAL 40 TEN SUBSIDIARY GUARANTEES 107 Section 5.110.01. Security Interest 40 Subsidiary Guarantee 107 Section 5.210.02. Perfection Limitation on Subsidiary Guarantor Liability 109 Section 10.03. Execution and Protection Delivery of LenderNotation of Guarantee 109 Section 10.04. Releases of Subsidiary Guarantors 109 ARTICLE ELEVEN SATISFACTION AND DISCHARGE 110 Section 11.01. Satisfaction and Discharge 110 Section 11.02. Deposited Money and U.S. 111 Section 11.03. Repayment to the Company 111 ARTICLE TWELVE MISCELLANEOUS 112 Section 12.01. No Adverse Interpretation of Other Agreements 112 Section 12.02. Notices 112 Section 12.03. Communication by Holders of Notes with Other Holders of Notes 113 Section 12.04. Certificate and Opinion as to Conditions Precedent 113 Section 12.05. Statements Required in Certificate or Opinion 113 Section 12.06. Rules by Trustee and Agents 114 Section 12.07. No Personal Liability of Directors, Officers, Employees and Stockholders 114 Section 12.08. Governing Law 114 Section 12.09. Trust Indenture Act Controls 114 Section 12.10. Successors 114 Section 12.11. Severability 114 Section 12.12. Counterpart Originals 114 Section 12.13. Acts of Holders 115 Section 12.14. Benefit of Indenture 116 Section 12.15. Table of Contents, Headings, Etc. 116 EXHIBITS Exhibit A Form of Note Exhibit B-1 Form of Certificate of Transfer Exhibit B-2 Form of Certificate of Transfer for Institutional Accredited Investors Exhibit C Form of Certificate of Exchange Exhibit D Form of Notation of Guarantee Exhibit E Form of Guarantor Supplemental Indenture INDENTURE (this “Indenture”), dated as of November 17, 2014, by and between SM Energy Company, a Delaware corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined below) of the Company’s Security Interest 41 Section 5.3. Collateral Proceeds Management 416.125% Senior Notes due 2022 (as further defined herein, the “Notes”):

TABLE OF CONTENTS. ARTICLE I 1 DEFINITIONS AND INCORPORATION BY REFERENCE ‌ 1 Section 1.11.01. Definitions Definitions. ‌ 1 Section 1.21.02. Types Other Definitions. ‌ 37 Section 1.03. Rules of Loans Construction. ‌ 39 Section 1.04. Acts of Holders. ‌ 40 ARTICLE 2 THE NOTES ‌ 41 Section 2.01. Designation, Amount and Borrowings 25 Issuance of Notes. ‌ 41 Section 1.32.02. Interpretive Provisions 25 ARTICLE II LOANS 26 Form of Notes. ‌ 41 Section 2.12.03. Loans 26 Denomination of Notes ‌ 43 Section 2.22.04. Request for Payments. ‌ 43 Section 2.05. Execution and Making of Revolving LoansAuthentication. 26 ‌ 46 Section 2.32.06. Deemed Request for Revolving Loans 27 Registrar, Paying Agent and Conversion Agent. ‌ 47 Section 2.42.07. Protective Advances 27 Money and Securities Held in Trust. ‌ 49 Section 2.52.08. Interest ElectionsHolder Lists. 28 ‌ 49 Section 2.62.09. Letters of Credit 28 Section 2.7Transfer and Exchange. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 ‌ 50 Section 2.10. LC Collateral 31 Transfer Restrictions. ‌ 54 Section 2.11. Third Party Beneficiary 32 Replacement Notes. ‌ 57 Section 2.12. Cross Guaranty 32 Temporary Notes. ‌ 57 Section 2.13. Cancellation ‌ 58 Section 2.14. Outstanding Notes ‌ 58 Section 2.15. Persons Deemed Owners. ‌ 58 Section 2.16. Repurchases. ‌ 59 Section 2.17. CUSIP and ISIN Numbers. ‌ 59 Section 2.18. Contingent Payment Debt Instrument Status. ‌ 59 ARTICLE III INTEREST3 REPURCHASE AT THE OPTION OF THE HOLDER ‌ 59 Section 3.01. Repurchase at Option of Holders Upon a Fundamental Change. ‌ 59 Section 3.02. Withdrawal of Fundamental Change Repurchase Notice. ‌ 62 Section 3.03. Deposit of Fundamental Change Repurchase Price. ‌ 63 Section 3.04. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. ‌ 64 ARTICLE 4 COVENANTS ‌ 64 Section 4.01. Payment of Notes. ‌ 64 Section 4.02. 144A Information. ‌ 64 Section 4.03. Reports. ‌ 64 Section 4.04. Additional Interest. ‌ 66 Section 4.05. Compliance Certificate. ‌ 67 Section 4.06. Restriction on Purchases and Sales by the Company and by Affiliates of the Company. ‌ 67 Section 4.07. Corporate Existence. ‌ 68 Section 4.08. Par Value Limitation. ‌ 68 ​ ‌ ​ ​ ​ Section 4.09. Stay, FEES, REIMBURSEMENTS 34 Extension and Usury Laws. ‌ 68 Section 3.14.10. Interest 34 Further Instruments and Acts. ‌ 68 Section 3.24.11. Fees 34 Restricted Payments. ‌ 68 Section 3.34.12. Increased Costs 35 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. ‌ 73 Section 3.44.13. Illegality 36 Incurrence of Indebtedness and Issuance of Preferred Stock. ‌ 75 Section 3.54.14. Break Funding Payments 36 Asset Sales. ‌ 80 Section 3.64.15. Transactions with Affiliates. ‌ 85 Section 4.16. Liens. ‌ 86 Section 4.17. Additional Note Guarantees. ‌ 86 Section 4.18. Designation of Restricted and Unrestricted Subsidiaries. ‌ 87 Section 4.19. After-Acquired Property. ‌ 88 Section 4.20. Limitation on Issuance of Equity Interests. ‌ 89 Section 4.21. Collateral. ‌ 89 Section 4.22. Conditions Subsequent. ‌ 89 Section 4.23. Taxes 36 ‌ 90 Section 3.74.24. Maximum InterestMinimum Liquidity ‌ 90 ARTICLE 5 CONSOLIDATION, MERGER AND SALE OF ASSETS ‌ 90 Section 5.01. Company May Consolidate, Merge or Sell Its Assets Only on Certain Terms. ‌ 90 Section 5.02. Successor Substituted. ‌ 91 ARTICLE 6 DEFAULTS AND REMEDIES ‌ 91 Section 6.01. Events of Default. ‌ 91 Section 6.02. Acceleration. ‌ 95 Section 6.03. Other Remedies. ‌ 96 Section 6.04. [Reserved]. ‌ 96 Section 6.05. Waiver of Past Defaults. ‌ 96 Section 6.06. Control by Majority. ‌ 97 Section 6.07. Limitation on Suits. ‌ 97 Section 6.08. Rights of Holders to Receive Payment. ‌ 98 Section 6.09. Collection Suit by Trustee. ‌ 98 Section 6.10. Trustee and the Collateral Agent May File Proofs of Claim. ‌ 98 Section 6.11. Priorities. ‌ 99 Section 6.12. Undertaking for Costs. ‌ 99 ARTICLE 7 TRUSTEE ‌ 99 Section 7.01. Duties of Trustee. ‌ 99 Section 7.02. Rights of Trustee. ‌ 101 Section 7.03. Individual Rights of Trustee. ‌ 103 Section 7.04. Trustee’s Disclaimer. ‌ 103 Section 7.05. Notice of Defaults. ‌ 103 Section 7.06. Compensation and Indemnity. ‌ 103 ​ ​ Section 7.07. Replacement of Trustee. ‌ 104 Section 7.08. Successor Trustee by Merger. ‌ 105 Section 7.09. Eligibility; Controlling Limitation 37 Disqualification. ‌ 106 Section 7.10. Trustee’s Application for Instructions from the Company. ‌ 106 ARTICLE IV PAYMENT 38 8 SATISFACTION AND DISCHARGE ‌ 106 Section 4.18.01. Interest 38 Discharge of Liability on Notes. ‌ 106 Section 4.28.02. PrepaymentRepayment to the Company. ‌ 107 ARTICLE 9 AMENDMENTS, SUPPLEMENTS AND WAIVERS ‌ 107 Section 9.01. Without Consent of Holders. ‌ 107 Section 9.02. With Consent of Holders. ‌ 108 Section 9.03. Execution of Supplemental Indentures. ‌ 110 Section 9.04. Notices of Supplemental Indentures or Security Documents. ‌ 110 Section 9.05. Effect of Supplemental Indentures. ‌ 110 Section 9.06. Revocation and Effect of Consents, Waivers and Actions. ‌ 111 Section 9.07. Notation on, or Exchange of, Notes. ‌ 111 ARTICLE 10 CONVERSIONS ‌ 111 Section 10.01. Conversion Privilege. ‌ 111 Section 10.02. Conversion Procedure; Mandatory Payment of Deficiencies 38 Settlement Upon Conversion. ‌ 112 Section 4.310.03. Mandatory Payments; Payment on the Termination Date 39 Section 4.4Make-Whole Premium upon Conversion. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41‌ 116

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1. 1.01 Definitions 1 ARTICLE II PURCHASE OF ASSIGNED INTERESTS 15 Section 1.2. Types 2.01 Purchase 15 Section 2.02 Payments by the Company 15 Section 2.03 Closing; Payment of Loans and Borrowings Closing Purchase Price; Closing Deliveries; Payment of Additional Purchase Price 16 Section 2.04 Make Whole Payments 17 Section 2.05 No Assumed Obligations 18 ARTICLE III REPRESENTATIONS AND WARRANTIES OF COMPANY 19 Section 3.01 Organization 19 Section 3.02 Authorization 19 Section 3.03 Governmental Authorization 19 Section 3.04 Ownership 19 Section 3.05 Financial Statements 20 Section 3.06 No Undisclosed Liabilities 21 Section 3.07 Solvency 21 Section 3.08 Litigation 21 Section 3.09 Compliance with Laws 21 Section 3.10 Conflicts 22 Section 3.11 Subordination 22 Section 3.12 Intellectual Property 22 Section 3.13 Regulatory Approval 24 Section 3.14 Material Contracts 25 Section 1.3. Interpretive Provisions 3.15 Place of Business 25 Section 3.16 Broker’s Fees 25 Section 3.17 Other Information 25 Section 3.18 Taxes 26 ARTICLE II LOANS IV REPRESENTATIONS AND WARRANTIES OF PURCHASER 26 Section 2.1. Loans 4.01 Organization 26 Section 2.2. Request for and Making of Revolving Loans. 4.02 Authorization 26 Section 2.34.03 Broker’s Fees 26 Section 4.04 Conflicts 27 Portions of this Exhibit, indicated by the xxxx “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. Deemed Request for Revolving Loans ARTICLE V COVENANTS 27 Section 2.4. Protective Advances 5.01 Consents and Waivers 27 Section 2.5. Interest Elections. 28 5.02 Access; Information 27 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 5.03 Material Contracts 29 Section 2.8. Reimbursement 5.04 Confidentiality; Public Announcement 29 Section 5.05 Security Agreement 30 Section 2.9. No Duty to Inquire 5.06 Efforts; Further Assurance 30 Section 2.10. LC Collateral 5.07 Put Option; Call Option 31 Section 2.11. Third Party Beneficiary 5.08 [Remittance to Deposit Account] 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 5.09 Intellectual Property 36 Section 3.5. Break Funding Payments 5.10 Protective Covenants 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 5.11 Insurance 38 Section 4.1. Interest 5.12 Notice 38 Section 4.2. Prepayment; Mandatory Payment 5.13 Use of Deficiencies Proceeds 38 ARTICLE VI TERMINATION 40 Section 4.3. Mandatory Payments; Payment on the 6.01 Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 6.02 Effect of Termination 41 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest VII MISCELLANEOUS 41 Section 5.37.01 Survival 41 Section 7.02 Specific Performance; Limitations on Damages 41 Section 7.03 Notices 41 Section 7.04 Successors and Assigns 43 Section 7.05 Indemnification 43 Section 7.06 No Implied Representations and Warranties 44 Section 7.07 Independent Nature of Relationship 45 Section 7.08 Tax Treatment 45 Section 7.09 Entire Agreement 46 Section 7.10 Amendments; No Waivers 46 Section 7.11 Interpretation 46 Section 7.12 Headings and Captions 46 Section 7.13 Counterparts; Effectiveness 46 Section 7.14 Severability 47 Section 7.15 Expenses 47 Section 7.16 Governing Law; Jurisdiction 47 Section 7.17 Waiver of Jury Trial 47 EXHIBITS Exhibit A – Form of Security Agreement Exhibit B – Form of Assignment of Interests Exhibit C Form of Legal Opinion (Xxxxx Xxxxx) Portions of this Exhibit, indicated by the xxxx “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. Collateral Proceeds Management 41REVENUE INTEREST ASSIGNMENT AGREEMENT This REVENUE INTEREST ASSIGNMENT AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”) is made and entered into as of July 28, 2015, by and between ARIAD Pharmaceuticals, Inc., a Delaware corporation (“ARIAD” or the “Company”), and PDL BioPharma, Inc., a Delaware corporation (“Purchaser”).

TABLE OF CONTENTS. ARTICLE Article I DEFINITIONS 1 Definitions and interpretation 2 Section 1.11.01 Definitions 2 Section 1.02 Interpretation 10 Section 1.03 Resolution of Drafting Ambiguities 10 Section 1.04 Schedules 10 Article II Grant of security interest 10 Section 2.01 Grant of Security Interest 10 Section 2.02 Limitation of Collateral Securing the Tranche B Term Loans 12 Section 2.03 Filings 12 Article III Perfection and further assurances 13 Section 3.01 Perfection of Certificated Securities Collateral 13 Section 3.02 Perfection of Uncertificated Securities Collateral 13 Section 3.03 Maintenance of Perfected Security Interest 14 Section 3.04 Other Actions for Perfection 14 Section 3.05 Joinder of Additional Grantors 18 Section 3.06 Further Assurances 19 Article IV Representations, warranties and covenants 20 Section 4.01 Reserved 20 Section 4.02 Ownership of Property and No Other Liens 20 Section 4.03 Perfected First Priority Security Interest 20 Section 4.04 No Transfer of Collateral 21 Section 4.05 Claims Against Collateral 21 Section 4.06 Other Financing Statements 21 Section 4.07 Changes in Name, Jurisdiction of Organization, Etc. Definitions 1 21 Section 1.2. Types 4.08 Location of Loans Collateral 22 Section 4.09 Pledged Securities and Borrowings Pledged Debt 23 Section 4.10 Approvals 24 Section 4.11 Collateral Information 24 Section 4.12 Insurance 24 Section 4.13 Compliance With Laws 24 Section 4.14 Intellectual Property 25 Section 1.3. Interpretive Provisions 4.15 Maintenance of Equipment 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE Article V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Securities collateral 26

TABLE OF CONTENTS. Page(s) ARTICLE I 1 DEFINITIONS 1 Section 1.1SECTION 1.01. Definitions 1 ARTICLE 2 ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES 5 SECTION 2.01. Amount Unlimited; Issuable in Series 5 SECTION 2.02. Form of Trustee’s Certificate of Authentication 5 SECTION 2.03. Form of Securities Generally; Establishment of Terms of Series 5 SECTION 2.04. Securities in Global Form 8 SECTION 2.05. Denominations; Record Date; Payment of Interest 8 SECTION 2.06. Execution, Authentication, Delivery and Dating of Securities 9 SECTION 2.07. Exchange and Registration of Transfer of Securities 10 SECTION 2.08. Temporary Securities 11 SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Securities 12 SECTION 2.10. Cancellation 12 SECTION 2.11. Book-Entry Only System 13 ARTICLE 3 REDEMPTION OF SECURITIES 13 SECTION 3.01. Redemption of Securities, Applicability of Section 1.213 SECTION 3.02. Types Notice of Loans Redemption, Selection of Securities 13 SECTION 3.03. Payment of Securities Called for Redemption 14 SECTION 3.04. Redemption Suspended During Event of Default 15 ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY 15 SECTION 4.01. Payment of Principal, Premium and Borrowings Interest 15 SECTION 4.02. Offices for Notices and Payments 15 SECTION 4.03. Provisions as to Paying Agent 16 SECTION 4.04. Statement as to Compliance 16 SECTION 4.05. Corporate Existence 17 SECTION 4.06. Reserved 17 SECTION 4.07. Waiver of Covenants 17 ARTICLE 5 SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 17 SECTION 5.01. Securityholder Lists 17 SECTION 5.02. Preservation and Disclosure of Lists 17 SECTION 5.03. Reports by the Company 18 SECTION 5.04. Reports by the Trustee 18 ARTICLE 6 REMEDIES 18 SECTION 6.01. Events of Default; Acceleration of Maturity 18 SECTION 6.02. Rescission and Annulment 19 SECTION 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee 20 SECTION 6.04. Trustee May File Proofs of Claim 20 SECTION 6.05. Trustee May Enforce Claims Without Possession of Securities 21 SECTION 6.06. Application of Money Collected 21 SECTION 6.07. Limitation on Suits 21 SECTION 6.08. Unconditional Right of Securityholders to Receive Principal and Interest 22 SECTION 6.09. Restoration of Rights and Remedies 22 SECTION 6.10. Rights and Remedies Cumulative 22 SECTION 6.11. Delay or Omission Not Waiver 22 SECTION 6.12. Control by Securityholders 23 SECTION 6.13. Waiver of Past Defaults 23 SECTION 6.14. Undertaking for Costs 23 SECTION 6.15. Waiver of Stay or Extension Laws 24 ARTICLE 7 CONCERNING THE TRUSTEE 24 SECTION 7.01. Duties and Responsibilities of Trustee 24 SECTION 7.02. Reliance on Documents, Opinions, etc. 25 Section 1.3SECTION 7.03. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request No Responsibility for and Making of Revolving LoansRecitals, etc. 26 Section 2.3SECTION 7.04. Ownership of Securities 26 SECTION 7.05. Moneys to be Held in Trust 26 SECTION 7.06. Compensation and Expenses of Trustee 26 SECTION 7.07. Officer’s Certificate or Opinion of Counsel as Evidence 27 SECTION 7.08. Disqualifications; Conflicting Interest of Trustee 27 SECTION 7.09. Eligibility of Trustee 27 SECTION 7.10. Resignation or Removal of Trustee 27 SECTION 7.11. Acceptance by Successor Trustee 28 SECTION 7.12. Successor by Xxxxxx, etc. 29 SECTION 7.13. Limitations on Rights of Trustee as Creditor 29 SECTION 7.14. Notice of Default 29 SECTION 7.15. Appointment of Authenticating Agent 30 ARTICLE 8 CONCERNING THE SECURITYHOLDERS 31 SECTION 8.01. Action by Securityholders 31 SECTION 8.02. Proof of Execution by Securityholders 31 SECTION 8.03. Who Are Deemed Request for Revolving Loans 27 Section 2.4Absolute Owners 31 SECTION 8.04. Protective Advances 27 Section 2.5Company-Owned Securities Disregarded 32 SECTION 8.05. Interest ElectionsRevocation of Consents; Future Securityholders Bound 32 SECTION 8.06. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty Record Date 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.19 SECURITYHOLDERS’ MEETINGS 33 SECTION 9.01. Interest 34 Section 3.2Purposes of Meeting 33 SECTION 9.02. Fees 34 Section 3.3Call of Meetings by Trustee 33 SECTION 9.03. Increased Costs 35 Section 3.4Call of Meetings by Company or Securityholders 33 SECTION 9.04. Illegality 36 Section 3.5Qualifications for Voting 33 SECTION 9.05. Break Funding Payments 36 Section 3.6Regulations 33 SECTION 9.06. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Voting 34

TABLE OF CONTENTS. ARTICLE I Article 1. DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.11.01 Definitions. Definitions 1 Section 1.21.02 Other Definitions. Types 6 Section 1.03 Incorporation by Reference of Loans Trust Indenture Act. 6 Section 1.04 Rules of Construction. 7 Article 2. THE SECURITIES 7 Section 2.01 Form and Borrowings Dating. 7 Section 2.02 Execution and Authentication. 7 Section 2.03 Amount Unlimited; Issuable in Series. 9 Section 2.04 Denomination and Date of Securities; Payments of Interest. 12 Section 2.05 Registrar and Paying Agent; Agents Generally. 12 Section 2.06 Paying Agent to Hold Money in Trust. 13 Section 2.07 Transfer and Exchange. 13 Section 2.08 Replacement Securities. 16 Section 2.09 Outstanding Securities. 17 Section 2.10 Temporary Securities. 18 Section 2.11 Cancellation. 18 Section 2.12 CUSIP Numbers. 18 Section 2.13 Defaulted Interest. 18 Section 2.14 Series May Include Tranches. 19 Article 3. REDEMPTION 19 Section 3.01 Applicability of Article. 19 Section 3.02 Notice of Redemption; Partial Redemptions. 19 Section 3.03 Payment Of Securities Called For Redemption. 21 Section 3.04 Exclusion of Certain Securities from Eligibility for Selection for Redemption. 21 Section 3.05 Mandatory and Optional Sinking Funds. 22 Article 4. COVENANTS 24 Section 4.01 Payment of Securities. 24 Section 4.02 Maintenance of Office or Agency. 25 Section 1.34.03 Securityholders’ Lists. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans4.04 Certificate to Trustee. 26 Section 2.34.05 Reports by the Company. Deemed Request for Revolving Loans 27 26 Section 2.44.06 Additional Amounts. Protective Advances 27 26 Article 5. SUCCESSOR CORPORATION 26 Section 2.55.01 When Company May Merge, Etc. Interest Elections26 Section 5.02 Successor Substituted. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 4127

TABLE OF CONTENTS. PAGE ARTICLE I ONE DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.11.01. Definitions 1 Section 1.21.02. Types Other Definitions 45 Section 1.03. Incorporation by Reference of Loans Trust Indenture Act 45 Section 1.04. Rules of Construction 45 ARTICLE TWO THE NOTES 46 Section 2.01. Form And Dating 46 Section 2.02. Execution and Borrowings 25 Authentication 47 Section 1.32.03. Interpretive Provisions 25 ARTICLE II LOANS 26 Methods of Receiving Payments on the Notes 48 Section 2.12.04. Loans 26 Registrar, Paying Agent and Conversion Agent 48 Section 2.22.05. Request for Paying Agent to Hold Money in Trust 49 Section 2.06. Holder Lists 49 Section 2.07. Transfer and Making of Revolving LoansExchange 49 Section 2.08. 26 Replacement Notes 61 Section 2.32.09. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Outstanding Notes 61 Section 2.10. LC Collateral 31 Treasury Notes 62 Section 2.11. Third Party Beneficiary 32 [Reserved] 62 Section 2.12. Cross Guaranty 32 Cancellation 62 Section 2.13. Defaulted Interest 62 Section 2.14. PIK Interest 63 Section 2.15. CUSIP Numbers 64 Section 2.16. Use of Proceeds 64 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 THREE REDEMPTION AND PREPAYMENT 64 Section 3.13.01. Interest 34 Notice to Trustee 64 Section 3.23.02. Fees 34 Selection of Notes to Be Redeemed 65 Section 3.33.03. Increased Costs 35 Notice of Redemption 65 Section 3.43.04. Illegality 36 Effect of Notice of Redemption 66 Section 3.53.05. Break Funding Payments 36 Deposit of Redemption Price 66 Section 3.63.06. Taxes 36 Notes Redeemed in Part 67 Section 3.73.07. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Optional Redemption 67 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.33.08. Mandatory Payments; Payment on the Termination Date 39 Redemption 67 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.73.09. Application 40 of Trust Money 69 ARTICLE FOUR CONVERSION 69 Section 4.84.01. Reinstatement 40 Conversion Privilege 69 Section 4.94.02. Account Stated 40 ARTICLE V COLLATERAL 40 Conversion Procedure 70 Section 5.14.03. Security Interest 40 Company to Provide Stock 71 Section 5.24.04. Perfection and Protection Conversion Price Adjustment 72 Section 4.05. Notice of Lender’s Security Interest 41 Adjustment 75 Section 5.34.06. Collateral Proceeds Management 41Option to Satisfy Conversion Obligation with Cash, Common Stock or Combination Thereof 75

TABLE OF CONTENTS. ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.11.01. Definitions 1 Section 1.21.02. Types Rules of Loans Construction 11 Section 1.03. Incorporation by Reference of the Trust Indenture Act 12 ARTICLE II THE NOTES 12 Section 2.01. Form and Borrowings Dating 12 Section 2.02. Execution and Authentication 14 Section 2.03. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust 15 Section 2.04. Noteholder Lists 15 Section 2.05. Transfer and Exchange 16 Section 2.06. Definitive Notes 20 Section 2.07. Replacement Notes 20 Section 2.08. Outstanding Notes 21 Section 2.09. Temporary Notes 22 Section 2.10. Cancellation 22 Section 2.11. CUSIP and ISIN Numbers 22 Section 2.12. Defaulted Interest 22 Section 2.13. Computation of Interest 23 Section 2.14. Issuance of Additional Notes 23 ARTICLE III OPTIONAL REDEMPTION OF NOTES 24 Section 3.01. Optional Redemption 24 Section 3.02. Notice of Redemption 24 Section 3.03. Notes Payable on Redemption Date 25 Section 1.33.04. Interpretive Provisions Exclusion of Certain Notes From Eligibility for Selection for Redemption 25 Section 3.05. Deposit of Redemption Price 25 ARTICLE II LOANS 26 IV COVENANTS 25 Section 2.14.01. Loans 26 Payment of Principal, Premium and Interest 25 Section 2.24.02. Request Offices for and Making of Revolving LoansPayments, Etc. 26 Section 2.34.03. Deemed Request for Revolving Loans Appointment to Fill a Vacancy in Office of Trustee 26 Section 4.04. Paying Agents 26 Section 4.05. Written Statement to Trustee 27 Section 2.44.06. Protective Advances Reports by the Company 27 Section 2.54.07. Interest Elections. Limitation on Liens 28 Section 2.64.08. Letters of Credit 28 Section 2.7. Requesting Letters of Credit Limitation on Sale and Leaseback 29 Section 2.84.09. Reimbursement Repurchase of Notes upon a Change of Control Triggering Event 30 ARTICLE V CONSOLIDATION, MERGER, SALE OR CONVEYANCE 31 Section 2.95.01. Company May Consolidate, Merge, Etc., on Certain Terms 31 Section 5.02. Successor Company Substituted 31 ARTICLE VI DEFAULT AND REMEDIES 32 Section 6.01. Events of Default 32 Section 6.02. Acceleration 33 Section 6.03. Other Remedies 34 Section 6.04. Waiver of Past Defaults 34 Section 6.05. Control by Majority 34 Section 6.06. Limitation on Suits 34 Section 6.07. Rights of Holders to Receive Payment 35 Section 6.08. Collection Suit by Trustee 35 Section 6.09. Trustee May File Proofs of Claim 35 Section 6.10. Priorities 36 Section 6.11. Restoration of Rights and Remedies 36 Section 6.12. Undertaking for Costs 36 Section 6.13. Rights and Remedies Cumulative 37 Section 6.14. Delay or Omission Not Waiver 37 Section 6.15. Waiver of Stay, Extension or Usury Laws 37 ARTICLE VII THE TRUSTEE 37 Section 7.01. General 37 Section 7.02. Certain Rights of Trustee 39 Section 7.03. Individual Rights of Trustee 40 Section 7.04. Trustee’s Disclaimer 40 Section 7.05. Notice of Default 41 Section 7.06. Reports by Trustee to Holders 41 Section 7.07. Compensation and Indemnity 41 Section 7.08. Replacement of Trustee 42 Section 7.09. Successor Trustee by Merger 43 Section 7.10. Eligibility 44 Section 7.11. Money Held in Trust 44 ARTICLE VIII DEFEASANCE AND DISCHARGE 44 Section 8.01. Discharge of Company’s Obligations 44 Section 8.02. Legal Defeasance 45 Section 8.03. Covenant Defeasance 46 Section 8.04. Application of Trust Money 47 Section 8.05. Repayment to Company 47 Section 8.06. Reinstatement 47 ARTICLE IX SUPPLEMENTAL INDENTURES 47 Section 9.01. Supplemental Indentures Without Consent of Holders 47 Section 9.02. Supplemental Indentures with Consent of Holders 49 Section 9.03. Execution of Supplemental Indentures 50 Section 9.04. Effect of Supplemental Indentures 50 Section 9.05. Conformity with Trust Indenture Act 50 Section 9.06. Reference in Notes to Supplemental Indentures 50 ARTICLE X MISCELLANEOUS 51 Section 10.01. Trust Indenture Act of 1939 51 Section 10.02. Noteholder Communications; Noteholder Actions 51 Section 10.03. Notices 52 Section 10.04. Certificate and Opinion as to Conditions Precedent 53 Section 10.05. Statements Required in Certificate or Opinion 53 Section 10.06. Payment Date Other Than a Business Day 53 Section 10.07. Governing Law; Submission to Jurisdiction; Waiver of Trial by Jury 54 Section 10.08. No Duty to Inquire 30 Adverse Interpretation of Other Agreements 54 Section 2.1010.09. LC Collateral 31 Successors 54 Section 2.1110.10. Third Party Beneficiary 32 Duplicate Originals 54 Section 2.1210.11. Cross Guaranty 32 ARTICLE III INTERESTSeparability 54 Section 10.12. Table of Contents and Headings 54 Section 10.13. No Liability of Directors, FEESOfficers, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment Employees, Incorporators and Stockholders 55 EXHIBITS EXHIBIT A FORM OF NOTE INDENTURE, dated as of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on August 20, 2014, between The Timken Company, an Ohio corporation (the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect “Company”), and The Bank of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”).

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1. 1.1 Definitions 1 ARTICLE II PURCHASE AND SALE OF SHARES 13 Section 1.22.1 Purchase and Sale of Shares. Types 13 Section 2.2 Purchase Price Adjustments. 14 Section 2.3 Closing. 17 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER 19 Section 3.1 Corporate Status 19 Section 3.2 Authorization 19 Section 3.3 No Conflict 19 Section 3.4 Governmental Filings 20 Section 3.5 Capital Structure; Subsidiaries. 20 Section 3.6 Financial Statements 20 Section 3.7 Undisclosed Liabilities 21 Section 3.8 Absence of Loans and Borrowings Certain Changes 21 Section 3.9 Legal Proceedings 22 Section 3.10 Compliance with Laws; Permits; Certain Filings. 22 Section 3.11 Environmental Matters. 23 Section 3.12 Taxes 23 Section 3.13 Labor 25 Section 1.33.14 Employee Benefit Plans. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.13.15 Company Material Contracts. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 3.16 Insurance 27 Section 2.5. Interest Elections3.17 Regulation as a Utility 28 Section 3.18 Regulatory Proceedings 28 Section 3.19 Real Property. 28 Section 2.63.20 Intellectual Property. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 3.21 Intercompany Arrangements 29 Section 3.22 Brokers' Fees 30 Section 2.9. No Duty to Inquire 3.23 Disclaimer of Other Warranties 30 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASER 30 Section 2.10. LC Collateral 4.1 Status 30 Section 4.2 Authorization 30 Section 4.3 No Conflict 31 Section 2.11. Third Party Beneficiary 4.4 Governmental Filings 31 Section 4.5 Legal Proceedings 31 Section 4.6 Acquisition for Investment 32 Section 2.124.7 Funding 32 Section 4.8 Solvency 32 Section 4.9 Foreign Persons 33 Section 4.10 Brokers' Fees 33 Section 4.11 No Reliance 33 ARTICLE V COVENANTS 33 Section 5.1 Conduct of the Business 33 Section 5.2 Employment Matters. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 5.3 Publicity 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 5.4 Confidentiality 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 5.5 Access to Information 39 Section 4.55.6 Filings, Authorizations and Consents. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection 5.7 Director and Protection of Lender’s Security Interest Officer Liability; Indemnification 41 Section 5.35.8 Reasonable Best Efforts 41 Section 5.9 Insurance 42 Section 5.10 Indebtedness; Termination of Affiliate Agreements. Collateral Proceeds Management 4142 Section 5.11 Names 43 Section 5.12 Tax Matters. 43 Section 5.13 Non-Solicitation of Employees 45 Section 5.14 Purchaser's Financing Activities. 46 ARTICLE VI CONDITIONS OF CLOSING 46 Section 6.1 Conditions to Obligations of Purchaser and Seller 46 Section 6.2 Additional Conditions to Obligations of Purchaser 47 Section 6.3 Additional Conditions to Obligations of Seller 48 ARTICLE VII TERMINATION 49 Section 7.1 Termination of Agreement 49 Section 7.2 Effect of Termination 50 ARTICLE VIII INDEMNIFICATION 50 Section 8.1 Indemnification of Purchaser by Seller 50 Section 8.2 Indemnification of Seller by Purchaser 51 Section 8.3 Survival 51 Section 8.4 Limitation on Liability. 52 Section 8.5 Notice and Opportunity to Defend 53 Section 8.6 No Knowledge of Breach; Mitigation; Other Indemnification Provisions. 54 Section 8.7 Tax Treatment of Indemnification Provisions 54 Section 8.8 Exclusivity 54 ARTICLE IX MISCELLANEOUS 55 Section 9.1 Assignment; Binding Effect 55 Section 9.2 Choice of Law 55 Section 9.3 Consent to Jurisdiction; Waiver of Jury Trial 55 Section 9.4 Notices 55 Section 9.5 Headings 56 Section 9.6 Fees and Expenses 56 Section 9.7 Entire Agreement 57 Section 9.8 Interpretation. 57 Section 9.9 Seller Disclosure Schedule 57 Section 9.10 Waiver and Amendment 58 Section 9.11 Counterparts; Facsimile Signatures 58 Section 9.12 Third-Party Beneficiaries 58 Section 9.13 Specific Performance 58 Section 9.14 Severability 59

TABLE OF CONTENTS. ​ ​ ​ ​ ​ Page ​ ​ ​ ​ ARTICLE I DEFINITIONS 1 Section 1.1THE PORTFOLIO INVESTMENTS ​ ​ ​ ​ SECTION 1.01. Definitions 1 Section 1.2​ Purchases of Portfolio Investments 29 SECTION 1.02. Types ​ Procedures for Purchases and Related Financings. 29 SECTION 1.03. ​ Conditions to Purchases or Substitutions 30 SECTION 1.04. ​ Sales of Loans and Borrowings 25 Section 1.3Portfolio Investments 31 SECTION 1.05. Interpretive Provisions 25 ​ Substitution. 33 SECTION 1.06. ​ Certain Assumptions Relating to Portfolio Investments. 33 SECTION 1.07. ​ Currency Equivalents. 33 SECTION 1.08. ​ Interest Rates; LIBOR Notification. 34 ​ ​ ​ ​ ARTICLE II LOANS 26 Section 2.1THE FINANCINGS ​ ​ ​ ​ SECTION 2.01. Loans 26 Section 2.2​ Financing Commitments 35 SECTION 2.02. Request for and Making ​ [reserved] 35 SECTION 2.03. ​ Financings; Use of Revolving LoansProceeds. 26 Section 2.335 SECTION 2.04. Deemed Request for Revolving Loans 27 Section 2.4​ Other Conditions to Financings 36 SECTION 2.05. Protective Advances 27 Section 2.5​ Commitment Increase Option. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 37 ​ ​ ​ ​ ARTICLE III INTERESTADDITIONAL TERMS APPLICABLE TO THE FINANCINGS ​ SECTION 3.01. ​ The Advances. 38 SECTION 3.02. ​ General 42 SECTION 3.03. ​ Taxes. 42 SECTION 3.04. ​ Interest Rate Unascertainable, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 Inadequate or Unfair 45 ​ ​ ​ ​ ARTICLE IV PAYMENT 38 Section 4.1COLLECTIONS AND PAYMENTS ​ SECTION 4.01. ​ Interest 38 Section 4.2Proceeds 46 SECTION 4.02. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3​ Principal Proceeds 47 SECTION 4.03. Mandatory ​ Principal and Interest Payments; Payment on the Prepayments; Commitment Fee. 48 SECTION 4.04. ​ MV Cure Account 50 SECTION 4.05. ​ Priority of Payments 50 SECTION 4.06. ​ Payments Generally 51 SECTION 4.07. ​ Termination Date 39 Section 4.4or Reduction of Financing Commitments. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 52 ​ ​ ​ ​ ARTICLE V COLLATERAL 40 Section 5.1THE PORTFOLIO MANAGER ​ SECTION 5.01. Security Interest 40 Section 5.2​ Appointment and Duties of the Portfolio Manager 53 SECTION 5.02. Perfection ​ Portfolio Manager Representations As to Eligibility Criteria; Etc. 53 SECTION 5.03. ​ Limitation of Liability; Indemnification. 54 ​ ​ ​ ​ ARTICLE VI REPRESENTATIONS, WARRANTIES AND COVENANTS ​ SECTION 6.01. ​ Representations and Protection Warranties 55 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SECTION 6.02. ​ Covenants of Lender’s Security Interest 41 Section 5.3the Company 58 SECTION 6.03. Collateral Proceeds Management 41​ Amendments of Portfolio Investments, Etc 64 ​ ​ ​ ​ ARTICLE VII EVENTS OF DEFAULT ​

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1. Definitions 1 Section 1.2SECTION 1.01. Types of Loans and Borrowings 25 Section 1.3Credit Agreement 1 SECTION 1.02. Interpretive Provisions 25 Other Defined Terms 1 ARTICLE II LOANS 26 Section 2.1Guarantee 5 SECTION 2.01. Loans 26 Section 2.2Guarantee 5 SECTION 2.02. Request for and Making Guarantee of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9Payment 5 SECTION 2.03. No Duty Limitations 6 SECTION 2.04. Reinstatement 7 SECTION 2.05. Agreement to Inquire 30 Section 2.10Pay; Subrogation 7 SECTION 2.06. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 Information 7 ARTICLE III INTERESTPledge of Securities 7 SECTION 3.01. Pledge 7 SECTION 3.02. Delivery of the Pledged Collateral 8 SECTION 3.03. Representations, FEES, REIMBURSEMENTS 34 Section 3.1Warranties and Covenants 8 SECTION 3.04. Certification of Limited Liability Company and Limited Partnership Interests 9 SECTION 3.05. Registration in Nominee Name; Denominations 9 SECTION 3.06. Voting Rights; Dividends and Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 10 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment Security Interests in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1Personal Property 12 SECTION 4.01. Security Interest 40 Section 5.212 SECTION 4.02. Perfection Representations and Protection Warranties 14 SECTION 4.03. Covenants 15 SECTION 4.04. Other Actions 17 SECTION 4.05. Covenants Regarding Patent, Trademark and Copyright Collateral 19 ARTICLE V Remedies 20 SECTION 5.01. Remedies Upon Default 20 SECTION 5.02. Application of LenderProceeds 22 SECTION 5.03. Grant of License to Use Intellectual Property 23 SECTION 5.04. Securities Act 23 SECTION 5.05. Registration 24 ARTICLE VI Indemnity, Subrogation and Subordination 24 SECTION 6.01. Indemnity and Subrogation 24 SECTION 6.02. Contribution and Subrogation 25 SECTION 6.03. Subordination 25 ARTICLE VII Miscellaneous 25 SECTION 7.01. Notices 25 SECTION 7.02. Waivers; Amendment 25 SECTION 7.03. Administrative Agent’s Fees and Expenses; Indemnification 26 SECTION 7.04. Successors and Assigns 27 SECTION 7.05. Survival of Agreement 27 SECTION 7.06. Counterparts; Effectiveness; Several Agreement 27 SECTION 7.07. Severability 27 SECTION 7.08. Right of Set-Off 28 SECTION 7.09. Governing Law; Jurisdiction; Consent to Service of Process 28 SECTION 7.10. WAIVER OF JURY TRIAL 29 SECTION 7.11. Headings 29 SECTION 7.12. Security Interest 41 Section 5.3Absolute 29 SECTION 7.13. Collateral Proceeds Management 41Termination or Release 29 SECTION 7.14. Additional Subsidiaries 30 SECTION 7.15. Administrative Agent Appointed Attorney-in-Fact 30 SECTION 7.16. Specific Performance 30 Schedules Schedule I Subsidiary Guarantors Schedule II Pledged Equity Interests; Debt Securities Schedule III Intellectual Property Schedule IV Commercial Tort Claims Exhibits Exhibit I Form of Supplement GUARANTEE AND COLLATERAL AGREEMENT dated as of March , 2009, among XM SATELLITE RADIO INC. (“Holdings”), XM SATELLITE RADIO HOLDINGS INC. (the “Borrower”), the subsidiaries of Holdings and the Borrower from time to time party hereto and LIBERTY MEDIA CORPORATION (“LMC”), as Administrative Agent. Reference is made to the Amended and Restated Credit Agreement dated as of March [ ], 2009 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, Holdings, the Lenders from time to time party thereto and LMC, as Administrative Agent. 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 to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. The Subsidiary Guarantors, as Affiliates of the Borrower, and Holdings, as the direct parent of 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:

TABLE OF CONTENTS. (Continued) Page Section 5.4 Power of Attorney 17 Section 5.5 Death, Bankruptcy, Etc. 18 Section 5.6 Encumbrance of Limited Partner’s Interest 18 ARTICLE I DEFINITIONS 1 VI ALLOCATIONS AND DISTRIBUTIONS 18 Section 1.1. Definitions 1 6.1 Allocation of Income, Gain, Loss and Deduction 18 Section 1.2. Types 6.2 Distributions of Loans Cash Flow 19 Section 6.3 Limitations on Allocations 20 Section 6.4 Distributions Upon Liquidation of Partnership 21 Section 6.5 Liquidation of Partner’s Interest 21 Section 6.6 In-Kind Distributions 22 Section 6.7 Additional Tax Allocation Provisions 22 Section 6.8 Withholding 23 ARTICLE VII FISCAL MATTERS 23 Section 7.1 Fiscal Year 23 Section 7.2 Books and Borrowings Records 23 Section 7.3 Reports and Statements 24 Section 7.4 Audit 24 Section 7.5 Tax Returns 24 Section 7.6 Bank Accounts 24 Section 7.7 Tax Elections 25 ARTICLE VIII TRANSFERS 25 Section 1.3. Interpretive Provisions 8.1 Restriction on Transfers 25 ARTICLE II LOANS Section 8.2 Transfers Requiring Consent 25 Section 8.3 Permitted Transfers to Specified Parties 25 Section 8.4 Assumption by Transferee 26 Section 2.1. Loans 8.5 Cost of Transfers 26 Section 2.2. Request for and Making 8.6 Effect of Revolving Loans. Attempted Disposition in Violation of this Agreement 26 Section 2.3. Deemed Request for Revolving Loans ARTICLE IX RESIGNATION, WITHDRAWAL AND REMOVAL OF GENERAL PARTNER: ADMISSION OF NEW GENERAL PARTNER 27 Section 2.4. Protective Advances 9.1 Voluntary Resignation or Withdrawal of the General Partner 27 Section 2.5. Interest Elections. 9.2 Substitute and Additional General Partners 27 Section 9.3 Admission of a Successor General Partner 27 ARTICLE X DISSOLUTION 28 Section 2.6. Letters of Credit 10.1 Dissolution 28 Section 2.7. Requesting Letters 10.2 Wind-Up of Credit Affairs 29 ARTICLE XI MISCELLANEOUS 29 Section 2.8. Reimbursement 11.1 Amendments 29 Section 11.2 Other Activities 29 Section 11.3 Partition 29 -ii- TABLE OF CONTENTS (Continued) Page Section 11.4 Notices 30 Section 2.9. No Duty to Inquire 11.5 Provisions Severable 30 Section 2.10. LC Collateral 31 11.6 Counterparts 30 Section 2.11. Third Party Beneficiary 32 11.7 Headings 30 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 11.8 Successors and Assigns 30 Section 3.1. Interest 34 11.9 APPLICABLE LAW 30 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection 11.10 NOTICE OF INDEMNIFICATION 30 EXHIBITS: “A” - Property Description “B” - Limited Partners Partnership Schedule “C” - Capital Contribution Amounts and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Dates

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 1. THE MERGER 2 Section 1.11.01. Definitions 1 The Merger 2 Section 1.21.02. Types Articles of Loans Incorporation and Borrowings 25 Bylaws 2 Section 1.31.03. Interpretive Provisions 25 Directors and Officers of Surviving Entity 2 Section 1.04. Bank Merger 2 Section 1.05. Effective Time; Closing 2 Section 1.06. Additional Actions 3 Section 1.07. Reservation of Right to Revise Structure 3 Section 1.08. Absence of Control 3 ARTICLE II LOANS 26 2. MERGER CONSIDERATION; EXCHANGE PROCEDURES 4 Section 2.12.01. Loans 26 Merger Consideration 4 Section 2.22.02. Request for Rights as Shareholders; Stock Transfers 4 Section 2.03. Fractional Shares 4 Section 2.04. Plan of Reorganization 5 Section 2.05. Stock Options, Other Stock-Based Awards and Making Warrants 5 Section 2.06. Exchange Procedures 6 Section 2.07. Dissenting Shares 6 Section 2.08. Deposit of Revolving LoansMerger Consideration 7 Section 2.09. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters Delivery of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Merger Consideration 7 Section 2.10. LC Collateral 31 Anti-Dilution Provisions 8 Section 2.11. Third Party Beneficiary Exemption from Liability Under Section 16(b) 9 ARTICLE 3. REPRESENTATIONS AND WARRANTIES OF COMPANY AND COMPANY BANK 9 Section 3.01. Making of Representations and Warranties 9 Section 3.02. Organization, Standing and Authority 9 Section 3.03. Capital Stock 10 Section 3.04. Subsidiaries 11 Section 3.05. Corporate Power 12 Section 3.06. Corporate Authority 13 Section 3.07. Regulatory Approvals; No Defaults 13 Section 3.08. Financial Statements 14 Section 3.09. Regulatory Reports 15 Section 3.10. Absence of Certain Changes or Events 15 Section 3.11. Legal Proceedings 16 Section 3.12. Compliance with Laws 17 Section 3.13. Company Material Contracts; Defaults 17 Section 3.14. Agreements with Regulatory Agencies 19 Section 3.15. Brokers 19 Section 3.16. Employee Benefit Plans 19 Section 3.17. Labor Matters 22 Section 3.18. Environmental Matters 22 Section 3.19. Tax Matters 24 Section 3.20. Investment Securities 26 Section 3.21. Derivative Transactions 26 Section 3.22. Regulatory Capitalization 27 Section 3.23. Loans; Nonperforming and Classified Assets 27 Section 3.24. Allowance for Loan and Lease Losses 28 Section 3.25. Trust Business; Administration of Fiduciary Accounts 29 Section 3.26. Investment Management and Related Activities 29 Section 3.27. Repurchase Agreements 29 Section 3.28. Deposit Insurance 29 Section 3.29. Community Reinvestment Act, Anti-money Laundering and Customer Information Security 29 Section 3.30. Transactions with Affiliates 30 Section 3.31. Tangible Properties and Assets 30 Section 3.32. Intellectual Property 32 Section 2.123.33. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS Insurance 33 Section 3.34. Disaster Recovery and Business Continuity 33 Section 3.35. Antitakeover Provisions 34 Section 3.13.36. Interest Opinion 34 Section 3.23.37. Fees Company Information 34 Section 3.33.38. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection No Other Representations and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Warranties 34

TABLE OF CONTENTS. ARTICLE I I. DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.1SECTION 1.01. Definitions 1 Section 1.2SECTION 1.02. Types Other Definitions 32 SECTION 1.03. Rules of Loans Construction 32 ARTICLE 2. THE NOTES 33 SECTION 2.01. Form and Borrowings 25 Section 1.3Dating 33 SECTION 2.02. Interpretive Provisions 25 Execution and Authentication 33 SECTION 2.03. Registrar and Paying Agent 34 SECTION 2.04. Paying Agent to Hold Money in Trust 34 SECTION 2.05. Holder Lists 35 SECTION 2.06. Transfer and Exchange 35 SECTION 2.07. Replacement Notes 35 SECTION 2.08. Outstanding Notes 36 SECTION 2.09. Treasury Notes 36 SECTION 2.10. Temporary Notes 36 SECTION 2.11. Cancellation 36 SECTION 2.12. Defaulted Interest 37 SECTION 2.13. CUSIP and ISIN Numbers 37 ARTICLE II LOANS 26 Section 2.13. Loans 26 Section 2.2REDEMPTION AND PREPAYMENT 37 SECTION 3.01. Request for and Making Notices to Trustee 37 SECTION 3.02. Selection of Revolving LoansNotes to be Redeemed 37 SECTION 3.03. 26 Section 2.3Notice of Redemption 38 SECTION 3.04. Deemed Request for Revolving Loans 27 Section 2.4Effect of Notice of Redemption 39 SECTION 3.05. Protective Advances 27 Section 2.5Deposit of Redemption Price 39 SECTION 3.06. Interest ElectionsNotes Redeemed in Part 40 SECTION 3.07. 28 Section 2.6Optional Redemption 40 SECTION 3.08. Letters Offer to Purchase by Application of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9Excess Proceeds 41 SECTION 3.09. No Duty to Inquire 30 Section 2.10Mandatory Sinking Fund 42 ARTICLE 4. LC Collateral 31 Section 2.11COVENANTS 43 SECTION 4.01. Third Party Beneficiary 32 Section 2.12Payment of Notes 43 SECTION 4.02. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1Maintenance of Office or Agency 43 SECTION 4.03. Interest 34 Section 3.2Reports 44 SECTION 4.04. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6Certificates and Other Information 44 SECTION 4.05. Taxes 36 Section 3.747 SECTION 4.06. Maximum Interest; Controlling Stay, Extension and Usury Laws 47 SECTION 4.07. Limitation 37 on Restricted Payments 47 SECTION 4.08. Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries 50 SECTION 4.09. Limitation on Indebtedness and Disqualified Stock 52 SECTION 4.10. Limitation on Asset Sales 54 SECTION 4.11. Limitation on Transactions with Affiliates 56 SECTION 4.12. Limitation on Liens 00 XXXXXXX 4.13. Future Subsidiary Guarantees 57 SECTION 4.14. Existence 57 SECTION 4.15. Offer to Repurchase Upon Change of Control 57 SECTION 4.16. Future Designation of Restricted and Unrestricted Subsidiaries 59 SECTION 4.17. Suspended Covenants 61 SECTION 4.18. Further Assurances 61 SECTION 4.19. Limitation on Certain Agreements 62 SECTION 4.20. Limitation on Sale and Leaseback Transactions 63 ARTICLE IV PAYMENT 38 Section 4.15. Interest 38 Section 4.2SUCCESSORS 63 SECTION 5.01. Prepayment; Mandatory Payment Merger, Consolidation, or Sale of Deficiencies 38 Section 4.3Assets 63 SECTION 5.02. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Successor Substituted 66

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 INTERPRETATION 1 Section 1.1. Definitions 1.1 Defined Terms 1 Section 1.2. Types 1.2 Certain Rules of Loans Interpretation 18 Section 1.3 Schedules 19 ARTICLE 2 THE ARRANGEMENT 19 Section 2.1 Arrangement 19 Section 2.2 Corporation Approval 19 Section 2.3 Interim Order 19 Section 2.4 The Meeting 20 Section 2.5 The Circular 22 Section 2.6 Final Order 23 Section 2.7 Court Proceedings 23 Section 2.8 Arrangement and Borrowings 25 Effective Date 24 Section 1.3. Interpretive Provisions 2.9 Payment of Consideration 24 Section 2.10 Adjustments to Consideration 24 Section 2.11 Tax Withholdings 24 Section 2.12 Options, Restricted Stock Units and Warrants; Employee Share Purchase Plan 25 ARTICLE II LOANS 3 REPRESENTATIONS AND WARRANTIES 26 Section 2.1. Loans 3.1 Representations and Warranties of the Corporation 26 Section 2.2. Request for 3.2 Representations and Making Warranties of Revolving Loans. the Parent and the Purchaser 26 Section 2.3. Deemed Request for Revolving Loans ARTICLE 4 COVENANTS 27 Section 2.4. Protective Advances 4.1 Conduct of Business of the Corporation 27 Section 2.5. Interest Elections. 28 4.2 Covenants of the Corporation Regarding the Arrangement 33 Section 2.6. Letters 4.3 Covenants of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty the Parent Relating to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS the Arrangement 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 4.4 Regulatory Approvals 35 Section 3.4. Illegality 36 4.5 Access to Information; Confidentiality 37 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 4.6 Disclosed Canadian Personal Information 38 Section 4.1. Interest 4.7 Public Communications 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment 4.8 Notice and Cure Provisions 39 Section 4.7. Application 4.9 Insurance and Indemnification 39 Section 4.10 NASDAQ De-Listing 40 Section 4.8. Reinstatement 4.11 Rule 16b-3 Matters 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 4.12 Section 338(g) Election 40 Section 5.1. Security Interest 4.13 Director Resignations 40 Section 5.2. Perfection and Protection 4.14 Termination of Lender’s Security Interest Employee Plans 41 Section 5.3. Collateral Proceeds Management 414.15 Qualified Electing Fund Election 41 Section 4.16 Employee Matters 41 Section 4.17 Guarantee of the Parent 42 Section 4.18 Debt Payoff 42 Section 4.19 CVR Agreement 43 Section 4.20 Pre-Closing Reorganization 43

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1. 1.01 Accounting Terms; Definitions 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. 1.02 Other Interpretive Provisions 25 18 Section 1.03 Accounting Principles 19 ARTICLE II LOANS 26 19 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for 2.01 Revolving Loans 27 19 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. 2.02 Letters of Credit 19 Section 2.03 Use of Proceeds 21 Section 2.04 Unused Fee 22 Section 2.05 Termination or Reduction of the Commitment 22 Section 2.06 Waivers 22 ARTICLE III ADMINISTRATION OF CREDIT 23 Section 3.01 Interest on Loans 23 Section 3.02 Borrowing Procedure 23 Section 3.03 Conversion 23 Section 3.04 Automatic Conversion 23 Section 3.05 Conversion and Continuation Procedure 24 Section 3.06 Basis for Determining Interest Rate Inadequate or Unfair 24 Section 3.07 Changes in Law Rendering Certain Loans Unlawful 24 Section 3.08 Increased Costs 25 Section 3.09 Capital Adequacy 25 Section 3.10 Limitation on Prepayment 25 Section 3.11 Funding Losses 26 Section 3.12 Conclusiveness of Statements 26 Section 3.13 Survival of Provisions 26 Section 3.14 Computations of Interest 26 Section 3.15 Payments; Loan Accounts 26 Section 3.16 Interest Following Event of Default 27 Section 3.17 Deposits; Set Off 27 Section 3.18 Authorization for Direct Payments (ACH Debits) 27 ARTICLE IV CONDITIONS OF BORROWING 28 Section 2.74.01 Representations 28 Section 4.02 Guaranty 28 Section 4.03 Pledge and Security Agreement 28 Section 4.04 Intellectual Property Agreement 28 Section 4.05 Filings 28 Section 4.06 Priority 29 Section 4.07 Counsel Opinion 29 Section 4.08 Borrowing Base Certificate 29 Section 4.09 Proceedings Satisfactory 29 Section 4.10 Other Documents 29 ARTICLE V REPRESENTATIONS AND WARRANTIES 30 Section 5.01 Organization 30 Section 5.02 Authority 30 Section 5.03 Investment Company Act of 1940 31 Section 5.04 Employee Retirement Income Security Act 31 Section 5.05 Financial Statements 31 Section 5.06 Dividends and Redemptions 31 Section 5.07 Liens 31 Section 5.08 Taxes 32 Section 5.09 Absence of Litigation 32 Section 5.10 Absence of Default 32 Section 5.11 No Burdensome Agreements 32 Section 5.12 Trademarks, etc. Requesting 32 Section 5.13 Leases 33 Section 5.14 Partnerships; Joint Ventures 33 Section 5.15 Full Disclosure 33 Section 5.16 Fiscal Year 33 Section 5.17 Environmental Matters 33 Section 5.18 Solvency 34 ARTICLE VI NEGATIVE COVENANTS 34 Section 6.01 Restriction of Indebtedness 34 Section 6.02 Restriction on Liens 35 Section 6.03 Sale and Leaseback 35 Section 6.04 Dividends and Redemptions 36 Section 6.05 Acquisitions and Investments 36 Section 6.06 Liquidation; Merger; Disposition of Assets 38 Section 6.07 Accounts Receivable 38 Section 6.08 Leases 38 Section 6.09 Affiliates 38 Section 6.10 Partnerships; Joint Ventures 39 Section 6.11 Fiscal Year 39 Section 6.12 Liens on Foreign Subsidiaries 39 Section 6.13 Derivatives 39 Section 6.14 Restrictive Agreements 39 ARTICLE VII AFFIRMATIVE COVENANTS 40 Section 7.01 Financial Status 40 Section 7.02 Insurance 40 Section 7.03 Corporate Existence; Obligations 41 Section 7.04 Business Activities 41 Section 7.05 Properties 41 Section 7.06 Accounting Records; Reports 42 Section 7.07 Inspections; Verification 44 Section 7.08 Deposit Accounts, Etc. 45 Section 7.09 Additional Domestic Subsidiaries 45 Section 7.10 Foreign Subsidiaries; Further Assurances 45 Section 7.11 Post-Closing Matters 46 ARTICLE VIII DEFAULTS 46 Section 8.01 Defaults 46 Section 8.02 Termination of Commitments and Acceleration of Obligations 48 ARTICLE IX MISCELLANEOUS 49 Section 9.01 Expenses; Indemnity 49 Section 9.02 Tax Indemnification 51 Section 9.03 Successors 52 Section 9.04 Amendments, Etc. 52 Section 9.05 Survival 52 Section 9.06 Governing Law 52 Section 9.07 Counterparts 52 Section 9.08 Notices 53 Section 9.09 Assignment; Participations 53 Section 9.10 Confidentiality 55 Section 9.11 Entire Agreement; No Agency 55 Section 9.12 No Third Party Benefit 55 Section 9.13 Governing Law; Jurisdiction; Consent to Service of Process 55 Section 9.14 WAIVER OF JURY TRIAL 56 Section 9.15 Limitation of Liability 57 Section 9.16 USA Patriot Act Notice 57 CREDIT AGREEMENT This Credit Agreement (this “Agreement”) is entered into as of July 5, 2012, between ServiceSource International, Inc., a Delaware corporation, as borrower (“Borrower”), and JPMorgan Chase Bank, National Association, as Lender (in such capacity, “Lender”), and as the issuer of Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTERESThereunder (in such capacity, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41“Issuing Bank”).

TABLE OF CONTENTS. PAGE ARTICLE I ONE DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.11.01. Definitions 1 Section 1.21.02. Types Other Definitions 43 Section 1.03. Incorporation by Reference of Loans Trust Indenture Act 43 Section 1.04. Rules of Construction 44 ARTICLE TWO THE NOTES 44 Section 2.01. Form And Dating 44 Section 2.02. Execution and Borrowings 25 Authentication 45 Section 1.32.03. Interpretive Provisions 25 ARTICLE II LOANS 26 Methods of Receiving Payments on the Notes 46 Section 2.12.04. Loans 26 Registrar, Paying Agent and Conversion Agent 46 Section 2.22.05. Request for Paying Agent to Hold Money in Trust 47 Section 2.06. Holder Lists 47 Section 2.07. Transfer and Making of Revolving LoansExchange 47 Section 2.08. 26 Replacement Notes 59 Section 2.32.09. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Outstanding Notes 59 Section 2.10. LC Collateral 31 Treasury Notes 60 Section 2.11. Third Party Beneficiary 32 [Reserved] 60 Section 2.12. Cross Guaranty 32 Cancellation 60 Section 2.13. Defaulted Interest 61 Section 2.14. PIK Interest 61 Section 2.15. CUSIP Numbers 62 Section 2.16. Use of Proceeds 62 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 THREE REDEMPTION AND PREPAYMENT 62 Section 3.13.01. Interest 34 Notice to Trustee 62 Section 3.23.02. Fees 34 Selection of Notes to Be Redeemed 62 Section 3.33.03. Increased Costs 35 Notice of Redemption 63 Section 3.43.04. Illegality 36 Effect of Notice of Redemption 64 Section 3.53.05. Break Funding Payments 36 Deposit of Redemption Price 64 Section 3.63.06. Taxes 36 Notes Redeemed in Part 64 Section 3.73.07. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Optional Redemption 64 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.33.08. Mandatory Payments; Payment on the Termination Date 39 Redemption 65 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.73.09. Application 40 of Trust Money 66 ARTICLE FOUR CONVERSION 66 Section 4.84.01. Reinstatement 40 Conversion Privilege 66 Section 4.94.02. Account Stated 40 ARTICLE V COLLATERAL 40 Conversion Procedure 67 Section 5.14.03. Security Interest 40 Company to Provide Stock 69 Section 5.24.04. Perfection and Protection Conversion Price Adjustment 69 Section 4.05. Notice of Lender’s Security Interest 41 Adjustment 72 Section 5.34.06. Collateral Proceeds Management 41Option to Satisfy Conversion Obligation with Cash, Common Stock or Combination Thereof 72

TABLE OF CONTENTS. Page ARTICLE I DEFINITIONS 1 THE MERGER; PAYMENT FOR OUTSTANDING SHARES OF COMPANY STOCK 2 Section 1.11.01. Definitions 1 The Merger 2 Section 1.21.02. Types Effective Time; Closing 2 Section 1.03. Effects of Loans the Merger 5 Section 1.04. Certificate of Incorporation and Borrowings 25 Bylaws 5 Section 1.31.05. Interpretive Provisions 25 Directors 5 Section 1.06. Officers 5 Section 1.07. Conversion of Company Stock 5 Section 1.08. Preliminary Calculation of Merger Consideration 8 Section 1.09. Closing Payments 9 Section 1.10. Final Calculation of Merger Consideration 10 Section 1.11. Adjusting Payment of Merger Consideration 11 Section 1.12. Stock Transfer Books; No Further Rights 13 Section 1.13. Further Assurances 13 Section 1.14. Withholding Rights 13 Section 1.15. Company Stockholder Approval 13 Section 1.16. Undistributed Merger Consideration 13 Section 1.17. Return of Appraisal Retention Amount 14 ARTICLE II LOANS 26 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 14 Section 2.12.01. Loans 26 Corporate Organization 14 Section 2.22.02. Request for and Making of Revolving LoansCapitalization 14 Section 2.03. 26 Authority Relative to this Agreement 16 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.92.04. No Duty to Inquire 30 Conflict; Required Filings and Consents 17 Section 2.05. Financial Statements 18 Section 2.06. Accounts Receivable 19 Section 2.07. Absence of Certain Changes or Events 19 Section 2.08. Licenses and Franchises; Material Contracts 19 Section 2.09. Real Property and Tangible Personal Property 22 Section 2.10. LC Collateral 31 Litigation 24 Section 2.11. Third Party Beneficiary 32 Compliance with Laws 24 Section 2.12. Cross Guaranty Taxes 24 Section 2.13. Employee Benefit Plans and Related Matters; ERISA 27 Section 2.14. Employees; Labor Matters 30 Section 2.15. Environmental Laws and Regulations 31 Section 2.16. Insurance Coverage 31 Section 2.17. Related Party Transactions 32 Section 2.18. Sufficiency of Assets 32 Section 2.19. FCC Compliance, Rate Regulation and Copyright Compliance 33 Section 2.20. Customers and System Information 33 Section 2.21. Programming 34 Section 2.22. Brokers 34 Section 2.23. Promotional Campaigns 35 Section 2.24. Intellectual Property 35 Section 2.25. Internal Controls 36 Section 2.26. Completion of and No Liability from Split-Up 36 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 REPRESENTATIONS AND WARRANTIES OF BUYER AND MERGER SUB 37 Section 3.13.01. Interest 34 Corporate Organization 37 Section 3.23.02. Fees 34 Authority Relative to this Agreement 37 Section 3.33.03. Increased Costs 35 No Conflict; Required Filings and Consents 37 Section 3.43.04. Illegality 36 Litigation 38 Section 3.53.05. Break Funding Payments 36 Brokers 38 Section 3.63.06. Taxes 36 Buyer Qualification 38 Section 3.73.07. Maximum Interest; Controlling Limitation 37 Availability of Funds 39 Section 3.08. Formation 39 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date COVENANTS AND AGREEMENTS 39 Section 4.44.01. Mandatory Prepayment in Respect Operation of Certain Events Business Prior to the Closing 39 Section 4.54.02. Early TerminationConfidentiality; Prepayment Penalty 39 Press Release 45 Section 4.64.03. General Payment Provisions 39 Cooperation; Commercially Reasonable Efforts; Buyer Notification 46 Section 4.74.04. Application 40 Consents and Filings 46 Section 4.84.05. Reinstatement 40 Antitrust Matters 49 Section 4.94.06. Account Stated 40 Insight Company Debt Obligations 51 Section 4.07. Information Statement 52 Section 4.08. Employee Matters 52 Section 4.09. Tax Matters 54 Section 4.10. Directors and Officers Insurance 57 Section 4.11. Real Estate Matters 58 Section 4.12. Notification 59 Section 4.13. Termination of Related Party Transactions 59 ARTICLE V COLLATERAL 40 CONDITIONS TO OBLIGATIONS TO CLOSE 60 Section 5.15.01. Security Interest 40 Conditions to Obligations of Buyer and Merger Sub 60 Section 5.25.02. Perfection Conditions to Obligations of the Company 61 ARTICLE VI TERMINATION 62 Section 6.01. Termination 62 Section 6.02. Effect of Termination 63 ARTICLE VII INDEMNIFICATION 64 Section 7.01. Survival 64 Section 7.02. Indemnification by Company Stockholders 64 Section 7.03. Indemnification Escrow 66 Section 7.04. Procedure for Indemnification For Third-Party Claims 67 Section 7.05. Tax Indemnification, Audits and Protection Contests. 68 ARTICLE VIII MISCELLANEOUS 69 Section 8.01. Waiver and Amendment 69 Section 8.02. Notices 69 Section 8.03. Descriptive Headings; Interpretation; Disclosure 71 Section 8.04. Expenses 72 Section 8.05. Counterparts 72 Section 8.06. Entire Agreement 72 Section 8.07. GOVERNING LAW 72 Section 8.08. Submission to Jurisdiction; Venue 72 Section 8.09. Jury Trial Waiver 73 Section 8.10. Severability 73 Section 8.11. Enforcement of Lender’s Security Interest 41 Agreement 73 Section 5.38.12. Collateral Proceeds Management 41Assignment 73 Section 8.13. No Other Representations or Warranties 74 Section 8.14. Exclusive Remedy; No Recourse; Release of Claims 74 Section 8.15. Limitation on Damages 75 Section 8.16. Stockholders’ Representative 75 Section 8.17. Further Assurances 76 Section 8.18. Exclusivity 76 Section 8.19. Definitions 77 EXHIBITS Exhibit A Sellers’ Agreement Exhibit B Form of Amended and Restated Certificate of Incorporation Exhibit C Form of Amended and Restated Bylaws Exhibit 1.07 Company Working Capital – Current Assets and Current Liabilities Exhibit 1.11 Form of Escrow Agreement ANNEXES ANNEX A COMPANY DISCLOSURE LETTER ANNEX B BUYER DISCLOSURE LETTER AGREEMENT AND PLAN OF MERGER THIS AGREEMENT AND PLAN OF MERGER (this “Agreement”), dated as of August 15, 2011, is entered into by and among TIME WARNER CABLE INC., a Delaware corporation (“Buyer”), DERBY MERGER SUB INC., a Delaware corporation and wholly-owned Subsidiary of Buyer (“Merger Sub”), INSIGHT COMMUNICATIONS COMPANY, INC., a Delaware corporation (the “Company”), and the Stockholders’ Representative, as defined and set forth in Section 8.16, solely in such capacity as the stockholders’ representative.

TABLE OF CONTENTS. (This Table of Contents is not a part of the Indenture and is only for convenience of reference.) SECTION PAGE Recitals 1 ARTICLE I DEFINITIONS 1 3 Section 1.11.01. Definitions 1 3 Section 1.21.02. Types of Loans and Borrowings 25 Authorization 8 Section 1.31.03. Interpretive Provisions 25 Interpretation 8 ARTICLE II LOANS 26 THE CERTIFICATES OF PARTICIPATION 9 Section 2.12.01. Loans 26 Authorization 9 Section 2.22.02. Request for Date 9 Section 2.03. Maturity; Interest Rates 10 Section 2.04. Form of Certificates 10 Section 2.05. Payment of Interest 10 Section 2.06. Execution 10 Section 2.07. Application of Proceeds 10 Section 2.08. Registration, Transfer and Making Exchange of Revolving LoansCertificates 10 Section 2.09. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Mutilated, Lost, Destroyed and Stolen Certificates 11 Section 2.10. LC Collateral 31 Payment 11 Section 2.11. Third Party Beneficiary 32 Execution of Documents and Proof of Ownership 12 Section 2.12. Cross Guaranty Certificate Register 13 Section 2.13. Global Book Entry 13 ARTICLE III ACQUISITION FUND 14 Section 3.01. Acquisition Fund 14 Section 3.02. Disbursements 14 ARTICLE IV REDEMPTION OF CERTIFICATES 15 Section 4.01. Redemption upon Event of Nonappropriation and Termination of Purchase Contract 15 Section 4.02. Optional Redemption 15 Section 4.03. Effect of Call for Redemption 15 Section 4.04. Notice of Redemption 15 Section 4.05. Partial Redemption 16 ARTICLE V INSTALLMENT PAYMENTS; ADDITIONAL PAYMENTS; INSTALLMENT PAYMENT FUND 16 Section 5.01. Rights in Purchase Contract 16 Section 5.02. Establishment of Installment Payment Fund 16 Section 5.03. Deposits 17 Section 5.04. Application of Moneys 17 Section 5.05. Surplus 17 ARTICLE VI FORM OF THE CERTIFICATES 18 ARTICLE VII MONEYS IN FUNDS; INVESTMENT 22 Section 7.01. Held in Trust 22 Section 7.02. Investments Authorized 22 Section 7.03. Investment Earnings 24 Section 7.04. Liability of Trustee for Investments 24 Section 7.05. Tax Certificate; Creation of Rebate Fund 24 Section 7.06. Arbitrage Covenant 24 ARTICLE VIII THE TRUSTEE 25 Section 8.01. Certain Duties and Responsibilities 25 Section 8.02. Certain Rights of Trustee 26 Section 8.03. Employment of Experts 28 Section 8.04. Enforcement of Performance by Others 28 Section 8.05. Right to Deal in Certificates and Take Other Actions 28 Section 8.06. Removal and Resignation of the Trustee 28 Section 8.07. Proof of Claim 29 Section 8.08. Trustee’s Fees and Expenses 30 Section 8.09. Intervention by Trustee 30 Section 8.10. Reports 30 Section 8.11. Separate or Co-Trustee 30 Section 8.12. Recitals and Representations 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS IX MODIFICATION OR AMENDMENT OF AGREEMENTS 33 Section 9.01. Amendments Permitted 33 Section 9.02. Procedure for Amendment with Written Consent of Certificate Owners 34 Section 3.19.03. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs Disqualified Certificates 35 Section 3.49.04. Illegality Effect of Supplemental Agreement 35 ARTICLE X COVENANTS; NOTICE 36 Section 3.510.01. Break Funding Payments Compliance with and Enforcement of Purchase Contract 36 Section 3.610.02. Taxes Observance of Laws and Regulations 36 Section 3.710.03. Maximum Interest; Controlling Limitation Prosecution and Defense of Suits 36 Section 10.04. Filing 36 Section 10.05. Payments Due on Non-Business Days 36 Section 10.06. Further Assurances 36 Section 10.07. Action upon Termination of Purchase Contract 37 ARTICLE IV PAYMENT 38 Section 4.110.08. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Parties Interested Herein 37

TABLE OF CONTENTS. ARTICLE I DEFINITIONS PAGE Parties 1 Preliminary Statement 1 Granting Clause 1 Article One Definitions 2 Section 1.11.01. Definitions 1 2 Article Two Note Form 14 Section 1.22.01. Types Forms 14 Article Three The Notes 14 Section 3.01. Denomination 14 Section 3.02. Execution, Authentication, Delivery and Dating 15 Section 3.03. Temporary Notes 15 Section 3.04. Registration, Registration of Loans Transfer and Borrowings Exchange 15 Section 3.05. Limitation on Transfer and Exchange 17 Section 3.06. Mutilated, Destroyed, Lost or Stolen Notes 17 Section 3.07. Payment of Principal and Interest; Principal and Interest Rights Preserved 18 Section 3.08. Persons Deemed Owner 19 Section 3.09. Cancellation 19 Article Four Original Issuance of Notes; Substitutions of Collateral 20 Section 4.01. Conditions to Original Issuance of Notes 20 Section 4.02. Security for Notes 21 Section 4.03 Substitution and Purchase of Lease Receivables 21 Section 4.04. Releases 23 Section 4.05. Trust Estate 23 Section 4.06. Notice of Release 24 Section 4.07. Opinions as to Trust Estate 24 Article Five Satisfaction and Discharge 24 Section 5.01. Satisfaction and Discharge of Indenture 24 Section 5.02. Application of Trust Money 24 Article Six Defaults and Remedies 25 Section 1.36.01. Interpretive Provisions Events of Default 25 ARTICLE II LOANS Section 6.02. Acceleration of Maturity; Rescission and Annulment 26 Section 2.16.03. Loans 26 Section 2.2. Request Collection of Indebtedness and Suits for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans Enforcement by Trustee 27 Section 2.46.04. Protective Advances Remedies 27 Section 2.56.05. Interest Elections. 28 Section 2.6. Letters Optional Preservation of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Trust Estate 28

TABLE OF CONTENTS. ARTICLE I 1 DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.11.01. Definitions Definitions. 1 Section 1.21.02. Types of Loans and Borrowings Other Definitions. 25 Section 1.31.03. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making Incorporation by Reference of Revolving LoansTrust Indenture Act. 26 Section 2.3. Deemed Request for Revolving Loans ARTICLE 2 THE NOTES 27 Section 2.42.01. Protective Advances Dating; Incorporation of Form in Indenture. 27 Section 2.52.02. Interest ElectionsExecution and Authentication. 27 Section 2.03. Registrar and Paying Agent. 28 Section 2.62.04. Letters of Credit Paying Agent to Hold Money in Trust. 28 Section 2.72.05. Requesting Letters of Credit Noteholder Lists. 29 Section 2.82.06. Reimbursement Transfer and Exchange. 29 Section 2.07. Replacement Notes. 30 Section 2.92.08. No Duty to Inquire 30 Outstanding Notes. 31 Section 2.09. Temporary Notes. 31 Section 2.10. LC Collateral Cancellation. 31 Section 2.11. Third Party Beneficiary Defaulted Interest. 32 Section 2.12. Cross Guaranty Deposit of Moneys. 32 Section 2.13. CUSIP Number. 32 Section 2.14. Book-Entry Provisions for Global Notes. 32 Section 2.15. Registration of Transfers and Exchanges. 33 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 3 REDEMPTION 35 Section 3.43.01. Illegality Notices to Trustee. 35 Section 3.02. Selection by Trustee of Notes to Be Redeemed. 35 Section 3.03. Notice of Redemption. 35 Section 3.04. Effect of Notice of Redemption. 36 Section 3.53.05. Break Funding Payments Deposit of Redemption Price. 36 Section 3.63.06. Taxes 36 Notes Redeemed in Part. 37 Section 3.73.07. Maximum Interest; Controlling Limitation Optional Redemption. 37 ARTICLE IV PAYMENT 4 COVENANTS 37 Section 4.01. Payment of Notes. 37 Section 4.02. Provision of Financial Statements and Other Information. 38 Section 4.14.03. Interest Waiver of Stay, Extension or Usury Laws. 38 Section 4.24.04. PrepaymentCompliance Certificate; Mandatory Payment of Deficiencies Tax Information. 38 Section 4.34.05. Mandatory Payments; Payment on the Termination Date Taxes. 39 Section 4.44.06. Mandatory Prepayment in Respect of Certain Events Limitation on Additional Indebtedness. 39 Section 4.54.07. Early Termination; Prepayment Penalty 39 Section 4.6Limitation on Restricted Payments. General Payment Provisions 39 Section 4.7. Application 40 Section 4.84.08. Reinstatement 40 Limitation on Certain Asset Sales. 42 Section 4.94.09. Account Stated 40 Limitation on Transactions with Affiliates. 46 Section 4.10. Limitations on Liens. 47 Section 4.11. Limitations on Investments. 48 Section 4.12. Limitation on Sale and Lease-Back Transactions. 48 Section 4.13. Payments for Consent. 48 Section 4.14. Corporate Existence. 48 Section 4.15. Change of Control. 48 Section 4.16. Maintenance of Office or Agency. 50 Section 4.17. Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 51 Section 4.18. Limitation on Conduct of Business. 52 Section 4.19. Compliance with Laws. 52 Section 4.20. Limitation on Preferred Stock of Restricted Subsidiaries. 53 Section 4.21. Limitation on Creation of Subsidiaries. 53 Section 4.22. Maintenance of Properties and Insurance. 53 Section 4.23. Books and Records; Inspection Rights. 54 Section 4.24. Notices of Material Events. 54 ARTICLE V COLLATERAL 40 5 SUCCESSOR CORPORATION 54 Section 5.15.01. Security Interest 40 Limitation on Consolidation Merger and Sale of Assets. 54 Section 5.25.02. Perfection Successor Person Substituted. 55 ARTICLE 6 DEFAULTS AND REMEDIES 56 Section 6.01. Events of Default. 56 Section 6.02. Acceleration. 57 Section 6.03. Other Remedies. 58 Section 6.04. Waiver of Past Defaults and Protection Events of LenderDefault. 58 Section 6.05. Control by Supermajority. 59 Section 6.06. Limitation on Suits. 59 Section 6.07. Rights of Holders to Receive Payment. 59 Section 6.08. Collection Suit by Trustee. 59 Section 6.09. Trustee May File Proofs of Claim. 60 Section 6.10. Priorities. 60 Section 6.11. Undertaking for Costs. 61 ARTICLE 7 TRUSTEE 61 Section 7.01. Duties of Trustee. 61 Section 7.02. Rights of Trustee. 62 Section 7.03. Individual Rights of Trustee. 63 Section 7.04. Trustee’s Security Interest 41 Disclaimer. 64 Section 5.37.05. Collateral Proceeds Management 41Notice of Defaults. 64 Section 7.06. Reports by Trustee to Holders. 64 Section 7.07. Compensation and Indemnity. 64 Section 7.08. Replacement of Trustee. 65 Section 7.09. Successor Trustee by Consolidation, Merger or Conversion. 66 Section 7.10. Eligibility; Disqualification. 66 Section 7.11. Preferential Collection of Claims Against Issuer. 66 Section 7.12. Paying Agents. 66 ARTICLE 8 AMENDMENTS, SUPPLEMENTS AND WAIVERS 67 Section 8.01. Without Consent of Holders. 67 Section 8.02. With Consent of Holders. 68 Section 8.03. Compliance with Trust Indenture Act. 69 Section 8.04. Revocation and Effect of Consents. 69 Section 8.05. Notation on or Exchange of Notes. 69 Section 8.06. Trustee to Sign Amendments, etc. 70 ARTICLE 9 DISCHARGE OF INDENTURE; DEFEASANCE 70 Section 9.01. Satisfaction and Discharge of Indenture. 70 Section 9.02. Legal Defeasance. 71 Section 9.03. Covenant Defeasance. 71 Section 9.04. Conditions to Defeasance or Covenant Defeasance. 72

TABLE OF CONTENTS. Page Section 9.4 Withholding and Other Tax Payments by the Partnership 50 ARTICLE I DEFINITIONS 1 X ADMISSION OF PARTNERS 51 Section 1.1. Definitions 1 10.1 Admission of Substituted Limited Partners 51 Section 1.2. Types 10.2 Admission of Loans Successor General Partner 51 Section 10.3 Admission of Additional Limited Partners 51 Section 10.4 Amendment of Agreement and Borrowings 25 Certificate of Limited Partnership 52 ARTICLE XI WITHDRAWAL OR REMOVAL OF PARTNERS 52 Section 1.3. Interpretive 11.1 Withdrawal of the General Partner 52 Section 11.2 Removal of the General Partner 54 Section 11.3 Interest of Departing Partner and Successor General Partner 54 Section 11.4 [Reserved] 55 Section 11.5 Withdrawal of Limited Partners 55 ARTICLE XII DISSOLUTION AND LIQUIDATION 55 Section 12.1 Dissolution 55 Section 12.2 Continuation of the Business of the Partnership After Dissolution 56 Section 12.3 Liquidator 56 Section 12.4 Liquidation 57 Section 12.5 Cancellation of Certificate of Limited Partnership 57 Section 12.6 Return of Contributions 58 Section 12.7 Waiver of Partition 58 Section 12.8 Capital Account Restoration 58 ARTICLE XIII AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE 58 Section 13.1 Amendments to be Adopted Solely by the General Partner 58 Section 13.2 Amendment Procedures 59 Section 13.3 Amendment Requirements 60 Section 13.4 Special Meetings 60 Section 13.5 Notice of a Meeting 61 Section 13.6 Record Date 61 Section 13.7 Adjournment 61 Section 13.8 Waiver of Notice; Approval of Meeting; Approval of Minutes 61 Section 13.9 Quorum and Voting 62 Section 13.10 Conduct of a Meeting 62 Section 13.11 Action Without a Meeting 62 Section 13.12 Right to Vote and Related Matters 63 ARTICLE XIV MERGER 63 TABLE OF CONTENTS Page Section 14.1 Authority 63 Section 14.2 Procedure for Merger or Consolidation 63 Section 14.3 Approval by Limited Partners of Merger or Consolidation 64 Section 14.4 Certificate of Merger 65 Section 14.5 Effect of Merger 65 ARTICLE XV RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS 66 Section 15.1 Right to Acquire Limited Partner Interests 66 ARTICLE XVI GENERAL PROVISIONS 67 Section 16.1 Address and Notices 67 Section 16.2 Further Action 68 Section 16.3 Binding Effect 68 Section 16.4 Integration 68 Section 16.5 Creditors 68 Section 16.6 Counterparts 68 Section 16.7 Applicable Law 68 Section 16.8 Invalidity of Provisions 25 ARTICLE II LOANS 26 69 Section 2.1. Loans 26 Section 2.2. Request for 16.9 Consent of Partners 69 SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF XXXXX ENERGY PARTNERS, L.P. THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF XXXXX ENERGY PARTNERS, L.P. dated as of October 31, 2017, is entered into by and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTERESTbetween HEP Logistics Holdings, FEESL.P., REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on a Delaware limited partnership, as the Termination Date 39 Section 4.4. Mandatory Prepayment General Partner, together with any other Persons who become Partners in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41the Partnership or parties hereto as provided herein.

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1. Definitions SECTION 1.1 Generally 1 Section 1.2. Types SECTION 1.2 Definition of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 Certain Terms 2 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for GENERAL TERMS OF THE NOTES 7 SECTION 2.1 Form 7 SECTION 2.2 Title, Amount and Making Payment of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Principal and Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 7 SECTION 2.3 Transfer and Exchange 10 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum InterestGUARANTY; Controlling Limitation 37 FUTURE SUBSIDIARY GUARANTEES 10 SECTION 3.1 Guarantee 10 SECTION 3.2 Future Subsidiary Guarantors 11 SECTION 3.3 Release of Guarantees 11 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. PrepaymentREDEMPTION 11 SECTION 4.1 Optional Redemption of 2026 Notes 11 SECTION 4.2 Optional Redemption of 2028 Notes 11 SECTION 4.3 Optional Redemption of 2030 Notes 12 SECTION 4.4 Optional Redemption of 2033 Notes 12 SECTION 4.5 Optional Redemption Generally 13 SECTION 4.6 No Sinking Fund; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 Redemption 13 ARTICLE V COLLATERAL 40 Section 5.1ADDITIONAL COVENANTS 13 SECTION 5.1 Limitations on Liens 13 SECTION 5.2 Restriction on Sale-Leasebacks 14 ARTICLE VI EVENTS OF DEFAULT 15 SECTION 6.1 Additional Event of Default 15 ARTICLE VII AMENDMENTS 15 SECTION 7.1 Amendments without Consent of Holders 15 SECTION 7.2 Notice of Redemption 15 SECTION 7.3 Notices 15 SECTION 7.4 SEC Reports 16 ARTICLE VIII MISCELLANEOUS PROVISIONS 16 SECTION 8.1 Ratification of Base Indenture 16 SECTION 8.2 Trustee Not Responsible for Recitals 16 SECTION 8.3 Table of Contents, Headings, etc. Security Interest 40 Section 5.2. Perfection 16 SECTION 8.4 Counterpart Originals 16 SECTION 8.5 Governing Law 17 EXHIBITS Exhibit A-1: Form of 6.050% Senior Note due 2026 Exhibit A-2: Form of 6.100% Senior Note due 2028 Exhibit A-3: Form of 6.400% Senior Note due 2030 Exhibit A-4: Form of 6.550% Senior Note due 2033 Exhibit B: Form of Supplemental Indenture to be entered into by Subsidiary Guarantors THIS SECOND SUPPLEMENTAL INDENTURE, dated as of October 13, 2023 (the “Second Supplemental Indenture”), is between Energy Transfer LP, a Delaware limited partnership (the “Partnership”), and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41U.S. Bank Trust Company, National Association, a national banking association, as trustee (the “Trustee”).

TABLE OF CONTENTS. ARTICLE I 1 DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.1. 1.01 Definitions 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 1.02 Other Definitions 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 1.03 Incorporation by Reference of Trust Indenture Act 35 Section 3.4. Illegality 1.04 Rules of Construction 35 ARTICLE 2 THE NOTES 35 Section 2.01 Form and Dating 35 Section 2.02 Execution and Authentication 36 Section 3.5. Break Funding Payments 2.03 Registrar and Paying Agent 36 Section 3.6. Taxes 36 2.04 Paying Agent to Hold Money in Trust 37 Section 3.7. Maximum Interest; Controlling Limitation 2.05 Noteholder Lists 37 ARTICLE IV PAYMENT Section 2.06 Transfer and Exchange 37 Section 2.07 Replacement Notes 37 Section 2.08 Outstanding Notes 38 Section 4.1. Interest 2.09 Temporary Notes 38 Section 4.2. Prepayment; 2.10 Cancellation 38 Section 2.11 Defaulted Interest 39 Section 2.12 CUSIP Numbers 39 Section 2.13 Issuance of Additional Notes 39 Section 2.14 Persons Deemed Owners 40 ARTICLE 3 REDEMPTION AND PREPAYMENT 40 Section 3.01 Notices to Trustee 40 Section 3.02 Selection of Notes to Be Redeemed 40 Section 3.03 Notice of Redemption 41 Section 3.04 Effect of Notice of Redemption 42 Section 3.05 Deposit of Redemption Price 42 Section 3.06 Notes Redeemed in Part 43 Section 3.07 Optional Redemption 43 Section 3.08 Mandatory Redemption 44 Section 3.09 Offer to Purchase by Application of Excess Proceeds 44 ARTICLE 4 COVENANTS 46 Section 4.01 Payment of Deficiencies 38 Notes 46 Section 4.34.02 Maintenance of Office or Agency 46 Section 4.03 Reports 47 Section 4.04 Compliance Certificate 48 Section 4.05 Taxes 48 Section 4.06 Stay, Extension and Usury Laws 48 Section 4.07 Limitation on Restricted Payments 48 Section 4.08 Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries 54 Section 4.09 Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock 56 Section 4.10 Limitation on Asset Sales 60 Section 4.11 Limitation on Transactions with Affiliates 61 Section 4.12 Limitation on Liens 64 Section 4.13 Additional Subsidiary Guarantees 64 Section 4.14 Existence 65 Section 4.15 Offer to Repurchase Upon Change of Control 65 Section 4.16 No Partial Inducements 67 Section 4.17 Limitations on Finance Corp. Activities 68 Section 4.18 Designation of Restricted and Unrestricted Subsidiaries 68 Section 4.19 Covenant Termination 68 ARTICLE 5 SUCCESSORS 69 Section 5.01 Merger, Consolidation, or Sale of Assets 69 Section 5.02 Successor Substituted 71 ARTICLE 6 DEFAULTS AND REMEDIES 71 Section 6.01 Events of Default 71 Section 6.02 Acceleration 73 Section 6.03 Other Remedies 74 Section 6.04 Waiver of Past Defaults 74 Section 6.05 Control by Majority 74 Section 6.06 Limitation on Suits 74 Section 6.07 Rights of Holders of Notes to Receive Payment 75 Section 6.08 Collection Suit by Trustee 75 Section 6.09 Trustee is Authorized to File Proofs of Claim 75 Section 6.10 Priorities 76 Section 6.11 Undertaking for Costs 76 ARTICLE 7 TRUSTEE 77 Section 7.01 Duties of Trustee 77 Section 7.02 Rights of Trustee 78 Section 7.03 Individual Rights of Trustee 79 Section 7.04 Trustee’s Disclaimer 79 Section 7.05 Notice of Defaults 79 Section 7.06 Reports by Trustee to Holders of the Notes 80 Section 7.07 Compensation and Indemnity 80 Section 7.08 Replacement of Trustee 81 Section 7.09 Successor Trustee by Merger, etc. Mandatory Payments82 Section 7.10 Eligibility; Payment Disqualification 82 Section 7.11 Preferential Collection of Claims Against Issuers 82 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 83 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance 83 Section 8.02 Legal Defeasance and Discharge 83 Section 8.03 Covenant Defeasance 83 Section 8.04 Conditions to Legal or Covenant Defeasance 84 Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions 85 Section 8.06 Repayment to Issuers 86 Section 8.07 Reinstatement 86 Section 8.08 Discharge 86 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER 88 Section 9.01 Without Consent of Holders of Notes 88 Section 9.02 With Consent of Holders of Notes 89 Section 9.03 Compliance with Trust Indenture Act 90 Section 9.04 Revocation and Effect of Consents 90 Section 9.05 Notation on or Exchange of Notes 91 Section 9.06 Trustee to Sign Amendments, etc. 91 Section 9.07 Acts of Holders 91 ARTICLE 10 GUARANTEES OF NOTES 92 Section 10.01 Subsidiary Guarantees 92 Section 10.02 Guarantors May Consolidate, etc., on Certain Terms 93 Section 10.03 Releases of Subsidiary Guarantees 94 Section 10.04 Limitation on Guarantor Liability 95 Section 10.05 “Trustee” to Include Paying Agent 95 ARTICLE 11 MISCELLANEOUS 95 Section 11.01 Trust Indenture Act Controls 95 Section 11.02 Notices 95 Section 11.03 Communication by Holders of Notes with Other Holders of Notes 97 Section 11.04 Certificate and Opinion as to Conditions Precedent 97 Section 11.05 Statements Required in Certificate or Opinion 97 Section 11.06 Rules by Trustee and Agents 98 Section 11.07 No Personal Liability of Directors, Officers, Employees and Unitholders 98 Section 11.08 Governing Law 98 Section 11.09 No Adverse Interpretation of Other Agreements 98 Section 11.10 Successors 99 Section 11.11 Severability 99 Section 11.12 Table of Contents, Headings, etc. 99 Section 11.13 Counterparts 99 Section 11.14 Benefits of Indenture 99 Section 11.15 Language of Notices, Etc. 99 APPENDIX AND ANNEX RULE 144A/REGULATION S APPENDIX App. - 1 EXHIBIT 1 Form of Initial Note Exhibit 1 to App. - 1 EXHIBIT 2 Form of Exchange Note Exhibit 2 to App. - 1 ANNEX A Form of Supplemental Indenture A - 1 This INDENTURE, dated as of March 2, 2012 is among LINN ENERGY, LLC, a Delaware limited liability company (the “Company”), LINN ENERGY FINANCE CORP., a Delaware corporation (“Finance Corp.” and, together with the Company, the “Issuers”), the guarantors listed on the Termination Date 39 Section 4.4signature page hereof (each, a “Guarantor” and, collectively, the “Guarantors”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”). Mandatory Prepayment in Respect The Issuers, the Guarantors and the Trustee agree as follows for the benefit of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection each other and Protection for the equal and ratable benefit of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41the Holders of the Issuers’ Initial Notes, Exchange Notes and Additional Notes:

TABLE OF CONTENTS. ARTICLE I 1 DEFINITIONS 1 Section 1.1AND RULES OF CONSTRUCTION Page SECTION 1.01. Definitions 1 Section 1.2SECTION 1.02. Types Other Definitions 20 SECTION 1.03. Rules of Loans Construction 21 ARTICLE 2 THE SECURITIES 22 SECTION 2.01. Amount of Securities 22 SECTION 2.02. Form and Borrowings Dating 22 SECTION 2.03. Execution and Authentication 22 SECTION 2.04. Registrar and Paying Agent 23 SECTION 2.05. Paying Agent to Hold Money in Trust 23 SECTION 2.06. Holder Lists 24 SECTION 2.07. Transfer and Exchange 24 SECTION 2.08. Replacement Securities 25 Section 1.3SECTION 2.09. Interpretive Provisions Outstanding Securities 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section SECTION 2.10. LC Collateral 31 Section Temporary Securities 26 SECTION 2.11. Third Party Beneficiary 32 Section Cancellation 26 SECTION 2.12. Cross Guaranty 32 Defaulted Interest 26 SECTION 2.13. CUSIP Numbers, ISINs, etc 26 SECTION 2.14. Calculation of Principal Amount of Securities 26 SECTION 2.15. Statement to Holders 27 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.13 REDEMPTION 27 SECTION 3.01. Interest 34 Section 3.2Redemption 27 SECTION 3.02. Fees 34 Section 3.3Applicability of Article 27 SECTION 3.03. Increased Costs 35 Section 3.4Notices to Trustee 27 SECTION 3.04. Illegality 36 Section 3.5Selection of Securities to Be Redeemed 28 SECTION 3.05. Break Funding Payments 36 Section 3.6Notice of Optional Redemption 28 SECTION 3.06. Taxes 36 Section 3.7Effect of Notice of Redemption 29 SECTION 3.07. Maximum Interest; Controlling Limitation 37 Deposit of Redemption Price 29 SECTION 3.08. Securities Redeemed in Part 29 ARTICLE IV PAYMENT 38 Section 4.14 COVENANTS 30 SECTION 4.01. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies Securities 31 TABLE OF CONTENTS (continued) Page SECTION 4.02. Reports and Other Information 30 SECTION 4.03. Limitation on Incurrence of Debt and Contingent Obligations 32 SECTION 4.04. Restricted Distributions 32 SECTION 4.05. Restrictive Agreements 32 SECTION 4.06. Purchase of Assets 33 SECTION 4.07. Transactions with Affiliates 33 SECTION 4.08. Change of Control 34 SECTION 4.09. Further Instruments and Acts 36 SECTION 4.10. Treximet Assets 36 SECTION 4.11. Liens 37 SECTION 4.12. Maintenance of Office or Agency 37 SECTION 4.13. Amendment of Security Documents 37 SECTION 4.14. [Reserved] 37 SECTION 4.15. Tax Matters 37 SECTION 4.16. Existence 38 Section 4.3SECTION 4.18. Mandatory Payments; Payment on the Termination Date 39 Section 4.4Fiscal Year 38 SECTION 4.19. Mandatory Prepayment in Respect Liquidity 38 SECTION 4.20. Investments 38 SECTION 4.21. Modification of Certain Events Agreements 38 SECTION 4.22. Conduct of Business 38 SECTION 4.23. Rental Payments 39 Section 4.5SECTION 4.24. Early TerminationLimitation on Sale and Leaseback Transactions 39 SECTION 4.25. Compliance with Anti-Terrorism Laws 39 SECTION 4.26. Earnout/Escrow and Milestone Payments 39 SECTION 4.27. Material Contracts 39 ARTICLE 5 CONSOLIDATIONS, MERGERS AND SALES OF ASSETS; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41GUARANTOR CHANGE IN CONTROL 40

TABLE OF CONTENTS. ARTICLE I DEFINITIONS (continued) Page §14.2 Employees and Agents 89 §14.3 No Liability 89 §14.4 No Representations 90 §14.5 Payments 90 §14.6 Holders of Notes 91 §14.7 Indemnity 91 §14.8 Agent as Lender 91 §14.9 Resignation 91 §14.10 Duties in the Case of Enforcement 92 §14.11 Bankruptcy 92 §14.12 Reliance by Agent 92 §14.13 Approvals 93 §14.14 Borrower Not Beneficiary 93 §15. EXPENSES 94 §16. INDEMNIFICATION 94 §17. SURVIVAL OF COVENANTS, ETC. 95 §18. ASSIGNMENT AND PARTICIPATION 95 §18.1 Conditions to Assignment by Lenders 95 §18.2 Register 96 §18.3 New Notes 96 §18.4 Participations 96 §18.5 Pledge by Lender 97 §18.6 No Assignment by Borrower 97 §18.7 Disclosure 97 §18.8 Amendments to Loan Documents 98 §18.9 Mandatory Assignment 98 §18.10 Titled Agents 98 §19. NOTICES 99 §20. RELATIONSHIP 000 §00. GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE 100 TABLE OF CONTENTS (continued) Page §22. HEADINGS 000 §00. COUNTERPARTS 000 §00. ENTIRE AGREEMENT, ETC. 000 §00. WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS 000 §00. DEALINGS WITH THE BORROWER 102 §27. CONSENTS, AMENDMENTS, WAIVERS, ETC. 000 §00. SEVERABILITY 103 §29. TIME OF THE ESSENCE 103 §30. NO UNWRITTEN AGREEMENTS 000 §00. REPLACEMENT NOTES 103 §32. NO THIRD PARTIES BENEFITED 000 §00. PATRIOT ACT 104 EXHIBITS AND SCHEDULES Exhibit A FORM OF NOTE Exhibit B FORM OF JOINDER AGREEMENT Exhibit C FORM OF REQUEST FOR LOAN Exhibit D FORM OF LETTER OF CREDIT REQUEST Exhibit E FORM OF UNENCUMBERED ASSET CERTIFICATE Exhibit F FORM OF COMPLIANCE CERTIFICATE Exhibit G FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT Exhibit H FORM OF LETTER OF CREDIT APPLICATION Exhibit I-1 FORM OF U.S. TAX COMPLIANCE CERTIFICATE Exhibit I-2 FORM OF U.S. TAX COMPLIANCE CERTIFICATE Exhibit I-3 FORM OF U.S. TAX COMPLIANCE CERTIFICATE Exhibit I-4 FORM OF U.S. TAX COMPLIANCE CERTIFICATE Schedule 1 Section 1.1. Definitions 1 Section 1.2. Types LENDERS AND COMMITMENTS Schedule 1.2 SUBJECT PROPERTIES Schedule 6.3 LIST OF ALL ENCUMBRANCES ON ASSETS Schedule 6.5 NO MATERIAL CHANGES Schedule 6.7 PENDING LITIGATION Schedule 6.15 CERTAIN TRANSACTIONS Schedule 6.20(b) ENVIRONMENTAL NOTICES AND ACTIONS Schedule 6.20(c) ENVIRONMENTAL RELEASES Schedule 6.21 SUBSIDIARIES AND UNCONSOLIDATED AFFILIATES Schedule 6.22 MONETARY DEFAULTS UNDER LEASES SET FORTH IN RENT ROLL Schedule 6.23 MANAGEMENT AGREEMENTS Schedule 6.25 MATERIAL LOAN AGREEMENTS CREDIT AGREEMENT THIS CREDIT AGREEMENT (this “Agreement”) is made as of Loans the 7th day of August, 2013, by and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request among GLADSTONE COMMERCIAL LIMITED PARTNERSHIP, a Delaware limited partnership (“Borrower”), GLADSTONE COMMERCIAL CORPORATION, a Maryland corporation (“Parent”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), the other lending institutions which are parties to this Agreement as “Lenders”, and the other lending institutions that may become parties hereto pursuant to §18 (together with KeyBank, the “Lenders”), KEYBANK NATIONAL ASSOCIATION, as Agent for the Lenders (the “Agent”), and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTERESTKEYBANC CAPITAL MARKETS, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection as Sole Lead Arranger and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Sole Book Manager.

TABLE OF CONTENTS. Page(s) ARTICLE I 1 DEFINITIONS 1 Section 1.1SECTION 1.01. Definitions Definitions. 1 Section 1.2ARTICLE 2 ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES 5 SECTION 2.01. Types Amount Unlimited; Issuable in Series. 5 SECTION 2.02. Form of Loans Trustee’s Certificate of Authentication. 5 SECTION 2.03. Form of Securities Generally; Establishment of Terms of Series. 5 SECTION 2.04. Securities in Global Form. 8 SECTION 2.05. Denominations; Record Date; Payment of Interest. 8 SECTION 2.06. Execution, Authentication, Delivery and Borrowings 25 Section 1.3Dating of Securities. Interpretive 9 SECTION 2.07. Exchange and Registration of Transfer of Securities. 10 SECTION 2.08. Temporary Securities. 11 SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Securities. 12 SECTION 2.10. Cancellation. 13 SECTION 2.11. Book-Entry Only System. 13 ARTICLE 3 REDEMPTION OF SECURITIES 13 SECTION 3.01. Redemption of Securities, Applicability of Section. 13 SECTION 3.02. Notice of Redemption, Selection of Securities. 13 SECTION 3.03. Payment of Securities Called for Redemption. 14 SECTION 3.04. Redemption Suspended During Event of Default. 15 ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY 15 SECTION 4.01. Payment of Principal, Premium and Interest. 15 SECTION 4.02. Offices for Notices and Payments. 15 SECTION 4.03. Provisions as to Paying Agent. 16 SECTION 4.04. Statement as to Compliance. 16 SECTION 4.05. Corporate Existence. 17 SECTION 4.06. Ownership of Material Subsidiary Stock. 17 Page(s) SECTION 4.07. Waiver of Covenants. 18 ARTICLE 5 SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 18 SECTION 5.01. Securityholder Lists. 18 SECTION 5.02. Preservation and Disclosure of Lists. 18 SECTION 5.03. Reports by the Company. 18 SECTION 5.04. Reports by the Trustee. 19 ARTICLE 6 REMEDIES 19 SECTION 6.01. Events of Default; Acceleration of Maturity. 19 SECTION 6.02. Rescission and Annulment 20 SECTION 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee. 21 SECTION 6.04. Trustee May File Proofs of Claim. 21 SECTION 6.05. Trustee May Enforce Claims Without Possession of Securities. 22 SECTION 6.06. Application of Money Collected. 22 SECTION 6.07. Limitation on Suits. 22 SECTION 6.08. Unconditional Right of Securityholders to Receive Principal and Interest. 23 SECTION 6.09. Restoration of Rights and Remedies. 23 SECTION 6.10. Rights and Remedies Cumulative. 23 SECTION 6.11. Delay or Omission Not Waiver. 23 SECTION 6.12. Control by Securityholders. 24 SECTION 6.13. Waiver of Past Defaults. 24 SECTION 6.14. Undertaking for Costs. 24 SECTION 6.15. Waiver of Stay or Extension Laws. 25 ARTICLE II LOANS 26 Section 2.17 CONCERNING THE TRUSTEE 25 SECTION 7.01. Loans 26 Section 2.2Duties and Responsibilities of Trustee. Request 25 SECTION 7.02. Reliance on Documents, Opinions, etc. 25 SECTION 7.03. No Responsibility for Recitals, etc. 27 SECTION 7.04. Ownership of Securities. 27 SECTION 7.05. Moneys to be Held in Trust. 27 SECTION 7.06. Compensation and Making Expenses of Revolving LoansTrustee. 26 Section 2.327 SECTION 7.07. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest ElectionsOfficer’s Certificate or Opinion of Counsel as Evidence. 28 Section 2.6SECTION 7.08. Letters Disqualifications; Conflicting Interest of Credit Trustee. 28 Section 2.7SECTION 7.09. Requesting Letters Eligibility of Credit Trustee. 28 SECTION 7.10. Resignation or Removal of Trustee. 28 SECTION 7.11. Acceptance by Successor Trustee. 29 Section 2.8SECTION 7.12. Reimbursement Successor by Xxxxxx, etc. 30 Section 2.9SECTION 7.13. No Duty Limitations on Rights of Trustee as Creditor. 30 SECTION 7.14. Notice of Default. 30 SECTION 7.15. Appointment of Authenticating Agent. 30 ARTICLE 8 CONCERNING THE SECURITYHOLDERS 32 SECTION 8.01. Action by Securityholders. 32 SECTION 8.02. Proof of Execution by Securityholders. 32 SECTION 8.03. Who Are Deemed Absolute Owners. 32 SECTION 8.04. Company-Owned Securities Disregarded. 33 SECTION 8.05. Revocation of Consents; Future Securityholders Bound. 33 SECTION 8.06. Record Date. 33 ARTICLE 9 SECURITYHOLDERS’ MEETINGS 33 SECTION 9.01. Purposes of Meeting. 33 SECTION 9.02. Call of Meetings by Trustee. 34 SECTION 9.03. Call of Meetings by Company or Securityholders. 34 SECTION 9.04. Qualifications for Voting. 34 SECTION 9.05. Regulations. 34 SECTION 9.06. Voting. 35 ARTICLE 10 SUPPLEMENTAL INDENTURES 35 SECTION 10.01. Supplemental Indentures without Consent of Securityholders. 35 SECTION 10.02. Supplemental Indentures with Consent of Holders. 37 SECTION 10.03. Compliance with Trust Indenture Act; Effect of Supplemental Indentures. 37 Page(s) SECTION 10.04. Notation on Securities. 38 ARTICLE 11 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 38 SECTION 11.01. Company May Consolidate, etc., on Certain Terms. 38 SECTION 11.02. Successor Corporation Substituted. 38 SECTION 11.03. Opinion of Counsel and Officer’s Certificate to Inquire 30 Section 2.10be Given Trustee. LC Collateral 31 Section 2.1138 ARTICLE 12 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS 38 SECTION 12.01. Third Party Beneficiary 32 Section 2.12Discharge of Indenture. Cross Guaranty 32 38 SECTION 12.02. Deposited Moneys to be Held in Trust by Trustee. 39 SECTION 12.03. Paying Agent to Repay Moneys Held. 39 SECTION 12.04. Return of Unclaimed Moneys. 39 ARTICLE III INTEREST13 IMMUNITY OF INCORPORATORS, FEESSTOCKHOLDERS, REIMBURSEMENTS 34 Section 3.1OFFICERS AND DIRECTORS 40 SECTION 13.01. Interest 34 Section 3.2Indenture and Securities Solely Corporate Obligations. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 14 DEFEASANCE AND COVENANT DEFEASANCE 40 Section 5.1SECTION 14.01. Security Interest Applicability of Article. 40 Section 5.2SECTION 14.02. Perfection Defeasance and Protection Discharge. 40 SECTION 14.03. Covenant Defeasance. 40 SECTION 14.04. Conditions to Defeasance or Covenant Defeasance. 41 SECTION 14.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 42 ARTICLE 15 MISCELLANEOUS PROVISIONS 42 SECTION 15.01. Benefits of LenderIndenture Restricted to Parties and Securityholders. 42 SECTION 15.02. Provisions Binding on Company’s Security Interest 41 Section 5.3Successors. Collateral Proceeds Management 4143 SECTION 15.03. Addresses for Notices, etc., to Company and Trustee. 43 SECTION 15.04. Notice to Holders of Securities; Waiver. 43 SECTION 15.05. Evidence of Compliance with Conditions Precedent. 44 SECTION 15.06. Legal Holidays. 44 SECTION 15.07. Trust Indenture Act to Control. 44 SECTION 15.08. Execution in Counterparts. 44 Page(s) SECTION 15.09. Governing Law; Waiver of Jury Trial. 45 SECTION 15.10. Severability. 45 SECTION 15.11. Interpretations. 45 SECTION 15.12. U.S.A. Patriot Act. 45 ARTICLE 16 RANKING OF SECURITIES 45 SECTION 16.01. Ranking. 45 THIS INDENTURE, dated as of [ ], 20[ ] between Trustmark Corporation, a corporation duly organized and existing under the laws of the State of Mississippi (the “Company”), and Wilmington Trust, National Association, as trustee (the “Trustee,” which term shall include any successor trustee appointed pursuant to Article 7 of this Indenture).

TABLE OF CONTENTS. ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 1 Section SECTION 1.1. Definitions 1 Section SECTION 1.2. Types of Loans Compliance Certificate and Borrowings 25 Section Opinions 11 SECTION 1.3. Interpretive Provisions 25 Forms of Documents Delivered to Trustee 11 SECTION 1.4. Acts of Holders 12 SECTION 1.5. Notices, Etc. to Trustee and Company 14 SECTION 1.6. Notice to Holders; Waiver 14 SECTION 1.7. Conflict with Trust Indenture Act 15 SECTION 1.8. Effect of Headings and Table of Contents 15 SECTION 1.9. Successors and Assigns 15 SECTION 1.10. Separability Clause 15 SECTION 1.11. Benefits of Indenture 15 SECTION 1.12. Governing Law 15 SECTION 1.13. Non-Business Days 16 ARTICLE II LOANS 26 Section SECURITY FORMS 16 SECTION 2.1. Loans 26 Section Forms Generally 16 SECTION 2.2. Request for and Making Form of Revolving Loans. 26 Section Face of Security 17 SECTION 2.3. Deemed Request for Revolving Loans 27 Section Additional Provisions Required in Global Security 17 SECTION 2.4. Protective Advances Form of Trustee’s Certificate of Authentication 17 ARTICLE III THE SECURITIES 18 SECTION 3.1. Title and Terms 18 SECTION 3.2. Denominations 21 SECTION 3.3. Execution, Authentication, Delivery and Dating 21 SECTION 3.4. Temporary Securities 22 SECTION 3.5. Global Securities 23 SECTION 3.6. Registration, Transfer and Exchange Generally; Certain Transfers and Exchanges 24 SECTION 3.7. Mutilated, Lost and Stolen Securities 26 SECTION 3.8. Payment of Interest and Additional Interest; Interest Rights Preserved 27 Section 2.5SECTION 3.9. Persons Deemed Owners 28 SECTION 3.10. Cancellation 29 SECTION 3.11. Computation of Interest Elections29 SECTION 3.12. 28 Section 2.6Deferrals of Interest Payment Dates 29 SECTION 3.13. Letters Right of Credit 28 Section 2.7Set-Off 31 SECTION 3.14. Requesting Letters Agreed Tax Treatment 31 SECTION 3.15. Shortening or Extension of Credit 29 Section 2.8Stated Maturity 31 SECTION 3.16. CUSIP Numbers 31 ARTICLE IV SATISFACTION AND DISCHARGE 31 SECTION 4.1. Satisfaction and Discharge of Indenture 31 SECTION 4.2 Application of Trust Money 33 ARTICLE V REMEDIES 33 SECTION 5.1. Events of Default 33 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 34 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee 36 SECTION 5.4. Trustee May File Proofs of Claim 36 SECTION 5.5. Trustee May Enforce Claim Without Possession of Securities 37 SECTION 5.6 Application of Money Collected 37 SECTION 5.7 Limitation on Suits 38 SECTION 5.8. Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct Action by Holders of Capital Securities 39 SECTION 5.9. Restoration of Rights and Remedies 39 SECTION 5.10. Rights and Remedies Cumulative 39 SECTION 5.11. Delay or Omission Not Waiver 39 SECTION 5.12. Control by Holders 40 SECTION 5.13. Waiver of Past Defaults 40 SECTION 5.14. Undertaking for Costs 41 SECTION 5.15. Waiver of Usury, Stay or Extension Laws 41 ARTICLE VI THE TRUSTEE 42 SECTION 6.1. Certain Duties and Responsibilities 42 SECTION 6.2. Notice of Defaults 43 SECTION 6.3. Certain Rights of Trustee 43 SECTION 6.4. Not Responsible for Recitals or Issuance of Securities 44 SECTION 6.5. May Hold Securities 44 SECTION 6.6. Money Held in Trust 44 SECTION 6.7. Compensation and Reimbursement 30 Section 2.944 SECTION 6.8. Disqualification; Conflicting Interests 45 SECTION 6.9. Corporate Trustee Required; Eligibility 46 SECTION 6.10. Resignation and Removal; Appointment of Successor 46 SECTION 6.11. Acceptance of Appointment by Successor 48 SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business 49 SECTION 6.13. Preferential Collection of Claims Against Company 49 SECTION 6.14. Appointment of Authenticating Agent 49 ARTICLE VII HOLDER’S LISTS AND REPORTS BY TRUSTEE, PAYING AGENT AND COMPANY 51 SECTION 7.1. Company to Furnish Trustee Names and Addresses of Holders 51 SECTION 7.2. Preservation of Information; Communications to Holders 51 SECTION 7.3. Reports by Trustee and Paying Agent 52 SECTION 7.4. Reports by Company 52 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 53 SECTION 8.1. Company May Consolidate, Etc., Only on Certain Terms 53 SECTION 8.2. Successor Company Substituted 53 ARTICLE IX SUPPLEMENTAL INDENTURES 54 SECTION 9.1. Supplemental Indentures Without Consent of Holders 54 SECTION 9.2. Supplemental Indentures with Consent of Holders 55 SECTION 9.3. Execution of Supplemental Indentures 57 SECTION 9.4. Effect of Supplemental Indentures 57 SECTION 9.5. Conformity with Trust Indenture Act 57 SECTION 9.6. Reference in Securities to Supplemental Indentures 57 ARTICLE X COVENANTS 57 SECTION 10.1. Payment of Principal, Premium and Interest 57 SECTION 10.2. Maintenance of Office or Agency 58 SECTION 10.3. Money for Security Payments to be Held in Trust 58 SECTION 10.4. Statement as to Compliance 59 SECTION 10.5. Waiver of Certain Covenants 60 SECTION 10.6. Additional Sums 60 SECTION 10.7. Additional Covenants 60 SECTION 10.8. Furnishing Information 62 ARTICLE XI REDEMPTION OF SECURITIES 62 SECTION 11.1. Applicability of This Article 62 SECTION 11.2. Election to Redeem; Notice to Trustee 62 SECTION 11.3. Selection of Securities to be Redeemed 63 SECTION 11.4. Notice of Redemption 63 SECTION 11.5. Deposit of Redemption Price 64 SECTION 11.6. Payment of Securities Called for Redemption 64 SECTION 11.7. Right of Redemption of Securities Initially Issued to an Issuer Trust 65 ARTICLE XII SINKING FUNDS 65 ARTICLE XIII SUBORDINATION OF SECURITIES 66 SECTION 13.1. Securities Subordinate to Senior Indebtedness 66 SECTION 13.2. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory PaymentsWhen Senior Indebtedness in Default; Payment Over of Proceeds Upon Dissolution, Etc. 66 SECTION 13.3. Payment Permitted If No Default 68 SECTION 13.4. Subrogation to Rights of Holders of Senior Indebtedness; Etc. 68 SECTION 13.5. Provisions Solely to Define Relative Rights 69 SECTION 13.6. Trustee to Effectuate Subordination 69 SECTION 13.7. No Waiver of Subordination Provisions 69 SECTION 13.8. Notice to Trustee 70 SECTION 13.9. Reliance on Judicial Order or Certificate of Liquidating Agent 71 SECTION 13.10. Trustee Not Fiduciary for Holders of Senior Indebtedness 71 SECTION 13.11. Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights 71 SECTION 13.12. Article Applicable to Paying Agents 71 SECTION 13.13. Certain Conversions or Exchanges Deemed Payment 72 EXHIBIT A. FORM OF DEBENTURE A-1 EXHIBIT B. FORM OF RESTRICTED SECURITIES CERTIFICATE B-1 JUNIOR SUBORDINATED INDENTURE THIS JUNIOR SUBORDINATED INDENTURE, dated as of December 21, 2006, is between GAINSCO, INC., a Texas corporation, having its principal office at 0000 Xxx Xxxxxxx, Suite 1200, Dallas, Texas 75219, and U.S. BANK NATIONAL ASSOCIATION, as Trustee, having its principal office at Xxx Xxxxxxx Xxxxxx, 0xx Xxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000 (the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41“Trustee”).

TABLE OF CONTENTS. Page ARTICLE I DEFINITIONS 1 AND OTHER PROVISIONS OF GENERAL APPLICATION 5 Section 1.11.01 Definitions. Definitions 1 5 Section 1.21.02 Compliance Certificates and Opinions. Types 11 Section 1.03 Form of Loans Documents Delivered to Trustee. 11 Section 1.04 Acts of Holders; Record Dates. 12 Section 1.05 Notices, Etc., to Trustee and Borrowings Company. 14 Section 1.06 Notice to Holders; Waiver. 14 Section 1.07 Conflict with Trust Indenture Act. 15 Section 1.08 Effect of Headings and Table of Contents. 15 Section 1.09 Successors and Assigns. 15 Section 1.10 Separability Clause. 16 Section 1.11 Benefits of Indenture. 16 Section 1.12 Governing Law. 16 Section 1.13 Legal Holidays. 16 Section 1.14 Waiver of Jury Trial. 16 Section 1.15 Force Majeure. 16 ARTICLE II SECURITY FORMS 17 Section 2.01 Forms Generally. 17 Section 2.02 Form of Face of Security. 17 Section 2.03 Form of Reverse of Security. 19 Section 2.04 Form of Legend for Global Securities. 22 Section 2.05 Form of Trustee’s Certificate of Authentication. 22 ARTICLE III THE SECURITIES 23 Section 3.01 Amount Unlimited; Issuable in Series. 23 Section 3.02 Denominations. 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for 3.03 Execution, Authentication, Delivery and Making of Revolving LoansDating. 26 Section 2.33.04 Temporary Securities. Deemed Request for Revolving Loans 27 Section 2.43.05 Registration, Registration of Transfer and Exchange. Protective Advances 27 Section 2.53.06 Mutilated, Destroyed, Lost and Stolen Securities. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.83.07 Payment of Interest; Interest Rights Preserved. Reimbursement 30 Section 2.93.08 Persons Deemed Owners. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.113.09 Cancellation. Third Party Beneficiary 31 Section 3.10 Computation of Interest. 32 Section 2.123.11 CUSIP Numbers. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 IV SATISFACTION AND DISCHARGE 32 Section 3.14.01 Satisfaction and Discharge of Indenture. Interest 34 32 Section 3.24.02 Application of Trust Money. Fees 34 33 ARTICLE V REMEDIES 33 Section 3.35.01 Events of Default. Increased Costs 33 Section 5.02 Acceleration of Maturity; Rescission and Annulment. 35 Section 3.45.03 Collection and Suits for Enforcement by Trustee. Illegality 36 Section 3.55.04 Trustee May File Proofs of Claim. Break Funding Payments 36 Section 3.65.05 Trustee May Enforce Claims Without Possession of Securities. Taxes 36 37 Section 3.75.06 Application of Money Collected. Maximum 37 Section 5.07 Limitation on Suits. 37 Section 5.08 Unconditional Right of Holders to Receive Principal, Premium and Interest; Controlling Limitation 37 ARTICLE IV PAYMENT . 38 Section 4.15.09 Restoration of Rights and Remedies. Interest 38 Section 4.25.10 Rights and Remedies Cumulative. Prepayment38 Section 5.11 Delay or Omission Not Waiver. 38 Section 5.12 Control by Holders. 39 Section 5.13 Waiver of Past Defaults. 39 Section 5.14 Undertaking for Costs. 39 Section 5.15 Waiver of Usury, Stay or Extension Laws. 40 ARTICLE VI THE TRUSTEE 40 Section 6.01 Duties of Trustee. 40 Section 6.02 Rights of Trustee. 41 Section 6.03 Individual Rights of Trustee. 42 Section 6.04 Trustee’s Disclaimer. 43 Section 6.05 Notice of Default. 43 Section 6.06 Reports by Trustee to Holders. 43 Section 6.07 Compensation and Indemnity. 43 Section 6.08 Replacement of Trustee. 44 Section 6.09 Successor Trustee by Xxxxxx, Etc. 45 Section 6.10 Eligibility; Mandatory Disqualification. 45 Section 6.11 Preferential Collection of Claims against Company. 46 ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 46 Section 7.01 Company to Furnish Trustee Names and Addresses of Holders. 46 Section 7.02 Preservation of Information; Communications to Holders. 46 Section 7.03 Reports by Trustee. 46 Section 7.04 Reports by Company. 47 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 47 Section 8.01 When Company May Merge, Etc. 47 Section 8.02 Successor Substituted. 48 ARTICLE IX SUPPLEMENTAL INDENTURES 48 Section 9.01 Supplemental Indentures Without Consent of Holders. 48 Section 9.02 Supplemental Indentures with Consent of Holders. 49 Section 9.03 Execution of Supplemental Indentures. 50 Section 9.04 Effect of Supplemental Indentures. 50 Section 9.05 Conformity with Trust Indenture Act. 51 Section 9.06 Reference in Securities to Supplemental Indentures. 51 ARTICLE X COVENANTS 51 Section 10.01 Payment of Deficiencies 38 Securities. 51 Section 4.310.02 Maintenance of Office or Agency. Mandatory Payments51 Section 10.03 Money for Securities Payments to Be Held in Trust. 52 Section 10.04 Compliance Certificate; Payment on the Termination Date 39 Notice of Default. 53 Section 4.410.05 Corporate Existence. Mandatory Prepayment in Respect 53 Section 10.06 Waiver of Certain Events 39 Covenants. 53 ARTICLE XI REDEMPTION OF SECURITIES 54 Section 4.511.01 Applicability of Article. Early Termination54 Section 11.02 Election to Redeem; Prepayment Penalty 39 Notice to Trustee. 54 Section 4.611.03 Selection by Trustee of Securities to Be Redeemed. General Payment Provisions 39 54 Section 4.711.04 Notice of Redemption. Application 40 55 Section 4.811.05 Deposit of Redemption Price. Reinstatement 40 56 Section 4.911.06 Securities Payable on Redemption Date. Account Stated 40 56 Section 11.07 Securities Redeemed in Part. 56 ARTICLE V COLLATERAL 40 XII SINKING FUNDS 57 Section 5.112.01 Applicability of Article. Security Interest 40 57 Section 5.212.02 Satisfaction of Sinking Fund Payments with Securities. Perfection 57 Section 12.03 Redemption of Securities for Sinking Fund. 57 ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE 58 Section 13.01 Company’s Option to Effect Defeasance or Covenant Defeasance. 58 Section 13.02 Defeasance and Protection Discharge. 58 Section 13.03 Covenant Defeasance. 58 Section 13.04 Conditions to Defeasance or Covenant Defeasance. 59 Section 13.05 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 60 Section 13.06 Reinstatement. 61 Section 13.07 Qualifying Trustee. 61 INDENTURE, dated as of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41, between Xxxxxxx Holding Company, a corporation duly organized and existing under the laws of Mississippi (herein called the “Company”), having its principal office as of the date hereof at 0000 00xx Xxxxxx, Xxxxxxxx, XX 00000, and The Bank of New York Mellon Trust Company, N.A., a national association, as Trustee (herein called the “Trustee”).

TABLE OF CONTENTS. ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.11.01. Definitions 1 Section 1.21.01. Types Other Definitions 24 Section 1.02. Incorporation by Reference of Loans and Borrowings Trust Indenture Act 25 Section 1.31.03. Interpretive Provisions 25 Rules of Construction 26 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans THE NOTES 27 Section 2.42.01. Protective Advances Form and Dating 27 Section 2.52.02. Interest Elections. Execution and Authentication; Additional Notes; Aggregate Principal Amount 28 Section 2.62.04. Letters Obligations of Credit 28 Section 2.7. Requesting Letters of Credit Paying Agent 29 Section 2.82.05. Reimbursement Holder Lists 29 Section 2.06. Transfer and Exchange 29 Section 2.07. Replacement Notes 30 Section 2.92.08. No Duty to Inquire Outstanding Notes 30 Section 2.09. Treasury Notes; When Notes Are Disregarded 31 Section 2.10. LC Collateral Temporary Notes 31 Section 2.11. Third Party Beneficiary 32 Cancellation 31 Section 2.12. Cross Guaranty CUSIP Numbers 31 Section 2.13. Deposit of Moneys 32 Section 2.14. Book-Entry Provisions for Global Notes 32 Section 2.15. Special Transfer and Exchange Provisions 33 Section 2.16. Transfers and Exchanges of Global Notes and Physical Notes 35 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs REDEMPTION 35 Section 3.43.01. Illegality Redemption 35 Section 3.02. Selection of Notes to be Redeemed 36 Section 3.53.03. Break Funding Payments 36 Notice of Redemption 37 Section 3.63.04. Taxes 36 Effect of Notice of Redemption 38 Section 3.73.05. Maximum Interest; Controlling Limitation 37 Deposit of Redemption Price 38 Section 3.06. Notes Redeemed in Part 38 ARTICLE IV PAYMENT COVENANTS 38 Section 4.14.01. Interest Payment of Notes 38 Section 4.24.02. Prepayment; Mandatory Maintenance of Office or Agency 39 Section 4.03. Corporate Existence 39 (i) Section 4.04. Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date Taxes and Other Claims 39 Section 4.44.05. Mandatory Prepayment in Maintenance of Properties and Insurance 40 Section 4.06. Compliance Certificate, Notice of Default 40 Section 4.07. Waiver of Stay, Extension or Usury Laws 40 Section 4.08. Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock 41 Section 4.09. Limitation on Restricted Payments 44 Section 4.10. Repurchase upon Change of Control 47 Section 4.11. Limitation on Asset Sales 49 Section 4.12. Semi-Annual Offer 52 Section 4.13. Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries 53 Section 4.14. Designation of Restricted and Unrestricted Subsidiaries 55 Section 4.15. Limitation on Liens 55 Section 4.16. Limitations on Transactions with Affiliates 55 Section 4.17. Additional Note Guarantees 57 Section 4.18. Real Estate Mortgages and Filings 57 Section 4.19. Business Activities 59 Section 4.20. Actions with Respect to TPT 59 Section 4.21. Reports to Holders 59 Section 4.22. Payments for Consent 60 Section 4.23. Further Assurances 60 ARTICLE V SUCCESSOR CORPORATION 61 Section 5.01. Merger, Consolidation and Sale of Assets 61 Section 5.02. Successor Entity Substituted 62 ARTICLE VI DEFAULT AND REMEDIES 62 Section 6.01. Events of Default 62 Section 6.02. Acceleration 64 Section 6.03. Other Remedies 65 Section 6.04. Waiver of Past Defaults 65 Section 6.05. Control by Majority 65 Section 6.06. Limitation on Suits 66 Section 6.07. Rights of Holders to Receive Payment 66 Section 6.08. Collection Suit by Trustee or Collateral Agent 66 Section 6.09. Trustee May File Proofs of Claim 67 Section 6.10. Priorities 67 Section 6.11. Undertaking for Costs 68 Section 6.12. Restoration of Rights and Remedies 68 ARTICLE VII TRUSTEE 68 Section 7.01. Duties of Trustee 68 Section 7.02. Rights of Trustee 69 Section 7.03. Individual Rights of Trustee 71 Section 7.04. Trustee’s Disclaimer 71 Section 7.05. Notice of Default 71 Section 7.06. Reports by Trustee to Holders 72 Section 7.07. Compensation and Indemnity 72 Section 7.08. Replacement of Trustee 73 Section 7.09. Successor Trustee by Merger, Etc. 74 Section 7.10. Eligibility; Disqualification 74 Section 7.11. Preferential Collection of Claims Against Company 74 Section 7.12. Trustee as Paying Agent and Collateral Agent 75 Section 7.13. Form of Documents Delivered to Trustee 75 ARTICLE VIII SATISFACTION AND DISCHARGE OF INDENTURE 75 Section 8.01. Legal Defeasance and Covenant Defeasance 75 Section 8.02. Satisfaction and Discharge 77 Section 8.03. Survival of Certain Events 39 Obligations 78 Section 4.58.04. Early Termination; Prepayment Penalty 39 Acknowledgment of Discharge by Trustee and Collateral Agent 78 Section 4.6. General Payment Provisions 39 Section 4.78.05. Application 40 of Trust Moneys 78 Section 4.88.06. Repayment to the Company; Unclaimed Money 79 Section 8.07. Reinstatement 40 79 ARTICLE IX AMENDMENTS, SUPPLEMENTS AND WAIVERS 80 Section 4.99.01. Account Stated 40 Without Consent of Holders 80 Section 9.02. With Consent of Holders 81 Section 9.03. Compliance with Trust Indenture Act 82 Section 9.04. Revocation and Effect of Consents 82 Section 9.05. Notation on or Exchange of Notes 83 Section 9.06. Trustee to Sign Amendments, Etc. 83 Section 9.07. Conformity with Trust Indenture Act 83 (iii) ARTICLE V COLLATERAL 40 X GUARANTEE 83 Section 5.110.01. Note Guarantee 83 Section 10.02. Release of a Guarantor 84 Section 10.03. Limitation of Guarantor’s Liability 85 Section 10.04. Contribution 85 Section 10.05. Waiver of Subrogation 85 Section 10.06. Waiver of Stay, Extension or Usury Laws 86 Section 10.07. Execution and Delivery of Note Guarantees 86 ARTICLE XI MISCELLANEOUS 86 Section 11.01. Trust Indenture Act Controls 86 Section 11.02. Notices 86 Section 11.03. Communications by Holders with Other Holders 87 Section 11.04. Certificate and Opinion as to Conditions Precedent 87 Section 11.05. Statements Required in Certificate or Opinion 88 Section 11.06. Rules by Trustee, Paying Agent, Xxxxxxxxx 00 Section 11.07. Legal Holidays 88 Section 11.08. Governing Law 88 Section 11.09. No Adverse Interpretation of Other Agreements 89 Section 11.10. No Recourse Against Others 89 Section 11.11. Successors 89 Section 11.12. Duplicate Originals 89 Section 11.13. Severability 89 Section 11.14. Waiver of Jury Trial 89 ARTICLE XII SECURITY 90 Section 12.01. Grant of Security Interest 40 90 Section 5.212.02. Perfection Opinions 90 Section 12.03. Release of Collateral 91 Section 12.04. Specified Releases of Collateral 92 Section 12.05. Release upon Satisfaction or Defeasance of All Outstanding Obligations 92 Section 12.06. Form and Protection Sufficiency of Lender’s Security Interest 41 Release 92 Section 5.312.07. Purchaser Protected 93 Section 12.08. Authorization of Actions to Be Taken by the Collateral Proceeds Management 41Agent Under the Collateral Documents 93 Section 12.09. Authorization of Receipt of Funds by the Trustee Under the Collateral Documents 93 Section 12.10. Intercreditor Agreement 93 (iv) EXHIBITS Exhibit A Form of Note Exhibit B Form of Legends Exhibit C Form of Certificate of Transfer Exhibit D Form of Certificate of Exchange Exhibit E Form of Certificate from Acquiring Accredited Investor Exhibit F Form of Supplemental Indenture Exhibit G Form of Intercreditor Agreement INDENTURE, dated as of November 15, 2011, among Green Field Energy Services, Inc., a Delaware corporation (the “Company”), Hub City Tools, Inc., a Louisiana corporation, as guarantor, and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”).

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 (continued) Page Section 1.1. Definitions 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 5.5 Financial Condition; No Adverse Change 26 Section 2.1. Loans 5.6 Litigation 26 Section 2.2. Request for and Making of Revolving Loans. 5.7 Regulation U 26 Section 2.3. Deemed Request for Revolving Loans 5.8 Taxes 26 Section 5.9 Titles and Liens 26 Section 5.10 Plans 27 Section 2.4. Protective Advances 5.11 Default 27 Section 2.5. Interest Elections. 5.12 Environmental Matters 27 Section 5.13 Submissions to Lender 28 Section 2.6. Letters of Credit 5.14 Financing Statements 28 Section 2.7. Requesting Letters of Credit 5.15 Rights to Payment 28 Section 5.16 Financial Solvency 28 Section 5.17 Suspension and Debarment, etc 29 Section 2.8. Reimbursement 5.18 Ownership of Borrower 29 Section 5.19 Intellectual Property 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral ARTICLE VI Borrower’s Affirmative Covenants 31 Section 2.11. Third Party Beneficiary 32 6.1 Reporting Requirements 31 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 6.2 Books and Records; Inspection and Examination 34 Section 3.1. Interest 6.3 Account Verification 34 Section 3.26.4 Compliance with Laws. Fees 34 Section 3.3. Increased Costs 6.5 Payment of Taxes and Other Claims 34 Section 6.6 Maintenance of Properties 35 Section 3.4. Illegality 36 6.7 Insurance 35 Section 3.5. Break Funding Payments 36 6.8 Preservation of Existence 35 Section 3.6. Taxes 36 6.9 Delivery of Instruments, etc 35 Section 3.7. Maximum Interest6.10 Chattel Paper 35 Section 6.11 Lockbox; Controlling Limitation Collateral Account; Alternate Collateral Account 35 Section 6.12 Performance by the Lender 37 ARTICLE IV PAYMENT Section 6.13 Control Agreements 37 Section 6.14 Minimum Tangible Net Worth 37 Section 6.15 Minimum Book Net Worth 37 Section 6.16 Quarterly Minimum Net Income 38 Section 4.1. 6.17 Monthly Minimum Net Income 38 Section 6.18 [Intentionally Omitted.] 38 Section 6.19 Quarterly Inspection and Review 38 Section 6.20 Assembly of Export Order Summaries 38 Section 6.21 Perfection of Intellectual Property Security Interest 38 Section 4.2. Prepayment6.22 Location of Collateral; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date Acknowledgment from Bailees 39 ARTICLE VII Negative Covenants 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 7.1 Liens 39 Section 4.5. Early Termination; Prepayment Penalty 39 7.2 Indebtedness 40 TABLE OF CONTENTS (continued) Page Section 4.6. General Payment Provisions 39 Section 4.7. Application 7.3 Guaranties 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection 7.4 Investments and Protection of Lender’s Security Interest Subsidiaries 41 Section 5.3. 7.5 Dividends 41 Section 7.6 Sale or Transfer of Assets; Suspension of Business Operations 41 Section 7.7 Consolidation and Merger; Asset Acquisitions 41 Section 7.8 Sale and Leaseback 42 Section 7.9 Restrictions on Nature of Business 42 Section 7.10 Capital Expenditures 42 Section 7.11 Accounting 42 Section 7.12 Discounts, etc 42 Section 7.13 Defined Benefit Pension Plans 42 Section 7.14 Other Defaults 42 Section 7.15 Place of Business; Name 42 Section 7.16 Organizational Documents 42 Section 7.17 Salaries 43 ARTICLE VIII Events of Default, Rights and Remedies 43 Section 8.1 Events of Default 43 Section 8.2 Rights and Remedies 45 Section 8.3 Certain Notices 45 ARTICLE IX Miscellaneous 46 Section 9.1 No Waiver; Cumulative Remedies 46 Section 9.2 Amendments, Etc 46 Section 9.3 Addresses for Notices, Etc 46 Section 9.4 Further Documents 47 Section 9.5 Collateral Proceeds Management 4147 Section 9.6 Costs and Expenses 47 Section 9.7 Indemnity 47 Section 9.8 Participants 49 Section 9.9 Execution in Counterparts 49 Section 9.10 Binding Effect; Assignment; Complete Agreement; Exchanging Information 49 Section 9.11 Severability of Provisions 49 Section 9.12 Entire Agreement 49 Section 9.13 Headings 49 Section 9.14 Governing Law; Jurisdiction, Venue; Waiver of Jury Trial 50 Section 9.15 Confidentiality 50 Section 9.16 Retention of Borrower’s Records 50 Section 9.17 Amendment and Restatement 50 CREDIT AND SECURITY AGREEMENT Dated as of February 3, 2000 XX XXXXXXXXXXX, INC., a Delaware corporation (the “Borrower”), and WXXXX FARGO BANK MINNESOTA, N.A. a national banking association (the “Lender”), hereby agree as follows:

TABLE OF CONTENTS. ARTICLE Page Article I DEFINITIONS Section 1.01. Certain Defined Terms 1 Article II SERVICES, DURATION AND SERVICE MANAGERS Section 1.12.01. Definitions 1 Services 3 Section 1.22.02. Types Duration of Loans and Borrowings 25 Services 3 Section 1.32.03. Interpretive Provisions 25 ARTICLE II LOANS 26 Additional Unspecified Services 4 Section 2.12.04. Loans 26 Transition Service Managers 5 Section 2.22.05. Request for and Making of Revolving Loans. 26 Personnel 6 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.92.06. No Duty Duplication 6 Article III GGP MATERIALS Section 3.01. Corporate Policies 6 Section 3.02. Limitation on Rights and Obligations with Respect to Inquire 30 the GGP Materials 7 Article IV OTHER ARRANGEMENTS AND ADDITIONAL AGREEMENTS Section 2.104.01. LC Collateral 31 Software and Software Licenses 7 Section 2.114.02. Third Party Beneficiary 32 GGP Computer-Based and Other Resources 8 Section 2.124.03. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Spinco Computer-Based and Other Resources 9 Section 3.14.04. Interest 34 Access 9 Section 3.24.05. Fees 34 Xxxxxxx Xxxxxxx Policy 9 Section 3.34.06. Increased Cooperation 9 Article V COSTS AND DISBURSEMENTS Section 5.01. Costs 35 and Disbursements 10 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.65.02. Taxes 36 11 Section 3.75.03. Maximum Interest; Controlling No Right to Set-Off 11 TABLE OF CONTENTS (continued) Page Article VI STANDARD FOR SERVICE Section 6.01. Standard for Service 11 Section 6.02. Disclaimer of Warranties 12 Section 6.03. Compliance with Laws and Regulations 12 Article VII LIMITED LIABILITY AND INDEMNIFICATION Section 7.01. Consequential and Other Damages 12 Section 7.02. Limitation 37 ARTICLE IV PAYMENT 38 of Liability 12 Section 4.17.03. Interest 38 Obligation to Reperform and GGP Indemnity 13 Section 4.27.04. Prepayment; Mandatory Release and Spinco Indemnity 13 Section 7.05. Indemnification Procedures 13 Section 7.06. Liability for Payment Obligations 13 Section 7.07. Exclusion of Deficiencies 38 Other Remedies 13 Article VIII DISPUTE RESOLUTION Section 4.38.01. Mandatory Payments; Payment on the Dispute Resolution 13 Article IX TERM AND TERMINATION Section 9.01. Term and Termination Date 39 14 Section 4.49.02. Mandatory Prepayment in Respect Effect of Certain Events 39 Termination 15 Section 4.59.03. Early Termination; Prepayment Penalty 39 Force Majeure 16 Article X GENERAL PROVISIONS Section 4.610.01. No Agency 16 Section 10.02. Subcontractors 16 Section 10.03. Treatment of Confidential Information 17 TABLE OF CONTENTS (continued) Page Section 10.04. Further Assurances 18 Section 10.05. Notices 18 Section 10.06. Severability 19 Section 10.07. Entire Agreement 19 Section 10.08. No Third-Party Beneficiaries 19 Section 10.09. Governing Law 19 Section 10.10. Amendment 19 Section 10.11. Rules of Construction 19 Section 10.12. Counterparts 20 Section 10.13. Assignability 20 Section 10.14. Waiver of Jury Trial 21 Section 10.15. Specific Performance 21 Section 10.16. Non-Recourse 21 EXHIBITS I Direct Payroll Costs II Service Managers SCHEDULES A-1 Accounting A-2 Asset Management X-0 Xxxxxxxxxxx X-0 Employee Benefit Continuation A-5 Human Resources A-6 Information Technology A-7 Insurance A-8 Legal A-9 Marketing and Communications A-10 Public Reporting, Internal Audit, Xxxxxxxx-Xxxxx & Disclosure/Audit Committees X-00 Xxx X-00 Xxxxxxxx/Xxxxxxx Xxxxxxx TRANSITION SERVICES AGREEMENT This Transition Services Agreement (this “Agreement”), dated as of January 12, 2012, is by and among GGP Limited Partnership, a Delaware limited partnership (“GGPLP”), General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection Growth Management, Inc., a Delaware corporation (“GGMI” and, collectively with GGPLP, “GGP”), and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Xxxxx Properties, Inc., a Delaware corporation (“Spinco”).

TABLE OF CONTENTS. ARTICLE I I. DEFINITIONS 1 Section 1.1. Definitions Defined Terms 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3Construction 13 ARTICLE II. Interpretive Provisions 25 ARTICLE II LOANS 26 THE TRANSACTION 14 Section 2.1. Loans 26 Purchase and Sale of Purchased Assets 14 Section 2.2. Request for and Making of Revolving Loans. 26 Excluded Assets 16 Section 2.3. Deemed Request for Revolving Loans 27 Assumed Liabilities 16 Section 2.4. Protective Advances 27 Excluded Liabilities 17 Section 2.5. Interest Elections. 28 Closing Date 17 Section 2.6. Letters of Credit 28 Purchaser Obligations 18 Section 2.7. Requesting Letters of Credit 29 Seller Obligations 18 Section 2.8. Reimbursement 30 Allocation of Purchase Price 19 Section 2.9. No Duty to Inquire 30 Assignability and Consents 20 Section 2.10. LC Collateral 31 Section 2.11License Grant 20 ARTICLE III. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 REPRESENTATIONS AND WARRANTIES OF SELLER 21 Section 3.1. Interest 34 Organization and Authority 21 Section 3.2. Fees 34 Purchased Assets; Title to Purchased Assets 21 Section 3.3. Increased Costs 35 Consents; Non-Contravention 22 Section 3.4. Illegality 36 Regulatory Approvals 22 Section 3.5. Break Funding Payments 36 Compliance with Applicable Laws and Litigation 23 Section 3.6. Taxes 36 No Material Adverse Change 23 Section 3.7. Maximum Interest; Controlling Limitation 37 Assumed Contracts 23 Section 3.8. Inventory, CMO Purchase Orders and Returns 24 Section 3.9. Tax Matters 25 Section 3.10. Intellectual Property 25 Section 3.11. Product Records 27 Section 3.12. Brokers, Finders, etc 27 Section 3.13. Financial Statements 27 Section 3.14. Insurance 27 Section 3.15. Regulatory Compliance 27 Section 3.16. No Other Warranties 29 ARTICLE IV PAYMENT 38 IV. REPRESENTATIONS AND WARRANTIES OF PURCHASER 29 Section 4.1. Interest 38 Organization and Authority 29 Section 4.2. PrepaymentConsents; Mandatory Payment of Deficiencies 38 No Violations 29 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Brokers, Finders, etc 30 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Financing 30 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 Litigation 30 TABLE OF CONTENTS (cont’d) ARTICLE V COLLATERAL 40 V. COVENANTS OF SELLER PRIOR TO CLOSING 30 Section 5.1. Security Interest 40 Purchaser Access 30 Section 5.2. Perfection and Protection Conduct of Lender’s Security Interest 41 the Product Business Prior to Closing 31 Section 5.3. Collateral Proceeds Management 41Notice of Default 31 Section 5.4. No Negotiation 32 Section 5.5. Commercially Reasonable Efforts 32 Section 5.6. Notice of Government Investigations 32 Section 5.7. Assistance 32 ARTICLE VI. COVENANTS OF PURCHASER PRIOR TO CLOSING 32 Section 6.1. Notice of Default 32 Section 6.2. Commercially Reasonable Efforts by Purchaser 32 Section 6.3. Assistance 32 ARTICLE VII. CLOSING AND TERMINATION 33 Section 7.1. Conditions Precedent to Obligations of the Parties 33 Section 7.2. Conditions Precedent to Purchaser’s Obligations 33 Section 7.3. Conditions Precedent to Seller’s Obligations 34 Section 7.4. Termination 34 Section 7.5. Procedure and Effect of Termination 34 ARTICLE VIII. CERTAIN OTHER COVENANTS 35 Section 8.1. Product Returns, Rebates and Chargebacks 35 Section 8.2. Necessary Efforts; No Inconsistent Action 35 Section 8.3. Public Disclosures 35 Section 8.4. Transitional Trademark License 36 Section 8.5. Customer Billing 37 Section 8.6. Cooperation 37 Section 8.7. Tax Matters 38 Section 8.8. Notice to Customers 39 Section 8.9. Adverse Experience Reports 39 Section 8.10. Regulatory Matters 40 Section 8.11. Product Records 41 Section 8.12. Employees 41 Section 8.13. Non-Competition 41 Section 8.14. Seller’s Additional Covenants and Agreements 43 ARTICLE IX. INDEMNIFICATION 43 Section 9.1. Indemnification 43 Section 9.2. Certain Limitations 45 Section 9.3. Procedures for Third Party Claims and Excluded Liabilities 46 Section 9.4. Certain Procedures 49 Section 9.5. Remedies Exclusive 49 TABLE OF CONTENTS (cont’d) ARTICLE X. MISCELLANEOUS PROVISIONS 50 Section 10.1. Confidentiality 50 Section 10.2. Notices 51 Section 10.3. Bulk Transfers 52 Section 10.4. Remedies Cumulative; Specific Performance 53 Section 10.5. Further Assurances; Further Cooperation 53 Section 10.6. Amendments and Waivers 53 Section 10.7. Expenses 53 Section 10.8. Binding Effect; Benefit; Assignment 54 Section 10.9. Governing Law 54 Section 10.10. Arbitration 55 Section 10.11. Counterparts; Effectiveness 55 Section 10.12. Entire Agreement 56 Section 10.13. Severability 56 Section 10.14. Time is of the Essence 56 TABLE OF CONTENTS (cont’d) Exhibit A Template of Assignment and Assumption Agreement Exhibit B Template of Xxxx of Sale Exhibit C Template of Domain Name Assignment Agreement Exhibit D Template of Pernix Supply Agreement Exhibit E Template of Pharmacovigilance Agreement Exhibit F Template of Trademark Assignment Agreement Exhibit G Template of Transition Service and Technology Transfer Agreement Exhibit H Template of First Anniversary Promissory Note Exhibit I Template of Second Anniversary Promissory Note Exhibit J Template of Allocation Schedule Exhibit K Template of Third Party Consent Schedule 1.1(a) Assumed Contracts Schedule 1.1(b) Contract Manufacturing Organizations Schedule 1.1(c) CMO Purchase Orders Schedule 1.1(d) Development Products Schedule 1.1(e) Product Copyrights Schedule 1.1(f) Product Domain Names Schedule 1.1(g) Product Intellectual Property Schedule 1.1(h) Product Patents Schedule 1.1(i) Product Trademarks Schedule 1.1(j) Inventory Schedule 1.1(k) Transferred Abbreviated New Drug Applications Schedule 2.3(e) Other Liabilities Schedule 2.4(a) Certain Excluded Liabilities Schedule 5.5 Certain Closing Obligations Seller Disclosure Schedule TABLE OF CONTENTS (cont’d) Section 3.2(a) Assets Not Included in Purchased Assets Required to Conduct Business Section 3.2(b) Title Exceptions Section 3.3(b) Exceptions to Non-Contravention Representation Section 3.4(c) Regulatory Approval Exceptions Section 3.5(b) Litigation Section 3.6(a) Material Adverse Changes Section 3.7(a) Exceptions to Assumed Contracts Representation Section 3.7(c) Deferred Payments under Assumed Contracts Section 3.8(c) Minimum Inventory Levels Section 3.8(d) Return of Product Section 3.9(c) Exceptions to Tax Matter Representation Section 3.9(e) Exceptions to Tax Filing Representation

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Definitions And Other Provisions Of General Application 1 Section 1.11.01. Definitions 1 Section 1.21.02. Types Other Definitions 23 Section 1.03. Rules of Loans Construction 23 Section 1.04. Incorporation by Reference of TIA 24 Section 1.05. Conflict with TIA 24 Section 1.06. Compliance Certificates and Borrowings Opinions 24 Section 1.07. Form of Documents Delivered to Trustee 25 Section 1.31.08. Interpretive Provisions Acts of Noteholders; Record Dates 25 ARTICLE II LOANS 26 Section 2.11.09. Loans 26 Section 2.2. Request for Notices, Etc., to Trustee and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans Company 27 Section 2.41.10. Protective Advances Notices to Holders; Waivers 27 Section 2.51.11. Interest ElectionsEffect of Headings and Table of Contents 27 Section 1.12. Successors and Assigns 27 Section 1.13. Severability Clause 27 Section 1.14. Benefits of Indenture 28 Section 2.61.15. Letters of Credit Governing Law 28 Section 2.71.16. Requesting Letters Legal Holidays 28 Section 1.17. No Personal Liability of Credit Directors, Officers, Employees, Incorporators and Stockholders 28 Section 1.18. Exhibits and Schedules 28 Section 1.19. Counterparts 28 ARTICLE 2 Note Forms 28 Section 2.01. Forms Generally 28 Section 2.02. Form of Trustee’s Certificate of Authentication 29 ARTICLE 3 The Notes 29 Section 2.83.01. Reimbursement Title and Terms 29 Section 3.02. Denominations 30 Section 2.93.03. No Duty to Inquire Execution, Authentication and Delivery and Dating 30 Section 2.103.04. LC Collateral Temporary Notes 31 Section 2.113.05. Third Party Beneficiary Registration, Registration of Transfer and Exchange 31 Section 3.06. Mutilated, Destroyed, Lost and Stolen Notes 31 Section 3.07. Payment of Interest Rights Preserved 32 Section 2.123.08. Cross Guaranty 32 Persons Deemed Owners 33 Section 3.09. Cancellation 33 Section 3.10. Computation of Interest 33 Section 3.11. [Reserved.] 33 Section 3.12. CUSIP Numbers 33 Section 3.13. Book-entry Provisions for Global Notes 33 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 4 Covenants 34 Section 3.14.01. Payment of Principal, Premium and Interest 34 Section 3.24.02. Fees Maintenance of Office or Agency 34 Section 3.34.03. Increased Costs Money for Payments to Be Held in Trust 35 Section 3.44.04. Illegality SEC Reports 35 Section 4.05. Certificates to Trustee 36 Section 3.54.06. Break Funding Payments Limitation on Indebtedness 36 Section 3.64.07. Taxes 36 Limitation on Restricted Payments 40 Section 3.74.08. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 on Dividend and other Payment Restrictions Affecting Restricted Subsidiaries and Joint Ventures 44 Section 4.14.09. Interest 38 Limitation on Sales of Assets 47 Section 4.24.10. Prepayment; Mandatory Limitation on Affiliate Transactions 49 Section 4.11. Limitation on Liens 50 Section 4.12. [Reserved.] 51 Section 4.13. [Reserved.] 51 Section 4.14. Repurchase of Notes upon a Change in Control 51 Section 4.15. Limitation on Sale and Leaseback Transactions 51 Section 4.16. Limitation on Line of Business 52 Section 4.17. Limitation on Accounts Receivable Facilities 52 Section 4.18. Limited Applicability of Covenants when Notes are Rated Investment-Grade 52 Section 4.19. Existence 52 Section 4.20. Payment of Deficiencies 38 Taxes and Other Claims 52 Section 4.34.21. Mandatory PaymentsMaintenance of Properties and insurance 52 Section 4.22. Limitation on Issuance of Guarantees by Restricted Subsidiaries 52 Section 4.23. Payments for Consents 53 ARTICLE 5 Consolidation, Merger or Sale of Assets 53 Section 5.01. Consolidation, Merger or Sale of Assets by the Company 53 Section 5.02. Successor Company Substituted 54 Section 5.03. Consolidation, Merger or Sale of Assets by a Subsidiary Guarantor 55 Section 5.04. Opinion of Counsel to Trustee 55 ARTICLE 6 Remedies 55 Section 6.01. Events of Default 55 Section 6.02. Acceleration 56 Section 6.03. Other Remedies 56 Section 6.04. Waiver of Past Defaults 57 Section 6.05. Control by Majority 57 Section 6.06. Limitation on Suits 57 Section 6.07. Rights of Holders to Receive Payment 57 Section 6.08. Collection Suit by Trustee 57 Section 6.09. Trustee May File Proofs of Claim 58 Section 6.10. Priorities 58 Section 6.11. Undertaking for Costs 58 Section 6.12. Restoration of Rights and Remedies 58 Section 6.13. Rights and Remedies Cumulative 58 Section 6.14. Waiver of Stay, Extension or Usury Laws 59 ARTICLE 7 The Trustee 59 Section 7.01. Certain Duties and Responsibilities 59 Section 7.02. Notice of Defaults 60 Section 7.03. Certain Rights of Trustee 60 Section 7.04. Not Responsible for Recitals or Issuance of Notes 61 Section 7.05. Trustee’s Disclaimer 61 Section 7.06. May Hold Notes 61 Section 7.07. Money Held in Trust 61 Section 7.08. Compensation and Reimbursement 61 Section 7.09. Conflicting Interests 62 Section 7.10. Corporate Trustee Required; Payment Eligibility 62 Section 7.11. Resignation and Removal; Appointment of Successor 62 Section 7.12. Acceptance of Appointment by Successor 63 Section 7.13. Merger, Conversion, Consolidation or Succession to Business 63 Section 7.14. Preferential Collection of Claims Against the Company 64 Section 7.15. Appointment of Authenticating Agent 64 ARTICLE 8 Holders’ List and Reports by Trustee and the Company 64 Section 8.01. The Company to Furnish Trustee Names and Addresses of Holders; Stock Exchange Listing 64 Section 8.02. Preservation of Information; Communications to Holders 64 Section 8.03. Reports by Trustee 65 ARTICLE 9 Amendment, Supplement or Waiver 65 Section 9.01. Without Consent of the Holders 65 Section 9.02. With Consent of Holders 65 Section 9.03. Execution of Amendments, Supplements or Waivers 66 Section 9.04. Revocation and Effect of Consents 67 Section 9.05. Conformity with TIA 67 Section 9.06. Notation on the Termination or Exchange of Notes 67 ARTICLE 10 Redemption of Notes 67 Section 10.01. Right of Redemption 67 Section 10.02. Applicability of Article 68 Section 10.03. Election to Redeem; Notice to Trustee 68 Section 10.04. Selection by Trustee of Notes to Be Redeemed 68 Section 10.05. Notice of Redemption 69 Section 10.06. Deposit of Redemption Price 69 Section 10.07. Notes Payable on Redemption Date 39 69 Section 4.410.08. Mandatory Prepayment Notes Redeemed in Respect Part 70 ARTICLE 11 Satisfaction and Discharge 70 Section 11.01. Satisfaction and Discharge of Certain Events 39 Indenture 70 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.711.02. Application 40 of Trust Money 71 ARTICLE 12 Defeasance and Covenant Defeasance 71 Section 4.812.01. Option of the Company to Effect Defeasance or Covenant Defeasance 71 Section 12.02. Legal Defeasance and Discharge 71 Section 12.03. Covenant Defeasance 72 Section 12.04. Conditions to Legal or Covenant Defeasance 72 Section 12.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions 73 Section 12.06. Repayment to Company 73 Section 12.07. Reinstatement 40 74 ARTICLE 13 Subsidiary Guarantees 74 Section 4.913.01. Account Stated 40 ARTICLE V COLLATERAL 40 The Guarantees 74 Section 5.113.02. Security Interest 40 Guarantee Unconditional 74 Section 5.213.03. Perfection Discharge; Reinstatement 75 Section 13.04. Waiver by the Subsidiary Guarantors 75 Section 13.05. Subrogation and Protection Contribution 75 Section 13.06. Stay of Lender’s Security Interest 41 Acceleration 75 Section 5.313.07. Collateral Proceeds Management 41Limits of Guarantees 75 Section 13.08. Execution and Delivery of Note Guarantee 75 EXHIBIT A – Form of Note EXHIBIT B – Form of Supplemental Indenture INDENTURE, dated as of June 1, 2007 (as amended, supplemented or otherwise modified from time to time, this “Indenture”), among LYONDELL CHEMICAL COMPANY, a Delaware corporation (as further defined below, the “Company”), the Subsidiary Guarantors party hereto and THE BANK OF NEW YORK, a New York banking corporation, as trustee (the “Trustee”).

TABLE OF CONTENTS. ARTICLE I 1. DEFINITIONS 1 2 ARTICLE 2. THE ARRANGEMENT 23 Section 1.1. Definitions 1 2.01 Arrangement, Effective Date 23 Section 1.2. Types 2.02 Effects of Loans and Borrowings the Arrangement 23 Section 2.03 Closing Deliverables 23 Section 2.04 Arrangement Consideration Generally 25 Section 1.32.05 Payment Mechanics. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 2.06 Escrow Funds; Securityholder Representative Fund 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 2.07 Pre-Closing Certificate 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 2.08 Post-Closing Adjustment 31 Section 2.112.09 Earnout Consideration 33 Section 2.10 Arrangement Process 37 Section 2.11 Certain Securities Law Matters 41 ARTICLE 3. Third Party Beneficiary 32 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 42 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 3.01 Organization and Qualification of the Company 43 Section 3.1. Interest 34 3.02 Authority; Board Approval 43 Section 3.2. Fees 34 3.03 No Conflicts; Consents 44 Section 3.3. Increased Costs 35 3.04 Capitalization 44 Section 3.4. Illegality 36 3.05 Subsidiaries 46 Section 3.5. Break Funding Payments 36 3.06 Financial Statements 46 Section 3.6. Taxes 36 3.07 Undisclosed Liabilities 47 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect 3.08 Absence of Certain Changes, Events 39 and Conditions 47 Section 4.5. Early Termination3.09 Material Contracts 48 Section 3.10 Title to Properties and Assets 50 Section 3.11 Real Property 51 Section 3.12 Compliance with Other Instruments 51 Section 3.13 Intellectual Property 52 Section 3.14 Information Practices 56 Section 3.15 Inventory 59 Section 3.16 Accounts Receivable 59 Section 3.17 Customers and Suppliers 59 Section 3.18 Insurance 60 Section 3.19 Legal Proceedings; Prepayment Penalty 39 Governmental Orders 60 Section 4.6. General Payment Provisions 39 3.20 Compliance With Laws; Permits 61 Section 4.7. Application 40 3.21 Anti-Corruption, Anti-Money Laundering, Sanctions, and Trade Regulation 61 Section 4.8. Reinstatement 40 3.22 Environmental and Safety Matters 63 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 3.23 Employee Benefit Matters 64 Section 5.1. Security Interest 40 3.24 Employee Matters 67 Section 5.2. Perfection 3.25 Taxes 69 Section 3.26 Books and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Records 73

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1SECTION 1.01. Definitions Defined Terms 1 Section 1.2SECTION 1.02. Types Classification of Loans and Borrowings 25 Section 1.321 SECTION 1.03. Interpretive Provisions 25 Terms Generally 21 SECTION 1.04. Accounting Terms; GAAP 21 SECTION 1.05. Interest Rates; LIBOR Notification 22 SECTION 1.06. Divisions 22 ARTICLE II LOANS 26 Section 2.1THE CREDITS 23 SECTION 2.01. Commitments 23 SECTION 2.02. Loans 26 Section 2.2and Borrowings 23 SECTION 2.03. Request Borrowing Procedures; Requests for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6Borrowings 23 SECTION 2.04. Letters of Credit 24 SECTION 2.05. Funding of Borrowings 27 SECTION 2.06. Interest Elections 28 Section 2.7SECTION 2.07. Requesting Letters Termination and Reduction of Credit Commitment 29 Section 2.8SECTION 2.08. Reimbursement Repayment and Amortization of Loans; Evidence of Debt 29 SECTION 2.09. Prepayment of Loans 30 Section 2.9. No Duty to Inquire 30 Section SECTION 2.10. LC Collateral Fees 31 Section SECTION 2.11. Third Party Beneficiary 32 Section Interest 31 SECTION 2.12. Cross Guaranty Alternate Rate of Interest; Illegality 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3SECTION 2.13. Increased Costs 35 Section 3.4. Illegality 36 Section 3.534 SECTION 2.14. Break Funding Payments 36 Section 3.635 SECTION 2.15. Taxes 36 Section 3.735 SECTION 2.16. Maximum InterestPayments Generally; Controlling Limitation 37 Allocation of Proceeds 39 SECTION 2.17. Indemnity for Returned Payments 40 ARTICLE III REPRESENTATIONS AND WARRANTIES 40 SECTION 3.01. Organization; Powers 40 SECTION 3.02. Authorization; Enforceability 40 SECTION 3.03. Governmental Approvals; No Conflicts 40 SECTION 3.04. Financial Condition; No Material Adverse Change 41 SECTION 3.05. Properties 41 SECTION 3.06. Litigation and Environmental Matters 41 SECTION 3.07. Compliance with Laws and Agreements; No Default 42 SECTION 3.08. Investment Company Status 42 SECTION 3.09. Taxes 42 SECTION 3.10. ERISA 42 SECTION 3.11. Disclosure 42 SECTION 3.12. Material Agreements 43 SECTION 3.13. Solvency 43 SECTION 3.14. Insurance 43 SECTION 3.15. Capitalization and Subsidiaries 43 SECTION 3.16. Employment Matters 43 SECTION 3.17. Federal Reserve Regulations 44 SECTION 3.18. Use of Proceeds 44 SECTION 3.19. No Burdensome Restrictions 44 SECTION 3.20. Anti-Corruption Laws and Sanctions 44 SECTION 3.21. Plan Assets; Prohibited Transactions 44 ARTICLE IV PAYMENT 38 Section 4.1CONDITIONS 44 SECTION 4.01. Effective Date 44 SECTION 4.02. Each Credit Event 46 ARTICLE V AFFIRMATIVE COVENANTS 47 SECTION 5.01. Financial Statements; Other Information 47 SECTION 5.02. Notices of Material Events 49 SECTION 5.03. Existence; Conduct of Business 49 SECTION 5.04. Payment of Obligations 50 SECTION 5.05. Maintenance of Properties 50 SECTION 5.06. Books and Records; Inspection Rights 50 SECTION 5.07. Compliance with Laws and Material Contractual Obligations 50 SECTION 5.08. Use of Proceeds 51 SECTION 5.09. Accuracy of Information 51 SECTION 5.10. Insurance 51 SECTION 5.11. Material Licenses and Permits 52 SECTION 5.12. Depository Banks 52 SECTION 5.13. Further Assurances 52 ARTICLE VI NEGATIVE COVENANTS 52 SECTION 6.01. Indebtedness 52 SECTION 6.02. Liens 54 SECTION 6.03. Fundamental Changes 56 SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions 56 SECTION 6.05. Asset Sales 57 SECTION 6.06. Sale and Leaseback Transactions 59 SECTION 6.07. Swap Agreements 59 SECTION 6.08. Restricted Payments 60 SECTION 6.09. Transactions with Affiliates 60 SECTION 6.10. Restrictive Agreements 60 SECTION 6.11. Amendment of Material Documents 61 SECTION 6.12. Financial Covenants 61 ARTICLE VII EVENTS OF DEFAULT 61 ARTICLE VIII MISCELLANEOUS 64 SECTION 8.01. Notices 64 SECTION 8.02. Waivers; Amendments 66 SECTION 8.03. Expenses; Indemnity; Damage Waiver 66 SECTION 8.04. Successors and Assigns 67 SECTION 8.05. Survival 68 SECTION 8.06. Counterparts; Integration; Effectiveness 69 SECTION 8.07. Severability 70 SECTION 8.08. Right of Setoff 70 SECTION 8.09. Governing Law; Jurisdiction; Consent to Service of Process 70 SECTION 8.10. WAIVER OF JURY TRIAL 71 SECTION 8.11. Headings 73 SECTION 8.12. Confidentiality 73 SECTION 8.13. Nonreliance; Violation of Law 73 SECTION 8.14. USA PATRIOT Act 74 SECTION 8.15. Disclosure 74 SECTION 8.16. Interest 38 Section 4.2Rate Limitation 74 SECTION 8.17. Prepayment; Mandatory Payment No Fiduciary Duty, etc 74 SECTION 8.18. Marketing Consent 75 SECTION 8.19. Acknowledgment Regarding Any Supported QFCs 75 SCHEDULES: Schedule 3.06 – Disclosed Matters Schedule 3.12 – Material Agreements Schedule 3.15 – Capitalization and Subsidiaries Schedule 6.01 – Existing Indebtedness Schedule 6.02 – Existing Liens Schedule 6.04 – Existing Investments Schedule 6.10 – Existing Restrictions EXHIBITS: Exhibit A - Borrowing Request Exhibit B - Compliance Certificate CREDIT AGREEMENT dated as of Deficiencies 38 Section 4.3April 23, 2021 (as it may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) between SAN XXXX WATER COMPANY, as Borrower, and JPMORGAN CHASE BANK, N.A., as Lender. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41The parties hereto agree as follows:

TABLE OF CONTENTS. ARTICLE I DEFINITIONS Article 1 DESCRIPTION OF TRANSACTION 2 Section 1.1. Definitions 1 1.1 Structure of the Merger 2 Section 1.2. Types 1.2 Effects of Loans the Merger 2 Section 1.3 Closing; Effective Time 2 Section 1.4 Certificate of Incorporation and Borrowings 25 Bylaws; Directors and Officers 3 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 1.5 Conversion of Quoin Securities 3 Section 2.1. Loans 26 1.6 Closing of Quoin’s Transfer Books 4 Section 2.2. Request for 1.7 Exchange of Securities 5 Section 1.8 Appraisal Rights 6 Section 1.9 Further Action 7 Section 1.10 Tax Consequences 7 Section 1.11 Certificates 7 Section 1.12 Contingent Value Rights 7 Section 1.13 Escrow Shares 8 Article 2 REPRESENTATIONS AND WARRANTIES OF QUOIN PHARMACEUTICALS 9 Section 2.1 Subsidiaries; Due Organization; Organizational Documents 10 Section 2.2 Authority; Vote Required 10 Section 2.3 Non-Contravention; Consents 11 Section 2.4 Capitalization 11 Section 2.5 Financial Statements 12 Section 2.6 Absence of Changes 13 Section 2.7 Title to Assets 13 Section 2.8 Real Property; Leaseholds 13 Section 2.9 Intellectual Property 14 Section 2.10 Material Contracts 16 Section 2.11 Undisclosed Liabilities 19 Section 2.12 Compliance; Permits; Restrictions 19 Section 2.13 Tax Matters 21 Section 2.14 Employee and Making of Revolving Loans. 26 Labor Matters; Benefit Plans 23 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 2.15 Environmental Matters 28 Section 2.6. Letters of Credit 2.16 Insurance 28 Section 2.7. Requesting Letters 2.17 Legal Proceedings; Orders 28 Section 2.18 Inapplicability of Credit Anti-takeover Statutes 29 Section 2.8. Reimbursement 2.19 No Financial Advisor 29 Section 2.20 Disclosure 29 Section 2.21 Anti-Corruption 29 Section 2.22 Grants and Subsidies 29 Section 2.23 Export Controls 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest2.24 Exclusivity of Representations; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Reliance 30

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1. Definitions 1 Section 1.2SECTION 1.01. Types of Loans and Borrowings 25 Section 1.3Defined Terms 1 SECTION 1.02. Interpretive Provisions Terms Generally 25 ARTICLE II LOANS The Credits 25 SECTION 2.01. Commitments 25 SECTION 2.02. Term Loans 25 SECTION 2.03. Borrowing Procedures 26 Section 2.1SECTION 2.04. Loans 26 Section 2.2. Request for and Making Evidence of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Debt; Repayment of Term Loans 27 Section 2.4SECTION 2.05. Protective Advances 27 Section 2.5Fees 28 SECTION 2.06. Interest Electionson Term Loans 28 SECTION 2.07. Default Interest 28 Section 2.6SECTION 2.08. Letters [Reserved] 28 SECTION 2.09. Termination 28 SECTION 2.10. Conversion and Continuation of Credit 28 Section 2.7Borrowings 29 SECTION 2.11. Requesting Letters Repayment of Credit Borrowings 29 Section 2.8SECTION 2.12. Reimbursement Optional Prepayment 30 Section 2.9SECTION 2.13. Mandatory Prepayments 31 SECTION 2.14. Reserve Requirements; Change in Circumstances 32 SECTION 2.15. [Reserved] 33 SECTION 2.16. Indemnity 33 SECTION 2.17. Pro Rata Treatment 33 SECTION 2.18. Sharing of Setoffs 33 SECTION 2.19. Payments 34 SECTION 2.20. Taxes 35 SECTION 2.21. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate 38 ARTICLE III Representations and Warranties 39 SECTION 3.01. Organization; Powers 39 SECTION 3.02. Authorization 40 SECTION 3.03. Enforceability 40 SECTION 3.04. Governmental Approvals 40 SECTION 3.05. Financial Statements 40 SECTION 3.06. No Duty Material Adverse Change 41 SECTION 3.07. Title to Inquire 30 Section 2.10Properties; Possession Under Leases 41 SECTION 3.08. LC Collateral 31 Section 2.11Subsidiaries 41 SECTION 3.09. Third Party Beneficiary 32 Section 2.12Litigation; Compliance with Laws 41 SECTION 3.10. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1Agreements 42 SECTION 3.11. Interest 34 Section 3.2Federal Reserve Regulations 42 SECTION 3.12. Fees 34 Section 3.3Investment Company Act 42 SECTION 3.13. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment Use of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 4142

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Escrow Agreement Section 1.1. Definitions 1 1.3(a) Escrow Amount Section 1.2. Types 1.3(a) Escrow Fund Section 7.2 Estimated Purchase Price Section 1.3(a) Estimated Purchase Price Certificate Section 1.3(c) Expected Allocation Amount Section 5.1(a) FDA Section 2.17(c) Federal Health Care Program Section 2.17(i) Final Purchase Price Section 1.3(a) Fundamental Indemnities Section 7.2 Fundamental Representations Section 7.1 GAAP Section 1.3(a) Governmental Authority Section 1.3(a) Governmental Permits Section 2.17(h) Hazardous Substances Section 2.23(a)(iv) HIPAA Section 2.17(b) HITECH Section 2.17(b) HSR Act Section 2.5 Indebtedness Section 1.3(a) Independent Accounting Firm Section 1.7(c) Intellectual Property Section 2.14(a) Interests Section 1.3(a) IP Licenses Section 2.14(d) Lease Section 2.12(b) Leased Property Section 2.12(b) Legal Requirement(s) Section 2.17(b) Lien Section 1.3(a) LLC Agreement Section 1.3(a) Losses Section 7.6 Material Contracts Section 2.11 Obsolete Inventory Section 1.3(a) Pay-Off Letters Section 1.3(c) Permitted Liens Section 2.13 Person Section 1.3(a) PHI Section 2.17(o) Prior Service Section 5.3 Pro Rata Share Section 7.2 Protected Seller Communications Section 8.12 Purchase Price Section 1.3(a) Purchase Price Certificate Section 1.7(a) Table of Loans and Borrowings 25 Contents Sale Bonuses Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 1.3(a) Seller Preamble Seller Indemnified Parties Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 417.4

TABLE OF CONTENTS. ARTICLE I 1 DEFINITIONS 1 Section 1.1. SECTION 1.01 Definitions 1 Section 1.2. Types SECTION 1.02 General 15 SECTION 1.03 Other Definitions and Provisions 15 ARTICLE 2 REVOLVING CREDIT FACILITY 17 SECTION 2.01 Loans 17 SECTION 2.02 Procedure for Advances of Loans 17 SECTION 2.03 Repayment of Loans 17 SECTION 2.04 Revolving Credit Note 18 SECTION 2.05 Permanent Reduction of the Commitment 18 SECTION 2.06 Termination of Revolving Credit Facility 19 SECTION 2.07 Use of Proceeds 19 ARTICLE 3. [INTENTIONALLY OMITTED] 19 ARTICLE 4 GENERAL LOAN PROVISIONS 19 SECTION 4.01 Interest 19 SECTION 4.02 Notice and Borrowings Manner of Conversion or Continuation of Loans 21 SECTION 4.03 Unused Line Fee 22 SECTION 4.04 Manner of Payment 22 SECTION 4.05 Crediting of Payments and Proceeds 22 SECTION 4.06 Changed Circumstances 23 SECTION 4.07 Indemnity 24 SECTION 4.08 Capital Requirements 25 Section 1.3. Interpretive Provisions SECTION 4.09 Taxes 25 ARTICLE II LOANS 5 CLOSING; CONDITIONS OF CLOSING AND BORROWING 26 Section 2.1. SECTION 5.01 Conditions to Closing 26 SECTION 5.02 Conditions to Initial Loan 29 SECTION 5.03 Conditions to All Loans 26 Section 2.2. Request for 31 ARTICLE 6 REPRESENTATIONS AND WARRANTIES 31 SECTION 6.01 Existence, Qualification and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. Power; Compliance with Laws 31 SECTION 6.02 Authorization; No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary Contravention 32 Section 2.12. Cross Guaranty SECTION 6.03 Governmental Authorization 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41SECTION 6.04 Binding Effect 32

TABLE OF CONTENTS. Page ARTICLE I DEFINITIONS 1 Section 1.1. Definitions 1 Section 1.2. Types THE PORTFOLIO INVESTMENTS SECTION 1.01 Purchases of Loans Portfolio Investments 2324 SECTION 1.02 Procedures for Purchases and Borrowings 25 Section 1.3. Interpretive Provisions 25 Related Advances 2324 SECTION 1.03 Conditions to Purchases, Substitution and Advances 2425 SECTION 1.04 Sales of Portfolio Investments 2526 SECTION 1.05 Certain Assumptions relating to Portfolio Investments 2728 SECTION 1.06 Valuation of Permitted Non-USD Currency Portfolio Investments 2728 SECTION 1.07 Additional Equity Contributions 2728 SECTION 1.08 Substitutions 2729 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making THE ADVANCES SECTION 2.01 Financing Commitments 2729 SECTION 2.02 [Reserved] 2729 SECTION 2.03 Advances; Use of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Proceeds 2829 SECTION 2.04 Other Conditions to Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 2931 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. ADDITIONAL TERMS APPLICABLE TO THE ADVANCES SECTION 3.01 The Advances 3033 SECTION 3.02 [Reserved] 3438 SECTION 3.03 Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 3438 ARTICLE IV PAYMENT 38 Section 4.1. COLLECTIONS AND PAYMENTS SECTION 4.01 Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Proceeds 3842 SECTION 4.02 Principal Proceeds 3842 SECTION 4.03 Principal and Interest Payments; Payment on the Prepayments; Fees 3943 SECTION 4.04 Market Value Cure Account 4045 SECTION 4.05 Priority of Payments 4145 SECTION 4.06 Payments Generally 4246 SECTION 4.07 Termination Date 39 Section 4.4. Mandatory Prepayment in Respect or Reduction of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 Financing Commitments 4347 ARTICLE V COLLATERAL 40 Section 5.1THE PORTFOLIO MANAGER SECTION 5.01 Appointment and Duties of the Portfolio Manager 4348 SECTION 5.02 Portfolio Manager Representations as to Eligibility Criteria; Etc. Security Interest 40 Section 5.24449 SECTION 5.03 Indemnification 4449 ARTICLE VI REPRESENTATIONS, WARRANTIES AND COVENANTS SECTION 6.01 Representations and Warranties 4449 SECTION 6.02 Covenants of the Company and the Portfolio Manager 4853 SECTION 6.03 Amendments of Portfolio Investments, Etc. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 415360 ARTICLE VII EVENTS OF DEFAULT

TABLE OF CONTENTS. Page ARTICLE I DEFINITIONS 1 Section 1.1. Definitions 1 Section 1.2SECTION 1.01. Types Defined Terms 1 SECTION 1.02. Terms Generally 53 SECTION 1.03. Pro Forma Calculations 54 SECTION 1.04. Classification of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 54 ARTICLE II LOANS 26 Section 2.1The Credits 54 SECTION 2.01. Commitments 54 SECTION 2.02. Loans 26 Section 2.254 SECTION 2.03. Request for and Making Borrowing Procedure 55 SECTION 2.04. Evidence of Revolving LoansDebt; Repayment of Loans 56 SECTION 2.05. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5Fees 57 SECTION 2.06. Interest Electionson Loans 57 SECTION 2.07. 28 Section 2.6Default Interest 57 SECTION 2.08. Letters Alternate Rate of Interest 58 SECTION 2.09. Termination of Commitments 58 SECTION 2.10. Conversion and Continuation of Borrowings 58 SECTION 2.11. Repayment of Borrowings 60 SECTION 2.12. Voluntary Prepayments 61 SECTION 2.13. Mandatory Prepayments 62 SECTION 2.14. Reserve Requirements; Change in Circumstances 63 SECTION 2.15. Change in Legality 64 SECTION 2.16. Breakage 65 SECTION 2.17. Pro Rata Treatment 65 SECTION 2.18. Sharing of Setoffs 66 SECTION 2.19. Payments 66 SECTION 2.20. Taxes 67 SECTION 2.21. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate 68 SECTION 2.22. Incremental Loans 69 SECTION 2.23. Extension Amendments 71 ARTICLE III Representations and Warranties 73 SECTION 3.01. Existence, Qualification and Power 73 SECTION 3.02. Authorization; No Contravention 73 SECTION 3.03. Governmental Authorization; Other Consents 74 SECTION 3.04. Binding Effect 74 SECTION 3.05. Financial Statements; No Material Adverse Effect 74 SECTION 3.06. Litigation 75 SECTION 3.07. No Default 75 SECTION 3.08. Ownership of Properties; Liens 75 SECTION 3.09. Environmental Compliance 77 SECTION 3.10. Insurance 78 SECTION 3.11. Taxes 78 SECTION 3.12. ERISA Compliance 78 SECTION 3.13. Subsidiaries; Equity Interests 79 SECTION 3.14. Margin Regulations; Investment Company Act 79 SECTION 3.15. Disclosure 80 SECTION 3.16. Compliance with Laws 80 SECTION 3.17. Intellectual Property; Licenses, Etc 80 SECTION 3.18. Labor Matters 80 SECTION 3.19. Security Documents 81 SECTION 3.20. Solvency 82 SECTION 3.21. Deposit Accounts; Credit Card Arrangements 82 SECTION 3.22. Brokers 82 SECTION 3.23. Trade Relations 83 SECTION 3.24. Material Contracts 83 SECTION 3.25. Casualty 83 SECTION 3.26. Payable Practices 83 SECTION 3.27. Notices from Farm Products Sellers, Etc 83 SECTION 3.28. HIPAA Compliance 84 SECTION 3.29. Compliance with Health Care Laws 84 SECTION 3.30. ASC Indenture 85 SECTION 3.31. Sanctioned Persons 85 SECTION 3.32. Anti-Terrorism; Foreign Corrupt Practices Act 85 ARTICLE IV Conditions of Lending 85 SECTION 4.01. Conditions to Borrowing 85 ARTICLE V Affirmative Covenants 89 SECTION 5.01. Financial Statements 89 SECTION 5.02. Certificates; Other Information 90 SECTION 5.03. Notices 92 SECTION 5.04. Payment of Obligations 94 SECTION 5.05. Preservation of Existence, Etc 94 SECTION 5.06. Maintenance of Properties 94 SECTION 5.07. Maintenance of Insurance 95 SECTION 5.08. Compliance with Laws 97 SECTION 5.09. Books and Records; Accountants; Maintenance of Ratings 97 SECTION 5.10. Inspection Rights 98 SECTION 5.11. Use of Proceeds 98 SECTION 5.12. Additional Loan Parties 98 SECTION 5.13. Cash Management 98 SECTION 5.14. Information Regarding the Collateral 99 SECTION 5.15. [Reserved] 100 SECTION 5.16. Environmental Laws 100 SECTION 5.17. Further Assurances 100 SECTION 5.18. Ground Leases 101 SECTION 5.19. [Reserved] 101 SECTION 5.20. ERISA 102 SECTION 5.21. Agricultural Products 102 SECTION 5.22. Term Loan Priority Account 103 SECTION 5.23. Designation of Subsidiaries 103 SECTION 5.24. Preparation of Environmental Reports 104 SECTION 5.25. Post-Closing Collateral 104 ARTICLE VI Negative Covenants 105 SECTION 6.01. Liens 105 SECTION 6.02. Investments, Loans and Advances 105 SECTION 6.03. Indebtedness 106 SECTION 6.04. Fundamental Changes 106 SECTION 6.05. Dispositions 107 SECTION 6.06. Restricted Payments 107 SECTION 6.07. Prepayments of Other Indebtedness 107 SECTION 6.08. Business of Borrower and Restricted Subsidiaries 108 SECTION 6.09. Transactions with Affiliates 108 SECTION 6.10. Burdensome Agreements 109 SECTION 6.11. Use of Proceeds 109 SECTION 6.12. Amendment of Material Documents 109 SECTION 6.13. Fiscal Year 109 SECTION 6.14. Disqualified Stock 109 ARTICLE VII Events of Default 110 SECTION 7.01. Events of Default 110 SECTION 7.02. Application of Funds 114 ARTICLE VIII The Administrative Agent and the Collateral Agent; Etc. 114 ARTICLE IX Miscellaneous 118 SECTION 9.01. Notices; Electronic Communications 118 SECTION 9.02. Survival of Agreement 121 SECTION 9.03. Binding Effect 121 SECTION 9.04. Successors and Assigns 121 SECTION 9.05. Expenses; Indemnity 125 SECTION 9.06. Right of Setoff 127 SECTION 9.07. Applicable Law 127 SECTION 9.08. Waivers; Amendment 127 SECTION 9.09. Interest Rate Limitation 128 SECTION 9.10. Entire Agreement 128 SECTION 9.11. WAIVER OF JURY TRIAL 128 SECTION 9.12. Severability 129 SECTION 9.13. Counterparts 129 SECTION 9.14. Headings 129 SECTION 9.15. Jurisdiction; Consent to Service of Process 129 SECTION 9.16. Confidentiality 130 SECTION 9.17. Lender Action; Intercreditor Agreement 130 SECTION 9.18. USA PATRIOT Act Notice 131 SECTION 9.19. No Fiduciary Duty 131 SECTION 9.20. Collateral and Guarantee Matters 132 SECTION 9.21. Substitution, Release and Addition of Fixed Asset Collateral 132 SCHEDULES Schedule 2.01 - Lenders and Commitments Schedule 3.01 - Organizational Information of Loan Parties Schedule 3.06 - Litigation Schedule 3.08(b) - Owned Real Estate Schedule 3.08(c) - Leases Constituting Material Contracts Schedule 3.09 - Environmental Matters Schedule 3.10 - Insurance Schedule 3.13 - Subsidiaries and Equity Interests Schedule 3.17 - Intellectual Property Matters Schedule 3.21(a) - Demand Deposit Accounts Schedule 3.21(b) - Credit Card Arrangements Schedule 5.02 - Financial and Collateral Reports Schedule 6.01 - Existing Liens Schedule 6.02 - Existing Investments Schedule 6.03 - Existing Indebtedness Schedule 6.09 - Transactions with Affiliates Schedule 9.01 - Borrower’s Website Address EXHIBITS Exhibit A - Form of Administrative Questionnaire Exhibit B - Form of Assignment and Acceptance Exhibit C - Form of Borrowing Request Exhibit D - Form of Compliance Certificate Exhibit E - Form of Perfection Certificate Exhibit F - Form of Security Agreement Exhibit G - Form of Facility Guaranty Exhibit H - Form of Mortgage Exhibit I - Form of Intercreditor Agreement Exhibit J - Form of Promissory Note Exhibit K - Form of Opinion of Xxxxxx & Whitney LLP Exhibit L - Form of DDA Notification Exhibit M - Form of Credit 28 Section 2.7. Requesting Letters Card Notification Exhibit N - Closing Date Collateral List Exhibit O - Form of United States Tax Compliance Certificate Exhibit P - Form of Related Real Estate Collateral Security Agreement TERM LOAN CREDIT AGREEMENT, dated as of August 30, 2012 (as amended, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”), among SUPERVALU INC., a Delaware corporation (the “Borrower”), the Guarantors (such term and each other capitalized term used but not defined in this introductory statement having the meaning given it in Article I) party hereto, the Lenders party hereto and CREDIT SUISSE AG (“Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Suisse”), as administrative agent (in such capacity, including any successor thereto, the “Administrative Agent”) and as collateral agent (in such capacity, including any successor thereto, the “Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on Agent”) for the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Lenders.

TABLE OF CONTENTS. ARTICLE I DEFINITIONS AND CONSTRUCTION 1 Section 1.11.1 Definitions. Definitions 1 Section 1.21.2 Additional Definitions. Types 11 Section 1.3 Certain References and Construction. 13 ARTICLE II PURCHASE AND SALE 14 Section 2.1 Purchase and Sale of Loans Assets. 14 Section 2.2 Excluded Assets. 15 Section 2.3 Assumed Liabilities. 16 Section 2.4 Excluded Liabilities. 16 Section 2.5 Closing. 18 Section 2.6 Purchase Price and Borrowings Closing Consideration. 18 Section 2.7 Closing Adjustment. 18 Section 2.8 Payments at the Closing. 19 Section 2.9 Post-Closing Adjustment. 19 Section 2.10 Transactions to be Effected at the Closing. 21 Section 2.11 Withholding Rights. 23 Section 2.12 Allocation of Purchase Price. 23 ARTICLE III Intentionally Omitted. 23 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER AND COMPANY 24 Section 4.1 Organization and Qualification. 24 Section 4.2 Power and Authority. 24 Section 4.3 Title to Purchased Assets. 24 Section 4.4 No Subsidiaries. 24 Section 4.5 Noncontravention; Consents. 24 Section 4.6 Financial Statements; Undisclosed Liabilities. 25 Section 1.34.7 Guaranties; Indebtedness. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.44.8 Absence of Changes. Protective Advances 27 Section 2.54.9 Legal Proceedings. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.84.10 Compliance with Laws; Permits. Reimbursement 30 Section 2.94.11 Material Contracts. No Duty to Inquire 30 31 Exhibit 2.1 Section 2.104.12 Reserved. LC Collateral 31 33 Section 2.114.13 Equipment Etc. 34 Section 4.14 Real Property. 34 Section 4.15 Employee Benefit Plans. 35 Section 4.16 Labor and Employment Matters. 38 Section 4.17 Environmental Matters. 41 Section 4.18 Insurance. 41 Section 4.19 Taxes. 42 Section 4.20 Intellectual Property. 43 Section 4.21 Material Relationships. 45 Section 4.22 Powers of Attorney. 45 Section 4.23 Warranty and Related Matters. 45 Section 4.24 Privacy and Data Security. 46 Section 4.25 IT Systems. 46 Section 4.26 Related Party Transactions. 47 Section 4.27 Bank Accounts. 47 Section 4.28 Brokers. 47 ARTICLE V REPRESENTATIONS AND WARRANTIES OF PURCHASER 47 Section 5.1 Organization. 47 Section 5.2 Power and Authority. 47 Section 5.3 Noncontravention; Consents and Governmental Authorizations. 48 Section 5.4 Legal Proceedings. 48 Section 5.5 Intentionally Omitted. 48 Section 5.6 Solvency. 48 Section 5.7 Sufficiency of Funds. 48 Section 5.8 Brokers. 48 ARTICLE VI COVENANTS 48 Section 6.1 Insurance Policies. 48 Section 6.2 Certain Tax Matters. 49 Section 6.3 Employment Matters. 51 Section 6.4 Receivables. 52 Section 6.5 Consents and Governmental Authorizations. 52 Section 6.6 Public Announcements. 52 Section 6.7 Books and Records. 53 Exhibit 2.1 Section 6.8 Transition Services Agreement. 53 Section 6.9 Restrictive Covenants. 53 Section 6.10 Representations and Warranties Insurance. 56 Section 6.11 Use of Name. 56 Section 6.12 Nonassignable Assets. 56 Section 6.13 Further Assurances. 57 ARTICLE VII INDEMNIFICATION 57 Section 7.1 Survival. 57 Section 7.2 Indemnification by Seller. 58 Section 7.3 Indemnification by Purchaser. 58 Section 7.4 Limitations on Indemnification. 59 Section 7.5 Procedures for Third Party Beneficiary 32 Claims. 61 Section 2.127.6 Indemnification Procedures for Direct Claims. Cross Guaranty 32 62 Section 7.7 Payments. 63 Section 7.8 Release of Escrow. 63 Section 7.9 Subrogation. 64 Section 7.10 Tax Treatment. 64 Section 7.11 Exclusive Remedy. 64 Section 7.12 Special Rule for Fraud or Intentional Misconduct. 64 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 VIII MISCELLANEOUS 64 Section 3.18.1 Entire Agreement. Interest 34 64 Section 3.28.2 Notices. Fees 34 65 Section 3.38.3 Severability. Increased Costs 35 65 Section 3.48.4 Third Party Beneficiaries. Illegality 36 65 Section 3.58.5 Successors and Assigns. Break Funding Payments 36 65 Section 3.68.6 Amendments and Waivers. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 4165

TABLE OF CONTENTS. Page(s) ARTICLE I 1 DEFINITIONS 1 Section 1.1SECTION 1.01. Definitions Definitions. 1 Section 1.2ARTICLE 2 ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES 5 SECTION 2.01. Types Amount Unlimited; Issuable in Series. 5 SECTION 2.02. Form of Loans Trustee’s Certificate of Authentication. 5 SECTION 2.03. Form of Securities Generally; Establishment of Terms of Series. 6 SECTION 2.04. Securities in Global Form. 8 SECTION 2.05. Denominations; Record Date; Payment of Interest. 8 SECTION 2.06. Execution, Authentication, Delivery and Borrowings Dating of Securities. 9 SECTION 2.07. Exchange and Registration of Transfer of Securities. 10 SECTION 2.08. Temporary Securities. 12 SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Securities. 12 SECTION 2.10. Cancellation. 13 SECTION 2.11. Book-Entry Only System. 13 ARTICLE 3 REDEMPTION OF SECURITIES 14 SECTION 3.01. Redemption of Securities, Applicability of Section. 14 SECTION 3.02. Notice of Redemption, Selection of Securities. 14 SECTION 3.03. Payment of Securities Called for Redemption. 15 SECTION 3.04. Redemption Suspended During Event of Default. 15 ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY 15 SECTION 4.01. Payment of Principal, Premium and Interest. 15 SECTION 4.02. Offices for Notices and Payments. 15 SECTION 4.03. Provisions as to Paying Agent. 16 SECTION 4.04. Statement as to Compliance. 17 SECTION 4.05. Corporate Existence. 17 SECTION 4.06. Reserved. 17 SECTION 4.07. Waiver of Covenants. 17 ARTICLE 5 SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 17 SECTION 5.01. Securityholder Lists. 17 SECTION 5.02. Preservation and Disclosure of Lists. 18 SECTION 5.03. Reports by the Company. 18 SECTION 5.04. Reports by the Trustee. 18 ARTICLE 6 REMEDIES 19 SECTION 6.01. Events of Default; Acceleration of Maturity. 19 SECTION 6.02. Rescission and Annulment 20 SECTION 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee. 20 SECTION 6.04. Trustee May File Proofs of Claim. 21 SECTION 6.05. Trustee May Enforce Claims Without Possession of Securities. 21 SECTION 6.06. Application of Money Collected. 21 SECTION 6.07. Limitation on Suits. 22 SECTION 6.08. Unconditional Right of Securityholders to Receive Principal and Interest. 22 SECTION 6.09. Restoration of Rights and Remedies. 22 SECTION 6.10. Rights and Remedies Cumulative. 22 SECTION 6.11. Delay or Omission Not Waiver. 23 SECTION 6.12. Control by Securityholders. 23 SECTION 6.13. Waiver of Past Defaults. 23 SECTION 6.14. Undertaking for Costs. 24 SECTION 6.15. Waiver of Stay or Extension Laws. 24 ARTICLE 7 CONCERNING THE TRUSTEE 24 SECTION 7.01. Duties and Responsibilities of Trustee. 24 SECTION 7.02. Reliance on Documents, Opinions, etc. 25 Section 1.3SECTION 7.03. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request No Responsibility for and Making of Revolving LoansRecitals, etc. 26 Section 2.3SECTION 7.04. Deemed Request for Revolving Loans Ownership of Securities. 26 SECTION 7.05. Moneys to be Held in Trust. 26 SECTION 7.06. Compensation and Expenses of Trustee. 26 SECTION 7.07. Officers’ Certificate or Opinion of Counsel as Evidence. 27 Section 2.4SECTION 7.08. Protective Advances Disqualifications; Conflicting Interest of Trustee. 27 Section 2.5SECTION 7.09. Interest ElectionsEligibility of Trustee. 27 SECTION 7.10. Resignation or Removal of Trustee. 28 Section 2.6SECTION 7.11. Letters Acceptance by Successor Trustee. 28 SECTION 7.12. Successor by Xxxxxx, etc. 29 SECTION 7.13. Limitations on Rights of Credit 28 Section 2.7Trustee as Creditor. Requesting Letters 29 SECTION 7.14. Notice of Credit Default. 29 Section 2.8SECTION 7.15. Reimbursement Appointment of Authenticating Agent. 30 Section 2.9ARTICLE 8 CONCERNING THE SECURITYHOLDERS 31 SECTION 8.01. No Duty to Inquire 30 Section 2.10Action by Securityholders. LC Collateral 31 Section 2.11SECTION 8.02. Third Party Beneficiary Proof of Execution by Securityholders. 31 SECTION 8.03. Who Are Deemed Absolute Owners. 31 SECTION 8.04. Company-Owned Securities Disregarded. 32 Section 2.12SECTION 8.05. Cross Guaranty Revocation of Consents; Future Securityholders Bound. 32 SECTION 8.06. Record Date. 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 9 SECURITYHOLDERS’ MEETINGS 33 SECTION 9.01. Purposes of Meeting. 33 SECTION 9.02. Call of Meetings by Trustee. 33 SECTION 9.03. Call of Meetings by Company or Securityholders. 33 SECTION 9.04. Qualifications for Voting. 33 SECTION 9.05. Regulations. 33 SECTION 9.06. Voting. 34 Section 3.1ARTICLE 10 SUPPLEMENTAL INDENTURES 34 SECTION 10.01. Interest Supplemental Indentures without Consent of Securityholders. 34 Section 3.2SECTION 10.02. Fees 34 Section 3.3Supplemental Indentures with Consent of Holders. Increased Costs 35 Section 3.436 SECTION 10.03. Illegality Compliance with Trust Indenture Act; Effect of Supplemental Indentures. 36 Section 3.5SECTION 10.04. Break Funding Payments 36 Section 3.6Notation on Securities. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 11 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 37 SECTION 11.01. Company May Consolidate, etc., on Certain Terms. 37 SECTION 11.02. Successor Corporation Substituted. 37 SECTION 11.03. Opinion of Counsel and Officers’ Certificate to be Given Trustee. 37 ARTICLE 12 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS 38 Section 4.1SECTION 12.01. Interest Discharge of Indenture. 38 Section 4.2SECTION 12.02. PrepaymentDeposited Moneys to be Held in Trust by Trustee. 38 SECTION 12.03. Paying Agent to Repay Moneys Held. 38 SECTION 12.04. Return of Unclaimed Moneys. 38 ARTICLE 13 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 39 SECTION 13.01. Indenture and Securities Solely Corporate Obligations. 39 ARTICLE 14 DEFEASANCE AND COVENANT DEFEASANCE 39 SECTION 14.01. Applicability of Article. 39 SECTION 14.02. Defeasance and Discharge. 39 SECTION 14.03. Covenant Defeasance. 39 SECTION 14.04. Conditions to Defeasance or Covenant Defeasance. 40 SECTION 14.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Mandatory Payment Other Miscellaneous Provisions. 41 ARTICLE 15 MISCELLANEOUS PROVISIONS 42 SECTION 15.01. Benefits of Deficiencies 38 Section 4.3Indenture Restricted to Parties and Securityholders. Mandatory Payments42 SECTION 15.02. Provisions Binding on Company’s Successors. 42 SECTION 15.03. Addresses for Notices, etc., to Company and Trustee. 42 SECTION 15.04. Notice to Holders of Securities; Payment on Waiver. 42 SECTION 15.05. Evidence of Compliance with Conditions Precedent. 43 SECTION 15.06. Legal Holidays. 43 SECTION 15.07. Trust Indenture Act to Control. 43 SECTION 15.08. Execution in Counterparts. 43 SECTION 15.09. Governing Law; Waiver of Jury Trial. 44 SECTION 15.10. Severability. 44 SECTION 15.11. Interpretations. 44 SECTION 15.12. U.S.A. Patriot Act. 44 ARTICLE 16 SUBORDINATION OF SECURITIES 45 SECTION 16.01. Securities Subordinate to Senior Indebtedness. 45 THIS INDENTURE, dated as of [ ], 20[ ] between Hanmi Financial Corporation, a corporation duly organized and existing under the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect laws of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection the State of Delaware (the “Company”), and Protection Wilmington Trust, National Association, as trustee (the “Trustee,” which term shall include any successor trustee appointed pursuant to Article 7 of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41this Indenture).

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 PURCHASE AND SALE OF UNITS 1 Section 1.11.01. Purchase and Sale of Units 1 Section 1.02. Purchase Price 1 Section 1.03. Estimated Closing Adjustment 1 Section 1.04. Closing and Closing Deliveries 2 Section 1.05. Purchase Price Adjustment 5 Section 1.06. Withholding 7 ARTICLE 2 REPRESENTATIONS AND WARRANTIES OF SELLER 7 Section 2.01. Organization 7 Section 2.02. Authority; Enforceability 8 Section 2.03. Non-Contravention 8 Section 2.04. Litigation 8 Section 2.05. Brokers and Finders 8 ARTICLE 3 REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY 9 Section 3.01. Organization 9 Section 3.02. Authority; Enforceability 9 Section 3.03. Capitalization of the Company; No Subsidiaries 10 Section 3.04. Non-Contravention 10 Section 3.05. Financial Statements 10 Section 3.06. Undisclosed Liabilities, Events Subsequent to Financial Statements 11 Section 3.07. Taxes 12 Section 3.08. Litigation 14 Section 3.09. Compliance with Law; Permits 14 Section 3.10. Employee Benefits 14 Section 3.11. Labor Relations 17 Section 3.12. Real Property 18 Section 3.13. Intellectual Property 19 Section 3.14. Material Contracts 21 Section 3.15. Environmental Matters 22 Section 3.16. Title to and Sufficiency of Assets; Condition of Assets 23 Section 3.17. Suppliers; Customers 24 Section 3.18. Insurance 24 Section 3.19. Affiliated Transactions; Shared Contracts 25 NAI-1502820106v1 -i- TABLE OF CONTENTS (Continued) Page Section 3.20. Bank Accounts 25 Section 3.21. Brokers and Finders 25 Section 3.22. International Trade & Anti-Corruption 25 Section 3.23. Products 26 Section 3.24. No Other Representations or Warranties 26 ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF PURCHASER 27 Section 4.01. Organization 27 Section 4.02. Authority; Enforceability 27 Section 4.03. Non-Contravention 27 Section 4.04. Financial Ability to Perform 28 Section 4.05. Litigation 28 Section 4.06. Solvency 28 Section 4.07. Brokers and Finders 28 Section 4.08. No Additional Representations 29 ARTICLE 5 COVENANTS 30 Section 5.01. Conduct of the Business 30 Section 5.02. Pre-Closing Access to Information 32 Section 5.03. Post-Closing Access to Information 33 Section 5.04. Confidentiality 34 Section 5.05. Reasonable Best Efforts; Further Assurances 34 Section 5.06. HSR Clearance 36 Section 5.07. Non-Competition; Solicitation of Employees 37 Section 5.08. WARN Act and Labor Agreement 39 Section 5.09. Public Announcements 39 Section 5.10. Trademarks; Trade Names 39 Section 5.11. Assignment to Company 40 Section 5.12. R&W Insurance Policy 41 Section 5.13. Director and Officer Liability and Indemnification 41 Section 5.14. DSS Transaction Expenses 43 Section 5.15. Applicable Case 43 Section 5.16. Shared Contracts 43 Section 5.17. Termination of Affiliate Contracts 44 Section 5.18. Compliance with ISRA and the CTA 44 Section 5.19. Transfer of Canadian Purchased Assets 46 Section 5.20. Wichita Real Estate Purchase Agreement 46 -ii- NAI-1502820106v1 TABLE OF CONTENTS (Continued) Page Section 5.21. Insurance 47 ARTICLE 6 TAX MATTERS 47 Section 6.01. Tax Cooperation 47 Section 6.02. Apportionment 48 Section 6.03. Tax Treatment; Allocation of Purchase Price 48 Section 6.04. Transfer Taxes 49 Section 6.05. Tax Returns 49 Section 6.06. Seller Tax Returns 50 Section 6.07. Tax Treatment 50 ARTICLE 7 EMPLOYEES AND EMPLOYEE BENEFITS 50 Section 7.01. Employees 50 Section 7.02. Purchaser Benefit Plans 53 Section 7.03. Workers Compensation Claims 56 Section 7.04. MEPP Withdrawal Liability 57 Section 7.05. No Third Party Beneficiaries 57 ARTICLE 8 CONDITIONS TO CLOSING 57 Section 8.01. Conditions to Each Party's Obligations 57 Section 8.02. Conditions to Obligation of Purchaser 57 Section 8.03. Conditions to Obligation of Seller 58 Section 8.04. Frustration of Closing Conditions 58 ARTICLE 9 TERMINATION 58 Section 9.01. Grounds for Termination 58 Section 9.02. Method of Termination 59 Section 9.03. Effect of Termination 59 ARTICLE 10 SURVIVAL; INDEMNIFICATION 60 Section 10.01. Survival 60 Section 10.02. Indemnification of Purchaser by Seller 60 Section 10.03. Indemnification of Seller by Purchaser 60 Section 10.04. Procedures Relating to Indemnification 61 Section 10.05. Limitations on Indemnification 63 Section 10.06. Exclusive Remedy 63 -iii- NAI-1502820106v1 TABLE OF CONTENTS (Continued) Page ARTICLE 11 MISCELLANEOUS 64 Section 11.01. Definitions 1 64 Section 1.211.02. Types Notices 77 Section 11.03. Amendments and Waivers 79 Section 11.04. Expenses 79 Section 11.05. Successors and Assigns 79 Section 11.06. Governing Law 80 Section 11.07. Specific Performance; Jurisdiction 80 Section 11.08. Waiver of Loans and Borrowings 25 Jury Trial 80 Section 1.311.09. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Counterparts; Effectiveness; Third Party Beneficiary 32 Beneficiaries 81 Section 2.1211.10. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Definitional and Interpretative Provisions 81 Section 3.111.11. Interest 34 Entire Agreement 82 Section 3.211.12. Fees 34 Disclosure Schedule 82 Section 3.311.13. Increased Costs 35 Severability 82 Section 3.411.14. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment Attorney-Client Privilege and Conflict Waiver 82 -iv- NAI-1502820106v1 TABLE OF CONTENTS TABLE OF EXHIBITS AND SCHEDULES Exhibits Exhibit A Form of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect Transition Services Agreement Exhibit B Secondment Agreement Exhibit C Supply Agreement Exhibit D Toll Manufacturing Agreement Sections of Certain Disclosure Schedule ‎Section 3.04 Non-Contravention ‎Section 3.05 Financial Statements ‎Section 3.06(a) Undisclosed Liabilities ‎Section 3.06(b) Subsequent Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41‎Section 3.07(a) Tax Claims ‎Section 3.07(l) Litigation ‎Section 3.09(a) Compliance with Laws ‎Section 3.10(a) Employee Plans ‎Section 3.10(e) ERISA Matters

TABLE OF CONTENTS. ARTICLE I 1 - DEFINITIONS 1 Section 1.11.1 Definitions 2 1.2 Construction 5 ARTICLE 2 - GENERAL 5 2.1 Purpose 5 ARTICLE 3 - INVESTMENT 5 3.1 Purchase and Sale 5 3.2 Exchange of Shares 5 3.3 Closing Conditions 5 3.4 Closing 7 3.5 Resulting Capital Structure 8 ARTICLE 4 - ADVANCE 8 ARTICLE 5 - COVENANTS 8 5.1 Consents and Authorizations 8 5.2 Conduct of Business 9 5.3 Compliance with Laws 11 5.4 Transfer of Shares 11 5.5 Cooperation 11 5.7 Further Implementation 11 5.8 Post-Closing Ownership Deed 11 5.9 Sale or Issuance of Shares to Third Parties ERROR! BOOKMARK NOT DEFINED. Definitions 1 Section 1.2ARTICLE 6 - REPRESENTATIONS AND WARRANTIES 12 6.1 Shareholders 12 6.2 The JV 14 6.3 Grant 18 ARTICLE 7 - OTHER AGREEMENTS 20 ARTICLE 8 - PAYMENT TO GRANT 21 ARTICLE 9 - INDEMNIFICATION 21 9.1 Survival 21 9.2 Grant's Losses 21 9.3 Shareholders' Losses 22 9.4 Notice of Loss 22 9.5 Right to Defend 22 9.6 Manner and Limitation of Indemnification 23 ARTICLE 10 - GOVERNING LAW AND DISPUTE RESOLUTION 23 10.1 Governing Law 23 10.2 Arbitration 23 10.3 Other Principles 24 ARTICLE 11 - CONFIDENTIALITY 24 11.1 Confidentiality ERROR! BOOKMARK NOT DEFINED. Types 11.2 Use of Loans and Borrowings 25 Section 1.3Confidential Information ERROR! BOOKMARK NOT DEFINED. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.111.3 Return of Confidential Information ERROR! BOOKMARK NOT DEFINED. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 4155

TABLE OF CONTENTS. ARTICLE I I. DEFINITIONS 1 Section 2 SECTION 1.1. Definitions 1 Section 1.22 ARTICLE II. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section TRUST INDENTURE ACT 5 SECTION 2.1. Loans 26 Section Trust Indenture Act; Application 5 SECTION 2.2. Request for and Making List of Revolving Loans. 26 Section Holders 5 SECTION 2.3. Deemed Request for Revolving Loans 27 Section Reports by the Guarantee Trustee 5 SECTION 2.4. Protective Advances 27 Section Periodic Reports to the Guarantee Trustee 5 SECTION 2.5. Interest Elections. 28 Section Evidence of Compliance with Conditions Precedent 6 SECTION 2.6. Letters Events of Credit 28 Section Default; Waiver 6 SECTION 2.7. Requesting Letters Event of Credit 29 Section Default; Notice 6 SECTION 2.8. Reimbursement 30 Section 2.9Conflicting Interests 6 ARTICLE III. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTERESTPOWERS, FEES, REIMBURSEMENTS 34 Section DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 7 SECTION 3.1. Interest 34 Section Powers and Duties of the Guarantee Trustee 7 SECTION 3.2. Fees 34 Section Certain Rights of Guarantee Trustee 8 SECTION 3.3. Increased Costs 35 Section Indemnity 10 SECTION 3.4. Illegality 36 Section 3.5Expenses 10 ARTICLE IV. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section GUARANTEE TRUSTEE 10 SECTION 4.1. Interest 38 Section Guarantee Trustee; Eligibility 10 SECTION 4.2. PrepaymentAppointment, Removal and Resignation of the Guarantee Trustee 11 ARTICLE V. GUARANTEE 12 SECTION 5.1. Guarantee 12 SECTION 5.2. Waiver of Notice and Demand 12 SECTION 5.3. Obligations Not Affected 12 SECTION 5.4. Rights of Holders 13 SECTION 5.5. Guarantee of Payment 13 SECTION 5.6. Subrogation 13 SECTION 5.7. Independent Obligations 14 ARTICLE VI. COVENANTS AND SUBORDINATION 14 SECTION 6.1. Subordination 14 SECTION 6.2. Pari Passu Guarantees 14 ARTICLE VII. TERMINATION 14 SECTION 7.1. Termination 14 ARTICLE VIII. MISCELLANEOUS 15 SECTION 8.1. Successors and Assigns 15 SECTION 8.2. Amendments 15 SECTION 8.3. Notices 15 SECTION 8.4. Benefit 16 SECTION 8.5. Interpretation 17 SECTION 8.6. Governing Law 17 SECTION 8.7. Counterparts 17 GUARANTEE AGREEMENT THIS GUARANTEE AGREEMENT, dated as of [Closing Date], is executed and delivered by [HOMEBANC CORP., a Georgia corporation][HOMEBANC MORTGAGE CORPORATION, a Delaware Corporation] (the “Guarantor”), having its principal office at 2000 Xxxxxx Xxxxxxxxx, Xxxxxxx, Xxxxxxx, 00000, and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Preferred Capital Securities (as defined herein) of HMB CAPITAL TRUST [ ], a Delaware statutory trust (the “Issuer Trust”). Pursuant to an Amended and Restated Declaration of Trust (the “Amended Declaration”), dated of even date herewith, among [HomeBanc Corp.][HomeBanc Mortgage Corporation], as Depositor, Wilmington Trust Company, as Property Trustee (the “Property Trustee”), Wilmington Trust Company, as Delaware Trustee (the “Delaware Trustee,” and together with the Property Trustee, collectively, the “Issuer Trustees”), the Administrators named therein and the Holders from time to time of undivided beneficial interests in the assets of the Issuer Trust, the Issuer Trust is issuing up to $[Amount] aggregate Liquidation Amount (as defined herein) of its Preferred Capital Securities (the “Preferred Capital Securities”), representing preferred undivided beneficial interests in the assets of the Issuer Trust and having the terms set forth in the Amended Declaration; Mandatory Payment The Preferred Capital Securities will be issued by the Issuer Trust and the proceeds thereof, together with the proceeds from the issuance of Deficiencies 38 Section 4.3. Mandatory Paymentsthe Issuer Trust’s Common Securities (the “Common Securities”), representing common undivided beneficial interests in the assets of the Issuer Trust, to the Guarantor, will be used to purchase the Junior Subordinated Debentures due [Maturity Date] (the “Junior Subordinated Debentures”) of the Guarantor, which will be deposited with Wilmington Trust Company, as Property Trustee under the Amended Declaration, as trust assets; Payment and As an inducement to the Holders to purchase the Preferred Capital Securities, the Guarantor is willing to irrevocably and unconditionally agree, to the extent set forth herein, to pay to the Holders of the Preferred Capital Securities the Guarantee Payments (as defined herein) and to make certain other payments on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection terms and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41conditions set forth herein.

TABLE OF CONTENTS. Page ARTICLE I DEFINITIONS DEFINED TERMS 1 Section SECTION 1.1. Definitions 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section CONTINUATION OF THE ISSUER TRUST 12 SECTION 2.1. Loans 26 Section Name 12 SECTION 2.2. Request for and Making Office of Revolving Loans. 26 Section the Property Trustee; Principal Place of Business 12 SECTION 2.3. Deemed Request for Revolving Loans 27 Section Initial Contribution of Trust Property; Organizational Expenses 12 SECTION 2.4. Protective Advances 27 Section Issuance of the Restricted Capital Securities 13 SECTION 2.5. Interest Elections. 28 Section Issuance of the Common Securities; Subscription and Purchase of Junior Subordinated Debentures 13 SECTION 2.6. Letters of Credit 28 Section Authorization to Issue Additional Trust Securities; Authorization to Subscribe and Purchase Additional Junior Subordinated Debentures 13 SECTION 2.7. Requesting Letters Declaration of Credit 29 Section Trust 14 SECTION 2.8. Reimbursement 30 Section Authorization to Enter into Certain Transactions 14 SECTION 2.9. No Duty to Inquire 30 Section Assets of Trust 17 SECTION 2.10. LC Collateral Title to Trust Property 17 ARTICLE III PAYMENT ACCOUNT 17 SECTION 3.1. Payment Account 17 ARTICLE IV DISTRIBUTIONS; REDEMPTION 18 SECTION 4.1. Distributions 18 SECTION 4.2. Redemption 19 SECTION 4.3. Subordination of Common Securities 21 SECTION 4.4. Payment Procedures 22 SECTION 4.5. Tax Returns and Reports 22 SECTION 4.6. Payment of Taxes, Duties, Etc. of the Issuer Trust 23 SECTION 4.7. Payments under Indenture or Pursuant to Direct Actions 23 SECTION 4.8. Liability of the Holder of Common Securities 23 ARTICLE V TRUST SECURITIES CERTIFICATES 23 SECTION 5.1. Initial Ownership 23 SECTION 5.2. The Trust Securities Certificates 23 SECTION 5.3. Execution and Delivery of Trust Securities Certificates 24 SECTION 5.4. Global Capital Securities 24 SECTION 5.5. Registration of Transfer and Exchange Generally; Certain Transfers and Exchanges; Capital Securities Certificates; Securities Act Legends 26 SECTION 5.6. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates 30 SECTION 5.7. Persons Deemed Holders 30 SECTION 5.8. Access to List of Holders’ Names and Addresses 30 SECTION 5.9. Maintenance of Office or Agency 30 SECTION 5.10. Appointment of Paying Agent 31 Section 2.11SECTION 5.11. Third Party Beneficiary Ownership of Common Securities by Depositor 31 SECTION 5.12. Notices to Clearing Agency 32 Section 2.12SECTION 5.13. Cross Guaranty Rights of Holders 32 ARTICLE III INTERESTVI ACTS OF HOLDERS; MEETINGS; VOTING 34 SECTION 6.1. Limitations on Holders’ Voting Rights 34 SECTION 6.2. Notice of Meetings 35 SECTION 6.3. Meetings of Holders 35 SECTION 6.4. Voting Rights 36 SECTION 6.5. Proxies, FEESetc. 36 SECTION 6.6. Holder Action by Written Consent 36 SECTION 6.7. Record Date for Voting and Other Purposes 37 SECTION 6.8. Acts of Holders 37 SECTION 6.9. Inspection of Records 38 ARTICLE VII REPRESENTATIONS AND WARRANTIES 38 SECTION 7.1. Representations and Warranties of the Property Trustee 38 SECTION 7.2. Representations and Warranties of Depositor 39 ARTICLE VIII THE PROPERTY TRUSTEE; THE ADMINISTRATORS 39 SECTION 8.1. Certain Duties and Responsibilities 39 SECTION 8.2. Certain Notices 42 SECTION 8.3. Certain Rights of Property Trustee 42 SECTION 8.4. Not Responsible for Recitals or Issuance of Securities 43 SECTION 8.5. May Hold Securities 43 SECTION 8.6. Compensation; Indemnity; Fees 44 SECTION 8.7. Corporate Property Trustee Required; Eligibility of Trustee and Administrators 45 SECTION 8.8. Conflicting Interests 45 SECTION 8.9. Co-Trustees and Separate Trustee 46 SECTION 8.10. Resignation and Removal; Appointment of Successor 47 SECTION 8.11. Acceptance of Appointment by Successor 48 SECTION 8.12. Merger, REIMBURSEMENTS 34 Section 3.1Conversion, Consolidation or Succession to Business 49 SECTION 8.13. Interest 34 Section 3.2Preferential Collection of Claims Against Depositor or Issuer Trust 49 SECTION 8.14. Fees 34 Section 3.3Trustee May File Proofs of Claim 49 SECTION 8.15. Increased Costs 35 Section 3.4Reports by Property Trustee 50 SECTION 8.16. Illegality 36 Section 3.5Reports to the Property Trustee 50 SECTION 8.17. Break Funding Payments 36 Section 3.6Evidence of Compliance with Conditions Precedent 50 SECTION 8.18. Taxes 36 Section 3.7Number of Trustees 51 SECTION 8.19. Maximum Interest; Controlling Limitation 37 Delegation of Power 51 SECTION 8.20. Appointment of Administrators 51 ARTICLE IV PAYMENT 38 Section 4.1IX DISSOLUTION, LIQUIDATION AND MERGER 52 SECTION 9.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Dissolution Upon Expiration Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.552 SECTION 9.2. Early TerminationDissolution 52 SECTION 9.3. Termination 52 SECTION 9.4. Liquidation 53 SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of the Issuer Trust 54 ARTICLE X MISCELLANEOUS PROVISIONS 55 SECTION 10.1. Limitation of Rights of Holders 55 SECTION 10.2. Amendment 55 SECTION 10.3. Separability 57 SECTION 10.4. Governing Law 57 SECTION 10.5. Payments Due on Non-Business Day 57 SECTION 10.6. Successors 58 SECTION 10.7. Headings 58 SECTION 10.8. Reports, Notices and Demands 58 SECTION 10.9. Agreement Not to Petition 59 SECTION 10.10. Trust Indenture Act; Prepayment Penalty 39 Section 4.6Conflict with Trust Indenture Act 59 SECTION 10.11. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection Acceptance of Terms of Trust Agreement, Guarantee and Protection Indenture 60 Exhibit A. Certificate of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Trust A-1 Exhibit B. Form of Restricted Securities Certificate B-1 Exhibit C. Form of Common Securities Certificate C-1 Exhibit D. Form of Capital Securities Certificate D-1 Exhibit E. Form of Placement Agreement E-1 AMENDED AND RESTATED TRUST AGREEMENT THIS AMENDED AND RESTATED TRUST AGREEMENT, dated as of December 21, 2006, is by and among (i) GAINSCO, INC., a Texas corporation (including any successors or assigns, the “Depositor”), (ii) U.S. Bank National Association, a national banking association, as property trustee (in such capacity, the “Property Trustee” and, in its separate corporate capacity and not in its capacity as Property Trustee, the “Bank”), (iii) the Administrators, as hereinafter defined, and (iv) the several Holders, as hereinafter defined.

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 THE MERGER 2 Section 1.1. Definitions 1 1.01 The Merger 2 Section 1.2. Types 1.02 Closing 2 Section 1.03 Effective Time 2 Section 1.04 Effects of Loans the Merger 3 Section 1.05 Company Charter and Borrowings 25 By-laws of the Surviving Corporation 3 Section 1.3. Interpretive Provisions 25 1.06 Directors 3 Section 1.07 Officers 3 Section 1.08 Further Assurances 3 ARTICLE II LOANS 26 CONVERSION OF SHARES; EXCHANGE OF CERTIFICATES 4 Section 2.1. Loans 26 2.01 Effect on Capital Stock 4 Section 2.2. Request for 2.02 Exchange of Certificates 5 Section 2.03 Stock Options and Making of Revolving Loans. 26 Other Awards 8 Section 2.3. Deemed Request for Revolving Loans 27 2.04 Lost Certificates 9 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. 2.05 Transfers; No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 Further Ownership Rights 9 ARTICLE III INTERESTREPRESENTATIONS AND WARRANTIES OF THE COMPANY 10 Section 3.01 Qualification, FEESOrganization, REIMBURSEMENTS 34 Subsidiaries, etc 10 Section 3.1. Interest 34 3.02 Capital Stock 11 Section 3.2. Fees 34 3.03 Subsidiaries 13 Section 3.3. Increased Costs 35 3.04 Corporate Authority Relative to This Agreement; No Violation 14 Section 3.4. Illegality 36 3.05 Reports and Financial Statements 16 Section 3.5. Break Funding Payments 36 3.06 No Undisclosed Liabilities 17 Section 3.6. Taxes 36 3.07 Compliance with Law; Governmental Authorizations; Commission Authorizations 17 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 3.08 Employee Benefit Plans 19 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect 3.09 Absence of Certain Changes or Events 39 20 Section 4.5. Early Termination3.10 Investigations; Prepayment Penalty 39 Litigation 21 Section 4.6. General Payment Provisions 39 3.11 Proxy Statement; Other Information 21 Section 4.7. Application 40 3.12 Tax Matters 21 Section 4.8. Reinstatement 40 3.13 Intentionally Omitted 22 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 3.14 Material Contracts 22 Section 5.1. Security Interest 40 3.15 Intentionally Omitted 24 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 413.16 Intellectual Property 24 TABLE OF CONTENTS (continued)

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Definitions And Other Provisions Of General Application 1 Section 1.11.01. Definitions 1 Section 1.21.02. Types Other Definitions 23 Section 1.03. Rules of Loans Construction 23 Section 1.04. Incorporation by Reference of TIA 24 Section 1.05. Conflict with TIA 24 Section 1.06. Compliance Certificates and Borrowings Opinions 24 Section 1.07. Form of Documents Delivered to Trustee 25 Section 1.31.08. Interpretive Provisions Acts of Noteholders; Record Dates 25 ARTICLE II LOANS 26 Section 2.11.09. Loans 26 Section 2.2. Request for Notices, Etc., to Trustee and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans Company 27 Section 2.41.10. Protective Advances Notices to Holders; Waivers 27 Section 2.51.11. Interest ElectionsEffect of Headings and Table of Contents 27 Section 1.12. Successors and Assigns 27 Section 1.13. Separability Clause 27 Section 1.14. Benefits of Indenture 27 Section 1.15. Governing Law 27 Section 1.16. Legal Holidays 28 Section 2.61.17. Letters No Personal Liability of Credit Directors, Officers, Employees, Incorporators and Stockholders 28 Section 2.71.18. Requesting Letters Exhibits and Schedules 28 Section 1.19. Counterparts 28 ARTICLE 2 Note Forms 28 Section 2.01. Forms Generally 28 Section 2.02. Form of Credit Trustee’s Certificate of Authentication 29 Section 2.82.03. Reimbursement [Reserved] 29 ARTICLE 3 The Notes 29 Section 3.01. Title and Terms 29 Section 3.02. Denominations 30 Section 2.93.03. No Duty to Inquire Execution, Authentication and Delivery and Dating 30 Section 2.103.04. LC Collateral Temporary Notes 30 Section 3.05. Registration, Registration of Transfer and Exchange 31 Section 2.113.06. Third Party Beneficiary Mutilated, Destroyed, Lost and Stolen Notes 31 Section 3.07. Payment of Interest Rights Preserved 32 Section 2.123.08. Cross Guaranty Persons Deemed Owners 32 Section 3.09. Cancellation 33 Section 3.10. Computation of Interest 33 Section 3.11. [Reserved] 33 Section 3.12. CUSIP Numbers 33 Section 3.13. Book-entry Provisions for Global Notes 33 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 4 Covenants 34 Section 3.14.01. Payment of Principal, Premium and Interest 34 Section 3.24.02. Fees Maintenance of Office or Agency 34 Section 3.34.03. Increased Costs Money for Payments to Be Held in Trust 35 Section 3.44.04. Illegality SEC Reports 35 Section 4.05. Certificates to Trustee 36 Section 3.54.06. Break Funding Payments Limitation on Indebtedness 36 Section 3.64.07. Taxes 36 Limitation on Restricted Payments 39 Section 3.74.08. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 on Dividend and other Payment Restrictions Affecting Restricted Subsidiaries and Joint Ventures 44 Section 4.14.09. Interest 38 Limitation on Sales of Assets 47 Section 4.24.10. Prepayment; Mandatory Limitation on Affiliate Transactions 48 Section 4.11. Limitation on Liens 50 Section 4.12. [Reserved.] 50 Section 4.13. No Amendment to Subordination Provisions 50 Section 4.14. Repurchase of Notes upon a Change in Control 50 Section 4.15. Limitation on Sale and Leaseback Transactions 51 Section 4.16. Limitation on Line of Business 51 Section 4.17. Limitation on Accounts Receivable Facilities 51 Section 4.18. Limited Applicability of Covenants when Notes are Rated Investment-Grade 51 Section 4.19. Existence 51 Section 4.20. Payment of Deficiencies 38 Taxes and Other Claims 52 Section 4.34.21. Mandatory PaymentsMaintenance of Properties and insurance 52 Section 4.22. Limitation on Issuance of Guarantees by Restricted Subsidiaries 52 Section 4.23. Payments for Consents 53 ARTICLE 5 Consolidation, Merger or Sale of Assets 53 Section 5.01. Consolidation, Merger or Sale of Assets by the Company 53 Section 5.02. Successor Company Substituted 54 Section 5.03. Consolidation, Merger or Sale of Assets by a Subsidiary Guarantor 54 Section 5.04. Opinion of Counsel to Trustee 55 ARTICLE 6 Remedies 55 Section 6.01. Events of Default 55 Section 6.02. Acceleration 56 Section 6.03. Other Remedies 56 Section 6.04. Waiver of Past Defaults 56 Section 6.05. Control by Majority 56 Section 6.06. Limitation on Suits 57 Section 6.07. Rights of Holders to Receive Payment 57 Section 6.08. Collection Suit by Trustee 57 Section 6.09. Trustee May File Proofs of Claim 57 Section 6.10. Priorities 58 Section 6.11. Undertaking for Costs 58 Section 6.12. Restoration of Rights and Remedies 58 Section 6.13. Rights and Remedies Cumulative 58 Section 6.14. Waiver of Stay, Extension or Usury Laws 58 ARTICLE 7 The Trustee 59 Section 7.01. Certain Duties and Responsibilities 59 Section 7.02. Notice of Defaults 59 Section 7.03. Certain Rights of Trustee 59 Section 7.04. Not Responsible for Recitals or Issuance of Notes 60 Section 7.05. Trustee’s Disclaimer 61 Section 7.06. May Hold Notes 61 Section 7.07. Money Held in Trust 61 Section 7.08. Compensation and Reimbursement 61 Section 7.09. Conflicting Interests 61 Section 7.10. Corporate Trustee Required; Payment on Eligibility 62 Section 7.11. Resignation and Removal; Appointment of Successor 62 Section 7.12. Acceptance of Appointment by Successor 63 Section 7.13. Merger, Conversion, Consolidation or Succession to Business 63 Section 7.14. Preferential Collection of Claims Against the Termination Date 39 Company 63 Section 4.47.15. Mandatory Prepayment in Respect Appointment of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Authenticating Agent 63

TABLE OF CONTENTS. ARTICLE I DEFINITIONS Definitions And Other Provisions Of General Application 1 Section 1.1. Definitions 1 Section 1.2. Types Compliance Certificates and Opinions 6 Section 1.3 Form of Loans Documents Delivered to Trustee 6 Section 1.4. Acts of Holders; Record Dates 6 Section 1.5. Notices, Etc. to Trustee and Borrowings 25 Company 7 Section 1.31.6. Interpretive Provisions 25 Notice to Holders; Waiver 8 Section 1.7. Conflict with Trust Indenture Act 8 Section 1.8. Effect of Headings and Table of Contents 8 Section 1.9. Successors and Assigns 8 Section 1.10. Separability Clause 8 Section 1.11. Benefits of Indenture 9 Section 1.12. Governing Law; Waiver of Jury Trial; Consent to Jurisdiction 9 Section 1.13. Legal Holidays 9 ARTICLE II LOANS 26 Security Forms 9 Section 2.1. Loans 26 Forms Generally 9 Section 2.2. Request Form of Legend for and Making of Revolving Loans. 26 Global Securities 10 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters Form of Credit 28 Section 2.7. Requesting Letters Trustee’s Certificate of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 Authentication 10 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 The Securities 11 Section 3.1. Interest 34 Amount Unlimited; Issuable in Series 11 Section 3.2. Fees 34 Denominations 12 Section 3.3. Increased Costs 35 Execution, Authentication, Delivery and Dating 12 Section 3.4. Illegality 36 Temporary Securities 14 Section 3.5. Break Funding Payments 36 Registration, Registration of Transfer and Exchange 14 Section 3.6. Taxes 36 Mutilated, Destroyed, Lost, and Stolen Securities 15 Section 3.7. Maximum Payment of Interest; Controlling Limitation 37 Interest Rights Preserved 16 Section 3.8. Persons Deemed Owners 17 Section 3.9. Cancellation 17 Section 3.10. Computation of Interest 17 Section 3.11. CUSIP Numbers 17 ARTICLE IV PAYMENT 38 Satisfaction and Discharge 18 Section 4.1. Satisfaction and Discharge of Indenture 18 Section 4.2 Application of Trust Money 19 ARTICLE V Remedies 19 Section 5.1. Events of Default 19 Section 5.2. Acceleration of Maturity; Rescission and Annulment 19 Section 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee 20 Section 5.4. Trustee May File Proofs of Claim 21 Section 5.5. Trustee May Enforce Claims Without Possession of Securities 21 Section 5.6. Application of Money Collected 21 Section 5.7. Limitation on Suits 21 Section 5.8. Unconditional Right of Holders to Receive Principal, Premium, and Interest 22 Section 5.9. Restoration of Rights and Remedies 22 Section 5.10. Rights and Remedies Cumulative 22 Section 5.11. Delay or Omission Not Waiver 22 Section 5.12. Control by Holders 23 Section 5.13. Waiver of Past Defaults 23 Section 5.14. Undertaking for Costs 23 ARTICLE VI The Trustee 23 Section 6.1. Certain Duties and Responsibilities 23 Section 6.2. Notice of Defaults 24 Section 6.3. Certain Rights of Trustee 24 Section 6.4. Not Responsible for Recitals or Issuance of Securities 26 Section 6.5. May Hold Securities 26 Section 6.6. Money Held in Trust 26 Section 6.7. Compensation and Reimbursement 26 Section 6.8. Disqualification; Conflicting Interests 27 Section 6.9. Corporate Trustee Required; Eligibility 27 Section 6.10. Resignation and Removal; Appointment of Successor 27 Section 6.11. Acceptance of Appointment by Successor 28 Section 6.12. Merger, Conversion, Consolidation, or Succession to Business 29 Section 6.13. Preferential Collection of Claims Against Company 29 Section 6.14. Appointment of Authenticating Agent 30 ARTICLE VII Holder’s Lists and Reports by Trustee and Company 31 Section 7.1. Company to Furnish Trustee Names and Addresses of Holders 31 Section 7.2. Preservation of Information; Communications to Holders 31 Section 7.3. Reports by Trustee 31 Section 7.4. Reports by Company 32 ARTICLE VIII Consolidation, Merger, Conveyance, Transfer or Lease 32 Section 8.1. Company May Consolidate, Etc., Only on Certain Terms 32 Section 8.2. Successor Substituted 33 ARTICLE IX Supplemental Indentures 33 Section 9.1. Supplemental Indentures Without Consent of Holders 33 Section 9.2. Supplemental Indentures With Consent of Holders 34 Section 9.3. Execution of Supplemental Indentures 34 Section 9.4. Effect of Supplemental Indentures 34 Section 9.5. Conformity With Trust Indenture Act 35 Section 9.6. Reference in Securities to Supplemental Indentures 35 Section 9.7. Notice of Supplemental Indentures 35 ARTICLE X Covenants 35 Section 10.1. Payment of Principal, Premium, and Interest 35 Section 10.2. Maintenance of Office or Agency 35 Section 10.3. Money for Securities Payments to Be Held in Trust 35 Section 10.4. Statement by Officers as to Default 36 Section 10.5. Existence 36 Section 10.6. Maintenance of Properties 36 Section 10.7. Payment of Taxes and Other Claims 37 Section 10.8. Waiver of Certain Covenants 37 Section 10.9. Calculation of Original Issue Discount 37 Section 10.10. Tax Payment and Tax Withholding Obligations 37 ARTICLE XI Redemption of Securities 38 Section 4.211.1. Prepayment; Mandatory Payment Applicability of Deficiencies Article 38 Section 4.311.2. Mandatory PaymentsElection to Redeem; Payment Notice to Trustee 38 Section 11.3. Selection by Trustee of Securities to Be Redeemed 38 Section 11.4. Notice of Redemption 38 Section 11.5. Deposit of Redemption Price 39 Section 11.6. Securities Payable on the Termination Redemption Date 39 Section 4.411.7. Mandatory Prepayment Securities Redeemed in Respect of Certain Events Part 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application ARTICLE XII Sinking Funds 40 Section 4.812.1. Applicability of Article 40 Section 12.2. Satisfaction of Sinking Fund Payments with Securities 40 Section 12.3. Redemption of Securities for Sinking Fund 40 ARTICLE XIII Defeasance and Covenant Defeasance 40 Section 13.1. Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance 40 Section 13.2. Defeasance and Discharge 41 Section 13.3. Covenant Defeasance 41 Section 13.4. Conditions to Defeasance or Covenant Defeasance 41 Section 13.5. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions 43 Section 13.6. Reinstatement 40 43 ARTICLE XIV Subordination Of Securities 43 Section 4.914.1. Account Stated 40 ARTICLE V COLLATERAL 40 Securities Subordinate to Senior Debt 43 Section 5.114.2. Security Interest 40 No Payment When Senior Debt in Default 45 Section 5.214.3. Perfection Trustee and Protection Holders of LenderSecurities May Rely on Certificate of Liquidating Agent; Trustee May Require Further Evidence as to Ownership of Senior Debt; Trustee Not Fiduciary to Holders of Senior Debt 45 Section 14.4. Payment Permitted If No Default 46 Section 14.5. Trustee Not Charged with Knowledge of Prohibition 46 Section 14.6. Trustee to Effectuate Subordination 47 Section 14.7. Rights of Trustee as Holder of Senior Debt 47 Section 14.8. Article Applicable to Paying Agents 47 Section 14.9. Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt 47 Section 14.10. Trustee’s Security Interest 41 Rights to Compensation, Reimbursement of Expenses and Indemnification 47 Section 5.314.11. Collateral Proceeds Management 41Modification of Subordination Provisions 47 NOTE: This table of contents shall not, for any purpose, be deemed to be part of the Indenture.

TABLE OF CONTENTS. ARTICLE I DEFINITIONS Article I. Definitions and Interpretation 1 Section 1.1. 1.01 Definitions 1 Section 1.21.02 Interpretive Provisions. Types 4 Article II. Purchase and Sale; Additional Transactions 4 Section 2.01 Notes; Warrants; Additional Agreements. 4 Section 2.02 Shareholder Approval. 5 Section 2.03 Closings. 5 Section 2.04 Deliverables and Actions at the First Closing. 6 Section 2.05 Deliverables and Actions at the Second Closing. 7 Article III. Conditions to the Closings 7 Section 3.01 Buyer’s Conditions to the First Closing. 7 Section 3.02 Company’s Conditions to the First Closing. 8 Section 3.03 Buyer’s Conditions to the Second Closing. 8 Section 3.04 Company’s Conditions to the Second Closing. 9 Article IV. Representations and Warranties of Loans the Company 10 Section 4.01 Organization and Borrowings 25 Qualification. 10 Section 1.34.02 Authorization; Enforcement; Validity. Interpretive Provisions 25 ARTICLE II LOANS 26 10 Section 2.14.03 Issuance of Securities. Loans 26 10 Section 2.24.04 No Conflicts. Request for and Making 11 Section 4.05 Consents. 11 Section 4.06 Acknowledgment Regarding Buyer’s Purchase of Revolving LoansSecurities. 26 11 Section 2.34.07 No General Solicitation; Placement Agent’s Fees. Deemed Request for Revolving Loans 27 11 Section 2.44.08 No Integrated Offering. Protective Advances 27 12 Section 2.54.09 Dilutive Effect. Interest Elections12 Section 4.10 Application of Takeover Protections; Rights Agreement. 28 12 Section 2.64.11 SEC Documents; Financial Statements. Letters of Credit 28 12 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect 4.12 Absence of Certain Events 39 Changes. 13 Section 4.54.13 No Undisclosed Events, Liabilities, Developments or Circumstances. Early Termination13 Section 4.14 Conduct of Business; Prepayment Penalty 39 Regulatory Permits. 13 Section 4.64.15 Foreign Corrupt Practices. General Payment Provisions 39 14 Section 4.74.16 Xxxxxxxx-Xxxxx Act. Application 40 14 Section 4.84.17 Transactions With Affiliates. Reinstatement 40 14 Section 4.94.18 Equity Capitalization. Account Stated 40 ARTICLE V COLLATERAL 40 14 Section 5.14.19 Organizational Documents. Security Interest 40 15 Section 5.24.20 Indebtedness and Other Contracts. Perfection and Protection of Lender’s Security Interest 41 15 Section 5.34.21 Litigation. Collateral Proceeds Management 4116 Section 4.22 Insurance. 16 Section 4.23 Employee Relations. 16 Section 4.24 Title. 16

TABLE OF CONTENTS. ARTICLE Page Article I DEFINITIONS 1 THE MERGER 2 Section 1.11.01 The Merger 2 Section 1.02 Closing; Closing Date 2 Section 1.03 Effective Time 2 Section 1.04 Effects of the Merger 2 Section 1.05 Governing Documents 3 Section 1.06 Directors and Officers 3 Article II TREATMENT OF SECURITIES; MERGER CONSIDERATION 3 Section 2.01 Cancellation and Conversion of Securities 3 Section 2.02 Company Share Plans 4 Section 2.03 Dissenting Shares 7 Section 2.04 Exchange of Share Certificates, etc. Definitions 1 8 Section 1.22.05 No Transfers 10 Section 2.06 Termination of Deposit Agreement. Types 11 Article III REPRESENTATIONS AND WARRANTIES OF THE COMPANY 11 Section 3.01 Organization and Qualification 11 Section 3.02 Constitutional Documents 12 Section 3.03 Capitalization 12 Section 3.04 Authorization 13 Section 3.05 No Conflict; Required Filings and Consents 14 Section 3.06 Permits; Compliance with Laws 15 Section 3.07 SEC Filings; Financial Statements 16 Section 3.08 Proxy Statement 18 Section 3.09 Absence of Loans Certain Changes 18 Section 3.10 Absence of Litigation 18 Section 3.11 Employee Benefit Plans 19 Section 3.12 Labor and Borrowings Employment Matters 19 Section 3.13 Real Property; Title to Assets 20 Section 3.14 Intellectual Property 20 Section 3.15 Privacy and Data Security 21 Section 3.16 Taxes 22 Section 3.17 Material Contracts 22 Section 3.18 Anti-Takeover Provisions 24 Section 3.19 Interested Party Transactions 25 Section 1.3. Interpretive Provisions 3.20 Brokers 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 3.21 Environmental Matters 25 Section 2.2. Request for and Making of Revolving Loans. 26 3.22 Insurance 25 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. 3.23 No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Other Representations or Warranties 25

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.11.01. Definitions Defined Terms 1 Section 1.21.02. Types of Loans and Borrowings 25 Section 1.3. Interpretive Other Definitional Provisions 25 28 ARTICLE II LOANS 26 AMOUNT AND TERMS OF COMMITMENTS 28 Section 2.12.01. Term Commitments 28 Section 2.02. Procedure for Term Loan Borrowing 29 Section 2.03. Repayment of Term Loans 26 29 Section 2.22.04. Request Revolving Commitments 30 Section 2.05. Procedure for and Making Revolving Loan Borrowing 31 Section 2.06. Commitment Fees 31 Section 2.07. Termination or Reduction of Revolving LoansCommitments 31 Section 2.08. 26 Optional Prepayments 32 Section 2.32.09. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Mandatory Prepayments and Commitment Reductions 32 Section 2.10. LC Collateral 31 Conversion and Continuation Options 33 Section 2.11. Third Party Beneficiary 32 Limitations on Eurodollar Tranches 33 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS Interest Rates and Payment Dates 34 Section 3.12.13. Computation of Interest 34 Section 3.2. and Fees 34 Section 3.32.14. Inability to Determine Interest Rate 35 Section 2.15. Pro Rata Treatment and Payments 35 Section 2.16. Illegality 37 Section 2.17. Increased Costs 35 38 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.62.18. Taxes 36 39 Section 3.72.19. Maximum InterestMitigation Obligations; Controlling Limitation 37 Replacement of Lenders; Designation of a Different Lending Office 42 Section 2.20. Indemnity 43 Section 2.21. Use of Proceeds 44 Section 2.22. Evidence of Debt 44 Section 2.23. Borrower Representative 45 Section 2.24. Joint and Several Liability of Borrowers 46 Section 2.25. Defaulting Lenders 48 ARTICLE III CONDITIONS PRECEDENT 49 Section 3.01. Initial Loans 49 Section 3.02. Conditions to Each Loan 52 TABLE OF CONTENTS ARTICLE IV PAYMENT 38 REPRESENTATIONS AND WARRANTIES 52 Section 4.14.01. Interest 38 Financial Condition 52 Section 4.24.02. PrepaymentNo Change 53 Section 4.03. Corporate Existence; Mandatory Compliance with Law 53 Section 4.04. Corporate Power; Authorization; Enforceable Obligations 53 Section 4.05. No Legal Bar 54 Section 4.06. Litigation 54 Section 4.07. No Default 54 Section 4.08. Ownership of Property; Liens 54 Section 4.09. Intellectual Property 54 Section 4.10. Taxes 55 Section 4.11. Federal Regulations 55 Section 4.12. Labor Matters 55 Section 4.13. ERISA 55 Section 4.14. Investment Company Act; Other Regulations 55 Section 4.15. Wholly Owned Subsidiaries 56 Section 4.16. Environmental Matters 56 Section 4.17. Accuracy of Information, etc. 57 Section 4.18. Security Documents 57 Section 4.19. Solvency 58 Section 4.20. Senior Indebtedness 58 Section 4.21. Certain Documents 58 Section 4.22. Material Contracts 58 Section 4.23. Insurance 58 Section 4.24. Foreign Assets Control Regulations; etc. 58 Section 4.25. Compliance with Health Care Laws 59 ARTICLE V AFFIRMATIVE COVENANTS 59 Section 5.01. Financial Statements 59 Section 5.02. Certificates; Other Information 60 Section 5.03. Payment of Deficiencies 38 Obligations 62 Section 4.35.04. Mandatory PaymentsMaintenance of Existence; Payment on the Termination Date 39 Compliance 62 Section 4.45.05. Mandatory Prepayment in Respect Maintenance of Certain Events 39 Section 4.5. Early TerminationProperty; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Insurance 62

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.11.01. Definitions 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1ADMINISTRATIVE SERVICES 3 2.01. Loans 26 Section 2.2Appointment and Acceptance of Appointment 3 2.02. Request for Administrative Services 4 2.03. Regulatory Matters 5 2.04. Compensation 6 2.05. Reserve Certification 6 ARTICLE III BOOKS AND RECORDS; BANK ACCOUNTS 6 3.01. Transfer and Making Inspection of Revolving LoansRecords 6 3.02. 26 Section 2.3Maintenance of Books and Records 6 3.03. Deemed Request for Revolving Loans 27 Section 2.4Quarterly Accountings and Payments 7 3.04. Protective Advances 27 Section 2.5Bank Accounts and Lockboxes 7 3.05. Interest ElectionsUse of Company Marks 8 3.06. 28 Section 2.6Disaster Recovery Plan 8 ARTICLE IV CAPACITY 9 4.01. Letters Capacity 9 ARTICLE V LEGAL PROCEEDINGS 9 5.01. Responsibility of Credit 28 Section 2.7the Parties 9 ARTICLE VI DURATION 10 6.01. Requesting Letters Duration 10 6.02. Termination 10 6.03. Survival 11 ARTICLE VII INSURANCE 11 7.01. Liability Insurance 11 7.02. Fidelity Bond 11 7.03. Qualifying Insurers 11 ARTICLE VIII ARBITRATION 12 8.01. Arbitration 12 ARTICLE IX INDEMNIFICATION 12 9.01. Administrator’s Obligation to Indemnify 12 9.02. Company’s Obligation to Indemnify 12 9.03. Certain Definitions and Procedures 12 ARTICLE X MISCELLANEOUS 12 10.01. Notices 12 10.02. Entire Agreement; Severability 13 10.03. Waivers and Amendments; Remedies 13 10.04. Governing Law 14 10.05. Venue and Jurisdiction 14 10.06. Binding Effect; Assignment 14 10.07. Interpretation .14 10.08. Relationship of Credit 29 Section 2.8. Reimbursement 30 Section 2.9the Parties 14 10.09. No Duty to Inquire 30 Section 2.10Control Over Administrator 15 10.10. LC Collateral 31 Section 2.11. No Third Party Beneficiary 32 Section 2.12Beneficiaries 15 10.11. Cross Guaranty 32 ARTICLE III INTERESTHeadings 15 10.12. No Prejudice 15 10.13. Waiver of Punitive and Other Damages and Jury Trial 15 10.14. Expenses 16 10.15. Equitable Rights 16 10.16. Counterparts 16 10.17. Confidentiality 16 ADMINISTRATIVE SERVICES AGREEMENT THIS ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”) is made and entered into as of May 9, FEES2013 (the “Effective Date”) by and between American Family Life Insurance Company, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on a Wisconsin-domiciled stock life insurance company (the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection “Company”) and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Kansas City Life Insurance Company, a Missouri-domiciled stock life insurance company (the “Administrator”).

TABLE OF CONTENTS. ARTICLE I Page Article 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 1 Section 1.1. Definitions 1 Section 1.2. Types of Loans Compliance Certificates and Borrowings 25 Opinions 11 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Form of Documents Delivered to Trustee 12 Section 1.4. Acts of Holders 12 Section 1.5. Notices, etc 14 Section 1.6. Notice to Holders of Securities; Waiver 14 Section 1.7. Language of Notices 15 Section 1.8. Conflict with Trust Indenture Act 15 Section 1.9. Effect of Headings and Table of Contents 15 Section 1.10. Successors and Assigns 16 Section 1.11. Separability Clause 16 Section 1.12. Benefits of Indenture 16 Section 1.13. Governing Law; Waiver of Jury Trial 16 Section 1.14. Legal Holidays 16 Section 1.15. Counterparts 17 Section 1.16. Judgment Currency 17 Section 1.17. No Security Interest Created 17 Section 1.18. Limitation on Individual Liability 17 Section 1.19. Submission to Jurisdiction 18 Section 1.20. No Adverse Interpretation of Other Agreements 18 Article 2 SECURITIES FORMS 18 Section 2.1. Loans 26 Forms Generally 18 Section 2.2. Request for and Making Form of Revolving Loans. 26 Trustee’s Certificate of Authentication 19 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Securities in Global Form 19 Article 3 THE SECURITIES 20 Section 3.1. Amount Unlimited; Issuable in Series 20 Section 3.2. Currency; Denominations 24 Section 3.3. Execution, Authentication, Delivery and Dating 24 Section 3.4. Temporary Securities 26 Section 3.5. Registration, Transfer and Exchange 27 Section 3.6. Mutilated, Destroyed, Lost and Stolen Securities 30 Section 3.7. Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved 31 Section 3.8. Persons Deemed Owners 33 Section 3.9. Cancellation 33 Section 3.10. Computation of Interest 34 Section 3.23.11. Fees CUSIP Numbers 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Article 4 SATISFACTION AND DISCHARGE OF INDENTURE 34 Section 4.1. Interest 38 Satisfaction and Discharge 34 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Defeasance and Covenant Defeasance 35 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect Application of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application Trust Money 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL TABLE OF CONTENTS Page Article 5 REMEDIES 40 Section 5.1. Security Interest Events of Default 40 Section 5.2. Perfection Acceleration of Maturity; Rescission and Protection of Lender’s Security Interest 41 Annulment 42 Section 5.3. Collateral Proceeds Management 41Collection of Indebtedness and Suits for Enforcement by Trustee 43 Section 5.4. Trustee May File Proofs of Claim 44 Section 5.5. Trustee May Enforce Claims without Possession of Securities or Coupons 45 Section 5.6. Application of Money Collected 45 Section 5.7. Limitations on Suits 46 Section 5.8. Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts 46 Section 5.9. Restoration of Rights and Remedies 47 Section 5.10. Rights and Remedies Cumulative 47 Section 5.11. Delay or Omission Not Waiver 47 Section 5.12. Control by Holders of Securities 47 Section 5.13. Waiver of Past Defaults 48 Section 5.14. Waiver of Usury, Stay or Extension Laws 48 Section 5.15. Undertaking for Costs 48 Article 6 THE TRUSTEE 49 Section 6.1. Certain Rights of Trustee 49 Section 6.2. Notice of Defaults 51 Section 6.3. Not Responsible for Recitals or Issuance of Securities 51 Section 6.4. May Hold Securities 52 Section 6.5. Money Held in Trust 52 Section 6.6. Compensation and Reimbursement 52 Section 6.7. Corporate Trustee Required; Eligibility 53 Section 6.8. Resignation and Removal; Appointment of Successor 53 Section 6.9. Acceptance of Appointment by Successor 55 Section 6.10. Merger, Conversion, Consolidation or Succession to Business 56 Section 6.11. Appointment of Authenticating Agent 56 Section 6.12. USA Patriot Act 58 Section 6.13. Force Majeure 58 Article 7 HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 59 Section 7.1. Company to Furnish Trustee Names and Addresses of Holders 59 Section 7.2. Preservation of Information; Communications to Holders 59 Section 7.3. Reports by Trustee 59 Section 7.4. Reports by Company 60 Article 8 CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES 60 Section 8.1. Company May Consolidate, Etc., Only on Certain Terms 60 Section 8.2. Successor Person Substituted for Company 61 Section 8.3. Guarantor May Consolidate, Etc., Only on Certain Terms 62 Section 8.4. Successor Person Substituted for Guarantor 62 TABLE OF CONTENTS Page Article 9 SUPPLEMENTAL INDENTURES 63 Section 9.1. Supplemental Indentures without Consent of Holders 63 Section 9.2. Supplemental Indentures with Consent of Holders 64 Section 9.3. Execution of Supplemental Indentures 65 Section 9.4. Effect of Supplemental Indentures 66 Section 9.5. Reference in Securities to Supplemental Indentures 66 Section 9.6. Conformity with Trust Indenture Act 66 Section 9.7. Notice of Supplemental Indenture 66 Article 10 COVENANTS 66 Section 10.1. Payment of Principal, any Premium, Interest and Additional Amounts 66 Section 10.2. Maintenance of Office or Agency 67 Section 10.3. Money for Securities Payments to Be Held in Trust 68 Section 10.4. Additional Amounts 69 Section 10.5. Corporate Existence 71 Section 10.6. Waiver of Certain Covenants 72 Section 10.7. Company and Guarantor’s Statement as to Compliance; Notice of Certain Defaults 72 Section 10.8. Calculation of Original Issue Discount 72 Article 11 REDEMPTION OF SECURITIES 73 Section 11.1. Applicability of Article 73 Section 11.2. Election to Redeem; Notice to Trustee 73 Section 11.3. Selection by Trustee of Securities to be Redeemed 73 Section 11.4. Notice of Redemption 74 Section 11.5. Deposit of Redemption Price 75 Section 11.6. Securities Payable on Redemption Date 75 Section 11.7. Securities Redeemed in Part 76 Article 12 SINKING FUNDS 77 Section 12.1. Applicability of Article 77 Section 12.2. Satisfaction of Sinking Fund Payments with Securities 77 Section 12.3. Redemption of Securities for Sinking Fund 78 Article 13 REPAYMENT AT THE OPTION OF HOLDERS 78 Section 13.1. Applicability of Article 78 Article 14 SECURITIES IN FOREIGN CURRENCIES 79 Section 14.1. Applicability of Article 79 Article 15 GUARANTEE AND INDEMNITY 79 Section 15.1. The Guarantee 79 Section 15.2. Ranking of Guarantee 79 INDENTURE, dated as of June 29, 2017 (the “Indenture”), among RENAISSANCERE FINANCE INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), having its principal executive office located at 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxx, XX 00000, RENAISSANCERE HOLDINGS LTD., a company duly organized and existing under the laws of Bermuda (hereinafter called the “Guarantor”), having its principal executive office located at Xxxxxxxxxxx Xxxxx, 00 Xxxx Xxxx, Xxxxxxxx XX 00, Bermuda, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely as trustee (hereinafter called the “Trustee”), having its Corporate Trust Office located at 00 Xxxx Xxxxxx, 00xx Xxxxx, XX NYC 60-1630, Xxx Xxxx, Xxx Xxxx 00000.

TABLE OF CONTENTS. Page ARTICLE I DEFINITIONS DEFINED TERMS 1 Section SECTION 1.1. Definitions 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section CONTINUATION OF THE ISSUER TRUST 12 SECTION 2.1. Loans 26 Section Name 12 SECTION 2.2. Request for and Making Office of Revolving Loans. 26 Section the Delaware Trustee; Principal Place of Business 12 SECTION 2.3. Deemed Request for Revolving Loans 27 Section Initial Contribution of Trust Property; Organizational Expenses 12 SECTION 2.4. Protective Advances 27 Section Issuance of the Preferred Capital Securities 13 SECTION 2.5. Interest Elections. 28 Section Issuance of the Common Securities; Subscription and Purchase of Junior Subordinated Debentures 13 SECTION 2.6. Letters of Credit 28 Section Authorization to Issue Additional Trust Securities; Authorization to Subscribe and Purchase Additional Junior Subordinated Debentures 14 SECTION 2.7. Requesting Letters Declaration of Credit 29 Section Trust 14 SECTION 2.8. Reimbursement 30 Section Authorization to Enter into Certain Transactions 15 SECTION 2.9. No Duty to Inquire 30 Section Assets of Trust 18 SECTION 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 Title to Trust Property 18 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section PAYMENT ACCOUNT 18 SECTION 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 Payment Account 18 ARTICLE IV PAYMENT 38 Section DISTRIBUTIONS; REDEMPTION 19 SECTION 4.1. Interest 38 Section Distributions 19 SECTION 4.2. Prepayment; Mandatory Redemption 20 SECTION 4.3. Subordination of Common Securities 22 SECTION 4.4. Payment Procedures 23 SECTION 4.5. Tax Returns and Reports 23 SECTION 4.6. Payment of Deficiencies 38 Section 4.3Taxes, Duties, Etc. Mandatory Payments; Payment on of the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section Issuer Trust 23 SECTION 4.7. Application 40 Section Payments under Indenture or Pursuant to Direct Actions 24 SECTION 4.8. Reinstatement 40 Section 4.9. Account Stated 40 Liability of the Holder of Common Securities 24 ARTICLE V COLLATERAL 40 Section TRUST SECURITIES CERTIFICATES 24 SECTION 5.1. Security Interest 40 Section Initial Ownership 24 SECTION 5.2. Perfection and Protection of Lender’s Security Interest 41 Section The Trust Securities Certificates 24 SECTION 5.3. Collateral Proceeds Management 41Execution and Delivery of Trust Securities Certificates 25 SECTION 5.4. Global Capital Securities 25 SECTION 5.5. Registration of Transfer and Exchange of Capital Securities Certificates 26 SECTION 5.6. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates 28 SECTION 5.7. Persons Deemed Holders 28 SECTION 5.8. Access to List of Holders’ Names and Addresses 28 SECTION 5.9. Maintenance of Office or Agency 29 SECTION 5.10. Appointment of Paying Agent 29 SECTION 5.11. Ownership of Common Securities by Depositor 29 SECTION 5.12. Notices to Clearing Agency 30 SECTION 5.13. Rights of Holders 30 ARTICLE VI ACTS OF HOLDERS; MEETINGS; VOTING 32 SECTION 6.1. Limitations on Holders’ Voting Rights 32 SECTION 6.2. Notice of Meetings 33 SECTION 6.3. Meetings of Holders 34 SECTION 6.4. Voting Rights 34 SECTION 6.5. Proxies, etc. 34 SECTION 6.6. Holder Action by Written Consent 35 SECTION 6.7. Record Date for Voting and Other Purposes 35 SECTION 6.8. Acts of Holders 35 SECTION 6.9. Inspection of Records 36

TABLE OF CONTENTS. ARTICLE I PAGE Article 1 DEFINITIONS 1 Section 1.1. 1.1 Definitions 1 Section 1.2. Types of Loans 1.2 Accounting Terms and Borrowings 25 Determinations 29 Section 1.3. 1.3 Additional Committed Currencies 30 Section 1.4 Other Interpretive Provisions 25 ARTICLE II LOANS 26 Decisions 30 Article 2 THE CREDITS 31 Section 2.1. Loans 26 Section 2.2. Request for 2.1 The Committed Advances and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 31 Section 2.7. Requesting 2.2 Making the Committed Advances 33 Section 2.3 The Competitive Bid Advances 37 Section 2.4 Issuance of and Drawings and Reimbursement Under Letters of Credit 29 41 Section 2.8. Reimbursement 30 2.5 Commitment Fee; Letter of Credit Fees 44 Section 2.9. No Duty 2.6 Termination or Reductions of the Commitments 44 Section 2.7 Repayment of Committed Advances and Letter of Credit Drawings 45 Section 2.8 Interest on Committed Advances 46 Section 2.9 Interest Rate Determination 47 Section 2.10 Optional Conversion of Committed Advances 50 Section 2.11 Prepayment of Advances 50 Section 2.12 General Provisions as to Inquire 30 Payments 51 Section 2.10. LC Collateral 31 2.13 Sharing of Payments, Ect 53 Section 2.11. Third Party Beneficiary 32 2.14 Evidence of Debt 54 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 2.15 Increase in the Aggregate Commitments 54 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment 2.16 Extension of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 56 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 2.17 (Reserved) 58 Section 4.5. Early Termination; Prepayment Penalty 39 2.18 Funding Losses 58 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 412.19 Defaulting Lenders 58 Article 3 CONDITIONS 60

TABLE OF CONTENTS. ARTICLE This Table of Contents is not part of the Loan Agreement, and is for convenience only. The captions herein are of no legal effect and do not vary the meaning or legal effect of any part of the Loan Agreement. Page Recitals 1 Article I DEFINITIONS 1 Definitions 2 Article II 2 Section 1.12.01. Definitions 1 Representations, Warranties and Agreements of Issuer 2 Section 1.22.02. Types Representations, Warranties and Agreements of Loans Company 4 Article III Issuance of the Bonds; The Loan; Disposition of Proceeds of the Bonds; The Project 7 Section 3.01. Issuance of Bonds 7 Section 3.02. Issuance of Other Obligations 7 Section 3.03. The Loan; Disposition of Bond Proceeds 8 Section 3.04. Project Changes 9 Article IV Loan Payments; Payments to Remarketing Agent and Borrowings Trustee; Standby Purchase Agreement and Alternate Liquidity Facilities; First Mortgage Bonds and Substitute Collateral; Other Obligations 9 Section 4.01. Loan Payments 9 Section 4.02. Payments of Purchase Price 10 Section 4.03. Standby Purchase Agreement; Alternate Liquidity Facility 10 Section 4.04. Issuance, Delivery and Surrender of First Mortgage Bonds and Substitute Collateral 11 Section 4.05. Payments Assigned; Obligation Absolute 14 Section 4.06. Payment of Expenses 15 Section 4.07. Indemnification 15 Section 4.08. Payment of Taxes and Charges in Lieu Thereof 15 Section 4.09. Compliance with Prior Agreements 16 Article V Special Covenants 16 Section 5.01. Maintenance of Existence; Conditions Under Which 16 Exceptions Permitted 17 Section 5.02. Permits or Licenses 17 Section 5.03. Arbitrage Covenant 17 Section 5.04. Financing Statements 18 Section 5.05. Covenants With Respect to Tax-Exempt Status of the Bonds 18 Page Section 5.06. Indemnification of Issuer 18 Section 5.07. Records of Company; Maintenance and Operation of the Project 19 Section 5.08. Right of Access to the Project 20 Section 5.09. Remarketing Agent 20 Section 5.10. Insurance Policy 20 Article VI Assignment 21 Section 6.01. Conditions 21 Section 6.02. Documents Furnished to Trustee 21 Section 6.03. Limitation 21 Article VII Events of Default and Remedies 22 Section 7.01. Events of Default 22 Section 7.02. Force Majeure 23 Section 7.03. Remedies 23 Section 7.04. No Remedy Exclusive 24 Section 7.05. Reimbursement of Attorneys' Fees 24 Section 7.06. Waiver of Breach 24 Section 7.07. No Liability of Issuer 24 Article VIII Purchase or Redemption of Bonds 25 Section 1.38.01. Interpretive Provisions Redemption of Bonds 25 ARTICLE II LOANS Section 8.02. Purchase of Bonds 25 Section 8.03. Obligation to Prepay 25 Section 8.04. Compliance With Indenture 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans Article IX Miscellaneous 27 Section 2.49.01. Protective Advances Term of Agreement 27 Section 2.59.02. Notices 27 Section 9.03. Parties in Interest Elections. 28 Section 2.69.04. Letters of Credit Amendments 28 Section 2.79.05. Requesting Letters of Credit Counterparts 28 Section 9.06. Severability 29 Section 2.89.07. Reimbursement Governing Law 29 Section 9.08. Payments From Bond Fund 30 Section 2.9. No Duty Testimonium 31 Signatures and Seals 31 Exhibit A - Description of the Facilities 31 -ii- Loan Agreement Loan Agreement This Loan Agreement, dated as of October 1, 2006, is between Sweetwater County, Wyoming, a political subdivision duly organized and existing under the Constitution and laws of the State of Wyoming, and Idaho Power Company, a corporation duly organized under the laws of the State of Idaho, and duly qualified to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment conduct business in the State of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Wyoming.

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 THE MERGER; CLOSING; EFFECTIVE TIME 6 Section 1.11.01. Definitions 1 The Merger 6 Section 1.21.02. Types Closing 6 Section 1.03. Effective Time 7 ARTICLE 2 CERTIFICATE OF INCORPORATION AND BYLAWS OF THE SURVIVING CORPORATION 7 Section 2.01. Certificate of Loans Incorporation of the Surviving Corporation 7 Section 2.02. Bylaws of the Surviving Corporation 7 ARTICLE 3 DIRECTORS AND OFFICERS OF THE SURVIVING CORPORATION 7 Section 3.01. Directors of the Surviving Corporation 7 Section 3.02. Officers of the Surviving Corporation 8 ARTICLE 4 EFFECT OF THE MERGER ON CAPITAL STOCK; EXCHANGE OF SHARE CERTIFICATES 8 Section 4.01. Effect on Capital Stock 8 Section 4.02. Exchange of Share Certificates 9 Section 4.03. Treatment of Company Equity Awards 12 Section 4.04. Adjustments to Prevent Dilution 13 ARTICLE 5 REPRESENTATIONS AND WARRANTIES 13 Section 5.01. Representations and Borrowings 25 Warranties of the Company 13 Section 1.35.02. Interpretive Provisions 25 Representations and Warranties of Parent and Merger Sub 34 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 6 COVENANTS 39 Section 4.46.01. Mandatory Prepayment in Respect of Certain Events Interim Operations 39 Section 4.56.02. Early TerminationAcquisition Proposals; Prepayment Penalty 39 Change of Recommendation 42 Section 4.66.03. General Payment Provisions 39 Proxy Statement, Schedule 13e-3 and Other Required SEC Filings; Company Stockholder Meeting. 46 Section 4.76.04. Application 40 Company Stockholder Meeting. 49 Section 4.86.05. Reinstatement 40 Efforts; Cooperation; Regulatory Matters 49 Section 4.96.06. Account Stated 40 ARTICLE V COLLATERAL 40 Information 50 Section 5.16.07. Security Interest 40 Stock Exchange Delisting 51 Section 5.26.08. Perfection and Protection of Lender’s Security Interest 41 Publicity 52 Section 5.36.09. Collateral Proceeds Management 41Employee Benefits.. 52 Section 6.10. Expenses 52 Section 6.11. Indemnification 52 Section 6.12. Stockholder Litigation 54

TABLE OF CONTENTS. ARTICLE I PAGE Article 1 DEFINITIONS 1 Section 1.1. 1.1 Definitions 1 Section 1.2. Types 1.2 Interpretation; Construction 15 Article 2 PURCHASE AND SALE 16 Section 2.1 Purchase and Sale of Loans the Equity Interests 16 Section 2.2 Purchase Price 16 Section 2.3 Closing 17 Section 2.4 Determination of Final Purchase Price 18 Section 2.5 Withholding Rights 20 Article 3 REPRESENTATIONS AND WARRANTIES OF SELLERS 20 Section 3.1 Organization and Borrowings Authority of Sellers 21 Section 3.2 Organization, Authority and Qualification of the Companies 21 Section 3.3 Capitalization; Indebtedness; Organizational Documents 22 Section 3.4 No Conflicts; Consents 22 Section 3.5 Financial Statements; Internal Controls 23 Section 3.6 No Undisclosed Liabilities 24 Section 3.7 Absence of Certain Developments 24 Section 3.8 Title, Condition and Sufficiency of Assets 24 Section 3.9 Compliance with Laws; Permits 25 Section 1.3. Interpretive Provisions 3.10 Legal Proceedings; Governmental Orders 25 ARTICLE II LOANS Section 3.11 Material Contracts 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans 3.12 Intellectual Property 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 3.13 Employee Benefit Plans 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 3.14 Labor Matters 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 3.15 Taxes 31 Section 2.11. Third Party Beneficiary 3.16 Real Property 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 3.17 Environmental Matters 33 Section 3.18 Insurance 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs 3.19 Brokers 35 Section 3.4. Illegality 3.20 Related Party Transactions 35 Section 3.21 Absence of Certain Business Practices 35 Article 4 REPRESENTATIONS AND WARRANTIES OF BUYER 36 Section 3.5. Break Funding Payments 4.1 Organization and Authority of Buyer 36 Section 3.6. Taxes 4.2 No Conflicts; Consents 36 Section 3.7. Maximum Interest4.3 Legal Proceedings; Controlling Limitation Governmental Orders 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 4.4 Sufficiency of Funds; Financing; Solvency 37 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 414.5 Brokers 39

TABLE OF CONTENTS. ARTICLE I Page DEFINITIONS AND INCORPORATION BY REFERENCE 1 Section 1.1SECTION 1.01. Definitions 1 Section 1.2SECTION 1.02. Types Other Definitions 34 SECTION 1.03. Incorporation by Reference of Loans Trust Indenture Act 35 SECTION 1.04. Rules of Construction 35 ARTICLE 2 THE NOTES 36 SECTION 2.01. Form and Borrowings 25 Section 1.3Dating 36 SECTION 2.02. Interpretive Provisions 25 Floating Rate Interest 38 SECTION 2.03. Cash Pay and PIK Interest 39 SECTION 2.04. Execution and Authentication 40 SECTION 2.05. Registrar, Paying Agent and Calculation Agent 41 SECTION 2.06. Paying Agent to Hold Money as Banker 42 SECTION 2.07. Holder Lists 42 SECTION 2.08. Transfer and Exchange 42 SECTION 2.09. Replacement Notes 50 SECTION 2.10. Outstanding Notes 51 SECTION 2.11. Treasury Notes 51 SECTION 2.12. Temporary Notes 51 SECTION 2.13. CANCELLATION 52 SECTION 2.14. Defaulted Interest 52 SECTION 2.15. Calculation of Principal Amount of Securities 52 ARTICLE II LOANS 26 Section 2.13 REDEMPTION AND XXXXXXXXXX 00 SECTION 3.01. Loans 26 Section 2.2Notices to Trustee 53 SECTION 3.02. Request for Selection of Notes to Be Redeemed 53 SECTION 3.03. Notice of Redemption 53 SECTION 3.04. Effect of Notice of Redemption 54 SECTION 3.05. Deposit of Redemption Price 55 SECTION 3.06. Notes Redeemed in Part 55 SECTION 3.07. Optional Redemption 55 SECTION 3.08. Mandatory Redemption 56 SECTION 3.09. Offer to Purchase by Application of Excess Proceeds 57 ARTICLE 4 COVENANTS 59 SECTION 4.01. Payment of Notes 59 SECTION 4.02. Maintenance of Office or Agency 59 SECTION 4.03. REPORTS 60 SECTION 4.04. Compliance Certificate 61 SECTION 4.05. Taxes 62 SECTION 4.06. Stay, Extension and Making Usury Laws 62 SECTION 4.07. Restricted Payments 62 SECTION 4.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries 66 SECTION 4.09. Incurrence of Revolving LoansIndebtedness and Issuance of Disqualified Stock 67 SECTION 4.10. 26 Section 2.3Asset Sales 70 SECTION 4.11. Deemed Request for Revolving Loans 27 Section 2.4Transactions with Affiliates 72 SECTION 4.12. Protective Advances 27 Section 2.5Liens 74 SECTION 4.13. Interest ElectionsGuarantees of certain Indebtedness by Restricted Subsidiaries 74 SECTION 4.14. 28 Section 2.6Corporate Existence 74 SECTION 4.15. Letters Offer to Purchase Upon Change of Credit 28 Section 2.7Control 74 SECTION 4.16. Requesting Letters Issuances and Sales of Credit 29 Section 2.8Capital Stock of Restricted Subsidiaries 76 SECTION 4.17. Reimbursement 30 Section 2.9Sale-and-leaseback Transactions 76 SECTION 4.18. No Duty to Inquire 30 Section 2.10Inducements 77 SECTION 4.19. LC Collateral 31 Section 2.11Additional Amounts 77 SECTION 4.20. Third Party Beneficiary 32 Section 2.12Indemnification for Foreign Currency Judgments 80 SECTION 4.21. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1Conduct of Business 81 SECTION 4.22. Interest 34 Section 3.2Anti-Layering 81 SECTION 4.23. Fees 34 Section 3.3Effectiveness of Covenants and Events of Default 81 SECTION 4.24. Increased Costs 35 Section 3.4Withholding 82 SECTION 4.25. Illegality 36 Section 3.5Intercreditor Agreements 83 SECTION 4.26. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment Impairment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.284 SECTION 4.27. Perfection and Protection Further Assurances 85 ARTICLE 5 SUCCESSORS 88 SECTION 5.01. Successor Corporation Substituted 88 ARTICLE 6 DEFAULTS AND REMEDIES 89 SECTION 6.01. Events of Lender’s Security Interest 41 Section 5.3Default 89 SECTION 6.02. Collateral Proceeds Management 41Acceleration 92 SECTION 6.03. Other Remedies 92 SECTION 6.04. Waiver of Past Defaults 93 SECTION 6.05. Control by Majority 93 SECTION 6.06. Limitation on Suits 93 SECTION 6.07. Rights of Holders of Notes To Receive Payment 94 SECTION 6.08. Collection Suit by Trustee 94 SECTION 6.09. Trustee May File Proofs of Claim 94 SECTION 6.10. Priorities 95 SECTION 6.11. Undertaking for Costs 95 ARTICLE 7 TRUSTEE; COLLATERAL AGENT 95 SECTION 7.01. Duties of Trustee 95 SECTION 7.02. Rights of Trustee 97 SECTION 7.03. Individual Rights of Trustee 99

TABLE OF CONTENTS. ARTICLE I Page Article 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 1 Section 1.1. Definitions 1 Section 1.2. Types of Loans Compliance Certificates and Borrowings 25 Opinions 11 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Form of Documents Delivered to Trustee 12 Section 1.4. Acts of Holders 12 Section 1.5. Notices, etc 14 Section 1.6. Notice to Holders of Securities; Waiver 14 Section 1.7. Language of Notices 15 Section 1.8. Conflict with Trust Indenture Act 15 Section 1.9. Effect of Headings and Table of Contents 15 Section 1.10. Successors and Assigns 16 Section 1.11. Separability Clause 16 Section 1.12. Benefits of Indenture 16 Section 1.13. Governing Law; Waiver of Jury Trial 16 Section 1.14. Legal Holidays 16 Section 1.15. Counterparts 17 Section 1.16. Judgment Currency 17 Section 1.17. No Security Interest Created 17 Section 1.18. Limitation on Individual Liability 17 Section 1.19. Submission to Jurisdiction 18 Article 2 SECURITIES FORMS 18 Section 2.1. Loans 26 Forms Generally 18 Section 2.2. Request for and Making Form of Revolving Loans. 26 Trustee’s Certificate of Authentication 19 Section 2.3. Deemed Request for Revolving Loans 27 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Securities in Global Form 19 Article 3 THE SECURITIES 20 Section 3.1. Amount Unlimited; Issuable in Series 20 Section 3.2. Currency; Denominations 24 Section 3.3. Execution, Authentication, Delivery and Dating 24 Section 3.4. Temporary Securities 26 Section 3.5. Registration, Transfer and Exchange 27 Section 3.6. Mutilated, Destroyed, Lost and Stolen Securities 30 Section 3.7. Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved 32 Section 3.8. Persons Deemed Owners 33 Section 3.9. Cancellation 34 Section 3.10. Computation of Interest 34 Section 3.23.11. Fees CUSIP Numbers 34 Section 3.3. Increased Costs Article 4 SATISFACTION AND DISCHARGE OF INDENTURE 35 Section 3.4. Illegality 36 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Satisfaction and Discharge 35 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Defeasance and Covenant Defeasance 36 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect Application of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Trust Money 41 TABLE OF CONTENTS Page Article 5 REMEDIES 41 Section 5.1. Security Interest 40 Events of Default 41 Section 5.2. Perfection Acceleration of Maturity; Rescission and Protection of Lender’s Security Interest 41 Annulment 43 Section 5.3. Collateral Proceeds Management 41Collection of Indebtedness and Suits for Enforcement by Trustee 44 Section 5.4. Trustee May File Proofs of Claim 45 Section 5.5. Trustee May Enforce Claims without Possession of Securities or Coupons 46 Section 5.6. Application of Money Collected 46 Section 5.7. Limitations on Suits 46 Section 5.8. Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts 47 Section 5.9. Restoration of Rights and Remedies 47 Section 5.10. Rights and Remedies Cumulative 47 Section 5.11. Delay or Omission Not Waiver 48 Section 5.12. Control by Holders of Securities 48 Section 5.13. Waiver of Past Defaults 48 Section 5.14. Waiver of Usury, Stay or Extension Laws 49 Section 5.15. Undertaking for Costs 49 Article 6 THE TRUSTEE 49 Section 6.1. Certain Rights of Trustee 49 Section 6.2. Notice of Defaults 52 Section 6.3. Not Responsible for Recitals or Issuance of Securities 52 Section 6.4. May Hold Securities 52 Section 6.5. Money Held in Trust 52 Section 6.6. Compensation and Reimbursement 53 Section 6.7. Corporate Trustee Required; Eligibility 54 Section 6.8. Resignation and Removal; Appointment of Successor 54 Section 6.9. Acceptance of Appointment by Successor 55 Section 6.10. Merger, Conversion, Consolidation or Succession to Business 57 Section 6.11. Appointment of Authenticating Agent 57 Section 6.12. USA Patriot Act 59 Section 6.13. Force Majeure 59 Article 7 HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 59 Section 7.1. Company to Furnish Trustee Names and Addresses of Holders 59 Section 7.2. Preservation of Information; Communications to Holders 60 Section 7.3. Reports by Trustee 60 Section 7.4. Reports by Company 60 Article 8 CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES 61 Section 8.1. Company May Consolidate, Etc., Only on Certain Terms 61 Section 8.2. Successor Person Substituted for Company 62 Section 8.3. Guarantor May Consolidate, Etc., Only on Certain Terms 62 Section 8.4. Successor Person Substituted for Guarantor 63 TABLE OF CONTENTS Page Article 9 SUPPLEMENTAL INDENTURES 63 Section 9.1. Supplemental Indentures without Consent of Holders 63 Section 9.2. Supplemental Indentures with Consent of Holders 65 Section 9.3. Execution of Supplemental Indentures 66 Section 9.4. Effect of Supplemental Indentures 66 Section 9.5. Reference in Securities to Supplemental Indentures 66 Section 9.6. Conformity with Trust Indenture Act 67 Section 9.7. Notice of Supplemental Indenture 67 Article 10 COVENANTS 67 Section 10.1. Payment of Principal, any Premium, Interest and Additional Amounts 67 Section 10.2. Maintenance of Office or Agency 67 Section 10.3. Money for Securities Payments to Be Held in Trust 68 Section 10.4. Additional Amounts 70 Section 10.5. Corporate Existence 72 Section 10.6. Waiver of Certain Covenants 72 Section 10.7. Company and Guarantor’s Statement as to Compliance; Notice of Certain Defaults 72 Section 10.8. Calculation of Original Issue Discount 73 Article 11 REDEMPTION OF SECURITIES 73 Section 11.1. Applicability of Article 73 Section 11.2. Election to Redeem; Notice to Trustee 73 Section 11.3. Selection by Trustee of Securities to be Redeemed 73 Section 11.4. Notice of Redemption 74 Section 11.5. Deposit of Redemption Price 76 Section 11.6. Securities Payable on Redemption Date 76 Section 11.7. Securities Redeemed in Part 77 Article 12 SINKING FUNDS 77 Section 12.1. Applicability of Article 77 Section 12.2. Satisfaction of Sinking Fund Payments with Securities 78 Section 12.3. Redemption of Securities for Sinking Fund 78 Article 13 REPAYMENT AT THE OPTION OF HOLDERS 79 Section 13.1. Applicability of Article 79 Article 14 SECURITIES IN FOREIGN CURRENCIES 79 Section 14.1. Applicability of Article 79 Article 15 Guarantee and Indemnity 79 Section 15.1. The Guarantee 79 Section 15.2. Ranking of Guarantee 80 INDENTURE, dated as of March 24, 2015 (the “Indenture”), among RENAISSANCERE FINANCE INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), having its principal executive office located at 0000 Xxxxxxxxx Xxxxxxxxx, Xxxxx 000, Xxxxxxx, Xxxxx Xxxxxxxx 00000, RENAISSANCERE HOLDINGS LTD., a company duly organized and existing under the laws of Bermuda (hereinafter called the “Guarantor”), having its principal executive office located at Xxxxxxxxxxx Xxxxx, 00 Xxxx Xxxx, Xxxxxxxx XX 00, Bermuda, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely as trustee (in such capacity, the “Trustee”), having its Corporate Trust Office located at 00 Xxxx Xxxxxx, 00xx Xxxxx, XX NYC 60-1630, Xxx Xxxx, Xxx Xxxx 00000.

TABLE OF CONTENTS. Section 12.2. Admission of Additional Limited Partners 66 Section 12.3. Amendment of Agreement and Certificate of Limited Partnership 67 ARTICLE I DEFINITIONS 1 13. DISSOLUTION AND LIQUIDATION 67 Section 1.113.1. Definitions 1 Dissolution 67 Section 1.213.2. Types Winding Up 68 Section 13.3. Compliance with Timing Requirements of Loans and Borrowings 25 Regulations 69 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for and Making of Revolving Loans. 26 Section 2.313.4. Deemed Request Distribution and Recontribution 70 Section 13.5. Rights of Limited Partners 70 Section 13.6. Notice of Dissolution 70 Section 13.7. Cancellation of Certificate of Limited Partnership 71 Section 13.8. Reasonable Time for Revolving Loans 27 Winding-Up 71 Section 2.413.9. Protective Advances 27 Waiver of Partition 71 ARTICLE 14. AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS 71 Section 2.514.1. Interest ElectionsAmendments 71 Section 14.2. 28 Action by the Partners 72 ARTICLE 15. GENERAL PROVISIONS 73 Section 2.615.1. Letters Addresses and Notice 73 Section 15.2. Titles and Captions 73 Section 15.3. Pronouns and Plurals 73 Section 15.4. Further Action 73 Section 15.5. Binding Effect 73 Section 15.6. Creditors 73 Section 15.7. Waiver 74 Section 15.8. Counterparts 74 Section 15.9. Applicable Law 74 Section 15.10. Invalidity of Credit 28 Provisions 74 Section 2.715.11. Requesting Letters of Credit 29 Limitation to Preserve REIT Status 74 Section 2.815.12. Reimbursement 30 Entire Agreement 75 Section 2.915.13. No Duty to Inquire 30 Rights as Stockholders 75 ARTICLE 16. SERIES A PREFFERED XXXXX 00 Xxxxxxx 00.0. Designation and Number 75 Section 2.1016.2. LC Collateral 31 Distributions 76 Section 2.1116.3. Third Party Beneficiary 32 Liquidation Proceeds 78 Section 2.1216.4. Cross Guaranty 32 Redemption 78 Section 16.5. Voting Rights 81 Section 16.6. Transfer Restrictions 82 Section 16.7. Exchange Rights 82 Section 16.8. No Conversion Rights 87 Section 16.9. No Sinking Fund 87 TABLE OF CONTENTS ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 17. [INTENTIONALLY OMITTED] 87 ARTICLE 18. RIGHTS OF CERTAIN LIMITED PARTNERS 87 Section 3.118.1. Interest 34 Limited Partner Consent 87 Section 3.218.2. Fees 34 Redemption Rights 88 Section 3.318.3. Increased Costs 35 Activities of Investors 89 Section 3.418.4. Illegality 36 Sale of Xxxxx Properties 89 Section 3.518.5. Break Funding Payments 36 Transfer of Partnership Xxxxx 00 Xxxxxxx 00.0. Distributions and Allocations 90 Section 3.618.7. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment Admission of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 41Additional Investors 90

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 2 Section 1.1. Definitions 1 1.1 Defined Terms 2 ARTICLE II THE MERGER 13 Section 1.2. Types 2.1 The Merger 13 Section 2.2 Effective Time; Closing 13 Section 2.3 Effect of Loans the Merger 13 Section 2.4 Certificate of Incorporation 13 Section 2.5 By-laws 13 Section 2.6 Directors 13 Section 2.7 Officers 14 Section 2.8 Conversion of Company Common Stock 14 Section 2.9 Conversion of Company Preferred Stock 14 Section 2.10 Treatment of Capital Stock of Merger Sub in the Merger 14 Section 2.11 Treatment of Company Options, Warrants 14 Section 2.12 Dissenting Shares 15 Section 2.13 Payments at Closing and Borrowings Exchange Procedures Generally 15 Section 2.14 Further Action 19 Section 2.15 Contingent Payments 19 Section 2.16 Limitation on Issuances of Parent Shares 21 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY 21 Section 3.1 Organization and Qualification 21 Section 3.2 Authorization of Agreement 22 Section 3.3 Subsidiaries of the Company 22 Section 3.4 Capitalization 22 Section 3.5 No Conflict; Required Filings and Consents 23 Section 3.6 Company Permits; Compliance with Law; Other Product Matters 24 Section 3.7 Company Financial Statements 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 3.8 No Company Material Adverse Effect; Absence of Certain Developments 26 Section 2.1. Loans 3.9 Absence of Undisclosed Liabilities 26 Section 2.2. Request for and Making of Revolving Loans. 3.10 Actions 26 Section 2.3. Deemed Request for Revolving Loans 3.11 Orders 27 Section 2.4. Protective Advances 3.12 Benefit Plans; Labor Matters 27 Section 2.5. Interest Elections. 3.13 Taxes 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 3.14 Properties 30 Section 2.9. No Duty to Inquire 3.15 Intellectual Property 30 Section 2.10. LC Collateral 31 3.16 Material Contracts 33 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 3.17 Environmental 34 Section 3.1. Interest 3.18 Brokers 34 Section 3.2. Fees 3.19 Insurance 34 Section 3.3. Increased Costs 3.20 Accounts Receivable; Accounts Payable 35 Section 3.4. Illegality 36 3.21 Affiliate Contracts 35 Section 3.5. Break Funding Payments 36 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 38 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 41 Section 5.3. Collateral Proceeds Management 413.22 Full Disclosure 35

TABLE OF CONTENTS. ARTICLE I DEFINITIONS 1 Section 1.1. Definitions set forth in the Master Agreement 1 Section 1.2. Types of Loans and Borrowings 25 Section 1.3. Interpretive Provisions 25 Defined Terms 1 ARTICLE II LOANS 26 AUTHORITY 7 Section 2.1. Loans 26 Appointment 7 Section 2.2. Request for and Making Provision of Revolving Loans. 26 Administrative Services Subject to Transition Services Agreement 8 Section 2.3. Deemed Request for Revolving Loans 27 Retained Services 8 Section 2.4. Protective Advances 27 Section 2.5. Interest Elections. 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 30 Section 2.9. No Duty to Inquire 30 Section 2.10. LC Collateral 31 Section 2.11. Third Party Beneficiary 32 Section 2.12. Cross Guaranty 32 Trademark License 8 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 STANDARD FOR SERVICES; FACILITIES; SUBCONTRACTING; OBLIGATIONS OF COMPANY; DEFENSES 10 Section 3.1. Interest 34 Standard for Services 10 Section 3.2. Fees 34 Facilities and Personnel 11 Section 3.3. Increased Costs 35 Broker-Dealer Services 11 Section 3.4. Illegality 36 Independent Contractor 11 Section 3.5. Break Funding Payments 36 Subcontracting 11 Section 3.6. Taxes 36 Disaster Recovery 11 Section 3.7. Maximum InterestPermits 12 Section 3.8. Insurance 13 Section 3.9. Defenses of the Administrator 13 Section 3.10. Relationship Manager 13 Section 3.11. Abandonment 13 Section 3.12. Document Retention; Controlling Limitation 37 Information Security 13 ARTICLE IV PAYMENT 38 UNDERWRITING 14 Section 4.1. Interest 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 38 Section 4.3. Mandatory Payments; Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 39 Section 4.5. Early Termination; Prepayment Penalty 39 Section 4.6. General Payment Provisions 39 Section 4.7. Application 40 Section 4.8. Reinstatement 40 Section 4.9. Account Stated 40 Underwriting Obligations 14 ARTICLE V COLLATERAL 40 AGREEMENTS WITH RESPECT TO ADMINISTERED CONTRACTS AND SEPARATE ACCOUNTS 16 Section 5.1. Security Interest 40 Administered Contracts 16 Section 5.2. Perfection and Protection Management of Lender’s Security Interest 41 Separate Accounts 16 Section 5.3. Collateral Proceeds Management 41Recommendations 18 Section 5.4. Nonguaranteed Elements 18 Section 5.5. Maintenance of Contracts 20 Section 5.6. Maintenance of Separate Accounts 22 Section 5.7. Maintenance of Investment Agreements 22 ARTICLE VI [RESERVED] 23 ARTICLE VII CLAIMS HANDLING 23 Section 7.1. Claim Administration Services 23 Section 7.2. Description of Claim Administration Services 23 ARTICLE VIII REGULATORY AND LEGAL PROCEEDINGS 24 Section 8.1. Regulatory Complaints and Proceedings 24 Section 8.2. Legal Proceedings 25 Section 8.3. Notice to Administrator 25 ARTICLE IX SEPARATE ACCOUNT ADMINISTRATIVE SERVICES 26 ARTICLE X [RESERVED] 26 ARTICLE XI NOTIFICATION TO CONTRACTHOLDERS 26 ARTICLE XII MONTHLY PREMIUM TAX AND INSOLVENCY FUND ACCOUNTINGS 26 Section 12.1. Monthly Accountings 26 Section 12.2. Adjustments Regarding Monthly Accountings 26 ARTICLE XIII CERTAIN ACTIONS BY THE COMPANIES 27 Section 13.1. Filings 27 Section 13.2. Governmental Inquiries 27 ARTICLE XIV REGULATORY MATTERS, REPORTING AND AUDITS 27 Section 14.1. Regulatory Compliance and Reporting 27 Section 14.2. Reporting and Accountings 27 Section 14.3. Additional Reports and Updates 28 Section 14.4. Audits 28 ARTICLE XV BOOKS AND RECORDS 29 ARTICLE XVI COOPERATION 29 ARTICLE XVII PRIVACY REQUIREMENTS 30 Section 17.1. Customer Information 30 ARTICLE XVIII CONSIDERATION FOR ADMINISTRATIVE SERVICES 31 Section 18.1. Administration Fees 31 ARTICLE XIX INDEMNIFICATION 31 Section 19.1. Indemnification of the Companies 31 Section 19.2. Indemnification of the Administrator 32 Section 19.3. Indemnification Procedures 32 Section 19.4. Sole Remedy 32 ARTICLE XX DURATION; TERMINATION 33 Section 20.1. Duration 33 Section 20.2. Termination 33 Section 20.3. Termination Payments 35 ARTICLE XXI ARBITRATION 36 Section 21.1. Negotiation 36 Section 21.2. Resolution of Damages 37 Section 21.3. Composition of Panel 37 Section 21.4. Appointment of Arbitrators 37 Section 21.5. Failure of a Party to Appoint Arbitrator; Incapacity of Arbitrator 37 Section 21.6. Choice of Forum 38 Section 21.7. Procedure Governing Arbitration 38 Section 21.8. Arbitration Award 38 Section 21.9. Cost of Arbitration 38 Section 21.10. Limit of Authority 38 Section 21.11. Continued Provision of Administrative Services 39 ARTICLE XXII GENERAL PROVISIONS 39 Section 22.1. Headings 39 Section 22.2. Schedules 39 Section 22.3. Notices 39 Section 22.4. Binding Effect; Assignment; Assignment of Administered Contracts 41 Section 22.5. Counterparts 41 Section 22.6. Currency 41 Section 22.7. Waivers and Amendments; Non-Contractual Remedies; Preservation of Remedies 41 Section 22.8. Governing Law 42 Section 22.9. Entire Agreement; Severability 42 Section 22.10. Parties to this Agreement; No Third Party Beneficiaries 42 Section 22.11. Interpretation 42 Section 22.12. No Fiduciary Duties 42 Section 22.13. Survival 43 SCHEDULES Schedule A Disaster Recovery Plans Schedule B Hartford Brand Standards Schedule C Hartford Name and Hartford Licensed Marks Schedule D Document Retention Policy Schedule E Information Security Requirements Schedule F Administrative Services Schedule G Insurance Requirements Schedule H Relationship Managers Schedule I Nonguaranteed Elements Methodology Schedule J Investment Agreements Schedule K Reserve Methodologies Schedule L Administration Fees Schedule L-1 Initial Administrative Fee Payments ADMINISTRATIVE SERVICES AGREEMENT This ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”), effective as of 11:59 p.m. Eastern Time on July 14, 2012 (the “Effective Time”), is entered into by and among HARTFORD LIFE INSURANCE COMPANY, a Connecticut-domiciled stock life insurance company (“HLIC”), Hartford Life and Annuity INSURANCE Company, a Connecticut-domiciled stock life insurance company (“HLAC”) (each a “Company” and together the “Companies”), HARTFORD FIRE INSURANCE COMPANY, a Connecticut domiciled stock property and casualty insurance company (“Hartford Fire” and together with HLIC and HLAC, each a “Hartford Company” and collectively the “Hartford Companies”), and PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY, a Delaware corporation (the “Administrator”).

TABLE OF CONTENTS. ARTICLE I ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 1 Section 1.1. 1.01 Definitions 1 Section 1.2. Types 1.02 Other Definitions 12 Section 1.03 Incorporation by Reference of Loans Trust Indenture Act 12 Section 1.04 Form of Documents Delivered to Trustee 12 Section 1.05 Acts of Holders 13 Section 1.06 Notices, Etc., to Trustee and Borrowings Company 15 Section 1.07 Notice to Holders; Waiver 15 Section 1.08 Conflict with Trust Indenture Act 16 Section 1.09 Effect of Headings and Table of Contents 16 Section 1.10 Successors and Assigns 16 Section 1.11 Separability Clause 16 Section 1.12 Benefits of Indenture 16 Section 1.13 Governing Law 16 Section 1.14 No Recourse 16 Section 1.15 Compliance Certificates and Opinions 17 Section 1.16 Waiver of Jury Trial 17 Section 1.17 Force Majeure 17 ARTICLE TWO SECURITY FORMS 18 Section 2.01 Forms Generally 18 Section 2.02 Form of Trustee’s Certificate of Authentication 18 Section 2.03 Securities in Global Form 19 ARTICLE THREE THE SECURITIES 19 Section 3.01 Amount Unlimited; Issuable in Series 19 Section 3.02 Denominations 22 Section 3.03 Execution, Authentication, Delivery and Dating 22 Section 3.04 Temporary Securities 24 Section 3.05 Registration, Registration of Transfer and Exchange 25 Section 1.3. Interpretive Provisions 25 ARTICLE II LOANS 26 Section 2.1. Loans 26 Section 2.2. Request for 3.06 Mutilated, Destroyed, Lost and Making of Revolving Loans. 26 Section 2.3. Deemed Request for Revolving Loans Stolen Securities 27 Section 2.4. Protective Advances 27 Section 2.5. 3.07 Payment of Interest; Interest Elections. Rights Preserved 28 Section 2.6. Letters of Credit 28 Section 2.7. Requesting Letters of Credit 29 Section 2.8. Reimbursement 3.08 Persons Deemed Owners 30 Section 2.9. No Duty to Inquire 3.09 Cancellation 30 Section 2.10. LC Collateral 3.10 Computation of Interest 30 Section 3.11 CUSIP Numbers 30 ARTICLE FOUR SATISFACTION, DISCHARGE AND DEFEASANCE 31 Section 2.11. Third Party Beneficiary 4.01 Satisfaction and Discharge of Indenture 31 Section 4.02 Application of Trust Money 32 Section 2.12. Cross Guaranty 4.03 Satisfaction, Discharge and Defeasance of Securities of any Series 32 ARTICLE III INTEREST, FEES, REIMBURSEMENTS 34 Section 3.1. Interest 34 Section 3.2. Fees 34 Section 3.3. Increased Costs FIVE REMEDIES 35 Section 3.4. Illegality 5.01 Events of Default 35 Section 5.02 Acceleration 36 Section 3.5. Break Funding Payments 36 5.03 Other Remedies 37 Section 3.6. Taxes 36 Section 3.7. Maximum Interest; Controlling Limitation 37 ARTICLE IV PAYMENT 5.04 Waiver of Past Defaults 38 Section 4.1. Interest 5.05 Control by Majority 38 Section 4.2. Prepayment; Mandatory Payment of Deficiencies 5.06 Limitation on Suits 38 Section 4.3. Mandatory Payments; 5.07 Rights of Holders to Receive Payment on the Termination Date 39 Section 4.4. Mandatory Prepayment in Respect of Certain Events 5.08 Collection Suit by Trustee 39 Section 4.5. Early Termination; Prepayment Penalty 5.09 Delay or Omission Not Waiver 39 Section 4.6. General Payment Provisions 5.10 Trustee May File Proofs of Claim 39 Section 4.7. Application 5.11 Priorities 40 Section 4.8. Reinstatement 5.12 Undertaking for Costs 40 Section 4.9. Account Stated 40 ARTICLE V COLLATERAL 5.13 Waiver of Stay, Extension or Usury Laws 40 Section 5.1. Security Interest 40 Section 5.2. Perfection and Protection of Lender’s Security Interest 5.14 Judgment Currency 41 ARTICLE SIX THE TRUSTEE 41 Section 5.3. Collateral Proceeds Management 416.01 Certain Duties and Responsibilities 41 Section 6.02 Certain Rights of Trustee 42 Section 6.03 Not Responsible for Recitals or Issuance of Securities 44 Section 6.04 May Hold Securities 44 Section 6.05 Money Held in Trust 44 Section 6.06 Compensation and Reimbursement 44 Section 6.07 Resignation and Removal; Appointment of Successor 45 Section 6.08 Acceptance of Appointment by Successor 46 Section 6.09 Merger, Conversion, Consolidation or Succession to Business 47 Section 6.10 Reports by Trustee 48 Section 6.11 Trustee’s Disclaimer 48 Section 6.12 Notice of Defaults 48 Section 6.13 Trustee May Establish Record Dates 48 Section 6.14 Lists of Holders 48 Section 6.15 Disqualification; Conflicting Interests 49 ARTICLE SEVEN CONSOLIDATION, MERGER OR SALE 49 Section 7.01 When Twenty-First Century Fox or the Company may Merge or Transfer Assets 49 Section 7.02 Successor Corporation Substituted 50 Section 7.03 Merger of a Guarantor 50 Section 7.04 Waiver 51 ARTICLE EIGHT SUPPLEMENTAL INDENTURES 51 Section 8.01 Supplemental Indentures Without Consent of Holders 51 Section 8.02 Supplemental Indentures With Consent of Holders 53 Section 8.03 Execution of Supplemental Indentures 54 Section 8.04 Effect of Supplemental Indentures 54