Document:

EX-10.1

 Exhibit 10.1 

 
  

 
 Construction Loan Agreement

 among 

TCA Block 11 Apartments, LLC 
 and TCA Block 11 Office, LLC 
 as Borrower 

and 
 Bank of
America, N.A., 
 as Administrative Agent 
 and 
 The Other Financial Institutions 

Party Hereto 

Dated as of July 30, 2013 
 Bank of America Merrill Lynch, 
 as Sole Arranger and Sole Book Manager 

 
 

 
  
  

 

 Table of Contents 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 - THE LOAN
	  	 	1	  
			
	 1.1
	  	 General Information and Exhibits.
	  	 	1	  
	 1.2
	  	 Purpose.
	  	 	2	  
	 1.3
	  	 Commitment to Lend.
	  	 	2	  
	 1.4
	  	 Budget.
	  	 	2	  
	 1.5
	  	 Borrower’s Deposit.
	  	 	3	  
	 1.6
	  	 Evidence of Debt.
	  	 	3	  
	 1.7
	  	 Interest Rates.
	  	 	4	  
		
	 ARTICLE 2 ADDITIONAL COVENANTS AND AGREEMENTS
	  	 	14	  
			
	 2.1
	  	 Construction of the Improvements.
	  	 	14	  
	 2.2
	  	 Plans and Changes.
	  	 	14	  
	 2.3
	  	 Contracts.
	  	 	15	  
	 2.4
	  	 Assignment of Contracts and Plans.
	  	 	16	  
	 2.5
	  	 Storage of Materials.
	  	 	17	  
	 2.6
	  	 Construction Consultant.
	  	 	17	  
	 2.7
	  	 Inspection.
	  	 	17	  
	 2.8
	  	 Notice to Lenders.
	  	 	17	  
	 2.9
	  	 Financial Statements.
	  	 	18	  
	 2.10
	  	 Other Information.
	  	 	18	  
	 2.11
	  	 Reports and Testing.
	  	 	19	  
	 2.12
	  	 Advertising by Lenders.
	  	 	19	  
	 2.13
	  	 Appraisal.
	  	 	19	  
	 2.14
	  	 Payment of Withholding Taxes.
	  	 	19	  
	 2.15
	  	 ERISA and Prohibited Transaction Taxes.
	  	 	19	  
	 2.16
	  	 Intentionally Omitted.
	  	 	20	  
	 2.17
	  	 Electronic Delivery.
	  	 	20	  
	 2.18
	  	 Swap Contracts.
	  	 	21	  
	 2.19
	  	 Property Management.
	  	 	21	  
	 2.20
	  	 Fees to Affiliates.
	  	 	21	  
	 2.21
	  	 Permitted Transfers.
	  	 	21	  
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES
	  	 	23	  
		
	 ARTICLE 4 DEFAULT AND REMEDIES
	  	 	25	  
			
	 4.1
	  	 Events of Default.
	  	 	25	  
	 4.2
	  	 Remedies.
	  	 	28	  
		
	 ARTICLE 5 ADMINISTRATIVE AGENT
	  	 	30	  
			
	 5.1
	  	 Appointment and Authorization of Administrative Agent.
	  	 	30	  
	 5.2
	  	 Delegation of Duties.
	  	 	31	  
	 5.3
	  	 Liability of Administrative Agent.
	  	 	31	  

  
 i 

							
	 5.4
	  	 Reliance by Administrative Agent.
	  	 	32	  
	 5.5
	  	 Notice of Default.
	  	 	32	  
	 5.6
	  	 Credit Decision; Disclosure of Information by Administrative Agent.
	  	 	32	  
	 5.7
	  	 Indemnification of Administrative Agent.
	  	 	34	  
	 5.8
	  	 Administrative Agent in Individual Capacity.
	  	 	34	  
	 5.9
	  	 Successor Administrative Agent.
	  	 	34	  
	 5.10
	  	 Releases; Acquisition and Transfers of Collateral.
	  	 	35	  
	 5.11
	  	 Application of Payments.
	  	 	37	  
	 5.12
	  	 Benefit.
	  	 	37	  
	 5.13
	  	 Co-Agents; Lead Managers.
	  	 	37	  
	 5.14
	  	 Administrative Agent’s Commitment.
	  	 	38	  
		
	 ARTICLE 6 GENERAL TERMS AND CONDITIONS
	  	 	38	  
			
	 6.1
	  	 Consents; Borrower’s Indemnity.
	  	 	38	  
	 6.2
	  	 Miscellaneous.
	  	 	39	  
	 6.3
	  	 Notices.
	  	 	40	  
	 6.5
	  	 Successors and Assigns.
	  	 	41	  
	 6.6
	  	 Confidentiality.
	  	 	45	  
	 6.7
	  	 Set-off.
	  	 	46	  
	 6.8
	  	 Sharing of Payments.
	  	 	47	  
	 6.9
	  	 Amendments; Survival.
	  	 	47	  
	 6.10
	  	 Costs and Expenses.
	  	 	49	  
	 6.11
	  	 [Intentionally Omitted].
	  	 	50	  
	 6.12
	  	 Partial Releases.
	  	 	52	  
	 6.13
	  	 Further Assurances.
	  	 	53	  
	 6.14
	  	 Inducement to Lenders.
	  	 	53	  
	 6.15
	  	 Forum.
	  	 	53	  
	 6.16
	  	 Interpretation.
	  	 	54	  
	 6.17
	  	 No Partnership, etc.
	  	 	55	  
	 6.18
	  	 Records.
	  	 	55	  
	 6.19
	  	 Commercial Purpose.
	  	 	55	  
	 6.20
	  	 WAIVER OF JURY TRIAL.
	  	 	55	  
	 6.21
	  	 Service of Process.
	  	 	56	  
	 6.22
	  	 USA Patriot Act Notice.
	  	 	56	  
	 6.23
	  	 Entire Agreement.
	  	 	56	  
	 6.24
	  	 Dispute Resolution.
	  	 	57	  
	 6.25
	  	 Nature of Borrower’s Liability.
	  	 	59	  

 CONSTRUCTION LOAN AGREEMENT 

(Syndication) 

THIS CONSTRUCTION LOAN AGREEMENT (“Agreement”) is made by and among each lender from time to time a party hereto
(individually, a “Lender” and collectively, the “Lenders”), and Bank of America, N.A., a national banking association, as Administrative Agent, and TCA Block 11 Apartments, LLC (“TCA 11
Apartments”), and TCA Block 11 Office, LLC (“TCA 11 Office”), each of which is a Virginia limited liability company (individually and collectively, “Borrower”), who agree as follows: 

ARTICLE 1 - THE LOAN 
 1.1 General Information and Exhibits. This Agreement includes the Exhibits listed below, all of which Exhibits are attached hereto and made a part hereof for all purposes. Borrower and Lenders
agree that if any Exhibit to be attached to this Agreement contains blanks, the same shall be completed correctly and in accordance with this Agreement prior to or at the time of the execution and delivery thereof. 

 

					
	Exhibit “A”	 	-	    	Legal Description of the Land
	Exhibit “B”	 	-	    	Definitions and Financial Statements
	Exhibit “C”	 	-	    	Certain Conditions Precedent to the First Advance
	Exhibit “D-1”	 	-	    	Apartments Unit Budget
	Exhibit “D-2”	 	-	    	Office Tower/Retail Unit Budget
	Exhibit “E”	 	-	    	Plans for Entire Project
	Exhibit “E-1”	 	-	    	Plans for Apartments Unit Improvements
	Exhibit “E-2”	 	-	    	Plans for Office Tower/Retail Improvements
	Exhibit “F”	 	-	    	Advances
	Exhibit “F-1”	 	-	    	Draw Request
	Exhibit “G”	 	-	    	Survey Requirements
	Exhibit “H”	 	-	    	Intentionally Omitted
	Exhibit “I”	 	-	    	Leasing and Tenant Matters
	Exhibit “J”	 	-	    	List of Required Project Bonds
	Exhibit “K”	 	-	    	Intentionally Omitted
	Exhibit “L”	 	-	    	Assignment and Assumption
	Exhibit “M”	 	-	    	Deed of Trust Note
	Exhibit “N”	 	-	    	Schedule of Lenders
	Exhibit “O”	 	-	    	Extension Option
	Exhibit “P”	 	-	    	List of all Approvals, Permits and Entitlements
	Exhibit “Q”	 	-	    	Project Schedule
	Exhibit “R”	 	-	    	Swap Contracts

 The Exhibits contain other terms, provisions and conditions applicable to each Loan. Capitalized terms used in this
Agreement shall have the meanings assigned to them in Exhibit “B”. This Agreement and the other Loan Documents, which must be in form, detail and substance satisfactory to Lenders, evidence the agreements of Borrower and Lenders
with respect to each Loan. Borrower shall comply with all of the Loan Documents. 

 1.2 Purpose. The proceeds of each Loan shall be used by Borrower to pay (i) the
cost of the construction of the applicable Improvements and in the Condominium Units to be financed with such Loan and (ii) other fees, costs and expenses relating to each of the Apartments Unit Project and the Office Tower/Retail Unit Project
if and to the extent that such costs are specifically provided for in the applicable Budget for each of the Apartments Unit Project and the Office Tower/Retail Unit Project. 
 1.3 Commitment to Lend. Borrower agrees to borrow from each Lender, and each Lender severally agrees to make advances of its Pro Rata Share of the Loan proceeds to Borrower in amounts at any one
time outstanding not to exceed such Lender’s Pro Rata Share of the applicable Loan and (except for Administrative Agent with respect to Administrative Agent Advances), on the terms and subject to the conditions set forth in this Agreement and
Exhibit “C” and Exhibit “F” attached to this Agreement. Each Lender’s commitment to lend under a particular Loan shall expire and terminate automatically (a) if such Loan is prepaid in full and
(b) upon the occurrence of a Default, and (c) on the Advance Termination Date. The Loan is not revolving. Any amount repaid may not be reborrowed. 
 1.4 Budget. The Budget for each of the Apartments Unit Project and the Office Tower/Retail Unit Project is attached to this Agreement as Exhibit “D”. The amounts listed in each
Budget as the (a) “Total Costs” is the maximum cost anticipated by Borrower for each item specified; (b) “Total Budget” is the maximum cost anticipated by Borrower for each of the Apartments Unit Project
and the Office Tower/Retail Unit Project; (c) “Loan Proceeds” is the maximum amount to be advanced under the applicable Loan; and (d) “Up-Front Equity”, is the amount of $21,015,250, which is to be paid by
Borrower toward the Total Costs under the Parking Unit Project Loan, Apartments Unit Project Loan and/or the Office Tower/Retail Unit Project Loan prior to the first advance the Loan. Loan proceeds shall be advanced subject to the terms, covenants,
conditions and provisions of this Agreement. Borrower shall not amend any Budget, or otherwise reallocate Loan funds from one Budget to another Budget or from one Budget line item to another Budget line item, without the prior written approval of
Administrative Agent in its sole discretion. Notwithstanding the foregoing, Borrower may reallocate actual savings in a hard cost line item of a Budget to another hard cost line item in the same Budget and actual savings in a soft cost line item of
a Budget to another soft cost line item in the same Budget, provided that such savings are demonstrated to Administrative Agent’s reasonable satisfaction. Each Budget has been prepared by Borrower, and Borrower represents to
Administrative Agent and Lenders that such Budget includes all costs incident to the applicable Loan and each of the Apartments Unit Project and the Office Tower/Retail Unit Project through the initial Maturity Date of the applicable Loan
(collectively, for each of the Apartments Unit Project and the Office Tower/Retail Unit Project, the “Aggregate Cost”) after taking into account the requirements of this Agreement, including “hard” and “soft”
costs, fees and expenses. Unless approved by Administrative Agent in its sole discretion, no advance shall be made (a) for any cost not set 

 
forth in a Budget, (b) from any line item in such Budget that, when added to all prior advances from that line item, would exceed the lesser of (i) the actual cost incurred by Borrower
for such line item, or (ii) the sum shown in such Budget for such line item, (c) from any contingency line item, or (d) to pay interest on the Loan after commencement of operations in the Improvements financed by that Loan if and to
the extent that, subject to the provisions of Exhibit “I”, there is sufficient net operating income from the Apartments Unit Project and/or the Office Tower/Retail Unit Project to pay such interest. Advances from any line item in a
Budget for purposes other than those for which amounts are initially allocated to such line item, or changes in the relative amounts allocated to particular line items in such Budget may only be made as Administrative Agent in its sole discretion
deems necessary or advisable. 
 1.5 Borrower’s Deposit. If at any time Administrative Agent determines that the sum
of: (i) any unadvanced portion of any Loan to which either individual Borrower is entitled, plus (ii) the portions of the Aggregate Cost that are to be paid by such Borrower from other funds that, to Administrative Agent’s
satisfaction, are available, set aside and committed, is or will be insufficient to pay the actual unpaid Aggregate Cost for each of the Apartments Unit Project and the Office Tower/Retail Unit Project, respectively, Borrower shall, within seven
(7) days after written notice from Administrative Agent, deposit with Administrative Agent the amount of the deficiency (“Borrower’s Deposit”) in an interest-bearing account of
Administrative Agent’s selection with interest earned thereon to be part of Borrower’s Deposit. Notwithstanding any other provision of this Agreement, the obligation of an individual Borrower to make any Borrower’s Deposit shall be a
joint and several obligation of each Borrower. Such Borrower’s Deposit is hereby pledged to Administrative Agent and Lenders as additional security for the Indebtedness and Obligations, and each individual Borrower hereby grants and conveys to
Administrative Agent for the ratable benefit of Administrative Agent and Lenders a security interest in all funds so deposited with Administrative Agent, as additional security for the Indebtedness and Obligations. Administrative Agent may advance
all or a portion of any Borrower’s Deposit prior to Administrative Agent advancing the Loan proceeds for the Apartments Unit Project and/or the Office Tower/Retail Unit Project. Upon the occurrence of a Default, Administrative Agent may (but
shall have no obligation to) apply all or any part of Borrower’s Deposit against the unpaid Indebtedness and Obligations in such order as Administrative Agent determines. 
 1.6 Evidence of Debt. Amounts of each Loan made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by Administrative Agent in the ordinary course of
business. The accounts or records maintained by Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the subject Loan made by each Lender to each Borrower and the interest and payments thereon. Any failure
to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower hereunder to pay any amount owing with respect to the Indebtedness. In the event of any conflict between the accounts and records
maintained by any Lender and the accounts and records of Administrative Agent in respect of such matters, the accounts and records of Administrative Agent shall control in the absence of manifest error. Each Lender may attach schedules to its
Note(s) and endorse thereon the date, amount and maturity of the applicable Note and payments with respect thereto. 

 1.7 Interest Rates. The Principal Debt under each Note from day to day outstanding
which is not past due shall bear interest at a rate per annum equal to the LIBOR Rate. Interest shall be computed for the actual number of days which have elapsed, on the basis of a 360-day year. 

1.7.1 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that
it is unlawful, for any Lender or its Lending Office to make, maintain or fund advances whose interest is determined by reference to LIBOR or the LIBOR Daily Floating Rate, or to determine or charge interest rates based upon the LIBOR or LIBOR Daily
Floating Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, U.S. Dollars in the London interbank eurodollar market, then, on notice thereof by such
Lender to Borrower through Administrative Agent, (a) any obligation of such Lender to make or maintain LIBOR Rate Advances shall be suspended, and (b) during the period of such suspension, all Principal Debt owed to such Lender from day to
day outstanding which is not past due, shall bear interest at the Base Rate. 
 1.7.2 Inability to Determine Rates. If
Administrative Agent or Required Lenders determine for any reason, that (a) U.S. Dollar deposits are not being offered to banks in the London interbank eurodollar market in the amount of the Principal Debt for terms equal to one
(1) month, (b) adequate and reasonable means do not exist for determining the LIBOR Daily Floating Rate with respect to the Loan, or (c) the LIBOR Rate will not adequately and fairly reflect the cost to Lenders of funding the Loan,
Administrative Agent will promptly so notify Borrower and each Lender. Thereafter, the obligation of Lenders to make or maintain LIBOR Rate Advances shall be suspended, until Administrative Agent (upon the instruction of Required Lenders) revokes
such notice. During the period of such suspension, all Principal Debt from day to day outstanding which is not past due, shall bear interest at the Base Rate. 
 1.7.3 [Intentionally Omitted.] 
 1.7.4 [Intentionally Omitted.] 

1.7.5 [Intentionally Omitted.] 
 1.7.6 Increased Costs. 
 (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate); 

 (ii) subject Administrative Agent or any Lender to any Taxes on its loans,
loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 
 (iii) impose on any Lender or the London interbank eurodollar market any other condition, cost or expense affecting this Agreement or any Note or the LIBOR Rate Advances made by such Lender; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing or maintaining any advance the interest on
which is determined by reference to the LIBOR Daily Floating Rate (or of maintaining its obligation to make any such advance), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any
other amount) then, upon demand of such Lender Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such
Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if
any, as a consequence of this Agreement, any Note, the Commitments of such Lender or the advances made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law
(taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time Borrower will pay to such Lender, as the case may be, such additional amount or
amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c)
Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in Subsections (a) or (b) of this Section and
delivered to Borrower shall be conclusive absent manifest error. Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d) Delay in Responses. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of
this Section shall not constitute a waiver of such Lender’s right to demand such compensation, provided that Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs
incurred or reductions suffered more than nine months prior to the date that such Lender, as the case may be, notifies Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim
compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

 1.7.7 Late Charge. If Borrower shall fail to make any payment due hereunder or under the terms of any Note (other than
a principal payment due under any Note upon the 

 
Maturity Date of such Note or as a result of the acceleration of such Note) within fifteen (15) days after the date such payment is due, Borrower shall pay to the applicable Lender or
Lenders on demand a late charge equal to four percent (4%) of such payment. If Borrower shall fail to make a principal payment due under any Note upon the Maturity Date of such Note or as a result of the acceleration of such Note within fifteen
(15) days after the date such payment is due, Borrower shall pay to the applicable Lender or Lenders on demand a late charge equal to one percent (1%) of such principal payment, provided, however, that such late charge shall be waived
provided that (i) the subject non-payment is the only default then in existence under the Loan Documents and (ii) the Borrower makes such payment in full within thirty (30) days after such payment is due. Such fifteen (15) day or
thirty (30) day period shall not be construed as in any way extending the due date of any payment. The “late charge” is imposed for the purpose of defraying the expenses of a Lender incident to handling such defaulting payment. This
charge shall be in addition to, and not in lieu of, any other remedy Lenders may have and is in addition to any fees and charges of any agents or attorneys which Administrative Agent or Lenders may employ upon the occurrence of a Default, whether
authorized herein or by Law. 
 1.8 Prepayment. Borrower may prepay the principal balance of each Loan, in full at any
time or in part from time to time, without fee, premium or penalty, provided that: (a) Borrower pay all breakage cost and fees due under any Swap Contract; (b) Administrative Agent shall have actually received from Borrower prior written
notice of (i) Borrower’s intent to prepay, (ii) the amount of principal which will be prepaid (the “Prepaid Principal”), and (iii) the date on which the prepayment will be made; (c) each prepayment shall be
in the amount of $1,000 or larger integral multiple of $1,000 (unless the prepayment retires the outstanding balance of this Loan in full); and (d) each prepayment shall be in the amount of 100% of the Prepaid Principal, plus accrued unpaid
interest thereon to the date of prepayment, plus any other sums which have become due to Administrative Agent and Lenders under the Loan Documents on or before the date of prepayment but have not been paid. If a Loan is prepaid in full, any
commitment of Lenders for further advances with respect to such Loan shall automatically terminate. 
 1.9 [Intentionally
Omitted] 
 1.10 Default Rate. After the occurrence of a Default (including the expiration of any applicable cure
period), upon the request of the Required Lenders, Administrative Agent, without notice or demand, may raise the rate of interest accruing on the outstanding principal balance under any Loan Document by three hundred (300) basis points above
the rate of interest otherwise applicable (“Default Rate”), independent of whether Administrative Agent accelerates the outstanding principal balance under any Loan Document. 

1.11 Taxes. 
 (e) Any and all payments by Borrower to or for the account of Administrative Agent or any Lender under any Loan Document shall be made free and clear of and without deduction for any and all present or
future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto, excluding, in the case of Administrative Agent and any Lender, (i) taxes imposed on or
measured by its net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political 

 
subdivision thereof) under the Laws of which Administrative Agent or such Lender, as the case may be, is organized or maintains a lending office, and (ii) any U.S. federal withholding Taxes
imposed pursuant to FATCA (all such non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities being hereinafter referred to as “Taxes”). If Borrower shall be
required by any Laws to deduct any Taxes from or in respect of any sum payable under any Loan Document to Administrative Agent or any Lender, (i) the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section), Administrative Agent and such Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower shall make such
deductions, (iii) Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within thirty (30) days after the date of such payment, Borrower shall
furnish to Administrative Agent (which shall forward the same to such Lender) the original or a certified copy of a receipt evidencing payment thereof. 
 (f) In addition, Borrower agrees to pay any and all present or future stamp, court or documentary taxes and any other excise or property taxes or charges or similar levies which arise from any payment
made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan Document (hereinafter referred to as “Other Taxes”). 

(g) If Borrower shall be required by the Laws of any jurisdiction outside the United States to deduct any Taxes or Other Taxes from or in
respect of any sum payable under any Loan Document to Administrative Agent or any Lender, Borrower shall also pay to Administrative Agent (for the account of such Lender) or to such Lender, at the time interest is paid, such additional amount that
such Lender specifies is necessary to preserve the after-tax yield (after factoring in United States (federal and state) taxes imposed on or measured by net income) Lender would have received if such deductions (including deductions applicable to
additional sums payable under this Section) had not been made. 
 (h) Borrower agrees to indemnify, defend and hold harmless
Administrative Agent and each Lender for the full amount of Taxes and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) paid by Administrative Agent and such Lender and any
liability (including penalties, interest and expenses) arising therefrom or with respect thereto, in each case whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Payment
under this Subsection shall be made within thirty (30) days after the date Administrative Agent or Lender makes a demand therefor. A certificate as to the amount of such payment or liability delivered to Borrower by a Lender shall be conclusive
absent manifest error. 
 (i) Without prejudice to the survival of any other agreement of Borrower hereunder, the agreements and
obligations of Borrower contained in this Section shall survive the termination of the Commitments and the payment in full of all the other Indebtedness. 
 1.12 Payment Schedule and Maturity Date. The entire principal balance of each Loan then unpaid and all accrued interest then unpaid shall be due and payable in full on the applicable Maturity Date.
Accrued unpaid interest shall be due and payable on the 15th day of the first 

 
calendar month after the date of this Agreement and on the same day of each succeeding calendar month thereafter until all principal and accrued interest owing on the subject Loan shall have been
fully paid and satisfied; provided that, in the event the Maturity Date of the Apartments Unit Project Loan and/or the Office Tower/Retail Unit Project Loan is extended pursuant to Exhibit “O,” payments under the applicable Notes
shall be made in accordance with Exhibit “O.” 
 1.13 Advances and Payments. 

(a) Following receipt of a Draw Request, Administrative Agent shall promptly provide each Lender with a copy of the Draw Request in the
form of Exhibit “F-1”, the related AIA Document G-702 and G-703, the related written certification by Borrower’s Architect and if available, the related written certification of the Construction Consultant. Administrative Agent
shall notify each Lender telephonically (with confirmation by electronic mail) or by electronic mail (with confirmation by telephone) not later than 1:00 p.m. Administrative Agent’s Time two (2) Business Days prior to the advance Funding
Date for LIBOR Rate Principal advances, and one (1) Business Day prior to the advance Funding Date for all other advances, of its Pro Rata Share of the amount Administrative Agent has determined shall be advanced in connection therewith
(“Advance Amount”). In the case of an advance of a Loan, each Lender shall make the funds for its Pro Rata Share of the Advance Amount available to Administrative Agent not later than 11:00 a.m. Administrative Agent’s Time on
the Funding Date thereof. After Administrative Agent’s receipt of the Advance Amount from Lenders, Administrative Agent shall make proceeds of the applicable Loan in an amount equal to the Advance Amount (or, if less, such portion of the
Advance Amount that shall have been paid to Administrative Agent by Lenders in accordance with the terms hereof) available to Borrower on the applicable Funding Date by advancing such funds to Borrower in accordance with the provisions of Exhibit
“F”. 
 (b) All payments by Borrower shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein, all payments by Borrower hereunder shall be made to Administrative Agent, for the account of the respective Lenders to which such payment is owed, at Administrative Agent’s
Office in U.S. Dollars and in immediately available funds not later than 12:00 p.m. (Administrative Agent’s Time) on the date specified herein. Administrative Agent will promptly distribute to each Lender its Pro Rata Share (or other applicable
share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by Administrative Agent after 12:00 p.m. (Administrative Agent’s Time) shall be deemed received on
the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such
extension of time shall be reflected in computing interest or fees, as the case may be. For the avoidance of doubt, Administrative Agent will distribute payments to each Lender, (i) on the date of receipt, if Administrative Agent receives such
funds on or before 12:00 p.m. (Administrative Agent’s Time), or (ii) on the Business Day following the date of receipt, if Administrative Agent receives such funds after 12:00 p.m. (Administrative Agent’s Time). If Administrative
Agent fails to timely pay any amount to any Lender in accordance with this Subsection, Administrative Agent shall pay to such Lender interest on such amount at the greater of the Federal Funds Rate and a

 
rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation, for each day from the day such amount was to be paid until it is paid to such Lender.

 (c) (i) Unless Administrative Agent shall have received notice from a Lender prior to the proposed advance Funding Date for
LIBOR Rate Principal advances (or, in the case of any other advances, prior to 12:00 p.m. (Administrative Agent’s Time) on such advance Funding Date) that such Lender will not make available to Administrative Agent such Lender’s Pro Rata
Share of such Advance Amount, Administrative Agent may assume that such Lender has made such Pro Rata Share available on such date in accordance with Subsection (a) above (or, in the case of any advances other than LIBOR Rate Principal
advances, that such Lender has made such Pro Rata Share available in accordance with, and at the time required by Subsection (a) above) and may, in reliance upon such assumption, make available to Borrower a corresponding amount. In such
event, if a Lender has not in fact made its Pro Rata Share of the Advance Amount available to Administrative Agent, then the applicable Lender and Borrower severally agree to pay to Administrative Agent forthwith on demand such corresponding amount
in immediately available funds with interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding the date of payment to Administrative Agent, at (A) in the case of a payment to be made by
such Lender, the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by
Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by Borrower, the interest rate applicable to LIBOR Rate Principal. If Borrower and such Lender shall pay such interest to Administrative Agent
for the same or an overlapping period, Administrative Agent shall promptly remit to Borrower the amount of such interest paid by Borrower for such period. If such Lender pays its Pro Rata Share of the applicable Advance Amount to Administrative
Agent, then the amount so paid shall constitute such Lender’s Pro Rata Share of such Advance Amount. Any payment by Borrower shall be without prejudice to any claim Borrower may have against a Lender that shall have failed to make such payment
to Administrative Agent. 
 (ii) Unless Administrative Agent shall have received notice from Borrower prior to the date on which
any payment is due to Administrative Agent for the account of Lenders hereunder that Borrower will not make such payment, Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to Lenders, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to Administrative Agent forthwith on demand the amount
so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to Administrative Agent, at the greater of the
Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation. 
 A notice of Administrative Agent to any Lender or to Borrower with respect to any amount owing under this Subsection shall be conclusive, absent manifest error. 

 (d) If any Lender makes available to Administrative Agent funds for any Loan advances to be
made by such Lender as provided in the foregoing provisions of this Section, and such funds are not made available to Borrower by Administrative Agent because the conditions to the applicable Loan advance set forth in Exhibit “F”
are not satisfied or waived in accordance with the terms hereof, Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 

(e) The obligations of Lenders hereunder to make Loan advances and to make payments pursuant to Section 5.7 are several and
not joint. The failure of any Lender to make any Loan advance, to fund any such participation or to make any payment under Section 5.7 on any date required hereunder shall not relieve any other Lender of its corresponding obligation to
do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan advance, to purchase its participation or to make its payment under Section 5.7. 

(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan advance in any particular place or manner or
to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan advance in any particular place or manner. 
 1.14 Administrative Agent Advances. 
 (a) Administrative Agent is
authorized, from time to time, in Administrative Agent’s sole discretion to make, authorize or determine advances of each Loan, or otherwise expend funds, on behalf of Lenders (“Administrative Agent Advances”), (i) to pay
any costs, fees and expenses as described in Section 6.10 herein, (ii) when the applicable conditions precedent set forth in Exhibit “C” and Exhibit “F” have been satisfied to the extent required by
Administrative Agent, and (iii) when Administrative Agent deems necessary or desirable to preserve or protect collateral for the Indebtedness and Obligations or any portion thereof (including those with respect to property taxes, insurance
premiums, completion of construction, operation, management, improvements, maintenance, repair, sale and disposition) (A) subject to Section 5.5, after the occurrence of a Default, and (B) subject to Section 5.10,
after acquisition of all or a portion of the Loan collateral by foreclosure or otherwise. 
 (b) Administrative Agent Advances
shall constitute obligatory advances of Lenders under this Agreement, shall be repayable on demand and secured by the collateral for the Indebtedness and Obligations, and if unpaid by Lenders as set forth below shall bear interest at the rate
applicable to such amount under the Loan or if no longer applicable, at the Base Rate. Administrative Agent shall notify each Lender in writing of each Administrative Agent Advance. Upon receipt of notice from Administrative Agent of its making of
an Administrative Agent Advance, each Lender shall make the amount of such Lender’s Pro Rata Share of the outstanding principal amount of the Administrative Agent Advance available to Administrative Agent, in same day funds, to such account of
Administrative Agent as Administrative Agent may designate, (i) on or before 3:00 p.m. (Administrative Agent’s Time) on the day Administrative Agent provides Lenders with notice of the making of such Administrative Agent Advance if
Administrative Agent provides such notice on or before 12:00 p.m. (Administrative Agent’s Time), or (ii) on or before 12:00 p.m. (Administrative Agent’s Time) on the Business Day immediately following the day Administrative Agent
provides Lenders with notice of the making of such advance if Administrative Agent provides notice after 12:00 p.m. (Administrative Agent’s Time). 

 1.15 Defaulting Lender. 

1.15.1 Notice and Cure of Lender Default; Election Period; Electing Lenders. Administrative Agent shall notify (such notice being
referred to as the “Default Notice”) Borrower (for Loan advances) and each non-Defaulting Lender if any Lender is a Defaulting Lender. Each non-Defaulting Lender shall have the right, but in no event or under any circumstance the
obligation, to fund such Defaulting Lender’s Defaulting Lender Amount, provided that within twenty (20) days after the date of the Default Notice (the “Election Period”), such non-Defaulting Lender or Lenders
(each such Lender, an “Electing Lender”) irrevocably commit(s) by notice in writing (an “Election Notice”) to Administrative Agent, the other Lenders and Borrower to fund the Defaulting Lender Amount. If
Administrative Agent receives more than one Election Notice within the Election Period, then the commitment to fund the Defaulting Lender Amount shall be apportioned pro rata among the Electing Lenders in the proportion that the amount of each such
Electing Lender’s Commitment bears to the total Commitments of all Electing Lenders. If the Defaulting Lender fails to pay the Defaulting Lender Payment Amount within the Election Period, the Electing Lender or Lenders, as applicable, shall be
automatically obligated to fund the Defaulting Lender Amount (and Defaulting Lender shall no longer be entitled to fund such Defaulting Lender Amount) within three (3) Business Days following the expiration of the Election Period to reimburse
Administrative Agent or make payment to Borrower, as applicable. Notwithstanding anything to the contrary contained herein, if Administrative Agent has funded the Defaulting Lender Amount, Administrative Agent shall be entitled to reimbursement for
its portion of the Defaulting Lender Payment Amount pursuant to Section 5.11. 
 1.15.2 Removal of Rights;
Indemnity. Administrative Agent shall not be obligated to transfer to a Defaulting Lender any payments made by or on behalf of Borrower to Administrative Agent for the Defaulting Lender’s benefit; nor shall a Defaulting Lender be entitled
to the sharing of any payments hereunder or under any Note until all Defaulting Lender Payment Amounts are paid in full. Amounts payable to a Defaulting Lender shall be paid by Administrative Agent to reimburse Administrative Agent and any Electing
Lender pro rata for all Defaulting Lender Payment Amounts. Solely for the purposes of voting or consenting to matters with respect to the Loan Documents, a Defaulting Lender shall be deemed not to be a “Lender” and such Defaulting
Lender’s Commitment shall be deemed to be zero. A Defaulting Lender shall have no right to participate in any discussions among and/or decisions by Lenders hereunder and/or under the other Loan Documents. Further, any Defaulting Lender shall be
bound by any amendment to, or waiver of, any provision of, or any action taken or omitted to be taken by Administrative Agent and/or the non-Defaulting Lenders under, any Loan Document which is made subsequent to the Defaulting Lender’s
becoming a Defaulting Lender. This Section shall remain effective with respect to a Defaulting Lender until such time as the Defaulting Lender shall no longer be in default of any of its obligations under this Agreement by curing such default by
payment of all Defaulting Lender Payment Amounts (i) within the Election Period, or (ii) after the Election Period with the consent of the non-Defaulting Lenders. Such Defaulting Lender nonetheless shall be bound by any amendment to or
waiver of any 

 
provision of, or any action taken or omitted to be taken by Administrative Agent and/or the non-Defaulting Lenders under any Loan Document which is made subsequent to that Lender’s becoming
a Defaulting Lender and prior to such cure or waiver. The operation of this Subsection or the Subsection above alone shall not be construed to increase or otherwise affect the Commitment of any non-Defaulting Lender, or relieve or excuse the
performance by Borrower of its duties and obligations hereunder or under any of the other Loan Documents. Furthermore, nothing contained in this Section shall release or in any way limit a Defaulting Lender’s obligations as a Lender hereunder
and/or under any of the other Loan Documents. Further, a Defaulting Lender shall indemnify, defend and hold harmless Administrative Agent and each of the non-Defaulting Lenders from any claim, loss, or costs incurred by Administrative Agent and/or
the non-Defaulting Lenders as a result of a Defaulting Lender’s failure to comply with the requirements of this Agreement, including, without limitation, any and all additional losses, damages, costs and expenses (including, without limitation,
attorneys’ fees) incurred by Administrative Agent and any non-Defaulting Lender as a result of and/or in connection with (i) a non-Defaulting Lender’s acting as an Electing Lender, (ii) any enforcement action brought by
Administrative Agent against a Defaulting Lender, and (iii) any action brought against Administrative Agent and/or Lenders. The indemnification provided above shall survive any termination of this Agreement. 

1.15.3 Commitment Adjustments. In connection with the adjustment of the amounts of the Loan Commitments of the Defaulting Lender
and Electing Lender(s) upon the expiration of the Election Period as aforesaid, Borrower, Administrative Agent and Lenders shall execute such modifications to the Loan Documents as shall, in the reasonable judgment of Administrative Agent, be
necessary or desirable in connection with the adjustment of the amounts of Commitments in accordance with the foregoing provisions of this Section. For the purpose of voting or consenting to matters with respect to the Loan Documents such
modifications shall also reflect the removal of voting rights of the Defaulting Lender and increase in voting rights of Electing Lenders to the extent an Electing Lender has funded the Defaulting Lender Amount. In connection with such adjustments,
Defaulting Lenders shall execute and deliver an Assignment and Assumption covering that Lender’s Commitment and otherwise comply with Section 6.5. If a Lender refuses to execute and deliver such Assignment and Assumption or
otherwise comply with Section 6.5, such Lender hereby appoints Administrative Agent to do so on such Lender’s behalf. Administrative Agent shall distribute an amended Schedule of Lenders, which shall thereafter be incorporated into
this Agreement, to reflect such adjustments. However, all such Defaulting Lender Amounts funded by Administrative Agent or Electing Lenders shall continue to be Defaulting Lender Amounts of the Defaulting Lender pursuant to its obligations under
this Agreement. 
 1.15.4 No Election. In the event that no Lender elects to commit to fund the Defaulting Lender Amounts
within the Election Period, Administrative Agent shall, upon the expiration of the Election Period, so notify Borrower and each Lender. 
 1.16 Several Obligations; No Liability, No Release. Notwithstanding that certain of the Loan Documents now or hereafter may have been or will be executed only by or in favor of Administrative Agent
in its capacity as such, and not by or in favor of Lenders, any and all obligations on the part of Administrative Agent (if any) to make any advances of the Loan or 

 
reimbursements for other Payment Amounts shall constitute the several (and not joint) obligations of the respective Lenders on a ratable basis, according to their respective Pro Rata Shares.
Except as may be specifically provided in this Agreement, no Lender shall have any liability for the acts of any other Lender. No Lender shall be responsible to Borrower or any other Person for any failure by any other Lender to fulfill its
obligations to make advances of the Loan or reimbursements for other Payment Amounts, nor to take any other action on its behalf hereunder or in connection with the financing contemplated herein. The failure of any Lender to pay to Administrative
Agent its Pro Rata Share of a Payment Amount shall not relieve any other Lender of any obligation hereunder to pay to Administrative Agent its Pro Rata Share of such Payment Amounts as and when required herein, but no Lender shall be responsible for
the failure of any other Lender to so fund its Pro Rata Share of the Payment Amount. In furtherance of the foregoing, Lenders shall comply with their obligation to pay Administrative Agent their Pro Rata Share of such Payment Amounts regardless of
(i) the occurrence of any Default hereunder or under any Loan Document; (ii) intentionally omitted (iii) any failure of consideration, absence of consideration, misrepresentation, fraud, or any other event, failure, deficiency, breach
or irregularity of any nature whatsoever in the Loan Documents; or (iv) any bankruptcy, insolvency or other like event with regard to any Borrower or Guarantor. The obligation of Lenders to pay such Payment Amounts are in all regards
independent of any claims between Administrative Agent and any Lender. 
 1.17 Replacement of Lenders. If any Lender is a
Defaulting Lender, Borrower may, upon notice to such Lender and Administrative Agent, replace such Lender by causing such Lender to assign its Commitment with the payment of any assignment fee by the replaced Lender to one or more other lenders or
Eligible Assignees acceptable to Borrower and Administrative Agent. Borrower shall or shall cause the replacement lender to (subject to the provisions of Sections 1.14 and 1.15 providing for payment of all Defaulting Lender Payment Amounts to
Administrative Agent and/or Electing Lenders, as applicable, prior to payment of amounts due to a Defaulting Lender), (x) pay in full all principal, interest, fees and other amounts owing to such Lender through the date of replacement,
(y) intentionally omitted and (z) provide a release of such Lender from its obligations under the Loan Documents. Any Lender being replaced shall execute and deliver an Assignment and Assumption covering that Lender’s Commitment and
otherwise comply with Section 6.5. If a Lender being replaced refuses to execute and deliver such Assignment and Assumption or otherwise comply with Section 6.5, such Lender hereby appoints Administrative Agent to do so on
such Lender’s behalf. Administrative Agent shall distribute an amended Schedule of Lenders, which shall thereafter be incorporated into this Agreement, to reflect adjustments to Lenders and their Commitments. 

1.18 Developer Fee. Subject to the terms of this Section 1.18 and subject to the satisfaction of the other conditions
precedent to advances set forth in this Agreement, Administrative Agent shall advance from each Loan, on behalf of Lenders, an aggregate fee equal to $3,000,000 (the “Developer Fee”) payable to Borrower in accordance with the Budget
for each of the Apartments Unit Project and the Office Tower/Retail Unit Project in order to reimburse Borrower for its costs and overhead related to the development of each of the Apartments Unit Project and the Office Tower/Retail Unit Project
pursuant to this Agreement. Loan Proceeds allocable to the Developer Fee shall be funded with each advance hereunder in an amount equal to (i) $106,250 per month in connection with the Office Tower/Retail Unit Project,

 
and (iii) $81,250 per month in connection with the Apartments Unit Project, for a period of sixteen (16) months; provided that, to the extent funds in the line item for Developer Fee in
the Budget for the Apartments Unit Project or the Office Tower/Retail Unit Project remain as of the time of the payment of the final advance for the Apartments Unit Project and/or the Office Tower/Retail Unit Project, as applicable, Administrative
Agent shall fund the unpaid portion of the Developer Fee with respect to the Apartments Unit Project and/or the Office Tower/Retail Unit Project, as applicable, at the time of its draw of the final advance for improvements (other than tenant
improvements) with respect to the Apartments Unit Project and/or the Office Tower/Retail Unit Project, as applicable; provided that the Retail Unit Improvements shall only be required to be complete to the extent specified on Exhibit 11.3.1 of the
VBDA Development Agreement, as determined by Administrative Agent. 
 ARTICLE 2 ADDITIONAL COVENANTS AND AGREEMENTS

 2.1 Construction of the Improvements. Borrower has commenced construction of the Improvements. Borrower shall
prosecute the construction of the Improvements with diligence and continuity, in a good and workmanlike manner, and in accordance with sound building and engineering practices, all applicable Laws and governmental requirements, the applicable Plans
and the Loan Documents. Borrower shall not permit cessation of work for a period in excess of ten (10) days (whether or not consecutive), except for Excusable Delays. Borrower shall complete construction of all of the Improvements comprising
the entirety of the Apartments Unit Project and the Office Tower/Retail Unit Project free and clear of all liens (except liens created by the Loan Documents), and shall obtain a certificate of occupancy and all other permits, licenses and approvals
from all applicable Governmental Authorities required at the applicable stage for the occupancy, use and operation of such Improvements, in each case satisfactory to Administrative Agent, on or before the Completion Date applicable to each of the
Apartments Unit Project and the Office Tower/Retail Unit Project. Borrower shall promptly correct (a) any material defect in any Improvements, (b) any material departure from the applicable Plans, Law or governmental requirements, or
(c) any encroachment by any Improvements or structure on any building setback line, easement, property line or restricted area. Borrower shall maintain all permits and governmental approvals necessary for construction of the Improvements.
Borrower acknowledges and agrees that certain permits relating to each of the Apartments Unit Project and the Office Tower/Retail Unit Project have been issued in the name of the general contractor, and Borrower hereby consents to the general
contractor’s agreement to assign and otherwise cooperate with Administrative Agent to have any such permits placed in the name of Administrative Agent or its designee, upon a Default hereunder or a termination of the construction contract.
Without limiting any other provision of this Agreement, the obligation of a particular Borrower to construct and complete the Improvements as required by the Loan Documents and pay all costs associated therewith shall be a joint and several
obligation of all Borrowers. Without limiting the forgoing, Borrower shall pay or cause its general contractor to pay all costs charged by Clark Nexsen to comply with the Designer’s Consent. 

 2.2 Plans and Changes. No construction shall be undertaken with respect to the
Project except as shown in the Plans. Borrower assumes full responsibility for the compliance of the Plans and the Property with all Laws, governmental requirements and sound building and engineering practices. No plans or specifications, or any
changes thereto, shall be included as part of any Plans until approved by Administrative Agent, Construction Consultant, all applicable Governmental Authorities, and all other parties required under the Loan Documents. Without Administrative
Agent’s prior written consent, Borrower shall not change or modify any Plans, agree to any change order, or allow any extras to any contractor or any subcontractor, except that Borrower may make Permitted Changes if: (a) Borrower notifies
Administrative Agent in writing of the change or extra with appropriate supporting documentation and information; (b) Borrower obtains the approval of the applicable contractor, Borrower’s architect and all sureties; (c) the
structural integrity, quality and standard of workmanship of the subject Improvements is not impaired by such change or extra; (d) no substantial change in architectural appearance is effected by such change or extra; (e) no default in any
obligation to any Person or violation of any Law or governmental requirement would result from such change or extra; (f) Borrower complies with Section 1.5 of this Agreement to cover any excess cost resulting from the change or
extra; (g) completion of the subject Improvements by the applicable Completion Date will not be affected; and (h) Borrower provides Administrative Agent with evidence that (1) the change or extra has been approved by the permanent
lender, if any, or the VBDA if the change or extra affects the Parking Unit, or (2) such approval by permanent lender, if any, or the VBDA if the change or extra affects the Parking Unit, is not required. Administrative Agent shall not be
obligated to review a proposed change unless it has received all documents necessary to review such change, including the change order, cost estimates, plans and specifications, and evidence that all required approvals other than that of
Administrative Agent have been obtained. 
 2.3 Contracts. Without Administrative Agent’s prior written approval as
to parties, terms, and all other matters, Borrower shall not (a) enter into any Material Contract for the performance of any work or the supplying of any labor, materials or services for the design or construction of any Improvements,
(b) enter into any franchise, license, brokerage listing, management, leasing, maintenance or other contract pertaining to the Property or any portion thereof not described in clause (a) that is not unconditionally terminable by Borrower
or any successor owner without penalty or payment on not more than thirty (30) days’ notice to the other party thereunder, or (c) modify, amend, or terminate any such contracts. Administrative Agent approves AHP Construction, LLC as
the general contractor and (i) Clark Nexsen as the project architect for the Office Unit Project and (ii) Cox, Kliewer & Company, P.C. for the Apartments Unit Project. Borrower shall not default under any contract, Borrower shall
not permit any contract to terminate by reason of any failure of Borrower to perform thereunder, and Borrower shall promptly notify Administrative Agent of any default thereunder. Borrower will deliver to Administrative Agent, upon request of
Administrative Agent, the names and addresses of all Persons or entities with whom each contractor has contracted or intends to contract for the construction of any Improvements or for the furnishing of labor or materials therefor. Borrower will
deliver to Administrative Agent, upon request of Administrative Agent, a list of all contracts or contracts of a designated type and copies of such contracts. 

 2.4 Assignment of Contracts and Plans. As additional security for the Indebtedness
and Obligations, Borrower hereby transfers and assigns to Administrative Agent for the ratable benefit of Administrative Agent and Lenders and grants a security interest in all of Borrower’s right, title and interest, but not its liability, in,
under, and to all construction, architectural and design contracts, and all Plans, and agrees that all of the same are covered by the security agreement provisions of the Deed of Trust. Borrower agrees to deliver to Administrative Agent from time to
time upon Administrative Agent’s request such consents to the foregoing assignment from parties contracting with Borrower as Administrative Agent may require. Neither this assignment nor any action by Administrative Agent or Lenders shall
constitute an assumption by Administrative Agent or Lenders of any obligation under any contract or with respect to any Plans, Borrower hereby agrees to perform all of its obligations under any contract, and Borrower shall continue to be liable for
all obligations of Borrower with respect thereto. Administrative Agent shall have the right at any time (but shall have no obligation) to take in its name or in the name of Borrower such action as Administrative Agent may determine to be necessary
to cure any default under any contract or with respect to any Plans or to protect the rights of Borrower, Administrative Agent or Lenders with respect thereto. Borrower irrevocably constitutes and appoints Administrative Agent as Borrower’s attorney-in-fact, which power of attorney is coupled with an interest and irrevocable, to enforce in Borrower’s name or in Administrative Agent’s and Lender’s
name all rights of Borrower under any contract or with respect to any Plans. Administrative Agent shall incur no liability if any action so taken by it or on its behalf shall prove to be inadequate or invalid. Borrower indemnifies and holds
Administrative Agent and Lenders harmless against and from any loss, cost, liability or expense (including, but not limited to, consultants’ fees and expenses and reasonable attorneys’ fees and expenses) incurred in connection with
Borrower’s failure to perform such contracts or any action taken by Administrative Agent or Lenders. Administrative Agent may use any Plans for any purpose relating to any Improvements. Borrower represents and warrants to Administrative Agent
and Lenders that the copy of any contract furnished or to be furnished to Administrative Agent is and shall be a true and complete copy thereof, that the copies of any Plans delivered to Administrative Agent are and shall be true and complete copies
of such Plans, that there have been no modifications thereof which are not fully set forth in the copies delivered, and that Borrower’s interest therein is not subject to any claim, setoff, or encumbrance. 

Borrowers acknowledge that it is the Administrative Agent’s policy to require written consents to assignment and subordination of
all architectural and design contracts. Administrative Agent has been advised that Clark Nexsen contractually agreed with AHP Construction LLC that Clark Nexsen’s contract would not be assignable. While Clark Nexsen has agreed to consent to
certain agreements with Administrative Agent, Clark Nexsen has not agreed to many of the terms and conditions of the Administrative Agent’s required form of written consent to assignment and subordination. Administrative Agent has reluctantly
agreed to Clark Nexsen’s requested changes to Administrative Agent’s form, but such changes are not intended to result in any assumption of liability or responsibility to Clark Nexsen or any other person by Administrative Agent under Clark
Nexsen’s contracts relating to the Plans or the Improvements except as expressly set forth in the Designer’s Consent. 

 2.5 Storage of Materials. Borrower shall cause all materials supplied for or intended
to be utilized in the construction of any of the Improvements, but not yet affixed to or incorporated into the Improvements, to be stored on the Land or at such other site as Administrative Agent may approve from time to time, in each case with
adequate safeguards to prevent loss, theft, damage or commingling with materials for other projects. Borrower shall not purchase or order materials for delivery more than ninety (90) days prior to the scheduled incorporation of such materials
into the Improvements without Administrative Agent’s prior approval. 
 2.6 Construction Consultant. Administrative
Agent may retain the services of a Construction Consultant, whose duties may include, among others, reviewing any Plans and any proposed changes to such Plans, performing construction cost analyses, observing work in place and reviewing Draw
Requests. The duties of Construction Consultant run solely to Administrative Agent for the ratable benefit of Lenders, and Construction Consultant shall have no obligations or responsibilities whatsoever to Borrower, Borrower’s architect,
engineer, contractor or any of their agents or employees. Unless prohibited by applicable Law, all fees, costs, and expenses of Construction Consultant shall be paid by Borrower. Borrower shall cooperate with Construction Consultant and will furnish
to Construction Consultant such information and other material as Construction Consultant considers necessary or useful in performing its duties. 
 2.7 Inspection. Administrative Agent (and, after advance notice to and coordination with Administrative Agent, a Lender) and its agents, including Construction Consultant, may enter upon the
Property to inspect the Property, including the Apartments Unit Project and the Office Tower/Retail Unit Project and any materials at any reasonable time, unless Administrative Agent (and, after advance notice to and coordination with Administrative
Agent, a Lender) deems such inspection is of an emergency nature, in which event Borrower shall provide Administrative Agent (and, after advance notice to and coordination with Administrative Agent, a Lender) with immediate access to the Property.
Administrative Agent (and, after advance notice to and coordination with Administrative Agent, a Lender) and its agents shall coordinate with Borrower’s on-site construction supervisor and should comply with all reasonable rules and regulations
relating to construction of each of the Apartments Unit Project and the Office Tower/Retail Unit Project. Borrower will furnish to Administrative Agent and its agents, including Construction Consultant, for inspection and copying, all Plans, shop
drawings, specifications, books and records, and other documents and information that Administrative Agent or Lenders may request from time to time. 
 2.8 Notice to Lenders. Borrower shall promptly within five (5) days after the occurrence of any of the following events, notify each Lender in writing thereof, specifying in each case the
action Borrower has taken or will take with respect thereto: (a) any violation of any Law or governmental requirement; (b) any litigation, arbitration or governmental investigation or proceeding instituted or threatened against Borrower or
any Guarantor or the Property, and any material development therein which has a likelihood of materially affecting Borrower’s or any Guarantor’s ability to pay and/or perform their obligations under the Loan

 
Documents; (c) any actual or threatened condemnation of any portion of the Property, any negotiations with respect to any such taking, or any loss of or substantial damage to the Property;
(d) any labor controversy pending or threatened against Borrower or any general contractor or any subcontractor under a “material” contract (as defined in Section 2.3), and any material development in any such labor
controversy; (e) any notice received by Borrower with respect to the cancellation, alteration or non-renewal of any insurance coverage maintained with respect to the Property; (f) any failure by
Borrower or any contractor, subcontractor or supplier under a “material” contract (as defined in Section 2.3) to perform any material obligation under any construction contract, any event or condition which would permit
termination of a construction contract or suspension of work thereunder, or any notice given by Borrower or any contractor with respect to any of the foregoing; (g) any failure by Borrower or any other party under any property management
agreement entered into with respect to the Apartments Unit Project and/or the Office Tower/Retail Unit Project, or the VBDA Documents to perform any material obligation under any such contract, any event or condition which would permit termination
of such a contract or suspension of services or performance thereunder, or notice given by Borrower or any party with respect to any of the foregoing; (h) any lien filed against the Property or any stop notice served on Borrower in connection
with construction of any Improvements; or (i) any required permit, license, certificate or approval with respect to the Property lapses or ceases to be in full force and effect. 

2.9 Financial Statements. Borrower shall deliver to Administrative Agent with sufficient copies for each Lender, in form and
detail satisfactory to Administrative Agent and Required Lenders, the Financial Statements and other statements and information at the times and for the periods described in (a) Exhibit “B” and (b) any other Loan Document,
and Borrower shall deliver to Administrative Agent with sufficient copies for each Lender from time to time such additional financial statements and information as Administrative Agent may at any time request, in form and detail satisfactory to
Administrative Agent and Required Lenders. Borrower will make all of its books, records and accounts available to Administrative Agent and its representatives at the Property upon request and will permit them to review and copy the same. Borrower
shall promptly notify Administrative Agent of any event or condition that could reasonably be expected to have a Material Adverse Effect in the financial condition of Borrower and, if known by Borrower, Guarantor, or in the construction progress of
any Improvements. Administrative Agent shall provide a copy of such Financial Statements to each Lender upon receipt. 
 2.10
Other Information. Borrower shall furnish to Administrative Agent from time to time upon Administrative Agent’s request (i) copies of any or all subcontracts entered into by contractors or subcontractors and the names and addresses
of all Persons or entities with whom Borrower or any contractor has contracted or intends to contract for the construction of any Improvements or the furnishing of labor or materials in connection therewith; (ii) copies of any or all contracts,
bills of sale, statements, receipts or other documents under which Borrower claims title to any materials, fixtures or articles of personal property incorporated or to be incorporated into any Improvements or subject to the lien of the Deed of
Trust; (iii) a list of all unpaid bills for labor and materials with respect to construction of any Improvements and copies 

 
of all invoices therefor; (iv) budgets of Borrower and revisions thereof showing the estimated costs and expenses to be incurred in connection with the completion of construction of any
Improvements; (v) the Accounts Payable List with each Draw Request for soft costs; (vi) current or updated detailed Project Schedules or other construction schedules; and (vii) such other information relating to Borrower, Guarantor,
any Improvements, the Project or any portion thereof, the Property, or any indemnitor or other Person or party connected with Borrower, any Loan, the construction of any Improvements or any security for any Loan. 

2.11 Reports and Testing. Borrower shall (a) promptly deliver to Administrative Agent copies of all reports, studies,
inspections and tests made on the Project or any materials to be incorporated into any Improvements; and (b) make such additional tests on the Project or any materials to be incorporated into the subject Improvements as Administrative Agent
reasonably requires. Borrower shall immediately notify Administrative Agent of any report, study, inspection or test that indicates any adverse condition relating to the Project, any Improvements or any such materials. 

2.12 Advertising by Lenders. Administrative Agent may erect and maintain on each of the Apartments Unit Project and the Office
Tower/Retail Unit Project one or more advertising signs approved by Administrative Agent indicating that the construction financing for each of the Apartments Unit Project and the Office Tower/Retail Unit Project has been provided by Lenders
provided such signs are in compliance with all applicable laws, codes and regulations. 
 2.13 Appraisal. Administrative
Agent may obtain from time to time, an appraisal of one or more of the Apartments Unit Project and the Office Tower/Retail Unit Project prepared in accordance with written instructions from Administrative Agent by a
third-party appraiser engaged directly by Administrative Agent. Each such appraiser and appraisal shall be satisfactory to Administrative Agent (including satisfaction of applicable regulatory requirements).
The cost of any such appraisal, shall be borne by Borrower if such appraisal is the first appraisal in any calendar year and in all events if Administrative Agent obtains such appraisal after the occurrence of a Default, and such cost is due and
payable by Borrower on demand and shall be secured by the Loan Documents. Administrative Agent shall provide a copy of such appraisal to each Lender upon receipt. 
 2.14 Payment of Withholding Taxes. Borrower shall not use, or knowingly permit any contractor or subcontractor to use, any portion of the proceeds of any Loan advance to pay the wages of employees
unless a portion of the proceeds or other funds are also used to make timely payment to or deposit with (a) the United States of all amounts of tax required to be deducted and withheld with respect to such wages under the Code, and (b) any
state and/or local Governmental Authority or agency having jurisdiction of all amounts of tax required to be deducted and withheld with respect to such wages under any applicable state and/or local Laws. 

 2.15 ERISA and Prohibited Transaction Taxes. As of the date hereof and throughout the
term of this Agreement, (a) Borrower is not and will not be (i) an “employee benefit plan”, as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); or
(ii) a “plan” within the meaning of Section 4975(e) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”); (b) the assets of Borrower do not and will not constitute “plan
assets” within the meaning of the United States Department of Labor Regulations set forth in 29 C.F.R. §2510.3-101; (c) Borrower is not and will not be a “governmental plan” within the meaning of Section 3(32) of
ERISA; (d) transactions by or with Borrower are not and will not be subject to state statutes applicable to Borrower regulating investments of fiduciaries with respect to governmental plans; and (e) Borrower shall not engage in any
transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Administrative Agent of any of Lender’s rights under this Agreement, any Note or the other Loan Documents) to be a non-exempt (under a
statutory or administrative class exemption) prohibited transaction under ERISA or Section 4975 of the Code. Borrower further agrees to deliver to Administrative Agent such certifications or other evidence of compliance with the
provisions of this Section 2.15 as Administrative Agent may from time to time request. 
 2.16 Intentionally
Omitted. 
 2.17 Electronic Delivery. 
 (a) Documents required to be delivered pursuant to Section 2.9, Exhibit “B”, and/or Exhibit “O” (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Borrower posts such documents, or provides a link thereto on Borrower’s website on the
Internet at the website address listed on Borrower’s signature page to this Agreement; or (ii) on which such documents are posted on Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and Administrative
Agent have access (whether a commercial, third-party website or whether sponsored by Administrative Agent); provided that: (i) Borrower shall deliver paper copies of such documents to Administrative Agent or any Lender upon its request to
Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by Administrative Agent or such Lender and (ii) Borrower shall notify Administrative Agent and each Lender (by facsimile or electronic mail)
of the posting of any such documents and provide to Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Administrative Agent shall have no obligation to request the delivery of or to maintain paper
copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or
maintaining its copies of such documents. 
 (b) Borrower hereby acknowledges that (i) Administrative Agent and/or Arranger
may, but shall not be obligated to, make available to the Lenders materials and/or information provided by or on behalf of Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on Debt Domain,
IntraLinks, Syndtrak or another similar electronic system (the “Platform”) and (ii) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information
with respect to Borrower or its Affiliates, or 

 
the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Person’s securities. Borrower hereby agrees
that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first
page thereof; (x) by marking Borrower Materials “PUBLIC,” Borrower shall be deemed to have authorized Administrative Agent, Arranger and Lenders to treat such Borrower Materials as not containing any material non-public information
with respect to Borrower or its securities for purposes of United States Federal and state securities Laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 6.6); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information,” and (z) Administrative Agent and Arranger shall be
entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” 

2.18 Swap Contracts. Within thirty (30) days after the date hereof, Borrower shall have entered into a Swap Contract for each
Loan with Administrative Agent, an affiliate of Administrative Agent or with another financial institution approved by Administrative Agent in writing upon terms and subject to such conditions as shall be acceptable to Borrower and Administrative
Agent. Borrower shall comply with all of the terms and conditions of Exhibit “R” with respect to all Swap Contracts, as applicable. 
 2.19 Property Management. Any property management agreement entered into by Borrower with respect to either Project shall be subject to Administrative Agent’s prior approval, in Administrative
Agent’s sole but reasonable discretion, and upon execution of any property management agreement by Borrower, Borrower shall cause the property manager under such agreement to enter into a consent and assignment in favor of Administrative Agent
in form and substance satisfactory to Administrative Agent. 
 2.20 Fees to Affiliates. Any fees to any Affiliate,
principal, partner, limited partner, sureties or related entity shall be subordinate to Lender’s rights and liens under the Loan Documents. 
 2.21 Permitted Transfers. 
 (a) Notwithstanding anything to the contrary in
this Agreement or in any of the other Loan Documents, the following may occur from time to time without the need to obtain consent from Administrative Agent or Lenders, so long as it does not result in a Change of Control (defined below):

 (i) shares of capital stock of REIT may be issued, offered or sold by REIT or sold, transferred, pledged,
assigned or conveyed in any manner by stockholders of REIT from time to time and at any time in the open market or otherwise; or 
 (ii) limited partnership interests in Operating Partnership may be (i) issued to (A) any number of existing or additional limited partners in Operating Partnership in consideration (in whole or
in part) of the transfer to Operating Partnership (or 

 
subsidiaries thereof) of cash, assets or other consideration (including any transfers to the officers, directors or employees of REIT, Operating Partnership or any of their employees pursuant to
REIT’s 2013 Equity Incentive Plan), or (B) REIT (or the sole general partner of Operating Partnership, if not REIT) in exchange for any contribution of cash, assets or other consideration by REIT (or such sole general partner, if not REIT)
to Operating Partnership (including any transfers to REIT in connection with any awards pursuant to REIT’s 2013 Equity Incentive Plan) and (ii) sold, transferred, pledged, assigned or conveyed in any manner by REIT and by limited partners
of Operating Partnership from time to time and at any time. 
 (b) As used herein, the term “Change of Control” means
an event or series of events by which: 
 (i) any “person” or “group” (as such terms are
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all
securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of thirty-five percent (35%) or
more of the equity securities of REIT entitled to vote for members of the board of directors or equivalent governing body of REIT on a fully-diluted basis (and taking into account all such securities that such person or group has the right to
acquire pursuant to any option right); or 
 (ii) during any period of twelve (12) consecutive months,
a majority of the members of the board of directors or other equivalent governing body of REIT cease to be composed of individuals (x) who were members of that board or equivalent governing body on the first day of such period, (y) whose
election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (x) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body
or (z) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (x) and (y) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body (excluding, in the case of both clause (y) and clause (z), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a
result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of
directors); or 
 (iii) the passage of thirty (30) days from the date upon which any Person or two or
more Persons acting in concert shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or
indirectly, a 

 
controlling influence over the management or policies of REIT, or control over the equity securities of REIT entitled to vote for members of the board of directors or equivalent governing body of
REIT on a fully-diluted basis (and taking into account all such securities that such Person or group has the right to acquire pursuant to any option right) representing thirty-five percent (35%) or more of the combined voting power of such
securities; or 
 (iv) REIT shall cease to be the sole general partner of Operating Partnership; or

 (v) the general partner of Operating Partnership shall no longer Control Operating Partnership; or

 (vi) REIT shall cease to own, directly or indirectly, at least forty percent (40%) of the equity
interests of Operating Partnership; or 
 (vii) Operating Partnership shall cease to own, directly or indirectly,
one hundred percent (100%) of the equity interests of Borrower free and clear of any liens (other than liens in favor of Lender). 
 (c) As used herein the term “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the
ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 
 (d) As used herein the term “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other
entity. 
 2.22 Insurance Reporting. Until the final advance for improvements, Borrower shall (i) deliver to
Administrative Agent copies of all quarterly insurance reporting forms delivered to any insurance company engaged by Borrower to provide builder’s risk insurance and approved by Administrative Agent, as and when delivered to such insurance
company and (ii) deliver to Administrative Agent, on a monthly basis between quarterly reports, copies of the most recent quarterly reporting until the next quarterly report is delivered. 

ARTICLE 3 REPRESENTATIONS AND WARRANTIES 
 To induce Lenders to make each Loan, Borrower hereby represents and warrants to Administrative Agent and Lenders that except as otherwise disclosed to Administrative Agent in writing (a) Borrower has
complied with any and all Laws and regulations concerning its organization, existence and the transaction of its business, and has the right and power to own its Property and to develop all Improvements as contemplated in this Agreement and the
other Loan Documents; (b) Borrower is authorized to execute, deliver and perform all of its obligations under the Loan Documents; (c) the Loan Documents are valid and binding obligations of Borrower; (d) Borrower is not in violation
of any Law, regulation or ordinance, or any order of any court or Governmental Authority, and no provision of the Loan Documents violates any 

 
applicable Law, any covenants or restrictions affecting the Property, any order of any court or Governmental Authority or any contract or agreement binding on Borrower or the Property, including
the VBDA Documents; (e) Borrower is not a party to any tax sharing agreement; there is no proposed tax assessment against Borrower or Guarantor (except for the current annual tax assessment against the Property); to the extent required by
applicable Law, Borrower and Guarantor have filed all necessary tax returns and reports and have paid all taxes and governmental charges thereby shown to be owing, and Borrower does not intend to treat each Loan and related transactions as being a
“reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4); (f) all Plans are complete in all material respects, contain all necessary detail and are adequate for construction of the subject
Improvements, are satisfactory to Borrower, have been approved by all applicable Governmental Authorities, have been accepted by each contractor, have been accepted by VBDA to the extent VBDA has any rights to approve such Plans under the VBDA
Documents and comply with the Loan Documents and all applicable Laws, restrictive covenants, and governmental requirements, rules, and regulations; (g) the Land is not part of a larger tract of land owned by Borrower or any of its affiliates or
any Guarantor, is not (except for the Condominium Documents) otherwise included under any unity of title or similar covenant with other lands not encumbered by the Deed of Trust, and each of the Parking Unit, Apartments Unit, Office Tower Unit and
Retail Unit constitutes a separate tax lot or lots with a separate tax assessment or assessments therefor, independent of those for any other lands or improvements; (h) the Land and all Improvements comply with all Laws and governmental
requirements, including all subdivision and platting requirements, and condominium laws, without reliance on any adjoining or neighboring property; (i) all Plans do, and all Improvements when constructed will, comply with all legal requirements
regarding access and facilities for handicapped or disabled persons; (j) Borrower has not directly or indirectly conveyed, assigned or otherwise disposed of or transferred (or agreed to do so) any development rights, air rights or other similar
rights, privileges or attributes with respect to the Property, including those arising under any zoning or land use ordinance or other Law or governmental requirement; (k) the Project Schedule for each of the Apartments Unit Project and the
Office Tower/Retail Unit Project is realistic and the applicable Completion Date is a reasonable estimate of the time required to complete the Apartments Unit Project and the Office Tower/Retail Unit Project; (l) the Financial Statements
delivered to Administrative Agent are true, correct, and complete in all material respects as of the date any such Financial Statement was delivered to Administrative Agent, and there has been no event or condition that could reasonably be expected
to have a Material Adverse Effect in Borrower’s or Guarantor’s financial condition from the financial condition of Borrower or Guarantor (as the case may be) indicated in such Financial Statements; (m) all utility services necessary
for the development of the Land and the construction of all Improvements and the operation thereof for their intended purpose are available at the boundaries of the Land, including electric and natural gas facilities, telephone service, water
supply, storm and sanitary sewer facilities; (n) except as otherwise provided for in the Loan Documents, the Borrower has made no contract or arrangement of any kind the performance of which by the other party thereto would give rise to a lien
on the Property; (o) the current and anticipated use of the Property complies with all applicable zoning ordinances, regulations and restrictive covenants affecting the Land without the existence of any variance, non-complying use,
nonconforming use or other special exception, all use restrictions of any Governmental Authority having jurisdiction have been satisfied, and no violation of any Law or regulation exists with respect thereto; (p) attached hereto as Exhibit
“J” is a list of all site 

 
bonds required in connection with completion of all Improvements, and to the best of Borrower’s knowledge, no other bonds or other security are currently required or will be required prior
to completion of the Improvements; (q) VBDA has approved the Construction Contracts (as defined in the VBDA Development Agreement) and Plans (as defined in the VBDA Development Agreement) to the extent required under the VBDA Documents;
(r) attached hereto as Exhibit “P” is a complete list of all approvals, permits and entitlements for the design, development, construction, completion and equipping, operation and occupancy of each of the Apartments Unit
Project and the Office Tower/Retail Unit Project and there are no approvals, permits, authorizations, agreements, easements, dedications or similar agreements required for the construction of the Apartments Unit Project or the Office Tower/Retail
Unit Project not set forth on Exhibit “P”; (s) Borrower is in compliance with the VBDA Documents; (t) Town Center Associates 11, L.L.C., as “Declarant” or otherwise under the Condominium Declaration or the VBDA
Documents, has no further rights under the Condominium Declaration and the Borrower has all rights of “Declarant” under the Condominium Declaration, including all voting interests (except to the extent assigned to the Parking Unit);
(u) Borrower is in compliance with the Condominium Documents and there are no defaults by any party under the Condominium Documents; (v) the “as stabilized” budget provided by Borrower to Administrative Agent includes all
expenses required to be paid by Borrower under the Condominium Documents and any “as stabilized” budgets delivered to Administrative Agent hereafter will include all expenses required to be paid by Borrower under the Condominium Documents;
and (w) the Borrower acknowledges, understands and agrees that the Project is an integrated whole and that Administrative Agent and the Lenders would not make the Loan to Borrower unless it also made the Parking Unit Project Loan to TCA 11
Garage and the Loan and the Parking Unit Project Loan were cross-collateralized and cross-defaulted with one another. 

ARTICLE 4 DEFAULT AND REMEDIES 
 4.1 Events of Default. The occurrence of any one of the following shall be a default under this Agreement (“Default”): (a) any of the Indebtedness is not paid within five
(5) days after the date when due, whether on the scheduled due date or upon acceleration, maturity or otherwise; (b) any covenant, agreement, condition, representation or warranty in this Agreement (other than covenants to pay the
Indebtedness and other than Defaults expressly listed in this Section) is not fully and timely performed, observed or kept within thirty (30) days after written notice from Administrative Agent or within such longer period not to exceed sixty
(60) days after written notice from Administrative Agent as may be required to cure such default, provided Borrower has commenced and is diligently seeking to effect such a cure (except no notice or cure period shall be required if
Administrative Agent is legally precluded from giving such notice or determines that such notice and cure period might impair any collateral for the Indebtedness); (c) any statement, representation or warranty in any of the Loan Documents, or
in any Budget, Financial Statement or any other writing heretofore or hereafter delivered to Administrative Agent or any Lender in connection with the Indebtedness is false, misleading or erroneous in any material respect on the date hereof or on
the date as of which such statement, representation or warranty is made; (d) the occurrence of a Default or Event of Default under any other Loan Document (taking into account any applicable notice and cure period set forth in such Loan
Document) or the occurrence of a Default or Event of Default under any Parking Unit 

 
Project Loan Documents (taking into account any applicable notice and cure period set forth in such Parking Unit Project Loan Document); (e) the execution and/or filing of any affidavit of
commencement stating construction on the Property commenced at a time which would cause any mechanic’s or materialmen’s or similar lien to have priority over the Deed of Trust and such is not discharged, bonded off or the enforcement of
which is stayed in a manner satisfactory to Administrative Agent within twenty (20) business days after such execution and/or filing; (f) construction of any Improvements ceases for more than ten (10) days (whether or not consecutive)
except for Excusable Delays; (g) the construction of any Improvements, or any materials for which an advance has been requested, fails to comply in any material respect with applicable Plans, the Loan Documents, any Laws or governmental
requirements, or any applicable restrictive covenants, and such noncompliance is not corrected within twenty (20) days after Borrower becomes aware thereof or within such longer period of time not to exceed sixty (60) days after Borrower
becomes aware thereof as may be required to correct such noncompliance, provided Borrower has commenced and is diligently seeking to correct such noncompliance; (h) Borrower fails to satisfy any condition precedent to the obligation of
Lenders to make an advance; (i) construction of any Improvements is abandoned or Borrower fails to complete construction of any Improvements (and obtain all applicable permits, licenses, certificates and approvals) in accordance with this
Agreement on or before the applicable Completion Date; (j) any required permit, license, certificate or approval with respect to the Property lapses or ceases to be in full force and effect and is not reinstated within ten (10) days
thereafter; (k) a Borrower’s Deposit is not made with Administrative Agent within seven (7) days after Administrative Agent’s request therefor in accordance with Section 1.5; (l) construction is enjoined or
Borrower, Administrative Agent or a Lender is enjoined or prohibited from performing any of its respective obligations under any of the Loan Documents and such injunction or prohibition is not lifted or removed within ten (10) days thereafter;
(m) the owner of the Property enters into any lease of part or all of the Property or any contract of sale for part or all of the Property which does not comply with the Loan Documents; (n) a lien for the performance of work or the supply
of materials which is established against the Property or any part thereof, or any stop notice served on Borrower, the general contractor, Administrative Agent or a Lender, remains unsatisfied or unbonded or is not affirmatively insured over and
against by title insurance in a manner satisfactory to Administrative Agent for a period of twenty (20) days after the date Borrower becomes aware of such filing or service; (o) the occurrence of any condition or situation which, in the
sole determination of Administrative Agent, constitutes a danger to or impairment of the Property or any part thereof or the lien of the Deed of Trust, if such condition or situation is not remedied within ten (10) days after written notice to
the Borrower thereof; (p) the entry of a judgment against Borrower in excess of $25,000 or any Guarantor in excess of $500,000 or the issuance of any attachment, sequestration, or similar writ levied upon any of its property which is not
discharged or bonded off within a period of ten (10) days in the case of Borrower or thirty (30) days in the case of Guarantor; (q) Administrative Agent determines that an event or condition that could reasonably be expected to have a
Material Adverse Effect has occurred in the financial condition of Borrower or any Guarantor or in the condition of the Property; (r) (i) any of the VBDA Documents ceases to be in full force and effect or is modified in any respect without
Administrative Agent’s consent, (ii) at Administrative Agent’s sole option, the occurrence of a default by any Borrower under any of the VBDA Documents which is not cured by Borrower within any applicable notice and cure period (if
any) provided in such document and which Administrative Agent determines, in its 

 
sole opinion, would or could have a material adverse impact on the operation of all or any portion of the Project or the prospect of repayment of all or any portion of the Indebtedness,
irrespective of the Guaranty, and performance of the Obligations in accordance with this Agreement, or (iii) at Administrative Agent’s sole option, the occurrence of a default by any other party to any of the VBDA Documents which is not
cured by such other party within any applicable notice and cure period (if any) provided in such document and which Administrative Agent determines, in its sole opinion, would or could have a material adverse impact on the operation of all or any
portion of the Project or the prospect of repayment of the Indebtedness and performance of the Obligations, unless within thirty (30) days after Administrative Agent gives to Borrower notice of its determination that the default by such other
party would or could have such a material adverse impact and such defaulting party is a party other than the VBDA, Borrower replaces the non-VBDA defaulting party and the defaulted contract with a replacement party and contract which are
satisfactory to Administrative Agent in its sole discretion; (s) a default occurs under Section 2.18 of this Agreement; (t) the death, incompetency, dissolution or insolvency of Borrower or any Guarantor; (u) a default
occurs under any permanent loan commitment and/or any tri-party agreement with any permanent lender, if any, which is not cured within any applicable notice and cure period (if any) provided in such document; (v) a Change of Control without
Administrative Agent’s consent; (w) Borrower, Guarantor, or any Person liable, directly or indirectly, for any part of the Indebtedness (or any general partner or joint venturer of any of the foregoing): 

(i) (A) Executes an assignment for the benefit of creditors, or takes any action in furtherance thereof; or
(B) admits in writing its inability to pay, or fails to pay, its debts generally as they become due; or (C) as a debtor, files a petition, case, proceeding or other action pursuant to, or voluntarily seeks the benefit or benefits of, any
Debtor Relief Law, or takes any action in furtherance thereof; or (D) seeks the appointment of a receiver, trustee, custodian or liquidator of the Property or any part thereof or of any significant portion of its other property; or 

(ii) Suffers the filing of a petition, case, proceeding or other action against it as a debtor under any Debtor Relief Law
or seeking appointment of a receiver, trustee, custodian or liquidator of the Property or any part thereof or of any significant portion of its other property, and (A) admits, acquiesces in or fails to contest diligently the material
allegations thereof, or (B) the petition, case, proceeding or other action results in entry of any order for relief or order granting relief sought against it, or (C) in a proceeding under Debtor Relief Laws, the case is converted from one
chapter to another, or (D) fails to have the petition, case, proceeding or other action permanently dismissed or discharged on or before the earlier of trial thereon or the ninetieth (90th) day following the date of its filing; or

 (iii) Conceals, removes, or permits to be concealed or removed, any part of its property, with intent to
hinder, delay or defraud its creditors or any of them, or makes or suffers a transfer of any of its property which may be fraudulent under any fraudulent conveyance law or Debtor Relief Law; or makes any transfer of its property to or for the
benefit of a creditor at a time when other creditors similarly situated have not been paid; or suffers or permits, while insolvent, any creditor to obtain a lien (other than as 

 
described in Subsection (iv) below) upon any of its property through legal proceedings which are not vacated and such lien is not discharged prior to enforcement thereof or in any
event within sixty (60) days from the date thereof; or 
 (iv) Fails to have discharged within a period of
ten (10) days any attachment, sequestration, or similar writ levied upon any of its property; or 
 (v)
Fails to pay any final, non-appealable money judgment against it within (i) thirty (30) days of such judgment in the case of Guarantor or (ii) ten (10) days in the case of Borrower; provided that it shall be a Default if Borrower
or Guarantor does not pay any money judgment against it within thirty (30) days after Borrower’s receipt of written notice from Administrative Agent in the event Administrative Agent determines that Borrower is not diligently pursuing an
appeal or Borrower has elected not to appeal any money judgment. 
 4.2 Remedies. Upon a Default, Administrative Agent
may with the consent of, and shall at the direction of the Required Lenders, without notice, exercise any and all rights and remedies afforded by this Agreement, the other Loan Documents, Law, equity or otherwise, including (a) declaring any
and all Indebtedness or any portion thereof immediately due and payable; (b) reducing any claim to judgment; or (c) obtaining appointment of a receiver (to which Borrower hereby consents) and/or judicial or nonjudicial foreclosure under
the Deed of Trust; provided, however, that upon a Default, Administrative Agent at its election may (but shall not be obligated to) without the consent of and shall at the direction of the Required Lenders, without notice, do any one
or more of the following: (a) terminate Lenders’ Commitment to lend and any obligation to disburse any Borrower’s Deposit hereunder; (b) in its own name on behalf of the Lenders or in the name of Borrower, enter into possession
of the Property, perform all work necessary to complete construction of any Improvements substantially in accordance with the applicable Plans (as modified as deemed necessary by Administrative Agent), the Loan Documents, and all applicable Laws,
governmental requirements and restrictive covenants, and continue to employ Borrower’s architect, engineer and any contractor pursuant to the applicable contracts or otherwise; or (c) set-off and
apply, to the extent thereof and to the maximum extent permitted by Law, any and all deposits, funds, or assets at any time held and any and all other indebtedness at any time owing by Administrative Agent or any Lender to or for the credit or
account of Borrower against any Indebtedness. 
 Borrower hereby appoints Administrative Agent as Borrower’s attorney-in-fact, which power of attorney is irrevocable and coupled with an interest, with full power of substitution if Administrative Agent so elects, to do any of the
following in Borrower’s name upon the occurrence of a Default: (i) use such sums as are necessary, including any proceeds of any Loan and any Borrower’s Deposit, make such changes or corrections in any Plans, and employ such
architects, engineers, and contractors as may be required, or as Lenders may otherwise consider desirable, for the purpose of completing construction of any Improvements substantially in accordance with the applicable Plans (as modified as deemed
necessary by Administrative Agent), the Loan Documents, and all applicable Laws, governmental requirements and restrictive covenants; (ii) execute all applications and certificates in the name of Borrower which may be

 
required for completion of construction of any Improvements; (iii) endorse the name of Borrower on any checks or drafts representing proceeds of any insurance policies, or other checks or
instruments payable to Borrower with respect to the Property; (iv) do every act with respect to the construction of any Improvements that Borrower may do; (v) prosecute or defend any action or proceeding incident to the Property,
(vi) pay, settle, or compromise all bills and claims so as to clear title to the Property; and (vii) take over and use all or any part of the labor, materials, supplies and equipment contracted for, owned by, or under the control of
Borrower, whether or not previously incorporated into any Improvements. Any amounts expended by Administrative Agent itself or on behalf of Lenders to construct or complete any Improvements or in connection with the exercise of its remedies herein
shall be deemed to have been advanced to Borrower hereunder as a demand obligation owing by Borrower to Administrative Agent or Lenders as applicable and shall constitute a portion of the Indebtedness, regardless of whether such amounts exceed any
limits for Indebtedness otherwise set forth herein. Neither Administrative Agent nor Lenders shall have any liability to Borrower for the sufficiency or adequacy of any such actions taken by Administrative Agent. 

No delay or omission of Administrative Agent or Lenders to exercise any right, power or remedy accruing upon the happening of a Default
shall impair any such right, power or remedy or shall be construed to be a waiver of any such Default or any acquiescence therein. No delay or omission on the part of Administrative Agent or Lenders to exercise any option for acceleration of the
maturity of the Indebtedness, or for foreclosure of the Deed of Trust following any Default as aforesaid, or any other option granted to Administrative Agent and Lenders hereunder in any one or more instances, or the acceptances by Administrative
Agent or Lenders of any partial payment on account of the Indebtedness, shall constitute a waiver of any such Default, and each such option shall remain continuously in full force and effect. No remedy herein conferred upon or reserved to
Administrative Agent and/or Lenders is intended to be exclusive of any other remedies provided for in any Note or any of the other Loan Documents, and each and every such remedy shall be cumulative, and shall be in addition to every other remedy
given hereunder, or under any Note or any of the other Loan Documents, or now or hereafter existing at Law or in equity or by statute. Every right, power and remedy given to Administrative Agent and Lenders by this Agreement, any Note or any of the
other Loan Documents shall be concurrent, and may be pursued separately, successively or together against Borrower, or the Property or any part thereof, or any personal property granted as security under the Loan Documents, and every right, power
and remedy given by this Agreement, any Note or any of the other Loan Documents may be exercised from time to time as often as may be deemed expedient by the Required Lenders. 
 Regardless of how a Lender may treat payments received from the exercise of remedies under the Loan Documents for the purpose of its own accounting, for the purpose of computing the Indebtedness, payments
shall be applied as elected by Lenders. No application of payments will cure any Default, or prevent acceleration, or continued acceleration, of amounts payable under the Loan Documents, or prevent the exercise, or continued exercise, of rights or
remedies of Administrative Agent and Lenders hereunder or thereunder or at Law or in equity. 

 ARTICLE 5 ADMINISTRATIVE AGENT 

5.1 Appointment and Authorization of Administrative Agent. 

5.1.1 Each Lender hereby irrevocably (subject to Section 5.9) appoints, designates and authorizes Administrative Agent to
take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document,
together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, Administrative Agent shall not have any duties or responsibilities, except those
expressly set forth herein, nor shall Administrative Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with reference to
Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or
reflect only an administrative relationship between independent contracting parties. 
 5.1.2 No individual Lender or group of
Lenders shall have any right to amend or waive, or consent to the departure of any party from any provision of any Loan Document, or secure or enforce the obligations of Borrower or any other party pursuant to the Loan Documents, or otherwise. All
such rights, on behalf of Administrative Agent or any Lender or Lenders, shall be held and exercised solely by and at the option of Administrative Agent for the pro rata benefit of the Lenders. Such rights, however, are subject to the rights of a
Lender or Lenders, as expressly set forth in this Agreement, to approve matters or direct Administrative Agent to take or refrain from taking action as set forth in this Agreement. Except as expressly otherwise provided in this Agreement or the
other Loan Documents, Administrative Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights, or taking or refraining from taking any actions which Administrative Agent is
expressly entitled to exercise or take under this Agreement and the other Loan Documents, including, without limitation, (i) the determination if and to what extent matters or items subject to Administrative Agent’s satisfaction are
acceptable or otherwise within its discretion, (ii) the making of Administrative Agent Advances, and (iii) the exercise of remedies pursuant to, but subject to, Article 4 or pursuant to any other Loan Document, or the exercise of
rights and remedies pursuant to any tri-party agreement, if applicable, and any action so taken or not taken shall be deemed consented to by Lenders. 
 5.1.3 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to Borrower or Guarantor,
no individual Lender or group of Lenders shall have the right, and Administrative Agent (irrespective of whether the principal of any Loan shall then be due 

 
and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand on the Borrower) shall be exclusively entitled and
empowered on behalf of itself and the Lenders, by intervention in such proceeding or otherwise: 
 (i) to file
and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of each Loan and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders and Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and Administrative Agent and their respective agents and counsel) and all other amounts due the
Lenders and Administrative Agent under Section 6.10 and Exhibit K allowed in such judicial proceeding; and 
 (ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to
Administrative Agent and, in the event that Administrative Agent shall consent to the making of such payments directly to Lenders, to pay to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of
Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under Section 6.10. 
 Nothing
contained herein shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting any Loan or the Obligations or the
rights of Lenders except as approved by Required Lenders or to authorize Administrative Agent to vote in respect of the claims of Lenders except as approved by Required Lenders in any such proceeding. 

5.2 Delegation of Duties. Administrative Agent may execute any of its duties under this Agreement or any other Loan Document by or
through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultant experts concerning all matters pertaining to such duties.
Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects with reasonable care. 

5.3 Liability of Administrative Agent. No Agent-Related Persons shall (i) be liable for any action taken or omitted to be
taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of
Lenders for any recital, statement, representation or warranty made by Borrower or any subsidiary or Affiliate of Borrower, or any officer thereof, contained herein or in any other Loan Document, or in any certificate, report, statement or other
document referred to or provided for in, or received by Administrative Agent under or in connection with, this Agreement or any other 

 
Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of Borrower or any other party to any
Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the properties, books or records of Borrower, Guarantor, permanent lender, if applicable, or any of their Affiliates. 

5.4 Reliance by Administrative Agent. Administrative Agent shall be entitled to rely, and shall be fully protected in relying,
upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or
made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any party to the Loan Documents), independent accountants and other experts selected by Administrative Agent. Administrative Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders or all Lenders if required hereunder as it deems appropriate
and, if it so requests, it shall first be indemnified to its satisfaction by Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Administrative Agent shall in all
cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders or such greater number of Lenders as may be expressly required hereby
in any instance, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. In the absence of written instructions from the Required Lenders or such greater number of Lenders, as expressly
required hereunder, Administrative Agent may take or not take any action, at its discretion, unless this Agreement specifically requires the consent of the Required Lenders or such greater number of Lenders. 

5.5 Notice of Default. Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default,
unless Administrative Agent shall have received written notice from a Lender, permanent lender, if applicable, or Borrower referring to this Agreement, describing such Default that Administrative Agent determines will have a Material Adverse Effect.
Administrative Agent will notify Lenders of its receipt of any such notice. Administrative Agent shall take such action with respect to such Default as may be requested by the Required Lenders in accordance with Article 4; provided,
however, that unless and until Administrative Agent has received any such request, Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem
advisable or in the best interest of Lenders. 

 5.6 Credit Decision; Disclosure of Information by Administrative Agent. 

5.6.1 Each Lender acknowledges that none of Agent-Related Persons has made any representation or warranty to it, and that no act by
Administrative Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of Borrower, permanent lender, if applicable, and Guarantor, shall be deemed to constitute any representation or warranty by any
Agent-Related Person to any Lenders as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to Administrative Agent that it has, independently and without reliance
upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and
creditworthiness of Borrower, permanent lender, if applicable, and Guarantor, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend
credit to Borrower and Guarantor hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects,
operations, property, financial and other condition and creditworthiness of Borrower, permanent lender, if applicable, and Guarantor. 
 5.6.2 Administrative Agent upon its receipt shall provide each Lender such notices, reports and other documents expressly required to be furnished to Lenders by Administrative Agent herein. To the extent
not already available to a Lender, Administrative Agent shall also provide the Lender and/or make available for the Lender’s inspection during reasonable business hours and at the Lender’s expense, upon the Lender’s written request
therefor: (i) copies of the Loan Documents; (ii) such information as is then in Administrative Agent’s possession in respect of the current status of principal and interest payments and accruals in respect of each Loan;
(iii) copies of all current financial statements in respect of Borrower, or any Guarantor or other Person liable for payment or performance by Borrower of any obligations under the Loan Documents, then in Administrative Agent’s possession
with respect to each Loan; and (iv) other current factual information then in Administrative Agent’s possession with respect to each Loan and bearing on the continuing creditworthiness of Borrower, permanent lender, if applicable, or any
Guarantor, or any of their respective Affiliates; provided that nothing contained in this Section shall impose any liability upon Administrative Agent for its failure to provide a Lender any of such Loan Documents, information, or financial
statements, unless such failure constitutes willful misconduct or gross negligence on Administrative Agent’s part; and provided, further, that Administrative Agent shall not be obligated to provide any Lender with any information
in violation of Law or any contractual restrictions on the disclosure thereof (provided such contractual restrictions shall not apply to distributing to a Lender factual and financial information expressly required to be provided herein). Except as
set forth above, Administrative Agent shall not have any duty or responsibility to provide any Lenders with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of Borrower, permanent lender, if applicable, or Guarantor or any of their respective Affiliates which may come into the possession of any of Agent-Related Persons. 

 5.7 Indemnification of Administrative Agent. Whether or not the transactions
contemplated hereby are consummated, Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so), pro rata, and hold harmless each
Agent-Related Person from and against any and all Indemnified Liabilities incurred by it; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to
the extent determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Agent-Related Person’s own gross negligence or willful misconduct; provided, however, that no action taken
in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, to the extent that Administrative Agent is not
reimbursed by or on behalf of Borrower, each Lender shall reimburse Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses
(including attorney fees) incurred by Administrative Agent as described in Section 6.10. The undertaking in this Section shall survive the payment of all Indebtedness hereunder and the resignation or replacement of Administrative Agent.

 5.8 Administrative Agent in Individual Capacity. Administrative Agent, in its individual capacity, and its Affiliates
may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with any party to the Loan
Documents and their respective Affiliates as though Administrative Agent were not Administrative Agent hereunder and without notice to or consent of Lenders. Lenders acknowledge that Borrower and Bank of America, N.A. or its Affiliate have entered
or may enter into Swap Transactions. A portion of any Loan may be funded to honor Borrower’s payment obligations under the terms of such Swap Transactions, and Lenders shall have no right to share in any portion of such payments. Borrower may
also make direct payments to Bank of America, N.A. or its Affiliates with respect to obligations under the terms of such Swap Transactions, and Lenders shall have no right to share in any portion of such payments. Notwithstanding the forgoing, if
Borrower enters into any Swap Transaction other than a cap transaction, one or more Lenders may enter into a Swap Participation Agreement with Bank of America, N.A., as “Swap Bank,” which Swap Participation Agreement shall govern the
rights of the parties with respect to such Swap Transactions. Lenders acknowledge that, pursuant to such activities, Bank of America, N.A. or its Affiliates may receive information regarding any party to the Loan Documents, or their respective
Affiliates (including information that may be subject to confidentiality obligations in favor of such parties or such parties’ Affiliates) and acknowledge that Administrative Agent shall be under no obligation to provide such information to
them. With respect to its Pro Rata Share of each Loan, Bank of America, N.A. shall have the same rights and powers under this Agreement as any other Lenders and may exercise such rights and powers as though it were not Administrative Agent or a
party to Swap Transactions, and the terms “Lender” and “Lenders” include Bank of America, N.A. in its individual capacity. 

 5.9 Successor Administrative Agent. Administrative Agent may, and at the request of
the Required Lenders as a result of Administrative Agent’s gross negligence or willful misconduct in performing its duties under this Agreement shall, resign as Administrative Agent upon 30 days’ notice to Lenders. If Administrative Agent
resigns under this Agreement, the Required Lenders shall appoint from among Lenders a successor administrative agent for Lenders, which successor administrative agent shall be consented to by the Borrower at all times other than during the existence
of a Default (which consent of the Borrower shall not be unreasonably withheld or delayed). If no successor administrative agent is appointed prior to the effective date of the resignation of Administrative Agent, Administrative Agent may appoint,
after consulting with Lenders and Borrower, a successor administrative agent from among Lenders. Upon the acceptance of its appointment as successor administrative agent hereunder, such successor administrative agent shall succeed to all the rights,
powers and duties of the retiring Administrative Agent and the term “Administrative Agent” shall mean such successor administrative agent, and the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent
shall be terminated. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article and other applicable Sections of this Agreement shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was Administrative Agent under this Agreement. If no successor administrative agent has accepted appointment as Administrative Agent by the date which is thirty (30) days following a retiring Administrative
Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and Lenders shall perform all of the duties of Administrative Agent hereunder until such time, if any, as the
Required Lenders appoint a successor agent as provided for above. 
 5.10 Releases; Acquisition and Transfers of
Collateral. 
 5.10.1 Lenders hereby irrevocably authorize Administrative Agent to transfer or release any lien on, or after
foreclosure or other acquisition of title by Administrative Agent on behalf of Lenders to transfer or sell, any Loan collateral (i) upon the termination of the Commitments and payment and satisfaction in full of all Indebtedness; (ii) to
any permanent lender or its assigns pursuant to any tri-party agreement, if applicable; (iii) constituting a release, transfer or sale of a lien or property if Borrower or permanent lender, if applicable, will certify to Administrative Agent
that the release, transfer or sale is permitted under this Agreement or the other Loan Documents (and Administrative Agent may rely conclusively on any such certificate, without further inquiry); or (iv) after foreclosure or other acquisition
of title (1) for a purchase price of at least 90% of the value indicated in the most recent appraisal of the collateral obtained by Administrative Agent made in accordance with regulations governing Administrative Agent, less any reduction
indicated in the appraisal estimated by experts in such areas; and (2) if approved by the Required Lenders. 
 5.10.2 If
all or any portion of the Loan collateral is acquired by foreclosure or by deed in lieu of foreclosure, Administrative Agent shall take title to the collateral in its name or by an Affiliate of Administrative Agent, but for the benefit of all
Lenders in their Pro Rata Shares on the date of the foreclosure sale or recordation of the deed in lieu of foreclosure (the “Acquisition Date”). Administrative Agent and all Lenders hereby expressly waive and relinquish any right of
partition with respect to any collateral so acquired. After any collateral is 

 
acquired, Administrative Agent shall appoint and retain one or more Persons (individually and collectively, “Property Manager”) experienced in the management, leasing, sale
and/or dispositions of similar properties. 
 After consulting with the Property Manager, Administrative Agent shall prepare a written plan for
completion of construction (if required), operation, management, improvement, maintenance, repair, sale and disposition of Loan collateral and a budget for the aforesaid, which may include a reasonable management fee payable to Administrative Agent
(the “Business Plan”). Administrative Agent will deliver the Business Plan not later than the sixtieth (60th) day after the Acquisition Date to each Lender with a written request for approval of the Business Plan. If the
Business Plan is approved by the Required Lenders, Administrative Agent and the Property Manager shall adhere to the Business Plan until a different Business Plan is approved by the Required Lenders. Administrative Agent may propose an amendment to
the Business Plan as it deems appropriate, which shall also be subject to Required Lender approval. If the Business Plan (as may be amended) proposed by Administrative Agent is not approved by the Required Lenders, (or if sixty (60) days have
elapsed following the Acquisition Date without a Business Plan being proposed by Administrative Agent), any Lender may propose an alternative Business Plan, which Administrative Agent shall submit to all Lenders for their approval. If an alternative
Business Plan is approved by the Required Lenders, Administrative Agent may appoint one of the approving Lenders to implement the alternative Business Plan. Notwithstanding any other provision of this Agreement, unless in violation of an approved
Business Plan or otherwise in an emergency situation, Administrative Agent shall, subject to subsection (a) of this Section, have the right but not the obligation to take any action in connection with Loan collateral (including those with
respect to property taxes, insurance premiums, completion of construction, operation, management, improvement, maintenance, repair, sale and disposition), or any portion thereof. 

5.10.3 Upon request by Administrative Agent or Borrower at any time, Lenders will confirm in writing Administrative Agent’s
authority to sell, transfer or release any such liens of particular types or items of Loan collateral pursuant to this Section; provided, however, that (i) Administrative Agent shall not be required to execute any document
necessary to evidence such release, transfer or sale on terms that, in Administrative Agent’s opinion, would expose Administrative Agent to liability or create any obligation or entail any consequence other than the transfer, release or sale
without recourse, representation or warranty, and (ii) such transfer, release or sale shall not in any manner discharge, affect or impair the obligations of Borrower other than those expressly being released. 

5.10.4 If only two (2) Lenders exist at the time Administrative Agent receives a purchase offer for Loan collateral for which one of
the Lenders does not consent within ten (10) Business Days after notification from Administrative Agent, the consenting Lender may offer (“Purchase Offer”) to purchase all of non-consenting Lender’s right, title and
interest in the collateral for a purchase price equal to non-consenting Lender’s Pro Rata Share of the net proceeds anticipated from such sale of such collateral (as reasonably determined by Administrative Agent, including the undiscounted face
principal amount of any purchase money obligation not payable at closing) (“Net Proceeds”). Within ten (10) Business Days thereafter the non-consenting Lender shall be deemed to have accepted such Purchase Offer unless the
non-consenting Lender notifies Administrative Agent that it elects to purchase all of the consenting 

 
Lender’s right, title and interest in the collateral for a purchase price payable by the non-consenting Lender in an amount equal to the consenting Lender’s Pro Rata Share of the Net
Proceeds. Any amount payable hereunder by a Lender shall be due on the earlier to occur of the closing of the sale of the collateral or 90 days after the Purchase Offer, regardless of whether the collateral has been sold. 

5.11 Application of Payments. Except as otherwise provided below with respect to Defaulting Lenders, aggregate principal and
interest payments, payments for Indemnified Liabilities, payments received from Guarantors pursuant to guarantees or otherwise, proceeds from the permanent lender, if applicable, and/or foreclosure or sale of the collateral, and net operating income
from the collateral during any period it is owned by Administrative Agent on behalf of the Lenders (“Payments”) shall be apportioned pro rata among Lenders and payments of any fees (other than fees designated for Administrative
Agent’s separate account) shall, as applicable, be apportioned pro rata among Lenders. Notwithstanding anything to the contrary in this Agreement, all Payments due and payable to Defaulting Lenders shall be due and payable to and be apportioned
pro rata among Administrative Agent and Electing Lenders. Such apportionment shall be in the proportion that the Defaulting Lender Payment Amounts paid by them bears to the total Defaulting Lender Payment Amounts of such Defaulting Lender. Such
apportionment shall be made until Administrative Agent and Lenders have been paid in full for the Defaulting Lender Payment Amounts. All pro rata Payments shall be remitted to Administrative Agent and all such payments not constituting payment of
specific fees, and all proceeds of Loan collateral received by Administrative Agent, shall be applied first, to pay any fees, indemnities, costs, expenses (including those in Section 5.7) and reimbursements then due to
Administrative Agent from Borrower or Guarantor; second, to pay any fees, costs, expenses and reimbursements then due to Lenders from Borrower or Guarantor; third, to pay pro rata interest and late charges due in respect of the
Indebtedness and Administrative Agent Advances; fourth, to pay or prepay pro rata principal of the Indebtedness and Administrative Agent Advances; fifth, to pay any indebtedness of Borrower under Swap Transactions; and last, to
Borrower, if required by law, or Lenders in Pro Rata Share percentages equal to their percentages at the termination of the Aggregate Commitments. 
 5.12 Benefit. The terms and conditions of this Article are inserted for the sole benefit of Administrative Agent and Lenders; the same may be waived in whole or in part, with or without terms or
conditions, without prejudicing Administrative Agent’s or Lenders’ rights to later assert them in whole or in part. 

5.13 Co-Agents; Lead Managers. None of the Lenders or other Persons identified on the
facing page or signature pages of this Agreement as a “syndication agent”, “documentation agent”, “co-agent”, “book manager”, or “lead manager”, “sole
arranger”, “arranger”, “lead arranger” or “co-arranger” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such lenders, those applicable to
all Lenders as such. Without limiting the foregoing, none of Lenders or other Persons so identified as a “syndication agent”, “documentation agent”, “co-agent” or “lead manager” shall have or be

 
deemed to have any fiduciary relationship with any Lenders. Each Lender acknowledges that it has not relied, and will not rely, on any of Lenders or other Persons so identified in deciding to
enter into this Agreement or in taking or not taking action hereunder. 
 5.14 Administrative Agent’s Commitment.
Administrative Agent in its capacity as a “Lender” shall maintain a Commitment equal to or greater than the next highest Lender’s Commitment. 
 ARTICLE 6 GENERAL TERMS AND CONDITIONS 
 6.1 Consents; Borrower’s
Indemnity. Except where otherwise expressly provided in the Loan Documents, in any instance where the approval, consent or the exercise of Administrative Agent’s or Lenders’ judgment is required, the granting or denial of such approval
or consent and the exercise of such judgment shall be (a) within the sole discretion of Administrative Agent or Lenders; (b) deemed to have been given only by a specific writing intended for the purpose given and executed by Administrative
Agent or Lenders; and (c) free from any limitation or requirement of reasonableness. Notwithstanding any approvals or consents by Administrative Agent or Lenders, neither Administrative Agent nor any Lender has any obligation or responsibility
whatsoever for the adequacy, form or content of any Plans, any Budget, Project Schedule, any appraisal, any contract, any change order, any lease, or any other matter incident to the Property or the construction of any Improvements. Administrative
Agent’s or Lenders’ acceptance of an assignment of any Plans for the benefit of Administrative Agent and Lenders shall not constitute approval of any Plans. Any inspection, appraisal or audit of the Property or any portion thereof or the
books and records of Borrower, or the procuring of documents and financial and other information, by or on behalf of Administrative Agent shall be for Administrative Agent’s and Lenders’ protection only, and shall not constitute an
assumption of responsibility to Borrower or anyone else with regard to the condition, value, construction, maintenance or operation of the Property or any portion thereof, or relieve Borrower of any of Borrower’s obligations. Borrower has
selected all surveyors, architects, engineers, contractors, materialmen and all other Persons or entities furnishing services or materials to each of the Apartments Unit Project and the Office Tower/Retail Unit Project. Neither Administrative Agent
nor any Lender has any duty to supervise or to inspect the Property or any portion thereof or the construction of any Improvements nor any duty of care to Borrower or any other Person to protect against, or inform Borrower or any other Person of the
existence of, negligent, faulty, inadequate or defective design or construction of any Improvements. Neither Administrative Agent nor any Lender shall be liable or responsible for, and Borrower shall indemnify each Agent-Related Person and each
Lender and their respective Affiliates, directors, officers, agents, attorneys and employees (collectively, the “Indemnities”) from and against: (a) any claim, action, loss or cost (including reasonable attorney’s fees and
costs) arising from or relating to (i) any defect in the Property or any portion thereof or any Improvements, (ii) the performance or default of Borrower, Borrower’s surveyors, architects, engineers, contractors or any other Person
engaged by Borrower, (iii) any failure to construct, complete, protect or insure any Improvements, (iv) the payment of costs of labor, materials, or services supplied for the construction of any Improvements, (v) in connection with
the protection and preservation of the 

 
Loan collateral (including those with respect to property taxes, insurance premiums, completion of construction, operation, management, improvements, maintenance, repair, sale and disposition),
or (vi) the performance of any obligation of Borrower whatsoever; (b) any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including reasonable
attorney fees and costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (i) the execution, delivery,
enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby,
(ii) any Commitment or any Loan or the use or proposed use of the proceeds therefrom, or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto; (c) any and all claims,
demands, actions or causes of action arising out of or relating to the use of Information (as defined in Section 6.6) or other materials obtained through internet, Intralinks or other similar information transmission systems in connection with
this Agreement; and (d) any and all liabilities, losses, costs or expenses (including reasonable attorneys’ fees and costs) that any Indemnitee suffers or incurs as a result of the assertion of any foregoing claim, demand, action, cause of
action or proceeding, or as a result of the preparation of any defense in connection with any foregoing claim, demand, action, cause of action or proceeding, in all cases, whether or not an Indemnitee is a party to such claim, demand, action, cause
of action or proceeding and whether it is defeated, successful or withdrawn, (all the foregoing, collectively, the “Indemnified Liabilities”); provided that such indemnity shall not, as to any Indemnitee, be available to the
extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee. Nothing, including any advance or acceptance of any document or instrument, shall be construed as a representation or warranty, express or implied, to any party by
Administrative Agent or Lenders. Inspection shall not constitute an acknowledgment or representation by Administrative Agent, any Lender or the Construction Consultant that there has been or will be compliance with any Plans, the Loan Documents, or
applicable Laws, governmental requirements and restrictive covenants, or that the construction is free from defective materials or workmanship. Inspection, whether or not followed by notice of Default, shall not constitute a waiver of any Default
then existing, or a waiver of Administrative Agent’s and Lenders’ right thereafter to insist that all Improvements be constructed in accordance with the applicable Plans, the Loan Documents, and all applicable Laws, governmental
requirements and restrictive covenants. Administrative Agent’s failure to inspect shall not constitute a waiver of any of Administrative Agent’s or Lenders’ rights under the Loan Documents or at Law or in equity. 

6.2 Miscellaneous. This Agreement may be executed in several counterparts, all of which are identical, and all of which
counterparts together shall constitute one and the same instrument. The Loan Documents are for the sole benefit of Administrative Agent, Lenders and Borrower 

 
and are not for the benefit of any third party. A determination that any provision of this Agreement is unenforceable or invalid shall not affect the enforceability or validity of any other
provision and the determination that the application of any provision of this Agreement to any Person or circumstance is illegal or unenforceable shall not affect the enforceability or validity of such provision as it may apply to other Persons,
entities or circumstances. Time shall be of the essence with respect to Borrower’s obligations under the Loan Documents. This Agreement, and its validity, enforcement and interpretation, shall be governed by Virginia law (without regard to any
conflict of laws principles) and applicable United States federal law. 
 6.3 Notices. 

6.3.2 Modes of Delivery; Changes. Except as otherwise provided herein, all notices, and other communications required or which any
party desires to give under this Agreement or any other Loan Document shall be in writing. Unless otherwise specifically provided in such other Loan Document, all such notices and other communications shall be deemed sufficiently given or furnished
if delivered by personal delivery, by nationally recognized overnight courier service, by registered or certified United States mail, postage prepaid, or by facsimile (with, subject to Subsection 6.3.2 below, a confirmatory duplicate copy sent by
first class United States mail), addressed to the party to whom directed or by (subject to Subsection 6.3.3 below) electronic mail address to Borrower, at the addresses set forth at the end of this Agreement or to Administrative Agent or Lenders at
the addresses specified for notices on the Schedule of Lenders (unless changed by similar notice in writing given by the particular party whose address is to be changed). Any such notice or communication shall be deemed to have been given and
received either at the time of personal delivery or, in the case of courier or mail, as of the date of first attempted delivery at the address and in the manner provided herein, or, in the case of facsimile, upon receipt; provided,
however, that service of a notice required by any applicable statute shall be considered complete when the requirements of that statute are met. Notwithstanding the foregoing, no notice of change of address shall be effective except upon
actual receipt. This Section shall not be construed in any way to affect or impair any waiver of notice or demand provided in any Loan Document or to require giving of notice or demand to or upon any Person in any situation or for any reason.

 6.3.3 Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or signed by
facsimile. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually-signed originals and shall be binding on all parties to the Loan Documents. The Administrative Agent may
also require that any such documents and signatures be confirmed by a manually-signed original thereof; provided, however, that the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or
signature. 
 6.3.4 Limited Use of Electronic Mail. Electronic mail and internet and intranet websites may be used only
to distribute routine communications, such as financial statements and other information, and to distribute Loan Documents for execution by the parties thereto, and may not be used for any other purpose. 

 6.3.5 Reliance by Administrative Agent and Lenders. Administrative Agent and Lenders
shall be entitled to rely and act upon any notices (including telephonic Loan advance notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not
preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Borrower shall promptly confirm all telephonic notices in writing to
Administrative Agent. Borrower shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of Borrower. All
telephonic notices to and other communications with Administrative Agent may be recorded by Administrative Agent, and each of the parties hereto hereby consents to such recording. If a Lender does not notify or inform Administrative Agent of whether
or not it consents to, or approves of or agrees to any matter of any nature whatsoever with respect to which its consent, approval or agreement is required under the express provisions of this Agreement or with respect to which its consent, approval
or agreement is otherwise requested by Administrative Agent, in connection with any Loan or any matter pertaining to such Loan, within ten (10) Business Days (or such longer period as may be specified by Administrative Agent) after such
consent, approval or agreement is requested by Administrative Agent, Lender shall be deemed to have given its consent, approval or agreement, as the case may be, with respect to the matter in question. 

6.4 Payments Set Aside. To the extent that any payment by or on behalf of Borrower is made to Administrative Agent or any Lender,
or Administrative Agent or any Lender exercises its right of set-off, and such payment or the proceeds of such set-off or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including
pursuant to any settlement entered into by Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law, to a depository (including
Administrative Agent, any Lender or its or their Affiliates) for returned items or insufficient collected funds, or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such set-off had not occurred, and (b) each Lender severally agrees to pay to Administrative Agent upon demand its applicable share of any amount so
recovered from or repaid by Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. 

6.5 Successors and Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby, except that neither Borrower nor any Guarantor may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Administrative Agent and each Lender, and no Lender may assign or otherwise
transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of

 
Subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Subsection (e) of this Section (and
any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and
assigns permitted hereby, Participants to the extent permitted in Subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of Administrative Agent and Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may assign to one
or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and Pro Rata Share of the Loan at the time owing to it); provided that any such assignment shall be
subject to the following conditions: 
 (i) Cross-Collateralized Loans. Any assignment must include the
assigning Lender’s Commitment and Pro Rata Share of (i) the Office Tower/Retail Unit Project Loan, (ii) the Apartments Unit Project Loan and (iii) the Parking Unit Project Loan. 

(ii) Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and Pro Rata Share of the Loan at the time owing to it or contemporaneous assignments to related
Approved Funds that equal at least the amount specified in Subsection (b)(ii)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned;
and 
 (B) in any case not described in Subsection (b)(ii)(A) of this Section, the aggregate amount of the
Commitment (which for this purpose includes the Pro Rata Share of the Loan outstanding) or, if the Commitment is not then in effect, the principal outstanding Pro Rata Share of the Loan that is subject to each such assignment, determined as of the
date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $10,000,000 unless each
of Administrative Agent and, so long as no Default has occurred and is continuing, Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement and the Parking Unit Project Loan Agreement with respect to its Pro Rata Share of the Office Tower/Retail Unit Project Loan, the Apartments Unit Project Loan and the Parking
Unit Project Loan and the Commitments thereunder assigned. 

 (iii) Required Consents. No consent shall be required for any
assignment except to the extent required by Subsection (b)(ii)(B) of this Section and, in addition: 
 (A)
the consent of Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) a Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a
Lender or an Approved Fund; provided that Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to Administrative Agent within five (5) Business Days after having received
notice thereof, and provided, further, that Borrower’s consent shall not be required during the primary syndication of the Loan; and 
 (B) the consent of Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or
an Approved Fund with respect to such Lender. 
 (iv) Assignment and Assumption. The parties to each
assignment shall execute and deliver to Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500 plus the cost of any applicable endorsement to the Title Insurance or new Title
Insurance; provided, however, that Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to
Administrative Agent an Administrative Questionnaire. 
 (v) No Assignment to Certain Persons. No such
assignment shall be made (A) to Borrower or any of Borrower’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the
foregoing Persons described in this clause (B), or (C) to a natural Person. 
 (vi) Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the
parties to the assignment shall make such additional payments to Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent of Borrower and Administrative Agent, the applicable Pro Rata Share of the Loan previously requested but not funded by the Defaulting Lender, to each of which the
applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent or any Lender hereunder (and interest accrued thereon) and
(y) acquire (and fund as appropriate) its full Pro Rata Share of the Loan. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law
without compliance with the provisions of this Subsection, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

 Subject to acceptance and recording thereof by Administrative Agent pursuant to
Subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of this
Agreement with respect to Borrower’s obligations surviving termination of this Agreement); provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, Borrower (at its expense) shall execute and deliver a Note (“Replacement Note”) to the
assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with Subsection (d) of this Section. 
 (c) Register. Administrative
Agent, acting solely for this purpose as an agent of Borrower (and such agency being solely for tax purposes), shall forward the Assignment and Assumption, and the Replacement Note to the Title Company for issuance of an applicable endorsement to
the Title Insurance or new Title Insurance, and shall maintain at Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the
names and addresses of Lenders, and the Commitments of, and the principal amount (and stated interest) of each Lender’s Pro Rata Share of the Loan owing to each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and Borrower, Administrative Agent and Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a
Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, but with prior notice to, Borrower or Administrative
Agent, sell participations to any Person (other than a natural Person, a Defaulting Lender or Borrower or any of Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights
and/or obligations under this Agreement (including all or a portion of its Commitment and/or its Pro Rata Share of the Loan owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) Borrower, Administrative Agent and Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 5.7 without regard to the existence of any participation.

 Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, waiver or other modification described in the second proviso of Section 6.9 that affects such Participant. A Participant shall not be entitled to receive any greater payment
under Sections 1.7, 1.8, or 1.9 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant. Each Lender that sells a participation shall, acting solely for this purpose as an
agent of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amount (and stated interest) of each Participant’s interest in the Loan or other obligations under the Loan Documents (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 
 (e) Certain Pledges. Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or assignment shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

6.6 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested by any regulatory authority; (c) to the extent required by
applicable Laws or regulations or by any subpoena or similar legal process; (d) to any other party to this Agreement; (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this
Agreement or the enforcement of rights hereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or 

 
participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or (ii) any direct or indirect contractual counterparty or prospective
counterparty (or such contractual counterparty’s or prospective counterparty’s professional advisor) to any Swap Transaction or credit derivative transaction relating to obligations of the Borrower and Guarantor; (g) with the consent
of the Borrower; (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to Administrative Agent or any Lender on a nonconfidential basis from a
source other than the Borrower; or (i) to the National Association of Insurance Commissioners or any other similar organization. For the purposes of this Section, “Information” means all information received from the Borrower
or Guarantor relating to the Borrower or Guarantor or their business, other than any such information that is available to Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or Guarantor;
provided that in the case of information received from the Borrower or Guarantor after the date hereof, such information is clearly identified in writing at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. The Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending
industry, and service providers to Administrative Agent and the Lenders in connection with the administration and management of this Agreement, the Loans and Loan Documents. Notwithstanding anything herein to the contrary, “Information”
shall not include, and Administrative Agent and each Lender may disclose without limitation of any kind, any information with respect to the “tax treatment” and “tax structure” (in each case, within the meaning of Treasury
Regulation Section 1.6011-4) of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to Administrative Agent or such Lender relating to such tax treatment and tax
structure; provided that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to
such portions of the document or similar item that relate to the tax treatment or tax structure of the Loans and transactions contemplated hereby. 
 6.7 Set-off. In addition to any rights and remedies of Administrative Agent and Lenders provided by Law, upon the occurrence and during the continuance of any Default, Administrative Agent and each
Lender is authorized at any time and from time to time, without prior notice to Borrower or any other party to the Loan Documents, any such notice being waived by Borrower (on its own behalf and on behalf of each party to the Loan Documents to the
fullest extent permitted by Law), to set-off and apply any and all deposits, general or special, time or demand, provisional or final, any time owing by Administrative Agent or such Lender hereunder or under any other Loan Document to or for the
credit or the account of such parties to the Loan Documents against any and all Indebtedness, irrespective of whether or not the Administrative Agent or such Lender shall have made demand under this Agreement or any other Loan Document and although
such Indebtedness may be contingent or unmatured or denominated in a currency different from that of the applicable depositor indebtedness. Each Lender agrees promptly to notify Borrower and Administrative Agent after any such set-off and application made by such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and
application. 

 6.8 Sharing of Payments. If, other than as expressly provided elsewhere herein, any
Lender shall obtain on account of the portions of any Loan advanced by it, any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in excess of its ratable share (or other share contemplated
hereunder) thereof, such Lender shall immediately (a) notify Administrative Agent of such fact, and (b) purchase from the other Lenders such participations in the portions of such Loan made by them, as shall be necessary to cause such
purchasing Lender to share the excess payment in respect of such portions of such Loan or such participations, as the case may be, pro rata with each of them; provided, however, that if all or any portion of such excess payment is
thereafter recovered from the purchasing Lender under any of the circumstances described in Section 6.4 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be
rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying
Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered without further interest
thereon. The Borrower agrees that any Lender so purchasing a participation from another Lender may, to the fullest extent permitted by Law, exercise all its rights of payment (including the right of set-off), but subject to Section 6.7
with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest
error) of participations purchased under this Section and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this Section shall from and after such purchase have
the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the
Obligations purchased. 
 6.9 Amendments; Survival. Administrative Agent and Lenders shall be entitled to amend (whether
pursuant to a separate intercreditor agreement or otherwise) any of the terms, conditions or agreements set forth in Article 5 or as to any other matter in the Loan Documents respecting payments to Administrative Agent or Lenders or the
required number of the Lenders to approve or disapprove any matter or to take or refrain from taking any action, without the consent of Borrower or any other Person or the execution by Borrower or any other Person of any such amendment or
intercreditor agreement. Subject to the foregoing, Administrative Agent may amend or waive any provision of this Agreement or any other Loan Document, or consent to any departure by any party to the Loan Documents therefrom which amendment, waiver
or consent is intended to be within Administrative Agent’s discretion or determination, or otherwise in Administrative Agent’s reasonable determination shall not have a Material Adverse Effect; provided however, otherwise no
such amendment, waiver or consent shall be effective unless in writing, signed by the Required Lenders and Borrower or the applicable party to the Loan 

 
Documents, as the case may be, and acknowledged by Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; and provided further that no such amendment, waiver or consent shall: 
 6.9.1 extend or increase the
Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 4.2), without the written consent of such Lender (it being understood that a waiver of a Default shall not constitute an extension or increase in any
Lender’s Commitment); 
 6.9.2 postpone any date fixed by this Agreement or any other Loan Document for any payment of
principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document, without the written consent of each Lender directly affected thereby; 

6.9.3 reduce the principal of, or the rate of interest specified herein on, any portion of any Loan, or any fees or other amounts payable
hereunder or under any other Loan Document, without the written consent of each Lender directly affected thereby; provided, however, that Administrative Agent may waive any obligation of the Borrower to pay interest at the Default Rate
and/or late charges for periods of up to thirty days, and only the consent of the Required Lenders shall be necessary to waive any obligation of the Borrower to pay interest at the Default Rate or late charges thereafter, or to amend the definition
of “Default Rate” or “late charges”; 
 6.9.4 change the percentage of the combined Commitments or of the
aggregate unpaid principal amount of any Loan which is required for the Lenders or any of them to take any action hereunder, without the written consent of each Lender; 
 6.9.5 change the definition of “Pro Rata Share” or “Required Lender” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise
modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; 
 6.9.6 amend this Section, or Section 6.9, without the written consent of each Lender; 
 6.9.7 release the liability of Borrower or any existing Guarantor or terminate any tri-party agreement, if applicable, without the written consent of each Lender; 

6.9.8 permit the sale, transfer, pledge, mortgage or assignment of any Loan collateral or any direct or indirect interest in Borrower,
except as expressly permitted under the Loan Documents, without the written consent of each Lender; 
 6.9.9 transfer or release
any lien on, or after foreclosure or other acquisition of title by Administrative Agent on behalf of the Lenders transfer or sell, any Loan collateral except as permitted in Section 5.10 or Section 6.12, without the written
consent of each Lender; 

 6.9.10 advance funds during the continuance of a Default, without the written consent of
each Lender; 
 6.9.11 approve changes to the applicable Plans or Improvements with respect to: (a) the Office Tower/Retail
Unit Project, where the cost of any single change or extra for the Office Tower/Retail Unit Project exceeds $500,000 and the aggregate amount of all such changes and extras (whether positive or negative) for the Office Tower/Retail Unit Project
exceeds $2,000,000 and (b) the Apartments Unit Project, where the cost of any single change or extra for the Apartments Unit Project exceeds $500,000 and the aggregate amount of all such changes and extras (whether positive or negative) for the
Apartments Unit Project exceeds $2,000,000, without the written consent of the Required Lenders; 
 and, provided further, that no
amendment, waiver or consent shall, unless in writing and signed by Administrative Agent in addition to the Lenders required above, affect the rights or duties of Administrative Agent under this Agreement or any other Loan Document. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased without the consent of such Lender.

 This Agreement shall continue in full force and effect until the Indebtedness is paid in full, all Obligations are satisfied, and all of
Administrative Agent’s and Lenders’ obligations under this Agreement are terminated; and all representations and warranties and all provisions herein for indemnity of the Indemnitees, Administrative Agent and Lenders (and any other
provisions herein specified to survive) shall survive payment in full, satisfaction or discharge of the Indebtedness, the resignation or removal of Administrative Agent or replacement of any Lender, and any release or termination of this Agreement
or of any other Loan Documents. 
 6.10 Costs and Expenses. Without limiting any Loan Document and to the extent not
prohibited by applicable Laws, Borrower shall pay when due, shall reimburse to Administrative Agent for the benefit of itself and Lenders on demand and shall indemnify Administrative Agent and Lenders from, all out-of-pocket fees, costs, and expenses paid or incurred by Administrative Agent in connection with the negotiation, preparation and execution of this Agreement and the other Loan Documents (and any
amendments, approvals, consents, waivers and releases requested, required, proposed or done from time to time), or in connection with the disbursement, administration or collection of the Loans or the enforcement of the obligations of Borrower or
the exercise of any right or remedy of Administrative Agent, including (a) all reasonable fees and expenses of Administrative Agent’s counsel; (b) fees and charges of each Construction Consultant, inspector and engineer;
(c) appraisal, re-appraisal and survey costs; (d) title insurance charges and premiums; (e) title search or examination costs, including abstracts, abstractors’ certificates and uniform
commercial code searches; (f) judgment and tax lien searches for Borrower and each Guarantor; (g) escrow fees; (h) fees and costs of environmental investigations, site assessments and remediations; (i) recordation taxes,
documentary taxes, transfer taxes and mortgage taxes; (j) filing and recording fees; and (k) loan brokerage fees. Borrower shall pay all costs and expenses incurred by Administrative Agent, including reasonable attorneys’ fees, if the
obligations or any part thereof are sought to be 

 
collected by or through an attorney at law, whether or not involving probate, appellate, administrative or proceedings under any Debtor Relief Law. Borrower shall pay all costs and expenses of
complying with the Loan Documents, whether or not such costs and expenses are included in the Budgets. Borrower’s obligations under this Section shall survive the delivery of the Loan Documents, the making of advances, the payment in full of
the Indebtedness, the release or reconveyance of any of the Loan Documents, the foreclosure of the Deed of Trust or conveyance in lieu of foreclosure, proceeding under any Debtor Relief Law, and any other event whatsoever. Borrower acknowledges that
Administrative Agent may receive a benefit, including a discount, credit or other accommodation, from Administrative Agent’s counsel based on the fees such counsel may receive on account of such counsel’s relationship with Administrative
Agent, including fees paid in connection with this Agreement. 
 6.11 Tax Forms. 

(i) Each Lender, and each holder of a participation interest herein, that is not a “United States Person” (a
“Foreign Lender”) within the meaning of Section 7701(a)(30) of the Code shall, to the extent it is legally able to do so, deliver to Administrative Agent, prior to receipt of any payment subject to withholding (or upon
accepting an assignment or receiving a participation interest herein), two duly signed completed copies of either Form W-8BEN or any successor thereto (relating to such Foreign Lender and entitling it to a complete exemption from, or reduction of,
withholding on all payments to be made to such Foreign Lender by Borrower pursuant to this Agreement) or Form W-8ECI or any successor thereto (relating to all payments to be made to such Foreign Lender by Borrower pursuant to this Agreement) of the
United States Internal Revenue Service or such other evidence satisfactory to Borrower and Administrative Agent that such Foreign Lender is entitled to an exemption from or reduction of, United States withholding tax, including any exemption
pursuant to Section 881(c) of the Code. Thereafter and from time to time, each such Foreign Lender shall (A) promptly submit to Administrative Agent such additional duly completed and signed copies of one of such forms (or such successor
forms as shall be adopted from time to time by the relevant United States taxing authorities) as may then be available under then current United States Laws and regulations to avoid, or such evidence as is satisfactory to Borrower and Administrative
Agent of any available exemption from or reduction of, United States withholding taxes in respect of all payments to be made to such Foreign Lender by Borrower pursuant to the Loan Documents, (B) promptly notify Administrative Agent of any
change in circumstances which would modify or render invalid any claimed exemption or reduction, and (C) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lenders, and as may be reasonably
necessary (including the re-designation of its lending office, if any) to avoid any requirement of applicable Laws that Borrower make any deduction or withholding for taxes from amounts payable to such Foreign Lender. If a payment made to a Lender
under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to Borrower and Administrative Agent at the time or times prescribed by law and 

 
at such time or times reasonably requested by Borrower or Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the
Code) and such additional documentation reasonably requested by Borrower or Administrative Agent as may be necessary for Borrower and Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for the purposes of the preceding sentence, “FATCA” shall include any amendments made to FATCA after the
date of this Agreement. 
 (ii) Each Foreign Lender, to the extent it does not act or ceases to act for its own
account with respect to any portion of any sums paid or payable to such Lender under any of the Loan Documents (for example, in the case of a typical participation by such Lender), shall deliver to Administrative Agent on the date when such Foreign
Lender ceases to act for its own account with respect to any portion of any such sums paid or payable, and at such other times as may be necessary in the determination of Administrative Agent (in the reasonable exercise of its discretion),
(A) two duly signed completed copies of the forms or statements required to be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with respect to which such Lender acts for its own account that
is not subject to U.S. withholding tax, and (B) two duly signed completed copies of United States Internal Revenue Service Form W-8IMY (or any successor thereto), together with any information such Lender chooses to transmit with such form, and
any other certificate or statement of exemption required under the Code, to establish that such Lender is not acting for its own account with respect to a portion of any such sums payable to such Lender. 

(iii) Borrower shall not be required to pay any additional amount to any Foreign Lender under Section 1.11,
(A) with respect to any Taxes required to be deducted or withheld on the basis of the information, certificates or statements of exemption such Lender transmits with an United States Internal Revenue Service Form W-8BEN, W-8ECI, or W-8IMY
pursuant to this Subsection (a), or (B) if such Lender shall have failed to satisfy the foregoing provisions of this Subsection (a); provided that if such Lender shall have satisfied the requirements of this
Subsection (a) on the date such Lender became a Lender or ceased to act for its own account with respect to any payment under any of the Loan Documents, nothing in this Subsection (a) shall relieve Borrower of its obligation
to pay any amounts pursuant to Section 1.11 in the event that, as a result of any change in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof,
such Lender is no longer properly entitled to deliver forms, certificates or other evidence at a subsequent date establishing the fact that such Lender or other Person for the account of which such Lender receives any sums payable under any of the
Loan Documents is not subject to withholding or is subject to withholding at a reduced rate. 
 (iv)
Administrative Agent may, without reduction, withhold any Taxes required to be deducted and withheld from any payment under any of the Loan Documents with respect to which Borrower is not required to pay additional amounts under this Subsection
(a). 

 (b) Upon the request of Administrative Agent, each Lender that is a “United States
Person” within the meaning of Section 7701(a)(30) of the Code shall deliver to Administrative Agent two duly signed completed copies of United States Internal Revenue Service Form W-9. If such Lender fails to deliver such forms, then
Administrative Agent may withhold from any interest payment to such Lender an amount equivalent to the applicable back-up withholding tax imposed by the Code, without reduction. 

(c) If any Governmental Authority asserts that Administrative Agent did not properly withhold or backup withhold, as the case may be, any
tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify, defend and hold harmless Administrative Agent therefor, including all penalties and interest and costs and expenses (including attorneys’
fees) of Administrative Agent. Borrower shall, and does hereby, indemnify, defend and hold harmless Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, for any amount which a Lender for
any reason fails to pay indefeasibly to Administrative Agent as required pursuant to this Subsection. The obligation of Lenders and Borrower under this Subsection shall survive the removal or replacement of a Lender, the payment of all Indebtedness,
the resignation or replacement of Administrative Agent, and the termination of this Agreement and/or any other Loan Document. 

6.12 Partial Releases. 
 6.12.1 Office Tower/Retail Unit Project and Apartments Unit Project. Upon the applicable Borrower’s request and at such Borrower’s cost and expense in connection with the sale or
refinancing of the Office Tower/Retail Unit Project and/or the Apartments Unit Project, Administrative Agent shall grant a partial release of the Apartments Unit Project and/or the Office Tower/Retail Unit Project, as applicable, provided that
(i) there is no Potential Default or Default, (ii) the Borrower has met all conditions to the final advance for improvements (other than tenant improvements) with respect to the Project, as applicable; provided that the Retail Unit
Improvements shall only be required to be complete to the extent specified on Exhibit 11.3.1 of the VBDA Development Agreement, as determined by Administrative Agent, (iii) the Borrower has paid all costs associated with such Improvements and
satisfied all conditions of this Agreement with respect to the final advances of Loan proceeds for costs associated with the construction of such Improvements, (v) Borrower has delivered to Administrative Agent an update to the lender’s
policy of title insurance confirming no change in the priority of the Deed of Trust on the remaining Project, and (vi) the applicable Borrower pays the applicable Release Fee. The Release Fee shall be due and payable in full upon the sale or
refinancing of the Apartments Unit Project and/or the Office Tower/Retail Unit Project. Lenders hereby authorize Administrative Agent to execute and deliver such documentation as Administrative Agent determines to be appropriate to effect such
partial release. 
 6.12.2 Other. Any other partial release shall be subject to the approval of the Lenders and subject
to such terms and conditions as they may impose. 

 6.13 Further Assurances. Borrower will, upon Administrative Agent’s request,
(a) promptly correct any defect, error or omission in any Loan Document; (b) execute, acknowledge, deliver, procure, record or file such further instruments and do such further acts as Administrative Agent deems necessary, desirable or
proper to carry out the purposes of the Loan Documents and to identify and subject to the liens and security interest of the Loan Documents any property intended to be covered thereby, including any renewals, additions, substitutions, replacements,
or appurtenances to the Property; (c) execute, acknowledge, deliver, procure, file or record any document or instrument Administrative Agent deems necessary, desirable, or proper to protect the liens or the security interest under the Loan
Documents against the rights or interests of third Persons; and (d) provide such certificates, documents, reports, information, affidavits and other instruments and do such further acts deemed necessary, desirable or proper by Administrative
Agent to comply with the requirements of any agency having jurisdiction over Administrative Agent. In addition, at any time, and from time to time, upon request by Administrative Agent, Borrower will, at Borrower’s expense, provide any and all
further instruments, certificates and other documents as may, in the opinion of Administrative Agent, be necessary or desirable in order to verify the Borrower’s identity and background in a manner satisfactory to Administrative Agent.

 As a material inducement to Administrative Agent and Lenders to enter into this Agreement, Borrower acknowledges and agrees
that each of its Indemnification Agreements (as that term is defined below) (a) is a continuing, separate agreement that shall survive the termination of this Agreement, the payment and performance in full of the Indebtedness, the release or
reconveyance of any of the Loan Documents, the foreclosure of the Deed of Trust or conveyance in lieu of foreclosure, any proceeding under any Debtor Relief Law, and any other event whatsoever, and (b) shall not be merged with any judgment or
judgments with respect to the Indebtedness. The term “Indemnification Agreements” means the collective reference to each provision of this Agreement or any of the Loan Documents for indemnification of Administrative Agent and/or the
Lenders, their respective parents, Affiliates and/or respective officers, directors, shareholders, employees, attorneys, other professionals, and agents and to each of the agreements of Borrower to pay or reimburse Administrative Agent and/or the
Lenders for costs and expenses (including, attorneys’ fees) of collection or otherwise. 
 6.14 Inducement to
Lenders. The representations, warranties, covenants, and agreements contained in this Agreement and the other Loan Documents (a) are made to induce Lenders to make the Loans and extend any other credit to or for the account of the Borrower
pursuant hereto, and Administrative Agent and Lenders are relying thereon, and will continue to rely thereon, and (b) shall survive any proceedings under any Debtor Relief Law involving Borrower, Guarantor or the Property, foreclosure, or
conveyance in lieu of foreclosure. 
 6.15 Forum. Each party to this Agreement hereby irrevocably submits generally and
unconditionally for itself and in respect of its property to the jurisdiction of any state court, or any United States federal court, sitting in the state specified in Section 6.2 of this Agreement and to the jurisdiction of any state
court or any United States federal court, sitting in the state in which any of the 

 
Property is located, over any suit, action or proceeding arising out of or relating to this Agreement or the Indebtedness. Each party to this Agreement hereby irrevocably waives, to the fullest
extent permitted by Law, any objection that they may now or hereafter have to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Each party to this Agreement hereby agrees and consents that, in addition
to any methods of service of process provided for under applicable Law, all service of process in any such suit, action or proceeding in any state court, or any United States federal court, sitting in the state specified in Section 6.2
may be made by certified or registered mail, return receipt requested, directed to such party at its address for notice stated in the Loan Documents, or at a subsequent address of which Administrative Agent received actual notice from such party in
accordance with the Loan Documents, and service so made shall be complete five (5) days after the same shall have been so mailed. Nothing herein shall affect the right of Administrative Agent to serve process in any manner permitted by Law or
limit the right of Administrative Agent to bring proceedings against any party in any other court or jurisdiction. 
 6.16
Interpretation. 
 6.16.1 References to “Dollars,” “$,” “money,”
“payments” or other similar financial or monetary terms are references to lawful money of the United States of America. References to Articles, Sections, and Exhibits are, unless specified otherwise, references to articles, sections
and exhibits of this Agreement. Words of any gender shall include each other gender. All references (a) to the Loan Documents are to the same as extended, amended, restated, supplemented or otherwise modified from time to time unless expressly
indicated otherwise, and (b) to the Land, the Improvements or the Property shall mean all or any portion of each of the foregoing, respectively. Words in the singular shall include the plural and words in the plural shall include the singular.
References to Borrower or Guarantor shall mean, except with respect to the obligations of each Borrower as “Maker” under its Note, each Person comprising same, jointly and severally. The words “herein,” “hereof,”
“hereunder” and other similar compounds of the word “here” shall refer to this entire Agreement (including the attached exhibits) and not to any particular Article, Section, paragraph or provision. The terms “agree” and
“agreements” mean and include “covenant” and “covenants”. The words “include” and “including” shall be interpreted as if followed by the words “without
limitation”. Captions and headings in the Loan Documents are for convenience only and shall not affect the construction of the Loan Documents. 
 6.16.2 Subject to this Agreement and the other Loan Documents: the proceeds of the Office Tower/Retail Unit Project Loan shall be disbursed as provided in this Agreement pursuant to the Office
Tower/Retail Unit Budget to TCA 11 Office to pay costs associated with the Office Tower/Retail Unit Project, including, without limitation, the costs of construction of the Office Tower/Retail Unit Improvements; the proceeds of the Apartments Unit
Project Loan shall be disbursed as provided in this Agreement pursuant to the Apartments Unit Budget to TCA 11 Apartments to pay costs associated with the Apartments Unit Project, including, without limitation, the costs of construction of the
Apartments Unit Improvements. 

 6.17 No Partnership, etc. The relationship between Lenders (including Administrative
Agent) and Borrower is solely that of lender and borrower. Neither Administrative Agent nor any Lender has any fiduciary or other special relationship with or duty to Borrower and none is created by the Loan Documents. Nothing contained in the Loan
Documents, and no action taken or omitted pursuant to the Loan Documents, is intended or shall be construed to create any partnership, joint venture, association, or special relationship between Borrower and Administrative Agent or any Lender or in
any way make Administrative Agent or any Lender a co-principal with Borrower with reference to the Apartments Unit Project, the Office Tower/Retail Unit Project, the Property or otherwise. In no event shall
Administrative Agent’s or Lenders’ rights and interests under the Loan Documents be construed to give Administrative Agent or any Lender the right to control, or be deemed to indicate that Administrative Agent or any Lender is in control
of, the business, properties, management or operations of Borrower. 
 6.18 Records. The unpaid amount of each Loan and
the amount of any other credit extended by Administrative Agent or Lenders to or for the account of Borrower set forth on the books and records of Administrative Agent shall be presumptive evidence of the amount thereof owing and unpaid, but failure
to record any such amount on Administrative Agent’s books and records shall not limit or affect the obligations of Borrower under the Loan Documents to make payments on the subject Loan when due. 

6.19 Commercial Purpose. Borrower warrants that each Loan is being made solely to acquire or carry on a business or commercial
enterprise, and/or Borrower is a business or commercial organization. Borrower further warrants that all of the proceeds of the Loans shall be used for commercial purposes and stipulates that the Loans shall be construed for all purposes as
commercial loans, and is made for other than personal, family, household or agricultural purposes. 
 6.20 WAIVER
OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH THEY MAY BE A PARTY, ARISING OUT OF, IN CONNECTION WITH OR IN ANY WAY PERTAINING TO, ANY NOTE, THE LOAN AGREEMENT, THE DEED OF TRUST OR ANY OF
THE OTHER LOAN DOCUMENTS. IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTION OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO ANY NOTE. THIS
WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY EACH PARTY TO THIS AGREEMENT, AND THEY HEREBY REPRESENT THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY
OR NULLIFY ITS EFFECT. EACH PARTY FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN 

 
THE EXECUTION OF THE LOAN DOCUMENTS AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN
FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. 
 6.21 Service of Process.
Borrower hereby consents to process being served in any suit, action, or proceeding instituted in connection with any Loan by (a) the mailing of a copy thereof by certified mail, postage prepaid, return receipt requested, to Borrower, in which
case service shall be deemed to be effective upon the earlier to occur of receipt of such process or the first refusal of receipt thereof by Borrower on a Business Day and (b) serving a copy thereof upon the agent, if any, hereinabove
designated and appointed by Borrower as Borrower’s agent for service of process. Borrower irrevocably agrees that such service shall be deemed to be service of process upon Borrower in any such suit, action, or proceeding. Nothing in any Note
shall affect the right of Administrative Agent to serve process in any manner otherwise permitted by Law and nothing in any Note will limit the right of Administrative Agent on behalf of the Lenders otherwise to bring proceedings against Borrower in
the courts of any jurisdiction or jurisdictions. 
 6.22 USA Patriot Act Notice. Each Lender that is subject to the Act
(as hereinafter defined) and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Act”), it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Lender or Administrative Agent, as
applicable, to identify Borrower in accordance with the Act. Borrower shall, promptly following a request by Administrative Agent or any Lender, provide all documentation and other information that Administrative Agent or such Lender requests in
order to comply with its ongoing obligation under “know your customer” and anti-money laundering rules and regulations, including the Act. 
 6.23 Entire Agreement. The Loan Documents constitute the entire understanding and agreement between Borrower, Administrative Agent and Lenders with respect to the transactions arising in connection
with the Loans, and supersede all prior written or oral understandings and agreements between Borrower, Administrative Agent and Lenders with respect to the matters addressed in the Loan Documents. In particular, and without limitation, the terms of
any commitment letter, letter of intent or quote letter by Administrative Agent or any Lender to make any Loan are merged into the Loan Documents. Neither Administrative Agent nor any Lender has made any commitments to extend the terms of the Loans
past the stated maturity dates or to provide Borrower with financing except as set forth in the Loan Documents. The foregoing shall not, however, be construed to affect any obligation of Borrower to pay fees described in the fee letter and/or to pay
fees and perform obligations set forth in the mandate letter. Except as incorporated in writing into the Loan Documents, there are not, and 

 
were not, and no persons are or were authorized by Administrative Agent or any Lender to make, any representations, understandings, stipulations, agreements or promises, oral or written, with
respect to the matters addressed in the Loan Documents. 
 6.24 Dispute Resolution. 

6.24.1 Arbitration. Except to the extent expressly provided below, any Dispute shall, upon the request of any party, be determined
by binding arbitration in accordance with the Federal Arbitration Act, Title 9, United States Code (or if not applicable, the applicable state law), the then-current rules for arbitration of financial services disputes of AAA and the “Special
Rules” set forth below. In the event of any inconsistency, the Special Rules shall control. The filing of a court action is not intended to constitute a waiver of the right of Borrower, Administrative Agent or Lenders, including the suing
party, thereafter to require submittal of the Dispute to arbitration. Any party to this Agreement may bring an action, including a summary or expedited proceeding, to compel arbitration of any Dispute in any court having jurisdiction over such
action. For the purposes of this Dispute Resolution Section only, the terms “party” and “parties” shall include any parent corporation, subsidiary or affiliate of Administrative Agent involved in the servicing, management or
administration of any obligation described in or evidenced by this Agreement, together with the officers, employees, successors and assigns of each of the foregoing. 
 6.24.2 Special Rules. 
 (i) The arbitration shall be
conducted in the City of Virginia Beach, Virginia. 
 (ii) The arbitration shall be administered by AAA, who will
appoint an arbitrator. If AAA is unwilling or unable to administer or legally precluded from administering the arbitration, or if AAA is unwilling or unable to enforce or legally precluded from enforcing any and all provisions of this Dispute
Resolution Section, then any party to this Agreement may substitute another arbitration organization that has similar procedures to AAA and that will observe and enforce any and all provisions of this Dispute Resolution Section. All Disputes shall
be determined by one arbitrator; however, if the amount in controversy in a Dispute exceeds Five Million Dollars ($5,000,000), upon the request of any party, the Dispute shall be decided by three arbitrators (for purposes of this Agreement, referred
to collectively as the “arbitrator”). 
 (iii) All arbitration hearings will be commenced within ninety
(90) days of the demand for arbitration and completed within ninety (90) days from the date of commencement; provided, however, that upon a showing of good cause, the arbitrator shall be permitted to extend the commencement of such
hearing for up to an additional sixty (60) days. 
 (iv) The judgment and the award, if any, of the
arbitrator shall be issued within thirty (30) days of the close of the hearing. The arbitrator shall provide a concise written statement setting forth the reasons for the judgment and for the award, if any. The arbitration award, if any, may be
submitted to any court having jurisdiction to be confirmed and enforced, and such confirmation and enforcement shall not be subject to arbitration. 

 (v) The arbitrator will give effect to statutes of limitations and any
waivers thereof in determining the disposition of any Dispute and may dismiss one or more claims in the arbitration on the basis that such claim or claims is or are barred. For purposes of the application of the statute of limitations, the service
on AAA under applicable AAA rules of a notice of Dispute is the equivalent of the filing of a lawsuit. 
 (vi)
Any dispute concerning this arbitration provision, including any such dispute as to the validity or enforceability of this provision, or whether a Dispute is arbitrable, shall be determined by the arbitrator; provided, however, that
the arbitrator shall not be permitted to vary the express provisions of these Special Rules or the Reservations of Rights in subsection (c) below. 
 (vii) The arbitrator shall have the power to award legal fees and costs pursuant to the terms of this Agreement. 
 (viii) The arbitration will take place on an individual basis without reference to, resort to, or consideration of any form of class or class action. 

6.24.3 Reservations of Rights. Nothing in this Agreement shall be deemed to (i) limit the applicability of any otherwise
applicable statutes of limitation and any waivers contained in this Agreement, or (ii) apply to or limit the right of any party (A) to exercise self help remedies such as (but not limited to) setoff, or (B) to foreclose judicially or
nonjudicially against any real or personal property collateral, or to exercise judicial or nonjudicial power of sale rights, (C) to obtain from a court provisional or ancillary remedies such as (but not limited to) injunctive relief, writ of
possession, prejudgment attachment, or the appointment of a receiver, or (D) to pursue rights against a party to this Agreement in a third-party proceeding in any action brought against any other party or parties in a state, federal or
international court, tribunal or hearing body (including actions in specialty courts, such as bankruptcy and patent courts). A party as applicable may exercise the rights set forth in clauses (A) through (D), inclusive, before, during or after
the pendency of any arbitration proceeding brought pursuant to this Agreement. Neither the exercise of self help remedies nor the institution or maintenance of an action for foreclosure or provisional or ancillary remedies shall constitute a waiver
of the right of any party, including the claimant in any such action, to arbitrate the merits of the Dispute occasioning resort to such remedies. No provision in the Loan Documents regarding submission to jurisdiction and/or venue in any court is
intended or shall be construed to be in derogation of the provisions in any Loan Document for arbitration of any Dispute. 

6.24.4 Conflicting Provisions for Dispute Resolution. If there is any conflict between the terms, conditions and provisions of
this Section and those of any other provision or agreement for arbitration or dispute resolution, the terms, conditions and provisions of this Section shall prevail as to any Dispute arising out of or relating to (i) this Agreement,
(ii) any other Loan Document, (iii) any related agreements or instruments, or (iv) the transaction contemplated herein or therein (including any claim based on or arising from an alleged personal injury or business tort). In any other
situation, if the resolution of a given Dispute is specifically governed by another provision or agreement for arbitration or dispute resolution, the other provision or agreement shall prevail with respect to said Dispute. 

6.24.5 Jury Trial Waiver in Arbitration. By agreeing to this Section, the parties irrevocably and voluntarily waive any right they
may have to a trial by jury in respect of any Dispute. 

 6.25 Nature of Borrower’s Liability. 

6.25.1 As used in this Section 6.24, the term “Co-Borrower” shall mean any one of the following: TCA 11
Office or TCA 11 Apartments; and the term “Co-Borrowers” shall mean both of such Co-Borrowers, collectively. 
 6.25.2 Each Co-Borrower agrees that it is jointly and severally liable to Lenders for the payment and performance of all obligations arising under the Loan Documents (other than the obligation of such
Co-Borrower as “Maker” under its respective Note to pay principal, interest, late fees and other amounts from time to time due and payable under such Note), and that such liability is independent of the obligations of the other
Co-Borrowers. Each Co-Borrower agrees that it is severally liable to Lenders as “Maker” under its respective Note for the payment of principal, interest, late fees and other amounts from time to time due and payable under such Note.
Lenders may bring an action against any Co-Borrower for its obligations, whether an action is brought against the other Co-Borrower. 
 6.25.3 Each Co-Borrower agrees that any release which may be given by Administrative Agent or Lenders to the other Co-Borrower or any Guarantor will not release
such Co-Borrower from its obligations under its Note or under any of the other Loan Documents. 
 6.25.4 Each Co-Borrower waives
any right to assert against Lenders any defense, setoff, counterclaim or claim that such Co-Borrower may have against the other Co-Borrower or any other party liable to Lenders for the obligations of the Co-Borrowers under any of the Loan Documents.

 6.25.5 Each Co-Borrower agrees that it is solely responsible for keeping itself informed as to the financial condition of the
other Co-Borrower and of all circumstances which bear upon the risk of nonpayment. Each Co-Borrower waives any right it may have to require Lender to disclose to such Co-Borrower any information that
Administrative Agents or Lenders may now or hereafter acquire concerning the financial condition of the other Co-Borrower. 

6.25.6 Each Co-Borrower waives all rights to notices of default or nonperformance by the other Co-Borrower under any Note and the other
Loan Documents. Each Co-Borrower further waives all rights to notices of the existence or the creation of new indebtedness by the other Co-Borrower. 
 6.25.7 Co-Borrowers represent and warrant to Lenders that each will derive benefit, directly and indirectly, from the collective administration and availability of the Loan under each Note and the other
Loan Documents. Co-Borrowers agree that neither 

 
Administrative Agent nor Lenders will be required to inquire as to the disposition by any Co-Borrower of funds disbursed in accordance with the terms of any Note or any of the other Loan
Documents. 
 6.25.8 Until all obligations of Co-Borrowers to Lenders under each Note and the other Loan Documents have been
paid in full, each Co-Borrower waives any right of subrogation, reimbursement, indemnification and contribution (contractual, statutory or otherwise), including any claim or right of subrogation under the Bankruptcy Code (Title 11, United States
Code) or any successor statute, that such Co-Borrower may now or hereafter have against the other Co-Borrower with respect to the indebtedness incurred under any Note or any of the other Loan Documents. Each Co-Borrower waives any right to enforce
any remedy which Lenders now has or may hereafter have against the other Co-Borrower, and waives any benefit of, and any right to participate in, any security now or hereafter held by Administrative Agent or Lenders. 

6.25.9 Each Co-Borrower hereby waives any election of remedies by Administrative Agent or Lenders that impairs any subrogation or other
right of such Co-Borrower to proceed against any other Co-Borrower or other person, including any loss of rights resulting from any applicable anti-deficiency laws relating to nonjudicial foreclosures of real
property or other laws limiting, qualifying or discharging obligations or remedies. 
 6.25.10 Each Co-Borrower hereby waives
the benefits of the provisions of Title 49-25 and 49-26 of the Code of Virginia. 
 THE WRITTEN LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 
 [Executions Appear on the Next Page] 

 EXECUTED and DELIVERED UNDER SEAL as of July 30, 2013. 

 

									
		 		 		 		 	
				
		 		 	TCA BLOCK 11 OFFICE, LLC,	 	
		 		 	a Virginia limited liability company	 	
					
		 		 	By:	 	Armada Hoffler Manager, LLC, a Virginia limited liability company, its Manager	 	
					
		 		 	By:	 	 /s/ Louis S. Haddad
	 	(SEAL)
		 		 	Name:	 	Louis S. Haddad	 	
		 		 	Title:	 	Manager	 	
				
		 		 	TCA BLOCK 11 APARTMENTS, LLC,	 	
		 		 	a Virginia limited liability company	 	
					
		 		 	By:	 	Armada Hoffler Manager, LLC, a Virginia limited liability company, its Manager	 	
					
		 		 	By:	 	 /s/ Louis S. Haddad
	 	(SEAL)
		 		 	Name:	 	Louis S. Haddad	 	
		 		 	Title:	 	Manager	 	

 Borrowers’ Address for Notices: 
 222 Central Park Avenue, Suite 2100 
 Virginia Beach, Virginia 23462 

Attn: Mr. Michael P. O’Hara 

Telephone: (757) 366-4328 
 Telecopier:
(757) 424-2513 
 Electronic Mail: mohara@armadahoffler.com 
 The Federal Tax Identification Number of Borrowers: 
  

			
	TCA 11 Office:	 	46-1985342
	TCA 11 Apartments:	 	46-1975861

									
		 		 	BANK OF AMERICA, N.A., individually as
Administrative Agent and a Lender
					
		 		 	By:	 	 /s/ Patricia Gardenhire
	 	(SEAL)
		 		 	Name:	 	Patricia Gardenhire	 	
		 		 	Title:	 	Vice President	 	

									
		 		 	PNC BANK, NATIONAL ASSOCIATION,
		 		 	as a Lender
					
		 		 	By:	 	 /s/ Kinnery Clinebell
	 	(SEAL)
		 		 	Name:	 	 Kinnery Clinebell
	 	
		 		 	Title:	 	 Assistant Vice President
	 	

									
		 		 	REGIONS BANK,	 	
		 		 	as a Lender	 	
					
		 		 	By:	 	 /s/ Barry L. Musselman
	 	(SEAL)
		 		 	Name:	 	 Barry L. Musselman
	 	
		 		 	Title:	 	 Senior Vice President
	 	

 EXHIBIT “A” 

LEGAL DESCRIPTION OF LAND 
 THOSE certain condominium units known as “Retail Unit”, “Apartments Unit”, and “Office Tower Unit” in Town Center Condominium 11 located in the City of Virginia Beach,
Virginia, and as further designated and described in that certain declaration entitled, “DECLARATION OF CONDOMINIUM OF TOWN CENTER CONDOMINIUM 11”, and recorded in the Clerk’s Office of the Circuit Court of the City of
Virginia Beach, Virginia, as Instrument Number 20130426000481700 (hereinafter referred to as the “Declaration”), together with each unit’s applicable undivided interest in certain common elements, all as more particularly
described and allocated in the Declaration as amended from time to time.
 IT BEING the same property conveyed to TCA BLOCK 11 APARTMENTS,
LLC, a Virginia limited liability company, by deed dated April 24, 2013 from TOWN CENTER ASSOCIATES 11, L.L.C., A Virginia limited liability company, and recorded in Instrument Number 20130426000481760. (AS TO APARTMENTS
UNIT ONLY)
 IT BEING the same property conveyed to TCA BLOCK 11 OFFICE, LLC, a Virginia limited liability company, by deed dated
April 24, 2013 from TOWN CENTER ASSOCIATES 11, L.L.C., A Virginia limited liability company, and recorded in Instrument Number 20130426000481770. (AS TO RETAIL AND OFFICE TOWER UNITS ONLY)EX-4.1

 Exhibit 4.1 
 Execution Version 
  

 
 BANKRATE, INC.,
as Issuer, 
 the GUARANTORS party hereto 
 AND 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 

$300,000,000 6.125% Senior Notes due 2018 
  

 
 INDENTURE

 Dated as of August 7, 2013 
  

 
  

 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	SECTION 1.1.	 	Definitions	  	 	1	  
	SECTION 1.2.	 	Other Definitions	  	 	36	  
	SECTION 1.3.	 	Incorporation by Reference of Trust Indenture Act	  	 	38	  
	SECTION 1.4.	 	Rules of Construction	  	 	39	  
	
	ARTICLE II	  
	
	THE NOTES	  
			
	SECTION 2.1.	 	Form, Dating and Terms	  	 	39	  
	SECTION 2.2.	 	Execution and Authentication	  	 	48	  
	SECTION 2.3.	 	Registrar and Paying Agent	  	 	49	  
	SECTION 2.4.	 	Paying Agent to Hold Money in Trust	  	 	50	  
	SECTION 2.5.	 	Holder Lists	  	 	50	  
	SECTION 2.6.	 	Transfer and Exchange	  	 	51	  
	SECTION 2.7.	 	Form of Certificate to be Delivered upon Termination of Restricted Period	  	 	55	  
	SECTION 2.8.	 	Form of Certificate to be Delivered in Connection with Transfers to IAIs	  	 	56	  
	SECTION 2.9.	 	Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S	  	 	58	  
	SECTION 2.10.	 	Form of Certificate to be Delivered in Connection with Transfers to AIs	  	 	59	  
	SECTION 2.11.	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	61	  
	SECTION 2.12.	 	Outstanding Notes	  	 	62	  
	SECTION 2.13.	 	Temporary Notes	  	 	62	  
	SECTION 2.14.	 	Cancellation	  	 	63	  
	SECTION 2.15.	 	Payment of Interest; Defaulted Interest	  	 	63	  
	SECTION 2.16.	 	CUSIP and ISIN Numbers	  	 	64	  
	
	ARTICLE III	  
	
	COVENANTS	  
			
	SECTION 3.1.	 	Payment of Notes	  	 	64	  
	SECTION 3.2.	 	Limitation on Indebtedness	  	 	65	  
	SECTION 3.3.	 	Limitation on Restricted Payments	  	 	69	  
	SECTION 3.4.	 	Limitation on Restrictions on Distributions from Restricted Subsidiaries	  	 	75	  
	SECTION 3.5.	 	Limitation on Sales of Assets and Subsidiary Stock	  	 	77	  

  
 -i-

							
	 	 	 	  	Page	 
			
	 SECTION 3.6.
	 	Limitation on Liens	  	 	81	  
	 SECTION 3.7.
	 	Limitation on Guarantees	  	 	82	  
	 SECTION 3.8.
	 	Limitation on Affiliate Transactions	  	 	83	  
	 SECTION 3.9.
	 	Change of Control Triggering Event	  	 	85	  
	 SECTION 3.10.
	 	Reports	  	 	87	  
	 SECTION 3.11.
	 	Maintenance of Office or Agency	  	 	89	  
	 SECTION 3.12.
	 	Corporate Existence	  	 	90	  
	 SECTION 3.13.
	 	Payment of Taxes	  	 	90	  
	 SECTION 3.14.
	 	Payments for Consent	  	 	90	  
	 SECTION 3.15.
	 	Compliance Certificate	  	 	90	  
	 SECTION 3.16.
	 	Further Instruments and Acts	  	 	91	  
	 SECTION 3.17.
	 	Conduct of Business	  	 	91	  
	 SECTION 3.18.
	 	Statement by Officers as to Default	  	 	91	  
	 SECTION 3.19.
	 	Suspension of Certain Covenants	  	 	91	  
	 SECTION 3.20.
	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	92	  
	
	ARTICLE IV	  
	
	SUCCESSOR ISSUER; Successor Person	  
			
	 SECTION 4.1.
	 	Merger and Consolidation	  	 	93	  
	
	ARTICLE V	  
	
	REDEMPTION OF SECURITIES	  
			
	 SECTION 5.1.
	 	Notices to Trustee	  	 	94	  
	 SECTION 5.2.
	 	Selection of Notes to Be Redeemed or Purchased	  	 	95	  
	 SECTION 5.3.
	 	Notice to Redemption	  	 	95	  
	 SECTION 5.4.
	 	Effect of Notice of Redemption	  	 	96	  
	 SECTION 5.5.
	 	Deposit of Redemption or Purchase Price	  	 	96	  
	 SECTION 5.6.
	 	Notes Redeemed or Purchased in Part	  	 	97	  
	 SECTION 5.7.
	 	Optional Redemption	  	 	97	  
	 SECTION 5.8.
	 	Mandatory Redemption	  	 	98	  
	
	ARTICLE VI	  
	
	DEFAULTS AND REMEDIES	  
			
	 SECTION 6.1.
	 	Events of Default	  	 	98	  
	 SECTION 6.2.
	 	Acceleration	  	 	100	  
	 SECTION 6.3.
	 	Other Remedies	  	 	101	  
	 SECTION 6.4.
	 	Waiver of Past Defaults	  	 	101	  
	 SECTION 6.5.
	 	Control by Majority	  	 	101	  
	 SECTION 6.6.
	 	Limitation on Suits	  	 	102	  
	 SECTION 6.7.
	 	Rights of Holders to Receive Payment	  	 	102	  
	 SECTION 6.8.
	 	Collection Suit by Trustee	  	 	102	  

  
 -ii-

							
	 	 	 	  	Page	 
			
	 SECTION 6.9.
	 	Trustee May File Proofs of Claim	  	 	102	  
	 SECTION 6.10.
	 	Priorities	  	 	103	  
	 SECTION 6.11.
	 	Undertaking for Costs	  	 	103	  
	
	ARTICLE VII	  
	
	TRUSTEE	  
			
	 SECTION 7.1.
	 	Duties of Trustee	  	 	103	  
	 SECTION 7.2.
	 	Rights of Trustee	  	 	105	  
	 SECTION 7.3.
	 	Individual Rights of Trustee	  	 	106	  
	 SECTION 7.4.
	 	Trustee’s Disclaimer	  	 	106	  
	 SECTION 7.5.
	 	Notice of Defaults	  	 	107	  
	 SECTION 7.6.
	 	Reports by Trustee to Holders	  	 	107	  
	 SECTION 7.7.
	 	Compensation and Indemnity	  	 	107	  
	 SECTION 7.8.
	 	Replacement of Trustee	  	 	108	  
	 SECTION 7.9.
	 	Successor Trustee by Merger	  	 	109	  
	 SECTION 7.10.
	 	Eligibility; Disqualification	  	 	109	  
	 SECTION 7.11.
	 	Preferential Collection of Claims Against the Issuer	  	 	109	  
	 SECTION 7.12.
	 	Trustee’s Application for Instruction from the Issuer	  	 	109	  
	
	ARTICLE VIII	  
	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 SECTION 8.1.
	 	Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance	  	 	110	  
	 SECTION 8.2.
	 	Legal Defeasance and Discharge	  	 	110	  
	 SECTION 8.3.
	 	Covenant Defeasance	  	 	111	  
	 SECTION 8.4.
	 	Conditions to Legal or Covenant Defeasance	  	 	111	  
	 SECTION 8.5.
	 	 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions
	  	 	112	  
	 SECTION 8.6.
	 	Repayment to the Issuer	  	 	113	  
	 SECTION 8.7.
	 	Reinstatement	  	 	113	  
	
	ARTICLE IX	  
	
	AMENDMENTS	  
			
	 SECTION 9.1.
	 	Without Consent of Holders	  	 	114	  
	 SECTION 9.2.
	 	With Consent of Holders	  	 	115	  
	 SECTION 9.3.
	 	Compliance with Trust Indenture Act	  	 	116	  
	 SECTION 9.4.
	 	Revocation and Effect of Consents and Waivers	  	 	116	  
	 SECTION 9.5.
	 	Notation on or Exchange of Notes	  	 	117	  
	 SECTION 9.6.
	 	Trustee to Sign Amendments	  	 	117	  

  
 -iii-

							
	 	 	 	  	Page	 
	
	ARTICLE X	  
	
	GUARANTEE	  
			
	SECTION 10.1.	 	Guarantee	  	 	117	  
	SECTION 10.2.	 	Limitation on Liability; Termination, Release and Discharge	  	 	119	  
	SECTION 10.3.	 	Right of Contribution	  	 	120	  
	SECTION 10.4.	 	No Subrogation	  	 	120	  
	
	ARTICLE XI	  
	
	SATISFACTION AND DISCHARGE	  
			
	SECTION 11.1.	 	Satisfaction and Discharge	  	 	120	  
	SECTION 11.2.	 	Application of Trust Money	  	 	121	  
	
	ARTICLE XII	  
	
	MISCELLANEOUS	  
			
	SECTION 12.1.	 	Trust Indenture Act Controls	  	 	122	  
	SECTION 12.2.	 	Notices	  	 	122	  
	SECTION 12.3.	 	Communication by Holders with other Holders	  	 	123	  
	SECTION 12.4.	 	Certificate and Opinion as to Conditions Precedent	  	 	123	  
	SECTION 12.5.	 	Statements Required in Certificate or Opinion	  	 	123	  
	SECTION 12.6.	 	When Notes Disregarded	  	 	124	  
	SECTION 12.7.	 	Rules by Trustee, Paying Agent and Registrar	  	 	124	  
	SECTION 12.8.	 	Legal Holidays	  	 	124	  
	SECTION 12.9.	 	Governing Law	  	 	124	  
	SECTION 12.10.	 	Jurisdiction	  	 	124	  
	SECTION 12.11.	 	Waivers of Jury Trial	  	 	125	  
	SECTION 12.12.	 	USA PATRIOT Act	  	 	125	  
	SECTION 12.13.	 	No Recourse Against Others	  	 	125	  
	SECTION 12.14.	 	Successors	  	 	125	  
	SECTION 12.15.	 	Multiple Originals	  	 	125	  
	SECTION 12.16.	 	[Reserved]	  	 	126	  
	SECTION 12.17.	 	Table of Contents; Headings	  	 	126	  
	SECTION 12.18.	 	Force Majeure	  	 	126	  
	SECTION 12.19.	 	Severability	  	 	126	  
	SECTION 12.20.	 	[Reserved]	  	 	126	  
	SECTION 12.21.	 	Appointment of Agent for Service of Process	  	 	126	  
	SECTION 12.22.	 	Waiver of Immunities	  	 	127	  
	SECTION 12.23.	 	Judgment Currency	  	 	127	  

  

			
	EXHIBIT A	  	Form of Global Restricted Note
	EXHIBIT B	  	Form of Supplemental Indenture

  
 -iv-

 CROSS-REFERENCE TABLE 

 

					
	 TIA Section
	 	  	 	 Indenture

Section

	310	 		 	7.10
	    (a)(1)	 		 	
	    (a)(2)	 		 	7.10
	    (a)(3)	 		 	N.A.
	    (a)(4)	 		 	N.A.
	    (a)(5)	 		 	7.10
	    (b)	 		 	7.3; 7.8; 7.10
	311	 	(a)	 	7.11
			
	    (b)	 		 	7.11
	312	 	(a)	 	2.5
			
	    (b)	 		 	12.3
	    (c)	 		 	12.3
	313	 	(a)	 	7.6
			
	    (b)(1)	 		 	7.6
	    (b)(2)	 		 	7.6
	    (c)	 		 	7.6
	    (d)	 		 	7.6
	314	 	(a)	 	3.10; 3.15; 12.5
			
	    (b)	 		 	N.A.
	    (c)(1)	 		 	2.2; 12.4
	    (c)(2)	 		 	2.2; 12.4
	    (c)(3)	 		 	N.A.
	    (d)	 		 	N.A.
	    (e)	 		 	12.5
	315	 	(a)	 	7.1
			
	    (b)	 		 	7.5; 12.2
	    (c)	 		 	7.1
	    (d)	 		 	7.1
	    (e)	 		 	6.11
	316	 		 	12.6
	    (a)(last sentence)	 		 	
	    (a)(1)(A)	 		 	6.5
	    (a)(1)(B)	 		 	6.4
	    (a)(2)	 		 	N.A.
	    (b)	 		 	6.7
	    (c)	 		 	N.A.

  
 -v-

					
	317	 		 	6.8
	     (a)(1)
	 		 	
	     (a)(2)
	 		 	6.9
	     (b)
	 		 	2.4
	 318
	 	 (a)
	 	12.1

 N.A. means not applicable. 
 Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of this Indenture. 

  
 -vi-

 INDENTURE dated as of August 7, 2013, among BANKRATE, INC., a Delaware corporation (the
“Issuer”), the Guarantors party hereto and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (in such capacity, the “Trustee”). 

W I T N E S S E T H: 

WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of (i) $300,000,000 in aggregate
principal amount of its 6.125% Senior Notes due 2018 (the “Initial Notes”), each as issued on the date hereof and (ii) any additional Notes (the “Additional Notes” and, together with any Initial Notes, the
“Notes”); 
 WHEREAS, the due and punctual payment of the principal of, premium, if any, and interest on all the Notes and all
other obligations and liabilities of the Issuer under this Indenture are unconditionally and irrevocably guaranteed by the Guarantors; 

WHEREAS, the Guarantors have duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, all things necessary (i) to make the Notes, when executed and duly issued by the Issuer and the Guarantors and authenticated and delivered hereunder, the valid obligations of the Issuer and
the Guarantors, and (ii) to make this Indenture a valid agreement of Issuer and the Guarantors have been done. 
 NOW, THEREFORE, in
consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows: 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.1. Definitions. 
 “Acquired Indebtedness” means Indebtedness
(1) of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary, or (2) assumed in connection with the acquisition of assets from such Person, or (3) of a Person at the time such Person
merges with or into or consolidates or otherwise combines with the Issuer or any Restricted Subsidiary, in each case whether or not Incurred by such Person in connection with such Person becoming a Restricted Subsidiary of the Issuer or such
acquisition. Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding
sentence, on the date of consummation of such acquisition of assets and, with respect to clause (3) of the preceding sentence, on the date of the relevant merger, consolidation or other combination. 

“Additional Assets” means: 
 (1) any property or assets (other than Capital Stock) used or to be used by the Issuer, a Restricted Subsidiary or otherwise useful in a Similar Business (it being understood that

 
capital expenditures on property or assets already used in a Similar Business or to replace any property or assets that are the subject of such Asset Disposition shall be deemed an investment in
Additional Assets); 
 (2) the Capital Stock of a Person that is engaged in a Similar Business and becomes a Restricted
Subsidiary as a result of the acquisition of such Capital Stock by the Issuer or a Restricted Subsidiary of the Issuer; or 
 (3)
Capital Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary of the Issuer. 
 “Additional
Notes” has the meaning ascribed to it in the second introductory paragraph of this Indenture. 
 “Affiliate” of any
specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with
respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “AI” means an “accredited investor” as
described in Rule 501(a)(4) under the Securities Act. 
 “Apax” means each of Apax Partners, L.P. and its Affiliates and
funds or partnerships managed or advised by it or any of its Affiliates, in each case other than their respective portfolio companies. 

“Applicable Premium” means the greater of (A) 1.0% of the principal amount of such Note and (B) on any redemption date, the
excess (to the extent positive) of: 
 (a) the present value at such redemption date of (i) the redemption price of such
Note at August 15, 2015 (such redemption price (expressed in percentage of principal amount) being set forth in the table under Section 5.7(d) (excluding accrued but unpaid interest)), plus (ii) all required interest payments
due on such Note to and including such date set forth in clause (i) (excluding accrued but unpaid interest), computed upon the redemption date using a discount rate equal to the Applicable Treasury Rate at such redemption date (or in the case
of satisfaction and discharge or defeasance, as of the date that the Issuer is required to deposit the amounts required under this Indenture related thereto) plus 50 basis points; over 

(b) the outstanding principal amount of such Note; 
 in each case, as calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate. 
 “Applicable Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most
recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two 

  
 -2-

 
Business Days (but not more than five Business Days) prior to the redemption date (or in the case of satisfaction and discharge or defeasance, as of the date that the Issuer is required to
deposit the amounts required under this Indenture related thereto) (or, if such statistical release is not so published or available, any publicly available source of similar market data selected by the Issuer in good faith)) most nearly equal to
the period from the redemption date to August 15, 2015; provided, however, that if the period from the redemption date to August 15, 2015 is not equal to the constant maturity of a United States Treasury security for which a weekly
average yield is given, the Applicable Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given,
except that if the period from the redemption date to such applicable date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

 “Asset Disposition” means: 
 (a) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property or assets (including by way of a Sale and Leaseback Transaction)
of the Issuer (other than Capital Stock of the Issuer) or any of its Restricted Subsidiaries (each referred to in this definition as a “disposition”); or 
 (b) the issuance or sale of Capital Stock of any Restricted Subsidiary (other than Preferred Stock or Disqualified Stock of Restricted Subsidiaries issued in compliance with Section 3.2 hereof
or directors’ qualifying shares and shares issued to foreign nationals as required under applicable law), whether in a single transaction or a series of related transactions; 
 in each case, other than: 
 (1) a disposition by a Restricted Subsidiary to the
Issuer or by the Issuer or a Restricted Subsidiary to a Restricted Subsidiary; 
 (2) a disposition of cash, Cash Equivalents or
Investment Grade Securities; 
 (3) a disposition of inventory or other assets in the ordinary course of business; 

(4) a disposition of obsolete, surplus or worn out equipment or other assets or equipment or other assets that are no longer useful in the
conduct of the business of the Issuer and its Restricted Subsidiaries; 
 (5) transactions permitted under
Section 4.1 hereof or a transaction that constitutes a Change of Control; 
 (6) an issuance of Capital Stock by a
Restricted Subsidiary to the Issuer or to another Restricted Subsidiary or as part of or pursuant to an equity incentive or compensation plan approved by the Board of Directors; 

  
 -3-

 (7) any dispositions or issuance of Capital Stock of a Restricted Subsidiary, or any
dispositions of properties or assets of the Issuer or any Restricted Subsidiary, in each case in a single transaction or series of related transactions with a fair market value (as determined in good faith by the Issuer) of less than
$5.0 million; 
 (8) any Restricted Payment that is permitted to be made, and is made, under Section 3.3 and the
making of any Permitted Payment or Permitted Investment or, solely for purposes of the second paragraph under Section 3.5(a) asset sales, the proceeds of which are used to make such Restricted Payments or Permitted Investments;

 (9) the granting of Liens not prohibited by Section 3.6; 

(10) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or
in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 
 (11) the licensing or sub-licensing
of intellectual property or other general intangibles and licenses, sub-licenses, leases or subleases of other property, in each case, in the ordinary course of business; 
 (12) foreclosure, condemnation or any similar action with respect to any property or other assets; 
 (13) the sale or discount (with or without recourse, and on customary or commercially reasonable terms and for credit management purposes) of accounts receivable or notes receivable arising in the
ordinary course of business, or the conversion or exchange of accounts receivable for notes receivable; 
 (14) any disposition
of Capital Stock, Indebtedness or other securities of an Unrestricted Subsidiary; 
 (15) any disposition of Capital Stock of a
Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other than the Issuer or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its
business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 

(16) to the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in a
Similar Business; 
 (17) any financing transaction with respect to property constructed, acquired, replaced, repaired or
improved (including any reconstruction, refurbishment, renovation and/or development of real property) by the Issuer or any Restricted Subsidiary after the Issue Date, including Sale and Leaseback Transactions and asset securitizations, permitted by
this Indenture; and 
 (18) any surrender or waiver of contract rights or the settlement, release or surrender of contract, tort
or other claims of any kind. 

  
 -4-

 “Associate” means (i) any Person engaged in a Similar Business of which the Issuer or
its Restricted Subsidiaries are the legal and beneficial owners of between 20% and 50% of all outstanding Voting Stock and (ii) any joint venture entered into by the Issuer or any Restricted Subsidiary of the Issuer. 

“Bankruptcy Law” means Title 11 of the United States Code or similar federal, state or foreign law for the relief of debtors.

 “Board of Directors” means (1) with respect to the Issuer or any corporation, the board of directors or managers, as
applicable, of the corporation, or any duly authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of the general partner of the partnership or any duly authorized committee thereof;
and (3) with respect to any other Person, the board or any duly authorized committee of such Person serving a similar function. Whenever any provision requires any action or determination to be made by, or any approval of, a Board of Directors,
such action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors on any such Board of Directors (whether or not such action or approval is taken as part of a formal board meeting or as a
formal board approval). 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary
of a Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect of the date of such certification, and delivered to the Trustee. 
 “Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York, United States or the jurisdiction of the place of payment
are authorized or required by law to close. 
 “Capital Stock” of any Person means any and all shares of, rights to purchase,
warrants, options or depositary receipts for, or other equivalents of or partnership or other interests in (however designated), equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity.

 “Capitalized Lease Obligations” means an obligation that is required to be classified and accounted for as a capitalized
lease for financial reporting purposes on the basis of GAAP. The amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made as determined on the basis
of GAAP, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty. 

“Cash Equivalents” means: 
 (1) United States dollars, or as to any Foreign Subsidiary, any applicable local currency; 

  
 -5-

 (2) securities issued or directly and fully Guaranteed or insured by the United States or
any agency or instrumentality thereof (provided that the full faith and credit of such country or such member state is pledged in support thereof), having maturities of not more than two years from the date of acquisition; 

(3) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having
maturities of not more than one year from the date of acquisition thereof issued by any Lender or by any bank or trust company (a) whose commercial paper is rated at least “A-2” or the equivalent thereof by S&P or at least
“P-2” or the equivalent thereof by Moody’s (or if at the time neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) or (b) (in the event that the bank or
trust company does not have commercial paper which is rated) having combined capital and surplus in excess of $100.0 million; 
 (4) repurchase obligations for underlying securities of the types described in clauses (2) and (3) entered into with any bank meeting the qualifications specified in clause (3) above;

 (5) commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent thereof by S&P or
“P-2” or the equivalent thereof by Moody’s or carrying an equivalent rating by a Nationally Recognized Statistical Rating Organization, if both of the two named rating agencies cease publishing ratings of investments or, if no rating
is available in respect of the commercial paper, the issuer of which has an equivalent rating in respect of its long-term debt, and in any case maturing within one year after the date of acquisition thereof; 

(6) readily marketable direct obligations issued by any state of the United States of America, having one of the two highest rating
categories obtainable from either Moody’s or S&P (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of not more than two
years from the date of acquisition; 
 (7) Indebtedness issued by Persons with a rating of “A-” or higher from S&P
or “A3” or higher from Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of 12 months or less from the
date of acquisition; 
 (8) bills of exchange issued in the United States, Canada, a member state of the European Union or Japan
eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent); and 
 (9)
interests in any investment company, money market or enhanced high yield fund which invests 95% or more of its assets in instruments of the type specified in clauses (1) through (8) above. 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clause (1) above,
provided that such amounts are converted into any currency listed in clause (1) as promptly as practicable and in any event within 10 Business Days following the receipt of such amounts. 

  
 -6-

 “Cash Management Services” means any of the following to the extent not constituting a line
of credit (other than an overnight draft facility that is not in default): ACH transactions, treasury and/or cash management services, including controlled disbursement services, overdraft facilities, foreign exchange facilities, credit cards,
stored value cards, credit card processing services, debit cards, purchase cards (including so called “procurement cards” or “P-cards”), deposit and other accounts and merchant services. 

“Change of Control” means: 
 (1) the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) any “person” or
“group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Issue Date), other than one or more Permitted Holders, is or becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Issue Date), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Issuer; 

(2) the sale, lease, transfer, conveyance or other disposition (other than by way of merger, consolidation or other business combination
transaction), in one or a series of related transactions, of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries taken as a whole to a Person, other than a Restricted Subsidiary or one or more Permitted Holders;

 (3) the first day on which a majority of the members of the Board of Directors of the Issuer are not Continuing Directors; or

 (4) the merger or consolidation of the Issuer with or into another Person (other than a Restricted Subsidiary) or the merger
of another Person (other than a Restricted Subsidiary) with or into the Issuer, other than a transaction following which either (i) holders of securities that represented 100% of the Voting Stock of the Issuer immediately prior to such
transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such
merger or consolidation transaction immediately after such transaction or (ii) Permitted Holders own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation
transaction immediately after such transaction. 
 “Change of Control Triggering Event” means the occurrence of both a Change
of Control and a Ratings Event. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation
and amortization expense, including amortization of deferred financing fees of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

  
 -7-

 “Consolidated EBITDA” for any period means the Consolidated Net Income for such period:

 (1) increased (without duplication) by: 
 (a) provision for taxes based on income or profits or capital, including state, franchise and similar taxes and foreign withholding taxes of such Person paid or accrued during such period deducted (and
not added back) in computing Consolidated Net Income; plus 
 (b) Fixed Charges of such Person for such period (including
(x) net losses on Hedging Obligations or other derivative instruments entered into for the purpose of hedging interest rate risk and (y) costs of surety bonds in connection with financing activities, plus amounts excluded from the
definition of “Consolidated Interest Expense” pursuant to clauses (t) through (z) in clause (1) thereof), to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income; plus

 (c) Consolidated Depreciation and Amortization Expense of such Person for such period to the extent the same were deducted
(and not added back) in computing Consolidated Net Income; plus 
 (d) any expenses or charges (other than depreciation or
amortization expense) related to any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Indenture (including a refinancing thereof) (whether or not
successful), including (i) such fees, expenses or charges related to the offering of the Notes, and (ii) any amendment or other modification of the Notes or the Credit Agreement, in each case, deducted (and not added back) in computing
Consolidated Net Income; plus 
 (e) the amount of any restructuring charge or reserve, integration cost or other business
optimization expense or cost associated with establishing new facilities that is deducted (and not added back) in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with acquisitions after the Issue
Date, and costs related to the closure and/or consolidation of facilities; provided that the aggregate amount of cash charges and cash costs that are included in this clause (e) shall not exceed 10% of Consolidated EBITDA in any
four-quarter period; plus 
 (f) any other non-cash charges, write-downs, expenses, losses or items reducing Consolidated
Net Income for such period including any impairment charges or the impact of purchase accounting, (excluding any such non-cash charge, write-down or item to the extent it represents an accrual or reserve for a cash expenditure for a future period)
or other items classified by the Issuer as special items less other non-cash items of income increasing Consolidated Net Income (excluding any such non-cash item of income to the extent it represents a receipt of cash in any future period);
plus 

  
 -8-

 (g) the amount of “run-rate” cost savings projected by the Issuer in good faith to
be realized as a result of specified actions either taken or initiated prior to or during such period (calculated on a pro forma basis as though such cost savings had been realized on the first day of such period), net of the amount of actual
benefits realized or expected to be realized prior to or during such period from such actions; provided that (x) such cost savings are reasonably identifiable, reasonably attributable to the actions specified and reasonably anticipated
to result from such actions, and (y) such actions have been taken or initiated and the benefits resulting therefrom are anticipated by the Issuer to be realized within twelve (12) months and (z) the aggregate amount added back
pursuant to this clause (g) for any period shall not exceed 10% of Consolidated EBITDA for such period; plus 
 (h)
any costs or expense incurred by the Issuer or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to
the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance of Capital Stock of the Issuer (other than Disqualified Stock) solely to the extent that such net cash
proceeds are excluded from the calculation set forth in Section 3.3(a)(iii) hereof; plus  
 (i) cash receipts
(or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated
EBITDA pursuant to clause (2) below for any previous period and not added back; plus 
 (j) any net loss included in
the Consolidated Net Income attributable to non-controlling interests pursuant to the application of Accounting Standards Codification Topic 810-10-45 (“Topic 810”); plus  

(k) realized foreign exchange losses resulting from the impact of foreign currency changes on the valuation of assets or liabilities on
the balance sheet of the Issuer and its Restricted Subsidiaries; plus 
 (l) net realized losses from Hedging Obligations
or embedded derivatives that require similar accounting treatment and the application of Accounting Standard Codification Topic 815 and related pronouncements; 
 (2) decreased (without duplication) by: (a) non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the reversal of
an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and any non-cash gains with respect to cash 

  
 -9-

 
actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; plus (b) realized foreign exchange income or gains resulting from
the impact of foreign currency changes on the valuation of assets or liabilities on the balance sheet of the Issuer and its Restricted Subsidiaries; plus (c) any net realized income or gains from Hedging Obligations or embedded
derivatives that require similar accounting treatment and the application of Accounting Standards Codification Topic 815 and related pronouncements, plus (d) any net income included in Consolidated Net Income attributable to
non-controlling interests pursuant to the application of Topic 810; and 
 (3) increased or decreased (without duplication) by,
as applicable, any adjustments resulting for the application of Accounting Standards Codification Topic 460 or any comparable regulation. 

“Consolidated Interest Expense” means, with respect to any Person for any period, without duplication, the sum of: 

(1) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted
(and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed
with respect to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Hedging Obligations or other derivative
instruments pursuant to GAAP), (d) the interest component of Capitalized Lease Obligations, and (e) net payments, if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness), and excluding (t) penalties and
interest relating to taxes, (u) any additional cash interest owing pursuant to any registration rights agreement, (v) accretion or accrual of discounted liabilities other than Indebtedness, (w) any expense resulting from the
discounting of any Indebtedness in connection with the application of purchase accounting in connection with any acquisition, (x) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, (y) any
expensing of bridge, commitment and other financing fees, and (z) interest with respect to Indebtedness of any parent of such Person appearing upon the balance sheet of such Person solely by reason of push-down accounting under GAAP;
plus 
 (2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid
or accrued; less 
 (3) interest income for such period. 
 For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such
Capitalized Lease Obligation in accordance with GAAP. 

  
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 “Consolidated Net Income” means, for any period, the net income (loss) of the Issuer and
its Restricted Subsidiaries determined on a consolidated basis on the basis of GAAP; provided, however, that there will not be included in such Consolidated Net Income: 

(1) subject to the limitations contained in clause (3) below, any net income (loss) of any Person if such Person is not a Restricted
Subsidiary, except that the Issuer’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed or that (as reasonably
determined by an Officer of the Issuer) could have been distributed by such Person during such period to the Issuer or a Restricted Subsidiary as a dividend or other distribution or return on investment (subject, in the case of a dividend or other
distribution or return on investment to a Restricted Subsidiary, to the limitations contained in clause (2) below); 
 (2)
solely for the purpose of determining the amount available for Restricted Payments under Section 3.3(a)(iii)(A) hereof, any net income (loss) of any Restricted Subsidiary (other than the Guarantors) if such Subsidiary is subject to
restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Issuer or a Guarantor by operation of the terms of such Restricted Subsidiary’s
charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or otherwise released,
(b) restrictions pursuant to the Credit Agreement, the Notes or this Indenture, and (c) restrictions specified in Section 3.4(b)(12)(i)), except that the Issuer’s equity in the net income of any such Restricted Subsidiary
for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed during such period to the Issuer or another Restricted Subsidiary as a dividend or other distribution
(subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause); 
 (3) any net
gain (or loss) realized upon the sale or other disposition of any asset or disposed operations of the Issuer or any Restricted Subsidiaries (including pursuant to any sale/leaseback transaction) which is not sold or otherwise disposed of in the
ordinary course of business (as determined in good faith by an Officer or the Board of Directors of the Issuer); 
 (4) any
extraordinary, exceptional, unusual or nonrecurring gain, loss, charge or expense or any charges, expenses or reserves in respect of any restructuring, redundancy or severance expense; 

(5) the cumulative effect of a change in accounting principles; 
 (6) any (i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards and any non-cash deemed finance charges in respect of any pension
liabilities or other provisions and (ii) income (loss) attributable to deferred compensation plans or trusts shall be excluded; 

  
 -11-

 (7) all deferred financing costs written off and premiums paid or other expenses incurred
directly in connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness; 
 (8) any unrealized gains or losses in respect of Hedging Obligations or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value of changes therein recognized
in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Hedging Obligations; 
 (9)
any unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness of any Person denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses
relating to translation of assets and liabilities denominated in foreign currencies; 
 (10) any unrealized foreign currency
translation or transaction gains or losses in respect of Indebtedness or other obligations of the Issuer or any Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary; 

(11) any purchase accounting effects including, but not limited to, adjustments to inventory, property and equipment, software and other
intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Issuer and the Restricted Subsidiaries), as a result of
any consummated acquisition, or the amortization or write-off of any amounts thereof (including any write-off of in process research and development); 
 (12) any goodwill or other intangible asset impairment charge or write-off; 
 (13)
any after-tax effect of income (loss) from the early extinguishment or cancellation of Indebtedness or Hedging Obligations or other derivative instruments; 
 (14) any net unrealized gains and losses resulting from Hedging Obligations or embedded derivatives that require similar accounting treatment and the application of Accounting Standards Codification Topic
815 and related pronouncements; 
 (15) the amount of any expense to the extent a corresponding amount is received in cash (or to
the extent that the Issuer has made the determination that there exists reasonable evidence that such amount will be reimbursed) by the Issuer and the Restricted Subsidiaries from a Person other than the Issuer or any Restricted Subsidiaries under
any agreement providing for reimbursement of any such expense, provided such reimbursement payment has not been included in determining Consolidated Net Income (it being understood that if the amounts received in cash under any such agreement
in any period exceed the amount of expense in respect of such period, such excess amounts received may be carried forward and applied against expense in future periods); and 
 (16) any net after-tax effect of income (loss) from disposed, abandoned, transferred, closed or discontinued operations, and any net after-tax gains or losses on disposed, abandoned, transferred, closed
or discontinued operations. 

  
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 “Consolidated Secured Leverage” means the sum of the aggregate outstanding Secured
Indebtedness for borrowed money and Capitalized Lease Obligations of the Issuer and its Restricted Subsidiaries less the aggregate amount of cash and Cash Equivalents of the Issuer and its Restricted Subsidiaries not to exceed $25.0 million.

 “Consolidated Secured Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Secured
Leverage at such date to (y) the aggregate amount of Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which internal consolidated financial statements of
the Issuer are available, in each case with such pro forma adjustments as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio”; provided that, for the purpose of determining
Consolidated Secured Leverage, the aggregate amount of cash and Cash Equivalents of the Issuer and its Restricted Subsidiaries shall be determined without giving pro forma effect to the proceeds of Indebtedness Incurred on such date. 

“Consolidated Total Leverage” means the sum of the aggregate outstanding Indebtedness for borrowed money and Capitalized Lease
Obligations of the Issuer and its Restricted Subsidiaries less the aggregate amount of cash and Cash Equivalents of the Issuer and its Restricted Subsidiaries not to exceed $25.0 million. 
 “Consolidated Total Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Total Leverage at such date to (y) the aggregate amount of Consolidated
EBITDA for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which internal consolidated financial statements of the Issuer are available, in each case with such pro forma adjustments
as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio;” provided that, for the purpose of determining Consolidated Total Leverage, the aggregate amount of cash and Cash
Equivalents of the Issuer and its Restricted Subsidiaries shall be determined without giving pro forma effect to the proceeds of Indebtedness Incurred on such date. 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing in any manner, whether directly or indirectly, any operating lease, dividend or
other obligation that does not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”), including any obligation of such Person, whether or not contingent: 

(1) to purchase any such primary obligation or any property constituting direct or indirect security therefor; 

(2) to advance or supply funds: 
 (a) for the purchase or payment of any such primary obligation; or 
 (b) to
maintain the working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation against loss in respect thereof. 

  
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 “Continuing Directors” means, as of any date of determination, any member of the Board of
Directors of the Issuer who: (1) was a member of such Board of Directors on the Issue Date or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members
of such Board at the time of such nomination or election. 
 “Corporate Trust Office” means the office of the Trustee at which
at any particular time its corporate trust business shall be principally administered, which office at the date of execution of this Indenture is located at 246 Goose Lane, Suite 105, Guilford, CT 06437, Attention: Bankrate Administrator.

 “Credit Agreement” means the Revolving Credit Agreement dated June 10, 2011 among the Issuer, the guarantors and
lenders party thereto, Goldman Sachs Bank USA, as administrative agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated, together with the related documents thereto (including the revolving loans thereunder, any letters of credit and
reimbursement obligations related thereto, any Guarantees and security documents), as amended, extended, renewed, restated, refunded, replaced, refinanced, supplemented, modified or otherwise changed (in whole or in part, and without limitation as
to amount, terms, conditions, covenants and other provisions) from time to time, and any one or more agreements (and related documents) governing Indebtedness, including indentures, incurred to refinance, substitute, supplement, replace or add to
(including increasing the amount available for borrowing or adding or removing any Person as a borrower, issuer or guarantor thereunder), in whole or in part, the borrowings and commitments then outstanding or permitted to be outstanding under such
Credit Agreement or one or more successors to the Credit Agreement or one or more new credit agreements. 
 “Credit Facility”
means, with respect to the Issuer or any of its Subsidiaries, one or more debt facilities, indentures or other arrangements (including the Credit Agreement or commercial paper facilities and overdraft facilities) with banks, other financial
institutions or investors providing for revolving credit loans, term loans, notes, receivables financing (including through the sale of receivables to such institutions or to special purpose entities formed to borrow from such institutions against
such receivables), letters of credit or other Indebtedness, in each case, as amended, restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended in whole or in part from time to time (and whether in
whole or in part and whether or not with the original administrative agent and lenders or another administrative agent or agents or other banks or institutions and whether provided under the original Credit Agreement or one or more other credit or
other agreements, indentures, financing agreements or otherwise) and in each case including all agreements, instruments and documents executed and delivered pursuant to or in connection with the foregoing (including any notes and letters of credit
issued pursuant thereto and any Guarantee and collateral agreement, patent and trademark security agreement, mortgages or letter of credit applications and other Guarantees, pledges, agreements, security agreements and collateral documents). Without
limiting the generality of the foregoing, the term “Credit Facility” shall include any agreement or instrument (1) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of
the Issuer as additional borrowers or guarantors thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof. 

  
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 “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar
official under any Bankruptcy Law. 
 “Default” means any event that is, or with the passage of time or the giving of notice or
both would be, an Event of Default; provided that any Default that results solely from the taking of an action that would have been permitted but for the continuation of a previous Default will be deemed to be cured if such previous Default
is cured prior to becoming an Event of Default. 
 “Definitive Notes” means certificated Notes. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
Section 2.3 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Designated Non-Cash Consideration” means the fair market value (as determined in good faith by the Issuer) of non-cash consideration
received by the Issuer or one of its Restricted Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation,
less the amount of cash or Cash Equivalents received in connection with a subsequent payment, redemption, retirement, sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no
longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with Section 3.5 hereof. 

“Designated Preferred Stock” means, with respect to the Issuer, Preferred Stock (other than Disqualified Stock) (a) that is issued
for cash (other than to the Issuer or a Subsidiary of the Issuer or an employee stock ownership plan or trust established by the Issuer or any such Subsidiary for the benefit of their employees to the extent funded by the Issuer or such Subsidiary)
and (b) that is designated as “Designated Preferred Stock” pursuant to an Officer’s Certificate of the Issuer at or prior to the issuance thereof, the Net Cash Proceeds of which are excluded from the calculation set forth in
Section 3.3(a)(iii)(B) hereof. 
 “Disinterested Director” means, with respect to any Affiliate Transaction, a
member of the Board of Directors of the Issuer having no material direct or indirect financial interest in or with respect to such Affiliate Transaction. A member of the Board of Directors of the Issuer shall be deemed not to have such a financial
interest by reason of such member’s holding Capital Stock of the Issuer or any options, warrants or other rights in respect of such Capital Stock. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by its terms (or by the terms of any security into which it is convertible or for which it
is exchangeable) or upon the happening of any event: 
 (1) matures or is mandatorily redeemable for cash or in exchange for
Indebtedness pursuant to a sinking fund obligation or otherwise; or 
 (2) is or may become (in accordance with its terms) upon
the occurrence of certain events or otherwise redeemable or repurchasable for cash or in exchange for Indebtedness at the option of the holder of the Capital Stock in whole or in part, 

  
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 in each case on or prior to the earlier of (a) the Stated Maturity of the Notes or (b) the
date on which there are no Notes outstanding; provided, however, that (i) only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the
holder thereof prior to such date will be deemed to be Disqualified Stock and (ii) any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Issuer to repurchase such Capital
Stock upon the occurrence of a change of control or asset sale (howsoever defined or referred to) shall not constitute Disqualified Stock if any such redemption or repurchase obligation is subject to compliance by the relevant Person with
Section 3.3 hereof; provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 
 “Domestic Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person other than a Foreign Subsidiary. 

“DTC” means The Depository Trust Company or any successor securities clearing agency. 

“Equity Offering” means (x) a sale of Capital Stock of the Issuer (other than Disqualified Stock) other than offerings registered
on Form S-8 (or any successor form) under the Securities Act or any similar offering in other jurisdictions, or (y) the sale of Capital Stock or other securities, the proceeds of which are contributed to the equity (other than through the
issuance of Disqualified Stock or Designated Preferred Stock or through an Excluded Contribution) of the Issuer or any of its Restricted Subsidiaries. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder, as amended. 

“Excluded Contribution” means Net Cash Proceeds or property or assets received by the Issuer as capital contributions to the equity
(other than through the issuance of Disqualified Stock or Designated Preferred Stock) of the Issuer after the Issue Date or from the issuance or sale (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by
the Issuer or any Subsidiary of the Issuer for the benefit of their employees to the extent funded by the Issuer or any Restricted Subsidiary) of Capital Stock (other than Disqualified Stock or Designated Preferred Stock) of the Issuer, in each
case, to the extent designated as an Excluded Contribution pursuant to an Officer’s Certificate of the Issuer. 
 “fair market
value” may be conclusively established by means of an Officer’s Certificate or resolutions of the Board of Directors of the Issuer setting out such fair market value as determined by such Officer or such Board of Directors in good
faith. 
 “Fitch” means Fitch Ratings or any of its successors or assigns that is a Nationally Recognized Statistical Rating
Organization. 

  
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 “Fixed Charge Coverage Ratio” means, with respect to any Person on any determination date,
the ratio of Consolidated EBITDA of such Person for the most recent four consecutive fiscal quarters ending immediately prior to such determination date for which internal consolidated financial statements are available to the Fixed Charges of such
Person for four consecutive fiscal quarters. In the event that the Issuer or any Restricted Subsidiary Incurs, assumes, Guarantees, redeems, defeases, retires or extinguishes any Indebtedness (other than Indebtedness incurred under any revolving
credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is
being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall be
calculated giving pro forma effect to such Incurrence, assumption, Guarantee, redemption, defeasance, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred
at the beginning of the applicable four-quarter period; provided, however, that the pro forma calculation shall not give effect to any Indebtedness Incurred on such determination date pursuant to Section 3.2(b) (other than
Indebtedness Incurred pursuant to Section 3.2(b)(5)). 
 For purposes of making the computation referred to above, any Investments,
acquisitions, dispositions, mergers, consolidations and disposed operations that have been made by the Issuer or any of its Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to
or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations (and the
change in any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently
became a Restricted Subsidiary or was merged with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation or disposed or discontinued
operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger,
consolidation or disposed operation had occurred at the beginning of the applicable four-quarter period. 
 For purposes of this definition,
whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or chief accounting officer of the Issuer, including cost savings; provided that (x) such cost
savings are reasonably identifiable, reasonably attributable to the action specified and reasonably anticipated to result from such actions and (y) such actions have been taken or initiated and the benefits resulting therefrom are anticipated
by the Issuer to be realized within twelve (12) months. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed
Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an
interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred

  
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to above, interest on any Indebtedness under a revolving credit facility computed with a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the
applicable period except as set forth in the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or
other rate, shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen as the Issuer may designate. 
 “Fixed Charges” means, with respect to any Person for any period, the sum of: 
 (1) Consolidated Interest Expense of such Person for such Period; 
 (2) all cash
dividends or other cash distributions paid (excluding items eliminated in consolidation) on any series of Preferred Stock of any Subsidiary of such Person during such period; and 

(3) all cash dividends or other cash distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock
during this period. 
 “Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not
organized or existing under the laws of the United States, any state thereof or the District of Columbia, and any Subsidiary of such Subsidiary. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect on the Issue Date. Except as otherwise set forth in this Indenture, all ratios and
calculations based on GAAP contained in this Indenture shall be computed in accordance with GAAP. 
 “Governmental Authority”
means any nation, sovereign or government, any state, province, territory or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, regulatory, self-regulatory or administrative functions of or
pertaining to government, including a central bank or stock exchange. 
 “Guarantee” means any obligation, contingent or
otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person, including any such obligation, direct or indirect, contingent or otherwise, of such Person: 

(1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise); or 

(2) entered into primarily for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to
protect such obligee against loss in respect thereof (in whole or in part); 

  
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 provided, however, that the term “Guarantee” will not include endorsements for
collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantor” means any Restricted Subsidiary that Guarantees the Notes, until such Note Guarantee is released in accordance with the
terms of this Indenture. On the Issue Date the Guarantors shall consist of (a) NetQuote Holdings, Inc., a Delaware corporation, (b) NetQuote Inc, a Colorado corporation, (c) CreditCards.com, Inc., a Delaware corporation and
(d) LinkOffers, Inc. (f/k/a CCRD Operating Company, Inc.), a Delaware corporation. 
 “Hedging Obligations” means, with
respect to any person, the obligations of such Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign
exchange contracts, currency swap agreement or similar agreement providing for the transfer or mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies. 

“Holder” means each Person in whose name the Notes are registered on the Registrar’s books, which shall initially be the respective
nominee of DTC. 
 “IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act. 
 “Incur” means issue, create, assume, enter into any Guarantee of, incur,
extend or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise)
will be deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing and any Indebtedness pursuant to any
revolving credit or similar facility shall only be “Incurred” at the time any funds are borrowed thereunder. 

“Indebtedness” means, with respect to any Person on any date of determination (without duplication): 

(1) the principal of indebtedness of such Person for borrowed money; 

(2) the principal of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) all reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments
(the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such letters of credit or other instruments plus the aggregate amount of drawings thereunder that have not been reimbursed) (except to the
extent such reimbursement obligations relate to trade payables and such obligations are satisfied within 30 days of Incurrence); 

  
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 (4) the principal component of all obligations of such Person to pay the deferred and unpaid
purchase price of property (except trade payables), which purchase price is due more than one year after the date of placing such property in service or taking final delivery and title thereto; 

(5) Capitalized Lease Obligations of such Person; 
 (6) the principal component of all obligations, or liquidation preference, of such Person with respect to any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but
excluding, in each case, any accrued dividends); 
 (7) the principal component of all Indebtedness of other Persons secured by a
Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of (a) the fair market value of such asset at such date of
determination (as determined in good faith by the Issuer) and (b) the amount of such Indebtedness of such other Persons; 

(8) Guarantees by such Person of the principal component of Indebtedness of other Persons to the extent Guaranteed by such Person; and

 (9) to the extent not otherwise included in this definition, net obligations of such Person under Hedging Obligations (the
amount of any such obligations to be equal at any time to the net payments under such agreement or arrangement giving rise to such obligation that would be payable by such Person at the termination of such agreement or arrangement). 

The term “Indebtedness” shall not include any lease, concession or license of property (or Guarantee thereof) which would be considered an
operating lease under GAAP as in effect on the Issue Date, any prepayments of deposits received from clients or customers in the ordinary course of business, or obligations under any license, permit or other approval (or Guarantees given in respect
of such obligations) Incurred prior to the Issue Date or in the ordinary course of business. 
 The amount of Indebtedness of any Person at any
time in the case of a revolving credit or similar facility shall be the total amount of funds borrowed and then outstanding. The amount of any Indebtedness outstanding as of any date shall be (a) the accreted value thereof in the case of any
Indebtedness issued with original issue discount and (b) the principal amount of Indebtedness, or liquidation preference thereof, in the case of any other Indebtedness. 
 Notwithstanding the above provisions, in no event shall the following constitute Indebtedness: 
 (i) Contingent Obligations Incurred in the ordinary course of business; 
 (ii) Cash Management Services; 
 (iii) in connection with the
purchase by the Issuer or any Restricted Subsidiary of any business, any post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such

  
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payment depends on the performance of such business after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to
the extent such payment thereafter becomes fixed and determined, the amount is paid in a timely manner; or 

(iv) for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early retirement or
termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage Taxes. 
 “Indenture” means this Indenture as amended or supplemented from time to time. 

“Independent Financial Advisor” means an investment banking or accounting firm of international standing or any third party appraiser of
international standing; provided, however, that such firm or appraiser is not an Affiliate of the Issuer. 
 “Initial
Notes” has the meaning ascribed to it in the second introductory paragraph of this Indenture. 
 “Initial Purchasers”
means Goldman, Sachs & Co. and RBC Capital Markets, LLC. 
 “Investment” means, with respect to any Person, all
investments by such Person in other Persons (including Affiliates) in the form of any direct or indirect advance, loan or other extensions of credit (other than advances or extensions of credit to customers, suppliers, directors, officers or
employees of any Person in the ordinary course of business, and excluding any debt or extension of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash or other property to
others or any payment for property or services for the account or use of others), or the Incurrence of a Guarantee of any obligation of, or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such other
Persons and all other items that are or would be classified as investments on a balance sheet prepared on the basis of GAAP; provided, however, that endorsements of negotiable instruments and documents in the ordinary course of
business will not be deemed to be an Investment. If the Issuer or any Restricted Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is
no longer a Restricted Subsidiary, any Investment by the Issuer or any Restricted Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new Investment at such time. 

For purposes of Sections 3.3 and 3.20 hereof: 
 (1) “Investment” will include the portion (proportionate to the Issuer’s equity interest in a Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market
value of the net assets of such Restricted Subsidiary of the Issuer at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted
Subsidiary, the Issuer will be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Issuer’s “Investment” in such Subsidiary at the time of such
redesignation less (b) the portion (proportionate to the Issuer’s equity interest in 

  
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such Subsidiary) of the fair market value of the net assets (as conclusively determined by the Board of Directors of the Issuer in good faith) of such Subsidiary at the time that such Subsidiary
is so re-designated a Restricted Subsidiary; and 
 (2) any property transferred to or from an Unrestricted Subsidiary will be
valued at its fair market value at the time of such transfer, in each case as determined in good faith by an Officer of or the Board of Directors of the Issuer. 
 “Investment Grade Securities” means: 
 (1) securities issued or
directly and fully Guaranteed or insured by the United States or Canadian government or any agency or instrumentality thereof (other than Cash Equivalents); 
 (2) securities issued or directly and fully guaranteed or insured by a member of the European Union, or any agency or instrumentality thereof (other than Cash Equivalents); 

(3) debt securities or debt instruments with a rating of “A—” or higher from S&P or “A3” or higher by
Moody’s or the equivalent of such rating by such rating organization or, if no rating of Moody’s or S&P then exists, the equivalent of such rating by any other Nationally Recognized Statistical Ratings Organization, but excluding any
debt securities or instruments constituting loans or advances among the Issuer and its Subsidiaries; and 
 (4) investments in
any fund that invests exclusively in investments of the type described in clauses (1), (2) and (3) above which fund may also hold cash and Cash Equivalents pending investment or distribution. 

“Investment Grade Status” shall occur when the Notes receive either of the following: 

(1) a rating of “BBB-” or higher from S&P; or 
 (2) a rating of “Baa3” or higher from Moody’s; 
 or the equivalent of such rating
by either such rating organization, or, if no rating of Moody’s or S&P then exists, the equivalent of such rating by any other Nationally Recognized Statistical Ratings Organization. 
 “Issue Date” means August 7, 2013. 
 “Issuer” means
Bankrate, Inc., a Delaware corporation. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of
any kind (including any conditional sale or other title retention agreement or lease in the nature thereof). 
 “Management
Advances” means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers, employees or consultants of the Issuer or any Restricted Subsidiary: 

(1) (a) in respect of travel, entertainment or moving related expenses Incurred in the ordinary course of business or (b) for
purposes of funding any such person’s purchase of Capital Stock (or similar obligations) of the Issuer or its Subsidiaries with (in the case of this sub-clause (b)) the approval of the Board of Directors; 

  
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 (2) in respect of moving related expenses Incurred in connection with any closing or
consolidation of any facility or office; or 
 (3) not exceeding $5.0 million in the aggregate outstanding at any time.

 “Management Stockholders” means the members of management of the Issuer who are holders of Capital Stock of the Issuer on
the Issue Date. 
 “Moody’s” means Moody’s Investors Service, Inc. or any of its successors or assigns that is a
Nationally Recognized Statistical Rating Organization. 
 “Nationally Recognized Statistical Rating Organization” means a
nationally recognized statistical rating organization within the meaning of Rule 436 under the Securities Act. 
 “Net Available
Cash” from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other
disposition of any securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring person of Indebtedness or other obligations relating to the properties
or assets that are the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of: 

(1) all legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses Incurred, and all
Taxes paid or required to be paid or accrued as a liability under GAAP (after taking into account any available tax credits or deductions and any tax sharing agreements), as a consequence of such Asset Disposition; 

(2) all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in accordance with the terms
of any Lien upon such assets, or which by applicable law must be repaid out of the proceeds from such Asset Disposition; 
 (3)
all distributions and other payments required to be made to minority interest holders (other than the Issuer or any of its respective Subsidiaries) in Subsidiaries or joint ventures as a result of such Asset Disposition; and 

(4) the deduction of appropriate amounts required to be provided by the seller as a reserve, on the basis of GAAP, against any liabilities
associated with the assets disposed of in such Asset Disposition and retained by the Issuer or any Restricted Subsidiary after such Asset Disposition. 
 “Net Cash Proceeds,” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees,
underwriters’ or 

  
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placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually Incurred in connection with such issuance or sale and net of
taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements). 
 “Non-Guarantor” means any Restricted Subsidiary that is not a Guarantor. The Issuer shall not be considered a “Non-Guarantor” for purposes of this Indenture. 

“Non-U.S. Person” means a Person who is not a U.S. Person (as defined in Regulation S). 

“Note Documents” means the Notes (including Additional Notes), the Note Guarantees and this Indenture. 

“Notes” has the meaning ascribed to it in the second introductory paragraph of this Indenture. 

“Notes Custodian” means the custodian with respect to the Global Notes (as appointed by DTC), or any successor Person thereto and shall
initially be the Trustee. 
 “Obligations” means any principal, interest (including interest accruing on or after the filing of
any petition in bankruptcy or for reorganization relating to the Issuer or any Guarantor whether or not a claim for post-petition interest is allowed in such proceedings), penalties, fees, indemnifications, reimbursements (including, without
limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness. 

“Offering Circular” means the final offering circular, dated August 2, 2013, relating to the offering by the Issuer of $300,000,000
aggregate principal amount of 6.125% senior notes due 2018 and any future offering circular relating to Additional Notes. 

“Officer” means, with respect to any Person, (1) the Chairman of the Board of Directors, the Chief Executive Officer, the
President, the Chief Financial Officer, any Vice President, the Treasurer, any Managing Director, or the Secretary (a) of such Person or (b) if such Person is owned or managed by a single entity, of such entity, or (2) any other
individual designated as an “Officer” for the purposes of this Indenture by the Board of Directors of such Person. 

“Officer’s Certificate” means, with respect to any Person, a certificate signed by one Officer of such Person. 

“Opinion of Counsel” means a written opinion from legal counsel reasonably satisfactory to the Trustee. The counsel may be an employee
of or counsel to the Issuer or its Subsidiaries. 
 “Pari Passu Indebtedness” means Indebtedness of the Issuer which ranks
equally in right of payment to the Notes or of any Guarantor if such Indebtedness ranks equally in right of payment to its Note Guarantee. 

“Paying Agent” means any Person authorized by the Issuer to pay the principal of (and premium, if any) or interest on any Note on behalf
of the Issuer. 

  
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 “Permitted Asset Swap” means the concurrent purchase and sale or exchange of assets used or
useful in a Similar Business or a combination of such assets and cash or Cash Equivalents, between the Issuer or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received in excess of the value
of any cash or Cash Equivalents sold or exchanged shall constitute Net Available Cash and must be applied in accordance with Section 3.5 hereof. 
 “Permitted Holders” means, collectively, (1) Apax, (2) any one or more Persons, together with such Persons’ Affiliates, whose beneficial ownership constitutes or results in
a Change of Control in respect of which a Change of Control Triggering Event Offer is made in accordance with the requirements of this Indenture, (3) Management Stockholders, (4) any Person who is acting solely as an underwriter in
connection with a public or private offering of Capital Stock of the Issuer, acting in such capacity, and (5) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of
which any of the foregoing are members; provided that, in the case of such group and without giving effect to the existence of such group or any other group, Apax and the Management Stockholders, collectively, have beneficial ownership of
more than 50% of the total voting power of the Voting Stock of the Issuer held by such group. 
 “Permitted Investment” means
(in each case, by the Issuer or any of its Restricted Subsidiaries): 
 (1) Investments in (a) a Restricted Subsidiary
(including the Capital Stock of a Restricted Subsidiary) or the Issuer or (b) a Person (including the Capital Stock of any such Person) that will, upon the making of such Investment, become a Restricted Subsidiary; 

(2) Investments in another Person if such Person is engaged in any Similar Business and as a result of such Investment such other Person
is merged, consolidated or otherwise combined with or into, or transfers or conveys all or substantially all its assets to, the Issuer or a Restricted Subsidiary; 
 (3) Investments in cash, Cash Equivalents or Investment Grade Securities; 
 (4)
Investments in receivables owing to the Issuer or any Restricted Subsidiary created or acquired in the ordinary course of business; 
 (5) Investments in payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in
the ordinary course of business; 
 (6) Management Advances; 

(7) Investments received in settlement of debts created in the ordinary course of business and owing to the Issuer or any Restricted
Subsidiary or in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary, or as a result of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or pursuant to any
plan of reorganization or similar arrangement including upon the bankruptcy or insolvency of a debtor or otherwise with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

  
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 (8) Investments made as a result of the receipt of non-cash consideration from a sale or
other disposition of property or assets, including an Asset Disposition; 
 (9) Investments existing or pursuant to agreements or
arrangements in effect on the Issue Date and any modification, replacement, renewal or extension thereof; provided that the amount of any such Investment may not be increased except (a) as required by the terms of such Investment as in
existence on the Issue Date or (b) as otherwise permitted under this Indenture; 
 (10) Hedging Obligations, which
transactions or obligations are Incurred in compliance with Section 3.2 hereof; 
 (11) pledges or deposits with
respect to leases or utilities provided to third parties in the ordinary course of business or Liens otherwise described in the definition of “Permitted Liens” or made in connection with Liens permitted under Section 3.6
hereof; 
 (12) any Investment to the extent made using Capital Stock of the Issuer (other than Disqualified Stock) as
consideration; 
 (13) any transaction to the extent constituting an Investment that is permitted and made in accordance with
Section 3.8(b) hereof (except those described in Sections 3.8(b)(1), (3), (6), (7), (8) and (10)); 
 (14) Investments consisting of purchases and acquisitions of inventory, supplies, materials and equipment or licenses or leases of intellectual property, in any case, in the ordinary course of business;

 (15) (i) Guarantees of Indebtedness of the Issuer or any of its Restricted Subsidiaries not prohibited by
Section 3.2 hereof and (other than with respect to Indebtedness) guarantees, keepwells and similar arrangements in the ordinary course of business, and (ii) performance guarantees with respect to obligations incurred by the Issuer
or any of its Restricted Subsidiaries that are permitted by this Indenture; 
 (16) Investments consisting of earnest money
deposits required in connection with a purchase agreement, letter of intent, or other acquisitions to the extent not otherwise prohibited by this Indenture; 
 (17) Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into the Issuer or merged into or consolidated with a Restricted Subsidiary after the Issue Date to the
extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation; 

(18) Investments consisting of licensing of intellectual property pursuant to joint marketing arrangements with other Persons; 

  
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 (19) contributions to a “rabbi” trust for the benefit of employees or other
grantor trust subject to claims of creditors in the case of a bankruptcy of the Issuer; 
 (20) Investments in joint ventures and
Unrestricted Subsidiaries having an aggregate fair market value, when taken together with all other Investments made pursuant to this clause that are at the time outstanding, not to exceed the greater of $30.0 million and 2.5% of Total Assets at the
time of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); and 
 (21) additional Investments having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (21) that are at that time outstanding, not to exceed the
greater of $75.0 million and 6.5% of Total Assets (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value) plus the amount of any distributions, dividends, payments or
other returns in respect of such Investments (without duplication for purposes of Section 3.3 of any amounts applied pursuant to Section 3.3(a)(iii)); provided that if such Investment is in Capital Stock of a Person
that subsequently becomes a Restricted Subsidiary, such Investment shall thereafter be deemed permitted under clause (1) or (2) above and shall not be included as having been made pursuant to this clause (21). 

“Permitted Liens” means, with respect to any Person: 
 (1) Liens on assets or property of a Restricted Subsidiary that is not a Guarantor securing Indebtedness of any Restricted Subsidiary that is not a Guarantor; 

(2) pledges, deposits or Liens under workmen’s compensation laws, unemployment insurance laws, social security laws or similar
legislation, or insurance related obligations (including pledges or deposits securing liability to insurance carriers under insurance or self-insurance arrangements), or in connection with bids, tenders, completion guarantees, contracts (other than
for borrowed money) or leases, or to secure utilities, licenses, public or statutory obligations, or to secure surety, indemnity, judgment, appeal or performance bonds, guarantees of government contracts (or other similar bonds, instruments or
obligations), or as security for contested taxes or import or customs duties or for the payment of rent, or other obligations of like nature, in each case Incurred in the ordinary course of business; 

(3) Liens imposed by law, including carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s and
repairmen’s or other like Liens, in each case for sums not yet overdue for a period of more than 60 days or that are bonded or being contested in good faith by appropriate proceedings; 

(4) Liens for taxes, assessments or other governmental charges not yet delinquent for a period of thirty (30) or more days or which
are being contested in good faith by appropriate proceedings; provided that appropriate reserves required pursuant to GAAP have been made in respect thereof; 

  
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 (5) encumbrances, ground leases, easements (including reciprocal easement agreements),
survey exceptions, or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including minor defects or
irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of the Issuer and its Restricted Subsidiaries or to the ownership of their properties which do not in the aggregate
materially adversely affect the value of said properties or materially impair their use in the operation of the business of the Issuer and its Restricted Subsidiaries; 
 (6) Liens (a) on assets or property of the Issuer or any Restricted Subsidiary securing Hedging Obligations or Cash Management Services permitted under this Indenture; (b) that are contractual
rights of set-off or, in the case of clause (i) or (ii) below, other bankers’ Liens (i) relating to treasury, depository and cash management services or any automated clearing house transfers of funds in the ordinary course of
business and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Issuer or
any Subsidiary or (iii) relating to purchase orders and other agreements entered into with customers of the Issuer or any Restricted Subsidiary in the ordinary course of business; (c) on cash accounts securing Indebtedness incurred under
Section 3.2(b)(8)(iii) with financial institutions; (d) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the
ordinary course of business, consistent with past practice and not for speculative purposes; and/or (e) (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and
(ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set-off) arising in the ordinary course of business in connection with the maintenance of such accounts and (iii) arising under
customary general terms of the account bank in relation to any bank account maintained with such bank and attaching only to such account and the products and proceeds thereof, which Liens, in any event, do not to secure any Indebtedness; 

(7) leases, licenses, subleases and sublicenses of assets (including real property and intellectual property rights), in each case entered
into in the ordinary course of business; 
 (8) Liens arising out of judgments, decrees, orders or awards not giving rise to an
Event of Default so long as (a) any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree, order or award have not been finally terminated, (b) the period within which such proceedings may
be initiated has not expired or (c) no more than 60 days have passed after (i) such judgment, decree, order or award has become final or (ii) such period within which such proceedings may be initiated has expired; 

(9) Liens (i) on assets or property of the Issuer or any Restricted Subsidiary for the purpose of securing Capitalized Lease
Obligations or Purchase Money Obligations, or securing the payment of all or a part of the purchase price of, or securing other Indebtedness Incurred to finance or refinance the acquisition, improvement or

  
 -28-

 
construction of, assets or property acquired or constructed in the ordinary course of business; provided that (a) the aggregate principal amount of Indebtedness secured by such Liens
is otherwise permitted to be Incurred under this Indenture and (b) any such Liens may not extend to any assets or property of the Issuer or any Restricted Subsidiary other than assets or property acquired, improved, constructed or leased with
the proceeds of such Indebtedness and any improvements or accessions to such assets and property and (ii) any interest or title of a lessor under any Capitalized Lease Obligations or operating lease; 

(10) Liens arising from Uniform Commercial Code financing statement filings (or similar filings in other applicable jurisdictions)
regarding operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 
 (11)
Liens existing on the Issue Date, excluding Liens securing the Credit Agreement; 
 (12) Liens on property, other assets or
shares of stock of a Person at the time such Person becomes a Restricted Subsidiary (or at the time the Issuer or a Restricted Subsidiary acquires such property, other assets or shares of stock, including any acquisition by means of a merger,
consolidation or other business combination transaction with or into the Issuer or any Restricted Subsidiary); provided, however, that such Liens are not created, Incurred or assumed in anticipation of or in connection with such other
Person becoming a Restricted Subsidiary (or such acquisition of such property, other assets or stock); provided, further, that such Liens are limited to all or part of the same property, other assets or stock (plus improvements,
accession, proceeds or dividends or distributions in connection with the original property, other assets or stock) that secured (or, under the written arrangements under which such Liens arose, could secure) the obligations to which such Liens
relate; 
 (13) Liens on assets or property of the Issuer or any Restricted Subsidiary securing Indebtedness or other obligations
of the Issuer or such Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary, or Liens in favor of the Issuer or any Restricted Subsidiary; 
 (14) Liens securing Refinancing Indebtedness Incurred to refinance Indebtedness that was previously so secured, and permitted to be secured under this Indenture; provided that any such Lien is
limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the
Indebtedness being refinanced or is in respect of property that is or could be the security for or subject to a Permitted Lien hereunder; 
 (15) (a) mortgages, liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any government, statutory or regulatory authority, developer, landlord or
other third party on property over which the Issuer or any Restricted Subsidiary of the Issuer has easement rights or on any leased property and subordination or similar arrangements relating thereto and (b) any condemnation or eminent domain
proceedings affecting any real property; 

  
 -29-

 (16) any encumbrance or restriction (including put and call arrangements) with respect to
Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 
 (17) Liens on
property or assets under construction (and related rights) in favor of a contractor or developer or arising from progress or partial payments by a third party relating to such property or assets; 

(18) Liens arising out of conditional sale, title retention, hire purchase, consignment or similar arrangements for the sale of goods
entered into in the ordinary course of business; 
 (19) Liens securing Indebtedness permitted to be Incurred under Credit
Facilities, including any letter of credit facility relating thereto, that was permitted by the terms of this Indenture to be Incurred pursuant to Section 3.2(b)(1); 

(20) Liens to secure Indebtedness of any Foreign Subsidiary permitted by Section 3.2(b)(10) covering only the assets of such
Foreign Subsidiary; 
 (21) Liens on Capital Stock or other securities or assets of any Unrestricted Subsidiary that secure
Indebtedness of such Unrestricted Subsidiary; 
 (22) any security granted over the marketable securities portfolio described in
clause (9) of the definition of “Cash Equivalents” in connection with the disposal thereof to a third party; 

(23) Liens on specific items of inventory of other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
 (24) Liens on equipment of the Issuer or any Restricted Subsidiary and located on the premises of any client or supplier in the ordinary course of business; 

(25) Liens on assets or securities deemed to arise in connection with and solely as a result of the execution, delivery or performance of
contracts to sell such assets or securities if such sale is otherwise permitted by this Indenture; 
 (26) Liens arising by
operation of law or contract on insurance policies and the proceeds thereof to secure premiums thereunder, and Liens, pledges and deposits in the ordinary course of business securing liability for premiums or reimbursement or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees for the benefits of) insurance carriers; 
 (27) Liens solely on any cash earnest money deposits made in connection with any letter of intent or purchase agreement permitted hereunder; 

(28) Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to
Permitted Investments to be applied against the 

  
 -30-

 
purchase price for such Investment, and (ii) consisting of an agreement to sell any property in an asset sale permitted under Section 3.5, in each case, solely to the extent such
Investment or asset sale, as the case may be, would have been permitted on the date of the creation of such Lien; 
 (29) Liens
securing Indebtedness and other obligations in an aggregate principal amount not to exceed the greater of $30.0 million or 2.5% of Total Assets at any one time outstanding; or 
 (30) Liens Incurred to secure Obligations in respect of any Indebtedness permitted to be Incurred pursuant to Section 3.2; provided that, with respect to liens securing Obligations
permitted under this clause, at the time of Incurrence and after giving pro forma effect thereto, the Consolidated Secured Leverage Ratio would be no greater than 1.5 to 1.0. 
 For purposes of this definition, the term Indebtedness shall be deemed to include interest on such Indebtedness including interest which increases the principal amount of such Indebtedness. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, limited liability company, government or any agency or political subdivision thereof or any other entity. 
 “Predecessor
Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under
Section 2.11 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 
 “Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or as
to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 
 “Purchase Money Obligations” means any Indebtedness Incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real or personal) or assets
(including Capital Stock), and whether acquired through the direct acquisition of such property or assets or the acquisition of the Capital Stock of any Person owning such property or assets, or otherwise. 

“QIB” means any “qualified institutional buyer” as such term is defined in Rule 144A. 

“Rating Agencies” means (1) each of Moody’s, Fitch and S&P; and (2) if any of Moody’s, Fitch or S&P ceases
to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a Nationally Recognized Statistical Rating Organization selected by the Issuer (as certified by a resolution of the
Issuer’s Board of Directors) as a replacement agency for such Rating Agency. 

  
 -31-

 “Ratings Decline Period” means the period that (i) begins on the earlier of
(a) the date of the first public announcement of the occurrence of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change of Control; provided that such period
shall be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency. 
 “Ratings Event” means (x) a downgrade by one or more gradations (including gradations within ratings categories as well as between rating categories) or withdrawal of the rating of
the Notes within the Ratings Decline Period by at least two Rating Agencies (unless the applicable Rating Agency shall have put forth a written statement to the effect that such downgrade is not attributable in whole or in part to the applicable
Change of Control) and (y) the Notes do not have an Investment Grade Status. 
 “Refinance” means refinance, refund,
replace, renew, repay, modify, restate, defer, substitute, supplement, reissue, resell, extend or increase (including pursuant to any defeasance or discharge mechanism) and the terms “refinances,” “refinanced” and
“refinancing” as used for any purpose in this Indenture shall have a correlative meaning. 
 “Refinancing
Indebtedness” means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or extend (including pursuant to any defeasance or discharge mechanism) any Indebtedness existing on the Issue Date or Incurred in
compliance with this Indenture (including Indebtedness of the Issuer that refinances Indebtedness of any Restricted Subsidiary and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of the Issuer or another Restricted Subsidiary)
including Indebtedness that refinances Refinancing Indebtedness; provided, however, that: 
 (1) (a) such
Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock
being refunded or refinanced; and (b) to the extent such Refinancing Indebtedness refinances Subordinated Indebtedness, Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Subordinated Indebtedness, Disqualified Stock or
Preferred Stock; 
 (2) Refinancing Indebtedness shall not include: 

(i) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not a Guarantor that refinances
Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Guarantor; or 
 (ii) Indebtedness, Disqualified Stock or
Preferred Stock of the Issuer or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; 
 (3) such Refinancing Indebtedness has an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or
if Incurred with original issue discount, the aggregate accreted value) then outstanding (plus fees and expenses, including any premium and defeasance costs) under the Indebtedness being Refinanced; and 

(4) if the Indebtedness being refinanced constituted Subordinated Indebtedness, such Refinancing Indebtedness is
subordinated to the Notes or the applicable Guarantee on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness being refinanced. 

  
 -32-

 Refinancing Indebtedness in respect of any Credit Facility or any other Indebtedness may be Incurred from
time to time after the termination, discharge or repayment of any such Credit Facility or other Indebtedness. 

“Regulation S” means Regulation S under the Securities Act. 
 “Regulation S-X” means Regulation S-X under the Securities Act. 

“Restricted Investment” means any Investment other than a Permitted Investment. 

“Restricted Notes” means Initial Notes and Additional Notes bearing one of the restrictive legends described in
Section 2.1(d). 
 “Restricted Notes Legend” means the legend set forth in Section 2.1(d)(1) and, in
the case of the Temporary Regulation S Global Note, the legend set forth in Section 2.1(d)(2). 
 “Restricted
Subsidiary” means any Subsidiary of the Issuer other than an Unrestricted Subsidiary. 
 “Rule 144A” means
Rule 144A under the Securities Act. 
 “S&P” means Standard & Poor’s Investors Ratings Services or any
of its successors or assigns that is a Nationally Recognized Statistical Rating Organization. 
 “Sale and Leaseback
Transaction” means any arrangement providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Issuer or such
Restricted Subsidiary to a third Person in contemplation of such leasing. 
 “SEC” means the U.S. Securities and Exchange
Commission or any successor thereto. 
 “Secured Indebtedness” means any Indebtedness secured by a Lien. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder, as
amended. 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as
defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date. 

  
 -33-

 “Similar Business” means (a) any businesses, services or activities engaged in by the
Issuer or any of its Subsidiaries or any Associates on the Issue Date and (b) any businesses, services and activities engaged in by the Issuer or any of its Subsidiaries or any Associates that are related, complementary, incidental, ancillary
or similar to any of the foregoing or are extensions or developments of any thereof. 
 “Stated Maturity” means, with respect
to any security, the date specified in such security as the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations
to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof. 
 “Subordinated
Indebtedness” means, with respect to any person, any Indebtedness (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinated in right of payment to the Notes, or the Guarantee of the Notes, as the case
may be, pursuant to a written agreement. 
 “Subsidiary” means, with respect to any Person: 

(1) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; or 
 (2) any partnership, joint venture, limited liability company or similar entity of which: 
 (a) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited partnership interests or otherwise; and 

(b) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 

“Taxes” means all present and future taxes, levies, imposts, deductions, charges, duties and withholdings and any charges of a similar
nature (including interest, penalties and other liabilities with respect thereto) that are imposed by any government or other taxing authority. 

“TIA” means the Trust Indenture Act of 1939, as amended. 
 “Total Assets” means, as of any date, the total consolidated assets of the Issuer and its Restricted Subsidiaries on a consolidated basis, as shown on the most recent consolidated balance
sheet of the Issuer and its Restricted Subsidiaries, determined on a pro forma basis in a manner consistent with the pro forma basis contained in the definition of Fixed Charge Coverage Ratio. 

  
 -34-

 “Trustee” means the party named as such in this Indenture until a successor replaces it
and, thereafter, means the successor. 
 “Trust Officer” shall mean, when used with respect to the Trustee, as applicable, any
vice president, assistant vice president, any trust officer or any other officer of the Trustee, as applicable, who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to
whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Unrestricted Subsidiary” means: 
 (1) any Subsidiary of the Issuer that at the time of determination is an Unrestricted Subsidiary (as designated by the Board of Directors of the Issuer in the manner provided below); and 

(2) any Subsidiary of an Unrestricted Subsidiary. 
 The Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through merger, consolidation or
other business combination transaction, or Investment therein) to be an Unrestricted Subsidiary only if: 
 (1) such Subsidiary
or any of its Subsidiaries does not own any Capital Stock or Indebtedness of, or own or hold any Lien on any property of, the Issuer or any other Subsidiary of the Issuer which is not a Subsidiary of the Subsidiary to be so designated or otherwise
an Unrestricted Subsidiary; and 
 (2) such designation and the Investment of the Issuer in such Subsidiary complies with
Section 3.3 hereof. 
 “U.S. Government Obligations” means securities that are (1) direct obligations of the
United States of America for the timely payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally Guaranteed as a full faith and credit obligation of the United States of America, which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depositary
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by
such custodian for the account of the holder of such depositary receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depositary receipt. 

“Voting Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the
election of directors. 

  
 -35-

 “Weighted Average Life to Maturity” means, when applied to any Indebtedness, Disqualified
Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing: 
 (1) the sum of the products of
the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount
of such payment, by 
 (2) the sum of all such payments. 
 “Wholly Owned Domestic Subsidiary” means a Domestic Subsidiary of the Issuer, all of the Capital Stock of which (other than directors’ qualifying shares or shares required by any
applicable law or regulation to be held by a Person other than the Issuer or another Domestic Subsidiary) is owned by the Issuer or another Domestic Subsidiary. 
 SECTION 1.2. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
		
	 “Additional Restricted Notes”
	  	2.1(b)
		
	 “Affiliate Transaction”
	  	3.8(a)
		
	 “Agent Members”
	  	2.1(g)(2)
		
	 “Asset Disposition Offer”
	  	3.5(b)
		
	 “Asset Sale Payment Date”
	  	3.5(f)(2)
		
	 “Authenticating Agent”
	  	2.2
		
	 “Automatic Exchange”
	  	2.6(e)
		
	 “Automatic Exchange Date”
	  	2.6(e)
		
	 “Automatic Exchange Notice”
	  	2.6(e)
		
	 “Automatic Exchange Notice Date”
	  	2.6(e)
		
	 “Change of Control Triggering Event Offer”
	  	3.9(a)
		
	 “Change of Control Triggering Event Payment”
	  	3.9(a)
		
	 “Change of Control Triggering Event Payment Date”
	  	3.9(a)
		
	 “Clearstream”
	  	2.1(b)

  
 -36-

			
	 Term
	  	Defined in
Section
		
	 “Covenant Defeasance”
	  	8.3
		
	 “Defaulted Interest”
	  	2.15
		
	 “Euroclear”
	  	2.1(b)
		
	 “Event of Default”
	  	6.1
		
	 “Excess Proceeds”
	  	3.5(b)
		
	 “Global Notes”
	  	2.1(b)
		
	 “Guaranteed Obligations”
	  	10.1
		
	 “Initial Agreement”
	  	3.4(b)
		
	 “Institutional Accredited Investor Global Note”
	  	2.1(b)
		
	 “Institutional Accredited Investor Notes”
	  	2.1(b)
		
	 “Issuer Order”
	  	2.2
		
	 “Legal Defeasance”
	  	8.2
		
	 “Legal Holiday”
	  	12.8
		
	 “Notes Register”
	  	2.3
		
	 “payment default”
	  	6.1(a)(4)(A)
		
	 “Permanent Regulation S Global Note”
	  	2.1(b)
		
	 “Permitted Payments”
	  	3.3(b)
		
	 “protected purchaser”
	  	2.11
		
	 “Redemption Date”
	  	5.7(a)
		
	 “Refunding Capital Stock”
	  	3.3(b)
		
	 “Registrar”
	  	2.3
		
	 “Regulation S Global Note”
	  	2.1(b)
		
	 “Regulation S Notes”
	  	2.1(b)

  
 -37-

			
	 Term
	  	Defined in
Section
		
	 “Resale Restriction Termination Date”
	  	2.6(b)
		
	 “Restricted Global Note”
	  	2.6(e)
		
	 “Restricted Payment”
	  	3.3(a)
		
	 “Restricted Period”
	  	2.1(b)
		
	 “Reversion Date”
	  	3.19(b)
		
	 “Rule 144A Global Note”
	  	2.1(b)
		
	 “Rule 144A Notes”
	  	2.1(b)
		
	 “Special Interest Payment Date”
	  	2.15(a)
		
	 “Special Record Date”
	  	2.15(a)
		
	 “Successor Issuer”
	  	4.1(a)(1)
		
	 “Suspended Covenants”
	  	3.19(a)
		
	 “Suspension Period”
	  	3.19(b)
		
	 “Temporary Regulation S Global Note”
	  	2.1(b)
		
	 “Unrestricted Global Note”
	  	2.6(e)

 SECTION 1.3. Incorporation by Reference of Trust Indenture Act. This Indenture is subject to the
mandatory provisions of the TIA which are incorporated by reference in and made a part of this Indenture. The following TIA terms have the following meanings: 
 “Commission” means the SEC. 
 “indenture
securities” means the Notes. 
 “indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 

  
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 All other TIA terms used in this Indenture that are defined by the TIA, defined in the TIA by reference to
another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.4. Rules of
Construction. Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it;

 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 (3) “or” is not exclusive; 

(4) “including” means including without limitation; 

(5) words in the singular include the plural and words in the plural include the singular; 

(6) “will” shall be interpreted to express a command; 

(7) all amounts expressed in this Indenture or in any of the Notes in terms of money refer to the lawful currency of the
United States of America; 
 (8) the words “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (9) unless otherwise specifically indicated, the term “consolidated” with respect to any Person refers to such Person consolidated with its Restricted Subsidiaries, and excludes from such
consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person. 
 ARTICLE
II
 THE NOTES 
 SECTION 2.1. Form, Dating and Terms. 
 (a) The aggregate principal amount
of Notes that may be authenticated and delivered under this Indenture is unlimited. The Initial Notes issued on the date hereof will be in an aggregate principal amount of $300,000,000. In addition, the Issuer may issue, from time to time in
accordance with the provisions of this Indenture, Additional Notes (as provided herein). Furthermore, Notes may be authenticated and delivered upon registration of transfer, exchange or in lieu of, other Notes pursuant to Sections 2.2,
2.6, 2.11, 2.13, 5.6 or 9.5, in connection with an Asset Disposition Offer pursuant to Section 3.5 or in connection with a Change of Control Triggering Event Offer pursuant to Section 3.9.

  
 -39-

 Notwithstanding anything to the contrary contained herein, the Issuer may not issue any Additional Notes,
unless such issuance is in compliance with Sections 3.2 and 3.6. 
 With respect to any Additional Notes, the Issuer shall
set forth in (1) a Board Resolution and (2) (i) an Officer’s Certificate or (ii) one or more indentures supplemental hereto, the following information: 
 (A) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
 (B) the issue price and the issue date of such Additional Notes, including the date from which interest shall accrue; and 
 (C) whether such Additional Notes shall be Restricted Notes. 
 In authenticating and delivering
Additional Notes, the Trustee shall be entitled to receive and shall be fully protected in relying upon, in addition to the Opinion of Counsel and Officer’s Certificate required by Section 12.4, an Opinion of Counsel as to the due
authorization, execution, delivery, validity and enforceability of such Additional Notes. 
 The Initial Notes and the Additional Notes shall be
considered collectively as a single class for all purposes of this Indenture. Holders of the Initial Notes and the Additional Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and
none of the Holders of the Initial Notes or the Additional Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 

If any of the terms of any Additional Notes are established by action taken pursuant to a Board Resolution of the Issuer, a copy of an appropriate record
of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate or an indenture supplemental hereto setting forth the terms of the
Additional Notes. 
 (b) The Initial Notes are being offered and sold by the Issuer pursuant to a Purchase Agreement, dated
August 2, 2013, among the Issuer, the Guarantors and the Initial Purchasers. The Initial Notes and any Additional Notes (if issued as Restricted Notes) (the “Additional Restricted Notes”) will be resold initially only to
(A) QIBs in reliance on Rule 144A and (B) Non-U.S. Persons in reliance on Regulation S. Such Initial Notes and Additional Restricted Notes may thereafter be transferred in accordance with
the procedures described herein. Additional Notes offered after the date hereof may be offered and sold by the Issuer from time to time pursuant to one or more purchase agreements in accordance with applicable law. 

Initial Notes and Additional Restricted Notes offered and sold to QIBs in the United States of America in reliance on Rule 144A (the
“Rule 144A Notes”) shall be issued in the form of a permanent global Note substantially in the form of Exhibit A, which is hereby incorporated by reference and made a part of this Indenture, including appropriate
legends as set forth in Section 2.1(d) and (e) (the “Rule 144A Global Note”), deposited with the Trustee, as custodian for DTC, duly executed by the Issuer and authenticated by the Trustee as hereinafter
provided. 

  
 -40-

 
The Rule 144A Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single
certificate. The aggregate principal amount of the Rule 144A Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided.

 Initial Notes and any Additional Restricted Notes offered and sold outside the United States of America (the “Regulation S
Notes”) in reliance on Regulation S shall initially be issued in the form of a temporary global Note (the “Temporary Regulation S Global Note”). Beneficial interests in the Temporary Regulation S Global Note
will be exchanged for beneficial interests in a corresponding permanent global Note substantially in the form of Exhibit A including appropriate legends as set forth in Section 2.1(d) and (e) (the “Permanent
Regulation S Global Note” and, together with the Temporary Regulation S Global Note, each a “Regulation S Global Note”) within a reasonable period after the expiration of the Restricted Period (as defined
below) upon delivery of the certification contemplated by Section 2.7. Each Regulation S Global Note will be deposited upon issuance with, or on behalf of, the Trustee as custodian for DTC in the manner described in this
Article II for credit to the respective accounts of the purchasers (or to such other accounts as they may direct), including, but not limited to, accounts at Euroclear Bank S.A./N.V. (“Euroclear”) or Clearstream Banking,
société anonyme (“Clearstream”). Prior to the 40th day after the later of the commencement of the offering of the Initial Notes and the Issue Date (such period through and including such 40th day, the
“Restricted Period”), interests in the Temporary Regulation S Global Note may only be transferred to non-U.S. persons pursuant to Regulation S, unless exchanged for interests in a
Global Note in accordance with the transfer and certification requirements described herein. 
 Investors may hold their interests in the
Regulation S Global Note through organizations other than Euroclear or Clearstream that are participants in DTC’s system or directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through
organizations which are participants in such systems. If such interests are held through Euroclear or Clearstream, Euroclear and Clearstream will hold such interests in the applicable Regulation S Global Note on behalf of their participants
through customers’ securities accounts in their respective names on the books of their respective depositaries. Such depositaries, in turn, will hold such interests in the applicable Regulation S Global Note in customers’ securities
accounts in the depositaries’ names on the books of DTC. 
 The Regulation S Global Note may be represented by more than one
certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided. 
 Initial Notes and Additional
Restricted Notes resold to IAIs (the “Institutional Accredited Investor Notes”) in the United States of America shall be issued in the form of a permanent global Note substantially in the form of Exhibit A including appropriate
legends as set forth in Section 2.1(d) and (e) (the “Institutional Accredited Investor Global Note”) deposited with the Trustee, as custodian for DTC, duly executed by the Issuer and authenticated by the
Trustee as hereinafter provided. The Institutional Accredited Investor Global Note may be represented by 

  
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more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Institutional
Accredited Investor Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided. 

Initial Notes and Additional Restricted Notes resold to AIs in the United States of America shall be issued in the form of a Definitive Note
substantially in the form of Exhibit A including the legend as set forth in Section 2.1(f) (an “Accredited Investor Note”). 
 The Rule 144A Global Note, the Regulation S Global Note, the Institutional Accredited Investor Global Note and the Accredited Investor Note are sometimes collectively herein referred to as the
“Global Notes.” 
 The principal of (and premium, if any) and interest on the Notes shall be payable at the office or agency of
Paying Agent designated by the Issuer maintained for such purpose (which shall initially be the office of the Trustee maintained for such purpose), or at such other office or agency of the Issuer as may be maintained for such purpose pursuant to
Section 2.3; provided, however, that, at the option of the Paying Agent, each installment of interest may be paid by (i) check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the
Notes Register or (ii) wire transfer to an account located in the United States maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes represented by a Global Note (including principal, premium, if
any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by DTC. Payments in respect of Notes represented by Definitive Notes (including principal, premium, if any, and interest) held by a Holder of
at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by
giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

 The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage, in addition to those set forth on
Exhibit A and in Section 2.1(d), (e) and (f). The Issuer shall approve any notation, endorsement or legend on the Notes. Each Note shall be dated the date of its authentication. The terms of the Notes set
forth in Exhibit A are part of the terms of this Indenture and, to the extent applicable, the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to be bound by such terms.

 (c) Denominations. The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof. 

  
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 (d) Restrictive Legends. Unless and until the Issuer and Registrar receives an
Opinion of Counsel reasonably satisfactory to it to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act: 

(1) the Rule 144A Global Note, the Regulation S Global Note, the Institutional Accredited Investor Global Note
and the Accredited Investor Global Note shall bear the following legend on the face thereof: 
 THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED
OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH
IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS, IN THE CASE OF RULE 144A NOTES, SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), OR, IN THE CASE OF REGULATION S NOTES,
40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON
REGULATION S, ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR
(E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR
(E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER HEREOF REPRESENTS AND WARRANTS THAT EITHER (1) NO PORTION OF THE

  
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ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL,
STATE, LOCAL, NON U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN,
ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 In the case of the Regulation S Global Note: 

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS AND WARRANTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF
A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
 (2) the Temporary Regulation S Global Note shall bear the following additional legend on the face thereof: 
 THIS SECURITY IS A TEMPORARY GLOBAL NOTE. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL NOTES OTHER
THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT. 
 (e) Global Note Legend. 
 Each Global Note, whether or not
an Initial Note, shall bear the following legend on the face thereof: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND

  
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ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF
DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 (f) AI Note Legend. 
 Each Accredited Investor Note shall bear the following legend on the face thereof: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR
(AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS
SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR
THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF
WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 

  
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SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT
WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED
TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS
BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE
THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 
 (g) Book-Entry
Provisions. (i) This Section 2.1(g) shall apply only to Global Notes deposited with the Trustee, as custodian for DTC. 
 (1) Each Global Note initially shall (x) be registered in the name of DTC or the nominee of DTC, (y) be delivered to the Notes Custodian for DTC and (z) bear legends as set forth in
Section 2.1(e). Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the DTC, its successors or its respective nominees, except as set forth in
Section 2.1(g)(4) and 2.1(h). If a beneficial interest in a Global Note is transferred or exchanged for a beneficial interest in another Global Note, the Notes Custodian will (x) record a decrease in the principal amount of
the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is
transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in
the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest.

 (2) Members of, or participants in, DTC (“Agent Members”) shall have no rights under this
Indenture with respect to any Global Note held on their behalf by DTC or by the Notes Custodian as the custodian of DTC or under such Global Note, and DTC may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the
absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 

  
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 (3) In connection with any transfer of a portion of the beneficial interest
in a Global Note pursuant to Section 2.1(h) to beneficial owners who are required to hold Definitive Notes, the Notes Custodian shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in
an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Issuer shall execute, and the Trustee shall authenticate and make available for delivery, one or more Definitive Notes of like tenor and
amount. 
 (4) In connection with the transfer of an entire Global Note to beneficial owners pursuant to
Section 2.1(h), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by
DTC in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 
 (5) The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which
a Holder is entitled to take under this Indenture or the Notes. 
 (6) Any Holder of a Global Note shall, by
acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (i) the Holder of such Global Note (or its
agent) or (ii) any holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry. 

(h) Definitive Notes. Except as provided below, owners of beneficial interests in Global Notes will not be entitled to receive
Definitive Notes. Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if (A) DTC notifies the Issuer that it is unwilling or unable to continue as Depositary for the Global
Note and the Issuer fails to appoint a successor depositary within 90 days of such notice, or (B) there shall have occurred and be continuing an Event of Default with respect to the Notes under this Indenture and DTC shall have requested the
issuance of Definitive Notes. In the event of the occurrence of any of the events specified in the second preceding sentence or in clause (A) or (B) of the preceding sentence, the Issuer shall promptly make available to the Trustee a
reasonable supply of Definitive Notes. In addition, any Note transferred to an affiliate (as defined in Rule 405 under the Securities Act) of the Issuer or evidencing a Note that has been acquired by an affiliate in a transaction or series of
transactions not involving any public offering must, until one year after the last date on which either the Issuer or any affiliate of the Issuer was an owner of the Note, be in the form of a Definitive Note and bear the legend regarding transfer
restrictions in Section 2.1(d). If required to do so pursuant to any applicable law or regulation, beneficial owners may also obtain Definitive Notes in exchange for their beneficial interests in a Global Note upon written request in
accordance with DTC’s and the Registrar’s procedures. 

  
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 (1) Any Definitive Note delivered in exchange for an interest in a Global
Note pursuant to Section 2.1(g) shall, except as otherwise provided by Section 2.6(d), bear the applicable legend regarding transfer restrictions applicable to the Global Note set forth in Section 2.1(d).

 (2) If a Definitive Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee
will (x) cancel such Definitive Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than
the entire principal amount of the canceled Definitive Note, the Issuer shall execute, and the Trustee shall authenticate and make available for delivery, to the transferring Holder a new Definitive Note representing the principal amount not so
transferred. 
 (3) If a Definitive Note is transferred or exchanged for another Definitive Note, (x) the
Trustee will cancel the Definitive Note being transferred or exchanged, (y) the Issuer shall execute, and the Trustee shall authenticate and make available for delivery, one or more new Definitive Notes in authorized denominations having an
aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Definitive Note (in the case of an exchange), registered in the name of such transferee
or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Definitive Note, the Issuer shall execute, and the Trustee shall authenticate and make available for delivery to the
Holder thereof, one or more Definitive Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Definitive Notes, registered in the name of the Holder thereof.

 (4) Notwithstanding anything to the contrary in this Indenture, in no event shall a Definitive Note be
delivered upon exchange or transfer of a beneficial interest in the Temporary Regulation S Global Note prior to the end of the Restricted Period. 
 SECTION 2.2. Execution and Authentication. One Officer shall sign the Notes for the Issuer by manual, facsimile or PDF signature. If the Officer whose signature is on a Note no longer holds that
office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
 A Note shall not be valid until an authorized
officer of the Trustee manually authenticates the Note. The signature of the Trustee on a Note shall be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture. A Note shall be dated the date of its
authentication. 
 At any time and from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make
available for delivery: (1) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $300,000,000, (2) subject to the terms of this 

  
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Indenture, Additional Notes for original issue in an unlimited principal amount and (3) under the circumstances set forth in Section 2.6(e), Initial Notes in the form of an
Unrestricted Global Note, in each case upon a written order of the Issuer signed by one Officer (the “Issuer Order”). Such Issuer Order shall specify whether the Notes will be in the form of Definitive Notes or Global Notes, the
amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, the Holder and whether the Notes are to be Initial Notes or Additional Notes. 
 The Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Issuer to authenticate the Notes. Any such appointment shall be evidenced by an instrument
signed by a Trust Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by the Authenticating Agent. An Authenticating Agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

In case the Issuer or any Guarantor, pursuant to Article IV or Section 10.2, as applicable, shall be consolidated or merged with
or into any other Person or shall convey, transfer, lease or otherwise dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation, or surviving such merger, or into
which the Issuer or any Guarantor shall have been merged, or the Person which shall have received a conveyance, transfer, lease or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant to
Article IV, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer, lease or other disposition may (but shall not be required), from time to time, at the request of the successor Person, be
exchanged for other Notes executed in the name of the successor Person with such changes in phraseology and form as may be appropriate to reflect such successor Person, but otherwise in substance of like tenor as the Notes surrendered for such
exchange and of like principal amount; and the Trustee, upon the Issuer Order of the successor Person, shall authenticate and make available for delivery Notes as specified in such order for the purpose of such exchange. If Notes shall at any time
be authenticated and delivered in any new name of a successor Person pursuant to this Section 2.2 in exchange or substitution for or upon registration of transfer of any Notes, such successor Person, at the option of the Holders but
without expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes authenticated and delivered in such new name. 
 SECTION 2.3. Registrar and Paying Agent. The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”)
and an office or agency where Notes may be presented for payment. The Registrar shall keep a register of the Notes and of their transfer and exchange (the “Notes Register”). The Issuer may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent and the term “Registrar” includes any
co-registrar. 
 The Issuer shall enter into an appropriate agency agreement with any Registrar or
Paying Agent not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing of the name and
address of each such agent. If the Issuer fails to maintain a 

  
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Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.7. The Trustee shall have no responsibility
or liability for the action or inaction of any Depositary hereunder. The Issuer or any Guarantor may act as Paying Agent, Registrar or transfer agent. 
 The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The Issuer initially appoints the Trustee as the Registrar
and Paying Agent for the Notes and the Issuer may remove any Registrar or Paying Agent without prior notice to the Holders, but upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such
removal shall become effective until (i) acceptance of any appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the
Trustee and the passage of any waiting or notice periods required by DTC procedures or (ii) written notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with
clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuer and the Trustee. 
 SECTION 2.4. Paying Agent to Hold Money in Trust. Prior to 10:00 a.m. New York City time, on each due date of the principal of, premium, if any, or interest on any Note is due and payable, the
Issuer shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium or interest when due. The Issuer shall require the Paying Agent (other than the Trustee) to agree in writing that such Paying
Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of, premium, if any, or interest on the Notes (whether such assets have been distributed to it by the Issuer or
other obligors on the Notes), shall notify the Trustee in writing of any default by the Issuer or any Guarantor in making any such payment and shall during the continuance of any default by the Issuer (or any other obligor upon the Notes) in the
making of any payment in respect of the Notes, upon the written request of the Trustee, forthwith deliver to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes together with a full accounting thereof. If the
Issuer or a Subsidiary of the Issuer acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent (other than the Trustee) to pay all money held
by it to the Trustee and to account for any funds or assets disbursed by such Paying Agent. Upon complying with this Section 2.4, the Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) shall have no further liability
for the money delivered to the Trustee. Upon any bankruptcy, reorganization or similar proceeding with respect to the Issuer, the Trustee shall serve as Paying Agent for the Notes. 

SECTION 2.5. Holder Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, or to the extent otherwise required under the TIA, the Issuer, on its own behalf and on behalf of
each of the Guarantors, shall furnish or cause the Registrar to furnish to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and addresses of Holders and the Issuer shall otherwise comply with TIA Section 312(a). 

  
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 SECTION 2.6. Transfer and Exchange. 

(a) A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest
therein) for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other
document required by this Section 2.6. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section 2.6 by noting the same in the Notes Register maintained by the Trustee for the
purpose, and no transfer or exchange will be effective until it is registered in such Notes Register. The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section 2.6 and
Section 2.1(g) and 2.1(h), as applicable, and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of DTC, Euroclear and Clearstream. The Registrar shall refuse to register any
requested transfer or exchange that does not comply with this paragraph. 
 (b) Transfers of Rule 144A Notes and
Institutional Accredited Investor Notes. The following provisions shall apply with respect to any proposed registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note prior to the date that is one year after
the later of the date of its original issue and the last date on which the Issuer or any Affiliate of the Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”): 

(1) a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial
interest therein to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Note that it is purchasing for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim
the exemption from registration provided by Rule 144A; provided that no such written representation or other written certification shall be required in connection with the transfer of a beneficial interest in the Rule 144A Global Note to a
transferee in the form of a beneficial interest in that Rule 144A Global Note in accordance with this Indenture and the applicable procedures of DTC. 
 (2) a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to an IAI or an AI shall be made upon receipt by the Registrar and
Issuer or its respective agent of a certificate substantially in the form set forth in Section 2.8 or Section 2.10, respectively, from the proposed transferee and the delivery of an Opinion of Counsel, certification and/or
other information satisfactory to it; and 
 (3) a registration of transfer of a Rule 144A Note or an
Institutional Accredited Investor Note or a beneficial interest therein to a Non-U.S. Person shall be 

  
 -51-

 
made upon receipt by the Registrar or Issuer or its respective agent of a certificate substantially in the form set forth in Section 2.9 from the proposed transferee and the delivery
of an Opinion of Counsel, certification and/or other information satisfactory to it. 
 (c) Transfers of Regulation S
Notes. The following provisions shall apply with respect to any proposed transfer of a Regulation S Note prior to the expiration of the Restricted Period: 

(1) a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation
of the transferee, in the form of assignment on the reverse of the certificate, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A, is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned
has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by
Rule 144A; 
 (2) a transfer of a Regulation S Note or a beneficial interest therein to an IAI or an AI
shall be made upon receipt by the Registrar or Issuer or its respective agent of a certificate substantially in the form set forth in Section 2.8 or Section 2.10, respectively, from the proposed transferee and the delivery of
an Opinion of Counsel, certification and/or other information satisfactory to the Issuer; and 
 (3) a transfer
of a Regulation S Note or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by the Registrar or Issuer or its respective agent of a certificate substantially in the form set
forth in Section 2.9 hereof from the proposed transferee and receipt by the Registrar or Issuer or its respective agent of an Opinion of Counsel, certification and/or other information satisfactory to the Issuer. 

After the expiration of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without
requiring the certification set forth in Section 2.8, Section 2.9, Section 2.10 or any additional certification. 
 (d) Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing a Restricted Notes Legend, the Registrar shall deliver Notes that do not bear a Restricted Notes Legend.
Upon the transfer, exchange or replacement of Notes bearing a Restricted Notes Legend, the Registrar shall deliver only Notes that bear a Restricted Notes Legend unless (1) an Initial Note is being transferred pursuant to an effective
registration statement, (2) Initial Notes are being exchanged for Notes that do not bear the Restricted Notes Legend in accordance with Section 2.6(e) or (3) there is delivered to the Registrar and Issuer an Opinion of Counsel
satisfactory to each stating that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. Any Additional Notes sold in a registered offering shall not be
required to bear the Restricted Notes Legend. 

  
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 (e) Automatic Exchange from Global Note Bearing Restricted Notes Legend to Global Note
Not Bearing Restricted Notes Legend. Upon the Issuer’s satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act, beneficial interests in a Global Note bearing the
Restricted Notes Legend (a “Restricted Global Note”) may be automatically exchanged into beneficial interests in a Global Note not bearing the Restricted Notes Legend (an “Unrestricted Global Note”) without any
action required by or on behalf of the Holder (the “Automatic Exchange”) at any time on or after the date that is the 366th calendar day after (1) with respect to the Notes issued on the Issue Date, the Issue Date or
(2) with respect to Additional Notes, if any, the issue date of such Additional Notes, or, in each case, if such day is not a Business Day, on the next succeeding Business Day (the “Automatic Exchange Date”). Upon the
Issuer’s satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act, the Issuer shall (i) provide written notice to DTC and the Trustee at least fifteen (15)
calendar days prior to the Automatic Exchange Date, instructing DTC to exchange all of the outstanding beneficial interests in a particular Restricted Global Note to the Unrestricted Global Note, which the Issuer shall have previously otherwise made
eligible for exchange with the DTC, (ii) provide prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s address appearing in the register of Holders at least fifteen (15) calendar days
prior to the Automatic Exchange Date (the “Automatic Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of this Indenture pursuant to which the Automatic Exchange shall
occur, (y) the “CUSIP” number of the Restricted Global Note from which such Holder’s beneficial interests will be transferred and (z) the “CUSIP” number of the Unrestricted Global Note into which such Holder’s
beneficial interests will be transferred, and (iii) on or prior to the Automatic Exchange Date, deliver to the Trustee for authentication one or more Unrestricted Global Notes, duly executed by the Issuer, in an aggregate principal amount equal
to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global Notes. At the Issuer’s written request on no less than five (5) calendar days’ notice prior to the Automatic Exchange Notice
Date, the Trustee shall deliver, in the Issuer’s name and at its expense, the Automatic Exchange Notice to each Holder at such Holder’s address appearing in the register of Holders; provided that the Issuer has delivered to the
Trustee the information required to be included in such Automatic Exchange Notice. 
 Notwithstanding anything to the contrary in this
Section 2.6(e), during the fifteen (15) calendar day period prior to the Automatic Exchange Date, no transfers or exchanges other than pursuant to this Section 2.6(e) shall be permitted without the prior written consent
of the Issuer. As a condition to any Automatic Exchange, the Issuer shall provide, and the Trustee shall be entitled to conclusively rely upon, an Officer’s Certificate and Opinion of Counsel to the Issuer to the effect that the Automatic
Exchange shall be effected in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act and that
the aggregate principal amount of the particular Restricted Global Note is to be transferred to the particular Unrestricted Global Note by adjustment made on the records of the Trustee, as custodian for the Depositary to reflect the Automatic
Exchange. Upon such exchange of beneficial interests pursuant to this Section 2.6(e), the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on the records of the Trustee, as custodian for
the Depositary, to reflect the relevant increase or decrease in the principal amount of such Global 

  
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Note resulting from the applicable exchange. The Restricted Global Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be cancelled following the
Automatic Exchange. 
 (f) Retention of Written Communications. The Registrar shall retain copies of all letters, notices
and other written communications received pursuant to Section 2.1 or this Section 2.6. The Issuer shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable
time upon the giving of reasonable prior written notice to the Registrar. 
 (g) Obligations with Respect to Transfers and
Exchanges of Notes. To permit registrations of transfers and exchanges, the Issuer shall, subject to the other terms and conditions of this Article II, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the
Issuer’s and Registrar’s written request. 
 No service charge shall be made to a Holder for any registration of transfer or exchange,
but the Issuer may require the Holder to pay a sum sufficient to cover any transfer tax assessments or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges
payable upon exchange or transfer pursuant to Sections 2.2, 2.6, 2.11, 2.13, 3.5, 5.6 or 9.5). 
 The Issuer (and the Registrar) shall not be required to register the transfer of or exchange of any Note (A) for a period beginning (1) 15 calendar days before the mailing of a notice of an
offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 calendar days before an interest payment date and ending on such interest payment date or (B) called for redemption, except
the unredeemed portion of any Note being redeemed in part. 
 Prior to the due presentation for registration of transfer of any Note, the
Issuer, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the owner of such Note for the purpose of receiving payment of principal of, premium, if any, and (subject to paragraph 2
of the form of Note attached hereto as Exhibit A) interest on such Note and for all other purposes whatsoever, including without limitation the transfer or exchange of such Note, whether or not such Note is overdue, and none of the
Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 
 Any Definitive Note delivered in exchange
for an interest in a Global Note pursuant to Section 2.1(h) shall, except as otherwise provided by Section 2.6(d), bear the applicable legend regarding transfer restrictions applicable to the Definitive Note set forth in
Section 2.1(d). 
 All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same
debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

(h) No Obligation of the Trustee. (1) The Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Note, a member of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than 

  
 -54-

 
DTC) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All
notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a
Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may rely and shall be fully protected in relying upon information furnished by
DTC with respect to its members, participants and any beneficial owners. 
 The Trustee shall have no obligation or duty to monitor, determine
or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among DTC participants, members or
beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof. Neither the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by DTC. 

SECTION 2.7. Form of Certificate to be Delivered upon Termination of Restricted Period. 

[Date] 
 Bankrate, Inc.

 11760 U.S. Highway One, Suite 200 

North Palm Beach, Florida 33408 
 Attention:
Edward J. DiMaria, Senior Vice President and Chief Financial Officer 
 Facsimile: (917) 368-8697 

Wilmington Trust, National Association 
 246
Goose Lane, Suite 105 
 Guilford, CT 06437 
 Attn: Bankrate Administrator 
 (Fax) (203) 453-1183 

 

	Re:	Bankrate, Inc. (the “Issuer”). 

 6.125% Senior Notes due 2018 (the “Notes”) 
 Ladies and Gentlemen: 

This letter relates to Notes represented by a temporary global Note (the “Temporary Regulation S Global Note”). Pursuant to
Section 2.1 of the Indenture dated as of August 7, 2013 relating to the Notes (the “Indenture”), we hereby certify that the persons who are the beneficial owners of
$[        ] principal amount of Notes represented by the Temporary Regulation S Global Note are persons outside the United States to whom beneficial interests in such Notes

  
 -55-

 
could be transferred in accordance with Rule 904 of Regulation S promulgated under the Securities Act of 1933, as amended. Accordingly, you are hereby requested to issue a Permanent
Regulation S Global Note representing the undersigned’s interest in the principal amount of Notes represented by the Temporary Regulation S Global Note, all in the manner provided by the Indenture. We certify that we [are][are not] an
Affiliate of the Issuer. 
 The Trustee and the Issuer are entitled to conclusively rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in Regulation S.

  

			
	Very truly yours,
	
	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

 SECTION 2.8. Form of Certificate to be Delivered in Connection with Transfers to IAIs.

 [Date] 
 Bankrate,
Inc. 
 11760 U.S. Highway One, Suite 200 
 North Palm Beach, Florida 33408 
 Attention: Edward J. DiMaria, Senior Vice President and Chief
Financial Officer 
 Facsimile: (917) 368-8697 
 Wilmington Trust, National Association 
 246 Goose Lane, Suite 105 

Guilford, CT 06437 
 Attn: Bankrate Administrator

 (Fax) (203) 453-1183 
  

	Re:	Bankrate, Inc. (the “Issuer”). 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[        ] principal amount of the 6.125% Senior Notes due 2018 (the “Notes”) of Bankrate, Inc. (the “Issuer”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

 

			
	Name:	 	  

		
	Address:	 	  

			
		
	Taxpayer ID Number:	 	  

  
 -56-

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of
1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes not
with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our
investment in the Notes and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the
following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original issue
and the last date on which the Issuer or any affiliate of the Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Issuer or any Subsidiary thereof,
(b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified
institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on
Rule 144A, (d) pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to an institutional
“accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each
case in a minimum principal amount of Notes of $250,000 for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (f) pursuant to any other available exemption
from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their
control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made
pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among other
things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Notes for investment purposes and not for
distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuer and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Termination Date of the Notes pursuant to clauses (d),
(e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Issuer. 

  
 -57-

 3. We [are][are not] an Affiliate of the Issuer. 

 

			
	TRANSFEREE:	 	  

 

			
		
	BY:	 	  

 SECTION 2.9. Form of Certificate to be Delivered in Connection with Transfers Pursuant to
Regulation S. 
 [Date] 
 Bankrate, Inc. 
 11760 U.S. Highway One, Suite 200 

North Palm Beach, Florida 33408 
 Attention:
Edward J. DiMaria, Senior Vice President and Chief Financial Officer 
 Facsimile: (917) 368-8697 

Wilmington Trust, National Association 
 246
Goose Lane, Suite 105 
 Guilford, CT 06437 
 Attn: Bankrate Administrator 
 (Fax) (203) 453-1183 

 

	Re:	Bankrate, Inc. (the “Issuer”). 

 6.125% Senior Notes due 2018 (the “Notes”) 
 Ladies and Gentlemen: 

In connection with our proposed sale of $[        ] aggregate principal amount of the Notes, we confirm that such
sale has been effected pursuant to and in accordance with Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 

(a) the offer of the Notes was not made to a person in the United States; 

(b) either (i) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on
our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated off-shore securities market and
neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
 (c) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a)(2) or Rule 904(a)(2) of Regulation S, as applicable; and 

(d) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  
 -58-

 In addition, if the sale is made during a restricted period and the provisions of Rule 903(b)(2),
Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1), as the
case may be. 
 We also hereby certify that we [are][are not] an Affiliate of the Issuer and, to our knowledge, the transferee of the Notes
[is][is not] an Affiliate of the Issuer. 
 The Trustee and the Issuer are entitled to conclusively rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in
Regulation S. 
  

			
	Very truly yours,
	
	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

 SECTION 2.10. Form of Certificate to be Delivered in Connection with Transfers to AIs.

 [Date] 
 Bankrate,
Inc. 
 11760 U.S. Highway One, Suite 200 
 North Palm Beach, Florida 33408 
 Attention: Edward J. DiMaria, Senior Vice President and Chief
Financial Officer 
 Facsimile: (917) 368-8697 
 Wilmington Trust, National Association 
 246 Goose Lane, Suite 105 

Guilford, CT 06437 
 Attn: Bankrate Administrator

 (Fax) (203) 453-1183 
  

	Re:	Bankrate, Inc. (the “Issuer”). 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[        ] principal amount of the 6.125% Senior Notes due 2018 (the “Notes”) of Bankrate, Inc. (the “Issuer”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

 

			
	Name:	 	  

		
	Address:	 	  

			
		
	Taxpayer ID Number:	 	  

  
 - 59 -

 The undersigned represents and warrants to you that: 

4. I am an “accredited investor” (as defined in Rule 501(a)(4) under the U.S. Securities Act of 1933, as amended (the “Securities
Act”)) and I am acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. I have such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risk of my investment in the Notes and I invest in or purchase securities similar to the Notes in the normal course of my business. I am able to bear the economic risk of my investment. 

5. I understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the
following sentence. I agree on my own behalf to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original issue and the last date on which the Issuer or any affiliate of the Issuer was
the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Issuer or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities
Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person I reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a
“QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of
Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case in a minimum principal amount of Notes of
$200,000 for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (f) pursuant to any other available exemption from the registration requirements of the
Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of my property be at all times within my control and in compliance with any applicable state securities laws. The foregoing restrictions on resale
will not apply subsequent to the Resale Restriction Termination Date. Each purchaser acknowledges that the Issuer and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Termination Date of the Notes pursuant
to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Issuer. 
 6. I understand and acknowledge that upon the issuance thereof, and until such time as the same is no longer required under applicable requirements of the Securities Act or state securities laws, the
Notes that I acquire will be certificated Notes that will bear, and all certificates issued in exchange therefor or in substitution thereof will bear, a restrictive legend set forth in Section 2.1(d) of the Indenture. 

  
 -60-

 7. I am an Affiliate of the Issuer. 

 

					
		 	TRANSFEREE:	 	  

		
	BY:	 	  

 SECTION 2.11. Mutilated, Destroyed, Lost or Stolen Notes. 

If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the
Issuer shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Issuer and
the Trustee that such Note has been lost, destroyed or wrongfully taken within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar has not registered a transfer prior to receiving such
notification, (b) makes such request to the Issuer and the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a
“protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee; provided, however, if after the delivery of such replacement Note, a protected purchaser of the Note for which such
replacement Note was issued presents for payment or registration such replaced Note, the Trustee and/or the Issuer shall be entitled to recover such replacement Note from the Person to whom it was issued and delivered or any Person taking therefrom,
except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Trustee in connection therewith. Such Holder shall
furnish an indemnity bond sufficient in the judgment of the (i) Trustee to protect the Trustee and (ii) the Issuer to protect the Issuer, the Trustee, the Paying Agent and the Registrar, from any loss which any of them may suffer if a Note
is replaced, and, in the absence of notice to the Issuer, any Guarantor or the Trustee that such Note has been acquired by a protected purchaser, the Issuer shall execute, and upon receipt of an Issuer Order, the Trustee shall authenticate and make
available for delivery, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion may, instead of
issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under this Section 2.11, the Issuer may require that such
Holder pay a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of counsel and of the Trustee) in connection therewith. 

Subject to the proviso in the initial paragraph of this Section 2.11, every new Note issued pursuant to this Section 2.11, in
lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, any Guarantor (if applicable) and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or
stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

  
 - 61 -

 The provisions of this Section 2.11 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION
2.12. Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those paid pursuant to Section 2.11 and those described in
this Section as not outstanding. A Note does not cease to be outstanding in the event the Issuer or an Affiliate of the Issuer holds the Note; provided, however, that (i) for purposes of determining which are outstanding for
consent or voting purposes hereunder, the provisions of Section 12.6 shall apply and (ii) in determining whether the Trustee shall be protected in making a determination whether the Holders of the requisite principal amount of
outstanding Notes are present at a meeting of Holders of Notes for quorum purposes or have consented to or voted in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder, or relying upon
any such quorum, consent or vote, only Notes which a Trust Officer of the Trustee actually knows to be held by the Issuer or an Affiliate of the Issuer shall not be considered outstanding. 
 If a Note is replaced pursuant to Section 2.11 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive proof
satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement pursuant to Section 2.11. 

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a Redemption Date or maturity date, money sufficient to pay all
principal, premium, if any, and accrued interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Holders on
that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 
 SECTION 2.13. Temporary Notes. In the event that Definitive Notes are to be issued under the terms of this Indenture, until such Definitive Notes are ready for delivery, the Issuer may prepare and
the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form, and shall carry all rights, of Definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without
unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate Definitive Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at any
office or agency maintained by the Issuer for that purpose and such exchange shall be without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the Trustee shall, upon receipt of
an Issuer Order, authenticate and make available for delivery in exchange therefor, one or more Definitive Notes representing an equal principal amount of Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to
the same benefits under this Indenture as a Holder of Definitive Notes. 

  
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 SECTION 2.14. Cancellation. The Issuer at any time may deliver Notes to the Trustee
for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment or cancellation and dispose of such Notes in accordance with its internal policies and customary procedures (subject to the record retention requirements of the Exchange Act and the Trustee). If the Issuer or any
Guarantor acquires any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this
Section 2.14. The Issuer may not issue new Notes to replace Notes it has paid or delivered to the Trustee for cancellation for any reason other than in connection with a transfer or exchange. 

At such time as all beneficial interests in a Global Note have either been exchanged for Definitive Notes, transferred, redeemed, repurchased or
canceled, such Global Note shall be returned by DTC to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes,
transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee
(if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 
 SECTION 2.15. Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the Person
in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the regular record date for such payment at the office or agency of the Issuer maintained for such purpose pursuant to Section 2.3.

 Any interest on any Note which is payable, but is not paid when the same becomes due and payable and such nonpayment continues for a period
of 30 days shall forthwith cease to be payable to the Holder on the regular record date, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and
interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Issuer, at its election in each case, as provided in clause (a) or (b) below: 

(a) The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their
respective predecessor Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Note and the date (not less than 30 days after such notice) of the proposed payment (the “Special Interest Payment Date”), and at the same time the Issuer
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Section 2.15(a). Thereupon the Issuer shall fix a record date (the “Special Record
Date”) 

  
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for the payment of such Defaulted Interest, which date shall be not more than 20 calendar days and not less than 15 calendar days prior to the Special Interest Payment Date and not less
than 10 calendar days after the receipt by the Trustee of the notice of the proposed payment. The Issuer shall promptly notify the Trustee in writing of such Special Record Date, and in the name and at the expense of the Issuer, the
Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner provided for in Section 12.2, not less than
10 calendar days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor having been so given, such Defaulted Interest shall be
paid on the Special Interest Payment Date to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the provisions
in Section 2.15(b). 
 (b) The Issuer may make payment of any Defaulted Interest in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Issuer to the Trustee of the proposed payment
pursuant to this Section 2.15(b), such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing
provisions of this Section 2.15, each Note delivered under this Indenture upon registration of, transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Note. 
 SECTION 2.16. CUSIP and ISIN Numbers. The Issuer in issuing the Notes may use
“CUSIP” and “ISIN” numbers and, if so, the Trustee shall use “CUSIP and “ISIN” numbers in notices of redemption or purchase as a convenience to Holders; provided, however, that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or purchase and that reliance may be placed only on the other identification numbers printed on the Notes,
and any such redemption or purchase shall not be affected by any defect in or omission of such CUSIP and ISIN numbers. The Issuer shall promptly notify the Trustee in writing of any change in the CUSIP and ISIN numbers. 

ARTICLE III 

COVENANTS 

SECTION 3.1. Payment of Notes. The Issuer shall promptly pay the principal of, premium, if any, and interest on the Notes on the
dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if by 10:00 a.m. Eastern time on such date the Trustee or the Paying Agent holds in accordance
with this Indenture money sufficient to pay all principal, premium, if any, and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of
this Indenture. 

  
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 The Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall
pay interest on overdue installments of interest at the same rate to the extent lawful. 
 Notwithstanding anything to the contrary contained in
this Indenture, the Issuer may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments hereunder. 

SECTION 3.2. Limitation on Indebtedness. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, Incur any Indebtedness (including Acquired Indebtedness); provided, however, that the Issuer and any of its
Restricted Subsidiaries may Incur Indebtedness (including Acquired Indebtedness), if on the date of such Incurrence and after giving pro forma effect thereto (including pro forma application of the proceeds thereof), the Fixed Charge Coverage Ratio
for the Issuer and its Restricted Subsidiaries is greater than 2.00 to 1.00; provided, further, that Non-Guarantors may not Incur Indebtedness if, after giving pro forma effect to such Incurrence (including a pro forma application of the net
proceeds therefrom), more than an aggregate of $20.0 million of Indebtedness of Non-Guarantors would be outstanding pursuant to this paragraph. 
 (b) Section 3.2(a) will not prohibit the Incurrence of the following Indebtedness: 
 (1) Indebtedness Incurred pursuant to any Credit Facility (including letters of credit or bankers’ acceptances issued or created under any Credit Facility), and any Refinancing Indebtedness in
respect thereof and Guarantees in respect of such Indebtedness in a maximum aggregate principal amount at any time outstanding not exceeding (i) $100.0 million, plus (ii) in the case of any refinancing of any Indebtedness permitted under
this clause or any portion thereof, the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses Incurred in connection with such refinancing; 

(2) Guarantees by the Issuer or any Restricted Subsidiary of Indebtedness of the Issuer or any Restricted Subsidiary so
long as the Incurrence of such Indebtedness is permitted under the terms of this Indenture; 
 (3) Indebtedness
of the Issuer owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing to and held by the Issuer or any Restricted Subsidiary; provided, however, that: 

(i) any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being
beneficially held by a Person other than the Issuer or a Restricted Subsidiary of the Issuer; and 
 (ii) any
sale or other transfer of any such Indebtedness to a Person other than the Issuer or a Restricted Subsidiary of the Issuer, 

  
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 shall be deemed, in each case, to constitute an Incurrence of such Indebtedness by the
Issuer or such Restricted Subsidiary, as the case may be; provided, further, that any such Indebtedness owing by an Issuer or a Guarantor to a Restricted Subsidiary that is not a Guarantor is expressly subordinated in right of payment to the
Notes or such Restricted Subsidiary’s Note Guarantee as the case may be; 
 (4) Indebtedness represented by
(i) the Notes (other than any Additional Notes), including any Guarantee thereof, (ii) any Indebtedness (other than Indebtedness incurred pursuant to Section 3.2(b)(1) and (3)) outstanding on the Issue Date,
(iii) Refinancing Indebtedness Incurred in respect of any Indebtedness described in this clause or clause (5) of this Section 3.2(b) or Incurred pursuant to Section 3.2(a), and (iv) Management Advances;

 (5) (x) Indebtedness of the Issuer or any Restricted Subsidiary Incurred or issued to finance an acquisition
or (y) Acquired Indebtedness; provided that after giving effect to such acquisition, merger or consolidation, either 
 (i) the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 3.2(a), or 

(ii) the Fixed Charge Coverage Ratio of the Issuer and the Restricted Subsidiary would not be lower than immediately prior
to such acquisition, merger or consolidation; 
 (6) Hedging Obligations (excluding Hedging Obligations entered
into for speculative purposes); 
 (7) Indebtedness represented by Capitalized Lease Obligations or Purchase
Money Obligations in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause and then outstanding, does not exceed the greater of (i) $40.0
million and (ii) 3.5% of Total Assets at the time of Incurrence and any Refinancing Indebtedness in respect thereof; 
 (8) Indebtedness in respect of (i) workers’ compensation claims, self-insurance obligations, performance, indemnity, surety, judgment, appeal, advance payment, customs, value added or other tax
or other guarantees or other similar bonds, instruments or obligations and completion guarantees and warranties provided by the Issuer or a Restricted Subsidiary or relating to liabilities, obligations or guarantees Incurred in the ordinary course
of business; (ii) the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within five Business Days of Incurrence; (iii) customer deposits and advance payments received in the ordinary course of business from customers for goods or services purchased in the ordinary course of business; (iv) letters
of credit, bankers’ acceptances, guarantees or other similar instruments or obligations issued or relating to liabilities or 

  
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obligations Incurred in the ordinary course of business; and (v) any customary cash management, cash pooling or netting or setting off arrangements in the ordinary course of business;

 (9) Indebtedness arising from agreements providing for guarantees, indemnification, obligations in respect of
earn-outs or other adjustments of purchase price or, in each case, similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business or assets or Person or any Capital Stock of a Subsidiary
(other than Guarantees of Indebtedness Incurred by any Person acquiring or disposing of such business or assets or such Subsidiary for the purpose of financing such acquisition or disposition); provided that the maximum liability of the
Issuer and its Restricted Subsidiaries in respect of all such Indebtedness in connection with an Asset Disposition shall at no time exceed the gross proceeds, including the fair market value of non-cash proceeds (measured at the time received and
without giving effect to any subsequent changes in value), actually received by the Issuer and its Restricted Subsidiaries in connection with such disposition; 
 (10) Indebtedness of Non-Guarantors in an aggregate amount not to exceed the greater of (i) $25.0 million and (ii) 2.0% of Total Assets at any time outstanding and any Refinancing Indebtedness
in respect thereof; 
 (11) Indebtedness consisting of promissory notes issued by the Issuer or any of its
Subsidiaries to any current or former employee, director or consultant of the Issuer or any of its Subsidiaries (or permitted transferees, assigns, estates, or heirs of such employee, director or consultant), to finance the purchase or redemption of
Capital Stock of the Issuer that is permitted by Section 3.3; 
 (12) Indebtedness of the Issuer or
any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case Incurred in the ordinary course of business; and 

(13) Indebtedness in an aggregate outstanding principal amount which, when taken together with any Refinancing
Indebtedness in respect thereof and the principal amount of all other Indebtedness Incurred pursuant to this clause and then outstanding, will not exceed the greater of (i) $50.0 million and (ii) 4.0% of Total Assets. 

(c) For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant to
and in compliance with, this Section 3.2: 
 (1) subject to clause (3) of this
Section 3.2(c), in the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 3.2(a) and (b), the Issuer, in its sole discretion, will classify, and may from time
to time reclassify, such item of Indebtedness and only be required to include the amount and type of such Indebtedness in one of the clauses of Section 3.2(a) or (b); 

(2) subject to clause (3) of this Section 3.2(c), additionally, all or any portion of any item of
Indebtedness may later be classified as having been Incurred pursuant to any type of Indebtedness described in Section 3.2(a) and (b) so long as such Indebtedness is permitted to be Incurred pursuant to such provision at the
time of reclassification; 

  
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 (3) all Indebtedness outstanding on the Issue Date under the Credit
Agreement shall be deemed to have been Incurred on the Issue Date under Section 3.2(b)(1) and may not be reclassified at any time pursuant to clause (1) or (2) of this Section 3.2(c); 

(4) Guarantees of, or obligations in respect of letters of credit, bankers’ acceptances or other similar instruments
relating to, or Liens securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included; 
 (5) if obligations in respect of letters of credit, bankers’ acceptances or other similar instruments are Incurred pursuant to any Credit Facility and are being treated as Incurred pursuant to
clause (1), (6), (8), (10) or (13) of Section 3.2(b) or Section 3.2(a) and the letters of credit, bankers’ acceptances or other similar instruments relate to other Indebtedness, then such other
Indebtedness shall not be included; 
 (6) the principal amount of any Disqualified Stock of the Issuer or a
Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation
preference thereof; 
 (7) Indebtedness permitted by this Section 3.2 need not be permitted solely by
reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this Section 3.2 permitting such Indebtedness; and 

(8) the amount of any Indebtedness outstanding as of any date shall be (i) the accreted value thereof in the case of
any Indebtedness issued with original issue discount and (ii) the principal amount of Indebtedness, or liquidation preference thereof, in the case of any other Indebtedness. 

(d) Accrual of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue discount,
the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock or the reclassification of commitments or obligations not treated as Indebtedness due
to a change in GAAP, will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 3.2. 
 (e)
If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary of the Issuer as of such date (and, if such Indebtedness is not permitted to be
Incurred as of such date under this Section 3.2, the Issuer shall be in default of this Section 3.2). 

(f) Notwithstanding any other provision of this Section 3.2, the maximum amount of Indebtedness that the Issuer or a
Restricted Subsidiary may Incur pursuant to this Section 3.2 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of 

  
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currencies. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated
based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing. 
 (g) The Issuer shall not, and shall not permit any Guarantor to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) that is subordinated or junior in right of payment to any
Indebtedness of the Issuer or such Guarantor, as the case may be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor’s Note Guarantee to the extent and in the same manner as such Indebtedness
is subordinated to other Indebtedness of the Issuer or such Guarantor, as the case may be. 
 SECTION 3.3. Limitation on
Restricted Payments. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries, directly or
indirectly, to: 
 (1) declare or pay any dividend or make any distribution on or in respect of the Issuer’s
or any Restricted Subsidiary’s Capital Stock (including any payment in connection with any merger or consolidation involving the Issuer or any of its Restricted Subsidiaries) except: 

(i) dividends or distributions payable in Capital Stock of the Issuer (other than Disqualified Stock) or in options,
warrants or other rights to purchase such Capital Stock of the Issuer; and 
 (ii) dividends or distributions
payable to the Issuer or a Restricted Subsidiary (and, in the case of any such Restricted Subsidiary making such dividend or distribution, to holders of its Capital Stock other than the Issuer or another Restricted Subsidiary on no more than a
pro rata basis); 
 (2) purchase, redeem, retire or otherwise acquire for value any Capital Stock of the
Issuer held by Persons other than the Issuer or a Restricted Subsidiary of the Issuer; 
 (3) purchase,
repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness (other than (i) any such purchase, repurchase, redemption,
defeasance or other acquisition or retirement in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case, due within one year of the date of purchase, repurchase, redemption, defeasance or other
acquisition or retirement and (ii) any Indebtedness Incurred pursuant to Section 3.2(b)(3)); or 

(4) make any Restricted Investment; 
 (any such dividend, distribution, purchase, redemption, repurchase, defeasance, other acquisition, retirement or Restricted Investment referred to in clauses (1) through (4) are referred to
herein as a “Restricted Payment”), if at the time the Issuer or such Restricted Subsidiary makes such Restricted Payment: 
 (i) a Default shall have occurred and be continuing (or would result immediately thereafter therefrom); 

  
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 (ii) the Issuer is not able to Incur an additional $1.00 of Indebtedness pursuant to
Section 3.2(a) after giving effect, on a pro forma basis, to such Restricted Payment; or 
 (iii) the aggregate
amount of such Restricted Payment and all other Restricted Payments made subsequent to the Issue Date (including Permitted Payments permitted by Section 3.3(b)(1) (without duplication), (9), (10) and (14)(b),
but excluding all other Restricted Payments permitted by Section 3.3(b)) would exceed the sum of (without duplication): 
 (A) 50% of Consolidated Net Income for the period (treated as one accounting period) from the first day of the first fiscal quarter commencing after July 1, 2013 to the end of the most recent fiscal
quarter ending prior to the date of such Restricted Payment for which internal consolidated financial statements of the Issuer are available (or, in the case such Consolidated Net Income is a deficit, minus 100% of such deficit); 

(B) 100% of the aggregate Net Cash Proceeds, and the fair market value of property or assets or marketable securities, received by the
Issuer from the issue or sale of its Capital Stock (other than Disqualified Stock or Designated Preferred Stock) subsequent to the Issue Date or otherwise contributed to the equity (other than through the issuance of Disqualified Stock or Designated
Preferred Stock) of the Issuer subsequent to the Issue Date (other than (x) Net Cash Proceeds or property or assets or marketable securities received from an issuance or sale of such Capital Stock to a Restricted Subsidiary or an employee stock
ownership plan or trust established by the Issuer or any Subsidiary of the Issuer for the benefit of its employees to the extent funded by the Issuer or any Restricted Subsidiary, (y) Net Cash Proceeds or property or assets or marketable
securities to the extent that any Restricted Payment has been made from such proceeds in reliance on Section 3.3(b)(6), and (z) Excluded Contributions; 
 (C) 100% of the aggregate Net Cash Proceeds, and the fair market value of property or assets or marketable securities, received by the Issuer or any Restricted Subsidiary from the issuance or sale (other
than to the Issuer or a Restricted Subsidiary of the Issuer or an employee stock ownership plan or trust established by the Issuer or any Subsidiary of the Issuer for the benefit of their employees to the extent funded by the Issuer or any
Restricted Subsidiary) by the Issuer or any Restricted Subsidiary subsequent to the Issue Date of any Indebtedness, Disqualified Stock or Designated Preferred Stock that has been converted into or exchanged for Capital Stock of the Issuer (other
than Disqualified Stock or Designated Preferred Stock) plus, without duplication, the amount of any cash, and the 

  
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fair market value of property or assets or marketable securities, received by the Issuer or any Restricted Subsidiary upon such conversion or exchange; 

(D) 100% of the aggregate amount received in cash and the fair market value of marketable securities or other property received by means
of: (i) the sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of Restricted Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the
Issuer or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments by the Issuer or its Restricted Subsidiaries, in each case after the Issue Date; or (ii) the sale
(other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a distribution from an Unrestricted Subsidiary (other than to the extent of the amount of the Investment that constituted a Permitted Investment) or
a dividend from an Unrestricted Subsidiary after the Issue Date; and 
 (E) in the case of the redesignation of an Unrestricted
Subsidiary as a Restricted Subsidiary or the merger or consolidation of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Issuer or a
Restricted Subsidiary after the Issue Date, the fair market value of the Investment in such Unrestricted Subsidiary (or the assets transferred), as determined in good faith of the Issuer at the time of the redesignation of such Unrestricted
Subsidiary as a Restricted Subsidiary or at the time of such merger or consolidation or transfer of assets (after taking into consideration any Indebtedness associated with the Unrestricted Subsidiary so designated or merged or consolidated or
Indebtedness associated with the assets so transferred), other than to the extent of the amount of the Investment that constituted a Permitted Investment. 
 (b) Section 3.3(a) will not prohibit any of the following (collectively, “Permitted Payments”): 

(1) the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of
declaration such payment would have complied with the provisions of this Indenture or the redemption, repurchase or retirement of Indebtedness if, at the date of any irrevocable redemption notice, such payment would have complied with the provisions
of this Indenture; 
 (2) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of
Capital Stock or Subordinated Indebtedness made by exchange (including any such exchange pursuant to the exercise of a conversion right or privilege in connection with which cash is paid in lieu of the issuance of fractional shares) for, or out of
the proceeds of the substantially concurrent sale of, Capital Stock of the Issuer (other than Disqualified Stock or Designated Preferred Stock) (“Refunding Capital Stock”) or a

  
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substantially concurrent contribution to the equity (other than through the issuance of Disqualified Stock or Designated Preferred Stock or through an Excluded Contribution) of the Issuer;
provided, however, that to the extent so applied, the Net Cash Proceeds, or fair market value of property or assets or of marketable securities, from such sale of Capital Stock or such contribution will be excluded from
Section 3.3(a)(iii); 
 (3) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement of Subordinated Indebtedness made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Indebtedness that constitutes Refinancing Indebtedness permitted to be Incurred pursuant to
Section 3.2; 
 (4) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement of Preferred Stock of the Issuer or a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Preferred Stock of the Issuer or a Restricted Subsidiary, as the case may be, that, in each
case, is permitted to be Incurred pursuant to Section 3.2; 
 (5) any purchase, repurchase,
redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness or Disqualified Stock or Preferred Stock of a Restricted Subsidiary: 
 (i) from Net Available Cash to the extent permitted under Section 3.5, but only if the Issuer shall have first complied with the terms described under Section 3.5 and purchased all
Notes tendered pursuant to any offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring such Subordinated Indebtedness, Disqualified Stock or Preferred Stock; or

 (ii) to the extent required by the agreement governing such Subordinated Indebtedness, Disqualified Stock or
Preferred Stock, following the occurrence of a Change of Control (or other similar event described therein as a “change of control”), but only if the Issuer shall have first complied with the terms described under Section 3.9
and purchased all Notes tendered pursuant to the offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring such Subordinated Indebtedness, Disqualified Stock or
Preferred Stock; or 
 (iii) consisting of Acquired Indebtedness (other than Indebtedness Incurred (A) to
provide all or any portion of the funds utilized to consummate the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was otherwise acquired by the Issuer or a Restricted Subsidiary or
(B) otherwise in connection with or contemplation of such acquisition); 
 (6) a Restricted Payment to pay
for the repurchase, redemption or other acquisition or retirement for value of Capital Stock (other than Disqualified Stock) of the Issuer held by any future, present or former employee, director or consultant of the Issuer

  
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or any of its Subsidiaries (or permitted transferees, assigns, estates, trusts or heirs of such employee, director or consultant) either pursuant to any management equity plan or stock option
plan or any other management or employee benefit plan or agreement or upon the termination of such employee, director or consultant’s employment or directorship; provided, however, that the aggregate Restricted Payments made under this
clause do not exceed $15.0 million in any calendar year (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of $30.0 million in any calendar year); provided further that such amount
in any calendar year may be increased by an amount not to exceed: 
 (i) the cash proceeds from the sale of
Capital Stock (other than Disqualified Stock or Designated Preferred Stock or Excluded Contributions) of the Issuer to members of management, directors or consultants of the Issuer or any of its Subsidiaries that occurred after the Issue Date, to
the extent the cash proceeds from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments by virtue of Section 3.3(a)(iii); plus  

(ii) the cash proceeds of key man life insurance policies received by the Issuer and its Restricted Subsidiaries after the
Issue Date; less 
 (iii) the amount of any Restricted Payments made in previous calendar years pursuant
to clauses (i) and (ii) of this clause (6); 
 and provided further that cancellation of Indebtedness owing to
the Issuer or any Restricted Subsidiary from members of management, directors, employees or consultants of the Issuer or Restricted Subsidiaries in connection with a repurchase of Capital Stock of the Issuer will not be deemed to constitute a
Restricted Payment for purposes of this Section 3.3 or any other provision of this Indenture; 
 (7)
the declaration and payment of dividends on Disqualified Stock or Preferred Stock of a Restricted Subsidiary, Incurred in accordance with the terms of Section 3.2; 

(8) purchases, repurchases, redemptions, defeasances or other acquisitions or retirements of Capital Stock deemed to occur
upon the exercise of stock options, warrants or other rights in respect thereof if such Capital Stock represents a portion of the exercise price thereof; 
 (9) so long as no Default or Event of Default has occurred and is continuing (or would result from), the declaration and payment by the Issuer of dividends on the common stock or common equity interests
of the Issuer in an amount not to exceed, in any fiscal year, $10.0 million plus an amount equal to 6% of the aggregate proceeds received by the Issuer in or from any public offering of common stock or common equity interests of the Issuer after the
Issue Date, other than public offerings with respect to common stock or common equity interests registered on Form S-4 or Form S-8 and other than any public offering constituting an Excluded Contribution; 

  
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 (10) payments by the Issuer to holders of Capital Stock of the Issuer in
lieu of the issuance of fractional shares of such Capital Stock, provided, however, that any such payment, loan, advance, dividend or distribution shall not be for the purpose of evading any limitation of this Section 3.3
or otherwise to facilitate any dividend or other return of capital to the holders of such Capital Stock; 
 (11)
Restricted Payments that are made with Excluded Contributions; 
 (12) (i) the declaration and payment of
dividends on Designated Preferred Stock of the Issuer issued after the Issue Date; and (ii) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock; provided, however, that, in the case of
clause (i), the amount of all dividends declared or paid pursuant to this clause shall not exceed the Net Cash Proceeds received by the Issuer or the aggregate amount contributed in cash to the equity (other than through the issuance of
Disqualified Stock or an Excluded Contribution) of the Issuer, from the issuance or sale of such Designated Preferred Stock; provided further, in the case of clause (ii), that for the most recently ended four fiscal quarters for which
internal financial statements are available immediately preceding the date of issuance of such Refunding Capital Stock that is Preferred Stock, after giving effect to such payment on a pro forma basis the Issuer would be permitted to Incur at least
$1.00 of additional Indebtedness pursuant to the test set forth in Section 3.2(a); 
 (13) dividends
or other distributions of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted Subsidiary by, Unrestricted Subsidiaries (unless the Unrestricted Subsidiary’s principal asset is cash and Cash Equivalents); 

(14) so long as no Default or Event of Default has occurred and is continuing (or would result therefrom), (a) any
Restricted Payments (including loans or advances) in an aggregate amount outstanding under this clause (14) at the time made not to exceed $125.0 million, and (b) at any time Restricted Payments of $125.0 million have been made
pursuant to subclause (a) of this clause (14), additional Restricted Payments (including loans or advances) if on the date such Restricted Payment is made and after giving pro forma effect thereto, the Consolidated Total Leverage Ratio for the
Issuer and its Restricted Subsidiaries is less than 2.00 to 1.00; and 
 (15) so long as no Default or Event of
Default has occurred and is continuing (or would result therefrom), mandatory redemptions of Disqualified Stock issued as a Restricted Payment or as consideration for a Permitted Investment; provided that the amount of such redemptions are no
greater than the amount that constituted a Restricted Payment or Permitted Investment. 
 (c) For purposes of determining
compliance with this Section 3.3, in the event that a Restricted Payment meets the criteria of more than one of the categories of Permitted Payments described in clauses (1) through (15) of Section 3.3(b), or is
permitted pursuant to Section 3.3(a), the Issuer will be entitled to classify such Restricted Payment (or portion thereof) on the date of its payment or later reclassify such Restricted Payment (or portion thereof) in any manner that
complies with this Section 3.3. 

  
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 (d) The amount of all Restricted Payments (other than cash) shall be the fair market value
on the date of such Restricted Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair market value of any cash
Restricted Payment shall be its face amount, and the fair market value of any non-cash Restricted Payment, property or assets other than cash shall be determined conclusively by the Chief Financial Officer or Board of Directors of the Issuer acting
in good faith. 
 SECTION 3.4. Limitation on Restrictions on Distributions from Restricted Subsidiaries. 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become
effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 

(1) pay dividends or make any other distributions in cash or otherwise on its Capital Stock or pay any Indebtedness or
other obligations owed to the Issuer or any Restricted Subsidiary; 
 (2) make any loans or advances to the
Issuer or any Restricted Subsidiary; or 
 (3) sell, lease or transfer any of its property or assets to the
Issuer or any Restricted Subsidiary; 
 provided that (x) the priority of any Preferred Stock in receiving dividends or liquidating
distributions prior to dividends or liquidating distributions being paid on common stock and (y) the subordination of (including the application of any standstill requirements to) loans or advances made to the Issuer or any Restricted
Subsidiary to other Indebtedness Incurred by the Issuer or any Restricted Subsidiary shall not be deemed to constitute such an encumbrance or restriction. 
 (b) Section 3.4(a) shall not prohibit: 
 (1) any
encumbrance or restriction pursuant to any Credit Facility or any other agreement or instrument, in each case, in effect at or entered into on the Issue Date; 
 (2) any encumbrance or restriction pursuant to this Indenture, the Notes and the Note Guarantees; 
 (3) any encumbrance or restriction pursuant to an agreement or instrument of a Person or relating to any Capital Stock or Indebtedness of a Person, entered into on or before the date on which such Person
was acquired by or merged, consolidated or otherwise combined with or into the Issuer or any Restricted Subsidiary, or was designated as a Restricted Subsidiary or on which such agreement or instrument is assumed by the Issuer or any Restricted
Subsidiary in connection with an acquisition of assets (other than Capital Stock or Indebtedness Incurred as consideration in, or to provide all or any portion of the funds utilized to consummate, the transaction or series of related transactions
pursuant to which such Person became a Restricted Subsidiary or was 

  
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acquired by the Issuer or was merged, consolidated or otherwise combined with or into the Issuer or any Restricted Subsidiary or entered into in contemplation of or in connection with such
transaction) and outstanding on such date; provided that, for the purposes of this clause, if another Person is the Successor Issuer, any Subsidiary thereof or agreement or instrument of such Person or any such Subsidiary shall be deemed
acquired or assumed by the Issuer or any Restricted Subsidiary when such Person becomes the Successor Issuer; provided, further that such encumbrance or restriction is not applicable to any Person or the properties or assets of any Person,
other than the Person and its Subsidiaries, or the properties or assets of the Person and its Subsidiaries, so acquired; 
 (4) any encumbrance or restriction: 
 (i) that restricts in a
customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract or agreement, or the assignment or transfer of any lease, license or other contract or agreement; 

(ii) contained in mortgages, pledges, charges or other security agreements permitted under this Indenture or securing
Indebtedness of the Issuer or a Restricted Subsidiary permitted under this Indenture to the extent such encumbrances or restrictions restrict the transfer or encumbrance of the property or assets subject to such mortgages, pledges, charges or other
security agreements; or 
 (iii) pursuant to customary provisions restricting dispositions of real property
interests set forth in any reciprocal easement agreements of the Issuer or any Restricted Subsidiary; 
 (5) any
encumbrance or restriction pursuant to Purchase Money Obligations and Capitalized Lease Obligations permitted under this Indenture, in each case, that impose encumbrances or restrictions on the property so acquired; 

(6) any encumbrance or restriction imposed pursuant to an agreement entered into for the direct or indirect sale or
disposition to a Person of all or substantially all the Capital Stock or assets of the Issuer or any Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the closing of such sale or disposition; 

(7) customary provisions in leases, licenses, joint venture agreements and other similar agreements and instruments;

 (8) encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule,
regulation or order, or required by any regulatory authority; 
 (9) any encumbrance or restriction on cash or
other deposits or net worth imposed by customers under agreements entered into in the ordinary course of business; 
 (10) any encumbrance or restriction pursuant to Hedging Obligations; 

  
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 (11) other Indebtedness, Disqualified Stock or Preferred Stock of Foreign
Subsidiaries permitted to be Incurred or issued subsequent to the Issue Date pursuant to Section 3.2 that impose encumbrances or restrictions solely on the Foreign Subsidiaries party thereto or their Subsidiaries; 

(12) any encumbrance or restriction arising pursuant to an agreement or instrument relating to any Indebtedness permitted
to be Incurred subsequent to the Issue Date pursuant to Section 3.2 if the encumbrances and restrictions contained in any such agreement or instrument taken as a whole are not materially less favorable to the Holders than (i) the
encumbrances and restrictions contained in the Credit Agreement, together with the security documents associated therewith as in effect on the Issue Date or (ii) in comparable financings (as determined in good faith by the Issuer) and where, in
the case of clause (ii), either (A) the Issuer determines at the time of issuance of such Indebtedness that such encumbrances or restrictions will not adversely affect, in any material respect, the Issuer’s ability to make principal
or interest payments on the Notes or (B) such encumbrance or restriction applies only during the continuance of a default relating to such Indebtedness; 
 (13) any encumbrance or restriction existing by reason of any lien permitted under Section 3.6; or 
 (14) any encumbrance or restriction pursuant to an agreement or instrument effecting a refinancing of Indebtedness Incurred pursuant to, or that otherwise refinances, an agreement or instrument referred
to in clauses (1) to (13) of this Section 3.4(b) (an “Initial Agreement”) or contained in any amendment, supplement or other modification to an agreement referred to in clauses (1) to (13) of this
Section 3.4(b) or this clause (14); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such agreement or instrument are no less favorable in any
material respect to the Holders taken as a whole than the encumbrances and restrictions contained in the Initial Agreement or Initial Agreements to which such refinancing or amendment, supplement or other modification relates (as determined in good
faith by the Issuer). 
 SECTION 3.5. Limitation on Sales of Assets and Subsidiary Stock. 

(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make any Asset Disposition unless: 

(1) the Issuer or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from,
or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such Asset Disposition), as
determined in good faith by the Board of Directors or an Officer of the Issuer, of the shares and assets subject to such Asset Disposition (including, for the avoidance of doubt, if such Asset Disposition is a Permitted Asset Swap); and 

(2) in any such Asset Disposition, or series of related Asset Dispositions (except to the extent the Asset Disposition is
a Permitted Asset Swap), at least 75% of the consideration from such Asset Disposition (including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) received by the Issuer or such
Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents. 

  
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 The Issuer or any of its Restricted Subsidiaries, at its respective option, may apply such
Net Available Cash from any Asset Disposition to 
 (i) (A) prepay, repay or purchase any Indebtedness of a
Non-Guarantor or that is secured by a Lien (in each case, other than Indebtedness owed to the Issuer or any Restricted Subsidiary) or Indebtedness under the Credit Agreement (or any Refinancing Indebtedness in respect thereof) within 365 days
from the later of (1) the date of such Asset Disposition and (2) the receipt of such Net Available Cash; provided, however, that, in connection with any prepayment, repayment or purchase of Indebtedness pursuant to this
clause (i), the Issuer or such Restricted Subsidiary will retire such Indebtedness and will cause the related commitment (if any) to be reduced in an amount equal to the principal amount so prepaid, repaid or purchased; or (B) prepay,
repay or purchase Pari Passu Indebtedness at a price of no more than 100% of the principal amount of such Pari Passu Indebtedness plus accrued and unpaid interest to the date of such prepayment, repayment or purchase; provided further that,
to the extent the Issuer redeems, repays or repurchases Pari Passu Indebtedness pursuant to this clause (B), the Issuer shall equally and ratably reduce Obligations under the Notes as provided under Section 5.7, through open-market
purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Disposition Offer) to all Holders to purchase their Notes at 100% of
the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the amount of Notes that would otherwise be prepaid; and/or 
 (ii) invest in or commit to invest in Additional Assets (including by means of an investment in Additional Assets by a Restricted Subsidiary with Net Available Cash received by the Issuer or another
Restricted Subsidiary) within 365 days from the later of (A) the date of such Asset Disposition and (B) the receipt of such Net Available Cash; provided, however, that any such reinvestment in Additional Assets made pursuant to
a definitive binding agreement or a commitment that is executed or approved within such time will satisfy this requirement, so long as such investment is consummated within 180 days of such 365th day; 

provided that, pending the final application of any such Net Available Cash in accordance with clause (i) or clause (ii), the Issuer and
its Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise use such Net Available Cash in any manner not prohibited by this Indenture. 

  
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 (b) Any Net Available Cash from Asset Dispositions that is not applied
or invested or committed to be applied or invested as provided in the preceding paragraph will be deemed to constitute “Excess Proceeds” under this Indenture. On the 366th day after an Asset Disposition, if the aggregate amount of Excess Proceeds under this Indenture exceeds
$10.0 million, the Issuer will within 10 Business Days be required to make an offer (“Asset Disposition Offer”) to all Holders of Notes issued under this Indenture and, to the extent the Issuer elects, to all holders of other
outstanding Pari Passu Indebtedness, to purchase the maximum principal amount of Notes and any such Pari Passu Indebtedness to which the Asset Disposition Offer applies that may be purchased out of the Excess Proceeds, at an offer price in respect
of the Notes in an amount equal to 100% of the principal amount of the Notes and Pari Passu Indebtedness, in each case, plus accrued and unpaid interest, if any, to, but not including, the date of purchase, in accordance with the procedures set
forth in this Section or the agreements governing the Pari Passu Indebtedness, as applicable, and, with respect to the Notes, in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof. The Issuer will deliver notice of
such Asset Disposition Offer electronically or by first-class mail, with a copy to the Trustee, to each Holder of Notes at the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC,
describing the transaction or transactions that constitute the Asset Disposition and offering to repurchase the Notes for the specified purchase price on the date specified in the notice, which date will be no earlier than 30 days and no later than
60 days from the date such notice is delivered, pursuant to the procedures required by this Indenture and described in such notice. 
 (c) To the extent that the aggregate amount of Notes and Pari Passu Indebtedness so validly tendered and not properly withdrawn pursuant to an Asset Disposition Offer is less than the Excess Proceeds, the
Issuer may use any remaining Excess Proceeds for any purpose not prohibited by this Indenture. If the aggregate principal amount of the Notes surrendered in any Asset Disposition Offer by Holders and other Pari Passu Indebtedness surrendered by
holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Excess Proceeds shall be allocated by the Issuer among the Notes and Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the aggregate principal
amount of tendered Notes and Pari Passu Indebtedness. Upon completion of any Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero. 
 (d) To the extent that any portion of Net Available Cash payable in respect of the Notes is denominated in a currency other than U.S. dollars, the amount thereof payable in respect of the Notes shall not
exceed the net amount of funds in U.S. dollars that is actually received by the Issuer upon converting such portion into U.S. dollars. 
 (e) For the purposes of Section 3.5(a)(2) hereof, the following will be deemed to be cash: 
 (i) the assumption by the transferee of Indebtedness or other liabilities contingent or otherwise of the Issuer or a Restricted Subsidiary (other than Subordinated Indebtedness of the Issuer or a
Guarantor) and the release of the Issuer or such Restricted Subsidiary from all liability on such Indebtedness or other liability in connection with such Asset Disposition; 

  
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 (ii) securities, notes or other obligations received by the Issuer or any
Restricted Subsidiary of the Issuer from the transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of such Asset Disposition; 

(iii) Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset
Disposition, to the extent that the Issuer and each other Restricted Subsidiary are released from any Guarantee of payment of such Indebtedness in connection with such Asset Disposition; 

(iv) consideration consisting of Indebtedness of the Issuer (other than Subordinated Indebtedness) received after the
Issue Date from Persons who are not the Issuer or any Restricted Subsidiary; and 
 (v) any Designated Non-Cash
Consideration received by the Issuer or any Restricted Subsidiary in such Asset Dispositions having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this Section 3.5
that is at that time outstanding, not to exceed the greater of $20.0 million and 1.5% of Total Assets (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to
subsequent changes in value). 
 (f) Upon the commencement of an Asset Disposition Offer, the Issuer shall send, or cause to be
sent, by first class mail, a notice to the Trustee and to each Holder at its registered address. The notice shall contain all instructions and materials necessary to enable such Holder to tender Notes pursuant to the Asset Disposition Offer. Any
Asset Disposition Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Disposition Offer, shall state: 
 (1) that the Asset Disposition Offer is being made pursuant to this Section 3.5 and that, to the extent lawful, all Notes tendered and not withdrawn shall be accepted for payment (unless
prorated); 
 (2) the Asset Disposition payment amount, the Asset Disposition offered price, and the date on
which Notes tendered and accepted for payment shall be purchased, which date shall be at least 30 days and not later than 60 days from the date such notice is mailed (the “Asset Sale Payment Date”); 

(3) that any Notes not tendered or accepted for payment shall continue to accrue interest in accordance with the terms
thereof; 
 (4) that, unless the Issuer defaults in making such payment, any Notes accepted for payment pursuant
to the Asset Disposition Offer shall cease to accrue interest on and after the Asset Sale Payment Date; 
 (5)
that Holders electing to have any Notes purchased pursuant to any Asset Disposition Offer shall be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the
Paying Agent at the address specified in the notice at least three Business Days before the Asset sale Payment Date; 

  
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 (6) that Holders shall be entitled to withdraw their election if the Paying
Agent receives, not later than two Business Days prior to the Asset Sale Payment Date, a notice setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing
its election to have such Note purchased; 
 (7) that if the aggregate principal amount of Notes surrendered by
Holders exceeds the Asset Disposition payment amount, the Issuer shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Issuer so that only Notes in denominations of $2,000 or
integral multiples of $1,000 in excess thereof shall be purchased); and 
 (8) that Holders whose Notes were
purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry). 
 (g) If the Asset Sale Payment Date is on or after a record date and on or before the related interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is
registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Disposition Offer. 
 (h) On the Asset Sale Payment Date, the Issuer will, to the extent permitted by law, 
 (1) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Asset Disposition Offer, 

(2) deposit with the Paying Agent an amount equal to the aggregate Asset Disposition payment in respect of all Notes or
portions thereof so tendered, and 
 (3) deliver, or cause to be delivered, to the Trustee for cancellation the
Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuer. 
 (i) The Issuer will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or
regulations are applicable in connection with the repurchase of Notes pursuant to this Section 3.5. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer will
comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Indenture by virtue thereof. 
 SECTION 3.6. Limitation on Liens. The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, Incur or permit to exist any Lien (other than Permitted
Liens) upon any of its property or assets (including Capital Stock of a Restricted Subsidiary of the Issuer), whether owned on the Issue Date or acquired after that date, which Lien secures any Indebtedness. 

  
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 SECTION 3.7. Limitation on Guarantees. 

(a) The Issuer (a) will not permit any of its Wholly Owned Domestic Subsidiaries that are Restricted Subsidiaries (and non-Wholly
Owned Domestic Subsidiaries that are Restricted Subsidiaries if such non-Wholly Owned Domestic Subsidiaries Guarantee, or are a co-issuer of, other capital markets debt securities or syndicated bank indebtedness of the Issuer or any Restricted
Subsidiary or Guarantee all or a portion of, or are a co-borrower under, the Credit Agreement), other than a Guarantor, to (i) Guarantee the payment of any Indebtedness of the Issuer or any Guarantor or (ii) incur any Indebtedness and
(b) will not permit any other Restricted Subsidiary that is not a Guarantor to Guarantee the payment of any Indebtedness of the Issuer or any Guarantor, in each case, unless: 

(1) such Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to this Indenture providing
for a Note Guarantee by such Restricted Subsidiary; provided that if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Note Guarantee, any such Guarantee by such Restricted
Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Restricted Subsidiary’s Note Guarantee substantially to the same extent as such Indebtedness is subordinated to the Notes or such Guarantor’s
Note Guarantee; and 
 (2) such Restricted Subsidiary waives and will not in any manner whatsoever claim or take
the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Issuer or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee until payment
in full of Obligations under this Indenture; and 
 (3) such Restricted Subsidiary shall deliver to the Trustee
an Opinion of Counsel stating that: 
 (i) such Guarantee has been duly executed and authorized; and 

(ii) such Guarantee constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar
as enforcement thereof may be limited by bankruptcy, insolvency or similar laws (including all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principals of equity; 

provided that this Section 3.7 shall not be applicable (i) to any Guarantee of any Restricted Subsidiary that existed at the time
such Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary, or (ii) in the event that the Guarantee of the Issuer’s obligations under the Notes
or this Indenture by such Subsidiary would not be permitted under applicable law. 

  
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 (b) The Issuer may elect, in its sole discretion, to cause any Subsidiary that is not
otherwise required to be a Guarantor to become a Guarantor, in which case, such Subsidiary shall only be required to comply with the 30-day period described in this Section 3.7. 

SECTION 3.8. Limitation on Affiliate Transactions. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct any transaction or series of related transactions (including the
purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Issuer (an “Affiliate Transaction”) involving aggregate value in excess of $2.0 million unless: 

(1) the terms of such Affiliate Transaction taken as a whole are not materially less favorable to the Issuer or such
Restricted Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction or the execution of the agreement providing for such transaction in arm’s length dealings with a Person who
is not such an Affiliate; and 
 (2) in the event such Affiliate Transaction involves an aggregate value in
excess of $10.0 million, the terms of such transaction or series of related transactions have been approved by a majority of the members of the Board of Directors. 
 Any Affiliate Transaction shall be deemed to have satisfied the requirements set forth in Section 3.8(a)(2) if such Affiliate Transaction is approved by a majority of the Disinterested
Directors, if any. 
 (b) Section 3.8(a) shall not apply to: 

(1) any Restricted Payment permitted to be made pursuant to Section 3.3, or any Permitted Investment;

 (2) any issuance or sale of Capital Stock, options, other equity-related interests or other securities, or
other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, or entering into, or maintenance of, any employment, consulting, collective bargaining or benefit plan, program, agreement or arrangement, related
trust or other similar agreement and other compensation arrangements, options, warrants or other rights to purchase Capital Stock of the Issuer or any Restricted Subsidiary, restricted stock plans, long-term incentive plans, stock appreciation
rights plans, participation plans or similar employee benefits or consultants’ plans (including valuation, health, insurance, deferred compensation, severance, retirement, savings or similar plans, programs or arrangements) or indemnities
provided on behalf of officers, employees, directors or consultants, in each case in the ordinary course of business; 
 (3) any Management Advances and any waiver or transaction with respect thereto; 

  
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 (4) any transaction between or among the Issuer and any Restricted
Subsidiary (or entity that becomes a Restricted Subsidiary as a result of such transaction), or between or among Restricted Subsidiaries; 
 (5) the payment of compensation, reasonable fees and reimbursement of expenses to, and customary indemnities (including under customary insurance policies) and employee benefit and pension expenses
provided on behalf of, directors, officers, consultants or employees of the Issuer or any Restricted Subsidiary of the Issuer (whether directly or indirectly and including through any Person owned or controlled by any of such directors, officers or
employees); 
 (6) the entry into and performance of obligations of the Issuer or any of its Restricted
Subsidiaries under the terms of any transaction arising out of, and any payments pursuant to or for purposes of funding, any agreement or instrument in effect as of or on the Issue Date, as these agreements and instruments may be amended, modified,
supplemented, extended, renewed or refinanced from time to time in accordance with the other terms of this Section 3.8 or to the extent not more disadvantageous to the Holders in any material respect when taken as a whole as compared to
the applicable agreement as in effect on the Issue Date; 
 (7) transactions with customers, clients, suppliers
or purchasers or sellers of goods or services, in each case in the ordinary course of business, which are fair to the Issuer or the relevant Restricted Subsidiary in the reasonable determination of the Board of Directors or the senior management of
the Issuer or the relevant Restricted Subsidiary, or are on terms no less favorable than those that could reasonably have been obtained at such time from an unaffiliated party; 

(8) any transaction between or among the Issuer or any Restricted Subsidiary and any Affiliate of the Issuer or an
Associate that would constitute an Affiliate Transaction solely because the Issuer or a Restricted Subsidiary owns an equity interest in or otherwise controls such Affiliate or Associate; 

(9) issuances or sales of Capital Stock (other than Disqualified Stock or Designated Preferred Stock) of the Issuer or
options, warrants or other rights to acquire such Capital Stock and the granting of registration and other customary rights in connection therewith or any contribution to capital of the Issuer or any Restricted Subsidiary; 

(10) transactions in which the Issuer or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter
from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 3.8(a)(1); 

(11) the existence of, or the performance by the Issuer or any Restricted Subsidiaries of its obligations under the terms
of, any equityholders agreement (including any registration rights agreement or purchase agreements related thereto) to which it is party as of the Issue Date and any similar agreement that it may enter into thereafter;

  
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provided, however, that the existence of, or the performance by the Issuer or any Restricted Subsidiary of its obligations under any future amendment to the equityholders’
agreement or under any similar agreement entered into after the Issue Date will only be permitted under this clause to the extent that the terms of any such amendment or new agreement are not otherwise disadvantageous to the Holders in any material
respect when taken as a whole as compared to such agreement as in effect on the Issue Date; and 
 (12) any
purchases by the Issuer’s Affiliates of Indebtedness or Disqualified Stock of the Issuer or any of its Restricted Subsidiaries; provided that (i) such purchases by the Issuer’s Affiliates are on the same terms as such purchases
by such Persons who are not the Issuer’s Affiliates and (ii) in each instance, the Issuer’s Affiliates purchase no more than 15.0% of any such issue of Indebtedness or Disqualified Stock. 

SECTION 3.9. Change of Control Triggering Event. 
 (a) If a Change of Control Triggering Event occurs, unless the Issuer has previously or concurrently delivered a redemption notice with respect to all the outstanding Notes under Section 5.7,
the Issuer shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Triggering Event Offer”) at a price in cash (the “Change of Control Triggering Event
Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of repurchase, subject to the right of Holders of the Notes of record on the relevant record date to
receive interest due on any interest payment date falling on or before the repurchase date. Within 30 days following any Change of Control Triggering Event, the Issuer will deliver notice of such Change of Control Triggering Event electronically or
by first-class mail, with a copy to the Trustee, to each Holder of Notes at the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC, describing the transaction or transactions that
constitute the Change of Control Triggering Event and with the following information: 
 (1) that a Change of
Control Triggering Event Offer is being made pursuant to this Section 3.9, and that all Notes properly tendered pursuant to such Change of Control Triggering Event Offer will be accepted for payment by the Issuer; 

(2) the purchase price and the purchase date, which will be no earlier than 30 days nor later than 60 days from
the date such notice is delivered (the “Change of Control Triggering Event Payment Date”); 

(3) that any Note not properly tendered will remain outstanding and continue to accrue interest; 

(4) that unless the Issuer defaults in the payment of the Change of Control Triggering Event Payment, all Notes accepted
for payment pursuant to the Change of Control Triggering Event Offer will cease to accrue interest, on the Change of Control Triggering Event Payment Date; 
 (5) that Holders electing to have any Notes purchased pursuant to a Change of Control Triggering Event Offer will be required to surrender such Notes, with the form

  
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entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the
close of business on the third Business Day preceding the Change of Control Triggering Event Payment Date; 
 (6)
that Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided that the Paying Agent receives, not later than the close of business on the second Business Day prior to
the expiration date of the Change of Control Triggering Event Offer, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such
Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 
 (7) that Holders whose
Notes are being purchased only in part will be issued new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $2,000 or any
integral multiple of $1,000 in excess of $2,000; 
 (8) if such notice is delivered prior to the occurrence of a
Change of Control Triggering Event, stating that the Change of Control Triggering Event Offer is conditional on the occurrence of such Change of Control Triggering Event; and 

(9) the other instructions, as determined by the Issuer, consistent with this Section 3.9, that a Holder must
follow. 
 The Paying Agent will promptly deliver to each Holder of the Notes tendered the Change of Control Triggering Event Payment for
such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes
surrendered, if any; provided that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Issuer will publicly announce the results of the Change of Control Triggering Event Offer
on or as soon as practicable after the Change of Control Triggering Event Payment Date. 
 If the Change of Control Triggering Event
Payment Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close
of business on such record date. 
 (b) On the Change of Control Triggering Event Payment Date, the Issuer will, to the extent
permitted by law, 
 (1) accept for payment all Notes issued by it or portions thereof properly tendered pursuant
to the Change of Control Triggering Event Offer, 
 (2) deposit with the Paying Agent an amount equal to the
aggregate Change of Control Triggering Event Payment in respect of all Notes or portions thereof so tendered, and 
 (3) deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have
been tendered to and purchased by the Issuer. 

  
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 (c) The Issuer will not be required to make a Change of Control Triggering Event Offer
following a Change of Control Triggering Event if a third party makes the Change of Control Triggering Event Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of
Control Triggering Event Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Triggering Event Offer. Notwithstanding anything to the contrary in this Section 3.9, a Change of
Control Triggering Event Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control at the time of making of the
Change of Control Triggering Event Offer. 
 (d) If Holders of not less than 90% in aggregate principal amount of the
outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Triggering Event Offer and the Issuer, or any third party making a Change of Control Triggering Event Offer in lieu of the Issuer as described in this
Section 3.9, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days
following such purchase pursuant to the Change of Control Triggering Event Offer, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest
to but excluding the date of redemption. 
 (e) The Issuer will comply, to the extent applicable, with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Triggering Event Offer.
To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and shall not be deemed to have breached its
obligations described in this Indenture by virtue thereof. 
 (f) The provisions under this Indenture relative to the
Issuer’s obligation to make a Change of Control Triggering Event Offer may be waived or modified with the written consent of a majority in principal amount of the Notes then outstanding. 

SECTION 3.10. Reports. 
 (a) So long as any Notes are outstanding, the Issuer shall provide to the Trustee: 
 (1) within 90 days after the end of each fiscal year, all financial information that would be required to be contained in an annual report on Form 10-K, or any successor or comparable form, filed with the
SEC, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and a report on the annual financial statements by the Issuer’s independent registered public accounting firm; 

  
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 (2) within 45 days after the end of each of the first three fiscal quarters
of each fiscal year, all financial information that would be required to be contained in a quarterly report on Form 10-Q, or any successor or comparable form, filed with the SEC; and 

(3) within the time periods specified for filing current reports on Form 8-K, all current reports that would be required
to be filed with the SEC on Form 8-K if the Issuer were required to file such reports; 
 in each case, in a manner that complies in all
material respects with the requirements specified in such form; provided, however, that such reports (A) will not be required to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of
Regulation S-K promulgated by the SEC, or Items 301 or 302 of Regulation S-K, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein) and (B) will not be required to contain the separate
financial information for Guarantors contemplated by Rule 3-10 of Regulation S-X promulgated by the SEC. 
 At any time that any of the
Subsidiaries of the Issuer are Unrestricted Subsidiaries and such Unrestricted Subsidiaries, either taken together or individually, constitute a Significant Subsidiary, then the quarterly and annual reports required by the preceding paragraph will
include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or other comparable
section, of the financial condition and results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Issuer. 

(b) So long as any Notes are outstanding, the Issuer shall also: 

(1) at any time that it is not required to file the reports described in clauses (1) and (2) of
Section 3.10(a) with the SEC, issue a press release to an internationally recognized wire service no fewer than three business days prior to the first public disclosure of the annual and quarterly reports required by clauses (1) and
(2) of Section 3.10(a) announcing the date on which such reports will become available and directing Holders, prospective investors, broker-dealers and securities analysts to contact the investor relations office of the Issuer to
obtain copies of such reports; 
 (2) within 10 business days after furnishing to the Trustee the annual and
quarterly reports required by clauses (1) and (2) of Section 3.10(a), hold a conference call to discuss such reports and the results of operations for the relevant reporting period; 

(3) issue a press release to an internationally recognized wire service, or post a notice on the online data system on
which the reports required by this covenant have been posted, no fewer than one business day prior to the date of the conference call required to be held in accordance with this paragraph, announcing the time and date of such conference call and
either including all information necessary to access the call or directing Holders, prospective investors, broker-dealers and securities analysts to contact the appropriate person at the Issuer to obtain such information; and 

(4) at any time that it is not required to file the reports described in clauses (1) and (2) of
Section 3.10(a) with the SEC, maintain a website (which may be password protected) to which Holders, prospective investors (which prospective investors shall be limited to “qualified institutional buyers” within the meaning of
Rule 144A of the Securities Act or non-U.S. persons (as defined in Regulation S under the Securities Act) that certify their status as such to the reasonable satisfaction of the Issuer), broker-dealers and securities analysts are given access upon
request and to which all of the reports and press releases required by this “Reports” covenant are posted. 

  
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 (c) In addition, the Issuer shall furnish to Holders, prospective investors, broker-dealers
and securities analysts, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act. 

(d) In the event that any parent of the Issuer becomes a guarantor of the Notes, the Issuer shall be deemed to satisfy its obligations in
this Section 3.10 with respect to financial information relating to the Issuer by furnishing financial information relating to such parent; provided that the same is accompanied by consolidating information that explains in reasonable
detail the differences between the information relating to such parent, on the one hand, and the information relating to the Issuer and its Restricted Subsidiaries on a standalone basis, on the other hand. 

(e) Delivery of such reports, information and documents to the Trustee pursuant to foregoing paragraphs is for informational purposes
only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants under
this Indenture (as to which the Trustee is entitled to certificates). The Trustee shall have no responsibility or liability for the timing, filing or content of any report required hereunder (aside from any report requested under
Section 7.6 hereof). 
 (f) If the Issuer has timely electronically filed with the SEC’s Next-Generation EDGAR
system (or any successor system) the reports described in clauses (1), (2) and (3) of Section 3.10(a), the Issuer shall not be obligated to deliver such reports or post such reports to a website. 

SECTION 3.11. Maintenance of Office or Agency. 
 The Issuer will maintain an office or agency where the Notes will be payable at the office or agency of the Issuer maintained for such purpose and where, if applicable, the Notes may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Corporate Trust Office shall be such office or agency of the Issuer unless the Issuer shall
designate and maintain some other office or agency for one or more of such purposes. The Issuer will give prompt written notice to the Trustee of any change in the location of any such office or agency. If at any time the Issuer shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust Office, and the Issuer hereby appoints the Trustee as its agent to
receive all such presentations and surrenders. 

  
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 The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be
presented or surrendered for any or all such purposes and may from time to time rescind any such designation. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such
other office or agency. 
 SECTION 3.12. Corporate Existence. Except as otherwise provided in this
Article III, Article IV and Section 10.2(b), the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership,
limited liability company or other existence of each Restricted Subsidiary and the rights (charter and statutory), licenses and franchises of the Issuer and each Restricted Subsidiary; provided, however, that the Issuer shall not be
required to preserve any such right, license or franchise or the corporate, partnership, limited liability company or other existence of any Restricted Subsidiary if the respective Board of Directors or, with respect to a Restricted Subsidiary that
is not a Significant Subsidiary (or group of Restricted Subsidiaries that taken together would not be a Significant Subsidiary), senior management of the Issuer determines that the preservation thereof is no longer desirable in the conduct of the
business of the Issuer and each of its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not, and will not be, disadvantageous in any material respect to the Holders. 

SECTION 3.13. Payment of Taxes. The Issuer shall pay or discharge or cause to be paid or discharged, before the same shall become
delinquent, all material taxes, assessments and governmental charges levied or imposed upon the Issuer or any Subsidiary; provided, however, that the Issuer shall not be required to pay or discharge or cause to be paid or discharged
any such tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment of management of the
Issuer), are being maintained in accordance with GAAP or where the failure to effect such payment will not be disadvantageous to the Holders. 
 SECTION 3.14. Payments for Consent. The Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of
any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture, the Notes or the Note Guarantees unless such consideration is offered to be paid and is paid to all Holders that consent,
waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 SECTION 3.15. Compliance Certificate. The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer an Officer’s Certificate, the signatory of
which shall be the Chief Executive Officer, Chief Financial Officer or the Treasurer of the Issuer, stating that in the course of the performance by the signer of his or her duties as an Officer of the Issuer he or she would normally have knowledge
of any Default or Event of Default and whether or not the signer knows of any Default or Event of Default that occurred during the previous fiscal year; provided that no such Officer’s Certificate shall be required for any fiscal year
ended prior to the Issue Date. If such Officer does have such knowledge, the 

  
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certificate shall describe the Default or Event of Default, its status and the action the Issuer is taking or proposes to take with respect thereto. The Issuer also shall comply with TIA
Section 314(a)(4). 
 SECTION 3.16. Further Instruments and Acts. Upon request of the Trustee or as necessary to
comply with future developments or requirements, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.17. Conduct of Business. The Issuer will not, and will not permit any of its Restricted Subsidiaries to, engage in any
businesses other than any business conducted or proposed to be conducted by the Issuer and its Restricted Subsidiaries on the Issue Date or any business that is similar, reasonably related, incidental or ancillary thereto or any reasonable extension
thereof. 
 SECTION 3.18. Statement by Officers as to Default. The Issuer shall deliver to the Trustee, as soon as
possible and in any event within 30 days after the Issuer becomes aware of the occurrence of any Default or Event of Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the
actions which the Issuer is taking or proposes to take with respect thereto. 
 SECTION 3.19. Suspension of Certain
Covenants. 
 (a) Following the first day: (1) the Notes have achieved Investment Grade Status; and (2) no Default
or Event of Default has occurred and is continuing under this Indenture, then, beginning on that day and continuing until the Reversion Date (as defined below), the Issuer and its Restricted Subsidiaries will not be subject to Sections 3.2,
3.3 (provided, that, no Subsidiaries may be designated as Unrestricted Subsidiaries during the Suspension Period (as defined in clause (b) of this Section 3.19, unless such designation would have complied with such covenant
as if such covenant would have been in effect during such period), 3.4, 3.5, 3.7, 3.8 and 4.1(a)(3) (collectively, the “Suspended Covenants”). 

(b) If at any time the Notes cease to have such Investment Grade Status or if a Default or Event of Default occurs and is continuing, then the Suspended
Covenants will thereafter be reinstated as if such covenants had never been suspended (the “Reversion Date”) and be applicable pursuant to the terms of this Indenture (including in connection with performing any calculation or
assessment to determine compliance with the terms of this Indenture), unless and until the Notes subsequently attain Investment Grade Status and no Default or Event of Default is in existence (in which event the Suspended Covenants shall no longer
be in effect for such time that the Notes maintain an Investment Grade Status and no Default or Event of Default is in existence); provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist under this
Indenture, the Notes or the Note Guarantees with respect to the Suspended Covenants based on, and none of the Issuer or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period (as
defined below), or any actions taken at any time pursuant to any contractual obligation arising prior to the Reversion Date, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in
effect during such period. The period of time between the date of suspension of the covenants and the Reversion Date is referred to as the “Suspension Period.” 

  
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 (c) On the Reversion Date, all Indebtedness Incurred during the Suspension Period will be classified to have
been Incurred pursuant to Section 3.2(a) or one of the clauses set forth in Section 3.2(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after giving effect to the
Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 3.2(a) or (b), such Indebtedness will be
deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 3.2(b)(4)(ii). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under
Section 3.3 will be made as though Section 3.3 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available
to be made as Restricted Payments under Section 3.3(a). During the Suspension Period, any future obligation to grant further Note Guarantees shall be suspended. All such further obligation to grant Note Guarantees shall be reinstated
upon the Reversion Date. On the Reversion Date, the amount of Net Available Cash and Excess Proceeds will be reset to zero. 

SECTION 3.20. Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Board of Directors of the Issuer may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation
would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments owned by the Issuer and its Restricted Subsidiaries in the Subsidiary designated as an
Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 3.3 or under one or more clauses of the definition of Permitted
Investments, as determined by the Issuer. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Boards of
Directors of the Issuer may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. 
 (b) Any designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a Board Resolution of the Issuer giving effect to such
designation and an Officer’s Certificate certifying that such designation complies with the preceding conditions and was permitted by Section 3.3. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding
requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Issuer as of
such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 3.2, the Issuer will be in default of Section 3.2. 
 (c) The Board of Directors of the Issuer may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Issuer; provided that such designation will be deemed to be an
incurrence of Indebtedness by a Restricted Subsidiary of the Issuer of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under Section 3.2
calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2) no Default or Event of Default would be in existence following such designation. Any such designation by the Board
of Directors of the Issuer shall be evidenced to the Trustee by filing with the Trustee a certified copy of a Board Resolution of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation
complies with the preceding conditions. 

  
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 ARTICLE IV 
 SUCCESSOR ISSUER; SUCCESSOR PERSON 
 SECTION 4.1. Merger and
Consolidation. 
 (a) The Issuer will not consolidate with or merge with or into, or convey, transfer or lease all or
substantially all its assets to, any Person, in each case, unless: 
 (1) the resulting, surviving or transferee
Person (the “Successor Issuer”) will be a Person organized and existing under the laws of the United States of America, any State of the United States or the District of Columbia and the Successor Issuer (if not the Issuer) will
expressly assume, by supplemental indenture, executed and delivered to the Trustee, all the obligations of the Issuer under the Notes and this Indenture and if such Successor Issuer is not a corporation, a co-obligor of the Notes is a corporation
organized or existing under such laws; 
 (2) immediately after giving effect to such transaction (and treating
any Indebtedness that becomes an obligation of the applicable Successor Issuer or any Subsidiary of the applicable Successor Issuer as a result of such transaction as having been Incurred by the applicable Successor Issuer or such Subsidiary at the
time of such transaction), no Default or Event of Default shall have occurred and be continuing; 
 (3)
immediately after giving effect to such transaction, either (i) the applicable Successor Issuer would be able to Incur at least an additional $1.00 of Indebtedness pursuant to Section 3.2(a) or (ii) the Fixed Charge Coverage
Ratio would not be lower than it was immediately prior to giving effect to such transaction; and 
 (4) the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture and an Opinion of
Counsel stating that such supplemental indenture (if any) has been duly authorized, executed and delivered and is a legal, valid and binding agreement enforceable against the applicable Successor Issuer, provided that in giving an Opinion of
Counsel, counsel may rely on an Officer’s Certificate as to any matters of fact, including as to satisfaction of Section 4.1(a)(2) and (3). 
 (b) For purposes of this Section 4.1, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties and assets of one or more
Subsidiaries of the Issuer, which properties and assets, if held by the Issuer instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Issuer on a consolidated basis, shall be deemed to be the
transfer of all or substantially all of the properties and assets of the Issuer. 
 (c) The Successor Issuer will succeed to,
and be substituted for, and may exercise every right and power of, the Issuer under the Notes or this Indenture but in the case of a lease of all or substantially all its assets, the predecessor company will not be released from its obligations
under such Notes or this Indenture. 

  
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 (d) Notwithstanding Section 4.1(a)(2), (a)(3) and (a)(4) (which do
not apply to transactions referred to in this sentence), (i) any Restricted Subsidiary of the Issuer may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to the Issuer and (ii) any
Restricted Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to any other Restricted Subsidiary. Notwithstanding Section 4.1(a)(2) and (a)(3) (which do
not apply to the transactions referred to in this sentence), the Issuer may consolidate or otherwise combine with or merge into an Affiliate incorporated or organized for the purpose of changing the legal domicile of the Issuer, reincorporating the
Issuer in another jurisdiction, or changing the legal form of the Issuer. 
 (e) The foregoing provisions (other than the
requirements of Section 4.1(a)(2)) shall not apply to the creation of a new Subsidiary as a Restricted Subsidiary of the Issuer. 
 (f) No Guarantor may 
 (1) consolidate with or merge with or into
any Person, or 
 (2) sell, convey, transfer or dispose of, all or substantially all its assets, in one
transaction or a series of related transactions, to any Person, unless 
 (i) the other Person is the Issuer or
any Restricted Subsidiary that is Guarantor or becomes a Guarantor concurrently with the transaction; or 
 (ii)
(A) either (x) a Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person expressly assumes all of the obligations of the Guarantor under its Note Guarantee and this Indenture; and 

(B) immediately after giving effect to the transaction, no Default has occurred and is continuing; or 

(iii) the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of the
Guarantor or the sale or disposition of all or substantially all the assets of the Guarantor (in each case other than to the Issuer or a Restricted Subsidiary) otherwise permitted by this Indenture. 

ARTICLE V 

REDEMPTION OF SECURITIES 
 SECTION 5.1. Notices to Trustee. 
 If the Issuer elects to redeem Notes pursuant to the
optional redemption provisions of Section 5.7 hereof, it must furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

  
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 (3) the principal amount of Notes to be redeemed; and 

(4) the redemption price. 
 Any optional redemption referenced in such Officer’s Certificate may be cancelled by the Issuer at any time prior to notice of redemption being sent to any Holder and thereafter shall be null and
void. 
 SECTION 5.2. Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed at any time, the Trustee will select the Notes for redemption in compliance with the
requirements of the principal securities exchange, if any, on which such Notes are listed, as certified to the Trustee by the Issuer, and in compliance with the requirements of DTC, or if Notes are not so listed or such exchange prescribes no method
of selection and such Notes are not held through DTC or DTC prescribes no method of selection, on a pro rata basis, subject to adjustments so that no Note in an unauthorized denomination is redeemed in part and further; provided,
however, that no Note of $2,000 in aggregate principal amount or less shall be redeemed in part. 
 SECTION 5.3.
Notice to Redemption. 
 (a) At least 30 days but not more than 60 days before a redemption date, the Issuer
will send or cause to be sent, by electronic delivery or by first class mail postage prepaid, a notice of redemption to each Holder whose Notes are to be redeemed at the address of such Holder appearing in the security register or otherwise in
accordance with the procedures of the DTC, except that redemption notices may be delivered electronically or mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of this Indenture pursuant to Articles VIII or XI hereof. 
 The notice will identify the Notes (including the CUSIP
or ISIN number) to be redeemed and will state: 
 (1) the redemption date; 

(2) the redemption price; 
 (3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal
amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 
 (4) the name and
address of the Paying Agent; 
 (5) that Notes called for redemption must be surrendered to the Paying Agent to
collect the redemption price; 
 (6) that, unless the Issuer defaults in making such redemption payment, interest
on Notes called for redemption ceases to accrue on and after the redemption date; 

  
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 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to
which the Notes called for redemption are being redeemed; and 
 (8) that no representation is made as to the
correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed on the Notes. 
 (b) If any Note is to be redeemed
in part only, the notice of redemption that relates to that Note shall state the portion of the principal amount thereof to be redeemed, in which case a portion of the original Note will be issued in the name of the Holder thereof upon cancellation
of the original Note. In the case of a global note, an appropriate notation will be made on such Note to decrease the principal amount thereof to an amount equal to the unredeemed portion thereof. Subject to the terms of the applicable redemption
notice (including any conditions contained therein), Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, unless the Issuer defaults in the payment of the redemption price, interest ceases to
accrue on Notes or portions of them called for redemption. 
 (c) At the Issuer’s request, the Trustee will give the notice of redemption
in the Issuer’s name and at its expense; provided, however, that the Issuer has delivered to the Trustee, at least 45 days prior to the redemption date (or such shorter period as the Trustee shall agree), an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in this Section 5.3. 
 SECTION 5.4. Effect of Notice of Redemption. Once notice of redemption is sent in accordance with Section 5.3 hereof, Notes called for redemption become irrevocably due and payable on
the redemption date at the redemption price. Notwithstanding the foregoing, a notice of redemption may, at the Issuer’s option and discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an
Equity Offering (in the case of redemption pursuant to Section 5.7(b) hereof) or Change of Control (in the case of purchase pursuant to Section 3.9 hereof), as the case may be. 

SECTION 5.5. Deposit of Redemption or Purchase Price. Prior to 10:00 a.m. Eastern Time on the redemption or purchase date,
the Issuer will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly
return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased. 

If the Issuer complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the
Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but prior to the related interest payment date, then any accrued and unpaid interest shall be paid on the
redemption date to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the
Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 3.1 hereof. 

  
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 SECTION 5.6. Notes Redeemed or Purchased in Part. Upon surrender of a Note that is
redeemed or purchased in part, the Issuer will issue and, upon receipt of an Issuer Order, the Trustee will authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the
Note surrendered; provided, that each such new Note will be in a principal amount of $2,000 or integral multiple of $1,000 in excess thereof. 
 SECTION 5.7. Optional Redemption. 
 (a) At any time prior to August 15, 2015, the
Issuer may redeem the Notes in whole or in part, at their option, upon not less than 30 nor more than 60 days’ prior notice by electronic delivery or by first class mail, postage prepaid, with a copy to the Trustee, to each Holder of Notes
to the address of such Holder appearing in the Notes Register, at a redemption price equal to 100% of the principal amount of such Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to but excluding the date of
redemption (the “Redemption Date”), subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date. 
 (b) At any time and from time to time prior to August 15, 2015, the Issuer may redeem Notes with the net cash proceeds received by the Issuer from any Equity Offering at a redemption price equal to
106.125% plus accrued and unpaid interest to the Redemption Date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the Notes (including Additional Notes); provided that
(1) in each case the redemption takes place not later than 180 days after the closing of the related Equity Offering, and (2) not less than 60% of the original aggregate principal amount of the Notes issued under this Indenture
remains outstanding immediately thereafter (excluding Notes held by the Issuer or any of its Restricted Subsidiaries). The Trustee shall select the Notes to be purchased in the manner described under Sections 5.1 through 5.6.

 (c) Except pursuant to clauses (a) and (b) of this Section 5.7, the Notes will not be redeemable at the Issuer’s
option prior to August 15, 2015. 
 (d) At any time and from time to time on or after August 15, 2015, the Issuer may redeem the Notes
in whole or in part, upon not less than 30 nor more than 60 days’ notice by electronic delivery or by first class mail, postage prepaid, with a copy to the Trustee, to each Holder to the address of such Holder appearing in the Notes Register at
a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the Notes redeemed, to but excluding the applicable Redemption Date, if redeemed during the twelve-month period beginning on
August 15 of the year indicated below: 
  

					
	 Year
	  	Percentage	 
	 2015
	  	 	103.063	% 
	 2016
	  	 	101.531	% 
	 2017 and thereafter
	  	 	100.000	% 

  
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 (e) Unless the Issuer defaults in the payment of the redemption price, interest will cease
to accrue on the Notes or portions thereof called for redemption on the applicable Redemption Date. 
 (f) Any redemption
pursuant to this Section 5.7 shall be made pursuant to the provisions of Sections 5.1 through 5.6. 
 SECTION 5.8. Mandatory Redemption. The Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes; provided however, that under certain
circumstances, the Issuer may be required to offer to purchase Notes under Section 3.5 and Section 3.9. The Issuer may at any time and from time to time purchase Notes in the open market or otherwise. 

ARTICLE VI 

DEFAULTS AND REMEDIES 
 SECTION 6.1. Events of Default. 
 (a) Each of the following is an “Event of
Default”: 
 (1) default in any payment of interest on any Note when due and payable, continued for
30 days; 
 (2) default in the payment of the principal amount of or premium, if any, on any Note issued
under this Indenture when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 
 (3) failure to comply for 60 days after written notice by the Trustee on behalf of the Holders or by the Holders of at least 30% in principal amount of the outstanding Notes with any agreement or
obligation contained in this Indenture; 
 (4) default under any mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Issuer or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Issuer any of its Restricted Subsidiaries) other
than Indebtedness owed to the Issuer or a Restricted Subsidiary whether such Indebtedness or Guarantee now exists, or is created after the date hereof, which default: 
 (A) is caused by a failure to pay principal of such Indebtedness, at its stated final maturity (after giving effect to any applicable grace periods) provided in such Indebtedness (“payment
default”); or 
 (B) results in the acceleration of such Indebtedness prior to its stated final maturity; 

  
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 and, in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates $20.0 million or more; 

(5) the Issuer or a Significant Subsidiary or group of Restricted Subsidiaries (each, individually, not constituting a
Significant Subsidiary) that together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries) would constitute a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 (A) commences a voluntary case or proceeding; 
 (B) consents to the entry of an order for relief against it in an involuntary case or proceeding; 
 (C) consents to the appointment of a Custodian of it or for substantially all of its property; 
 (D) makes a general assignment for the benefit of its creditors; 
 (E) consents to
or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it; or 
 (F) takes any comparable action
under any foreign laws relating to insolvency; 
 (6) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that: 
 (A) is for relief against the Issuer or a Significant Subsidiary or group of Restricted
Subsidiaries (each, individually, not constituting a Significant Subsidiary) that together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary, in an
involuntary case; 
 (B) appoints a Custodian of the Issuer or a Significant Subsidiary or group of Restricted Subsidiaries
(each, individually, not constituting a Significant Subsidiary) that together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary, for substantially
all of its property; 
 (C) orders the winding up or liquidation of the Issuer or a Significant Subsidiary or group of Restricted
Subsidiaries (each, individually, not constituting a Significant Subsidiary) that together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Subsidiary; or

 (D) or any similar relief is granted under any foreign laws and the order, decree or relief remains unstayed
and in effect for 60 consecutive days; 

  
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 (7) failure by the Issuer or any Significant Subsidiary or group of
Restricted Subsidiaries (each, individually, not constituting a Significant Subsidiary) that together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries) would constitute a Significant
Subsidiary, to pay final judgments aggregating in excess of $20.0 million other than any judgments covered by indemnities provided by, or insurance policies issued by, reputable and creditworthy companies, which final judgments remain unpaid,
undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is
not promptly stayed; and 
 (8) (A) any Guarantee of the Notes ceases to be in full force and effect, other than
in accordance with the terms of this Indenture, or (B) a Guarantor denies or disaffirms its obligations under its Guarantee of the Notes, other than in accordance with the terms thereof or upon release of such Note Guarantee in accordance with
this Indenture. 
 SECTION 6.2. Acceleration. 
 (a) If an Event of Default (other than an Event of Default described in Section 6.1(a)(5) and (a)(6) with respect to the Issuer) occurs and is continuing, the Trustee by notice to the
Issuer or the Holders of at least 30% in principal amount of the outstanding Notes by written notice to the Issuer and the Trustee, may declare the principal of, premium, if any, and accrued and unpaid interest on all the Notes to be immediately due
and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest will be due and payable immediately. 
 In the
event of any Event of Default specified in Section 6.1(a)(4), such Event of Default and all consequences thereof shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within
30 days after such Event of Default arose: 
 (1) (x) the Indebtedness that gave rise to such Event of
Default shall have been discharged in full; or 
 (y) the holders thereof have rescinded or waived the
acceleration, notice or action (as the case may be) giving rise to such Event of Default; or 
 (z) if the
default that is the basis for such Event of Default has been cured; and 
 (2) (a) the annulment of the
acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and 
 (b) all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 

  
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 (b) If an Event of Default described in Section 6.1(a)(5) and (a)(6) with respect to the
Issuer occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.

 SECTION 6.3. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available
remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any, or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any
other remedy. All available remedies are cumulative. 
 SECTION 6.4. Waiver of Past Defaults. The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders, (a) waive, by their consent (including, without limitation, consents obtained in connection with a purchase of,
or tender offer or exchange offer for, Notes), an existing Default or Event of Default and its consequences under this Indenture except (i) a Default or Event of Default in the payment of the principal of, or premium, if any, or interest on a
Note or (ii) a Default or Event of Default in respect of a provision that under Section 9.2 cannot be amended without the consent of each Holder affected and (b) rescind any acceleration with respect to the Notes and its
consequences if (1) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction, (2) all existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, interest
that has become due solely because of the acceleration, (3) to the extent the payment of such interest is lawful, interest on overdue installments of interest, premium, if any, and overdue principal, which has become due otherwise than by such
declaration of acceleration, has been paid, (4) the Issuer has paid the Trustee its compensation and reimbursed the Trustee for its reasonable expenses, disbursements and advances and (5) in the event of the cure or waiver of an Event of
Default of the type described in clause (4) of Section 6.1, the Trustee shall have received an Officer’s Certificate and an Opinion of Counsel stating that such Event of Default has been cured or waived. No such rescission
shall affect any subsequent Default or impair any right consequent thereto. When a Default or Event of Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any
consequent right. 
 SECTION 6.5. Control by Majority. The Holders of a majority in principal amount of the outstanding
Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture or the Notes or, subject to Sections 7.1 and 7.2, that the Trustee determines is unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability; provided,
however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any such action hereunder, the Trustee shall be entitled to indemnification satisfactory to it against
all fees, losses and expenses (including attorney’s fees and expenses) caused by taking or not taking such action. 

  
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 SECTION 6.6. Limitation on Suits. Subject to Section 6.7, no Holder may
pursue any remedy with respect to this Indenture or the Notes unless: 
 (1) such Holder has previously given the
Trustee written notice that an Event of Default is continuing; 
 (2) Holders of at least 30% in principal amount
of the outstanding Notes have requested in writing the Trustee to pursue the remedy; 
 (3) such Holders have
offered in writing the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee has not complied with such request within 60 days after the receipt of the written request and the offer of security or indemnity; and 

(5) the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a written direction
that, in the opinion of the Trustee, is inconsistent with such request within such 60-day period. 
 A Holder may not use this Indenture to
prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial
to such Holders). 
 SECTION 6.7. Rights of Holders to Receive Payment. Notwithstanding any other provision of this
Indenture (including, without limitation, Section 6.6), the right of any Holder to receive payment of principal of, premium, if any, or interest on the Notes held by such Holder, on or after the respective due dates expressed or provided
for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.8. Collection Suit by Trustee. If an Event of Default specified in Section 6.1(a)(1) or
(2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount then due and owing (together with interest on any unpaid interest to the extent
lawful) and the amounts provided for in Section 7.7. 
 SECTION 6.9. Trustee May File Proofs of Claim. The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer, its Subsidiaries or its or their respective creditors or properties and, unless prohibited by law or applicable regulations, may be entitled
and empowered to participate as a member of any official committee of creditors appointed in such matter and may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian
in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the 

  
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Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, expenses, disbursements and advances of the Trustee,
its agents and its counsel, and any other amounts due the Trustee under Section 7.7. 
 No provision of this Indenture shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 6.10. Priorities. 

(a) If the Trustee collects any money or property pursuant to this Article VI it shall pay out the money or property in the
following order: 
 FIRST: to the Trustee (acting in its capacity hereunder) for amounts due to it under Section 7.7;

 SECOND: to Holders for amounts due and unpaid on the Notes for principal of, or premium, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal of, or premium, if any, and interest, respectively; and 
 THIRD: to the Issuer, or to the extent the Trustee collects any amount for any Guarantor, to such Guarantor. 
 (b) The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. At least 15 days before such record date, the Issuer shall send or cause
to be sent to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does
not apply to a suit by the Trustee, a suit by the Issuer, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in outstanding principal amount of the Notes. 

ARTICLE VII 

TRUSTEE 

SECTION 7.1. Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a
prudent Person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

  
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 (b) Except during the continuance of an Event of Default: 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth as duties of the
Trustee in this Indenture or the Notes and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of willful misconduct, gross negligence or bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates, opinions or orders furnished to the Trustee and conforming to the requirements of this Indenture or the Notes, as the case may be. However, in the case of any such certificates or opinions which by any provisions hereof
are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture or the Notes, as the case may be (but need not confirm
or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved
from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct or bad faith acts, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.1; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts;

 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 6.5; and 
 (4) No provision of this
Indenture or the Notes shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall
have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.1. 

(e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

 (f) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

  
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 (g) Every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee shall be subject to the provisions of this Section 7.1 and to the provisions of the TIA. 
 SECTION 7.2. Rights of Trustee. Subject to Section 7.1: 
 (a)
The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document
(whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. The Trustee shall receive and
retain financial reports and statements of the Issuer as provided herein, but shall have no duty to review or analyze such reports or statements to determine compliance with covenants or other obligations of the Issuer. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and/or an Opinion of Counsel. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 
 (c) The Trustee may execute any of the trusts and powers hereunder or perform any duties hereunder either directly or by or through its attorneys and agents and shall not be responsible for the misconduct
or negligence of any agent or attorney appointed with due care by it hereunder. 
 (d) The Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers conferred upon it by this Indenture. 
 (e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel relating to this Indenture or the Notes shall be full and complete authorization and protection from
liability in respect of any action taken, omitted or suffered by it hereunder or under the Notes in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall not be deemed to have notice of any Default or Event of Default or whether any entity or group of entities constitutes a Significant Subsidiary unless a Trust Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a Default or of any such Significant Subsidiary is received by the Trustee at the Corporate Trust Office specified in Section 3.11, and such notice
references the Notes and this Indenture. 
 (g) The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed by the Trustee to act
hereunder. 
 (h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture or the Notes at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses
and liabilities which may be incurred therein or thereby. 

  
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 (i) The Trustee shall not be deemed to have knowledge of any fact or matter unless such fact
or matter is actually known to a Trust Officer of the Trustee. 
 (j) Whenever in the administration of this Indenture or the
Notes the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder or thereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of
bad faith or willful misconduct on its part, conclusively rely upon an Officer’s Certificate. 
 (k) The Trustee shall not
be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but the Trustee, in
its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours
and upon reasonable notice, the books, records and premises of the Issuer and the Restricted Subsidiaries, personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason
of such inquiry or investigation. 
 (l) The Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder. 
 (m) The Trustee may request that the Issuer deliver an Officer’s
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or the Notes. 
 (n) In no event shall the Trustee be liable to any Person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including, but not limited to, lost profits),
even if the Trustee has been advised of the likelihood of such loss or damage. 
 (o) Unless otherwise specifically provided in
this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if signed by one Officer of the Issuer 
 SECTION 7.3. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, Guarantors or their
Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Trustee must comply with Sections 7.10 and 7.11. In addition, the Trustee shall be permitted to engage in transactions with the Issuer; provided, however, that if the Trustee acquires any conflicting
interest under the TIA, the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest, (ii) apply to the SEC for permission to continue acting as Trustee or (iii) resign. 

SECTION 7.4. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, shall not be 

  
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accountable for the Issuer’s use of the proceeds from the sale of the Notes, shall not be responsible for the use or application of any money received by any Paying Agent other than the
Trustee or any money paid to the Issuer pursuant to the terms of this Indenture and shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other
than the Trustee’s certificate of authentication. 
 SECTION 7.5. Notice of Defaults. If a Default or Event of
Default occurs and is continuing and if a Trust Officer has actual knowledge thereof, the Trustee shall send electronically or by first class mail to each Holder at the address set forth in the Notes Register notice of the Default or Event of
Default within 60 days after it is actually known to a Trust Officer. Except in the case of a Default or Event of Default in payment of principal of, or premium, if any, or interest on any Note (including payments pursuant to the optional
redemption or required repurchase provisions of such Note), the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of Holders. 

SECTION 7.6. Reports by Trustee to Holders. Within 60 days after each August 1 beginning August 1, 2014, the
Trustee shall mail to each Holder a brief report dated as of such March 31 that complies with TIA Section 313(a) if and to the extent required thereby. The Trustee also shall comply with TIA Section 313(c). 

A copy of each report at the time of its mailing to Holders shall be filed with the SEC and each stock exchange (if any) on which the Notes are listed.
The Issuer agrees to notify the Trustee promptly in writing whenever the Notes become listed on any stock exchange and of any delisting thereof and the Trustee shall comply with TIA Section 313(d). 

SECTION 7.7. Compensation and Indemnity. The Issuer shall pay to the Trustee (acting in any capacity hereunder) from time to time
compensation for its services hereunder and under the Notes as the Issuer and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including, but not limited to, costs of collection,
costs of preparing reports, certificates and other documents, costs of preparation and mailing of notices to Holders. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the agents, counsel,
accountants and experts of the Trustee. The Issuer shall indemnify the Trustee (acting in any capacity hereunder) against any and all fees, loss, liability, damages, claims or expense, including taxes (other than taxes based upon the income of the
Trustee) (including reasonable attorneys’ and agents’ fees and expenses) incurred by it without bad faith, willful misconduct or gross negligence, as determined by a court of competent jurisdiction in a final non-appealable order, on its
part in connection with the administration of this trust and the performance of its duties hereunder and under the Notes, including the fees, costs and expenses of enforcing this Indenture (including this Section 7.7) and the Notes and
of defending itself against any claims (whether asserted by any Holder, the Issuer or otherwise). The Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity of which it has received written notice. Failure by the
Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the 

  
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Trustee shall provide reasonable cooperation at the Issuer’s expense in the defense. The Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel;
provided that the Issuer shall not be required to pay the fees and expenses of such separate counsel if it assumes the Trustee’s defense, and, in the reasonable judgment of outside counsel to the Trustee, there is no conflict of interest
between the Issuer and the Trustee in connection with such defense. 
 To secure the Issuer’s payment obligations in this
Section 7.7, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee. Such lien shall survive the satisfaction and discharge of this Indenture. The Trustee’s respective right to
receive payment of any amounts due under this Section 7.7 shall not be subordinate to any other liability or Indebtedness of the Issuer. 
 The Issuer’s payment obligations pursuant to this Section 7.7 shall survive the discharge of this Indenture. Without prejudice to any other rights available to the Trustee under
applicable law, when the Trustee incurs fees, expenses or renders services after the occurrence of a Default specified in Section 6.1(a)(5) or (a)(6), the fees and expenses (including the reasonable fees and expenses of its
counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 SECTION 7.8. Replacement of
Trustee. The Trustee may resign at any time by so notifying the Issuer in writing not less than 30 days prior to the effective date of such resignation. The Holders of a majority in principal amount of the Notes may remove the Trustee by so
notifying the removed Trustee in writing not less than 30 days prior to the effective date of such removal and may appoint a successor Trustee with the Issuer’s written consent, which consent will not be unreasonably withheld. The Issuer
shall remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 

(2) the Trustee is adjudged bankrupt or insolvent; 

(3) a receiver or other public officer takes charge of the Trustee or its property; or 

(4) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed by the Issuer or by the Holders of a majority in principal amount of the Notes and such Holders do not reasonably promptly appoint a successor Trustee as described in
the preceding paragraph, or if a vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee
shall, at the expense of the Issuer, promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.7. 

  
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 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee or the Holders of at least 10% in principal amount of the Notes may petition, at the Issuer’s expense, any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in TIA Section 310(b),
any Holder, who has been a bona fide Holder for at least six months, may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the Issuer’s obligations under Section 7.7
shall continue for the benefit of the retiring Trustee. The predecessor Trustee shall have no liability for any action or inaction of any successor Trustee. 
 SECTION 7.9. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this
Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time
any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; provided that the right to adopt the
certificate of authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall only apply to its successor or successors by merger, consolidation or conversion. 

SECTION 7.10. Eligibility; Disqualification. This Indenture shall always have a Trustee that satisfies the requirements of TIA
Section 310(a)(1), (2) and (5) in every respect. The Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of condition. The Trustee shall comply with
TIA Section 310(b); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other
securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 
 SECTION 7.11. Preferential Collection of Claims Against the Issuer. The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A
Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 
 SECTION 7.12.
Trustee’s Application for Instruction from the Issuer. Any application by the Trustee for written instructions from the Issuer may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the
Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The 

  
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Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application
(which date shall not be less than three Business Days after the date any Officer of the Issuer actually receives such application, unless any such Officer shall have consented in writing to any earlier date) unless prior to taking any such action
(or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted. 

ARTICLE VIII 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 8.1. Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance. The Issuer may, at its option and at any time, elect to have either Section 8.2 or 8.3 hereof
be applied to all outstanding Notes upon compliance with the conditions set forth in this Article VIII. 
 SECTION
8.2. Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 8.1 hereof of the option applicable to this Section 8.2, the Issuer and each of the Guarantors will, subject to the satisfaction of the
conditions set forth in Section 8.4 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth in Section 8.4
are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes
(including the Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and
to have satisfied all of their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same) and to have
cured all then existing Events of Default, except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the rights of Holders of Notes issued under this Indenture to receive payments in respect of the principal of, premium, if any, and interest on the Notes when such payments are due solely out of the
trust referred to in Section 8.4 hereof; 
 (2) the Issuer’s obligations with respect to the
Notes under Article II concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen Notes and Section 3.11 hereof concerning the maintenance of an office or agency for payment and money
for security payments held in trust; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee and
the Issuer’s or Guarantors’ obligations in connection therewith; and 
 (4) this
Article VIII with respect to provisions relating to Legal Defeasance. 
 Subject to compliance with this
Section 8.2, the Issuer may exercise its option under Section 8.2 notwithstanding the prior exercise of its option under Section 8.3 hereof. 

  
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 SECTION 8.3. Covenant Defeasance. Upon the Issuer’s exercise under
Section 8.1 hereof of the option applicable to this Section 8.3, the Issuer and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from each of
their obligations under the covenants contained in Section 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.19, 3.20 and Section 4.1 (except
Section 4.1(a)(1) and (a)(2)) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.4 hereof are satisfied (hereinafter, “Covenant Defeasance”), and
the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be
deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Issuer and the Guarantors may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified in this Section, the remainder of this Indenture and
such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of the conditions set
forth in Section 8.4 hereof, Sections 6.1(a)(3) (solely with respect to the defeased covenants listed above), 6.1(a)(4), 6.1(a)(5) (with respect only to a Significant Subsidiary or group of Restricted
Subsidiaries (each, individually, not constituting a Significant Subsidiary) that together (as of the latest audited financial statements of the Issuer and its Subsidiaries) would constitute a Significant Subsidiary), 6.1(a)(6) (with respect
only to a Significant Subsidiary or group of Restricted Subsidiaries (each, individually, not constituting a Significant Subsidiary) that together (as of the latest audited financial statements of the Issuer and its Subsidiaries) would constitute a
Significant Subsidiary), 6.1(a)(7) and 6.1(a)(8) hereof shall not constitute Events of Default. 
 SECTION 8.4.
Conditions to Legal or Covenant Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.2 or 8.3 hereof: 

(1) the Issuer must irrevocably deposit with the Trustee, in trust (the “Defeasance Trust”), for the
benefit of the Holders, cash in dollars or U.S. Government Obligations or a combination thereof in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of and
premium, if any, and interest due on the Notes issued under this Indenture on the stated maturity date or on the applicable redemption date, as the case may be, and the Issuer must specify whether such Notes are being defeased to maturity or to a
particular redemption date; 
 (2) in the case of Legal Defeasance, the Issuer shall have delivered to the
Trustee an Opinion of Counsel in the United States confirming that, subject to customary assumptions and exclusions; 
 (A) the
Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling; or 
 (B) since
the issuance of such Notes, there has been a change in the applicable U.S. federal income tax law; 

  
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 in either case stating that, and based thereon such Opinion of Counsel in the United States
shall confirm that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States stating that, subject to customary assumptions and exclusions, the Holders
will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default (other than that
resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit; 

(5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default
under the Credit Facilities or any other material agreement or instrument (other than this Indenture) to which, the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound; 

(6) the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that, as of the date of such opinion and
subject to customary assumptions and exclusions following the deposit, the trust funds will not be subject to the effect of Sections 546 and 547 of Title 11 of the United States Code, as amended, or any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally under any applicable U.S. federal or state law; 
 (7) the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent of defeating, hindering, delaying, defrauding or
preferring any creditors of the Issuer; and 
 (8) the Issuer shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent provided for or relating to Legal Defeasance or Covenant Defeasance,
as the case may be, have been complied with. 
 SECTION 8.5. Deposited Money and U.S. Government Obligations to be Held in
Trust; Other Miscellaneous Provisions. Subject to Section 8.6 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of
this Section 8.5, the “Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Notes will be held in trust and applied by the 

  
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Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the
Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations
deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

Notwithstanding anything in this Article VIII to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the
request of the Issuer any money or U.S. Government Obligations held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance. 
 SECTION 8.6. Repayment to the Issuer. Any money deposited with the Trustee or any Paying Agent, or then
held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on its
written request unless an abandoned property law designates another Person or (if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof
unless an abandoned property law designates another Person, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense of the Issuer cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that
such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.

 SECTION 8.7. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. dollars or U.S.
Government Obligations in accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application,
then the Issuer’s and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 hereof until
such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal
of, premium, if any, or interest on, any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the
Trustee or Paying Agent. 

  
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 ARTICLE IX 
 AMENDMENTS 
 SECTION 9.1. Without Consent of Holders.
Notwithstanding Section 9.2 of this Indenture, the Issuer, any Guarantor (with respect to its Note Guarantee or this Indenture) and the Trustee may amend, supplement or modify this Indenture, any Note Guarantee and the Notes without the
consent of any Holder: 
 (1) cure any ambiguity, omission, mistake, defect, error or inconsistency, conform any
provision to any provision under the heading “Description of Notes,” in the Offering Circular or reduce the minimum denomination of the Notes; 
 (2) provide for the assumption by a successor Person of the obligations of the Issuer under any Note Document; 
 (3) provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (4) add to the covenants or provide for a Note Guarantee for the benefit of the Holders or surrender any right or power conferred upon the Issuer or any Restricted Subsidiary; 

(5) make any change that does not adversely affect the rights of any Holder in any material respect; 

(6) at the Issuer’s election, comply with any requirement of the SEC in connection with the qualification of this
Indenture under the TIA, if such qualification is required; 
 (7) make such provisions as necessary (as
determined in good faith by the Issuer) for the issuance of Additional Notes; 
 (8) to provide for any
Restricted Subsidiary to provide a Note Guarantee in accordance with Section 3.2, to add Guarantees with respect to the Notes, to add security to or for the benefit of the Notes, or to confirm and evidence the release, termination,
discharge or retaking of any Guarantee or Lien with respect to or securing the Notes when such release, termination, discharge or retaking is provided for under this Indenture; 

(9) evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the
requirements hereof or to provide for the accession by the Trustee to any Note Document; or 
 (10) make any
amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including to facilitate the issuance and administration of Notes; provided, however, that (i) compliance with this
Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not adversely affect the rights of Holders to transfer Notes in any material
respect. 

  
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 Subject to Section 9.2, upon the request of the Issuer accompanied by a Board Resolution
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 9.6 and 12.4 hereof, the Trustee will join with the Issuer and the Guarantors in the
execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its
discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 
 After an amendment or supplement
under this Section 9.1 becomes effective, the Issuer shall mail to Holders a notice briefly describing such amendment or supplement. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the
validity of an amendment or supplement under this Section 9.1. 
 SECTION 9.2. With Consent of Holders.

 (a) Except as provided in this Section 9.2, the Issuer, the Guarantors and the Trustee may amend or supplement the Note Documents
with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding and issued under this Indenture, including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes, and, subject to Sections 6.4 and 6.7 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the
Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the Note Documents may be waived with the consent of the Holders of a majority in aggregate principal amount of the then
outstanding Notes issued under this Indenture (including consents obtained in connection with a purchase of or tender offer or exchange offer for Notes). Section 2.12 hereof and Section 12.6 hereof shall determine which Notes
are considered to be “outstanding” for the purposes of this Section 9.2. 
 Upon the request of the Issuer accompanied by
a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents
described in Sections 9.6 and 12.4 hereof, the Trustee will join with the Issuer and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

(b) Without the consent of each Holder of Notes affected, an amendment, supplement or waiver may not, with respect to any Notes issued hereunder and held
by a nonconsenting Holder: 
 (1) reduce the principal amount of such Notes whose Holders must consent to an
amendment; 

  
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 (2) reduce the stated rate of or extend the stated time for payment of
interest on any such Note (other than provisions relating to Sections 3.5 and 3.9); 
 (3) reduce
the principal of or extend the Stated Maturity of any such Note; 
 (4) reduce the premium payable upon the
redemption of any such Note or change the time at which any such Note may be redeemed, in each case as set forth in Section 5.7; 
 (5) make any such Note payable in currency other than that stated in such Note; 
 (6) impair the right of any Holder to receive payment of principal of and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any such
payment on or with respect to such Holder’s Notes; 
 (7) waive a Default or Event of Default with respect
to the nonpayment of principal, premium or interest (except pursuant to a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of such Notes and a waiver of the payment default that resulted
from such acceleration); or 
 (8) make any change in the amendment or waiver provisions which require the
Holders’ consent described in this Section 9.2. 
 It shall not be necessary for the consent of the Holders
under this Indenture to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. A consent to any amendment, supplement or waiver under this Indenture by
any Holder of the Notes given in connection with a tender or exchange of such Holder’s Notes will not be rendered invalid by such tender or exchange. 
 After an amendment or supplement under this Section 9.2 becomes effective, the Issuer shall mail to Holders a notice briefly describing such amendment or supplement. The failure to give such
notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment or supplement. 
 SECTION
9.3. Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture, any Note Guarantee and the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 

SECTION 9.4. Revocation and Effect of Consents and Waivers. Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is
not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent or waiver as to such Holder’s Note or portion of its Note if the Trustee receives written notice of revocation before the date the
amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

  
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 The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders
entitled to give their consent or take any other action described in this Section or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who
were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be
Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.5. Notation on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or
waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an Issuer Order, authenticate new Notes that reflect the amendment, supplement or waiver. Failure to make the
appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 

SECTION 9.6. Trustee to Sign Amendments. The Trustee shall sign any amended or supplemental indenture authorized pursuant to this
Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuer may not sign an amended or supplemental indenture until the Board of Directors of the Issuer
approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Sections 7.1 and 7.2 hereof) shall be fully protected in conclusively relying upon, in addition to the
documents required by Section 12.4 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and is valid, binding
and enforceable against the Issuer or any Guarantor, as the case may be, in accordance with its terms. 
 ARTICLE X 

GUARANTEE 

SECTION 10.1. Guarantee. Subject to the provisions of this Article X, each Guarantor hereby fully, unconditionally and
irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally with each other Guarantor, to each Holder of the Notes and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by
redemption or otherwise, of the principal of, premium, if any, and interest on the Notes and all other obligations and liabilities of the Issuer under this Indenture (including without limitation interest accruing after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Issuer or any Guarantor whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding and the obligations under Section 7.7) (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”).
Each Guarantor agrees that the Guaranteed Obligations will rank equally in right of payment with other Indebtedness of such Guarantor, except to the extent such other Indebtedness is subordinate to the Guaranteed Obligations, in which case the
obligations of the Guarantors under the Note Guarantees will rank senior in right of payment to such other Indebtedness. 

  
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 To evidence its Note Guarantee set forth in this Section 10.1, each Guarantor hereby agrees that
this Indenture shall be executed on behalf of such Guarantor by an Officer of such Guarantor. 
 Each Guarantor hereby agrees that its Note
Guarantee set forth in Section 10.1 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 
 If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Note Guarantee shall be valid nevertheless. 

Each Guarantor further agrees (to the extent permitted by law) that the Guaranteed Obligations may be extended or renewed, in whole or in part, without
notice or further assent from it, and that it will remain bound under this Article X notwithstanding any extension or renewal of any Guaranteed Obligation. 
 Each Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice
of any default under the Notes or the Guaranteed Obligations. 
 Each Guarantor further agrees that its Note Guarantee herein constitutes a
Guarantee of payment when due (and not a Guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Guaranteed Obligations. 

Except as set forth in Section 10.2, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation,
impairment or termination for any reason (other than payment of the Guaranteed Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the Guaranteed Obligations of each Guarantor herein
shall not be discharged or impaired or otherwise affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Issuer or any other person under this Indenture, the Notes or any other
agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any
security held by any Holder for the Guaranteed Obligations; (e) the failure of any Holder to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of the Issuer; (g) any default, failure or delay,
willful or otherwise, in the performance of the Guaranteed Obligations; or (h) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would
otherwise operate as a discharge of such Guarantor as a matter of law or equity. 
 Each Guarantor agrees that its Note Guarantee herein shall
remain in full force and effect until payment in full of all the Guaranteed Obligations or such Guarantor is released from its Note Guarantee in compliance with Section 10.2, Article VIII or Article XI. Each
Guarantor further agrees that its Note Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest on any of the Guaranteed
Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuer or otherwise. 

  
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 In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in
equity against any Guarantor by virtue hereof, upon the failure of the Issuer to pay any of the Guaranteed Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Guarantor hereby
promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee on behalf of the Holders an amount equal to the sum of (i) the unpaid amount of such Guaranteed
Obligations then due and owing and (ii) accrued and unpaid interest on such Guaranteed Obligations then due and owing (but only to the extent not prohibited by law) (including interest accruing after the filing of any petition in bankruptcy or
the commencement of any insolvency, reorganization or like proceeding relating to the Issuer or any Guarantor whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding). 
 Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders, on
the other hand, (x) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Note Guarantee herein, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guaranteed Obligations, such Guaranteed Obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantor for the purposes of this Note Guarantee. 
 Each Guarantor also agrees to pay any and
all fees, costs and expenses (including attorneys’ fees and expenses) incurred by the Trustee or the Holders in enforcing any rights under this Section. 
 SECTION 10.2. Limitation on Liability; Termination, Release and Discharge. 

(a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each Guarantor hereunder will be limited
to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations
of such other Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer
under federal, foreign or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 
 (b) Any Note Guarantee of a Guarantor shall be automatically and unconditionally released and discharged upon: 
 (1) a sale or other disposition (including by way of consolidation or merger) of the Capital Stock of such Guarantor or the sale or disposition of all or substantially all the assets of the Guarantor
(other than to the Issuer or a Restricted Subsidiary) otherwise permitted by this Indenture, 

  
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 (2) the designation in accordance with this Indenture of the Guarantor as an
Unrestricted Subsidiary or the occurrence of any event after which the Guarantor is no longer a Restricted Subsidiary, 
 (3) defeasance or discharge of the Notes, as provided in Articles VIII or XI, or 
 (4) upon the achievement of Investment Grade Status by the Notes; provided that such Note Guarantee shall be reinstated upon the Reversion Date. 

SECTION 10.3. Right of Contribution. Each Guarantor hereby agrees that to the extent that any Guarantor shall have paid more than
its proportionate share of any payment made on the obligations under the Note Guarantees, such Guarantor shall be entitled to seek and receive contribution from and against the Issuer or any other Guarantor who has not paid its proportionate share
of such payment. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Guarantor to the Trustee and the Holders and each Guarantor shall remain liable to the Trustee and the Holders for the
full amount guaranteed by such Guarantor hereunder. 
 SECTION 10.4. No Subrogation. Notwithstanding any payment or
payments made by each Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Issuer or any other Guarantor or any collateral security or guarantee or right of offset held by
the Trustee or any Holder for the payment of the Guaranteed Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuer or any other Guarantor in respect of payments made by such Guarantor
hereunder, until all amounts owing to the Trustee and the Holders by the Issuer on account of the Guaranteed Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the
Guaranteed Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be
turned over to the Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be applied against the Guaranteed Obligations. 

ARTICLE XI 

SATISFACTION AND DISCHARGE 
 SECTION 11.1. Satisfaction and Discharge. This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 

(a) either: 
 (1) all Notes that have been authenticated and delivered except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust,
have been delivered to the Trustee for cancellation; or 
 (2) all such Notes not theretofore delivered to the
Trustee for cancellation (i) have become due and payable by reason of the making of a notice of redemption or 

  
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otherwise or (ii) will become due and payable within one year at their Stated Maturity or (iii) are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer; 
 (b) the Issuer
has deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in dollars or U.S. Government Obligations, or a combination thereof, in an amount sufficient to pay and discharge the entire
indebtedness on the Notes not previously delivered to the Trustee for cancellation, for principal, premium, if any, and interest to the date of deposit (in the case of Notes that have become due and payable), or to the Stated Maturity or redemption
date, as the case may be; 
 (c) no Default or Event of Default (other than that resulting from borrowing funds to be applied to
make such deposit and the granting of Liens in connection therewith) with respect to this Indenture or the Notes issued hereunder shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such
deposit will not result in a breach or violation of, or constitute a default under the Credit Facilities or any other material agreement or instrument (other than this Indenture) to which an Issuer or any Guarantor is a party or by which an Issuer
or any Guarantor is bound; 
 (d) the Issuer has paid or caused to be paid all other sums payable under this Indenture;

 (e) the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of such notes issued
hereunder at maturity or the Redemption Date, as the case may be; and 
 (f) the Issuer has delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that all conditions precedent under Article XI relating to the satisfaction and discharge of this Indenture have been complied with; provided that any such counsel may rely on any
Officer’s Certificate as to matters of fact (including as to compliance with clauses (a), (b) and (c)). 
 Notwithstanding the
satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to clause (b) of this Section 11.1, the provisions of Sections 11.2 and 8.6 hereof will survive. 

SECTION 11.2. Application of Trust Money. Subject to the provisions of Section 8.6 hereof, all money deposited with
the Trustee pursuant to Section 11.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be
segregated from other funds except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or U.S.
Government Obligations in accordance with Section 11.1 hereof by reason of any legal proceeding or by reason of any order 

  
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or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any Guarantor’s obligations under this Indenture
and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.1 hereof; provided that if the Issuer has made any payment of principal of, premium or interest on, any Notes because of the
reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

ARTICLE XII 

MISCELLANEOUS 
 SECTION 12.1. Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this
Indenture by the TIA, the provision required by the TIA shall control. Each Guarantor in addition to performing its obligations under its Note Guarantee shall perform such other obligations as may be imposed upon it with respect to this Indenture
under the TIA. 
 SECTION 12.2. Notices. Any notice, request, direction, consent or communication made pursuant to the
provisions of this Indenture or the Notes shall be in writing and delivered in person, sent by facsimile, sent by electronic mail in pdf format, delivered by commercial courier service or mailed by first-class
mail, postage prepaid, addressed as follows: 
 if to the Issuer or to any Guarantor: 

Bankrate, Inc. 

11760 U.S. Highway One, Suite 200 
 North Palm Beach, Florida 33408 
 Attention: Edward J. DiMaria, Senior Vice
President and Chief Financial Officer 
 Facsimile: (917) 368-8697 
 with a copy to: 
 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, New York 10019 
 Attention: Benjamin M. Roth 

Facsimile: (212) 403-2378 
 if to the Trustee, at its Corporate Trust Office, which Corporate Trust Office for purposes of this Indenture is at the date hereof located at: 

Wilmington Trust, National Association 
 246 Goose Lane, Suite 105 
 Guilford, CT 06437 

Attn: Bankrate Administrator 
 (Fax) (203) 453-1183 

  
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 The Issuer or the Trustee by written notice to each other may designate additional or different addresses
for subsequent notices or communications. 
 Any notice or communication to the Issuer or the Guarantors shall be deemed to have been given or
made as of the date so delivered if personally delivered or if delivered electronically, in pdf format; when receipt is acknowledged, if telecopied; and seven calendar days after mailing if sent by registered or certified mail, postage prepaid
(except that a notice of change of address shall not be deemed to have been given until actually received by the addressee). Any notice or communication to the Trustee shall be deemed delivered upon receipt. 

Any notice or communication sent to a Holder shall be mailed to the Holder at the Holder’s address as it appears in the Notes Register and shall be
sufficiently given if so sent within the time prescribed. 
 Failure to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders. If a notice or communication is sent in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee shall be effective only upon
receipt. 
 Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
(including any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee) pursuant to the standing instructions from DTC or its designee.

 SECTION 12.3. Communication by Holders with other Holders. Holders may communicate pursuant to TIA Section 312(b)
with other Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 

SECTION 12.4. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer or any of the
Guarantors to the Trustee to take or refrain from taking any action under this Indenture or the Notes, the Issuer or such Guarantor, as the case may be, shall furnish to the Trustee: 

(1) an Officer’s Certificate in form satisfactory to the Trustee (which shall include the statements set forth in
Section 12.5 hereof) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture or the Notes relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form satisfactory to the Trustee (which shall include the statements set forth in
Section 12.5 hereof) stating that, in the opinion of such counsel, all such conditions precedent have been satisfied and all covenants have been complied with (notwithstanding the foregoing, no Opinion of Counsel hereunder shall be
required in connection with the issuance and authentication of the Initial Notes). 
 SECTION 12.5. Statements Required in
Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture or the Notes (other than a Certificate provided pursuant to TIA Section 314(a)(4)) shall comply with
the provisions of TIA Section 314(e) and shall include: 
 (1) a statement that the individual making such
certificate or opinion has read such covenant or condition; 

  
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 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a
statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied
with. 
 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public
officials. 
 SECTION 12.6. When Notes Disregarded. In determining whether the Holders of the required aggregate
principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, any Guarantor or any Affiliate of them shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining
whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes outstanding
at the time shall be considered in any such determination. 
 SECTION 12.7. Rules by Trustee, Paying Agent and Registrar.
The Trustee may make reasonable rules for action by, or at meetings of, Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 12.8. Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or other day on which banking institutions in New York, New York, United States or the jurisdiction of the
place of payment are authorized or required by law to close. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular
record date is a Legal Holiday, the record date shall not be affected. 
 SECTION 12.9. Governing Law. THIS INDENTURE,
THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 12.10. Jurisdiction. The Issuer and the Guarantors agree that any suit, action or proceeding against the Issuer or any
Guarantor brought by any Holder or the Trustee arising out of or based upon this Indenture, the Note Guarantee or the Notes may be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from
any thereof, and each of them irrevocably submits to the non-exclusive jurisdiction of 

  
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such courts in any suit, action or proceeding. The Issuer and the Guarantors irrevocably waive, to the fullest extent permitted by law, any objection to any suit, action, or proceeding that may
be brought in connection with this Indenture, the Note Guarantee or the Notes, including such actions, suits or proceedings relating to securities laws of the United States of America or any state thereof, in such courts whether on the grounds of
venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The Issuer and the Guarantors agree that final judgment in any such suit, action or proceeding brought in such court
shall be conclusive and binding upon the Issuer or the Guarantors, as the case may be, and may be enforced in any court to the jurisdiction of which the Issuer or the Guarantors, as the case may be, are subject by a suit upon such judgment.

 SECTION 12.11. Waivers of Jury Trial. EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE NOTE GUARANTEES AND FOR
ANY COUNTERCLAIM THEREIN. 
 SECTION 12.12. USA PATRIOT Act. The parties hereto acknowledge that in accordance with
Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order to satisfy the requirements of the USA PATRIOT Act. 

SECTION 12.13. No Recourse Against Others. No director, officer, employee, incorporator or shareholder of the Issuer or any of its
Subsidiaries or Affiliates, or such (other than the Issuer and the Guarantors), shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Note Guarantees or this Indenture or for any claim based on, in respect
of, or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

SECTION 12.14. Successors. All agreements of the Issuer and each Guarantor in this Indenture and the Notes shall bind their
respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 12.15. Multiple
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes. 

  
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 SECTION 12.16. [Reserved]. 

SECTION 12.17. Table of Contents; Headings. The table of contents, cross-reference table
and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 12.18. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 SECTION
12.19. Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 SECTION 12.20. [Reserved]. 
 SECTION 12.21. Appointment of Agent for Service of Process. 
 (a) The
Issuer and each Guarantor hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any such action, suit or proceeding brought against it by the Trustee or the Holders with respect to its
obligations, liabilities or any other matter arising out of or in connection with this Indenture, the Notes or the Note Guarantees, by serving a copy thereof upon any employee of Issuer or any Guarantor (in such capacity, the “Process
Agent”) at any business location that Issuer or any Guarantor may maintain from time to time in the United States including, without limitation, at the offices of Bankrate, Inc., 11760 U.S. Highway One, Suite 200, North Palm Beach, Florida
33408. 
 (b) The Issuer and each Guarantor further hereby irrevocably consents and agrees to the service of any and all legal
process, summons, notices and documents in any such action, suit or proceeding against them by (i) serving a copy thereof upon any of the relevant Process Agents specified in clause (a) above, or (ii) or by mailing copies thereof by
registered or certified air mail, postage prepaid, to the Issuer or such Guarantor, at its address specified in or designated pursuant to this Indenture. The Issuer and each Guarantor agrees that the failure of any Process Agent specified in clause
(a) above, to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. 

(c) Nothing herein shall in any way be deemed to limit the ability of the Trustee or any Holder to serve any such legal process, summons,
notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over the Issuer or any Guarantor or bring actions, suits or proceedings against them in such other jurisdictions, and in such manner, as may be permitted
by applicable law. 

  
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 (d) The Issuer and each Guarantor hereby irrevocably and unconditionally waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture, the Notes or the Note Guarantees
brought in the United States federal courts located in the County of New York or the courts of the State of New York located in the County of New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 (e)
The provisions of this Section 12.21 shall survive any termination of this Indenture, in whole or in part, and shall survive delivery and payment for the Notes. 
 SECTION 12.22. Waiver of Immunities. To the extent that Issuer or any Guarantor or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to
them, any right of immunity, on the grounds of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from
attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be
commenced, with respect to their obligations, liabilities or any other matter under or arising out of or in connection with this Indenture, the Notes or the Note Guarantees, the Issuer and each Guarantor hereby irrevocably and unconditionally, to
the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement. 
 SECTION 12.23. Judgment Currency. The Issuer and each Guarantor agrees to indemnify the recipient against any loss incurred by such recipient as a result of any judgment or order being given or
made against the Issuer or any Guarantor for any amount due hereunder and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than United States dollars and as a result of any variation as
between (i) the rate of exchange at which the United States dollar amount is converted into the Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange in The City of New York at which such party on the
date of payment of such judgment or order is able to purchase United States dollars with the amount of the Judgment Currency actually received by such party if such party had utilized such amount of Judgment Currency to purchase United States
dollars as promptly as practicable upon such party’s receipt thereof. The foregoing indemnity shall constitute a separate and independent obligation of the Issuer and each Guarantor and shall continue in full force and effect notwithstanding
any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency. 

[Signature on following pages] 

  
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 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed all as of the date and year
first written above. 
  

			
	BANKRATE, INC.
		
	By:	 	 /s/ Edward J. DiMaria

		 	Name: Edward J. DiMaria
		 	 Title:   Senior Vice President and Chief Financial
             Officer

	
	 CREDITCARDS.COM, INC.
 LINKOFFERS, INC.

	NETQUOTE HOLDINGS, INC.
	NETQUOTE INC
		
	By:	 	 /s/ Edward J. DiMaria

		 	Name: Edward J. DiMaria
		 	 Title:   Authorized Person of each of the above
             named Guarantors

 [Signature Page to Indenture] 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 /s/ Joseph P. O’Donnell

		 	Name: Joseph P. O’Donnell
		 	Title:   Vice President

 [Signature Page to the Indenture] 

 EXHIBIT A 
 [FORM OF FACE OF GLOBAL RESTRICTED NOTE] 
 [Applicable Restricted Notes Legend]

 [Depository Legend, if applicable] 
 [Temporary Regulation S Legend, if applicable] 
  

			
	No. [    ]	  	 Principal Amount $[            ] [as revised by the Schedule of Increases
and Decreases in Global Note attached hereto]1

CUSIP NO.             

 BANKRATE, INC. 
 6.125% Senior Notes due 2018 
 Bankrate, Inc., a Delaware corporation, promises to pay to
[Cede & Co.], or its registered assigns, the principal sum of                      Dollars, [as revised by the Schedule of Increases and
Decreases in Global Note attached hereto], on August 15, 2018. 
 Interest Payment Dates: February 15 and August 15, commencing
on February 15, 20142 

Record Dates: February 1 and August 13 
 Additional
provisions of this Note are set forth on the other side of this Note. 
  

	1 	Insert in Global Notes only. 

	2 	In the case of Notes issued on the Issue Date. 

	3 	In the case of Notes issued on the Issue Date. 

  
 A-1

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
	BANKRATE, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE CERTIFICATE OF AUTHENTICATION 
 This Note is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

			
	Dated:	 	  

  
 A-2

 [FORM OF REVERSE SIDE OF NOTE] 

BANKRATE, INC. 

6.125% Senior Notes due 2018 

Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 

 

	1.	Interest 

 Bankrate, Inc., a Delaware
corporation, promises to pay interest on the principal amount of this Note at 6.125% per annum from August 7,
20134 until maturity. The Issuer will pay interest semi-annually in arrears every February 15 and August 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”).
Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, that the first Interest Payment Date shall be February 15, 2014.5 The Issuer shall pay interest on overdue principal at the rate
specified herein, and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at
the same rate to the extent lawful. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

 

	2.	Method of Payment 

 By no later than
10:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is due and payable, the Issuer shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such
principal, premium and interest when due. Interest on any Note which is payable, and is timely paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is
registered at the close of business on the preceding February 1 and August 1 at the office or agency of the Issuer maintained for such purpose pursuant to Section 2.3 of the Indenture. The principal of (and premium, if any) and
interest on the Notes shall be payable at the office or agency of Paying Agent or Registrar designated by the Issuer maintained for such purpose (which shall initially be the office of the Trustee maintained for such purpose), or at such other
office or agency of the Issuer as may be maintained for such purpose pursuant to Section 2.3 of the Indenture; provided, however, that, at the option of the Paying Agent, each installment of interest may be paid by
(i) check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Notes Register or (ii) wire transfer to an account located in the United States maintained by the payee, subject to the last sentence of
this paragraph. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to 

 

	4 	In the case of Notes issued on the Issue Date. 

	5 	 In the case of Notes issued on the Issue Date. 

  
 A-3

 
the accounts specified by The Depository Trust Company or any successor depository. Payments in respect of Notes represented by Definitive Notes (including principal, premium, if any, and
interest) held by a Holder of at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee
may accept in its discretion). If an Interest Payment Date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal
Holiday, the record date shall not be affected. 
  

	3.	Paying Agent and Registrar 

 The Issuer
initially appoints Wilmington Trust, National Association (the “Trustee”) as Registrar and Paying Agent for the Notes. The Issuer may change any Registrar or Paying Agent without prior notice to the Holders. The Issuer or any
Guarantor may act as Paying Agent, Registrar or transfer agent. 
  

	4.	Indenture 

 The Issuer issued the Notes
under an Indenture dated as of August 7, 2013 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuer, the Guarantors party thereto and the Trustee. The
terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of
the Indenture (the “Act”). The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture and the Act for a statement of those terms. 

 

	5.	[Reserved] 

  

	6.	Guarantees 

 To guarantee the due and
punctual payment of the principal, premium, if any, and interest (including post-filing or post-petition interest) on the Notes and all other amounts payable by the
Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors will unconditionally guarantee (and
future guarantors, jointly and severally with the Guarantors, will fully and unconditionally Guarantee) such obligations on a senior basis pursuant to the terms of the Indenture. 

 

	7.	Redemption 

 (a) At any time prior to
August 15, 2015, the Issuer may redeem the Notes in whole or in part, at their option, upon not less than 30 nor more than 60 days’ prior notice by electronic delivery or by first class mail, postage prepaid, with a copy to the
Trustee, to each Holder of Notes to the address of such Holder appearing in the Notes Register, at a redemption price equal to 100% of the principal amount of such Notes redeemed plus the Applicable Premium as of, and

  
 A-4

 
accrued and unpaid interest to but excluding the date of redemption (the “Redemption Date”), subject to the rights of Holders on the relevant record date to receive interest due
on the relevant interest payment date. 
 (b) At any time and from time to time prior to August 15, 2015, the Issuer may
redeem Notes with the net cash proceeds received by the Issuer from any Equity Offering at a redemption price equal to 106.125% plus accrued and unpaid interest to the Redemption Date, in an aggregate principal amount for all such redemptions not to
exceed 40% of the original aggregate principal amount of the Notes (including Additional Notes); provided that (1) in each case the redemption takes place not later than 180 days after the closing of the related Equity Offering, and
(2) not less than 60% of the original aggregate principal amount of the Notes issued under the Indenture remains outstanding immediately thereafter (excluding Notes held by the Issuer or any of its Restricted Subsidiaries). The Trustee shall
select the Notes to be purchased in the manner described under Sections 5.1 through 5.6 of the Indenture. 
 (c) Except
pursuant to clauses (a) and (b) of this paragraph 7, the Notes will not be redeemable at the Issuer’s option prior to August 15, 2015. 
 (d) At any time and from time to time on or after August 15, 2015, the Issuer may redeem the Notes in whole or in part, upon not less than 30 nor more than 60 days’ notice by electronic delivery
or by first class mail, postage prepaid, with a copy to the Trustee, to each Holder of Notes to the address of such Holder appearing in the Notes Register at a redemption price equal to the percentage of principal amount set forth below plus accrued
and unpaid interest, if any, on the Notes redeemed, to but excluding the applicable Redemption Date, if redeemed during the twelve-month period beginning on August 15 of the year indicated below: 

 

					
	 Year
	  	Percentage	 
	 2015
	  	 	103.063	% 
	 2016
	  	 	101.531	% 
	 2017 and thereafter
	  	 	100.000	% 

 (e) Unless the Issuer defaults in the payment of the redemption price, interest will cease to accrue on
the Notes or portions thereof called for redemption on the applicable Redemption Date. 
 (f) Any redemption pursuant to this
paragraph 7 shall be made pursuant to the provisions of Section 5. The Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes; provided however, that under certain circumstances, the
Issuer may be required to offer to purchase Notes under Section 3.5 and Section 3.9 of the Indenture. The Issuer may at any time and from time to time purchase Notes in the open market or otherwise. 

 

	8.	Repurchase Provisions 

 If a Change of
Control occurs, each Holder will have the right to require the Issuer to repurchase from each Holder all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price in cash
equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to but excluding the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date as provided in, and subject to the terms of, the Indenture. 

  
 A-5

 Upon certain Asset Sales, the Issuer may be required to use the Excess Proceeds from such Asset Sales to
offer to offer to purchase the maximum aggregate principal amount of Notes (that is $2,000 or an integral multiple of $1,000 in excess thereof) and, at the Issuer’s option, Pari Passu Indebtedness that may be purchased out of the Excess
Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest to but not including the date fixed for the closing of such offer, in accordance with the procedures set forth in
Section 3.5 and in Article V of the Indenture. 
 9. Denominations; Transfer; Exchange 

The Notes shall be issuable only in fully registered form in denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess
thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any tax and
fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Note (A) for a period beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem
Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date or (B) called for redemption, except the unredeemed portion of any Note being
redeemed in part. 
  

	10.	Persons Deemed Owners 

 The registered
Holder of this Note may be treated as the owner of it for all purposes. 
  

	11.	[Reserved]. 

  

	12.	Discharge and Defeasance 

 Subject to
certain exceptions and conditions set forth in the Indenture, the Issuer at any time may terminate some or all of its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the
payment of principal, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 
  

	13.	Amendment, Supplement, Waiver 

 Subject to
certain exceptions contained in the Indenture, the Indenture and the Notes may be amended, or a Default thereunder may be waived, with the consent of the Holders of a majority in aggregate principal amount of the outstanding Notes. Without notice to
or the consent of any Holder, the Issuer, the Guarantors and the Trustee may amend or supplement the Indenture and the Notes as provided in the Indenture. 
  

	14.	Defaults and Remedies 

 If an Event of
Default (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer or certain Guarantors) occurs and is continuing, the Trustee by notice to the Issuer, or the Holders of at least 30% in
principal amount of the outstanding Notes by notice to the Issuer and the Trustee, may, and the Trustee at the request of 

  
 A-6

 
such Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest, and any other monetary obligations on all the Notes to be due and payable immediately. Upon the
effectiveness of such declaration, such principal, premium, interest and other monetary obligations will be due and payable immediately. If a bankruptcy, insolvency or reorganization of the Issuer or certain Guarantors occurs and is continuing, the
principal of, premium, if any, and accrued and unpaid interest and any other monetary obligations on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Under
certain circumstances, the Holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

 

	15.	Trustee Dealings with the Issuer 

Subject to certain limitations set forth in the Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee of
Notes and may otherwise deal with the Issuer, Guarantors or their Affiliates with the same rights it would have if it were not Trustee. In addition, the Trustee shall be permitted to engage in transactions with the Issuer; provided,
however, that if the Trustee acquires any conflicting interest under the TIA, the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest, (ii) apply to the Commission for permission to
continue acting as Trustee or (iii) resign. 
  

	16.	No Recourse Against Others 

 No director,
officer, employee, incorporator or shareholder of the Issuer or any of its Subsidiaries or Affiliates, as such (other than the Issuer and the Guarantors), shall have any liability for any obligations of the Issuer or the Guarantors under the Notes,
the Note Guarantees or the Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

 

	17.	Authentication 

 This Note shall not be
valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on the other side of this Note. 

 

	18.	Abbreviations 

 Customary abbreviations
may be used in the name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common),
CUST (= custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

  
 A-7

	19.	CUSIP and ISIN Numbers 

 The Issuer has
caused CUSIP and ISIN numbers, if applicable, to be printed on the Notes and has directed the Trustee to use CUSIP and ISIN numbers, if applicable, in notices of redemption or purchase as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption or purchase and reliance may be placed only on the other identification numbers placed thereon. 

 

	20.	Governing Law 

 This Note shall be
governed by, and construed in accordance with, the laws of the State of New York. 
 The Issuer will furnish to any Holder upon written request
and without charge to the Holder a copy of the Indenture. Requests may be made to: 
 Bankrate, Inc. 

11760 U.S. Highway One, Suite 200 
 North Palm Beach, Florida 33408 
 Attention: Edward J. DiMaria, Senior Vice
President and Chief Financial Officer 
 Facsimile: (917) 368-8697 

  
 A-8

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to:

  
  
 (Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s social
security or tax I.D. No.) 
 and irrevocably appoint              agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

					
	Date:	 	Your Signature:	 	  

			
		
	Signature Guarantee:	 	  

	(Signature must be guaranteed)

  
  

Sign exactly as your name appears on the other side of this Note. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15. 
 The undersigned hereby certifies that
it  ̈ is /  ̈ is not an Affiliate of the Issuer and that, to its knowledge, the proposed transferee  ̈ is /  ̈ is not an Affiliate of the Issuer. 
 In connection with any transfer or exchange of any of the
Notes evidenced by this certificate occurring prior to the date that is one year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate of the Issuer,
the undersigned confirms that such Notes are being: 
 CHECK ONE BOX BELOW: 

 

					
	(1)	  	 ̈	  	acquired for the undersigned’s own account, without transfer; or
			
	(2)	  	 ̈	  	transferred to the Issuer; or
			
	(3)	  	 ̈	  	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(4)	  	 ̈	  	transferred pursuant to an effective registration statement under the Securities Act; or
			
	(5)	  	 ̈	  	transferred pursuant to and in compliance with Regulation S under the Securities Act; or

  
 A-9

					
	(6)	  	 ̈	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor”
(as defined in Rule 501(a)(4) under the Securities Act), that has furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter appears as Section 2.8 or 2.10 of the Indenture,
respectively); or
			
	(7)	  	 ̈	  	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer may require, prior to registering any such transfer of the Notes, in its
sole discretion, such legal opinions, certifications and other information as the Issuer may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such Act. 
  

					
		 		 	  

		 		 	Signature
			
	Signature Guarantee:	 		 	
			
	  
	 		 	  

	(Signature must be guaranteed)	 		 	Signature

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
 TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED. 
 The undersigned
represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the
meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has
requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration
provided by Rule 144A. 
  

					
		 		 	  

		 		 	Dated:

  
 A-10

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTES 
 The following increases or decreases in this Global Note have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal
Amount of this
Global Note	  	Amount of
increase in
Principal
Amount of this
Global Note	  	Principal
Amount of this
Global Note
following such
decrease or
increase	  	Signature of
authorized
signatory of
Trustee or Notes
Custodian
		  		  		  		  	

  
 A-11

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you elect to have this Note purchased by the Issuer pursuant to Section 3.5 or 3.9 of the Indenture, check either box: 
 Section 3.5  ̈ Section 3.9  ̈ 
 If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 3.5 or 3.9 of the Indenture, state the amount in principal amount (must be in denominations of $2,000
or an integral multiple of $1,000 in excess thereof): $             and specify the denomination or denominations (which shall not be less than the minimum authorized denomination)
of the Notes to be issued to the Holder for the portion of the within Note not being repurchased (in the absence of any such specification, one such Note will be issued for the portion not being repurchased):
                    . 
  

									
	Date:	 	  
	 		 	Your Signature	 	  

		 		 		 		 	(Sign exactly as your name appears on the other side of the Note)
		 		 		 		 	

  

							
	Signature Guarantee:
	  
	 	
	 (Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 A-12

 EXHIBIT B 
 Form of Supplemental Indenture to Add Guarantors 
 SUPPLEMENTAL INDENTURE, (this
“Supplemental Indenture”) dated as of [            ], 20[    ], by and among the undersigned as Guarantor (the “Guaranteeing
Subsidiary”), and Wilmington Trust, National Association, as Trustee under the Indenture referred to below. 
 W
I T N E S S E T H: 
 WHEREAS, each of the Issuer, the Guarantors and the Trustee
have heretofore executed and delivered an indenture dated as of August 7, 2013 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of
$300.0 million of 6.125% Senior Notes due 2018 (the “Notes) of the Issuer (as defined in the Indenture); 
 WHEREAS, the
Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture to which the Guaranteeing Subsidiary shall unconditionally guarantee, on a joint and several basis with
the other Guarantors, all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Note Guarantee”); and 

WHEREAS, pursuant to Section 9.1 of the Indenture, the Issuer, any Guarantor and the Trustee are authorized to execute and deliver this
Supplemental Indenture to amend or supplement the Indenture, without the consent of any Holder; 
 NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary, the Issuer, the other Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders of the Notes as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Defined Terms. As used in this Supplemental Indenture, terms
defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to
this Supplemental Indenture as a whole and not to any particular section hereof. 
 ARTICLE II 

AGREEMENT TO BE BOUND; GUARANTEE 

SECTION 2.1. Agreement to be Bound. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such will have all
of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. 

  
 C-1

 SECTION 2.2. Guarantee. The Guaranteeing Subsidiary agrees, on a joint and several basis with all the
existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder and the Trustee the Guaranteed Obligations pursuant to Article X of the Indenture on a senior basis. 

ARTICLE III 

MISCELLANEOUS 
 SECTION 3.1.
Notices. All notices and other communications to the Guarantor shall be given as provided in the Indenture to the Guarantor, at its address set forth below, with a copy to the Issuer as provided in the Indenture for notices to the Issuer.

 SECTION 3.2. Merger and Consolidation. The Guaranteeing Subsidiary shall not sell or otherwise dispose of all or substantially all of
its assets to, or consolidate with or merge with or into another Person (other than the Issuer or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction) except in accordance with
Section 4.1(f) of the Indenture. 
 SECTION 3.3. Release of Guarantee. This Note Guarantee shall be released in accordance
with Section 10.2 of the Indenture. 
 SECTION 3.4. Parties. Nothing expressed or mentioned herein is intended or shall be
construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein
contained. 
 SECTION 3.5. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of
the State of New York. 
 SECTION 3.6. Severability. In case any provision in this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

 SECTION 3.7. Benefits Acknowledged. The Guaranteeing Subsidiary’s Note Guarantee is subject to the terms and conditions set forth
in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Note Guarantee are knowingly made in contemplation of such benefits. 
 SECTION 3.8. Ratification of Indenture; Supplemental
Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

  
 C-2

 SECTION 3.9. The Trustee. The Trustee makes no representation or warranty as to the validity or
sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. 
 SECTION 3.10. Counterparts. The parties hereto may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used
in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

SECTION 3.11. Execution and Delivery. The Guaranteeing Subsidiary agrees that the Note Guarantee shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of any such Note Guarantee. 
 SECTION 3.12. Headings. The headings of the
Articles and the Sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

  
 C-3

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the
date first above written. 
  

			
	[SUBSIDIARY GUARANTOR],
	as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	[ADDRESS FOR NOTICES]

  

			
	Acknowledged by:
	
	BANKRATE, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Supplemental Indenture] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-1

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