Credit Agreement



 Exhibit 10.1 
 Execution Version 
 $50,000,000 
 CREDIT AGREEMENT 
 Dated as of December 7, 2009 
 among 
 THE PRINCETON REVIEW, INC., 
 AS BORROWER 
 THE GUARANTORS PARTY HERETO 
 THE LENDERS AND L/C ISSUERS PARTY HERETO 
 and 
 GENERAL ELECTRIC CAPITAL CORPORATION, 
 AS ADMINISTRATIVE AGENT
AND COLLATERAL AGENT 
 ®®® 
 GE CAPITAL MARKETS, INC.,

 AS SOLE LEAD ARRANGER AND SOLE BOOKRUNNING MANAGER 
 CREDIT AGREEMENT 
 THE PRINCETON REVIEW, INC. 







 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	ARTICLE 1 DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS	  	1
				
		 	Section 1.1	  	Defined Terms	  	1
		 	Section 1.2	  	UCC Terms	  	33
		 	Section 1.3	  	Accounting Terms and Principles	  	33
		 	Section 1.4	  	Payments	  	34
		 	Section 1.5	  	Interpretation	  	34
		
	ARTICLE 2 THE FACILITIES	  	34
				
		 	Section 2.1	  	The Facilities	  	34
		 	Section 2.2	  	Borrowing Procedures	  	35
		 	Section 2.3	  	Swing Loans	  	36
		 	Section 2.4	  	Letters of Credit	  	38
		 	Section 2.5	  	Reduction and Termination of the Commitments	  	41
		 	Section 2.6	  	Repayment of Loans	  	41
		 	Section 2.7	  	Optional Prepayments	  	42
		 	Section 2.8	  	Mandatory Prepayments	  	42
		 	Section 2.9	  	Interest	  	44
		 	Section 2.10	  	Conversion and Continuation Options	  	45
		 	Section 2.11	  	Fees	  	45
		 	Section 2.12	  	Application of Payments	  	46
		 	Section 2.13	  	Payments and Computations	  	47
		 	Section 2.14	  	Evidence of Debt	  	48
		 	Section 2.15	  	Suspension of Eurodollar Rate Option	  	49
		 	Section 2.16	  	Breakage Costs; Increased Costs; Capital Requirements	  	50
		 	Section 2.17	  	Taxes	  	51
		 	Section 2.18	  	Substitution of Lenders	  	54
		
	ARTICLE 3 CONDITIONS TO LOANS AND LETTERS OF CREDIT	  	55
				
		 	Section 3.1	  	Conditions Precedent to Initial Loans and Letters of Credit	  	55
		 	Section 3.2	  	Conditions Precedent to Each Loan and Letter of Credit	  	59
		 	Section 3.3	  	Determinations of Initial Borrowing Conditions	  	59

  


					
		 	i	 	 CREDIT AGREEMENT
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	ARTICLE 4 REPRESENTATIONS AND WARRANTIES	  	60
				
		 	Section 4.1	  	Corporate Existence; Compliance with Law	  	60
		 	Section 4.2	  	Loan and Related Documents	  	60
		 	Section 4.3	  	Ownership of Group Members	  	61
		 	Section 4.4	  	Financial Statements	  	61
		 	Section 4.5	  	Material Adverse Effect	  	62
		 	Section 4.6	  	Evidence of Solvency	  	62
		 	Section 4.7	  	Litigation	  	62
		 	Section 4.8	  	Taxes	  	62
		 	Section 4.9	  	Margin Regulations	  	63
		 	Section 4.10	  	No Burdensome Obligations; No Defaults	  	63
		 	Section 4.11	  	Investment Company Act	  	63
		 	Section 4.12	  	Labor Matters	  	63
		 	Section 4.13	  	ERISA	  	63
		 	Section 4.14	  	Environmental Matters	  	64
		 	Section 4.15	  	Intellectual Property	  	64
		 	Section 4.16	  	Title; Real Property	  	65
		 	Section 4.17	  	Full Disclosure	  	65
		 	Section 4.18	  	Patriot Act	  	65
		 	Section 4.19	  	Educational Permits	  	66
		 	Section 4.20	  	Privacy Statements	  	66
		 	Section 4.21	  	Reserved	  	66
		 	Section 4.22	  	No Child Left Behind	  	66
		
	ARTICLE 5 FINANCIAL COVENANTS	  	67
				
		 	Section 5.1	  	Maximum Consolidated Total Leverage Ratio	  	67
		 	Section 5.2	  	Maximum Consolidated Senior Leverage Ratio	  	67
		 	Section 5.3	  	Minimum Consolidated Fixed Charge Coverage Ratio	  	68
		 	Section 5.4	  	Capital Expenditures	  	68
		 	Section 5.5	  	Strategic Ventures Capital Expenditures	  	68
		
	ARTICLE 6 REPORTING COVENANTS	  	69
				
		 	Section 6.1	  	Financial Statements	  	69
		 	Section 6.2	  	Other Events	  	71
		 	Section 6.3	  	Copies of Notices and Reports	  	71
		 	Section 6.4	  	Taxes	  	71

  


					
		 	ii	 	 CREDIT AGREEMENT
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		 	Section 6.5	  	Labor Matters	  	72
		 	Section 6.6	  	ERISA Matters	  	72
		 	Section 6.7	  	Environmental Matters	  	72
		 	Section 6.8	  	Other Information	  	73
		
	ARTICLE 7 AFFIRMATIVE COVENANTS	  	73
				
		 	Section 7.1	  	Maintenance of Corporate Existence	  	73
		 	Section 7.2	  	Compliance with Laws, Etc	  	73
		 	Section 7.3	  	Payment of Obligations	  	73
		 	Section 7.4	  	Maintenance of Property	  	74
		 	Section 7.5	  	Maintenance of Insurance	  	74
		 	Section 7.6	  	Keeping of Books	  	74
		 	Section 7.7	  	Access to Books and Property	  	74
		 	Section 7.8	  	Environmental	  	74
		 	Section 7.9	  	Use of Proceeds	  	75
		 	Section 7.10	  	Additional Collateral and Guaranties	  	75
		 	Section 7.11	  	Deposit Accounts; Securities Accounts and Cash Collateral Accounts	  	76
		 	Section 7.12	  	Interest Rate Contracts	  	77
		 	Section 7.13	  	Post-Closing	  	77
		
	ARTICLE 8 NEGATIVE COVENANTS	  	77
				
		 	Section 8.1	  	Indebtedness	  	77
		 	Section 8.2	  	Liens	  	79
		 	Section 8.3	  	Investments	  	80
		 	Section 8.4	  	Asset Sales	  	80
		 	Section 8.5	  	Restricted Payments	  	81
		 	Section 8.6	  	Prepayment of Indebtedness	  	82
		 	Section 8.7	  	Fundamental Changes	  	83
		 	Section 8.8	  	Change in Nature of Business	  	83
		 	Section 8.9	  	Transactions with Affiliates	  	83
		 	Section 8.10	  	Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments	  	83
		 	Section 8.11	  	Modification of Certain Documents	  	84
		 	Section 8.12	  	Accounting Changes; Fiscal Year	  	84
		 	Section 8.13	  	Margin Regulations	  	84

  


					
		 	iii	 	 CREDIT AGREEMENT
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		  	Section 8.14	  	Compliance with ERISA	  	85
		  	Section 8.15	  	Hazardous Materials	  	85
		
	ARTICLE 9 EVENTS OF DEFAULT	  	85
				
		  	Section 9.1	  	Definition	  	85
		  	Section 9.2	  	Remedies	  	86
		  	Section 9.3	  	Actions in Respect of Letters of Credit	  	87
		
	ARTICLE 10 THE ADMINISTRATIVE AGENT	  	87
				
		  	Section 10.1	  	Appointment and Duties	  	87
		  	Section 10.2	  	Binding Effect	  	88
		  	Section 10.3	  	Use of Discretion	  	88
		  	Section 10.4	  	Delegation of Rights and Duties	  	89
		  	Section 10.5	  	Reliance and Liability	  	89
		  	Section 10.6	  	Administrative Agent Individually	  	90
		  	Section 10.7	  	Lender Credit Decision	  	90
		  	Section 10.8	  	Expenses; Indemnities	  	91
		  	Section 10.9	  	Resignation of Administrative Agent or L/C Issuer	  	91
		  	Section 10.10	  	Release of Collateral or Guarantors	  	92
		  	Section 10.11	  	Additional Secured Parties	  	92
		
	ARTICLE 11 MISCELLANEOUS	  	93
				
		  	Section 11.1	  	Amendments, Waivers, Etc	  	93
		  	Section 11.2	  	Assignments and Participations; Binding Effect	  	95
		  	Section 11.3	  	Costs and Expenses	  	97
		  	Section 11.4	  	Indemnities	  	98
		  	Section 11.5	  	Survival	  	99
		  	Section 11.6	  	Limitation of Liability for Certain Damages	  	99
		  	Section 11.7	  	Lender-Creditor Relationship	  	99
		  	Section 11.8	  	Right of Setoff	  	99
		  	Section 11.9	  	Sharing of Payments, Etc	  	100
		  	Section 11.10	  	Marshaling; Payments Set Aside	  	100
		  	Section 11.11	  	Notices	  	100
		  	Section 11.12	  	Electronic Transmissions	  	101
		  	Section 11.13	  	Governing Law	  	102
		  	Section 11.14	  	Jurisdiction	  	103
		  	Section 11.15	  	Waiver of Jury Trial	  	103

  


					
		 	iv	 	 CREDIT AGREEMENT
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		  	Section 11.16	  	Severability	  	103
		  	Section 11.17	  	Execution in Counterparts	  	103
		  	Section 11.18	  	Entire Agreement	  	104
		  	Section 11.19	  	Use of Name	  	104
		  	Section 11.20	  	Non-Public Information; Confidentiality	  	104
		  	Section 11.21	  	Patriot Act Notice	  	105

  


					
		 	v	 	 CREDIT AGREEMENT
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	Exhibit A	  	-	  	Form of Assignment and Acceptance
	Exhibit B-1	  	-	  	Form of Revolving Loan Note
	Exhibit B-2	  	-	  	Form of Term Loan Note
	Exhibit C	  	-	  	Form of Notice of Borrowing
	Exhibit D	  	-	  	Form of Swing Line Request
	Exhibit E	  	-	  	Form of Letter of Credit Request
	Exhibit F	  	-	  	Form of Notice of Conversion or Continuation
	Exhibit G	  	-	  	Form of Compliance Certificate
	Exhibit H	  	-	  	Form of Guaranty and Security Agreement
			
	Schedule A	  	-	  	Adjusted EBITDA
	Schedule B	  	-	  	EBITDA Addbacks
	Schedule I	  	-	  	Commitments
	Schedule II	  	-	  	Address for Notice
	Schedule 4.2	  	-	  	Required Approvals
	Schedule 4.3	  	-	  	Joint Ventures
	Schedule 4.8	  	-	  	Taxes
	Schedule 4.12	  	-	  	Labor Matters
	Schedule 4.13	  	-	  	ERISA
	Schedule 4.14	  	-	  	Environmental Matters
	Schedule 4.16	  	-	  	Locations of Real Property
	Schedule 4.19	  	-	  	Educational Permits
	Schedule 8.1	  	-	  	Indebtedness
	Schedule 8.2	  	-	  	Liens
	Schedule 8.3	  	-	  	Investments

  


					
		 	vi	 	 CREDIT AGREEMENT
 THE PRINCETON REVIEW, INC.










 THIS CREDIT AGREEMENT, DATED AS OF DECEMBER 7, 2009, IS ENTERED INTO
AMONG THE PRINCETON REVIEW, INC. (THE “BORROWER”), THE GUARANTORS PARTY HERETO, THE LENDERS (AS DEFINED BELOW), THE L/C ISSUERS (AS DEFINED BELOW) AND GENERAL ELECTRIC CAPITAL CORPORATION (“GE CAPITAL”), AS
ADMINISTRATIVE AGENT AND COLLATERAL AGENT FOR THE LENDERS AND THE L/C ISSUERS (IN SUCH CAPACITY, AND TOGETHER WITH ITS SUCCESSORS AND PERMITTED ASSIGNS, THE “ADMINISTRATIVE AGENT”). 
 The parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS 
 Section 1.1 Defined Terms. As used in this Agreement, the following terms have the following meanings: 
 “Acquired Company” means Penn Foster Education Group, Inc. 
 “Acquisition” means the purchase by the Borrower of all of the outstanding Stock of the Acquired Company pursuant to the
terms of the Acquisition Agreement. 
 “Acquisition Agreement” means that certain Stock Purchase Agreement,
dated as of October 16, 2009, by and among The Princeton Review, Inc., Penn Foster Holdings, LLC and Penn Foster Education Group, Inc. 
 “Affected Lender” has the meaning specified in Section 2.18. 
 “Affiliate” means, with respect to any Person, each officer, director, general partner or joint-venturer of such Person and any other Person that directly or indirectly controls, is controlled by, or is under common control
with, such Person; provided, however, that no Secured Party shall be an Affiliate of the Borrower. For purpose of this definition, “control” means the possession of either (a) the power to vote, or the beneficial
ownership of, 10% or more of the Voting Stock of such Person or (b) the power to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 
 “Agreement” means this Credit Agreement. 
 “Applicable Margin” means, with respect to Revolving Loans, Swing Loans and the Term Loans, a
percentage equal to (a) during the period commencing on the Closing Date and ending on the date of delivery of the audited Financial Statements for the Fiscal Quarter ending December 31, 2009, the percentage set forth in the applicable
column opposite Level I in the table set forth in clause (b) below and (b) thereafter, as of each date of determination (and until the next such date of determination), a percentage equal to the percentage set forth below in the
applicable column opposite the level corresponding to the Consolidated Total Leverage Ratio in effect as of the last day of the most recently ended Fiscal Quarter: 
  

									
	 LEVEL
	 	 CONSOLIDATED TOTAL LEVERAGE RATIO
	 	BASE RATE LOANS	 	 	EURODOLLAR RATE LOANS	 
	 	 	REVOLVING LOANS AND
TERM LOANS
	 	 	REVOLVING LOANS AND
TERM LOANS	 
	 I
	 	 Greater than or equal to 2.50 to 1.00
	 	5.00	% 	 	6.00	% 
	 II
	 	 Less than 2.50 to 1.00
	 	4.50	% 	 	5.50	% 

  


					
		 		 	 CREDIT AGREEMENT
 [INSERT THE NAME OF THE BORROWER]










 Each date of determination for the “Applicable Margin” shall be the date that is 3 Business
Days after delivery by the Borrower to the Administrative Agent of a new Compliance Certificate pursuant to Section 6.1(d). Notwithstanding anything to the contrary set forth in this Agreement (including the then effective Consolidated
Total Leverage Ratio), the Applicable Margin shall equal the percentage set forth in the appropriate column opposite Level I in the table above, effective immediately upon (x) the occurrence of any Event of Default under
Section 9.1(e)(ii) or (y) the delivery of a notice by the Administrative Agent or the Required Lenders to the Borrower during the continuance of any other Event of Default and, in each case, for as long as such Event of Default
shall be continuing. 
 “Approved Fund” means, with respect to any Lender, any Person (other than a natural
Person) that (a) is or will be engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit, including funding revolving credit facilities in the ordinary course of its business and
(b) is advised or managed by (i) such Lender, (ii) any Affiliate of such Lender or (iii) any Person (other than an individual) or any Affiliate of any Person (other than an individual) that administers or manages such Lender.

 “Assignment” means an assignment agreement entered into by a Lender, as assignor, and any Person, as
assignee, pursuant to the terms and provisions of Section 11.2 (with the consent of any party whose consent is required by Section 11.2), accepted by the Administrative Agent, in substantially the form of
Exhibit A, or any other form approved by the Administrative Agent. 
 “Bain Capital” means Bain
Capital Venture Fund 2007, L.P., BCVI-TPR Integral L.P. and any investment fund that is an Affiliate of Bain Capital Venture Fund 2007, L.P. or BCVI-TPR Integral L.P. 
 “Base Rate” means, for any day, a rate per annum equal to the highest of (a) the rate last quoted by The Wall Street Journal as the “Prime Rate” in the United States or, if
The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate
or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent), (b) the sum of
3.0% per annum and the Federal Funds Rate, and (c) the sum of (x) the Eurodollar Rate, as defined herein, calculated for each such day based on an Interest Period of three months determined two (2) Business Days prior to such
day, plus (y) the excess of the Applicable Margin for Eurodollar Rate Loans over the Applicable Margin for Base Rate Loans, in each instance, as of such day. Any change in the Base Rate due to a change in any of the foregoing shall be
effective on the effective date of such change in the “bank prime loan” rate, the Federal Funds Rate, or the Eurodollar Rate for an Interest Period of three months. 
 “Base Rate Loan” means any Loan that bears interest based on the Base Rate. 
 “Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA (whether governed by the laws of
the United States or otherwise) to which any Group Member incurs or otherwise has any obligation or liability, contingent or otherwise. 
  


					
		 	2	 	 CREDIT AGREEMENT
 THE PRINCETON REVIEW, INC.










 “Borrowing” means a borrowing consisting of Loans (other than Swing Loans
and Loans deemed made pursuant to Section 2.3 or 2.4) made in one Facility on the same day by the Lenders according to their respective Commitments under such Facility. 
 “Bridge Agent” means Sankaty Advisors LLC, in its capacity as collateral agent for the Purchasers (as defined in the Bridge
Note Purchase Agreement) purchasing the Notes (as defined in the Bridge Note Purchase Agreement), together with all successors and replacements thereof, as originally in effect or as amended, modified or supplemented in accordance with the terms of
the Bridge Subordination Agreement. 
 “Bridge Obligations” means “Obligations” as defined in the
Bridge Note Purchase Agreement. 
 “Bridge Loan Documents” means all “Loan Documents” as defined in
the Bridge Note Purchase Agreement. 
 “Bridge Loan Maturity Date” so long as the Bridge Obligations remain
outstanding, shall have the meaning given the term “Maturity Date” in the Bridge Note Purchase Agreement. 
 “Bridge Note Purchase Agreement” means that certain Bridge Note Purchase Agreement, dated as of December 7, 2009, by and among the Borrower, the Bridge Agent, the Guarantors (as defined in the Bridge Note Purchase
Agreement) and the Purchasers (as defined in the Bridge Note Purchase Agreement). 
 “Bridge Subordination
Agreement” means the Intercreditor Agreement, dated as of the Closing Date, among the Administrative Agent, the Bridge Agent, the Purchasers (as defined in the Bridge Note Purchase Agreement), and the Loan Parties. 
 “Business Day” means any day of the year that is not a Saturday, Sunday or a day on which banks are required or authorized
to close in New York City and, when determined in connection with notices and determinations in respect of any Eurodollar Rate or Eurodollar Rate Loan or any funding, conversion, continuation, Interest Period or payment of any Eurodollar Rate Loan,
that is also a day on which dealings in Dollar deposits are carried on in the London interbank market. 
 “Canadian
Subsidiary” means any Subsidiary organized under the laws of Canada or any province or territory thereof. 
 “Capital Expenditures” means, for any Person for any period, (i) the aggregate of all expenditures, whether or not made through the incurrence of Indebtedness, by such Person and its Subsidiaries during such period for
the acquisition, leasing (pursuant to a Capital Lease), construction, replacement, repair, substitution or improvement of fixed or capital assets or additions to equipment and internal use software, in each case required to be capitalized under GAAP
on a Consolidated balance sheet of such Person and (ii) any capitalized product development costs during such period that are required to be capitalized under GAAP on a Consolidated balance sheet of such Person, excluding (a) interest
capitalized during construction and (b) any expenditure to the extent, for purpose of the definition of Permitted Acquisition, such expenditure is part of the aggregate amounts payable in connection with, or other consideration for, any
Permitted Acquisition consummated during or prior to such period. 
  


					
		 	3	 	 CREDIT AGREEMENT
 THE PRINCETON REVIEW, INC.










 “Capital Lease” means, with respect to any Person, any lease of, or other
arrangement conveying the right to use, any property (whether real, personal or mixed) by such Person as lessee that has been or should be accounted for as a capital lease on a balance sheet of such Person prepared in accordance with GAAP.

 “Capitalized Lease Obligations” means, at any time, with respect to any Capital Lease, any lease entered
into as part of any Sale and Leaseback Transaction of any Person or any synthetic lease, the amount of all obligations of such Person that is (or that would be, if such synthetic lease or other lease were accounted for as a Capital Lease)
capitalized on a balance sheet of such Person prepared in accordance with GAAP. 
 “Cash Collateral Account”
means a deposit account or securities account in the name of the Borrower and under the sole control (as defined in the applicable UCC) of the Administrative Agent and (a) in the case of a deposit account, from which the Borrower may not make
withdrawals except as permitted by the Administrative Agent and (b) in the case of a securities account, with respect to which the Administrative Agent shall be the entitlement holder and the only Person authorized to give entitlement orders
with respect thereto. 
 “Cash Equity Investment” means the transaction or series of transactions whereby Bain
Capital and certain co-investors reasonably acceptable to Administrative Agent (including members of management of the Acquired Company, it being understood that up to a portion of the investment by such management may consist of a roll over of such
management’s equity investment in the Acquired Company), have made a cash equity contribution of at least $25,000,000 in the aggregate by means of common stock or preferred stock having terms reasonably acceptable to Administrative Agent, and
that all of such cash has been contributed to Borrower and applied to the payment of consideration for the Acquisition under the Acquisition Agreement and related transaction costs. 
 “Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly, unconditionally and
fully guaranteed or insured by the United States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed by the full faith and credit of the United States federal
government, (b) any readily-marketable direct obligations issued by any other agency of the United States federal government, any state of the United States or any political subdivision of any such state or any public instrumentality thereof,
in each case having a rating of at least “A-1” from S&P or at least “P-1” from Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and issued
by any Person organized under the laws of any state of the United States, (d) any Dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’ acceptance issued or accepted by (i) any Lender or
(ii) any commercial bank that is (A) organized under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately capitalized” (as defined in the regulations of its primary federal banking
regulators) and (C) has Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any United States money market fund that (i) has substantially all of its assets invested continuously in the types of
investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either S&P or
Moody’s the highest rating obtainable for money market funds in the United States; provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) and
(d) above shall not exceed 365 days. 
  


					
		 	4	 	 CREDIT AGREEMENT
 THE PRINCETON REVIEW, INC.










 “CERCLA” means the United States Comprehensive Environmental Response,
Compensation, and Liability Act (42 U.S.C. §§ 9601 et seq.). 
 “Change in Control” means the
occurrence of one or more of the following events: (i) any sale, lease, exchange or other transfer (in a single transaction or a series of related transactions) of all or substantially all of the assets of the Borrower to any Person or
“group” (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder in effect on the date hereof), (ii) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or “group” (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) other than Bain Capital and
its Affiliates of 30% or more of the outstanding shares of the voting stock of the Borrower, (iii) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither
(a) nominated by the current board of directors or selected by the holders of the Borrower’s preferred stock on the Closing Date nor (b) appointed by directors so nominated or (iv) the holders of the Borrower’s preferred
stock, other than Bain Capital and its Affiliates; provided, that Bain Capital and its Affiliates shall not include Sankaty, appoint a majority of the seats on the board of directors of the Borrower. 
 “Closing Date” means the first date on which any Loan is made or any Letter of Credit is issued. 
 “Code” means the U.S. Internal Revenue Code of 1986. 
 “Collateral” means all property and interests in property and proceeds thereof now owned or hereafter acquired by any Loan
Party in or upon which a Lien is granted or purported to be granted pursuant to any Loan Document. 
 “Commitment” means, with respect to any Lender, such Lender’s Revolving Credit Commitment and Term Loan Commitment. 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit G. 
 “Consolidated” means, with respect to any Person, the accounts of such Person and its Subsidiaries consolidated in accordance with GAAP. 
 “Consolidated Cash Interest Expense” means, with respect to any Person for any period, the Consolidated Interest Expense of
such Person for such period less the sum of, in each case to the extent included in the definition of Consolidated Interest Expense, (a) the amortized amount of debt discount and debt issuance costs, (b) charges relating to
write-ups or write-downs in the book or carrying value of existing Consolidated Total Debt, (c) interest payable in evidences of Indebtedness or by addition to the principal of the related Indebtedness and (d) other non-cash interest.

 “Consolidated Current Assets” means, with respect to any Person at any date, the total Consolidated current
assets of such Person and its Subsidiaries (other than Strategic Ventures) at such date other than cash, Cash Equivalents and any Indebtedness owing to such Person or any of its Subsidiaries by Affiliates of such Person. 
  


					
		 	5	 	 CREDIT AGREEMENT
 THE PRINCETON REVIEW, INC.










 “Consolidated Current Liabilities” means, with respect to any Person at any
date, all liabilities of such Person and its Subsidiaries (other than Strategic Ventures) at such date that should be classified as current liabilities on a Consolidated balance sheet of such Person; provided, however, that
“Consolidated Current Liabilities” shall exclude the principal amount of the Loans, Bridge Obligations, Senior Subordinated Notes and Junior Subordinated Notes then outstanding. 
 “Consolidated EBITDA” means, with respect to any Person for any period, (a) the Consolidated Net Income of such Person
for such period plus (b) the sum of, in each case to the extent included in the calculation of such Consolidated Net Income but without duplication, (i) any provision for United States federal income taxes or other taxes measured by
income, (ii) Consolidated Interest Expense, amortization of debt discount and commissions and other fees and charges associated with Indebtedness, (iii) any loss from extraordinary items, (iv) any depreciation, depletion and
amortization expense, (v) any aggregate net loss on the Sale of property outside the ordinary course of business, (vi) any other non-cash expenditure, charge or loss for such period (other than any non-cash expenditure, charge or loss
relating to write-offs, write-downs or reserves with respect to accounts receivable and inventory), including the amount of any compensation deduction as the result of any grant of Stock or Stock Equivalents to employees, officers, directors or
consultants, (vii) restructuring charges of the Borrower incurred in fiscal year 2009 in an aggregate amount not to exceed $5,200,000 through September 30, 2009 as set forth on Schedule A hereto; and other restructuring amounts incurred in
periods in 2010 and thereafter as proposed by the Borrower and approved by a third party auditor and as reasonably agreed to by the Administrative Agent for the purpose of normalizing EBITDA, including adjustments for system integration and upgrade
costs, duplicate technology and related costs of improving technology efficiencies, in each case determined on a consolidated basis in accordance with GAAP, (viii) in connection with all Related Transactions, (A) (i) all financial
advisory fees, accounting fees, legal fees and other similar fees, transaction expenses and related out-of-pocket costs (to the extent not capitalized) incurred by all Group Members and (ii) non-recurring cash charges resulting from severance,
restructuring, and integration incurred within 12 months from the Closing Date as a result of the Acquisition as reasonably agreed to by the Administrative Agent and so long as such amounts in clauses (i) and (ii) do not exceed $10,800,000
in the aggregate, and (B) an amount equal to the annualized cost savings implemented within 12 months from the Closing Date for headcount reductions and combined back office operations resulting from the Acquisition as reasonably agreed to by
the Administrative Agent and not to exceed $1,000,000 in the aggregate as set forth on Schedule B hereto, (ix) in connection with all Permitted Acquisitions (regardless of whether actually consummated) (or any other acquisition not meeting the
definition of “Permitted Acquisition” but as to which the Required Lenders had waived the relevant criteria set forth in the definition of “Permitted Acquisition”), (A) all financial advisory fees, accounting fees, legal
fees and other similar fees, transaction expenses and related out-of-pocket costs incurred by all Group Members, as reasonably agreed to by the Administrative Agent, and (B) non-recurring cash charges resulting from severance incurred within
the first 12 months of the date of such Permitted Acquisition in an amount not to exceed $500,000 in the aggregate and reasonably agreed to by the Administrative Agent and resulting therefrom and (x) (1) start-up expenses as agreed to by
Administrative Agent incurred in connection with or on behalf of other investments made in the Strategic Ventures in an aggregate amount not to exceed $7,500,000 in the aggregate over the term of this Agreement and (2) any losses from the
Strategic Ventures to the extent not offset by positive contributions to Consolidated Net Income from the Strategic Ventures; provided that, losses from Strategic Ventures shall not exceed $2,500,000 in any trailing twelve month period

  


					
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and minus (c) the sum of, in each case to the extent included in the calculation of such Consolidated Net Income and without duplication, (i) any credit for United States federal income
taxes or other taxes measured by net income, (ii) any interest income, (iii) any gain from extraordinary items and any other non-recurring gain, (iv) any aggregate net gain from the Sale of property (other than accounts (as defined in
the applicable UCC) and inventory) out of the ordinary course of business by such Person, (v) any other non-cash gain, including any reversal of a charge referred to in clause (b)(vi) above by reason of a decrease in the value of any Stock or
Stock Equivalent, (vi) any other cash payment in respect of expenditures, charges and losses that have been added to Consolidated EBITDA of such Person pursuant to clause (b)(vi) above in any prior period and (vii) any excess positive
contributions to Consolidated Net Income from the Strategic Ventures which are not Loan Parties exceeding 10% of Consolidated EBITDA in the aggregate or such higher amount as agreed to by the Administrative Agent. Notwithstanding the foregoing,
EBITDA for each of the quarters during the 12 month period ending on September 30, 2009 shall be calculated in accordance with Schedule A attached hereto. 
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of (a) Consolidated EBITDA of such Person for such period minus Capital
Expenditures of such Person for such period (other than (i) Capital Expenditures from Permitted Reinvestments, (ii) Excluded Capital Expenditures used to purchase Growth Capital Expenditures, (iii) Excluded Capital Expenditures used
to make investments in or to purchase Strategic Ventures and (iv) Capital Expenditures in fiscal year 2009 relating to the Oracle system upgrade in an amount not to exceed $3,300,000, but including all Maintenance Capital Expenditures)
minus the total liability for United States federal income taxes and other taxes measured by net income actually payable by such Person in respect of such period to (b) the Consolidated Fixed Charges of such Person for such period.

 “Consolidated Fixed Charges” means, with respect to any Person for any period, the sum, determined on a
Consolidated basis, of (a) the Consolidated Cash Interest Expense of such Person and its Subsidiaries for such period, (b) the principal amount of Consolidated Total Debt of such Person and its Subsidiaries (excluding Strategic Ventures)
having a scheduled due date during such period, (c) all cash dividends payable by such Person and its Subsidiaries on Stock in respect of such period to Persons other than such Person and its Subsidiaries (other than Restricted Payments
permitted under Section 8.5(c)) and (d) all commitment fees and other costs, fees and expenses payable by such Person and its Subsidiaries during such period in order to effect, or because of, the incurrence of any Indebtedness.

 “Consolidated Interest Expense” means, for any Person for any period, (a) Consolidated total interest
expense of such Person and its Subsidiaries for such period and including, in any event, (i) interest capitalized during such period and net costs under Interest Rate Contracts for such period and (ii) all fees, charges, commissions,
discounts and other similar obligations (other than reimbursement obligations) with respect to letters of credit, bank guarantees, banker’s acceptances, surety bonds and performance bonds (whether or not matured) payable by such Person and its
Subsidiaries during such period minus (b) the sum of (i) Consolidated net gains of such Person and its Subsidiaries under Interest Rate Contracts for such period and (ii) Consolidated interest income of such Person and its
Subsidiaries for such period. 
 “Consolidated Net Income” means, with respect to any Person, for any period,
the Consolidated net income (or loss) of such Person and its Subsidiaries for such period; provided, however, that the following shall be excluded: (a) the net income of any other Person in which such Person or one of its
Subsidiaries has a joint interest with a third-party (which interest does

  


					
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not cause the net income of such other Person to be Consolidated into the net income of such Person), except to the extent of the amount of dividends or distributions paid to such Person or
Subsidiary, (b) the net income of any Subsidiary of such Person that is, on the last day of such period, subject to any restriction or limitation on the payment of dividends or the making of other distributions, to the extent of such
restriction or limitation and (c) the net income of any other Person arising prior to such other Person becoming a Subsidiary of such Person or merging or consolidating into such Person or its Subsidiaries. 
 “Consolidated Senior Debt” of any Person means all Consolidated Total Debt of such Person outstanding under this Agreement.

 “Consolidated Senior Leverage Ratio” means, with respect to any Person as of any date, the ratio of
(a) Consolidated Senior Debt of such Person outstanding as of such date to (b) Consolidated EBITDA for such Person for the last period of four consecutive Fiscal Quarters ending on or before such date. 
 “Consolidated Total Debt” of any Person means all Indebtedness (other than the Junior Subordinated Notes) of a type
described in clause (a), (b), (c)(i), (d) or (f) of the definition thereof and without duplication all Guaranty Obligations with respect to any such Indebtedness, including, without limitation, all
Guaranty Obligations of a Loan Party with respect to Indebtedness of a Strategic Venture, in each case of such Person and its Subsidiaries (other than any Subsidiary of such Person that is a Strategic Venture) on a Consolidated basis. 
 “Consolidated Total Leverage Ratio” means, with respect to any Person as of any date, the ratio of (a) Consolidated
Total Debt of such Person outstanding as of such date to (b) Consolidated EBITDA for such Person for the last period of four consecutive Fiscal Quarters ending on or before such date. 
 “Contingent Indemnification Obligations” means, as of any date of determination, Obligations for taxes, expenses, costs,
indemnification or damages (excluding principal of, interest on and fees relating to Indebtedness and excluding L/C Obligations) in respect of which no claim or demand for payment has been made (and, in the case of Obligations for indemnification,
no notice for indemnification has been issued by the indemnitee). 
 “Constituent Documents” means, with
respect to any Person, collectively and, in each case, together with any modification of any term thereof, (a) the articles of incorporation, certificate of incorporation, constitution or certificate of formation of such Person, (b) the
bylaws, operating agreement or joint venture agreement of such Person, (c) any other constitutive, organizational or governing document of such Person, whether or not equivalent, and (d) any other document setting forth the manner of
election or duties of the directors, officers or managing members of such Person or the designation, amount or relative rights, limitations and preferences of any Stock of such Person. 
 “Contractual Obligation” means, with respect to any Person, any provision of any Security issued by such Person or of any
document or undertaking (other than a Loan Document) to which such Person is a party or by which it or any of its property is bound or to which any of its property is subject. 
 “Control Agreement” means, with respect to any deposit account, any securities account, commodity account, securities
entitlement or commodity contract, an agreement, in form and

  


					
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substance satisfactory to the Administrative Agent, among the Administrative Agent, the financial institution or other Person at which such account is maintained or with which such entitlement or
contract is carried and the Loan Party maintaining such account, effective to grant “control” (as defined under the applicable UCC) over such account to the Administrative Agent. 
 “Controlled Deposit Account” means each deposit account (including all funds on deposit therein) that is the subject of an
effective Control Agreement and that is maintained by any Loan Party with a financial institution approved by the Administrative Agent. 
 “Controlled Securities Account” means each securities account or commodity account (including all financial assets held therein and all certificates and instruments, if any, representing
or evidencing such financial assets) that is the subject of an effective Control Agreement and that is maintained by any Loan Party with a securities intermediary or commodity intermediary approved by the Administrative Agent. 
 “Copyrights” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of
Law in or relating to copyrights, database and design rights, whether or not registered or published, all registrations and recordations thereof and all applications in connection therewith. 
 “Corporate Chart” means a document in form reasonably acceptable to the Administrative Agent and setting forth, as of a
date set forth therein, for each Person that is a Loan Party, that is subject to Section 7.10 or that is a Subsidiary or joint venture of any of them, (a) the full legal name of such Person, (b) the jurisdiction of organization
and any organizational number and tax identification number of such Person, (c) the location of such Person’s chief executive office (or, if applicable, sole place of business) and (d) for each Loan Party (other than the Borrower) the
number of shares of each class of Stock of such Person authorized, the number outstanding and the number and percentage of such outstanding shares for each such class owned, directly or indirectly, by any Loan Party or any Subsidiary of any of them.

 “Customary Permitted Liens” means, with respect to any Person, any of the following: 
 (a) Liens (i) with respect to the payment of taxes, assessments or other governmental charges or (ii) of suppliers, carriers,
materialmen, warehousemen, workmen or mechanics and other similar Liens, in each case imposed by law or arising in the ordinary course of business, and, for each of the Liens in clauses (i) and (ii) above for amounts that are
not yet due and payable or that are being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves or other appropriate provisions are maintained on the books of such Person in accordance
with GAAP; 
 (b) Liens of a collection bank on items in the course of collection arising under Section 4-208 of the UCC as
in effect in the State of New York or any similar section under any applicable UCC or any similar Requirement of Law of any foreign jurisdiction; 
 (c) pledges or cash deposits made in the ordinary course of business (i) in connection with workers’ compensation, unemployment insurance or other types of social security benefits (other than
any Lien imposed by ERISA), (ii) to secure the performance of bids, tenders, leases (other than Capital Leases) sales or other trade contracts (other than for the repayment of borrowed money) or (iii) made in lieu of, or to secure the
performance of, surety, customs, reclamation or performance bonds (in each case not related to judgments or litigation); 
  


					
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 (d) judgment liens (other than for the payment of taxes, assessments or other governmental
charges) securing judgments and other proceedings not constituting an Event of Default under Section 9.1(e) and pledges or cash deposits made in lieu of, or to secure the performance of, judgment or appeal bonds in respect of such
judgments and proceedings; 
 (e) Liens (i) arising by reason of zoning restrictions, easements, licenses, reservations,
restrictions, covenants, rights-of-way, encroachments, minor defects or irregularities in title (including leasehold title) and other similar encumbrances on the use of real property or (ii) consisting of leases, licenses or subleases granted
by a lessor, licensor or sublessor on its property (in each case other than Capital Leases) otherwise permitted under Section 8.4 that, for each of the Liens in clauses (i) and (ii) above, do not, in the
aggregate, materially (x) impair the value or marketability of such real property or (y) interfere with the ordinary conduct of the business conducted and proposed to be conducted at such real property; 
 (f) Liens of landlords and mortgagees of landlords (i) arising by statute or under any lease or related Contractual Obligation entered
into in the ordinary course of business, (ii) on fixtures and movable tangible property located on the real property leased or subleased from such landlord, (iii) on the fee interests in any real property subject to any lease,
(iv) for amounts not yet due or that are being contested in good faith by appropriate proceedings diligently conducted and (v) for which adequate reserves or other appropriate provisions are maintained on the books of such Person in
accordance with GAAP; and 
 (g) the title and interest of a lessor or sublessor in and to personal property leased or subleased
(other than through a Capital Lease), in each case extending only to such personal property. 
 “Default” means
any Event of Default and any event that, with the passing of time or the giving of notice or both, would become an Event of Default. 
 “Disclosure Documents” means, collectively, (a) all confidential information memoranda and related materials prepared in connection with the initial syndication of the Facilities and (b) all other documents filed
by any Group Member with the United States Securities and Exchange Commission. 
 “Dollars” and the sign
“$” each mean the lawful money of the United States of America. 
 “Domestic Person” means any
“United States person” under and as defined in Section 770l(a)(30) of the Code. 
 “E-Fax” means any system used to receive or transmit faxes electronically. 
 “Educational
Body” means any person, entity or organization, whether governmental, government chartered, private or quasi-private (including, without limitation, any accrediting body) that engages in granting or withholding Educational Permits for,
administers financial assistance to or for students of, provides a license or authorization necessary for an institution to provide education in a state or otherwise regulates or accredits schools in accordance with standards relating to the
performance, operation, financial conditions or academic standards of such schools, including, without limitation, the accrediting agencies and educational organizations set forth in Schedule 4.19. 
  


					
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 “Educational Permit” means any license, permit, participation agreement,
consent, franchise, approval, authorization, certificate or accreditation issued or required by law to be issued by any Educational Body to an educational institution with respect to any aspect of such institutions’ operations, including,
without limitation, the permits, filings and notifications set forth in Schedule 4.19. 
 “Electronic
Transmission” means each document, instruction, authorization, file, information and any other communication transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System or other equivalent
service. 
 “Environmental Laws” means all Requirements of Law and Permits imposing liability or standards of
conduct for or relating to the regulation and protection of human health, safety, the environment and natural resources, including CERCLA, the SWDA, the Hazardous Materials Transportation Act (49 U.S.C. §§ 5101 et seq.), the Federal
Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §§ 136 et seq.), the Toxic Substances Control Act (15 U.S.C. §§ 2601 et seq.), the Clean Air Act (42 U.S.C. §§ 7401 et seq.), the Federal Water Pollution Control Act
(33 U.S.C. §§ 1251 et seq.), the Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.), the Safe Drinking Water Act (42 U.S.C. §§ 300(f) et seq.), all regulations promulgated under any of the foregoing, all
analogous Requirements of Law and Permits and any environmental transfer of ownership notification or approval statutes, including the Industrial Site Recovery Act (N.J. Stat. Ann. §§ 13:1K-6 et seq.). 
 “Environmental Liabilities” means all Liabilities (including costs of Remedial Actions, natural resource damages and costs
and expenses of investigation and feasibility studies) that may be imposed on, incurred by or asserted against any Group Member as a result of, or related to, any claim, suit, action, investigation, proceeding or demand by any Person, whether based
in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law or otherwise, arising under any Environmental Law or in connection with any environmental, health or safety condition or with any Release and
resulting from the ownership, lease, sublease or other operation or occupation of property by any Group Member, whether on, prior or after the date hereof. 
 “ERISA” means the United States Employee Retirement Income Security Act of 1974. 
 “ERISA Affiliate” means, collectively, any Group Member, and any Person under common control, or treated as a single employer, with any Group Member, within the meaning of
Section 414(b), (c), (m) or (o) of the Code. 
 “ERISA Event” means any of the following:
(a) a reportable event described in Section 4043(b) of ERISA (or, unless the 30-day notice requirement has been duly waived under the applicable regulations, Section 4043(c) of ERISA) with respect to a Title IV Plan, (b) the
withdrawal of any ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA, (c) the complete or partial withdrawal of
any ERISA Affiliate from any Multiemployer Plan, (d) with respect to any Multiemployer Plan, the filing of a notice of reorganization, insolvency or termination (or treatment of a plan amendment as termination) under Section 4041A of
ERISA, (e) the filing of a notice of intent to terminate a Title IV Plan (or treatment of a plan amendment as termination) under Section 4041 of ERISA, (f) the institution of proceedings to terminate a Title IV Plan or Multiemployer
Plan by the PBGC, (g) the failure to make any required

  


					
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contribution to any Title IV Plan or Multiemployer Plan when due, (h) the imposition of a lien under Section 430(k) of the Code or Section 303(k) or 4068 of ERISA on any property
(or rights to property, whether real or personal) of any ERISA Affiliate, (i) the failure of a Benefit Plan or any trust thereunder intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Requirements of Law
to qualify thereunder and (j) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or
Multiemployer Plan or for the imposition of any liability upon any ERISA Affiliate under Title IV of ERISA other than for PBGC premiums due but not delinquent. 
 “E-Signature” means the process of attaching to or logically associating with an Electronic Transmission an electronic symbol, encryption, digital signature or process (including the name
or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such Electronic Transmission. 
 “E-System” means any electronic system, including Intralinks® and ClearPar®
and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent, any of its Related Persons or any other Person, providing for access to data protected by passcodes or other
security system. 
 “Eurodollar Base Rate” means, with respect to any Interest Period for any Eurodollar Rate
Loan, the greater of (i) 2.00% per annum and (ii) the rate determined by the Administrative Agent to be the offered rate for deposits in Dollars for the applicable Interest Period appearing on the Reuters Screen LIBOR01 page as of
11:00 a.m. (London time) on the second full Business Day next preceding the first day of each Interest Period. In the event that such rate does not appear on the Reuters Screen LIBOR01 page at such time, the “Eurodollar Base
Rate” shall be determined by reference to such other comparable publicly available service for displaying the offered rate for deposit in Dollars in the London interbank market as may be selected by the Administrative Agent and, in the
absence of availability, such other method to determine such offered rate as may be selected by the Administrative Agent in its sole discretion. 
 “Eurodollar Rate” means, with respect to any Interest Period and for any Eurodollar Rate Loan, an interest rate per annum determined as (a) the Eurodollar Base Rate with respect to
such Interest Period for such Eurodollar Rate Loan divided by (b) the difference between the number one and the Eurodollar Reserve Requirements with respect to such Interest Period and for such Eurodollar Rate Loan. 
 “Eurodollar Rate Loan” means any Loan that bears interest based on the Eurodollar Rate. 
 “Eurodollar Reserve Requirements” means, with respect to any Interest Period and for any Eurodollar Rate Loan, a rate per
annum equal to the aggregate, without duplication, of the maximum rates (expressed as a decimal number) of reserve requirements in effect 2 Business Days prior to the first day of such Interest Period (including basic, supplemental, marginal and
emergency reserves) under any regulations of the Federal Reserve Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as
“eurocurrency liabilities” in Regulation D of the Federal Reserve Board) maintained by a member bank of the United States Federal Reserve System. 
 “Event of Default” has the meaning specified in Section 9.1. 
  


					
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 “Excess Cash Flow” means, for any period, (a) Consolidated EBITDA of
the Borrower for such period, minus (b) without duplication, (i) any cash principal payment on the Loans during such period (but only, in the case of payment in respect of Revolving Loans, to the extent that the Revolving Credit
Commitments are permanently reduced by the amount of such payment) other than any mandatory prepayment required pursuant to Section 2.8(a) because of the existence of Excess Cash Flow, (ii) any scheduled or other cash principal
payment made by the Borrower or any of its Subsidiaries during such period on any Capitalized Lease Obligation or other Indebtedness (but only, if such Indebtedness may be reborrowed, to the extent such payment results in a permanent reduction in
commitments thereof); provided that if such payment is payment with respect to the Bridge Obligations, the Senior Subordinated Notes or the Junior Subordinated Notes, solely to the extent such payment is permitted by the applicable Subordination
Agreement, (iii) any Capital Expenditure made by such Person or any of its Subsidiaries during such period to the extent permitted by this Agreement, excluding any Excluded Capital Expenditures or any other Capital Expenditure to the extent
financed through the incurrence of Capitalized Lease Obligations or any long-term Indebtedness other than the Obligations and any Capitalized Lease Obligations, (iv) the Consolidated Cash Interest Expense of such Person for such period,
(v) any cash losses from extraordinary items, (vi) any cash payment made during such period to satisfy obligations for United States federal income taxes or other taxes measured by income, (vii) cash utilized for Permitted Investments
described in Section 8.3(d) and (e), (viii) cash utilized for Restricted Payments described in Section 8.5(c), (ix) restructuring charges of the Borrower incurred in fiscal year 2009 in an aggregate amount
not to exceed $5,200,000 as set forth through September 30, 2009 on Schedule A hereto; and other restructuring amounts incurred in periods in 2010 and thereafter as proposed by the Borrower and approved by a third party auditor and as
reasonably agreed to by the Administrative Agent for the purpose of normalizing EBITDA, including adjustments for system integration and upgrade costs, duplicate technology and related costs of improving technology efficiencies, in each case
determined on a consolidated basis in accordance with GAAP, (x) in connection with all Related Transactions, (A) (i) all financial advisory fees, accounting fees, legal fees and other similar fees, transaction expenses and related
out-of-pocket costs (to the extent not capitalized) incurred by all Group Members and (ii) non-recurring cash charges resulting from severance, restructuring, and integration incurred within 12 months from the Closing Date as a result of the
Acquisition as reasonably agreed to by the Administrative Agent and so long as such amounts in clauses (i) and (ii) do not exceed $10,800,000 in the aggregate, and (B) an amount equal to the annualized cost savings implemented within
12 months from the Closing Date for headcount reductions and combined back office operations resulting from the Acquisition as reasonably agreed to by the Administrative Agent and not to exceed $1,000,000, (xi) in connection with all Permitted
Acquisitions (regardless of whether actually consummated) (or any other acquisition not meeting the definition of “Permitted Acquisition” but as to which the Required Lenders had waived the relevant criteria set forth in the definition of
“Permitted Acquisition”), (A) all financial advisory fees, accounting fees, legal fees and other similar fees, transaction expenses and related out-of-pocket costs incurred by all Group Members, as reasonably agreed to by the
Administrative Agent and (B) non-recurring cash charges resulting from severance incurred within the first 12 months of the date of such Permitted Acquisition in an amount not to exceed $500,000 in the aggregate and reasonably agreed to by the
Administrative Agent and resulting therefrom, (xii) (1) start-up expenses as agreed to by Administrative Agent incurred in connection with or on behalf of other investments made in the Strategic Ventures in an aggregate amount not to
exceed $7,500,000 in the aggregate over the term of this Agreement and (2) any losses from the Strategic Ventures to the extent not offset by positive contributions to Consolidated Net Income from the Strategic Ventures; provided that, losses
from Strategic Ventures shall not 
  


					
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exceed $2,500,000 in any trailing twelve month period, (xiii) expenses incurred in cash in connection with or on behalf of or other cash investments in the Strategic Ventures other than any
such expenses or investments made from the proceeds of Excluded Stock Issuances and (xiv) any increase in the Working Capital of the Borrower during such period (measured as the excess of such Working Capital at the end of such period over such
Working Capital at the beginning of such period) and plus (c) without duplication, (i) to the extent included in the calculation of Consolidated EBITDA pursuant to clause (b)(i) of the definition thereof, any provision for
United States federal income taxes or other taxes measured by net income and (ii) any decrease in the Working Capital of the Borrower during such period (measured as the excess of such Working Capital at the beginning of such period over such
Working Capital at the end thereof). 
 “Excluded Capital Expenditures” means Capital Expenditures funded,
directly or indirectly, from the proceeds of the amount of the Cash Equity Investment in excess of $25,000,000 made on the Closing Date or from the proceeds of Excluded Stock Issuances made after the Closing Date. 
 “Excluded Stock Issuances” means the issuance or Sale by the Borrower of its own Stock after the Closing Date, to the
extent the proceeds thereof up to an aggregate amount not to exceed $25,000,000 are to be used for Permitted Acquisitions, Capital Expenditures, payment of expenses incurred in connection with or on behalf of other investments made in the Strategic
Ventures and other growth capital needs of the Borrower; provided, further, that (x) the proceeds of such Excluded Stock Issuances shall not be used to cure any Default or Event of Default pursuant to Articles 5, 6, 7 or 8 hereof and
(y) no such Excluded Stock Issuances shall be permitted if an Event of Default has occurred and is continuing. 
 “Excluded Foreign Subsidiary” means any Subsidiary that is not a Domestic Person; provided that no such Subsidiary shall be an “Excluded Foreign Subsidiary” if, with substantially similar tax consequences,
such Subsidiary has entered into any Guaranty Obligations with respect to, such Subsidiary has granted a security interest in any of its property to secure, or more than 66% of the Voting Stock of such Subsidiary was pledged to secure, directly or
indirectly, any Indebtedness (other than the Obligations) of any Loan Party. 
 “Excluded Taxes” shall have the
meaning assigned to such term in Section 2.17(a). 
 “Existing Agents” means Wells Fargo Foothill,
LLC and General Electric Capital Corporation. 
 “Existing Credit Agreements” means (i) that certain
Credit Agreement, dated as of July 2, 2008, among the Borrower, the lenders party thereto and Wells Fargo Foothill, LLC and (ii) that certain Credit Agreement, dated as of March 27, 2007, by and among the Acquired Company, the lenders
party thereto and General Electric Capital Corporation, as agent. 
 “Facilities” means (a) the Term Loan
Facility and (b) the Revolving Credit Facility. 
 “Federal Flood Insurance” means Federally backed Flood
Insurance available under the National Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to
the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as determined by the Administrative Agent in its sole discretion. 
  


					
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 “Federal Reserve Board” means the Board of Governors of the United States
Federal Reserve System and any successor thereto. 
 “Fee Letter” means the letter agreement, dated as of
October 16, 2009, addressed to the Borrower from the Administrative Agent and accepted by the Borrower, with respect to certain fees to be paid from time to time to the Administrative Agent and its Related Persons. 
 “FEMA” means the Federal Emergency Management Agency, a component of the U.S. Department of Homeland Security that
administers the National Flood Insurance Program. 
 “FIRREA” means the Financial Institutions Reform, Recovery
and Enforcement Act of 1989, as amended. 
 “Financial Statement” means each financial statement delivered
pursuant to Section 4.4 or 6.1. 
 “Fiscal Quarter” means each 3 fiscal month period ending on
March 31, June 30, September 30 or December 31. 
 “Fiscal Year” means the
twelve-month period ending on December 31. 
 “Flood Insurance” means, for any real property located in a
Special Flood Hazard Area, Federal Flood Insurance or private insurance that meets the requirements set forth by FEMA in its Mandatory Purchase of Flood Insurance Guidelines. Flood Insurance shall be in an amount equal to the full, unpaid balance of
the Loans and any prior liens on the real property up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Agent, with deductibles not to exceed $50,000. 
 “GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time, set
forth in the FASB Accounting Standards Codification as of the date of determination. Subject to Section 1.3, all references to “GAAP” shall be to GAAP applied consistently with the principles used in the preparation of
the Financial Statements described in Section 4.4(a). 
 “Governmental Authority” means any nation,
sovereign or government, any state or other political subdivision thereof, any agency, authority or instrumentality thereof and any entity or authority exercising executive, legislative, taxing, judicial, regulatory or administrative functions of or
pertaining to government, including any central bank, stock exchange, regulatory body, arbitrator, public sector entity, supra-national entity (including the European Union and the European Central Bank) and any self-regulatory organization
(including the National Association of Insurance Commissioners). 
 “Group Members” means, collectively, the
Borrower and its Subsidiaries (excluding the Strategic Ventures). 
  


					
		 	15	 	 CREDIT AGREEMENT
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 “Group Members’ Accountants” means PricewaterhouseCoopers LLP or other
nationally-recognized independent registered certified public accountants acceptable to the Administrative Agent. 
 “Growth Capital Expenditures” means Capital Expenditures consisting of investments by the Loan Parties in new facilities, systems, products and equipment, new business offices and expansion of existing buildings, product
development, Investments related to a new corporate image, new communications and technology equipment and new equipment required to meet growing demand. 
 “Guarantor” means each of Borrower’s existing and subsequently acquired or formed direct and indirect subsidiaries (each, a “Subsidiary Guarantor”), other than an Excluded
Foreign Subsidiary and a Strategic Venture, and each other Person that enters into any Guaranty Obligation with respect to any Obligation of any Loan Party. 
 “Guaranty and Security Agreement” means a guaranty and security agreement, in substantially the form of Exhibit H, among the Administrative Agent, the Borrower and other
Guarantors from time to time party thereto. 
 “Guaranty Obligation” means, as applied to any Person, any
direct or indirect liability, contingent or otherwise, of such Person for any Indebtedness, lease, dividend or other obligation (the “primary obligation”) of another Person (the “primary obligor”), if the purpose or
intent of such Person in incurring such liability, or the economic effect thereof, is to guarantee such primary obligation or provide support, assurance or comfort to the holder of such primary obligation or to protect or indemnify such holder
against loss with respect to such primary obligation, including (a) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with
recourse by such Person of any primary obligation, (b) the incurrence of reimbursement obligations with respect to any letter of credit or bank guarantee in support of any primary obligation, (c) the existence of any Lien, or any right,
contingent or otherwise, to receive a Lien, on the property of such Person securing any part of any primary obligation and (d) any liability of such Person for a primary obligation through any Contractual Obligation (contingent or otherwise) or
other arrangement (i) to purchase, repurchase or otherwise acquire such primary obligation or any security therefor or to provide funds for the payment or discharge of such primary obligation (whether in the form of a loan, advance, stock
purchase, capital contribution or otherwise), (ii) to maintain the solvency, working capital, equity capital or any balance sheet item, level of income or cash flow, liquidity or financial condition of any primary obligor, (iii) to make
take-or-pay or similar payments, if required, regardless of non-performance by any other party to any Contractual Obligation, (iv) to purchase, sell or lease (as lessor or lessee) any property, or to purchase or sell services, primarily for the
purpose of enabling the primary obligor to satisfy such primary obligation or to protect the holder of such primary obligation against loss or (v) to supply funds to or in any other manner invest in, such primary obligor (including to pay for
property or services irrespective of whether such property is received or such services are rendered); provided, however, that “Guaranty Obligations” shall not include (x) endorsements for collection or deposit in
the ordinary course of business and (y) product warranties given in the ordinary course of business. The outstanding amount of any Guaranty Obligation shall equal the outstanding amount of the primary obligation so guaranteed or otherwise
supported or, if lower, the stated maximum amount for which such Person may be liable under such Guaranty Obligation. 
  


					
		 	16	 	 CREDIT AGREEMENT
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 “Hazardous Material” means any substance, material or waste that is
classified, regulated or otherwise characterized under any Environmental Law as hazardous, toxic, a contaminant or a pollutant or by other words of similar meaning or regulatory effect, including petroleum or any fraction thereof, asbestos,
polychlorinated biphenyls and radioactive substances. 
 “Hedging Agreement” means any Interest Rate Contract,
foreign exchange, swap, option or forward contract, spot, cap, floor or collar transaction, any other derivative instrument and any other similar speculative transaction and any other similar agreement or arrangement designed to alter the risks of
any Person arising from fluctuations in any underlying variable. 
 “Indebtedness” of any Person means, without
duplication, any of the following, whether or not matured: (a) all indebtedness for borrowed money, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all reimbursement and all obligations with
respect to (i) letters of credit, bank guarantees or bankers’ acceptances or (ii) surety, customs, reclamation or performance bonds (in each case not related to judgments or litigation) other than those entered into in the ordinary
course of business, (d) all obligations to pay the deferred purchase price of property or services, other than trade payables incurred in the ordinary course of business, (e) all obligations created or arising under any conditional sale or
other title retention agreement, regardless of whether the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property, (f) all Capitalized Lease Obligations,
(g) all obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct or indirect parent entity thereof) prior
to the date that is 180 days after the Scheduled Term Loan Maturity Date, valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation preference and the involuntary liquidation preference of such Stock plus accrued
and unpaid dividends, (h) all payments that would be required to be made in respect of any Hedging Agreement in the event of a termination (including an early termination) on the date of determination and (i) all Guaranty Obligations for
obligations of any other Person constituting Indebtedness of such other Person; provided, however, that the items in each of clauses (a) through (i) above shall constitute “Indebtedness” of such
Person solely to the extent, directly or indirectly, (x) such Person is liable for any part of any such item, (y) any such item is secured by a Lien on such Person’s property or (z) any other Person has a right, contingent or
otherwise, to cause such Person to become liable for any part of any such item or to grant such a Lien. 
 “Indemnified
Matter” has the meaning specified in Section 11.4. 
 “Indemnitee” has the meaning
specified in Section 11.4. 
 “Impacted Lender” means any Lender that fails to promptly provide the
Borrower or the Administrative Agent, upon such Person’s request, reasonably satisfactory assurance that such Lender will not become, a Non-Funding Lender. 
 “Initial Projections” means those financial projections, dated December 4, 2009, covering the Fiscal Years ending in 2009 through 2015 and delivered to the Administrative Agent by
the Borrower prior to the date hereof. 
 “Intellectual Property” means all rights, title and interests in or
relating to intellectual property and industrial property arising under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Trademarks, Internet Domain Names, Trade Secrets and IP Licenses.

  


					
		 	17	 	 CREDIT AGREEMENT
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 “Interest Period” means, with respect to any Eurodollar Rate Loan, the
period commencing on the date such Eurodollar Rate Loan is made or converted to a Eurodollar Rate Loan or, if such loan is continued, on the last day of the immediately preceding Interest Period therefor and, in each case, ending 1, 2, 3 or 6 months
thereafter, as selected by the Borrower pursuant hereto; provided, however, that (a) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding
Business Day, unless the result of such extension would be to extend such Interest Period into the next calendar month, in which case such Interest Period shall end on the immediately preceding Business Day, (b) any Interest Period that begins
on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month, (c) the Borrower may
not select any Interest Period (i) in the case of Revolving Loans, ending after the Scheduled Revolving Credit Termination Date and (ii) in the case of Term Loans, ending after the Term Loan Maturity Date, (d) the Borrower may not
select any Interest Period in respect of Loans having an aggregate principal amount of less than $2,000,000 and (e) there shall be outstanding at any one time no more than 5 Interest Periods. 
 “Interest Rate Contracts” means all interest rate swap agreements, interest rate cap agreements, interest rate collar
agreements and interest rate insurance. 
 “Internet Domain Names” means all rights, title and interests (and
all related IP Ancillary Rights) arising under any Requirement of Law in or relating to Internet domain names. 
 “Investment” means, with respect to any Person, directly or indirectly, (a) to own, purchase or otherwise acquire, in each case whether beneficially or otherwise, any investment in, including any interest in, any
Security of any other Person (other than any evidence of any Obligation), (b) to purchase or otherwise acquire, whether in one transaction or in a series of transactions, all or a significant part of the property of any other Person or a
business conducted by any other Person or all or substantially all of the assets constituting the business of a division, branch, brand or other unit operation of any other Person, (c) to incur, or to remain liable under, any Guaranty
Obligation for Indebtedness of any other Person, to assume the Indebtedness of any other Person or to make, hold, purchase or otherwise acquire, in each case directly or indirectly, any deposit, loan, advance, commitment to lend or advance, or other
extension of credit (including by deferring or extending the date of, in each case outside the ordinary course of business, the payment of the purchase price for Sales of property or services to any other Person, to the extent such payment
obligation constitutes Indebtedness of such other Person), excluding deposits with financial institutions available for withdrawal on demand, prepaid expenses, accounts receivable and similar items created in the ordinary course of business,
(d) to make, directly or indirectly, any contribution to the capital of any other Person or (e) to Sell any property for less than fair market value (including a disposition of cash or Cash Equivalents in exchange for consideration of
lesser value); provided, however, that such Investment shall be valued at the difference between the value of the consideration for such Sale and the fair market value of the property Sold. 
 “IP Ancillary Rights” means, with respect to any other Intellectual Property, as applicable, all foreign counterparts to,
and all divisionals, reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual

  


					
		 	18	 	 CREDIT AGREEMENT
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Property and all income, royalties, proceeds and Liabilities at any time due or payable or asserted under or with respect to any of the foregoing or otherwise with respect to such Intellectual
Property, including all rights to sue or recover at law or in equity for any past, present or future infringement, misappropriation, dilution, violation or other impairment thereof, and, in each case, all rights to obtain any other IP Ancillary
Right. 
 “IP License” means all Contractual Obligations (and all related IP Ancillary Rights) granting any
right title and interest in or relating to any Intellectual Property. 
 “IRS” means the Internal Revenue
Service of the United States and any successor thereto. 
 “Issue” means, with respect to any Letter of Credit,
to issue, extend the expiration date of, renew (including by failure to object to any automatic renewal on the last day such objection is permitted), increase the face amount of, or reduce or eliminate any scheduled decrease in the face amount of,
such Letter of Credit, or to cause any Person to do any of the foregoing. The terms “Issued” and “Issuance” have correlative meanings. 
 “Junior Subordination Agreement” means the Subordination Agreement, dated as of the Closing Date, between the Administrative Agent and the holders of the Junior Subordinated Notes, and
acknowledged and agreed to by the Loan Parties. 
 “Junior Subordinated Notes” means the 17.5% notes, in an
aggregate principal amount of approximately $25,510,204, issued by the Borrower in Dollars on the Closing Date. 
 “Junior Subordinated Note Documents” means the Junior Subordinated Securities Purchase Agreement and all documents and instruments executed in connection therewith. 
 “Junior Subordinated Securities Purchase Agreement” means that Securities Purchase Agreement, dated as of the Closing Date
by and among the Issuer and the holders of the Junior Subordinated Notes, as amended, restated or supplemented from time to time in accordance with the terms of the Junior Subordination Agreement. 
 “Landlord Waiver” means a letter in form and substance reasonably acceptable to the Administrative Agent and executed by a
landlord in respect of personal or mixed property of any Loan Party located at any leased premises of any Loan Party pursuant to which such landlord, among other things, waives or subordinates on terms and conditions reasonably acceptable to the
Administrative Agent any Lien such landlord may have in respect of such personal or mixed property. 
 “L/C Cash
Collateral Account” means any Cash Collateral Account (a) specifically designated as such by the Borrower in a notice to the Administrative Agent and (b) from and after the effectiveness of such notice, not containing any funds
other than those required under the Loan Documents to be placed therein. 
 “L/C Issuer” means (a) GE
Capital or any of its Affiliates and (b) each Person that hereafter becomes an L/C Issuer with the approval of, and pursuant to an agreement with and in form and substance satisfactory to, the Administrative Agent and the Borrower, in each case
in their capacity as L/C Issuers hereunder and together with their successors. 
  


					
		 	19	 	 CREDIT AGREEMENT
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 “L/C Obligations” means, for any Letter of Credit at any time, the sum of
(a) the L/C Reimbursement Obligations at such time for such Letter of Credit and (b) the aggregate maximum undrawn face amount of such Letter of Credit outstanding at such time. 
 “L/C Reimbursement Agreement” has the meaning specified in Section 2.4(a). 
 “L/C Reimbursement Date” has the meaning specified in Section 2.4(e). 
 “L/C Reimbursement Obligation” means, for any Letter of Credit, the obligation of the Borrower to the L/C Issuer thereof,
as and when matured, to pay all amounts drawn under such Letter of Credit. 
 “L/C Request” has the meaning
specified in Section 2.4(b). 
 “L/C Sublimit” means $1,500,000. 
 “Lender” means, collectively, the Swingline Lender and any other financial institution or other Person that (a) is
listed on the signature pages hereof as a “Lender” or (b) from time to time becomes a party hereto by execution of an Assignment, in each case together with its successors. 
 “Lender-Related Distress Event” means, with respect to any Lender or any Person that directly or indirectly controls such
Lender (each a “Distressed Person”), a voluntary or involuntary case with respect to such Distressed Person is commenced under the Bankruptcy Code or any similar bankruptcy laws of its jurisdiction of formation, or a custodian,
conservator, receiver or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person or any Person that directly or indirectly controls such Distressed Person is
subject to a forced liquidation, merger, sale or other change of majority control supported in whole or in part by guaranties or other support (including, without limitation, the nationalization or assumption of majority ownership or operating
control by) the U.S. government or other Governmental Authority, or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory
authority over such Distressed Person or its assets to be, insolvent, bankrupt, or deficient in meeting any capital adequacy or liquidity standard of any such Governmental Authority. For purposes of this definition, control of a Person shall have
the same meaning as in the third sentence of the definition of “Affiliate”. 
 “Letter of Credit”
means any letter of credit Issued pursuant to Section 2.4. 
 “Liabilities” means all claims,
actions, suits, judgments, damages, losses, liabilities, obligations, responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued
thereon or as a result thereto and fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise.

 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement,
encumbrance, easement, lien (statutory or other), security interest or other security arrangement and any other preference, priority or preferential arrangement of any kind or nature whatsoever, including any conditional sale contract or other title
retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing. 
  


					
		 	20	 	 CREDIT AGREEMENT
 THE PRINCETON REVIEW, INC.










 “Loan” means any loan made or deemed made by any Lender hereunder.

 “Loan Documents” means, collectively, this Agreement, any Notes, the Guaranty and Security Agreement, the
Mortgages, the Control Agreements, the Fee Letter, the L/C Reimbursement Agreements, the Secured Hedging Agreements and, when executed, each document executed by a Loan Party and delivered to the Administrative Agent, any Lender or any L/C
Issuer in connection with or pursuant to any of the foregoing or the Obligations, together with any modification of any term, or any waiver with respect to, any of the foregoing. 
 “Loan Party” means the Borrower and each Guarantor. 
 “Maintenance Capital Expenditures” means Capital Expenditures consisting of investments by the Loan Parties in existing
facilities, products, publications, and equipment, renewal of equipment, machinery and existing systems, Investments to comply with new standards and all other preventive maintenance expenses. 
 “Master Standby Agreement” means the Master Agreement for Standby Letters of Credit dated as of the Closing Date between
Borrower, as Applicant, and GE Capital, as Issuer. 
 “Material Adverse Effect” means, (A) on the Closing
Date, any change or event that has had a material adverse effect, individually or collectively, on the business, assets, liabilities, operations, results of operations or financial condition of the Borrower, the Acquired Company, or any of their
subsidiaries, taken as a whole, other than any change or effect that results or arises from or relates to (i) (w) changes in economic, regulatory or political conditions, financial, securities or other market conditions or prevailing
interest rates, (x) acts of war, declared or undeclared, armed hostilities or acts of terrorism, (y) changes in the industry in which Borrower, the Acquired Company, or any of their subsidiaries operates or (z) changes in (including
changes in interpretation or application of) laws, regulations or accounting standards, principles or interpretations, to the extent, in the cases clauses (w), (x), (y) and (z), such changes or acts do not disproportionately affect Borrower,
the Acquired Company, or any of their subsidiaries, relative to other entities in Borrower’s, the Acquired Company’s, or any of their subsidiaries’ industry, (ii) seasonal variations in the Borrower’s, the Acquired
Company’s, or any of their subsidiaries’ business or (iii) the announcement of the Acquisition or the performance of obligations under the Acquisition Agreement; provided, that in no event shall the mere failure of Borrower,
the Acquired Company or any of their subsidiaries to meet budgeted or projected revenues or earnings constitute, in and of itself, a Material Adverse Effect and (B) at all times thereafter, an effect that results in or causes, or could
reasonably be expected to result in or cause, a material adverse change in any of (i) the financial condition, business, performance, operations or property of the Group Members, taken as a whole, (ii) the ability of any Loan Party to
perform its obligations under any Loan Document and (iii) the validity or enforceability of any Loan Document or the rights and remedies of the Administrative Agent, the Lenders and the other Secured Parties under any Loan Document. 

“Material Environmental Liabilities” means Environmental Liabilities exceeding $500,000 in the aggregate. 
 “Moody’s” means Moody’s Investors Service, Inc. 
  


					
		 	21	 	 CREDIT AGREEMENT
 THE PRINCETON REVIEW, INC.










 “Mortgage” means any mortgage, deed of trust or other document executed or
required herein to be executed by any Loan Party and granting a security interest over real property in favor of the Administrative Agent as security for the Obligations. 
 “Mortgage Supporting Documents” means, with respect to any Mortgage for a parcel of real property, each document (including title policies or marked-up unconditional insurance binders (in
each case, together with copies of all documents referred to therein), maps, ALTA (or TLTA, if applicable) as-built surveys (in form and as to date that is sufficiently acceptable to the title insurer issuing title insurance to the Administrative
Agent for such title insurer to deliver endorsements to such title insurance as reasonably requested by the Administrative Agent), environmental assessments and reports, appraisals required to comply with FIRREA and evidence regarding recording and
payment of fees, insurance premium and taxes) that the Administrative Agent may reasonably request, to create, register, perfect, maintain, evidence the existence, substance, form or validity of or enforce a valid lien on such parcel of real
property in favor of the Administrative Agent for the benefit of the Secured Parties, subject only to such Liens as the Administrative Agent may approve. 
 “Multiemployer Plan” means any multiemployer plan, as defined in Section 400l(a)(3) of ERISA, to which any ERISA Affiliate incurs or otherwise has any obligation or liability,
contingent or otherwise. 
 “National Flood Insurance Program” means the program created by the U.S. Congress
pursuant to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements
located in Special Flood Hazard Areas in participating communities and provides protection to property owners through a Federal insurance program. 
 “Net Cash Proceeds” means proceeds received in cash from (a) any Sale of, or Property Loss Event with respect to, property, net of (i) the customary out-of-pocket cash costs,
fees and expenses paid or required to be paid in connection therewith (excluding any such amounts paid to any Affiliate of the Borrower), (ii) taxes paid or reasonably estimated to be payable as a result thereof and (iii) any amount
required to be paid or prepaid on Indebtedness (other than the Obligations and Indebtedness owing to any Group Member) secured by the property subject thereto or (b) any sale or issuance of Stock or incurrence of Indebtedness, in each case net
of brokers’, advisors’ and investment banking fees and other customary out-of-pocket underwriting discounts, commissions and other customary out-of-pocket cash costs, fees and expenses (excluding any such amounts paid to any Affiliate of
the Borrower), in each case incurred in connection with such transaction; provided, however, that any such proceeds received by any Subsidiary of the Borrower that is not a Wholly Owned Subsidiary of the Borrower shall constitute
“Net Cash Proceeds” only to the extent of the aggregate direct and indirect beneficial ownership interest of the Borrower therein. 
 “Non-Convertible E Preferred Shares” means those certain Non-Convertible E Preferred Shares, issued in an aggregate principal amount of at least $40,000,000, issued by the Borrower on the
Closing Date. 
 “Non-Excluded Taxes” means any Taxes other than Excluded Taxes and Other Taxes. 
  


					
		 	22	 	 CREDIT AGREEMENT
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 “Non-Funding Lender” means any Lender (a) that has failed to fund any
payments required to be made by it within three (3) Business Days after any such payment is due, (b) that has given verbal or written notice to the Borrower, the Administrative Agent or any Lender or has otherwise publicly
announced that such Lender believes it will fail to fund all payments required to be made by it or fund all purchases of participations required to be funded by it under this Agreement and the other Loan Documents when due, (c) as to which the
Administrative Agent or any L/C Issuer has a good faith belief that such Lender has defaulted in fulfilling its obligations (as a lender, agent or letter of credit issuer) under one or more other syndicated credit facilities or (d) with respect
to which one or more Lender-Related Distress Events has occurred with respect to such Person or any Person that directly or indirectly controls such Lender and the Administrative Agent has determined that such Lender may become a Non-Funding Lender.
For purposes of this definition, control of a Person shall have the same meaning as in the third sentence of the definition of Affiliate. 
 “Non-U.S. Lender Party” means each of the Administrative Agent, each Lender, each L/C Issuer, each SPV and each participant, in each case that is not a Domestic Person. 
 “Note” means a promissory note of the Borrower, in substantially the form of Exhibit B, payable to the order of
a Lender in any Facility in a principal amount equal to the amount of such Lender’s Commitment under such Facility (or, in the case of the Term Loan Facility, the aggregate initial principal amount of the Term Loans). 
 “Notice of Borrowing” has the meaning specified in Section 2.2. 
 “Notice of Conversion or Continuation” has the meaning specified in Section 2.10. 
 “Obligations” means, with respect to any Loan Party, all amounts, obligations, liabilities, covenants and duties of every
type and description owing by such Loan Party to the Administrative Agent, any Lender, any L/C Issuer, any other Indemnitee, any participant, any SPV or any Secured Hedging Counterparty arising out of, under, or in connection with, any Loan
Document, whether direct or indirect (regardless of whether acquired by assignment), absolute or contingent, due or to become due, whether liquidated or not, now existing or hereafter arising and however acquired, and whether or not evidenced by any
instrument or for the payment of money, including, without duplication, (a) if such Loan Party is the Borrower, all Loans and L/C Obligations, (b) all interest, whether or not accruing after the filing of any petition in bankruptcy or
after the commencement of any insolvency, reorganization or similar proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such proceeding, and (c) all other fees, expenses (including fees, charges
and disbursement of counsel), interest, commissions, charges, costs, disbursements, indemnities and reimbursement of amounts paid and other sums chargeable to such Loan Party under any Loan Document (including those payable to L/C Issuers as
described in Section 2.11). 
 “Other Taxes” has the meaning specified in
Section 2.17(c). 
 “Patents” means all rights, title and interests (and all related IP Ancillary
Rights) arising under any Requirement of Law in or relating to letters patent and applications therefor. 
 “PBGC” means the United States Pension Benefit Guaranty Corporation and any successor thereto. 
  


					
		 	23	 	 CREDIT AGREEMENT
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 “Permit” means, with respect to any Person, any permit, approval,
authorization, license, registration, certificate, concession, grant, franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case having the force of law and applicable to or binding
upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Permitted
Acquisition” means any Proposed Acquisition satisfying each of the following conditions: (a) the aggregate amounts payable in connection with, and other consideration for (in each case, including all transaction costs and all
Indebtedness, liabilities and Guaranty Obligations incurred or assumed in connection therewith or otherwise reflected in a Consolidated balance sheet of the Borrower and the Proposed Acquisition Target), such Proposed Acquisition shall not exceed
$10,000,000 and all Permitted Acquisitions during the term of this Agreement shall not exceed $40,000,000 in the aggregate, (b) the Administrative Agent shall have received reasonable advance notice of such Proposed Acquisition including a
reasonably detailed description thereof at least 30 days prior to the consummation of such Proposed Acquisition (or such later date as may be agreed by the Administrative Agent) and on or prior to the date of such Proposed Acquisition, the
Administrative Agent shall have received copies of the acquisition agreement and related Contractual Obligations and other documents (including financial information and analysis, environmental assessments and reports, opinions, certificates and
lien searches) and information reasonably requested by the Administrative Agent and (c) as of the date of consummation of any transaction as part of such Proposed Acquisition and after giving effect to all transactions to occur on such date as
part of such Proposed Acquisition, all conditions set forth in clauses (i) and (ii) of Section 3.2(b) shall be satisfied or duly waived and, after giving effect to such Permitted Acquisition, the Borrower shall be
in compliance with the financial covenants set forth in Article 5 on a Pro Forma Basis as of the last day of the last Fiscal Quarter for which Financial Statements have been delivered hereunder. 
 “Permitted Indebtedness” means any Indebtedness of any Group Member that is not prohibited by Section 8.1 or
any other provision of any Loan Document. 
 “Permitted Investment” means any Investment of any Group Member
that is not prohibited by Section 8.3 or any other provision of any Loan Document. 
 “Permitted
Lien” means any Lien on or with respect to the property of any Group Member that is not prohibited by Section 8.2 or any other provision of any Loan Document. 
 “Permitted Refinancing” means Indebtedness constituting a refinancing or extension of Permitted Indebtedness that
(a) has an aggregate outstanding principal amount not greater than the aggregate principal amount of such Permitted Indebtedness outstanding at the time of such refinancing or extension, (b) has a weighted average maturity (measured as of
the date of such refinancing or extension) and maturity no shorter than that of such Permitted Indebtedness, (c) is not entered into as part of a Sale and Leaseback transaction and (d) is not secured by any property or any Lien other than
those securing such Permitted Indebtedness; provided, however, that, notwithstanding the foregoing, (x) the terms of such Permitted Indebtedness may be modified as part of such Permitted Refinancing if such modification would have
been permitted pursuant to Section 8.11 and (y) no Guaranty Obligation for such Indebtedness shall constitute part of such Permitted Refinancing unless similar Guaranty Obligations with respect to such Permitted Indebtedness existed
and constituted Permitted Indebtedness prior to such refinancing or extension. 
  


					
		 	24	 	 CREDIT AGREEMENT
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 “Permitted Reinvestment” means, with respect to the Net Cash Proceeds of
any Sale or Property Loss Event, to acquire (or make Capital Expenditures to finance the acquisition, repair, improvement or construction of), to the extent otherwise permitted hereunder, property useful in the business of the Borrower or any of its
Subsidiaries (including through a Permitted Acquisition) or, if such Property Loss Event involves loss or damage to property, to repair such loss or damage. 
 “Person” means any individual, partnership, corporation (including a business trust and a public benefit corporation), joint stock company, estate, association, firm, enterprise, trust,
limited liability company, unincorporated association, joint venture and any other entity or Governmental Authority. 
 “Personal Information” means any information that uniquely identifies, or allows the contact or location, of an individual. 
 “Privacy Statements” means, collectively, any and all of the privacy policies published on the company sites or otherwise made available by the Borrower regarding the collection,
retention, use and distribution of any Personal Information including the policies disclosing rights under the Family Educational Rights and Privacy Act. 
 “Pro Forma Balance Sheet” has the meaning specified in Section 4.4(d). 
 “Pro Forma Basis” means, with respect to any determination for any period and any Pro Forma Transaction, that such determination shall be made by giving pro forma effect to
each such Pro Forma Transaction, as if each such Pro Forma Transaction had been consummated on the first day of such period, based on historical results accounted for in accordance with GAAP and, to the extent applicable, reasonable assumptions that
are specified in detail in the relevant Compliance Certificate, Financial Statement or other document provided to the Administrative Agent or any Lender in connection herewith in accordance with Regulation S-X of the Securities Act of 1933.

 “Pro Forma Transaction” means any transaction consummated as part of the Acquisition or any Permitted
Acquisition, together with each other transaction relating thereto and consummated in connection therewith, including any incurrence or repayment of Indebtedness. 
 “Projections” means, collectively, the Initial Projections and any document delivered pursuant to Section 6.1(f). 
 “Property Loss Event” means, with respect to any property, any loss of or damage to such property or any taking of such
property or condemnation thereof. 
 “Proposed Acquisition” means (a) any proposed acquisition that is
consensual and, if required, approved by the board of directors of such Proposed Acquisition Target, of all or substantially all of the assets or Stock of any Proposed Acquisition Target by the Borrower or any Subsidiary of the Borrower or
(b) any proposed merger of any Proposed Acquisition Target with or into the Borrower or any Subsidiary of the Borrower (and, in the case of a merger with the Borrower, with the Borrower being the surviving corporation). 
 “Proposed Acquisition Target” means any Domestic Person or any brand, line of business, division, branch, operating
division or other unit operation of any Person located in the United States. 
  


					
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 “Pro Rata Outstandings”, of any Lender at any time, means (a) in the
case of the Term Loan Facility, the outstanding principal amount of the Term Loans owing to such Lender and (b) in the case of the Revolving Credit Facility, the sum of (i) the outstanding principal amount of Revolving Loans owing to such
Lender and (ii) the amount of the participation of such Lender in the L/C Obligations outstanding with respect to all Letters of Credit. 
 “Pro Rata Share” means, with respect to any Lender and any Facility or Facilities at any time, the percentage obtained by dividing (a) the sum of the Commitments (or, if such
Commitments in any such Facility are terminated, the Pro Rata Outstandings therein) of such Lender then in effect under such Facilities by (b) the sum of the Commitments (or, if such Commitments in any such Facility are terminated, the Pro Rata
Outstandings therein) of all Lenders then in effect under such Facilities; provided, however, that, if there are no Commitments and no Pro Rata Outstandings in any of such Facilities, such Lender’s Pro Rata Share in such
Facilities shall be determined based on the Pro Rata Share in such Facilities most recently in effect, after giving effect to any subsequent assignment and any subsequent non-pro rata payments of any Lender pursuant to Section 2.18.

 “Register” has the meaning specified in Section 2.14(b). 
 “Reinvestment Prepayment Amount” means, with respect to any Net Cash Proceeds on the Reinvestment Prepayment Date therefor,
the amount of such Net Cash Proceeds less any amount paid or required to be paid by any Group Member to make Permitted Reinvestments with such Net Cash Proceeds pursuant to a Contractual Obligation entered into prior to such Reinvestment
Prepayment Date with any Person that is not an Affiliate of the Borrower. 
 “Reinvestment
Prepayment Date” means, with respect to any portion of any Net Cash Proceeds of any Sale or Property Loss Event, the earliest of (a) the 180th day after the completion of the portion of such Sale or Property Loss Event corresponding to such Net Cash Proceeds,
(b) the date that is 5 Business Days after the date on which the Borrower shall have notified the Administrative Agent of the Borrower’s determination not to make Permitted Reinvestments with such Net Cash Proceeds, (c) the occurrence
of any Event of Default set forth in Section 9.1(e)(ii) and (d) 5 Business Days after the delivery of a notice by the Administrative Agent or the Required Lenders to the Borrower during the continuance of any other Event of
Default. 
 “Related Documents” means, collectively, the Acquisition Agreement, Senior Subordinated Note
Documents, the Junior Subordinated Note Documents, the Bridge Loan Documents, the issuance of Non-Convertible E Preferred Shares, the payoff letters with respect to the Existing Credit Agreements executed and delivered to the Administrative Agent in
connection with Section 3.1(a)(xii) and each other document executed with respect to any of the foregoing or any Related Transaction. 
 “Related Person” means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each
insurance, environmental, legal, financial and other advisor (including those retained in connection with the satisfaction or attempted satisfaction of any condition set forth in Article 3) and other consultants and agents of or to such
Person or any of its Affiliates, together with, if such Person is the Administrative Agent, each other Person or individual designated, nominated or otherwise mandated by or helping the Administrative Agent pursuant to and in accordance with
Section 10.4 or any comparable provision of any Loan Document. 
  


					
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 “Related Transactions” means, collectively, the consummation of the
Acquisition, the issuance of the Senior Subordinated Notes, the issuance of the Junior Subordinated Notes, the consummation of the Bridge Note Purchase Agreement, the issuance of the Non-Convertible E Preferred Shares, the Cash Equity Investment,
the execution and delivery of all Related Documents and the payment of all related fees, costs and expenses. 
 “Release” means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous
Material into or through the environment. 
 “Remedial Action” means all actions required to (a) clean up,
remove, treat or in any other way address any Hazardous Material in the indoor or outdoor environment, (b) prevent or minimize any Release so that a Hazardous Material does not migrate or endanger or threaten to endanger public health or
welfare or the indoor or outdoor environment or (c) perform pre-remedial studies and investigations and post-remedial monitoring and care with respect to any Hazardous Material. 
 “Required Lenders” means, at any time, Lenders having at such time in excess of 50% of the sum of the aggregate Revolving
Credit Commitments (or, if such Commitments are terminated, the sum of the amounts of the participations in Swing Loans, the principal amount of unparticipated portions of the Swing Loans and the Pro Rata Outstandings in the Revolving Credit
Facility) and Term Loan Commitments (or, if such Commitments are terminated, the Pro Rata Outstandings in the Term Loan Facility) then in effect, ignoring, in such calculation, the amounts held by any Non-Funding Lender; provided that at any time
there are 2 or more Lenders, Required Lenders shall be at least 2 Lenders. 
 “Required Revolving Credit
Lenders” means, at any time, Lenders having at such time in excess of 50% of the aggregate Revolving Credit Commitments (or, if such Commitments are terminated, the sum of the amounts of the participations in Swing Loans, the principal
amount of the unparticipated portions of the Swing Loans and the Pro Rata Outstandings in the Revolving Credit Facility) then in effect, ignoring, in such calculation, the amounts held by any Non-Funding Lender; provided that at any time there are 2
or more Revolving Credit Lenders, Required Revolving Credit Lenders shall be at least 2 Revolving Credit Lenders. 
 “Required Term Loan Lenders” means, at any time, Lenders having at such time in excess of 50% of the aggregate Term Loan Commitments (or, if such Commitments are terminated, the Pro Rata Outstandings in the Term Loan
Facility) then in effect, ignoring, in such calculation, the Commitments and Pro Rata Outstandings of any Non-Funding Lender; provided that at any time there are 2 or more Term Loan Lenders, Required Term Loan Lenders shall be at least 2 Term Loan
Lenders. 
 “Requirements of Law” means, with respect to any Person, collectively, the common law and all
federal, state, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents
or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case whether or not having the force of law and that are applicable to or
binding upon such Person or any of its property or to which such Person or any of its property is subject. 
  


					
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 “Responsible Officer” means, with respect to any Person, any of the
president, chief executive officer, chief financial officer, treasurer, assistant treasurer, controller, managing member or general partner of such Person but, in any event, with respect to financial matters, any such officer that is responsible for
preparing the Financial Statements delivered hereunder and, with respect to the Corporate Chart and other documents delivered pursuant to Section 6.1(e), documents delivered on the Closing Date and documents delivered pursuant to
Section 7.10, the secretary or assistant secretary of such Person or any other officer responsible for maintaining the corporate and similar records of such Person. 
 “Restricted Payment” means (a) any dividend, return of capital, distribution or any other payment or Sale of property
for less than fair market value, whether direct or indirect (including through the use of Hedging Agreements, the making, repayment, cancellation or forgiveness of Indebtedness and similar Contractual Obligations) and whether in cash, Securities or
other property, on account of any Stock or Stock Equivalent of the Borrower or any of its Subsidiaries, in each case now or hereafter outstanding, including with respect to a claim for rescission of a Sale of such Stock or Stock Equivalent and
(b) any redemption, retirement, termination, defeasance, cancellation, purchase or other acquisition for value, whether direct or indirect (including through the use of Hedging Agreements, the making, repayment, cancellation or forgiveness of
Indebtedness and similar Contractual Obligations), of any Stock or Stock Equivalent of any Group Member or of any direct or indirect parent entity of the Borrower, now or hereafter outstanding, and any payment or other transfer setting aside funds
for any such redemption, retirement, termination, cancellation, purchase or other acquisition, whether directly or indirectly and whether to a sinking fund, a similar fund or otherwise. 
 “Revolving Credit Commitment” means, with respect to each Revolving Credit Lender, the commitment of such Lender to make
Revolving Loans and acquire interests in other Revolving Credit Outstandings, which commitment is in the amount set forth opposite such Lender’s name on Schedule I under the caption “Revolving Credit Commitment”, as
amended to reflect Assignments and as such amount may be reduced pursuant to this Agreement. The aggregate amount of the Revolving Credit Commitments on the date hereof equals $10,000,000. 
 “Revolving Credit Facility” means the Revolving Credit Commitments and the provisions herein related to the Revolving
Loans, Swing Loans and Letters of Credit. 
 “Revolving Credit Lender” means each Lender that has a Revolving
Credit Commitment, holds a Revolving Loan or participates in any Swing Loan or Letter of Credit. 
 “Revolving Credit
Outstandings” means, at any time, the sum of, in each case to the extent outstanding at such time, (a) the aggregate principal amount of the Revolving Loans and Swing Loans and (b) the L/C Obligations for all Letters of Credit.

 “Revolving Credit Termination Date” shall mean the earlier of (a) the Scheduled Revolving Credit
Termination Date, (b) the date of termination of the Revolving Credit Commitments pursuant to Section 2.5 or 9.2, (c) the date on which the Obligations become due and payable pursuant to Section 9.2, and
(d) the date that is 6 months prior to the Bridge Loan Maturity Date. 
 “Revolving Loan” has the meaning
specified in Section 2.1. 
 “S&P” means Standard & Poor’s Rating Services.

  


					
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 “Sale and Leaseback Transaction” means, with respect to any Person (the
“obligor”), any Contractual Obligation or other arrangement with any other Person (the “counterparty”) consisting of a lease by such obligor of any property that, directly or indirectly, has been or is to be Sold by
the obligor to such counterparty or to any other Person to whom funds have been advanced by such counterparty based on a Lien on, or an assignment of, such property or any obligations of such obligor under such lease. 
 “Sankaty” means Sankaty Advisors, LLC. 
 “Scheduled Revolving Credit Termination Date” means (a) so long as any Bridge Obligations are
outstanding the earlier of (i) the 5th anniversary of
the Closing Date and (ii) the date that is 6 months prior to the Bridge Loan Maturity Date or (b) at any time that no Bridge Obligations are outstanding, the 5th anniversary of the Closing Date. 
 “Scheduled Term Loan Maturity Date” means (a) so long as any Bridge Obligations are outstanding
the earlier of (i) the 5th anniversary of the Closing
Date and (ii) the date that is 6 months prior to the Bridge Loan Maturity Date or (b) at any time that no Bridge Obligations are outstanding, the 5th anniversary of the Closing Date. 
 “Secured Hedging Agreement” means any Hedging Agreement that (a) has been entered into with a Secured Hedging Counterparty, (b) in the case of a Hedging Agreement not entered
into with or provided or arranged by GE Capital or an Affiliate of GE Capital, is expressly identified as being a “Secured Hedging Agreement” hereunder in a joint notice from such Loan Party and such Person delivered to GE Capital
reasonably promptly after the execution of such Hedging Agreement and (c) meets the requirements of Section 8.1(f). 
 “Secured Hedging Counterparty” means (a) a Person who has entered into a Hedging Agreement with a Loan Party if such Hedging Agreement was provided or arranged by GE Capital or an Affiliate of GE Capital, and any
assignee of such Person or (b) a Lender or an Affiliate of a Lender who has entered into a Hedging Agreement with a Loan Party (or a Person who was a Lender or an Affiliate of a Lender at the time of execution and delivery of the Hedging
Agreement). 
 “Secured Parties” means the Lenders, the L/C Issuers, the Administrative Agent, any Secured
Hedging Counterparty, each other Indemnitee and any other holder of any Obligation of any Loan Party. 
 “Security” means all Stock, Stock Equivalents, voting trust certificates, bonds, debentures, instruments and other evidence of Indebtedness, whether or not secured, convertible or subordinated, all certificates of interest,
share or participation in, all certificates for the acquisition of, and all warrants, options and other rights to acquire, any Security. 
 “Sell” means, with respect to any property, to sell, convey, transfer, assign, license, lease or otherwise dispose of, any interest therein or to permit any Person to acquire any such
interest, including, in each case, through a Sale and Leaseback Transaction or through a sale, factoring at maturity, collection of or other disposal, with or without recourse, of any notes or accounts receivable. Conjugated forms thereof and the
noun “Sale” have correlative meanings. 
  


					
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 “Senior Subordinated Notes” means the 17.5% notes, in an aggregate original
principal amount of approximately $51,020,408, issued by the Borrower in Dollars, issued on or about the Closing Date. 
 “Senior Subordinated Notes Indenture” means that certain Senior Subordinated Note Purchase Agreement, dated as of December 7, 2009 by and among the Borrower and the holders of the Senior Subordinated Notes, as amended,
restated or supplemented from time to time in accordance with the terms of the Senior Subordination Agreement. 
 “Senior Subordination Agreement” means the Subordination Agreement, dated as of the Closing Date, between the Administrative Agent and the holders of the Senior Subordinated Notes, and acknowledged and agreed to by the Loan
Parties. 
 “Senior Subordinated Note Documents” means the Senior Subordinated Notes Indenture and all
documents and instruments executed in connection therewith. 
 “Solvent” means, with respect to any Person as
of any date of determination, that, as of such date, (a) the value of the assets of such Person (both at fair value and present fair saleable value) is greater than the total amount of liabilities (including contingent and unliquidated
liabilities) of such Person, (b) such Person is able to pay all liabilities of such Person as such liabilities mature and (c) such Person does not have unreasonably small capital. In computing the amount of contingent or unliquidated
liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 “Special Flood Hazard Area” means an area that FEMA’s current flood maps indicate has at least a one
percent (1%) chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year. 
 “SPV” means any special purpose funding vehicle identified as such in a writing by any Lender to the Administrative Agent. 
 “Stock” means all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership or membership interests, joint venture
interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting. 
 “Stock Equivalents” means all securities convertible into or exchangeable for Stock or any other Stock Equivalent and all
warrants, options, restricted stock units or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable. 
 “Strategic Ventures” means one or more joint ventures or partnerships to which any Loan Party is a party, or any other
Investment made by any Loan Party in another Person, whether or not such joint venture, partnership or other Person is itself a Subsidiary, satisfying the following conditions: 
 (a) Community College Initiative. Relationships with community colleges to assist the expansion of their capacity to
offer courses in the allied health fields pursuant to agreements which provide for (i) the Borrower or another Loan Party providing capital

  


					
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and a facility to the community college to allow the community college to create a special institute that would develop and offer courses (or offering certain existing courses) separate and apart
from the other courses offered by the college, (ii) an operating budget agreed to by both the college and the Borrower or such other Loan Party each year and (iii) the Borrower or such other Loan Party taking the risk of any losses
incurred by the institute, and also being entitled to all the profits of the institute. 
 (b) National Labor
College (of the AFL/CIO). Pursuant to an agreement reasonably approved by the Administrative Agent, the Borrower or another Loan Party partnering with The National Labor College to expand the National Labor College’s enrollment by creating
on-line educational opportunities as well as enhanced land-based opportunities pursuant to which the Borrower or another Loan Party would make commitments to contribute capital and certain products and services, and in return would receive
compensation in the form of a profits interest in the venture, as well as other possible revenue streams. 
 (c)
Channel Marketing Partnerships. Pursuant to agreements reasonably approved by the Administrative Agent, the Borrower or another Loan Party partnering with entities such as (i) the National Education Association (“NEA”)
which have large membership, customer or client bases to which educational services may be marketed to for purposes including, but not limited to, creating a national Masters of Education program and (ii) The University of Northern Iowa
(“UNI”) for purposes of creating a program to facilitate the granting of masters degrees to teachers pursuant to which (x) UNI would be the degree granting institution and provide, among other things, teachers and course
material and (y) the Borrower would provide, among other things, an online learning platform and marketing expertise. 
 “Subordination Agreements” means the Bridge Subordination Agreement, the Junior Subordination Agreement and the Senior Subordination Agreement. 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, joint venture, limited liability company, association or other entity, the management of which is, directly
or indirectly, controlled by, or of which an aggregate of more than 50% of the outstanding Voting Stock is, at the time, owned or controlled directly or indirectly by, such Person or one or more Subsidiaries of such Person. 
 “Substitute Lender” has the meaning specified in Section 2.18(a). 
 “SWDA” means the Solid Waste Disposal Act (42 U.S.C. §§ 6901 et seq.). 
 “Swingline Commitment” means $1,000,000. 
 “Swingline Lender” means, each in its capacity as Swingline Lender hereunder, GE Capital or, upon the resignation of GE Capital as Administrative Agent hereunder, any Lender (or
Affiliate or Approved Fund of any Lender) that agrees, with the approval of the Administrative Agent (or, if there is no such successor Administrative Agent, the Required Lenders) and the Borrower, to act as the Swingline Lender hereunder.

 “Swingline Request” has the meaning specified in Section 2.3(b). 
  


					
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 “Swing Loan” has the meaning specified in Section 2.3.

 “Tax Affiliate” means, (a) the Borrower and its Subsidiaries and (b) any Affiliate of the Borrower
with which the Borrower files or is eligible to file consolidated, combined or unitary tax returns. 
 “Tax
Returns” has the meaning specified in Section 4.8. 
 “Taxes” has the meaning specified in
Section 2.17(a). 
 “Term Loan” has the meaning specified in Section 2.1(b).

 “Term Loan Commitment” means, with respect to each Term Loan Lender, the commitment of such Lender to make
Term Loans to the Borrower, which commitment is in the amount set forth opposite such Lender’s name on Schedule I under the caption “Term Loan Commitment”, as amended to reflect Assignments and as such amount may be
reduced pursuant to this Agreement. The aggregate amount of the Term Loan Commitments on the date hereof equals $40,000,000. 
 “Term Loan Facility” means the Term Loan Commitments and the provisions herein related to the Term Loans. 
 “Term Loan Lender” means each Lender that has a Term Loan Commitment or that holds a Term Loan. 
 “Term Loan Maturity Date” means the 5th anniversary of the Closing Date. 
 “Title IV Plan” means a
pension plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 
 “Trademarks” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of
Law in or relating to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers and, in each case, all goodwill associated
therewith, all registrations and recordations thereof and all applications in connection therewith. 
 “Trade
Secrets” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to trade secrets. 
 “Trigger Event of Default” means an Event of Default occurring under Sections 9.1(a), 9.1(c)(i), 9.1(d), 9.1(e), 9.1(f), 9.1(g) and 9.1(h). 
 “UCC” means the Uniform Commercial Code of any applicable jurisdiction and, if the applicable jurisdiction shall not have
any Uniform Commercial Code, the Uniform Commercial Code as in effect in the State of New York. 
 “United
States” means the United States of America. 
 “Unused Commitment Fee” has the meaning specified in
Section 2.11. 
  


					
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 “U.S. Lender Party” means each of the Administrative Agent, each Lender,
each L/C Issuer, each SPV and each participant, in each case that is a Domestic Person. 
 “Voting Stock”
means Stock of any Person having ordinary power to vote in the election of members of the board of directors, managers, trustees or other controlling Persons, of such Person (irrespective of whether, at the time, Stock of any other class or classes
of such entity shall have or might have voting power by reason of the occurrence of any contingency). 
 “Wholly Owned
Subsidiary” of any Person means any Subsidiary of such Person, all of the Stock of which (other than nominal holdings and director’s qualifying shares) is owned by such Person, either directly or through one or more Wholly Owned
Subsidiaries of such Person. 
 “Withdrawal Liability” means, at any time, any liability incurred (whether or
not assessed) by any ERISA Affiliate and not yet satisfied or paid in full at such time with respect to any Multiemployer Plan pursuant to Section 4201 of ERISA. 
 “Working Capital” means, for any Person at any date, its Consolidated Current Assets at such date minus its Consolidated Current Liabilities at such date. 
 Section 1.2 UCC Terms. The following terms have the meanings given to them in the applicable UCC: “commodity
account”, “commodity contract”, “commodity intermediary”, “deposit account”, “entitlement holder”, “entitlement order”, “equipment”, “financial asset”, “general
intangible”, “goods”, “instruments”, “inventory”, “securities account”, “securities intermediary” and “security entitlement”. 
 Section 1.3 Accounting Terms and Principles. (a) GAAP. All accounting determinations required to be made
pursuant hereto shall, unless expressly otherwise provided herein, be made in accordance with GAAP. No change in the accounting principles used in the preparation of any Financial Statement hereafter adopted by the Borrower shall be given effect if
such change would affect a calculation that measures compliance with any provision of Article 5 or Article 8 unless the Borrower, the Administrative Agent and the Required Lenders agree to modify such provisions to reflect such
changes in GAAP and, unless such provisions are modified, all Financial Statements, Compliance Certificates and similar documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts set forth
therein before and after giving effect to such change in GAAP. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to in Article 5 and Article 8 shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any
Indebtedness or other liabilities of any Credit Party or any Subsidiary of any Credit Party at “fair value.” 
 (b)
Pro Forma. All components of financial calculations made to determine compliance with Article 5 shall be adjusted on a Pro Forma Basis to include or exclude, as the case may be, without duplication, such components of such
calculations attributable to any Pro Forma Transaction consummated after the first day of the applicable period of determination and prior to the end of such period, as determined in good faith by the Borrower based on assumptions expressed therein
and that were reasonable based on the information available to the Borrower at the time of preparation of the Compliance Certificate setting forth such calculations. 
  


					
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 Section 1.4 Payments. The Administrative Agent may set up standards and
procedures to determine or redetermine the equivalent in Dollars of any amount expressed in any currency other than Dollars and otherwise may, but shall not be obligated to, rely on any determination made by any Loan Party or any L/C Issuer. Any
such determination or redetermination by the Administrative Agent shall be conclusive and binding for all purposes, absent manifest error. No determination or redetermination by any Secured Party or Loan Party and no other currency conversion shall
change or release any obligation of any Loan Party or of any Secured Party (other than the Administrative Agent and its Related Persons) under any Loan Document, each of which agrees to pay separately for any shortfall remaining after any conversion
and payment of the amount as converted. The Administrative Agent may round up or down, and may set up appropriate mechanisms to round up or down, any amount hereunder to nearest higher or lower amounts and may determine reasonable de minimis payment
thresholds. 
 Section 1.5 Interpretation. (a) Certain Terms. Except as set forth in any Loan
Document, all accounting terms not specifically defined herein shall be construed in accordance with GAAP (except for the term “property”, which shall be interpreted as broadly as possible, including, in any case, cash, Securities,
other assets, rights under Contractual Obligations and Permits and any right or interest in any property). The terms “herein”, “hereof” and similar terms refer to this Agreement as a whole. In the computation of
periods of time from a specified date to a later specified date in any Loan Document, the terms “from” means “from and including” and the words “to” and “until” each mean “to but
excluding” and the word “through” means “to and including.” In any other case, the term “including” when used in any Loan Document means “including without limitation.” The term
“documents” means all writings, however evidenced and whether in physical or electronic form, including all documents, instruments, agreements, notices, demands, certificates, forms, financial statements, opinions and reports. The
term “incur” means incur, create, make, issue, assume or otherwise become directly or indirectly liable in respect of or responsible for, in each case whether directly or indirectly, and the terms “incurrence” and
“incurred” and similar derivatives shall have correlative meanings. 
 (b) Certain References. Unless
otherwise expressly indicated, references (i) in this Agreement to an Exhibit, Schedule, Article, Section or clause refer to the appropriate Exhibit or Schedule to, or Article, Section or clause in, this Agreement and (ii) in any Loan
Document, to (A) any agreement shall include, without limitation, all exhibits, schedules, appendixes and annexes to such agreement and, unless the prior consent of any Secured Party required therefor is not obtained, any modification to any
term of such agreement, (B) any statute shall be to such statute as modified from time to time and to any successor legislation thereto, in each case as in effect at the time any such reference is operative and (C) any time of day shall be
a reference to New York time. Titles of articles, sections, clauses, exhibits, schedules and annexes contained in any Loan Document are without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the
parties hereto. Unless otherwise expressly indicated, the meaning of any term defined (including by reference) in any Loan Document shall be equally applicable to both the singular and plural forms of such term. 
 ARTICLE 2 
 THE
FACILITIES 
 Section 2.1 The Commitments. (a) Revolving Credit Commitments. On the terms and subject
to the conditions contained in this Agreement, each Revolving Credit Lender severally, but not jointly, agrees to make loans in Dollars (each a “Revolving Loan”) to the

  


					
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Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date in an aggregate principal amount at any time outstanding for all
such loans by such Lender not to exceed such Lender’s Revolving Credit Commitment; provided, however, that at no time shall any Revolving Credit Lender be obligated to make a Revolving Loan in excess of such Lender’s Pro Rata
Share of the amount by which the then effective Revolving Credit Commitments exceeds the aggregate Revolving Credit Outstandings at such time. Within the limits set forth in the first sentence of this clause (a), amounts of Revolving Loans
repaid may be reborrowed under this Section 2.1. 
 (b) Term Loan Commitments. On the terms and subject to
the conditions contained in this Agreement, each Term Loan Lender severally, but not jointly, agrees to make a loan (each a “Term Loan”) in Dollars to the Borrower on the Closing Date, in an amount not to exceed such Lender’s
Term Loan Commitment. Amounts of Term Loans repaid may not be reborrowed. 
 Section 2.2 Borrowing
Procedures. (a) Notice From the Borrower. Each Borrowing shall be made on notice given by the Borrower to the Administrative Agent not later than 11:00 a.m. on (i) the first Business Day, in the case of a Borrowing of Base
Rate Loans and (ii) the third Business Day, in the case of a Borrowing of Eurodollar Rate Loans, prior to the date of the proposed Borrowing (or with respect to Base Rate Loans on the Closing Date not later than 2:00 p.m. (New York, New York
time) on the Closing Date). Each such notice may be made in a writing substantially in the form of Exhibit C (a “Notice of Borrowing”) duly completed or by telephone if confirmed promptly, but in any event within one
Business Day and prior to such Borrowing, with such a Notice of Borrowing. Loans shall be made as Base Rate Loans unless, outside of a suspension period pursuant to Section 2.15, the Notice of Borrowing specifies that all or a portion
thereof shall be Eurodollar Rate Loans. Each Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000. 
 (b) Notice to Each Lender. The Administrative Agent shall give to each Lender prompt notice of the Administrative Agent’s receipt of a Notice of Borrowing and, if Eurodollar Rate Loans are properly requested in such Notice of
Borrowing, prompt notice of the applicable interest rate. Each Lender shall, before 11:00 a.m. on the date of the proposed Borrowing, make available to the Administrative Agent at its address referred to in Section 11.11, such
Lender’s Pro Rata Share of such proposed Borrowing. Upon fulfillment or due waiver (i) on the Closing Date, of the applicable conditions set forth in Section 3.1 and (ii) on the Closing Date and any time thereafter, of the
applicable conditions set forth in Section 3.2, the Administrative Agent shall make such funds available to the Borrower. 
 (c) Non-Funding Lenders. Unless the Administrative Agent shall have received notice from any Lender prior to the date such Lender is required to make any payment hereunder with respect to any Loan or any participation in any Swing
Loan or Letter of Credit that such Lender will not make such payment (or any portion thereof) available to the Administrative Agent, the Administrative Agent may assume that such Lender has made such payment available to the Administrative Agent on
the date such payment is required to be made in accordance with this Article 2 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. The Borrower agrees to
repay to the Administrative Agent on demand such amount (until repaid by such Lender) with interest thereon for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at
the interest rate applicable to the Obligation that would have been created when the Administrative Agent

  


					
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made available such amount to the Borrower had such Lender made a corresponding payment available; provided, however, that such payment shall not relieve such Lender of any
obligation it may have to the Borrower, the Swingline Lender or any L/C Issuer. In addition, any Lender that shall not have made available to the Administrative Agent any portion of any payment described above (any such Lender, a
“Non-Funding Lender”) agrees to pay such amount to the Administrative Agent on demand together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to
the Administrative Agent, at the Federal Funds Rate for the first Business Day and thereafter (i) in the case of a payment in respect of a Loan, at the interest rate applicable at the time to such Loan and (ii) otherwise, at the interest
rate applicable to Base Rate Loans under the Revolving Credit Facility. Such repayment shall then constitute the funding of the corresponding Loan (including any Loan deemed to have been made hereunder with such payment) or participation. The
existence of any Non-Funding Lender shall not relieve any other Lender of its obligations under any Loan Document, but no other Lender shall be responsible for the failure of any Non-Funding Lender to make any payment required under any Loan
Document. 
 Section 2.3 Swing Loans. (a) Availability. On the terms and subject to the
conditions contained in this Agreement, the Swingline Lender may, in its sole discretion, make loans in Dollars (each a “Swing Loan”) available to the Borrower under the Revolving Credit Facility from time to time on any Business
Day during the period from the date hereof until the Revolving Credit Termination Date in an aggregate principal amount at any time outstanding not to exceed its Swingline Commitment; provided, however, that the Swingline Lender may
not make any Swing Loan (x) to the extent that after giving effect to such Swing Loan, the aggregate Revolving Credit Outstandings would exceed the Revolving Credit Commitments and (y) in the period commencing on the first Business Day
after it receives notice from the Administrative Agent or the Required Revolving Credit Lenders that one or more of the conditions precedent contained in Section 3.2 are not satisfied and ending when such conditions are satisfied or duly
waived. In connection with the making of any Swing Loan, the Swingline Lender may but shall not be required to determine that, or take notice whether, the conditions precedent set forth in Section 3.2 have been satisfied or waived. Each
Swing Loan shall be a Base Rate Loan and must be repaid in full on the earliest of (i) the funding date of any Borrowing of Revolving Loans and (ii) the Revolving Credit Termination Date. Within the limits set forth in the first sentence
of this clause (a), amounts of Swing Loans repaid may be reborrowed under this clause (a). 
 (b) Borrowing
Procedures. In order to request a Swing Loan, the Borrower shall give to the Administrative Agent a notice to be received not later than 1:00 p.m. on the day of the proposed borrowing, which may be made in a writing substantially in the form of
Exhibit D duly completed (a “Swingline Request”) or by telephone if confirmed promptly but, in any event, prior to such borrowing, with such a Swingline Request. In addition, if any Notice of Borrowing requests a
Borrowing of Base Rate Loans, the Swing Line Lender may, notwithstanding anything else to the contrary in Section 2.2, make a Swing Loan available to the Borrower in an aggregate amount not to exceed such proposed Borrowing, and the
aggregate amount of the corresponding proposed Borrowing shall be reduced accordingly by the principal amount of such Swing Loan. The Administrative Agent shall promptly notify the Swingline Lender of the details of the requested Swing Loan. Upon
receipt of such notice and subject to the terms of this Agreement, the Swingline Lender may make a Swing Loan available to the Borrower by making the proceeds thereof available to the Administrative Agent and, in turn, the Administrative Agent shall
make such proceeds available to the Borrower on the date set forth in the relevant Swingline Request. 
  


					
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 (c) Refinancing Swing Loans. If no Revolving Credit Lender is a Non-Funding Lender,
the Swingline Lender may at any time (and shall, no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving
Credit Lender pay to the Administrative Agent, for the account of the Swingline Lender, such Revolving Lender’s Pro Rata Share of the outstanding Swing Loans. If any Revolving Credit Lender is a Non-Funding Lender, that Non-Funding
Lender’s reimbursement obligations with respect to the Swing Loans shall be allocated to and assumed by the other Revolving Credit Lenders pro rata in accordance with their Pro Rata Share of the Revolving Credit Loans (calculated as if the
Non-Funding Lender’s Pro Rata Share was reduced to zero and each other Revolving Credit Lender’s Pro Rata had been increased proportionately). If any Revolving Credit Lender is a Non-Funding Lender, upon receipt of the demand described
above, each Revolving Credit Lender that is not a Non-Funding Lender will be obligated to pay to the Administrative Agent for the account of the Swingline Lender its pro rata share of the outstanding Swing Loans (increased as described above);
provided that no Revolving Credit Lender shall be required to fund any amount which would result in the sum of its outstanding Revolving Credit Loans, outstanding L/C Obligations (increased as described in Section 2.4(f)), amount of its
participation in Swing Loans and its Pro Rata Share of unparticipated amounts in Swing Loans (increased as described above) to exceed its Revolving Credit Commitment. Each Revolving Credit Lender shall pay the amount owing by it to the
Administrative Agent for the account of the Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by the Administrative Agent after 2:00 p.m. (New York time) may, in the Administrative
Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 9.1(e) such Revolving Credit
Lender shall be deemed to have made a Revolving Credit Loan to the Borrower, which, upon receipt of such payment by the Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan.
In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided
interest and participation in each Swing Loan in an amount equal to such Lender’s Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Credit Loan, such
payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause
(c) with respect to any portion of any Swing Loan, the Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent
accrued with respect to periods after such payment) received by the Swingline Lender with respect to such portion. 
 (d)
Obligation to Fund Absolute. Each Revolving Credit Lender’s obligations pursuant to clause (c) above shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this
Agreement under any and all circumstances whatsoever, including (A) the existence of any setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Swing Loan
Lender, any other Secured Party or any other Person, (B) the failure of any condition precedent set forth in Section 3.2 to be satisfied or the failure of the Borrower to deliver any notice set forth in Section 2.2(a)
(each of which requirements the Revolving Credit Lenders hereby irrevocably waive) and (C) any adverse change in the condition (financial or otherwise) of any Loan Party. 
  


					
		 	37	 	 CREDIT AGREEMENT
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 Section 2.4 Letters of Credit. (a) Commitment and Conditions.
On the terms and subject to the conditions contained herein, each L/C Issuer may Issue, at the request of the Borrower, in accordance with such L/C Issuer’s usual and customary business practices, and for the account of the Borrower (or, as
long as the Borrower remains responsible for the payment in full of all amounts drawn thereunder and related fees, costs and expenses, for the account of any Group Member), Letters of Credit (denominated in Dollars) from time to time on any Business
Day during the period from the Closing Date through the earlier of the Revolving Credit Termination Date and 7 days prior to the Scheduled Revolving Credit Termination Date; provided, however, that such L/C Issuer shall not be under
any obligation to Issue any Letter of Credit upon the occurrence of any of the following, after giving effect to such Issuance: 
 (i)(A) the aggregate Revolving Credit Outstandings would exceed the aggregate Revolving Credit Commitments or (B) the L/C Obligations for all Letters of Credit would exceed the L/C Sublimit;

 (ii) the expiration date of such Letter of Credit (A) is not a Business Day, (B) is more than one
year after the date of issuance thereof or (C) is later than 7 days prior to the Scheduled Revolving Credit Termination Date; provided, however, that any Letter of Credit with a term not exceeding one year may provide for its
renewal for additional periods not exceeding one year as long as (x) each of the Borrower and such L/C Issuer have the option to prevent such renewal before the expiration of such term or any such period and (y) neither such L/C Issuer nor
the Borrower shall permit any such renewal to extend such expiration date beyond the date set forth in clause (C) above; or 
 (iii)(A) any fee due in connection with, and on or prior to, such Issuance has not been paid, (B) such Letter of Credit is requested to be Issued in a form that is not acceptable to such L/C Issuer
or (C) such L/C Issuer shall not have received, each in form and substance reasonably acceptable to it and duly executed by the Borrower (and, if such Letter of Credit is issued for the account of any other Group Member, such Group Member), the
documents that such L/C Issuer generally uses in the ordinary course of its business for the Issuance of letters of credit of the type of such Letter of Credit (collectively, the “L/C Reimbursement Agreement”). 
 Furthermore, GE Capital as an L/C Issuer may elect only to issue Letters of Credit in its own name and may only issue Letters of Credit to the extent
permitted by Requirements of Law, and such Letters of Credit may not be accepted by certain beneficiaries such as insurance companies. For each such Issuance, the applicable L/C Issuer may, but shall not be required to, determine that, or take
notice whether, the conditions precedent set forth in Section 3.2 have been satisfied or waived in connection with the Issuance of any Letter of Credit; provided, however, that no Letter of Credit shall be Issued during the
period starting on the first Business Day after the receipt by such L/C Issuer of notice from the Administrative Agent or the Required Revolving Credit Lenders that any condition precedent contained in Section 3.2 is not satisfied and
ending on the date all such conditions are satisfied or duly waived. If (i) any Lender is a Non-Funding Lender or the Administrative Agent determines that any of the Lenders is an Impacted Lender and (ii) the reallocation of that
Non-Funding Lender’s or Impacted Lender’s L/C Obligations to the other Revolving Credit Lenders would reasonably be expected to cause the L/C Obligations

  


					
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and Revolving Credit Loans of any Lender to exceed its Revolving Credit Commitment, taking into account the amount of outstanding Revolving Credit Loans and expected advances of Revolving Credit
Loans as determined by the Administrative Agent, then no Letters of Credit may be issued or renewed unless the Non-Funding Lender or Impacted Lender has been replaced, the L/C Obligations of that Non-Funding Lender or Impacted Lender have been cash
collateralized, or the Revolving Credit Commitments of the other Lenders have been increased by an amount sufficient to satisfy the Administrative Agent that all future L/C Obligations will be covered by all Revolving Credit Lenders who are not
Non-Funding Lenders or Impacted Lenders. 
 (b) Notice of Issuance. The Borrower shall give the relevant L/C Issuer and
the Administrative Agent a notice of any requested Issuance of any Letter of Credit, which shall be effective only if received by such L/C Issuer and the Administrative Agent not later than 11:00 a.m. on the third Business Day prior to the date
of such requested Issuance. Such notice may be made in a writing substantially the form of Exhibit E duly completed or in a writing in any other form acceptable to such L/C Issuer (an “L/C Request”) or by telephone if
confirmed promptly, but in any event within one Business Day and prior to such Issuance, with such an L/C Request. 
 (c)
Reporting Obligations of L/C Issuers. Each L/C Issuer agrees to provide the Administrative Agent (which, after receipt, the Administrative Agent shall provide to each Revolving Credit Lender), in form and substance satisfactory to the
Administrative Agent, each of the following on the following dates: (i) (A) on or prior to any Issuance of any Letter of Credit by such L/C Issuer, (B) promptly following any drawing under any such Letter of Credit or
(C) promptly following any payment (or failure to pay when due) by the Borrower of any related L/C Reimbursement Obligation, notice thereof, which shall contain a reasonably detailed description of such Issuance, drawing or payment,
(ii) upon the request of the Administrative Agent (or any Revolving Credit Lender through the Administrative Agent), copies of any Letter of Credit Issued by such L/C Issuer and any related L/C Reimbursement Agreement and such other documents
and information as may reasonably be requested by the Administrative Agent and (iii) on the first Business Day of each calendar week, a schedule of the Letters of Credit Issued by such L/C Issuer, in form and substance reasonably satisfactory
to the Administrative Agent, setting forth the L/C Obligations for such Letters of Credit outstanding on the last Business Day of the previous calendar week. 
 (d) Acquisition of Participations. Upon any Issuance of a Letter of Credit in accordance with the terms of this Agreement resulting in any increase in the L/C Obligations, each Revolving Credit
Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in such Letter of Credit and the related L/C Obligations in an amount equal to such Lender’s Pro Rata Share of such L/C Obligations.

 (e) Reimbursement Obligations of the Borrower. The Borrower agrees to pay to the L/C Issuer of any Letter of
Credit each L/C Reimbursement Obligation owing with respect to such Letter of Credit no later than the first Business Day after the Borrower receives notice from such L/C Issuer that payment has been made under such Letter of Credit or that
such L/C Reimbursement Obligation is otherwise due (the “L/C Reimbursement Date”) with interest thereon computed as set forth in clause (i) below. In the event that any L/C Issuer incurs any L/C Reimbursement
Obligation not repaid by the Borrower as provided in this clause (e) (or any such payment by the Borrower is rescinded or set aside for any reason), such L/C Issuer shall promptly notify the Administrative Agent of such failure (and,
upon receipt of such notice, the Administrative Agent shall forward a copy to each Revolving Credit Lender) and, irrespective of

  


					
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whether such notice is given, such L/C Reimbursement Obligation shall be payable on demand by the Borrower with interest thereon computed (i) from the date on which such L/C Reimbursement
Obligation arose to the L/C Reimbursement Date, at the interest rate applicable during such period to Revolving Loans that are Base Rate Loans and (ii) thereafter until payment in full, at the interest rate applicable during such period to past
due Revolving Loans that are Base Rate Loans. 
 (f) Reimbursement Obligations of the Revolving Credit Lenders. If no
Revolving Credit Lender is a Non-Funding Lender, upon receipt of the notice described in clause (e) above from the Administrative Agent, each Revolving Credit Lender shall pay to the Administrative Agent for the account of such L/C Issuer its
Pro Rata Share of such L/C Reimbursement Obligation. If any Revolving Credit Lender is a Non-Funding Lender, that Non-Funding Lender’s L/C Reimbursement Obligations shall be reallocated to and assumed by the other Revolving Credit Lenders pro
rata in accordance with their Pro Rata Share of the Revolving Credit Loan (calculated as if the Non-Funding Lender’s Pro Rata Share was reduced to zero and each other Revolving Credit Lender’s Pro Rata Share had been increased
proportionately). If any Revolving Credit Lender is a Non-Funding Lender, upon receipt of the notice described in clause (e) above from the Administrative Agent, each Revolving Credit Lender that is not a Non-Funding Lender shall pay to the
Administrative Agent for the account of such L/C Issuer its Pro Rata Share (increased as described above) of the L/C Reimbursement Obligations that from time to time remain outstanding; provided that no Revolving Credit Lender shall be required to
fund any amount which would result in the sum of its outstanding Revolving Credit Loans, outstanding L/C Reimbursement Obligations, amounts of its participation in Swing Loans and its pro rata share of unparticipated amounts in Swing Loans (each as
increased as described in Section 2.3(c)) to exceed its Revolving Credit Commitment. By making such payment (other than during the continuation of an Event of Default under Section 9.1(e))), such Lender shall be deemed to
have made a Revolving Credit Loan to the Borrower, which, upon receipt thereof by such L/C Issuer, the Borrower shall be deemed to have used in whole to repay such L/C Reimbursement Obligation. Any such payment that is not deemed a Revolving Loan
shall be deemed a funding by such Lender of its participation in the applicable Letter of Credit and the L/C Obligation in respect of the related L/C Reimbursement Obligations. Such participation shall not otherwise be required to be funded.
Following receipt by any L/C Issuer of any payment from any Lender pursuant to this clause (f) with respect to any portion of any L/C Reimbursement Obligation, such L/C Issuer shall promptly pay over to such Lender all payments received by such
L/C Issuer with respect to such portion of such L/C Reimbursement Obligation. 
 (g) Obligations Absolute. The
obligations of the Borrower and the Revolving Credit Lenders pursuant to clauses (d), (e) and (f) above shall be absolute, unconditional and irrevocable and performed strictly in accordance with the terms of this
Agreement irrespective of (i) (A) the invalidity or unenforceability of any term or provision in any Letter of Credit, any document transferring or purporting to transfer a Letter of Credit, any Loan Document (including the sufficiency of
any such instrument), or any modification to any provision of any of the foregoing, (B) any document presented under a Letter of Credit being forged, fraudulent, invalid, insufficient or inaccurate in any respect or failing to comply with the
terms of such Letter of Credit or (C) any loss or delay, including in the transmission of any document, (ii) the existence of any setoff, claim, abatement, recoupment, defense or other right that any Person (including any Group Member) may
have against the beneficiary of any Letter of Credit or any other Person, whether in connection with any Loan Document or any other Contractual Obligation or transaction, or the existence of any other withholding, abatement or reduction,
(iii) in the case of the obligations of any Revolving Credit Lender, (A) the failure of

  


					
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any condition precedent set forth in Section 3.2 to be satisfied (each of which conditions precedent the Revolving Credit Lenders hereby irrevocably waive) or (B) any adverse
change in the condition (financial or otherwise) of any Loan Party and (iv) any other act or omission to act or delay of any kind of any Secured Party or any other Person or any other event or circumstance whatsoever, whether or not similar to
any of the foregoing, that might, but for the provisions of this Section 2.4, constitute a legal or equitable discharge of any obligation of the Borrower or any Revolving Credit Lender hereunder. 
 If (i) any Lender is a Non-Funding Lender or the Administrative Agent determines that any of the Lenders is an Impacted Lender and (ii) the
reallocation of that Non-Funding Lender’s or Impacted Lender’s L/C Reimbursement Obligation. to the other Revolving Credit Lenders would reasonably be expected to cause the L/C Reimbursement Obligation and Revolving Loans of any Lender to
exceed its Revolving Credit Commitment, taking into account the amount of outstanding Revolving Loans and expected advances of Revolving Loans as determined by Administrative Agent, then no Letters of Credit may be issued or renewed unless the
Non-Funding Lender or Impacted Lender has been replaced, the L/C Reimbursement Obligation of that Non-Funding Lender or Impacted Lender have been cash collateralized, or the Revolving Credit Commitments of the other Lenders have been increased by an
amount sufficient to satisfy Administrative Agent that all future L/C Reimbursement Obligation will be covered by all Revolving Lenders who are not Non-Funding Lenders or Impacted Lenders. 
 Section 2.5 Reduction and Termination of the Commitments. (a) Optional. The Borrower may, upon notice to the
Administrative Agent, terminate in whole or reduce in part ratably any unused portion of the Revolving Credit Commitments; provided, however, that each partial reduction shall be in an aggregate amount that is an integral multiple of
$1,000,000. 
 (a) Mandatory. All outstanding Commitments shall terminate (i) in the case of the Term Loan
Facility, on the Closing Date (after giving effect to any Borrowing occurring on such date) and (ii) in the case of the Revolving Credit Facility, on the Scheduled Revolving Credit Termination Date. 
 (b) Reductions for Mandatory Prepayments. The then current Revolving Credit Commitments shall be reduced ratably on each date on
which a prepayment of Revolving Loans or Swing Loans is made pursuant to clause (b) (Equity and Debt Issuances) and (c) (Asset Sales and Property Loss Events) of Section 2.8 or would be required to
be made had the aggregate outstanding principal amount of the Revolving Loans and Swing Loans been equal to the Revolving Credit Commitments then in effect, in each case in the amount of such prepayment. 
 Section 2.6 Repayment of Loans. (a) The Borrower promises to repay the entire unpaid principal amount of the
Revolving Loans and the Swing Loans on the Scheduled Revolving Credit Termination Date. 
  


					
		 	41	 	 CREDIT AGREEMENT
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 (b) The Borrower shall repay the principal amount of the Term Loans in
nineteen (19) consecutive quarterly installments on the 20th day of December, March, June and September of each year, commencing March 20, 2010, as follows: 
  

				
	 Payment Installment Dates
	  	% of Term Loans on
the Closing Date	 
	 March 20, 2010
	  	2.5	% 
	 June 20, 2010
	  	2.5	% 
	 September 20, 2010
	  	2.5	% 
	 December 20, 2010
	  	2.5	% 
	 March 20, 2011
	  	2.5	% 
	 June 20, 2011
	  	2.5	% 
	 September 20, 2011
	  	2.5	% 
	 December 20, 2011
	  	2.5	% 
	 March 20, 2012
	  	3.75	% 
	 June 20, 2012
	  	3.75	% 
	 September 20, 2012
	  	3.75	% 
	 December 20, 2012
	  	3.75	% 
	 March 20, 2013
	  	5.00	% 
	 June 20, 2013
	  	5.00	% 
	 September 20, 2013
	  	5.00	% 
	 December 20, 2013
	  	5.00	% 
	 March 20, 2014
	  	5.00	% 
	 June 20, 2014
	  	5.00	% 
	 September 20, 2014
	  	5.00	% 

 The remaining principal balance of the Term Loan, if any, shall be due on the Term
Loan Maturity Date. 
 Section 2.7 Optional Prepayments. The Borrower may prepay the outstanding principal
amount of any Loan in whole or in part at any time (together with any breakage costs that may be owing pursuant to Section 2.16(a) after giving effect to such prepayment); provided, however, that each partial prepayment
that is not of the entire outstanding amount under any Facility shall be in an aggregate amount that is a minimum of $500,000 and integral multiples of $100,000. 
 Section 2.8 Mandatory Prepayments. (a) Excess Cash Flow. The Borrower shall pay or cause to be paid to the Administrative Agent, within 5 Business Days after the last date
Financial Statements can be delivered pursuant to Section 6.1(c) for any Fiscal Year commencing with the Fiscal Year ended December 31, 2010 and for each Fiscal Year ending

  


					
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thereafter, an amount equal to 50% of the Excess Cash Flow for such Fiscal Year; provided, however, that should the Consolidated Total Leverage Ratio of the Borrower on the last day
of such Fiscal Year be less than 2.50:1.0, such percentage shall be reduced to 25%. 
 (b) Equity and Debt Issuances.
Upon receipt on or after the Closing Date by any Loan Party or any of its Subsidiaries of Net Cash Proceeds arising from (i) the issuance or Sale by the Borrower of its own Stock (other than any issuance of common Stock of the Borrower
occurring in the ordinary course of business to any director, member of the management or employee of the Borrower or its Subsidiaries and Excluded Stock Issuances), the Borrower shall immediately pay or cause to be paid to the Administrative Agent
an amount equal to 100% of such Net Cash Proceeds, provided, however, that no mandatory prepayment shall be required for Stock issued in accordance with Section 8.4(f) (a) at any time prior to June 1, 2010, and
(b) subsequent to June 1, 2010 so long as immediately prior to such payment, the Borrower’s Consolidated Total Leverage Ratio shall not be greater than 0.25x less than the then-applicable covenant level under Section 5.1
or (ii) the incurrence by any Loan Party or any of its Subsidiaries of Indebtedness of the type specified in clause (a) or (b) of the definition thereof (other than any such Indebtedness permitted hereunder in reliance
upon any of clauses (a) through (m) of Section 8.1), the Borrower shall immediately pay or cause to be paid to the Administrative Agent an amount equal to 100% of such Net Cash Proceeds. 
 (c) Asset Sales and Property Loss Events. Upon receipt on or after the Closing Date by any Loan Party or any of its
Subsidiaries of Net Cash Proceeds arising from (i) any Sale by any Group Member of any of its property other than Sales of its own Stock and Sales of property permitted hereunder in reliance upon any of clauses (a) through
(e) of Section 8.4 or (ii) any Property Loss Event with respect to any property of any Group Member to the extent under clauses (i) and (ii) above collectively resulting, in the aggregate with all other such
Sales and Property Loss Events, in the receipt by any of them of Net Cash Proceeds in excess of $250,000 for any Fiscal Year, the Borrower shall immediately pay or cause to be paid to the Administrative Agent an amount equal to 100% of such Net Cash
Proceeds; provided, however, that, upon any such receipt, as long as no Event of Default shall be continuing, (i) any Group Member may make Permitted Reinvestments with such Net Cash Proceeds and the Borrower shall not be required
to make or cause such payment to the extent (x) such Net Cash Proceeds are intended to be used to make Permitted Reinvestments and (y) on each Reinvestment Prepayment Date for such Net Cash Proceeds, the Borrower shall pay or cause to be
paid to the Administrative Agent an amount equal to the Reinvestment Prepayment Amount applicable to such Reinvestment Prepayment Date and such Net Cash Proceeds and (ii) with respect to any such repayment required hereunder in connection with
any Sale of any Strategic Venture, any assets thereof or any interest therein, such repayment shall be reduced by an amount equal to (i) the aggregate amount of Investments and Capital Expenditures made in such Strategic Venture funded solely
with the proceeds of cash equity contributions, minus (ii) the amount, if any, of losses attributable to such Strategic Venture which have been added back to Consolidated EBITDA. 
 (d) Reserved. 
 (e) Excess Outstandings. On any date on which the aggregate principal amount of Revolving Credit Outstandings exceeds the aggregate Revolving Credit Commitments, the Borrower shall pay to the Administrative Agent an amount equal to
such excess. 
  


					
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 (f) Application of Payments. Any payments made to the Administrative Agent pursuant
to this Section 2.8 shall be applied in accordance with Section 2.12(b). 
 Section 2.9
Interest. (a) Rate. All Loans and the outstanding amount of all other Obligations (other than pursuant to Secured Hedging Agreements) shall bear interest, in the case of Loans, on the unpaid principal amount thereof from the date
such Loans are made and, in the case of such other Obligations, from the date such other Obligations are due and payable until, in all cases, paid in full, except as otherwise provided in clause (c) below, as follows: (i) in the
case of Base Rate Loans, at a rate per annum equal to the sum of the Base Rate and the Applicable Margin, each as in effect from time to time, (ii) in the case of Eurodollar Rate Loans, at a rate per annum equal to the sum of the Eurodollar
Rate and the Applicable Margin, each as in effect for the applicable Interest Period, and (iii) in the case of other Obligations, at a rate per annum equal to the sum of the Base Rate and the Applicable Margin for Revolving Loans that are Base
Rate Loans, each as in effect from time to time. 
 (b) Payments. Interest accrued shall be payable
in arrears (i) if accrued on the principal amount of any Loan, (A) at maturity (whether by acceleration or otherwise), (B) if such Loan is a Term Loan, upon the payment or prepayment of the principal amount on which such interest has
accrued and (C)(1) if such Loan is a Base Rate Loan (including a Swing Loan), on the 20th day of the last month of each calendar quarter commencing on the first such day following the making of such Loan, (2) if such Loan is a Eurodollar Rate Loan, on the last day of each Interest Period
applicable to such Loan and, if applicable, on each date during such Interest Period occurring every 3 months from the first day of such Interest Period and (ii) if accrued on any other Obligation, on demand from any after the time such
Obligation is due and payable (whether by acceleration or otherwise). 
 (c) Default Interest. Notwithstanding the rates
of interest specified in clause (a) above or elsewhere in any Loan Document, effective immediately upon (A) the occurrence of any Event of Default under Section 9.1 (a) or(e) or (B) the delivery of a notice by
the Administrative Agent or the Required Lenders to the Borrower during the continuance of any other Event of Default and, in each case, for as long as such Event of Default shall be continuing, the principal balance of all Obligations (including
any Obligation that bears interest by reference to the rate applicable to any other Obligation) then due and payable shall bear interest at a rate that is 2% per annum in excess of the interest rate applicable to such Obligations from time to
time, payable on demand or, in the absence of demand, on the date that would otherwise be applicable. 
 (d) Savings
Clause. Anything herein to the contrary notwithstanding, the obligations of the Borrower hereunder shall be subject to the limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to
the extent (but only to the extent) that contracting for or receiving such payment by the respective Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest which may be lawfully
contracted for, charged or received by such Lender, and in such event the Borrower shall pay such Lender interest at the highest rate permitted by applicable law (“Maximum Lawful Rate”); provided, however, that if at any time
thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by the Administrative Agent, on
behalf of Lenders, is equal to the total interest that would have been received had the interest payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this
Agreement. 
  


					
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 Section 2.10 Conversion and Continuation Options. (a) Option.
The Borrower may elect (i) in the case of any Eurodollar Rate Loan, (A) to continue such Eurodollar Rate Loan or any portion thereof for an additional Interest Period on the last day of the Interest Period applicable thereto and
(B) to convert such Eurodollar Rate Loan or any portion thereof into a Base Rate Loan at any time on any Business Day, subject to the payment of any breakage costs required by Section 2.16(a), and (ii) in the case of Base Rate
Loans (other than Swing Loans), to convert such Base Rate Loans or any portion thereof into Eurodollar Rate Loans at any time on any Business Day upon 3 Business Days’ prior notice; provided, however, that, (x) for each
Interest Period, the aggregate amount of Eurodollar Rate Loans having such Interest Period must be an integral multiple of $1,000,000 and (y) no conversion in whole or in part of Base Rate Loans to Eurodollar Rate Loans and no continuation in
whole or in part of Eurodollar Rate Loans shall be permitted at any time at which (1) an Event of Default shall be continuing and the Administrative Agent or the Required Lenders shall have determined in their sole discretion not to permit such
conversions or continuations or (2) such continuation or conversion would be made during a suspension imposed by Section 2.15. 
 (b) Procedure. Each such election shall be made by giving the Administrative Agent at least 3 Business Days’ prior notice in substantially the form of Exhibit F (a “Notice
of Conversion or Continuation”) duly completed. The Administrative Agent shall promptly notify each Lender of its receipt of a Notice of Conversion or Continuation and of the options selected therein. If the Administrative Agent does not
receive a timely Notice of Conversion or Continuation from the Borrower containing a permitted election to continue or convert any Eurodollar Rate Loan, then, upon the expiration of the applicable Interest Period, such Loan shall be automatically
converted to a Base Rate Loan. Each partial conversion or continuation shall be allocated ratably among the Lenders in the applicable Facility in accordance with their Pro Rata Share. 
 Section 2.11 Fees. (a) Unused Commitment Fee. The Borrower agrees to pay to each
Revolving Credit Lender a commitment fee on the actual daily amount by which the Revolving Credit Commitment of such Lender exceeds its Pro Rata Share of the sum of (i) the aggregate outstanding principal amount of Revolving Loans and
(ii) the outstanding amount of the L/C Obligations for all Letters of Credit (the “Unused Commitment Fee”) from the date hereof through the Revolving Credit Termination Date at a rate per annum equal to 0.75%, payable in
arrears (x) on the 20th day of the last month of each
calendar quarter and (y) on the Revolving Credit Termination Date. 
 (b) Letter of Credit
Fees. The Borrower agrees to pay, with respect to all Letters of Credit issued by any L/C Issuer, (i) to such L/C Issuer, certain fees, documentary and processing charges as separately agreed between the Borrower and such L/C Issuer or
otherwise in accordance with such L/C Issuer’s standard schedule in effect at the time of determination thereof and (ii) to the Administrative Agent, for the benefit of the Revolving Credit Lenders according to their Pro Rata Shares, a fee
accruing at a rate per annum equal to the Applicable Margin for Revolving Loans that are Eurodollar Rate Loans on the maximum undrawn face amount of such Letters of Credit, payable in arrears (A) on the 20th day of the last month of each calendar quarter, ending after the
issuance of such Letter of Credit and (B) on the Revolving Credit Termination Date; provided, however, that the fee payable under this clause (ii) shall be increased by 2% per annum and shall be payable, in
addition to being payable on any date it is

  


					
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otherwise required to be paid hereunder, on demand effective immediately upon (x) the occurrence of any Event of Default under Section 9.1(e)(ii) or (y) the delivery of a
notice by the Administrative Agent or the Required Lenders to the Borrower during the continuance of any other Event of Default and, in each case, for as long as such Event of Default shall be continuing. 
 Section 2.12 Application of Payments. (a) Application of Voluntary Prepayments. Unless otherwise provided in
this Section 2.12 or elsewhere in any Loan Document, all payments and any other amounts received by the Administrative Agent from or for the benefit of the Borrower shall be applied to repay the Obligations the Borrower designates.

 (b) Application of Mandatory Prepayments. Subject to the provisions of clause (c) below with respect to
the application of payments during the continuance of a Trigger Event of Default, any payment made by the Borrower to the Administrative Agent pursuant to Section 2.8, or any other prepayment of the Obligations required to be applied in
accordance with this clause (b) shall be applied first, to repay the outstanding principal balance of the Term Loans ratably, second, to repay the outstanding principal balance of the Revolving Loans and the Swing Loans,
third, in the case of any payment required pursuant to Section 2.8(e), to provide cash collateral to the extent and in the manner provided in Section 9.3 and, then, any excess shall be retained by the Borrower.

 (c) Application of Payments During a Trigger Event of Default. The Borrower hereby irrevocably waives, and agrees to
cause each Loan Party and each other Group Member to waive, the right to direct the application during the continuance of a Trigger Event of Default of any and all payments in respect of any Obligation and any proceeds of Collateral and agrees that,
notwithstanding the provisions of clause (a) above, the Administrative Agent may, and, upon either (A) the direction of the Required Lenders or (B) the termination of the Commitments or the acceleration of any Obligation
pursuant to Section 9.2, shall apply all payments in respect of any Obligation, all funds on deposit in any Cash Collateral Account and all other proceeds of Collateral (i) first, to pay Obligations in respect of any cost or
expense reimbursements, fees or indemnities then due to the Administrative Agent, (ii) second, to pay Obligations in respect of any cost or expense reimbursements, fees or indemnities then due to the Lenders and the L/C Issuers,
(iii) third, to pay interest then due and payable in respect of the Loans and L/C Reimbursement Obligations, (iv) fourth, to repay the outstanding principal amounts of the Loans and L/C Reimbursement Obligations, to provide
cash collateral for Letters of Credit in the manner and to the extent described in Section 9.3 and to pay amounts owing with respect to Secured Hedging Agreements, (v) fifth, to the ratable payment of all other Obligations
and (vi) sixth, any excess to the Borrower or as otherwise required by law. 
 (d) Application of Payments
Generally. All payments that would otherwise be allocated to the Revolving Credit Lenders pursuant to this Section 2.12 shall instead be allocated first, to repay interest on Swing Loans, on any portion of the Revolving Loans
that the Administrative Agent may have advanced on behalf of any Lender and on any L/C Reimbursement Obligation, in each case for which the Administrative Agent or, as the case may be, the L/C Issuer has not then been reimbursed by such Lender
or the Borrower, second to pay the outstanding principal amount of the foregoing obligations and third, to repay the Revolving Loans. All repayments of any Revolving Loans or Term Loans shall be applied first, to repay such
Loans outstanding as Base Rate Loans and then, to repay such Loans outstanding as Eurodollar Rate Loans, with those Eurodollar Rate Loans having earlier expiring Interest Periods being repaid prior to those having later expiring Interest
Periods. Except as otherwise

  


					
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directed by the Borrower as provided in Section 2.12(a), all repayments of Term Loans shall be applied to reduce ratably the remaining installments of such outstanding principal
amounts of the Term Loans in the stated order of their maturities. If sufficient amounts are not available to repay all outstanding Obligations described in any priority level set forth in this Section 2.12, the available amounts shall
be applied, unless otherwise expressly specified herein, to such Obligations ratably based on the proportion of the Secured Parties’ interest in such Obligations. Any priority level set forth in this Section 2.12 that includes
interest shall include all such interest, whether or not accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or similar proceeding, and whether or not a claim for post-filing or post-petition
interest is allowed in any such proceeding. 
 Section 2.13 Payments and Computations.
(a) Procedure. The Borrower shall make each payment under any Loan Document not later than 11:00 a.m. on the day when due to the Administrative Agent by wire transfer or ACH transfer (which shall be the exclusive means of payment
hereunder) to the following account (or at such other account or by such other means to such other address as the Administrative Agent shall have notified the Borrower in writing within a reasonable time prior to such payment) in immediately
available Dollars and without setoff or counterclaim: 
 ABA No. 021-001-033 
 Account Number 502-797-91 
 Deutsche Bank Trust Company Americas, New York, New York 
 Account Name: GECC/CAF Depository 
 Reference: CFK2538/The Princeton Review, Inc. 
 The Administrative Agent shall promptly thereafter cause to be distributed immediately available funds relating to the payment of principal, interest or fees to the Lenders, in accordance with the
application of payments set forth in Section 2.12. The Lenders shall make any payment under any Loan Document in immediately available Dollars and without setoff or counterclaim. Each Revolving Credit Lender shall make each payment for
the account of any L/C Issuer or Swingline Lender required pursuant to Section 2.3 or 2.4 (A) if the notice or demand therefor was received by such Lender prior to 11:00 a.m. on any Business Day, on such Business Day and
(B) otherwise, on the Business Day following such receipt. Payments received by the Administrative Agent after 11:00 a.m. shall be deemed to be received on the next Business Day. The Administrative Agent shall be entitled to set off the
funding shortfall against any Non-Funding Lender’s Pro Rata Share of all payments received from the Borrower, and hold, in a non-interest bearing account, all payments received by the Administrative Agent for the benefit of any Non-Funding
Lender pursuant to this Agreement as cash collateral for any unfunded reimbursement obligations of such Non-Funding Lender until the Obligations are paid in full in cash, all L/C Reimbursement Obligations have been discharged or cash collateralized
and all Commitments have been terminated, and upon such unfunded obligations owing by a Non-Funding Lender becoming due and payable, the Administrative Agent shall be authorized to use such cash collateral to make such payment on behalf of such
Non-Funding Lender. Any amounts owing by a Non-Funding Lender to Agent which are not paid when due shall accrue interest at the interest rate applicable during such period to Revolving Loans that are Base Rate Loans. 
 (b) Computations of Interests and Fees. All computations of interest and of fees shall be made by the Administrative Agent on the
basis of a year of 360 days and, in the case of Base Rate Loans 365/366 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest and fees are

  


					
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payable. Each determination of an interest rate or the amount of a fee hereunder shall be made by the Administrative Agent (including determinations of a Eurodollar Rate or Base Rate in
accordance with the definitions of “Eurodollar Rate” and “Base Rate”, respectively) and shall be conclusive, binding and final for all purposes, absent manifest error. 
 (c) Payment Dates. Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, the due date for
such payment shall be extended to the next succeeding Business Day without any increase in such payment as a result of additional interest or fees; provided, however, that such interest and fees shall continue accruing as a result of
such extension of time. 
 (d) Advancing Payments. Unless the Administrative Agent shall have received notice from the
Borrower to the Administrative Agent prior to the date on which any payment is due hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the
Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrower
shall not have made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent on demand such amount distributed to such Lender together with interest thereon (at the Federal Funds Rate for the first
Business Day and thereafter, at the rate applicable to Base Rate Loans under the applicable Facility) for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent.

 Section 2.14 Evidence of Debt. (a) Records of Lenders. Each Lender shall maintain in
accordance with its usual practice accounts evidencing Indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time
to time under this Agreement. In addition, each Lender having sold a participation in any of its Obligations or having identified an SPV as such to the Administrative Agent, acting as agent of the Borrower solely for this purpose and solely for tax
purposes, shall establish and maintain at its address referred to in Section 11.11 (or at such other address as such Lender shall notify the Borrower) a record of ownership, in which such Lender shall register by book entry (A) the
name and address of each such participant and SPV (and each change thereto, whether by assignment or otherwise) and (B) the rights, interest or obligation of each such participant and SPV in any Obligation, in any Commitment and in any right to
receive any payment hereunder. 
 (b) Records of Administrative Agent. The Administrative Agent, acting as agent of the
Borrower solely for tax purposes and solely with respect to the actions described in this Section 2.14, shall establish and maintain at its address referred to in Section 11.11 (or at such other address as the Administrative
Agent may notify the Borrower) (A) a record of ownership (the “Register”) in which the Administrative Agent agrees to register by book entry the interests (including any rights to receive payment hereunder) of the
Administrative Agent, each Lender and each L/C Issuer in the Term Loans and the Revolving Credit Outstandings, each of their obligations under this Agreement to participate in each Loan, Letter of Credit and L/C Reimbursement Obligation, and
any assignment of any such interest, obligation or right and (B) accounts in the Register in accordance with its usual practice in which it shall record (1) the names and addresses of the Lenders and the L/C Issuers (and each change
thereto pursuant to Section 2.18 (Substitution of Lenders) and Section 11.2 (Assignments and Participations; Binding Effect)), (2) the Commitments of each Lender, (3) the amount of each Loan and each

  


					
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funding of any participation described in clause (A) above, for Eurodollar Rate Loans, the Interest Period applicable thereto, (4) the amount of any principal or interest due and
payable or paid, (5) the amount of the L/C Reimbursement Obligations due and payable or paid and (6) any other payment received by the Administrative Agent from the Borrower and its application to the Obligations. 
 (c) Registered Obligations. Notwithstanding anything to the contrary contained in this Agreement, the Loans (including any Notes
evidencing such Loans and, in the case of Revolving Loans, the corresponding obligations to participate in L/C Obligations and Swing Loans) and the L/C Reimbursement Obligations are registered obligations, the right, title and interest of the
Lenders and the L/C Issuers and their assignees in and to such Loans or L/C Reimbursement Obligations, as the case may be, shall be transferable only upon notation of such transfer in the Register and no assignment thereof shall be effective
until recorded therein. This Section 2.14 and Section 11.2 shall be construed so that the Loans and L/C Reimbursement Obligations are at all times maintained in “registered form” within the meaning of
Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (and any successor provisions). 
 (d)
Prima Facie Evidence. The entries made in the Register and in the accounts maintained pursuant to clauses (a) and (b) above shall, to the extent permitted by applicable Requirements of Law, be prima facie evidence of
the existence and amounts of the obligations recorded therein; provided, however, that no error in such account and no failure of any Lender or the Administrative Agent to maintain any such account shall affect the obligations of any
Loan Party to repay the Loans in accordance with their terms. In addition, the Loan Parties, the Administrative Agent, the Lenders and the L/C Issuers shall treat each Person whose name is recorded in the Register as a Lender or L/C Issuer, as
applicable, for all purposes of this Agreement. Information contained in the Register with respect to any Lender or any L/C Issuer shall be available for access by the Borrower, the Administrative Agent, such Lender or such L/C Issuer at any
reasonable time and from time to time upon reasonable prior notice. No Lender or L/C Issuer shall, in such capacity, have access to or be otherwise permitted to review any information in the Register other than information with respect to such
Lender or L/C Issuer unless otherwise agreed by the Administrative Agent. 
 (e) Notes. Upon any Lender’s request,
the Borrower shall promptly execute and deliver Notes to such Lender evidencing the Loans of such Lender in a Facility and substantially in the form of Exhibit B; provided, however, that only one Note for each Facility
shall be issued to each Lender, except (i) to an existing Lender exchanging existing Notes to reflect changes in the Register relating to such Lender, in which case the new Notes delivered to such Lender shall be dated the date of the original
Notes and (ii) in the case of loss, destruction or mutilation of existing Notes and similar circumstances. Each Note, if issued, shall only be issued as means to evidence the right, title or interest of a Lender or a registered assignee in and
to the related Loan, as set forth in the Register, and in no event shall any Note be considered a bearer instrument or obligation. 
 Section 2.15 Suspension of Eurodollar Rate Option. Notwithstanding any provision to the contrary in this Article 2, the following shall apply: 
 (a) Interest Rate Unascertainable, Inadequate or Unfair. In the event that (A) the Administrative Agent determines that
adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Rate is determined

  


					
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or (B) the Required Lenders notify the Administrative Agent that the Eurodollar Rate for any Interest Period will not adequately reflect the cost to the Lenders of making or maintaining such
Loans for such Interest Period, the Administrative Agent shall promptly so notify the Borrower and the Lenders, whereupon the obligation of each Lender to make or to continue Eurodollar Rate Loans shall be suspended as provided in clause
(c) below until the Administrative Agent shall notify the Borrower that the Required Lenders have determined that the circumstances causing such suspension no longer exist. 
 (b) Illegality. If any Lender determines that the introduction of, or any change in or in the interpretation of, any Requirement of
Law after the date of this Agreement shall make it unlawful, or any Governmental Authority shall assert that it is unlawful, for any Lender or its applicable lending office to make Eurodollar Rate Loans or to continue to fund or maintain Eurodollar
Rate Loans, then, on notice thereof and demand therefor by such Lender to the Borrower through the Administrative Agent, the obligation of such Lender to make or to continue Eurodollar Rate Loans shall be suspended as provided in clause
(c) below until such Lender shall, through the Administrative Agent, notify the Borrower that it has determined that it may lawfully make Eurodollar Rate Loans. 
 (c) Effect of Suspension. If the obligation of any Lender to make or to continue Eurodollar Rate Loans is suspended, (A) the obligation of such Lender to convert Base Rate Loans into
Eurodollar Rate Loans shall be suspended, (B) such Lender shall make a Base Rate Loan at any time such Lender would otherwise be obligated to make a Eurodollar Rate Loan, (C) the Borrower may revoke any pending Notice of Borrowing or
Notice of Conversion or Continuation to make or continue any Eurodollar Rate Loan or to convert any Base Rate Loan into a Eurodollar Rate Loan and (D) each Eurodollar Rate Loan of such Lender shall automatically and immediately (or, in the case
of any suspension pursuant to clause (a) above, on the last day of the current Interest Period thereof) be converted into a Base Rate Loan. 
 Section 2.16 Breakage Costs; Increased Costs; Capital Requirements. (a) Breakage Costs. The Borrower shall compensate each Lender, upon demand from such Lender to such
Borrower (with copy to the Administrative Agent), for all Liabilities (including, in each case, those incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to prepare to fund, to fund or to maintain
the Eurodollar Rate Loans of such Lender to the Borrower but excluding any loss of the Applicable Margin on the relevant Loans) that such Lender may incur (A) to the extent, for any reason other than solely by reason of such Lender being a
Non-Funding Lender, a proposed Borrowing, conversion into or continuation of Eurodollar Rate Loans does not occur on a date specified therefor in a Notice of Borrowing or a Notice of Conversion or Continuation or in a similar request made by
telephone by the Borrower, (B) to the extent any Eurodollar Rate Loan is paid (whether through a scheduled, optional or mandatory prepayment) or converted to a Base Rate Loan (including because of Section 2.15) on a date that is not
the last day of the applicable Interest Period or (C) as a consequence of any failure by the Borrower to repay Eurodollar Rate Loans when required by the terms hereof. For purposes of this clause (a), each Lender shall be deemed to have
funded each Eurodollar Rate Loan made by it using a matching deposit or other borrowing in the London interbank market; provided however, that no amount shall be payable under this Section 2.16(a) with respect to Taxes, amounts with
respect to which shall be payable solely and exclusively pursuant to Section 2.17. 
  


					
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 (b) Increased Costs. If at any time any Lender or L/C Issuer determines that, after
the date hereof, the adoption of, or any change in or in the interpretation, application or administration of, or compliance with, any Requirement of Law (other than any imposition or increase of Eurodollar Reserve Requirements) from any
Governmental Authority shall have the effect of (i) increasing the cost to such Lender of making, funding or maintaining any Eurodollar Rate Loan or to agree to do so or of participating, or agreeing to participate, in extensions of credit,
(ii) increasing the cost to such L/C Issuer of Issuing or maintaining any Letter of Credit or of agreeing to do so or (iii) imposing any other cost to such Lender or L/C Issuer with respect to compliance with its obligations under any Loan
Document, then, upon demand by such Lender or L/C Issuer (with copy to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of such Lender or L/C Issuer amounts sufficient to compensate such Lender or L/C
Issuer for such increased cost; provided however, that no amount shall be payable under this Section 2.16(b) with respect to Taxes, amounts with respect to which shall be payable solely and exclusively pursuant to
Section 2.17. 
 (c) Increased Capital Requirements. If at any time any Lender or L/C Issuer determines
that, after the date hereof, the adoption of, or any change in or in the interpretation, application or administration of, or compliance with, any Requirement of Law (other than any imposition or increase of Eurodollar Reserve Requirements) from any
Governmental Authority regarding capital adequacy, reserves, special deposits, compulsory loans, insurance charges against property of, deposits with or for the account of, Obligations owing to, or other credit extended or participated in by, any
Lender or L/C Issuer or any similar requirement (in each case other than any imposition or increase of Eurodollar Reserve Requirements) shall have the effect of reducing the rate of return on the capital of such Lender’s or L/C Issuer (or any
corporation controlling such Lender or L/C Issuer) as a consequence of its obligations under or with respect to any Loan Document or Letter of Credit to a level below that which, taking into account the capital adequacy policies of such Lender, L/C
Issuer or corporation, such Lender, L/C Issuer or corporation could have achieved but for such adoption or change, then, upon demand from time to time by such Lender or L/C Issuer (with a copy of such demand to the Administrative Agent), the
Borrower shall pay to the Administrative Agent for the account of such Lender amounts sufficient to compensate such Lender for such reduction. 
 (d) Compensation Certificate. Each demand for compensation under this Section 2.16 shall be accompanied by a certificate of the Lender or L/C Issuer claiming such compensation, setting
forth the amounts to be paid hereunder, which certificate shall be conclusive, binding and final for all purposes, absent manifest error. In determining such amount, such Lender or L/C Issuer may use any reasonable averaging and attribution methods.

 (e) Limitation. In no event shall the Borrower be obligated to compensate any Lender or L/C Issuer pursuant to
Section 2.16(b) for any increased costs incurred by such Lender or L/C Issuer more than 180 days prior to the date that such Lender or L/C Issuer notifies the Borrower of such Lender’s or L/C Issuer’s intention to claim
compensation under Section 2.16(b) (except that, if the circumstances referred to above which would result in any such increased costs is retroactive, then the 180 day period referred to above shall be extended to include the period of
retroactive effect thereof). 
 Section 2.17 Taxes. (a) Payments Free and Clear of Taxes. Except
as required by Requirements of Law or as otherwise provided in this Section 2.17, each payment by any Loan Party under any Loan Document shall be made free and clear of all present or future taxes, levies, imposts, deductions or
withholdings and all liabilities with respect thereto (and

  


					
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without deduction for any of them) (collectively, the “Taxes”) other than for (i) taxes measured by net income (including branch profits taxes) and franchise taxes imposed
in lieu of net income taxes, in each case imposed on any Secured Party as a result of a present or former connection between such Secured Party and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or
taxing authority thereof or therein (other than such connection arising solely from any Secured Party having executed, delivered or performed its obligations or received a payment under, or enforced, any Loan Document), (ii) taxes that are
directly attributable to the failure (other than as a result of a change in any Requirement of Law) by any Secured Party to deliver the documentation required to be delivered pursuant to clause (f) below, (iii) withholding taxes to
the extent that the obligation to withhold amounts existed under Requirements of Law in effect on the date that such Secured Party became a “Secured Party” under this Agreement in the capacity under which such Secured Party makes a claim
under Section 2.17(b) (or on the date such Secured Party designates a new lending office), except in each case to the extent such Secured Party is a direct or indirect assignee (other than pursuant to Section 2.18
(Substitution of Lenders)) of any other Secured Party that was entitled, at the time the assignment of such other Secured Party became effective (or at the time of designation of the new lending office) to receive additional amounts under
Section 2.17(b) and (iv) interest, penalties or other liabilities with respect to amounts described in the foregoing clauses (i) through (iii) (such excluded Taxes, the “Excluded Taxes”). 
 (b) Gross-Up. If any Taxes shall be required by law to be deducted from or in respect of any amount payable under any Loan Document
(other than any Secured Hedging Agreement) to any Secured Party (i) in the case of Non-Excluded Taxes such amount shall be increased as necessary to ensure that, after all required deductions for Taxes are made (including deductions applicable
to any increases to any amount under this Section 2.17), such Secured Party receives the amount it would have received had no such deductions been made, (ii) the relevant Loan Party shall make such deductions, (iii) the
relevant Loan Party shall timely pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable Requirements of Law and (iv) within 30 days after such payment is made, the relevant Loan Party
shall deliver to the Administrative Agent an original or certified copy of a receipt, or other evidence reasonably satisfactory to the Administrative Agent evidencing such payment. 
 (c) Other Taxes. In addition, the Borrower agrees to pay, and authorizes the Administrative Agent to pay in its name, any stamp,
documentary, excise or property tax, charges or similar levies imposed by any applicable Requirement of Law or Governmental Authority and all Liabilities with respect thereto (including by reason of any delay in payment thereof), in each case
arising from the execution, delivery or registration of, or otherwise with respect to, any Loan Document or any transaction contemplated therein (collectively, “Other Taxes”). The Swingline Lender may, without any need for notice,
demand or consent from the Borrower, by making funds available to the Administrative Agent in the amount equal to any such payment, make a Swing Loan to the Borrower in such amount, the proceeds of which shall be used by the Administrative Agent in
whole to make such payment. Within 30 days after the date of any payment of Taxes or Other Taxes by any Loan Party, the Borrower shall furnish to the Administrative Agent, at its address referred to in Section 11.11, the original or a
certified copy of a receipt, or other evidence reasonably satisfactory to the Administrative Agent evidencing payment thereof. 
  


					
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 (d) Indemnification. The Borrower shall reimburse and indemnify, within 30 days
after receipt of demand therefor (with copy to the Administrative Agent), each Secured Party for all Non-Excluded Taxes and Other Taxes (including any Non-Excluded Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this
Section 2.17) paid by such Secured Party and any Liabilities arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. A certificate of the Secured Party (or of the
Administrative Agent on behalf of such Secured Party) claiming any compensation under this clause (d), setting forth the amounts to be paid thereunder and delivered to the Borrower with copy to the Administrative Agent, shall be conclusive,
binding and final for all purposes, absent manifest error. In determining such amount, the Administrative Agent and such Secured Party may use any reasonable averaging and attribution methods. 
 (e) Mitigation. Any Lender claiming any additional amounts payable pursuant to this Section 2.17 shall use its
reasonable efforts (consistent with its internal policies and Requirements of Law) to change the jurisdiction of its lending office if such a change would reduce any such additional amounts (or any similar amount that may thereafter accrue) and
would not, in the sole determination of such Lender, be otherwise disadvantageous to such Lender. 
 (f) Tax Forms.
(i) Each Non-U.S. Lender Party that, at any of the following times, is entitled to an exemption from or reduction in United States withholding tax, shall (w) on or prior to the date such Non-U.S. Lender Party becomes a “Non-U.S.
Lender Party” hereunder, (x) on or prior to the date on which any such form or certification expires or becomes obsolete, (y) after the occurrence of any event requiring a change in the most recent form or certification previously
delivered by it pursuant to this clause (i) and (z) from time to time if requested by the Borrower or the Administrative Agent (or, in the case of a participant or SPV, the relevant Lender), provide the Administrative Agent and the
Borrower (or, in the case of a participant or SPV, the relevant Lender) with two properly completed and duly executed originals of each of the following, as applicable: (A) Forms W-8ECI (claiming exemption from U.S. withholding tax because the
income is effectively connected with a U.S. trade or business), W-8BEN (claiming exemption from, or a reduction of, U.S. withholding tax under an income tax treaty) or any successor forms, (B) in the case of a Non-U.S. Lender Party claiming
exemption under Sections 871(h) or 881(c) of the Code, Form W-8BEN (claiming exemption from U.S. withholding tax under the portfolio interest exemption) or any successor form and a certificate in form and substance acceptable to the Administrative
Agent that such Non-U.S. Lender Party is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of
the Code or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code or (C) any other applicable document prescribed by the IRS certifying as to the entitlement of such Non-U.S. Lender Party to
such exemption from United States withholding tax or reduced rate with respect to all payments to be made to such Non-U.S. Lender Party under the Loan Documents. Unless the Borrower and the Administrative Agent have received forms or other documents
satisfactory to them indicating that payments under any Loan Document to or for a Non-U.S. Lender Party are not subject to United States withholding tax or are subject to such tax at a rate reduced by an applicable tax treaty, the Loan Parties and
the Administrative Agent shall withhold amounts required to be withheld by applicable Requirements of Law from such payments at the applicable statutory rate. 
  


					
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 (i) Each U.S. Lender Party shall (A) on or prior to the date such U.S.
Lender Party becomes a “U.S. Lender Party” hereunder, (B) on or prior to the date on which any such form or certification expires or becomes obsolete, (C) after the occurrence of any event requiring a change in the most recent
form or certification previously delivered by it pursuant to this clause (f) and (D) from time to time if requested by the Borrower or the Administrative Agent (or, in the case of a participant or SPV, the relevant Lender), provide
the Administrative Agent and the Borrower (or, in the case of a participant or SPV, the relevant Lender) with two completed originals of Form W-9 (certifying that such U.S. Lender Party is entitled to an exemption from U.S. backup withholding tax)
or any successor form. 
 (ii) Each Lender having sold a participation in any of its Obligations or identified
an SPV as such to the Administrative Agent shall collect from such participant or SPV the documents described in this clause (f) and provide them to the Administrative Agent. 
 Section 2.18 Substitution of Lenders. (a) Substitution Right. In the event that any Lender in any Facility
that is not an Affiliate of the Administrative Agent (an “Affected Lender”), (i) makes a claim under clause (b) (Increased Costs) or (c) (Increased Capital Requirements) of
Section 2.16, (ii) notifies the Borrower pursuant to Section 2.15(b) (Illegality) that it becomes illegal for such Lender to continue to fund or make any Eurodollar Rate Loan in such Facility, (iii) makes a
claim for payment pursuant to Section 2.17(b) (Taxes), (iv) becomes a Non-Funding Lender with respect to such Facility or (v) does not consent to any amendment, waiver or consent to any Loan Document for which the
consent of the Required Lenders is obtained but that requires the consent of other Lenders in such Facility, the Borrower may either pay in full such Affected Lender with respect to amounts due in such Facility with the consent of the Administrative
Agent or substitute for such Affected Lender in such Facility any Lender or any Affiliate or Approved Fund of any Lender or any other Person acceptable (which acceptance shall not be unreasonably withheld or delayed) to the Administrative Agent (in
each case, a “Substitute Lender”). Notwithstanding the foregoing, with respect to a Lender that is a Non-Funding Lender or an Impacted Lender, the Borrower or the Administrative Agent may obtain a Substitute Lender and execute an
Assignment on behalf of such Non-Funding Lender or Impacted Lender at any time and without prior notice to such Non-Funding Lender or Impacted Lender and cause its Loans and Commitments to be sold and assigned at par. 
 (b) Procedure. To substitute such Affected Lender or pay in full the Obligations owed to such Affected Lender under such Facility,
the Borrower shall deliver a notice to the Administrative Agent and such Affected Lender. The effectiveness of such payment or substitution shall be subject to the delivery to the Administrative Agent by the Borrower (or, as may be applicable in the
case of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected Lender, of, to the extent accrued through, and outstanding on, the effective date for such payment or substitution, all Obligations owing to such
Affected Lender with respect to such Facility (including those that will be owed because of such payment and all Obligations that would be owed to such Lender if it was solely a Lender in such Facility), (ii) in the case of a payment in full of
the Obligations owing to such Affected Lender in the Revolving Credit Facility, payment of any amount that, after giving effect to the termination of the Commitment of such Affected Lender, is required to be paid pursuant to
Section 2.8(e) (Excess Outstandings) and (iii) in the case of a substitution, (A) payment of the assignment fee set forth in Section 11.2(c) and (B) an assumption agreement in form and substance
satisfactory to the Administrative Agent whereby the Substitute Lender shall, among other things, agree to be bound by the terms of the Loan Documents and assume the Commitment of the Affected Lender under such Facility. 
  


					
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 (c) Effectiveness. Upon satisfaction of the conditions set forth in clause
(b) above, the Administrative Agent shall record such substitution or payment in the Register, whereupon (i) in the case of any payment in full in any Facility, such Affected Lender’s Commitments in such Facility shall be
terminated and (ii) in the case of any substitution in any Facility, (A) the Affected Lender shall sell and be relieved of, and the Substitute Lender shall purchase and assume, all rights and claims of such Affected Lender under the Loan
Documents with respect to such Facility, except that the Affected Lender shall retain such rights expressly providing that they survive the repayment of the Obligations and the termination of the Commitments, (B) the Substitute Lender shall
become a “Lender” hereunder having a Commitment in such Facility in the amount of such Affected Lender’s Commitment in such Facility and (C) the Affected Lender shall execute and deliver to the Administrative Agent an
Assignment to evidence such substitution and deliver any Note in its possession with respect to such Facility; provided, however, that the failure of any Affected Lender to execute any such Assignment or deliver any such Note shall not
render such sale and purchase (or the corresponding assignment) invalid. 
 ARTICLE 3 
 CONDITIONS TO LOANS AND LETTERS OF CREDIT 
 Section 3.1 Conditions Precedent to Initial Loans and Letters of Credit. The obligation of each Lender to make any Loan on the Closing Date and the obligation of each L/C Issuer to
Issue any Letter of Credit on the Closing Date is subject to the satisfaction or due waiver of each of the following conditions precedent on or before December 15, 2009: 
 (a) Certain Documents. The Administrative Agent shall have received on or prior to the Closing Date each of the following, each dated
the Closing Date unless otherwise agreed by the Administrative Agent, in form and substance satisfactory to the Administrative Agent and each Lender: 
 (i) this Agreement duly executed by the Borrower and, for the account of each Lender having requested the same by notice to the Administrative Agent and the Borrower received by each at least 3 Business
Days prior to the Closing Date (or such later date as may be agreed by the Borrower), Notes in each applicable Facility conforming to the requirements set forth in Section 2.14(e); 
 (ii) the Guaranty and Security Agreement, duly executed by each Guarantor, together with (A) copies of UCC,
Intellectual Property and other appropriate search reports and of all effective prior filings listed therein, together with evidence of the termination of such prior filings and other documents with respect to the priority of the security interest
of the Administrative Agent in the Collateral, in each case as may be reasonably requested by the Administrative Agent and (B) all documents representing all Securities being pledged pursuant to such Guaranty and Security Agreement and related
undated powers or endorsements duly executed in blank; 
  


					
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 (iii) Mortgages for each fee owned real property of the Loan Parties
identified on Schedule 4.16 (except as may be agreed to by the Administrative Agent), together with all Mortgage Supporting Documents relating thereto and such Landlord Waivers as the Administrative Agent may request for all leased
locations with Collateral in excess of $25,000; 
 (iv) duly executed favorable opinions of counsel to the Loan
Parties together with such other local counsel opinions as the Administrative Agent may reasonably request, each addressed to the Administrative Agent, the L/C Issuers and the Lenders and addressing such matters as the Administrative Agent may
reasonably request; 
 (v) a copy of each Constituent Document of each Loan Party that is on file with any
Governmental Authority in any jurisdiction, certified as of a recent date by such Governmental Authority, together with, if applicable, certificates attesting to the good standing of such Loan Party in such jurisdiction and each other jurisdiction
where such Loan Party is qualified to do business as a foreign entity or where such qualification is necessary (and, if appropriate in any such jurisdiction, related tax certificates), except for such jurisdictions where the failure to be so
qualified would not have a Material Adverse Effect; 
 (vi) a certificate of the secretary or other officer of
each Loan Party in charge of maintaining books and records of such Loan Party certifying as to (A) the names and signatures of each officer of such Loan Party authorized to execute and deliver any Loan Document, (B) the Constituent
Documents of such Loan Party attached to such certificate are complete and correct copies of such Constituent Documents as in effect on the date of such certification (or, for any such Constituent Document delivered pursuant to clause
(v) above, that there have been no changes from such Constituent Document so delivered) and (C) the resolutions of such Loan Party’s board of directors or other appropriate governing body approving and authorizing the execution,
delivery and performance of each Loan Document to which such Loan Party is a party; 
 (vii) a certificate of a
Responsible Officer of the Borrower to the effect that (A) each condition set forth in Section 3.2(b) has been satisfied, (B) the Borrower and its Subsidiaries on a consolidated basis are Solvent after giving effect to the
initial Loans and Letters of Credit, the consummation of the Related Transactions, the application of the proceeds thereof in accordance with Section 7.9 and the payment of all estimated legal, accounting and other fees and expenses
related hereto and thereto and (C) attached thereto are complete and correct copies of the Acquisition Agreement, Senior Subordinated Notes Indenture, Junior Subordinated Notes Indenture and Bridge Note Purchase Agreement; 
 (viii) insurance certificates in form and substance satisfactory to the Administrative Agent demonstrating that the
insurance policies required by Section 7.5 are in full force and effect and have all endorsements required by such Section 7.5; 
 (ix)(a) interim unaudited quarterly financial statements of the Borrower and the Acquired Company and its subsidiaries for each fiscal quarter ended after June 30, 2009 and 30 days before the Closing
Date, and (b) to the extent available, interim unaudited monthly financial statements of Borrower and the Acquired Company and its subsidiaries for each month ended after the most recent fiscal quarter for which financial statements were
received by Administrative Agent pursuant to clause (a) above; 
  


					
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 (x) a Master Agreement for Standby Letters of Credit between Borrower and
GE Capital. 
 (xi) Pro Forma Balance Sheet of the Borrower and its Subsidiaries as of September 30, 2009,
after giving effect to this Agreement and the Related Agreements and (b) Borrower’s business plan which shall include a financial forecast on a monthly basis for the first 12 months after the Closing Date, on a quarterly basis through 2012
and on an annual basis thereafter through 2015 prepared by Borrower’s management; 
 (xii) duly executed
pay-off letters from the Existing Agents with respect to each Existing Credit Agreement; and 
 (xiii) such
other documents and information as any Lender through the Administrative Agent may reasonably request. 
 (b) Fee and
Expenses. There shall have been paid to the Administrative Agent, for the account of the Administrative Agent, its Related Persons, any L/C Issuer or any Lender, as the case may be, all fees and all reimbursements of costs or expenses, in each
case due and payable under any Loan Document on or before the Closing Date. 
 (c) Consents. Each Group Member shall
have received all consents and authorizations required pursuant to any material Contractual Obligation with any other Person and shall have obtained all material Permits of, and effected all notices to and filings with, any Governmental Authority,
in each case, as may be necessary in connection with the consummation of the transactions contemplated in any Loan Document or Related Document (including the Related Transactions). 
 (d) Assignment of Representations, Warranties, Covenants, Indemnities and Rights. Borrower shall have used commercially reasonable
efforts to obtain a duly executed copy of an Assignment of Representations, Warranties, Covenants, Indemnities and Rights in respect of the Borrower’s rights under the Acquisition Agreement, which assignment shall be expressly permitted under
the Acquisition Agreement or shall have been consented to by the Seller (as such term is defined therein) in writing. 
 (e)
Acquisition Agreement. All related documentation to the Acquisition Agreement shall have been completed in form and substance reasonably satisfactory to Administrative Agent; all conditions precedent to the Acquisition Agreement shall have
been met (or waived with the consent of the Administrative Agent, such consent not to be unreasonably withheld) and the Acquisition under the Acquisition Agreement shall be consummated simultaneously with the funding of the Loans contemplated in
this Agreement in accordance with the terms of the Acquisition Agreement (without any amendment, modification or waiver of any of the provisions thereof that would be materially adverse to the Lenders without the consent of the Administrative Agent)
and all requirements of law. 
 (f) Capital Structure. The Administrative Agent has reviewed and approved the terms of
the Bridge Loan Documents, Senior Subordinated Note Documents and the Junior Subordinated Note Documents as set forth in the junior capital commitment letter previously delivered to the Administrative Agent; provided, however, the
Lender reserves its right to approve financial covenant cushions, negative covenant basket cushions and cross-acceleration terms set forth therein in its reasonable discretion. The other terms and conditions

  


					
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of and documentation for such Bridge Loan Documents, Senior Subordinated Note Documents and the Junior Subordinated Note Documents (excluding all Subordination Agreements) shall be reasonably
satisfactory to Lender. Administrative Agent shall have received evidence that (a) the Cash Equity Investment has been completed, (b) the Borrower has received net cash proceeds of at least $50,000,000 from the issuance of the Senior
Subordinated Notes, (c) the Borrower has received net cash proceeds of at least $40,000,000 from issuance of the Notes (as defined in the Bridge Note Purchase Agreement) pursuant to the Bridge Loan Documents, (d) the Borrower has received
net cash proceeds of at least $25,000,000 from the issuance of the Junior Subordinated Notes, and (e) the Borrower has received net cash proceeds of at least $25,000,000 from the issuance of the Non-Convertible E Shares, and that such proceeds,
along with the proceeds of the Loans, have been applied to the payment of consideration for the Acquisition and related transaction costs. 
 (g) Absence of Litigation. There shall not exist any action, suit, investigation, litigation or proceeding pending or threatened in any court or before any arbitrator or governmental authority that
has or could reasonably be expected to have a Material Adverse Effect on Borrower, its Subsidiaries, the Related Transactions, the Facilities or any of the other transactions contemplated hereby 
 (h) Outstanding Debts and Liens. Administrative Agent shall be satisfied in its reasonable judgment that (a) Borrower’s,
the Acquired Company’ and their respective subsidiaries’ existing debts and liens do not exceed an amount agreed upon prior to the Closing Date, and (b) there shall not occur as a result of, and after giving effect to, the funding of
the Loans contemplated by this Agreement and the initial funding hereunder, a default (or any event which with the giving of notice or lapse of time or both will be a default) under any of the Borrower’s, the Acquired Company’s or their
respective Subsidiaries’ debt instruments and other material agreements. 
 (i) Minimum EBITDA; Maximum Leverage.
The Consolidated EBITDA of the Borrower and the Acquired Company for the four fiscal quarter period ended September 30, 2009, shall be no less than $32,000,000. The Consolidated Total Leverage Ratio of the Borrower on the Closing Date, after
giving effect to the initial funding of Loans hereunder and other transactions contemplated herein, shall not exceed 4.00 to 1.00 and the Consolidated Senior Leverage Ratio of the Borrower on the Closing Date after giving effect to the initial
funding of the Loans contemplated hereunder and the other transactions contemplated herein shall not exceed 1.25 to 1.00. 
 (j) Evidence of Solvency. Administrative Agent shall be satisfied, based on financial statements (actual and pro forma), projections and other evidence provided by the Borrower, or requested by Administrative Agent, including a
certificate of the Chief Financial Officer of the Borrower (but not including an independent solvency analysis or opinion) that Borrower and its Subsidiaries on a consolidated basis, after incurring the indebtedness contemplated by this Agreement,
the Bridge Note Purchase Agreement, the Senior Subordinated Loan Documents and the Junior Subordinated Notes, will be Solvent. 
 (k) Revolving Credit Facility. On the Closing Date and after giving effect to the initial Loans funded hereunder, the Revolving Credit Outstandings shall be equal to $0. 
  


					
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 (l) Subordination Agreements. The Administrative Agent shall have reviewed, approved
and executed, in its sole and absolute discretion, the Bridge Subordination, the Senior Subordination Agreement and the Junior Subordination Agreement. 
 (m) Material Adverse Effect. Since July 31, 2009 with respect to the Acquired Company and its Subsidiaries and since August 31, 2009 with respect to the Borrower and its Subsidiaries,
there have been no events, circumstances, developments or other changes in facts that would, in the aggregate, have a Material Adverse Effect. 
 (n) Related Transactions. The Administrative Agent shall be satisfied that, subject only the funding of the initial Loans hereunder and the use of proceeds thereof, (A) as certified to the
Administrative Agent, all conditions precedent to the consummation of the Acquisition will have been satisfied or duly waived with the consent of the Administrative Agent and the Acquisition will have been simultaneously consummated in accordance
with the Acquisition Agreement and (B) all obligations under the Existing Credit Agreements will have been simultaneously repaid in full, as evidenced by payoff letters duly executed and delivered by the Borrower and the Existing Agents.

 Section 3.2 Conditions Precedent to Each Loan and Letter of Credit. The obligation of each Lender on any date
(including the Closing Date) to make any Loan and of each L/C Issuer on any date (including the Closing Date) to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions precedent: 
 (a) Request. The Administrative Agent (and, in the case of any Issuance, the relevant L/C Issuer) shall have received, to the extent
required by Article 2, a written, timely and duly executed and completed Notice of Borrowing, Swingline Request or, as the case may be, L/C Request. 
 (b) Representations and Warranties; No Defaults. The following statements shall be true on such date, both before and after giving effect to such Loan or, as applicable, such Issuance: (i) the
representations and warranties set forth in any Loan Document shall be true and correct (A) if such date is the Closing Date, on and as of such date and (B) otherwise, in all material respects on and as of such date or, to the extent such
representations and warranties expressly relate to an earlier date, on and as of such earlier date and (ii) no Default shall be continuing. 
 The representations and warranties set forth in any Notice of Borrowing, Swingline Request or L/C Request (or any certificate delivered in connection therewith) shall be deemed to be made again on and as of the date of the relevant Loan or
Issuance and the acceptance of the proceeds thereof or of the delivery of the relevant Letter of Credit. Notwithstanding the foregoing, the only conditions to any continuation or conversion of any Loan are set forth in Section 2.10.

 Section 3.3 Determinations of Initial Borrowing Conditions. For purposes of determining compliance with
the conditions specified in Section 3.1, each Lender shall be deemed to be satisfied with each document and each other matter required to be satisfactory to such Lender unless, prior to the Closing Date, the Administrative Agent receives
notice from such Lender specifying such Lender’s objections and such Lender has not made available its Pro Rata Share of any Borrowing scheduled to be made on the Closing Date. 
  


					
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 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES 
 To induce the Lenders, the L/C Issuers and the
Administrative Agent to enter into the Loan Documents, the Borrower (and, to the extent set forth in any other Loan Document, each other Loan Party) represents and warrants to each of them each of the following on and as of each date applicable
pursuant to Section 3.2; provided, however, that all references to a “Subsidiary” or “Subsidiaries” in this Article 4 shall exclude all Subsidiaries which are Strategic Ventures: 
 Section 4.1 Corporate Existence; Compliance with Law. Each Group Member (a) is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where such qualification is necessary, except where the
failure to be so qualified or in good standing would not, in the aggregate, have a Material Adverse Effect, (c) has all requisite power and authority and the legal right to own, pledge, mortgage and operate its property, to lease or sublease
any material property it operates under lease or sublease and to conduct its business as now or currently proposed to be conducted, (d) is in compliance with its Constituent Documents, (e) is in compliance with all applicable Requirements
of Law except where the failure to be in compliance would not have a Material Adverse Effect and (f) has all necessary Permits from or by, has made all necessary filings with, and has given all necessary notices to, each Governmental Authority
having jurisdiction, to the extent required for such ownership, lease, sublease, operation, occupation or conduct of business, except where the failure to obtain such Permits, make such filings or give such notices would not, in the aggregate, have
a Material Adverse Effect. 
 Section 4.2 Loan and Related Documents. (a) Power and Authority.
The execution, delivery and performance by each Loan Party of the Loan Documents and Related Documents to which it is a party and the consummation of the Related Transactions and other transactions contemplated therein (i) are within such Loan
Party’s corporate or similar powers and, at the time of execution thereof, have been duly authorized by all necessary corporate and similar action (including, if applicable, consent of holders of its Securities), (ii) do not
(A) contravene such Loan Party’s Constituent Documents, (B) violate any applicable material Requirement of Law, (C) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or
acceleration of, any material Contractual Obligation of any Loan Party or any of its Subsidiaries (including other Related Documents or Loan Documents) other than those that would not, in the aggregate, have a Material Adverse Effect and are not
created or caused by, or a conflict, breach, default or termination or acceleration event under, any Loan Document or (D) result in the imposition of any Lien (other than a Permitted Lien) upon any property of any Loan Party or any of its
Subsidiaries and (iii) do not require any Permit of, or filing with, any Governmental Authority or any consent of, or notice to, any Person, other than (A) with respect to the Loan Documents, the filings required to perfect the Liens
created by the Loan Documents, (B) those listed on Schedule 4.2 and that have been, or will be prior to the Closing Date, obtained or made, copies of which have been, or will be prior to the Closing Date, delivered to the
Administrative Agent, and each of which on the Closing Date will be in full force and effect and (C) with respect to the Acquisition, those that, if not obtained, would not, in the aggregate, have a Material Adverse Effect. 
 (b) Due Execution and Delivery. From and after its delivery to the Administrative Agent, each Loan Document and Related Document has
been duly executed and delivered to the other parties thereto by each Loan Party party thereto, is the legal, valid and binding obligation of such Loan Party and is enforceable against such Loan Party in accordance with its terms. 
  


					
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 (c) Related Documents. Each representation and warranty of the Loan Parties in each
Related Document (other than the Acquisition Agreement) is true and correct in all material respects and no default, or event that, with the giving of notice or lapse of time or both, would constitute a default, has occurred thereunder. As of the
Closing Date, all applicable waiting periods in connection with the Acquisition have expired or have been terminated without any action being taken by any Governmental Authority (including any requisite waiting period (and any extension thereof)
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976). 
 Section 4.3 Ownership of Group Members.
Set forth on Schedule 4.3 is a complete and accurate list showing, as of the Closing Date, for each Group Member and each Subsidiary of any Group Member and each joint venture of any of them, its jurisdiction of organization, the number
of shares of each class of Stock authorized (if applicable), the number outstanding on the Closing Date and the number and percentage of the outstanding shares of each such class owned (directly or indirectly) by the Borrower. All outstanding Stock
of each of them has been validly issued, is fully paid and non-assessable (to the extent applicable) and is owned beneficially and of record by a Group Member free and clear of all Liens other than the security interests created by the Loan
Documents and, in the case of joint ventures, Permitted Liens. There are no Stock Equivalents with respect to the Stock of any Group Member or any Subsidiary of any Group Member or any joint venture of any of them and, as of the Closing Date, except
as set forth on Schedule 4.3. There are no Contractual Obligations or other understandings to which any Group Member, any Subsidiary of any Group Member or any joint venture of any of them is a party with respect to (including any
restriction on) the issuance, voting, Sale or pledge of any Stock or Stock Equivalent of any Group Member or any such Subsidiary. 
 Section 4.4 Financial Statements. (a) Each of (i) the audited Consolidated balance sheet of the Borrower and the Acquired Company as at December 31, 2008 and the related Consolidated statements of
operations, changes in stockholders’ or stockholder’s equity, and cash flows of the Borrower and the Acquired Company for the Fiscal Year then ended, certified by PricewaterhouseCoopers LLP in the case of the Borrower and KPMG in the case
of the Acquired Company, and (ii) subject to the absence of footnote disclosure and normal recurring year-end audit adjustments, the unaudited Consolidated balance sheets of the Borrower and the Acquired Company as at September 30, 2009
and the related Consolidated statements of operations, changes in stockholders’ or stockholder’s equity and cash flows of the Borrower and the Acquired Company for the 9 months then ended, copies of each of which have been furnished to the
Administrative Agent, fairly present in all material respects the Consolidated financial position, results of operations and cash flow each of the Borrowers and its Subsidiaries and of the Acquired Company and its Subsidiaries as at the dates
indicated and for the periods indicated in accordance with GAAP. 
 (b) On the Closing Date, (i) other than the
Obligations, the Junior Subordinated Notes, the “Obligations” as defined in the Bridge Note Purchase Agreement and the Senior Subordinated Notes, none of the Acquired Company or its Subsidiaries, or the Borrower or its Subsidiaries, has
any material liability or other obligation (including Indebtedness, Guaranty Obligations, contingent liabilities and liabilities for taxes, long-term leases and unusual forward or long-term commitments) that is not reflected in the Financial
Statements referred to in clause (a) above or in the notes thereto and not otherwise permitted by

  


					
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this Agreement and (ii) other than the Acquisition, since the date of the unaudited Financial Statements referenced in clause (a)(ii) above, there has been no Sale of any material
property of the Acquired Company and its Subsidiaries, or the Borrower or its Subsidiaries, and no purchase or other acquisition of any material property. 
 (c) The Initial Projections have been prepared by the Borrower in light of the past operations of the business of the Borrower and its Subsidiaries and the Acquired Company and its Subsidiaries and
reflect projections for the 5 year period beginning on September 30, 2009 on a monthly basis for the first year, on a quarterly basis for the second year and on a year-by-year basis thereafter. As of the Closing Date, the Initial Projections
are based upon estimates and assumptions stated therein, all of which the Borrower believes to be reasonable and fair in light of conditions and facts known to the Borrower as of the Closing Date and reflect the good faith, reasonable and fair
estimates by the Borrower of the future Consolidated financial performance of the Borrower and the other information projected therein for the periods set forth therein; provided, however, that the Initial Projections are not to be viewed as factual
and that actual results during the periods covered thereby may differ from the results set forth in the Initial Projections by a material amount. 
 (d) The unaudited Consolidated balance sheet of the Borrower (the “Pro Forma Balance Sheet”) delivered to the Administrative Agent prior to the date hereof, has been prepared as of
September 30, 2009 and reflects as of such date, on a Pro Forma Basis for the Related Transactions and the other transactions contemplated herein to occur on the Closing Date, the Consolidated financial condition of the Borrower, and the
assumptions expressed therein are reasonable based on the information available to the Borrower at such date and on the Closing Date, subject to final purchase accounting adjustments. 
 Section 4.5 Material Adverse Effect. Since July 31, 2009 with respect to the Acquired Company and its subsidiaries
and since August 31, 2009 with respect to the Borrower and its Subsidiaries, there have been no events, circumstances, developments or other changes in facts that would, in the aggregate, have a Material Adverse Effect. 
 Section 4.6 Solvency. Both before and after giving effect to (a) the Loans and Letters of Credit made or Issued on
or prior to the date this representation and warranty is made, (b) the disbursement of the proceeds of such Loans, (c) the consummation of the Related Transactions and (d) the payment and accrual of all transaction costs in connection
with the foregoing, the Borrower and its Subsidiaries on a consolidated basis are Solvent. 
 Section 4.7
Litigation. There are no pending (or, to the knowledge of any Group Member, threatened) actions, investigations, suits, proceedings, audits, claims, demands, orders or disputes affecting the Borrower or any of its Subsidiaries with, by or
before any Governmental Authority (i) other than those that cannot reasonably be expected to affect the Obligations, the Loan Documents, the Letters of Credit, the Related Documents, the Related Transactions and the other transactions
contemplated therein and would not, in the aggregate, have a Material Adverse Effect or (ii) that as of the Closing Date, could reasonably be expected to have a Material Adverse Effect or result in liability, loss or damage to any Group Member
in excess of $500,000. 
 Section 4.8 Taxes. Except as set forth on Schedule 4.8, all federal, and, to
the best of the Borrower’s knowledge, state, local and foreign income and franchise and other material tax returns, reports and statements (collectively, the “Tax Returns”) required to be filed

  


					
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by any Tax Affiliate have been filed with the appropriate Governmental Authorities in all jurisdictions in which such Tax Returns are required to be filed, all such Tax Returns are true and
correct in all material respects, and, to the best of the Borrower’s knowledge, all material Taxes reflected therein or otherwise due and payable have been paid prior to the date on which any Liability may be added thereto for non-payment
thereof except for those contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are maintained on the books of the appropriate Tax Affiliate in accordance with GAAP. As of the Closing Date, except as
set forth on Schedule 4.8 no Tax Return is under audit or examination by any Governmental Authority and no written notice of such an audit or examination or any written assertion of any claim for Taxes has been given or made by any
Governmental Authority. Proper and accurate amounts have been withheld by each Tax Affiliate from their respective employees for all periods in material compliance with the tax, social security and unemployment withholding provisions of applicable
Requirements of Law and such withholdings have been timely paid to the respective Governmental Authorities. No Tax Affiliate has participated in a “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4 or has
been a member of an affiliated, combined or unitary group other than the group of which a Tax Affiliate is the common parent. 
 Section 4.9 Margin Regulations. The Borrower is not engaged in the business of extending credit for the purpose of, and no proceeds of any Loan or other extensions of credit hereunder will be used for the purpose of,
buying or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board) or extending credit to others for the purpose of purchasing or carrying any such margin stock, in each case in contravention of Regulation T, U or X of
the Federal Reserve Board. 
 Section 4.10 No Burdensome Obligations; No Defaults. No Group Member is a party
to any Contractual Obligation, no Group Member has Constituent Documents containing obligations, and, to the knowledge of any Group Member, there are no applicable Requirements of Law, in each case the compliance with which would have, in the
aggregate, a Material Adverse Effect. No Group Member (and, to the knowledge of each Group Member, no other party thereto) is in default under or with respect to any Contractual Obligation of any Group Member, other than those that would not, in the
aggregate, have a Material Adverse Effect. 
 Section 4.11 Investment Company Act. No Group Member is an
“investment company” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company”, as such terms are defined in the Investment Company Act of 1940. 

Section 4.12 Labor Matters. There are no strikes, work stoppages, slowdowns or lockouts existing, pending (or, to the
knowledge of any Group Member, threatened) against or involving any Group Member, except, for those that would not, in the aggregate, have a Material Adverse Effect. Except as set forth on Schedule 4.12, as of the Closing Date,
(a) there is no collective bargaining or similar agreement with any union, labor organization, works council or similar representative covering any employee of any Group Member, (b) no petition for certification or election of any such
representative is existing or pending with respect to any employee of any Group Member and (c) no such representative has sought certification or recognition with respect to any employee of any Group Member. 
 Section 4.13 ERISA. Schedule 4.13 sets forth, as of the Closing Date, a complete and correct list of, and
that separately identifies, (a) all Title IV Plans, (b) all Multiemployer Plans and (c) all material Benefit Plans. Each Benefit Plan, and each trust

  


					
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thereunder, intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Requirements of Law so qualifies. Except for those that would not, in the aggregate, have
a Material Adverse Effect, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Requirements of Law, (y) there are no existing or pending (or to the knowledge of any Group Member, threatened)
claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which any Group Member incurs or otherwise has or could have an obligation or any
Liability and (z) to the knowledge of any Group Member, no ERISA Event is reasonably expected to occur. On the Closing Date, no ERISA Event has occurred in connection with which obligations and liabilities (contingent or otherwise) remain
outstanding. No ERISA Affiliate would have any Withdrawal Liability as a result of a complete withdrawal from any Multiemployer Plan on the date this representation is made. 
 Section 4.14 Environmental Matters. Except as set forth on Schedule 4.14, (a) the operations of each
Group Member are and have been in compliance with all applicable Environmental Laws, including obtaining, maintaining and complying with all Permits required by any applicable Environmental Law, other than non-compliances that, in the aggregate,
would not have a reasonable likelihood of resulting in Material Environmental Liabilities, (b) no Group Member is party to, and no Group Member and no real property currently (or to the knowledge of any Group Member previously) owned, leased,
subleased, operated or otherwise occupied by or for any Group Member is subject to or the subject of, any Contractual Obligation or any pending (or, to the knowledge of any Group Member, threatened) order, action, investigation, suit, proceeding,
audit, claim, demand, dispute or notice of violation or of potential liability or similar notice under or pursuant to any Environmental Law other than those that, in the aggregate, are not reasonably likely to result in Material Environmental
Liabilities, (c) no Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities has attached to any property of any Group Member and, to the knowledge of any Group Member, no facts, circumstances or
conditions exist that could reasonably be expected to result in any such Lien attaching to any such property, (d) no Group Member has caused or suffered to occur a Release of Hazardous Materials at, to or from any real property of any Group
Member and each such real property is free of contamination by any Hazardous Materials except for such Release or contamination that could not reasonably be expected to result, in the aggregate, in Material Environmental Liabilities, (e) no
Group Member (i) is or has been engaged in, or has permitted any current or former tenant to engage in, operations, or (ii) has received written notice of any facts, circumstances or conditions, including receipt of any information request
or notice of potential responsibility under CERCLA or similar Environmental Laws, that, in the aggregate, would have a reasonable likelihood of resulting in Material Environmental Liabilities and (f) each Group Member has made available to the
Administrative Agent copies of all existing environmental reports, reviews and audits and all documents pertaining to actual or potential Environmental Liabilities, in each case to the extent such reports, reviews, audits and documents are in their
possession, custody or control. 
 Section 4.15 Intellectual Property. Each Group Member owns or licenses all
Intellectual Property that is necessary for the operations of its businesses. To the knowledge of each Group Member, (a) the conduct and operations of the businesses of each Group Member does not infringe, misappropriate, dilute, violate or
otherwise impair any Intellectual Property owned by any other Person and (b) no other Person has contested any right, title or interest of any Group Member in, or relating to, any Intellectual Property, other than, in each case, as cannot
reasonably be expected to affect the Loan Documents and the transactions contemplated therein

  


					
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and would not, in the aggregate, have a Material Adverse Effect. In addition, (x) there are no pending (or, to the knowledge of any Group Member, threatened) actions, investigations, suits,
proceedings, audits, claims, demands, orders or disputes affecting any Group Member with respect to, (y) no judgment or order regarding any such claim has been rendered by any competent Governmental Authority, no settlement agreement or similar
Contractual Obligation has been entered into by any Group Member, with respect to and (z) no Group Member knows or has any reason to know of any valid basis for any claim based on, any such infringement, misappropriation, dilution, violation or
impairment or contest, other than, in each case, as cannot reasonably be expected to affect the Loan Documents and the transactions contemplated therein and would not, in the aggregate, have a Material Adverse Effect. 
 Section 4.16 Title; Real Property. (a) Each Group Member has good and marketable fee simple title to all owned real
property and valid leasehold interests in all material leased real property, and owns all personal property, in each case that is purported to be owned or leased by it, including those reflected on the most recent Financial Statements delivered by
the Borrower, and none of such property is subject to any Lien except Permitted Liens. 
 (b) Set forth on
Schedule 4.16 is, as of the Closing Date, (i) a complete and accurate list of all real property owned in fee simple by any Group Member or in which any Group Member owns a leasehold interest setting forth, for each such real
property, the current street address (including, where applicable, county, state and other relevant jurisdictions), the record owner thereof and, where applicable, each lessee and sublessee thereof, (ii) any lease, sublease, license or
sublicense of such real property by any Group Member and (iii) for each such owned real property that the Administrative Agent has requested be subject to a Mortgage or that is otherwise material to the business of any Group Member, each
Contractual Obligation by any Group Member, whether contingent or otherwise, to Sell such real property. 
 Section 4.17 Full Disclosure. The information prepared or furnished by or on behalf of any Group Member in connection with any Loan Document or Related Document (including the information contained in any Financial
Statement or Disclosure Document) or the consummation of any Related Transaction or any other transaction contemplated therein, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements contained therein, in light of the circumstances when made, not materially misleading; provided, however, that projections contained therein are not to be viewed as factual and that actual results during the periods
covered thereby may differ from the results set forth in such projections by a material amount. All projections that are part of such information and all Projections delivered subsequent to the Closing Date are and will be based upon good faith
estimates and stated assumptions believed to be reasonable and fair as of the date made in light of conditions and facts then known and, as of such date, reflect good faith, reasonable and fair estimates of the information projected for the periods
set forth therein; and provided further that such information does not address general economic, industry, regulatory or financial conditions. 
 Section 4.18 Patriot Act. No Group Member (and, to the knowledge of each Group Member, no joint venture or subsidiary thereof) is in violation in any material respects of any United
States Requirements of Law relating to terrorism, sanctions or money laundering (the “Anti-Terrorism Laws”), including the United States Executive Order No. 13224 on Terrorist Financing (the “Anti-Terrorism Order”) and the
Patriot Act. 
  


					
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 Section 4.19 Educational Permits. (a) Schedule 4.19 sets
forth a complete listing of all Educational Permits held by and necessary to the operation of the Borrower’s business, in effect on the Closing Date, the Educational Body that issued such Educational Permit and the periods in which each
Educational Permit is or was in full force and effect and the period, if any, when each was subject to conditions, limitations or restrictions. Notwithstanding the foregoing, the listing set forth on Schedule 4.19 does not include
(x) correspondence relevant to each approval of individual educational programs that have been issued by any Educational Bodies and (y) any permits held by individuals providing recruiting and enrollment services on behalf of any of the
schools. 
 (b) Each Group Member currently holds, (x) all material Educational Permits required under all laws, rules,
regulations, and binding standards of any Educational Body to whose jurisdiction each Group Member is subject and (y) all requisite material Educational Permits for each educational program each Group Member has offered and for each campus,
location or facility at which (in the case of any residential courses or programs) or from which or through which (in the case of courses or programs offered by telecommunications, including the internet, and traditional correspondence methods) the
Group Members have offered all or any portion of an educational program. 
 (c) Each material Educational Permit is in full
force and effect in accordance with its terms. 
 (d) As of the Closing Date, each Group Member has timely notified in all
material respects, and obtained all required approvals from, all applicable Educational Bodies for each substantive change in any Group Member’s operations, including any additional of new educational programs or changes in ownership or
control, and have timely submitted in all material respects (x) all reports required to be submitted to and (y) their responses to all requests for information from, such Educational Bodies. 
 Section 4.20 Privacy Statements. The Borrower (a) complies in all respects with the Privacy Statements as applicable
to any given set of Personal Information collected from individuals; (b) complies in all respects with applicable privacy laws, rules and regulations regarding the collection, retention, use and disclosure of Personal Information; and
(c) takes reasonable measures to protect and maintain the confidential nature of the Personal Information provided by individuals, in accordance with the terms of the applicable Privacy Statements, except in the case of each of clauses (a),
(b) and (c) where the failure to comply or to take such measures could not reasonably be expected to result in a Material Adverse Effect. 
 Section 4.21 Reserved.  
 Section 4.22 No Child
Left Behind. No Group Member is in violation of any applicable laws, rules, regulations, executive orders, or codes with respect to No Child Left Behind Act and Title I of the Elementary and Secondary Education Act of 1965, that, individually or
in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  


					
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 ARTICLE 5 
 FINANCIAL COVENANTS 
 The Borrower (and, to the extent set forth in any other Loan
Document, each other Loan Party) agrees with the Lenders, the L/C Issuers and the Administrative Agent to each of the following, as long as any Obligation (other than Contingent Indemnification Obligations) or any Revolving Credit Commitment remains
outstanding: 
 Section 5.1 Maximum Consolidated Total Leverage Ratio Borrower shall not have, on the last
day of each Fiscal Quarter, a Consolidated Total Leverage Ratio greater than the maximum ratio set forth opposite such Fiscal Quarter: 
  

			
	 FISCAL QUARTER ENDING
	  	 MAXIMUM CONSOLIDATED
 TOTAL LEVERAGE RATIO

	 December 31, 2009 through and including June 30, 2010
	  	4.00 to 1
	 September 30, 2010 through and including March 31, 2011
	  	3.75 to 1
	 June 30, 2011 through and including September 30, 2011
	  	3.50 to 1
	 December 31, 2011 through and including March 31, 2012
	  	3.25 to 1
	 June 30, 2012 through and including September 30, 2012
	  	3.00 to 1
	 December 31, 2012 through and including September 30, 2013
	  	2.00 to 1
	 December 31, 2013 through and including March 31, 2014
	  	1.75 to 1
	 June 30, 2014 through and including September 30, 2014
	  	1.50 to 1

 Section 5.2 Maximum Consolidated Senior Leverage Ratio. Borrower
shall not have, on the last day of each Fiscal Quarter, a Consolidated Senior Leverage Ratio greater than the maximum ratio set forth opposite such Fiscal Quarter: 
  

			
	 FISCAL QUARTER ENDING
	  	 MAXIMUM CONSOLIDATED
 SENIOR LEVERAGE RATIO

	 December 31, 2009 through and including
December 31, 2010
	  	1.25 to 1
	 March 31, 2011 through and including
December 31, 2011
	  	1.00 to 1
	 March 31, 2012 through and including
June 30, 2013
	  	0.75 to 1
	 September 30, 2013 through and including
September 30, 2014
	  	0.50 to 1

  


					
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 Section 5.3 Minimum Consolidated Fixed Charge Coverage Ratio. Borrower
shall not have, on the last day of each Fiscal Quarter set forth below, a Consolidated Fixed Charge Coverage Ratio for the four Fiscal Quarter period ending on such day less than the following: 
  

			
	 FISCAL QUARTER ENDING
	  	 MINIMUM FIXED CHARGE
 COVERAGE RATIO

	 March 31, 2010 through and including March 31, 2011
	  	1.10 to 1
	 June 30, 2011 though and including March 31, 2012
	  	1.20 to 1
	 June 30, 2012 though and including March 31, 2013
	  	1.25 to 1
	 June 30, 2013 through and including September 30, 2013
	  	1.35 to 1
	 December 31, 2013 through and including March 31, 2014
	  	1.50 to 1
	 June 30, 2014 through and including September 30, 2014
	  	1.75 to 1

 Section 5.4 Capital Expenditures. The Group Members shall not
incur, or permit to be incurred, Capital Expenditures (excluding Excluded Capital Expenditures made with respect to Growth Capital Expenditures and Permitted Reinvestments and any other Capital Expenditures incurred on behalf of Strategic Ventures)
in the aggregate during each Fiscal Year set forth below in excess of the maximum amount set forth below for such Fiscal Year: 
  

				
	 FISCAL YEAR ENDING
	  	MAXIMUM CAPITAL
EXPENDITURES

	 Fiscal Year 2010
	  	$	14,500,000
	 Fiscal Year 2011
	  	$	14,500,000
	 Fiscal Year 2012
	  	$	14,500,000
	 Fiscal Year 2013
	  	$	14,500,000

 provided, however, that, to the extent that actual Capital Expenditures incurred in any
such Fiscal Year shall be less than the maximum amount set forth above for such Fiscal Year (without giving effect to the carryover permitted by this proviso), 50% of the difference between such stated maximum amount and such actual Capital
Expenditures shall, in addition to any amount permitted above, be available for Capital Expenditures in the next succeeding Fiscal Year; and provided, further, that any Capital Expenditures incurred in any Fiscal Year shall be deemed
to have been incurred first, in respect of amounts permitted pursuant to this Section 5.4 without giving effect to the preceding proviso and then, in respect of any amount permitted solely by reason of the preceding
proviso. 
 Section 5.5 Strategic Ventures Capital Expenditures. The Group Members shall not incur, or permit
to be incurred, Capital Expenditures (excluding Excluded Capital Expenditures) by, in or on behalf of Strategic Ventures in excess of (i) $7,500,000 minus (ii) the aggregate amount of Investments made pursuant to
Section 8.3(e)(ii). 
  


					
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 ARTICLE 6 
 REPORTING COVENANTS 
 The Borrower (and, to the extent set forth in any other Loan
Document, each other Loan Party) agrees with the Lenders, the L/C Issuers and the Administrative Agent to each of the following, as long as any Obligation (other than Contingent Indemnification Obligations) or any Commitment remains outstanding:

 Section 6.1 Financial Statements. The Borrower shall deliver to the Administrative Agent each of the
following: 
 (a) Monthly Reports. As soon as available, and in any event within 45 days after the end of each fiscal
month, the Consolidated unaudited balance sheet of the Borrower as of the close of such fiscal month and related Consolidated statements of operations and cash flow for such fiscal month and that portion of the Fiscal Year ending as of the close of
such fiscal month, setting forth in comparative form the figures for the corresponding period in the prior Fiscal Year, in each case certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the Consolidated
financial position, results of operations and cash flow of the Borrower as at the dates indicated and for the periods indicated in accordance with GAAP (subject to the absence of footnote disclosure and normal year-end audit adjustments).

 (b) Quarterly Reports. As soon as available, and in any event within 45 days after the end of Fiscal Quarter, the
Consolidated unaudited balance sheet of the Borrower as of the close of such Fiscal Quarter and related Consolidated statements of operations and cash flow for such Fiscal Quarter and that portion of the Fiscal Year ending as of the close of such
Fiscal Quarter, setting forth in comparative form the figures for the corresponding period in the prior Fiscal Year and the figures contained in the latest Projections, in each case certified by a Responsible Officer of the Borrower as fairly
presenting in all material respects the Consolidated financial position, results of operations and cash flow of the Borrower as at the dates indicated and for the periods indicated in accordance with GAAP (subject to the absence of footnote
disclosure and normal year-end audit adjustments). 
 (c) Annual Reports. As soon as available, and in any event within
90 days after the end of each Fiscal Year, the Consolidated balance sheet of the Borrower as of the end of such year and related Consolidated statements of operations, changes in stockholders’ equity and cash flow for such Fiscal Year, each
prepared in accordance with GAAP, together with a certification by the Group Members’ Accountants that such Consolidated Financial Statements fairly present in all material respects the Consolidated financial position, results of operations and
cash flow of the Borrower as at the dates indicated and for the periods indicated therein in accordance with GAAP without qualification as to the scope of the audit or as to going concern and without any other similar qualification. 
 (d) Compliance Certificate. Together with each delivery of any Financial Statement pursuant to clause (b) or
(c) above, a Compliance Certificate duly executed by a Responsible Officer of the Borrower that, among other things, (i) shows in reasonable detail the

  


					
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calculations used in determining the financial covenants set forth in Article 5 and, if delivered together with any Financial Statement pursuant to clause (c) above, the calculations
used in determining Excess Cash Flow, (ii) demonstrates compliance with each financial covenant contained in Article 5 that is tested at least on a quarterly basis, (iii) states that no Default is continuing as of the date of
delivery of such Compliance Certificate or, if a Default is continuing, states the nature thereof and the action that the Borrower proposes to take with respect thereto, (iv) sets forth all Maintenance Capital Expenditures and Growth Capital
Expenditures made during such period, (v) sets forth in reasonable detail all Strategic Ventures expenditures and terms on a cumulative basis entered into during such period and (vi) sets forth the roll-forward balance of Excluded Stock
Issuances for such period and the expenditures and terms thereof on a cumulative basis. 
 (e) Corporate Chart and Other
Collateral Updates. As part of the Compliance Certificate delivered pursuant to clause (d) above, each in form and substance satisfactory to the Administrative Agent, a certificate by a Responsible Officer of the Borrower that
(i) the Corporate Chart attached thereto (or the last Corporate Chart delivered pursuant to this clause (e)) is correct and complete as of the date of such Compliance Certificate; provided that such Corporate Chart shall not be required
to be delivered more than once during any Fiscal Year, (ii) the Loan Parties have delivered all documents (including updated schedules as to locations of Collateral and acquisition of Intellectual Property or real property) they are required to
deliver pursuant to any Loan Document on or prior to the date of delivery of such Compliance Certificate and (iii) complete and correct copies of all documents modifying any term of any Constituent Document of any Group Member or any Subsidiary
or joint venture thereof on or prior to the date of delivery of such Compliance Certificate have been delivered to the Administrative Agent or are attached to such certificate. 
 (f) Additional Projections. As soon as available and in any event not later than 30 days after the end of each Fiscal Year, any
significant revisions to, (i) the annual business plan of the Group Members for the Fiscal Year next succeeding such Fiscal Year and (ii) forecasts prepared by management of the Borrower (A) for each Fiscal Quarter in such next
succeeding Fiscal Year and (B) for each other succeeding Fiscal Year through the Fiscal Year containing the Scheduled Term Loan Maturity Date, in each case including in such forecasts (x) a projected year-end Consolidated balance sheet,
income statement and statement of cash flows, (y) a statement of all of the material assumptions on which such forecasts are based and (z) substantially the same type of financial information as that contained in the Initial Projections.

 (g) Management Discussion and Analysis. Together with each delivery of any Compliance Certificate pursuant to
clause (d) above, a discussion and analysis of the financial condition and results of operations of the Group Members for the portion of the Fiscal Year then elapsed and discussing the reasons for any significant variations from the
Projections for such period and the figures for the corresponding period in the previous Fiscal Year. 
 (h) Intercompany
Loan Balances. Together with each delivery of any Compliance Certificate pursuant to clause (d) above, a summary of the outstanding balances of all intercompany Indebtedness as of the last day of the Fiscal Quarter covered by
such Financial Statement, certified as complete and correct by a Responsible Officer of the Borrower as part of the Compliance Certificate delivered in connection with such Financial Statements. 
  


					
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 (i) Audit Reports and Management Letters. Together with each delivery of any
Financial Statement for any Fiscal Year pursuant to clause (c) above, copies of each management letter and audit report received by any Group Member from any independent registered certified public accountant (including the Group
Members’ Accountants) in connection with such Financial Statements or any audit thereof, each certified to be complete and correct copies by a Responsible Officer of the Borrower as part of the Compliance Certificate delivered in connection
with such Financial Statements. 
 (j) Insurance. Together with each delivery of any Financial Statement for any Fiscal
Year pursuant to clause (c) above, each in form and substance satisfactory to the Administrative Agent and certified as complete and correct by a Responsible Officer of the Borrower as part of the Compliance Certificate delivered in
connection with such Financial Statements, a summary of all material insurance coverage maintained as of the date thereof by any Group Member, together with such other related documents and information as the Administrative Agent may reasonably
require. 
 Section 6.2 Other Events. The Borrower shall give the Administrative Agent notice of each of the
following (which may be made by telephone if promptly confirmed in writing) promptly after any Responsible officer of any Group Member knows or has reason to know of it: (a)(i) any Default and (ii) any event that would have a Material Adverse
Effect, specifying, in each case, the nature and anticipated effect thereof and any action proposed to be taken in connection therewith, (b) any event (other than any event involving loss or damage to property) reasonably expected to result in
a mandatory payment of the Obligations pursuant to Section 2.8, stating the material terms and conditions of such transaction and estimating the Net Cash Proceeds thereof, (c) the commencement of, or any material developments in,
any action, investigation, suit, proceeding, audit, claim, demand, order or dispute with, by or before any Governmental Authority affecting any Group Member or any property of any Group Member that (i) seeks injunctive or similar relief,
(ii) in the reasonable judgment of the Borrower, exposes any Group Member to liability in an aggregate amount in excess of $250,000 or (iii) if adversely determined would have a Material Adverse Effect and (d) the acquisition of any
fee interest in any material real property or the entering into any material lease. 
 Section 6.3 Copies of
Notices and Reports. The Borrower shall promptly deliver to the Administrative Agent copies of each of the following: (a) all reports that Borrower transmits to its security holders generally, (b) all documents that any Group Member
files with the Securities and Exchange Commission, the National Association of Securities Dealers, Inc., any securities exchange or any Governmental Authority exercising similar functions, (c) all material documents transmitted or received
pursuant to, or in connection with, any Related Document (including all amendments, waivers, consent letters, or modifications to any Related Document and all material notices or requests provided by or to any Loan Party in connection with any
Related Document) and (d) any material document transmitted or received pursuant to, or in connection with, any Contractual Obligation governing Indebtedness of any Group Member. 
 Section 6.4 Taxes. The Borrower shall give the Administrative Agent notice of each of the following (which may be made by
telephone if promptly confirmed in writing) promptly after any Responsible Officer of any Group Member knows or has reason to know of it: (a) the creation, or filing with the IRS or any other Governmental Authority, of any Contractual
Obligation or other document extending, or having the effect of extending, the period for assessment or collection of any taxes with respect to any Tax Affiliate and (b) the creation of any Contractual Obligation of any Tax Affiliate, or the
receipt of any request directed to any Tax Affiliate, to make any adjustment under Section 481(a) of the Code, by reason of a change in accounting method or otherwise, which, in either case, would have a Material Adverse Effect. 
  


					
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 Section 6.5 Labor Matters. The Borrower shall give the Administrative
Agent notice of each of the following (which may be made by telephone if promptly confirmed in writing), promptly after, and in any event within 30 days after any Responsible Officer of any Group Member knows or has reason to know of it:
(a) the commencement of any material labor dispute to which any Group Member is or may become a party, including any strikes, lockouts or other disputes relating to any of such Person’s plants and other facilities and (b) the
incurrence by any Group Member of any Worker Adjustment and Retraining Notification Act or related or similar liability incurred with respect to the closing of any plant or other facility of any such Person (other than, in the case of this clause
(b), those that would not, in the aggregate, have a Material Adverse Effect). 
 Section 6.6 ERISA
Matters. The Borrower shall give the Administrative Agent (a) on or prior to any filing by any ERISA Affiliate of any notice of intent to terminate any Title IV Plan, a copy of such notice and (b) promptly, and in any event within
10 days, after any Responsible Officer of any ERISA Affiliate knows or has reason to know that a request for a minimum funding waiver under Section 412 of the Code has been filed with respect to any Title IV Plan or Multiemployer Plan, a
notice (which may be made by telephone if promptly confirmed in writing) describing such waiver request and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notice filed with the PBGC or the IRS
pertaining thereto. 
 Section 6.7 Environmental Matters. (a) The Borrower shall provide the
Administrative Agent notice of each of the following (which may be made by telephone if promptly confirmed by the Administrative Agent in writing) promptly after any Responsible Officer of any Group Member knows of it (and, upon reasonable
request of the Administrative Agent, documents and information in connection therewith): (i)(A) unpermitted Releases, (B) the receipt by any Group Member of any notice of violation of or potential liability or similar notice under, or
the existence of any condition that could reasonably be expected to result in violations of or liabilities under, any Environmental Law or (C) the commencement of, or any material change to, any action, investigation, suit, proceeding, audit,
claim, demand, dispute alleging a violation of or liability under any Environmental Law, that, for each of clauses (A), (B) and (C) above (and, in the case of clause (C), if adversely determined), in the
aggregate for each such clause, could reasonably be expected to result in Environmental Liabilities in excess of $250,000, (ii) the receipt by any Group Member of notification that any property of any Group Member is subject to any Lien in
favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities and (iii) any proposed acquisition or lease of real property (except as part of any Permitted Acquisition) if such acquisition or lease would have a
reasonable likelihood of resulting in aggregate Environmental Liabilities in excess of $250,000. 
 (b) Upon request of the
Administrative Agent, the Borrower shall provide the Administrative Agent a report containing an update as to the status of any environmental, health or safety compliance, hazard or liability issue identified in any document delivered to any Secured
Party pursuant to any Loan Document or as to any condition reasonably believed by the Administrative Agent to result in material Environmental Liabilities. 
  


					
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 Section 6.8 Other Information. The Borrower shall provide the
Administrative Agent with such other documents and information with respect to the business, property, condition (financial or otherwise), legal, financial or corporate or similar affairs or operations of any Group Member as the Administrative Agent
or such Lender through the Administrative Agent may from time to time reasonably request. 
 ARTICLE 7 
 AFFIRMATIVE COVENANTS 
 The Borrower (and, to the extent set forth in any other Loan Document, each other Loan Party) agrees with the Lenders, the L/C Issuers and the Administrative Agent to each of the following, as long as any Obligation (other than Contingent
Indemnification Obligations) or any Commitment remains outstanding: 
 Section 7.1 Maintenance of Corporate
Existence. Each Group Member shall (a) preserve and maintain its legal existence, except in the consummation of transactions expressly permitted by Sections 8.4 and 8.7, (b) preserve and maintain it rights (charter and
statutory), privileges franchises and Permits necessary or desirable in the conduct of its business, except, in the case of this clause (b), where the failure to do so would not, in the aggregate, have a Material Adverse Effect and as
otherwise provided in clause (c) hereof, and (c) preserve and maintain its accreditation by the Distance Education and Training Council except, in the case of this clause (c), where the failure to do so would not be reasonably
likely to have a Material Adverse Effect. 
 Section 7.2 Compliance with Laws, Etc. Each Group Member shall
comply (i) with all applicable Requirements of Law, Contractual Obligations and Permits (including, but not limited to, the Trade Regulation Rule of the Federal Trade Commission entitled Disclosure Requirements and Prohibitions Concerning
Franchising and Business Opportunity Ventures and those relating to public health and safety and the protection of the environment), except for such failures to comply that would not, in the aggregate, have a Material Adverse Effect and as otherwise
provided in clause (ii) hereof, and (ii) in all material respects with the No Child Left Behind Act and Title I of the Elementary and Secondary Education Act of 1965. 
 Section 7.3 Payment of Obligations. 
 (a) Each Group Member shall pay or discharge before they become delinquent (a) all material claims, taxes, assessments, charges and levies imposed by any Governmental Authority and (b) all other
lawful claims that if unpaid would, by the operation of applicable Requirements of Law, become a Lien upon any property of any Group Member, except, in each case, for those whose amount or validity is being contested in good faith by proper
proceedings diligently conducted and for which adequate reserves are maintained on the books of the appropriate Group Member in accordance with GAAP; and 
 (b) make all payments and otherwise perform all obligations in respect of all leases of real property to which any Loan Party or any of its Subsidiaries is a party, keep such leases in full force and
effect and not allow such leases to lapse or be terminated or any rights to renew such leases to be forfeited or cancelled, notify the Administrative Agent of any default by any party with respect to such leases and cooperate with the Administrative
Agent in all respects to cure any such default, and cause each of its Subsidiaries to do so, except, in any case, where the failure to do so, either individually or in the aggregate, could not be reasonably likely to have a Material Adverse Effect.

  


					
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 Section 7.4 Maintenance of Property. Each Group Member shall maintain and
preserve (a) in good working order and condition all of its property necessary in the conduct of its business and (b) all rights, permits, licenses, approvals and privileges (including all Permits) necessary, used or useful, whether
because of its ownership, lease, sublease or other operation or occupation of property or other conduct of its business, and shall make all necessary or appropriate filings with, and give all required notices to, Government Authorities, except for
such failures to maintain and preserve the items set forth in clauses (a) and (b) above that would not, in the aggregate, have a Material Adverse Effect. 
 Section 7.5 Maintenance of Insurance. Each Group Member shall (a) maintain or cause to be maintained in full force
and effect all policies of insurance of any kind with respect to the property and businesses of the Group Members (including policies of life, fire, theft, product liability, public liability, Flood Insurance, property damage, other casualty,
employee fidelity, workers’ compensation, business interruption and employee health and welfare insurance) with financially sound and reputable insurance companies or associations (in each case that are not Affiliates of the Borrower) of a
nature and providing such coverage as is sufficient and as is customarily carried by businesses of the size and character of the business of the Group Members and (b) cause all such insurance relating to any property or business of any Loan
Party to name the Administrative Agent as additional insured or loss payee, as appropriate, and to provide that no cancellation, material addition in amount or material change in coverage shall be effective until after 45 days’ notice thereof
to the Administrative Agent. Notwithstanding the requirement in subsection (a) above, Federal Flood Insurance shall not be required for (x) real property not located in a Special Flood Hazard Area, or (y) real property located in a
Special Flood Hazard Area in a community that does not participate in the National Flood Insurance Program. 
 Section 7.6 Keeping of Books. The Group Members shall keep proper books of record and account, in which full, true and correct entries shall be made in accordance with GAAP and all other applicable Requirements of Law of
all financial transactions and the assets and business of each Group Member. 
 Section 7.7 Access to Books and
Property. Each Group Member shall permit the Administrative Agent, the Lenders and any Related Person of any of them, twice each fiscal year (or during the continuance of an Event of Default as often as reasonably requested), at any reasonable
time during normal business hours and with reasonable advance notice (except that, during the continuance of an Event of Default, no such notice shall be required) to (a) visit and inspect the property of each Group Member and examine and make
copies of and abstracts from, the corporate (and similar), financial, operating and other books and records of each Group Member, (b) discuss the affairs, finances and accounts of each Group Member with any officer or director of any Group
Member and (c) communicate, with the Borrower’s participation with any registered certified public accountants (including the Group Members’ Accountants) of any Group Member. Each Group Member shall authorize their respective
registered certified public accountants (including the Group Members’ Accountants) to communicate directly with the Administrative Agent, the Lenders and their Related Persons. 
 Section 7.8 Environmental. Each Group Member shall comply with, and maintain its real property, whether owned, leased,
subleased or otherwise operated or occupied, in compliance with, all applicable Environmental Laws (including by implementing any Remedial Action necessary to achieve such compliance or that is required by orders and directives of any Governmental
Authority) except for failures to comply that would not, in the aggregate, have a

  


					
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Material Adverse Effect. Without limiting the foregoing, if an Event of Default is continuing or if the Administrative Agent at any time has a reasonable basis to believe that there exist
violations of Environmental Laws by any Group Member or that there exist any Environmental Liabilities, in each case, that would have, in the aggregate, a Material Adverse Effect, then each Group Member shall, promptly upon receipt of request from
the Administrative Agent, cause the performance of, and allow the Administrative Agent and its Related Persons access to such real property for the purpose of conducting, such environmental audits and assessments, including subsurface sampling of
soil and groundwater, and cause the preparation of such reports, in each case as the Administrative Agent may from time to time reasonably request. Such audits, assessments and reports, to the extent not conducted by the Administrative Agent or any
of its Related Persons, shall be conducted and prepared by reputable environmental consulting firms reasonably acceptable to the Administrative Agent and shall be in form and substance reasonably acceptable to the Administrative Agent. 

Section 7.9 Use of Proceeds. The proceeds of the Loans shall be used by the Borrower (and, to the extent distributed
to them by the Borrower, each other Group Member) solely (a) to consummate the Related Transactions (including the payment of a portion of the consideration) and for the payment of related transaction costs, fees and expenses, (b) for the
payment of transaction costs, fees and expenses incurred in connection with the Loan Documents and the transactions contemplated therein, (c) for the repayment of all amounts owing under the Existing Credit Agreements and other indebtedness
(other than indebtedness to be permitted to remain by the Administrative Agent in its sole discretion), and (d) for working capital and general corporate and similar purposes. 
 Section 7.10 Additional Collateral and Guaranties. To the extent not delivered to the Administrative Agent on or before
the Closing Date (including in respect of after-acquired property and Persons that become Subsidiaries of any Loan Party after the Closing Date but excluding Excluded Foreign Subsidiaries and Strategic Ventures), each Group Member shall, promptly,
do each of the following, unless otherwise agreed by the Administrative Agent: 
 (a) deliver to the Administrative Agent such
modifications to the terms of the Loan Documents (or, to the extent applicable as determined by the Administrative Agent, such other documents), in each case in form and substance reasonably satisfactory to the Administrative Agent and as the
Administrative Agent deems necessary or advisable in order to ensure the following: 
 (i)(A) each Subsidiary of
any Loan Party that has entered into Guaranty Obligations with respect to any Indebtedness of the Borrower and (B) each Wholly Owned Subsidiary of any Loan Party shall guaranty, as primary obligor and not as surety, the payment of the
Obligations of the Borrower; and 
 (ii) each Loan Party (including any Person required to become a Guarantor
pursuant to clause (i) above) shall effectively grant to the Administrative Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in all of its property (excluding leasehold interests), including all of
its Stock and Stock Equivalents and other Securities, as security for the Obligations of such Loan Party and shall deliver Landlord Waivers for all leased locations with Collateral in excess of $25,000; 
  


					
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 provided, however, that, unless the Borrower and the Administrative Agent otherwise agree, in
no event shall (x) any Excluded Foreign Subsidiary or any Strategic Venture be required to guaranty the payment of any Obligation, (y) the Loan Parties, individually or collectively, be required to pledge in excess of 66% of the
outstanding Voting Stock of any Excluded Foreign Subsidiary or (z) a security interest be required to be granted on any property of any Excluded Foreign Subsidiary or any Strategic Venture as security for any Obligation; 
 (b) deliver to the Administrative Agent all documents representing all Stock, Stock Equivalents and other Securities pledged pursuant to
the documents delivered pursuant to clause (a) above, together with undated powers or endorsements duly executed in blank; 
 (c) upon request of the Administrative Agent, deliver to it (x) an appraisal complying with FIRREA, (y) within forty-five days of receipt of notice from Agent that any fee interest in real
property of the Loan Parties is located in a Special Flood Hazard Area, Federal Flood Insurance as required by Section 7.5, and (z) a Mortgage on any real property owned by any Loan Party, together with all Mortgage Supporting
Documents relating thereto (or, if such real property is located in a jurisdiction outside the United States, similar documents reasonably deemed appropriate by the Administrative Agent to obtain the equivalent in such jurisdiction of a
first-priority mortgage on such real property or lease); 
 (d) to take all other actions necessary or advisable to ensure the
validity or continuing validity of any guaranty for any Obligation or any Lien securing any Obligation, to perfect, maintain, evidence or enforce any Lien securing any Obligation or to ensure such Liens have the same priority as that of the Liens on
similar Collateral set forth in the Loan Documents executed on the Closing Date (or, for Collateral located outside the United States, a similar priority acceptable to the Administrative Agent), including the filing of UCC financing statements in
such jurisdictions as may be required by the Loan Documents or applicable Requirements of Law or as the Administrative Agent may otherwise reasonably request; and 
 (e) deliver to the Administrative Agent legal opinions relating to the matters described in this Section 7.10, which opinions shall be as reasonably required by, and in form and substance and
from counsel reasonably satisfactory to, the Administrative Agent. 
 Section 7.11 Deposit Accounts; Securities
Accounts and Cash Collateral Accounts. (a) Each Group Member (other than Excluded Foreign Subsidiaries) shall (i) deposit all of its cash in deposit accounts that are Controlled Deposit Accounts, provided, however, that
each Group Member may maintain zero-balance accounts for the purpose of managing local disbursements and may maintain the letter of credit cash collateral accounts to the extent permitted pursuant to Section 8.1(b), payroll, withholding
tax and other fiduciary accounts, (ii) deposit all of its Cash Equivalents in securities accounts that are Controlled Securities Accounts, in each case except for cash and Cash Equivalents the aggregate value of which does not exceed $100,000
at any time and cash and Cash Equivalents permitted under Section 8.2(g). 
 (b) The Administrative Agent shall not
have any responsibility for, or bear any risk of loss of, any investment or income of any funds in any Cash Collateral Account. From time to time after funds are deposited in any Cash Collateral Account, the Administrative Agent may apply funds then
held in such Cash Collateral Account to the payment of Obligations in accordance with Section 2.12. No Group Member and no Person claiming on behalf of or through any Group Member shall have any right to demand payment of any funds held
in any Cash Collateral Account at any time prior to the termination of all Commitments and the payment in full of all Obligations and, in the case of L/C Cash Collateral Accounts, the termination of all outstanding Letters of Credit. 
  


					
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 Section 7.12 Interest Rate Contracts. The Borrower
shall, within 90 days after the Closing Date, enter into and thereafter maintain Interest Rate Contracts on terms and with counterparties reasonably satisfactory to the Administrative Agent, to provide protection against fluctuation of interest
rates until the 2nd anniversary of the Closing Date for a
notional amount that, when added to the aggregate principal amount of Consolidated Total Debt of the Borrower bearing interest at a fixed rate, equals at least 50% of the aggregate principal amount of the Term Loans. 
 Section 7.13 Post-Closing. On or prior to January 6, 2010, each Group Member (other than Excluded Foreign
Subsidiaries) shall deliver to the Administrative Agent all Control Agreements that, in the reasonable judgment of the Administrative Agent, are required for the Loan Parties to comply with the Loan Documents, each duly executed by, in addition to
the applicable Loan Party, the applicable financial institution. 
 ARTICLE 8 
 NEGATIVE COVENANTS 
 The Borrower (and, to the extent set forth in any other Loan Document, each other Loan Party) agrees with the Lenders, the L/C Issuers and the Administrative Agent to each of the following, as long as any Obligation (other than Contingent
Indemnification Obligations) or any Commitment remains outstanding: 
 Section 8.1 Indebtedness. No Group
Member shall, directly or indirectly, incur or otherwise remain liable with respect to or responsible for, any Indebtedness except for the following: 
 (a) the Obligations; 
 (b) Indebtedness existing on the date hereof and set forth
on Schedule 8.1, together with any Permitted Refinancing of any Indebtedness permitted hereunder in reliance upon this clause (b) and Guaranty Obligations of the Loan Parties with respect to such Indebtedness of the Loan
Parties; 
 (c) Indebtedness consisting of Capitalized Lease Obligations (other than with respect to a lease entered into as
part of a Sale and Leaseback Transaction) and purchase money Indebtedness, in each case incurred by any Group Member to finance the acquisition, repair, improvement or construction of fixed or capital assets of such Group Member, together with any
Permitted Refinancing of any Indebtedness permitted hereunder in reliance upon this clause (c) and Guaranty Obligations of the Loan Parties with respect to such Indebtedness of the Loan Parties; provided, however, that
(i) the aggregate outstanding principal amount of all such Indebtedness does not exceed $500,000 at any time and (ii) the principal amount of such Indebtedness does not exceed the lower of the cost or fair market value of the property so
acquired or built or of such repairs or improvements financed, whether directly or through a Permitted Refinancing, with such Indebtedness (each measured at the time such acquisition, repair, improvement or construction is made); 
  


					
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 (d) Capitalized Lease Obligations arising under Sale and Leaseback Transactions permitted
hereunder in reliance upon Section 8.4(b)(ii); 
 (e) intercompany loans owing to any Group Member and constituting
Permitted Investments of such Group Member; 
 (f)(i) obligations under Interest Rate Contracts entered into to comply with
Section 7.12 and (ii) obligations under other Hedging Agreements entered into for the sole purpose of hedging in the normal course of business and consistent with industry practices; 
 (g) Guaranty Obligations of any Loan Party with respect to Indebtedness to the extent such Indebtedness is otherwise permitted herein of
any Loan Party (other than Indebtedness permitted hereunder in reliance upon clause (b) or (c) above, for which Guaranty Obligations may be permitted to the extent set forth in such clauses); 
 (h) Indebtedness of the Borrower owing under the Senior Subordinated Notes; provided, however, that the aggregate outstanding principal
amount of all such Indebtedness shall not exceed $51,020,408.00 plus interest and expenses added to principal in accordance with the terms of the Senior Subordinated Note Documents; 
 (i) Indebtedness of the Borrower owing under the Bridge Loan Documents; provided, however, that the aggregate outstanding principal amount
of all such Indebtedness shall not exceed the maximum amount permitted by the Bridge Subordination Agreement; 
 (j)
Indebtedness of the Borrower owing under the Junior Subordinated Notes; provided, however, that the aggregate outstanding principal amount of all such Indebtedness shall not exceed $25,510,204.00 plus interest and expenses added to
principal in accordance with the terms of the Junior Subordinated Note Documents; 
 (k) Indebtedness of the Canadian
Subsidiaries in an amount not to exceed $1,000,000; 
 (l) obligations under letters of credit, in an amount not to exceed
$1,500,000 in the aggregate (subject to the limitations in Section 8.3(e) if used to support a Strategic Venture); 
 (m) Indebtedness of a Person whose assets or Stock is acquired by any Loan Party in a Permitted Acquisition, provided that such Indebtedness (i) is either purchase money indebtedness or a Capital Lease with respect to equipment or
mortgage financing with respect to real property, (ii) was in existence prior to the date of such Permitted Acquisition, (iii) was not incurred in connection with, or in contemplation of, such Permitted Acquisition, and (iv) does not
exceed $500,000 in the aggregate at any one time outstanding; 
 (n) unsecured Indebtedness owing to sellers of assets or Stock
to a Loan Party that is incurred by the applicable Loan Party in connection with the consummation of one or more Permitted Acquisitions so long as (i) the aggregate principal amount for all such unsecured Indebtedness does not exceed $1,000,000
at any one time outstanding, (ii) is subordinated to the Obligations on terms and conditions reasonably acceptable to the Administrative Agent, (iii) such unsecured Indebtedness does not mature prior to the date that is 12 months after the
Term Loan Maturity Date, and (iv) the only interest that accrues with respect to such Indebtedness is payable in kind; and 
  


					
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 (o) any unsecured Indebtedness of any Group Member; provided, however, that
(i) the aggregate outstanding principal amount of all such unsecured Indebtedness shall not exceed $2,500,000 at any time and (ii) any such unsecured Indebtedness in the form of a guaranty or other credit support of any Strategic Venture
shall be subject to the limitations in Section 8.3(e). 
 Notwithstanding the foregoing, no Loan Party shall have outstanding,
create or incur any Indebtedness owing to any other Loan Party or any Affiliate or employee of any Loan Party unless such Indebtedness is expressly subordinated to the Obligations in a manner and on terms satisfactory to the Administrative Agent.

 Section 8.2 Liens. No Group Member shall incur, maintain or otherwise suffer to exist any Lien upon or
with respect to any of its property, whether now owned or hereafter acquired, or assign any right to receive income or profits, except for the following: 
 (a) Liens created pursuant to any Loan Document; 
 (b) Customary Permitted Liens
of Group Members; 
 (c) Liens existing on the date hereof and set forth on Schedule 8.2; 
 (d) Liens on the property of the Borrower or any of its Subsidiaries securing Indebtedness permitted hereunder in reliance upon
Section 8.1(c); provided, however, that (i) such Liens exist prior to the acquisition of, or attach substantially simultaneously with, or within 90 days after, the acquisition, repair, improvement or construction of,
such property financed, whether directly or through a Permitted Refinancing, by such Indebtedness and (ii) such Liens do not extend to any property of any Group Member other than the property (and proceeds thereof) acquired or built, or the
improvements or repairs, financed, whether directly or through a Permitted Refinancing, by such Indebtedness; 
 (e) Liens on
the property of the Borrower or any of its Subsidiaries securing the Permitted Refinancing of any Indebtedness secured by any Lien on such property permitted hereunder in reliance upon clause (c) or (d) above or this
clause (e) without any change in the property subject to such Liens; 
 (f) Liens on any property of the Borrower
or any of its Subsidiaries securing the “Second Lien Obligations” as such term is defined in and to the extent permitted by the Bridge Subordination Agreement; 
 (g) Liens with respect to cash collateral deposited to secure Indebtedness permitted under Section 8.1(l) and Liens securing Indebtedness permitted under Section 8.1(m)(i); and

 (h) Liens on any property of the Borrower or any of its Subsidiaries securing any of their Indebtedness or their other
liabilities; provided, however, that the aggregate outstanding principal amount of all such Indebtedness and other liabilities shall not exceed $250,000 at any time. 
  


					
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 Section 8.3 Investments. No Group Member shall make or maintain, directly
or indirectly, any Investment except for the following: 
 (a) Investments existing on the date hereof and set forth on
Schedule 8.3; 
 (b) Investments in cash and Cash Equivalents; 
 (c)(i) endorsements for collection or deposit in the ordinary course of business consistent with past practice, (ii) extensions of
trade credit (other than to Affiliates of the Borrower) arising or acquired in the ordinary course of business, (iii) Investments received in settlements in the ordinary course of business of such extensions of trade credit and
(iv) guaranties by Loan Parties of obligations under the Bridge Loan Documents, the Senior Subordinated Note Documents and Junior Subordinated Note Documents, to the extent such obligations are permitted hereunder and such Loan Party is a party
to the applicable Subordination Agreement; 
 (d) Investments made as part of a Permitted Acquisition; 
 (e)(i) Investments in Strategic Ventures funded with the Net Proceeds of Excluded Equity Issuances applied to such Investments, and
(ii) other Investments in Strategic Ventures which together with the aggregate amount of Capital Expenditures made pursuant to Section 5.5 and any Indebtedness incurred under Section 8.1(l) or Section 8.1(o)
with respect to a Strategic Venture shall not exceed $7,500,000 in an aggregate; 
 (f) Investments by (i) any Loan Party
in any other Loan Party, (ii) any Group Member that is not a Loan Party in any Group Member or (iii) any Loan Party in any Group Member that is not a Loan Party; provided, however, that the aggregate outstanding amount of all
Investments permitted pursuant to this clause (iii) shall not exceed $1,500,000 at any time; and provided, further, that any Investment consisting of loans or advances to any Loan Party pursuant to clause
(ii) above shall be subordinated in full to the payment of the Obligations of such Loan Party on terms and conditions satisfactory to the Administrative Agent; 
 (g) loans or advances to employees of the Borrower or any of its Subsidiaries to finance travel, entertainment and relocation expenses and other ordinary business purposes in the ordinary course of
business as presently conducted; provided, however, that the aggregate outstanding principal amount of all loans and advances permitted pursuant to this clause (f) shall not exceed $250,000 at any time; and 
 (h) any other Investment (other than Investments in Strategic Ventures) by the Borrower or any of its Subsidiaries; provided,
however, that the aggregate outstanding amount of all such Investments shall not exceed $1,500,000 at any time. 
 Section 8.4 Asset Sales. No Group Member shall Sell any of its property (other than cash) or issue shares of its own Stock, except for the following: 
 (a) In each case to the extent entered into in the ordinary course of business and made to a Person that is not an Affiliate of the
Borrower, (i) Sales of Cash Equivalents, inventory or property that has become obsolete or worn out and (ii) non-exclusive licenses of Intellectual Property; provided, that, prior to any Event of Default, each Group Member shall not be
obligated to maintain, preserve, prosecute, or seek to register or protect any Intellectual

  


					
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Property or IP Ancillary Rights in the event the Group Member determines, in its reasonable business judgment, that the maintenance, preservation, prosecution, registration or protection of such
Intellectual Property is no longer desirable or necessary in the conduct of its business; 
 (b)(i) a true lease or sublease of
real property not constituting Indebtedness and not entered into as part of a Sale and Leaseback Transaction and (ii) a Sale of property pursuant to a Sale and Leaseback Transaction; provided, however, that the aggregate fair
market value (measured at the time of the applicable Sale) of all property covered by any outstanding Sale and Leaseback Transaction at any time shall not exceed $250,000; 
 (c)(i) any Sale of any property (other than their own Stock or Stock Equivalents) by any Group Member to any other Group Member to the
extent any resulting Investment constitutes a Permitted Investment, (ii) any Restricted Payment by any Group Member permitted pursuant to Section 8.5 and (iii) any distribution by the Borrower of the proceeds of Restricted
Payments from any other Group Member to the extent permitted in Section 8.5; 
 (d)(i) any Sale or issuance by any
Subsidiary of the Borrower of its own Stock to any Group Member, provided, however, that the proportion of such Stock and of each class of such Stock (both on an outstanding and fully-diluted basis) held by the Loan Parties, taken as a
whole, does not change as a result of such Sale or issuance and (ii) to the extent necessary to satisfy any Requirement of Law in the jurisdiction of incorporation of any Subsidiary of the Borrower, any Sale or issuance by such Subsidiary of
its own Stock constituting directors’ qualifying shares or nominal holdings; 
 (e) as long as no Default is continuing or
would result therefrom, any Sale of property (other than as part of a Sale and Leaseback Transaction and other than Sale or issuance of its own Stock or Stock Equivalents by the Borrower and other than Sale or issuance of its own Stock or Stock
Equivalents by any other Group Member to another Group Member as permitted under Section 8.3(f)) by, any Group Member for fair market value payable in cash upon such sale; provided, however, that the aggregate consideration
received during any Fiscal Year for all such Sales shall not exceed $1,500,000; provided, further, that no proceeds of any issuance of Stock or Stock Equivalents under this Section 8.4(e) may be applied to prepay Junior
Subordinated Notes or the Bridge Obligations; and 
 (f) so long as no Default is continuing or would result therefrom, any
issuance by Borrower for cash consideration of its own Stock, constituting common stock or if not common stock, Stock that is on terms and conditions and issued pursuant to documentation, acceptable in all respects to the Administrative Agent, and
upon 10 days prior written notice to the Administrative Agent, all of the Net Cash Proceeds of which are applied, substantially concurrently upon receipt to (i) the prepayment of the Junior Subordinated Notes or Bridge Obligations, and any
accrued and unpaid interest, fees or expenses payable in connection therewith or (ii) in accordance with the prepayment provisions of Section 2.8(b). 
 Section 8.5 Restricted Payments. No Group Member shall directly or indirectly, declare, order, pay, make or set apart any sum for any Restricted Payment except for the following:

 (a)(i) Restricted Payments (A) by any Group Member that is a Loan Party to any Loan Party and (B) by any Group
Member that is not a Loan Party to any Group Member

  


					
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and (ii) dividends and distributions by any Subsidiary of the Borrower that is not a Loan Party to any holder of its Stock, to the extent made to all such holders ratably according to their
ownership interests in such Stock; 
 (b) dividends and distributions declared and paid on the common Stock of any Group Member
ratably to the holders of such common Stock and payable only in common Stock of such Group Member; 
 (c) distributions to
allow the Borrower to pay for the repurchase, retirement or other acquisition or retirement for value of its Stock by any former employee or director of any Loan Party or any of its Subsidiaries pursuant to any employee or director equity plan,
employee or director stock option plan or any other employee or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any employee or director of the Borrower or any of its Subsidiaries, in an amount
not to exceed $1,000,000 in any fiscal year so long as (i) both before and after giving effect to the payment of such distribution (A) no Default exists or would result therefrom and (B) the Loan Parties shall be in compliance on a
Pro Forma Basis with the financial covenants set forth in Section 5.1 and Section 5.2 computed as of the most recent fiscal quarter end for which the Loan Parties have delivered financial statements pursuant to
Section 6.1(b); and 
 (d) noncash repurchases of the Stock of the Borrower deemed to occur upon exercise of stock
options if such Stock represents a portion of the exercise price of such options. 
 Section 8.6 Prepayment of
Indebtedness. No Group Member shall (x) prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof any Indebtedness, (y) set apart any property for such purpose, whether directly or indirectly and
whether to a sinking fund, a similar fund or otherwise, or (z) make any payment in violation of any subordination terms of any Indebtedness; provided, however, that each Group Member may, to the extent otherwise permitted by the
Loan Documents, do each of the following: 
 (a)(i) prepay the Obligations, (ii) consummate a Permitted Refinancing and
(iii) prepay in full on the Closing Date Indebtedness owing under the Existing Credit Agreements; 
 (b) prepay, redeem,
purchase, defease or otherwise satisfy prior to the scheduled maturity thereof (or set apart any property for such purpose) (A) in the case of any Group Member that is not a Loan Party, any Indebtedness owing by such Group Member to any other
Group Member and (B) otherwise, any Indebtedness owing to any Loan Party; 
 (c) so long as no Event of Default has
occurred and is continuing, prepay intercompany loans permitted under Section 8.1(e); 
 (d) make voluntary,
regularly scheduled or otherwise required repayments or redemptions of Indebtedness (other than Indebtedness owing to any Affiliate of the Borrower) but only, in the case of Indebtedness under the Bridge Loan Documents, the Senior Subordinated Note
Documents and the Junior Subordinated Note Documents, to the extent permitted by the subordination provisions of the applicable Subordination Agreement; and 
 (e) prepay the Bridge Obligations in full so long this Agreement is simultaneously refinanced in connection therewith. 
  


					
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 Section 8.7 Fundamental Changes. No Group Member shall (a) merge,
consolidate or amalgamate with any Person, (b) acquire all or substantially all of the Stock or Stock Equivalents of any Person or (c) acquire any brand or all or substantially all of the assets of any Person or all or substantially all of
the assets constituting any line of business, division, branch, operating division or other unit operation of any Person, in each case except for the following: (x) the consummation of any Permitted Acquisition, (y) the merger,
consolidation or amalgamation of any Subsidiary of the Borrower into any Loan Party and (z) the merger, consolidation or amalgamation of any Group Member for the sole purpose, and with the sole material effect, of changing its State of
organization within the United States; provided, however, that (A) in the case of any merger, consolidation or amalgamation involving the Borrower, the Borrower shall be the surviving Person and (B) in the case of any merger,
consolidation or amalgamation involving any other Loan Party, a Loan Party shall be the surviving corporation and all actions required to maintain the perfection of the Lien of the Administrative Agent on the Stock or property of such Loan Party
shall have been made. 
 Section 8.8 Change in Nature of Business. No Group Member shall carry on any
business, operations or activities (whether directly, through a joint venture, in connection with a Permitted Acquisition or otherwise) substantially different from those carried on by the Borrower and its Subsidiaries at the date hereof and
business, operations and activities reasonably related thereto. 
 Section 8.9 Transactions with Affiliates.
No Group Member shall, except as otherwise expressly permitted herein, enter into any other transaction directly or indirectly with, or for the benefit of, any Affiliate of the Borrower that is not a Loan Party (including Guaranty Obligations with
respect to any obligation of any such Affiliate), except for (a) transactions in the ordinary course of business on a basis no less favorable to such Group Member as would be obtained in a comparable arm’s length transaction with a Person
not an Affiliate of the Borrower, (b) Restricted Payments, the proceeds of which, if received by Borrower, are used as required by Section 8.5, (c) reasonable salaries and other reasonable director or employee compensation and
indemnification to officers and directors of any Group Member, (d) Guaranty Obligations of Loan Parties with respect to Indebtedness of other Loan Parties permitted under Section 8.1, (e) transactions between any Loan Party and
any Strategic Venture permitted under another Section of this Agreement and (f) the licensing of certain software of the Loan Parties and providing of certain training and services to U.S. Skills LLC consistent with past practices,
provided no Default or Event of Default shall have occurred and be continuing and such transactions with U.S. Skills LLC shall be comparable to arms’ length transactions on commercially reasonable terms; provided further that in no event
shall a Group Member or any Subsidiary of a Group Member perform or provide any management, consulting, administrative or similar services to or for any Person other than another Group Member, a Subsidiary of a Group Member or a customer who is not
an Affiliate in the ordinary course of business. 
 Section 8.10 Third-Party Restrictions on Indebtedness, Liens,
Investments or Restricted Payments. No Group Member or Strategic Venture shall incur or otherwise suffer to exist or become effective or remain liable on or responsible for any Contractual Obligation (other than the Bridge Loan Documents, the
Senior Subordinated Note Documents and the Junior Subordinated Notes) limiting the ability of (a) any Subsidiary of the Borrower (other than a Strategic Venture) to make Restricted Payments to, or Investments in, or repay Indebtedness or
otherwise Sell property to, any Group Member or (b) any Group Member to incur or suffer to

  


					
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exist any Lien upon any property of any Group Member, whether now owned or hereafter acquired, securing any of its Obligations (including any “equal and ratable” clause and any similar
Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be granted on such property or any other property), except, for each of clauses (a) and (b) above, (x) pursuant to the Loan
Documents and (y) limitations on Liens (other than those securing any Obligation) on any property whose acquisition, repair, improvement or construction is financed by purchase money Indebtedness, Capitalized Lease Obligations or Permitted
Refinancings permitted hereunder in reliance upon Section 8.1(b) or (c) set forth in the Contractual Obligations governing such Indebtedness, Capitalized Lease Obligations or Permitted Refinancing or Guaranty Obligations with
respect thereto. 
 Section 8.11 Modification of Certain Documents. No Group Member shall do any of the
following: 
 (a) waive or otherwise modify any term of any Constituent Document of, or otherwise change the capital structure
of, any Group Member (including the terms of any of their outstanding Stock or Stock Equivalents), in each case except for those modifications and waivers that (x) do not elect, or permit the election, to treat the Stock or Stock Equivalents of
any limited liability company (or similar entity) as certificated and (y) do not materially and adversely affect the rights and privileges of any Group Member and do not materially and adversely affect the interests of any Secured Party under
the Loan Documents or in the Collateral; provided that this paragraph (a) shall not preclude any waiver or modification to any Constituent Document that is necessary to effect an issuance of Stock in accordance with
Section 8.4(f); 
 (b) waive or otherwise modify any term of any the Bridge Loan Documents, the Senior Subordinated
Note Documents or the Junior Subordinated Notes except to the extent not prohibited by the terms of the applicable Subordination Agreement; or 
 (c) elect to pay in cash any portion of “PIK” interest under the Senior Subordinated Note Documents or the Junior Subordinated Notes as in effect on the Closing Date; or 
 (d) permit any Indebtedness (other than the Obligations) to qualify as “Designated Senior Debt” under the Senior Subordinated
Notes, Junior Subordinated Notes or any other Senior Subordinated Notes Document or Junior Subordinated Notes Document or permit the Obligations to cease qualifying as such or as “Senior Debt” as defined in the Senior Subordinated Notes or
Junior Subordinated Notes. 
 Section 8.12 Accounting Changes; Fiscal Year. No Group Member shall change its
(a) accounting treatment or reporting practices, except as required or permitted by GAAP or any Requirement of Law, or (b) its fiscal year or its method for determining fiscal quarters or fiscal months. 
 Section 8.13 Margin Regulations. No Group Member shall use all or any portion of the proceeds of any credit extended
hereunder to purchase or carry margin stock (within the meaning of Regulation U of the Federal Reserve Board) in contravention of Regulation U of the Federal Reserve Board. 
  


					
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 Section 8.14 Compliance with ERISA. No ERISA Affiliate shall cause or
suffer to exist (a) any event that could result in the imposition of a Lien with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event, that would, in the aggregate, have a Material Adverse Effect. No Group Member
shall cause or suffer to exist any event that could result in the imposition of a Lien with respect to any Benefit Plan that would, in the aggregate, have a Material Adverse Effect. 
 Section 8.15 Hazardous Materials. No Group Member shall cause or suffer to exist any unpermitted Release of any Hazardous
Material at, to or from any real property owned, leased, subleased or otherwise operated or occupied by any Group Member that would violate any Environmental Law, form the basis for any Environmental Liabilities or otherwise adversely affect the
value or marketability of any real property (whether or not owned by any Group Member), other than such violations, Environmental Liabilities and effects that would not, in the aggregate, have a Material Adverse Effect. 
 ARTICLE 9 
 EVENTS OF
DEFAULT 
 Section 9.1 Definition. Each of the following shall be an Event of Default: 
 (a) the Borrower shall fail to pay (i) any principal of any Loan or any L/C Reimbursement Obligation when the same becomes due
and payable or (ii) any interest on any Loan, any fee under any Loan Document or any other Obligation (other than those set forth in clause (i) above) and, in the case of this clause (ii), such non-payment continues for a
period of 3 Business Days after the due date therefor; or 
 (b) any representation, warranty or certification made or
deemed made by or on behalf of any Loan Party in any Loan Document or by or on behalf of any Loan Party (or any Responsible Officer thereof) in connection with any Loan Document (including in any document delivered in connection with any Loan
Document) shall prove to have been incorrect in any material respect when made or deemed made; or 
 (c) any Loan Party shall
fail to comply with (i) any provision of Article 5 (Financial Covenants), Section 6.1 (Financial Statements), Section 6.2(a)(i) (Other Events), Section 7.1(a) (Maintenance of Corporate Existence), Section 7.9
(Application of Loan Proceeds) or Article 8 (Negative Covenants) or (ii) any other provision of any Loan Document if, in the case of this clause (ii), such failure shall remain unremedied for 30 days after the earlier of (A) the date
on which a Responsible Officer of the Borrower becomes aware of such failure and (B) the date on which notice thereof shall have been given to the Borrower by the Administrative Agent or the Required Lenders; or 
 (d)(i) any Group Member shall fail to make any payment when due (whether due because of scheduled maturity, required prepayment provisions,
acceleration, demand or otherwise) on any Indebtedness of any Group Member (other than the Obligations or any Hedging Agreement) and, in each case, such failure relates to Indebtedness having a principal amount of $1,000,000 or more, (ii) any
other event shall occur or condition shall exist under any Contractual Obligation relating to any such Indebtedness, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness or
(iii) any such Indebtedness shall become or be declared to be due and payable, or be required to be prepaid, redeemed, defeased or repurchased (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or

  


					
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 (e)(i) any Group Member shall generally not pay its debts as such debts become due, shall
admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors, (ii) any proceeding shall be instituted by or against any Group Member seeking to adjudicate it a bankrupt or insolvent
or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, composition of it or its debts or any similar order, in each case under any Requirement of Law relating to bankruptcy, insolvency or reorganization or
relief of debtors or seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee, conservator, liquidating agent, liquidator, other similar official or other official with similar powers, in each case for it or for
any substantial part of its property and, in the case of any such proceedings instituted against (but not by or with the consent of) any Group Member, either such proceedings shall remain undismissed or unstayed for a period of 60 days or more
or any action sought in such proceedings shall occur or (iii) any Group Member shall take any corporate or similar action or any other action to authorize any action described in clause (i) or (ii) above; or 

(f) one or more judgments, orders or decrees (or other similar process) shall be rendered against any Group Member (i)(A) in the case of
money judgments, orders and decrees, involving an aggregate amount (excluding amounts adequately covered by insurance payable to any Group Member, to the extent the relevant insurer has not denied coverage therefor) in excess of $500,000 or
(B) otherwise, that would have, in the aggregate, a Material Adverse Effect and (ii)(A) enforcement proceedings shall have been commenced by any creditor upon any such judgment, order or decree or (B) such judgment, order or decree shall
not have been vacated or discharged for a period of 30 consecutive days and there shall not be in effect (by reason of a pending appeal or otherwise) any stay of enforcement thereof; or 
 (g) except pursuant to a valid, binding and enforceable termination or release permitted under the Loan Documents and executed by the
Administrative Agent or as otherwise expressly permitted under any Loan Document, (i) any provision of any Loan Document shall, at any time after the delivery of such Loan Document, fail to be valid and binding on, or enforceable against, any
Loan Party party thereto, (ii) any Loan Document purporting to grant a Lien to secure any Obligation shall, at any time after the delivery of such Loan Document, fail to create a valid and enforceable Lien on any Collateral purported to be
covered thereby or such Lien shall fail or cease to be a perfected Lien with the priority required in the relevant Loan Document or (iii) any Subordination Agreement shall, in whole or in part, terminate or otherwise fail or cease to be valid
and binding on, or enforceable against, any holder of the Indebtedness with respect thereto (or any such holder shall so state in writing), or any Group Member shall state in writing that any of the events described in clause (i),
(ii) or (iii) above shall have occurred; or 
 (h) there shall occur any Change of Control. 

Section 9.2 Remedies. During the continuance of any Event of Default, the Administrative Agent may, and, at the
request of the Required Lenders, shall, in each case by notice to the Borrower and in addition to any other right or remedy provided under any Loan Document or by any applicable Requirement of Law, do each of the following: (a) declare all or
any portion of the Commitments terminated, whereupon the Commitments shall immediately be reduced by such portion or, in the case of a termination in whole, shall terminate together with

  


					
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any obligation any Lender may have hereunder to make any Loan and any L/C Issuer may have hereunder to Issue any Letter of Credit or (b) declare immediately due and payable all or part of
any Obligation (including any accrued but unpaid interest thereon), whereupon the same shall become immediately due and payable, without presentment, demand, protest or further notice or other requirements of any kind, all of which are hereby
expressly waived by the Borrower (and, to the extent provided in any other Loan Document, other Loan Parties); provided, however, that, effective immediately upon the occurrence of the Events of Default specified in
Section 9.1(e)(ii), (x) the Commitments of each Lender to make Loans and the commitment of each L/C Issuer to Issue Letters of Credit shall each automatically be terminated and (y) each Obligation (including in each case any
accrued all accrued but unpaid interest thereon) shall automatically become and be due and payable, without presentment, demand, protest or further notice or other requirement of any kind, all of which are hereby expressly waived by the Borrower
(and, to the extent provided in any other Loan Document, any other Loan Party). 
 Section 9.3 Actions in Respect
of Letters of Credit. At any time (i) upon the Revolving Credit Termination Date, (ii) after the Revolving Credit Termination Date when the aggregate funds on deposit in L/C Cash Collateral Accounts shall be less than 105% of the
L/C Obligations for all Letters of Credit at such time and (iii) as required by Section 2.12, the Borrower shall pay to the Administrative Agent in immediately available funds at the Administrative Agent’s office referred
to in Section 11.11, for deposit in a L/C Cash Collateral Account, the amount required so that, after such payment, the aggregate funds on deposit in the L/C Cash Collateral Accounts equals or exceeds 105% of the L/C Obligations for all
Letters of Credit at such time (not to exceed, in the case of clause (iii) above, the payment to be applied pursuant to Section 2.12 to provide cash collateral for Letters of Credit). 
 ARTICLE 10 
 THE
ADMINISTRATIVE AGENT 
 Section 10.1 Appointment and Duties. (a) Appointment of Administrative
Agent. Each Lender and each L/C Issuer hereby appoints GE Capital (together with any successor Administrative Agent pursuant to Section 10.9) as the Administrative Agent hereunder and authorizes the Administrative Agent to
(i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Group Member, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly
delegated to the Administrative Agent under such Loan Documents and (iii) exercise such powers as are reasonably incidental thereto. 
 (b) Duties as Collateral and Disbursing Agent. Without limiting the generality of clause (a) above, the Administrative Agent shall have the sole and exclusive right and authority (to
the exclusion of the Lenders and L/C Issuers), and is hereby authorized, to (i) act as the disbursing and collecting agent for the Lenders and the L/C Issuers with respect to all payments and collections arising in connection with the Loan
Documents (including in any proceeding described in Section 9.1(e)(ii) or any other bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with any Loan Document to any Secured Party is hereby
authorized to make such payment to the Administrative Agent, (ii) file and prove claims and file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any Obligation in any proceeding described in
Section 9.1(e)(ii) or any other bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Secured Party), (iii) act as collateral agent for each Secured Party for purposes of the
perfection of all Liens created by such agreements and all other purposes stated

  


					
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therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens
created or purported to be created by the Loan Documents, (vi) except as may be otherwise specified in any Loan Document, exercise all remedies given to the Administrative Agent and the other Secured Parties with respect to the Collateral,
whether under the Loan Documents, applicable Requirements of Law or otherwise and (vii) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such amendment, consent or
waiver; provided, however, that the Administrative Agent hereby appoints, authorizes and directs each Lender and L/C Issuer to act as collateral sub-agent for the Administrative Agent, the Lenders and the L/C Issuers for purposes of
the perfection of all Liens with respect to the Collateral, including any deposit account maintained by a Loan Party with, and cash and Cash Equivalents held by, such Lender or L/C Issuer, and may further authorize and direct the Lenders and the L/C
Issuers to take further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to the Administrative Agent, and each Lender and L/C Issuer hereby agrees to take such further
actions to the extent, and only to the extent, so authorized and directed. 
 (c) Limited Duties. Under the Loan
Documents, the Administrative Agent (i) is acting solely on behalf of the Lenders and the L/C Issuers (except to the limited extent provided in Section 1.4(b) with respect to the Register and in Section 10.11), with
duties that are entirely administrative in nature, notwithstanding the use of the defined term “Administrative Agent”, the terms “agent”, “administrative agent” and “collateral agent” and similar terms in any
Loan Document to refer to the Administrative Agent, which terms are used for title purposes only, (ii) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee
of or for any Lender, L/C Issuer or any other Secured Party and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document, and each Lender and L/C Issuer hereby waives and agrees
not to assert any claim against the Administrative Agent based on the roles, duties and legal relationships expressly disclaimed in clauses (i) through (iii) above. 
 Section 10.2 Binding Effect. Each Lender and each L/C Issuer agrees that (i) any action taken by the Administrative
Agent or the Required Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by the Administrative Agent in reliance upon the instructions
of Required Lenders (or, where so required, such greater proportion) and (iii) the exercise by the Administrative Agent or the Required Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together
with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Secured Parties. 
 Section 10.3 Use of Discretion. (a) No Action without Instructions. The Administrative Agent shall not be required to exercise any discretion or take, or to omit to take, any action, including with respect to
enforcement or collection, except any action it is required to take or omit to take (i) under any Loan Document or (ii) pursuant to instructions from the Required Lenders (or, where expressly required by the terms of this Agreement, a
greater proportion of the Lenders). 
 (b) Right Not to Follow Certain Instructions. Notwithstanding clause
(a) above, the Administrative Agent shall not be required to take, or to omit to take, any action (i) unless, upon demand, the Administrative Agent receives an indemnification satisfactory to it from the Lenders (or, to the extent
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other Secured Party) against all Liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against the Administrative Agent or any Related Person thereof
or (ii) that is, in the opinion of the Administrative Agent or its counsel, contrary to any Loan Document or applicable Requirement of Law. 
 Section 10.4 Delegation of Rights and Duties. The Administrative Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under,
and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person (including any Secured Party). Any such Person shall benefit from
this Article 10 to the extent provided by the Administrative Agent. 
 Section 10.5 Reliance and
Liability. (a) The Administrative Agent may, without incurring any liability hereunder, (i) treat the payee of any Note as its holder until such Note has been assigned in accordance with Section 11.2(e), (ii) rely on
the Register to the extent set forth in Section 2.14, (iii) consult with any of its Related Persons and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and
experts engaged by, any Loan Party) and (iv) rely and act upon any document and information (including those transmitted by Electronic Transmission) and any telephone message or conversation, in each case believed by it to be genuine and
transmitted, signed or otherwise authenticated by the appropriate parties. 
 (b) None of the Administrative Agent and its
Related Persons shall be liable for any action taken or omitted to be taken by any of them under or in connection with any Loan Document, and each Lender, L/C Issuer, the Borrower hereby waive and shall not assert (and the Borrower shall cause each
other Loan Party to waive and agree not to assert) any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the gross negligence or willful misconduct of the Administrative Agent or, as the case
may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein. Without limiting the foregoing, the Administrative Agent: 

(i) shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the
instructions of the Required Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of the Administrative Agent, when acting on behalf of the Administrative
Agent); 
 (ii) shall not be responsible to any Secured Party for the due execution, legality, validity,
enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document; 
 (iii) makes no warranty or representation, and shall not be responsible, to any Secured Party for any statement, document,
information, representation or warranty made or furnished by or on behalf of any Related Person or any Loan Party in connection with any Loan Document or any transaction contemplated therein or any other document or information with respect to any
Loan Party, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by the Administrative Agent, including as to completeness, accuracy, scope or
adequacy thereof, or for the scope, nature or results of any due diligence performed by the Administrative Agent in connection with the Loan Documents; and 
  


					
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 (iv) shall not have any duty to ascertain or to inquire as to the
performance or observance of any provision of any Loan Document, whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Loan Party or as to the existence or continuation or possible
occurrence or continuation of any Default or Event of Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from the Borrower, any Lender or L/C Issuer describing such Default
or Event of Default clearly labeled “notice of default” (in which case the Administrative Agent shall promptly give notice of such receipt to all Lenders); 
 and, for each of the items set forth in clauses (i) through (iv) above, each Lender, L/C Issuer and the Borrower hereby waives and agrees not to assert (and the Borrower shall
cause each other Loan Party to waive and agree not to assert) any right, claim or cause of action it might have against the Administrative Agent based thereon. 
 Section 10.6 Administrative Agent Individually. The Administrative Agent and its Affiliates may make loans and other extensions of credit to, acquire Stock and Stock Equivalents of,
engage in any kind of business with, any Loan Party or Affiliate thereof as though it were not acting as Administrative Agent and may receive separate fees and other payments therefor. To the extent the Administrative Agent or any of its Affiliates
makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms “Lender”,
“Revolving Credit Lender”, “Term Loan Lender”, “Required Lender”, “Required Revolving Credit Lender” and “Required Term Loan Lender” and any similar terms shall, except where otherwise expressly
provided in any Loan Document, include, without limitation, the Administrative Agent or such Affiliate, as the case may be, in its individual capacity as Lender, Revolving Credit Lender, Term Loan Lender or as one of the Required Lenders, Required
Revolving Credit Lenders or Required Term Loan Lenders respectively. 
 Section 10.7 Lender Credit Decision.
Each Lender and each L/C Issuer acknowledges that it shall, independently and without reliance upon the Administrative Agent, any Lender or L/C Issuer or any of their Related Persons or upon any document (including the Disclosure Documents) solely
or in part because such document was transmitted by the Administrative Agent or any of its Related Persons, conduct its own independent investigation of the financial condition and affairs of each Loan Party and make and continue to make its own
credit decisions in connection with entering into, and taking or not taking any action under, any Loan Document or with respect to any transaction contemplated in any Loan Document, in each case based on such documents and information as it shall
deem appropriate. Except for documents expressly required by any Loan Document to be transmitted by the Administrative Agent to the Lenders or L/C Issuers, the Administrative Agent shall not have any duty or responsibility to provide any Lender or
L/C Issuer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any Loan Party or any Affiliate of any Loan Party that may come in to the possession of
the Administrative Agent or any of its Related Persons. 
  


					
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 Section 10.8 Expenses; Indemnities. (a) Each Lender agrees to
reimburse the Administrative Agent and each of its Related Persons (to the extent not reimbursed by any Loan Party) promptly upon demand for such Lender’s Pro Rata Share with respect to the Facilities of any costs and expenses (including fees,
charges and disbursements of financial, legal and other advisors and Other Taxes paid in the name of, or on behalf of, any Loan Party) that may be incurred by the Administrative Agent or any of its Related Persons in connection with the preparation,
syndication, execution, delivery, administration, modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in
respect of its rights or responsibilities under, any Loan Document. 
 (b) Each Lender further agrees to indemnify the
Administrative Agent and each of its Related Persons (to the extent not reimbursed by any Loan Party), from and against such Lender’s aggregate Pro Rata Share with respect to the Facilities of the Liabilities (including taxes, interests and
penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against the Administrative Agent or any of its Related Persons in any
matter relating to or arising out of, in connection with or as a result of any Loan Document, any Related Document or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken
or omitted to be taken by the Administrative Agent or any of its Related Persons under or with respect to any of the foregoing; provided, however, that no Lender shall be liable to the Administrative Agent or any of its Related Persons
to the extent such liability has resulted primarily from the gross negligence or willful misconduct of the Administrative Agent or, as the case may be, such Related Person, as determined by a court of competent jurisdiction in a final non-appealable
judgment or order. 
 Section 10.9 Resignation of Administrative Agent or L/C Issuer. (a) The
Administrative Agent may resign at any time by delivering notice of such resignation to the Lenders and the Borrower, effective on the date set forth in such notice or, if not such date is set forth therein, upon the date such notice shall be
effective. If the Administrative Agent delivers any such notice, the Required Lenders shall have the right to appoint a successor Administrative Agent. If, within 30 days after the retiring Administrative Agent having given notice of resignation, no
successor Administrative Agent has been appointed by the Required Lenders that has accepted such appointment, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent from among the Lenders. Each
appointment under this clause (a) shall be subject to the prior consent of the Borrower, which may not be unreasonably withheld but shall not be required during the continuance of a Default. 
 (b) Effective immediately upon its resignation, (i) the retiring Administrative Agent shall be discharged from its duties and
obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of the Administrative Agent until a successor Administrative Agent shall have accepted a valid appointment hereunder, (iii) the retiring
Administrative Agent and its Related Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while such retiring Administrative Agent was, or because such
Administrative Agent had been, validly acting as Administrative Agent under the Loan Documents and (iv) subject to its rights under Section 10.3, the retiring Administrative Agent shall take such action as may be reasonably
necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents. Effective immediately upon its acceptance of a valid appointment as Administrative Agent, a successor Administrative Agent shall
succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent under the Loan Documents. 
  


					
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 (c) Any L/C Issuer may resign at any time by delivering notice of such resignation to the
Administrative Agent, effective on the date set forth in such notice or, if no such date is set forth therein, on the date such notice shall be effective. Upon such resignation, the L/C Issuer shall remain an L/C Issuer and shall retain its rights
and obligations in its capacity as such (other than any obligation to Issue Letters of Credit but including the right to receive fees or to have Lenders participate in any L/C Reimbursement Obligation thereof) with respect to Letters of Credit
issued by such L/C Issuer prior to the date of such resignation and shall otherwise be discharged from all other duties and obligations under the Loan Documents. 
 Section 10.10 Release of Collateral or Guarantors. Each Lender and L/C Issuer hereby consents to the release and hereby directs the Administrative Agent to release (or, in the case of
clause (b)(ii) below, release or subordinate) the following: 
 (a) any Subsidiary of the Borrower from its guaranty of
any Obligation of any Loan Party if all of the Securities of such Subsidiary owned by any Group Member are Sold in a Sale permitted under the Loan Documents (including pursuant to a waiver or consent), to the extent that, after giving effect to such
Sale, such Subsidiary would not be required to guaranty any Obligations pursuant to Section 7.10; and 
 (b) any
Lien held by the Administrative Agent for the benefit of the Secured Parties against (i) any Collateral that is Sold by a Loan Party in a Sale permitted by the Loan Documents (including pursuant to a valid waiver or consent), to the extent all
Liens required to be granted in such Collateral pursuant to Section 7.10 after giving effect to such Sale have been granted, (ii) any property subject to a Lien permitted hereunder in reliance upon Section 8.2(d) or
(e) and (iii) all of the Collateral and all Loan Parties, upon (A) termination of the Commitments, (B) payment and satisfaction in full of all Loans, all L/C Reimbursement Obligations and all other Obligations that the
Administrative Agent has been notified in writing are then due and payable by the holder of such Obligation, (C) deposit of cash collateral with respect to all LC Obligations (or a back-up letter of credit has been issued on terms and
conditions and with parties satisfactory to the Administrative Agent), in an amount equal to 105% of the amount thereof and on such other terms and conditions and with parties satisfactory to the Administrative Agent, (D) deposit of cash
collateral with respect to all contingent Obligations (other than Contingent Indemnification Obligations), in amounts and on terms and conditions and with parties satisfactory to the Administrative Agent and each Indemnitee that is owed such
Obligations and (E) to the extent requested by the Administrative Agent, receipt by the Secured Parties of liability releases from the Loan Parties each in form and substance acceptable to the Administrative Agent. 
 Each Lender and L/C Issuer hereby directs the Administrative Agent, and the Administrative Agent hereby agrees, upon receipt of reasonable advance notice
from the Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guaranties and Liens when and as directed in this Section 10.10. 
 Section 10.11 Additional Secured Parties. The benefit of the provisions of the Loan Documents directly relating to the
Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Lender or L/C Issuer as long as, by accepting

  


					
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such benefits, such Secured Party agrees, as among the Administrative Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by the Administrative Agent,
shall confirm such agreement in a writing in form and substance acceptable to the Administrative Agent) this Article 10, Section 11.8 (Right of Setoff), Section 11.9 (Sharing of Payments) and
Section 11.20 (Confidentiality) and the decisions and actions of the Administrative Agent and the Required Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders) to the same
extent a Lender is bound; provided, however, that, notwithstanding the foregoing, (a) such Secured Party shall be bound by Section 10.8 only to the extent of Liabilities, costs and expenses with respect to or otherwise
relating to the Collateral held for the benefit of such Secured Party, in which case the obligations of such Secured Party thereunder shall not be limited by any concept of Pro Rata Share or similar concept, (b) except as set forth specifically
herein, each of the Administrative Agent, the Lenders and the L/C Issuers shall be entitled to act at its sole discretion, without regard to the interest of such Secured Party, regardless of whether any Obligation to such Secured Party thereafter
remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any duty or liability to such Secured Party or any such Obligation and (c) except as set forth
specifically herein, such Secured Party shall not have any right to be notified of, consent to, direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under any Loan Document. 
 ARTICLE 11 
 MISCELLANEOUS 
 Section 11.1 Amendments, Waivers, Etc. (a) No amendment or waiver of any
provision of any Loan Document (other than the Fee Letter, the Control Agreements, the L/C Reimbursement Agreements and the Secured Hedging Agreements) and no consent to any departure by any Loan Party therefrom shall be effective unless the same
shall be in writing and signed (1) in the case of an amendment, consent or waiver to cure any ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the Secured Parties or extending an existing Lien over
additional property, by the Administrative Agent and the Borrower, (2) in the case of any other waiver or consent, by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and (3) in the case of any
other amendment, by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and the Borrower; provided, however, that no amendment, consent or waiver described in clause (2) or
(3) above shall, unless in writing and signed by each Lender directly affected thereby (or by the Administrative Agent with the consent of such Lender), in addition to any other Person the signature of which is otherwise required
pursuant to any Loan Document, do any of the following: 
 (i) waive any condition specified in
Section 3.1, except any condition referring to any other provision of any Loan Document; 
 (ii)
increase the Commitment of such Lender; 
 (iii) reduce (including through release, forgiveness, assignment or
otherwise) (A) the principal amount of, the interest rate on, or any obligation of the Borrower to repay (whether or not on a fixed date), any outstanding Loan owing to such Lender, (B) any fee or accrued interest payable to such Lender or
(C) if such Lender is a Revolving Credit Lender, any L/C Reimbursement Obligation or any obligation of the Borrower to repay (whether or not on a fixed date) any L/C Reimbursement Obligation;

  


					
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provided, however, that this clause (iii) does not apply to (x) any change to any provision increasing any interest rate or fee during the continuance of an Event
of Default or to any payment of any such increase or (y) any modification to any financial covenant set forth in Article 5 or in any definition set forth therein or principally used therein; 
 (iv) waive or postpone any scheduled maturity date or other scheduled date fixed for the payment, in whole or in part, of
principal of or interest on any Loan or fee owing to such Lender or for the reduction of such Lender’s Commitment; provided, however, that this clause (iv) does not apply to any change to mandatory prepayments,
including those required under Section 2.8, or to the application of any payment, including as set forth in Section 2.12; 
 (v) except as provided in Section 10.10, release all or substantially all of the Collateral or any Guarantor from its guaranty of any Obligation of the Borrower; 
 (vi) reduce or increase the proportion of Lenders required for the Lenders (or any subset thereof) to take any action
hereunder or change the definition of the terms “Required Lenders”, “Pro Rata Share” or “Pro Rata Outstandings”; or 
 (vii) amend Section 10.10 (Release of Collateral or Guarantor), Section 11.9 (Sharing of Payments) or this Section 11.1; 
 and provided, further, that (x)(A) any waiver of any payment applied pursuant to Section 2.12(b) (Application of Mandatory Prepayments) to, and any modification of the
application of any such payment to, (1) the Term Loans shall require the consent of the Required Term Loan Lenders and (2) the Revolving Loans shall require the consent of the Required Revolving Credit Lenders, (B) any change to the
definition of the term “Required Term Loan Lender” shall require the consent of the Required Term Loan Lenders and (C) any change to the definition of the term “Required Revolving Credit Lender” shall require the consent of
the Required Revolving Credit Lenders, (y) no amendment, waiver or consent shall affect the rights or duties under any Loan Document of, or any payment to, the Administrative Agent (or otherwise modify any provision of Article 10 or
the application thereof), the Swingline Lender, any L/C Issuer or any SPV that has been granted an option pursuant to Section 11.2(f) unless in writing and signed by the Administrative Agent, the Swingline Lender, such L/C Issuer or, as
the case may be, such SPV in addition to any signature otherwise required and (z) the consent of the Borrower shall not be required to change any order of priority set forth in Section 2.12 other than Section 2.12(a). No
amendment, modification or waiver of this Agreement or any Loan Document altering the ratable treatment of Obligations arising under Secured Hedging Agreement resulting in such Obligations being junior in right of payment to principal of the Loans
or resulting in Obligations owing to any Secured Hedging Counterparty being unsecured (other than releases of Liens in accordance with the terms hereof), in each case in a manner adverse to any Secured Hedging Counterparty, shall be effective
without the written consent of such Secured Hedging Counterparty or, in the case of a Secured Hedging Agreement provided or arranged by the Administrative Agent or an Affiliate thereof, the Administrative Agent. 
 (b) Each waiver or consent under any Loan Document shall be effective only in the specific instance and for the specific purpose for which
it was given. No notice to or demand on any Loan Party shall entitle any Loan Party to any notice or demand in the same, similar or other circumstances. No failure on the part of any Secured Party to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 
  


					
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 Section 11.2 Assignments and Participations; Binding Effect.
(a) Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrower, the Guarantors and the Administrative Agent and when the Administrative Agent shall have been notified by each Lender and L/C
Issuer that such Lender or L/C Issuer has executed it. Thereafter, it shall be binding upon and inure to the benefit of, but only to the benefit of, the Borrower (in each case except for Article 10), the Administrative Agent, each Lender
and L/C Issuer and, to the extent provided in Section 10.11, each other Indemnitee and Secured Party and, in each case, their respective successors and permitted assigns. Except as expressly provided in any Loan Document (including in
Section 10.9), none of the Borrower, any L/C Issuer or the Administrative Agent shall have the right to assign any rights or obligations hereunder or any interest herein. 
 (b) Right to Assign. Each Lender may sell, transfer, negotiate or assign all or a portion of its rights and obligations hereunder
(including all or a portion of its Commitments and its rights and obligations with respect to Loans and Letters of Credit) to (i) any existing Lender, (ii) any Affiliate or Approved Fund of any existing Lender or (iii) any other
Person acceptable (which acceptance shall not be unreasonably withheld or delayed; provided that with respect to any such other Person that is the holder of any Bridge Obligations, Junior Subordinated Notes, Senior Subordinated Notes or preferred
Stock of the Borrower, such acceptance shall be in the sole and absolute discretion of the Administrative Agent) to the Administrative Agent and, as long as no Event of Default is continuing, the Borrower; provided, however, that
(x) such Sales do not have to be ratable between the Facilities but must be ratable among the obligations owing to and owed by such Lender with respect to a Facility and (y) for each Facility, the aggregate outstanding principal amount
(determined as of the effective date of the applicable Assignment) of the Loans, Commitments and L/C Obligations subject to any such Sale shall be in a minimum amount of $1,000,000, unless such Sale is made to an existing Lender or an Affiliate or
Approved Fund of any existing Lender, is of the assignor’s (together with its Affiliates and Approved Funds) entire interest in such Facility or is made with the prior consent of the Borrower and the Administrative Agent. Notwithstanding the
foregoing, any such Sales by Non-Funding Lenders shall be subject to the Administrative Agent’s prior written consent in all instances. 
 (c) Procedure. The parties to each Sale made in reliance on clause (b) above (other than those described in clause (e) or (f) below) shall execute and deliver to
the Administrative Agent an Assignment via an electronic settlement system designated by the Administrative Agent (or if previously agreed with the Administrative Agent, via a manual execution and delivery of the assignment) evidencing such Sale,
together with any existing Note subject to such Sale (or any affidavit of loss therefor acceptable to the Administrative Agent), any tax forms required to be delivered pursuant to Section 2.17(f) and payment of an assignment fee in the
amount of $3,500, provided that (1) if a Sale by a Lender is made to an Affiliate or an Approved Fund of such assigning Lender, then no assignment fee shall be due in connection with such Sale, and (2) if a Sale by a Lender is made to an
assignee that is not an Affiliate or Approved Fund of such assignor Lender, and concurrently to one or more Affiliates or Approved Funds of such assignee, then only one assignment fee of $3,500 shall be due in connection with such Sale. Upon receipt
of all the foregoing, and conditioned upon such receipt

  


					
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and, if such assignment is made in accordance with Section 11.2(b)(iii), upon the Administrative Agent (and the Borrower, if applicable) consenting to such Assignment, from and after the
effective date specified in such Assignment, the Administrative Agent shall record or cause to be recorded in the Register the information contained in such Assignment. 
 (d) Effectiveness. Subject to the recording of an Assignment by the Administrative Agent in the Register pursuant to Section 2.14(b), (i) the assignee thereunder shall become a party
hereto and, to the extent that rights and obligations under the Loan Documents have been assigned to such assignee pursuant to such Assignment, shall have the rights and obligations of a Lender, (ii) any applicable Note shall be transferred to
such assignee through such entry and (iii) the assignor thereunder shall, to the extent that rights and obligations under this Agreement have been assigned by it pursuant to such Assignment, relinquish its rights (except for those surviving the
termination of the Commitments and the payment in full of the Obligations) and be released from its obligations under the Loan Documents, other than those relating to events or circumstances occurring prior to such assignment (and, in the case of an
Assignment covering all or the remaining portion of an assigning Lender’s rights and obligations under the Loan Documents, such Lender shall cease to be a party hereto except that each Lender agrees to remain bound by Article 10,
Section 11.8 (Right of Setoff) and Section 11.9 (Sharing of Payments) to the extent provided in Section 10.11 (Additional Beneficiaries of Collateral)). 
 (e) Grant of Security Interests. In addition to the other rights provided in this Section 11.2, each Lender may grant a
security interest in, or otherwise assign as collateral, any of its rights under this Agreement, whether now owned or hereafter acquired (including rights to payments of principal or interest on the Loans), to (A) any federal reserve bank
(pursuant to Regulation A of the Federal Reserve Board), without notice to the Administrative Agent or (B) any holder of, or trustee for the benefit of the holders of, such Lender’s Securities by notice to the Administrative Agent;
provided, however, that no such holder or trustee, whether because of such grant or assignment or any foreclosure thereon (unless such foreclosure is made through an assignment in accordance with clause (b) above), shall be
entitled to any rights of such Lender hereunder and no such Lender shall be relieved of any of its obligations hereunder. 
 (f)
Participants and SPVs. In addition to the other rights provided in this Section 11.2, each Lender may, (x) with notice to the Administrative Agent, grant to an SPV the option to make all or any part of any Loan that such
Lender would otherwise be required to make hereunder (and the exercise of such option by such SPV and the making of Loans pursuant thereto shall satisfy the obligation of such Lender to make such Loans hereunder) and such SPV may assign to such
Lender the right to receive payment with respect to any Obligation and (y) without notice to or consent from the Administrative Agent or the Borrower, sell participations to one or more Persons in or to all or a portion of its rights and
obligations under the Loan Documents (including all its rights and obligations with respect to the Term Loans, Revolving Loans and Letters of Credit); provided, however, that, whether as a result of any term of any Loan Document or of
such grant or participation, (i) no such SPV or participant shall have a commitment, or be deemed to have made an offer to commit, to make Loans hereunder, and, except as provided in the applicable option agreement, none shall be liable for any
obligation of such Lender hereunder, (ii) such Lender’s rights and obligations, and the rights and obligations of the Loan Parties and the Secured Parties towards such Lender, under any Loan Document shall remain unchanged and each other
party hereto shall continue to deal solely with such Lender, which shall remain the holder of the Obligations in the Register, except that (A)

  


					
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each such participant and SPV shall be entitled to the benefit of Sections 2.16 (Breakage Costs; Increased Costs; Capital Requirements) and 2.17 (Taxes), but only
to the extent such participant or SPV delivers the tax forms such Lender is required to collect pursuant to Section 2.17(f) and then only to the extent of any amount to which such Lender would be entitled in the absence of any such grant
or participation and (B) each such SPV may receive other payments that would otherwise be made to such Lender with respect to Loans funded by such SPV to the extent provided in the applicable option agreement and set forth in a notice provided
to the Administrative Agent by such SPV and such Lender, provided, however, that in no case (including pursuant to clause (A) or (B) above) shall an SPV or participant have the right to enforce any of the terms
of any Loan Document, and (iii) the consent of such SPV or participant shall not be required (either directly, as a restraint on such Lender’s ability to consent hereunder or otherwise) for any amendments, waivers or consents with respect
to any Loan Document or to exercise or refrain from exercising any powers or rights such Lender may have under or in respect of the Loan Documents (including the right to enforce or direct enforcement of the Obligations), except for those described
in clauses (iii) and (iv) of Section 11.1(a) with respect to amounts, or dates fixed for payment of amounts, to which such participant or SPV would otherwise be entitled and, in the case of participants, except
for those described in Section 11.1(a)(v) (or amendments, consents and waivers with respect to Section 10.10 to release all or substantially all of the Collateral). No party hereto shall institute (and each of Borrower shall
cause each other Loan Party not to institute) against any SPV grantee of an option pursuant to this clause (f) any bankruptcy, reorganization, insolvency, liquidation or similar proceeding, prior to the date that is one year and one day
after the payment in full of all outstanding commercial paper of such SPV; provided, however, that each Lender having designated an SPV as such agrees to indemnify each Indemnitee against any Liability that may be incurred by, or asserted against,
such Indemnitee as a result of failing to institute such proceeding (including a failure to get reimbursed by such SPV for any such Liability). The agreement in the preceding sentence shall survive the termination of the Commitments and the payment
in full of the Obligations. 
 Section 11.3 Costs and Expenses. Any action taken by any
Loan Party under or with respect to any Loan Document, even if required under any Loan Document or at the request of any Secured Party, shall be at the expense of such Loan Party, and no Secured Party shall be required under any Loan Document to
reimburse any Loan Party or Group Member therefor except as expressly provided therein. In addition, the Borrower agrees to pay or reimburse upon demand (a) the Administrative Agent for all reasonable out-of-pocket costs and expenses incurred
by it or any of its Related Persons in connection with the investigation, development, preparation, negotiation, syndication, execution, interpretation or administration of, any modification of any term of or termination of, any Loan Document, any
commitment or proposal letter therefor, any other document prepared in connection therewith or the consummation and administration of any transaction contemplated therein (including periodic audits in connection therewith and environmental audits
and assessments), in each case including the reasonable fees, charges and disbursements of legal counsel to the Administrative Agent or such Related Persons, fees, costs and expenses incurred in connection with Intralinks® or any other E-System and allocated to the Facilities by the Administrative Agent in its sole discretion and fees,
charges and disbursements of the auditors, appraisers, printers and other of their Related Persons retained by or on behalf of any of them or any of their Related Persons, (b) the Administrative Agent for all reasonable costs and expenses
incurred by it or any of its Related Persons in connection with internal audit reviews, field examinations and Collateral examinations (which shall be reimbursed, in addition to the out-of-pocket costs and expenses of such

  


					
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examiners, at the per diem rate per individual charged by the Administrative Agent for its examiners) and (c) each of the Administrative Agent, its Related Persons, and each Lender and L/C
Issuer for all costs and expenses incurred in connection with (i) any refinancing or, after the occurrence of an Event of Default, restructuring of the credit arrangements provided hereunder in the nature of a “work-out”,
(ii) the enforcement or preservation of any right or remedy under any Loan Document, any Obligation, with respect to the Collateral or any other related right or remedy or (iii) the commencement, defense, conduct of, intervention in, or
the taking of any other action with respect to, any proceeding (including any bankruptcy or insolvency proceeding) related to any Group Member, Loan Document, Obligation or Related Transaction (or the response to and preparation for any subpoena or
request for document production relating thereto), including fees and disbursements of counsel; provided, however, that the Borrower shall be responsible under this Section 11.3(c) for the reasonable fees and disbursements
of one counsel (and local counsel with respect to collateral) for the Administrative Agent and its Related Persons and for only one (1) other counsel for all other Lenders and L/C Issuers. No amount shall be payable under this
Section 11.3 with respect to Taxes, amounts with respect to which shall be payable solely and exclusively pursuant to Section 2.17. 
 Section 11.4 Indemnities. (a) The Borrower agrees to indemnify, hold harmless and defend the Administrative Agent, each Lender, GE Capital Markets, Inc., each L/C Issuer, each
Secured Hedging Counterparty, each Person that each L/C Issuer causes to Issue Letters of Credit hereunder and each of their respective Related Persons (each such Person being an “Indemnitee”) from and against all Liabilities
(including brokerage commissions, fees and other compensation) that may be imposed on, incurred by or asserted against any such Indemnitee in any matter relating to or arising out of, in connection with or as a result of (i) any Loan Document,
any Related Document, any Disclosure Document, any Obligation (or the repayment thereof), any Letter of Credit, the use or intended use of the proceeds of any Loan or the use of any Letter of Credit, any Related Transaction, or any securities filing
of, or with respect to, any Group Member, (ii) any commitment letter, proposal letter or term sheet with any Person or any Contractual Obligation, initial syndication, arrangement or understanding with any broker, finder or consultant, in each
case entered into by or on behalf of the Acquired Company, any Group Member or any Affiliate of any of them in connection with any of the foregoing and any Contractual Obligation entered into in connection with any E-Systems or other Electronic
Transmissions, (iii) any actual or prospective investigation, litigation or other proceeding, whether or not brought by any such Indemnitee or any of its Related Persons, any holders of Securities or creditors (and including attorneys’
fees in any case), whether or not any such Indemnitee, Related Person, holder or creditor is a party thereto, and whether or not based on any securities or commercial law or regulation or any other Requirement of Law or theory thereof, including
common law, equity, contract, tort or otherwise, or (iv) any other act, event or transaction related, contemplated in or attendant to any of the foregoing (collectively, the “Indemnified Matters”); provided,
however, that (A) the Borrower shall not have any liability under this Section 11.4 to any Indemnitee with respect to any Indemnified Matter, and no Indemnitee shall have any liability with respect to any Indemnified Matter
other than (to the extent otherwise liable), to the extent such liability has resulted primarily from the gross negligence or willful misconduct of such Indemnitee, as determined by a court of competent jurisdiction in a final non-appealable
judgment or order, (B) the Borrower shall be responsible hereunder for the reasonable fees and disbursements of one (1) counsel (and local counsel with respect to collateral) for the Administrative Agent and its Related Persons, and for
only one (1) other counsel for all other Indemnitees and (C) the Borrower shall not be responsible for indemnification of any Indemnitee hereunder in connection with my dispute solely between or

  


					
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among Indemnitees. Furthermore, the Borrower waives and agrees not to assert against any Indemnitee, and shall cause each other Loan Party to waive and not assert against any Indemnitee, any
right of contribution with respect to any Liabilities that may be imposed on, incurred by or asserted against any Related Person; provided, further, however, that no amount shall be payable under this Section 11.4(a)
with respect to Taxes, amounts with respect to which shall be payable solely and exclusively pursuant to Section 2.17. 
 (b) Without limiting the foregoing, “Indemnified Matters” includes all Environmental Liabilities, including those arising from, or otherwise involving, any property of any Related Person or any actual, alleged or
prospective damage to property or natural resources or harm or injury alleged to have resulted from any Release of Hazardous Materials on, upon or into such property or natural resource or any property on or contiguous to any real property of any
Related Person, whether or not, with respect to any such Environmental Liabilities, any Indemnitee is a mortgagee pursuant to any leasehold mortgage, a mortgagee in possession, the successor-in-interest to any Related Person or the owner, lessee or
operator of any property of any Related Person through any foreclosure action, in each case except to the extent such Environmental Liabilities (i) are incurred solely following foreclosure by any Secured Party or following any Secured Party
having become the successor-in-interest to any Loan Party and (ii) are attributable solely to acts of such Indemnitee. 
 Section 11.5 Survival. Any indemnification or other protection provided to any Indemnitee pursuant to any Loan Document (including pursuant to Section 2.17 (Taxes), Section 2.16 (Breakage
Costs; Increased Costs; Capital Requirements), Article 10 (The Administrative Agent), Section 11.3 (Costs and Expenses), Section 11.4 (Indemnities) or this Section 11.5) and
all representations and warranties made in any Loan Document shall (A) survive the termination of the Commitments and the payment in full of other Obligations and (B) inure to the benefit of any Person that at any time held a right
thereunder (as an Indemnitee or otherwise) and, thereafter, its successors and permitted assigns. 
 Section 11.6
Limitation of Liability for Certain Damages. In no event shall any Indemnitee be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business or anticipated savings).
The Borrower hereby waives, releases and agrees (and shall cause each other Loan Party to waive, release and agree) not to sue upon any such claim for any special, indirect, consequential or punitive damages, whether or not accrued and whether or
not known or suspected to exist in its favor. 
 Section 11.7 Lender-Creditor Relationship. The relationship
between the Lenders, the L/C Issuers and the Administrative Agent, on the one hand, and the Loan Parties, on the other hand, is solely that of lender and creditor. No Secured Party has any fiduciary relationship or duty to any Loan Party arising out
of or in connection with, and there is no agency, tenancy or joint venture relationship between the Secured Parties and the Loan Parties by virtue of, any Loan Document or any transaction contemplated therein. 
 Section 11.8 Right of Setoff. Each of the Administrative Agent, each Lender, each L/C Issuer and each Affiliate
(including each branch office thereof) of any of them is hereby authorized, without notice or demand (each of which is hereby waived by the Borrower), at any time and from time to time during the continuance of any Event of Default and to the
fullest extent permitted by applicable Requirements of Law, to set off and apply any and all deposits (whether general or special, time or demand, provisional or final) at any time held and other Indebtedness, claims or other obligations at any time
owing by the Administrative Agent, such

  


					
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Lender, such L/C Issuer or any of their respective Affiliates to or for the credit or the account of the Borrower against any Obligation of any Loan Party now or hereafter existing, whether or
not any demand was made under any Loan Document with respect to such Obligation and even though such Obligation may be unmatured. Each of the Administrative Agent, each Lender and each L/C Issuer agrees promptly to notify the Borrower and the
Administrative Agent after any such setoff and application made by such Lender or its Affiliates; provided, however, that the failure to give such notice shall not affect the validity of such setoff and application. The rights under
this Section 11.8 are in addition to any other rights and remedies (including other rights of setoff) that the Administrative Agent, the Lenders and the L/C Issuers and their Affiliates and other Secured Parties may have. 
 Section 11.9 Sharing of Payments, Etc. If any Lender, directly or through an Affiliate or branch office thereof, obtains
any payment of any Obligation of any Loan Party (whether voluntary, involuntary or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (defined under the applicable UCC) of Collateral) other
than pursuant to Sections 2.16 (Breakage Costs; Increased Costs; Capital Requirements), 2.17 (Taxes) and 2.18 (Substitution of Lenders) and such payment exceeds the amount such Lender would have been
entitled to receive if all payments had gone to, and been distributed by, the Administrative Agent in accordance with the provisions of the Loan Documents, such Lender shall purchase for cash from other Secured Parties such participations in their
Obligations as necessary for such Lender to share such excess payment with such Secured Parties to ensure such payment is applied as though it had been received by the Administrative Agent and applied in accordance with this Agreement (or, if such
application would then be at the discretion of the Borrower, applied to repay the Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or otherwise recovered from such Lender or L/C Issuer
in whole or in part, such purchase shall be rescinded and the purchase price therefor shall be returned to such Lender or L/C Issuer without interest and (b) such Lender shall, to the fullest extent permitted by applicable Requirements of Law,
be able to exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. If a Non-Funding Lender or
Impacted Lender receives any such payment as described in the previous sentence, such Lender shall turn over such payments to Agent in an amount that would satisfy the cash collateral requirements set forth in Section 2.4 and 9.3.

 Section 11.10 Marshaling; Payments Set Aside. No Secured Party shall be under any obligation to marshal
any property in favor of any Loan Party or any other party or against or in payment of any Obligation. To the extent that any Secured Party receives a payment from the Borrower, from the proceeds of the Collateral, from the exercise of its rights of
setoff, any enforcement action or otherwise, and such payment is subsequently, in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, then to the
extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not occurred. 
 Section 11.11 Notices. (a) Addresses. All notices, demands, requests, directions and other communications
required or expressly authorized to be made by this Agreement shall, whether or not specified to be in writing but unless otherwise expressly specified to be given by any other means, be given in writing and (i) addressed to (A) if to the
Borrower, to The Princeton Review, Inc., 111 Speen Street, Framingham, MA 01701 Attention: Neal S. Winneg, Tel: 508-663-5081, Fax: 508-663-5115, with copy to Edward Matson Sibble,

  


					
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Jr., Esquire, Goodwin Procter LLP, Exchange Place, Boston, MA 02109, Tel: 617-570-1480, Fax: 617-523-1231, (B) if to the Administrative Agent or the Swingline Lender, to General Electric
Capital Corporation, 2325 Lakeview Parkway, Suite 700, Alpharetta, GA 30009 Attention: The Princeton Review, Inc. Account Manager Tel: (678) 624-7900 Fax: (678) 624-7903 with copy to Angela Batterson, King & Spalding, LLP, 1185
Avenue of the Americas, New York, NY 10036 Attention: Angela Batterson, Esquire, Tel: (212) 556-2106 Fax: (212) 556-2222 and (C) otherwise to the party to be notified at its address specified opposite its name on
Schedule II or on the signature page of any applicable Assignment, (ii) posted to Intralinks®
(to the extent such system is available and set up by or at the direction of the Administrative Agent prior to posting) in an appropriate location by uploading such notice, demand, request, direction or other communication to www.intralinks.com,
faxing it to 866-545-6600 with an appropriate bar-coded fax coversheet or using such other means of posting to Intralinks® as may be available and reasonably acceptable to the Administrative Agent prior to such posting, (iii) posted to any other E-System set up by or at the direction
of the Administrative Agent in an appropriate location or (iv) addressed to such other address as shall be notified in writing (A) in the case of the Borrower, the Administrative Agent and the Swingline Lender, to the other parties hereto
and (B) in the case of all other parties, to the Borrower and the Administrative Agent. Transmission by electronic mail (including E-Fax, even if transmitted to the fax numbers set forth in clause (i) above) shall not be sufficient
or effective to transmit any such notice under this clause (a) unless such transmission is an available means to post to any E-System. 
 (b) Effectiveness. All communications described in clause (a) above and all other notices, demands, requests and other communications made in connection with this Agreement shall be
effective and be deemed to have been received (i) if delivered by hand, upon personal delivery, (ii) if delivered by overnight courier service, one Business Day after delivery to such courier service, (iii) if delivered by mail, when
deposited in the mails, (iv) if delivered by facsimile (other than to post to an E-System pursuant to clause (a)(ii) or (a)(iii) above), upon sender’s receipt of confirmation of proper transmission, and (v) if delivered
by posting to any E-System, on the later of the date of such posting in an appropriate location and the date access to such posting is given to the recipient thereof in accordance with the standard procedures applicable to such E-System;
provided, however, that no communications to the Administrative Agent pursuant to Article 2 or Article 10 shall be effective until received by the Administrative Agent. 
 Section 11.12 Electronic Transmissions. (a) Authorization. Subject to the provisions of
Section 11.11(a), each of the Administrative Agent, the Borrower, the Lenders, the L/C Issuers and each of their Related Persons is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion,
Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein. Each of the Borrower and each Secured Party hereby acknowledges and agrees, and the Borrower shall cause each other Group Member to acknowledge
and agree, that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it assumes and accepts such risks by hereby
authorizing the transmission of Electronic Transmissions. 
 (b) Signatures. Subject to the provisions of
Section 11.11(a), (i)(A) no posting to any E-System shall be denied legal effect merely because it is made electronically, (B) each E-Signature on any such posting shall be deemed sufficient to satisfy any requirement for a
“signature” and (C) each such posting shall be deemed sufficient to satisfy any requirement

  


					
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for a “writing”, in each case including pursuant to any Loan Document, any applicable provision of any UCC, the federal Uniform Electronic Transactions Act, the Electronic Signatures in
Global and National Commerce Act and any substantive or procedural Requirement of Law governing such subject matter, (ii) each such posting that is not readily capable of bearing either a signature or a reproduction of a signature may be
signed, and shall be deemed signed, by attaching to, or logically associating with such posting, an E-Signature, upon which each Secured Party and Loan Party may rely and assume the authenticity thereof, (iii) each such posting containing a
signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original and (iv) each party hereto or beneficiary hereto agrees not to contest the validity or
enforceability of any posting on any E-System or E-Signature on any such posting under the provisions of any applicable Requirement of Law requiring certain documents to be in writing or signed; provided, however, that nothing herein
shall limit such party’s or beneficiary’s right to contest whether any posting to any E-System or E-Signature has been altered after transmission. 
 (c) Separate Agreements. All uses of an E-System shall be governed by and subject to, in addition to Section 11.11 and this Section 11.12, separate terms and conditions
posted or referenced in such E-System and related Contractual Obligations executed by Secured Parties and Group Members in connection with the use of such E-System. 
 (d) Limitation of Liability. All E-Systems and Electronic Transmissions shall be provided “as is” and “as available”. None of Administrative Agent or any of its Related Persons
warrants the accuracy, adequacy or completeness of any E-Systems or Electronic Transmission, and each disclaims all liability for errors or omissions therein. No Warranty of any kind is made by the Administrative Agent or any of its Related Persons
in connection with any E-Systems or Electronic Communication, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects. Each of the Borrower and
each Secured Party agrees (and the Borrower shall cause each other Loan Party to agree) that the Administrative Agent has no responsibility for maintaining or providing any equipment, software, services or any testing required in connection with any
Electronic Transmission or otherwise required for any E-System. 
 (e) Procedures. The Administrative Agent is hereby
authorized by each Loan Party and each other Secured Party to establish procedures (and to amend such procedures from time to time) to facilitate administration and servicing of the Loans and other matters incidental thereto. Without limiting the
generality of the foregoing, the Administrative Agent is hereby authorized to establish procedures to make available or deliver, or to accept, notices, documents and similar items on, by posting to or submitting and/or completion on, E-Systems. The
posting, completion and/or submission by any Loan Party of any communication pursuant to an E-System shall constitute a representation and warranty by the Loan Parties that any representation, warranty, certification or other similar statement
required by the Loan Documents to be provided, given or made by a Loan Party in connection with any such communication is true, correct and complete except as expressly noted in such communication or E-System. 
 Section 11.13 Governing Law. This Agreement, each other Loan Document that does not expressly set forth its applicable
law, and the rights and obligations of the parties hereto and thereto shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 
  


					
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 Section 11.14 Jurisdiction. (a) Submission to Jurisdiction.
Any legal action or proceeding with respect to any Loan Document shall be brought exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America for the Southern District
of New York and, by execution and delivery of this Agreement, the Borrower hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts; provided that nothing in this Agreement
shall limit the right of Agent to commence any proceeding in the federal or state courts of any other jurisdiction to the extent Agent determines that such action is necessary or appropriate to exercise its rights or remedies under the Loan
Documents. The parties hereto (and, to the extent set forth in any other Loan Document, each other Loan Party) hereby irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of forum non
conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions. 
 (b) Service of Process. The Borrower (and, to the extent set forth in any other Loan Document, each other Loan Party) hereby irrevocably waives personal service of any and all legal process, summons, notices and other documents and
other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States of America with respect to or otherwise arising out of or in connection with any Loan Document by any means permitted by
applicable Requirements of Law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address of Borrower specified in Section 11.11 (and shall be effective when such mailing shall be effective, as
provided therein). The Borrower (and, to the extent set forth in any other Loan Document, each other Loan Party) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law. 
 (c) Non-Exclusive Jurisdiction. Nothing contained in this
Section 11.14 shall affect the right of the Administrative Agent or any Lender to serve process in any other manner permitted by applicable Requirements of Law or commence legal proceedings or otherwise proceed against any Loan Party in
any other jurisdiction. 
 Section 11.15 Waiver of Jury Trial. Each party hereto hereby irrevocably waives
trial by jury in any suit, action or proceeding with respect to, or directly or indirectly arising out of, under or in connection with, any Loan Document or the transactions contemplated therein or related thereto (whether founded in contract, tort
or any other theory). Each party hereto (A) certifies that no other party and no Related Person of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into the Loan Documents, as applicable, by the mutual waivers and certifications in this Section 11.15. 
 Section 11.16 Severability. Any provision of any Loan Document being held illegal, invalid or unenforceable in any
jurisdiction shall not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of any Loan Document or any part of such provision in any other jurisdiction. 
 Section 11.17 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different
parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and
attached to a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof. 
  


					
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 Section 11.18 Entire Agreement. The Loan Documents embody the entire
agreement of the parties and supersede all prior agreements and understandings relating to the subject matter thereof and any prior letter of interest, commitment letter, fee letter, confidentiality and similar agreements involving any Loan Party
and any of the Administrative Agent, any Lender or any L/C Issuer or any of their respective Affiliates relating to a financing of substantially similar form, purpose or effect. In the event of any conflict between the terms of this Agreement and
any other Loan Document, the terms of this Agreement shall govern (unless such terms of such other Loan Documents are necessary to comply with applicable Requirements of Law, in which case such terms shall govern to the extent necessary to comply
therewith). 
 Section 11.19 Use of Name. The Borrower agrees, and shall cause each other Loan Party to
agree, that it shall not, and none of its Affiliates shall, issue any press release or other public disclosure (other than any document filed with any Governmental Authority relating to a public offering of the Securities of any Loan Party) using
the name, logo or otherwise referring to GE Capital or of any of its Affiliates, the Loan Documents or any transaction contemplated therein to which the Secured Parties are party without at least 2 Business Days’ prior notice to GE Capital
and without the prior consent of GE Capital except to the extent required to do so under applicable Requirements of Law and then, only after consulting with GE Capital prior thereto. 
 Section 11.20 Non-Public Information; Confidentiality. (a) Each Lender and L/C Issuer acknowledges and agrees
that it may receive material non-public information hereunder concerning the Loan Parties and their Affiliates and Securities and agrees to use such information in compliance with all relevant policies, procedures and Contractual Obligations and
applicable Requirements of Laws (including United States federal and state security laws and regulations). 
 (b) Each Lender,
L/C Issuer and the Administrative Agent agrees to use all reasonable efforts to maintain, in accordance with its customary practices, the confidentiality of information obtained by it pursuant to any Loan Document and designated in writing by any
Loan Party as confidential, except that such information may be disclosed (i) with the Borrower’s consent, (ii) to Related Persons of such Lender, L/C Issuer or the Administrative Agent, as the case may be, in connection with the
administration of the credits extended hereunder or the relationship with the Borrower or to any Person that any L/C Issuer causes to Issue Letters of Credit hereunder, in each case, that are advised of the confidential nature of such information
and are instructed to keep such information confidential, (iii) to the extent such information presently is or hereafter becomes available to such Lender, L/C Issuer or the Administrative Agent, as the case may be, on a non-confidential basis
from a source other than any Loan Party, (iv) to the extent disclosure is required by applicable Requirements of Law or other legal process or requested or demanded by any Governmental Authority, (v) to the extent necessary or customary
for inclusion in league table measurements or in any tombstone or other advertising materials (and the Loan Parties consent to the publication of such tombstone or other advertising materials by the Administrative Agent, any Lender, any L/C Issuer
or any of their Related Persons), (vi) to the National Association of Insurance Commissioners or any similar organization, any examiner or any nationally recognized rating agency or otherwise to the extent consisting of general portfolio
information that does not identify borrowers, (vii) to current or

  


					
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prospective assignees, SPVs grantees of any option described in Section 11.2(f) or participants, direct or contractual counterparties to any Hedging Agreement permitted
hereunder and to their respective Related Persons, in each case to the extent such assignees, participants, counterparties or Related Persons agree to be bound by provisions substantially similar to the provisions of this Section 11.20
and (viii) in connection with the exercise of any remedy under any Loan Document. In the event of any conflict between the terms of this Section 11.20 and those of any other Contractual Obligation entered into with any Loan Party
(whether or not a Loan Document), the terms of this Section 11.20 shall govern. 
 Section 11.21
Patriot Act Notice. Each Lender subject to the USA Patriot Act of 2001 (31 U.S.C. 5318 et seq.) hereby notifies the Borrower that, pursuant to Section 326 thereof, it is required to obtain, verify and record information that identifies
the Borrower, including the name and address of the Borrower and other information allowing such Lender to identify the Borrower in accordance with such act. 
  


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

			
	THE PRINCETON REVIEW, INC.
	AS BORROWER
		
	By:	 	 /s/ STEPHEN RICHARDS

		 	 Stephen C. Richards
 Chief
Operating Officer and Chief Financial Officer



 [SIGNATURE PAGE TO THE PRINCETON REVIEW, INC. CREDIT AGREEMENT]









			
	 PRINCETON REVIEW OPERATIONS, L.L.C.
 AS GUARANTOR

		
	By:	 	 /s/ STEPHEN RICHARDS

		 	 Stephen C. Richards
 President and Chief Operating Officer

	
	TEST SERVICES, INC.
AS GUARANTOR
		
	By:	 	 /s/ STEPHEN RICHARDS

		 	 Stephen C. Richards
 Vice
President and Treasurer

	
	 THE PRINCETON REVIEW OF ORANGE COUNTY, LLC
 AS GUARANTOR

		
	By:	 	 /s/ STEPHEN RICHARDS

		 	 Stephen C. Richards
 Vice
President and Treasurer

	
	PENN FOSTER, INC.
AS GUARANTOR
		
	By:	 	 /s/ STEPHEN RICHARDS

		 	 Stephen C. Richards
 Chief
Operating Officer and Treasurer

	
	 PENN FOSTER EDUCATION GROUP, INC.
 AS GUARANTOR

		
	By:	 	 /s/ STEPHEN RICHARDS

		 	 Stephen C. Richards
 Vice
President and Treasurer



 [SIGNATURE PAGE TO THE PRINCETON REVIEW, INC. CREDIT AGREEMENT]









			
	GENERAL ELECTRIC CAPITAL CORPORATION AS ADMINISTRATIVE AGENT, L/C ISSUER, SWINGLINE LENDER AND LENDER
		
	By:	 	 /s/ PHILIP S. COX

	Name:	 	Philip S. Cox
	Title:	 	Duly Authorized Signatory


 [SIGNATURE PAGE TO THE PRINCETON REVIEW, INC. CREDIT AGREEMENT]








 Schedule I 
 Commitments 
  

				
	 Revolving Credit Commitment:
	  		
	 General Electric Capital Corporation
	  	$	10,000,000
		
	 Term Loan Commitment:
	  		
	 General Electric Capital Corporation
	  	$	40,000,000








 Schedule II 
 Other Notice Addresses 
 N/A.