EX-10.48-K·CIK 849869·0001193125-26-425515

EX-10.4

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FILING DETAILS

Filer
SILGAN HOLDINGS INC
Period of report
Oct 17, 2026
Filed
Oct 20, 2026
SEC file no.
001-41459
State of inc.
DE
SIC
3411
Location
NORWALK, CT

**Exhibit 10.4 **

**Execution Version **

WELLS FARGO BANK, NATIONAL ASSOCIATION WELLS FARGO SECURITIES, LLC 550 South Tryon St. Charlotte, NC 28202 GOLDMAN SACHS BANK USA 200 West Street New York, New York 10282 ROYAL BANK OF CANADA RBC CAPITAL MARKETS 200 Vesey Street New York, New York 10281** **
DEUTSCHE BANK AG NEW YORK BRANCH DEUTSCHE BANK SECURITIES INC. One Columbus Circle New York, New York 10019 BANK OF AMERICA, N.A. BOFA SECURITIES INC. One Bryant Park New York, NY 10036

CONFIDENTIAL

October 17, 2026

Silgan Metal Packaging LLC

c/o American Industrial Partners

450 Lexington Avenue, 40th Floor

New York, NY 10017

Attention: Barry Price & Jordan Ransom

c/o Silgan Holdings, Inc.

601 Merritt Seven, First Floor

Norwalk, CT 06851

Attention: Frank Hogan

*Project Voyage *

*Commitment Letter *

Ladies and Gentlemen:

You have advised Wells Fargo Bank, National Association (“Wells Fargo Bank”), Wells Fargo Securities, LLC (“Wells Fargo Securities” and, together with Wells Fargo Bank, “Wells Fargo”), Goldman Sachs Bank USA (“Goldman Sachs”), Royal Bank of Canada (“RBC”), RBC Capital Markets1 (“RBCCM”), Deutsche Bank AG New York Branch (“DBNY”), Deutsche Bank Securities Inc. (“DBSI” and, together with DBNY, “DB”), Bank of America, N.A. (“Bank of America”), BofA Securities, Inc. (together with its designees and affiliates, “BofA Securities” and, together with Wells Fargo, Goldman Sachs, RBC, RBCCM, DB, Bank of America and each Additional Arranger appointed pursuant to Section*** 2* below, the “Commitment Parties”, “us” or “we”) that you intend to consummate the other transactions described in the Transaction Summary attached hereto (the “Transaction Summary”). Capitalized terms used but not defined herein have the meanings assigned to them in the Exhibits and Annexes (including the Definitions Annex) attached hereto (such Exhibits and Annexes, together with this letter, collectively, the “Commitment Letter”).

| | | | : | :----------------------------------------------------------------------------------------------------- | | 1 | RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its |


1. Commitments

In connection with the Transactions, (i) each of Wells Fargo Bank, Goldman Sachs, RBC, DBNY and Bank of America is pleased to advise you of its commitment to provide the percentage of the principal amount of the Initial Term Facility set forth opposite its name on the Commitments Schedule attached hereto, on the terms set forth in this Commitment Letter and Exhibit B attached hereto (the “Term Sheet”) (in such capacity, together with any other Initial Term Lenders appointed as described below, the “Initial Term Lenders”) (and hereby commits to provide its ratable share of any increase required as a result of original issue discount or upfront fees required to be funded in connection with the “market flex” provisions of the Fee Letter (as defined below) in respect of the Initial Term Facility) (“Flex OID”), and (ii) each of Wells Fargo Bank, Goldman Sachs, RBC, DBNY and Bank of America is pleased to advise you of its commitment to provide the percentage of the principal amount of the Revolving Facility set forth opposite its name on the Commitments Schedule attached hereto, on the terms set forth in this Commitment Letter and the Term Sheet (in such capacity, together with any other Initial Revolving Lenders appointed as described below, the “Initial Revolving Lenders”, and, together with the Initial Term Lenders, the “Initial Lenders”), in each case subject solely to the satisfaction or waiver of the conditions set forth in the Conditions Exhibit attached hereto as Exhibit C (the “Conditions Exhibit”). The commitments herein of each Initial Lender are several and not joint.

2. *Titles and Roles *

It is agreed that (i) Wells Fargo Securities, Goldman Sachs, RBCCM, DBSI and BofA Securities will act as joint lead arrangers and bookrunners for the Initial Term Facility and the Revolving Facility (in such capacity, each, a “Lead Arranger”, and collectively, the “Lead Arrangers”) and (ii) Wells Fargo Bank will act as sole administrative agent for the Facilities (in such capacity, the “Administrative Agent”).

You may, on or prior to the 20th business day after the Acceptance Date (as defined below), appoint additional lead arrangers, bookrunners, managers, agents or co-agents in respect of the applicable Facility or confer other titles in respect of each Facility (each such person, an “Additional Arranger”) and you may allocate up to 30% in the aggregate of the commitments and corresponding compensatory economics with respect to each of the Facilities to such Additional Arrangers (it being agreed that (x) each such Additional Arranger (or its affiliate) shall assume a proportion of the commitments with respect to the Facilities on a pro rata basis that is equal to the proportion of the economics allocated to such Additional Arranger (or its affiliate) in respect of the Facilities and (y) the commitment amounts of, and the economics allocated to, the Commitment Parties party hereto immediately prior to such appointment in respect of the Facilities will be proportionately reduced by the commitment amounts of, and economics allocated to, each such Additional Arranger (or its affiliate), in each case upon the execution and delivery by such Additional Arranger (or its affiliate) of customary joinder documentation (which may be in the form of an amendment and restatement of this Commitment Letter) (a “Joinder”)) and, thereafter, each such Additional Arranger (and its affiliate) shall constitute a “Commitment Party” and “Lead Arranger”, “Initial Term Lender” and/or “Initial Revolving Lender” (as applicable) and an “Initial Lender” under this Commitment Letter and under the Fee Letter referred to below.

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It is further agreed that (i) Wells Fargo Securities will have “lead left” placement on the cover page of any marketing materials for the Initial Dollar Term Facility and the Revolving Facility and (ii) Goldman Sachs will have “lead left” placement on the cover page of any marketing materials for the Initial Euro Term Facility, and, in each case, will hold the roles and responsibilities conventionally understood to be associated with such name placement. Except as provided above, no other agents, co-agents, arrangers, managers or bookrunners will be appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by the Commitment Letter and the Fee Letter) will be paid to any Lender (as defined below) in order to obtain its commitment to participate in the Facilities unless you and we shall so agree. Any Excluded Party (as defined below) of an Additional Arranger shall be treated in the same manner as an Excluded Party of a Lead Arranger.

3. Syndication

We reserve the right to syndicate the Facilities to a group of banks, financial institutions and other institutional lenders (together with the Initial Lenders, the “Lenders”) identified by us in consultation with you and reasonably acceptable to you (including any relationship lenders designated by you in consultation with us), in each case excluding (i) any person identified by you or either Sponsor in writing (including by email) (x) to us prior to the date hereof, (y) to us after the date hereof and on or prior to the Closing Date, that is reasonably acceptable to us or (z) from time to time after the Closing Date, to the Administrative Agent, (ii) any person that is a competitor of Holdings, you, Silgan, the Target or your or their respective subsidiaries, in each case that is separately identified in writing by you or either Sponsor to us from time to time prior to the Closing Date (or, if after the Closing Date, to the Administrative Agent), (iii) any affiliate of any person identified in clause (i) or (ii) above that (a) is identified in writing by you or either Sponsor from time to time or (b) is identifiable as an affiliate on the basis of its name (other than, in the case of an affiliate of a person identified in clause (ii) above, bona fide debt funds that purchase commercial loans in the ordinary course of business) or (iv) any person that is an Excluded Party (any such person in clause (i), (ii), (iii) or (iv) above, a “Disqualified Institution”). The designation of a Disqualified Institution shall not have retroactive effect. Notwithstanding any other provision of this Commitment Letter to the contrary (other than (x) upon execution and delivery of a Joinder, in connection with any assignment to an Additional Arranger in respect of the amount allocated to such Additional Arranger pursuant to such Joinder and (y) in the case of any assignments among Goldman Sachs and Goldman Sachs Lending Partners LLC), (i) no Initial Lender shall be relieved or novated from its obligations hereunder (including its obligation to fund the Facilities on the Closing Date) in connection with any syndication, assignment or participation of the Facilities, including its commitments in respect thereof, until after the initial funding of the Facilities on the Closing Date, (ii) no assignment or novation shall become effective with respect to all or any portion of any Initial Lender’s commitments in respect of the Facilities until after the initial funding of the Facilities on the Closing Date and (iii) unless you and we agree in writing, the Initial Lenders shall retain exclusive control over all rights and obligations with respect to their commitments in respect of the Facilities, including all rights with respect to consents, modifications, supplements and amendments, until the Closing Date has occurred.

We intend to commence syndication efforts promptly after the execution hereof, and until the earlier to occur of (i) the date that a Successful Syndication (as defined in the Fee Letter) occurs and (ii) the date that is 30 days after the Closing Date (the period until such earlier date, the “Syndication Period”), you agree to use commercially reasonable efforts to assist, to use commercially reasonable efforts to cause the Sponsors to assist and, to the extent practical and appropriate and not in contravention of the Voyage Acquisition Agreement, to use commercially reasonable efforts to cause the Target and its subsidiaries to assist us in completing a syndication reasonably satisfactory to us and you. Such assistance shall be limited to (i) using commercially reasonable efforts to ensure that the syndication efforts benefit from the existing banking relationships of you and the Sponsors and, to the extent practical and appropriate and not in contravention of the Voyage Acquisition Agreement, the Target and its subsidiaries, (ii) facilitating telephonic or virtual contact between appropriate members of your senior management and certain legal and non-legal advisors and representatives, on the one hand, and the

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proposed Lenders, on the other hand (and, to the extent practical and appropriate and not in contravention of the Voyage Acquisition Agreement, using your commercially reasonable efforts to cause such contact between appropriate members of senior management and certain advisors and representatives of the Target, its subsidiaries and the proposed Lenders), in each case upon reasonable advance notice and at times to be agreed, (iii) your assistance (and using your commercially reasonable efforts to cause the Sponsors and, to the extent practical and appropriate and not in contravention of the Voyage Acquisition Agreement, the Target and its subsidiaries to assist) in the preparation of customary confidential information memoranda (collectively, the “Confidential Information Memorandum”) and other customary marketing materials reasonably requested by us to be used in connection with the syndication of the Facilities (such materials, together with the Confidential Information Memorandum and the Term Sheet, collectively, the “Information Materials”), (iv) the hosting, with the Commitment Parties, of a*** **meeting (or, if you require, a conference call in lieu of such meeting) of prospective Lenders at such time and location to be mutually agreed (and, to the extent practical and appropriate and not in contravention of the Voyage Acquisition Agreement, using your commercially reasonable efforts to cause appropriate members of senior management of the Target and its subsidiaries to be available for such meeting or conference call), (v) using commercially reasonable efforts to obtain, at our reasonable prior written request, prior to the launch of general syndication of the Facilities (which use of commercially reasonable efforts shall not require you to change the proposed terms of any Facility) (x) public corporate family ratings and/or a public corporate credit rating (but not a specific rating) for the Borrower and (y) public ratings (but not a specific rating) for the Initial Term Facility from each of Moody’s Investors Service, Inc. (“Moody’*s”) and Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (“S&P”) and (vi) ensuring and, to the extent practical and appropriate and not in contravention of the Voyage Acquisition Agreement, using your commercially reasonable efforts to cause the Target and its subsidiaries to ensure, that, without our prior written consent (such consent not to be unreasonably withheld or delayed), until the expiration of the Syndication Period, there is no competing offering, placement or arrangement of any dollar- or euro-denominated debt securities or syndicated credit facilities (other than the Facilities (or replacement or increase thereof), any debt disclosed to us on or prior to the date hereof (including any such debt referenced in the Target and its subsidiaries’ and Silgan’s financial statements delivered to us on or prior to the date hereof), drawings under any revolving credit facility, any debt permitted to remain outstanding by the Transaction Summary, any debt that the Lead Arrangers agree in writing may remain outstanding, any debt permitted under the Voyage Acquisition Agreement and any refinancing, replacement, extension or renewal of existing debt of the Target or any amendment to any such debt), by or on behalf of Holdings, the Borrower, the Target or any of their respective subsidiaries that would materially and adversely impair the primary syndication of the Facilities (it being agreed that any debt incurred in the ordinary course of business, including, without limitation, deferred purchase obligations, intercompany debt, capital leases, purchase money financings and equipment financings are not restricted by the foregoing).

Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter or any other letter agreement or undertaking concerning the financing of the Transactions, neither the obtaining of the ratings referenced above, nor the commencement or completion of syndication of the Facilities, nor the completion of a Confidential Information Memorandum or other marketing materials nor compliance with any other provision set forth in this Commitment Letter (other than the conditions set forth in the Conditions Exhibit), shall constitute a condition to the commitments hereunder or to the funding of the Facilities on the Closing Date. For the avoidance of doubt, you will not be required to provide any information to the extent the provision thereof would violate any applicable law, rule or regulation, or any confidentiality obligation binding upon, or waive any privilege that may be asserted by, Holdings, the Borrower, the Target, either Sponsor or any of their respective subsidiaries or affiliates or cause competitive harm to the Target, either Sponsor or any of their respective subsidiaries or affiliates if the transactions described in the Transaction Summary are not consummated; provided that, in the event that you do not provide information in reliance on this sentence, you shall provide notice to the Lead

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Arrangers that such information is being withheld and you shall use your commercially reasonable efforts to communicate the applicable information in a way that would not violate the applicable obligation or risk waiver of such privilege. Notwithstanding anything herein to the contrary, the only financial statements that shall be required to be provided in connection with the syndication of the Facilities shall be those required to be delivered pursuant to paragraph 6 of the Conditions Exhibit. We will manage, in consultation with you, all aspects of the syndication of the Facilities, including decisions as to the selection of institutions (subject to your consent, not to be unreasonably withheld or delayed, and subject to the exclusion of Disqualified Institutions) to be approached and when they will be approached, when the Lenders’ commitments will be accepted, which Lenders will participate (subject to your consent, not to be unreasonably withheld or delayed, and subject to the exclusion of Disqualified Institutions), the allocation of the commitments among the Lenders (subject to your rights of appointment in Section*** 2 *above) and the amount and distribution of fees among the Lenders.

You acknowledge that (i) we, on your behalf, will make available the Information Materials to the proposed syndicate of Lenders by posting the Information Materials on SyndTrak or IntraLinks or another similar electronic system and (ii) certain prospective Lenders (such Lenders, “Public Lenders”; all other Lenders, “Private Lenders”) may have personnel that do not wish to receive MNPI (as defined below) with respect to Holdings, the Target and their respective subsidiaries (collectively, the “Relevant Entities”) or the securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such entities’ securities. As used herein, “MNPI” means information about any Relevant Entity and its securities that constitutes material non-public information within the meaning of the United States federal and state securities laws, or, if such Relevant Entity is not a public reporting company, that would have constituted material non-public information within the meaning of the United States federal and state securities laws if such Relevant Entity was a public reporting company (as determined by you in good faith). If we reasonably request, you will use your commercially reasonable efforts to assist us in preparing (and, to the extent practical and appropriate and not in contravention of the Voyage Acquisition Agreement, use commercially reasonable efforts to cause the Target to assist us in preparing) a customary additional version of the Information Materials not containing MNPI (the “Public Information Materials”) to be distributed to prospective Public Lenders.

Before distribution of any Information Materials (i) to prospective Private Lenders, you (or the Target) shall provide us with a customary letter authorizing the dissemination of the Information Materials and (ii) to prospective Public Lenders, you (or the Target) shall provide us with a customary letter consistent with the terms of this Commitment Letter authorizing the dissemination of the Public Information Materials and customarily represent as to the absence of MNPI therein, and in each case exculpating us and our affiliates, the Target and its affiliates and you and your affiliates from any liability related to the use of the contents of the Information Materials by the recipients thereof.

You agree that, subject to the confidentiality and other provisions of this Commitment Letter, we, on your behalf, may distribute the following documents to all prospective Lenders, including prospective Public Lenders, unless you advise us in writing (including by email) within a reasonable time prior to their intended distributions that such material should only be distributed to prospective Private Lenders (provided that you and your counsel shall have been given a reasonable opportunity to review such documents): (i) administrative materials for prospective Lenders such as lender meeting invitations, allocations and funding and closing memoranda, (ii) term sheets and notifications of changes to the Facilities’ terms and (iii) drafts and final versions of the Facilities Documentation. If you advise us that any of the foregoing items should be distributed only to Private Lenders, then we will not distribute such materials to Public Lenders without your prior written consent. You also agree, at our reasonable request, to use commercially reasonable efforts to identify information to be distributed to the Public Lenders by clearly and conspicuously marking the same as “PUBLIC” (it being understood that you shall not be under any obligation to mark any particular portion of the information as “PUBLIC”). By marking any

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documents, information or other data “PUBLIC” you shall be deemed to have authorized the Commitment Parties and the Lenders (subject to the confidentiality and other provisions of this Commitment Letter) to treat such documents, information or other data as not containing MNPI. We shall be entitled to treat all information that is not specifically identified as “PUBLIC” as being suitable only for posting to Private Lenders (other than those documents described in clauses (i), (ii) and (iii) of this paragraph).

4. Information

You hereby represent (to your knowledge with respect to the Target and its subsidiaries) (but the accuracy of which representation shall not be a condition to the commitments hereunder or to the funding of the Facilities on the Closing Date) that (i) all written factual information (other than the Projections, the Model, other forward-looking information, information of a general economic or general industry nature and all third party memos or reports furnished to us) (such non-excluded items, the “Information”), that has been or will be made available to us by you, either Sponsor or any of your or its representatives in connection with the transactions contemplated hereby, when taken as a whole and together with any public filings by the Target or Silgan relating to the Target and its subsidiaries or Silgan and its subsidiaries, as applicable, does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements and updates thereto) and (ii) the written financial projections (the “Projections”) contained in the Confidential Information Memorandum have been or will be prepared in good faith based upon assumptions believed by you to be reasonable at the time furnished (it being recognized by the Commitment Parties that such Projections are predictions as to future events and are not to be viewed as facts, are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular financial projections will be realized, that actual results during the period or periods covered by any such Projections may differ significantly from the projected results, and that such differences may be material). You agree that if, at any time prior to the later of (x) the Closing Date and (y) the expiration of the Syndication Period, you become aware that any of the representations in the preceding sentence (to your knowledge with respect to the Target and its subsidiaries), would be incorrect in any material respect if the Information and the Projections were being furnished, and such representations and warranties were being made, at such time, then you will promptly supplement (or, with respect to Information and Projections with respect to the Target and its subsidiaries, subject to any limitation on your rights set forth in the Voyage Acquisition Agreement, use your commercially reasonable efforts to promptly supplement) the Information or the Projections, as applicable, so that such representations are correct in all material respects under those circumstances (or, in the case of any Information or Projections with respect to the Target and its subsidiaries, to your knowledge), and such supplementation shall cure any breach of any such representation. In arranging and syndicating the Facilities we may use and rely on the Information, Projections and other forward-looking information without independent verification thereof and we do not assume responsibility for the accuracy or completeness of the Information, the Projections, the Model and other forward-looking information.

5. Fees

As consideration for the commitments and agreements of the Commitment Parties hereunder, you agree to pay or cause to be paid the fees described in this Commitment Letter and in the Fee Letter dated the date hereof and delivered herewith (the “Fee Letter”) on the terms and subject to the conditions (including as to timing and amount) set forth herein and therein.

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6. Conditions

Notwithstanding anything in this Commitment Letter, the Fee Letter, the Facilities Documentation or any other letter agreement or other undertaking concerning the financing of the transactions contemplated hereby to the contrary:

(i) the only conditions to the availability and funding of the Facilities on the Closing Date are those set forth in the Conditions Exhibit and, upon satisfaction (or waiver by the Lead Arrangers) of such conditions, each of the Administrative Agent and the Lenders will execute and deliver the Facilities Documentation to which it is a party and the initial funding of the Facilities shall occur; it being understood and agreed that there are no other conditions (implied or otherwise) to the availability and funding of the Facilities on the Closing Date, including compliance with the terms of this Commitment Letter, the Fee Letter or the Facilities Documentation (other than the conditions set forth in the Conditions Exhibit);

(ii) the only representations and warranties the accuracy of which shall be a condition to the availability and funding of the Facilities on the Closing Date shall be (i)(x) such of the representations and warranties made by the Sellers (as defined in the Voyage Acquisition Agreement) with respect to the Target and its subsidiaries in the Voyage Acquisition Agreement as are material to the interests of the Initial Lenders, but only to the extent that you (or any of your affiliates) have the right (taking into account any applicable cure provisions) to terminate your (or its) obligations under the Voyage Acquisition Agreement or decline to consummate the Acquisition without liability to you (or your applicable affiliates) (in each case, in accordance with the terms of the Voyage Acquisition Agreement) as a result of a breach of such representations and warranties in the Voyage Acquisition Agreement without any liability to you and (y) such of the representations and warranties made by SHI (as defined in the JV Acquisition Agreement) with respect to the MetalCo Business in the JV Acquisition Agreement as are material to the interests of the Initial Lenders, but only to the extent that you (or any of your affiliates) have the right (taking into account any applicable cure provisions) to terminate your (or its) obligations under the JV Acquisition Agreement or decline to consummate the JV Acquisition without liability to you (or your applicable affiliates) (in each case, in accordance with the terms of the JV Acquisition Agreement) as a result of a breach of such representations and warranties in the JV Acquisition Agreement without any liability to you (collectively, the “Specified Acquisition Agreement Representations”) and (ii) the Specified Representations (as defined below) (the representations described in clauses (i) and (ii) being the “Closing Date Representations”); and

(iii) the terms of the Facilities Documentation and any closing deliverables shall be in a form such that they do not impair the availability or funding of the Facilities on the Closing Date if the conditions set forth in the Conditions Exhibit are satisfied (or waived by the Lead Arrangers) (it being understood that, to the extent any*** ***Collateral (including the creation or perfection of any security interest) is not or cannot be provided on the Closing Date (other than the perfection of liens on Collateral that may be perfected by the filing of financing statements under the UCC and the delivery of stock certificates of the Borrower and its wholly-owned material domestic restricted subsidiaries (in each case, to the extent certificated) evidencing the equity interests required to be pledged pursuant to the Term Sheet with respect to which a lien may be perfected by the delivery of a stock or equivalent certificate, but, with respect to such restricted subsidiaries acquired pursuant to the Acquisition, only to the extent received at least two business days prior to the Closing Date after use of commercially reasonable efforts to do so) after your use of commercially reasonable efforts to do so or without undue burden or expense, then the provision of any such Collateral (including the creation or perfection of any security interest) shall not constitute a condition precedent to the availability or funding of the Facilities on the Closing Date, but may instead be provided within 90 days after the Closing Date pursuant to arrangements to be mutually agreed, subject to such extensions as are reasonably agreed by the Administrative Agent).

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“Specified Representations” means the representations and warranties set forth in the Facilities Documentation relating to: incorporation or formation of the Loan Parties; organizational power and authority of the Loan Parties to execute, deliver and perform under the Facilities Documentation; due authorization, execution, delivery and enforceability of the Facilities Documentation; solvency of the Borrower and its restricted subsidiaries on a consolidated basis after giving effect to the Transactions (to be determined in a manner consistent with the solvency certificate in the form attached as Annex*** I* to the Conditions Exhibit); no conflicts of the Facilities Documentation (limited to the execution, delivery and performance of the Facilities Documentation, incurrence of the debt thereunder and the granting of guarantees and security interests in respect thereof) with charter documents of the Loan Parties; Federal Reserve margin regulations; the Investment Company Act; use of proceeds of the Facilities not violating the FCPA, the PATRIOT Act and OFAC; and the creation, validity and perfection of the security interests granted in UCC Article 9 collateral to be perfected on the Closing Date (subject in all respects to customary permitted liens and the foregoing provisions of this Section*** 6*). Notwithstanding anything to the contrary contained herein, if any of the Closing Date Representations is qualified or subject to “material adverse effect”, the definition of “Material Adverse Effect” in either Acquisition Agreement shall apply for the purposes of any representations and warranties made, or to be made, on or as of the Closing Date.

This Section*** 6*, and the provisions herein, shall be referred to as the “Limited Conditionality Provision”.

7. Indemnification and Expenses

You agree, if the Closing Date occurs, to reimburse the Commitment Parties, on the Closing Date, upon presentation of a summary statement, together with any supporting documentation reasonably requested by you, for all reasonable out-of-pocket fees and expenses (provided that (i) legal fees will be limited to the reasonable fees, disbursements and other charges of one counsel to the Lead Arrangers, taken as a whole (and, if necessary, of one local counsel in each relevant material jurisdiction, in each case, to such persons taken as a whole) and (ii) in the case of any other advisors or consultants, such expense reimbursement obligations shall be limited solely to advisors or consultants approved by you) incurred in connection with the Facilities, the syndication thereof and the preparation, negotiation and execution of the Facilities Documentation. You acknowledge that we may receive a benefit, including without limitation, a discount, credit or other accommodation, from any of such counsel based on the fees such counsel may receive on account of their relationship with us including, without limitation, fees paid pursuant hereto.

You agree to indemnify and hold harmless each of the Commitment Parties (in their roles as Commitment Parties) and their respective affiliates (other than any Excluded Party and any Related Party of such Excluded Party in its capacity as such) and controlling persons and their respective directors, officers, employees, members, agents, advisors and other representatives, successors and assigns (in each case, in respect of any Commitment Party in its capacity as such) (each an “Indemnified Party”; and, in the case of any Commitment Party, any such other Indemnified Party related to such Commitment Party shall be referred to as a “Related Party” of such Commitment Party), within 30 days of a written demand therefor, together with backup documentation supporting such indemnity request, from and against all claims, damages, liabilities and reasonable out-of-pocket expenses (provided that legal fees, disbursements and other charges will be limited to the reasonable fees, disbursements and other charges of (i) one counsel to the Indemnified Parties taken as a whole, (ii) if necessary, one local counsel in each relevant material jurisdiction to the Indemnified Parties taken as a whole and (iii) in the case of any actual or perceived conflict of interest, after the affected person(s) notifies you of such conflict, one additional counsel and, if necessary, one additional local counsel in each relevant material jurisdiction to the affected Indemnified Parties taken as a whole), that may be incurred by or asserted or awarded against any Indemnified Party, in

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each case arising out of or in connection with or by reason of any investigation, litigation or proceeding (each, a “Proceeding”) in connection with the Transactions or the Facilities (or any use made or proposed to be made with the proceeds thereof), in each case except to the extent such claim, damage, liability or expense (x) arises from a dispute that does not involve any action or omission by you or any of your affiliates and is solely among the Indemnified Parties (other than any claims against an Indemnified Party in its capacity as an Administrative Agent or a Lead Arranger) or (y) is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the bad faith, gross negligence or willful misconduct of such Indemnified Party or any of its Related Parties or a material breach by such Indemnified Party or any of its Related Parties of its obligations hereunder or under the Facilities Documentation. In the case of a Proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such Proceeding is brought by you, your equityholders or creditors or an Indemnified Party, whether or not an Indemnified Party is otherwise a party thereto and whether or not any aspect of the Transactions is consummated. The foregoing provisions of this paragraph shall be superseded to the extent covered by the applicable provisions of the Facilities Documentation upon execution thereof and thereafter shall have no further force and effect.

In case any Proceeding is instituted involving any Indemnified Party for which indemnification is to be sought hereunder by such Indemnified Party, then such Indemnified Party will promptly notify you of the commencement of any Proceeding; provided, however, that the failure to so notify you will not relieve you from any liability that you may have to such Indemnified Party pursuant to this section, except to the extent that you are materially prejudiced by such failure.

No Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to you or your subsidiaries or affiliates or to your or their respective equityholders or creditors arising out of, related to or in connection with any aspect of the Transactions, except to the extent of direct, as opposed to special, indirect, consequential or punitive, damages determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the bad faith, gross negligence or willful misconduct of such Indemnified Party or any of its Related Parties or a material breach by such Indemnified Party or any of its Related Parties of its obligations under this Commitment Letter or the Facilities Documentation. Notwithstanding anything herein to the contrary, none of you, your direct or indirect equityholders, the Sponsors, the other Investors, the Target or any of your or their affiliates shall be liable for any special, indirect, consequential or punitive damages (whether direct or indirect, in contract or tort or otherwise) arising out of, related to or in connection with, this Commitment Letter, the Fee Letter or any aspect of the Transactions; provided that nothing contained in this sentence shall limit your indemnification and reimbursement obligations to the extent such special, indirect, consequential or punitive damages are included in any third party claim with respect to which such Indemnified Party is entitled to indemnification hereunder.

No Indemnified Party shall be liable for any damages arising from the use by others of information or other materials obtained through electronic telecommunications or other information transmission systems, other than for direct or actual damages resulting from the bad faith, gross negligence or willful misconduct of such Indemnified Party or any of its Related Parties, in each case as determined by a final and non-appealable judgment of a court of competent jurisdiction.

You shall not be liable for any settlement, compromise or consent to the entry of any judgment in any Proceeding (or expenses related thereto) effected without your written consent (which consent shall not be unreasonably withheld or delayed), but if settled, compromised or consented to with your written consent, or if there is a final and non-appealable judgment by a court of competent jurisdiction in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Party in the manner and to the extent set forth above. You shall not effect any settlement of any pending or threatened proceedings in respect of which indemnity has been sought hereunder by an Indemnified Party without the prior written

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consent of such Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed) unless such settlement (i) includes an unconditional release of such Indemnified Party in form and substance reasonably satisfactory to such Indemnified Party from all liability or claims that are the subject matter of such proceedings* *and (ii) does not include any statement as to or any admission of fault by or on behalf of any Indemnified Party.

Each Indemnified Party shall be severally obligated to refund or return any and all amounts paid by you or any of your affiliates under this Section*** 7* to the extent such Indemnified Party is not entitled to payment of such amounts in accordance with the terms hereof, as determined by a final and non-appealable judgment of a court of competent jurisdiction.

8. Sharing of Information, Absence of Fiduciary Relationship, Affiliate Activities

You acknowledge that each Commitment Party (together with its affiliates, each a “Financial Institution”) is a full service securities firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. The Financial Institutions may have economic interests that conflict with those of you, the Target and your and its respective affiliates. In the ordinary course of these activities, each Financial Institution may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for its own account and for the accounts of its customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of you, the Target and your and its affiliates, as well as of other entities and persons and their affiliates which may (i) be involved in transactions arising from or relating to the engagement contemplated by this Commitment Letter, (ii) be customers or competitors of you, the Target or your or its respective subsidiaries or affiliates or (iii) have other relationships with you, the Target or your or its respective subsidiaries or affiliates. With respect to any securities and/or instruments so held by any Financial Institution or any of its customers, all rights in respect of such securities and instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. In addition, the Financial Institutions may provide investment banking, underwriting and/or financial advisory services to such other entities and persons. The Financial Institutions may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you or the Target or such other entities. The transactions contemplated by this Commitment Letter may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph.

The Financial Institutions, in the course of such other activities and relationships, may acquire information about the transactions contemplated by this Commitment Letter or other entities and persons which may be the subject of the financing contemplated by this Commitment Letter. None of the Financial Institutions and none of their respective affiliates will use confidential information obtained from you or your affiliates or on your or their behalf by virtue of the transactions contemplated hereby in connection with the performance by the Financial Institutions of services for other companies or other persons and none of the Financial Institutions will furnish any such information to any of their other customers. You also acknowledge that the Financial Institutions have no obligation to use in connection with the transactions contemplated hereby, or to furnish to you, confidential information obtained from other companies or other persons.

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You further acknowledge and agree that (i) no fiduciary, advisory or (except as expressly provided in the Facilities Documentation) agency relationship between you and the Financial Institutions is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether the Financial Institutions have advised or are advising you on other matters, (ii) the Financial Institutions, on the one hand, and you, on the other hand, have an arm’s length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on the part of the Financial Institutions (and you hereby waive and release, to the fullest extent permitted by law, any claims that you may have against the Commitment Parties and their respective affiliates with respect to any breach or alleged breach of fiduciary duty and agree that no Commitment Party shall have any liability (whether direct or indirect) to you in respect of such fiduciary duty claim or to any person asserting a fiduciary duty on behalf of or in right of you, including your equity holders, employees or creditors, in each case in connection with the transactions contemplated by this Commitment Letter), (iii) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions contemplated by this Commitment Letter and (iv) you have been advised that the Commitment Parties are engaged in a broad range of transactions that may involve interests that differ from your interests and that the Financial Institutions have no obligation to disclose such interests and transactions to you by virtue of any fiduciary, advisory or agency relationship. In addition, please note that the Commitment Parties do not provide accounting, tax, investment, regulatory or legal advice.

An affiliate of Goldman Sachs and an affiliate of Wells Fargo Securities have been retained by you as a financial advisor (each, in such capacity, a “Buy Side Advisor”) in connection with the Acquisition, and BofA Securities and/or its affiliates have been retained by you as a financial advisor (in such capacity, the “Financial Advisor” and, together with any Buy Side Advisor, each a “Retained Advisor”) in connection with the Transactions. You agree to such retentions, and further agree not to assert any claim you might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from, on the one hand, the engagement of any Retained Advisor and/or its respective affiliates’ arranging or providing or contemplating arranging or providing financing for a competing bidder and, on the other hand, our and our respective affiliates’ relationships with you described and referred to herein. You acknowledge that, in such capacity, any Retained Advisor may advise you in other manners adverse to the interests of the parties hereto. Each of the Commitment Parties party hereto acknowledges (i) that an affiliate of Goldman Sachs has been retained as a Buy Side Advisor and (ii) that such relationship does not create any fiduciary duties or fiduciary responsibilities to such Commitment Party on the part of such entities or their affiliates.

Except as expressly set forth above, this Section*** 8* shall not apply to or modify or otherwise affect any arrangement with any advisor (including any financial advisor) separately retained by you, the Sponsors or any of your or its affiliates in connection with the Acquisition, in its capacity as such.

9. Confidentiality

This Commitment Letter is delivered to you on the understanding that (i) you shall not disclose, directly or indirectly, to any other person the Fee Letter or the contents thereof or, prior to your acceptance hereof, the Commitment Letter or the contents hereof, except (a) to the Sponsors and the other Investors, the Sellers (as defined in the Voyage Acquisition Agreement), the Target and its subsidiaries, potential equity investors (including rollover investors), your and their respective affiliates and your and their respective officers, directors, employees, members, partners, stockholders, attorneys, accountants, auditors, agents and advisors, in each case, on a confidential basis, unless, in each case, the Commitment Parties otherwise consent in writing (such consent not to be unreasonably withheld) (provided that any disclosure of the Fee Letter or its terms or substance to the Sellers (as defined in the Voyage Acquisition Agreement), the Target or their respective officers, directors, employees, affiliates, members, partners, stockholders, attorneys, accountants, auditors, agents or advisors shall be redacted in respect of the amounts, percentages and basis points of fees set forth therein), (b) (1) in any legal, judicial or

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administrative proceeding or as otherwise required by law, court order, order of any administrative agency, regulation or any compulsory legal process or as requested by a governmental authority (in which case you agree, to the extent practicable and permitted by law, to inform us promptly in advance thereof and, to the extent you may legally and practically do so, allow us a reasonable opportunity to object to such disclosure in such proceeding or process) or (2) to the extent necessary in connection with the exercise of any remedy or enforcement of any rights hereunder or under the Fee Letter, (c) you may disclose the Fee Letter and the contents thereof to (1) after your acceptance hereof, actual and potential Additional Arrangers, who have agreed to be bound by confidentiality restrictions with respect thereto on substantially the same terms set forth in the next paragraph, and their respective officers, directors, employees, affiliates, members, partners, stockholders, attorneys, accountants, auditors, agents and advisors and (d) you may disclose the aggregate fee amount contained in the Fee Letter as part of the Projections, pro forma information or a generic disclosure of aggregate sources and uses related to fee amounts related to the Transactions to the extent customary or required in offering and marketing materials for the Facilities or in any public or regulatory filing requirement related to the Transactions and (ii) the Commitment Letter and the contents hereof may be disclosed (a) on a confidential basis to actual and potential Lenders and Additional Arrangers and their respective officers, directors, employees, affiliates, members, partners, stockholders, attorneys, accountants, auditors, agents and advisors and to any rating agency in connection with the Transactions, (b) in any syndication of the Facilities (including in any Confidential Information Memorandum) or in any proxy statement or other public or regulatory filing in connection with the Transactions, (c) to the extent such information becomes publicly available other than by reason of improper disclosure by you in violation of any confidentiality obligations hereunder or (d) as may be required by the rules, regulations, schedules and forms of the Securities and Exchange Commission in connection with any filings with the Securities and Exchange Commission. The obligations under this paragraph with respect to this Commitment Letter (but not the Fee Letter) shall terminate on the earlier of (i) to the extent covered thereby, the execution and delivery of the Facilities Documentation and (ii) the first anniversary of the date hereof.

Each Commitment Party, on behalf of itself and its affiliates, shall use all information received by it or them from (or on behalf of) you or either Sponsor in connection with the Acquisitions and the related transactions (including any information obtained by it or them based on a review of any books and records relating to Holdings, the Borrower or the Target or any of their respective subsidiaries or affiliates) solely for the purposes of providing the services that are the subject of this Commitment Letter and shall treat confidentially all such information and shall not publish, disclose or otherwise divulge such information; provided that nothing herein shall prevent any Commitment Party from disclosing any such information (other than to a Disqualified Institution) (i) in coordination with you, to rating agencies on a confidential basis in connection with the Transactions, (ii) to any actual or prospective Lenders, participants or direct or indirect contractual counterparties to any swap or derivative transaction relating to the Borrower or any of its subsidiaries or its obligations under the Facilities, in each case, who are advised of the confidential nature of such information and agree to keep such information confidential (provided that no such disclosure shall be made to any Disqualified Institution), (iii) to the extent compelled by legal process in, or reasonably necessary to, the defense of such legal, judicial or administrative proceeding, in any legal, judicial or administrative proceeding or otherwise as required by applicable law, rule or regulation (in which case such Commitment Party shall promptly notify you, in advance, to the extent permitted by law (and if such Commitment Party is unable to notify you in advance of such disclosure, such notice shall be delivered to you promptly thereafter to the extent permitted by law) and, to the extent such Commitment Party may legally and practically do so, allow you a reasonable opportunity to object to such disclosure in such proceeding or process, and in any event use commercially reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment), (iv) upon the request or demand of any regulatory authority (including any self-regulatory authority) having jurisdiction over such Commitment Party or its affiliates (in which case such Commitment Party shall, except with respect to any routine or ordinary course audit or examination conducted by bank

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accountants or any regulatory authority or self-regulatory authority exercising examination or regulatory authority, promptly notify you, in advance, to the extent permitted by law (and if such Commitment Party is unable to notify you in advance of such disclosure, such notice shall be delivered to you promptly thereafter to the extent permitted by law) and, to the extent such Commitment Party may legally and practically do so, allow you a reasonable opportunity to object to such disclosure, and in any event use commercially reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment), (v) on a confidential “need to know” basis and solely in connection with the transactions contemplated hereby, to the employees, directors, legal counsel, independent auditors, professionals and other experts or agents of such Commitment Party (collectively, “Representatives”) who are informed of the confidential nature of such information and agree to keep information of this type confidential in accordance with customary practices for syndicated loans (provided that such Commitment Party shall be responsible for its Representatives’ compliance with this paragraph), (vi) on a confidential “need to know” basis and solely in connection with the transactions contemplated hereby, to any of its respective affiliates (provided that no such disclosure shall be made to any affiliates that are engaged as principals primarily in private equity, mezzanine financing or venture capital or that are engaged directly or indirectly in a sale of the Target and its subsidiaries as sell-side representative or any such affiliate’s Representatives including those providing advisory services, in each case other than a limited number of senior employees who are required, in accordance with industry regulations or such Commitment Party’s internal policies and procedures, to act in a supervisory capacity and such Commitment Party’s internal legal, compliance, risk management, credit and investment committee members (each, an “Excluded Party”)) or their Representatives (who are informed of the confidential nature of such information and agree to keep information of this type confidential in accordance with customary practices for syndicated loans) (provided that such Commitment Party shall be responsible for its affiliates’ and Representatives’ compliance with this paragraph), (vii) to the extent any such information becomes publicly available other than by reason of disclosure by any Commitment Party, its affiliates or its or their Representatives in violation of any confidentiality obligations owing to you, either Sponsor, the Target and its subsidiaries, the Sellers or any of your or their respective subsidiaries (including those set forth in this paragraph), (viii) to the extent such information was already in the possession of the Commitment Parties (except to the extent received in a manner restricted by this paragraph) or is independently developed by the Commitment Parties or their respective affiliates based exclusively on information the disclosure of which would not otherwise be restricted by this paragraph, (ix) to the extent such information was received by any Commitment Party from a third party that to such Commitment Party’s knowledge is not subject to confidentiality obligations owing to you, either Sponsor, the Target, Sellers or any of your or their respective subsidiaries, (x) to the extent applicable and reasonably necessary or advisable, for purposes of establishing a “due diligence” defense and (xi) to market data collectors, similar services providers to the lending industry, and service providers to the Lead Arrangers and the Lenders in connection with the administration and management of the Facilities; provided that the disclosure of any such information to any Lenders or prospective Lenders, participants or prospective participants or contractual counterparties, in each case referred to in clause (ii) above shall be made subject to the acknowledgment and acceptance by such Lender or prospective Lender, participant or prospective participant or such counterparty that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and each Commitment Party, including, without limitation, as agreed in the Confidential Information Memorandum or other marketing materials) in accordance with the standard syndication processes of such Commitment Party or customary market standards for dissemination of such type of information. In no event shall any disclosure of information referred to above be made to any Excluded Party or Disqualified Institution. The obligations of the Commitment Parties under this Section*** 9* shall remain in effect until the earlier of (a) the second anniversary of the date hereof and (b) the date the definitive Facilities Documentation is entered into by the Commitment Parties, at which time any confidentiality undertaking in the definitive Facilities Documentation shall supersede this provision. Notwithstanding anything in this Section*** 9* to the contrary, we may place advertisements in financial and other newspapers

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and periodicals or on a home page or similar place for dissemination of information on the Internet or World Wide Web as we may choose, and circulate similar promotional materials, after the closing of the Transactions in the form of a “tombstone” or otherwise describing the names of you, the Borrower and your and its affiliates (or any of them), and the amount, type and closing date of the Transactions, all at our expense and with your prior approval.

For the avoidance of doubt, nothing in this confidentiality provision shall prohibit any person from voluntarily disclosing or providing any information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization (any such entity, a “Regulatory Authority”) to the extent that any such prohibition on disclosure set forth in this confidentiality provision shall be prohibited by the laws or regulations applicable to such Regulatory Authority.

10. Miscellaneous

This Commitment Letter, the Fee Letter and the commitments hereunder shall not be assignable by any party hereto (except by (i) you to (a) a newly formed shell company that is an affiliate controlled directly or indirectly by the Sponsors to effect the consummation of the Acquisition and is organized under the laws of the District of Columbia, any state of the United States or any other jurisdiction reasonably agreed by the Commitment Parties, (b)** the Target or, with the consent (not to be unreasonably withheld or delayed) of the Commitment Parties, a wholly-owned subsidiary or direct or indirect parent of the Target (in each case, as a matter of law or otherwise substantially simultaneously with the consummation of the Acquisition on the Closing Date), (c) the Borrower, in each case immediately prior to or otherwise substantially concurrently with the consummation of the Acquisition or (d)** Silgan or (ii) a Commitment Party to an Additional Arranger as expressly set forth in Section*** 2*) without the prior written consent (such consent not to be unreasonably withheld or delayed) of each other party hereto (and any purported assignment without such consent shall be null and void) (provided that Goldman Sachs may assign its commitments and agreements hereunder and under the Fee Letter to Goldman Sachs Lending Partners LLC), is intended to be solely for the benefit of the parties hereto, the Sponsors and the Indemnified Parties and is not intended to and does not confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and the Indemnified Parties to the extent expressly set forth herein, except to the extent that you and we otherwise agree in writing.

Subject to Section*** 3* above, the Commitment Parties reserve the right to employ the services of their affiliates or branches (other than any Disqualified Institution) in providing services contemplated hereby (and, in connection with such employment, the Commitment Parties may, subject to the confidentiality provisions hereof, exchange with such affiliates or branches information concerning you and your affiliates in connection with the Transactions and, to the extent so employed, such affiliates and branches shall be entitled to the benefits afforded to the Commitment Parties hereunder) and to allocate, in whole or in part, to their affiliates the fees payable to the Commitment Parties in such manner as the Commitment Parties and their affiliates may agree in their sole discretion, but no Commitment Party shall be relieved of its obligations under this Commitment Letter. Neither this Commitment Letter nor the Fee Letter may be amended or any provision hereof waived or modified except by an instrument in writing signed by you and each party hereto or thereto. Each of the parties hereto agrees that (x) this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein (except as may be limited by applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness, good faith and fair dealing and equitable principles of general applicability), it being understood and agreed that the commitments to provide the Facilities are subject to the conditions set forth in the Conditions Exhibit (and no other conditions) and (y) the Fee Letter is a binding and enforceable agreement with respect to the subject matter contained therein (except as may be limited by applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness, good faith and fair dealing and equitable principles of general applicability); provided that nothing contained in this Commitment Letter obligates you or any of your affiliates to consummate any portion of the Transactions.

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Section headings used herein are for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter by facsimile or electronic transmission (e.g., “.pdf” or “.tif”) shall be effective as delivery of a manually executed counterpart hereof. The words “execution”, “signed”, “signature”, “delivery”, and words of like import in this Commitment Letter shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

This Commitment Letter and the Fee Letter are the only agreements that have been entered into among us and you with respect to the Facilities and set forth the entire understanding of the parties with respect thereto. This Commitment Letter shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York; provided that (i) the interpretation of a “Material Adverse Effect” (as defined in each Acquisition Agreement) and whether a “Material Adverse Effect” has occurred, (ii) the accuracy of any Specified Acquisition Agreement Representation and whether as a result of any inaccuracy thereof you or your applicable affiliate has the right or would have the right (taking into account any applicable cure provisions) to terminate your (or its) obligations (or to refuse to consummate the Acquisition and/or the JV Acquisition) under the applicable Acquisition Agreement without any liability to you (or your applicable affiliates) and (iii) whether the applicable Acquisition has been consummated in accordance with the terms of the applicable Acquisition Agreement, will be governed by, and construed and enforced in accordance with, the internal Laws (as defined in the applicable Acquisition Agreement) of the State of Delaware, including its statute of limitations, without regard to any borrowing statute that would result in the application of the statutes of limitations or repose of any other jurisdiction (in furtherance of the foregoing, the Laws (as defined in the applicable Acquisition Agreement) of the State of Delaware will control even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive or procedural Law (as defined in the applicable Acquisition Agreement) of some other jurisdiction would ordinarily or necessarily apply).

You and we hereby irrevocably and unconditionally submit to the exclusive jurisdiction of any New York State or, to the fullest extent permitted under applicable law, federal court sitting in the Borough of Manhattan in The City of New York over any suit, action or proceeding arising out of or relating to the Transactions or the other transactions contemplated hereby, this Commitment Letter or the Fee Letter or the performance of services hereunder or thereunder and agree that any such suit, action or proceeding shall be brought in such courts. Service of any process, summons, notice or document by registered mail addressed to you or us shall be effective service of process for any suit, action or proceeding brought in any such court. You and we hereby irrevocably and unconditionally waive, to the fullest extent permitted under applicable law, any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in any inconvenient forum. You and we hereby irrevocably agree to waive, to the fullest extent permitted under applicable law, trial by jury in any suit, action, proceeding, claim or counterclaim brought by or on behalf of any party related to or arising out of the Transactions, this Commitment Letter or the Fee Letter or the performance of the agreements hereunder or thereunder. A final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

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Each of the Commitment Parties hereby notifies you that, pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (as amended, the “PATRIOT Act”) and the requirements of 31 C.F.R. §1010.230 (the “Beneficial Ownership Regulation”), it and each Lender is required to obtain, verify and record information that identifies the Borrower and each Guarantor, which information includes names, addresses, tax identification numbers and other information that will allow such Commitment Party and such Lender to identify the Borrower and each Guarantor in accordance with the PATRIOT Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the PATRIOT Act and the Beneficial Ownership Regulation and is effective for the Commitment Parties and each Lender. You hereby acknowledge and agree that the Commitment Parties shall be permitted to share any or all such information with the Lenders.

The survival, indemnification, expense reimbursement (if applicable in accordance with the terms hereof and the Fee Letter), jurisdiction, waiver of jury trial, governing law, service of process, venue, absence of fiduciary duty, affiliate activities, syndication, information and confidentiality provisions contained herein shall remain in full force and effect regardless of whether definitive financing documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the commitments hereunder; provided that your obligations under this Commitment Letter (other than your obligations with respect to confidentiality of the Fee Letter and the contents thereof) shall automatically terminate and be superseded by the provisions of the Facilities Documentation upon the initial funding thereunder, and you shall automatically be released from all liability in connection therewith at such time. You may terminate this Commitment Letter and the commitments of the Commitment Parties hereunder with respect to any Facility (or a portion thereof pro rata among the Commitment Parties under such Facility) at any time upon written notice to the Commitment Parties from you, subject to your surviving obligations as set forth in this paragraph. In addition, in the event that a lesser amount of indebtedness is required to fund the Transactions for any reason, you may reduce the Initial Lenders’ commitments with respect to any Facility (on a pro rata basis amongst the Initial Lenders) in a manner consistent with the allocation of purchase price reduction described under paragraph*** 1* of the Conditions Exhibit.

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter and the Fee Letter by returning to us executed counterparts of this Commitment Letter and the Fee Letter not later than 11:59 p.m., New York City time, on October 30, 2026. This offer will automatically expire at such time if we have not received such executed counterparts in accordance with the preceding sentence (the date of receipt by us of such executed counterparts, the “Acceptance Date”). In the event that the initial borrowing in respect of the Initial Term Facility does not occur on or before the Expiration Time (as defined below), then this Commitment Letter and the commitments hereunder shall automatically terminate unless we shall, in our discretion, agree to an extension. “Expiration Time” means 11:59 p.m., New York City time, on the day that is the earliest of (i) the Closing Date, (ii) the valid termination by you or your affiliates, or with the consent of you or your affiliates, of either Acquisition Agreement in accordance with its terms prior to the closing of the Acquisition and the JV Acquisition, and (iii) five business days following the Termination Date (as defined in, and as may be extended pursuant to, each Acquisition Agreement as in effect on the date hereof, without giving effect to the last sentence of Section 12.13(a) of the Voyage Acquisition Agreement); provided that the termination of any commitment pursuant to this sentence does not, subject to the other provisions of this Commitment Letter, prejudice your rights and remedies in respect of any prior breach or repudiation of this Commitment Letter.

**[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] **

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We are pleased to have been given the opportunity to assist you in connection with this important financing.

Very truly yours,
WELLS FARGO BANK, NATIONAL ASSOCIATION
By: /s/ Matthew Perrizo
Name: Matthew Perrizo
Title: Managing Director
WELLS FARGO SECURITIES, LLC
By: /s/ Robert Fallon
Name: Robert Fallon
Title: Vice President

[Signature Page to Commitment Letter]


GOLDMAN SACHS BANK USA
By: /s/ Robert Ehudin
Name: Robert Ehudin
Title: Authorized Signatory

[Signature Page to Commitment Letter]


ROYAL BANK OF CANADA
By: /s/ Michael Heuff
Name: Michael Heuff
Title: Managing Director, Global Co-Head, Leveraged Finance & Capital Markets

[Signature Page to Commitment Letter]


DEUTSCHE BANK AG NEW YORK BRANCH
By: /s/ Edwin Roland
Name: Edwin Roland
Title: Managing Director
By: /s/ Ryan Corning
Name: Ryan Corning
Title: Managing Director
DEUTSCHE BANK SECURITIES INC.
By: /s/ Edwin Roland
Name: Edwin Roland
Title: Managing Director
By: /s/ Ryan Corning
Name: Ryan Corning
Title: Managing Director

[Signature Page to Commitment Letter]


BANK OF AMERICA, N.A.
By: /s/ Elizabeth Gretz
Name: Elizabeth Gretz
Title: Managing Director
BOFA SECURITIES, INC.
By: /s/ Elizabeth Gretz
Name: Elizabeth Gretz
Title: Managing Director

[Signature Page to Commitment Letter]


The provisions of this Commitment Letter

are accepted and agreed to as of the date

first written above:

Silgan Metal Packaging LLC
By: /s/ Frank W. Hogan, III
Name: Frank W. Hogan, III
Title: Vice President and Secretary

[Signature Page to Commitment Letter]


**COMMITMENTS SCHEDULE **

| | | | | | | | | | | -------------------------------------- | - | :------------------------------------------------: | ----------: | ------ | :: | ----- | ----------------------------------------------: | ------ | | | | | | | | | | | | Initial Lender(s) | | Initial Term Facility Commitment Percentage(s) | | | | | Revolving Facility Commitment Percentage(s) | | | Wells Fargo Bank, National Association | | ** ** | 22.670 | **% ** | | ** ** | 22.670 | **% ** | | Goldman Sachs Bank USA | | ** ** | 22.670 | **% ** | | ** ** | 22.670 | **% ** | | Royal Bank of Canada | | ** ** | 22.670 | **% ** | | ** ** | 22.670 | **% ** | | Deutsche Bank AG New York Branch | | ** ** | 17.000 | **% ** | | ** ** | 17.000 | **% ** | | Bank of America | | ** ** | 14.990 | **% ** | | ** ** | 14.990 | **% ** | | | | | | | | | | | | Total: | | ** ** | 100.000 | **% ** | | ** ** | 100.000 | **% ** | | | | | | | | | | |


EXHIBIT A

*Project Voyage *

*Senior Secured Initial Term Facility *

*Senior Secured Revolving Facility *

*TRANSACTION SUMMARY *

Capitalized terms used but not defined in this Transaction Summary shall have the meanings set forth in the other Exhibits and Annexes (including the Definitions Annex) to the Commitment Letter to which this Transaction Summary is attached (the “Commitment Letter”) or in the Commitment Letter. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Transaction Summary shall be determined by reference to the context in which it is used.

Silgan Metal Packaging LLC, a Delaware limited liability company (the “Borrower”, and in its capacity as the “Buyer” under and as defined in the Voyage Acquisition Agreement, the “Buyer”), formed at the direction of Silgan Holdings Inc., a Delaware corporation (“Silgan”), and American Industrial Partners and its affiliates (collectively with the funds, partnerships or other co-investment vehicles managed, advised or controlled thereby, “AIP” and, together with Silgan, the “Sponsors”) and certain limited partners of AIP or other investors (which may include existing shareholders, board members, management and/or other rollover investors of the Target referred to below) (collectively with the Sponsors, the “Investors”), intends to, directly or indirectly, acquire (the “Acquisition”) all of the issued and outstanding capital stock of Trivium Packaging B.V., a private company with limited liability under the laws of the Netherlands (the “Target”), pursuant to that certain Share Purchase Agreement, dated as of the date hereof (together with the schedules and exhibits thereto, and as may be amended, modified, supplemented or waived from time to time in accordance with the Conditions Exhibit, the “Voyage Acquisition Agreement”), by and among the Buyer, the Target, Exal Holdings International Parent B.V., a private company with limited liability under the laws of the Netherlands, the Sellers (as defined therein) and the Seller Representative (as defined therein).

In connection therewith, it is intended that:

(a) On or prior to the Closing Date (as defined below), (i) Silgan will transfer (the “JV Contribution”), directly or indirectly, its ownership in the business previously identified by us to you as “MetalCo” (the “MetalCo Business”) to the Borrower and (ii) AIP will, directly or indirectly, acquire (the “JV Acquisition” and, together with the Acquisition, the “Acquisitions”) 40% of the outstanding equity interests of the Borrower (or a direct or indirect parent thereof) pursuant to that certain Transaction Agreement, dated as of the date hereof (together with the schedules and exhibits thereto, and as may be amended, modified, supplemented or waived from time to time in accordance with the Conditions Exhibit, the “JV Acquisition Agreement” and, together with the Voyage Acquisition Agreement, the “Acquisition Agreements”), by and among Silgan, A-VL Holdco, LP and Silgan Metal Packaging LLC.

(b) On or prior to the Closing Date, the Investors will, directly or indirectly, make an equity investment (the “Investor Equity Investment”) in the Borrower or a direct or indirect parent thereof (which equity investment, (x) if made in a direct or indirect parent of the Borrower, will, to the extent not otherwise applied, be contributed to the Borrower and (y) if other than common equity of the Borrower, will be on terms reasonably acceptable to the Lead Arrangers, in an aggregate amount (when combined, without duplication, with (x) any rollover equity in the Target and by other existing direct or indirect

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equity holders of the Target in connection with the Acquisition (the “Rollover Equity”) and (y) the fair market value of the MetalCo Business (determined in accordance with the JV Acquisition Agreement) (the “JV Equity” and, together with the Investor Equity Investment and the Rollover Equity, the “Equity Contribution”)) that is not less than 35.0% (the “Minimum Equity Contribution”) of the sum of (i) the aggregate principal amount of the Facilities funded on the Closing Date (excluding (A) the effects of any exercise of the “market flex” provisions of the Fee Letter, including any amounts incurred or borrowed under the Facilities to fund any Flex OID, (B) amounts drawn under the Revolving Facility on the Closing Date for working capital purposes and/or working capital adjustments under either Acquisition Agreement or to replace, backstop or cash collateralize existing letters of credit, bank guarantees, bankers’ acceptances and similar documents and instruments and (C) any letters of credit, bank guarantees, bankers’ acceptances and similar documents and instruments outstanding on the Closing Date) plus (ii) the Equity Contribution minus (iii) the aggregate amount of cash on hand at the Borrower, the Target and their respective subsidiaries on the Closing Date) (it being understood that the Minimum Equity Contribution shall be subject to reduction as expressly set forth in paragraph (1) of Conditions Exhibit); provided that, on the Closing Date, immediately after giving effect to the Acquisitions, the Sponsors shall, directly or indirectly, by contract or otherwise, control at least a majority of the outstanding voting equity interests of Holdings.

(c) On the Closing Date, the Borrower will obtain (i) a senior secured term loan facility in an aggregate principal amount of $4,880 million (as such amount may be increased by the amount of any loans borrowed thereunder to fund Flex OID) which senior secured term loan facility will be available in (x) a U.S. dollar tranche in an aggregate principal amount of $2,900 million and (y) a Euro tranche in an aggregate principal amount equal to the Euro equivalent (determined on the date such term loans denominated in Euros are allocated as part of the general syndication or such other date as reasonably agreed between the Borrower and the Lead Arrangers) of $1,980 million (the “Initial Term Facility”), as described in the Term Sheet and (ii) a senior secured revolving facility in an aggregate principal amount of $1,000 million (the “Revolving Facility” and, together with the Initial Term Facility, the “Facilities”), as described in the Term Sheet.

(d) Proceeds of the Facilities received by the Borrower on the Closing Date will be used to fund (i) the payment of consideration pursuant to the terms and conditions of the Acquisition Agreements (the “Acquisition Consideration”), and the other payments contemplated by the Buyer or its affiliates under the Acquisition Agreements, (ii) the repayment in full (and termination of all related guarantees and security) of all indebtedness of the Target and its subsidiaries under (1) the Credit and Guarantee Agreement, dated as of May 28, 2025, among Trivium Packaging B.V., Trivium Packaging Finance B.V., the other guarantors party thereto, J.P. Morgan SE as administrative agent, and the other agents and lenders party thereto, (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Term Loan Credit Agreement”) and (2) the Amended and Restated Credit and Guarantee Agreement, dated as of May 28, 2025, among Trivium Packaging B.V., Trivium Packaging Treasury B.V., the other borrowers and guarantors party thereto, J.P. Morgan SE as administrative agent, and the other agents and lenders party thereto, (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing ABL Credit Agreement” and together with the Existing Term Loan Credit Agreement, the “Existing Credit Agreements”);* provided* that, letters of credit, bank guarantees, bankers’ acceptances and similar documents and instruments of the Target and its subsidiaries that are outstanding on the Closing Date under the Existing Credit Agreements may be backstopped or replaced by (or rolled into) letters of credit, bank guarantees, bankers’ acceptances and similar documents and instruments issued under the Revolving Facility on the Closing Date or may be cash collateralized, (iii) either (1) all of the Target’s outstanding Senior Secured Notes issued pursuant to (x) the Senior First Lien Secured Indenture, dated as of May 28, 2025, among Trivium Packaging Finance B.V. as the issuer, Trivium Packaging B.V., the guarantors party thereto, GLAS Trust Company LLC as trustee and paying agent, Citibank, N.A., London Branch as security agent

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and the other agents party thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing First Lien Indenture”) and (y) the Senior Second Lien Secured Indenture, dated as of May 28, 2025, among Trivium Packaging Finance B.V. as the issuer, Trivium Packaging B.V., the guarantors party thereto, GLAS Trust Company LLC as trustee and paying agent, Citibank, N.A., London Branch as security agent and the other agents party thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Second Lien Indenture”, and together with the Existing First Lien Indenture, the “Existing Indentures” and together with the Existing Term Loan Credit Agreement and the Existing ABL Credit Agreement, the “Existing Trivium Indebtedness”) shall have been redeemed and paid in full (and all related guarantees and security interests terminated) or (2) notice for the redemption or repayment in full of all of the Senior Secured Notes shall have been given and immediately available funds sufficient to redeem or repay in full the Senior Secured Notes shall have been deposited with the applicable trustee to satisfy and discharge the Existing Indentures (clauses (ii) and (iii), the “Target Closing Refinancing”); (iv) fees, expenses and premiums incurred in connection with the foregoing and transactions (including the Transactions) related thereto (such fees and expenses, the “Transaction Costs”), (v) the distribution of funds to Silgan and (vi) working capital and general corporate purposes.

The transactions described above are collectively referred to herein as the “Transactions”. For purposes of the Commitment Letter and the Fee Letter, “Closing Date” shall mean the date of the satisfaction or waiver by the Lead Arrangers of all conditions set forth in the Conditions Exhibit and the initial funding of the Facilities.

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EXHIBIT B

*Project Voyage *

*Senior Secured Initial Term Facility *

*Senior Secured Revolving Facility *

*Summary of Principal Terms and Conditions *

Set forth below is a summary of the principal terms and conditions for the Facilities. Capitalized terms used but not defined in this Term Sheet shall have the meanings set forth in the other Exhibits and Annexes (including the Definitions Annex) to the Commitment Letter to which this Term Sheet is attached (the “Commitment Letter”) or in the Commitment Letter. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Term Sheet shall be determined by reference to the context in which it is used.

1. **PARTIES **
Holdings: A newly formed entity which shall directly own 100% of the equity interests of the Borrower.
Borrower: As set forth in Exhibit A.
Guarantors: The obligations of the Borrower in respect of the Facilities and, at the Borrower’s option, any Loan Party’s or any restricted subsidiary’s obligations in respect of (i) any swap, hedging and cash management obligations owed to the Administrative Agent, any Lead Arranger, any Lender or any affiliate of the foregoing or any other person from time to time specifically designated by the Borrower as “Swap/Cash Management Obligations” (“Swap/Cash Management Obligations”) and (ii) reimbursement obligations in respect of letters of credit or bank guarantees issued by a third party (“Specified L/C Reimbursement Obligations”) will be jointly and severally guaranteed by Holdings and each existing and newly acquired or created wholly-owned material domestic restricted subsidiary of the Borrower (each, a “Guarantor” and, together with the Borrower, a “Loan Party”), in a manner, subject to the Documentation Principles, substantially consistent with the Precedent Documentation, in each case, (x) other than Excluded Subsidiaries (to be defined in a manner consistent with the Documentation Principles) and (y) without limitation of sub-clause (x) and the following paragraph, subject to limitations, thresholds, exceptions and release provisions to be set forth in the Facilities Documentation in a manner consistent with the Documentation Principles, provided that the Borrower, in its sole discretion, may elect to designate one or more Excluded Subsidiaries to become Guarantors subject to limitations to be mutually agreed in a manner consistent with the Documentation Principles with respect to foreign subsidiaries.

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For the avoidance of doubt, it is understood and agreed that no guarantees will be released solely as a result of the relevant Guarantor ceasing to be a wholly-owned subsidiary unless either (I) such transaction is entered into for a bona fide business purpose (as determined in good faith by the Borrower) and, for the avoidance of doubt, not the primary purpose of causing such release, (II) such Person ceases to constitute a “Subsidiary” under the Facilities Documentation or (III) such Person otherwise constitutes an Excluded Subsidiary (other than solely on account of constituting a non-wholly owned Subsidiary).
Administrative Agent: Wells Fargo Bank, National Association (in its capacity as administrative agent and collateral agent in respect of the Facilities, the “Administrative Agent”).
Lead Arrangers and Bookrunners: Wells Fargo Securities, Goldman Sachs, RBCCM, DBSI and Bank of America will act as joint lead arrangers and joint bookrunners for the Facilities (together with any Additional Arranger appointed by the Borrower as contemplated in the Commitment Letter, each in such capacity, a “Lead Arranger” and, collectively, the “Lead Arrangers”) and will perform the duties customarily associated with such role.
Lenders: A syndicate of banks, financial institutions and other institutional lenders, including the Initial Lenders, arranged by the Lead Arrangers and reasonably acceptable to the Borrower, but excluding Disqualified Institutions (collectively, the “Lenders”); provided that nothing herein shall affect the consent rights of the Borrower set forth below under the heading “Assignments and Participations”.
2.  FACILITIES
Type and Amount: (A) A senior secured term loan facility in an aggregate principal amount of $4,880 million (as such amount may be increased by the amount of any loans borrowed thereunder to fund Flex OID, which amount shall be automatically added to the Commitment Parties’ commitments under the Commitment Letter), consisting of U.S. dollar and euro tranches made available to the Borrower as (i) a U.S. dollar tranche in an aggregate principal amount of $2,900 million (such facility, the “Initial Dollar Term Facility”) and (ii) a Euro tranche in an aggregate principal amount equal to the Euro equivalent (determined on the date such term loans denominated in Euros are allocated as part of the general syndication or such other date as reasonably agreed between the Borrower and the Lead Arrangers) of $1,980 million (such facility, the “Initial Euro Term Facility”, and, together with the “Initial Dollar Term Facility”, collectively, the “Initial Term Facility” and the loans thereunder, the “Term Loans”).
(B) A senior secured revolving credit facility in an aggregate principal amount of $1,000 million (the “Revolving Facility”, the commitments thereunder, the “Revolving Commitments”), which will be available to the Borrower, of which $200 million (the “L/C Sublimit”) will be available in the form of letters of credit (“Letters of Credit”). The loans under the Revolving Facility, together with (unless the context otherwise requires) the Swingline Loans referred to below, are referred to as “Revolving Loans”. The Revolving Facility shall be available in

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U.S. Dollars, Mexican Pesos, Euros, Canadian Dollars, Pounds Sterling, Swedish Krona, Australian Dollars and any other currencies reasonably acceptable to each Revolving Lender.
In connection with the Revolving Facility, the Administrative Agent (in such capacity, the “Swingline Lender”) will make available to the Borrower a swingline facility (the loans thereunder, the “Swingline Loans”) under which such Borrower may make borrowings of up to $200 million. Except for purposes of calculating the commitment fee described below, any such swingline borrowings will reduce availability under the Revolving Facility on a dollar-for-dollar basis.
Each Lender under the Revolving Facility (“Revolving Lender”) shall, promptly upon request by the Swingline Lender, fund to the Swingline Lender its pro rata share of any swingline borrowings.
If any Revolving Lender becomes a Defaulting Lender (to be defined in a manner consistent with the Documentation Principles) then the swingline exposure of such Defaulting Lender will automatically be reallocated among the non-Defaulting Lenders under the Revolving Facility pro rata in accordance with their commitments under the Revolving Facility up to an amount such that the revolving credit exposure of such non-Defaulting Lender does not exceed its commitments. In the event such reallocation does not fully cover the exposure of such Defaulting Lender, the Swingline Lender may require the Borrower to repay such “uncovered” exposure in respect of the swingline loans and will have no obligation to make new swingline loans to the extent such swingline loans would exceed the commitments of the non-Defaulting Lenders under the Revolving Facility.
The Borrower shall have the right to terminate the commitment of any Defaulting Lender to the extent such termination does not cause the revolving credit exposure to exceed the revolving credit commitments under the Revolving Facility.
Maturity and Amortization: (A) The Initial Term Facility will mature on the date that is seven years after the Closing Date (the “Term Maturity Date”). The Initial Dollar Term Facility will amortize in equal quarterly installments (commencing with the third full fiscal quarter ended after the Closing Date) in an aggregate annual amount equal to 1.00% of the original principal amount of the Initial Dollar Term Facility, subject to reduction in connection with debt prepayments and debt buybacks, with the balance payable on the Term Maturity Date. The Initial Euro Term Facility will not be subject to amortization and the balance thereof will be payable on the Term Maturity Date.
(B) The Revolving Facility will mature, and lending commitments thereunder will terminate, on the date that is five years after the Closing Date. The Revolving Facility will not be subject to amortization.

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Availability: (A) The Initial Term Facility will be available in a single drawing on the Closing Date. Amounts borrowed under the Initial Term Facility that are repaid or prepaid may not be reborrowed.
(B) The Revolving Facility will be available on (subject to the limitations set forth in the next two succeeding sentences) and after the Closing Date and at any time prior to the final maturity of the Revolving Facility. The Revolving Facility will be made available on the Closing Date to (a) fund a portion of the Transactions, (b) cash collateralize, replace or provide credit support for any existing letters of credit outstanding on the Closing Date under facilities no longer available to the Borrower, the Target or their respective subsidiaries as of the Closing Date and (c) fund the purchase of cash and any working capital needs of the Borrower and its subsidiaries (including pursuant to any working capital adjustment and/or purchase price adjustments in either Acquisition Agreement); provided that amounts borrowed pursuant to clause (a) on the Closing Date shall not exceed $200 million in the aggregate.
Additionally, Letters of Credit may be issued on the Closing Date in order to, among other things, backstop or replace existing letters of credit and for other purposes to be mutually agreed. Otherwise, letters of credit and Revolving Loans will be available at any time prior to the final maturity of the Revolving Facility, in minimum principal amounts to be agreed upon. Amounts repaid under the Revolving Facility may be reborrowed.
Use of Proceeds: (A) The proceeds of the Initial Term Facility will be used, together with the Equity Contribution and cash on hand of the Target and its subsidiaries, (i) to finance all or a portion of the Transactions (including working capital and/or purchase price adjustments and the payment of Transaction Costs) and (ii) for general corporate purposes.
(B) The Letters of Credit and proceeds of Revolving Loans will be used by the Borrower and its subsidiaries for working capital, capital expenditures and general corporate purposes (including permitted acquisitions, investments, restricted payments and other transactions not prohibited under the Facilities Documentation).
Letters of Credit: Letters of Credit under the Revolving Facility will be issued by Revolving Lenders (each an “Issuing Bank”), on a pro rata basis, in accordance with each Revolving Lender’s Revolving Commitments in respect of the Revolving Facility, and otherwise in a manner reasonably acceptable to the Borrower and each Issuing Bank. The face amount of any outstanding Letter of Credit (and, without duplication, any unpaid drawing in respect thereof) will reduce availability under the Revolving Facility on a dollar-for-dollar basis. Letters of Credit will be available in any currency available under the Revolving Facility. DBNY, Goldman Sachs and RBC shall not be required to issue any Letters of Credit other than standby Letters of Credit.

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Drawings under any Letter of Credit shall be reimbursed by the Borrower (whether with its own funds or with the proceeds of Revolving Loans) within one business day after notice of such drawing is received by the Borrower from the relevant Issuing Bank (with interest payable thereon as customarily provided).
3.  INCREMENTAL AND REFINANCING FACILITIES
Type and Amount: The Borrower or any Guarantor will have the right from time to time, on one or more occasions, to (a) increase the size of the Initial Term Facility or any Incremental Term Facility or add one or more incremental term loan facilities (each, an “Incremental Term Facility” and, collectively, the “Incremental Term Facilities” and the loans thereunder, “Incremental Term Loans”) in minimum amounts to be agreed and (b) increase the size of the Revolving Facility or any Incremental Revolving Facility or add one or more incremental revolving credit facilities under the Revolving Facility (any such revolving credit facility, an “Incremental Revolving Facility” and, collectively, the “Incremental Revolving Facilities”; the Incremental Term Facilities and the Incremental Revolving Facilities are collectively referred to as “Incremental Facilities”) (the loans under any Incremental Revolving Facility shall be the “Incremental Revolving Loans”); provided that the aggregate principal amount of all such Incremental Facilities outstanding at any time shall not exceed (the amount under clauses (a), (b), (c) and (d), collectively, the “Available Incremental Amount”) the sum of:
(a) an amount equal to the greater of (i) 100% of Financing EBITDA and (ii) 100% of Consolidated EBITDA, calculated on a pro forma basis, for the most recently ended Test Period, plus solely in the case of any Incremental Revolving Facility, an amount such that the aggregate Revolving Commitments do not exceed the greater of (i) 100% of Financing EBITDA and (ii) 100% of Consolidated EBITDA, plus any unused portion of the General Debt Basket or the Incremental Equivalent/Ratio Debt Starter Basket that the Borrower elects to instead apply to increase the Available Incremental Amount (the “Debt Basket Reallocated Amount”), minus the aggregate outstanding principal amount of debt incurred pursuant to clause (B) of the definition of Incremental Equivalent/Ratio Debt (as defined below) (the “Incremental Dollar Basket”), plus
(b) (X) the aggregate amount of all voluntary prepayments, redemptions and repurchases and payments utilizing yank-a-bank provisions (or, in the case of any revolving facility, permanent commitment reductions) in respect of (i) the initial Term Loans or Revolving Facility, (ii) any Incremental Term Loans, Incremental Revolving Facility or any Incremental Equivalent/Ratio Debt incurred pursuant to the Incremental Dollar Basket or the Incremental Prepayments Basket, and (iii) any other indebtedness secured by the Collateral on a pari passu or senior basis to the Initial Term Facility (and all debt buybacks of any of the foregoing with credit given to the principal amount of the debt

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purchased and all prepayments and permanent commitment reductions of any of the foregoing in connection with “yank-a-bank” provisions), in each case, at or prior to such time (other than any such prepayments funded with the proceeds of long-term indebtedness of the Borrower or any of its restricted subsidiaries (other than (I) revolving indebtedness and intercompany loans or (II) without duplication, any Incremental Facility or Incremental Equivalent/Ratio Debt then being incurred in reliance on the Incremental Prepayments Basket)) and (Y) the amount of any voluntary prepayments, redemptions, repurchases and debt buybacks (in the principal amount of the indebtedness subject thereto) and payments utilizing yank-a-bank provisions in respect of (and, solely with respect to revolving credit facilities, permanent commitment reductions under) any Refinancing Debt (or other refinancing indebtedness) previously applied to the prepayment, redemption, repurchase, buyback or permanent commitment reduction, as applicable, of any of the foregoing set forth under clause (b)(X) above (except to the extent funded with proceeds of long-term indebtedness of the Borrower or any of its restricted subsidiaries (other than (I) revolving indebtedness and intercompany loans or (II) without duplication, any Incremental Facility or Incremental Equivalent/Ratio Debt then being incurred in reliance on the Incremental Prepayments Basket)) (the amount calculated pursuant to this clause (b), the “Incremental Prepayments Basket”), plus
(c) in the case of any Incremental Facility that serves to effectively extend the maturity of the initial Term Loans and/or other term indebtedness and commitments under the Revolving Facility and/or other revolving facilities or other unfunded commitments, in each case, that are secured by the Collateral on a pari passu or senior basis to the Initial Term Facility or that were incurred in reliance on the Incremental Dollar Basket or the Incremental Prepayments Basket, an amount equal to the portion of the initial Term Loans and/or other term indebtedness and commitments under the Revolving Facility and/or other revolving facilities or other unfunded commitments, as applicable, to be replaced with such indebtedness; plus
(d) an unlimited amount, so long as, in the case of this clause (d), after giving effect to the incurrence of such amount and the use of proceeds thereof (including giving pro forma effect to any acquisition or other transaction consummated in connection therewith and other appropriate pro forma adjustments),
(i) in the case of an Incremental Facility secured on a pari passu basis with the Initial Term Facility, the First Lien Net Leverage Ratio, on a pro forma basis, does not exceed the greater of (x) 4.32:1.00 and (y) the First Lien Net Leverage Ratio immediately preceding the incurrence of such Incremental Facility (the amount calculated pursuant to this clause (d)(i), the “Pari Incremental Ratio Basket”),

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(ii) in the case of an Incremental Facility secured by the Collateral on a basis junior to the Initial Term Facility, either (x) the Cash Interest Coverage Ratio, on a pro forma basis, is not less than the lesser of (1) 1.50:1.00 and (2) the Cash Interest Coverage Ratio immediately preceding the incurrence of such Incremental Facility or (y) the Secured Net Leverage Ratio, on a pro forma basis, does not exceed the greater of (1) 4.82:1.00 and (2) the Secured Net Leverage Ratio immediately preceding the incurrence of such Incremental Facility (the amount calculated pursuant to this clause (d)(ii), the “Junior Incremental Ratio Basket”), and
(iii) in the case of an Incremental Term Facility that is secured by assets that do not constitute Collateral or that is unsecured, either (x) the Cash Interest Coverage Ratio, on a pro forma basis, is not less than the lesser of (1) 1.50:1.00 and (2) the Cash Interest Coverage Ratio immediately preceding the incurrence of such Incremental Facility or (y) the Total Net Leverage Ratio, on a pro forma basis, does not exceed the greater of (1) 5.32:1.00 and (2) the Total Net Leverage Ratio immediately preceding the incurrence of such Incremental Facility (the amount calculated pursuant to this clause (d)(iii), the “Unsecured Incremental Ratio Basket”);
provided that with respect to any Incremental Term Facility in the form of a delayed draw term loan facility (an “Incremental Delayed Draw Facility”), such Incremental Delayed Draw Facility shall either, as selected by the Borrower in its sole discretion, (X) be assumed to be fully drawn on the date such Incremental Delayed Draw Facility is established or (Y) otherwise require capacity under the Available Incremental Amount with respect to each Incremental Term Loan funded thereunder, in each case under this sub-clause (Y), tested on the applicable date of funding thereof.
The incurrence of any Incremental Facility shall be subject to satisfaction of the following conditions:
. 1.  such Incremental Facility shall not be guaranteed by any restricted subsidiary of the Borrower that is not a Guarantor and shall be secured on a pari passu or subordinated basis to the Initial Term Facility or shall be unsecured and shall not be secured by any assets of any Loan Party not constituting Collateral;
. 2.  (A) in the case of an Incremental Term Facility, except in the case of Permitted Earlier Maturity Debt, any such Incremental Term Facility will have a final maturity no earlier than the final maturity of the Initial Term Facility and the weighted average life to maturity of any such Incremental Term Facility shall not be shorter than the then remaining weighted average life to maturity of the Initial Dollar Term Facility (determined without giving effect to any prepayments); and (B) any Incremental Revolving Facility will have a final maturity no earlier than the final maturity of the initial Revolving Facility;

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3.  (A) any such Incremental Revolving Facility shall either (i) be subject to the same terms and conditions as the Revolving Facility (and be deemed added to, and made a part of, the Revolving Facility) (it being understood that, if required to consummate an Incremental Revolving Facility, the Borrower may increase the pricing, interest rate margins, rate floors and undrawn fees on the applicable Revolving Facility being increased for all lenders under such Revolving Facility, but additional upfront or similar fees may be payable to the lenders participating in such Incremental Revolving Facility without any requirement to pay such amounts to any existing Revolving Lenders) or (ii) mature no earlier than, and require no scheduled mandatory commitment reduction prior to, the maturity of the initial Revolving Facility and all other material terms (other than pricing, maturity, upfront, arrangement, structuring, underwriting, ticking, consent, amendment and other fees, participation in mandatory prepayments or commitment reductions and immaterial terms, which shall be determined by the Borrower) shall (x) be substantially identical to the initial Revolving Facility or (y) be reasonably satisfactory to the Administrative Agent (it being understood that if any financial maintenance covenant or other more favorable provision is added for the benefit of any Incremental Revolving Facility, no consent shall be required from the Administrative Agent or any Lender to the extent that such financial maintenance covenant or other provision is (1) also added for the benefit of any existing Revolving Facility or (2) only applicable after the latest maturity of any existing Revolving Facility); (B) any Incremental Term Facility may provide for the ability to participate on a pro rata basis, or on a less than or greater than pro rata basis, in any voluntary prepayments of the term loans (or mandatory prepayment with proceeds of Refinancing Debt), and on a pro rata basis or a less than pro rata basis (but not greater than pro rata basis) in any other mandatory prepayments of the Term Loans (except that the Borrower shall be permitted to prepay any class of term loans on a greater than pro rata basis as compared to any other class of term loans with a later maturity date than such class);
4.  to the extent required by the lenders providing such Incremental Facility, no payment or bankruptcy (with respect to the Borrower) event of default shall have occurred and be continuing or would immediately result therefrom; provided that, in the case of a Limited Condition Transaction (to be defined in a manner consistent with the Documentation Principles), a permitted acquisition or other investment, such requirement shall be limited to no payment or bankruptcy (with respect to the Borrower) event of default determined as of the LCT Test Date (to be defined in a manner consistent with the Documentation Principles);

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5.  no Lender shall be required to participate in any Incremental Facility without its consent; 6.  except as otherwise required or permitted above, all other terms of such Incremental Facility will be agreed between the Borrower and the lenders providing such Incremental Facility; and 7.  the currency, pricing, interest rate margins, discounts, premiums, rate floors, fees and prepayment terms applicable to any Incremental Facility shall be determined by the Borrower and the lenders thereunder; provided that solely in the case of any Incremental Term Facility that (1) is incurred under clause (d) of the Available Incremental Amount, (2) is secured by the Collateral on a pari passu basis with the initial Term Loans, (3) is in the form of floating rate term loan “B” U.S. dollar or euro denominated credit facilities, as applicable, (4) is broadly syndicated (the “Broadly Syndicated Exception”), (5) matures on or prior to the maturity date of the initial Term Loans (the “Outside Maturity Threshold”), (6) is incurred prior to the date that is six months after the Closing Date (such date, the “MFN Sunset Date”), (7) has 100% cash interest and (8) is not incurred in connection with a permitted acquisition or other permitted investment (including capital expenditures) or to refinance any indebtedness originally incurred for such purposes (the “Acquisition Exception”) (provided that the Borrower may, in its sole discretion, exclude any Incremental Term Facility from application of the MFN Provision that is not otherwise excluded from the MFN Provision in an aggregate initial principal amount of up to the greater of (i) 250% of Financing EBITDA and (ii) 250% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period (this proviso, the “MFN Threshold”)), if the interest rate margin applicable to any such Incremental Term Facility (after giving effect to all stepdowns applicable thereto) determined as of the initial funding date for such Incremental Term Facility is more than 1.00% (the “MFN Differential”) higher than the highest interest rate margin applicable to the Initial Term Facility, then the interest rate margin for the Initial Term Facility denominated in the same currency shall be increased by an amount equal to the difference between the interest rate margin with respect to such Incremental Term Facility (after giving effect to all stepdowns applicable thereto) and the highest interest rate margin on the Initial Term Facility denominated in the same currency, minus the MFN Differential (the “MFN Provision”). The lenders providing any Incremental Facility shall be reasonably satisfactory to the Administrative Agent (and in the case of any Incremental Revolving Facility, each Issuing Bank and each Swingline Lender to the extent required under “Assignments and Participations” below).

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The Facilities Documentation will permit the Borrower and its restricted subsidiaries to utilize availability under the Incremental Facilities to issue or incur Incremental Equivalent/Ratio Debt as set forth under “Negative Covenants” below.
“Financing EBITDA” means $1,102 million.
“Permitted Earlier Maturity Debt” means at the option of the Borrower (in its sole discretion), indebtedness incurred with a final maturity date prior to the earliest maturity date otherwise required under the Facilities Documentation with respect to such indebtedness and/or a weighted average life to maturity shorter than the minimum weighted average life to maturity otherwise required under this Facilities Documentation with respect to such indebtedness (i) in an aggregate outstanding principal amount not to exceed the greater of (a) 250% of Financing EBITDA and (b) 250% of Consolidated EBITDA, calculated on a pro forma basis for the most recently ended Test Period, (ii) constituting bridge loan the terms of which provide for an automatic extension of the maturity date thereof, subject to customary conditions, to a date that is not earlier than the latest maturity date of the Initial Term Facility (“Extendable Bridge Loans”), (iii) incurred pursuant to the Debt Basket Reallocated Amount or (iv) solely for purposes of meeting any weighted average life to maturity condition, such indebtedness has amortization of up to 1.00% per annum, in each case, solely to the extent the final maturity date of such indebtedness is restricted from occurring prior to such earliest maturity date, or the weighted average life to maturity of such Indebtedness is restricted from being shorter than the minimum weighted average life to maturity otherwise required, under the applicable basket.
“Test Period” means, on any date of determination, with respect to the Borrower and its restricted subsidiaries on a consolidated basis, (x) for purposes of determining (i) the applicable percentage of Excess Cash Flow, (ii) the Applicable Margin and the commitment fee rate, (iii) the Asset Sale Prepayment Step-ups and (iv) compliance with the Financial Covenant, the four (4) consecutive fiscal quarters of the Borrower and its restricted subsidiaries most recently then ended and for which a compliance certificate has been delivered and (y) for all other purposes, the four (4) consecutive fiscal quarters of the Borrower and its restricted subsidiaries most recently then ended in respect of which financial statements are internally available (as determined in good faith by the Borrower); provided that, in the case of clause (y) above, at the option of the Borrower, the Test Period may instead be the most recent period of twelve consecutive fiscal months of the Borrower ended on or prior to such date of determination (taken as one accounting period) in respect of which internal monthly financials are available (as determined in good faith by the Borrower) for each fiscal month in such period.

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Use of Proceeds: The proceeds of the Incremental Facilities will be used for working capital, capital expenditures and other general corporate purposes (including permitted acquisitions and payment of permitted dividends) of the Borrower and its subsidiaries and any other purpose not prohibited by the Facilities Documentation.
Refinancing Debt: The Facilities Documentation will permit the Borrower to (a) refinance the Revolving Commitments or commitments under any Incremental Revolving Facility from time to time, in whole or part, with one or more new revolving credit facilities (each, a “Refinancing Revolving Credit Facility”) under the Facilities Documentation with the consent of the Borrower and the institutions providing the Refinancing Revolving Credit Facility, (b) refinance Term Loans or loans or commitments under any Incremental Term Facility from time to time, in whole or part, with one or more new term facilities (each, a “Refinancing Term Facility”) under the Facilities Documentation with the consent of the Borrower and the institutions providing the Refinancing Term Facility, and (c) refinance Term Loans or loans or commitments under any Incremental Term Facility from time to time, in whole or part, or Revolving Loans or Revolving Commitments or loans or commitments under any Incremental Revolving Facility with one or more (x) series of senior, senior subordinated or subordinated unsecured notes or loans or (y) series of notes or loans that will be secured by the Collateral (A) on a pari passu basis with the Initial Term Facility or (B) on a junior priority basis to the Initial Term Facility, which will be subject to a “market” intercreditor agreement or other customary intercreditor arrangements or such other intercreditor terms reasonably acceptable to the Administrative Agent and the Borrower (each, a “Specified Intercreditor Agreement”) (the debt described in this clause (c), “Refinancing Notes”; the Refinancing Notes, together with each Refinancing Term Facility and Refinancing Revolving Credit Facility, collectively, the “Refinancing Debt”); provided that:
1.  other than Permitted Earlier Maturity Debt, no Refinancing Debt shall mature prior to the maturity date of the facility being refinanced or, in the case of a Refinancing Term Facility, have a shorter weighted average life to maturity (determined without giving effect to any prepayments) than loans under the Initial Dollar Term Facility or Incremental Term Facility being refinanced;
2.  no Refinancing Debt shall be borrowed or guaranteed by any restricted subsidiary that is not a Loan Party;
3.  if secured, such Refinancing Debt shall not be secured by any property or assets of any Loan Party that does not constitute Collateral; and
4.  the proceeds of such Refinancing Debt shall be promptly applied to permanently repay in whole or in part the loans under the facility being refinanced, and such Refinancing Debt shall not be

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in an aggregate principal amount greater than the principal or committed amount of the facility being refinanced, plus additional amounts to the extent otherwise permitted to be incurred under the Facilities Documentation; plus any fees, premium, original issue discount and accrued interest associated therewith, and costs and expenses related thereto.
In connection with any Refinancing Debt, the Facilities Documentation will provide the Borrower the right to require the applicable lenders to assign their loans and commitments to the providers of any such Refinancing Debt. 5.
5.  CERTAIN PAYMENT PROVISIONS
Fees and Interest Rates: As set forth on Annex I to this Term Sheet.
Closing Fees: As set forth in the Fee Letter.
Optional Prepayments and Commitment Reductions: The Facilities may be prepaid, and commitments may be reduced, in whole or in part, at the option of the Borrower, without premium or penalty (except as set forth in the next paragraph), in minimum amounts to be agreed, upon same day notice (or, in the case of a prepayment of SOFR Loans or EURIBOR Loans (as defined in Annex I), three business days’ prior notice) (which may be conditioned upon the occurrence of a refinancing or other event).
In the case of (a) any optional prepayment of Term Loans (or mandatory prepayment pursuant to clause (b) under the heading “Mandatory Prepayments”) with the proceeds of, or any exchange of Term Loans into, any new or replacement broadly syndicated pari passu secured long-term term loan “B” credit facility denominated in the same currency as the subject Term Loans and having a lower all-in-yield than the all-in-yield of the Initial Term Facility or (b) any “repricing” amendment (and any mandatory assignment by a Lender in connection therewith) of the Initial Term Facility which reduces the all-in yield of the Initial Term Facility, in each case prior to the date that is six months after the Closing Date (the “Prepayment Premium End Date”) and where the primary purpose (as determined by the Borrower in good faith) of such prepayment, exchange or amendment is to reduce the all-in-yield of the Initial Term Facility, the Borrower shall pay a 1.00% prepayment fee with respect to any Term Loans so prepaid, exchanged or subject to such “repricing” amendment; provided that no such fee shall be payable (A) in connection with any transaction that would, if consummated, constitute (i) a change of control, (ii) a qualifying IPO, (iii) a disposition, the consideration for which exceeds the lesser of (x) 25% of Financing EBITDA and (y) 25% of Consolidated EBITDA for the most recently ended Test Period, (iv) a dividend recapitalization (the “Prepayment Premium Dividend Exception”), (v) any transaction resulting in an upsizing of the Initial Term Facility (the “Prepayment

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Premium Upsize Exception”), (vi) an acquisition or other similar investment, the consideration for which exceeds the lesser of (x) 25% of Financing EBITDA and (y) 25% of Consolidated EBITDA for the most recently ended Test Period or (vii) any other transaction not otherwise permitted by the Facilities Documentation or that would not provide the Borrower with sufficient operational flexibility or (B) (i) if such prepayment is made with internally generated cash or (ii) to any Lender that continues (or an affiliate thereof continues) to be a Lender under the Initial Term Facility in connection with a refinancing.
All voluntary prepayments (including from the proceeds of Refinancing Debt) shall be applied as directed by the Borrower (and in the absence of such direction, in direct order of maturity), which may be applied to any specific class or classes, tranche or tranches or facility or facilities as selected by the Borrower; provided that such prepayments shall be made on a pro rata basis within such class, tranche or facility.
Mandatory Prepayments: If at any time the aggregate amount of outstanding loans, unreimbursed letter of credit drawings and undrawn letters of credit under the Revolving Facility exceeds the commitments under the Revolving Facility, then the Borrower will immediately repay outstanding loans and cash collateralize outstanding letters of credit under the Revolving Facility in an aggregate amount equal to such excess, with no reduction of the commitments.
Mandatory prepayments of the Initial Term Facility shall be required in an amount equal to:
(a) the Net Cash Proceeds Percentage of the net cash proceeds of any non-ordinary course sale or other disposition of fixed assets constituting Collateral pursuant to the “unlimited” asset sale basket and any casualty or condemnation event suffered with respect to fixed assets constituting Collateral by the Borrower or any Loan Party in excess of an amount to be agreed per transaction (or series of related transactions) and an amount to be agreed per fiscal year that are not excluded pursuant to the per transaction exclusion (with only such excess amount being subject to prepayment) and subject to the right of the Borrower and its restricted subsidiaries to (i) reinvest such proceeds in the business of the Borrower and its restricted subsidiaries if such proceeds are reinvested within 24 months following receipt (or, if the Borrower or a restricted subsidiary has contractually committed to reinvest such proceeds within 24 months following receipt, 30 months following receipt) and (ii) make restricted payments (subject to available capacity under any restricted payment basket) with such proceeds in lieu of the reinvestment thereof (provided that the Borrower may elect to deem expenditures that otherwise would be permissible reinvestments that occur prior to receipt of the proceeds of an asset sale or other disposition to have been reinvested in accordance with the provisions hereof; provided, further, that such deemed expenditure shall have been made no earlier than the earliest of (i) one year prior to such asset sale or disposition, (ii) notice of such intended asset sale or disposition, (iii) execution of a definitive agreement for such asset sale or disposition and (iv) consummation of such asset sale or disposition) (any such asset sale proceeds pursuant to this clause (a) not so applied as a mandatory prepayment, the “Retained Asset Sale Proceeds”);

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“Net Cash Proceeds Percentage” means (i) 0%, if the First Lien Net Leverage Ratio is equal to or less than the greater of (x) 4.50:1.00 or (y) the First Lien Net Leverage Ratio as of the Closing Date plus 0.25:1.00, (ii) 50%, if the First Lien Net Leverage Ratio is equal to or less than the greater of (x) 5.00:1.00 or (y) the First Lien Net Leverage Ratio as of the Closing Date plus 0.75:1.00, but greater than the greater of (x) 4.50:1.00 or (y) the First Lien Net Leverage Ratio as of the Closing Date plus 0.25:1.00 and (iii) 100%, if the First Lien Net Leverage Ratio is greater than the greater of (x) 5.00:1.00 or (y) the First Lien Net Leverage Ratio as of the Closing Date plus 0.75:1.00; provided that, in each case, such First Lien Net Leverage Ratio shall be determined, at the Borrower’s option, at the time of such disposition, at the time of entry into a definitive agreement with respect thereto or at the time of application of the net cash proceeds therefrom) (and the Net Cash Proceeds Percentage may, at the Borrower’s option, be tested at any time during the reinvestment period, and shall apply to amounts subject to the reinvestment rights set forth above during such periods);
(b) 100% of the net cash proceeds from issuances or incurrences of debt by the Borrower and its restricted subsidiaries (other than debt permitted by the Facilities Documentation, except for Refinancing Debt that refinances the Initial Term Facility); and
(c) commencing with the first full fiscal year ended after the Closing Date, 0% of Excess Cash Flow for each fiscal year of the Borrower (“Excess Cash Flow” to be defined consistent with the Documentation Principles as modified as reasonably necessary to (i) more accurately reflect the business and financial accounting of the Borrower and its subsidiaries after giving effect to the Transactions and (ii) address technical clarifications); (i) provided that such prepayment percentage shall be increased to (x) 25% if (x) the First Lien Net Leverage Ratio would be greater than the greater of (i) 4.50:1.00 or (ii) the First Lien Net Leverage Ratio as of the Closing Date plus 0.25:1.00 but less than the greater of (x) 5.00:1.00 or (y) the First Lien Net Leverage Ratio as of the Closing Date plus 0.75:1.00 and (y) 50% if the First Lien Net Leverage Ratio is greater than the greater of (i) 5.00:1.00 or (ii) the First Lien Net Leverage Ratio as of the Closing Date plus 0.75:1.00, as calculated at the time of the respective payment and recalculated to give pro forma effect to any such prepayment; (ii) provided, further, that at the Borrower’s option the amount of such prepayment shall be reduced dollar-for-dollar by (A)(x) the amount of any voluntary prepayment, redemptions and repurchases of (1) the loans under the Initial Term Facility, any Incremental Term Facility, any Refinancing Debt (other than a revolving credit facility) and any Incremental Equivalent/Ratio Debt, (2) any other term indebtedness, (3) any revolving credit facility (including the Revolving Facility and Refinancing Debt consisting of

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revolving credit facilities and any incremental facility thereunder) (to the extent such other revolving credit facility is secured by the Collateral and accompanied by a permanent reduction of the corresponding commitment) and (4) any refinancing, replacement or extension of any of the foregoing (in each case, including any debt buyback conducted pursuant to a Dutch Auction or open market purchase or other privately negotiated transaction, with credit given in an amount equal to the cash purchase price), but excluding any such prepayments funded with the proceeds of long-term indebtedness of the Borrower or any of its restricted subsidiaries (other than revolving loans and intercompany loans), in each case made (or committed to be made) during such fiscal year and, at the option of the Borrower, made after fiscal year-end and prior to the payment due date, (y) amounts used to repay borrowings of Revolving Loans made to account for any Flex OID and (z) among other things, but in each case under this clause (z) to the extent not financed with long term indebtedness (other than revolving indebtedness or intercompany loans), cash used for reorganization and restructuring expenses, expenses incurred in connection with cost savings initiatives, capital expenditures, permitted investments, permitted acquisitions, restricted payments, payments of seller notes and earn-outs (including reorganization and restructuring expenses, expenses incurred in connection with cost savings initiatives, contracted (but not yet consummated) and planned capital expenditures, acquisitions and other investments and restricted payments, and planned acquisitions and certain other investments subject to a binding letter of intent so long as (1) such amounts are planned or contractually committed by the date the relevant Excess Cash Flow prepayment is due, (2) such amounts are utilized (and, for the avoidance of doubt, shall not be deducted when used) during the fiscal year following such Excess Cash Flow period and (3) any amounts not utilized during such fiscal year following such Excess Cash Flow period shall be included in the calculation of Excess Cash Flow for such fiscal year (the foregoing clauses (1), (2) and (3), the “Contracted Amounts Provisions”)), in each case made (or committed to be made) during such fiscal year and, at the option of the Borrower, made (or committed to be made) after fiscal year-end and prior to the payment due date (in each case under this clause (ii), except to the extent financed with long-term indebtedness of the Borrower or any of its restricted subsidiaries (other than revolving indebtedness or intercompany loans)).
The First Lien Net Leverage Ratio for purposes of determining the applicable excess cash flow percentage above shall be recalculated to give pro forma effect to any such mandatory prepayment and any other repayment or prepayment prior to the time such excess cash flow prepayment is due. Prepayments of Excess Cash Flow shall be required only if the amount required to be prepaid is greater than the greater of (x) 30% of Financing EBITDA and (y) 30% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period (and solely to the extent of such excess).

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Each mandatory prepayment of the loans under the Initial Term Facility shall be applied in direct order of maturity to the remaining installments of the Initial Term Facility or as otherwise directed by the Borrower.
Notwithstanding the foregoing, any Lender may elect not to accept its pro rata share of any mandatory prepayment (other than a prepayment with Refinancing Debt), in which case the amount so rejected may be retained by the Borrower (any amounts retained by the Borrower, the “Declined Amounts”). Any Declined Amount by the Lenders or, if applicable, under any Additional Debt, may be retained by the Borrower and such Declined Amount shall increase the Available Amount Basket.
Notwithstanding the foregoing, the Facilities Documentation will provide that in the event any debt is issued or incurred that is secured by liens on Collateral (collectively, “Additional Debt”), such Additional Debt may share no more than ratably in any prepayments required by the foregoing provisions of the Excess Cash Flow sweep and the asset sale proceeds sweep (or on a greater than ratable basis with respect to any indebtedness with an earlier maturity date than the Initial Term Facility).
All mandatory prepayments shall be subject to permissibility under (i) local law (e.g., financial assistance, corporate benefit, thin capitalization, capital maintenance, restrictions on repatriating or upstreaming of cash intra-group and the fiduciary and statutory duties of the directors of the relevant subsidiaries) and (ii) material organizational document restrictions (including as a result of minority ownership) and restrictions in other material agreements. Further, there will be no requirement to make any mandatory prepayment attributable to the Excess Cash Flow or net cash proceeds of a foreign subsidiary if the Borrower determines that the Loan Parties or any of their subsidiaries or direct or indirect parent companies or equityholders could suffer material adverse tax costs or consequences as a result of repatriating or upstreaming such amounts (taking into account the imposition of withholding taxes). Notwithstanding the foregoing, any prepayments actually made shall be net of any costs, expenses or taxes that would be incurred or payable by the Loan Parties or any of their subsidiaries, affiliates or direct or indirect equity owners as a result of repatriating such amounts.
6.  COLLATERAL
Collateral: Subject to the Limited Conditionality Provision and the Documentation Principles, the obligations under the Facilities, the Swap/Cash Management Obligations and the Specified L/C Reimbursement Obligations will be secured by, subject to permitted liens and other exceptions consistent with the Documentation Principles, first priority liens on the Collateral of each Loan Party, (x) other than Excluded Property (to be defined in a manner consistent with the Documentation Principles) and (y) without limitation of sub-clause (x), subject to limitations, thresholds, exceptions and release provisions to be set forth in the Facilities Documentation in a manner consistent with the Documentation Principles.

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Notwithstanding anything in the foregoing to the contrary, for the avoidance of doubt, in addition to other exceptions and limitations to be set forth in the Facilities Documentation in a manner consistent with the Documentation Principles, in no event shall the Borrower or any guarantor be required to (i) create any security interests in leased or owned real estate or to perfect such security interests, (ii) except with respect to the assets of a foreign subsidiary that, at the election of the Borrower, becomes a guarantor, create any security interests in assets located, titled, registered or filed outside of the United States or to perfect such security interests or (iii) deliver (a) control agreements, (b) other similar third party documents, or (c) except with respect to the assets of a foreign subsidiary that, at the election of the Borrower, becomes a guarantor, to the extent governed under the laws of a jurisdiction other than the United States, security agreements, pledge agreements, or share charge (or mortgage) agreements.
7.  CERTAIN CONDITIONS
Conditions Precedent to
Initial Borrowing: Subject to the Limited Conditionality Provision, the availability and funding of the Facilities on the Closing Date will be subject only to the conditions precedent set forth on the Conditions Exhibit applicable to the Facilities.
Conditions Precedent to all Borrowings Under the Revolving Facility after the Closing Date: The making of each extension of credit after the Closing Date under the Revolving Facility shall be conditioned upon (a) the delivery of notice, (b) the accuracy of representations and warranties in the Facilities Documentation in all material respects and (c) the absence of continuing defaults.
8.  DOCUMENTATION
Documentation: The definitive documentation for the Facilities (the “Facilities Documentation”) shall (i) contain only those conditions, mandatory prepayments, prepayment premiums, representations, warranties, covenants and events of default expressly set forth in this Exhibit (applicable to the Borrower and its restricted subsidiaries, in each case, with customary materiality thresholds, “baskets”, exceptions, limitations, qualifications and grace and cure periods and other thresholds, “baskets”, exceptions, limitations, qualifications and grace and cure periods to be mutually agreed) and, except as set forth herein, be no less favorable to Holdings, the Borrower and its subsidiaries than (A) the terms and conditions of the Credit Agreement, dated September 9, 2024, among A-AP Buyer, Inc., A-AP Midco, Inc., JPMorgan Chase

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Bank, N.A. as collateral agent and term loan administrative agent, KeyBank National Association as revolving administrative agent, the lenders party thereto from time to time, and the other parties thereto from time to time (and the related security, pledge, collateral and guarantee agreements executed and/or delivered in connection therewith and the forms of intercreditor agreements attached thereto), as amended, supplemented or otherwise modified prior to the date hereof, (the “Precedent Documentation”) and (B) the Amended & Restated Credit Agreement, dated as of March 24, 2017 (the “Existing Silgan Credit Agreement”), among Silgan, the other borrowers party thereto, the other guarantors party thereto, and Wells Fargo Bank, National Association, as administrative agent, and shall be negotiated in good faith with changes and modifications (a) that reflect the terms of this Exhibit, (b) as are reasonably necessary to take into account the operational and strategic requirements and the specific nature of the businesses of the Borrower and its subsidiaries (after giving effect to the Transactions) in light of their capitalization, size, business, industry and practices and the disclosure schedules to the Acquisition Agreements, (c) as are necessary to take into account the Projections and the model delivered by the Sponsors to the Lead Arrangers on September 21, 2026 (together with any updates or modifications thereto reasonably agreed between the Sponsors and the Lead Arrangers) (the “Model”) (or as necessary to reflect any exercise of the “market flex” provisions in the Fee Letter), (d) to the operational and agency provisions (so long as such changes and modifications are not inconsistent with this Term Sheet and are mutually agreed between the Borrower and the Administrative Agent), and (e) to take into account any changes in law or accounting standards or to cure any mistakes or defects and (ii) be consistent with the Conditions Exhibit (including the Limited Conditionality Provision), (iii) contain operational terms that are, in addition to the specifications of clause (i) above, no less favorable to the Borrower than the terms of the Existing Credit Agreements and the Existing Silgan Credit Agreement and with respect to the borrowers thereunder and (iv) be negotiated in good faith to finalize the Facilities Documentation within a reasonable time period to be determined based on the expected Closing Date and in coordination with the Acquisition Agreements, taking into account the timing of the syndication of the Facilities. This paragraph shall be referred to as the “Documentation Principles”. The Facilities Documentation will be initially drafted by counsel to the Borrower.
If additional debt is incurred in connection with Flex OID, whether before or after the Closing Date, all incurrence based tests and other financial ratios in the Facilities Documentation shall be adjusted in the Facilities Documentation (or pursuant to an amendment thereto) in order to maintain the cushion from the Model provided by such test or ratio as set forth herein.
The amount of any basket or threshold determined by reference to Consolidated EBITDA shall be determined as the greater of Consolidated EBITDA for such Test Period and the highest previously reported Consolidated EBITDA for any prior Test Period (the “High Water-Marking Provision”).

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All dollar baskets and thresholds with a “per year” limitation will include the ability to carry-forward and carry-back unused amounts from prior and subsequent years, respectively (the “Annual Basket Provision”).
A subsidiary of the Borrower shall constitute an immaterial subsidiary under the Facilities Documentation if, as of the last day of the most recently ended Test Period, it does not have (a) assets (when combined with the assets of all other immaterial subsidiaries, after eliminating intercompany obligations) in excess of 10.0% of the total assets of the Borrower and its restricted subsidiaries or (b) Consolidated EBITDA (when combined with the Consolidated EBITDA of all other immaterial subsidiaries) in excess of 10.0% of the Consolidated EBITDA of the Borrower and its restricted subsidiaries.
The Facilities Documentation shall, without limitation, (I) include an additional liens basket permitting the Borrower or any restricted subsidiary, at its election, to incur liens on cash collateral securing reimbursement obligations in respect of letters of credit issued by a third party in lieu of utilization of all or a portion of the L/C Sublimit (the “Specified L/C Cash Collateral Liens”) (it being understood that such utilization of the L/C Sublimit pursuant to Specified L/C Cash Collateral Liens shall be deemed to constitute utilization of capacity under the L/C Sublimit (provided that any such utilization of the L/C Sublimit shall not be deemed to constitute utilization for purposes of the commitment fee)) and (II) permit the Borrower, in its sole discretion, to secure and guarantee Specified L/C Reimbursement Obligations (it being understood that such utilization of the L/C Sublimit pursuant to Specified L/C Reimbursement Obligations shall be deemed to constitute utilization of capacity under the L/C Sublimit (provided that any such utilization of the L/C Sublimit shall not be deemed to constitute utilization for purposes of the commitment fee)).
Representations and Warranties: Limited to the following (applicable to only the Borrower and its restricted subsidiaries and, in a customary manner to be agreed, Holdings) and subject to the Limited Conditionality Provision: existence, qualification and power; due authorization, execution, delivery and enforceability of the Facilities Documentation; compliance with material laws (including environmental laws); the PATRIOT Act, FCPA and OFAC; with respect to the execution, delivery and performance of the Facilities Documentation, no contravention of organizational documents, material laws or material debt agreements; material governmental approvals with respect to the execution, delivery and performance of the Facilities Documentation; accuracy of financial statements (after the Closing Date); no Material Adverse Effect (after the Closing Date); material litigation; ownership of property; taxes; ERISA compliance; margin regulations; Investment Company Act;

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accuracy of disclosure as of the Closing Date (to be consistent with the “information” representation set forth in the Commitment Letter to which this Exhibit is attached); solvency of the Borrower and its restricted subsidiaries on a consolidated basis as of the Closing Date (which representation shall be satisfied by the delivery of a solvency certificate in the form attached as Annex I to the Conditions Exhibit); and creation, perfection and priority of security interests (subject to permitted liens). Only the Specified Representations will be made on the Closing Date. For the avoidance of doubt, the failure of any representation or warranty (other than the Specified Representations and the Specified Acquisition Agreement Representations) to be true and correct on the Closing Date will not constitute the failure of a condition precedent to funding under any Facility and the failure of any representation or warranty (other than the Specified Representations) to be true and correct on the Closing Date will not constitute a default under any Facility.
“Material Adverse Effect” means (a) on the Closing Date, a “Material Adverse Effect” as defined in each Acquisition Agreement and (b) after the Closing Date, (i) a material adverse effect on the business, financial condition or results of operations of the Borrower and its restricted subsidiaries, taken as a whole, (ii) a material adverse effect on the ability of the Loan Parties (taken as a whole) to perform their respective payment obligations under the Facilities Documentation or (iii) a material adverse effect on the material remedies (taken as a whole) of the Administrative Agent under the Facilities Documentation.
Affirmative Covenants: Limited to the following (applicable to only the Borrower and its restricted subsidiaries and, with respect to preservation of existence and further assurances only, Holdings): quarterly unaudited financial statements (for each of the first three fiscal quarters of each fiscal year) within 60 days after such fiscal quarter end (commencing with the first fiscal quarter ending after the Closing Date) (or within 90 days for the first quarterly period ending after the Closing Date and 75 days for the second and third quarterly periods ending after the Closing Date), and annual audited financial statements within 120 days after fiscal year end (commencing with the fiscal year ending after the Closing Date) (or within 150 days for the fiscal year ending December 31, 2027, which such audited financial statements for such fiscal year may, at the option of the Borrower, cover only the period from the Closing Date to the end of such fiscal year) accompanied by an audit opinion (such opinion to be without qualifications as to “going concern” (but may be subject to a “going concern” or “emphasis of matter” explanatory paragraph or like statement) or the scope of the audit (other than with respect to, or disclosure of an exception or qualification resulting from (x) the maturity or termination of any debt or credit facility, (y) any actual or prospective default under any financial covenant or (z) the activities, operations, financial results, assets or liabilities of any unrestricted subsidiary)), in each case, for the Borrower and its subsidiaries; subject to a thirty (30) day extensions for any fiscal year or fiscal quarter, as applicable, in which a material acquisition or material accounting

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change has occurred; prior to an IPO, annual budgets in a form customarily prepared by the Borrower (delivered with the annual compliance certificate); compliance certificates; certain other information concerning the Borrower and its restricted subsidiaries reasonably requested by the Administrative Agent (other than information subject to attorney/client privilege, confidentiality obligations or other customary limitations); notices of defaults and certain other changes that would reasonably be expected to have a Material Adverse Effect; payment of taxes; preservation of existence; maintenance of properties (subject to casualty, condemnation and normal wear and tear); maintenance of customary insurance as determined by the Borrower in good faith; compliance with laws including ERISA, environmental laws, the PATRIOT Act, FCPA and OFAC (with respect to a foreign subsidiary, to the extent not in conflict with a relevant local law); books and records; inspection rights of the Administrative Agent, with exceptions for information subject to attorney-client privilege, confidentiality obligations or other customary limitations consistent with the Documentation Principles; use of proceeds; changes in fiscal year of the Borrower (other than with notice to the Administrative Agent); material changes in line of business (other than reasonably similar, related, corollary, complementary, ancillary, synergistic or incidental businesses); transactions with affiliates above an amount not less than an amount to be agreed in a manner consistent with the Documentation Principles (which shall permit, among other things (i) the payment of annual management or other similar fees, transaction fees and termination fees and expenses and indemnities subject to a cap to be agreed and to directors in an uncapped amount, which, in each case, will be added back to Consolidated EBITDA, (ii) transactions among the Loan Parties and their subsidiaries and, subject to limitations consistent with the Documentation Principles, joint ventures that are not otherwise prohibited by the Facilities Documentation, (iii) fees payable in connection with the Transactions and (iv) other exceptions consistent with the Documentation Principles); covenant to guarantee obligations and give security and further assurances with respect thereto; designation (and redesignation) of unrestricted subsidiaries; and commercially reasonable efforts to maintain corporate level and facility level credit ratings from each of Moody’s and S&P (but not any specific credit rating).
Limited Conditionality Transactions: The Facilities Documentation shall contain customary “Limited Conditionality Transactions” provisions in a manner consistent with the Documentation Principles; provided that the Facilities Documentation will not require the absence of a payment or bankruptcy (with respect to the Borrower) event of default or the accuracy of any representations and warranties in any jurisdiction where such conditions are not customary for limited condition transactions.

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Negative Covenants: Limited to the following (applicable to the Borrower and its restricted subsidiaries and, in the case of the passive holdings covenant, Holdings):
1.  limitations on the incurrence of debt (which shall permit, among other things, (i) debt under the Facilities (including any incremental or refinancing facility expressly contemplated by the Facilities Documentation), (ii) cash management obligations and non-speculative hedging arrangements, (iii) debt existing on the Closing Date, (iv) additional debt (“Incremental Equivalent/Ratio Debt”) in an amount equal to (A) the greater of (x) 50% of Financing EBITDA and (y) 50% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period (the amount calculated pursuant to this clause (A), the “Incremental Equivalent/Ratio Debt Starter Basket”), plus (B) the amount of debt that could be incurred under the Incremental Dollar Basket (and in lieu thereof) other than by virtue of the reallocation of the Incremental Equivalent/Ratio Debt Starter Basket, plus (C) the amount of debt that could be incurred under the Incremental Prepayments Basket (and in lieu thereof), plus (D) an unlimited amount secured on a pari passu basis with the Initial Term Facility so long as the First Lien Net Leverage Ratio, on a pro forma basis, does not exceed the greater of (x) 4.32:1.00 and (y) the First Lien Net Leverage Ratio immediately prior to the incurrence of such debt (the amount calculated pursuant to this clause (D), the “Incremental Equivalent/Ratio Debt Basket”), plus (E) an unlimited amount secured on a basis junior to the Initial Term Facility so long as either (x) the Cash Interest Coverage Ratio, on a pro forma basis, is not less than the lesser of (1) 1.50:1.00 and (2) the Cash Interest Coverage Ratio immediately prior to the incurrence of such debt or (y) the Secured Net Leverage Ratio, on a pro forma basis, does not exceed the greater of (1) 4.82:1.00 and (2) the Secured Net Leverage Ratio immediately prior to the incurrence of such debt, subject to the terms of a customary intercreditor agreement (the amount calculated pursuant to this clause (E), the “Incremental Equivalent/Ratio Debt Junior Lien Basket”), plus (F) an unlimited amount that is secured by assets that do not constitute Collateral or that is unsecured so long as either (x) the Cash Interest Coverage Ratio, on a pro forma basis, is not less than the lesser of (1) 1.50:1.00 and (2) the Cash Interest Coverage Ratio immediately preceding the incurrence of such debt or (y) the Total Net Leverage Ratio, on a pro forma basis, does not exceed the greater of (1) 5.32:1.00 and (2) the Total Net Leverage Ratio immediately prior to the incurrence of such debt (the amount calculated pursuant to this clause (F), the “Incremental Equivalent/Ratio Debt Unsecured Basket”); provided that Incremental Equivalent/Ratio Debt will not be subject to the MFN Provision or any maturity or weighted average life to maturity restrictions, (v) debt assumed in connection with a permitted acquisition or other permitted investment and not incurred in contemplation of such acquisition or investment (“Assumed Acquisition Debt”), (vi) purchase money debt and capital leases in an amount not less

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than (A) the amount of such debt outstanding as of the Closing Date, plus (B) the greater of (x) 75% of Financing EBITDA and (y) 75% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period, and (C) plus an unlimited amount so long as the First Lien Net Leverage Ratio, on a pro forma basis, does not exceed 4.32:1.00 (the “Purchase Money Capital Lease Basket”); provided that all purchase money debt and capital leases being incurred at such time in reliance on the Purchase Money Capital Lease Basket shall be included in the calculation of the First Lien Net Leverage Ratio for purposes of determining capacity under this basket, (vii) seller notes in connection with acquisitions, (viii) indebtedness in an amount not less than (1) the greater of (x) 100% of Financing EBITDA and (y) 100% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period plus (2) an amount not to exceed the sum of (x) 200% of the amount of restricted payments that could have been made pursuant to any restricted payment basket in the Facilities Documentation and (y) 100% of the amount of Restricted Junior Debt Payments and Investments that could have been made pursuant to any Restricted Junior Debt Payments or Investments basket in the Facilities Documentation (the “General Debt Basket”), (ix) debt incurred by non-Guarantor subsidiaries in an amount not less than the greater of (x) 75% of Financing EBITDA and (y) 75% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period plus an amount equal to the amount of such debt outstanding (including undrawn commitments) as of the Closing Date (the “Non-Guarantor Indebtedness Basket”), (x) intercompany debt among the Borrower and its restricted subsidiaries (the “Intercompany Debt Basket”), (xi) debt of joint ventures and/or debt incurred on behalf thereof or representing guarantees of debt of joint ventures in an amount not less than the greater of (x) 50% of Financing EBITDA and (y) 50% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period (the “JV Indebtedness Basket”), (xii) debt in an aggregate amount up to 200% (the “Contribution Debt Percentage”) of the aggregate cash and in-kind contributions made after the Closing Date to (a) common equity or (b) qualified preferred equity (any such equity or other instruments, together, “Permitted Equity”) of the Borrower that do not increase the Available Amount Basket or the aggregate amount of excluded contributions (the “Contribution Debt Basket”), (xiii) debt incurred to finance an acquisition of any assets in an amount not less than the greater of (x) 75% of Financing EBITDA and (y) 75% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period and which, for the avoidance of doubt, may be secured to the extent permitted by exceptions to the lien covenant (the “Acquisition Debt Basket”), (xiv) receivables, factoring and securitization facilities, subject to customary

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limitations on recourse to the Loan Parties, (xv) insurance premium financings, (xvi) disqualified equity issued to and held by the Borrower or any restricted subsidiary, (xvii) debt (including revolving debt) for non-Guarantor subsidiaries to fund working capital requirements, (xviii) debt in respect of additional letters of credit in an amount not less than the greater of (x) 25% of Financing EBITDA and (y) 25% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period (the “Additional L/C Facility Basket”) and (xx) other exceptions consistent with the Documentation Principles);
2.  limitations on liens securing debt (which shall permit, among other things, (i) liens securing each Facility (including any incremental, or refinancing facility in respect thereof) and permitted refinancings thereof, (ii) liens existing on the Closing Date, and any permitted refinancings thereof (including any cash collateral backstopping existing letters of credit or similar instruments), (iii) liens securing any Incremental Equivalent/Ratio Debt (it being understood that liens securing debt under the Incremental Equivalent/Ratio Debt Junior Lien Basket shall rank junior to the liens on the Collateral securing the Initial Term Facility), (iv) liens securing any Refinancing Debt (subject to applicable limitations thereunder), (v) liens securing any debt incurred under the Contribution Debt Basket (the “Contribution Debt Liens Basket”), which may, at the Borrower’s option, be subject to the terms of a Specified Intercreditor Agreement, (vi) [reserved], (vii) liens on acquired assets, and the stock of acquired entities, securing debt permitted to be assumed in connection with any permitted acquisition or investment, to the extent such liens encumbered such assets on the date of such acquisition or investment and were not granted in contemplation thereof, (viii) liens securing debt permitted under the General Debt Basket, the basket for Assumed Acquisition Debt, the Purchase Money Capital Lease Basket and the Acquisition Debt Basket, (ix) a general lien basket in an amount not less than the amount of clause (1) of the General Debt Basket (the “General Liens Basket”), which may, at the Borrower’s option, be subject to the terms of a Specified Intercreditor Agreement, (x) liens secured by assets that do not constitute Collateral, (xi) liens securing receivables, factoring and securitization facilities, (xii) liens securing non-speculative hedging arrangements and (xiii) other exceptions consistent with the Documentation Principles);
3.  limitations on fundamental changes (which shall permit, among other things, (i) intercompany mergers, consolidations, liquidations, shut-downs and dissolutions that are not prohibited by the investments covenant, (ii) Permitted Acquisitions and other permitted investments, (iii) permitted dispositions and (iv) other transactions consistent with the Documentation Principles, in each case, in a manner consistent with the Documentation Principles);

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4.  limitations on non-ordinary course asset sales (including sale and lease back transactions) of assets with a fair market value in excess of (A) the greater of (x) 15% of Financing EBITDA and (y) 15% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period per transaction or (B) with respect to all such transactions not excluded by virtue of the foregoing clause (A) the greater of (x) 30% of Financing EBITDA and (y) 30% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period, in the aggregate for all such transactions in any fiscal year (which shall permit, among other things, (i) sales or dispositions at fair market value on an unlimited basis so long as (other than with respect to any individual disposition involving assets with fair market value not exceeding an amount to be agreed or other dispositions involving assets with fair market value not exceeding an amount to be agreed per fiscal year) at least 75% of the consideration for any disposition, together with all other dispositions undertaken in reliance on this clause (i) since the Closing Date (on a cumulative basis), consists of cash or cash equivalents (subject to customary exceptions to the cash consideration requirement to be set forth in the Facilities Documentation, including a basket in an amount not less than an amount to be set forth in the Facilities Documentation in a manner consistent with the Documentation Principles (with a grower prong) for non-cash consideration that may be designated as cash consideration), (ii) a general dispositions basket in an amount not less than the greater of (x) 30% of Financing EBITDA and (y) 30% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period per year (with a carry-forward to succeeding fiscal years and a carry-back from future fiscal years), (iii) dispositions of assets with a fair market value per each such disposition not less than the greater of (x) 25% of Financing EBITDA and (y) 25% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period, (iv) dispositions of assets that do not constitute Collateral having a fair market value in an amount not less than the greater of (x) 10% of Financing EBITDA and (y) 10% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period per year (with a carry-forward to succeeding fiscal years and a carry-back from future fiscal years), (v) sale and leaseback transactions (x) in an unlimited amount so long as $1 of Incremental Equivalent/Ratio Debt could be incurred, after giving pro forma effect to such transaction or (y) of assets with a fair market value not less than the greater of (1) 50% of Financing EBITDA and (2) 50% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period and (vi) other exceptions consistent with the Documentation Principles);

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5.  limitations on making investments and acquisitions (which shall permit “Permitted Acquisitions” described below and, in addition, permit (i) intercompany investments among Holdings, the Borrower and their restricted subsidiaries (the “Intercompany Investments Exception”), (ii) investments in connection with the Transactions, (iii) investments using the Available Amount Basket as set forth below, (iv) investments so long as the pro forma First Lien Net Leverage Ratio does not exceed the greater of (x) a First Lien Net Leverage Ratio of 5.00:1.00, (y) the First Lien Net Leverage Ratio on the Closing Date plus 0.75:1.00 and (z) the First Lien Net Leverage Ratio immediately prior to making such investment (the “Leverage Based Investments Exception”), (v) a general basket in an amount not less than the greater of (x) 125% of Financing EBITDA and (y) 125% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period (the “General Investments Basket”), (vi) investments in similar businesses in an amount not less than the greater of (x) 75% of Financing EBITDA and (y) 75% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period, (vii) investments in joint ventures in an amount equal to the amount of such investments outstanding on the Closing Date plus additional investments in joint ventures in an amount not less than the greater of (x) 50% of Financing EBITDA and (y) 50% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period, (viii) investments (including in joint ventures) in connection with internal re-organizations and or restructurings (including in connection with tax planning and corporate re-organizations), so long as, after giving effect thereto, the security interest of the Lenders in the Collateral, taken as a whole, is not materially impaired (each, a “Permitted Reorganization”) and transactions taken in connection with and reasonably related to consummating an initial public offering so long as, after giving effect thereto, the security interest of the Lenders in the Collateral, taken as a whole, is not materially impaired or reduced (an “IPO Reorganization Transaction”), (ix) acquisitions of investments in joint ventures to the extent required by, or made pursuant to, applicable buy/sell or put/call arrangements and/or other similar binding arrangements, (x) investments held by the Target and its subsidiaries, or with respect to which binding commitments of the Target and its subsidiaries exist, in each case on the Closing Date and that are permitted under the Voyage Acquisition Agreement and (xi) other exceptions consistent with the Documentation Principles);

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6.  limitations on dividends or distributions on, or redemptions of, Borrower’s equity (which shall permit, among other things, (i) payments or distributions to pay (x) tax distributions in accordance with the limited liability company agreement of Silgan Metal Packaging LLC as in effect on the Closing Date or modified thereafter in a manner not materially adverse to the Lenders and (y) legal, accounting and other ordinary course corporate overhead or other operational expenses of any such parent (including, if applicable, any public company costs) and for the payment of franchise or similar taxes required to maintain such parent’s existence, (ii) customary distributions necessary to pay advisory, refinancing, subsequent transaction and exit fees of direct and indirect parents of the Borrower attributable to the ownership of the Borrower and its subsidiaries and joint ventures, (iii) dividends, distributions or redemptions with the Available Amount Basket as set forth below, (iv) a general basket in an amount not less than (1) the greater of (x) 75% of Financing EBITDA and (y) 75% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period plus (2) the amount by which the Investor Equity Investment exceeds the Minimum Equity Contribution (to the extent not otherwise applied to increase basket capacity with the proceeds of such contribution) (the “General Restricted Payments Basket”), (v) dividends, distributions or redemptions in connection with the Transactions (including any such transactions contemplated by the Voyage Acquisition Agreement or the JV Acquisition Agreement), (vi) distributions to fund the repurchase or redemption of the capital stock of Holdings or its direct or indirect parents held by future, current or former directors, officers, employees, members of management and consultants and/or their respective estates, heirs, family members, spouses, domestic partners, former spouses or former domestic partners in an annual amount not less than the greater of (x) 15% of Financing EBITDA and (y) 15% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period, with the percentages in each of sub-clause (x) and (y) increasing to 25% following the occurrence of a qualifying IPO, plus, in each case, key man insurance proceeds, (vii) restricted payments made in an amount equal to excluded contributions, (viii) additional dividends, distributions or redemptions so long as there is no payment or bankruptcy event of default and the pro forma First Lien Net Leverage Ratio does not exceed the greater of (i) 4.50:1.00 and (ii) the First Lien Net Leverage Ratio as of the Closing Date plus 0.25:1.00 (the “Leverage Based RP Exception”), (ix) Permitted IPO Distributions (as defined below), (x) restricted payments constituting any part of a Permitted Reorganization or IPO Reorganization Transaction, (xi) additional dividends, distributions or redemptions with the net proceeds received from the sale of the Trivium Aerosols business (or any division thereof) in an amount not to exceed (i) the amount by which the Investor Equity Investment exceeds the Minimum Equity Contribution (to the extent not otherwise

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applied to increase basket capacity with the proceeds of such contribution) plus (ii) additional amounts so long as such proceeds are also used to prepay the Initial Term Facility on a pro rata basis based on the amount of Term Loans funded on the Closing Date and the Equity Contribution made on the Closing Date (the “ Specified Asset Sale RP Basket ”) and (xii) other exceptions consistent with the Documentation Principles);
7.  limitations on cash prepayments or redemptions of principal of any material third party contractually payment subordinated debt for borrowed money (“Junior Debt”) more than one year prior to the stated maturity thereof (and excluding, for the avoidance of doubt, regularly scheduled interest payments and payment of fees, expenses and indemnification obligations) (“Restricted Junior Debt Payments”) (which shall permit, among other things (i) refinancing or exchanges of Junior Debt for other permitted debt, (ii) conversion of Junior Debt to, or prepayments or redemptions with the proceeds of, permitted equity issuances that do not increase the Available Amount Basket or the aggregate amount of excluded contributions and are not used to incur debt pursuant to the Contribution Debt Basket, (iii) prepayments or redemptions using the Available Amount Basket as set forth below, (iv) so long as there is no payment or bankruptcy (with respect to the Borrower) event of default, a general basket in an amount not less than the greater of (x) 75% of Financing EBITDA and (y) 75% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period (the “General Junior Debt Basket”), (v) additional prepayments or redemptions so long as there is no payment or bankruptcy event of default and the pro forma First Lien Net Leverage Ratio does not exceed the greater of (i) 4.75:1.00 and (ii) the First Lien Net Leverage Ratio as of the Closing Date plus 0.50:1.00 (the “Leverage Based Junior Debt Exception”), (vi) prepayments and redemptions with respect to AHYDO “catch-up” payments and (vii) other exceptions consistent with the Documentation Principles); and
8.  limitations on negative pledge clauses (which shall include exceptions consistent with the Documentation Principles).
In addition, Holdings will be subject to a covenant relating to its passive holding company status in a manner consistent with the Documentation Principles.
The Borrower shall be permitted to, without duplication, (i) reallocate amounts available for investments under the investments covenant to make additional restricted payments and Restricted Junior Debt Payments (the “Available Investment Amount Basket”), (ii) reallocate amounts available for Restricted Junior Debt Payments under the Restricted Junior Debt Payments covenant to make additional

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investments and restricted payments (the “Available RDP Amount Basket”) and (iii) reallocate amounts available for restricted payments under the restricted payments covenant to make additional investments and Restricted Junior Debt Payments (the “Available RP Amount Basket”), in each case, subject to a dollar for dollar reduction of such investment, Restricted Junior Debt Payment and/or restricted payment capacity upon utilization thereof (or with respect to investments made in reliance on the Available RP Amount Basket, every $1.5 utilized shall count as $1.0 of basket usage) and dollar for dollar increases by the amount of any returns (or with respect to the making of investments in reliance on the Available RP Amount Basket, by $1.0 for every $1.5 of returns on such Investments).
If any amount is incurred (including under the Revolving Facility) or transaction entered into (or consummated) in reliance on a provision that does not require compliance with a financial ratio or test (any such amount, the “Fixed Amount”) substantially concurrently with any amount incurred or transaction entered into (or consummated) in reliance on a provision that requires compliance with a financial ratio or test (any such amount, the “Incurrence-Based Amount”), (x) incurrence of such amount under the Incurrence-Based Amount shall first be calculated without giving effect to any amount incurred under the Fixed Amount, but giving full pro forma effect to the use of proceeds of all such amounts and concurrent related transactions and (y) thereafter, incurrence of the portion of such amount under the Fixed Amount shall be calculated. Unless the Borrower elects otherwise, the Borrower shall be deemed to have used amounts under an Incurrence-Based Amount then available to the Borrower prior to utilization of any amount under a Fixed Amount then available to the Borrower. The Borrower may re-designate any debt, lien, restricted payment, payment or redemption of Junior Debt, investment or disposition (each a “Reclassifiable Item”) originally incurred or designated as incurred under any exception as having been incurred under another exception so long as at the time of such re-designation, the Borrower would be permitted to incur or make such Reclassifiable Item under such other applicable exception (or would have been permitted to incur or make such Reclassifiable Item under such other applicable exception, in which case, such reclassification shall be deemed to have automatically occurred if not elected by the Borrower). For the avoidance of doubt, the provisions of this paragraph and the preceding paragraph shall also apply to any Incremental Term Facility.
Permitted Acquisitions: Any acquisition (including any investment in any person which serves to increase the Borrower’s or a restricted subsidiary’s ownership in such person) shall be permitted so long as (the “Permitted Acquisition Conditions”) no payment or bankruptcy (with respect to the Borrower) event of default has occurred and is continuing at the relevant time as determined pursuant to the “Limited Conditionality Transactions” section above.

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Permitted IPO Distributions: After a qualifying IPO, restricted payments in an amount, on an annual basis, equal to the sum of (a) an amount equal to 8.00% of the net proceeds received by (or contributed to) the Borrower from such IPO (including any follow on offering) and (b) an amount equal to 8.00% of the market capitalization of the Borrower or its direct or indirect parent (“Permitted IPO Distributions”).
Available Amount Basket: The negative covenants shall include an “Available Amount Basket” in a cumulative amount equal to (a) the greater of (x) 100% of Financing EBITDA and (y) 100% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended Test Period (the “Available Amount Starter Basket”) plus (b) the greatest of (at the time of determination) (x) 100% of cumulative retained excess cash flow (which amount shall not be less than zero in any fiscal year), (y) 50% of cumulative Consolidated Net Income from the first day of the fiscal quarter in which the Closing Date occurs (which amount shall not be less than zero in any fiscal quarter) or (z) the sum of 100% of the cumulative Consolidated EBITDA minus 140% of the cumulative amount of fixed charges since the Closing Date (which amount shall not be less than zero) (this clause (b), the “Available Amount Grower Prong”) and Retained Asset Sale Proceeds, plus (c) the Declined Amounts, plus (d) the cash proceeds contributed to the Borrower of new public or private equity issuances of Holdings or any parent thereof after the Closing Date, plus (e) capital contributions to the Borrower in respect of Permitted Equity made in cash or cash equivalents and the fair market value (as determined in good faith by the Borrower) of any other property contributed to the Borrower after the Closing Date, plus (f) the net cash proceeds received by the Borrower or any restricted subsidiary from debt and disqualified stock issuances that have been issued after the Closing Date and which have been exchanged or converted into Permitted Equity, together with the fair market value of the other assets contributed to the Borrower, plus (g) the proceeds of sales of investments made under the Available Amount Basket and certain other investments, plus (h) other customary prongs in a manner consistent with the Documentation Principles.
The Available Amount Basket may be used for making investments, incurring debt, incurring liens, paying dividends and distributions and the prepayment or redemption of Junior Debt.
Financial Covenant: Term Facility: None.
Revolving Facility: A maximum springing First Lien Net Leverage Ratio (the “Financial Covenant”) of the Borrower and its restricted subsidiaries of 7.75:1.00.
Compliance with the Financial Covenant will be tested quarterly with respect to the Borrower and its restricted subsidiaries on a consolidated basis, beginning on the last day of the second full fiscal quarter following the Closing Date; provided, that notwithstanding anything

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herein to the contrary such Financial Covenant will be tested only on the last day of an applicable fiscal quarter if outstanding revolving loans (excluding (i) for the first four fiscal quarters in which the Financial Covenant is subject to testing, drawings on the Closing Date, (ii) drawings to fund Flex OID, (iii) cash collateralized letter of credit obligations and (iv) undrawn letter of credit obligations) exceed 40% of the then outstanding commitments in respect of the Revolving Facility on such date (the “Testing Threshold”); provided, further, that the Borrower may repay Revolving Loans at any time on or prior to the date on which financial statements are delivered for the applicable fiscal quarter and the Testing Threshold shall be recalculated to give pro forma effect to such repayment as if made as of the last day of such fiscal quarter. No other Facility will have the benefit of, or any rights with respect to, the Financial Covenant.
If any “market flex” is actually exercised (pursuant to the provisions set forth in the Fee Letter), the covenant level for the Financial Covenant shall be adjusted in the Facilities Documentation (or pursuant to an amendment thereto) to implement the exercise of such “market flex” provisions in order to maintain the cushion described above (before giving effect to such Facilities Documentation adjustment or amendment, as applicable). For purposes of determining compliance with the Financial Covenant, any cash equity contribution (other than disqualified equity) made to the Borrower during such fiscal quarter or after the last day of the fiscal quarter (and not otherwise applied) and on or prior to the day that is fifteen (15) business days after the day on which the compliance certificate is required to be delivered for such fiscal quarter (the “Cure Period”) will, at the request of the Borrower, be included in the calculation of Consolidated EBITDA for the purposes of determining compliance with the Financial Covenant at the end of such fiscal quarter and applicable subsequent periods which include such fiscal quarter (any such equity contribution so included in the calculation of Consolidated EBITDA, a “Specified Equity Contribution”); provided that (a) in each four consecutive fiscal quarter period, there shall be at least two fiscal quarters in respect of which no Specified Equity Contribution is made, (b) no more than five Specified Equity Contributions may be made during the term of the Revolving Facility, (c) the amount of any Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be in compliance with the Financial Covenant, (d) subject to clause (e) below, Specified Equity Contributions shall be disregarded for purposes of any financial ratio determination under the Facilities Documentation other than for purposes of determining compliance with the Financial Covenant and (e) there shall be no pro forma reduction in the amount of outstanding indebtedness with the proceeds of any Specified Equity Contribution for purposes of determining compliance with the Financial Covenant solely for the fiscal quarter for which the Specified Equity Contribution is made.
Any resulting event of default or potential event of default shall be deemed retroactively not to have occurred, subject to the terms and

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conditions set forth above; provided, that no lender or letter of credit issuer shall be required to fund Revolving Loans or issue new Letters of Credit or extend or increase existing Letters of Credit unless and until the Specified Equity Contribution is made; provided, further, that if the Specified Equity Contribution is not made before the expiration of the Cure Period, such event of default or potential event of default shall be deemed reinstated. Neither the Administrative Agent nor any Lender shall exercise the right to accelerate any Loans or terminate the commitments and none of the Administrative Agent, any Lender or any other secured party shall exercise any right to foreclose on or take possession of the Collateral or exercise any other remedy prior to the expiration of the Cure Period solely on the basis of an event of default having occurred and being continuing with respect to the Financial Covenant.
Unrestricted Subsidiaries: The Facilities Documentation will contain provisions pursuant to which, subject to customary limitations on loans, advances and other investments in unrestricted subsidiaries, the Borrower will be permitted to designate any existing or subsequently acquired or organized subsidiary of the Borrower as an “unrestricted subsidiary” (with any subsidiary of an unrestricted subsidiary constituting an unrestricted subsidiary) and subsequently re-designate any such unrestricted subsidiary as a restricted subsidiary, so long as (a) any such designation of a restricted subsidiary as an unrestricted subsidiary shall be deemed to constitute an investment in such unrestricted subsidiary at such time and (b) any such redesignation of any unrestricted subsidiary as a restricted subsidiary shall be deemed to constitute the incurrence of debt and liens of such subsidiary (and reduction in an outstanding investment) at such time. Unrestricted subsidiaries will not be subject to the representations and warranties, mandatory prepayments, affirmative and negative covenants and events of default in the Facilities Documentation and the results of operations and debt and cash of unrestricted subsidiaries will not be taken into account for purposes of the Facilities Documentation.
Notwithstanding the foregoing, the Borrower shall not be permitted to designate any subsidiary that holds Material Intellectual Property as an unrestricted subsidiary and neither the Borrower nor any restricted subsidiary shall be permitted to contribute, sell, transfer or otherwise dispose of any Material Intellectual Property to an unrestricted subsidiary; provided that the foregoing shall not prohibit any (x) non-exclusive lease or non-exclusive license of an intellectual property to any unrestricted subsidiary, (y) any exclusive lease or exclusive license of any intellectual property to an unrestricted subsidiary that constitutes an exclusive lease or exclusive license solely with respect or the use of such intellectual property in a particular geography in which the Borrower and its restricted subsidiaries do not then engage in substantial operations, or a particular business or product line with respect to which the Borrower and its restricted subsidiaries are not then engaged, or is not material to the business of the Borrower and its restricted subsidiaries, taken as a whole, or (z) development by such unrestricted subsidiaries of intellectual property.

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“Material Intellectual Property” means any intellectual property owned by the Borrower or any restricted subsidiary that is, in the good faith determination of the Borrower, material to the operation of the business of the Borrower and its restricted subsidiaries, taken as a whole.
Events of Default: Limited to the following (applicable to the Borrower and its restricted subsidiaries and in certain cases consistent with the Documentation Principles, Holdings) (with each threshold growing based on the Consolidated EBITDA of the Borrower and its restricted subsidiaries): nonpayment of principal, interest or fees (with a five business day grace period for interest, fees and other amounts) (in each case provided that a failure to pay caused by administrative or technical error shall not constitute an event of default if payment is made within five business days of the discovery of such error); failure to perform negative covenants; failure to perform affirmative covenants to (x) provide notice of defaults (subject to cure once provided and an event of default resulting from failure to provide notice of a default shall be cured upon curing the underlying event of default) and (y) maintain the Borrower’s corporate existence; failure to perform other covenants subject to a 30-day cure period after notice by the Administrative Agent; incorrectness in any material respect of (i) any Specified Representation on the Closing Date and (ii) any other representation when made or deemed made after the Closing Date (subject, if such incorrectness is able to be cured, to a 30-day grace period following notice from the Administrative Agent); cross-event-of-default and cross-acceleration to other debt of a Loan Party or any restricted subsidiary in an amount in excess of an amount to be agreed (after all applicable grace and notice periods) (provided that any breach of a financial maintenance covenant in other debt of a Loan Party or any restricted subsidiary shall not trigger an event of default unless and until the applicable lenders of such other debt have caused all amounts thereunder to become due and terminated any further commitments to lend under agreements governing such other debt) (provided, further, that Borrower’s failure to perform or observe the Financial Covenant itself shall not constitute an Event of Default for purposes of any Term Loan (including any term loans incurred under any Incremental Term Facilities) unless and until the Revolving Lenders holding at least a majority of the Revolving Loans and revolving commitments have actually declared all such obligations to be immediately due and payable and terminated the commitments under the Revolving Facility in accordance with the Facilities Documentation and such declaration has not been rescinded), bankruptcy or other similar events of Holdings or its significant restricted subsidiaries that are Loan Parties (with a 60-day grace period for involuntary events); final monetary judgment defaults against the Borrower or its significant restricted subsidiaries that are Loan Parties in an amount in excess of the cross event-of-default threshold (after netting insurance and third party indemnities) (subject to a 60-day grace period); ERISA defaults subject to Material Adverse Effect; invalidity of any material Facilities Documentation; and change of control (to include a pre- and post-qualifying IPO provision).

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Notwithstanding the foregoing, no exercise of remedies under any Facility may occur with respect to any action taken and reported to the Administrative Agent or Lenders, more than two years prior to such exercise of remedies (unless the Administrative Agent has commenced remedial action with respect thereto prior to the end of such two year period) (the “Two Year Default Limitation”).
Notwithstanding the foregoing, any event of default or similarly defined term in the Facilities Documentation (including any event of default resulting from the failure to provide notice thereof) shall automatically be deemed not to be “continuing” or “existing” if the events, acts or conditions that gave rise to such event of default (x) have been remedied or cured (including by payment, notice, taking of any action or omitting to take any action) or (y) have ceased to exist.
Voting: Amendments and waivers of the Facilities Documentation will require the approval of Lenders holding more than 50% of the aggregate amount of the loans and commitments under the Facilities (the “Required Lenders”) (provided that the aggregate amount of the loans and commitments under the Facilities of any Lender that fails to respond to a request for an amendment prior to the applicable deadline shall be excluded from the denominator of such calculation (the “Snooze-Lose Provision”)), except that (i) the consent of each Lender directly and adversely affected thereby (but not the consent of the Required Lenders or of any other majority or required percentage of the Lenders of any facility or tranche, or any other Lenders) shall be required with respect to (a) any increase in the commitment of such Lender (provided that a waiver of any condition precedent, any default, event of default or mandatory prepayment shall not constitute such an increase), (b) any reduction of principal, interest or fees due to such Lender (provided that a waiver of default interest, the MFN Provision, any condition precedent, any default, event of default or mandatory prepayment, or change to a financial ratio (or any component definition thereof), shall not constitute such a reduction) and (c) any extension of the final maturity or the scheduled due date of any principal, interest or fee payment due to such Lender (other than a waiver of any condition precedent, any default, event of default or mandatory prepayment) and other than extensions for administrative convenience as agreed by the Administrative Agent and (d) any amendments or modifications to the pro rata sharing or “waterfall” provisions (subject to the succeeding paragraph)) (which shall not prohibit certain transactions and actions to be agreed, including open market purchases and other privately negotiated transactions, loan buy backs and amend and extend transactions), (ii) the consent of each Lender shall be required with respect to (x) except as otherwise permitted by the Facilities Documentation, a release of all or substantially all of the guarantees made by the Guarantors or a release of all or substantially all of the Collateral and (y) any reduction of any voting percentage set forth in the

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definition of “Required Lenders”, (iii) the consent of the Administrative Agent shall be required with respect to amendments directly and adversely affecting its rights and duties, (iv) any amendment or waiver that by its terms affects the rights or duties of Lenders holding loans or commitments of a particular class (but not the Lenders holding loans or commitments of any other class) will require only the requisite percentage in interest of the affected class of Lenders that would be required to consent thereto if such class of Lenders were the only class of Lenders and (v) any amendment to implement an Incremental Facility, “amend and extend” transaction or permitted refinancing shall require the consent of the participating Lenders (but not the consent of the Required Lenders or any of any other majority or required percentage of the Lenders of any facility or tranche, or any other Lenders). It is agreed that (i) any applicable intercreditor agreement may be entered into or amended solely with the consent of the Administrative Agent to give effect thereto or to carry out the purposes thereof and (ii) there shall be no “class” voting requirement for amendments, modifications or supplements to the Facilities Documentation.
The Facilities Documentation shall provide that any amendment to the “waterfall” provisions to subordinate any loans or the contractual subordination of payment or lien priority of the Initial Term Facility or the Revolving Facility, as applicable, on the one hand, to any other indebtedness for borrowed money (such other indebtedness, the “Priming Indebtedness”), on the other hand, in connection with the exchange of the Initial Term Facility or the Revolving Facility, as applicable, for such Priming Indebtedness or the repayment of Initial Term Loans or Revolving Loans, as applicable, with the proceeds of such Priming Indebtedness (a “Priming Transaction”), as applicable, shall require the consent of all directly and adversely affected Lenders under the Initial Term Facility or the Revolving Facility, as applicable, in each case, subject to exceptions for (x) transactions expressly permitted in the Facilities Documentation and (y) any Priming Transaction in which the Borrower offered the applicable Lenders that were directly and adversely affected by such subordination at the time of the applicable Priming Transaction an opportunity to ratably participate in the applicable Priming Transaction on the same terms as the other lenders participating in such Priming Transaction (other than with respect to backstop fees, any arrangement or restructuring fees and reimbursement of counsel fees and other expenses in connection with the negotiation of the terms of such transaction).
Except as otherwise set forth herein, the consent of the Administrative Agent (but not the Required Lenders or any other Lender) will be required to effectuate any amendment to the Facilities Documentation that adds one or more provisions to the Facilities Documentation that are, in the reasonable judgment of the Administrative Agent, more favorable to the Lenders.

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The Facilities Documentation shall contain customary provisions (x) relating to “defaulting” agents (including for insolvency) and, if applicable, the replacement of the Administrative Agent and (y) allowing the Borrower to replace (and/or, on a non-pro rata basis, terminate commitments and/or make prepayments of the loans of) a Lender in connection with (i) amendments and waivers requiring the consent of all Lenders or all Lenders directly affected thereby (so long as the Required Lenders or at least a majority (in dollar amount) of the Lenders directly and adversely affected thereby, as applicable, have consented to such amendment or waiver and such Lender has not consented to such amendment or waiver) and (ii) requests for compensation for increased costs, taxes and similar items.
Any Lender (other than any regulated bank) that, as a result of any total return swap, total rate of return swap, credit default swap or other derivative contract (other than any such total return swap, total rate of return swap, credit default swap or other derivative contract entered into pursuant to bona fide market making activities), has a net short position with respect to the Facilities or the Initial Term Facility and commitments under any of the Facilities shall have no right to vote any of its interest under the Facilities. In connection with any such amendment or waiver, each Lender will either be required to notify the Administrative Agent that it has such a net short position with respect to the loans and commitments under the applicable Facilities or otherwise be deemed to have represented to the Borrower and the Administrative Agent that it does not have such a net short position. Each Lender will agree, upon the request of the Borrower, to disclose the amount of any short position with respect to the Facilities held by such Lender or its affiliates.
In addition, if the Administrative Agent and the Borrower shall have jointly identified an obvious error, mistake or ambiguity or any error or omission of a technical or administrative nature in the Facilities Documentation, then the Administrative Agent and the Borrower shall be permitted to amend such provision without further action or consent of any other party.
Assignments and Participations: After the Closing Date, the Lenders will be permitted to assign (other than to any natural person, any investment vehicle established primarily for the benefit of a natural person or Disqualified Institution) (a) loans and/or commitments under the Initial Term Facility or any Incremental Term Facility with the consent of the Borrower (any such consent shall be deemed to be given after ten business days’ notice if the Borrower fails to respond) and the Administrative Agent (in each case not to be unreasonably withheld or delayed) and (b) loans and commitments under the Revolving Facility with the consent of the Borrower (which may be withheld in its sole discretion), the Swingline Lender and the Issuing Bank (not to be unreasonably withheld or delayed); provided that (A) the Borrower may, in its sole discretion, withhold its consent to any assignment to (x) any person that is not a Disqualified Institution but is known by the Borrower to be an affiliate of a Disqualified Institution regardless of whether such person is identifiable as an

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affiliate of a Disqualified Institution on the basis of such affiliate’s name or (y) any person (including any person that manages or advises funds) that invests (directly or indirectly through affiliates) in distressed debt, “special situations” or “opportunities”, (B) no consent of the Borrower shall be required after the occurrence and during the continuance of a payment or bankruptcy (with respect to the Borrower) event of default, (C) no consent of the Administrative Agent or the Borrower shall be required if such assignment is to (x) in the case of an assignment by a Term Lender, another Lender, an affiliate of a Lender or approved fund or (y) in the case of an assignment by a Revolving Lender, another Revolving Lender or an affiliate or approved fund of another Revolving Lender in the business of providing revolving facilities and (D) no consent of the Administrative Agent shall be required for any assignment to the Borrower or any of its affiliates if such assignment is made in accordance with the terms set forth below; provided, further, that Goldman Sachs may assign its loans and commitments to Goldman Sachs Lending Partners LLC without the consent of any party. Each assignment (other than to another applicable Lender, an affiliate of an applicable Lender or an approved fund) will be in an amount of $1.0 million (or an integral multiple of $1.0 million in excess thereof) (or lesser amounts, if agreed between the Borrower and the Administrative Agent) or, if less, all of such Lender’s remaining loans and commitments of the applicable class. The Administrative Agent shall receive a processing and recordation fee of $3,500 for each assignment (it being understood that (x) such fee may be waived or reduced in the sole discretion of the Administrative Agent and (y) such fee shall not apply to any assignment by or to the Borrower or any of its affiliates if such assignment is made in accordance with the terms set forth below). Any assigning Lender shall, in connection with any potential assignment, provide to the Borrower a copy of its request (including the name of the prospective assignee) concurrently with its delivery of the same request to the Administrative Agent irrespective of whether or not a payment or bankruptcy default or event of default has occurred and is continuing.
Each Lender may sell participations (other than to any natural person, any investment vehicle established primarily for the benefit of a natural person or Disqualified Institution) in all or a portion of its loans and commitments under the Initial Term Facility or the Revolving Facility; provided that (i) voting rights of participants shall be limited to matters set forth under “Voting” above with respect to which the unanimous vote of all Lenders (or all directly and adversely affected Lenders, if the participant is directly and adversely affected) would be required (and shall not include the right to vote on waivers of defaults or events of default) and (ii) the consent of the Borrower (not to be unreasonably withheld or delayed) shall be required for participations of the Revolving Facility. No participant will be entitled to a gross-up or yield protection payment in an amount greater than the amount, if any, owed to the selling Lender, unless such entitlement to a greater amount results from a change in law after the participant acquired the participation.

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Each assignee shall be required to represent that it is not a Disqualified Institution or an affiliate of a Disqualified Institution to the extent that such assignee has received, upon its request, a list of Disqualified Institutions. The Administrative Agent, in its capacity as such, shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the foregoing provisions relating to Disqualified Institutions.
In addition, non-pro rata distributions will be permitted in connection with loan buy-back or similar programs, assignments to, and open market purchases or other privately negotiated purchases by, the Borrower and its affiliates on the terms set forth below.
An assignment of Term Loans or Incremental Term Loans to any affiliate of the Borrower (other than Holdings and its restricted subsidiaries and natural persons) (each, an “Affiliated Lender”) shall be permitted subject to the following limitations; provided that an Affiliated Lender that is a bona fide debt fund or an investment vehicle engaged in, or that advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise dealing in commercial loans, bonds and similar extensions of credit or securities in the ordinary course (each, a “Debt Fund Affiliate”), will be subject solely to the Debt Fund Affiliate Limitation (as defined below) and shall be deemed not to be an Affiliated Lender for purposes of any other limitation below:
1.  Affiliated Lenders will not receive any “lender only” information and will not be permitted to attend/participate in “lender only” meetings;
2.  for purposes of any amendment, waiver or modification of the Facilities Documentation (other than any such amendment, waiver or modification that requires the consent of each Lender, each affected Lender, affects such Affiliated Lender as compared to other Lenders in a disproportionately adverse manner or that deprives such Affiliated Lender of its pro rata share of any payments to which it is entitled, as to which items each Affiliated Lender shall have the right to vote), Affiliated Lenders will be deemed to have voted in the same proportion as non-affiliated Lenders voting on such matter;
3.  the amount of Term Loans or Incremental Term Loans held by Affiliated Lenders (other than Debt Fund Affiliates) may not exceed 25% of the outstanding principal amount of such loans under such facility (determined as of the time of any purchase and after giving effect to any substantially simultaneous cancellation thereof); and
4.  for purposes of determining whether the Required Lenders have consented to any amendment or waiver under the Facilities Documentation, the aggregate amount of Loans held by Debt

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Fund Affiliates will be excluded to the extent in excess of 49.9% of the amount required to constitute the “Required Lenders”; it being understood and agreed that any Loans above such threshold shall be deemed to be voted pro rata to the relevant class of Lenders that are not Debt Fund Affiliates (the “Debt Fund Affiliate Limitation”).
The Facilities Documentation shall permit (but not require) any Affiliated Lender to contribute any purchased Term Loans to the Borrower or any of its direct or indirect parents or subsidiaries for cancellation and to receive in exchange therefor debt or equity securities of such entity or direct or indirect parent or subsidiary thereof that are otherwise permitted to be issued by such entity at such time, any such contribution to the Borrower or any of its subsidiaries shall be treated as an equity contribution that builds the Available Amount Basket by an amount equal to the fair market value of the Term Loans so contributed; provided that if the fair market value of such Term Loans cannot be ascertained by the Borrower, the fair market value shall be deemed to be the purchase price of such Term Loans paid by such Affiliated Lender.
Assignments of Term Loans or Incremental Term Loans to Holdings or any of its subsidiaries shall be permitted, pursuant to open market purchases or other privately negotiated transactions, “Dutch auctions” so long as (i) in the case of “Dutch auctions”, any offer to purchase or take by assignment shall have been made to all Lenders within the applicable facility pro rata (with buyback mechanics to be consistent with the Documentation Principles) and (ii) in the case of any assignment to the Borrower or any of its restricted subsidiaries, such Loans are immediately and automatically cancelled to the extent permitted by applicable law.
In connection with any assignment or purchase otherwise permitted, neither the Borrower nor the Sponsors or any of their affiliates shall be required to make any representation that it is not in possession of material nonpublic information with respect to Holdings, the Borrower, its subsidiaries or their respective securities.
Yield Protection: The Facilities Documentation shall contain customary yield protection provisions protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, capital adequacy and other requirements of law and from the imposition of or changes in certain withholding or other taxes in a manner consistent with the Documentation Principles.
Expenses and Indemnification: If the Closing Date occurs, the Borrower shall pay, without duplication, (a) all reasonable and documented out-of-pocket expenses of each Lead Arranger (within 30 days of a written demand therefor, together with backup documentation supporting such reimbursement request), associated with the syndication of the Facilities and the preparation, negotiation, execution, delivery and administration of the Facilities

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Documentation and any amendment or waiver with respect thereto (provided that the legal fees will be limited to the reasonable fees, disbursements and other charges of one counsel and, if necessary, of one local counsel in each relevant material jurisdiction, in each case to such persons taken as a whole (provided that such obligation to reimburse legal fees incurred on or prior to the Closing Date shall be limited as set forth in the Commitment Letter)) and (b) all reasonable and documented out-of-pocket expenses of the Administrative Agent and the Lenders within 30 days of a written demand therefor, together with backup documentation supporting such reimbursement request, in connection with the enforcement of the Facilities Documentation (provided that the legal fees will be limited to the reasonable fees, disbursements and other charges of one counsel and, if necessary, of one local counsel in each relevant material jurisdiction, in each case to such persons taken as a whole).
The Borrower will, without duplication, indemnify and hold harmless the Administrative Agent, each Lead Arranger, each Lender and their respective affiliates and their directors, officers, employees, controlling persons, members, agents, advisors and other representatives, successors and permitted assigns within 30 days of a written demand therefor, together with backup documentation supporting such reimbursement request, from and against all losses, claims, damages, liabilities and expenses arising out of or relating to the Initial Term Facility, any other aspect of the Transactions, the Borrower’s use of loan proceeds or the commitments (provided that legal fees, disbursements and other charges will be limited to the reasonable fees, disbursements and other charges of (i) one counsel to the indemnified parties taken as a whole, (ii) if necessary, one local counsel in each relevant material jurisdiction and (iii) in the case of any actual or perceived conflict of interest, additional counsel to each group of similarly situated indemnified parties taken as a whole, limited to one such additional counsel and one local counsel in each relevant material jurisdiction). The indemnification provisions will not apply to losses, claims, damages, liabilities and expenses that (x) arise from a dispute that does not involve any action or omission of the Borrower or any of its affiliates and is solely among the indemnified parties (other than any claims against an indemnified person in its capacity as the Administrative Agent or a Lead Arranger) or (y) are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from an indemnified person’s bad faith, gross negligence, willful misconduct or material breach of the obligations of any such indemnified person under the Facilities Documentation. Notwithstanding the foregoing, each indemnified person shall be obligated to refund and return any and all amounts paid by the Borrower to such indemnified person for fees, expenses or damages to the extent such indemnified person is not entitled to payment of such amounts in accordance with the terms hereof, as determined by a final and non-appealable judgment of a court of competent jurisdiction.
Governing Law and Forum: New York.
Counsel to the Administrative Agent and Lead Arrangers: Cahill Gordon & Reindel LLP.

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*ANNEX I TO EXHIBIT B *

*INTEREST AND CERTAIN FEES *

Interest Rate Options: The Borrower may elect that the loans comprising each borrowing bear interest at a rate equal to either: (a) the ABR plus the Applicable Margin or (b) the applicable Benchmark Rate plus the Applicable Margin.
As used herein:
“ABR” means the highest of (i) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect (the “Prime Rate”), (ii) the NYFRB Rate from time to time plus 0.5% and (iii) the Adjusted Term SOFR Rate for a one month interest period plus 1%. If the ABR as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00%.
“ABR Loans” means Loans bearing interest based upon the ABR.
“Applicable Margin” means (A)(i) with respect to the Initial Dollar Term Facility (a) 1.75%, in the case of ABR Loans and (b) 2.75%, in the case of SOFR Loans (as defined below) and (ii) with respect to the Initial Euro Term Facility 3.00%, in the case of EURIBOR Loans (as defined below); provided that (I) from and after the delivery by the Borrower to the Administrative Agent of the Borrower’s compliance certificate for the first full fiscal quarter following the Closing Date, the Applicable Margin with respect to the Initial Term Facility (as in effect taking into account reductions pursuant to clause (II) below) shall be subject to two 25 basis point reductions if the First Lien Net Leverage Ratio is equal to or less than 3.82:1.00 and equal to or less than 3.32:1.00, respectively, and (II) on and after the date of any qualifying IPO of the Borrower, or any parent entity thereof, the Applicable Margin with respect to the Initial Term Facility shall be 25 basis points lower than the applicable margins set forth above (after taking into account, for the avoidance of doubt, any reductions pursuant to clause (I) above) and (B) with respect to the Revolving Facility, (a) 1.50%, in the case of ABR Loans and (b) 2.50%, in the case of Benchmark Rate Loans; provided that (I) from and after the delivery by the Borrower to the Administrative Agent of the Borrower’s compliance certificate for the first full fiscal quarter following the Closing Date, the Applicable Margin with respect to the Revolving Facility (as in effect taking into account reductions pursuant to clause (II) below) shall be subject to two 25 basis point reductions if the First Lien Net Leverage Ratio is equal to or less than 3.82:1.00 and equal to or less than 3.32:1.00, respectively, and (II) on and after the date of any qualifying IPO of the Borrower, or any parent entity thereof, the Applicable Margin with respect to the Revolving Facility shall be 25 basis points lower than the applicable margins set forth above (after taking into account, for the avoidance of doubt, any reductions pursuant to clause (I) above).

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“Benchmark Rate” means, (a) with respect to Loans denominated in U.S. dollars, Term SOFR (as defined below), (b) with respect to any Loans denominated in Euros, EURIBOR (to be defined in a manner consistent with the Documentation Precedent) and (c) with respect to Loans denominated in any other applicable currency, a benchmark rate to be agreed that is customary under comparable syndicated credit facilities denominated in such currency.
“Benchmark Rate Loans” means Loans bearing interest at a rate based on the applicable Benchmark Rate.
“EURIBOR Loans” means Loans bearing interest at a rate based on EURIBOR.
“SOFR Loans” means Loans bearing interest based upon the Term SOFR Rate.
“Term SOFR Rate” means, with respect to any Term Benchmark Borrowing denominated in U.S. Dollars for any Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such Interest Period, as such rate is published by the CME Term SOFR Administrator. If the Term SOFR Rate as determined by the foregoing would be less than 0%, such rate shall be deemed to be 0%.
“Term SOFR Reference Rate” means, for any day and time, with respect to any Term Benchmark Borrowing denominated in U.S. Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR.
“Interest Period” means a period of one, three or six months (or 12 months if available from all relevant Lenders or such other periods acceptable to all relevant Lenders) as selected by the Borrower.
The Facilities Documentation will include customary benchmark replacement provisions.
Interest Payment Dates: In the case of ABR Loans, quarterly in arrears.
In the case of SOFR Loans or EURIBOR Loans, on the last day of each relevant Interest Period and, in the case of any Interest Period longer than three months, on each successive date three months after the first day of such Interest Period.
Default Rate: During the continuance of any payment event of default, all overdue amounts under the Facilities shall bear interest at 2.00% per annum above the rate otherwise applicable thereto (or, if there is no applicable rate, 2.00% per annum in excess of the rate otherwise applicable to ABR Loans), with exceptions for Defaulting Lenders.

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Rate and Fee Basis: All per annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans, the interest rate payable on which is then based on the Prime Rate) for actual days elapsed.
Letter of Credit Fee: A per annum fee equal to the Applicable Margin will accrue on the aggregate face amount of outstanding letters of credit under the Revolving Facility, payable in arrears at the end of each quarter and upon the termination of the Revolving Facility, in each case for the actual number of days elapsed over a 360-day year. Such fees shall be distributed to the Lenders (other than Defaulting Lenders) participating in the Revolving Facility pro rata in accordance with the amount of each such Lender’s commitment in respect of the Revolving Facility. In addition, the Borrower shall pay to the Issuing Bank, for its own account, (a) a fronting fee equal to 0.125% of the aggregate face amount of outstanding letters of credit, payable in arrears at the end of each quarter and upon the termination of the Revolving Facility, calculated based upon the actual number of days elapsed over a 360-day year, and (b) customary and reasonable issuance and administration fees.
Commitment Fees: A rate per annum on the average daily undrawn portion of the commitments in respect of the Revolving Facility, payable to the Lenders (other than Defaulting Lenders) quarterly in arrears after the Closing Date and upon the termination of the commitments, calculated based on the number of days elapsed in a 360-day year, which rate per annum shall equal 0.50%; provided that from and after the delivery by the Borrower to the Administrative Agent of the Borrower’s financial statements for the period ending at least one full fiscal quarter following the Closing Date, the commitment fee rate shall be subject to a 12.5 basis point reduction if the First Lien Net Leverage Ratio is no greater than 3.82:1.00 and a further 12.5 basis point reduction if the First Lien Net Leverage Ratio is no greater than 3.32:1.00.
Swingline Loans shall, for purposes of the commitment fee calculations only, not be deemed to be a utilization of the Revolving Facility.

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*EXHIBIT C *

*Project Voyage *

*Conditions *

The availability and funding of the Facilities on the Closing Date shall be subject solely to the satisfaction (or waiver by the Lead Arrangers) of each of the following conditions (subject in all cases to the Limited Conditionality Provision). Capitalized terms used but not defined in this Conditions Exhibit shall have the meanings set forth in the other Exhibits and Annexes (including the Definitions Annex) to the Commitment Letter to which this Conditions Exhibit is attached (the “Commitment Letter”) or in the Commitment Letter. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Conditions Exhibit shall be determined by reference to the context in which it is used.

1. The Acquisitions shall have been, or substantially concurrently with the initial funding of the Facilities shall be, consummated in all material respects in accordance with the terms of the Acquisition Agreements (as applicable), after giving effect to any modifications, amendments, consents or waivers thereto, other than those modifications, amendments, consents or waivers by you that are materially adverse to the interests of the Initial Lenders in their capacities as such, unless consented to in writing by the Lead Arrangers (such consent not to be unreasonably withheld, delayed or conditioned; provided that the Lead Arrangers shall be deemed to have consented to such modification, amendment, consent or waiver unless they object thereto in writing within two business days of receipt of written notice of such modification, amendment, consent or waiver); provided that (a) any reduction in the purchase price paid in connection with the Acquisitions set forth in the Acquisition Agreements shall be deemed not to be material and adverse to the interests of the Lenders so long as (except in the case of any such decrease that is less than 15% of the total consideration for the Acquisitions, which shall not be considered material and adverse to the Initial Lenders (in their respective capacities as such)) any such reduction is applied (I) first, to reduce the Equity Contribution on a dollar-for-dollar basis until the Equity Contribution has been reduced to the Minimum Equity Contribution (or, at the option of the Borrower in its sole discretion, to reduce the Initial Term Facility on a greater than pro rata basis and to reduce the Equity Contribution on a less than pro rata basis) and (II) thereafter, after giving effect to the application of the reduction of the purchase price in clause (I) above, such reduction shall be applied to reduce the amount of commitments in respect of the Initial Term Facility, on the one hand, and the Equity Contribution, on the other hand, on a pro rata basis, (b) any change to the definition of “Material Adverse Effect” (as defined in the each Acquisition Agreement) shall be deemed materially adverse and (c) any increase in the purchase price shall be deemed not to be materially adverse so long as such increase is not funded with additional indebtedness of the Borrower or its restricted subsidiaries, other than amounts permitted to be drawn under the Revolving Facility; provided, further, that it is agreed and understood that no purchase price, working capital or similar adjustment provisions set forth in either Acquisition Agreement shall constitute a reduction or increase in purchase price (or otherwise constitute a waiver, amendment or modification to the applicable Acquisition Agreement) for purposes of this paragraph 1.

2. With respect to the Facilities Documentation, (i) the execution and delivery by Holdings, the Borrower and, immediately after giving effect to the Acquisitions, the other Guarantors of the Facilities Documentation for such Facility to which such person is a party, which shall, in each case, be in all material respects in*** ***accordance with the terms of the Commitment Letter and the applicable Term Sheet, (ii) subject in all respects to the Limited Conditionality Provision and the Documentation Principles, the execution and delivery by Holdings, the Borrower and, immediately after giving effect to the Acquisitions, the other Guarantors of all documents and instruments required to create and perfect the Administrative Agent’s security interest in the Collateral in respect of such Facility and which shall, if applicable, be in proper form for filing and (iii) delivery to the Administrative Agent of a customary

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borrowing notice and customary legal opinions, customary officer’s closing certificates, organizational documents, customary evidence of authorization and good standing certificates in the jurisdiction of organization (if applicable), in each case with respect to each Loan Party (to the extent applicable) and a solvency certificate substantially in the form of Annex I hereto from the chief financial officer (or other officer with reasonably equivalent duties) of the Borrower (or, at the option of the Borrower, a third party opinion as to the solvency of the Borrower and its subsidiaries on a consolidated basis issued by a nationally recognized firm); provided, that (I) the scope and substance of the foregoing shall be consistent with the Limited Conditionality Provision and (II) none of the foregoing shall be required to include any representation or statement as to (x) the absence (or existence) of any default or event of default as of the Closing Date or (y) the accuracy of the Specified Acquisition Agreement Representations or the absence (or existence) of any Material Adverse Effect (as defined in either Acquisition Agreement).

3. Prior to, or substantially concurrently with, the initial funding of the Facilities, the Target Closing Refinancing shall occur, the Equity Contribution shall have been made (subject to adjustment pursuant to paragraph 1 above) to the extent not otherwise applied to the Transactions.

4. The Specified Acquisition Agreement Representations shall be true and correct in all material respects as of the Closing Date (except in the case of any Specified Acquisition Agreement Representation which expressly relates to a given date or period, such representation shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be) solely to the extent required by the Limited Conditionality Provision and the Specified Representations shall be true and correct in all material respects as of the Closing Date (except in the case of any Specified Representation which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be).

5. No Material Adverse Effect (as defined in the Voyage Acquisition Agreement) shall have occurred since the Put Option Date (as defined in the Voyage Acquisition Agreement) and remains ongoing.

6. No Material Adverse Effect (as defined in the JV Acquisition Agreement) shall have occurred since the date hereof and remains ongoing.

7. The Lead Arrangers shall have received (a)(i) the audited consolidated balance sheet of the MetalCo Business as of December 31, 2025 and December 31, 2026, together with the related consolidated statements of income and cash flows for such fiscal year then ended, and (ii) the audited consolidated balance sheet of the Target and its subsidiaries as of (x) December 31, 2025 and (y) December 31, 2026, together with the related audited consolidated statements of operations and cash flows for such fiscal year then ended, (b)(i) the unaudited consolidated balance sheet of the MetalCo Business as of the last day of, and the related unaudited consolidated statements of operations and cash flows for, each quarterly period ending after December 31, 2026 and more than 60 days prior to the Closing Date, (ii) the unaudited consolidated balance sheet of the Target and its subsidiaries as of June 30, 2026, and the related unaudited consolidated statements of operations and cash flows for the 6-month period then ended and (iii) the unaudited consolidated balance sheet of the Target and its subsidiaries as of the last day of, and the related unaudited consolidated statements of operations and cash flows for, each fiscal quarter (other than the fourth fiscal quarter of any fiscal year) ending after June 30, 2026 and at least 60 days prior to the Closing Date, and (c) a customary pro forma consolidated balance sheet of the Borrower as of the last day of the most recently completed fiscal quarter ending at least 60 days (or 135 days in case such fiscal quarter is the end of the Borrower’s fiscal year) prior to the Closing Date, prepared after giving effect to the Transactions as if the Transactions had occurred as of such date, which need not be prepared in compliance with Regulation S-X of the Securities Act of 1933, as amended, or include adjustments for purchase accounting. The Lead Arrangers hereby acknowledge receipt of the financial statements referred to in clauses (a)(ii)(x) and (b)(ii) above.

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8. The Administrative Agent shall have received, at least three business days prior to the Closing Date, all documentation and other information about any Loan Party required by applicable regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, and if the Borrower qualifies as a “legal entity customer” under the “Beneficial Ownership Regulations” (31 CFR §1010.230), a Beneficial Ownership Certification in relation to the Borrower, as is reasonably requested in writing by such Administrative Agent at least ten (10) business days prior to the Closing Date. “Beneficial Ownership Certification” means a certification regarding individual beneficial ownership solely to the extent required by 31 CFR §1010.230.

9. All fees required to be paid on the Closing Date pursuant to the Fee Letter and reasonable out-of-pocket expenses required to be paid on the Closing Date pursuant to the Commitment Letter, to the extent, in the case of expenses, a reasonably detailed invoice has been delivered to the Borrower at least three business days prior to the Closing Date (except as otherwise reasonably agreed by the Borrower) shall have been paid (or shall be paid from or offset against the proceeds of the initial funding under the Facilities).

10. The Closing Date shall not occur prior to May 15, 2027.

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*ANNEX I TO CONDITIONS EXHIBIT C *

*SOLVENCY CERTIFICATE *

[•], 202[•]

Pursuant to the Credit Agreement, dated as of [•], 202[•] (as amended, restated, amended and restated, refinanced, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among [•], a [•] (“Holdings”), Silgan Metal Packaging LLC, a Delaware limited liability company (“Borrower”), [•], as Administrative Agent, the Lenders and the other parties from time to time party thereto (capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement), I, [•], certify that I am the duly appointed, qualified and acting chief financial officer (or other officer with reasonably equivalent duties) of the Borrower, and, in such capacity and not in my individual capacity (and without personal liability), certify that based upon facts and circumstances as they exist as of the date hereof (and disclaiming any responsibility for changes in such facts and circumstances after the date hereof):

On the date hereof, after giving effect to the Transactions and the related transactions contemplated by the Facilities Documentation, the Borrower and its restricted subsidiaries, when taken as a whole on a consolidated basis, (a) have property with fair value (on a going concern basis) greater than the total amount of their debts and liabilities, contingent, subordinated or otherwise (it being understood that the amount of contingent liabilities at any time shall be computed as the amount that, in light of all the facts and circumstances existing at such time, can reasonably be expected to become an actual or matured liability), (b) have assets with present fair salable value (on a going concern basis) not less than the amount that will be required to pay their liability on their debts as they become absolute and matured, (c) will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as they become absolute and matured and (d) are not engaged in business or a transaction, and are not about to engage in business or a transaction, for which they have unreasonably small capital.

The undersigned is familiar with the business and financial position of the Borrower and its restricted subsidiaries. In reaching the conclusions set forth in this Solvency Certificate, the undersigned has made such investigations and inquiries as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by the Borrower and its restricted subsidiaries after consummation of the transactions contemplated by the Facilities Documentation.

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*DEFINITIONS ANNEX *

*Project Voyage *

*Certain Definitions *

“Cash Interest Coverage Ratio” means the ratio of Consolidated EBITDA to Consolidated Interest Expense for the applicable computation period.

“Consolidated EBITDA” and “Consolidated Net Income” shall be defined in a manner to be mutually agreed and shall be at least as favorable to the Borrower as the Documentation Principles, and in any event shall include, without duplication, add-backs (or adjustments) without any cap for (1) extraordinary, unusual, special, exceptional or non-recurring charges, expenses or losses (as determined by the Borrower in good faith), (2) non-cash charges, expenses or losses, including, without limitation, any non-cash compensation expense, non-cash translation loss and non-cash expense relating to the vesting of warrants; provided that accruals or reserves for potential cash items in any future period may or may not (at the election of the Borrower) be added back in such period and, to the extent added back, the cash payment in respect of such accrual or reserve in a future period shall be subtracted from Consolidated EBITDA in such future period, (3) restructuring costs (including in connection with any tax related restructuring), integration costs, retention, recruiting, relocation and signing or completion bonuses and expenses, stock option and other equity-based compensation expenses and the amount of payments made to option holders in connection with, or as a result of, any distribution being made to shareholders, severance costs, systems establishment costs, costs relating to entry into a new market or to exiting a market, costs associated with office and facility openings, pre-openings, closings, expansions and consolidations (including but not limited to termination costs, moving costs and legal costs), new operation costs, unused warehouse space costs, new contract or corporate development costs, software and other intellectual property development costs, project start-up costs, costs relating to early termination of rights fee arrangements, consulting fees, curtailments or modifications to pension and post-retirement employee benefits and any costs attributable to the undertaking and/or implementation of new initiatives, business optimization activities, cost savings initiatives, cost rationalization programs, operating expense reductions, synergies and/or similar initiatives or programs (including, without limitation, in connection with any inventory optimization program, integration, restructuring or transition, any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, any facility opening and/or pre-opening, any implementation of operational and reporting systems and technology initiatives (including any expense relating to the implementation of enhanced accounting or IT functions or new system designs)) and any employee ramp-up charges or any charges related to underutilized personnel (including duplicative personnel), (4) pro forma adjustments, including pro forma “run rate” cost savings, operating expense reductions, operational improvements, revenue enhancements and other synergies (in each case, net of amounts actually realized), related to (A) the Transactions that are (x) reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within 36 months after the Closing Date (this clause (A)(x), the “Transactions Synergies Addback”) or (y) contemplated by the Acquisition Agreements or identified to the Commitment Parties (including in the Model, any management presentation, any Confidential Information Memorandum or any quality of earnings or similar report or analysis) prior to the Closing Date (including in respect of any action taken on or prior to the Closing Date) or (B) any acquisition or investment (including the commencement of activities constituting a business), disposition (including the termination or discontinuance of activities constituting a business) or other specified transaction, or related to any restructuring initiative, cost savings initiative, operational initiative or other initiative or action (including the contribution to Consolidated

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EBITDA of increased pricing or volume in customer contracts, the renegotiation of contracts, increased production capacity or other arrangements or efficiencies), that are reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within 36 months after the last day of the applicable period (this clause (B), the “Other Transactions Synergies Addback”), (5) any add backs and other adjustments (i) consistent with Regulation S-X, (ii) that are in any existing credit facility of the Target and/or its subsidiaries or, solely with respect to joint ventures, of such joint venture, (iii) evidenced by, contained in, or of the type contained in, the quality of earnings report with respect to the Transactions prepared by CDS (the “Closing Date Quality of Earnings Report”), (iv) contained in, or of the type contained in, any quality of earnings report made available to the Administrative Agent conducted by financial advisors (which financial advisors are (A) nationally or regionally recognized or (B) reasonably acceptable to the Administrative Agent (it being understood and agreed that any of the “Big Four” accounting firms are acceptable)) and retained by the Borrower, (v) contained in, or of the type contained in, the Model or (vi) contained in, or of the type contained in, the lender presentation provided to the Administrative Agent prior to the launch of general syndication, (6) Transaction Costs and other transaction fees, costs, accruals and expenses (including rationalization, legal, tax, structuring and other costs and expenses) incurred in connection with any acquisition, investment, dividend, restricted payment, disposition, recapitalization, merger, consolidation or amalgamation, issuance, exchange or repayment of debt or equity, initial public offering, becoming a standalone company or a public company, option buyouts, refinancing transactions, amendments or other modifications of debt instruments, early extinguishment of debt, hedging agreements or other derivative instruments (in each case whether or not such transaction was successfully completed), (7) any increase in expenses (A) due to purchase accounting associated with the Transactions or (B) resulting from the revaluation of inventory (including any impact of changes of inventory valuation policy methods including changes in capitalization of variances) or other inventory adjustments, (8) to the extent not otherwise included in consolidated net income, proceeds of business interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended to replace (whether or not then received so long as the Borrower in good faith expects to receive such proceeds within the next 4 fiscal quarters (it being understood that to the extent such proceeds are not actually received within such fiscal quarters, such proceeds shall be deducted in calculating Consolidated EBITDA for such fiscal quarters)), (9) charges, losses or expenses to the extent indemnified or insured or reimbursed by a third party, (10) letter of credit fees, banker’s acceptance fees and cost of surety bonds, (11) non-controlling or minority interest expense, (12) “earn out” or other contingent obligation expense and adjustments thereof incurred in connection with the Acquisition and/or any other acquisition or investment (including any acquisition or other investment consummated prior to the Closing Date) which is paid or accrued during the applicable period, (13) all charges, losses or expenses attributable to, and payments of, legal settlements, fines, judgments or orders (and costs and expenses incurred in connection therewith), (14) all cash actually received (or any netting arrangements resulting in reduced cash expenditures) during the relevant period and not included in consolidated net income in respect of any non-cash gain deducted in the calculation of Consolidated EBITDA (including any component definition) for any previous period and not added back, (15) accruals and reserves that are established or adjusted within 12 months after the Closing Date as a result of the Transactions (or within 12 months after the closing of any acquisition), (16) fees, expenses and indemnities paid to any Investor or the Sponsors and to directors to the extent permitted to be paid, (17) losses or discounts on sales of receivables and related assets in connection with any receivables, factoring and securitization facilities, (18) charges (including branch operating losses) related to any de novo facility, including any construction, pre-opening and start-up period prior to opening, until such facility has been open and operating for a period of 12 consecutive months, (19) charges in connection with a single or one-time event, (20) the pro forma “run rate” increase to Consolidated EBITDA of new contracts and projects, increased pricing in, or other modifications to, existing contracts and projects, increased volume in existing projects and customer contracts, reduced pricing in supplier arrangements, and other contract and project initiatives that are reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which steps have been

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taken or are expected to be taken (in the good faith determination of the Borrower) within 36 months after the last day of the applicable period (the “Run Rate Revenue Synergies Addback”) and (21) other customary addbacks and adjustments consistent with the Documentation Principles or as otherwise agreed (with all financial definitions to be consistent with the Documentation Principles).

“Consolidated Interest Expense” means cash interest expense (including that attributable to capital leases), net of cash interest income of the Borrower and its restricted subsidiaries with respect to all outstanding debt of the Borrower and its restricted subsidiaries and net cash costs (less net cash payments) under hedging agreements, but excluding, for the avoidance of doubt, (a) any non-cash interest expense and any capitalized interest, whether paid or accrued, (b) the amortization of original issue discount resulting from the issuance of debt at less than par, (c) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses, (d) any expenses resulting from discounting of debt in connection with the application of recapitalization accounting or purchase accounting, (e) penalties or interest related to taxes and any other amounts of non-cash interest resulting from the effects of acquisition method accounting or pushdown accounting, (f) the accretion or accrual of, or accrued interest on, discounted liabilities (other than debt) during such period, (g) non-cash interest expense attributable to the movement of the mark-to-market valuation of obligations under hedging agreements or other derivative instruments pursuant to FASB Accounting Standards Codification No. 815-Derivatives and Hedging, (h) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (i) any payments with respect to make whole premiums or other breakage costs of any debt, (j) all non-recurring interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations, all as calculated on a consolidated basis in accordance with GAAP, (k) expensing of bridge, arrangement, structuring, commitment or other financing fees, (l) annual agency fees paid to any administrative agents, collateral agents and/or trustees with respect to any Indebtedness and (m) rating agency fees.

“First Lien Net Leverage Ratio” means, as of any date, the ratio of (a) (x) Total Net Debt as of the most recently ended Test Period that is secured by a first priority lien on the Collateral less (y) (i) unrestricted cash and cash equivalents and (ii) cash and cash equivalents restricted in favor of the Administrative Agent or any Lender (whether or not held in a pledged account), of the Borrower and its restricted subsidiaries as of the most recently ended Test Period to (b) Consolidated EBITDA for the most recently ended Test Period.

“Secured Net Leverage Ratio” means, as of any date, the ratio of (a) (x) Total Net Debt as of the most recently ended Test Period that is secured by a lien on the Collateral less (y) (i) unrestricted cash and cash equivalents and (ii) cash and cash equivalents restricted in favor of the Administrative Agent or any Lender (whether or not held in a pledged account), of the Borrower and its restricted subsidiaries as of the most recently ended Test Period to (b) Consolidated EBITDA for the most recently ended Test Period.

“Total Net Leverage Ratio” means, as of any date, the ratio of (a) (x) Total Net Debt as of the most recently ended Test Period less (y) (i) unrestricted cash and cash equivalents and (ii) cash and cash equivalents restricted in favor of the Administrative Agent or any Lender (whether or not held in a pledged account), of the Borrower and its restricted subsidiaries as of the most recently ended Test Period to (b) Consolidated EBITDA for the most recently ended Test Period.

“Total Net Debt” means, as of any date, the outstanding principal amount of all third party debt for borrowed money of the Borrower and its restricted subsidiaries determined on a consolidated basis, in each case as reflected on a balance sheet prepared in accordance with GAAP (subject to exceptions consistent with the Documentation Principles). For the avoidance of doubt, for purposes of calculating any net leverage ratio required to be satisfied as a condition to the incurrence of any debt, the proceeds of any debt being incurred in reliance on such ratio shall not be netted (but the Borrower may give pro forma effect to the repayment of any debt to be repaid with such proceeds); provided, that Total Net Debt shall only include Revolving Loans to the extent outstanding on the December 31 immediately preceding such date (or, in the case of a date ended on December 31 of any fiscal year, the Revolving Loans outstanding on such December 31).

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