Document:

Term Loan Agreement

 Exhibit 10.20 
 TERM LOAN AGREEMENT 
 Dated as of January 26, 2012 

By and Between 

BROWN & BROWN, INC. 
 and 
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION 

Providing for a 

$100,000,000 Term Loan Credit Facility 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS; CONSTRUCTION
	  	 	1	  
	 Section 1.1 Definitions
	  	 	1	  
	 Section 1.2 Accounting Terms and Determination
	  	 	10	  
	 Section 1.3 Other Definitional Terms
	  	 	10	  
	 Section 1.4 Exhibits and Schedules
	  	 	10	  
		
	 ARTICLE II [Intentionally Omitted]
	  	 	10	  
		
	 ARTICLE III TERM LOAN
	  	 	10	  
	 Section 3.1 Commitment: Use of Proceeds
	  	 	10	  
	 Section 3.2 Term Note; Repayment of Principal
	  	 	11	  
	 Section 3.3 Payment of Interest
	  	 	11	  
		
	 ARTICLE IV GENERAL LOAN TERMS
	  	 	12	  
	 Section 4.1 Funding Notices
	  	 	12	  
	 Section 4.2 Disbursement of Funds
	  	 	12	  
	 Section 4.3 Interest; Default, Payment and Determination
	  	 	12	  
	 Section 4.4 Interest Periods
	  	 	12	  
	 Section 4.5 Fees
	  	 	13	  
	 Section 4.6 Voluntary Prepayments of Borrowings
	  	 	13	  
	 Section 4.7 Payments, etc.
	  	 	13	  
	 Section 4.8 LIBO Rate Not Ascertainable, Etc.
	  	 	14	  
	 Section 4.9 Illegality
	  	 	14	  
	 Section 4.10 Increased Costs
	  	 	15	  
	 Section 4.11 Funding Losses
	  	 	16	  
	 Section 4.12 Assumptions Concerning Funding of Eurodollar Advances
	  	 	16	  
	 Section 4.13 Capital Adequacy
	  	 	16	  
	 Section 4.14 Limitation on Certain Payment Obligations
	  	 	16	  
	 Section 4.15 Change from One Type of Borrowing to Another
	  	 	17	  
		
	 ARTICLE V CONDITIONS TO BORROWINGS
	  	 	17	  
	 Section 5.1 Conditions Precedent to Advances
	  	 	17	  
	 Section 5.2 Certification For Each Borrowing
	  	 	19	  
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	19	  
	 Section 6.1 Organization and Qualification
	  	 	19	  
	 Section 6.2 Corporate Authority
	  	 	19	  
	 Section 6.3 Borrower Financial Statements
	  	 	20	  
	 Section 6.4 Tax Returns
	  	 	20	  
	 Section 6.5 Actions Pending
	  	 	20	  
	 Section 6.6 Representations; No Defaults
	  	 	20	  
	 Section 6.7 Title to Properties
	  	 	20	  
	 Section 6.8 Enforceability of Agreement
	  	 	20	  
	 Section 6.9 Consent
	  	 	21	  
	 Section 6.10 Use of Proceeds; Federal Reserve Regulations
	  	 	21	  
	 Section 6.11 ERISA
	  	 	21	  
	 Section 6.12 Subsidiaries
	  	 	21	  
	 Section 6.13 Outstanding Indebtedness
	  	 	21	  
	 Section 6.14 Conflicting Agreements
	  	 	21	  
	 Section 6.15 Pollution and Other Regulations
	  	 	22	  
	 Section 6.16 Possession of Franchises, Licenses, Etc.
	  	 	22	  
	 Section 6.17 Patents, Etc.
	  	 	23	  
	 Section 6.18 Governmental Consent
	  	 	23	  
	 Section 6.19 Disclosure
	  	 	23	  

  
 i 

					
	 Section 6.20 Insurance Coverage
	  	 	23	  
	 Section 6.21 Labor Matters
	  	 	23	  
	 Section 6.22 Intercompany Loans; Dividends
	  	 	23	  
	 Section 6.23 Burdensome Restrictions
	  	 	24	  
	 Section 6.24 Solvency
	  	 	24	  
	 Section 6.25 SEC Compliance and Filings
	  	 	24	  
	 Section 6.26 Capital Stock of Borrower and Related Matters
	  	 	24	  
	 Section 6.27 Material/Places of Business
	  	 	24	  
		
	 ARTICLE VII AFFIRMATIVE COVENANTS
	  	 	24	  
	 Section 7.1 Corporate Existence, Etc.
	  	 	24	  
	 Section 7.2 Compliance with Laws, Etc.
	  	 	24	  
	 Section 7.3 Payment of Taxes and Claims, Etc.
	  	 	25	  
	 Section 7.4 Keeping of Books
	  	 	25	  
	 Section 7.5 Visitation, Inspection, Etc.
	  	 	25	  
	 Section 7.6 Insurance; Maintenance of Properties
	  	 	25	  
	 Section 7.7 Reporting Covenants
	  	 	25	  
	 Section 7.8 Maintain the Following Financial Covenants
	  	 	28	  
	 Section 7.9 Notices Under Certain Other Indebtedness
	  	 	28	  
	 Section 7.10 OFAC
	  	 	28	  
		
	 ARTICLE VIII NEGATIVE COVENANTS
	  	 	29	  
	 Section 8.1 Indebtedness
	  	 	29	  
	 Section 8.2 Liens
	  	 	30	  
	 Section 8.3 Sales. Etc.
	  	 	30	  
	 Section 8.4 Mergers, Acquisitions, Etc.
	  	 	31	  
	 Section 8.5 Investments, Loans. Etc.
	  	 	31	  
	 Section 8.6 Sale and Leaseback Transactions
	  	 	31	  
	 Section 8.7 Transactions with Affiliates
	  	 	31	  
	 Section 8.8 Optional Prepayments
	  	 	32	  
	 Section 8.9 Changes in Business
	  	 	32	  
	 Section 8.10 ERISA
	  	 	32	  
	 Section 8.11 Limitation on Payment Restrictions Affecting Consolidated Companies
	  	 	32	  
	 Section 8.12 Actions Under Certain Documents
	  	 	32	  
	 Section 8.13 Financial Statements; Fiscal Year
	  	 	32	  
	 Section 8.14 Change of Control
	  	 	32	  
	 Section 8.15 No Issuance of Capital Stock
	  	 	32	  
	 Section 8.16 No Payments on Subordinated Debt
	  	 	33	  
	 Section 8.17 Insurance Business
	  	 	33	  
		
	 ARTICLE IX EVENTS OF DEFAULT
	  	 	33	  
	 Section 9.1 Payments
	  	 	33	  
	 Section 9.2 Covenants Without Notice
	  	 	33	  
	 Section 9.3 Other Covenants
	  	 	33	  
	 Section 9.4 Representations
	  	 	33	  
	 Section 9.5 Non-Payments of Other Indebtedness
	  	 	33	  
	 Section 9.6 Defaults Under Other Agreements
	  	 	33	  
	 Section 9.7 Bankruptcy
	  	 	34	  
	 Section 9.8 ERISA
	  	 	34	  
	 Section 9.9 Money Judgment
	  	 	34	  
	 Section 9.10 Change in Control of Borrower
	  	 	34	  
	 Section 9.11 Default Under Other Credit Documents
	  	 	35	  
	 Section 9.12 Attachments
	  	 	35	  
	 Section 9.13 Default Under Subordinated Loan Documents
	  	 	35	  
	 Section 9.14 Material Adverse Effect
	  	 	35	  

  
 ii 

					
	 ARTICLE X MISCELLANEOUS
	  	 	35	  
	 Section 10.1 Notices
	  	 	35	  
	 Section 10.2 Amendments, Etc.
	  	 	36	  
	 Section 10.3 No Waiver; Remedies Cumulative
	  	 	36	  
	 Section 10.4 Payment of Expenses, Etc.
	  	 	36	  
	 Section 10.5 Right of Set-Off
	  	 	37	  
	 Section 10.6 Benefit of Agreement
	  	 	38	  
	 Section 10.7 Governing Law; Submission to Jurisdiction
	  	 	39	  
	 Section 10.8 Independent Nature of Lender’s Rights
	  	 	39	  
	 Section 10.9 Counterparts
	  	 	39	  
	 Section 10.10 Effectiveness; Survival
	  	 	40	  
	 Section 10.11 Severability
	  	 	40	  
	 Section 10.12 Independence of Covenants
	  	 	40	  
	 Section 10.13 Change in Accounting Principles, Fiscal Year or Tax Laws
	  	 	40	  
	 Section 10.14 Headlines Descriptive; Entire Arrangement
	  	 	40	  
	 Section 10.15 Time is of the Essence
	  	 	40	  
	 Section 10.16 Usury
	  	 	40	  
	 Section 10.17 Construction
	  	 	40	  
	 Section 10.18 No Incorporation into Note
	  	 	41	  
	 Section 10.19 Entire Agreement
	  	 	41	  

 SCHEDULES 
  

			
	 Schedule 6.1
	  	Organization and Ownership of Material Subsidiaries
	 Schedule 6.4
	  	Tax Filings and Payments
	 Schedule 6.5
	  	Certain Pending and Threatened Litigation
	 Schedule 6.7
	  	Liens on Borrower Assets
	 Schedule 6.11
	  	Employee Benefit Matters
	 Schedule 6.13
	  	Outstanding Debt and Defaults
	 Schedule 6.14
	  	Conflicting Agreements
	 Schedule 6.15(a)
	  	Environmental Compliance
	 Schedule 6.15(b)
	  	Environmental Notices
	 Schedule 6.15(c)
	  	Environmental Permits
	 Schedule 6.17
	  	Patent, Trademark, License, and Other Intellectual Property Matters
	 Schedule 6.21
	  	Labor and Employment Matters
	 Schedule 6.22
	  	Intercompany Loans
	 Schedule 6.23
	  	Burdensome Restrictions
	 Schedule 6.27(a)
	  	Places of Business
	 Schedule 6.27(b)
	  	Material Places of Business
	 Schedule 8.1(b)
	  	Existing Indebtedness
	 Schedule 8.2
	  	Existing Liens
	 Schedule 8.5
	  	Permitted Investments
	 Schedule 9.10
	  	Permitted Stockholders

  
 iii

 TERM LOAN AGREEMENT 

THIS TERM LOAN AGREEMENT, dated as of January 26, 2012 (the “Agreement”), is made and entered into by
and between BROWN & BROWN, INC., a Florida corporation (the “Borrower”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (the “Lender”). 

WITNESSETH: 
 WHEREAS, on January 9, 2012, the Lender made available to the Borrower an uncommitted line credit facility in an amount up to $50,000,000 (the “Uncommitted Line
Facility”), as evidenced by that certain Promissory Note, dated January 9, 2012, by the Borrower in favor of the Lender (the “Uncommitted Line Facility Note”); and 

WHEREAS, the Borrower desires to obtain from the Lender a term credit facility consisting of a $100,000,000 term loan (the
“Loan”), having a maturity date of December 31, 2016, and the Lender is willing to make such Loan available upon the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants made herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

ARTICLE I 

DEFINITIONS; CONSTRUCTION 
 Section 1.1 Definitions. As used in this Agreement, and in any instrument, certificate, document or report delivered pursuant thereto, the following terms shall have the following
meanings (to be equally applicable to both the singular and plural forms of the term defined): 
 “2004 Note
Offering” shall mean that certain transaction by which the Borrower has incurred Indebtedness up to the maximum principal amount of $200,000,000 all pursuant to the 2004 Note Purchase Agreement. 

“2004 Note Purchase Agreement” shall mean that certain Note Purchase Agreement between the Borrower and the
Purchasers scheduled thereto and dated July 15, 2004 by which the Borrower has issued both Series A Notes and Series B Notes, as the same may be amended or modified from time to time. 

“2006 Note Offering” shall mean one or more transactions by which the Borrower has incurred or may in the future
incur Indebtedness up to the maximum principal amount of $200,000,000, all pursuant to the 2006 Note Purchase Agreement. 

“2006 Note Purchase Agreement” shall mean that certain Note Purchase Agreement between the Borrower and the
Purchasers party thereto and dated December 22, 2006 by which the Borrower has issued Series C Notes, Series D Notes, and Series E Notes (as defined therein) and pursuant to which the Borrower may issue from time to time Fixed Rate Shelf
Notes and Floating Rate Shelf Notes (as defined therein), as the same may be amended or modified from time to time. 

“ABR” when used in reference to any Loan or Advance, refers to whether such Loan is, or the Loans comprising such
Advance are, bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “ABR Advance”
shall mean an Advance bearing interest based on the Alternate Base Rate. 
 “Adjusted LIBO Rate”
shall mean, with respect to any Eurodollar Borrowing for any Interest Period (or, as applicable, for the purpose of determining the Alternate Base Rate for any day by reference to a one month Interest Period), an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

 “Advances” shall mean any principal amount advanced and remaining
outstanding at any time under the Loan, which Advance shall be made or outstanding as an ABR Advance or a Eurodollar Advance, as the case may be. The initial and only Advance the Term Loan shall be a Eurodollar Advance. 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by, or under
common control with, such Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”,
“controlled by”, and “under common control with”) as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person. 

“Agreement” shall mean this Term Loan Agreement, as originally executed and as it may be from time to time
supplemented, amended, restated, renewed or extended and in effect. 
 “Alternate Base
Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest
Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate appearing
on the Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day (or if such day is not a Business Day, the immediately preceding Business Day). Any change in the
Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the
Adjusted LIBO Rate, respectively. 
 “Alternate Base Rate Loan” shall mean a Loan which bears
interest at the Alternate Base Rate. 
 “Arrowhead Acquisition” shall mean the transaction by which the
Borrower has acquired Arrowhead General Insurance Agency, Inc.  
 “Asset Value” shall mean, with
respect to any property or asset of any Consolidated Company as of any particular date, an amount equal to the greater of (a) the then book value of such property or asset as established in accordance with GAAP, and (b) the then fair
market value of such property or asset as determined in good faith by the board of directors of such Consolidated Company. 

“Bankruptcy Code” shall mean The Bankruptcy Code of 1978, as amended and in effect from time to time (11 U.S.C.
§§101 et seq.). 
 “Board” means the Board of Governors of the Federal Reserve System
of the United States of America. 
 “Book of Business Sales” shall mean the sale by a Consolidated
Company in the ordinary course of business of a book of business, either by the sale of assets or Capital Stock, which may include the sale of what is characterized as its profit center operations (i.e. office) that are made from time to time and
are consistent with past practice, and where the value is less than $20,000,000. 
 “Borrowing” shall
mean the making of a Loan, the extension of an Advance, or the conversion of a Loan of one Type into a Loan of another Type. 

“Business Day” shall mean, with respect to Eurodollar Advances, any day other than a day on which commercial
banks are closed or required to be closed for domestic and international business, including dealings in Dollar deposits on the London Interbank Market, and with respect to all other Loans and matters, any day other than Saturday, Sunday and a day
on which commercial banks are required to be closed for business in New York, New York and Orlando, Florida. 

“Capital” shall mean the sum of (a) Funded Debt plus (b) Consolidated Net Worth of the
Consolidated Companies. 

  
 2 

 “Capitalized Lease Obligations” shall mean all lease obligations
which have been or are required to be, in accordance with GAAP, capitalized on the books of the lessee. 
 “Capital
Stock” of any Person shall mean any shares, equity or profits interests, participations or other equivalents (however designated) of capital stock and any rights, warrants or options, or other securities convertible into or exercisable
or exchangeable for any such shares, equity or profits interest, participations or other equivalents, directly or indirectly (or any equivalent ownership interest, in the case of a Person which is not a corporation). 

“CERCLA” has the meaning set forth in Section 6.15(a) of this Agreement. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the
adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or
(c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directive thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or, pursuant to the accord commonly referred to as “Basel III” or the United States or foreign regulatory authorities, shall in each case be deemed to be a
“Change in Law,” regardless of the date enacted, adopted or issued. 
 “Closing Date” shall
mean the date of this Agreement. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from
time to time. 
 “Consolidated Companies” shall mean, collectively, Borrower and all of its
Subsidiaries. 
 “Consolidated EBIT” shall mean, for any fiscal period of the Borrower, an amount equal
to the sum of (a) the Consolidated Net Income (Loss), plus (b) to the extent deducted in determining Consolidated Net Income (Loss), (i) provisions for taxes based on income, and (ii) Consolidated Interest Expense,
for the Consolidated Companies, less (c) gains on sales of assets (excluding sales in the ordinary course of business, which would include Book Of Business Sales) and other extraordinary gains and other one-time non-cash gains,
all as determined in accordance with GAAP. 
 “Consolidated EBITDA” shall mean, for any fiscal period of
the Borrower, an amount equal to the sum of (a) the Consolidated EBIT, plus to the extent deducted in determining Consolidated Net Income (Loss), (b)(i) depreciation and (ii) amortization of the Consolidated Companies,
plus (c) non-cash charges to the extent deducted in determining Consolidated Net Income (Loss), plus (d) to the extent deducted in determining Consolidated Net Income (Loss), all non-cash stock grant
compensation all as determined for the Consolidated Companies in accordance with GAAP. 
 “Consolidated Interest
Expense” shall mean, for any period, total interest expense (including that attributable to Capital Lease Obligations) of the Consolidated Companies for such period with respect to all outstanding Indebtedness of the Consolidated
Companies calculated on a consolidated basis for the Consolidated Companies for such period in accordance with GAAP. 

“Consolidated Net Income (Loss)” shall mean, for any fiscal period of Borrower, the net income (or loss) of the
Consolidated Companies on a consolidated basis for such period (taken as a single accounting period) determined in accordance with GAAP; provided that there shall be excluded therefrom: (a) any items of gain or loss,
together with any related provision for taxes, which were included in determining such consolidated net income and were not realized in the ordinary course of business or the result of a sale of assets other than in the ordinary course of business;
and (b) the income (or loss) of any Person accrued prior to the date such Person becomes a Subsidiary of Borrower or (in the case of a Person other than a Subsidiary) is merged into or consolidated with any Consolidated Company, or such
Person’s assets are acquired by any Consolidated Company. 
 “Consolidated Net Worth” shall mean as
of the date of determination, the Borrower’s Shareholders’ Equity as determined in accordance with GAAP. 

  
 3 

 “Consolidated Rental Expense” shall mean, with reference to any
period, the aggregate fixed amounts payable by the Consolidated Companies under any operating leases, calculated on a consolidated basis for the Consolidated Companies for such period in accordance with GAAP. 

“Consolidated Subsidiary” shall mean, as at any particular time, any corporation included as a consolidated
subsidiary of Borrower in Borrower’s most recent financial statements furnished to its stockholders and certified by Borrower’s independent public accountants. 
 “Contractual Obligation” of any Person shall mean any provision of any security issued by such Person or of any agreement, instrument or undertaking under which such Person is
obligated or by which it or any of the property owned by it is bound. 
 “Credit Documents” shall mean,
collectively, this Agreement, the Fee Letter (as defined in Section 4.5) and the Note. 
 “Credit
Parties” shall mean, collectively, each of Borrower, and every other Person who from time to time executes a Credit Document with respect to all or any portion of the Obligations. 

“Default” shall mean any condition or event which, with notice or lapse of time or both, would constitute an
Event of Default. 
 “Default Rate” shall mean the rate of interest set forth in
Section 4.3 hereof. 
 “Dollar” and “U.S. Dollar” and the sign
“$” shall mean lawful money of the United States of America. 
 “Earnout Payments” shall mean,
in connection with an acquisition of the business by a Consolidated Company, any payments agreed to be made to the sellers in said acquisition as a part of the purchase price, and which payments are based upon certain performance or other standards
relating to the business which has been acquired. 
 “EBITDA” shall mean Consolidated EBITDA.

 “Environmental Laws” shall mean all federal, state, local and foreign statutes and codes or
regulations, rules or ordinances issued, promulgated, or approved thereunder, now or hereafter in effect (including, without limitation, those with respect to asbestos or asbestos containing material or exposure to asbestos or asbestos containing
material), relating to pollution or protection of the environment and relating to public health and safety, relating to (a) emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals or industrial toxic or
hazardous constituents, substances or wastes, including without limitation, any Hazardous Substance, petroleum including crude oil or any fraction thereof, any petroleum product or other waste, chemicals or substances regulated by any Environmental
Law into the environment (including without limitation, ambient air, surface water, ground water, land surface or subsurface strata), (b) the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport or
handling of any Hazardous Substance, petroleum including crude oil or any fraction thereof, any petroleum product or other waste, chemicals or substances regulated by any Environmental Law, or (c) underground storage tanks and related piping,
and emissions, discharges and releases or threatened releases therefrom, such Environmental Laws to include, without limitation, (i) the Clean Air Act (42 U.S.C. §7401 et seq.), (ii) the Clean Water Act (33 U.S.C. §1251
et seq.), (iii) the Resource Conservation and Recovery Act (42 U.S.C. §6901 et seq.), (iv) the Toxic Substances Control Act (15 U.S.C. §2601 et seq.) and (v) the Comprehensive Environmental Response
Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act (42 U.S.C. §9601 et seq.). 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time. 

“ERISA Affiliate” shall mean, with respect to any Person, each trade or business (whether or not incorporated)
which is a member of a group of which that Person is a member and which is either within a controlled group of corporations or under common control within the meaning of the regulations promulgated under Section 414 of the Code and the
regulations promulgated thereunder. 

  
 4 

 “Eurodollar”, when used in reference to any Loan or Borrowing, shall
refer to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Eurodollar Advance” shall mean an Advance bearing interest based on the LIBO Rate. 
 “Eurodollar Loans” shall mean a Loan that bears interest at the Adjusted LIBO Rate. 
 “Event of Default” shall have the meaning set forth in Article IX hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and any successor statute thereto. 

“Excluded Taxes” shall mean, with respect to any payment made by any Credit Party under any Credit Document, any
of the following Taxes imposed on or with respect to the Lender: (a) income or franchise Taxes imposed on (or measured by) its overall net income by the United States of America, (i) by the jurisdiction (or any political subdivision
thereof) in which Lender’s applicable lending office is located or (ii) by any jurisdiction as a result of a present or former connection between the Lender and the jurisdiction imposing such tax (or any political subdivision thereof),
other than any such connection arising solely from Lender having executed, delivered or performed its obligations, received a payment under, received a perfected security interest under, engaged in any other transaction contemplated by, or enforced,
this Agreement or any other Credit Document, (b) any branch profits Taxes imposed by the United States of America or any similar Taxes imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Non U.S.
Lender, any U.S. federal withholding Taxes resulting from any law in effect on the date such Non U.S. Lender becomes a party to this Agreement (or designates a new lending office). 

“Executive Officer” shall mean with respect to any Person, the Chief Executive Officer, the President, any Vice
President, Chief Financial Officer, Treasurer, Secretary and any Person holding comparable offices or duties. 

“Federal Funds Effective Rate” shall mean, for any day, the weighted average (rounded upwards, if necessary, to
the next 1/100 of 1%) of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if
such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Lender from three federal funds brokers of
recognized standing selected by it. 
 “Funded Debt” shall mean all Indebtedness for money borrowed,
Indebtedness evidenced or secured by purchase money liens, Capitalized Lease Obligations, conditional sales contracts and similar title retention debt instruments (regardless of when such Indebtedness matures). The calculation of Funded Debt shall
include (without duplication) (a) all Funded Debt of the Consolidated Companies, (b) all Funded Debt of other Persons, other than Subsidiaries, which has been guaranteed by a Consolidated Company, which is supported by a letter of credit
issued for the account of a Consolidated Company, or as to which and to the extent a Consolidated Company or its assets have otherwise become liable for payment thereof, (c) all Indebtedness for money borrowed by the Consolidated Companies
pursuant to lines of credit or revolving credit facilities (regardless of the term thereof), and (d) all Subordinated Debt. 
 “Funded Debt to EBITDA Ratio” shall mean as of the applicable date, the ratio of (a) Funded Debt to (b) Consolidated EBITDA for the Consolidated Companies, on a
consolidated basis. 
 “GAAP” shall mean generally accepted accounting principles in the United States
of America, as set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board of in such other
statements by such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“Governmental Authority” shall mean the government of the United States of America, any other nation or any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government. 

  
 5 

 “Guaranteed Indebtedness” shall mean, as to any Person, any
obligation of such Person guaranteeing any indebtedness, lease, dividend, or other obligation (“primary obligation”) of any other Person (the “primary obligor”) in any manner including, without limitation, any obligation or
arrangement of such Person: (a) to purchase or repurchase any such primary obligation; (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation, or (ii) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (c) 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; (d) to indemnify the owner of such primary obligation against loss in respect thereof; (e) by which and to the extent said Person or
its assets have otherwise become liable for payment of any such primary obligation; or (f) supporting a letter of credit issued for the account of said primary obligor. 
 “Hazardous Materials” shall mean oil, petroleum or chemical liquids or solids, liquid or gaseous products, asbestos, or any other hazardous waste or Hazardous Substances,
including, without limitation, hazardous medical waste or any other substance described in any Hazardous Materials Law. 

“Hazardous Materials Law” shall mean the Comprehensive Environmental Response Compensation and Liability Act as
amended by the Superfund Amendments and Reauthorization Act, 42 U.S.C. §9601, the Resource Conservation and Recovery Act, 42 U.S.C. §6901, the state hazardous waste laws, as such laws may from time to time be in effect, and related
regulations, and all similar laws and regulations. 
 “Hazardous Substances” has the meaning assigned to
that term in CERCLA. 
 “Indebtedness” of any Person shall mean, without duplication: (a) all
obligations of such Person which in accordance with GAAP would be shown on the balance sheet of such Person as a liability (including, without limitation, obligations for borrowed money and for the deferred purchase price of property or services,
obligations evidenced by bonds, debentures, notes or other similar instruments, and contingent reimbursement obligations under undrawn letters of credit); (b) all Capitalized Lease Obligations; (c) all Guaranteed Indebtedness of such
Person; (d) Indebtedness of others secured by any Lien upon property owned by such Person, whether or not assumed; and (e) obligations or other liabilities under currency contracts, interest rate hedging contracts, or similar agreements or
combination thereof. Earnout Payments shall not be considered Indebtedness. 
 “Indemnified Taxes” shall
mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by any Credit Party under any Credit Document and (b) Other Taxes. 
 “Insurance Company Payables” shall mean payables due an insurance company from the Borrower or any of its Subsidiaries which arise from time to time in the ordinary and normal
course of business. 
 “Intercompany Credit Documents” shall mean, collectively, the promissory notes
and all related loan, subordination, and other agreements, to the extent that they exist, relating in any manner to the Intercompany Loans. 
 “Intercompany Loans” shall mean, collectively, (a) the loans more particularly described on Schedule 6.22, and (b) those loans or other extensions of
credit from time to time made by any Consolidated Company to another Consolidated Company satisfying the terms and conditions set forth in Section 8.1(e) or as may otherwise be approved in writing by the Lender. Intercompany Loans
do not include the practice of the Borrower in the normal course of “sweeping” cash accounts from its “branches” (i.e., subsidiaries) to centralize the cash operations of the Consolidated Companies. 

“Interest Period” shall mean with respect to Eurodollar Advances, the period of 1, 2, or 3 months selected by the
Borrower under Section 4.4 hereof. 
 “Investment” shall mean, when used with respect to any
Person, any direct or indirect advance, loan or other extension of credit (other than the creation of receivables in the ordinary course of business) or capital contribution by such Person (by means of transfers of property to others or payments for
property or services for the account or use of others, or otherwise) to any Person, or any direct or indirect purchase or other acquisition by such Person of, or of a beneficial interest in, capital stock, partnership interests, bonds, notes,
debentures or other securities issued by any other Person. 

  
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 “JPMorgan” means JPMorgan Chase Bank, National Association, a
national banking association, and its successors. 
 “Lender” or “Lenders” shall mean
JPMorgan and each assignee thereof, if any. 
 “Lending Office” shall mean for the Lender the office the
Lender may designate in writing from time to time to Borrower with respect to each Type of Loan. 
 “LIBO
Rate” shall mean, for any Interest Period for any Eurodollar Loan comprising part of the same Borrowing, an interest rate per annum equal to the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of
such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Lender from time to time for purposes of providing quotations of
interest rates applicable to U.S. Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at
which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Lender in immediately available funds in the London interbank market at approximately 11:00 a.m., London
time, two (2) Business Days prior to the commencement of such Interest Period. 
 “Lien” shall mean
any mortgage, pledge, security interest, encumbrance, lien or charge of any kind or description and shall include, without limitation, any agreement to give any of the foregoing, any conditional sale or other title retention agreement, any
capitalized lease in the nature thereof including any lease or similar arrangement with a public authority executed in connection with the issuance of industrial development revenue bonds or pollution control revenue bonds, and the filing of or
agreement to give any financing statement under the Uniform Commercial Code of any jurisdiction. 
 “Loan”
shall mean the Term Loan. 
 “Margin Regulations” shall mean Regulation T, Regulation U and
Regulation X of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time. 

“Material Place of Business” shall mean the Places of Business set forth in Schedule 6.27(b) hereto
and any other or new Place of Business which is either (a) owned by a Consolidated Company, or (b) leased by a Consolidated Company, at which the Consolidated Company has at said location tangible personal property which is material to the
operations of that Consolidated Company. 
 “Materially Adverse Effect” shall mean the occurrence of an
event which could reasonably be expected to cause a materially adverse change in (a) the business, results of operations, financial condition, assets or prospects of the Consolidated Companies, taken as a whole, (b) the ability of the
Borrower to perform its obligations under this Agreement, or (c) the ability of the Credit Parties (taken as a whole) to perform their respective obligations under the Credit Documents. 

“Maturity Date” shall mean the earlier of (a) December 31, 2016, and (b) the date on which all
amounts outstanding under this Agreement have been declared or have automatically become due and payable pursuant to the provisions of Article IX hereof. 
 “Multi-Employer Plan” shall have the meaning set forth in Section 4001(a)(3) of ERISA. 
 “Non-U.S. Lender” shall mean a Lender that is not a U.S. Person. 

  
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 “Note” shall mean the Term Note, either as originally executed and
as the same may be from time to time supplemented, modified, amended, renewed or extended. 
 “Notice of
Conversion/Continuation” shall have the meaning provided in Section 4.1 hereof, the form of which is reasonably acceptable to Lender. 
 “Obligations” shall mean all amounts owing to the Lender pursuant to the terms of this Agreement or any other Credit Document, including without limitation, all Loans (including
all principal and interest payments due thereunder), fees (including reasonable attorneys’ fees as permitted under any Credit Document), expenses, indemnification and reimbursement payments (including any reimbursement obligation with respect
to any letter of credit, if drawn upon after any Event of Default which has occurred and is continuing), indebtedness, liabilities, and obligations of the Credit Parties, direct or indirect, absolute or contingent, liquidated or unliquidated, now
existing or hereafter arising, together with all renewals, extensions, modifications or refinancings thereof. 

“OFAC” shall have the meaning assigned to such term in Section 7.10. 

“Other Connection Taxes” shall mean, with respect to Lender, Taxes imposed as a result of a present or former
connection between Lender and the jurisdiction imposing such Taxes (other than a connection arising from the Lender having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, or engaged in any other transaction pursuant to, or enforced, any Credit Document or sold or assigned an interest in any Loan or Advance or in this Agreement). 

“Other Taxes” shall mean any present or future stamp, court, documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, any Credit
Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation, and any successor thereto. 

“Permitted Acquisitions” shall mean the acquisition, by merger, consolidation, purchase or otherwise, by any
Consolidated Company of any Person where substantially all the assets or stock of said Person who is not affiliated with the Borrower are purchased, to the extent no Event of Default will occur or be continuing and the Funded Debt to EBITDA Ratio
for the trailing twelve month period then ended on a pro forma basis after giving effect to such acquisition calculated in a manner acceptable to Lender will not be greater than 2.5:1. 

“Permitted Liens” shall mean those Liens expressly permitted by Section 8.2 hereof.

 “Person” shall mean any individual, partnership, joint venture, firm, corporation, trust,
unincorporated association, government or any department or agency thereof, and any other entity whatsoever. 

“Places of Business” shall mean those locations owned or leased by any Consolidated Company or at which any
assets of any Consolidated Company are located, as set forth in Schedule 6.27(a) hereto. 

“Plan” shall mean any employee benefit plan, program, arrangement, practice or contract, maintained by or on
behalf of the Borrower or an ERISA Affiliate, which provides benefits or compensation to or on behalf of employees or former employees, whether formal or informal, whether or not written, including but not limited to, the following types of plans:

 (a) Executive Arrangements - any bonus, incentive compensation, stock option, deferred
compensation, commission, severance, “golden parachute”, “rabbi trust”, or other executive compensation plan, program, contract, arrangement or practice; 

(b) ERISA Plans - any “employee benefit plan” defined in Section 3(3) of ERISA,
including, but not limited to, any defined benefit pension plan, profit sharing plan, money purchase pension plan, savings or thrift plan, stock bonus plan, employee stock ownership plan, Multi-Employer Plan, or any plan, fund, program, arrangement
or practice providing for medical (including post-retirement medical), hospitalization, accident, sickness, disability, or life insurance benefits; and 

  
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 (c) Other Employee Fringe Benefits - any stock purchase,
vacation, scholarship, day care, prepaid legal services, severance pay or other fringe benefit plan, program, arrangement, contract or practice. 
 “Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by JPMorgan as its prime rate in effect at its office located at 270 Park Avenue, New
York, New York; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 
 “Regulation D” shall mean Regulation D of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time. 

“Requirement of Law” for any Person shall mean the articles or certificate of incorporation and by-laws or other
organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or a court or other governmental authority, in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject. 
 “Shareholders’ Equity” shall
mean, with respect to any Person as at any date of determination, the shareholders’ equity of such Person, determined on a consolidated basis in conformity with GAAP. 
 “Statement Date” shall mean the last day of the fiscal quarter of Borrower to which the quarterly financial statements relate as delivered from time to time by the Borrower under
Section 7.7(b) hereof. 
 “Statutory Reserve Rate” shall mean a fraction (expressed
as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the Lender is subject, with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentage shall
include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to the Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordinated Debt” shall mean all present and future Indebtedness of Borrower and its Subsidiaries to any Person
other than to the Lender under this Agreement, and which Indebtedness is subordinated to all Obligations due the Lender under this Agreement on terms and conditions satisfactory in all respects to the Lender including without limitation, with
respect to interest rates, payment terms, maturities, amortization schedules, covenants, defaults, remedies, collateral and subordination provisions, as evidenced by the written approval of the Lender, including, if required by the Lender, a
separate subordination agreement from the holder of said Indebtedness to the Lender. 
 “Subsidiary”
shall mean, with respect to any Person, any corporation or other entity (including, without limitation, partnerships, joint ventures, and associations) regardless of its jurisdiction of organization or formation, at least a majority of the
combined voting power of all classes of voting stock or other ownership interests of which shall, at the time as of which any determination is being made, be owned by such Person, either directly or indirectly through one or more other Subsidiaries.

 “SunTrust Loan” shall mean those certain credit and term loan facilities made available to the
Borrower by SunTrust Bank, pursuant to that certain Amended and Restated Revolving and Term Loan Agreement, dated as of January 9, 2012, as the same may be amended, modified, supplemented, replaced, restated, or refinanced from time to time,
not in contravention of the provisions hereof. 
 “Taxes” shall mean any present or future taxes,
levies, imposts, duties, fees, assessments, deductions, withholdings or other charges of whatever nature, including without limitation, income, receipts, excise, property, 

  
 9 

 
sales, transfer, license, payroll, withholding, social security and franchise taxes now or hereafter imposed or levied by the United States, or any state, local or foreign government or by any
department, agency or other political subdivision or taxing authority thereof or therein and all interest, penalties, additions to tax and similar liabilities with respect thereto. 

“Term Loan” shall mean the term loan made to Borrower by the Lender pursuant to Article III
hereof. 
 “Term Loan Commitment” shall mean the amount of $100,000,000. 

“Term Note” shall mean the promissory note evidencing the Term Loan. 

“Type” of Borrowing shall mean a Borrowing consisting of ABR Advances or Eurodollar Advances. 

“U.S.” and “United States” shall mean the United States of America. 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)
of the Code. 
 “Uncommitted Line Facility” shall have the meaning set forth in the recitals to this
Agreement. 
 “Uncommitted Line Facility Note” shall have the meaning set forth in the recitals to this
Agreement. 
 “Wholly Owned Subsidiary” shall mean any Subsidiary, all the stock or ownership interest
of every class of which, except directors’ qualifying shares, shall, at the time as of which any determination is being made, be owned by Borrower either directly or indirectly. 

Section 1.2 Accounting Terms and Determination. Unless otherwise defined or specified herein, all accounting terms
shall be construed herein, all accounting determinations hereunder shall be made, all financial statements required to be delivered hereunder shall be prepared, and all financial records shall be maintained in accordance with, GAAP. 

Section 1.3 Other Definitional Terms. The words “hereof”, “herein” and “hereunder” and
words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, Schedule, Exhibit and like references are to this Agreement unless otherwise
specified. 
 Section 1.4 Exhibits and Schedules. All Exhibits and Schedules attached hereto are by
reference made a part hereof. 
 ARTICLE II 
 [Intentionally Omitted] 
 ARTICLE III 

TERM LOAN 
 Section 3.1 Commitment: Use of Proceeds. 
 (a)
Subject to and upon the terms and conditions herein set forth, the Lender has made to Borrower on the Closing Date, the Term Loan in an aggregate amount of the Lender’s Term Loan Commitment. The Term Loan is a term loan and, therefore, Borrower
shall not be entitled to obtain any further or additional Advances on the Term Loan after the Closing Date. 

  
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 (b) The amount advanced on the Term Loan on the Closing Date shall be deemed
to be an ABR Advance. The Term Loan shall, at the option of Borrower, be continued as, or converted into, part of one or more Borrowings that shall consist entirely of ABR Advances or Eurodollar Advances. The aggregate principal amount of each
Borrowing under the Term Loan shall in the case of Eurodollar Advances be not less than $5,000,000 or a greater integral multiple of $1,000,000, and in the case of ABR Advances shall be not less than $1,000,000 or a greater integral multiple
of $100,000, or in such lesser amount as shall then equal the outstanding balance of the Term Loan. At no time shall the number of Borrowings made as Eurodollar Advances then outstanding under this Article III exceed five; provided that, for
the purpose of determining the number of Borrowings outstanding and the minimum amount for Borrowings resulting from continuations, all Borrowings of ABR Advances under the Term Loan shall be considered as one Borrowing. The parties hereto agree
that the aggregate principal balance of the Term Loan shall not exceed the Term Loan Commitment. 
 (c) The
proceeds of the Term Loan shall be used solely for the following purposes: 
 (i) To repay in full the
Uncommitted Line Facility on the Closing Date and a portion of the outstanding principal of the SunTrust Loan incurred in connection with the Arrowhead Acquisition; 

(ii) To pay all transaction fees and expenses incurred in connection with this facility including any fees and costs and
expenses, including attorneys’ fees, of the Lender, and, with the consent of the Lender, costs and expenses, including attorneys’ fees, of the Borrower. 
 Section 3.2 Term Note; Repayment of Principal. 

(a) Borrower’s obligations to pay the principal of, and interest on, the Term Loan to the Lender shall be evidenced
by the records of the Lender and by the Term Note payable to the Lender completed in conformity with this Agreement. 
 (b) All outstanding principal amounts under the Term Loan shall be due and payable in full on the Maturity Date. 
 Section 3.3 Payment of Interest. 
 (a) Borrower
agrees to pay interest in respect of all unpaid principal amounts of the Term Loan from the respective dates such principal amounts were advanced to maturity (whether by acceleration, notice of prepayment or otherwise) at rates per annum (computed
on the basis of a 360 day year for the actual number of days elapsed) equal to the: 
 (i) For ABR Advances - The
Alternative Base Rate in effect from time to time; and 
 (ii) For Eurodollar Advances - The relevant Adjusted
LIBO Rate plus one percent (1.0%). 
 (b) Interest on the Term Loan shall accrue from and
including the date of funding of such Loan to the date of any repayment thereof. Interest on the Term Loan shall be payable on the last day of each Interest Period applicable thereto provided, however, if the Interest Period is longer
than three (3) months, then the interest will be paid on the last day of each three (3) month period prior to the expiration of the applicable Interest Period, provided, further, if the Borrower has elected under
Section 4.1(c) to convert any portion of the Term Loan into an ABR Advance, interest on all outstanding ABR Advances shall be payable quarterly in arrears on the last calendar day of each fiscal quarter of Borrower in each year.
No further advances shall be made on the Term Loan from and after the initial advance made by the Lender to fully fund the Term Loan. 

  
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 ARTICLE IV 
 GENERAL LOAN TERMS 
 Section 4.1 Funding
Notices. 
 (a) Subject to the satisfaction in full of the terms and conditions herein, the Lender
shall fully fund the Term Loan Commitment Closing Date. 
 (b) Whenever Borrower desires to convert one or more
Borrowings of one Type into one or more Borrowings of another Type, or to continue outstanding a Borrowing consisting of Eurodollar Advances for a new Interest Period, it shall give Lender prior written notice of each such Borrowing to be converted
or continued (a “Notice of Conversion/Continuation”), such Notice of Conversion/Continuation to be given prior to 11:00 A.M. (local time for the Lender) at its Lending Office (i) one (1) Business Day prior to the
requested date of such Borrowing in the case of the continuation into an ABR Advance, and (ii) three (3) Business Days prior to the requested date of such Borrowing in the case of a continuation of or conversion into Eurodollar Advances.
Notices received after 11:00 A.M. shall be deemed received on the next Business Day. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify the aggregate principal amount of the Borrowing to be converted or continued, the
date of such conversion or continuation (which shall be a Business Day), whether the Borrowing is being converted into or continued as Eurodollar Advances and (in the case of Eurodollar Advances) the Interest Period applicable thereto. If, upon the
expiration of any Interest Period in respect of any Borrowing, Borrower shall have failed to deliver the Notice of Conversion/Continuation, Borrower shall be deemed to have elected to continue such Borrowing as a Eurodollar Advance for the same
interest Period then applicable to said Borrowing. No conversion of any Borrowing of Eurodollar Advances shall be permitted except on the last day of the Interest Period in respect thereof. 

Section 4.2 Disbursement of Funds. The Lender will make available the amount of each Borrowing in immediately
available funds to an account designated by Borrower to Lender in writing. 
 Section 4.3 Interest; Default, Payment
and Determination. Overdue principal and, to the extent not prohibited by applicable law, overdue interest, in respect of the Term Loan, and all other overdue amounts owing hereunder, shall bear interest from each date that such amounts are
overdue, at the interest rate otherwise applicable to said amount plus an additional two percent (2.0%) per annum. 
 Section 4.4 Interest Periods. In connection with the making or continuation of, or conversion into, each Eurodollar Advance, Borrower shall select an Interest Period to be applicable to
such Eurodollar Advance, which Interest Period shall be a 1, 2 or 3 month period; provided that: 
 (a) The initial Interest Period for any Borrowing of Eurodollar Advances shall commence on the date of such Borrowing and each Interest Period occurring thereafter in respect of such Borrowing shall
commence on the day on which the next preceding Interest Period expires; 
 (b) If any Interest Period would
otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; 
 (c) Any Interest Period in respect of Eurodollar Advances which begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period shall, subject
to part (d) below, expire on the last Business Day of such calendar month; and 
 (d) No Interest Period
shall extend beyond the Maturity Date. 

  
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 Section 4.5 Fees. 

(a) Borrower shall pay to Lender all fees and amounts separately agreed to in writing in that certain Fee Letter dated the
Closing Date (as amended, restated or modified) by and between Borrower and Lender (the “Fee Letter”). 

Section 4.6 Voluntary Prepayments of Borrowings. 

(a) Borrower may, at its option, prepay Borrowings consisting of ABR Advances at any time in whole, or from time to time
in part, in amounts aggregating $5,000,000 or any greater integral multiple of $1,000,000, by paying the principal amount to be prepaid together with interest accrued and unpaid thereon to the date of prepayment. Those Borrowings consisting of
Eurodollar Advances may be prepaid, at Borrower’s option, in whole, or from time to time in part, in aggregating $5,000,000 or any greater integral multiple of $1,000,000, by paying the principal amount to be prepaid, together with interest
accrued and unpaid thereon to the date of prepayment, provided however, prepayment of Eurodollar Advances may only be made on the last day of an Interest Period applicable thereto. 

(b) Borrower shall give written notice (or telephonic notice confirmed in writing) to the Lender of any intended
prepayment of the Loan (i) not less than one (1) Business Day prior to any prepayment of ABR Advances, and (ii) not less than three (3) Business Days prior to any prepayment of Eurodollar Advances. Such notice, once given, shall
be irrevocable. 
 (c) Borrower, when providing notice of prepayment pursuant to
Section 4.6(b) shall designate the Types of Advances and the specific Borrowing or Borrowings which are to be prepaid, provided that if any prepayment of Eurodollar Advances made pursuant to a single Borrowing shall
reduce the outstanding Advances made pursuant to such Borrowing to an amount less than $1,000,000, such Borrowing shall immediately be converted into ABR Advances. 

(d) In the event any prepayments are made on the Term Loan, the Borrower shall not thereafter have any right to reborrow
said amount under the Term Loan 
 Section 4.7 Payments, etc. Except as otherwise specifically
provided herein, all payments under this Agreement and the other Credit Documents, other than the payments specified in clause (b) below, shall be made without notice, defense, set-off or counterclaim to the Lender, not later than 11:00 A.M.
(local time for the Lender) on the date when due and shall be made in Dollars in immediately available funds to the Lender at the Lender’s Lending Office. 
 (a) (i) All such payments shall be made free and clear of and without deduction or withholding for any Taxes in respect of this Agreement, the Note or other Credit Documents, or any payments of principal,
interest, fees or other amounts payable hereunder or thereunder. If applicable law requires the deduction or withholding of any Taxes from any such payment, then each Credit Party agrees (A) to pay the full amount of such Taxes, and such
additional amounts as may be necessary so that every net payment of all amounts due hereunder and under the Note and other Credit Documents, after withholding or deduction for or on account of any such Taxes (including additional sums payable under
this Section 4.7), will not be less than the full amount provided for herein had no such deduction or withholding been required, (B) to make such withholding or deduction, and (C) to pay the full amount deducted to the
relevant authority in accordance with applicable law. Borrower will furnish to the Lender within thirty days after the date the payment of any Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by
Borrower and a copy of any Tax return required by applicable law to report such payment. Borrower will indemnify and hold harmless the Lender and reimburse the Lender upon written request for the amount of any Indemnified Taxes paid or payable by
Lender, or required to be deducted or withheld from a payment to Lender, and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes were correctly or illegally asserted. A
certificate as to the amount of such payment or liability by the Lender, absent manifest error, shall be final, conclusive and binding for all purposes. 

  
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 (b) Subject to Section 4.4(b), whenever any payment to be
made hereunder or under any Note shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable
at the applicable rate during such extension. 
 (c) All computations of interest and fees shall be made on the
basis of a year of 360 days for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period for which such interest or fees are payable (to the extent computed on the basis of days elapsed).

 (d) Without duplication of, or limiting the provisions of subsection (a) above, the Borrower shall timely
pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Lender timely reimburse Lender for the payment of, any Other Taxes. 
 Section 4.8 LIBO Rate Not Ascertainable, Etc. In the event that the Lender shall have determined (which determination shall be made in good faith and, absent manifest error, shall be
final, conclusive and binding upon all parties) that on any date for determining the LIBO Rate for any Interest Period, by reason of any changes arising after the date of this Agreement affecting the London interbank market or the Lender’s
position in such markets, adequate and fair means do not exist for ascertaining the applicable interest rate on the basis provided for in the definition of LIBO Rate then, and in any such event, the Lender shall forthwith give notice (by telephone
confirmed in writing) to Borrower of such determination and a summary of the basis for such determination. Until the Lender notifies Borrower that the circumstances giving rise to the suspension described herein no longer exist (which Lender agrees
to give as soon as conditions warrant), the obligations of the Lender to make or permit portions of the Loans to remain outstanding past the last day of the then current Interest Periods as Eurodollar Advances, shall be suspended, and such affected
Advances shall bear the same interest as ABR Advances. 
 Section 4.9 Illegality. 

(a) In the event that the Lender shall have determined (which determination shall be made in good faith and, absent
manifest error, shall be final, conclusive and binding upon all parties) at any time that the making or continuance of any Eurodollar Advance in regard to any Loan has become unlawful by compliance by the Lender in good faith with any applicable
law, governmental rule, regulation, guideline or order (whether or not having the force of law and whether or not failure to comply therewith would be unlawful), then, in any such event, the Lender shall give prompt notice (by telephone confirmed in
writing) to Borrower of such determination and a summary of the basis for such determination. 
 (b) Upon the
giving of the notice to Borrower referred to in Subsection (a) above, (i) Borrower’s right to request and the Lender’s obligation to make Eurodollar Advances, shall be immediately suspended, and the Lender shall
make an Advance as part of the requested Borrowing of Eurodollar Advances as an ABR Advance, which ABR Advance shall, for all other purposes, be considered part of such Borrowing, and (ii) if the affected Eurodollar Advance or Advances are then
outstanding, Borrower shall immediately, or if permitted by applicable law, no later than the date permitted thereby, upon at least one Business Day’s written notice to the Lender, convert each such Advance into an Advance or Advances of a
different Type with an Interest Period ending on the date on which the Interest Period applicable to the affected Eurodollar Advances expires. 

  
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 Section 4.10 Increased Costs. 

(a) If by reason of any Change in Law: 

(i) the Lender (or its applicable Lending Office) shall be subject to any tax, duty or other charge with respect to its
Eurodollar Advances or its obligation to make Eurodollar Advances, or the basis of taxation of payments to the Lender of the principal of or interest on its Eurodollar Advances or its obligation to make Eurodollar Advances shall have changed (except
for changes in the tax on the net income or profits of the Lender or its applicable Lending Office imposed by any jurisdiction); 
 (ii) any reserve (including, without limitation, any imposed by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the
account of, or credit extended by, the Lender’s applicable Lending Office shall be imposed or deemed applicable or any other condition affecting its Eurodollar Advances or its obligation to make Eurodollar Advances shall be imposed on the
Lender or its applicable Lending Office or the London interbank market or the United States secondary certificate of deposit market; 
 (iii) there shall be imposed on Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by Lender or participation therein; or 

(iv) the Lender shall be subject 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 (other than (A) Indemnified Taxes and (B) Excluded Taxes); 
 and as a result thereof there shall be any increase in the cost to the Lender of agreeing to make or making, funding or maintaining Eurodollar Advances (except to the extent already included in the
determination of the applicable Adjusted LIBO Rate for Eurodollar Advances), or there shall be a reduction in the amount received or receivable by the Lender or its applicable Lending Office, then Borrower shall from time to time, upon written
notice from and demand by the Lender on Borrower pay to the Lender within five Business Days after the date of such notice and demand, additional amounts sufficient to indemnify the Lender against such increased cost. A certificate as to the amount
of such increased cost, submitted to Borrower by the Lender in good faith and accompanied by a statement prepared by the Lender describing in reasonable detail the basis for and calculation of such increased cost, shall, except for manifest error,
be final, conclusive and binding for all purposes. 
 (b) If the Lender determined that, because of the
circumstances described in Section 4.10(a) or any other circumstances beyond the Lender’s reasonable control arising after the date of this Agreement affecting the Lender or the London interbank market or the Lender’s
position in such markets, the Adjusted LIBO Rate, as determined by the Lender, will not adequately and fairly reflect the cost to the Lender of funding its Eurodollar Advances, then, and in any such event: 

(i) The Lender shall forthwith give notice (by telephone confirmed in writing) to Borrower; 

(ii) Borrower’s right to request and the Lender’s obligation to make or permit portions of the Loans to remain
outstanding past the last day of the then current Interest Periods as Eurodollar Advances, shall be immediately suspended; and 

  
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 (iii) The Lender shall make a Loan as part of any requested Borrowing of
Eurodollar Advances, as an ABR Advance, which such ABR Advance shall, for all other purposes, be considered part of such Borrowing. 
 Section 4.11 Funding Losses. Borrower shall compensate the Lender, upon its written request to Borrower (which request shall set forth the basis for requesting such amounts in
reasonable detail and which request shall be made in good faith and, absent manifest error, shall be final, conclusive and binding upon all of the parties hereto), for all losses, expenses and liabilities (including, without limitation, any interest
paid by the Lender to lenders of funds borrowed by it to make or carry its Eurodollar Advances, in either case to the extent not recovered by the Lender in connection with the reemployment of such funds and including loss of anticipated profits),
which the Lender may sustain: (a) if for any reason (other than a default by the Lender) a borrowing of, or conversion to or continuation of, Eurodollar Advances to Borrower does not occur on the date specified therefor in a Notice of
Conversion (whether or not withdrawn); (b) if any repayment (including mandatory prepayments and any conversions pursuant to Section 4.9(b)) of any Eurodollar Advances to Borrower occurs on a date which is not the last day of
an Interest Period applicable thereto; or (c), if, for any reason, Borrower defaults in its obligation to repay its Eurodollar Advances when required by the terms of this Agreement. 

Section 4.12 Assumptions Concerning Funding of Eurodollar Advances. Calculation of all amounts payable to a Lender
under this Article IV shall be made as though that Lender had actually funded its relevant Eurodollar Advances through the purchase of deposits in the relevant market bearing interest at the rate applicable to such Eurodollar Advances
in an amount equal to the amount of the Eurodollar Advances and having a maturity comparable to the relevant Interest Period and, in the case of Eurodollar Advances, through the transfer of such Eurodollar Advances from an offshore office of that
Lender to a domestic office of that Lender in the United States of America; provided, however, that the Lender may fund each of its Eurodollar Advances in any manner it sees fit and the foregoing assumption shall be used
only for calculation of amounts payable under this Article IV. 
 Section 4.13 Capital Adequacy.
Without limiting any other provision of this Agreement, in the event that the Lender shall have determined that a Change in Law regarding Capital Adequacy not currently in effect or fully applicable as of the Closing Date, or any change therein
or in the interpretation or application thereof after the Closing Date, or compliance by the Lender with any request or directive regarding capital adequacy not currently in effect or fully applicable as of the Closing Date (whether or not having
the force of law and whether or not failure to comply therewith would be unlawful) from a Governmental Authority or body having jurisdiction, does or shall have the effect of reducing the rate of return on the Lender’s capital as a consequence
of its obligations hereunder to a level below that which the Lender could have achieved but for such Change in Law (taking into consideration the Lender’s policies with respect to capital adequacy by an amount deemed by the Lender to be
material), then within ten Business Days after written notice and demand by the Lender, Borrower shall from time to time pay to the Lender additional amounts sufficient to compensate the Lender for such reduction (but, in the case of outstanding ABR
Advances, without duplication of any amounts already recovered by the Lender by reason of an adjustment in the applicable Alternate Base Rate). Each certificate as to the amount payable under this Section 4.13 (which certificate
shall set forth the basis for requesting such amounts in reasonable detail), submitted to Borrower by the Lender in good faith, shall, absent manifest error, be final, conclusive and binding for all purposes. 

Section 4.14 Limitation on Certain Payment Obligations. 

(a) The Lender shall make written demand on Borrower for indemnification or compensation pursuant to
Section 4.7 no later than ninety (90) days after the earlier of (i) the date on which the Lender makes payment of such Taxes, and (ii) the date on which the relevant taxing authority or other governmental authority
makes written demand upon the Lender for payment of such Taxes. 
 (b) The Lender shall make written demand on
Borrower for indemnification or compensation pursuant to Sections 4.11 and 4.12 no later than ninety (90) days after the event giving rise to the claim for indemnification or compensation occurs. 

  
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 (c) The Lender shall make written demand on Borrower for indemnification or
compensation pursuant to Sections 4.10 and 4.13 no later than ninety (90) days after the Lender or Lender receives actual notice or obtains actual knowledge of the promulgation of a law, rule, order or interpretation
or occurrence of another event giving rise to a claim pursuant to such sections. 
 (d) In the event that the
Lender fails to give Borrower notice within the time limitations prescribed in (a) or (b) above, Borrower shall not have any obligation to pay such claim for compensation or indemnification. In the event that the Lender fail to give
Borrower notice within the time limitation prescribed in (c) above, Borrower shall not have any obligation to pay any amount with respect to claims accruing prior to the ninetieth day preceding such written demand. 

Section 4.15 Change from One Type of Borrowing to Another. Subject to the limitations set forth in this
Agreement, the Borrower shall have the right from time to time to change from one Type of Borrowing to another by giving appropriate Notice of Conversion/Continuation in the manner set forth in Section 4.1. 

ARTICLE V 

CONDITIONS TO BORROWINGS 
 The obligations of the Lender to make the Term Loan to Borrower on the Closing Date and to accept a conversation of one Type of Loan into another is subject to the satisfaction of the following
conditions: 
 Section 5.1 Conditions Precedent to Advances. At the time of the making of the Term
Loan hereunder on the Closing Date, all obligations of Borrower hereunder incurred prior to any such Advance (including, without limitation, Borrower’s obligations to reimburse the reasonable fees and expenses of counsel to the Lender and any
fees and expenses payable to the Lender as previously agreed with Borrower), shall have been paid in full, and the Lender shall have received the following, in form and substance reasonably satisfactory in all respects to the Lender: 

(a) The duly executed counterparts of this Agreement; 

(b) The duly executed Term Note evidencing the Term Loan Commitment; 

(c) Duly executed Certificate of Borrower in substantially the form which is reasonable acceptable to the Lender and
appropriately completed; 
 (d) Duly executed Certificates of the Secretary or Assistant Secretary of each of the
Credit Parties attaching and certifying copies of the resolutions of the boards of directors of the Credit Parties, authorizing as applicable the execution, delivery and performance of the Credit Documents; 

(e) Duly executed Certificates of the Secretary or an Assistant Secretary of each of the Credit Parties certifying
(i) the name, title and true signature of each officer of such entities executing the Credit Documents, and (ii) the bylaws or comparable governing documents of such entities; 

(f) Certified copies of the certificate or articles of incorporation of each Credit Party certified by the Secretary of
State or the Secretary or Assistant Secretary of such Credit Party, together with certificates of good standing or existence, as may be available from the Secretary of State of the jurisdiction of incorporation or organization of such Credit Party;

 (g) Copies of all documents and instruments, including all consents, authorizations and filings, required or
advisable under any Requirement of Law or by any material Contractual Obligation of the Credit Parties, in connection with the execution, delivery, performance, validity and enforceability of the Credit Documents and the other documents to be
executed and delivered hereunder, and such consents, authorizations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired; 

  
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 (h) Certified copies of the Intercompany Credit Documents, to the extent
that they exist; 
 (i) Certified copies of indentures, credit agreements, leases, capital leases, instruments,
and other documents evidencing or securing Indebtedness of any Consolidated Company described on Schedule 8.1(b), other than with respect to any such Indebtedness outstanding with the Lender, in any single case greater than $100,000;

 (j) Certificates, reports and other information as the Lender may reasonably request from any Consolidated
Company in order to satisfy the Lender as to the absence of any material liabilities or obligations arising from matters relating to employees of the Consolidated Companies, including employee relations, collective bargaining agreements, Plans, and
other compensation and employee benefit plans; 
 (k) Certificates, reports, environmental audits and
investigations, and other information as the Lender may reasonably request from any Consolidated Company in order to satisfy the Lender as to the absence of any material liabilities or obligations arising from environmental and employee health and
safety exposures to which the Consolidated Companies may be subject, and the plans of the Consolidated Companies with respect thereto; 
 (l) Certificates, reports and other information as the Lender may reasonably request from any Consolidated Company in order to satisfy the Lender as to the absence of any material liabilities or
obligations arising from litigation (including without limitation, products liability and patent infringement claims) pending or threatened against the Consolidated Companies; 

(m) A summary, set forth in format and detail reasonably acceptable to the Lender, as the Lender may reasonably request,
of the types and amounts of insurance (property and liability) maintained by the Consolidated Companies; 
 (n)
The duly executed favorable opinion of in-house legal counsel to the Credit Parties, substantially in the form reasonably acceptable to Lender addressed to the Lender; 

(o) Financial Statements of the Borrower, audited on a consolidated basis for the fiscal years ended on December 31,
2008, 2009 and 2010; 
 (p) Financial Statements of the Borrower, internally prepared and unaudited, on a
consolidated basis for the three (3) month period ending September 30, 2011; and 
 (q) Evidence of
repayment in full of the Uncommitted Line Facility and repayment of not less than $50,000,000 in principal of the SunTrust Loan. 
 In addition
to the foregoing, the following conditions shall have been satisfied or shall exist, all to the reasonable satisfaction of the Lender, as of the time the initial Loans are made hereunder: 

(r) The Loan to be made on the Closing Date and the use of proceeds thereof shall not contravene, violate or conflict
with, or involve the Lender in a violation of, any law, rule, injunction, or regulation, or determination of any court of law or other governmental authority; 
 (s) All corporate proceedings and all other legal matters in connection with the authorization, legality, validity and enforceability of the Credit Documents shall be reasonably satisfactory in form and
substance to the Lender; and 

  
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 (t) The status of all pending and threatened litigation (including products
liability and patent claims) which might result in a Materially Adverse Effect, including a description of any damages sought and the claims constituting the basis therefor, shall have been reported in writing to the Lender, and the Lender shall be
satisfied with such status. 
 (u) There shall then exist no Default or Event of Default; 

(v) All representations and warranties by Borrower contained herein shall be true and correct in all material respects
with the same effect as though such representations and warranties had been made on and as of the date of such Loans (except to the extent that such representations and warranties expressly relate to an earlier date or are affected by transactions
permitted under this Agreement); 
 (w) Since the date of the most recent financial statements of the Borrower
described in Section 6.3 hereof, there shall have been no change which has had or could reasonably be expected to have a Materially Adverse Effect; 

(x) There shall be no action or proceeding instituted or pending before any court or other governmental authority or, to
the knowledge of Borrower, threatened (i) which reasonably could be expected to have a Materially Adverse Effect, or (ii) seeking to prohibit or restrict one or more Credit Party’s ownership or operation of any portion of its business
or assets, or to compel one or more Credit Parties to dispose of or hold separate all or any portion of its businesses or assets, where said action if successful would have a Materially Adverse Effect; 

(y) The Loans to be made and the use of proceeds thereof shall not contravene, violate or conflict with, or involve the
Lender in a violation of, any law, rule, injunction, or regulation, or determination of any court of law or other governmental authority applicable to Borrower; and 

(z) The Lender shall have received such other documents or legal opinions as the Lender may reasonably request, all in
form and substance reasonably satisfactory to the Lender. 
 Section 5.2 Certification For Each Borrowing.
Each Notice of Conversion/Continuation or any request for a Borrowing, and the acceptance by Borrower of the proceeds thereof shall constitute a representation and warranty by Borrower, as of the date of said notice or acceptance, as the case may
be, that the applicable conditions specified in Section 5.1 have been satisfied or are true and correct, as the case may be. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 

Borrower represents, warrants and covenants to Lender that: 
 Section 6.1 Organization and Qualification. Borrower is a corporation duly organized and existing in good standing under the laws of the State of Florida. Each Subsidiary of Borrower is
a corporation duly organized and existing under the laws of the jurisdiction of its incorporation. Borrower and each of its Subsidiaries are duly qualified to do business as a foreign corporation and are in good standing in each jurisdiction in
which the character of their properties or the nature of their business makes such qualification necessary, except for such jurisdictions in which a failure to qualify to do business would not have a Materially Adverse Effect. Borrower and each of
its Subsidiaries have the corporate power to own their respective properties and to carry on their respective businesses as now being conducted. The jurisdiction of incorporation or organization, and the ownership of all issued and outstanding
capital stock, for Borrower and each Subsidiary as of the date of this Agreement is accurately described on Schedule 6.1. 
 Section 6.2 Corporate Authority. The execution and delivery by the Credit Parties of and the performance by Credit Parties of their obligations under the Credit Documents have been duly

  
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authorized by all requisite corporate action and all requisite shareholder action, if any, on the part of Credit Parties and do not and will not (a) violate any provision of any law, rule or
regulation, any judgment, order or ruling of any court or governmental agency, the organizational papers or bylaws of Credit Parties, or any indenture, agreement or other instrument to which Credit Parties are a party or by which Credit Parties or
any of their properties is bound, or (b) be in conflict with, result in a breach of, or constitute with notice or lapse of time or both a default under any such indenture, agreement or other instrument. 

Section 6.3 Borrower Financial Statements. Borrower has furnished Lender with the following financial statement,
identified by the Treasurer or Chief Financial Officer of Borrower: consolidated balance sheets and consolidated statements of income, stockholders’ equity and cash flow as of and for the fiscal years ended on the last day in December, 2008,
2009 and 2010 certified by Deloitte & Touche, LLP, as applicable, and the three (3) month unaudited consolidated balance sheets and consolidated statements of income, stockholder equity and cash flow as and for the three (3) month
period ended on September 30, 2011. Such financial statements (including any related schedules and notes) are true and correct in all material respects (subject, as to interim statements, to changes resulting from audits and year-end
adjustments), have been prepared in accordance with GAAP consistently applied throughout the period or periods in question and show, in the case of audited statements, all liabilities, direct or contingent, of Borrower and its Subsidiaries, required
to be shown in accordance with GAAP consistently applied throughout the period or periods in question and fairly present the consolidated financial position and the consolidated results of operations of Borrower and its Subsidiaries for the periods
indicated therein. There has been no material adverse change in the business, condition or operations, financial or otherwise, of Borrower and its Subsidiaries since September 30, 2011. 

Section 6.4 Tax Returns. Except as set forth on Schedule 6.4 hereto, each of Borrower and its
Subsidiaries has filed all federal, state and other income tax returns which, to the best knowledge of Borrower and its Subsidiaries, are required to have been filed, and each has paid all taxes as shown on said returns and on all assessments
received by it to the extent that such taxes have become due or except such as are being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP. 

Section 6.5 Actions Pending. Except as disclosed on Schedule 6.5 hereto, there is no action,
suit, investigation or proceeding pending or, to the knowledge of Borrower, threatened against or affecting Borrower or any of its Subsidiaries or any of their properties or rights, by or before any court, arbitrator or administrative or
governmental body, which reasonably could be expected to result in any Materially Adverse Effect. 
 Section 6.6
Representations; No Defaults. At the time of each Borrowing, there shall exist no Default or Event of Default. 

Section 6.7 Title to Properties. Each Credit Party has (a) good and marketable fee simple title to its
respective real properties (other than real properties which it leases from others), including all such real properties reflected in the consolidated balance sheet of each Credit Party herein above described (other than real properties disposed of
in the ordinary course of business), subject to no Lien of any kind except as set forth on Schedule 6.7 hereto or as permitted by Section 8.2, and (b) good title to all of its other respective properties and
assets (other than properties and assets which it leases from others), including the other material properties and assets reflected in the consolidated balance sheet of each Credit Party hereinabove described (other than properties and assets
disposed of in the ordinary course of business or sold in accordance with Section 8.3 below), subject to no Lien of any kind except as set forth on Schedule 6.7, hereto or as permitted by
Section 8.2. Each Credit Party enjoys peaceful and undisturbed possession under all leases necessary in any material respect for the operation of its respective properties and assets, none of which contains any unusual or
burdensome provisions which might materially affect or impair the operation of such properties and assets, and all such leases are valid and subsisting and in full force and effect. To the extent any Consolidated Company is required by applicable
law to segregate or place in escrow any premiums or other similar payments, those amounts shall be kept in escrow and shall not be considered to be property of the Consolidated Company hereunder. 

Section 6.8 Enforceability of Agreement. This Agreement is the legal, valid and binding agreement of Borrower
enforceable against Borrower in accordance with its terms, and the Note, and all other Credit Documents, when executed and delivered, will be similarly legal, valid, binding and enforceable as

  
 20 

 
against all applicable Credit Parties, except as the enforceability of the Note and other Credit Documents may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws
affecting creditor’s rights and remedies in general and by general principles of equity, whether considered in a proceeding at law or in equity. 
 Section 6.9 Consent. No Consent, permission, authorization, order or license of any governmental authority or Person is necessary in connection with the execution, delivery, performance
or enforcement of the Credit Documents. 
 Section 6.10 Use of Proceeds; Federal Reserve Regulations. The
proceeds of the Note will be used solely for the purposes specified in Section 3.1(c) and none of such proceeds will be used, directly or indirectly, for the purpose of purchasing or carrying any “margin security” or
“margin stock” or for the purpose of reducing or retiring any indebtedness that originally was incurred to purchase or carry a “margin security” or “margin stock” or for any other purpose that might constitute this
transaction a “purpose credit” within the meaning of the regulations of the Board of Governors of the Federal Reserve System. 
 Section 6.11 ERISA. 
 (a)
Identification of Certain Plans. Schedule 6.11 hereto sets forth all Plans of Borrower and its Subsidiaries in effect on the date of this Agreement; 

(b) Compliance. Each Plan is being maintained, by its terms and in operation, in accordance with all
applicable laws, except such noncompliance (when taken as a whole) that will not have a Materially Adverse Effect; 
 (c) Liabilities. Neither the Borrower nor any Subsidiary is currently or will become subject to any liability (including withdrawal liability), tax or penalty whatsoever to any person
whomsoever with respect to any Plan including, but not limited to, any tax, penalty or liability arising under Title I or Title IV of ERISA or Chapter 43 of the Code, except such liabilities (when taken as a whole) as will not have a Materially
Adverse Effect; and 
 (d) Funding. The Borrower and each ERISA Affiliate have made full and timely
payment of all amounts (i) required to be contributed under the terms of each Plan and applicable law and (ii) required to be paid as expenses of each Plan, except where such nonpayment would not have a Material Adverse Effect. As of the
date of this Agreement, no Plan has an “amount of unfunded benefit liabilities” (as defined in Section 4001(a)(18) of ERISA) except as disclosed on Schedule 6.11. No Plan is subject to a waiver or extension of the
minimum funding requirements under ERISA or the Code, and no request for such waiver or extension is pending. 

Section 6.12 Subsidiaries. Schedule 6.1 hereto sets forth each Subsidiary of the Borrower as of the date of
this Agreement. All the outstanding shares of Capital Stock of each such Subsidiary have been validly issued and are fully paid and nonassessable and all such outstanding shares are owned by Borrower or a Wholly Owned Subsidiary of Borrower free of
any Lien. 
 Section 6.13 Outstanding Indebtedness. Except as set forth on Schedule 6.13
hereof, as of the Closing Date and after giving effect to the transactions contemplated by this Agreement, no Credit Party has outstanding any Indebtedness in an amount exceeding $250,000 except as permitted by Section 8.1 and
as of the Closing Date there exists no default under the provisions of any instrument evidencing such Indebtedness or of any agreement relating thereto except as noted on Schedule 6.13. 

Section 6.14 Conflicting Agreements. Except as set forth on Schedule 6.14 hereof, none of the Borrower
or any of its Subsidiaries is a party to any contract or agreement or other burdensome restrictions or subject to any charter or other corporate restriction which could have a Materially Adverse Effect. Assuming the consummation of the transactions
contemplated by this Agreement, neither the execution or delivery of this Agreement or the Credit Documents, nor fulfillment of or compliance with the terms and provisions hereof and thereof, will except as set forth in Schedule 6.14
hereof, conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in any violation of, or result in the creation of any Lien upon any of the properties or assets of Borrower or any of
its Subsidiaries (other than those in favor of the 

  
 21 

 
Lender) pursuant to, the charter or By-Laws of Borrower or any of its Subsidiaries, any award of any arbitrator or any agreement (including any agreement with stockholders), instrument, order,
judgment, decree, statute, law, rule or regulation to which Borrower or any of its Subsidiaries is subject, and none of the Borrower nor any of its Subsidiaries is a party to, or otherwise subject to any provision contained in, any instrument
evidencing Indebtedness of Borrower or any of its Subsidiaries in an amount exceeding $250,000, any agreement relating thereto or any other contract or agreement (including its charter) which limits the amount of, or otherwise imposes restrictions
on the incurring of, Indebtedness of the type to be evidenced by the Note or contains dividend or redemption limitations on Capital Stock of Borrower, except for this Agreement and those matters listed on Schedule 6.14 attached hereto.

 Section 6.15 Pollution and Other Regulations. 

(a) Except as set forth on Schedule 6.15(a), each of the Borrower and its Subsidiaries has to the best of
its knowledge complied in all material respects with all applicable Environmental Laws, including without limitation, compliance with permits, licenses, standards, schedules and timetables issued pursuant to Environmental Laws, and is not in
violation of, and does not presently have outstanding any liability under, has not been notified that it is or may be liable under and does not have knowledge of any material liability or potential material liability (including any liability
relating to matters set forth on Schedule 6.15(a)), under any applicable Environmental Law, including without limitation, the Resource Conservation and Recovery Act of 1976, as amended (“RCRA”), the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986 (“CERCLA”), the Federal Water Pollution Control Act, as amended
(“FWPCA”), the Federal Clean Air Act, as amended (“FCAA”), and the Toxic Substance Control Act (“TSCA”), which violation, liability or potential liability could reasonably be
expected to have a Materially Adverse Effect. 
 (b) Except as set forth on Schedule 6.15(b), as of
the date of this Agreement, neither the Borrower nor any of its Subsidiaries has received a written request for information under CERCLA, any other Environmental Laws or any comparable state law, or any public health or safety or welfare law or
written notice that any such entity has been identified as a potential responsible party under CERCLA, and other Environmental Laws, or any comparable state law, or any public health or safety or welfare law, nor has any such entity received any
written notification that any Hazardous Materials that it or any of its respective predecessors in interest has generated, stored, treated, handled, transported, or disposed of, has been released or is threatened to be released at any site at which
any Person intends to conduct or is conducting a remedial investigation or other action pursuant to any applicable Environmental Law. 
 (c) Except as set forth on Schedule 6.15(c), each of the Borrower and its Subsidiaries has obtained all material permits, licenses or other authorizations required for the conduct of their
respective operations under all applicable Environmental Laws and each such authorization is in full force and effect, except where the failure to do so would not have a Materially Adverse Effect. 

(d) Each of Borrower and its Subsidiaries complies in all material respects with all laws and regulations relating to
equal employment opportunity and employee safety in all jurisdictions in which it is presently doing business, and Borrower will use its best efforts to comply, and to cause each of its Subsidiaries to comply, with all such laws and regulations
which may be legally imposed in the future in jurisdictions in which Borrower or any of its Subsidiaries may then be doing business, except where the failure to do so would not have a Materially Adverse Effect. 

Section 6.16 Possession of Franchises, Licenses, Etc. Each of Borrower and its Subsidiaries possesses all material
franchises, certificates, licenses, permits and other authorizations from governmental political subdivisions or regulatory authorities, free from burdensome restrictions, (including specifically all insurance agency licenses) the failure of which
to possess could have a Materially Adverse Effect and neither Borrower nor any of its Subsidiaries is in violation of any thereof in any material respect. 

  
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 Section 6.17 Patents, Etc. Except as set forth on Schedule
6.17, each of Borrower and its Subsidiaries owns or has the right to use all patents, trademarks, service marks, trade names, copyrights, licenses and other rights, free from burdensome restrictions, which are necessary for the operation of
its business as presently conducted. Nothing has come to the attention of Borrower or any of its Subsidiaries to the effect that (i) any product, process, method, substance, part or other material presently contemplated to be sold by or
employed by Borrower or any of its Subsidiaries in connection with its business may infringe any patent, trademark, service mark, trade name, copyright, license or other right owned by any other Person, (ii) there is pending or threatened any
claim or litigation against or affecting Borrower or any of its Subsidiaries contesting its right to sell or use any such product, process, method, substance, part or other material or (iii) there is, or there is pending or proposed, any
patent, invention, device, application or principle or any statute, law, rule, regulation, standard or code, which would in any case prevent, inhibit or render obsolete the production or sale of any products of, or substantially reduce the projected
revenues of, or otherwise have a Materially Adverse Effect. 
 Section 6.18 Governmental Consent. Neither
the nature of Borrower or any of its Subsidiaries nor any of their respective businesses or properties, nor any relationship between Borrower and any other Person, nor any circumstance in connection with the execution and delivery of the Credit
Documents and the consummation of the transactions contemplated thereby is such as to require on behalf of Borrower or any of its Subsidiaries any consent, approval or other action by or any notice to or filing with any court or administrative or
governmental body in connection with the execution and delivery of this Agreement and the Credit Documents. 

Section 6.19 Disclosure. Neither this Agreement nor the Credit Documents nor any other document, certificate or
written statement furnished to Lender by or on behalf of Borrower in connection herewith contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not
misleading. There is no fact peculiar to Borrower which materially adversely affects or in the future may (so far as Borrower can now foresee) materially adversely affect the business, property or assets, financial condition or prospects of Borrower
which has not been set forth in this Agreement or in the Credit Documents, certificates and written statements furnished to Lender by or on behalf of Borrower prior to the date hereof in connection with the transactions contemplated hereby.

 Section 6.20 Insurance Coverage. Each property of Borrower or any of its Subsidiaries is insured
on terms acceptable to Lender for the benefit of Borrower or a Subsidiary of Borrower in amounts deemed adequate by Borrower’s management and no less than those amounts customary in the industry in which Borrower and its Subsidiaries operate
against risks usually insured against by Persons operating businesses similar to those of Borrower or its Subsidiaries in the localities where such properties are located. 
 Section 6.21 Labor Matters. Except as set forth on Schedule 6.21, the Borrower and the Borrower’s Subsidiaries have experienced no strikes, labor disputes, slowdowns
or work stoppages due to labor disagreements which have had, or would reasonably be expected to have, a Materially Adverse Effect, and, to the best knowledge of Borrower, there are no such strikes, disputes, slowdowns or work stoppages threatened
against any Borrower or any of Borrower’s Subsidiaries, the result of which could have a Materially Adverse Effect. The hours worked and payment made to employees of the Borrower and Borrower’s Subsidiaries have not been in violation in
any material respect of the Fair Labor Standards Act or any other applicable law dealing with such matters. All payments due from the Borrower and Borrower’s Subsidiaries on account of wages and employee health and welfare insurance and other
benefits have been paid or accrued as liabilities on the books of the Borrower and Borrower’s Subsidiaries where the failure to pay or accrue such liabilities would reasonably be expected to have a Materially Adverse Effect. 

Section 6.22 Intercompany Loans; Dividends. The Intercompany Loans and the Intercompany Credit Documents, to the
extent that they exist, have been duly authorized and approved by all necessary corporate and shareholder action on the part of the parties thereto, and constitute the legal, valid and binding obligations of the parties thereto, enforceable against
each of them in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally, and by general principles of equity. There
are no restrictions on the power of any Consolidated Company to repay any Intercompany Loan or to pay dividends on the Capital Stock, except as provided pursuant to Section 8.11 or 8.16 herein. Intercompany loans as
of the Closing Date are described in Schedule 6.22. 

  
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 Section 6.23 Burdensome Restrictions. Except as set forth on
Schedule 6.23, none of the Consolidated Companies is a party to or bound by any Contractual Obligation or Requirement of Law which has had or would reasonably be expected to have a Materially Adverse Effect. 

Section 6.24 Solvency. Each Consolidated Company is solvent and able to pay its debts as and when they accrue and are
due. 
 Section 6.25 SEC Compliance and Filings. 

(a) Borrower is and shall remain in full and complete compliance with all applicable securities laws including, but not
limited to, all requirements of the Exchange Act, to the extent applicable to the Borrower and its business. 

(b) Borrower previously has furnished or made available to the Lender through the SEC’s EDGAR filing system accurate
and complete copies of forms, reports, and documents filed by Borrower with the Securities and Exchange Commission (“SEC”) since December 31, 1993 (the “SEC Documents”), which include all reports,
schedules, proxy statements, and registration statements filed or required to be filed by Borrower with the SEC since December 31, 1993. As of their respective dates, the SEC Documents did not contain any untrue statement of a material fact or
omit to state a material fact required to be stated in those documents are necessary to make the statements in those documents not misleading, in light of the circumstances in which they were made. 

Section 6.26 Capital Stock of Borrower and Related Matters. The Borrower is not subject to any obligation (contingent
or otherwise) to repurchase or otherwise acquire or retire any of its Capital Stock or any warrants, options or other securities or rights directly or indirectly convertible into or exercisable or exchangeable for its Capital Stock. 

Section 6.27 Material/Places of Business. 

(a) The Places of Business identified in Schedule 6.27(a) hereof constitute all the Places of Business for
the Consolidated Companies. 
 (b) The Material Places of Business identified in Schedule 6.27(b)
hereof constitute all the Material Places of Business for the Consolidated Companies. 
 ARTICLE VII 

AFFIRMATIVE COVENANTS 
 Borrower covenants and agrees that so long as it may borrow under this Agreement or so long as any indebtedness remains outstanding under either the Revolving Note or the Term Note that it will:

 Section 7.1 Corporate Existence, Etc. Preserve and maintain, and cause each of its Material Subsidiaries
to preserve and maintain, its corporate existence, its material rights, franchises, and licenses, and its material patents and copyrights (for the scheduled duration thereof), trademarks, trade names, and service marks, necessary or desirable in the
normal conduct of its business, and its qualification to do business as a foreign corporation in all jurisdictions where it conducts business or other activities making such qualification necessary, in each case where the failure to do so would
reasonably be expected to have a Materially Adverse Effect. 
 Section 7.2 Compliance with Laws, Etc.
Comply, and cause each of its Subsidiaries to comply, with all Requirements of Law (including, without limitation, all insurance agency laws and the Environmental Laws, subject to the exception set forth in Section 7.7(f)
where the penalties, claims, fines, and other liabilities resulting from noncompliance with such Environmental Laws do not involve amounts in excess of $1,000,000 in the aggregate) and material Contractual Obligations applicable to or binding on any
of them where the failure to comply with such Requirements of Law and material Contractual Obligations would reasonably be expected to have a Materially Adverse Effect. 

  
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 Section 7.3 Payment of Taxes and Claims, Etc. Pay, and cause each of its
Subsidiaries to pay, (i) all taxes, assessments and governmental charges imposed upon it or upon its property on or before the date they are due, and (ii) all claims (including, without limitation, claims for labor, materials, supplies or
services) which might, if unpaid, become a Lien upon its property, unless, in each case, the validity or amount thereof is being contested in good faith by appropriate proceedings and adequate reserves are maintained with respect thereto.

 Section 7.4 Keeping of Books. Keep, and cause each of its Subsidiaries to keep, proper books of record
and account, containing complete and accurate entries of all their respective financial and business transactions. 

Section 7.5 Visitation, Inspection, Etc. Permit, and cause each of its Subsidiaries to permit, any representative of
the Lender to visit and inspect any of its property, to examine its books and records and to make copies and take extracts therefrom, and to discuss its affairs, finances and accounts with its officers, all at such reasonable times and as often as
the Lender may reasonably request after reasonable prior notice to Borrower; provided, however, that at any time following the occurrence and during the continuance of a Default or an Event of Default, no prior notice to
Borrower shall be required. 
 Section 7.6 Insurance; Maintenance of Properties. 

(a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its
properties and business, and the properties and business of the Borrower and each of its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of
such types and in such amounts, including such self-insurance and deductible provisions, as is customary for such companies under similar circumstances; provided, however, that in any event Borrower shall use its best
efforts to maintain, or cause to be maintained, insurance in amounts and with coverage not materially less favorable to any Consolidated Company as in effect on the date of this Agreement, except where the costs of maintaining such insurance would,
in the judgment of both Borrower and the Lender, be excessive. 
 (b) Cause all properties used or useful in the
conduct of each Consolidated Company to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and
improvements thereof, all as in the judgment of Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing
in this Section shall prevent Borrower from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of Borrower, desirable in the conduct of its business or the business of any Consolidated
Company. 
 Section 7.7 Reporting Covenants. Furnish to the Lender: 

(a) Annual Financial Statements. As soon as available and in any event within ninety (90) days after
the end of each fiscal year of Borrower, balance sheets of the Consolidated Companies as at the end of such year, presented on a consolidated basis, and the related statements of income, shareholders’ equity, and cash flows of the Consolidated
Companies for such fiscal year, presented on a consolidated basis, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and accompanied by a report thereon of Deloitte & Touche,
LLP or other independent public accountants of comparable recognized national standing, which such report shall be unqualified as to going concern and scope of audit and shall state that such financial statements present fairly in all material
respects the financial condition as at the end of such fiscal year on a consolidated basis, and the results of operations and statements of cash flows of the Consolidated Companies for such fiscal year in accordance with GAAP and that the
examination by such accountants in connection with such consolidated financial statements has been made in accordance with GAAP, and where said financial statements are not consistently applied with the prior fiscal year statements and the impact of
said difference; 

  
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 (b) Quarterly Financial Statements. As soon as available and
in any event within forty-five (45) days after the end of each fiscal quarter of Borrower (including the fourth fiscal quarter), balance sheets of the Consolidated Companies as at the end of such quarter presented on a consolidated basis and
the related statements of income, shareholders’ equity, and cash flows of the Consolidated Companies for such fiscal quarter and for the portion of Borrower’s fiscal year ended at the end of such quarter, presented on a consolidated basis
setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of Borrower’s previous fiscal year, all in reasonable detail and certified by the chief financial officer or principal
accounting officer of Borrower that such financial statements fairly present in all material respects the financial condition of the Consolidated Companies as at the end of such fiscal quarter on a consolidated basis, and the results of operations
and statements of cash flows of the Consolidated Companies for such fiscal quarter and such portion of Borrower’s fiscal year, in accordance with GAAP consistently applied (subject to normal year end audit adjustments and the absence of certain
footnotes; 
 (c) No Default/Compliance Certificate. Together with the financial statements
required pursuant to subsections (a) and (b) above, a certificate of the president, chief financial officer or principal accounting officer of Borrower (i) to the effect that, based upon a review of the
activities of the Consolidated Companies and such financial statements during the period covered thereby, there exists no Event of Default and no Default under this Agreement, or if there exists an Event of Default or a Default hereunder, specifying
the nature thereof and the proposed response thereto, and (ii) demonstrating in reasonable detail compliance as at the end of such fiscal year or such fiscal quarter with Section 7.8 and Sections 8.1 through
8.4. In addition, along with said Compliance Certificate, the Borrower will furnish a quarterly report of all Funded Debt, in form reasonably acceptable to the Lender. 

(d) Notice of Default. Promptly after Borrower has notice or knowledge of the occurrence of an Event of
Default or a Default, a certificate of the chief financial officer or principal accounting officer of Borrower specifying the nature thereof and the proposed response thereto; 

(e) Litigation. Promptly after (i) the occurrence thereof, notice of the institution of or any adverse
development in any action, suit or proceeding or any governmental investigation or any arbitration, before any court or arbitrator or any governmental or administrative body, agency or official, against any Consolidated Company, or any material
property thereof, in any case which reasonably might have a Materially Adverse Effect, or (ii) actual knowledge thereof, notice of the threat of any such action, suit, proceeding, investigation or arbitration; 

(f) Environmental Notices. Promptly after receipt thereof, notice of any actual or alleged violation, or
notice of any action, claim or request for information, either judicial or administrative, from any governmental authority relating to any actual or alleged claim, notice of potential responsibility under or violation of any Environmental Law, or
any actual or alleged spill, leak, disposal or other release of any Hazardous Material by any Consolidated Company which could result in penalties, fines, claims or other liabilities to any Consolidated Company in amounts in excess of $1,000,000.00
individually or in the aggregate; 
 (g) ERISA. 

(i) Promptly after the occurrence thereof with respect to any Plan of any Consolidated Company or any ERISA Affiliate
thereof, or any trust established thereunder, notice of (A) a “reportable event” described in Section 4043 of ERISA and the regulations issued from time to time thereunder (other than a “reportable event” not subject to
the provisions for thirty day notice to the PBGC under such regulations), or (B) any other event which could subject any Consolidated Company to any tax, penalty or liability under Title I or Title IV of ERISA or Chapter 43 of the Code, or any
tax or penalty resulting from a loss of deduction under Sections 162, 404 or 419 of the Code, where any such taxes, penalties or liabilities exceed or could exceed $1,000,000 in the aggregate; 

  
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 (ii) Promptly after such notice must be provided to the PBGC, or to a Plan
participant, beneficiary or alternative payee, any notice required under Section 101(d), 302(f)(4), 303, 307, 4041(b)(1)(A) or 4041(c)(1)(A) of ERISA or under Section 401(a)(29) or 412 of the Code with respect to any Plan of any
Consolidated Company or any ERISA Affiliate thereof; 
 (iii) Promptly after receipt, any notice received by any
Consolidated Company or any ERISA Affiliate thereof concerning the intent of the PBGC or any other governmental authority to terminate a Plan of such Consolidated Company or ERISA Affiliate thereof which is subject to Title IV of ERISA, to impose
any liability on such Consolidated Company or ERISA Affiliate under Title IV of ERISA or Chapter 43 of the Code; 

(iv) Upon the request of the Lender, promptly upon the filing thereof with the Internal Revenue Service
(“IRS”) or the Department of Labor (“DOL”), a copy of IRS Form 5500 or annual report for each Plan of any Consolidated Company or ERISA Affiliate thereof which is subject to Title IV of ERISA;

 (v) Upon the request of the Lender, (A) true and complete copies of any and all documents, government
reports and IRS determination or opinion letters or rulings for any Plan of any Consolidated Company from the IRS, PBGC or DOL, (B) any reports filed with the IRS, PBGC or DOL with respect to a Plan of the Consolidated Companies or any ERISA
Affiliate thereof, or (C) a current statement of withdrawal liability for each MultiEmployer Plan of any Consolidated Company or any ERISA Affiliate thereof; 

(h) Liens. Promptly upon any Consolidated Company becoming aware thereof, notice of the filing of any
federal statutory Lien, tax or other state or local government Lien or any other Lien affecting their respective properties, other than Permitted Liens except as expressly required by Section 8.2; 

(i) Public Filings, Etc. Promptly upon the filing thereof or otherwise becoming available, copies of all
financial statements, annual, quarterly and special reports, proxy statements and notices sent or made available generally by Borrower to its public security holders, of all regular and periodic reports and all registration statements and
prospectuses, if any, filed by any of them with any securities exchange or any governmental or state agency, and of all press releases and other statements made available generally to the public containing material developments in the business or
financial condition of Borrower and the other Consolidated Companies; 
 (j) Accountants’
Reports. Promptly upon receipt thereof, copies of all financial statements of, and all reports submitted by, independent public accountants to Borrower in connection with each annual, interim, or special audit of Borrower’s consolidated
financial statements; 
 (k) Burdensome Restrictions, Etc. Promptly upon the existence or
occurrence thereof, notice of the existence or occurrence of (i) any Contractual Obligation or Requirement of Law described in Section 6.23, (ii) failure of any Consolidated Company to hold in full force and effect those
material trademarks, service marks, patents, trade names, copyrights, licenses and similar rights necessary in the normal conduct of its business, and (iii) any strike, labor dispute, slow down or work stoppage as described in
Section 6.21; 
 (l) Other Information. With reasonable promptness, such other
information about the Consolidated Companies as the Lender may reasonably request from time to time; 

  
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 (m) Capital of Borrower. 

(i) Notice of any sale of any Capital Stock by the Borrower, giving for each said transaction the name and address of the
Persons involved and the Capital Stock involved. 
 (ii) Any documents, notices or other writings given by any
Person owning Capital Stock in the Parent under any stockholders agreement by one or more Persons owning Capital Stock of the Borrower. 
 Section 7.8 Maintain the Following Financial Covenants. 
 (a) The Borrower shall have a Consolidated Net Worth as of the last day of each fiscal quarter (commencing with the fiscal quarter ended December 31, 2011) of not less than the sum of
(i) 1,375,000,000 plus (ii) 50% of cumulative positive Consolidated Net Income (Loss) after December 31, 2011, plus (iii) 100% of net cash raised through contribution or issuance of new equity after
December 31, 2011, less (iv) receivables from affiliates. 
 (b) The Borrower shall have
a Fixed Charge Coverage Ratio as of the last day of each fiscal quarter (commencing with the fiscal quarter ended December 31, 2011) of not less than 2.50 to 1.00. (The Fixed Charge Coverage Ratio means, at the end of any such fiscal quarter,
the ratio of (a) the sum of (i) Consolidated EBITDA plus (ii) Consolidated Rental Expense, both calculated for the period of four consecutive fiscal quarters then ended to (b) the sum of (i) Consolidated
Interest Expense plus (ii) Consolidated Rental Expense, both calculated for such period.) 

(c) The Borrower shall have a ratio of Funded Debt as of the last day of each fiscal quarter (commencing with the fiscal
quarter ended December 31, 2011) of the Borrower to Consolidated EBIDTA, for the period of four consecutive fiscal quarters of the Borrower ending with and including such fiscal quarter, not greater than 2.75 to 1.00. 

Section 7.9 Notices Under Certain Other Indebtedness. Immediately upon its receipt thereof, Borrower shall
furnish the Lender a copy of any notice received by it, or any other Consolidated Company (a) from the holder(s) of Indebtedness referred to in Section 8.1 (or from any trustee, agent, attorney, or other party acting on
behalf of such holder(s)) in an amount which, in the aggregate, exceeds $1,000,000 where such notice states or claims the existence or occurrence of any default or event of default with respect to such Indebtedness under the terms of any indenture,
loan or credit agreement, debenture, note, or other document evidencing or governing such Indebtedness, or (b) from any regulatory insurance agency or insurance company regarding any licenses or agreements regarding the business of the
Consolidated Company and which could have a Materially Adverse Effect. Borrower agrees to take such actions as may be necessary to require the holder(s) of any Indebtedness (or any trustee or agent acting on their behalf) in an amount exceeding
$1,000,000 incurred pursuant to documents executed or amended and restated after the Closing Date, to furnish copies of all such notices directly to the Lender simultaneously with the furnishing thereof to Borrower, and that such requirement may not
be altered or rescinded without the prior written consent of the Lender. 
 Section 7.10 OFAC. The Borrower
shall (a) ensure, and cause each Subsidiary to ensure, that no Person who owns a controlling interest in or otherwise controls the Borrower or any Subsidiary is or shall be listed on the Specially Designated Nationals and Blocked Person List or
other similar lists maintained by the Office of Foreign Assets Control (“OFAC”), the Department of the Treasury or included in any Executive Orders, (b) not use or permit the use of the proceeds of the Loans to violate any of
the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto and (c) comply, and cause each Subsidiary to comply, with all applicable Bank Secrecy Act regulations, as amended. 

  
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 ARTICLE VIII 
 NEGATIVE COVENANTS 
 So long as the Term Note shall remain unpaid,
Borrower will not and will not permit any Subsidiary to: 
 Section 8.1 Indebtedness. Create, incur, assume
or suffer to exist any Indebtedness, other than: 
 (a) Indebtedness under this Agreement; 

(b) Indebtedness outstanding on the date hereof or pursuant to lines of credit in effect on the date hereof and described
on Schedule 8.1(b), together with all extensions, renewals and refinancings thereof; provided, however, any such extensions, renewals and refinancings shall not, without the written consent of the Lender,
(x) increase any such Indebtedness or modify the terms of said Indebtedness on terms less favorable to the maker or obligor or (y) add any additional obligors; 

(c) Purchase money indebtedness to the extent secured by a Lien permitted by Section 8.2(b) provided
such purchase money indebtedness does not exceed $20,000,000. 
 (d) Unsecured current liabilities (other than
liabilities for borrowed money or liabilities evidenced by promissory notes, bonds or similar instruments) incurred in the ordinary course of business (whether now outstanding or hereafter arising or incurred) and either (i) not more than
thirty (30) days past due, or (ii) being disputed in good faith by appropriate proceedings with reserves for such disputed liability maintained in conformity with GAAP and Indebtedness in the nature of contingent repayment obligations
arising in the ordinary and normal course of business with respect to deposits and down payments; 
 (e) The
Intercompany Loans described on Schedule 6.22 and any other loans between Consolidated Companies not exceeding individually at any time the amount of $1,000,000 and in the aggregate at any time the amount of $2,000,000 (excluding
Intercompany Loans listed on Schedule 6.22) 
 (f) Any Intercompany Loans with Decus Holding (UK),
Limited (UK), a London based company provided that the amount of such loans may not at any one time exceed the principal amount of $10,000,000. 
 (g) Unsecured, Subordinated Debt, not to exceed an aggregate amount of $25,000,000, and other Subordinated Debt in form and substance acceptable to the Lender and evidenced by its written consent thereto;

 (h) Unsecured Indebtedness of (i) Borrower without any limitation of amount provided that the maturity of
said Indebtedness is longer than the maturity of the Term Loan and (ii) any Subsidiary of Borrower in an aggregate amount for all such Indebtedness of all such Subsidiaries not to exceed $50,000,000 in principal amount at any time outstanding
provided that the maturity of said Indebtedness is longer than the maturity of the Term Loan; 
 (i) Unsecured
Indebtedness due under the 2004 Note Offering not to exceed at any time the aggregate principal amount of $200,000,000 and unsecured Indebtedness due under the 2006 Note Offering not to exceed at any time the aggregate principal amount of
$200,000,000; 

  
 29 

 (j) Guaranteed Indebtedness of the Borrower for Insurance Company Payables;

 (k) Guarantee of operating leases of Subsidiaries entered into by the Subsidiary in the normal and ordinary
course of business, including operating leases for places of business and for equipment used in or in connection with that business; and 
 (l) Unsecured Indebtedness (including any refinancings thereof) up to $250,000,000 in principal under the SunTrust Loan incurred by the Borrower for the purpose of the Arrowhead Acquisition, Permitted
Acquisitions and other general corporate purposes, and, with respect to which, said indebtedness has payment terms comparable to those of the Term Loan, unless otherwise agreed to by the Lender in its discretion, and, further, the holder of said
other indebtedness enters into an inter-creditor agreement with the Lender on terms acceptable to both parties. 

Section 8.2 Liens. Create, incur, assume or suffer to exist any Lien on any of its property now owned or hereafter
acquired by any Credit Party to secure any Indebtedness other than: 
 (a) Liens existing on the date hereof and
disclosed on Schedule 8.2, any renewal, extension or refunding of such Lien in an amount not exceeding the amount thereof remaining unpaid immediately prior to such renewal, extension or refunding; 

(b) Any Lien on any property securing Indebtedness incurred or assumed for the purpose of financing all or any part of the
acquisition cost of such property and any refinancing thereof, provided that such Lien does not extend to any other property, and provided further that the aggregate principal amount of Indebtedness secured by all such Liens at any time does not
exceed $20,000,000; 
 (c) Liens for taxes not yet due, and Liens for taxes or Liens imposed by ERISA which are
being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained; 
 (d) Statutory Liens of landlords (excluding however any Material Places of Business) and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law created in the ordinary
course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained; 

(e) Liens incurred or deposits made in the ordinary course of business in connection with workers or workman’s
compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other
similar obligations (exclusive of obligations for the payment of borrowed money); and 
 (f) Liens securing the
Loan. 
 Section 8.3 Sales. Etc. Sell, lease, or otherwise dispose of its accounts, property or other assets
(including Capital Stock of Subsidiaries); provided, however, that the foregoing restrictions on asset sales shall not be applicable to (a) sales of equipment or other personal property being replaced by other
equipment or other personal property purchased as a capital expenditure item, (b) other asset sales (including sales of the Capital Stock of Subsidiaries) between any of the Consolidated Companies, and (c) other asset sales (including
sales of the Capital Stock of Subsidiaries) provided that no Default or Event of Default then exists or would arise by virtue of said sale and the sale price or the value of said sale (as reasonably determined by the Board of Directors of the
selling Consolidated Company) for said sale is less than the greater of $20,000,000 or 10% of Consolidated EBITDA at that time. 

  
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 Section 8.4 Mergers, Acquisitions, Etc. Merge or consolidate with any
other Person, or acquire by purchase any other person or its assets; provided, however, that the foregoing restrictions on mergers shall not apply to (a) a Permitted Acquisition provided that
notice of said pending Permitted Acquisition is given to the Lender along with a certification in form reasonably acceptable to Lender reasonably prior to said Permitted Acquisition that this Agreement has been complied with both before and after
said Acquisition, (b) mergers between a Subsidiary of Borrower and Borrower where Borrower is the surviving corporation or between Subsidiaries of Borrower, or (c) mergers between a third party and the Borrower where the Borrower is the
surviving corporation provided that said merger is a Permitted Acquisition; provided, however, that no transaction pursuant to clauses (a), (b), or (c) shall be permitted if any Default or Event
of Default otherwise exists at the time of such transaction or would otherwise arise as a result of such transaction. 

Section 8.5 Investments, Loans. Etc. Make, permit or hold any Investments in any Person, or otherwise acquire or hold
any Subsidiaries, other than: 
 (a) Those investments referenced in Schedule 8.5. 

(b) Investments in Subsidiaries, provided, however, nothing in this
Section 8.5(b) shall be deemed to authorize an investment in any entity that is not a Subsidiary prior to such investment; 
 (c) Direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, in each case supported by the full faith and credit of the United
States and maturing within one year from the date of creation thereof; 
 (d) Commercial paper maturing within
one year from the date of creation thereof rated in the highest grade by a nationally recognized credit rating agency; 
 (e) Time deposits maturing within one year from the date of creation thereof with, including certificates of deposit issued by the Lender and any office located in the United States of any bank or trust
company which is organized under the laws of the United States or any state thereof and has assets aggregating at least $500,000,000, including without limitation, any such deposits in Eurodollars issued by a foreign branch of any such bank or trust
company; 
 (f) Investments made by Plans; 

(g) Permitted Intercompany Loans on terms and conditions acceptable to the Lender;

(h) Investments in stock or assets of another entity which thereby becomes a Subsidiary, in an aggregate amount not to
exceed $5,000,000 in cash consideration, which transaction constitutes a Permitted Acquisition; and 
 (i)
Advances made to employees in the ordinary and normal course of business consistent with past practice and for business purposes, and which advances are repaid by the employee within thirty (30) days. 

Section 8.6 Sale and Leaseback Transactions. Sell or transfer any property, real or personal, whether now owned or
hereafter acquired, and thereafter rent or lease such property or other property which any Consolidated Company intends to use for substantially the same purpose or purposes as the property being sold or transferred. 

Section 8.7 Transactions with Affiliates. Except as otherwise approved in writing by the Lender: 

(a) Enter into any material transaction or series of related transactions which in the aggregate would be material,
whether or not in the ordinary course of business, with any Affiliate of any Consolidated Company (but excluding any Affiliate which is also a Wholly Owned Subsidiary), other than on terms and conditions substantially as favorable to such
Consolidated Company as would be obtained by such Consolidated Company at the time in a comparable arm’s length transaction with a Person other than an Affiliate. 

  
 31 

 (b) Convey or transfer to any other Person (including any other Consolidated
Company) any real property, buildings, or fixtures used in the manufacturing or production operations of any Consolidated Company, or convey or transfer to any other Consolidated Company any other assets (excluding conveyances or transfers in the
ordinary course of business) if at the time of such conveyance or transfer any Default or Event of Default exists or would exist as a result of such conveyance or transfer. 
 Section 8.8 Optional Prepayments. Make any payment in violation of the subordination provisions of any Subordinated Debt. 

Section 8.9 Changes in Business. Enter into any business which is substantially different from that presently
conducted by the Consolidated Companies taken as a whole. 
 Section 8.10 ERISA. Take or fail to take any
action with respect to any Plan of any Consolidated Company or, with respect to its ERISA Affiliates, any Plans which are subject to Title IV of ERISA or to continuation health care requirements for group health plans under the Code, including
without limitation (a) establishing any such Plan, (b) amending any such Plan (except where required to comply with applicable law), (c) terminating or withdrawing from any such Plan, or (d) incurring an amount of unfunded
benefit liabilities, as defined in Section 4001(a)(18) of ERISA, or any withdrawal liability under Title IV of ERISA with respect to any such Plan, without first obtaining the written approval of the Lender and the Required Lender, to the
extent that such actions or failures could result in a Materially Adverse Effect. 
 Section 8.11 Limitation on
Payment Restrictions Affecting Consolidated Companies. Create or otherwise cause or suffer to exist or become effective, any consensual encumbrance or restriction on the ability of any Consolidated Company to (a) pay dividends or make any
other distributions on such Consolidated Company’s stock, or (b) pay any indebtedness owed to Borrower or any other Consolidated Company, except in each case any consensual encumbrance or restriction existing under the Credit Documents,
the 2004 Note Purchase Agreement, the 2006 Note Purchase Agreement, or Indebtedness described in Section 8.1(g) or Section 8.1(l) hereof (in each case, with respect to any such encumbrance or restriction
relating to this Agreement and the other Credit Documents and the indebtedness and obligations evidenced hereunder and thereunder, as in effect as of the date hereof or as amended or supplemented in a manner acceptable to Lender). 

Section 8.12 Actions Under Certain Documents. Without the prior written consent of the Lender (which consent shall
not be unreasonably withheld), modify, amend, cancel or rescind the Intercompany Loans or Intercompany Credit Documents (except that a loan between Consolidated Companies as permitted by Section 8.1 may be modified or amended so
long as it otherwise satisfies the requirements of Section 8.1), or make demand of payment or accept payment on any Intercompany Loans permitted by Section 8.1, except that current interest accrued thereon as of
the date of this Agreement and all interest subsequently accruing thereon (whether or not paid currently) may be paid unless a Default or Event of Default has occurred and is continuing. 

Section 8.13 Financial Statements; Fiscal Year. Borrower shall make no change in the dates of the fiscal year now
employed for accounting and reporting purposes without the prior written consent of the Lender, which consent shall not be unreasonably withheld. 
 Section 8.14 Change of Control. Allow or suffer to occur any change of control of the Borrower in violation of Section 9.10. 

Section 8.15 No Issuance of Capital Stock. Without the prior written consent of the Lender permit any Subsidiary to
issue any additional Capital Stock. 

  
 32 

 Section 8.16 No Payments on Subordinated Debt. Without the prior
written consent of the Lender: 
 (a) The Borrower shall not make or cause any payment of principal to be made on
the Subordinated Debt unless and until all Obligations due the Lender hereunder are paid in full; 
 (b) The
Borrower shall not make or cause any payment of interest to be made on the Subordinated Debt except and only to the extent and only during the period of time permitted under the subordination provisions related thereto; and 

(c) Upon the occurrence and continuation of an Event of Default and, as a result of which, the Lender has elected to
exercise any of the remedies under Article IX, the Borrower shall not thereafter make or permit any payments of any nature whatsoever to be made on any Subordinated Debt. 

Section 8.17 Insurance Business. Without the prior written consent of the Lender no Consolidated Company may engage
in any business in the nature of an insurance company, in which the Consolidated Company assumes the risk as an insurer. 

ARTICLE IX 

EVENTS OF DEFAULT 
 Upon the occurrence and during the continuance of any of the following specified events (each an “Event of Default”): 

Section 9.1 Payments. Borrower shall fail to make promptly when due (including, without limitation, by mandatory
prepayment) any principal payment with respect to the Loans, or Borrower shall fail to make within five (5) Business Days after the due date thereof any payment of interest, fee or other amount payable hereunder; 

Section 9.2 Covenants Without Notice. Borrower shall fail to observe or perform any covenant or agreement
contained in Sections 7.8, or 8.1 through 8.17, or 10.2(b); 

Section 9.3 Other Covenants. Borrower shall fail to observe or perform any covenant or agreement contained in this
Agreement, other than those referred to in Sections 9.1 and 9.2, and, if capable of being remedied, such failure shall remain unremedied for thirty days after the earlier of (a) Borrower’s obtaining actual
knowledge thereof, or (b) written notice thereof shall have been given to Borrower by Lender; 
 Section 9.4
Representations. Any representation or warranty made or deemed to be made by Borrower or any other Credit Party under this Agreement or any other Credit Document (including the Schedules attached thereto), or any certificate or other
document submitted to the Lender by any such Person pursuant to the terms of this Agreement or any other Credit Document, shall be incorrect in any material respect when made or deemed to be made or submitted; 

Section 9.5 Non-Payments of Other Indebtedness. Any Consolidated Company shall fail to make when due (whether
at stated maturity, by acceleration, on demand or otherwise, and after giving effect to any applicable grace period) any payment of principal of or interest on any Indebtedness (other than the Obligations) exceeding $1,000,000 in the aggregate;

 Section 9.6 Defaults Under Other Agreements. Any Consolidated Company shall fail to observe or
perform any covenants or agreements contained in any agreements or instruments relating to any of its Indebtedness exceeding $1,000,000 in the aggregate, or any other event shall occur in respect of Indebtedness exceeding $1,000,000 if the effect of
such failure or other event is to accelerate, or to permit the holder of such Indebtedness or any other Person to accelerate, the maturity of such Indebtedness; or any such Indebtedness shall be required to be prepaid (other than by a regularly
scheduled required prepayment) in whole or in part prior to its stated maturity; 

  
 33 

 Section 9.7 Bankruptcy. Any Consolidated Company, shall commence a
voluntary case concerning itself under the Bankruptcy Code or an involuntary case for bankruptcy is commenced against any Consolidated Company and the petition is not controverted within ten (10) days, or is not dismissed within sixty
(60) days, after commencement of the case; or a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or any substantial part of the property of any Consolidated Company; or any Consolidated Company commences
proceedings of its own bankruptcy or to be granted a suspension of payments or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any
jurisdiction, whether now or hereafter in effect, relating to any Consolidated Company or there is commenced against any Consolidated Company any such proceeding which remains undismissed for a period of sixty (60) days; or any Consolidated
Company is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or any Consolidated Company suffers any appointment of any custodian or the like for it or any substantial part of
its property to continue undischarged or unstayed for a period of sixty (60) days; or any Consolidated Company makes a general assignment for the benefit of creditors; or any Consolidated Company shall fail to pay, or shall state that it is
unable to pay, or shall be unable to pay, its debts generally as they become due; or any Consolidated Company shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; or any Consolidated Company shall
by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate action is taken by any Consolidated Company for the purpose of effecting any of the foregoing; 

Section 9.8 ERISA. A Plan of a Consolidated Company or a Plan subject to Title IV of ERISA of any of its ERISA
Affiliates: 
 (a) shall fail to be funded in accordance with the minimum funding standard required by applicable
law, the terms of such Plan, Section 412 of the Code or Section 302 of ERISA for any plan year or a waiver of such standard is sought or granted with respect to such Plan under applicable law, the terms of such Plan or Section 412 of
the Code or Section 303 of ERISA; or 
 (b) is being, or has been, terminated or the subject of termination
proceedings under applicable law or the terms of such Plan; or 
 (c) shall require a Consolidated Company to
provide security under applicable law, the terms of such Plan, Section 401 or 412 of the Code or Section 306 or 307 of ERISA; or 
 (d) results in a liability to a Consolidated Company under applicable law, the terms of such Plan, or Title IV of ERISA; 
 and there shall result from any such failure, waiver, termination or other event a liability to the PBGC or a Plan that would have a Materially Adverse Effect; 

Section 9.9 Money Judgment. A Judgment or order for the payment of money in excess of $1,000,000 or otherwise
having a Materially Adverse Effect shall be rendered against any other Consolidated Company, and such judgment or order shall continue unsatisfied (in the case of a money judgment) and in effect for a period of sixty (60) days during which
execution shall not be effectively stayed or deferred (whether by action of a court, by agreement or otherwise). In regard to the foregoing, amounts which are fully covered by insurance shall not be considered in regard to the foregoing $1,000,000
limit. 
 Section 9.10 Change in Control of Borrower. 

(a) Any “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act),
other than the Persons set forth in Schedule 9.10 shall become the “beneficial owner(s)” (as defined in said Rule 13d-3 of the Exchange Act) of more than forty percent (40%) of the shares of the outstanding Capital Stock
of Borrower entitled to vote for members of Borrower’s board of directors; 

  
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 (b) during any period of twelve (12) consecutive months, a majority of
the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (who qualify under any one of the following) (i) who were members of that board or equivalent governing body on the
first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority
of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing body; or 
 (c) Any event or
condition shall occur or exist which, pursuant to the terms of any change in control provision, requires or permits the holder(s) of Indebtedness of any Consolidated Company to require that such Indebtedness be redeemed, repurchased, defeased,
prepaid or repaid, in whole or in part, or the maturity of such Indebtedness to be accelerated in any respect. 

Section 9.11 Default Under Other Credit Documents. There shall exist or occur any “Event of Default” as
provided under the terms of any other Credit Document (after giving effect to any applicable grace period), or any Credit Document ceases to be in full force and effect or the validity or enforceability thereof is disaffirmed by or on behalf of any
Credit Party, or at any time it is or becomes unlawful for any Credit Party to perform or comply with its obligations under any Credit Document, or the obligations of any Credit Party under any Credit Document are not or cease to be legal, valid and
binding on any such Credit Party; 
 Section 9.12 Attachments. An attachment or similar action shall be made
on or taken against any of the assets of any Consolidated Company with an Asset Value exceeding $1,000,000 in aggregate and is not removed, suspended or enjoined within thirty (30) days of the same being made or any suspension or injunction
being lifted. 
 Section 9.13 Default Under Subordinated Loan Documents. An Event of Default occurs and is
continuing under any Subordinated Debt; 
 Section 9.14 Material Adverse Effect. The occurrence of any
Material Adverse Effect in the financial condition of any Consolidated Company or its business: 
 then, and in any such event, and at any time
thereafter if any Event of Default shall then be continuing, the Lender may by written notice to Borrower, take any or all of the following actions, without prejudice to the rights of the Lender to enforce its claims against Borrower or any other
Credit Party: (i) declare the Term Loan Commitment terminated whereupon the Term Loan Commitment of the Lender shall terminate immediately and any fees due under this Agreement shall forthwith become due and payable without any other notice of
any kind; (ii) declare the principal of and any accrued interest on the Loans, and all other obligations owing hereunder, to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by Borrower (iii) exercise such other remedies as are provided to the Lender under any other Credit Document; (iv) exercise such other rights as may be provided by applicable law; and
(v) declare that all Obligations shall thereafter bear interest at the Default Rate; provided, that, if an Event of Default specified in Section 9.7 shall occur, the result which would occur upon the giving of written notice
by the Lender to any Credit Party, as specified in clauses (i), (ii), (iii), (iv) or, (v) above, shall occur automatically without the giving of any such notice. 
 ARTICLE X 
 MISCELLANEOUS 

Section 10.1 Notices. All notices, requests and other communications to any party hereunder shall be in writing
(including bank wire, telex, telecopy or similar teletransmission or writing) and shall be given to such party at its address or applicable teletransmission number set forth on the signature pages hereof, or such other address or applicable
teletransmission number as such party may hereafter specify by notice to the Lender and Borrower. Each such notice, request or other communication shall be effective (a) if given by mail,

  
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seventy-two (72) hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid, (b) if given by telecopy, when such telecopy is
transmitted to the telecopy number specified in the signature page hereto and the appropriate confirmation is received, or (c) if given by any other means (including, without limitation, by air courier), when delivered or received at the
address specified in the signature page hereto; provided that notices to the Lender shall not be effective until received. 

Section 10.2 Amendments, Etc. 

(a) No amendment or waiver of any provision of this Agreement or the other Credit Documents, nor consent to any departure
by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given. Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing and signed by the Lender, affect the rights or duties of the Lender under this Agreement or under any other Credit Document. 

(b) In the event that any of the terms or provisions of the SunTrust Loan and/or any of the agreements, documents or
instruments executed in connection with or in furtherance thereof are amended, restated, supplemented or otherwise altered or modified in any manner at any time (and from time to time), the Lender shall have the right (but not the obligation) to
require that the Borrower amend, restate or otherwise alter or modify the terms of any of this Agreement and/or the other Credit Documents in a manner consistent with and/or at least as favorable to Lender as such amendment, restatement, alteration
or modification and the Borrower hereby agrees to promptly execute and deliver (or to cause the execution and delivery by its Subsidiaries, as appropriate) any documents or instruments and take any steps necessary to effectuate any such amendment.

 Section 10.3 No Waiver; Remedies Cumulative. No failure or delay on the part of the Lender in exercising
any right or remedy hereunder or under any other Credit Document, and no course of dealing between any Credit Party and the Lender, shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy hereunder or under
any other Credit Document preclude any other or further exercise thereof or the exercise of any other right or remedy hereunder or thereunder. The rights and remedies herein expressly provided are cumulative and not exclusive of any rights or
remedies which the Lender, would otherwise have. No notice to or demand on any Credit Party not required hereunder or under any other Credit Document in any case shall entitle any Credit Party to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of the Lender, any other or further action in any circumstances without notice or demand. 
 Section 10.4 Payment of Expenses, Etc. Borrower shall: 
 (a) whether or not the transactions hereby contemplated are consummated, pay all reasonable, out-of-pocket costs and expenses of the Lender in the administration (both before and after the execution
hereof and including reasonable expenses actually incurred relating to advice of counsel as to the rights and duties of the Lender with respect thereto) of, and in connection with the preparation, execution and delivery of, preservation of rights
under, enforcement of, and refinancing, renegotiation or restructuring of, this Agreement and the other Credit Documents and the documents and instruments referred to therein, and any amendment, waiver or consent relating thereto (including, without
limitation, the reasonable fees actually incurred and disbursements of counsel for the Lender); 
 (b) subject,
in the case of certain Taxes, to the applicable provisions of Section 4.7(a), pay and hold the Lender harmless from and against any and all present and future stamp, documentary, intangible and other similar Taxes with respect to
this Agreement, the Note and any other Credit Documents, any collateral described therein, or any payments due thereunder, including interest and penalties and save the Lender harmless from and against any and all liabilities with respect to or
resulting from any delay or omission of Borrower to pay such Taxes; provided, however, nothing contained in this subsection shall obligate the Borrower to pay any taxes based on the overall income of the Lender; and

  
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 (c) indemnify the Lender, and its officers, directors, employees,
representatives, affiliates, advisors and agents from, and hold each of them harmless against, any and all costs, losses, liabilities, claims, damages or expenses (including, without limitation, the fees, charges and disbursements of counsel or any
Indemnitee (as defined below)) incurred by or asserted against any of them (whether or not any of them is designated a party thereto) (an “Indemnitee”) arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement and each other Credit Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the transactions
contemplated hereby, (ii) any Loan or the 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 and regardless of whether any Indemnitee is party thereto; provided, however, Borrower shall not be obligated to indemnify any Indemnitee for any of the foregoing arising out of such Indemnitee’s gross
negligence or willful misconduct or the breach by the Indemnitee of its obligations under this Agreement; 
 (d)
without limiting the indemnities set forth in Subsection (c) above, indemnify each Indemnitee for any and all expenses and costs (including without limitation, remedial, removal, response, abatement, cleanup, investigative,
closure and monitoring costs), losses, claims (including claims for contribution or indemnity and including the cost of investigating or defending any claim and whether or not such claim is ultimately defeated, and whether such claim arose before,
during or after any Credit Party’s ownership, operation, possession or control of its business, property or facilities or before, on or after the date hereof, and including also any amounts paid incidental to any compromise or settlement by the
Indemnitee or Indemnitees to the holders of any such claim), lawsuits, liabilities, obligations, actions, judgments, suits, disbursements, encumbrances, liens, damages (including without limitation damages for contamination or destruction of natural
resources), penalties and fines of any kind or nature whatsoever (including without limitation in all cases the reasonable fees actually incurred, other charges and disbursements of counsel in connection therewith) incurred, suffered or sustained by
that Indemnitee based upon, arising under or relating to Environmental Laws based on, arising out of or relating to in whole or in part, the existence or exercise of any rights or remedies by any Indemnitee under this Agreement, any other Credit
Document or any related documents (but excluding those incurred, suffered or sustained by any Indemnitee as a result of any action taken by or on behalf of the Lender with respect to any Subsidiary of Borrower (or the assets thereof) owned or
controlled by the Lender). The indemnity permitted in this clause (d) shall (i) not apply as to any Indemnity to any costs or expenses in connection with any condition, suspected condition, threatened condition or alleged condition which
first arises and occurs after said Indemnitee Lender succeeds to the ownership of, takes possession of or operates the business or any property of the Borrower or any of its Subsidiaries, and (ii) in the case of cleanup, investigative, closure
and monitoring costs concerning or relating to Hazardous Materials or any Environmental Laws shall only apply after an Event of Default has occurred and is continuing provided that the Credit Party is then undertaking and
fulfilling all its obligations under this Agreement and Environmental Laws with respect to said cleanup, investigation, closure and monitoring. 

If and to the extent that the obligations of Borrower under this Section 10.4 are unenforceable for any reason, Borrower hereby agrees
to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 
 Section 10.5 Right of Set-Off. In addition to and not in limitation of all rights of offset that the Lender may have under applicable law, the Lender shall, upon the occurrence
and during the continuance of any Event of Default and whether or not the Lender has made any demand or any Credit Party’s obligations are matured, have the right to appropriate and apply to the payment of any Credit Party’s obligations
hereunder and under the other Credit Documents, all deposits of any Credit Party (general or special, time or demand, provisional or final, other than escrow or trust accounts denoted as such) then or thereafter held by and other indebtedness or
property then or thereafter owing by the Lender, whether or not related to this Agreement or any transaction hereunder. The Lender shall promptly notify Borrower of any offset hereunder. 

  
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 Section 10.6 Benefit of Agreement. 

(a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and
assigns of the parties hereto, provided that Borrower may not assign or transfer any of its interest hereunder without the prior written consent of the Lender except as otherwise provided in this Agreement. 

(b) The Lender may make, carry or transfer Loans at, to or for the account of, any of its branch offices or the office of
an Affiliate of the Lender. 
 (c) The Lender may assign all or a portion of its interests, rights and
obligations under this Agreement. 
 (d) The Lender may, without the consent of Borrower, sell participations to
one or more of its Affiliate banks in all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments in the Loans owing to it and the Note held by it). 

(e) The Lender or participant may, in connection with the assignment or participation or proposed assignment or
participation, pursuant to this Section, disclose to the assignee or participant or proposed assignee or participant any information relating to Borrower or the other Consolidated Companies furnished to the Lender by or on behalf of Borrower or any
other Consolidated Company. With respect to any disclosure of confidential, non-public, proprietary information, such proposed assignee or participant shall agree to use the information only for the purpose of making any necessary credit judgments
with respect to this credit facility and not to use the information in any manner prohibited by any law, including without limitation, the securities laws of the United States. The proposed participant or assignee shall agree not to disclose any of
such information except (i) to directors, employees, auditors or counsel to whom it is necessary to show such information, each of whom shall be informed of the confidential nature of the information, (ii) in any statement or testimony
pursuant to a subpoena or order by any court, governmental body or other agency asserting jurisdiction over such entity, or as otherwise required by law (provided prior notice is given to Borrower and the Lender unless otherwise prohibited by the
subpoena, order or law), and (iii) upon the request or demand of any regulatory agency or authority with proper jurisdiction. The proposed participant or assignee shall further agree to return all documents or other written material and copies
thereof received from the Lender or Borrower relating to such confidential information unless otherwise properly disposed of by such entity. 
 (f) The Lender may at any time assign all or any portion of its rights in this Agreement and the Note issued to it to a Federal Reserve Bank; provided that no such assignment shall release the Lender from
any of its obligations hereunder. 
 (g) If (i) any Taxes referred to in Section 4.7(a)
have been levied or imposed so as to require withholdings or deductions by Borrower and payment by Borrower of additional amounts to the Lender as a result thereof, (ii) the Lender shall make demand for payment of any material additional
amounts as compensation for increased costs pursuant to Section 4.10 or for its reduced rate of return pursuant to Section 4.16, or (iii) the Lender shall decline to consent to a modification or waiver of
the terms of this Agreement or the other Credit Documents requested by Borrower, then and in such event, upon request from Borrower delivered to the Lender, such Lender shall assign, without recourse and without representations and warranties, all
of its rights and obligations under this Agreement and the other Credit Documents to another lender selected by Borrower, in consideration for the payment by such assignee to the Lender of the principal of, and interest on, the outstanding Loans
accrued to the date of such assignment, and the assumption of such Lender’s Commitment hereunder, together with any and all other amounts owing to such Lender under any provisions of this Agreement or the other Credit Documents accrued to the
date of such assignment. 

  
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 Section 10.7 Governing Law; Submission to Jurisdiction.

 (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND UNDER THE NOTE SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND BE GOVERNED BY THE INTERNAL LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF FLORIDA. 

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT, THE NOTE OR ANY OTHER CREDIT DOCUMENT MAY BE
BROUGHT IN THE CIRCUIT COURT OF ORANGE COUNTY, FLORIDA, OR ANY OTHER COURT OF THE STATE OF FLORIDA OR OF THE UNITED STATES OF AMERICA FOR THE MIDDLE DISTRICT OF FLORIDA, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, BORROWER HEREBY ACCEPTS FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE TRIAL BY JURY, AND, TO THE EXTENT PERMITTED BY LAW, BORROWER HEREBY IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING, WITHOUT LITIGATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.

 (c) BORROWER HEREBY IRREVOCABLY DESIGNATES THE PRESIDENT OF THE BORROWER, AS SO DESIGNATED FROM TIME TO
TIME, AT THE ADDRESS SET FORTH ON THE BORROWER’S SIGNATURE PAGE TO THIS AGREEMENT AS ITS DESIGNEE, APPOINTEE AND LOCAL AGENT TO RECEIVE, FOR AND ON BEHALF OF BORROWER, SERVICE OF PROCESS IN SUCH RESPECTIVE JURISDICTIONS IN ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE NOTE OR ANY DOCUMENT RELATED THERETO. IT IS UNDERSTOOD THAT A COPY OF SUCH PROCESS SERVED ON SUCH LOCAL AGENT WILL BE PROMPTLY FORWARDED BY SUCH LOCAL AGENT AND BY THE SERVER OF SUCH PROCESS BY MAIL
TO BORROWER AT ITS ADDRESS SET FORTH OPPOSITE ITS SIGNATURE BELOW, BUT, TO THE EXTENT PERMITTED BY LAW, THE FAILURE OF BORROWER TO RECEIVE SUCH COPY SHALL NOT AFFECT IN ANY WAY THE SERVICE OF SUCH PROCESS. BORROWER FURTHER IRREVOCABLY CONSENTS TO
THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO BORROWER AT ITS SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE IN
ACCORDANCE WITH SECTION 10.1. 
 (d) Nothing herein shall affect the right of the Lender or any Credit Party
to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against Borrower in any other jurisdiction. 
 Section 10.8 Independent Nature of Lender’s Rights. The amounts payable at any time hereunder to the Lender shall be a separate and independent debt, and the Lender shall be
entitled to protect and enforce its rights pursuant to this Agreement and the Note, and it shall not be necessary for any other Person to be joined as an additional party in any proceeding for such purpose. 

Section 10.9 Counterparts. This Agreement may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 

  
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 Section 10.10 Effectiveness; Survival. 

(a) This Agreement shall become effective on the date (the “Effective Date”) on which all of the
parties hereto shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered the same to the Lender pursuant to Section 10.1. 

(b) The obligations of Borrower intended to survive hereunder shall so survive payment in full of the Note
provided, however, the obligations of the Borrower under Sections 4.7, 4.10, 4.11, 4.12, and 4.13 hereof shall survive for ninety (90) days
after the earlier of payment in full of the Note or the Maturity Date. All representations and warranties made herein, in the certificates, reports, notices, and other documents delivered pursuant to this Agreement shall survive the execution and
delivery of this Agreement, the other Credit Documents, and such other agreements and documents, the making of the Loans hereunder, and the execution and delivery of the Note. 

Section 10.11 Severability. In case any provision in or obligation under this Agreement or the other Credit Documents
shall be invalid, illegal or unenforceable, in whole or in part, in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in
any way be affected or impaired thereby. 
 Section 10.12 Independence of Covenants. All covenants hereunder
shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitation of, another covenant, shall not
avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
 Section 10.13
Change in Accounting Principles, Fiscal Year or Tax Laws. If (a) any preparation of the financial statements referred to in Section 7.7 hereafter occasioned by the promulgation of rules, regulations, pronouncements
and opinions by or required by the Financial Accounting Standards Board or the American Institute of Certified Public Accounts (or successors thereto or agencies with similar functions) (other than changes mandated by FASB 106) result in a material
change in the method of calculation of financial covenants, standards or terms found in this Agreement, (b) there is any change in Borrower’s fiscal quarter or fiscal year, or (c) there is a material change in federal tax laws which
materially affects any of the Consolidated Companies’ ability to comply with the financial covenants, standards or terms found in this Agreement, Borrower and the Lender agree to enter into negotiations in order to amend such provisions so as
to equitably reflect such changes with the desired result that the criteria for evaluating any of the Consolidated Companies, financial condition shall be the same after such changes as if such changes had not been made. Unless and until such
provisions have been so amended, the provisions of this Agreement shall govern. 
 Section 10.14 Headlines
Descriptive; Entire Arrangement. The headings of the several sections and subsections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement.

 Section 10.15 Time is of the Essence. Time is of the essence in interpreting and performing this
Agreement and all other Credit Documents. 
 Section 10.16 Usury. It is the intent of the parties hereto not
to violate any federal or state law, rule or regulation pertaining either to usury or to the contracting for or charging or collecting of interest, and Borrower and Lender agree that, should any provision of this Agreement or of the Note, or any act
performed hereunder or thereunder, violate any such law, rule or regulation, then the excess of interest contracted for or charged or collected over the maximum lawful rate of interest shall be applied to the outstanding principal indebtedness due
to Lender by Borrower under this Agreement. 
 Section 10.17 Construction. Should any provision of this
Agreement require judicial interpretation, the parties hereto agree that the court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule of
construction that a document is to be more strictly construed against the party who itself or through its agents prepared the same, it being agreed that Borrower, Lender and their respective agents have participated in the preparation hereof.

  
 40 

 Section 10.18 No Incorporation into Note. This Agreement is
expressly not incorporated by reference into the Note. 
 Section 10.19 Entire Agreement. This
Agreement, the other Credit Documents, and the agreements and documents required to be delivered pursuant to the terms of this Agreement constitute the entire agreement among the parties hereto and thereto regarding the subject matters hereof and
thereof and supersede all prior agreements, representations and understandings related to such subject matters. 

Signature Page Follows 

  
 41 

 SIGNATURE PAGE TO TERM LOAN AGREEMENT 

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

					
	 	 	BORROWER:
		
	 	 	BROWN & BROWN, INC.
			
	Address for Notices:	 	By:	 	  

		 		 	Cory T. Walker
	220 South Ridgewood Avenue	 		 	Senior Vice President, Treasurer
	Daytona Beach, Florida 23115-2412	 		 	and Chief Financial Officer
	Attention: Cory T. Walker	 		 	
	Telephone No.: (386) 239-7250	 		 	
	Telecopy No.: (386) 239-7252	 		 	
			
	 With a copy to:
  

Laurel L. Grammig
 Chief Corporate
Counsel
 BROWN & BROWN, INC.
 3101 W. MLK Blvd., Ste. 400
 Tampa, Florida 33607

Telephone No.: (813) 222-4277
 Telecopy No.:
(813) 222-4464
	 		 	
		
		 	LENDER:
		
	Address for Notices:	 	 JPMORGAN CHASE BANK,
 NATIONAL ASSOCIATION

			
	 JPMorgan Chase Bank, National Association
 10 S. Dearborn Street, Floor 9
 Chicago, Illinois 60603
	 	By:	 	  

	Attention: Lana Skopcenko	 		 	
	Telephone: 312 325 3216	 		 	
	Telecopy: 312 386 7632	 		 	

  
 42 

 Schedule 6.1 

ORGANIZATION AND OWNERSHIP OF SUBSIDIARIES 
 Subsidiaries of the Borrower and Ownership of Subsidiary Stock 
 One hundred percent
(100%) of the outstanding shares of Capital Stock of each direct subsidiary (that is, those companies listed without any symbol preceding them) are owned by Brown & Brown, Inc. 

 

	 	•	 	 = indirect subsidiary, whose outstanding shares of Capital Stock (or, in the case of companies identified as limited liability companies, membership
interests) are owned 100% by the direct subsidiary (company listed without any symbol preceding its name) listed above the name of such indirect subsidiary 

 

	 	•	 	 = indirect subsidiary whose outstanding shares of Capital Stock are owned 100% by the indirect subsidiary (company with • symbol preceding its
name) listed above the name of such indirect subsidiary 

 Acumen Re Management Corporation (DE) 

Advocator Group Holding Company, Inc. (FL) 
  

	 	•	 	 AG Insurance Services, LLC (FL) 

  

	 	•	 	 Brown & Brown of Massachusetts, LLC (MA) 

  

	 	•	 	 The Advocator Group, LLC (FL) 

 AFC Insurance, Inc. (PA) 
 Allocation Services, Inc. (FL) 

American Specialty Insurance & Risk Services, Inc. (IN) 
 Apex Insurance Agency, Inc. (VA) 
 Arrowhead General Insurance Agency SuperHolding
Corp. (DE) 
  

	 	•	 	 Arrowhead General Insurance Agency Holding Corp. (DE) 

 

	 	•	 	 Arrowhead General Insurance Agency, Inc. (MT) 

  

	 	•	 	 AGIA Premium Finance Company, Inc. (CA) 

  

	 	•	 	 Alexander Anthony Insurance, LLC (UT) 

  

	 	•	 	 American Claims Management, Inc. (CA) 

  

	 	•	 	 Superior Recovery Services, Inc. (CA) 

  

	 	•	 	 Premier Interpreting & Transportation, Inc. (CA) 

 

	 	•	 	 Investigation Solutions, Inc. (CA) 

  

	 	•	 	 Independent Consulting & Risk Management Services, Inc. (CA) 

 

	 	•	 	 Pacific Claims Service, Inc. (CA) 

  

	 	•	 	 YouZoom Insurance Services, Inc. (CA) 

 Azure International Holding Co. (DE) 
 B&B Protector Plans, Inc. f/k/a
Underwriters Services, Inc. (FL) 
 B&B TN Holding Company (DE) 

 

	 	•	 	 Brown & Brown of Tennessee, Inc. (TN) 

 Braishfield Associates, Inc. (FL) 
  

	 	•	 	 Braishfield Associates of New York, Inc. (NY) 

 Brown & Brown Agency of Insurance Professionals, Inc. (OK) 
  

	 	•	 	 Graham-Rogers, Inc. (OK) 

 Brown & Brown Disaster Relief Foundation (FL non-profit) 

Brown & Brown Insurance Agency of Virginia, Inc. (VA) 
 Brown & Brown Insurance of Arizona, Inc. (AZ) 
  

	 	•	 	 Brown & Brown of New Mexico, Inc. (NM) 

 Brown & Brown Insurance of Georgia, Inc. (GA) 
 Brown & Brown
Insurance of Nevada, Inc. (NV) 
 Brown & Brown Insurance Services of California, Inc. f/k/a Brown & Brown of
Northern California, Inc. (CA) 
  

	 	•	 	 Brown & Brown Insurance Brokers of Sacramento, Inc. (CA) 

 Brown & Brown Lone Star Insurance Services, Inc. f/k/a Brown & Brown
Insurance Services of San Antonio, Inc. (TX) 
 Brown & Brown Metro, Inc. (NJ) 

Brown & Brown of Arkansas, Inc. (AR) 
 Brown & Brown of Bartlesville, Inc. (OK) 
 Brown & Brown of
Central Michigan, Inc. (MI) 
 Brown & Brown of Central Oklahoma, Inc. (OK) 

Brown & Brown of Colorado, Inc. (CO) 
 Brown & Brown of Connecticut, Inc. (CT) 
 Brown & Brown of
Delaware, Inc. (DE) 
 Brown & Brown of Detroit, Inc. f/k/a Alcos, Inc. (MI) 

Brown & Brown of Florida, Inc. f/k/a & B Insurance Services, Inc. (FL) 

 

	 	•	 	 Axiom Re, Inc. (FL) 

  

	 	•	 	 Brown & Brown of Garden City, Inc. f/k/a Ernest Smith Insurance Agency, Inc. (FL) 

 

	 	•	 	 Halcyon Underwriters, Inc. (FL) 

  

	 	•	 	 MacDuff Underwriters, Inc. (FL) 

  

	 	•	 	 MacDuff America, Inc. (FL) 

 Brown & Brown of Illinois, Inc. (IL) 
 Brown & Brown of Iowa,
Inc. (IA) 
 Brown & Brown of Kentucky, Inc. (KY) 

Brown & Brown of Louisiana, Inc. (LA) 
 Brown & Brown of Michigan, Inc. (MI) 
 Brown & Brown of
Minnesota, Inc. (MN) 
 Brown & Brown of Missouri, Inc. (MO) 

Brown & Brown of New Hampshire, Inc. (NH) 
 Brown & Brown of New Jersey, Inc. (NJ) 
  

	 	•	 	 Brown & Brown of Lehigh Valley, Inc. (PA) 

 Brown & Brown of New York, Inc. (NY) 
 Brown & Brown of North
Dakota, Inc. (ND) 
 Brown & Brown of Northern California, Inc. (CA) 

Brown & Brown of Northern Illinois, Inc. f/k/a John Manner Insurance Agency, Inc. (DE) 

Brown & Brown of Ohio, Inc. (OH) 
  

	 	•	 	 Brown & Brown of Indiana, Inc. (IN) 

  

	 	•	 	 Brown & Brown of Southwest Indiana, Inc. (IN) 

 Brown & Brown of Pennsylvania, Inc. (PA) 
 Brown & Brown of South
Carolina, Inc. (SC) 
 Brown & Brown of the West, Inc. f/k/a CITA Insurance Brokers, Inc. (CA) 

Brown & Brown of Washington, Inc. (WA) 
  

	 	•	 	 International E&S Insurance Brokers, Inc. f/k/a Azure VI Merger Co. (CA) 

Brown & Brown of West Virginia, Inc. (WV) 
 Brown & Brown of Wisconsin, Inc. (WI) 
 Brown & Brown Program
Insurance Services of California, Inc. (CA) 
 Brown & Brown Realty Co. (DE) 

CC Acquisition Corp. (FL) 
 Colonial Claims Corporation (FL) 
 Conduit Insurance Managers, Inc. (TX)

 ECC Insurance Brokers, Inc. (IL) 
 ELOHSSA, Inc. (FL) 
 Energy & Marine Underwriters, Inc. (LA) 

Healthcare Insurance Professionals, Inc. (TX) 
 Hull & Company, Inc. (FL) 
  

	 	•	 	 Hull & Company of New York, Inc. (NY) 

 Industry Consulting Group, Inc. f/k/a ICG Acquisition Corp. (FL) 
 Lancer Claims
Services, Inc. (NV) 

 Madoline Corporation (FL) 

 

	 	•	 	 Florida Intracoastal Underwriters, Limited Co. (FL) 

 Monarch Management Corporation (KS) 
 Pacific Merger Corp. (DE) 

Payease Financial, Inc. (OK) 
 Peachtree Special Risk Brokers, LLC (GA) 
  

	 	•	 	 Peachtree Special Risk Brokers of New York, LLC (NY) 

 Preferred Governmental Claim Solutions, Inc. (FL) 
 Proctor Financial, Inc. (MI)

 Program Management Services, Inc. (FL) 
 Public Risk Underwriters, Inc. (F) 
  

	 	•	 	 Public Risk Underwriters Insurance Services of Texas, LLC (TX) 

 

	 	•	 	 Public Risk Underwriters of Florida, Inc. (FL) 

  

	 	•	 	 Public Risk Underwriters of Georgia, Inc. (GA) 

  

	 	•	 	 Public Risk Underwriters of Illinois, LLC (IL) 

  

	 	•	 	 Public Risk Underwriters of Indiana, Inc. (IN) 

  

	 	•	 	 Public Risk Underwriters of New Jersey, Inc. (NJ) 

  

	 	•	 	 Public Risk Underwriters of the Northwest, Inc. (WA) 

 Risk Management Associates, Inc. (FL) 
 Title Pac, Inc. (OK) 

 Schedule 6.4 

TAX FILINGS AND PAYMENTS 
 -NONE- 

 Schedule 6.5 

CERTAIN PENDING AND THREATENED LITIGATION 
 -NONE- 

 Schedule 6.7 

LIENS ON BORROWER ASSETS 
 -NONE- 

 Schedule 6.11 

EMPLOYEE BENEFIT MATTERS 
 -NONE- 

 Schedule 6.13 

OUTSTANDING DEBT AND DEFAULTS 
  

			
	Brown & Brown, Inc.	 	
	Long Term Debt Schedule - Lead Schedule	 	29-Dec-11
	30-Nov-11	 	

  

											
	 Branch
	  	Date
of Note 	 	  	 Creditor
	  	Balance
11/30/11	 
	 Long-Term Credit Agreement:
	  				  		  			
	 Corporate
	  	 	06/28/04	  	  	SunTrust LOC	  	 	—  	  
	 Corporate
	  	 	07/15/04	  	  	Variable Annuity - Series B - (RB-1)	  	 	32,500,00.00	  
	 Corporate
	  	 	07/15/04	  	  	US Life - Series B - (RB-2)	  	 	7,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	American Int’l life - Series B - (RB-3)	  	 	5,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	AIG Life - Series B - (RB-4)	  	 	5,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	New York Life - Series B - (RB-5)	  	 	9,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	New York Life 2 - Series B - (RB-6)	  	 	5,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	New York Life 3 - Series B - (RB-7)	  	 	500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Prudential - Series B - (RB-8)	  	 	10,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Hare & Co. - Series B - (RB-9)	  	 	3,850,000.00	  
	 Corporate
	  	 	07/15/04	  	  	American Bankers - Series B - (RB-10)	  	 	2,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	American Memorial - Series B - (RB-11)	  	 	2,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Fortis Insurance - Series B - (RB-12)	  	 	1,150,000.00	  
	 Corporate
	  	 	07/15/04	  	  	John Alden Life - Series B - (RB-13)	  	 	1,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Phoenix Life - Series B - (RB-14)	  	 	4,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	PHL - Series B - (RB-15)	  	 	500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	PHL 2 - Series B - (RB-16)	  	 	1,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Life Ins. Of the SW - Series B - (RB-17)	  	 	6,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Assurity Life Insurance Company - Series B - (RB-18)	  	 	2,000,000.00	  
	 Corporate
	  	 	12/22/06	  	  	Prudential Managed - Series C - (RC-1)	  	 	11,300,000.00	  
	 Corporate
	  	 	12/22/06	  	  	PRIAC - Series C (RC-2)	  	 	12,500,000.00	  
	 Corporate
	  	 	12/22/06	  	  	Prudential - Series C - (RC-3)	  	 	1,200,000.00	  
	 Corporate
	  	 	02/01/08	  	  	The Prudential Insurance Company - Series D - (RD-1)	  	 	12,500,000.00	  
	 Corporate
	  	 	02/01/08	  	  	The Prudential Insurance Company - Series D - (RD-2)	  	 	82,655,000.00	  
	 Corporate
	  	 	02/01/08	  	  	How & Co. Series D - (RD-3)	  	 	3,250,000.00	  
	 Corporate
	  	 	09/15/11	  	  	The Prudential Insurance Company of America - Series E (RE-1)	  	 	4,330,000.00	  
	 Corporate
	  	 	09/15/11	  	  	The Prudential Insurance Company of America - Series E (RE-2)	  	 	82,655,000.00	  
	 Corporate
	  	 	09/15/11	  	  	Prudential Retirement Insurance and Annuity Company - Series E - (RE-3)	  	 	3,250,000.00	  
	 Corporate
	  	 	09/15/11	  	  	Prudential Retirement Guaranteed Cost Business Trust - Series E - (RE-4)	  	 	3,100,000.00	  
	 Corporate
	  	 	09/15/11	  	  	Pruco Life Insurance Company of New Jersey - Series E - (RE-5)	  	 	3,675,000.00	  
	 Corporate
	  	 	09/15/11	  	  	MTL Insurance Company - Series E - (RE-6)	  	 	3,000,000.00	  
		  				  		  	  
	  
	 
	 Sub-Total
	  				  		  	$	250,000,000	  
	 Acquisitions:
	  				  		  			
	 Atlanta
	  	 	07/02/10	  	  	Eberhart & Company Insurors, Inc.	  	 	66,666.67	  
	 Plymouth Meeting
	  	 	10/01/10	  	  	Greystone Benefits (Daniel McCormick)	  	 	168,197.99	  
	 Syracuse
	  	 	12/08/10	  	  	Ladd’s Agency (Indemnity Holdback)	  	 	245,964.08	  
	 Syracuse
	  	 	12/08/10	  	  	Ladd’s Agency (Martino Holdback)	  	 	70,000.00	  
	 Portland
	  	 	01/11/11	  	  	Nies Insurance Agency, Inc.	  	 	549,507.36	  
	 Seattle-Balcos
	  	 	07/11/11	  	  	Combined Insurance Service Corp.	  	 	74,600.00	  
	 Saginaw
	  	 	09/01/11	  	  	Public Employee Benefits Solutions, LLC	  	 	570,000.00	  
		  				  		  	  
	  
	 
	 Sub-Total
	  				  		  	$	1,744,936.10	  
		  				  		  	  
	  
	 
	 Total Debt
	  				  		  	$	251,744,936.10	  
		  				  		  	  
	  
	 

 Schedule 6.14 

CONFLICTING AGREEMENTS 
 -NONE- 

 Schedule 6.15(a) 

ENVIRONMENTAL COMPLIANCE 
 -NONE- 

 Schedule 6.15(b) 

ENVIRONMENTAL NOTICES 
 -NONE- 

 Schedule 6.15(c) 

ENVIRONMENTAL PERMITS 
 -NONE- 

 Schedule 6.17 

PATENT, TRADEMARK, LICENSE, AND OTHER INTELLECTUAL PROPERTY MATTERS 

-NONE- 

 Schedule 6.21 

LABOR AND EMPLOYMENT MATTERS 
 -NONE- 

 Schedule 6.22 

INTERCOMPANY LOANS 
 -NONE- 

 Schedule 6.23 

BURDENSOME RESTRICTIONS 
 -NONE- 

 Schedule 6.27(a) 

PLACES OF BUSINESS 
  

			
	12/29/2011	  	Page 1 of 13

 Brown & Brown, Inc. 

Number of Physical Locations & Profit Centers Per State 

 

																			
	 Profit Center # and Name
	 	 PO Box Information
	 	 Street Address
	 	 Suite
	 	 City
	 	 	 	 	State	 	 	Zip Code
	 ARKANSAS (AR)
	 		 		 		 		 				 				 	
	 124 Little Rock
	 		 	 2120 Riverfront Drive
	 	Suite 200	 	Little Rock	 				 	 	AR	  	 	72202
	 559 Northwest Arkansas
	 		 	 1479 Executive Place
	 	Suite A	 	Springdale	 				 	 	AR	  	 	72762
	 130 Russellville
	 	 P.O. Box 40 (zip 72811)
	 	 706 W. Main
	 		 	Russellville	 				 	 	AR	  	 	72801
							
		 		 		 	Locations within ARKANSAS	 	 	3	  	 				 	
		 		 		 	Profit Centers within ARKANSAS	 	 	3	  	 				 	
								
	 ARIZONA (AZ)
	 		 		 		 		 				 				 	
	 408 Big Sky Underwriters
	 		 	 6202 East McKellips #40
	 		 	Mesa	 				 	 	AZ	  	 	85215
	 83 Phoenix
	 	 P.O. Box 2800
	 	 2800 N. Central Ave
	 	Suite 1600	 	Phoenix	 				 	 	AZ	  	 	85002
	 91 Prescott
	 	 Caller Box 4560 (zip 86304)
	 	 1579 W.Gurley Street
	 	Suite A	 	Prescott	 				 	 	AZ	  	 	86305
							
		 		 		 	Locations within ARIZONA	 	 	3	  	 				 	
		 		 		 	Profit Centers within ARIZONA	 	 	3	  	 				 	
								
	 CALIFORNIA (CA)
	 		 		 		 		 				 				 	
	 133 CalSurance
	 	P.O. Box 7048, (zip 92863-7048)	 	 681 S. Parker Street
	 	Suite 300	 	Orange	 				 	 	CA	  	 	92868-4719
	 552 CITA Insurance Svcs
	 	P.O. Box 7048, (zip 92863-7048)	 	 681 S. Parker Street
	 	Suite 200	 	Orange	 				 	 	CA	  	 	92868-4719
	 584 Connect
	 		 	 One Kaiser Plaza
	 	Suite 1101	 	Oakland	 				 	 	CA	  	 	94612
	 421 Hull-Newport Beach
	 		 	 1600 Dove Street
	 	Suite 315	 	Newport Beach	 				 	 	CA	  	 	92660
	 423 Hull-Stockton
	 		 	 2389 W. March Lane
	 	Suite 200	 	Stockton	 				 	 	CA	  	 	95207
	 115 Novato
	 		 	 9 Commercial Blvd
	 	Suite 100	 	Novato	 				 	 	CA	  	 	94949
	 583 Oakland
	 		 	 One Kaiser Plaza
	 	Suite 1101	 	Oakland	 				 	 	CA	  	 	94612
	 583 Oakland
	 		 	 3697 Mt. Diablo Blvd.
	 	Suite 100	 	Lafayette	 				 	 	CA	  	 	94549
	 583 Oakland
	 		 	 3554 Round Barn Blvd.
	 	Suite 309	 	Santa Rosa	 				 	 	CA	  	 	95403
	 132 Orange County
	 	 P.O. Box 6989 (zip 92863)
	 	 500 N. State College Blvd.
	 	Suite 400	 	Orange	 				 	 	CA	  	 	92868
	 576 Rocklin
	 		 	 5750 West Oaks Boulevard
	 	Suite 140	 	Rocklin	 				 	 	CA	  	 	95765
	 576 Rocklin
	 		 	 535 Menlo Drive
	 	Suite B	 	Rocklin	 				 	 	CA	  	 	95765
	 142 Santa Barbara
	 		 	 1025 Chapala Street
	 		 	Santa Barbara	 				 	 	CA	  	 	93101
	 142 Santa Barbara
	 		 	 30851 Agoura Rd.
	 	Suite 205	 	Agoura Hills	 				 	 	CA	  	 	91301
	 542 Stockton
	 		 	 1330 W. Fremont St.
	 		 	Stockton	 				 	 	CA	  	 	95203
	 541 Woodland Hills
	 		 	 21051 Warner Center Lane
	 	Suite 210	 	Woodland Hills	 				 	 	CA	  	 	91367
							
		 		 		 	Locations within CALIFORNIA	 	 	14	  	 				 	
		 		 		 	Profit Centers within CALIFORNIA	 	 	12	  	 				 	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 2 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

																	
	 Profit Center # and Name
	  	 PO Box Information
	  	 Street Address
	  	 Suite
	  	City	  	 	 	  	State	  	 Zip Code

	 COLORADO (CO)
	  		  		  		  		  				  		  	
	 275 Colorado Springs
	  		  	101 North Cascade	  	Suite 410	  	Colorado Springs	  				  	CO	  	80903
	 267 Denver
	  		  	1660 South Albion Street	  	Suite 525	  	Denver	  				  	CO	  	80222
	 266 Ft. Collins
	  	P.O. Box 2226 (zip 80522)	  	125 S.Howes, 5th Floor	  		  	Ft. Collins	  				  	CO	  	80521
	 491 Hull-Denver
	  		  	8400 East Prentice Ave.	  	Suite 535	  	Greenwood Village	  				  	CO	  	80111-3257
	 432 Hull-Lincoln
	  		  	8400 East Prentice Ave.	  	Suite 535	  	Greenwood Village	  				  	CO	  	80111
	 563 Protocols
	  		  	1350 Independence St.	  		  	Lakewood	  				  	CO	  	80215
	 578 PSR-Denver
	  		  	8400 East Prentice Ave.	  	Suite 535	  	Greenwood Village	  				  	CO	  	80111
	 272 Steamboat Springs
	  	P.O. Box 775043 (zip 80477)	  	675 Snapdragon Way	  	Suite 200	  	Steamboat	  				  	CO	  	80487
							
		  		  		  	Locations within COLORADO	  	 	6	  	  		  	
		  		  		  	Profit Centers within COLORADO	  	 	8	  	  		  	
								
	 CONNECTICUT (CT)
	  		  		  		  		  				  		  	
	 191 Axiom Re
	  		  	10 Bay Street	  		  	Westport	  				  	CT	  	06880
	 102 Hartford
	  	P.O. Box 50 (zip 06050)	  	55 Capital Blvd.	  	Suite 102	  	Rocky Hill	  				  	CT	  	06067
	 102 Hartford
	  		  	65 Boston Post Road	  		  	Waterford	  				  	CT	  	06385
	 583 Oakland
	  		  	384C Merrow Road	  		  	Tolland	  				  	CT	  	06084
							
		  		  		  	Locations within CONNECTICUT	  	 	4	  	  		  	
		  		  		  	Profit Centers within CONNECTICUT	  	 	3	  	  		  	
								
	 DELAWARE (DE)
	  		  		  		  		  				  		  	
	 526 B&B Private Client Gr
	  		  	200 Continental Drive	  	Suite 402	  	Newark	  				  	DE	  	19713
							
		  		  		  	Locations within DELAWARE	  	 	1	  	  		  	
		  		  		  	Profit Centers within DELAWARE	  	 	1	  	  		  	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 3 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

													
	 Profit Center # and Name
	 	 PO Box Information
	 	 Street Address
	 	 Suite
	 	 City
	 	 State
	 	Zip Code
	 FLORIDA (FL)
	 		 		 		 		 		 	
	 176 Braishfield
	 		 	2966 Commerce Park Drive	 		 	Orlando	 	FL	 	32819
	   44  Brevard
	 		 	7341 Office Park Place	 	Suite 202A	 	Melbourne	 	FL	 	32940
	   74  Brooksville
	 	 P.O. Box 548
 (zip
34605-0548)
	 	273 North Broad Street	 		 	Brooksville	 	FL	 	34601
	 549  Columbia
	 		 	3101 West Dr. Martin Luther King Jr. Blvd.	 	Suite 400	 	Tampa	 	FL	 	33607
	 549  Columbia
	 		 	404 Kelly Plantation Drive	 	Unit 106	 	Destin	 	FL	 	32541
	 543  CPA Protector Plan
	 		 	3101 West Dr. Martin Luther King Jr. Blvd.	 	Suite 400	 	Tampa	 	FL	 	33607
	   33  Daytona
	 	 P.O. Box 2412
 (zip
32115)
	 	220 S. Ridgewood Avenue	 		 	Daytona Beach	 	FL	 	32114-2412
	     5  Dental
	 		 	3101 West Dr. Martin Luther King Jr. Blvd.	 	Suite 400	 	Tampa	 	FL	 	33607
	 404  DVUA New Jersey
	 		 	780 Carillon Parkway	 	Suite 200	 	St. Petersburg	 	FL	 	33716
	 532  Evergreen Re
	 		 	1000 SE Monterey Commons Blvd.	 	Suite 301	 	Stuart	 	FL	 	34996
	   94  FIU
	 		 	1600 Sawgrass Corporate Parkway	 	Suite 200	 	Sunrise	 	FL	 	33323
	   53  Ft, Lauderdale
	 	 P.O. Box 5727

(zip 33310-5727)
	 	1201 West Cypress Creek Road	 	Suite 130	 	Ft. Lauderdale	 	FL	 	33309-2366
	   45  Ft, Myers
	 		 	3820 Colonial Blvd.	 	Suite 200	 	Ft. Myers	 	FL	 	33966
	   68  Halcyon
	 		 	2600 Lake Lucien Drive	 	Suite 304	 	Maitland	 	FL	 	32751-7234
	 566  Homestead
	 		 	1780 North Krome Avenue	 		 	Homestead	 	FL	 	33030
	 566  Homestead
	 		 	31 Ocean Reef Drive	 	Suite B-201	 	Key Largo	 	FL	 	33037
	 566  Homestead
	 		 	103400 Overseas Highway	 	Suite 238	 	Key Largo	 	FL	 	33037
	 411  Hull-Ft. Lauderdale
	 		 	800 Carillon Parkway	 	Suite 150	 	St. Petersburg	 	FL	 	33716
	 411  Hull-Ft. Lauderdale
	 		 	2150 S. Andrews Avenue	 		 	Ft. Lauderdale	 	FL	 	33316
	 416  Hull-Jacksonville
	 		 	8381 Dix Ellis Trail	 	Suite 100	 	Jacksonville	 	FL	 	32256
	 412  Hull-Tampa Bay
	 		 	800 Carillon Parkway	 	Suite 150	 	St. Petersburg	 	FL	 	33716
	   70  Jacksonville
	 		 	10151 Deerwood Park Blvd., Bldg. 100	 	Suite 100	 	Jacksonville	 	FL	 	32256
	     7  Lawyers
	 		 	3101 West Dr. Martin Luther King Jr. Blvd.	 	Suite 400	 	Tampa	 	FL	 	33607
	   72  Leesburg
	 	P.O. Box 491636	 	900 N. 14th Street	 		 	Leesburg	 	FL	 	34748
	   69  MacDuff-Daytona
	 		 	1717 North Clyde Morris Blvd	 	Suite 120	 	Daytona Beach	 	FL	 	32117-5532
	   50  Miami
	 		 	14900 NW 79th Court	 	Suite 200	 	Miami Lakes	 	FL	 	33016
	   55  Monticello
	 	 P.O. Box 569
 (zip
32345)
	 	1020 W. Washington Street	 		 	Monticello	 	FL	 	32344
	   46  Naples
	 		 	999 Vanderbilt Beach Road	 	Suite 507	 	Naples	 	FL	 	34108
	   43  Naples-Benefits
	 		 	999 Vanderbilt Beach Road	 	Suite 509	 	Naples	 	FL	 	34108
	 417  Natl Risk Solutions
	 		 	800 Carillon Parkway	 	Suite 150	 	St. Petersburg	 	FL	 	33716
	 194  NuQuest
	 		 	280 Wekiva Springs Rd.	 	Suite 3050	 	Longwood	 	FL	 	32779
	   39  Ocala
	 		 	47 S.W. 17th Street	 		 	Ocala	 	FL	 	34471
	     6  Optometric
	 		 	3101 West Dr. Martin Luther King Jr. Blvd.	 	Suite 400	 	Tampa	 	FL	 	33607
	   36  Orlando
	 		 	2600 Lake Lucien Drive	 	Suite 330	 	Maitland	 	FL	 	32751-7234
	 297  Panama City
	 		 	647 Luverne Ave.	 		 	Panama City	 	FL	 	32401
	 107  PGCS
	 		 	100 Australian Ave.	 	Suite 200	 	West Palm Beach	 	FL	 	33406
	 107  PGCS
	 		 	615 Crescent Executive Court	 	Suite 600	 	Lake Mary	 	FL	 	32746
	 105  Pinellas
	 	 P.O. Box 2456
 (zip
33757-2456)
	 	83 Park Place Blvd	 	Suite 101	 	Clearwater	 	FL	 	33759
	 179  PRIA
	 	 P.O. Box 2416
 (zip
32115)
	 	220 S. Ridgewood Avenue	 	Suite 210	 	Daytona Beach	 	FL	 	32114-2416

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 4 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

																	
	 Profit Center # and Name
	  	 PO Box Information
	  	 Street Address
	  	 Suite
	  	 City
	  	State	 	  	Zip Code	 
	 FLORIDA (FL)
	  		  		  		  		  				  			
	 8 Professional Service Plan
	  		  	3101 West Dr. Martin Luther King Jr. Blvd.	  	Suite 400	  	Tampa	  	 	FL	  	  	 	33607	  
	 563 Protocols
	  		  	10249 Old Tampa Bay Drive	  		  	San Antonio	  	 	FL	  	  	 	33576	  
	 101 PRSG
	  	P.O. Box 5727	  	5900 N. Andrews Avenue	  	Suite 401	  	Ft. Lauderdale	  	 	FL	  	  	 	33309	  
	 502 PSR-Boca Raton
	  		  	621 NW 53rd Street	  	Suite 385	  	Boca Raton	  	 	FL	  	  	 	33487	  
	 504 PSR-St.Pete
	  		  	780 Carillon Parkway	  	Suite 200	  	St. Petersburg	  	 	FL	  	  	 	33716	  
	 48 Public Risk U/W
	  		  	615 Crescent Executive Court	  	Suite 600	  	Lake Mary	  	 	FL	  	  	 	32746	  
	 40 Sarasota
	  		  	1819 Main Street	  	Suite 510	  	Sarasota	  	 	FL	  	  	 	34236	  
	 418 Sigma Underwriting
	  		  	4000 Hollywood Blvd.	  	Suite 625 South To	  	Hollywood	  	 	FL	  	  	 	33021	  
	 75 Tallahassee
	  	P.O. Box 13769 (zip 32317-3769)	  	3520 Thomasville Road	  	Suite 500	  	Tallahassee	  	 	FL	  	  	 	32309	  
	 13 Tampa
	  	P.O. Box 15519 (zip 33684)	  	3101 West Dr. Martin Luther King Jr. Blvd.	  	Suite 400	  	Tampa	  	 	FL	  	  	 	33607	  
	 67 USIS
	  		  	140 Alexandria Blvd.	  	Suite H	  	Oviedo	  	 	FL	  	  	 	32765	  
	 67 USIS
	  	P.O. Box 616648 (zip 32861)	  	5728 Major Blvd.	  	Suite 450	  	Orlando	  	 	FL	  	  	 	32819	  
	 574 Vero Beach
	  		  	2911 Cardinal Drive	  		  	Vero Beach	  	 	FL	  	  	 	32963	  
	 54 West Palm Beach
	  		  	1401 Forum Way	  	Suite 400	  	West Palm Beach	  	 	FL	  	  	 	33401-2324	  
						
		  		  		  	 Locations within FLORIDA    40

Profit Centers within FLORIDA    47
	  				  			
							
	 GEORGIA (GA)
	  		  		  		  		  				  			
	 85 Atlanta
	  		  	3483 Satellite Blvd.	  	Suite 100	  	Duluth	  	 	GA	  	  	 	30096	  
	 532 Evergreen Re
	  		  	1950 Drummond Pond Rd	  		  	Alpharetta	  	 	GA	  	  	 	30004	  
	 482 Hull-North Carolina
	  		  	2405 Kennedy Lane	  		  	Marietta	  	 	GA	  	  	 	30060	  
	 168 Marietta
	  		  	1234 Powers Ferry Road SE	  	Suite 102	  	Marietta	  	 	GA	  	  	 	30067-5486	  
	 148 Norcross
	  		  	4725 Peachtree Corners Circle	  	Suite 370	  	Norcross	  	 	GA	  	  	 	30092	  
	 148 Norcross
	  		  	4730 Hammond Industrial Dr.	  	Suite 100	  	Cummings	  	 	GA	  	  	 	30041	  
	 501 PSR-Atlanta
	  		  	3525 Piedmont Road NE	  	Suite 415	  	Atlanta	  	 	GA	  	  	 	30305	  
	 47 PSR-Stockbridge
	  		  	303 Corporate Center Drive	  	Suite 300A	  	Stockbridge	  	 	GA	  	  	 	30281	  
	 87 Rome, GA
	  		  	901 N. Broad Street	  	Suite 200	  	Rome	  	 	GA	  	  	 	30161	  
	 67 USIS
	  		  	Nine Dunwoody Park	  	Suite 106	  	Atlanta	  	 	GA	  	  	 	30338	  
						
		  		  		  	 Locations within GEORGIA    10

Profit Centers within GEORGIA    9
	  				  			
	 HAWAII (HI)
	  		  		  		  		  				  			
	 471 Hull-Hawaii
	  		  	3375 Koapka Street	  	Suite D136	  	Honolulu	  	 	HI	  	  	 	96819	  
						
		  		  		  	 Locations within HAWAII     1

Profit Centers within HAWAII     1
	  				  			

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 5 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

													
	 Profit Center # and Name
	  	 PO Box Information
	  	 Street Address
	  	 Suite
	  	 City
	  	 State
	  	Zip Code
	ILLINOIS (IL)	  		  		  		  		  		  	
	        198 APEX	  		  	111 West Jackson Blvd.	  	Suite 1502	  	Chicago	  	IL	  	60604
	        191 Axiom Re	  		  	941 North Plum Grove Rd	  	Suite B	  	Schaumburg	  	IL	  	60173
	        175 ECC Ins. Brokers	  		  	1211 W. 22nd Street	  	Suite 512	  	Oak Brook	  	IL	  	60523
	        195 Ideal	  		  	100 West 22nd Street	  	Suite 115	  	Lombard	  	IL	  	60148
	        129 Joliet	  		  	220 N. Larkin Ave.	  		  	Joliet	  	IL	  	60435
	        184 Lisle	  		  	2300 Cabot Drive	  	Suite 100	  	Lisle	  	IL	  	60532
	        579 PSR-Chicago	  		  	1211 W. 22nd Street	  	Suite 512	  	Oak Brook	  	IL	  	60523
						
		  		  		  	Locations within ILLINOIS    6	  		  	
		  		  		  	Profit Centers within ILLINOIS    7	  		  	
							
	INDIANA (IN)	  		  		  		  		  		  	
	        173 American Specialty	  	P.O. Box 309	  	142 North Main Street	  		  	Roanoke	  	IN	  	46783-0309
	        186 Downey	  	P.O. Box 1247	  	302 South Reed Road	  		  	Kokomo	  	IN	  	46901
	        62 Indianapolis	  		  	1832 South Plate St.	  		  	Kokomo	  	IN	  	46902
	        62 Indianapolis	  		  	507 N. Main St.	  	Suite D	  	Kokomo	  	IN	  	46901
	        62 Indianapolis	  		  	11555 N. Meridian Street	  	Suite 220	  	Carmel	  	IN	  	46032
	        62 Indianapolis	  		  	414 West High St.	  		  	Elkhart	  	IN	  	46516
	        155 Owensboro	  		  	8788 Ruffian Lane	  		  	Newburgh	  	IN	  	47630
						
		  		  		  	Locations within INDIANA    7	  		  	
		  		  		  	Profit Centers within INDIANA    4	  		  	
							
	KANSAS (KS)	  		  		  		  		  		  	
	        196 Monarch Mgmt. Corp.	  		  	1240 S.W. Oakley	  		  	Topeka	  	KS	  	66604-1637
						
		  		  		  	Locations within KANSAS    1	  		  	
		  		  		  	Profit Centers within KANSAS    1	  		  	
							
	KENTUCKY(KY)	  		  		  		  		  		  	
	        549 Columbia	  		  	724 N. Main Street	  		  	Franklin	  	KY	  	42135
	        549 Columbia	  		  	132 Public Square	  		  	Columbia	  	KY	  	42728
	        516 Lexington	  		  	1019 Majestic Drive	  	Suite 310	  	Lexington	  	KY	  	40513
	        529 Louisville	  		  	13101 Magisterial Drive	  	Suite 200	  	Louisville	  	KY	  	40223
	        155 Owensboro	  	P.O. Box 1627	  	1925 Frederica Street	  		  	Owensboro	  	KY	  	42302
						
		  		  		  	Locations within KENTUCKY    5	  		  	
		  		  		  	Profit Centers within KENTUCKY    4	  		  	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 6 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

																	
	 Profit Center # and Name
	 	 PO Box Information
	 	 Street Address
	 	 Suite
	 	 City
	 	 	 	 	State	 	Zip Code
	LOUISIANA (LA)	 		 		 		 		 				 		 	
	 561 Alexandria
	 	PO Box 5545 (zip 71307-5545)	 	 4615 Parliament Street
	 	Suite 200	 	Alexandria	 				 	LA	 	71303
	 561 Alexandria
	 		 	 1131 Pithon Street
	 		 	Lake Charles	 				 	LA	 	70601
	 110 Baton Rouge
	 		 	 7444 Picardy Avenue
	 		 	Baton Rouge	 				 	LA	 	70808
	 464 Hull-Louisiana
	 		 	 3850 N. Causeway Blvd.
	 	Suite 710	 	Metairie	 				 	LA	 	70002
	 88 Lafayette
	 	P.O. Box 81248 (zip 70598)	 	102 Asma Blvd.	 	Suite 300	 	Lafayette	 				 	LA	 	70508
	 88 Lafayette
	 	P.O. Box 398	 	1111 Crescent Ave.	 		 	Lockport	 				 	LA	 	70374
	 528 New Orleans
	 		 	1555 Poydras Street	 	Suite 1700	 	New Orleans	 				 	LA	 	70112
	 528 New Orleans
	 		 	3840 Highway 22	 		 	Mandeville	 				 	LA	 	70471
	 563 Protocols
	 		 	218 Rue Chardonnay	 		 	Abita Springs	 				 	LA	 	70420
	 156 PSR-Louisiana
	 		 	3850 N. Causeway Blvd.	 	Suite 710	 	Metairie	 				 	LA	 	70002
							
		 		 		 	Locations within LOUISIANA	 	 	9	  	 		 	
		 		 		 	Profit Centers within LOUISIANA	 	 	7	  	 		 	
							
	MASSACHUSETTS (MA)	 		 		 		 				 		 	
	 565 Advocator Group
	 		 	101 Edgewater Drive	 	Suite 260	 	Wakefield	 				 	MA	 	01880
	 532 Evergreen Re
	 		 	181 Wells Ave.	 		 	Newton	 				 	MA	 	02459
	 169 Merrimack
	 	P.O. Box 1497	 	3 Hollis Street	 		 	Pepperell	 				 	MA	 	01463
	 572 Newton
	 		 	181 Wells Ave.	 		 	Newton	 				 	MA	 	02459
	 572 Newton
	 		 	1 Constitution Center	 		 	Charlestown	 				 	MA	 	02129
							
		 		 		 	Locations within MASSACHUSETTS	 	 	4	  	 		 	
		 		 		 	Profit Centers within MASSACHUSETTS	 	 	4	  	 		 	
								
	MICHIGAN (Ml)	 		 		 		 		 				 		 	
	 535 Fenton
	 		 	1190 Torrey Road	 		 	Fenton	 				 	Ml	 	48430-3326
	 166 Proctor
	 		 	200 Kirts Blvd.	 	Suite 100	 	Troy	 				 	Ml	 	48084
	 577 Saginaw
	 		 	1605 Concentric Boulevard	 	Suite 1	 	Saginaw	 				 	Ml	 	48604
	 511 Sterling Heights
	 	P.O. Box 8029	 	35735 Mound Road	 		 	Sterling Heights	 				 	Ml	 	48311-8029
							
		 		 		 	Locations within MICHIGAN	 	 	4	  	 		 	
		 		 		 	Profit Centers within MICHIGAN	 	 	4	  	 		 	
								
	MINNESOTA (MN)	 		 		 		 		 				 		 	
	 532 Evergreen Re
	 		 	7401 Metro Blvd.	 	Suite 505	 	Edina	 				 	MN	 	55439
	 174 Minneapolis-Mankato
	 		 	7301 Ohms Lane	 	Suite 210	 	Edina	 				 	MN	 	55439-2369
	 174 Minneapolis-Mankato
	 		 	530 West Pleasant Street	 	Suite 100	 	Mankato	 				 	MN	 	56001-2369
							
		 		 		 	Locations within MINNESOTA	 	 	3	  	 		 	
		 		 		 	Profit Centers within MINNESOTA	 	 	2	  	 		 	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 7 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

															
	
Profit Center # and Name
	  	 PO Box Information
	  	 Street Address
	  	 Suite
	  	 City
	  	 	  	 State
	  	 Zip Code

	 MISSOURI (MO)
	  		  		  		  		  		  		  	
	 77 Parcel Insurance Plan
	  	P.O. Box 66708	  	9666 Olive Blvd.	  	Suite 200	  	Olivette	  		  	MO	  	63132
							
		  		  		  	Locations within MISSOURI	  	1	  		  	
		  		  		  	Profit Centers within MISSOURI	  	1	  		  	
								
	 MONTANA (MT)
	  		  		  		  		  		  		  	
	 408 Big Sky Underwriters
	  		  	940 Jensen Road	  		  	Columbia Falls	  		  	MT	  	59912
	 408 Big Sky Underwriters
	  		  	2432 Kemp Street	  	Suite A	  	Missoula	  		  	MT	  	59801-7588
	 408 Big Sky Underwriters
	  		  	1315 4th Avenue East	  		  	Kalispell	  		  	MT	  	59901
							
		  		  		  	Locations within MONTANA	  	3	  		  	
		  		  		  	Profit Centers within MONTANA	  	1	  		  	
							
	 NORTH CAROLINA (NC)
	  		  		  		  		  		  	
	 191 Axiom Re
	  		  	940 Golf House Road West	  		  	Whitsett	  		  	NC	  	27377
	 482 Hull-North Carolina
	  		  	14120 Ballantyne Corporate Place	  	Suite 525	  	Charlotte	  		  	NC	  	28277
	 503 PSR-Charlotte
	  		  	14120 Ballantyne Corporate Place	  	Suite 525	  	Charlotte	  		  	NC	  	28277
	 210 Rochester
	  		  	940 Golf House Road West	  		  	Whitsett	  		  	NC	  	27377
							
		  		  		  	Locations within NORTH CAROLINA	  	2	  		  	
		  		  		  	Profit Centers within NORTH CAROLINA	  	4	  		  	
								
	 NEW HAMPSHIRE (NH)
	  		  		  		  		  		  		  	
	 169 Merrimack
	  	P.O. Box 979	  	93 Washington St.	  		  	Dover	  		  	NH	  	03820
	 169 Merrimack
	  	P.O. Box 1510	  	309 Daniel Webster Highway	  		  	Merrimack	  		  	NH	  	03054
	 563 Protocols
	  		  	141 Fairmount Avenue	  		  	Manchester	  		  	NH	  	03104
							
		  		  		  	Locations within NEW HAMPSHIRE	  	3	  		  	
		  		  		  	Profit Centers within NEW HAMPSHIRE	  	2	  		  	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 8 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

																	
	 Profit Center # and Name
	 	 PO Box Information
	 	 Street Address
	 	 Suite
	 	 City
	 	 	 	 	 State
	 	Zip Code
	 NEW JERSEY (NJ)
	 		 		 		 		 				 		 	
	 145 Acumen RE
	 		 	307 Fellowship Road	 	Suite 314	 	Mt. Laurel	 				 	NJ	 	08054
	 513 Benefit Advisors
	 		 	1129 Broad Street	 	Suite 7	 	Shrewsbury	 				 	NJ	 	07702
	 513 Benefit Advisors
	 		 	80 Lambert Lane	 	Suite 140	 	Lambertville	 				 	NJ	 	08530
	 513 Benefit Advisors
	 		 	711 East Main Street	 		 	Morestown	 				 	NJ	 	08057
	 513 Benefit Advisors
	 		 	7 Regent Street	 		 	Livingston	 				 	NJ	 	07039
	 513 Benefit Advisors
	 		 	430 Mountain Ave.	 		 	Murray Hill	 				 	NJ	 	07974
	 404 DVUA New Jersey
	 		 	30A Vreeland Road	 		 	Florham Park	 				 	NJ	 	07932
	 188 Florham Park - Benefits
	 	P.O. Box 678	 	30A Vreeland Rd.	 		 	Florham Park	 				 	NJ	 	07932
	 163 Florham Park - P&C
	 	P.O. Box 679	 	30A Vreeland Rd.	 		 	Florham Park	 				 	NJ	 	07932
	 160 Marmora
	 		 	1314 S. Shore Road	 		 	Marmora	 				 	NJ	 	08223
	 160 Marmora
	 		 	206 W. High Street	 		 	Glassboro	 				 	NJ	 	08028
	 553 Mt Laurel
	 		 	1433 Hooper Ave.	 		 	Toms River	 				 	NJ	 	08753-2200
	 553 Mt Laurel
	 		 	1000 Bishops Gate Blvd	 	Suite 100	 	Mt. Laurel	 				 	NJ	 	08054
	 161 Philadelphia
	 		 	1000 Bishops Gate Blvd	 		 	Mt. Laurel	 				 	NJ	 	08054
	 189 PRNJ
	 	P.O. Box 678	 	30A Vreeland Rd.	 		 	Florham Park	 				 	NJ	 	07932
	 501 PSR-Atlanta
	 		 	30A Vreeland Road	 	Suite 200	 	Florham Park	 				 	NJ	 	07932
							
		 		 		 	Locations within NEW JERSEY	 	 	12	  	 		 	
		 		 		 	Profit Centers within NEW JERSEY	 	 	10	  	 		 	
								
	 NEW MEXICO (NM)
	 		 		 		 		 				 		 	
	 63 Albuquerque
	 	P.O. Box 20550 (zip 87154-0550)	 	5200 Eubank Blvd NE	 	Suite C3	 	Albuquerque	 				 	NM	 	87111
	 63 Albuquerque
	 	P.O. Box 20550 (zip 87154-0550)	 	409 California Street	 		 	Socorro	 				 	NM	 	87801
	 64 Taos
	 	P.O. Box 857 (zip 87571)	 	2019 Galisteo St,	 	N10, Unit D	 	Santa Fe	 				 	NM	 	87605
	 64 Taos
	 	P.O. Box 857 (zip 87571)	 	627 Paseo del Pueblo Sur	 		 	Taos	 				 	NM	 	87571
							
		 		 		 	Locations within NEW MEXICO	 	 	4	  	 		 	
		 		 		 	Profit Centers within NEW MEXICO	 	 	2	  	 		 	
	 NEVADA (NV)
	 		 		 		 		 				 		 	
	 96 Las Vegas
	 		 	975 Kelly Johnson Drive	 	Suite 100	 	Las Vegas	 				 	NV	 	89119
							
		 		 		 	Locations within NEVADA	 	 	1	  	 		 	
		 		 		 	Profit Centers within NEVADA	 	 	1	  	 		 	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 9 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

																			
	 Profit Center # and Name
	 	 PO Box Information
	 	 Street Address
	 	 Suite
	 	 City
	 	 	 	 	State	 	 	Zip Code
	 NEW YORK (NY)
	 		 		 		 		 				 				 	
	 211 Buffalo
	 		 	200 John James Audubon Parkway	 	Suite 301	 	Amherst	 				 	 	NY	  	 	14228
	 573 Farmingdale
	 		 	814 Fulton Street	 		 	Farmingdale	 				 	 	NY	  	 	11735
	 514 Garden City
	 		 	595 Stewart Avenue	 	Suite 600	 	Garden City	 				 	 	NY	  	 	11530-4735
	 556 IWA
	 		 	761 Koehler Ave.	 	Suite 100	 	Ronkonkoma	 				 	 	NY	  	 	11779-7407
	 212 Jamestown
	 	P.O. Box 1239	 	415 West 4th Street	 		 	Jamestown	 				 	 	NY	  	 	14702-1239
	 567 Manhattan
	 		 	10 East 40th Street	 	Suite 3105	 	New York City	 				 	 	NY	  	 	10016
	 210 Rochester
	 		 	45 East Avenue	 		 	Rochester	 				 	 	NY	  	 	14604-2286
	 210 Rochester
	 		 	12007 E. Main Street	 		 	Wolcott	 				 	 	NY	  	 	14590-0220
	 210 Rochester
	 		 	182 Main Street	 		 	Dannsville	 				 	 	NY	  	 	14437
	 258 Rome, NY
	 	P.O. Box 231	 	117 West Liberty Street	 		 	Rome	 				 	 	NY	  	 	13440-0231
	 98 Syracuse
	 		 	500 Plum Street	 	Suite 200	 	Syracuse	 				 	 	NY	  	 	13204-1480
	 98 Syracuse
	 		 	36 Washington Avenue	 	Suite 1	 	Endicott	 				 	 	NY	  	 	13760-1480
	 98 Syracuse
	 		 	39 Old Route 146	 	Suite 102	 	Clifton Park	 				 	 	NY	  	 	12065
	 524 White Plains
	 		 	2500 Westchester Ave.	 		 	Purchase	 				 	 	NY	  	 	10577
							
		 		 		 	Locations within NEW YORK	 	 	14	  	 				 	
		 		 		 	Profit Centers within NEW YORK	 	 	10	  	 				 	
	 OHIO (OH)
	 		 		 		 		 				 				 	
	 61 Toledo
	 		 	360 Three Meadows Drive	 		 	Perrysburg	 				 	 	OH	  	 	43551
							
		 		 		 	Locations within OHIO	 	 	1	  	 				 	
		 		 		 	Profit Centers within OHIO	 	 	1	  	 				 	
	 OKLAHOMA (OK)
	 		 		 		 		 				 				 	
	 121 Bartlesville
	 	P.O. Box 1628 (74005)	 	501 East Frank Phillips Blvd.	 		 	Bartlesville	 				 	 	OK	  	 	74003
	 143 Oklahoma City
	 	P.O. Box 16340 (zip 3113)	 	710 Cedar Lake Blvd.	 	Suite 110	 	Oklahoma City	 				 	 	OK	  	 	73114
	 103 Pryor
	 	P.O. Box 1320	 	208 N. Mill	 		 	Pryor	 				 	 	OK	  	 	74362
	 533 Tecumseh
	 		 	120 S. Broadway	 		 	Tecumseh	 				 	 	OK	  	 	74873
	 165 TitlePac
	 	P.O. Box 857 (zip 74402)	 	201 Eastpoint Drive	 		 	Muskogee	 				 	 	OK	  	 	74403
							
		 		 		 	Locations within OKLAHOMA	 	 	5	  	 				 	
		 		 		 	Profit Centers within OKLAHOMA	 	 	5	  	 				 	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 10 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

																	
	 Profit Center # and Name
	 	 PO Box Information
	 	 Street Address
	 	 Suite
	 	 City
	 	 	 	 	State	 	Zip Code
	 OREGON (OR)
	 		 		 		 		 				 		 	
	 198 APEX
	 		 	411 East 3rd Ave.	 	Suite 300	 	Eugene	 				 	OR	 	97401
	 407 Hull-Portland
	 		 	6443 SW Beaverton-Hillsdale Hwy	 	Suite 350	 	Portland	 				 	OR	 	97221
	 547 Portland
	 	P.O. Box 29018 (zip 97296-9018)	 	2701 NW Vaughn St.	 	Suite 340	 	Portland	 				 	OR	 	97210
							
		 		 		 	Locations within OREGON	 	 	3	  	 		 	
		 		 		 	Profit Centers within OREGON	 	 	3	  	 		 	
								
	 PENNSYLVANIA (PA)
	 		 		 		 		 				 		 	
	 111 AFC
	 		 	3101 Emrick Blvd.	 	Suite 318	 	Bethlehem	 				 	PA	 	18020
	 198 APEX
	 		 	2 Walnut Grove Drive	 	Suite 210	 	Horsham	 				 	PA	 	19044
	 183 B&B Healthcare
	 		 	2005 Market Street	 	Suite 3510	 	Philadelphia	 				 	PA	 	19103
	 149 Bethlehem
	 	P.O. Box 25001, Lehigh Valley (zip	 	3001 Emrick Blvd.	 	Suite 120	 	Bethlehem	 				 	PA	 	18020
	 406 DVUA West Virginia
	 		 	One Forestwood Drive	 	Suite 201	 	Pittsburg	 				 	PA	 	15237
	 532 Evergreen Re
	 		 	450 S. Gravers Road	 	Suite 200	 	Plymouth Meeting	 				 	PA	 	19462
	 401 Hul-Horsham
	 		 	2 Walnut Grove Drive	 	Suite 210	 	Horsham	 				 	PA	 	19044
	 70 Jacksonville
	 		 	2123 Johns Ridge Rd	 		 	Coraopolis	 				 	PA	 	15108
	 161 Philadelphia
	 		 	2005 Market Street	 	Suite 3510	 	Philadelphia	 				 	PA	 	19103
	 562 Philadelphia-Brokerage
	 		 	2005 Market Street	 	Suite 3510	 	Philadelphia	 				 	PA	 	19103
	 546 Plymouth Meeting
	 		 	600 Wilson Lane	 	Suite 200	 	Mechanicsburg	 				 	PA	 	17055
	 546 Plymouth Meeting
	 		 	450 S. Gravers Rd.	 	Suite 200	 	Plymouth Meeting	 				 	PA	 	19462
	 563 Protocols
	 		 	1529 Sheepford Rd.	 		 	Mechanicsburg	 				 	PA	 	17055
							
		 		 		 	Locations within PENNSYLVANIA	 	 	10	  	 		 	
		 		 		 	Profit Centers within PENNSYLVANIA	 	 	12	  	 		 	
								
	 SOUTH CAROLINA (SC)
	 		 		 		 		 				 		 	
	 285 Charleston
	 	P.O. Box 62588 (zip 29419)	 	7515 Northside Drive	 	Suite 150	 	Charleston	 				 	SC	 	29420
	 288 Greenville
	 	P.O. Box 16837	 	10 Falcon Crest Drive	 	Suite 100	 	Greenville	 				 	SC	 	29607
	 287 Spartanburg
	 	P.O. Box 5139	 	103 N. Pine Street	 	Suite A	 	Spartanburg	 				 	SC	 	29302-5139
							
		 		 		 	Locations within SOUTH CAROLINA	 	 	3	  	 		 	
		 		 		 	Profit Centers within SOUTH CAROLINA	 	 	3	  	 		 	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 11 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

													
	 Profit Center # and Name
	  	 PO Box Information
	  	 Street Address
	  	 Suite
	  	 City
	  	 State
	  	 Zip Code

	 TENNESSEE (IN)
	  		  		  		  		  		  	
	 532 Evergreen Re
	  		  	1119 Oak Creek Drive	  		  	Nolensville	  	TN	  	37135
	 575 Nashville
	  		  	4990 Poplar, 3rd Floor	  		  	Memphis	  	TN	  	38117
	 575 Nashville
	  		  	565 Marriott Drive	  	Suite 500	  	Nashville	  	TN	  	37214
	 575 Nashville
	  		  	701 Market Street	  	Suite 500	  	Chattanooga	  	TN	  	37402
						
		  		  		  	Locations within TENNESSEE 4	  		  	
		  		  		  	Profit Centers within TENNESSEE 2	  		  	
							
	 TEXAS (TX)
	  		  		  		  		  		  	
	 198 APEX
	  		  	404 East Ramsey Rd.	  	Suite 114	  	San Antonio	  	TX	  	78216
	 167 Austin
	  		  	11149 Research Blvd	  		  	Austin	  	TX	  	78759
	 191 Axiom Re
	  		  	2301 N. Greenville Ave.	  	Suite 230	  	Richardson	  	TX	  	75082
	 515 Combined
	  	PO Box 819045, Dallas TX 75381-	  	14785 Preston Rd.	  	Suite 350	  	Dallas	  	TX	  	75254-7876
	 172 HIP, Inc.
	  		  	800 Gessner	  	Ste.325	  	Houston	  	TX	  	77024
	 82 Houston
	  		  	10700 North Freeway	  	Suite 300	  	Houston	  	TX	  	77037-1103
	 442 Hull-Texas
	  		  	11777 Katy Freeway	  	Suite 435	  	Houston	  	TX	  	77079
	 442 Hull-Texas
	  		  	12801 N. Central Expressway	  	Suite 1100	  	Dallas	  	TX	  	75243
	 582 ICG
	  		  	2777 N. Stemmons Freeway	  	Suite 940	  	Dallas	  	TX	  	75207
	 582 ICG
	  		  	712 8th Street, 2nd Floor	  		  	Wichita Falls	  	TX	  	76301
	 7 Lawyers
	  		  	7407 Bluefield Drive	  		  	Dallas	  	TX	  	75248
	 8 Professional Service Plan
	  		  	505 Tator Brown Road	  		  	Red Oak	  	TX	  	75154
	 8 Professional Service Plan
	  		  	7557 Rambler Road	  	Suite 565	  	Dallas	  	TX	  	75231
	 192 PRU-Dallas
	  		  	12215 La Charca	  		  	San Antonio	  	TX	  	78233
	 192 PRU-Dallas
	  		  	101 W. Renner Road	  	Suite 450	  	Richardson	  	TX	  	75082
	 568 PSR-Texas
	  		  	2301 N. Greenville Ave.	  	Suite 230	  	Richardson	  	TX	  	75082
	 144 San Antonio
	  		  	135 Paseo Del Prado	  	Suite 31	  	Edinburg	  	TX	  	78230
	 144 San Antonio
	  		  	3201 Cherry Ridge Drive	  	Suite D405	  	San Antonio	  	TX	  	78230
						
		  		  		  	Locations within TEXAS 17	  		  	
		  		  		  	Profit Centers within TEXAS 13	  		  	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 12 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

													
	 Profit Center # and Name
	  	 PO Box Information
	  	 Street Address
	  	 Suite
	  	 City
	  	 State
	  	 Zip Code

	 VIRGINIA (VA)
	  		  		  		  		  		  	
	         198 APEX
	  		  	301 Concourse Blvd.	  	Suite 100	  	Glen Allen	  	VA	  	23060
	         532 Evergreen Re
	  		  	301 Concourse Blvd.	  	Suite 100	  	Glen Allen	  	VA	  	23060
	         411 Hull-Ft. Lauderdale
	  		  	301 Concourse Blvd.	  	Suite 100	  	Glen Allen	  	VA	  	23060
	         80  Manassas
	  		  	11220 Asset Loop	  	Suite 304	  	Manassas	  	VA	  	20110
	         86  Norfolk
	  		  	500 E. Main Street	  	Suite 600	  	Norfolk	  	VA	  	23510
	         286 Richmond
	  	 P.O. Box 3070
 (zip
23228)
	  	8570 Magellan Parkway	  	Suite 1100	  	Richmond	  	VA	  	23227
						
		  		  		  	Locations within VIRGINIA    4	  		  	
		  		  		  	Profit Centers within VIRGINIA    6	  		  	
							
	WASHINGTON (WA)	  		  		  		  		  		  	
	        152 Ephrata	  		  	1230 Berschauer Industrial	  		  	Ephrata	  	WA	  	98823
	         152 Ephrata
	  		  	451 Diamond Drive	  		  	Ephrata	  	WA	  	98823
	         152 Ephrata
	  		  	18106 140th Ave. NE	  	Suite 100	  	Woodinville	  	WA	  	98072-6874
	         407 Hull-Portland
	  		  	5775 Soundview Drive	  	Suite 202B	  	Gig Harbor	  	WA	  	98335
	         585 Lynden - SSK
	  		  	501 Judson Street	  		  	Lynden	  	WA	  	98264
	         585 Lynden - SSK
	  		  	2115 Barkley Blvd.	  	Suite 201	  	Bellingham	  	WA	  	98226
	         585 Lynden - SSK
	  		  	501 Front Street	  		  	Lynden	  	WA	  	98264
	         547 Portland
	  		  	506 NE 4th Avenue	  		  	Camas	  	WA	  	98607
	         547 Portland
	  		  	900 Washington Street	  	Suite 101	  	Vancouver	  	WA	  	98660
	         547 Portland
	  		  	2401 W. Main Street	  	Suite 105	  	Battle Ground	  	WA	  	98604
	         113 Seattle
	  		  	1501 Fourth Avenue	  	Suite 2400	  	Seattle	  	WA	  	98101
	         571 Seattle-Balcos
	  		  	192 East Bakerview Road	  	Suite 202	  	Bellingham	  	WA	  	98226
	         571 Seattle-Balcos
	  		  	8746 Mary Ave. NW	  	Suite 2	  	Seattle	  	WA	  	98117
	         564 Seattle-DiMartino
	  		  	1501 Fourth Avenue	  	Suite 2400	  	Seattle	  	WA	  	98101
	         564 Seattle-DiMartino
	  		  	1950 112th Avenue NE	  	Suite 201	  	Belleview	  	WA	  	98004
	         114 Tacoma
	  		  	1145 Broadway Plaza	  	Suite 700	  	Tacoma	  	WA	  	98402-3583
						
		  		  		  	Locations within WASHINGTON  15	  		  	
		  		  		  	Profit Centers within WASHINGTON    8	  		  	
						
	WISCONSIN (Wl)	  		  		  		  		  	
	        251 LaCrosse	  	 P.O. Box 1357
 (zip
54601)
	  	1131 Main Street	  		  	Onalaska	  	Wl	  	54601
	        563 Protocols	  		  	5402 Jacob Street	  		  	Weston	  	Wl	  	54476
						
		  		  		  	Locations within WISCONSIN    2	  		  	
		  		  		  	Profit Centers within WISCONSIN    2	  		  	

					
	12/29/2011	  	Brown & Brown, Inc.	  	Page 13 of 13
			
		  	Number of Physical Locations & Profit Centers Per State	  	

  

																	
	 Profit Center # and Name
	 	PO Box Information	 	 Street Address
	 	Suite	 	City	 	 	 	 	State	 	Zip Code
	 WEST VIRGINIA (WV)
	 		 		 		 		 				 		 	
	        406 DVUA West Virginia	 		 	3768 Teays Valley Road	 	Suite 200	 	Hurricane	 				 	WV	 	25526
							
		 		 		 	Locations within WEST VIRGINIA	 	 	1	  	 		 	
	 ENGLAND (UK)
	 		 		 	Profit Centers within WEST VIRGINIA	 	 	1	  	 		 	
								
	        537 Decus Ins Brokers	 		 	NB5 Fountain House, Fenchurch St.	 	Ground floor North	 	London	 				 	UK	 	EC3M5DJ
							
		 		 		 	Locations within ENGLAND	 	 	1	  	 		 	
		 		 		 	Profit Centers within ENGLAND	 	 	1	  	 		 	
		 		 		 		 		 				 		 	
	TOTAL PROFIT CENTERS:	 	172	 	TOTAL LOCATIONS: 227	 	TOTAL STATES: 	 	 	36	  	 		 	
		 		 		 	TOTAL FOREIGN OFFICES: 	 	 	1	  	 		 	

 ARROWHEAD LEASE SUMMARY SCHEDULE 

 

													
	 LEASE #
	  	 TYPE
	  	 ADDRESS
	  	SQ FT	 	  	 TERM
	  	 LANDLORD/

SUBLEASE TENANT

	1	  	LEASE	  	701 B Street, Floors 20 -22, San Diego, CA 92101	  	 	67,703	  	  	10 Years (commencement date unknown)	  	Arden Realty Limited Partnership
						
	1A	  	SUB-LEASE	  	701 B Street, Suite 2201, San Diego, CA 92101	  	 	3,500	  	  	01/01/2009 - 04/20/2014	  	Dunne & Dunne, LLP
						
	2	  	LEASE	  	Carlsbad “Bressi Ranch”	  	 	95,000	  	  	12 years (commencement date unknown	  	Red Texas Realty LLC
						
	2A	  	SUB-LEASE	  	Carlsbad “Bressi Ranch”, building B	  	 	unknown	  	  	12 years (commencement date linked to master	  	American Commercial Management (ACM)
						
	2B	  	SUB-LEASE	  	2544 Campbell Place, Carlsbad	  	 	19,095	  	  		  	 North Coast Medical
 Supply

						
	2C	  	SUB-LEASE	  	2544 Campbell Place, Carlsbad	  	 	636	  	  	11/15/2010 - 01/15/2014, M	  	Advanced Cardio Svcs
						
	2D	  	SUB-LEASE	  	2544 Campbell Place, Carlsbad	  	 	14,133	  	  	11/07/2008 - 11/15/2013	  	Capital Partners Services Corp
						
	3	  	LEASE	  	2365 Northside Drive, Suite 450, Mission Valley San Diego	  	 	26,913	  	  	01/01/2011 - 06/30/2014	  	Kilroy Realty northside Drive LLC
						
	3A	  	SUB-LEASE	  	2365 Northside Drive, Suite 450, Mission Valley San Diego	  	 	1,740	  	  	03/01/2011 - 12/31/2011	  	ISCS Inc.
						
	4	  	LEASE	  	20280 Acacia Street, Suite 230, Newport Beach CA	  	 	2,324	  	  	08/01/2011 - 07/31/2014	  	Acacia Sun West LLC
						
	5	  	LEASE	  	Normandale Lake MN	  				  	01/01/2011 - 12/31/2011	  	Regus HQ

 Schedule 6.27(b) 

MATERIAL PLACES OF BUSINESS 
 This Schedule is not applicable as the Borrower does not have any tangible personal property which is material to the operations of the Consolidated Company. The only tangible personal property which is
owned by the Borrower is generally office equipment which is not material to its business. 

 Schedule 8.1(b) 

EXISTING INDEBTEDNESS 

			
	Brown & Brown, Inc.	  	29-Dec-11

 Long Term Debt Schedule – Lead Schedule 
 30-Nov-11 
  

											
	 Branch
	  	Date
of Note	 	  	 Creditor
	  	Balance
11/30/11	 
	 Long-Term Credit Agreement:
	  	 	06/28/04	  	  	SunTrust LOC	  	 	—  	  
	 Corporate
	  	 	07/15/04	  	  	Variable Annuity - Series B - (RB-1)	  	 	32,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	US Life - Series B - (RB-2)	  	 	7,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	American Int’l Life - Series B - (RB-3)	  	 	5,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	AIG Life - Series B - (RB-4)	  	 	5,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	New York Life - Series B - (RB-5)	  	 	9,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	New York Life 2 - Series B - (RB-6)	  	 	5,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	New York Life 3 - Series B - (RB-7)	  	 	500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Prudential - Series B - (RB-8)	  	 	10,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Hare & Co. - Series B - (RB-9)	  	 	3,850,000.00	  
	 Corporate
	  	 	07/15/04	  	  	American Bankers - Series B - (RB-10)	  	 	2,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	American Memorial - Series B - (RB-11)	  	 	2,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Fortis Insurance - Series B - (RB-12)	  	 	1,150,000.00	  
	 Corporate
	  	 	07/15/04	  	  	John Alden Life - Series B - (RB-13)	  	 	1,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Phoenix Life - Series B - (RB-14)	  	 	4,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	PHL - Series B - (RB-15)	  	 	500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	PHL 2 - Series B - (RB-16)	  	 	1,500,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Life Ins. - Of the SW - Series B - (RB-17)	  	 	6,000,000.00	  
	 Corporate
	  	 	07/15/04	  	  	Assurity Life Insurance Company - Series B - (RB-18)	  	 	2,000,000.00	  
	 Corporate
	  	 	12/22/06	  	  	Prudential - Managed - Series C - (RC-1)	  	 	11,300,000.00	  
	 Corporate
	  	 	12/22/06	  	  	PRIAC - Series C - (RC-2)	  	 	12,500,000.00	  
	 Corporate
	  	 	12/22/06	  	  	Prudential Series C - (RC-3)	  	 	1,200,000.00	  
	 Corporate
	  	 	02/01/08	  	  	The Prudential Insurance Company - Series D - (RD-1)	  	 	12,500,000.00	  
	 Corporate
	  	 	02/01/08	  	  	The Prudential Insurance Company - Series D - (RD-2)	  	 	9,250,000.00	  
	 Corporate
	  	 	02/01/08	  	  	How & Co. Series D - (RD-3)	  	 	3,250,000.00	  
	 Corporate
	  	 	09/15/11	  	  	The Prudential Insurance Company of America - Series E - (RE-1)	  	 	82,655,000.00	  
	 Corporate
	  	 	09/15/11	  	  	The Prudential Insurance Company of America - Series E - (RE-2)	  	 	3,250,000.00	  
	 Corporate
	  	 	09/15/11	  	  	Prudential Retirement Insurance and Annuity Company - Series E - (RE-3)	  	 	4,320,000.00	  
	 Corporate
	  	 	09/15/11	  	  	Prudential Retirement Guaranteed Cost Business Trust - Series E - (RE-4)	  	 	3,100,000.00	  
	 Corporate
	  	 	09/15/11	  	  	Pruco Life Insurance Company of New Jersey - Series E - (RE-5)	  	 	3,675,000.00	  
	 Corporate
	  	 	09/15/11	  	  	MTL Insurance Company - Series E -(RE-6)	  	 	3,000,000.00	  
		  				  		  	  
	  
	 
	 Sub-Total
	  				  		  	$	250,000,000.00	  
				
	 Acquisitions:
	  				  		  			
	 Atlanta
	  	 	07/02/10	  	  	Ebarhart & Company Insurors, Inc.	  	 	66,666.67	  
	 Plymouth Meeting
	  	 	10/01/10	  	  	Greystone Benefits (Daniel McCornick)	  	 	168,197.99	  
	 Syracuse
	  	 	12/08/10	  	  	Ladd’s Agency (Indemnity Holdback)	  	 	245,964.08	  
	 Syracuse
	  	 	12/08/10	  	  	Ladd’s Agency (Martino Holdback)	  	 	70,000.00	  
	 Portland
	  	 	01/11/11	  	  	Nies Insurance Agency, Inc.	  	 	549,507.36	  
	 Seattl-Balcos
	  	 	07/11/11	  	  	Combined Insurance Services Corp.	  	 	74,600.00	  
	 Saginaw
	  	 	09/01/11	  	  	Public Employee Benefits Solutions, LLC	  	 	570,000.00	  
		  				  		  	  
	  
	 
	 Sub -Total
	  				  		  	$	1,744,936.10	  
		  				  		  	  
	  
	 
	 Total Debt
	  				  		  	$	251,744,936.10	  
		  				  		  	  
	  
	 

 Schedule 8.2 

EXISTING LIENS 
 -NONE- 

 Schedule 8.5 

PERMITTED INVESTMENTS 
 Brown & Brown, Inc. 
 Summary of Investments 

September 30, 2011 
 29-Dec-11

  

																							
									
	 Description
	  	 Date

Purchased
	  	 Branch
	  	 Symbol

/Exchange
	  	 Current or
Non-Current
	  	 Available-for-Sale or

Non-Marketable
	  	Number 
of
Shares
09/30/11	 	  	Cost
09/30/11	 	  	Market 
Value
Total	 
	 Short-Term Investments:
	  		  		  		  		  		  				  				  			
	 Preferred Stock (Account # 11241)
	  		  		  		  		  		  				  				  			
	 N/A
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total Preferred Stock
	  		  		  		  		  		  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Partnerships (Account # 11265):
	  		  		  		  		  		  				  				  			
	 N/A
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total Partnerships
	  		  		  		  		  		  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Bonds (Account # 11245):
	  		  		  		  		  		  				  				  			
	 N/A
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total Bonds
	  		  		  		  		  		  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Common Stock (Account # 11270):
	  		  		  		  		  		  				  				  			
	 Selective Insurance Group
	  	06/01/98	  	Corp	  	SIGI/NASDAQ	  	Current	  	Available-for-Sale	  	 	2,004.98	  	  	 	25,000.00	  	  	 	26,164.99	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total Common Stock
	  		  		  		  		  		  	 	2,004.98	  	  	 	25,000.00	  	  	 	26,164.99	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Non-Marketable Securities (Account #11271):
	  		  		  		  		  		  				  				  			
	 Open
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
	 Open
	  	N/A	  	N/A	  	N/A	  	N/A	  	N/A	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total Non-Marketable Sec.
	  		  		  		  		  		  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
		  		  		  		  		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Other Short-Term Investments (Account # 11275):
	  		  		  		  		  		  				  				  			
									
	 CD - Alliance Bank (Macduff America - Syracuse)
	  	12/31/2010	  	Syracuse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD - Alliance Bank (Macduff America-Syracuse) - Corp Interest
	  	12/31/2010	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	212.33	  	  	 	212.33	  	  	 	212.33	  
	 CD- Alliance Bank (Madoline-Syracuse)
	  	12/31/2010	  	Syracuse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD- Alliance Bank (Madoline-Syracuse) - Corp Interest
	  	12/31/2010	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	212.33	  	  	 	212.33	  	  	 	212.33	  
	 CD- Alliance Bank (B&B Inc -Syracuse)
	  	12/31/2010	  	Syracuse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD- Alliance Bank (B&B Inc-Syracuse) - Corp Interest
	  	12/31/2010	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	212.33	  	  	 	212.33	  	  	 	212.33	  
	 CD - Alliance Bank (Program Mgt Serv-Syracuse)
	  	12/31/2010	  	Syracuse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD- Alliance Bank (Program Mgt Serv-Syracuse) - Corp Interest
	  	12/31/2010	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	212.33	  	  	 	212.33	  	  	 	212.33	  
	 CD - Community Bank (B&B Inc-Syracuse)
	  	5/20/2011	  	Syracuse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD - Community Bank (Macduff America-Syracuse)
	  	5/20/2011	  	Syracuse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD - Community Bank (Program Mgt Serv-Syracuse)
	  	5/20/2011	  	Syracuse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD- Community Bank (Madoline-Syracuse)
	  	5/20/2011	  	Syracuse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD-RCB Bank - Brown & Brown Agency of Insurance Prof (Pryor)
	  	5/10/2011	  	Pryor	  	NA	  	Current	  	Non-Marketable	  	 	15,944.20	  	  	 	15,944.20	  	  	 	15,944.20	  
	 CD- RCB Bank - Brown & Brown Agency of Insurance Prof (Pryor) - Corp Interest
	  	5/10/2011	  	Pryor	  	NA	  	Current	  	Non-Marketable	  	 	5.66	  	  	 	5.66	  	  	 	5.66	  
	 CD - State Bank - (B&B Inc) - LaCrosse
	  	5/24/2011	  	Lacrosse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD - State Bank - (B&B of WI) - LaCrosse
	  	5/24/2011	  	Lacrosse	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD - First Community Bank - John Manner Insurance - Joliet
	  	8/19/2011	  	Joliet	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD - First Community Bank - John Manner Insurance - Joliet Interest
	  	8/19/2011	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	168.50	  	  	 	168.50	  	  	 	168.50	  
	 CD - Citizens Bank - B&B Inc -(Proctor)
	  	6/30/2011	  	Proctor	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD - Citizens Bank - B&B Inc-(Proctor) Corp Interest
	  	6/30/2011	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	130.26	  	  	 	130.26	  	  	 	130.26	  
	 CD - Citizens Bank - Madoline - (Proctor)
	  	6/30/2011	  	Proctor	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD - Citizens Bank - Madoline-(Proctor) - Corp Interest
	  	6/30/2011	  	Crop	  	NA	  	Current	  	Non-Marketable	  	 	130.26	  	  	 	130.26	  	  	 	130.26	  
	 CD - Citizens Bank - Macduff (Proctor)
	  	6/30/2011	  	Proctor	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  

 Brown & Brown, Inc. 
 Summary of Investments 
 September 30, 2011 

29-Dec-11 
  

																							
	 Description
	  	Date
Purchased	  	Branch	  	Symbol
/Exchange	  	Current
or Non-
Current	  	Available-for-Sale
or Non-
Marketable	  	Number
of
Shares
09/30/11	 	  	Cost
09/30/11	 	  	Market
Value
Total	 
	 CD-Citizens Bank - Macduff (Proctor) Corp Interest
	  	6/30/2011	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	130.26	  	  	 	130.26	  	  	 	130.26	  
	 CD-Citizens Bank - (Proctor Financial)
	  	6/30/2011	  	Proctor	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD-Citizens Bank - (Proctor Financial) Corp Interest
	  	6/30/2011	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	130.26	  	  	 	130.26	  	  	 	130.26	  
	 CD-Citizens Bank - Program Mgt Serv (Proctor)
	  	6/30/2011	  	Proctor	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD-Citizens Bank - Program Mgt Serv (Proctor) Corp Interest
	  	6/30/2011	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	130.26	  	  	 	130.26	  	  	 	130.26	  
	 CD-Citizens Bank - B&B Protector Plan (Proctor)
	  	6/30/2011	  	Proctor	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD-Citizens Bank - B&B Protector Plan (Proctor) Corp Interest
	  	6/30/2011	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	130.26	  	  	 	130.26	  	  	 	130.26	  
	 CD-Republic Bank - B&B of KY - (Owensboro)
	  	5/3/2011	  	Owensboro	  	NA	  	Current	  	Non-Marketable	  	 	100,000.00	  	  	 	100,000.00	  	  	 	100,000.00	  
	 CD-Republic Bank - B&B of KY (Owensboro) Corp interest
	  	5/3/2011	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	165.48	  	  	 	165.48	  	  	 	165.48	  
	 CD-Fidelity Bank - B&B Inc (Orlando)
	  	6/27/2011	  	Orlando	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD-Fidelity Bank - B&B of Florida (Orlando)
	  	6/27/2011	  	Orlando	  	NA	  	Current	  	Non-Marketable	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD-Greater Rome Bank - B&B of GA - (Rome, GA)
	  	10/24/2010	  	Rome, GA	  	NA	  	Current	  	Non-Marketable	  	 	100,000.00	  	  	 	100,000.00	  	  	 	100,000.00	  
	 CD-Greater Rome Bank - B&B of GA - (Rome, GA) - Corp Interest
	  	10/24/2010	  	Rome, GA	  	NA	  	Current	  	Non-Marketable	  	 	853.05	  	  	 	853.05	  	  	 	853.05	  
	 CD-Regal Bank - Madoline - (Florham Park-P&C)
	  	10/16/2010	  	Florham
Park	  	NA	  	Current	  	Non-Marketable	  	 	211,283.01	  	  	 	211,283.01	  	  	 	211,283.01	  
	 CD-Regal Bank - Madoline - (Florham Park-P&C) - Corp Interest
	  	10/16/2010	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	2,727.83	  	  	 	2,727.83	  	  	 	2,727.83	  
	 CD-Regal Bank - B&B Inc (Florham Park-P&C)
	  	10/16/2010	  	Florham
Park	  	NA	  	Current	  	Non-Marketable	  	 	211,283.01	  	  	 	211,283.01	  	  	 	211,283.01	  
	 CD-Regal Bank - B&B Inc (Florham Park-P&C) - Corp Interest
	  	10/16/2010	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	2,727.83	  	  	 	2,727.83	  	  	 	2,727.83	  
	 CD-Regal Bank - Program Mgt Ser - (Florham Park-P&C)
	  	10/16/2010	  	Florham
Park	  	NA	  	Current	  	Non-Marketable	  	 	211,283.01	  	  	 	211,283.01	  	  	 	211,283.01	  
	 CD-Regal Bank - Program Mgt Ser - (Florham Park-P&C) - Corp Interest
	  	10/16/2010	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	2,727.83	  	  	 	2,727.83	  	  	 	2,727.83	  
	 CD-Regal Bank - B&B Protector Plan - (Florham Park-P&C)
	  	10/16/2010	  	Florham
Park	  	NA	  	Current	  	Non-Marketable	  	 	211,283.01	  	  	 	211,283.01	  	  	 	211,283.01	  
	 CD-Regal Bank - B&B Protector Plan -(Florham Park-P&C)-Corp Interest
	  	10/16/2010	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	2,727.83	  	  	 	2,727.83	  	  	 	2,727.83	  
	 CD-Regal Bank - Macduff - (Florham Park-P&C)
	  	10/16/2010	  	Florham
Park	  	NA	  	Current	  	Non-Marketable	  	 	211,283.01	  	  	 	211,283.01	  	  	 	211,283.01	  
	 CD-Regal Bank - Macduff -(Florham Park-P&C) - Corp Interest
	  	10/16/2010	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	2,727.83	  	  	 	2,727.83	  	  	 	2,727.83	  
	 CD-American Momentum Bank - B&B of Florida - (Pinellas)
	  	6/26/2011	  	Pinellas	  	NA	  	Current	  	Non-Marketable	  	 	104,770.89	  	  	 	104,770.89	  	  	 	104,770.89	  
	 CD-American Momentum Bank - B&B of Florida-(Pinellas)-Corp Interest
	  	6/26/2011	  	Corp	  	NA	  	Current	  	Non-Marketable	  	 	179.11	  	  	 	179.11	  	  	 	179.11	  
	 CD-American Momentum Bank - B&B of Florida - (Pinellas)
	  	6/26/2011	  	Pinellas	  	NA	  	Current	  	 Non-Marketable
	  	 	104,770.89	  	  	 	104,770.89	  	  	 	104,770.89	  
	 CD-American Momentum Bank - B&B of Florida - (Pinellas)-Corp Interest
	  	6/26/2011	  	Corp	  	NA	  	Current	  	 Non-Marketable
	  	 	179.11	  	  	 	179.11	  	  	 	179.11	  
	 CD-Citizens First Bank- B&B of Florida (Leesburg)
	  	7/9/2011	  	Leesburg	  	NA	  	Current	  	 Non-Marketable
	  	 	248,000.00	  	  	 	248,000.00	  	  	 	248,000.00	  
	 CD-Citizens First Bank- B&B of Florida (Leesburg) - Corp Interest
	  	7/9/2011	  	Corp	  	NA	  	Current	  	 Non-Marketable
	  	 	507.55	  	  	 	507.55	  	  	 	507.55	  
	 CD-United Southern Bank - B&B of Florida (Leesburg)
	  	7/21/2011	  	Leesburg	  	NA	  	Current	  	 Non-Marketable
	  	 	249,277.70	  	  	 	249,277.70	  	  	 	249,277.70	  
	 CD-United Southern Bank - B&B of Florida (Leesburg) - Corp Interest
	  	7/21/2011	  	Corp	  	NA	  	Current	  	 Non-Marketable
	  	 	363.67	  	  	 	363.67	  	  	 	363.67	  
	 CD-Reunion Bank - B&B of Florida (Leesburg)
	  	4/20/2011	  	Leesburg	  	NA	  	Current	  	 Non-Marketable
	  	 	250,000.00	  	  	 	250,000.00	  	  	 	250,000.00	  
	 CD-Reunion Bank - B&B of Florida (Leesburg) - Corp Interest
	  	4/20/2011	  	Corp	  	NA	  	Current	  	 Non-Marketable
	  	 	1,100.82	  	  	 	1,100.82	  	  	 	1,100.82	  
	 CD-Community Bank of Broward - B&B of Florida (FL Lauderdale)
	  	3/24/2011	  	FL
Lauderdale	  	NA	  	Current	  	 Non-Marketable
	  	 	256,702.85	  	  	 	256,702.85	  	  	 	256,702.85	  
	 CD-Whitney Bank - B&B of Louisiana (New Orleans)
	  	6/10/2010	  	New
Orleans	  	NA	  	Current	  	 Non-Marketable
	  	 	29,530.21	  	  	 	29,530.21	  	  	 	29,530.21	  
	 CD-Stockyards Bank - B&B of Kenlucky (Louisville)
	  	2/25/2011	  	Louisville	  	NA	  	Current	  	 Non-Marketable
	  	 	150,000.00	  	  	 	150,000.00	  	  	 	150,000.00	  
	 CD-Stockyards Bank - B&B of Kenlucky (Louisville) - Corp Interest
	  	2/25/2011	  	Corp	  	NA	  	Current	  	 Non-Marketable
	  	 	671.94	  	  	 	671.94	  	  	 	671.94	  
	 CD-PBI Bank - B&B of Kenlucky (Louisville)
	  	2/23/2011	  	Louisville	  	NA	  	Current	  	 Non-Marketable
	  	 	150,000.00	  	  	 	150,000.00	  	  	 	150,000.00	  

 Brown & Brown, Inc. 
 Summary of Investments 
 September 30, 2011 

29-Dec-11 
  

																							
	 	 	Date	 	 	 	Symbol	 	Current or	 	Available-for-Sale or	 	Number of
Shares	 	 	Cost	 	 	Market Value	 
	 Description
	 	Purchased	 	Branch	 	/Exchange	 	Non-Current	 	Non-Marketable	 	09/30/11	 	 	09/30/11	 	 	Total	 
	 CD-PBI Bank - B&B of Kentucky (Louisville) - Corp Interest
	 	2/23/2011	 	Corp	 	NA	 	Current	 	Non-Marketable	 	 	1,164.66	  	 	 	1,164.66	  	 	 	1,164.66	  
		 		 		 		 		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total Other Short-Term Investments
	 		 		 		 		 		 	 	7,586,041.36	  	 	 	7,586,041.36	  	 	 	7,586,041.36	  
		 		 		 		 		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total Short-Term Investments
	 		 		 		 		 		 				 	 	7,611,041.36	  	 	 	7,612,206.35	  
		 		 		 		 		 		 				 	  
	  
	 	 	  
	  
	 
									
	 Long-Term Investments:
	 		 		 		 		 		 				 				 			
									
	 Investments (Account # 12110):
	 		 		 		 		 		 				 				 			
	 State of Israel Bond
	 	08/15/10	 	Corp	 	NA	 	Non-Current	 	Non-Marketable	 	 	502,524.66	  	 	 	502,524.66	  	 	 	502,524.66	  
	 MacDuff Underwriters
	 	07/17/90	 	Corp	 	NA	 	Non-Current	 	Non-Marketable	 	 	0.00	  	 	 	100.00	  	 	 	100.00	  
	 United Agents Holdings
	 	10/04/95	 	Corp	 	NA	 	Non-Current	 	Non-Marketable	 	 	1500.00	  	 	 	15,000.00	  	 	 	15,000.00	  
		 		 		 		 		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total Investments
	 		 		 		 		 		 	 	504,024.66	  	 	 	517,624.66	  	 	 	517,624.66	  
		 		 		 		 		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total All Investments
	 		 		 		 		 		 				 	 	8,128,666.02	  	 	 	8,129,831.01	  
		 		 		 		 		 		 				 	  
	  
	 	 	  
	  
	 

 Schedule 9.10 

PERMITTED STOCKHOLDERS 
 J. Hyatt Brown 
 J. Powell BrownEX-10.18

 Exhibit 10.18 

 
  
 TERM LOAN AGREEMENT  
 Dated as of December 1, 2011 

among  

MOLINA CENTER LLC  
 as Borrower, 
 EAST WEST BANK, 

as Administrative Agent 
 and  
 EAST WEST BANK,  

BANK OF CHINA, LOS ANGELES BRANCH, 
 CITY NATIONAL BANK, 
 UNION BANK, N.A. 

and  

THE BANK OF EAST ASIA (U.S.A.) N.A. 
 as Lenders 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
			
	 1.1
	 	 Defined Terms
	  	 	1	  
			
	 1.2
	 	 Use of Defined Terms
	  	 	14	  
			
	 1.3
	 	 Accounting Terms
	  	 	14	  
			
	 1.4
	 	 Rounding
	  	 	15	  
			
	 1.5
	 	 Exhibits and Schedules
	  	 	15	  
			
	 1.6
	 	 Miscellaneous Terms
	  	 	15	  
		
	ARTICLE 2 CREDIT FACILITY	  	 	16	  
			
	 2.1
	 	 Amount and Terms of Loan
	  	 	16	  
			
	 2.2
	 	 Interest
	  	 	16	  
			
	 2.3
	 	 Amortization of Loan
	  	 	16	  
			
	 2.4
	 	 Prepayments
	  	 	17	  
			
	 2.5
	 	 Default Rate
	  	 	18	  
			
	 2.6
	 	 Loan Fee
	  	 	18	  
			
	 2.7
	 	 Agency Fee
	  	 	18	  
			
	 2.8
	 	 Non-Business Days
	  	 	18	  
			
	 2.9
	 	 Manner and Treatment of Payments
	  	 	18	  
			
	 2.10
	 	 Authorization to Debit Account
	  	 	18	  
			
	 2.11
	 	 Funding Source
	  	 	19	  
			
	 2.12
	 	 [Intentionally Deleted]
	  	 	19	  
			
	 2.13
	 	 Collateral
	  	 	19	  
			
	 2.14
	 	 Increased Loan Costs
	  	 	19	  
			
	 2.15
	 	 Swap Contracts
	  	 	19	  

  
 -i-

  

							
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES
	  	 	20	  
			
	 3.1
	 	 Existence and Qualification; Power; Compliance with Laws
	  	 	20	  
			
	 3.2
	 	 Authority; Compliance with Other Agreements and Instruments and Government Regulations
	  	 	20	  
			
	 3.3
	 	 No Governmental Approvals Required
	  	 	21	  
			
	 3.4
	 	 Operation of Property
	  	 	21	  
			
	 3.5
	 	 [Intentionally Deleted]
	  	 	21	  
			
	 3.6
	 	 [Intentionally Deleted]
	  	 	21	  
			
	 3.7
	 	 Title to Property
	  	 	21	  
			
	 3.8
	 	 Intangible Assets
	  	 	21	  
			
	 3.9
	 	 Litigation
	  	 	21	  
			
	 3.10
	 	 Binding Obligations
	  	 	22	  
			
	 3.11
	 	 No Default
	  	 	22	  
			
	 3.12
	 	 ERISA
	  	 	22	  
			
	 3.13
	 	 Regulations T, U and X; Investment Company Act
	  	 	22	  
			
	 3.14
	 	 Disclosure
	  	 	22	  
			
	 3.15
	 	 Tax Liability
	  	 	22	  
			
	 3.16
	 	 [Intentionally Deleted]
	  	 	22	  
			
	 3.17
	 	 Hazardous Materials
	  	 	22	  
			
	 3.18
	 	 Regulatory and Legal Compliance
	  	 	23	  
		
	 ARTICLE 4 AFFIRMATIVE COVENANTS (OTHER THAN INFORMATION AND REPORTING REQUIREMENTS)
	  	 	24	  
			
	 4.1
	 	 Payment of Taxes and Other Potential Liens
	  	 	24	  
			
	 4.2
	 	 Preservation of Existence
	  	 	24	  
			
	 4.3
	 	 Single Purpose Entity
	  	 	24	  
			
	 4.4
	 	 Maintenance of Properties
	  	 	24	  

  
 -ii-

  

							
			
	 4.5
	 	 Maintenance of Insurance
	  	 	25	  
			
	 4.6
	 	 Compliance With Laws
	  	 	25	  
			
	 4.7
	 	 Inspection Rights
	  	 	25	  
			
	 4.8
	 	 Keeping of Records and Books of Account
	  	 	25	  
			
	 4.9
	 	 Compliance With Agreements
	  	 	25	  
			
	 4.10
	 	 Use of Proceeds
	  	 	25	  
			
	 4.11
	 	 Hazardous Materials Laws
	  	 	25	  
			
	 4.12
	 	 Replacement Reserve Account
	  	 	25	  
			
	 4.13
	 	 Bank Account
	  	 	26	  
			
	 4.14
	 	 Estoppel Certificates
	  	 	26	  
			
	 4.15
	 	 Performance and Funding of Deferred Maintenance
	  	 	27	  
		
	 ARTICLE 5 NEGATIVE COVENANTS
	  	 	28	  
			
	 5.1
	 	 Investments
	  	 	28	  
			
	 5.2
	 	 ERISA
	  	 	28	  
			
	 5.3
	 	 Change in Nature of Business
	  	 	28	  
			
	 5.4
	 	 Liens; Negative Pledges; Sales and Leasebacks
	  	 	28	  
			
	 5.5
	 	 Indebtedness and Contingent Obligations
	  	 	28	  
			
	 5.6
	 	 Transactions with Affiliates
	  	 	29	  
			
	 5.7
	 	 Financial Covenants
	  	 	29	  
			
	 5.8
	 	 Leasing
	  	 	30	  
			
	 5.9
	 	 Partition; Zoning
	  	 	30	  
		
	 ARTICLE 6 INFORMATION AND REPORTING REQUIREMENTS
	  	 	31	  
			
	 6.1
	 	 Financial and Business Information
	  	 	31	  
			
	 6.2
	 	 Compliance Certificates
	  	 	33	  

  
 -iii-

  

							
		
	 ARTICLE 7 CONDITIONS
	  	 	34	  
			
	 7.1
	 	 Conditions Precedent to Closing
	  	 	34	  
		
	 ARTICLE 8 EVENTS OF DEFAULT AND REMEDIES UPON EVENT OF DEFAULT
	  	 	37	  
			
	 8.1
	 	 Events of Default
	  	 	37	  
			
	 8.2
	 	 Remedies Upon Event of Default
	  	 	39	  
			
	 8.3
	 	 Application of Funds
	  	 	40	  
		
	 ARTICLE 9 APPOINTMENT AND AUTHORIZATION OF ADMINISTRATIVE AGENT
	  	 	41	  
			
	 9.1
	 	 Authorization of Administrative Agent
	  	 	41	  
			
	 9.2
	 	 No Waiver by Lender
	  	 	41	  
			
	 9.3
	 	 Receivership or Insolvency
	  	 	41	  
			
	 9.4
	 	 Delegation of Duties
	  	 	42	  
			
	 9.5
	 	 Liability of Administrative Agent
	  	 	42	  
			
	 9.6
	 	 Reliance by Administrative Agent
	  	 	43	  
			
	 9.7
	 	 Notice of Default
	  	 	43	  
			
	 9.8
	 	 Credit Decision; Disclosure of Information by Administrative Agent
	  	 	43	  
			
	 9.9
	 	 Indemnification of Administrative Agent
	  	 	44	  
			
	 9.10
	 	 Administrative Agent in Individual Capacity
	  	 	45	  
			
	 9.11
	 	 Successor Administrative Agent
	  	 	45	  
			
	 9.12
	 	 Releases, Acquisition and Transfers of Collateral
	  	 	46	  
			
	 9.13
	 	 Benefit
	  	 	48	  
			
	 9.14
	 	 No Obligation by Borrower; Right of Reliance
	  	 	48	  
			
	 9.15
	 	 Right of Reliance on Administrative Agent
	  	 	48	  
			
	 9.16
	 	 Timing of Payments by Administrative Agent
	  	 	48	  
			
	 9.17
	 	 Records of Advances and Payments
	  	 	48	  
			
	 9.18
	 	 Required Lenders’ Direction of Appraisal
	  	 	48	  

  
 -iv-

  

							
		
	 ARTICLE 10 MISCELLANEOUS
	  	 	49	  
			
	 10.1
	 	 Cumulative Remedies; No Waiver
	  	 	49	  
			
	 10.2
	 	 Amendments; Consents
	  	 	49	  
			
	 10.3
	 	 Costs, Expenses and Taxes
	  	 	50	  
			
	 10.4
	 	 Survival of Representations and Warranties
	  	 	51	  
			
	 10.5
	 	 Notices
	  	 	51	  
			
	 10.6
	 	 Execution of Loan Documents
	  	 	51	  
			
	 10.7
	 	 Binding Effect; Assignment
	  	 	51	  
			
	 10.8
	 	 Lien on Deposits and Property in Possession of Administrative Agent
	  	 	52	  
			
	 10.9
	 	 Indemnity by Borrower
	  	 	52	  
			
	 10.10
	 	 Nonliability of Administrative Agent and Lenders
	  	 	53	  
			
	 10.11
	 	 No Third Parties Benefited
	  	 	54	  
			
	 10.12
	 	 Further Assurances
	  	 	54	  
			
	 10.13
	 	 Integration
	  	 	54	  
			
	 10.14
	 	 Governing Law
	  	 	55	  
			
	 10.15
	 	 Severability of Provisions
	  	 	55	  
			
	 10.16
	 	 Headings
	  	 	55	  
			
	 10.17
	 	 Time of the Essence
	  	 	55	  
			
	 10.18
	 	 JURY TRIAL WAIVER
	  	 	55	  
			
	 10.19
	 	 Purported Oral Amendments
	  	 	55	  
			
	 10.20
	 	 USA PATRIOT Act Notice
	  	 	55	  

  
 -v-

 EXHIBITS 
  

	A	Compliance Certificate 

 SCHEDULES

  

	1.1(b)	Schedule of Commitments 

  

	3.3	Governmental Approvals 

  

	3.17	Known Violations of Hazardous Materials Law 

  

	5.1	Investments 

  
 -vi-

 TERM LOAN AGREEMENT 

This TERM LOAN AGREEMENT, dated as of December 1, 2011 (the “Agreement”), is entered into by and among MOLINA
CENTER LLC, a Delaware limited liability company (“Borrower”), EAST WEST BANK, a California banking corporation, as Administrative Agent (“Administrative Agent”) and EAST WEST BANK, a California banking corporation,
BANK OF CHINA, LOS ANGELES BRANCH, a federally chartered branch of Bank of China Limited, a joint stock company incorporated in the People’s Republic of China with limited liability, CITY NATIONAL BANK, a national banking association, UNION
BANK, N.A., a national banking association, and THE BANK OF EAST ASIA (U.S.A.) N.A., a national banking association, as Lenders (collectively, together with their assignees and successors permitted hereunder, “Lenders,” and each a
“Lender”). 
 Administrative Agent, Lenders, and Borrower desire to enter into an agreement setting forth the
terms and conditions under which Borrower may obtain from Lenders a term loan to finance its acquisition of certain real property in the City of Long Beach, California, improved with two office towers commonly known as the “Arco Towers.”

 In consideration of the foregoing and the mutual covenants and agreements herein contained, the parties hereto covenant and
agree as follows: 
 ARTICLE 1 
 DEFINITIONS AND ACCOUNTING TERMS 
 1.1 Defined Terms. As used
herein, the following terms shall have the meanings set forth below: 
 “Adjusted LIBOR Rate” means, with
respect to any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent Advances” means advances which the Administrative Agent makes, from time to time, on behalf of
Lenders, to pay any costs, fees and expenses as described herein or to pay costs reasonably deemed necessary by Administrative Agent in order to preserve or protect the Collateral or any portion thereof (including costs of property taxes, insurance
premiums, completion of construction, operation, management, improvements, maintenance, repair, sale and disposition of any Foreclosed Real Property). 
 “Administrative Agent’s Office” means Administrative Agent’s address as set forth on the signature pages to this Agreement, or such other address as Administrative Agent
hereafter may designate by written notice to Borrower. 
 “Advance” means a disbursement of principal of the
Loan. 
 “Affected Lender” has the meaning set forth for that term in Section 2.14. 

 
 Term Loan Agreement 

  
 -1-

 “Affiliate” means, as to any Person, any other Person which directly or
indirectly controls, or is under common control with, or is controlled by, such Person. As used in this definition, “control” (and the correlative terms, “controlled by” and “under common control with”) shall mean
possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other membership or ownership interests, by contract or otherwise). 

“Agreement” means this Term Loan Agreement, either as originally executed or as it may from time to time be
supplemented, modified, amended, restated or extended. 
 “Applicable Margin” means 3.25%. 

“Borrower” means Molina Center, LLC, a Delaware limited liability company. 

“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday, other than a day on which banks are authorized
or required to be closed in California. 
 “Calculation Period” means the six (6) month period ending on
the last day of the last month prior to the month in which a calculation of Debt Coverage is being made pursuant to Section 5.7(a). 
 “Capital Expenditure” means any expenditure by a Person for or related to fixed assets or purchased intangibles that is treated as a capital expenditure under GAAP, including any amount
that is required to be treated as an asset subject to a Capital Lease Obligation. The amount of Capital Expenditures in respect of fixed assets purchased or constructed by a Person in any fiscal period shall be net of (a) any net sales
proceeds received during such fiscal period by such Person for fixed assets sold by such Person and (b) any casualty insurance proceeds received during such fiscal period by such Person for casualties to fixed assets and applied to the repair
or replacement thereof. 
 “Capital Lease Obligations” means all monetary obligations of a Person under any
leasing or similar arrangement that, in accordance with GAAP, is classified as a capital lease. 
 “Cash”
means, when used in connection with any Person, all monetary and non-monetary items owned by that Person that are treated as cash in accordance with GAAP. 
 “Cash Equivalents” means, when used in connection with any Person, such Person’s Investments in: 

(a) Government Securities, in each case due within one year after the date of the making of such an Investment;

 (b) readily marketable direct obligations of any State of the United States of America or any political
subdivision of any such State or any public agency or instrumentality thereof given on the date of such Investment a credit rating of at least Aa by Moody’s Investors Service, Inc. or AA by Standard & Poor’s Corporation, in each
case due within one year after the date of the making of such an Investment; 
  
 Term Loan Agreement 

  
 -2-

 (c) certificates of deposit issued by, bank deposits in, eurodollar deposits
through, bankers’ acceptances of, and reverse repurchase agreements covering Government Securities executed by, Lender or any other bank, savings and loan or savings bank doing business in and incorporated under the Laws of the United States of
America or any State thereof and having on the date of such Investment combined capital, surplus and undivided profits of at least $250,000,000, in each case due within one year after the date of the making of such an Investment; 

(d) certificates of deposit issued by, bank deposits in, eurodollar deposits through, bankers’ acceptances of, and
reverse repurchase agreements covering Government Securities executed by, any branch or office located in the United States of America of a bank incorporated under the Laws of any jurisdiction outside the United States of America having on the date
of such Investment combined capital, surplus and undivided profits of at least $500,000,000, in each case due within one year after the date of the making of such an Investment; and 

(e) readily marketable commercial paper of corporations doing business in and incorporated under the Laws of the United
States of America or any State thereof given on the date of such Investment the highest credit rating by Moody’s Investors Service, Inc. and Standard & Poor’s Corporation, in each case due within 270 days after the date of the
making of such an Investment. 
 “Change in Control” means an event or series of events by which: 

(a) Borrower ceases to be wholly owned by Parent; or 

(b) Parent ceases to control the management and day-to-day operations of Borrower. 

“Closing Date” means the date upon which the conditions precedent set forth in Section 7.1 are fulfilled or
waived by Lenders and the Loan are initially funded. 
 “Code” means the Internal Revenue Code of 1986, as
amended or replaced and as in effect from time to time. 
 “Collateral” means, collectively, all of the
collateral subject to the Liens, or intended to be subject to the Liens, created by the Collateral Documents, whether or not perfected. 
 “Collateral Documents” means, collectively, the Deed of Trust, this Agreement and any other security agreement, assignment, deed of trust, mortgage or similar instrument now or hereafter
executed by any Loan Party to secure the Obligations. 
 “Commitment” means, as to any Lender, the amount set
forth for that Lender in the Schedule of Commitments. 
 “Compliance Certificate” means a certificate in the
form of Exhibit A. 
  
 Term Loan Agreement

  
 -3-

 “Contingent Obligation” means, as to any Person, any (a) direct or
indirect guarantee of Indebtedness of, or other obligation performable by, any other Person, including any endorsement (other than for collection or deposit in the ordinary course of business), co-making or sale with recourse of the obligations of
any other Person or (b) contractual assurance (not arising solely by operation of Law) given to an obligee with respect to the performance of an obligation by, or the financial condition of, any other Person, whether direct, indirect or
contingent, including any purchase or repurchase agreement covering such obligation or any collateral security therefor, any agreement to provide funds (by means of loans, capital contributions or otherwise) to such other Person, any agreement to
support the solvency or level of any balance sheet item to such other Person, or any other arrangement of whatever nature having the effect of assuring or holding harmless any obligee against loss with respect to any obligation of such other Person
including without limitation any “keep-well”, “take-or-pay” or “through put” agreement or arrangement. As of each date of determination, the amount of any Contingent Obligation shall be deemed to be an amount equal to
the stated or determinable amount of the related primary obligation (unless the Contingent Obligation is limited by its terms to a lesser amount, in which case to the extent of such amount) or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by such Person in good faith. 
 “Contractual
Obligation” means, as to any Person, any provision of any outstanding security issued by that Person or of any material agreement, instrument or undertaking to which that Person is a party or by which it or any of its Property is bound.

 “DCR Collateral Account” means a deposit account which may be established in the name of Borrower and
maintained with East West Bank under the circumstances described in Section 5.7(a). 
 “Debt Coverage
Ratio” means the ratio of (a) Net Operating Income for the Calculation Period to (b) the sum (without duplication) of (i) Interest Charges during the Calculation Period plus (ii) principal payments on all Indebtedness
that are required to be made during the Calculation Period; provided, that there shall be excluded from clauses (b) (i) and (b)(ii) all Interest Charges and scheduled principal payments on Indebtedness as to which the lenders’ rights
to receive payment are expressly subordinated to the right of the Lenders to receive payments of Debt Service and other payments on the Loan. 
 “Debt Service” means the actual principal and interest payable under the Loan during the applicable Calculation Period. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, as amended from time to time, and all
other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws from time to time in effect and affecting the rights of creditors generally. 

“Deed of Trust” means the Deed of Trust, Assignment of Rents and Fixture Filing of even date herewith executed by
Borrower, as Trustor, in favor of Administrative Agent, for the benefit of the Secured Parties, as beneficiary, encumbering the Real Property, either as originally executed or as the same may from time to time be supplemented, modified, amended,
renewed, extended or supplanted. 
  
 Term Loan
Agreement 

  
 -4-

 “Default” means any condition or event that, with the giving of any
applicable notice or passage of time specified in Section 8.1, or both, would constitute an Event of Default. 

“Default Rate” means the interest rate set forth in Section 2.5. 

“Defaulting Lender” means a Lender that fails to pay its Pro Rata Share of a an Advance within three (3) Business
Days after notice from Administrative Agent, until such Lender cures such failure as permitted in this Agreement. 

“Designated Deposit Account” means deposit account number 8003018341 in the name of Borrower and maintained with East
West Bank. 
 “Dollars” or “$” means United States dollars. 

“East West Bank” means East West Bank, a California banking corporation. 

“Environmental Indemnity” means the Environmental Indemnity of even date herewith by Borrower in favor of Lender,
setting forth certain indemnification obligations relating to Hazardous Materials (as defined below), either as originally executed or as it may from time to time be supplemented, modified, amended, restated or extended. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and any regulations issued pursuant thereto, as
amended or replaced and as in effect from time to time. 
 “ERISA Affiliate” means any Person (whether or not
incorporated) that is required to be aggregated with a Borrower pursuant to Section 414 of the Code. 
 “Eurodollar
Principal” means any principal of the Loan as to which interest is accruing at the Eurodollar Rate or at a Default Rate calculated with reference to the Eurodollar Rate. 

“Eurodollar Rate” means, with respect to an Interest Period, a per annum rate of interest equal to the greater of
(a) Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, or (b) 4.25%. 
 “Event of
Default” has the meaning specified in Section 8.1. 
 “Fiscal Quarter” means the fiscal
quarter of Borrower consisting of a three-month fiscal period ending on each March 31, June 30, September 30, and December 31. 
 “Fiscal Year” means the fiscal year of Borrower consisting of a twelve-month fiscal period ending on each December 31. 
  
 Term Loan Agreement 

  
 -5-

 “GAAP” means generally accepted accounting principles in the United States
set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may
be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. The term “consistently applied,” as used in
connection therewith, means that the accounting principles applied are consistent in all material respects to those applied at prior dates or for prior periods. 
 “Government Securities” means readily marketable direct full faith and credit obligations of the United States of America or obligations unconditionally guaranteed by the full faith and
credit of the United States of America. 
 “Governmental Agency” means (a) any international, foreign,
federal, state, county or municipal government, or political subdivision thereof, (b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality or public body, (c) any court,
administrative tribunal or public utility, or (d) any arbitration tribunal or other non-governmental authority to whose jurisdiction a Person has consented. 
 “Hazardous Materials” has the meaning set forth for that term in the Environmental Indemnity. 
 “Hazardous Materials Laws” has the meaning set forth for that term in the Environmental Indemnity. 
 “Indebtedness” means, as to any Person (without duplication), (a) indebtedness of such Person for borrowed money or for the deferred purchase price of Property (excluding trade and
other accounts payable in the ordinary course of business in accordance with ordinary trade terms), including any Contingent Obligation for any such indebtedness, (b) indebtedness of such Person of the nature described in the foregoing
clause (a) that is non-recourse to the credit of such Person but is secured by assets of such Person, to the extent of the fair market value of such assets as determined in good faith by such Person, (c) Capital Lease Obligations of
such Person, (d) indebtedness of such Person arising under bankers’ acceptance facilities or under facilities for the discount of accounts receivable of such Person, (e) any direct or contingent obligations of such Person under
letters of credit issued for the account of such Person, and (f) any net obligations of such Person under written agreements with one or more financial institutions providing for “swap”, “cap”, “collar” or other
interest rate protection with respect to any of the foregoing indebtedness. In no event shall the obligations of any Person in connection with foreign exchange contracts constitute Indebtedness. 

“Indemnitee” has the meaning specified in Section 10.9. 

“Intangible Assets” means assets that are considered intangible assets under GAAP, including customer lists, goodwill,
computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs. 

“Interest Charges” means, for any period, with respect to Borrower, the sum of (a) all interest paid or
payable (without duplication) for such period by Borrower in connection with any of its funded Indebtedness or in connection with the deferred purchase price of assets, 

 
 Term Loan Agreement 

  
 -6-

 
in each case to the extent treated as “interest expense” in accordance with GAAP and (b) the portion of rent paid or payable (without duplication) for such fiscal period by
Borrower under Capital Lease Obligations that should be treated as interest in accordance with Financial Accounting Standards Board Statement No. 13. 
 “Interest Period” means the period commencing on the day of each calendar month and ending on the last day of such calendar month. 

“Investment” means, when used in connection with any Person, any investment by or of that Person, whether by means of
purchase or other acquisition of capital stock or other Securities of any other Person or by means of loan, advance, capital contribution, guaranty or other debt or equity participation or interest, or otherwise, in any other Person, including any
membership, partnership and joint venture interests of such Person in any other Person. The amount of any Investment shall be the amount actually invested, without adjustment for increases or decreases in the value of such Investment. 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Agency charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Agency, in each case whether or not having the force of law. 

“Lender” has the meaning specified in the preamble hereto. 

“Lender’s Office” means Lender’s address as set forth on the signature pages to this Agreement, or such other
address as Lender hereafter may designate by written notice to Borrower. 
 “LIBOR Rate” means, for any
Interest Period, a rate of interest per annum equal to the rate that appears in the “Money Rates” section of the Wall Street Journal as the London interbank offered rate for deposits in US Dollars, for a period of one month, two
Business Days prior to the commencement of such Interest Period. If such interest rate shall cease to be available from the Wall Street Journal, the LIBOR Rate shall be determined from such financial reporting service as Administrative Agent
shall reasonably determine and use with respect to its other loan facilities on which interest is determined based on the London interbank offered rate. If a London interbank offered rate for deposits in US Dollars for a period of one month becomes
unavailable, Administrative Agent shall designate a substitute index that is as closely comparable to the London interbank offered rate for deposits in US Dollars for a period of one month as is reasonably practicable, and shall give notice of such
substitution to Borrower and the Lenders. 
 “Lien” means any mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale
or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

 
 Term Loan Agreement 

  
 -7-

 “Loan” means the credit committed to be advanced by Lenders to Borrower,
subject to the terms and conditions of this Agreement 
 “Loan Documents” means, collectively, this Agreement,
the other Collateral Documents, the Notes, the Parent Guaranty, and any other agreements of any type or nature heretofore or hereafter executed and delivered by Borrower or any of their Affiliates to Administrative Agent in any way relating to or in
furtherance of this Agreement (other than Swap Contracts), in each case either as originally executed or as the same may from time to time be supplemented, modified, amended, restated, extended or supplanted. 

“Loan Party” means each of Borrower and Parent. 

“Loan-to-Value Ratio” means the total committed amount of the Loan divided by the appraised “As-Is” value of
the Property. The appraised “As-Is” value of the Property shall be based upon an appraisal prepared by a third-party appraiser acceptable to, and engaged directly by, Administrative Agent. The appraisal shall be satisfactory to the
Required Lenders in all respects, and the value of the Property, as determined on the basis of such appraisal, shall be as reviewed, adjusted and approved by the Required Lenders. 

“Material Adverse Effect” means any set of circumstances or events which (a) is material and adverse to the
condition (financial or otherwise) or business operations of the Loan Parties taken as a whole, (b) materially impairs the ability of any Loan Party to perform its Obligations, (c) has a material, adverse effect on the Lien of any Loan
Document or (d) materially impairs the ability of Administrative Agent or any of the Lenders to enforce a material right or remedy as provided in the Loan Documents. 
 “Maturity Date” means November 30, 2018; provided, however, that if such date is not a Business Day, the Maturity Date shall be the next following Business Day.

 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of
ERISA to which any Borrower or any of its ERISA Affiliates contributes or is obligated to contribute. 
 “Negative
Pledge” means a Contractual Obligation that contains a covenant binding on Borrower that prohibits Liens on any of such entity’s Property, other than (a) any such covenant contained in a Contractual Obligation granting or relating
to a particular Lien which affects only the Property that is the subject of such Lien and (b) any such covenant that does not apply to Liens securing the Obligations, and (c) customary permitted junior Liens to be agreed upon by Borrower
and Lender. 
 “Net Operating Income” means, for any period, the difference between Operating Expenses and
Operating Revenue. 
 “Notes” and “Notes” have the meanings specified in
Section 2.1. 
  
 Term Loan Agreement

  
 -8-

 “Obligations” means all present and future obligations of every kind or
nature of Borrower or any other Loan Party at any time and from time to time owed to (i) Administrative Agent or Lenders or any one or more of them under any one or more of the Loan Documents, or (ii) any Swap Counterparty in connection
with any Swap Transaction, in each case whether due or to become due, matured or unmatured, liquidated or unliquidated, or contingent or noncontingent, including obligations of performance as well as obligations of payment, and including interest
that accrues after the commencement of any proceeding under any Debtor Relief Law by or against Borrower or any Affiliate of Borrower. 
 “Operating Expenses” means, with respect to any period of time, the total of all expenses actually paid or payable during such period, of whatever kind relating to the ownership,
operation, maintenance or management of the Property, including (without duplication) Interest Charges and principal payments on all Indebtedness (including, without limitation, Capital Lease Obligations) other than Debt Service, costs of
utilities, costs of ordinary repairs and maintenance, insurance premiums, ground rents (if any), license fees, Taxes (including payroll and related taxes with respect to employees of Borrower, but excluding income taxes), advertising expenses,
management fees actually paid under any management agreement, operational equipment or other lease payments as reasonably approved by Administrative Agent, but specifically excluding depreciation and amortization, income taxes, Debt Service,
any item of expense that would otherwise be covered by the provisions hereof but which is paid by any tenant under such tenant’s Lease or other agreement provided such reimbursement by tenant is not included in the calculation of Operating
Revenue. Operating Expenses shall be subject to appropriate seasonal and other adjustments in Lender’s reasonable discretion. 
 “Operating Revenue” means, with respect to any period of time, all revenue actually received from the ownership and operation of the Property from whatever source during such period
(including rents from any affiliate of Borrower or Parent leasing space in the Property but otherwise excluding any source affiliated with Borrower or Parent), including rents, utility charges, escalations, service fees or charges, license
fees, parking fees, and other required pass-throughs, but excluding proceeds of sales of furniture, fixtures and equipment (except to the extent such sale proceeds offset amounts included in Operating Expenses for costs of acquiring
furniture, fixtures and equipment), condemnation awards, insurance proceeds (other than business interruption or other loss of income insurance), unforfeited security deposits, utility and other similar deposits, and non-recurring or extraordinary
income, including lease termination payments; provided, however, lease termination payments shall be included in Operating Revenue (i) if and to the extent held in reserve to offset amounts included in Operating Expenses consisting of leasing
commissions or tenant improvements, and (ii) if delivered to Lender and held in reserve by Lender, as rents received with respect to the terminated lease amortized over the remaining term of such terminated lease and applied to Operating
Expenses for the applicable Calculation Period. No credit to Operating Revenue shall be given with respect to free rent periods, rent concessions and rent credits. Operating Revenue shall be subject to appropriate and reasonable seasonal and other
adjustments by Administrative Agent. 
 “Opinion of Counsel” means the favorable written legal opinion of
Boutin Jones Inc., counsel to Borrower and Parent, together with copies of all factual certificates and legal opinions upon which such counsel has relied. 
  

Term Loan Agreement 

  
 -9-

 “Pacific Time” means the prevailing time in Los Angeles, California.

 “Parent” means Molina Healthcare, Inc., a Delaware corporation. 

“Parent Credit Facility” means that certain Credit Agreement executed by US Bank National Association as Administrative
Agent, Lead Arranger and Sole Book Runner, by City National Bank and Union Bank, N.A., as Co-Syndication Agents, and by U.S. Bank National Association, City National Bank, Union Bank, N.A., BMO Harris Bank, N.A., East West Bank, BOKF, NA dba Bank of
Albuquerque, Santa Barbara Bank & Trust, Land Bank of Taiwan, Los Angeles Branch and Hua Nan Commercial Bank Ltd., Los Angeles Branch, as lenders and Parent as borrower, dated as of September 9, 2011, as amended from time to time.

 “Parent Guaranty” means the Guaranty of even date herewith by Parent in favor of Lender, either as
originally executed or as it may from time to time be supplemented, modified, amended, restated or extended. 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereof established under ERISA. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of
ERISA), other than a Multiemployer Plan, which is subject to Title IV of ERISA and is maintained by any Borrower or to which any Borrower contributes or has an obligation to contribute. 

“Permit” means any permit, approval, authorization, license, accreditation, certification, provider or supplier number,
registration, certificate of authority, certificate of need, certificate of reimbursement, variance, qualification, filing or consent required under applicable Laws. 
 “Permitted Encumbrances” means: 
 (a) inchoate
Liens incident to construction or maintenance of Property, or Liens incident to construction or maintenance of Property, now or hereafter filed of record for which adequate accounting reserves have been set aside (or deposits made pursuant to
applicable Laws) and which are being contested in good faith by appropriate proceedings and have not proceeded to judgment; provided that, by reason of nonpayment of the obligations secured by such Liens, no such Property is subject to a
material impending risk of loss or forfeiture, as reasonably determined by Administrative Agent; 
 (b) Liens for
taxes and assessments on Property which are not yet past due, or Liens for taxes and assessments on Property for which adequate reserves have been set aside and are being contested in good faith by appropriate proceedings and have not proceeded to
judgment; provided that, by reason of nonpayment of the obligations secured by such Liens, no such Property is subject to a material impending risk of loss or forfeiture, as reasonably determined by Administrative Agent; 

 
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 (c) defects and irregularities in title to any Property which in the
aggregate do not materially impair the fair market value or use of the Property for the purposes for which it is or may reasonably be expected to be held; 
 (d) easements, exceptions, reservations, or other agreements that: (i) exist on the date hereof and are described in the ALTA lender’s title insurance policy issued by the Title Company in
connection with this Agreement; (ii) are granted by Borrower after the date hereof for the purpose of pipelines, conduits, cables, wire communication lines, power lines and substations, streets, trails, walkways, drainage, irrigation, water,
and sewerage purposes, dikes, canals, ditches, the removal of oil, gas, coal, or other minerals, and other like purposes affecting Property which in the aggregate do not materially burden or impair the fair market value or use of such Property for
the purposes for which it is or may reasonably be expected to be held; or (iii) are granted by Borrower after the date hereof for the purpose of facilitating the joint or common use of Property in or adjacent to a shopping center or similar
project affecting Property which in the aggregate do not materially burden or impair the fair market value or use of such Property for the purposes for which it is or may reasonably be expected to be held; 

(e) rights reserved to or vested in any Governmental Agency to control or regulate, or obligations or duties to any
Governmental Agency with respect to, the use of any Property; 
 (f) rights reserved to or vested in any
Governmental Agency to control or regulate, or obligations or duties to any Governmental Agency with respect to, any right, power, franchise, grant, license, or permit; 

(g) present or future zoning laws and ordinances or other laws and ordinances restricting the occupancy, use, or enjoyment
of Property; 
 (h) statutory Liens, other than those described in clauses (a) or (b) above, arising in
the ordinary course of business with respect to obligations which are not delinquent or are being contested in good faith; provided that, if delinquent, adequate reserves have been set aside with respect thereto and, by reason of nonpayment,
no Property is subject to a material impending risk of loss or forfeiture; 
 (i) covenants, conditions, and
restrictions affecting the use of Property that: (i) exist on the date hereof and are described in the ALTA lender’s title insurance policy issued by the Title Company in connection with this Agreement; or (ii) arise after the date
hereof and in the aggregate do not materially impair the fair market value or use of the Property for the purposes for which it is or may reasonably be expected to be held; 

(j) rights of tenants under leases and rental agreements covering Property entered into in the ordinary course of business
of the Person owning such Property; 
 (k) Liens consisting of pledges or deposits to secure obligations under
workers’ compensation laws or similar legislation, including Liens of judgments thereunder which are not currently dischargeable; 
  

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 (l) Liens consisting of pledges or deposits of Property to secure
performance in connection with operating leases made in the ordinary course of business; provided that the aggregate value of all such pledges and deposits in connection with any such lease does not at any time exceed 20% of the annual fixed
rentals payable under such lease; 
 (m) Liens consisting of deposits of Property to secure statutory obligations
of Borrower or any Subsidiary of Borrower in the ordinary course of its business; 
 (n) Liens consisting of
deposits of Property to secure (or in lieu of) surety, appeal or customs bonds; and 
 (o) Liens created by or
resulting from any litigation or legal proceeding in the ordinary course of business which is currently being contested in good faith by appropriate proceedings; provided that, adequate reserves have been set aside and no material Property is
subject to a material impending risk of loss or forfeiture. 
 “Person” means any entity, whether an
individual, trustee, corporation, general partnership, limited liability company, limited partnership, joint stock company, trust, estate, unincorporated organization, business association, tribe, firm, joint venture, Governmental Agency, or
otherwise. 
 “Property” means any interest in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible, including any leasehold interest or fixtures. 
 “Pro Rata Share” means, with respect
to each Lender, a fraction in which that Lender’s Commitment is the numerator and the Total Commitment is the denominator. 

“Real Property” means, collectively, the real property described in the Deed of Trust. 

“Regulation T” means Regulation T, as at any time amended, of the Board of Governors of the Federal Reserve
System, or any other regulation in substance substituted therefor. 
 “Regulation U” means
Regulation U, as at any time amended, of the Board of Governors of the Federal Reserve System, or any other regulation in substance substituted therefor. 
 “Regulation X” means Regulation X, as at any time amended, of the Board of Governors of the Federal Reserve System, or any other regulation in substance substituted therefor.

 “Replacement Reserve Account” means deposit account number 8003018317 in the name of Borrower and maintained
with East West Bank. 
 “Required Lenders” means, as of any date of determination, either (a) East West
Bank and other Lenders who, together with East West Bank, hold more than 50% of the aggregate Commitments of Lenders (other than Commitments held by Defaulting Lenders), or (b) all of the Lenders (other than Defaulting Lenders) other than East
West Bank. 
  
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 “Requirement of Law” means, as to any Person, the certificate of
organization, articles or certificate of incorporation and bylaws, the partnership agreement and any related certificate of partnership, or other organizational or governing documents of such Person, and any Law, or judgment, award, decree, writ or
determination of a Governmental Agency, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 

“Responsible Officer” means chief executive officer, president, chief financial officer, treasurer, assistant treasurer
or controller of the Person designated and, solely for purposes of the delivery of incumbency certificates pursuant to Section 7.1, the secretary or any assistant secretary of the Person designated. Any document delivered hereunder that
is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership or other action on the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party. 
 “Schedule of Commitments” means the Schedule of
Commitments of all of the Lenders; the initial Schedule of Commitments is attached hereto as Schedule 1.1(b), and the Schedule of Commitments shall be adjusted whenever a Lender withdraws or is added. 

“Secured Parties” means, collectively, the Administrative Agent (for the benefit of the Lenders and the Swap
Counterparties) and the Swap Counterparties. 
 “Statutory Reserve Rate” means a fraction (expressed as a
decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board of Governors of the Federal Reserve System with respect to the Adjusted LIBOR Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board of Governors of the
Federal Reserve System). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency fundings and to be subject to such reserve requirements without benefit of or
credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture,
limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. 

 
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 “Swap Contract” means any agreement, whether or not in writing, relating to
any Swap Transaction, including, unless the context otherwise clearly requires, any form of master agreement (the “Master Agreement”) published by the International Swaps and Derivatives Association, Inc., or any other master
agreement, entered into prior to the date hereof or any time after the date hereof, between Swap Counterparty and Borrower (or its Affiliate), together with any related schedule and confirmation, as amended, supplemented, superseded or replaced from
time to time. 
 “Swap Counterparty” means any Lender, or an Affiliate of Administrative Agent, in its capacity
as counterparty under any Swap Contract; provided that if any Lender that is a counterparty to a Swap Contract shall cease to be a Lender, such entity (or its Affiliate, as the case may be) shall nevertheless remain a Swap Party for so long as it is
a counterparty under such Swap Contract. 
 “Swap Transaction” means any transaction that is a rate swap, basis
swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond option, note or bill option, interest rate option, forward foreign exchange transaction, cap transaction, collar transaction, floor
transaction, currency swap transaction, cross-currency rate swap transaction, swap option, currency option, credit swap or default transaction, T-lock, or any other similar transaction (including any option to enter into the foregoing) or any
combination of the foregoing, entered into prior to the date hereof or anytime after the date hereof between Swap Counterparty and Borrower (or its Affiliate) so long as a writing, such as a Swap Contract, evidences the parties’ intent that
Borrower’s obligations arising under such transaction shall be secured by the Deed of Trust or are obligations of Borrower under a Swap Transaction hereunder. 
 “Taxes” means any and all present and future taxes, levies, imposts, duties, fees, deductions, withholdings or charges of a similar nature imposed or assessed by any Authority or taxing
authority thereof, together with any interest thereon and any penalties with respect thereto. 
 “Title
Company” means First American Title Insurance Company. 
 “Total Commitment” means the aggregate
amount of credit that Borrower may obtain, at any one time under this Agreement, which amount shall not exceed $48,600,000,000. 

“UCC” means the California Uniform Commercial Code, as amended from time to time. 

1.2 Use of Defined Terms. Any defined term used in the plural shall refer to all members of the relevant class, and any defined
term used in the singular shall refer to any one or more of the members of the relevant class. 
 1.3 Accounting Terms.
All accounting terms not specifically defined in this Agreement shall be construed in conformity with, and all financial data required to be submitted by this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, except
as otherwise specifically prescribed herein. In the event that GAAP changes during the term of this Agreement such that the financial covenants contained in ARTICLE 5 would then be calculated in a different manner or with different
components, (a) Borrower and Lender agree to amend this Agreement in such respects as are necessary to conform those covenants as criteria for evaluating Borrower’ financial condition to substantially the same criteria as were effective

  
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prior to such change in GAAP and (b) Borrower shall be deemed to be in compliance with the financial covenants contained in ARTICLE 5 during the 60-day period following any such
change in GAAP if and to the extent that Borrower would have been in compliance therewith under GAAP as in effect immediately prior to such change. 
 1.4 Rounding. Any financial ratios required to be maintained by Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the
result to one place more than the number of places by which such ratio is expressed in this Agreement and rounding the result up or down to the nearest number (with a round-up if there is no nearest number) to the number of places by which such
ratio is expressed in this Agreement. 
 1.5 Exhibits and Schedules. All Exhibits and Schedules to this Agreement, either
as originally existing or as the same may from time to time be supplemented, modified or amended, are incorporated herein by this reference. A matter disclosed on any Schedule shall be deemed disclosed on all Schedules. 

1.6 Miscellaneous Terms. The term “or” is disjunctive; the term “and” is conjunctive. The term
“shall” is mandatory; the term “may” is permissive. Masculine terms also apply to females; feminine terms also apply to males. The term “including” is by way of example and not limitation. The words “herein,”
“hereto,” “hereof” and “hereunder” and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. Article, Section, Exhibit and
Schedule references are to the Loan Document in which such reference appears. The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however
evidenced, whether in physical or electronic form. In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until”
each mean “to but excluding”; and the word “through” means “to and including.” 
  

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 ARTICLE 2 
 CREDIT FACILITY 
 2.1 Amount and Terms of Loan. Subject to the terms
and conditions set forth in this Agreement, each Lender shall advance to Borrower, within one (1) Business Day after satisfaction of the conditions in Section 7.1, its Pro Rata Share of Advances of principal of the Loan and shall
advance to Administrative Agent, within two Business Days after demand therefor by Administrative Agent, its Pro Rata Share of Administrative Agent Advances. The total amount of Advances of principal of the Loan shall not exceed $48,600,000. The
principal of the Loan shall be disbursed to Borrower by the Lenders as follows: 
 (a) $48,300,000 will be
disbursed to Borrower in a single Advance on the Closing Date; and 
 (b) $300,000 will be disbursed into the
Replacement Reserve Account on the Closing Date. Borrower shall have the right to withdraw funds from the Replacement Reserve Account monthly, within five (5) Business Days days after delivery by Borrower to Administrative Agent of a
requisition therefor, together with evidence reasonably satisfactory to Administrative Agent that Borrower has incurred costs during the previous calendar month in connection with performance of the deferred maintenance items listed on the property
inspection report prepared by Marx Okubo Associates, Inc., and dated October 14, 2011 that are at least equal to the amount requisitioned . 
 If all or any portion of the Loan is prepaid or repaid at any time, it may not be reborrowed. The obligation of Borrower to repay the Loan, and interest accrued thereon, shall be evidenced by the
Promissory Notes of even date herewith made by Borrower to the order of each Lender (collectively, the “Notes,” and each a “Note”). The liabilities and obligations of each Lender hereunder shall be several and not
joint, and neither Administrative Agent nor any Lender shall be responsible for the performance by any other Lender of its obligations hereunder. 
 2.2 Interest. Subject to the provisions of Section 2.5, the outstanding principal amount of the Loan shall bear interest, computed on the basis of a year of 360 days and the actual
number of days elapsed, as follows: 
 (a) from the date of closing of the Loan through December 31, 2011,
at the rate of 4.25% per annum; and 
 (b) for each Interest Period commencing with the Interest Period that
commences on January 1, 2012, at the Eurodollar Rate applicable to such Interest Period. 
 2.3 Amortization of Loan.
Borrower shall repay principal and interest on the Loan on the first day of each month (commencing January 1, 2012 and continuing through November 1, 2018) in an aggregate monthly amount as follows: 

 
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 (a) The payment due in January, 2012 shall be $264,966.49; 

(b) The payment due on the first day of each subsequent month shall be the payment that would be required in such month in
order to fully amortize the principal of the Loan that is outstanding immediately following receipt and application of the payment for the immediately preceding month in equal monthly combined payments of principal and interest, with interest at the
Eurodollar Rate applicable as of the first day of the immediately preceding month, over the portion of a 25-year period commencing January 1, 2012 that remains as of the first day of the immediately preceding month; and 

(c) The entire unpaid balance of the Loan shall be paid in full by Borrower on the Maturity Date. 

Administrative Agent will deliver to Borrower during each month a payment invoice stating the Eurodollar Rate in effect for such month, the balance of
principal outstanding and the payment required pursuant to Section 2.3(b) on the first day of the next month. 
 Prior to the
occurrence of an Event of Default, each such payment shall be applied first to accrued interest and then to principal. Notwithstanding anything to the contrary contained herein, the Loan may be prepaid from time to time in accordance with
Section 2.3. Any prepayments hereunder will be in addition to any scheduled payments and shall be applied in inverse order of maturity. 
 2.4 Prepayments. 
 (a) In the event of the payment of any
Eurodollar Principal other than on the last day of an Interest Period applicable thereto (including as a result of a Default), Borrower shall compensate Lender for the loss, cost and expense attributable to such payment. Such loss, cost or expense
to Lender shall be deemed to include an amount determined by Lender to be the excess, if any, of (i) the amount of interest which would have accrued on such Eurodollar Principal had such payment not occurred, at the Adjusted LIBOR Rate that
would have been applicable to such Eurodollar Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have
been the Interest Period for such Eurodollar Principal), over (ii) the amount of interest which would accrue on such Eurodollar Principal for such period at the interest rate which Lender would bid were it to bid, at the commencement of such
period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section and the basis for
such calculation shall be delivered to Borrower and shall be conclusive absent manifest error. Borrower shall pay Lender the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof. Nothing contained
herein shall affect any breakage costs or premiums due under any Swap Agreement. 
 (b) Upon prepayment of the
balance of the Loan at any time and for any reason other than at the end of an Interest Period, Borrower shall be obligated to pay the applicable amounts provided for in Section 2.4, whether such prepayment is made or occurs (i) as
the result of a voluntary acceptance by Lender of a prepayment tendered by Borrower; (ii) by acceleration as a result of a Default by Borrower; (iii) in connection with any reinstatement of the Loan under any foreclosure proceedings or in
connection with the purchase of the property at a foreclosure sale; or (iv) in connection with any right of redemption exercised by Borrower or any other party having the right to redeem or prevent any foreclosure of the Deed of Trust.

  
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 (c) Prepayments shall not relieve Borrower of its obligations to continue to
make payments under the payment schedule. Rather, prepayments shall reduce the principal balance due on the Loan and may result in Borrower’s making fewer payments with respect thereto. Borrower agrees not to send Lenders payments marked
“paid in full”, “without recourse”, or similar language. If Borrower send such a payment, any Lender may accept it without losing any of that Lender’s rights under this Agreement, and Borrower shall remain obligated to pay
any further amounts owing to that Lender. 
 2.5 Default Rate. Upon the occurrence and during the continuance of any
Event of Default, the outstanding principal amount of the Loan shall, at the option of Lender, thereafter bear interest, payable by Borrower in the manner and at the times provided in this Agreement and the Notes, at a rate per annum which is
5.00% per annum higher than the otherwise applicable rate, to the fullest extent permitted by applicable Laws (the “Default Rate”). 
 2.6 Loan Fee. On the Closing Date, Borrower shall pay to Administrative Agent a loan fee in the amount of $486,000. Such loan fee shall be paid to Administrative Agent at Administrative
Agent’s Office, and shall be distributed among the Lenders as of the Closing Date in accordance with their respective Pro Rata Shares. 
 2.7 Agency Fee. On the Closing Date, Borrower shall pay to Administrative Agent an agency fee pursuant to a separate letter agreement between Borrower and Administrative Agent. 

2.8 Non-Business Days. If any payment to be made by Borrower or any other Loan Party under any Loan Document shall come due on a
day other than a Business Day, payment shall instead be considered due on the next succeeding Business Day and the extension of time shall be reflected in computing interest. 
 2.9 Manner and Treatment of Payments. All payments to be made by Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise
expressly provided herein, each payment hereunder or on the Notes or under any other Loan Document shall be made to Administrative Agent at Administrative Agent’s Office in immediately available funds not later than 11:00 a.m., Pacific
Time, on the day of payment specified herein (which must be a Business Day). All payments received after 11:00 a.m., Pacific Time, on any particular Business Day, shall be deemed received on the next succeeding Business Day, and such extension
of time shall be reflected in computing interest or fees, as the case may be. All payments shall be made in lawful money of the United States of America. 
 2.10 Authorization to Debit Account. Borrower authorizes Administrative Agent to debit the Designated Deposit Account to effectuate payment of amounts due and payable to Administrative Agent and
the Lenders under this Agreement. Any resulting overdraft in the Designated Deposit Account shall be payable on the next following Business Day. 
  

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 2.11 Funding Source. Nothing in this Agreement shall be deemed to obligate any Lender
to obtain the funds for the Loan in any particular place or manner or to constitute a representation by such Lender that it has obtained or will obtain the funds for the Loan in any particular place or manner. 

2.12 [Intentionally Deleted]. 
 2.13 Collateral. The Loan, together with all other Obligations, shall be secured by the Liens created by the Collateral Documents. 

2.14 Increased Loan Costs. If any Lender shall have determined that the introduction of any applicable Law, rule, regulation or
guideline regarding capital adequacy, or any change therein or any change in the interpretation or administration thereof by any central bank or other Governmental Agency charged with the interpretation or administration thereof, or compliance by
such Lender or any corporation controlling such Lender, with any request, guidelines or directive regarding capital adequacy (whether or not having the force of Law) of any such central bank or other authority, affects or would affect the amount of
capital required or expected to be maintained by such Lender or any corporation controlling such Lender and (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy), determines that the
amount of such capital is increased as a consequence of its obligations under this Agreement, then, within five (5) Business Days after delivery to Borrower of a statement setting forth the amount for which Borrower is responsible hereunder,
and the basis of calculation of such amount, Borrower shall pay to such Lender (an “Affected Lender”) such amounts sufficient to compensate such Lender for such increase. If an Affected Lender requires payment by Borrower of any
amount pursuant to this Section 2.14, Borrower shall be obligated to pay such amount, but shall have the right, exercisable at any time within ninety (90) days after its payment of such amount, to pay off the entire portion of the
Loan held by such Affected Lender. Borrower shall not be obligated to pay any premium or penalty, but shall be obligated to pay any amounts that are payable pursuant to Section 2.4, and pursuant to any Swap Contract, in connection with
such payoff. Any payoff made pursuant to this Section 2.14 shall be distributed solely to the Affected Lender, and not to other Lenders, by Administrative Agent. 
 2.15 Swap Contracts. Borrower shall have the right to enter into a Swap Contract with respect to the Loan with any one or more of the Lenders, or with Affiliates of any one or more of the Lenders,
provided that Administrative Agent gives its prior written consent to such Swap Contract, which consent shall not be unreasonably withheld. Borrower shall not enter into any Swap Contract or Swap Transaction with any Swap Counterparty that is not a
Lender, or an Affiliate of a Lender. No Swap Contract with respect to the Loan shall have a term that extends beyond the Maturity Date. 
  

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 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
 Borrower represents and warrants to
Administrative Agent and each Lender that: 
 3.1 Existence and Qualification; Power; Compliance with Laws. Borrower is
duly formed, validly existing and in good standing under the Laws of Delaware. Parent is duly formed, validly existing and in good standing under the Laws of Delaware. Each of Borrower and Parent is duly qualified or registered to transact business,
and is in good standing, in California and each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification or registration necessary. Each of Borrower and Parent has all requisite
power and authority to conduct its business, to own and lease its Property, to execute and deliver each Loan Document to which it is a party, and to perform the Obligations to be performed by it. As of the Closing Date, the chief executive offices
of each of Borrower and Parent are located at the respective addresses set forth for notices in the signature pages to this Agreement. Borrower (a) is in compliance with all Laws and other legal requirements applicable to its business,
(b) has obtained from each applicable Governmental Agency all authorizations, consents, approvals, orders, licenses and permits that are necessary for the transaction of its businesses, (c) has accomplished with each applicable
Governmental Agency all filings, registrations and qualifications that are necessary for the transaction of its businesses, or (d) obtained from each applicable Governmental Agency exemptions from any of the items described in the foregoing
clauses (b) and (c), as necessary for the transaction of its businesses. 
 3.2 Authority; Compliance with Other
Agreements and Instruments and Government Regulations. The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party have been duly authorized by all necessary corporate action, and do not: 

(a) require any consent or approval not heretofore obtained of any equity holder, security holder or creditor of such Loan
Party; 
 (b) violate or conflict with any provision of such Loan Party’s limited liability company
agreement, charter, partnership agreement, articles of incorporation or bylaws, as applicable; 
 (c) result in
or require the creation or imposition of any Lien (other than pursuant to the Collateral Documents) upon or with respect to any Property now owned or leased or hereafter acquired by such Loan Party; 

(d) violate any Requirement of Law applicable to such Loan Party; 

(e) constitute a “transfer of an interest” or an “obligation incurred” that is avoidable by a trustee
under Section 548 of the Bankruptcy Code of 1978, as amended, or constitute a “fraudulent conveyance,” “fraudulent obligation” or “fraudulent transfer” within the meanings of the Uniform Fraudulent Conveyances Act
or Uniform Fraudulent Transfer Act, as enacted in any applicable jurisdiction; and 
  
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 (f) result in a breach of or default under, or would, with the giving of
notice or the lapse of time or both, constitute a breach of or default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or credit agreement or any other Contractual Obligation to which such Loan Party is
a party or by which such Loan Party or any of its Property is bound or affected. 
 (g) Neither Borrower nor
Parent is in material violation of, or material default under, any Requirement of Law, Contractual Obligation, or any indenture, loan or credit agreement. 
 3.3 No Governmental Approvals Required. Except as set forth in Schedule 3.3, no authorization, consent, approval, order, license or permit from, or filing, registration or qualification
with, any Governmental Agency is required to authorize or permit under applicable Laws the execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party. 

3.4 Operation of Property. Borrower has obtained all material Permits from each Governmental Agency and other Person, and made all
required or appropriate filings, that are necessary for Borrower to own its assets, to carry on its business (without interruption or restriction), and to execute, deliver and perform the Loan Documents to which it is a party. Borrower has not been
notified by any Governmental Agency or other Person during the immediately preceding 24-month period that such Governmental Agency or Person has rescinded, imposed any limitation or restriction upon, or not renewed, or intends to rescind, impose any
limitation or restriction upon or not renew, any such Permit. 
 3.5 [Intentionally Deleted] 

3.6 [Intentionally Deleted] 
 3.7 Title to Property. As of the Closing, Borrower will have good and valid title to all the Property (other than assets which are the subject of a Capital Lease Obligation) free and clear of all
Liens, other than Permitted Encumbrances. 
 3.8 Intangible Assets. Borrower owns, or possesses the right to use to the
extent necessary in its business, all trademarks, trade names, copyrights, patents, patent rights, computer software, licenses and other Intangible Assets that are used in the conduct of its business as now operated and which are material to the
condition (financial or otherwise), business or operations of Borrower, and no such Intangible Asset, to the best knowledge of Borrower, conflicts with the valid trademark, trade name, copyright, patent, patent right or Intangible Asset of any other
Person to the extent that such conflict constitutes a Material Adverse Effect. 
 3.9 Litigation. Except for (a) any
matter fully covered (subject to applicable deductibles and retentions) by insurance and with respect to which the insurance carrier has not denied coverage, nor issued any denial of claim, nor any other statement that the claim is in excess of
coverage, and (b) any matter, or series of related matters, not fully covered by insurance (subject to applicable deductibles and retentions) involving a claim against Borrower or Parent which is, in the reasonable opinion of Borrower’s or
Parent’s legal counsel, in an 
  
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Agreement 

  
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amount less than $100,000, as of the Closing Date, there are no actions, suits, proceedings or investigations pending as to which Borrower has been served or has received notice or, to the best
knowledge of Borrower, threatened against or affecting Borrower or Parent or their respective properties before any Governmental Agency. As of the Closing Date, there is no reasonable basis for any action, suit, proceeding or investigation against
or affecting Borrower or Parent or any of their respective properties before any Governmental Agency which would constitute a Material Adverse Effect. 
 3.10 Binding Obligations. Each of the Loan Documents to which the Loan Parties are parties, when executed and delivered by such Loan Parties, will constitute the legal, valid and binding obligation
of such Loan Parties, enforceable against such Loan Parties in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or equitable principles relating to the granting of specific performance and other equitable
remedies as a matter of judicial discretion. 
 3.11 No Default. No event has occurred and is continuing that is a
Default or an Event of Default. 
 3.12 ERISA. Neither Borrower nor Parent maintains a Pension Plan. 

3.13 Regulations T, U and X; Investment Company Act. No part of the proceeds of the Loan will be used to purchase or
carry, or to extend credit to others for the purpose of purchasing or carrying, any “margin stock” (as such term is defined in Regulations U and X) or will otherwise be used in violation of Regulations T, U and X. None of the
Loan Parties are engaged principally, or as one of their important activities, in the business of extending credit for the purpose of purchasing or carrying any such “margin stock.” None of the Loan Parties are required to be registered as
an “investment company” under the Investment Company Act of 1940. 
 3.14 Disclosure. No written statement made
by any Loan Party to Administrative Agent in connection with this Agreement, or in connection with the Loan, contains any untrue statement of a material fact or omits a material fact necessary in order to make the statement made not misleading in
light of all the circumstances existing at the date the statement was made. 
 3.15 Tax Liability. The Loan Parties have
filed all tax returns which are required to be filed, and have paid, or made provision for the payment of, all taxes with respect to the periods, Property or transactions covered by said returns, or pursuant to any assessment received by the Loan
Parties, except such taxes, if any, as are being contested in good faith by appropriate proceedings and as to which adequate reserves have been established and maintained. 
 3.16 [Intentionally Deleted]. 
 3.17 Hazardous Materials. Borrower
has not at any time disposed of, discharged, released or threatened the release of any Hazardous Materials on, from or under the Real Property in violation of any Hazardous Materials Law. To the best knowledge of Borrower, no condition exists that
violates any Hazardous Material Law affecting the Real Property, except as described in Schedule 3.17. No portion of the Real Property is or has been utilized by any Loan Party as a site for the manufacture of any Hazardous Materials. To the extent
that any Hazardous 
  
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Materials are used, generated or stored by any Loan Party or any of its Subsidiaries on the Real Property, or transported to or from the Real Property by any Loan Party or any of its
Subsidiaries, such use, generation, storage and transportation are in compliance with all Hazardous Materials Laws. 
 3.18
Regulatory and Legal Compliance. Borrower is in compliance in all material respects with all applicable Laws. Borrower has not received any notice from any Governmental Agency or any other Person of any alleged violation or noncompliance with
any such Laws. 
  
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 ARTICLE 4 
 AFFIRMATIVE COVENANTS 
 (OTHER THAN INFORMATION AND 

REPORTING REQUIREMENTS) 
 So long as the Loan remains unpaid, or any other Obligation remains unpaid or unperformed, Borrower shall, unless Administrative Agent otherwise consents: 

4.1 Payment of Taxes and Other Potential Liens. Pay and discharge promptly all taxes, assessments and governmental charges or
levies imposed upon Borrower or its Property or any part thereof and upon its respective income or profits or any part thereof, except that Borrower shall not be required to pay or cause to be paid any tax, assessment, charge or levy that is not yet
past due, or is being contested in good faith by appropriate proceedings so long as Borrower has established and maintains adequate reserves for the payment of the same. 
 4.2 Preservation of Existence. Preserve and maintain its existence as a California limited liability company and all material authorizations, rights, franchises, privileges, consents, approvals,
orders, licenses, permits, or registrations from any Governmental Agency that are necessary for the transaction of its business and qualify and remain qualified to transact business in each jurisdiction in which such qualification is necessary in
view of its business or the ownership or leasing of its Property. 
 4.3 Single Purpose Entity. At all times be a limited
liability company that: (a) is formed or organized solely for the purpose of holding a direct ownership interest in the Collateral; (b) does not engage in any business other than the ownership, management and operation of the Collateral;
(c) does not have any assets other than its interest in the Collateral; (d) does not have any Indebtedness other than that expressly permitted by this Agreement; (e) maintains books and records, and keeps accounts, separate and
distinct from the books and records and accounts of any other Person; (f) is subject to all of the limitations on powers set forth in the organizational documents of Borrower in effect on the date of this Agreement; (g) holds itself out as
being a Person and a legal entity separate and distinct from any other Person; (h) does not make any loans or advances to any other Person; and (i) maintains adequate capital for the normal obligations reasonably foreseeable in a business
of its size and character. 
 4.4 Maintenance of Properties. Maintain, preserve and protect all of its Property in good
order and condition, subject to wear and tear in the ordinary course of business, and not permit any waste of its property, except that (a) the failure to maintain, preserve and protect a particular item of Property that is at the end of its
useful life or that is not of significant value, either intrinsically or to the operations of Borrower, shall not constitute a violation of this covenant and (b) the failure to repair damage to any portion of its Property resulting from a
casualty that generates payment of insurance proceeds, which insurance proceeds are not permitted by Administrative Agent to be applied to payment of costs of repair to such portion of such Property pursuant to Section 2.12 of the Deed
of Trust, shall not constitute a violation of this covenant so long as Borrower restores the remaining portion of such Property to a safe and operational condition. 

 
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 4.5 Maintenance of Insurance. Maintain liability, casualty and other insurance as
required by Section 2.11 of the Deed of Trust. 
 4.6 Compliance With Laws. Comply in all material respects
with all Requirements of Laws, except that the Loan Parties and their Subsidiaries need not comply with a Requirement of Law then being contested by any of them in good faith by appropriate proceeding. 

4.7 Inspection Rights. Upon reasonable notice, at any time during regular business hours and as often as reasonably requested (but
not so as to materially interfere with the business of Borrower or any of their Subsidiaries) permit Administrative Agent, or any authorized employee or representative thereof, to examine, audit and make copies and abstracts from the records and
books of account of Borrower, to visit and inspect the Real Property, and to discuss the affairs, finances and accounts of Borrower with any of their officers, key employees or accountants. 

4.8 Keeping of Records and Books of Account. Keep adequate records and books of account reflecting all financial transactions in
conformity with GAAP and in material conformity with all applicable requirements of any Governmental Agency having regulatory jurisdiction over the Borrower. 
 4.9 Compliance With Agreements. Promptly and fully comply with all Contractual Obligations under all material agreements, indentures, leases or instruments to which Borrower is a party. 

4.10 Use of Proceeds. Use the proceeds of the Loan to finance Borrower’s purchase of the Real Property. 

4.11 Hazardous Materials Laws. Keep and maintain the Real Property and each portion thereof in compliance in all material respects
with all Hazardous Materials Laws and promptly advise Administrative Agent in writing of (a) any and all enforcement, cleanup, removal or other governmental or regulatory actions instituted, completed or threatened in writing pursuant to any
applicable Hazardous Materials Laws, (b) any and all claims made or threatened in writing by any third party against Borrower or the Real Property relating to damage, contribution, cost recovery, compensation, loss or injury resulting from any
Hazardous Materials and (c) discovery by a Responsible Officer of Borrower of any occurrence or condition on any real property adjoining or in the vicinity of the Real Property that could reasonably be expected to cause the Real Property or any
part thereof to be subject to any restrictions on the ownership, occupancy, transferability or use of the Real Property under any Hazardous Materials Laws. 
 4.12 Replacement Reserve Account. 
 (a) Deposit at least the
following amounts in Cash into the Replacement Reserve Account on or before the first day of each calendar month, commencing January 1, 2012: 
  

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 (1) From January 1, 2012 through and including January 1, 2015,
$100,000; 
 (2) From February 1, 2015 through the Maturity Date, an amount equal to $0.20 per square foot
of floor area in the Improvements. 
 Provided, that Borrower shall have no obligation to make any deposit into the Replacement
Reserve Account at any time when the balance therein is equal to or greater than $2,000,000, and Borrower shall have the right to withdraw (and Administrative Agent shall consent to the withdrawal) any amount in the Replacement Reserve Account that
is in excess of $2,000,000. 
 (b) Apply funds from the Replacement Reserve Account only as follows: 

(1) The $300,000 in Loan proceeds deposited into the Replacement Reserve Account pursuant to Section 2.1(b)
shall be applied by Borrower, on or before December 1, 2012, to payment of costs of performance of the deferred maintenance items listed on the property inspection report prepared by Marx Okubo Associates, Inc., and dated October 14, 2011;

 (2) Funds deposited into the Replacement Reserve Account by Borrower pursuant to Section 4.12(a) shall be
applied as follows: 
 (A) First, for payment of costs of repair of the building heating, ventilation and air
conditioning system; and 
 (B) Second, for payment of costs of the replacement of the building plaza deck;

 (3) After completion of repair of the building heating, ventilation and air conditioning system and the
replacement of the building plaza deck, for payment of costs of such other replacement, repair and maintenance of the buildings, fixtures, equipment and other capital assets on the Real Property as Borrower shall elect to conduct. 

The Replacement Reserve Account shall be a “blocked” deposit account with Administrative Agent, from which no amounts may be
withdrawn without the consent of Administrative Agent, and shall be subject to a security interest, securing performance of the Obligations pursuant to a pledge and security agreement in form and content satisfactory to Administrative Agent.

 4.13 Bank Account. Maintain its operating bank accounts with Administrative Agent. 

4.14 Estoppel Certificates. 
 (a) Deliver to Administrative Agent, within 30 days after request therefor by Administrative Agent, a written statement in form and content reasonably approved by Administrative Agent, confirming the
outstanding balance of principal of the Loan, whether, to the best knowledge of Borrower, a Default or Event of Default exists under this Agreement and, if so, what actions are being taken to cure the same. 

 
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 (b) Exercise reasonable best efforts to cause tenants of the Real Property
to deliver to Administrative Agent, within 30 days after request therefor by Administrative Agent, a written statement in form and content reasonably approved by Administrative Agent, confirming the operative terms of their leases and whether any
default or potential default exists thereunder. 
 4.15 Performance and Funding of Deferred Maintenance. 

(a) Complete the work of repair of the the heating, ventilation and air conditioning systems of the buildings on the Real
Property (the “HVAC Work”) and replacement of the plaza deck on the Real Property (the “Plaza Deck Replacement”) before December 1, 2014. 

(b) Within 90 days after the date of funding of the first Advance of principal of the Loan, deliver to Administrative
Agent (i) at least three bids from licensed contractors reasonably approved by Administrative Agent for entry into guaranteed maximum price contracts under which such contractors will perform the HVAC Work, and (ii) at least three bids
from licensed contractors reasonably approved by Administrative Agent for entry into guaranteed maximum price contracts under which such contractors will perform the Plaza Deck Replacement. If the aggregate cost of the HVAC Work and the Plaza Deck
Replacement, pursuant to such bids, will exceed $3,600,000, Borrower shall deposit into the Replacement Reserve Account, on or before the first day of each calendar month commencing with the fourth month after the month in which the first Advance of
principal of the Loan is funded, an amount equal to one-thirty-sixth of the excess over $3,600,000. 
  
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 ARTICLE 5 
 NEGATIVE COVENANTS 
 So long as the Loan remains unpaid, or any other Obligation
remains unpaid or unperformed, Borrower shall not, unless Administrative Agent otherwise consents: 
 5.1 Investments.
Make or suffer to exist any Investment, other than: 
 (a) Investments in existence on the Closing Date and
disclosed on Schedule 5.1; 
 (b) Investments consisting of Cash Equivalents; 

(c) Investments consisting of the extension of credit to customers or suppliers of the Loan Parties in the ordinary course
of business and any Investments received in satisfaction or partial satisfaction thereof; and 
 (d) Investments
representing all or a portion of the sales price of Property sold or services provided to another Person. 
 5.2 ERISA.
At any time, permit any Pension Plan to: (a) engage in any non-exempt “prohibited transaction” (as defined in Section 4975 of the Code); (b) fail to comply with ERISA or any other applicable Laws; (c) incur any material
“accumulated funding deficiency” (as defined in Section 302 of ERISA); or (d) terminate in any manner. 

5.3 Change in Nature of Business. Conduct any business other than ownership and operation of the Real Property, or own any
Property other than the Real Property and the other Collateral. 
 5.4 Liens; Negative Pledges; Sales and Leasebacks.
Create, incur, assume or suffer to exist any Lien or Negative Pledge of any nature upon or with respect to any of its Property or Collateral or agree to grant a Negative Pledge for the benefit of any other party other than Administrative Agent, or
engage in any sale and leaseback transaction with respect to any of its respective Property or Collateral, whether now owned or hereafter acquired, except: 
 (a) Liens and Negative Pledges under the Loan Documents; and 
 (b)
Permitted Encumbrances. 
 5.5 Indebtedness and Contingent Obligations. Create, incur, assume or suffer to exist any
Indebtedness, or any Contingent Obligation in an aggregate amount in excess of $1,000,000, except: 
 (a)
Indebtedness and Contingent Obligations under the Loan Documents; 
 (b) Indebtedness under Swap Contracts
entered into with Swap Counterparties; provided that no Swap Contract entered into with respect to the Loan shall have a scheduled termination date later than the Maturity Date; 

 
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 (c) Indebtedness and Contingent Obligations owed by Borrower to Parent, so
long as (i) no Event of Default exists or would result from such proposed Indebtedness or Contingent Obligation or from the application of the proceeds thereof; (ii) all such Indebtedness and Contingent Obligations shall be unsecured and
subordinated in right of payment to the payment in full of the Obligations, and (iii) any such Indebtedness and Contingent Obligations has been approved in advance, in writing, by Administrative Agent, which approval shall not be unreasonably
withheld; and 
 (d) Indebtedness consisting of Capital Lease Obligations, or otherwise incurred to finance the
purchase or construction of capital assets (which shall be deemed to exist if the Indebtedness is incurred at or within 90 days before or after the purchase or construction of the capital asset), or to refinance any such Indebtedness. 

5.6 Transactions with Affiliates. Enter into any transaction of any kind (including, without limitation, the extension of any
credit or the incurrence of any indebtedness, the making or receipt of any distribution, the purchase, sale, lease or exchange of any property, or the payment of any fees) with any Affiliate of Borrower without the prior written consent of Lender;
provided, however, Borrower may, without the prior consent of Lender, do the following: (i) distribute excess Cash to Parent; (ii) borrow money from Parent to the extent permitted pursuant to Section 5.5, above;
(iii) obtain capital infusions from Parent; (iv) enter into leases for vacant space in the Property, on no less than then-current market terms. 
 5.7 Financial Covenants. 
 (a) Debt Coverage Ratio.
Permit the Debt Coverage Ratio, as of the last day of each June and December to be less than 1.30:1, unless Borrower shall, within fifteen (15) days after receipt of demand therefor at any time in which the Debt Coverage Ratio is less than
1.30:1, deposit into the DCR Collateral Account Cash in an amount equal to twice the difference between Borrower’s annualized Net Operating Income for the most recent Calculation Period and the amount of annual Net Operating Income that would
have been needed in order to generate a Debt Coverage Ratio of 1.30:1 for such Calculation Period. The DCR Collateral Account shall be a “blocked” deposit account with Administrative Agent,” from which no amounts may be withdrawn
without the consent of the Administrative Agent (which consent shall only be given with approval from the Required Lenders), and shall be subject to a security interest, securing performance of the Obligations pursuant to a pledge and security
agreement in form and content satisfactory to Administrative Agent. If, with respect to any later Calculation Period, the amount required to be deposited into such account is less than the amount in such account, Administrative Agent shall permit
Borrower to withdraw the excess Cash from the DCR Collateral Account. 
 (b) Loan-to-Value Ratio. If, at
any time during the term of the Loan, the Loan-to-Value Ratio is greater than seventy percent (70%), Borrower shall, within fifteen (15) days after receipt of demand therefor from Administrative Agent (which demand shall be made upon direction
from the Required Lenders), make a payment in reduction of principal of the Loan in an amount sufficient to cause the Loan-to-Value Ratio to be sixty percent (60%); provided, however, that Administrative Agent and Lenders shall have the right to
require a payment in reduction of principal pursuant to this Section 5.7(b) only once during the term of the Loan. 
  

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 5.8 Leasing. Enter into any lease, license or other agreement under which any Person
is granted any right to occupy any portion of the Real Property (a) which is not negotiated at arm’s length (other than leases, licenses and other agreements with Affiliates of Parent, which shall not be at arm’s length) and which
does not provide for rent and other terms that are reasonably consistent with those terms that prevail, at the time of entry into such lease, license or other agreement, in the market for similar office space, and (b) without furnishing a copy
of the lease, license or other agreement to Administrative Agent prior to execution thereof. Failure by Administrative Agent to give notice to Borrower that Administrative Agent believes that a proposed lease, license or agreement is not in
compliance with this Section 5.8 within five (5) Business Days after Administrative Agent’s receipt of the copy thereof furnished by Borrower shall be deemed a waiver by Administrative Agent to object to such lease, license or
agreement. 
 5.9 Partition; Zoning. Without the prior written consent of the Required Lenders, seek to partition or
subdivide the Real Property or alter the zoning or land use classification thereof. 
  
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 ARTICLE 6 
 INFORMATION AND REPORTING REQUIREMENTS 
 6.1 Financial and
Business Information. So long as the Loan remains unpaid, or any other Obligation remains unpaid or unperformed, Borrower shall, unless the Required Lenders otherwise consent, deliver to Administrative Agent at Borrower’ sole expense:
 
 (a) with respect to the Fiscal Year ended December 31, 2011, as soon as available and
without unreasonable delay, and with respect to each Fiscal Year ending thereafter, as soon as available but in any event within 120 days after the end of such Fiscal Year: 

(1) the balance sheet as at the end of such Fiscal Year and related statements of income, operations and cash flows of
Borrower for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail, prepared using a methodology that may not conform to GAAP but fairly presents the financial condition
of Borrower as of the dates and for the periods indicated, in conformity with Borrower’s usual and customary practices consistently applied throughout the periods covered, accompanied by a certificate signed by the chief executive officer,
chief financial officer, treasurer or controller of Borrower to the effect that such statements are true and correct in all material respects; and 
 (2) the consolidated and consolidating balance sheet of Parent and its Subsidiaries, as at the end of such Fiscal Year, and the related consolidated and consolidating statements of income, operations and
cash flows of Parent and its Subsidiaries for such Fiscal Year, setting forth in comparative form the figures for the previous Fiscal Year and showing changes in shareholders’ equity for such Fiscal Year, audited by Ernst & Young or
another firm of certified public accountants reasonably approved by Administrative Agent. 
 (b) with respect to
the Fiscal Quarter ended March 31, 2012, as soon as available and without unreasonable delay, and with respect to each Fiscal Quarter ending thereafter (other than the fourth Fiscal Quarter of any Fiscal Year), as soon as available but in any
event within 45 days after the end of such Fiscal Quarter: 
 (1) the balance sheet of Borrower as at the end of
such Fiscal Quarter and the related statements of income, operations and cash flows of Borrower for such Fiscal Quarter, all in reasonable detail, prepared using a methodology that may not conform to GAAP but fairly presents the financial condition
of Borrower as of the dates and for the periods indicated, in conformity with Borrower’s usual and customary practices consistently applied throughout the periods covered, accompanied by a certificate signed by the chief executive officer,
chief financial officer, treasurer or controller of Borrower to the effect that such statements are true and correct in all material respects; 
  

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 (2) the consolidated and consolidating balance sheets of Parent and its
Subsidiaries, as at the end of such Fiscal Quarter, the related consolidated and consolidating statements of income or operations of Parent and its Subsidiaries for such Fiscal Quarter and for the portion of the Fiscal Year then ended, and the
related consolidated and consolidating statements of changes in shareholders’ equity and cash flows for the portion of the Fiscal Year then ended, in each case setting forth in comparative form, the figures for the corresponding Fiscal Quarter
of the previous Fiscal Year and the corresponding portion of the previous Fiscal Year, all in reasonable detail, accompanied by a certificate signed by the chief executive officer, chief financial officer, treasurer or controller of each Loan Party
to the effect that such statements were prepared in accordance with GAAP and are fairly stated in all material respects. 
 (c) within 45 days after each June 30 and December 31, an operating statement for the Real Property for the six months ended with such date, in form and level of detail reasonably acceptable to
Administrative Agent; 
 (d) within 10 days after the end of each calendar month, (i) a rent roll for the
Real Property stating the name of each tenant in occupancy, the suite number(s) occupied by such tenant, the date of such tenant’s lease, the rent and CAM charges payable by such tenant, the amount of any prepaid rents or security deposits held
with respect to such tenant, the amounts of any delinquencies in payment by such tenant, and a description of any disputes or defaults in connection with such tenant’s lease or occupancy, and (ii) a statement of leasing activity with
respect to all unoccupied space, in form and level of detail reasonably acceptable to Administrative Agent; 

(e) promptly upon the request of Administrative Agent, copies of any detailed audit reports or recommendations submitted
to Borrower or to Parent by independent accountants in connection with the accounts or books of Borrower or Parent or Parent’s Subsidiaries or any audit thereof; 

(f) as soon as practicable, and in any event within five (5) Business Days after a Responsible Officer of Borrower
becomes aware of the existence of any condition or event which constitutes a Default, written notice specifying the nature and period of existence thereof and specifying what action the Borrower is taking or proposes to take with respect thereto;

 (g) promptly upon a Responsible Officer of Borrower becoming aware that (i) any Person has commenced a
legal proceeding with respect to a claim against Borrower that is $100,000 or more in excess of the amount thereof that is fully covered by insurance (subject to deductibles permitted hereunder) or (ii) any Person has commenced a legal
proceeding with respect to a claim against Borrower under a contract with respect to a claim in excess of $100,000 or which otherwise may reasonably be expected to result in a Material Adverse Effect, a written notice describing the pertinent facts
relating thereto and what action Borrower is taking or proposes to take with respect thereto; 
  
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 (h) proof of payment of all taxes, including taxes on Real Property, upon
the request of Administrative Agent; 
 (i) within ten (10) days after filing, but in any event within nine
months after the end of each Fiscal Year (commencing with the Fiscal Year ended July 31, 2010), copies of each Borrower’s and Parent’s state and federal income tax returns, together with all schedules for the tax period ended in such
Fiscal Year; 
 (j) any event, occurrence or condition that has had, or is reasonably likely to have, a Material
Adverse Effect upon Borrower or Parent; and 
 (k) such other data and information regarding the Borrower’s
or Parent’s Subsidiaries and their businesses as from time to time may be reasonably requested by Administrative Agent. 

6.2 Compliance Certificates. So long as the Loan remains unpaid, or any other Obligation remains unpaid or unperformed, Borrower
shall, unless Administrative Agent otherwise consents, deliver to Administrative Agent, at Borrower’ sole expense, concurrently with the financial statements required pursuant to Sections 6.1(a) and 6.1(b), a duly completed
Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the manager of Borrower. 
  

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 ARTICLE 7 
 CONDITIONS 
 7.1 Conditions Precedent to Closing. The obligation of Lenders
to make the Loan or to take, fulfill or perform any other action under this Agreement is subject to the following conditions precedent: 
 (a) Administrative Agent shall have received all of the following, each of which shall be originals unless otherwise specified, each properly executed by a Responsible Officer of each Loan Party that is
party thereto, each dated as of the Closing Date and each in form and substance satisfactory to Administrative Agent and its legal counsel (unless otherwise specified or, in the case of the date of any of the following, unless Administrative Agent
otherwise agrees or directs): 
 (i) this Agreement; 

(ii) the Notes; 
 (iii) the Parent Guaranty; 
 (iv) the Deed of Trust in a form
acceptable for recordation in the Official Records of Los Angeles County, California; 
 (v) proper financing
statements in form appropriate for filing under the Uniform Commercial Code of all applicable jurisdictions, covering such portion of the Collateral (including fixtures) as Administrative Agent may deem necessary or desirable in order to perfect any
Liens created under the Collateral Documents; 
 (vi) confirmation of the first priority of the UCC-1 financing
statement that perfects Administrative Agent’s security interest in personal property; 
 (vii) assurance
from the Title Company that it is committed to issue its ALTA lender’s title insurance policy insuring the validity and priority of the Lien of the Deed of Trust, subject only to such exceptions as may be acceptable to Lender, in the amount of
$48,600,000, and with such endorsements as to coverage (other than a survey endorsement) and reinsurance commitments as Administrative Agent may require; 
 (viii) the Environmental Indemnity; 
 (ix) a subordination and
nondisturbance agreement executed by Parent, covering all leases of space in the Real Property to Parent; 
 (x)
estoppel certificates received by Borrower in accordance with the terms of the purchase and sale agreement pursuant to which Borrower acquired the Real Property; 

 
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 (xi) the Opinion of Counsel; 

(xii) such documentation as Administrative Agent may reasonably require to establish the due organization, valid existence
and good standing of each Loan Party, its qualification to engage in business in each jurisdiction in which it is engaged in business or required to be so qualified, its authority to execute, deliver and perform any Loan Documents to which it is a
party, and the identity, authority and capacity of each Responsible Officer thereof authorized to act on its behalf, including certified copies of charter documents and amendments thereto, bylaws and operating agreements and amendments thereto,
certificates of good standing or qualification to engage in business, tax clearance certificates, certificates of corporate resolutions, incumbency certificates, certificates of Responsible Officers, and the like; 

(xiii) evidence that all actions necessary or, in the opinion of Administrative Agent, desirable to perfect and protect
the Liens of the Collateral Documents have been taken; 
 (xiv) if Administrative Agent requires, an
environmental questionnaire prepared and certified by Borrower and an environmental survey of the Real Property prepared by an environmental consultant satisfactory to Administrative Agent; 

(xv) evidence of the casualty, liability and other insurance coverage as required under this Agreement and
Section 2.11 of the Deed of Trust; and 
 (xvi) such other assurances, certificates, documents,
consents or opinions as Lender may reasonably require. 
 (b) Borrower shall have paid the loan fee pursuant to
Section 2.6, the agency fee pursuant to Section 2.7, and the reasonable costs and expenses of Lender in connection with the negotiation, preparation, execution and delivery of the Loan Documents pursuant to
Section 10.3. 
 (c) Unless waived by Lender, Borrower shall have paid all fees, charges and
disbursements of counsel to Lender (directly to such counsel if requested by Lender) to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable
estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings; provided that such estimate shall not thereafter preclude a final settling of accounts between Borrower and Lender. 

(d) Borrower shall have deposited Cash in an amount not less than $300,000 into the Replacement Reserve. 

(e) The representations and warranties of Borrower contained in ARTICLE 3 shall be true and correct. 

 
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 (f) No circumstance or event shall have occurred that constitutes a Material
Adverse Effect as of the Closing Date. 
 (g) Borrower and any other Loan Parties shall be in compliance with all
the terms and provisions of the Loan Documents, and no Default or Event of Default shall have occurred and be continuing. 
  

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 ARTICLE 8 
 EVENTS OF DEFAULT AND REMEDIES UPON EVENT OF DEFAULT 
 8.1 Events of
Default. The existence or occurrence of any one or more of the following events, whatever the reason therefor and under any circumstances whatsoever, shall constitute an “Event of Default”: 

(a) Borrower fails to pay any principal or interest on the Loan, or any portion thereof, 

(1) in the case of a scheduled monthly payment under Section 2.3(b), on or before the later to occur of
(A) the date that is ten (10) days after the same becomes due, or (B) the date that is two (2) Business Days after the date of Borrower’s receipt of the monthly invoice required to be delivered by Administrative Agent
pursuant to Section 2.3; or 
 (2) in the case of any payment of principal or interest on the Loan,
or any portion thereof, other than a scheduled monthly payment under Section 2.3(b), on or before the date that is ten (10) days after the same becomes due; or 

(b) Borrower fails to pay any fees or other amounts payable under this Agreement or the other Loan Documents, or any
portion thereof, within the period specified in the applicable Loan Document or absent a specified period, within ten (10) days after demand therefor; or 
 (c) Borrower fails to perform or observe any of the covenants contained in Sections 4.2, 5.3, 5.7 or ARTICLE 6; or 

(d) Borrower or Parent fails to perform or observe any other covenant or agreement (not specified in clauses
(a) through (c) above) contained in any Loan Document on its part to be performed or observed and does not cure such failure for a period of ten (10) Business Days after notice from Administrative Agent of such failure; provided, if
such failure is susceptible of cure but cannot reasonably be cured within such ten day period, Borrower or Parent fails to promptly commence to cure such failure and do not effect a cure within thirty (30) Business Days after such notice from
Administrative Agent; or 
 (e) Any representation or warranty made in any Loan Document, or in any certificate
delivered pursuant to any Loan Document, proves to have been incorrect in any material respect when made or reaffirmed; or 
 (f) Borrower or Parent (i) fails to pay the principal, or any principal installment, of any present or future Indebtedness, or any guaranty of present or future Indebtedness, on its part to be paid,
when due (or within any stated grace period), whether at the stated maturity, upon acceleration, by reason of required prepayment or otherwise or (ii) fails to perform or observe any other term, covenant or agreement on its part to be performed
or observed, or suffers any event of default to occur, in connection 
  
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with any present or future Indebtedness, or of any guaranty of present or future Indebtedness, if as a result of such failure or sufferance any holder or holders thereof (or a lender or trustee
on its or their behalf) has the right to declare such Indebtedness due before the date on which it otherwise would become due or the right to require Borrower or Parent to redeem or purchase, or offer to redeem or purchase, all or any portion of
such Indebtedness; or 
 (g) Any Loan Document, at any time after its execution and delivery and for any reason
other than the agreement or action of Administrative Agent or the Lenders or satisfaction in full of all the Obligations, ceases to be in full force and effect or is declared by a court of competent jurisdiction to be null and void, invalid or
unenforceable as to any material right or remedy on the part of Administrative Agent or Lenders (other than with respect to Article 9, to which this subsection (g) shall not be applicable); or any Collateral Document ceases to create a valid
and effective Lien in any portion of the Collateral; or Borrower or Parent denies in writing that it has any or further liability or obligation under any Loan Document to which it is a party, or purports to revoke, terminate or rescind same; or

 (h) A final judgment against Borrower or Parent is entered for the payment of money in excess of $100,000 (not
covered by insurance or for which an insurer has reserved its rights) and, absent procurement of a stay of execution, such judgment remains unsatisfied for 30 calendar days after the date of entry of judgment, or in any event later than
five days prior to the date of any proposed sale thereunder; or any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of Borrower or Parent and is not released,
vacated or fully bonded within 30 calendar days after its issue or levy; or 
 (i) Borrower or Parent
institutes or consents to the institution of any proceeding under a Debtor Relief Law relating to it or to all or any material part of its Property, or is unable or admits in writing its inability to pay its debts as they mature, or makes an
assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its Property; or any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of that Person and the appointment continues undischarged or unstayed for 30 calendar days; or any proceeding
under a Debtor Relief Law relating to any such Person or to all or any part of its Property is instituted without the consent of that Person and continues undismissed or unstayed for 30 calendar days; or 

(j) The occurrence of an Event of Default (as such term is or may hereafter be specifically defined in any other Loan
Document) under any other Loan Document; or 
 (k) Any Pension Plan maintained by Parent is finally
determined by the PBGC to have an “accumulated funding deficiency” as that term is defined in Section 302 of ERISA in excess of an amount equal to 5% of the consolidated total assets of such Borrower as of the most recently ended
Fiscal Quarter; or 
  
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 (l) The occurrence of any Change in Control with respect to Borrower; or

 (m) The occurrence of any set of events or circumstances that constitute a Material Adverse Effect; provided,
as to any such set of events or circumstances not described as an Event of Default under the preceding subparagraphs (a) through (l), Borrower shall have the right to notice and opportunity to cure such Material Adverse Effect in accordance
with subparagraph (d) above; or 
 (n) The occurrence of an event of default (after expiration of applicable
notice and cure periods without cure) under the Parent Credit Facility. 
 8.2 Remedies Upon Event of Default. If any
Event of Default occurs and is continuing, Administrative Agent may (and shall, upon direction from the Required Lenders) take any or all of the following actions, without notice to (except as expressly provided for in any Loan Document) or demand
upon Borrower, which are hereby expressly waived by each Borrower: 
 (a) Take possession of the Real Property in
person or through a court-appointed receiver, and do anything required, necessary or advisable in Lender’s sole discretion to fulfill the obligations of Borrower hereunder. Without restricting the generality of the foregoing, Borrower hereby
appoints Administrative Agent as Borrower’ lawful attorney-in-fact with full power of substitution in the premises to perform any of the following actions: 
 (i) without inquiring into and without respect to the validity thereof, pay, settle or compromise all existing bills and claims which may be Liens, or avoid such bills and claims becoming Liens, against
the Real Property or any portion thereof; 
 (ii) prosecute and defend actions or proceedings in connection with
the Real Property; and 
 (iii) do any and every act that Borrower might do on their own behalf with respect to
the Real Property, it being expressly agreed that this power of attorney shall be a power coupled with an interest and cannot be revoked; 
 (b) Declare the unpaid principal amount of the Loan, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrower; 
 (c) Otherwise enforce any and all Liens and security interests created pursuant to the Collateral Documents (including, without limitation, foreclosure of the Deed of Trust by judicial action,
implementation of the power of sale granted pursuant to the Deed of Trust), implement action of the assignment of rents made pursuant to the Deed of Trust and realization upon the security interests granted to Lender pursuant to the Deed of Trust
and this Agreement; 
  
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 (d) Suspend or terminate all obligations of Lender and all rights of
Borrower and any other Loan Parties under the Loan Documents, except that Lender may waive the Event of Default, which waiver or determination shall apply equally to, and shall be binding upon, Lender; 

(e) Proceed in accordance with applicable Laws to protect, exercise and enforce the rights and remedies of Lender under
the Loan Documents against Borrower and any other Loan Party and such other rights and remedies as are provided by Law or equity; 
 provided, however, that upon the occurrence of any Event of Default described in Section 8.1(i), all obligations of Lenders and all rights of Borrower and any other Loan Parties
under the Loan Documents shall automatically be terminated (except that Administrative Agent may waive the Event of Default, which waiver or determination shall apply equally to, and shall be binding upon, all Lenders), and all interest and other
amounts as aforesaid shall automatically become due and payable without further act of Lender. 
 Borrower acknowledges and
agrees that this Section does not limit the right of any Administrative Agent to (i) exercise self-help remedies such as but not limited to, set off against any account in which Administrative Agent holds a security interest as collateral
security for the Obligations, (ii) initiate judicial or non-judicial foreclosure against any real or personal property Collateral, (iii) exercise any judicial or power of sale rights, or (iv) act in a court of Law to obtain an interim
remedy such as, but not limited to, injunctive relief, writ of possession or appointment of a receiver, or additional or supplementary remedies. 
 8.3 Application of Funds. The order and manner in which Administrative Agent’s rights and remedies are to be exercised shall be determined by Administrative Agent (subject to Article 9) in its
sole discretion, and all payments received by Administrative Agent shall be applied first to the costs and expenses of Administrative Agent (including reasonable attorneys’ fees and disbursements and the reasonably allocated costs of
attorneys employed by Administrative Agent), second, to the payment of accrued and unpaid interest due under any Loan Documents to and including the date of such application, and third, to the payment of all other Obligations. No
application by Administrative Agent of partial payments received from or on behalf of Borrower will cure any Event of Default, or prevent acceleration, or continued acceleration, of amounts payable under the Loan Documents or Swap Contracts, or
prevent the exercise, or continued exercise, of rights or remedies of Administrative Agent, Lenders or Swap Counterparties hereunder or thereunder or at Law or in equity, except as required under applicable Laws. 

 
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 ARTICLE 9 
 APPOINTMENT AND AUTHORIZATION OF ADMINISTRATIVE AGENT. 
 9.1 Authorization of
Administrative Agent. Each Lender hereby irrevocably (subject to Section 9.11) 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 and 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. No implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document shall 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.

 9.2 No Waiver by Lender. 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 Lenders. Such rights, however, are subject to the rights of a Lender or Lenders, as expressly set forth in this Agreement and 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 and the other Loan Documents, Administrative Agent shall have and may use
its reasonable 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,
the Notes, the Deed of Trust, the Parent Guaranty or the other Loan Documents, including (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 this Agreement any other Loan Document and any action so taken or not taken shall be deemed consented to by Lenders. 

9.3 Receivership or Insolvency. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to Borrower or Parent, no individual Lender or group of Lenders shall have the right, and Administrative Agent (irrespective of whether the principal of the 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 Borrower) shall be exclusively entitled and empowered on behalf of itself and Lenders, by
intervention in such proceeding or otherwise: 
  
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 (a) to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the 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 Lenders and Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of Lenders and Administrative Agent and their respective agents and counsel and all other amounts due Lenders and Administrative Agent); and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same in accordance with the terms of this Agreement; 
 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 in accordance with the terms of this Agreement. 

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 the Indebtedness or the rights of Lenders except as approved by the Required Lenders or to authorize Administrative Agent to vote in respect of the claims of Lenders except as
approved by the Required Lenders in any such proceeding. 
 9.4 Delegation of Duties. Administrative Agent may execute
any of its duties under this Agreement, the Notes, the Deed of Trust, the Parent Guaranty 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. 

9.5 Liability of Administrative Agent. No Agent-Related Persons shall (i) be liable to any Lender for any action taken or
omitted to be taken by any of them under or in connection with this Agreement, the Notes, the Deed of Trust, the Parent Guaranty 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 Lender for any recital, statement, representation or warranty made by Borrower or any subsidiary or Affiliate of Borrower, or any officer thereof, contained in this Agreement, the Notes,
the Deed of Trust, the Parent Guaranty or 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, the Notes,
the Deed of Trust, the Parent Guaranty or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, the Notes, the Deed of Trust, the Parent Guaranty 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, Parent or any of their Affiliates. 
  
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 9.6 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 with reasonable care. Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement, the Notes, the Deed of Trust, the Parent Guaranty 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, the Notes, the Deed of Trust,
the Parent Guaranty 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 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. 

9.7 Notice of Default. Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of
Default, unless Administrative Agent shall have gained actual knowledge in its capacity as a Lender or shall have received written notice from a Lender or from Borrower referring to this Agreement, describing such Event of Default. Administrative
Agent will notify Lenders promptly of its receipt of any such notice. Administrative Agent shall take such action with respect to such Event of Default as may be requested by the Required Lenders in accordance with Article 8; 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 Event of Default as it shall deem
advisable or in the best interest of Lenders. 
 9.8 Credit Decision; Disclosure of Information by Administrative Agent.

 (a) Each Lender acknowledges that no Agent-Related Person 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, and/or Parent, shall be deemed to constitute any representation or warranty by any Agent-Related
Person to Lenders or any of them as to any matter. 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 
  

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Borrower and Parent, 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 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, the Notes, the Deed of Trust, the Parent Guaranty and the other Loan Documents, and to make inquiries of Administrative Agent as it deems necessary to inform
itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower and Parent. Notwithstanding the foregoing, no individual Lender shall have the right to require that Borrower or Parent
provide to such Lender independent access to the Real Property or independent delivery to such Lender of notices, reports, documents or information not specifically required of Borrower under Article 6 of this Agreement. 

(b) Administrative Agent upon its receipt shall provide each Lender such notices, reports and other documents expressly
required to be furnished by Borrower or Parent to Administrative Agent. Administrative Agent shall also provide each Lender and/or make available for each 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 the Loan; (iii) copies of all current financial statements in respect of Borrower or Parent 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 the Loan; and (iv) other current factual information then in Administrative Agent’s possession with respect to the Loan and bearing on the continuing creditworthiness of Borrower or any Parent, or
any of their respective Affiliates; provided, 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 Lenders or any
of them with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of Borrower or Parent or any of their respective Affiliates which may come into the possession
of any of Agent-Related Persons. 
 9.9 Indemnification of Administrative Agent. Whether or not the transactions
contemplated hereby are consummated, Lenders hereby jointly and severally 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 if required
by applicable provisions of the Loan Documents), 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, further, that no action taken in accordance with the directions of the Required Lenders 
  

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shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.9. 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 Pro Rata Share of any costs or out-of-pocket expenses (including attorneys’ fees) incurred by Administrative Agent in the
performance of its duties under this Agreement. The undertaking in this Section 9.9 shall survive the payment of all Indebtedness hereunder and the resignation or replacement of Administrative Agent. 

9.10 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 East West Bank or its Affiliate have entered or may enter into Swap
Contracts. A portion of the Loan may be funded to honor Borrower’s payment obligations under the terms of such Swap Contracts, and Lenders shall have no right to share in any portion of such payments except to the extent of their rights as Swap
Counterparties. Lenders acknowledge that, pursuant to such activities, East West Bank 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 the Loan, East
West Bank 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 party to Swap Contracts, and the terms “Lender” and
“Lenders” include East West Bank in its individual capacity. 
 9.11 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 or default 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 Borrower at all times other than during the existence of an Event of Default (which consent of 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, after consulting with Lenders and Borrower, appoint 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 Section 9.12 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. 

 
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 9.12 Releases, Acquisition and Transfers of Collateral. 

(a) 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 the Lenders to transfer or sell, any Collateral (A) upon the termination of the Commitments and payment and satisfaction in full of all Obligations, (B) in connection with a
release, transfer or sale of a lien or property if such transfer or release is conditioned upon receipt by Administrative Agent of the payment required pursuant to Section 4.2(c), and (C) after foreclosure or other acquisition of
title to any Foreclosed Real Property, (i) for a purchase price of not less than 80% of the value indicated in the most recent appraisal of such Foreclosed Real Property obtained by Administrative Agent made in accordance with regulations
governing Administrative Agent, or (ii if approved by the Required Lenders. 
 (b) If an Event of Default
has occurred hereunder, Administrative Agent may take title to any of the Collateral to which it is entitled as a result of exercise of its remedies under the Deed of Trust and applicable law, in its name and in its capacity as administrative agent,
for the benefit of all Lenders according to their Pro Rata Shares. 
 (c) Administrative Agent may take title to
Foreclosed Real Property in its name and in its capacity as administrative agent or in the name of an Affiliate of Administrative Agent, but for the benefit of all Lenders according to their Pro Rata Shares. Administrative Agent and all Lenders
hereby expressly waive and relinquish any right of partition with respect to the Foreclosed Real Property so acquired. After Foreclosed Real Property is acquired, Administrative Agent shall appoint and retain one or more persons (individually and
collectively, the “Property Manager”) experienced in the management, leasing, sale and/or disposition of similar properties; provided, however, that Administrative Agent shall not appoint or retain any Affiliate of Administrative
Agent as the Property Manager unless the terms of such appointment or retention are approved in writing by the Required Lenders. 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 the Foreclosed Real Property 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 on the date of the foreclosure sale or recordation of the deed in lieu of foreclosure (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 
  
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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 approval by the Required Lenders. 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 have the right but not the obligation to take any action in
connection with the 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. 

(d) 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 Collateral or Foreclosed Real Property pursuant to this Section 9.12; 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.

 (e) Except as provided in Section 2.14 and except as otherwise provided below with respect to
Defaulting Lenders, aggregate principal and interest payments, payments for indemnified liabilities, proceeds of foreclosure or sale of the Foreclosed Real Property, and net operating income from the collateral during any period it is owned by
Administrative Agent on behalf of Lenders (“Payments”) shall be apportioned among the Lenders in accordance with their Pro Rata Shares and payments of any fees (other than fees designated for Administrative Agent’s separate
account) shall, as applicable, be apportioned among the Lenders in accordance with their Pro Rata Shares. Notwithstanding anything to the contrary in this Agreement, all Payments that would otherwise be due and payable to Defaulting Lenders shall
instead be paid to and specially apportioned among the Administrative Agent and Lenders other than Defaulting Lenders in accordance with their Pro Rata Shares. Such special apportionment shall be in the proportion that any amounts required to be
paid by Lenders pursuant to this Agreement which are not paid by Defaulting Lenders and are paid by Administrative Agent or any Lender other than a Defaulting Lender bears to the total amount not paid by such Defaulting Lender. Such special
apportionment shall be made until Administrative Agent and Lenders have been paid in full for all of the amounts they advanced in place of the Defaulting Lender. All Payments shall be remitted to Administrative Agent and all such Payments not
constituting payment of specific fees, and all proceeds of the Collateral received by Administrative Agent, shall be applied first, to pay any fees, indemnities, costs, expenses and reimbursements then due to Administrative Agent from
Borrower; second, to pay any fees, costs, expenses and reimbursements then due to Lenders from Borrower; third, to pay, pro rata, interest and late charges due in respect of the Obligations and Administrative Agent Advances;
fourth, to pay or prepay, pro rata, 
  
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principal of the Obligations and Administrative Agent Advances; fifth, to pay any indebtedness of Borrower under Swap Contracts; and last, to Borrower, if required by law, or
Lenders in accordance with their Pro Rata Shares at the termination of the Total Commitment. 
 9.13 Benefit. The terms
and conditions of this Article 9 are inserted for the sole benefit of Administrative Agent and Lenders, and to the extent provided in this Section 9.13, for the benefit of Borrower. Except for those provisions described in this
Section 9.13 which benefit Borrower, the terms and conditions of Article 9 may be waived by Administrative Agent and Lenders 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. Notwithstanding the foregoing or anything else in this Agreement to the contrary, Sections 9.1, 9.2, 9.3, 9.14 and 9.15 of this Article 9 are also for
the benefit of Borrower, and may not be waived in whole or in part by Administrative Agent or any Lender or Lenders, or amended, without the prior written consent of Borrower. 
 9.14 No Obligation by Borrower; Right of Reliance. Borrower shall have no obligations under this Article 9, express or implied, and no duty of investigation or inquiry as to the performance or
non-performance by Administrative Agent or any Lender of its obligations under this Article 9 or Section 10.2, or any other provision of this Agreement pursuant to which Administrative Agent may not act without the consent or approval of
any one or more Lenders. 
 9.15 Right of Reliance on Administrative Agent. Borrower and Parent shall have the right to
rely upon the written directions, authorizations, consents, approvals, waivers and decisions (collectively, “Directions”) of the Administrative Agent in all matters pertaining to the Loan Documents and performance thereunder,
without more and without investigation or inquiry as to the authority of Administrative Agent to so act and notwithstanding any actual knowledge on the part of Borrower or Parent to the contrary. 

9.16 Timing of Payments by Administrative Agent. Administrative Agent shall exercise its reasonable best efforts to pay to each
Lender its Pro Rata Share of any principal or interest paid by Borrower (except for payments under Section 2.14, which shall be paid only to the Affected Lender) within one (1) Business Day after Administrative Agent’s receipt
of payment thereof from Borrower, and shall in any event make each such payment within three (3) Business Days after Administrative Agent’s receipt of payment thereof from Borrower. 

9.17 Records of Advances and Payments. Each Lender shall use its best efforts to keep a record of the Loan made by it and payments
received by it with respect to its Note, and such record shall be presumptive evidence of the amounts owing. Notwithstanding the foregoing sentence, no Lender shall be liable to any Loan Party for any failure to keep such a record, and no such
failure shall affect the amount of the Obligations hereunder. 
 9.18 Required Lenders’ Direction of Appraisal.
Administrative Agent shall cause the Property to be appraised and shall invoke the provisions of Section 5.7(b) if it is directed to do so by the Required Lenders. 

 
 Term Loan Agreement 

  
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 ARTICLE 10 
 MISCELLANEOUS 
 10.1 Cumulative Remedies; No Waiver. The rights, powers,
privileges and remedies of Administrative Agent and the Lenders provided herein or in the Notes, the Deed of Trust, the Parent Guaranty or any other Loan Document are cumulative and not exclusive of any right, power, privilege or remedy provided by
Law or equity. No failure or delay on the part of Administrative Agent or any Lender in exercising any right, power, privilege or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any right, power,
privilege or remedy preclude any other or further exercise of the same or any other right, power, privilege or remedy. 
 10.2
Amendments; Consents. 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 9 or as to any
other matter in this Agreement or any other Loan Document respecting payments to Administrative Agent or Lenders as among themselves or the required number of 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 entity or the execution by Borrower or any other person or entity 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 with the prior written consent of the Required Lenders and Borrower or the applicable party to the Loan Documents, as
the case may be, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided further, however, no such amendment, waiver or consent shall, without the consent of all Lenders
(other than Defaulting Lenders): 
 (a) extend or increase the Commitment of any Lender without the written
consent of such Lender (it being understood that a waiver of an Event of Default shall not constitute an extension or increase in any Lender’s Commitment); 
 (b) postpone any date fixed by this Agreement, the Notes or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to Lenders (or any of them)
hereunder or under the Notes or any other Loan Document, without the written consent of each Lender directly affected thereby; 
 (c) reduce the principal of, or the rate of interest specified herein on, any portion of the Loan, or any fees or other amounts payable under this Agreement, the Notes or any other Loan Document, without
the written consent of each Lender directly affected thereby; provided; 
 (d) change the definition of “Pro
Rata Share” or “Required Lenders” 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; 
  
 Term
Loan Agreement 

  
 -49-

 (e) amend this Section 10.2 without the written consent of each
Lender; 
 (f) release the liability of Borrower or any existing Parent without the written consent of each
Lender; 
 (g) permit the sale, transfer, pledge, mortgage or assignment of any Collateral or any direct or
indirect interest in Borrower, except as expressly permitted under the Loan Documents as in effect on the Closing Date, without the written consent of each Lender; 

(h) transfer or release any lien on, or after foreclosure or other acquisition of title by Administrative Agent on behalf
of Lenders transfer or sell, any Collateral, except as provided in Section 9.12 as in effect on the Closing Date without the written consent of each Lender; or 

(i) amend the Guaranty, or release Parent from any of its obligations thereunder; 

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, the Notes 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. The granting or withholding of the consents required pursuant to this Section 10.2
shall be within the sole discretion of the applicable Lenders. 
 10.3 Costs, Expenses and Taxes. Borrower shall pay on
demand the reasonable costs and expenses of Administrative Agent in connection with the negotiation, preparation, execution and delivery of the Loan Documents, and of Administrative Agent in connection with the administration, amendment, waiver,
refinancing, restructuring, reorganization (including a bankruptcy reorganization) and enforcement or attempted enforcement of the Loan Documents, and any matter related thereto, including, without limitation, filing fees, recording fees, title
insurance fees, appraisal fees, search fees and other out-of-pocket expenses and the reasonable fees and out-of-pocket expenses of any legal counsel (including the allocated fees and all disbursements and other expenses of any internal legal
counsel), independent public accountants and other outside experts retained by Administrative Agent, and including, without limitation, any costs, expenses or fees incurred or suffered by Administrative Agent in connection with or during the course
of any bankruptcy or insolvency proceedings of Borrower; provided that Administrative Agent shall, in connection with any such amendment, waiver, refinancing, restructuring, reorganization, enforcement or attempted enforcement of the Loan
Documents use commercially reasonable efforts to avoid duplicative efforts by legal counsel on behalf of Administrative Agent. Borrower shall pay any and all documentary and other taxes (other than income or gross receipts taxes generally applicable
to banks) and all costs, expenses, fees and charges payable or determined to be payable in connection with the filing or recording of this Agreement, any other Loan Document or any other instrument or writing to be delivered hereunder or thereunder,
or in connection with any transaction pursuant hereto or thereto, and 
  
 Term Loan Agreement 

  
 -50-

 
shall reimburse, hold harmless and indemnify Administrative Agent from and against any and all loss, liability or legal or other expense with respect to or resulting from any delay in paying or
failure to pay any tax, cost, expense, fee or charge or that any of them may suffer or incur by reason of the failure of Borrower or Parent to perform any of its Obligations. Any amount payable to Administrative Agent under this
Section 10.3 shall bear interest at the Default Rate from the fifth (5th) Business Day following a demand for payment specifying the costs demanded in reasonable detail. Notwithstanding anything in this Section 10.3 to the contrary, Borrower and Parent shall
not be liable or responsible for costs or fees incurred by Administrative Agent or any Lender in connection with the syndication of the Loan, the negotiation or enforcement of Article 9 or any other agreement by or between the Lenders or the
Administrative Agent, or any dispute by or between Administrative Agent or any Lenders with respect to their respective rights or obligations as between each other. 
 10.4 Survival of Representations and Warranties. All representations and warranties contained herein or in any other Loan Document, or in any certificate or other writing delivered by or on behalf
of any one or more of the Loan Parties, will survive the making of the Loan hereunder and the execution and delivery of the Notes, and have been or will be relied upon by Lender, notwithstanding any investigation made by Administrative Agent or on
its behalf. 
 10.5 Notices. Except as otherwise expressly provided in the Loan Documents, all notices, requests,
demands, directions and other communications provided for hereunder or under any other Loan Document must be in writing and must be mailed, delivered or sent by overnight courier to the appropriate party at the address set forth on the signature
pages of this Agreement or other applicable Loan Document or, as to any party to any Loan Document, at any other address as may be designated by it in a written notice sent to all other parties to such Loan Document in accordance with this
Section 10.5. Except as otherwise expressly provided in any Loan Document, if any notice, request, demand, direction or other communication required or permitted by any Loan Document is given by mail it will be effective on the earlier
of receipt or the third Business Day after deposit in the United States mail with first class or airmail postage prepaid; or if given by personal delivery, when actually delivered. 

10.6 Execution of Loan Documents. Unless Lender otherwise specifies with respect to any Loan Document, this Agreement and any
other Loan Document may be executed in any number of counterparts and any party hereto or thereto may execute any counterpart; as to each Loan Document, all of such executed counterparts, when taken together will be deemed to be the same instrument.
The execution of this Agreement or any other Loan Document by any party hereto or thereto will not become effective until counterparts hereof or thereof, as the case may be, have been executed by all the parties hereto or thereto. 

10.7 Binding Effect; Assignment. 
 (a) This Agreement and the other Loan Documents shall be binding upon and shall inure to the benefit of the parties hereto and thereto and their respective successors and assigns, subject to the other
restrictions contained in this Section 10.7. 
 (b) Borrower may not assign its rights hereunder or
thereunder or any interest herein or therein without the prior written consent of Administrative Agent. Any assignment by Borrower without the prior written consent of Administrative Agent shall be void; provided that no Person other than
Administrative Agent and the Lenders shall have any rights under this sentence. 
  
 Term Loan Agreement 

  
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 (c) No Lender shall have the right to assign all or a portion of its rights
or delegate any of its obligations under the Loan Documents without the express prior written consent of Administrative Agent, which consent may be granted or withheld by Administrative Agent in its sole, but reasonable, discretion. In connection
with exercise of its discretion, Administrative Agent shall have the right to consider the number of Lenders and the size of the Pro Rata Shares that would result from a proposed assignment, as well as the financial strength and sophistication of
the proposed assignee. In any event, the proposed assignee must be a commercial bank that is either (i) organized under the laws of the United States of America or any state thereof, or (ii) organized under the laws of any other nation
provided that such bank has a branch or agency located within the United States of America. If and to the extent a Lender receives the consent of Administrative Agent to make such an assignment, Borrower shall execute new Notes to reflect the
changed Pro Rata Shares of the affected Lenders, and the assigning Lender and the assignee shall execute such documents to evidence the assignment as Administrative Agent shall reasonably require, including an assumption by the assignee of the
obligations of the assigning Lender with respect to the portion of the Pro Rata Share of the Total Commitment and outstanding Advances and Administrative Agent Advances, a relinquishment of rights of the assigning Lender with respect to such portion
of the Pro Rata Share of the Total Commitment and outstanding Advances and Administrative Agent Advances and a confirmation of the Pro Rata Shares of the assigning Lender and the assignee. Promptly following satisfaction of the foregoing conditions,
Administrative Agent shall give notice to Borrower and all of the Lenders of the effectiveness of the assignment and of the revised Pro Rata Shares of the Lenders. Borrower shall not be obligated to pay or reimburse Administrative Agent or any
Lender (including any assigning Lender or assignee Lender) for any costs incurred in connection with any assignment or prospective assignment by a Lender. 
 10.8 Lien on Deposits and Property in Possession of Administrative Agent. The only accounts maintained by Borrower with Administrative Agent which shall be subject to a security agreement in favor
of Administrative Agent shall be the DCR Collateral Account and the Replacement Reserve Account. If an Event of Default has occurred and is continuing, Administrative Agent may, to the extent permitted by applicable Laws, exercise its rights under
Article 9 of the Uniform Commercial Code and other applicable Laws and apply any funds in those accounts against the Obligations. 
 10.9 Indemnity by Borrower. Borrower agrees to indemnify, save and hold harmless Administrative Agent and each Lender and their respective directors, officers, agents, attorneys and employees,
successors and assigns (each, an “Indemnitee,” and collectively, the “Indemnitees”) from and against: (a) any and all claims, demands, actions or causes of action that are asserted against any Indemnitee by any
Person that relates to the Collateral, or the ownership or operation thereof by Borrower, (b) any and all claims, demands, actions or causes of action if the claim, demand, action or cause of action arises out of or relates to the Loan, the use
or contemplated use of proceeds of the Loan, the relationship of Borrower and Lenders under 
  
 Term Loan Agreement 

  
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this Agreement or any transaction contemplated by this Agreement, in each instance other than with respect to Article 9 or the relationship by and between the Lenders and the Administrative
Agent;, (c) any administrative or investigative proceeding by any Governmental Agency arising out of or related to a claim, demand, action or cause of action described in clauses (a) or (b) above other than related to Article 9 or the
relationship by and between the Lenders and the Administrative Agent; and (d) any and all liabilities, losses, costs or expenses (including attorneys’ fees and disbursements and other professional services) that any Indemnitee suffers or
incurs as a result of the assertion of any foregoing claim, demand, action or cause of action; provided that no Indemnitee shall be entitled to indemnification for any loss caused by its own gross negligence or willful misconduct as finally
determined in a non appealable decision by a court of competent jurisdiction. If any claim, demand, action or cause of action is asserted against any Indemnitee, such Indemnitee shall reasonably, promptly notify Borrower, but the failure to so
promptly notify Borrower shall not affect Borrower’ obligations under this Section. Any Indemnitee that proposes to settle or compromise any claim or proceeding for which Borrower may be liable for payment of indemnity hereunder shall give
Borrower written notice of the terms of such proposed settlement or compromise reasonably in advance of settling or compromising such claim or proceeding and shall obtain Borrower’ prior consent, which consent shall not unreasonably be
withheld. Each Indemnitee is authorized to employ counsel in enforcing its rights hereunder and in defending any claim, demand, action or cause of action covered by this Section 10.9; provided that each Indemnitee shall endeavor,
but shall not be obligated, in connection with any matter covered by this Section 10.9 which also involves other Indemnitees, to use reasonable efforts to avoid unnecessary duplication of effort by counsel for all Indemnitees. Any
obligation or liability of Borrower to any Indemnitee under this Section 10.9 shall survive the expiration or termination of this Agreement and the repayment of all Loans and the payment and performance of all other Obligations owed to
Lender. Notwithstanding anything in this Section 10.9 to the contrary, the foregoing obligations on the part of Borrower shall not apply to any claim, cause of action or dispute arising out of or related to the syndication of the Loan,
the matters set forth in Article 9 of this Agreement, or the relationship by or between the Administrative Agent and any one or more Lenders, or any of them. 
 10.10 Nonliability of Administrative Agent and Lenders. Borrower acknowledges and agrees that: 
 (a) Any inspections of any Property of Borrower made by or through Administrative Agent or any Lender is for purposes of administration of the Loan Documents only and Borrower are not entitled to rely
upon the same; 
 (b) By accepting or approving anything required to be observed, performed, fulfilled or given
to Administrative Agent or any Lender pursuant to the Loan Documents, neither Administrative Agent nor any Lender shall be deemed to have warranted or represented the sufficiency, legality, effectiveness or legal effect of the same, or of any term,
provision or condition thereof, and such acceptance or approval thereof shall not constitute a warranty or representation to anyone with respect thereto by Administrative Agent or any Lender; 
  
 Term Loan Agreement 

  
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 (c) The relationship between Borrower and Administrative Agent or any Lender
is, and shall at all times remain, solely that of a Borrower and Lender; neither Administrative Agent nor any Lender shall under any circumstance be construed to be partners or joint venturers of Borrower or Borrower’s Affiliates; neither
Administrative Agent nor any Lender shall under any circumstance be deemed to be in a relationship of confidence or trust or a fiduciary relationship with Borrower or Borrower’s Affiliates, or to owe any fiduciary duty to Borrower or
Borrower’s Affiliates; neither Administrative Agent nor any Lender undertakes or assumes any responsibility or duty to Borrower or Borrower’s Affiliates to select, review, inspect, supervise, pass judgment upon or inform Borrower or
Borrower’s Affiliates of any matter in connection with their Property or the operations of Borrower or Borrower’s Affiliates; Borrower and Borrower’s Affiliates shall rely entirely upon their own judgment with respect to such matters;
and any review, inspection, supervision, exercise of judgment or supply of information undertaken or assumed by Administrative Agent or any Lender in connection with such matters is solely for the protection of Administrative Agent or such Lender
and neither Borrower nor any other Person is entitled to rely thereon; and 
 (d) No Indemnitee shall be
responsible or liable to any Person for any loss, damage, liability or claim of any kind relating to injury or death to Persons or damage to Property or other loss, damage, liability or claim caused by the actions, inaction or negligence of Borrower
or its Affiliates and Borrower hereby indemnifies and holds each Indemnitee harmless from any such loss, damage, liability or claim. In no event shall any Indemnitee be responsible for any punitive, exemplary, consequential or special damages.

 10.11 No Third Parties Benefited. This Agreement is made for the purpose of defining and setting forth certain
obligations, rights and duties of Borrower, Administrative Agent and the Lenders in connection with the Loan, and is made for the sole benefit of Borrower, Administrative Agent and the Lenders, and their respective permitted successors and assigns.
Except as provided in Sections 10.7 and 10.9, no other Person shall have any rights of any nature hereunder or by reason hereof. 
 10.12 Further Assurances. Borrower shall, at its sole expense and without expense to Administrative Agent or any Lender, do, execute and deliver such further acts and documents as Lender from time
to time reasonably requires for the assuring and confirming unto Administrative Agent and the Lenders the rights hereby created or intended now or hereafter so to be, or for carrying out the intention or facilitating the performance of the terms of
any Loan Document. 
 10.13 Integration. This Agreement, together with the other Loan Documents, comprises the complete
and integrated agreement of the parties on the subject matter hereof and supersedes all prior agreements, written or oral, on the subject matter hereof. In the event of any conflict between the provisions of this Agreement and those of any other
Loan Document, the provisions of this Agreement shall control and govern; provided that the inclusion of supplemental rights or remedies in favor of Administrative Agent or any Lender in any other Loan Document shall not be deemed a conflict
with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof. 

 
 Term Loan Agreement 

  
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 10.14 Governing Law. This agreement and the other loan documents shall be governed
by, and construed in accordance with, the law of the State of California. 
 10.15 Severability of Provisions. Any
provision in any Loan Document that is held to be inoperative, unenforceable or invalid as to any party or in any jurisdiction shall, as to that party or jurisdiction, be inoperative, unenforceable or invalid without affecting the remaining
provisions or the operation, enforceability or validity of that provision as to any other party or in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable. 

10.16 Headings. Article and Section headings in this Agreement and the other Loan Documents are included for convenience of
reference only and are not part of this Agreement or the other Loan Documents for any other purpose. 
 10.17 Time of the
Essence. Time is of the essence of the Loan Documents. 
 10.18 JURY TRIAL WAIVER. EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 10.19 Purported Oral Amendments. BORROWER AND LENDER
EXPRESSLY ACKNOWLEDGE THAT THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS MAY ONLY BE AMENDED OR MODIFIED, OR THE PROVISIONS HEREOF OR THEREOF WAIVED OR SUPPLEMENTED, BY AN INSTRUMENT IN WRITING THAT COMPLIES WITH SECTION 10.2. EACH
BORROWER AGREES THAT IT WILL NOT RELY ON ANY COURSE OF DEALING, COURSE OF PERFORMANCE, OR ORAL OR WRITTEN STATEMENTS BY ANY REPRESENTATIVE OF LENDER THAT DOES NOT COMPLY WITH SECTION 10.2 TO EFFECT AN AMENDMENT, MODIFICATION, WAIVER OR
SUPPLEMENT TO THIS AGREEMENT OF THE OTHER LOAN DOCUMENTS. 
 10.20 USA PATRIOT Act Notice. Each 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”), such Lender 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 to identify Borrower in accordance with the Act. 

 
 Term Loan Agreement 

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

			
	BORROWER:
	
	 MOLINA CENTER LLC,
 a Delaware limited liability company

	 By:
	 	/s/ John C. Molina
		 	John C. Molina
		 	President
	
	Address for Notices to Borrower:
	
	Molina Center, LLC.
	300 University Avenue, Suite 100
	Sacramento, CA 95825
	Attention: Joseph W. White, Chief Accounting Officer
	Facsimile: (562) 437-7235
	Telephone: (916) 646-9193 x 111566
	
	with a copy to:
	
	Molina Healthcare, Inc.
	300 University Avenue, Suite 100
	Sacramento, CA 95825
	Attention: Jeff Barlow
		 	General Counsel
	Facsimile: (916) 646-4572
	Telephone: (916) 646-9193 x 114663

  
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	ADMINISTRATIVE AGENT:
	
	 EAST WEST BANK,
 a California banking corporation

		
	By:  	 	 /s/ Robert Lo

		 	Robert Lo
		 	Senior Vice President
	
	Address for Notices:
	
	East West Bank
	135 N. Los Robles Ave., Suite 600
	Pasadena, CA 91101

 
			
	Attention:	 	May Kwong
	Facsimile:	 	(626) 817-8899
	Telephone:	 	(626) 768-6718
	Email:	 	mkwong@eastwestbank.com
	
	with a copy to:
	
	East West Bank
	Loan Servicing Department
	9300 Flair Drive, 6th Floor
	El Monte, CA 91731
	Attention:	 	Linda Lam
	Facsimile:	 	(626) 927-2088
	Telephone:	 	(626) 371-8688
	Email:	 	linda.lam@eastwestbank.com

  
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	LENDERS:
	
	EAST WEST BANK,
	
	a California banking corporation
		
	By:  	 	 /s/ May Kwong

		 	May Kwong
		 	First Vice President

 
			
	
	Address for Notices:
	
	East West Bank
	135 N. Los Robles Ave., Suite 600
	Pasadena, CA 91101
	Attention:	 	May Kwong
	Facsimile:	 	(626) 817-8899
	Telephone:	 	(626) 768-6718
	Email:	 	mkwong@eastwestbank.com
	
	with a copy to:
	
	East West Bank
	Loan Servicing Department
	9300 Flair Drive, 6th Floor
	El Monte, CA 91731
	Attention:	 	Linda Lam
	Facsimile:	 	(626) 927-2088
	Telephone:	 	(626) 371-8688
	Email:	 	linda.lam@eastwestbank.com

  
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	CITY NATIONAL BANK,
	a national banking association
		
	By:    	 	 /s/ Lindsay Dun

		 	Lindsay Dunn
		 	Vice President

 
			
	
	Address for notices:
	
	City National Bank
	555 S. Flower Street, 25th Floor
	Los Angeles, CA 90071
	Attention:	 	Lyndsay Dunn
	Facsimile:	 	(213) 673-8299
	Telephone:	 	(213) 673-8269
	Email:	 	Lindsay.Dunn@cnb.com

  
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	 BANK OF CHINA, LOS ANGELES BRANCH,
 a federally chartered branch of Bank of China Limited, a joint stock company incorporated in the People’s Republic of China with limited
liability

		
	By:  	 	 /s/ Jason Fu

		 	Jason Fu aka Hou Yue Fu
		 	Vice President
		
	By:	 	 /s/ Edwin Chan

		 	Edwin Chan
		 	Assistant Vice President

 
			
	
	Address for Notices:
	
	Bank of China, Los Angeles Branch
	444 S. Flower Street, Suite 3900
	Los Angeles, CA 90071
	Attention:	 	Jason Fu
	Facsimile:	 	(213) 688-7720
	Telephone:	 	(213) 688-8700 x 235
	Email:	 	jfu@bocusa.com
	
	With a copy to:
	
	Bank of China, New York Branch
	410 Madison Avenue
	New York, NY 10017
	Attention:	 	Wenzhen Zhang
	Facsimile:	 	(212) 935-3101
	Telephone:	 	(212) 371-4185
	Email:	 	synloanadmin.nyb@bocusa.com

  
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	UNION BANK, N.A.,
	a national banking association
		
	By:  	 	 /s/ Susan Swerdloff

		 	Susan Swerdloff
		 	Vice President

 
			
	
	Address for notices:
	
	Union Bank, N.A.
	445 S. Figueroa Street, 10th Floor
	Los Angeles, CA 90071
	Attention:	 	Erik Siegfried
	Facsimile:	 	(213) 236-7637
	Telephone:	 	(213) 236-4028
	Email:	 	susan.swerdloff@unionbank.com
	
	With a copy to:
	
	Union Bank, N.A.
	970 West 190th Street, Suite 995
	Torrance, CA 90502
	Attention:	 	Charles D. Wilmot
	Facsimile:	 	(310) 767-5873
	Telephone:	 	(310) 767-5867
	Email:	 	charles.wilmot@unionbank.com

  
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	THE BANK OF EAST ASIA (U.S.A.) N.A.,
	a national banking association
		
	By:  	 	 /s/ Daisy Tung

		 	Daisy Tung
		 	Senior Vice President
		
	By:	 	 /s/ Alise Weeling-Lee

		 	Alise Weeling-Lee
		 	Vice President & Credit Manager

 
			
	
	Address for notices:
	
	The Bank of East Asia (U.S.A.) N.A.
	388 East Valley Boulevard, Suite 118
	Alhambra, CA 91801 USA
	Attention:	 	Daisy Tung
	Facsimile:	 	(626) 284-4841
	Telephone:	 	(626) 457-2233
	Email:	 	tungdml@hkbea-us.com

  
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 EXHIBIT A 
 COMPLIANCE CERTIFICATE 
 See attached. 

 
 Term Loan Agreement 

  
 -1-

 FORM OF COMPLIANCE CERTIFICATE 

 

	To:	The Lenders Party to the 

 Term
Loan Agreement Described Below 
 This Compliance Certificate is furnished pursuant to that certain Term Loan Agreement dated as
of December 1, 2011 (as amended, modified, renewed or extended from time to time, the “Agreement”) among Molina Center LLC (the “Borrower”), the lenders from time to time party thereto (the “Lenders”) and East West
Bank, as Administrative Agent for the Lenders. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 
 1. I am the duly select one [elected]/[appointed] select one [chief executive officer]/[chief financial officer]/[treasurer]/[controller] of the manager of the Borrower; 

2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements; 
 3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Default or Event of Default during or at the end of
the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as follows(if none, write “NONE;” otherwise describe in detail, the nature of the condition or event, the period
during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event): 
  

 
  

 
  

 
 4. Schedule I attached hereto sets
forth financial data and computations evidencing the Borrower’s compliance with the covenant contained in Section 5.7(a) of the Agreement, all of which data and computations are true, complete and correct; 

5. Schedule II attached hereto sets forth the various reports and deliveries which are required at this time under the Agreement and the
other Loan Documents and the status of compliance. 

  

			
	 	 	 Exhibit A
 Form of Compliance Certificate

 1 

 The foregoing certifications, together with the computations set forth in Schedule I
hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this          day of
                    , 20        . 

 

			
		
		  	  

		  	Signature
		
		  	  

		  	Printed Name
		
		  	  

		  	Title

  

			
	 	 	 Exhibit A
 Form of Compliance Certificate

 2 

 SCHEDULE I TO COMPLIANCE CERTIFICATE 

Compliance for Compliance Period ending
                    , 20         with 
 Provisions of Section 5.7(a) of the Agreement 
  

					
	 Numerator:
	  			
		
	 Operating Revenue during Calculation Period: (attach detail)
	  	$	_____________	  
		
	 Less: Operating Revenue during Calculation Period: (attach detail)
	  	$	_____________	  
		
	 Difference: Net Operating Income
	  	$	_____________	  
		
	 Denominator:
	  			
		
	 Interest Charges during Calculation Period:
	  	$	_____________	  
		
	 Plus: Principal payments required during Calculation

Period on all Indebtedness other than

Indebtedness subordinated to the Loan:
	  	$	_____________	  
		
	 Sum:
	  	$	_____________	  
		
	 Numerator divided by Denominator:
	  	 	_______________	  
		
	 Compliant? select one
	  	 	[Yes] / [No]	  

  

					
	 	 	Schedule I	 	 Exhibit A
 Form of Compliance Certificate

 1 

 SCHEDULE II TO COMPLIANCE CERTIFICATE 

Reports and Deliveries Currently Due 

  

					
	 	 	Schedule II	 	 Exhibit A
 Form of Compliance Certificate

 1 

 Schedule 1.1(b) 

(Schedule of Commitments) 
  

									
	 	  	Final Allocation	 
	 Bank
	  	Loan Portion	 	  	%	 
	 East West Bank

(Administrative Agent)
	  	$	 13,000,000	  	  	 	26.748971	% 
	 Bank of China, Los

Angeles Branch
	  	$	10,000,000	  	  	 	20.576132	% 
	 City National Bank
	  	$	13,000,000	  	  	 	26.748971	% 
	 Union Bank, N.A.
	  	$	6,300,000	  	  	 	12.962963	% 
	 The Bank of East (U.S.A.)

N.A.
	  	$	6,300,000	  	  	 	12.962963	% 
		  	  
	  
	 	  	  
	  
	 
	 Total:
	  	$	48,600,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

 Schedule 1.1(b) 
  

Term Loan Agreement 

  
 -1-

 Schedule 3.3 

Governmental Approvals 
 None 
 Schedule 3.3 
  
 Term Loan Agreement 

  
 -1-

 Schedule 3.17 

Known Violations of Hazardous Materials Law 
 In a letter dated October 24, 2011, 200 Oceangate, LLC (the former owner of the Real Property), received Waste Discharge Requirements and a National Pollutant Discharge Elimination System (NPDES)
permit (the “NPDES Permit”) from the California Regional Water Quality Control Board, Los Angeles Region (the “CRWQCB”), governing the discharge of seepage groundwater from the subbasement parking structure located on the
premises of the Real Property. Reasonable Potential Analysis (RPA) of water quality data submitted to the CRWQCB indicated concentrations for arsenic and nickel at the cusp of their respective screening levels. As a result, the CRWQCB
determined that effluent limitations for these parameters are not appropriate, but that long term monitoring for these parameters are necessary to ensure that the concentrations for these parameters remain insignificant. The Borrower intends to
monitor the water quality of the groundwater discharge in accordance with the monitoring and reporting requirements set forth in the NPDES Permit. 
 Schedule 3.17 
  
 Term Loan Agreement 

  
 -1-

 Schedule 5.1 

Investments 
 None 
 Schedule 5.1 
  
 Term Loan Agreement 

  
 -1-

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