Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

AMENDMENT NO. 4 
 TO

 CREDIT AGREEMENT 

AMENDMENT NO. 4, dated as of October 31, 2019 (this “Amendment”), by and among FIRST HUNTINGDON FINANCE CORP. (the
“Borrower”), TOLL BROTHERS, INC. (the “Company”), the other Subsidiaries of the Company party hereto, all of the Lenders under the Credit Agreement and SunTrust Bank, as Administrative Agent (in such capacity, the
“Administrative Agent”). 
 W I T N E S S E T H: 

WHEREAS, reference is hereby made to that certain Credit Agreement, dated as of February 3, 2014 (as amended by Amendment No. 1,
dated as of May 19, 2016, by Amendment No. 2, dated as of August 2, 2016, and by Amendment No. 3, dated as of November 1, 2018, and as further amended, supplemented or otherwise modified from time to time, including by this
Amendment, the “Credit Agreement”), by and among the Borrower, the Company, the Lenders from time to time party thereto and the Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed to them in the Credit Agreement. 
 WHEREAS, the Borrower has requested that all of the Lenders agree to amend the Credit
Agreement to make the changes set forth in Section 1 below (the “Amendment No. 4 Amendments”); 

WHEREAS, Section 9.2 of the Credit Agreement permits the Borrower to make the Amendment No. 4 Amendments with
the consent of all Lenders under the Credit Agreement; 
 WHEREAS, the Lenders party hereto constituting all of the Lenders under the Credit
Agreement on the date hereof have agreed to so amend the Credit Agreement; 
 WHEREAS, SunTrust Bank shall act as the sole lead arranger and
sole lead bookrunner in respect of this Amendment; and 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 
 1.
Amendments to the Loan Documents 
 Effective as of the Amendment No. 4 Effective Date, (i) the Credit Agreement and each
of the Schedules (other than Schedule 1) to the Credit Agreement is hereby amended and restated to read in full as set forth on Exhibit A hereto and (ii) the Guaranty Agreement is hereby amended to delete the phrase “for the Administrative
Agent and, if applicable, one legal counsel for the Lenders” from the first proviso of Section 1(iii) thereof. 

 2. Acknowledgements and Consents. 

Pursuant to Section 9.2 of the Credit Agreement, the Administrative Agent, the Borrower, the Company and each Lender
party hereto (constituting all of the Lenders under the Credit Agreement on the date hereof) hereby consents to this Amendment, including, without limitation, the amendments set forth in Section 1 hereof. 

3. Conditions Precedent to the Effectiveness of this Amendment 

This Amendment shall become effective as of the date first written above, when, and only when, each of the following conditions precedent shall
have been satisfied or waived by the Administrative Agent (the “Amendment No. 4 Effective Date”): 
 (a)
Executed Counterparts. The Administrative Agent shall have received duly executed counterparts to this Amendment from the Borrower, the Company, each other Loan Party and each Lender; 

(b) Copies of the articles or certificate of incorporation of each of the Borrower and the Company, together with all amendments, and a
certificate of good standing, each certified by the appropriate governmental officer in its jurisdiction of incorporation; 
 (c) Copies,
certified by the Secretary or Assistant Secretary of each of the Borrower and the Company, of the by-laws and Board of Directors’ resolutions and resolutions or actions of any other body authorizing its
execution, delivery and performance of this Amendment; 
 (d) An incumbency certificate, executed by the Secretary or Assistant Secretary of
each of the Borrower and the Company, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of the Borrower or the Company (as applicable) authorized to sign this Amendment, upon which
certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower or the Company (as applicable); 

(e) To the extent requested by the Administrative Agent, copies of the articles or certificate of incorporation, partnership agreement or
limited liability company operating agreement of each other Loan Party, together with all amendments, and a certificate of good standing, each certified by the appropriate governmental officer in its jurisdiction of incorporation; 

(f) To the extent requested by the Administrative Agent, copies, certified by the Secretary or Assistant Secretary of each other Loan Party, of
its by-laws and of its Board of Directors’ resolutions and of resolutions or actions of any other body authorizing its execution, delivery and performance of this Amendment; 

(g) An incumbency certificate, executed by the Secretary or Assistant Secretary of each other Loan Party, which shall identify by name and
title and bear the signatures of the Authorized Officers and any other officers of such Loan Party authorized to sign this Amendment; 

  
 2 

 (h) A certificate, signed by the chief financial officer, controller, chief accounting
officer or treasurer of the Borrower, stating that on the Amendment No. 4 Effective Date, before and after giving effect to this Amendment, (i) no Default or Unmatured Default has occurred and is continuing, (ii) that all of the
representations and warranties in Article VI of the Credit Agreement (as amended by this Amendment) and Section 4 of this Amendment are true and correct in all material respects (except to the extent already qualified by
materiality, in which case said representations and warranties are true and correct in all respects), except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or
warranty shall have been true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties shall have been true and correct in all respects) on and as of such earlier
date; provided, however, that references therein to the “Credit Agreement” or any other term which includes the “Credit Agreement” shall be deemed to refer to the Credit Agreement as amended hereby and after giving effect
to the consents, waivers and amendments set forth herein and (iii) all financial covenants set forth in Section 7.28 of the Credit Agreement will be satisfied on a pro forma basis for the most recent determination period, after giving
effect to this Amendment; 
 (i) Fees and Expenses Paid. The Borrower shall have paid (i) all expenses of the Administrative
Agent in connection with the preparation, reproduction, execution and delivery of this Amendment (including, without limitation, the reasonable and documented fees and
out-of-pocket expenses of counsel for the Administrative Agent with respect thereto) and (ii) all other fees and expenses in connection with this Amendment that are
required to be paid, in each case, to the extent invoiced at least one (1) Business Day prior to the Amendment No. 4 Effective Date; 

(j) Opinion of Counsel. The Administrative Agent shall have received such executed legal opinions, addressed to the Administrative Agent
and the Lenders, and in form and substance reasonably satisfactory to the Administrative Agent, as the Administrative Agent shall reasonably request; 

(k) Regulatory Documentation. The Administrative Agent shall have received (i) all documentation and other information required by
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the PATRIOT Act and (ii) to the extent the Borrower or the Company constitute a legal entity
customer under 31 C.F.R. § 1010.230, a certification regarding beneficial ownership required by 31 C.F.R. § 1010.230, in each case, that has been requested prior to the Amendment No. 4 Effective Date. 

(l) Fees. The Borrower shall have paid to the Administrative Agent for the account of each Lender party hereto, a consent fee in an
amount equal to 0.05% of the aggregate principal amount of Term Loans held by such Lender immediately prior to the Amendment No. 4 Effective Date. 

  
 3 

 4. Representations and Warranties 

On and as of the Amendment No. 4 Effective Date, after giving effect to this Amendment, each Loan Party hereby represents and warrants to
the Administrative Agent and each Lender as follows: 
 (a) each Loan Party has the power and authority and legal right to execute and
deliver the Loan Documents to which it is a party and to perform its obligations thereunder. The execution and delivery by each Loan Party of the Loan Documents to which it is a party and the performance of its obligations thereunder have been duly
authorized by proper corporate (or, in the case of Loan Parties that are not corporations, other) proceedings, and the Loan Documents constitute legal, valid and binding obligations of the applicable Loan Parties enforceable against them in
accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar Laws affecting the enforcement of creditors’ rights generally and by equitable principles (regardless of whether enforcement is sought in
equity or law); 
 (b) each of the representations and warranties of each Loan Party contained in Article VI of the Credit Agreement
(as amended by this Amendment) and any other Loan Document is true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects)
on and as of the Amendment No. 4 Effective Date, as if made on and as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have
been true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties shall have been true and correct in all respects) on and as of such earlier date;
provided, however, that references therein to the “Credit Agreement” or any other term which includes the “Credit Agreement” shall be deemed to refer to the Credit Agreement as amended hereby and after giving effect to the
consents, waivers and amendments set forth herein; 
 (c) no Default or Unmatured Default has occurred, is continuing or existed immediately
prior to or will exist immediately after giving effect to this Amendment; 
 (d) before and after giving effect to this Amendment, all
financial covenants set forth in Section 7.28 of the Credit Agreement will be satisfied on a pro forma basis for the most recent determination period; and 

(e) neither the execution and delivery by the Loan Parties of this Amendment, nor compliance with the provisions hereof or of the Credit
Agreement, as amended by this Amendment, will violate (i) any Law binding on any of the Loan Parties or their respective Property or (ii) the articles or certificate of incorporation, partnership agreement, certificate of partnership,
articles or certificate of organization, by-laws, or operating or other management agreement, as the case may be, of the Loan Parties, or (iii) the provisions of any indenture, instrument or agreement to
which any Loan Party is a party or is subject (including, without limitation, the Credit Agreement as in effect immediately prior to giving effect to this Amendment), or by which it, or its Property, is bound, or conflict with or constitute a
default thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the Property of any Loan Party pursuant to the terms of any such indenture, instrument or agreement 

  
 4 

 
other than any such violation, conflict, default or Lien which, in the case of each of clauses (i) and (iii) above (other than in the case of clause (iii) as it relates to the Credit
Agreement as in effect immediately prior to giving effect to this Amendment), would not reasonably be expected to have a Material Adverse Effect. As of the date hereof, no order, consent, adjudication, approval, license, authorization, or validation
of, or filing, recording or registration with, or exemption by, or other action in respect of any Official Body or any other Person that has not been obtained by any Loan Party, is required to be obtained by any Loan Party in connection with the
execution and delivery of this Amendment, any borrowings heretofore made under the Credit Agreement, the payment and performance by the Loan Parties of the Obligations or the legality, validity, binding effect or enforceability of any of the Loan
Documents. 
 (f) As of the Amendment No. 4 Effective Date, after giving effect to the execution of this Amendment, the Company is
Solvent. “Solvent” as used herein shall mean (a) the consolidated fair value of the assets of the Company and its subsidiaries, at a fair valuation, will exceed their consolidated debts and liabilities, subordinated, contingent,
unmatured or otherwise, (b) the consolidated present fair saleable value of the property of the Company and its subsidiaries is greater than the amount that is required to pay the probable liability of their consolidated debts and other
liabilities, subordinated, contingent, unmatured or otherwise, as such debts and other liabilities become absolute and matured, (c) the Company and its subsidiaries, on a consolidated basis, are able to pay their consolidated debt and
liabilities, subordinated, contingent, unmatured or otherwise, as such debts and liabilities become absolute and matured, and (d) the Company and its subsidiaries, on a consolidated basis, do not have unreasonably small capital with which to
conduct the business in which they are engaged. 
 5. Reference to the Effect on the Loan Documents 

(a) As of the Amendment No. 4 Effective Date, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement (including, without limitation, by means of words like
“thereunder”, “thereof” and words of like import), shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and construed as a
single instrument. 
 (b) Except as expressly amended hereby or specifically waived above, all of the terms and provisions of the Credit
Agreement and all other Loan Documents are and shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders, the Borrower, the Guarantors, any Agent or the Administrative Agent under any
of the Loan Documents, nor constitute a waiver or amendment of any other provision of any of the Loan Documents or for any purpose except in each case as expressly set forth herein. This Amendment shall not constitute a novation of the Credit
Agreement or any of the Loan Documents. 
 (d) This Amendment shall constitute a “Loan Document” for all purposes under the Credit
Agreement and any other Loan Document. 

  
 5 

 6. Reaffirmation 

Each Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and
agreements contained in each Loan Document to which it is a party (as modified hereby); (ii) with respect to the Guarantors, its guarantee of the Obligations under the Guaranty Agreement; and (iii) agrees that (A) each Loan Document to
which it is a party shall continue to be in full force and effect (as modified hereby) and (B) all guarantees, covenants and agreements by such Loan Party under the Loan Documents shall continue to be in full force and effect (as modified
hereby) and shall accrue to the benefit of the Lenders and the Administrative Agent and shall not be affected, impaired or discharged hereby or by the transactions contemplated in this Amendment (except as expressly provided herein). 

7. Execution in Counterparts 

This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are
attached to the same document. Delivery of an executed counterpart by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment. 

8. Governing Law 

THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 9. Section Titles 

The section titles contained in this Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a
part of the agreement between the parties hereto, except when used to reference a section. Any reference to the number of a clause, sub-clause or subsection of any Loan Document immediately followed by a
reference in parenthesis to the title of the section of such Loan Document containing such clause, sub-clause or subsection is a reference to such clause, sub-clause or
subsection and not to the entire section; provided, however, that, in case of direct conflict between the reference to the title and the reference to the number of such section, the reference to the title shall govern absent manifest
error. If any reference to the number of a section (but not to any clause, sub-clause or subsection thereof) of any Loan Document is followed immediately by a reference in parenthesis to the title of a section
of any Loan Document, the title reference shall govern in case of direct conflict absent manifest error. 

  
 6 

 10. Notices 

All communications and notices hereunder shall be given as provided in the Credit Agreement. 

11. Severability 

The fact that any term or provision of this Amendment is held invalid, illegal or unenforceable as to any person in any situation in any
jurisdiction shall not affect the validity, enforceability or legality of the remaining terms or provisions hereof or the validity, enforceability or legality of such offending term or provision in any other situation or jurisdiction or as applied
to any person. 
 12. Successors 

The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and
permitted assigns. 
 13. Jurisdiction; Waiver of Jury Trial 

The jurisdiction and waiver of right to trial by jury provisions in Sections 16.2 and 16.3 of the Credit Agreement are incorporated herein by
reference mutatis mutandis. 
 [SIGNATURE PAGES FOLLOW] 
  

  
 7 

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

					
	FIRST HUNTINGDON FINANCE CORP.
		
	By:	 	 /s/ Martin P. Connor

		 	Name:	 	Martin P. Connor
		 	Title:	 	Senior Vice President & Chief Financial Officer

  

					
	TOLL BROTHERS, INC., a Delaware corporation and each of the other Designated Guarantors listed below on
Exhibit B
		
	By:	 	 /s/ Martin P. Connor

 

					
	Martin P. Connor, Senior Vice President or Vice President of (i) each of the Designated Guarantors which is a corporation or limited liability company; (ii) each corporate or limited liability company managing
or general partner of each of the Designated Guarantors which is a general or limited partnership; and (iii) each corporate sole member of each of the Designated Guarantors which is a limited liability company managed by its sole
member.

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	Each of the Designated Guarantors listed below on Exhibit C

 
			
		
	By:	 	 /s/ Richard T. Hartman

			
	
	Richard T. Hartman, President of (i) each of the Designated Guarantors which is a limited liability company; and (ii) each limited liability company general partner of each of the Designated Guarantors which is
a limited partnership.

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	SUNTRUST BANK, as Administrative Agent and a Lender
		
	By:	 	 /s/ Nick Preston

		 	Name: Nick Preston
		 	Title: Director

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	Sumitomo Mitsui Banking Corporation, as a Lender
		
	By:	 	 /s/ Hideo Notsu

		 	Name: Hideo Notsu
		 	Title: Managing Director

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 
 Toll Brothers Term Loan 

 
			
	Wells Fargo Bank, National Association, as a Lender
		
	By:	 	 /s/ Bret Sumner

		 	Name: Bret Sumner
		 	Title: Vice President

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	U.S. Bank National Association, as a Lender
		
	By:	 	 /s/ Jeffrey S Geifman

		 	Name: Jeffrey S Geifman
		 	Title: Senior Vice President

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	Capital One, National Association, as a Lender
		
	By:	 	 /s/ Jeff Wallace

		 	Name: Jeff Wallace
		 	Title: Senior Vice President

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	The Bank of New York Mellon, as a Lender
		
	By:	 	 /s/ Carol Murray

		 	Name: Carol Murray
		 	Title: Director

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	Fifth Third Bank, an Ohio banking corporation, as a Lender
		
	By:	 	 /s/ Talianna Carlson-Manne

		 	Name: Talianna Carlson-Manne
		 	Title: Senior Vice President

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	PNC Bank, National Association, as a Lender
		
	By:	 	 /s/ J. Richard Litton

		 	Name: J. Richard Litton
		 	Title: Senior Vice President

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	Comerica Bank, as a Lender
		
	By:	 	 /s/ Charles Weddell

		 	Name: Charles Weddell
		 	Title: Vice President

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	People’s United Bank, as a Lender
		
	By:	 	 /s/ Ted Dalton

		 	Name: Ted Dalton
		 	Title: Senior Vice President

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	TD Bank, N.A., as a Lender
		
	By:	 	 /s/ Brian Gallagher

		 	Name: Brian Gallagher
		 	Title: Vice President

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	Texas Capital Bank, National Association, as a Lender
		
	By:	 	 /s/ Carolynn Alexander

		 	Name: Carolynn Alexander
		 	Title: Senior Vice President

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 
			
	Beneficial Bank, as a Lender
		
	By:	 	  

		 	Name:
		 	Title:

  
 Signature Pages to
Amendment No. 4 to Credit Agreement 

 EXHIBIT A 

to Amendment No. 4 

 DEAL CUSIP NUMBER: 32051LAK0 

TERM LOAN CUSIP NUMBER: 32051LAL8 

CREDIT AGREEMENT 
 by and among

 FIRST HUNTINGDON FINANCE CORP., 

TOLL BROTHERS, INC., 
 and 

THE LENDERS PARTY HERETO 
 and 

SUNTRUST BANK, 
 as Administrative
Agent 
 and 
 SUMITOMO MITSUI
BANKING CORPORATION 
 and U.S. BANK NATIONAL ASSOCIATION, 

as Co-Syndication Agents 

and 
 CAPITAL ONE, NATIONAL
ASSOCIATION 
 and WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Co-Documentation Agents 

 
  

Dated as of February 3, 2014 

As Amended by Amendment No. 1 on May 19, 2016 

As Amended by Amendment No. 2 on August 2, 2016 

As Amended by Amendment No. 3 on November 1, 2018 

And as Amended by Amendment No. 4 on October 31, 2019 

 
  

SUNTRUST ROBINSON HUMPHREY, INC., 

Lead Arranger and Bookrunner 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	
	ARTICLE I	  

	DEFINITIONS	  

			
	 1.1
	 	 Definitions
	  	 	1	 
	 1.2
	 	 Other Definitional Provisions, etc.
	  	 	30	 
	
	ARTICLE II	  

	THE CREDITS	  

			
	 2.1
	 	 The Term Loan Facility
	  	 	30	 
		 	 2.1.1
	 	 Term Loan Facility
	  	 	30	 
		 	 2.1.2
	 	 Mandatory Termination of Commitments
	  	 	31	 
		 	 2.1.3
	 	 Payment
	  	 	31	 
	 2.2
	 	 Term Advances
	  	 	31	 
		 	 2.2.1
	 	 Term Advances
	  	 	31	 
		 	 2.2.2
	 	 Ratable Advance Rate Options
	  	 	31	 
		 	 2.2.3
	 	 Method of Selecting Rate Options and Interest Periods for Term Advances
	  	 	31	 
		 	 2.2.4
	 	 Conversion and Continuation of Outstanding Term Advances
	  	 	32	 
		 	 2.2.5
	 	 Limitations
	  	 	32	 
		 	 2.2.6
	 	 Interest Period
	  	 	33	 
	 2.3
	 	 Reserved
	  	 	33	 
	 2.4
	 	 Reserved
	  	 	33	 
	 2.5
	 	 Minimum Amount of Each Term Advance; Maximum Number of Term Advances
	  	 	33	 
	 2.6
	 	 Optional Principal Payments
	  	 	33	 
	 2.7
	 	 [Reserved]
	  	 	33	 
	 2.8
	 	 Changes in Interest Rate, Etc.
	  	 	33	 
	 2.9
	 	 Rates Applicable After Default, Past Due Amounts
	  	 	34	 
	 2.10
	 	 Method and Allocation of Payments
	  	 	34	 
	 2.11
	 	 Noteless Agreement; Evidence of Indebtedness
	  	 	35	 
	 2.12
	 	 Telephonic Notices
	  	 	35	 
	 2.13
	 	 Interest Payment Dates: Interest and Fee Basis
	  	 	36	 
	 2.14
	 	 Notification of Term Advances, Interest Rates and Prepayments
	  	 	36	 
	 2.15
	 	 Lending Installations
	  	 	36	 
	 2.16
	 	 Non-Receipt of Funds by the Administrative
Agent
	  	 	36	 
	 2.17
	 	 Extension of Term Loan Facility Maturity Date
	  	 	37	 
	 2.18
	 	 Additional Term Loans
	  	 	38	 
	 2.19
	 	 [Reserved]
	  	 	39	 
	 2.20
	 	 Replacement of a Lender
	  	 	39	 
	 2.21
	 	 Termination of Term Loans of Non-Consenting
Lender
	  	 	40	 

  
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	ARTICLE III	  

	INCREASED COSTS; TAXES	  

			
	 3.1
	 	Increased Costs	  	 	41	 
	 3.2
	 	Capital Adequacy	  	 	41	 
	 3.3
	 	Availability of Certain Term Advances; Illegality	  	 	42	 
	 3.4
	 	Funding Indemnification	  	 	43	 
	 3.5
	 	Taxes	  	 	43	 
	 3.6
	 	Lender Statements: Survival of Indemnity	  	 	47	 
	
	ARTICLE IV	  

	RESERVED	  

	
	ARTICLE V	  

	CONDITIONS PRECEDENT	  

			
	 5.1
	 	Closing Conditions	  	 	47	 
	 5.2
	 	Each Term Advance	  	 	49	 
	
	ARTICLE VI	  

	REPRESENTATIONS AND WARRANTIES	  

			
	 6.1
	 	Existence and Standing	  	 	50	 
	 6.2
	 	Authorization and Validity	  	 	50	 
	 6.3
	 	No Conflict; Consent	  	 	50	 
	 6.4
	 	Financial Statements	  	 	51	 
	 6.5
	 	Material Adverse Change	  	 	51	 
	 6.6
	 	Taxes	  	 	51	 
	 6.7
	 	Litigation and Contingent Obligations	  	 	51	 
	 6.8
	 	Subsidiaries	  	 	52	 
	 6.9
	 	Accuracy of Information	  	 	52	 
	 6.10
	 	Regulation U	  	 	52	 
	 6.11
	 	Material Agreements	  	 	52	 
	 6.12
	 	Compliance with Laws	  	 	52	 
	 6.13
	 	Ownership of Properties	  	 	52	 
	 6.14
	 	ERISA	  	 	53	 
		 	 6.14.1
	 	Plan Assets; Prohibited Transactions	  	 	53	 
		 	 6.14.2
	 	Liabilities	  	 	53	 
		 	 6.14.3
	 	Plans and Benefit Arrangements	  	 	53	 
	 6.15
	 	Investment Company Act	  	 	54	 
	 6.16
	 	Intentionally Omitted	  	 	54	 
	 6.17
	 	Employment Matters	  	 	54	 
	 6.18
	 	Environmental Matters	  	 	54	 
	 6.19
	 	Senior Debt Status	  	 	56	 
	 6.20
	 	Designated Guarantors	  	 	56	 
	 6.21
	 	Anti-Corruption Laws and Sanctions	  	 	56	 
	 6.22
	 	EEA Financial Institution	  	 	56	 
	 6.23
	 	 FATCA
	  	 	56	 

  
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	ARTICLE VII	  

	COVENANTS	  

			
	 7.1
	 	 Financial Reporting
	  	 	56	 
	 7.2
	 	 Use of Proceeds
	  	 	60	 
	 7.3
	 	 Notice of Default
	  	 	60	 
	 7.4
	 	 Conduct of Business
	  	 	60	 
	 7.5
	 	 Taxes
	  	 	60	 
	 7.6
	 	 Insurance
	  	 	60	 
	 7.7
	 	 Compliance with Laws
	  	 	60	 
	 7.8
	 	 Maintenance of Properties
	  	 	61	 
	 7.9
	 	 Inspection
	  	 	61	 
	 7.10
	 	 Mergers; Consolidations; Dissolutions
	  	 	61	 
	 7.11
	 	 Distributions of Securities
	  	 	61	 
	 7.12
	 	 Disposition of Assets
	  	 	61	 
	 7.13
	 	 Borrower a Wholly-Owned Subsidiary
	  	 	62	 
	 7.14
	 	 Investments and Acquisitions
	  	 	62	 
	 7.15
	 	 Liens
	  	 	62	 
	 7.16
	 	 Additional Designated Guarantors
	  	 	62	 
	 7.17
	 	 Subordinated Indebtedness
	  	 	63	 
	 7.18
	 	 Intercompany Loans, Loans from Non-Loan
Parties
	  	 	63	 
	 7.19
	 	 Appraisals
	  	 	63	 
		 	 7.19.1
	 	 Procedures
	  	 	63	 
		 	 7.19.2
	 	 Costs
	  	 	64	 
		 	 7.19.3
	 	 Appraisers
	  	 	65	 
	 7.20
	 	 Mortgage Subsidiaries
	  	 	65	 
	 7.21
	 	 [Reserved]
	  	 	65	 
	 7.22
	 	 [Reserved]
	  	 	65	 
	 7.23
	 	 Plans and Benefit Arrangements
	  	 	65	 
	 7.24
	 	 Employment Matters
	  	 	66	 
	 7.25
	 	 Environmental Matters
	  	 	66	 
	 7.26
	 	 Environmental Certificates
	  	 	68	 
	 7.27
	 	 Senior Debt Status
	  	 	68	 
	 7.28
	 	 Financial Covenants
	  	 	68	 
		 	 7.28.1
	 	 Leverage Ratio
	  	 	68	 
		 	 7.28.2
	 	 Borrowing Base
	  	 	68	 
		 	 7.28.3
	 	 Tangible Net Worth
	  	 	69	 
	 7.29
	 	 Financial Contracts
	  	 	70	 

  
 iii 

							
	ARTICLE VIII	  

	DEFAULTS	  

	
	ARTICLE IX	  

	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	  

			
	 9.1
	 	Acceleration	  	 	72	 
	 9.2
	 	Amendments	  	 	73	 
	 9.3
	 	Preservation of Rights	  	 	74	 
	
	ARTICLE X	  

	GENERAL PROVISIONS	  

			
	 10.1
	 	Survival of Representations	  	 	74	 
	 10.2
	 	Governmental Regulation	  	 	74	 
	 10.3
	 	Headings	  	 	74	 
	 10.4
	 	Entire Agreement	  	 	74	 
	 10.5
	 	Several Obligations Benefits of This Agreement	  	 	74	 
	 10.6
	 	Expenses; Indemnification	  	 	75	 
	 10.7
	 	Numbers of Documents	  	 	76	 
	 10.8
	 	Accounting	  	 	76	 
	 10.9
	 	Severability of Provisions	  	 	76	 
	 10.10
	 	Nonliability of Lenders	  	 	76	 
	 10.11
	 	Confidentiality	  	 	77	 
	 10.12
	 	Nonreliance	  	 	78	 
	 10.13
	 	Conversion and Non-Designation of Designated Guarantors	  	 	78	 
	 10.14
	 	PATRIOT Act	  	 	81	 
	 10.15
	 	Acknowledgment and Consent to Bail-in of EEA Financial Institutions	  	 	81	 
	 10.16
	 	Acknowledgment Regarding any Supported QFCs	  	 	81	 
	
	ARTICLE XI	  

	THE ADMINISTRATIVE AGENT	  

			
	 11.1
	 	Appointment and Authority	  	 	82	 
	 11.2
	 	Administrative Agent Individually	  	 	82	 
	 11.3
	 	Exculpatory Provisions	  	 	83	 
	 11.4
	 	Reliance by Administrative Agent	  	 	84	 
	 11.5
	 	Delegation of Duties	  	 	85	 
	 11.6
	 	Resignation of Successor Administrative Agent	  	 	85	 
	 11.7
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	86	 
	 11.8
	 	No Other Duties, Etc.	  	 	87	 
	 11.9
	 	Appointment of Supplemental Administrative Agents	  	 	87	 
	 11.10
	 	Administrative Agent’s Reimbursement and Indemnification	  	 	87	 
	 11.11
	 	Notice of Default	  	 	88	 
	 11.12
	 	Administrative Agent’s Fee	  	 	88	 
	 11.13
	 	Delegation to Affiliates	  	 	88	 
	 11.14
	 	Agent’s Responsibilities and Duties	  	 	88	 

  
 iv 

									
	 11.15
	 	Withholding Taxes	  	 	88	 
	 11.16
	 	Certain ERISA Matters	  	 	89	 
	
	ARTICLE XII	  

	SETOFF; RATABLE PAYMENTS	  

			
	 12.1
	 	Setoff	  	 	90	 
	 12.2
	 	Ratable Payments	  	 	90	 
	ARTICLE XIII	  

	BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	  

			
	 13.1
	 	Successors and Assigns	  	 	91	 
	 13.2
	 	Participations	  	 	91	 
		 	 13.2.1
	 	Permitted Participants; Effect	  	 	91	 
		 	 13.2.2
	 	Voting Rights	  	 	92	 
		 	 13.2.3
	 	Benefit of Setoff	  	 	92	 
	 13.3
	 	Assignments	  	 	92	 
		 	 13.3.1
	 	Permitted Assignments	  	 	92	 
		 	 13.3.2
	 	Effect, Effective Date	  	 	93	 
		 	 13.3.3
	 	[Reserved]	  	 	94	 
	 13.4
	 	Dissemination of Information	  	 	94	 
	
	ARTICLE XIV	  

	NOTICES	  

			
	 14.1
	 	Notices	  	 	94	 
	 14.2
	 	Change of Address	  	 	96	 
	
	ARTICLE XV	  

	COUNTERPARTS	  

	
	ARTICLE XVI	  

	CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  

			
	 16.1
	 	CHOICE OF LAW	  	 	96	 
	 16.2
	 	CONSENT TO JURISDICTION	  	 	96	 
	 16.3
	 	WAIVER OF JURY TRIAL	  	 	97	 

 EXHIBITS AND SCHEDULES 
 Pricing
Schedule 
  

			
	Exhibit A	  	Form of Term Note
	Exhibit B	  	Form of Commitment and Acceptance
	Exhibit C	  	Form of Opinion of Company’s General Counsel
	Exhibit D	  	Form of Opinion of Ballard Spahr LLP

  
 v 

			
	Exhibit E	  	Form of Guaranty
	Exhibit F	  	Form of Compliance Certificate
	Exhibit G	  	Form of Environmental Certificate
	Exhibit H	  	Form of Assignment and Assumption
	Exhibit I-1	  	Form of U.S. Tax Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit I-2	  	Form of U.S. Tax Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit I-3	  	Form of U.S. Tax Certificate (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit I-4	  	Form of U.S. Tax Certificate (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Schedule 1	  	Lenders and Commitments
	Schedule 2	  	[Reserved]
	Schedule 3	  	Permitted Liens
	Schedule 4	  	Existing Subordinated Indebtedness
	Schedule 5	  	Intentionally Omitted
	Schedule 6	  	Litigation and Contingent Obligations
	Schedule 7	  	Subsidiaries
	Schedule 8	  	Other Liens
	Schedule 9	  	ERISA Matters
	Schedule 10	  	Environmental Matters

  
 vi 

 Exhibit A 

DEAL CUSIP NUMBER: 32051LAK0 

TERM LOAN CUSIP NUMBER; 32051LAL8 

CREDIT AGREEMENT 
 This
Credit Agreement, dated as of February 3, 2014, is among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc. (the “Company”), the Lenders party hereto and SunTrust Bank, as Administrative Agent (the
“Administrative Agent”). 
 AGREEMENT 

NOW THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree, as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. As used in this Agreement: 
 “2018 Additional Term Loan Commitment” means, for each 2018 Additional Term Loan
Lender, the obligation of such 2018 Additional Term Loan Lender to make 2018 Additional Term Loans on the Amendment No. 3 Effective Date, not exceeding the amount set forth in Schedule 1 to Amendment No. 3 opposite the name of such 2018
Additional Term Loan Lender. 
 “2018 Additional Term Loan Lenders” has the meaning assigned to such term in Amendment No. 3.

 “2018 Additional Term Loans” means the Loans made on the Amendment No. 3 Effective Date by the 2018 Additional Term Loan
Lenders pursuant to Amendment No. 3. 
 “ABR Advance” means a Term Advance that bears interest at the Alternate Base Rate.

 “ABR Loan” means a Loan that bears interest at the Alternate Base Rate. 

“Additional Borrowing Base Selected Assets” is defined in Section 7.19.2. 

“Additional Lender” means a Qualified Bank (approved by the Administrative Agent, which approval shall not be unreasonably withheld
or delayed) or an existing Lender that elects, upon request by the Borrower, to make an Additional Term Loan, pursuant to Section 2.18. 

“Additional Term Loan” means, with respect to an Additional Lender, such Additional Lender’s Term Loan made pursuant to
Section 2.18(c) with respect to the Term Loan Facility. 
 “Additional Term Loan Commitment” means, for each Additional
Lender, the obligation of such Additional Lender to make Additional Term Loans not exceeding the amount set forth in any Commitment and Acceptance that has become effective pursuant to Section 2.18 of this Agreement. 

“Additional Term Loan Effective Date” is defined in Section 2.18(c). 

 “Adjusted LIBO Rate” means, with respect to any Eurodollar Ratable Advance for the
relevant Interest Period or, with respect to the determination of clause (b) of the definition of the Federal Funds/Euro Rate or clause (iii) of the definition of Alternate Base Rate, for an Interest Period of one month, an interest rate
per annum (rounded upwards, if necessary, to the next 1/100th of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means SunTrust Bank, in its capacity as contractual representative of the Lenders pursuant to Article XI, and
not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article XI. 
 “Administrative
Agent’s Fee Letter” means the Fee Letter. 
 “Affected Lender” is defined in Section 2.20. 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such
Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct
or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 

“Agents” means any Lender under this Agreement designated, and in its capacity, as a
co-agent, documentation agent, managing agent or syndication agent (but not the Administrative Agent). 

“Agent Parties” is defined in Section 14.1(b). 

“Agent’s Group” is defined in Section 11.2(b). 

“Agreement” means this credit agreement, as it may be amended or modified and in effect from time to time. 

“Agreement of Sale” means a fully-executed written agreement (substantially in a form approved by the Administrative Agent, which
approval shall not be unreasonably withheld or delayed) between a Loan Party and a purchaser that is not an Affiliate of the Company or any other member of Toll Group, providing for the sale of a residential unit to such purchaser, which agreement
(i) shall include no contingency for the purchaser selling another residence or any such contingency shall have expired or otherwise been terminated, (ii) be accompanied by a non-refundable (except
on terms set forth in such agreement or as may be prevented by applicable Law) deposit at least equal to the lesser of (x) ten percent (10%) of the purchase price of the unit sold (at least one-half of
which deposit shall have been paid in cash), (y) the difference between the purchase price set forth in such agreement and the amount of the mortgage contingency set forth in such agreement (at least
one-half of which deposit shall have been paid in cash) and (z) the maximum amount of deposit which applicable Law permits the seller of such unit to retain as liquidated damages if the closing of the
sale of such unit does not occur, and (iii) shall provide that the purchase price shall be paid in cash or by title company check or by attorney check or by certified or bank check at or before the closing of the sale (such cash or check may

  
 2 

 
be obtained by the purchaser from a loan provided by the seller or an Affiliate of the seller). For the purpose of clause (z) above, applicable Law shall be deemed to prohibit the seller
from retaining a deposit if it creates a presumption that the amount of such deposit is unreasonable and as such may not be retained by the seller. 

“Alternate Base Rate” means, for any day, a rate of interest per annum equal to the sum of (a) the greatest of (i) the
Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% per annum and (iii) the Adjusted LIBO Rate
applicable for an interest period of one month, plus 1.00% and (b) the Applicable Base Rate Margin. 
 “Alternative Letter of
Credit” means any Existing Credit Agreement Letter of Credit that is cash collateralized in a manner substantially consistent with Section 4.12 of the Existing Credit Agreement as in effect on the Amendment No. 4 Effective Date. 

“Amendment No. 1” means that certain amendment to this Agreement, dated as of May 19, 2016, between the Borrower, the
Company, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent.  
 “Amendment
No. 2” means that certain amendment to this Agreement, dated as of August 2, 2016, between the Borrower, the Company, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent.  

“Amendment No. 3” means that certain amendment to this Agreement, dated as of November 1, 2018, between the Borrower, the
Company, the other Loan Parties party thereto, the Lenders party thereto (including the 2018 Additional Term Loan Lenders) and the Administrative Agent.  

“Amendment No. 3 Effective Date” has the meaning assigned to such term in Amendment No. 3. The Amendment No. 3
Effective Date shall be November 1, 2018. 
 “Amendment No. 4” means that certain amendment to this Agreement, dated as
of October 31, 2019, between the Borrower, the Company, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent. 

“Amendment No. 4 Effective Date” has the meaning assigned to such term in Amendment No. 4. The Amendment No. 4
Effective Date shall be October 31, 2019. 
 “Anti-Corruption Laws” means, at any time, all laws, rules, and regulations of
any governmental authority to whose jurisdiction a Loan Party is subject at such time concerning or relating to bribery or corruption. 

“Applicable Base Rate Margin” means with respect to an ABR Loan, the percentage rate per annum applicable to such Loan, as
determined pursuant to the Pricing Schedule. 
 “Applicable Margins” means with respect to the Term Loan Facility, the Applicable
Ratable Advance Margin for the Term Loan Facility and the Applicable Base Rate Margin for the Term Loan Facility, as applicable. 

  
 3 

 “Applicable Ratable Advance Margin” means, with respect to a Eurodollar Ratable
Advance or a Federal Funds/Euro-Rate Advance under the Term Loan Facility, the percentage rate per annum applicable to such Term Loan, as determined pursuant to the Pricing Schedule. 

“Arranger” means SunTrust Robinson Humphrey, Inc. and its respective successors. 

“Article” means an article of this Agreement unless another document is specifically referenced. 

“Assignment and Assumption” is defined in Section 13.3.1. 

“Assumed Purchase Money Loans” means at any time (a) the outstanding principal amount of all loans secured by assets
(i) purchased by the Designated Guarantors and assumed or entered into by the applicable Designated Guarantor on or within 90 days after the date of purchase, or (ii) owned by a Person whose capital stock or assets are purchased by a
Designated Guarantor and such assets were purchased by such Person and assumed or entered into by such Person on or within 90 days after the date of purchase of such assets by such Person, provided that (x) the principal amount of any such loan
does not exceed the purchase price of the applicable asset and (y) such loan may only be secured by a security interest or other lien on such asset and improvements and construction thereon and other assets related to such purchased assets
which are customarily subject to liens and security interests in connection with transactions of this nature in the normal course of the Designated Guarantors’ business and (b) any amendment, modification, extension or refinancing of such
loans, provided that with respect to the loans, as amended, modified, extended, or refinanced (i) the aggregate amount thereof shall not exceed the purchase price of the applicable asset and (ii) such loans and refinancings shall not be
secured by any assets of any Loan Party other than those initially purchased by the applicable Designated Guarantor and improvements and construction thereon and other assets related to such purchased assets which are customarily subject to liens
and security interests in connection with transactions of this nature in the normal course of the Loan Parties’ homebuilding business. 

“Authorized Officers” means those Persons designated by written notice to the Administrative Agent from the applicable Loan Party,
authorized to execute notices, reports and other documents required hereunder. The Loan Parties may amend such list of Persons from time to time by giving written notice of such amendment to the Administrative Agent. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the
Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

  
 4 

 “Benefit Arrangement” means at any time an “employee benefit plan,”
within the meaning of Section 3(3) of ERISA, which is neither a Plan nor a Multiemployer Plan and which is maintained, sponsored or otherwise contributed to by any member of the Controlled Group. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA,
(b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the
Code) the assets of any such “employee benefit plan” or “plan”. 
 “BHC Act Affiliate” of a party means an
“affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Board” means The Board of Governors of the Federal Reserve System of the United States of America (or any successor). 

“Borrower” means First Huntingdon Finance Corp., a Delaware corporation, and its successors and assigns. 

“Borrowing Base” means at any time the sum (without duplication) of (i) 100% of unrestricted cash, Cash Equivalents or
Marketable Securities of the Loan Parties (excluding cash, Cash Equivalents and Marketable Securities that cash collateralize Alternative Letters of Credit and other outstanding letters of credit or similar arrangements) in excess of $10,000,000;
(ii) 90% of Category 1 Borrowing Base Assets (except as otherwise hereinafter provided); (iii) 80% of Category 2 Borrowing Base Assets (except as otherwise hereinafter provided); (iv) 65% of Category 3 Borrowing Base Assets; and
(v) 50% of Category 4 Borrowing Base Assets. Notwithstanding the foregoing, the Borrower may elect to combine the Category 1 Borrowing Base Assets and Category 2 Borrowing Base Assets into one category, in which event, in place of items
(ii) and (iii) above, 85% of the sum (without duplication) of the Category 1 Borrowing Base Assets and Category 2 Borrowing Base Assets shall be included in the Borrowing Base, provided that the Borrower shall represent and warrant in
the applicable Borrowing Base Certificate that (A) 85% of the sum (without duplication) of the Category 1 Borrowing Base Assets and Category 2 Borrowing Base Assets is less than (B) the sum (without duplication) of items (ii) and
(iii) above. All Borrowing Base Assets must be assets owned by the Loan Parties subject only to Permitted Liens (other than clauses (vi), (xii)(A), (xxvi) and (xxvii) of such definition) and (except as otherwise provided in Section 7.19)
shall be valued at book value, reduced (without duplication) by the Remediation Adjustment (if any) applicable to such Borrowing Base Assets. Notwithstanding anything to the contrary herein, assets owned by a Loan Party which secure Permitted
Purchase Money Loans, Permitted Nonrecourse Indebtedness or Permitted Recourse Indebtedness (and thus constitute Excluded Assets) shall not be included in the Borrowing Base. 

“Borrowing Base Assets” means the Category 1 Borrowing Base Assets, Category 2 Borrowing Base Assets, Category 3 Borrowing Base
Assets and Category 4 Borrowing Base Assets. 

  
 5 

 “Borrowing Base Certificate” means a certificate, in a form satisfactory to the
Administrative Agent, calculating the Borrowing Base as of the last day of a fiscal quarter, and delivered pursuant to Section 7.1(viii). 

“Borrowing Base Selected Assets” is defined in Section 7.19.2. 

“Borrowing Date” means a date on which a Term Advance is made hereunder. 

“Business Day” means (i) with respect to any borrowing, payment or rate selection of Eurodollar Advances, a day (other than a
Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially all of their commercial lending activities and on which dealings in United States dollars are carried on in the London interbank market and
(ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially all of their commercial lending activities. 

“Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance sheet
of such Person prepared in accordance with GAAP. 
 “Capitalized Lease Obligations” of a Person means the amount of the
obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 

“Captive Insurance Company” means a Subsidiary of the Company that is subject to regulation as an insurance company. 

“cash collateralize” means, with respect to any Letter of Credit, cash in U.S. dollars in an amount equal to the undrawn face amount
of such Letter of Credit. 
 “Cash Equivalents” means (i) securities with maturities of 180 days or less issued or fully
guaranteed or insured by the United States or any agency or instrumentality thereof, (ii) dollar denominated time and demand deposits and certificates of deposit with maturities of 180 days or less and overnight bank deposits of any commercial
bank having capital, surplus and undivided profits aggregating at least $500,000,000, (iii) repurchase obligations of any bank satisfying the requirements of clause (ii) of this definition, (iv) commercial paper and variable or fixed
rate notes of a domestic issuer rated at least A-2 or better by S&P or P-2 or better by Moody’s and in either case maturing within 180 days, (v) securities
with maturities of 180 days or less issued or fully guaranteed by any state, commonwealth or territory of the United States or by any political subdivision or taxing authority of any such state, commonwealth or territory, and such securities of such
state, commonwealth, territory, political subdivision or taxing authority, as the case may be, are rated at least A by S&P or A by Moody’s, (vi) securities with maturities of 180 days or less backed by standby letters of credit issued
by any commercial bank satisfying the requirements of clause (ii) of this definition, or (vii) shares of “money market funds” that comply with the criteria set forth in Rule 2a-7 of the
Investment Company Act of 1940, as amended. 

  
 6 

 “Category 1 Borrowing Base Assets” means at any time the following assets owned by
the Loan Parties (except any such assets that are Excluded Assets): (1) residential units and buildings under construction subject to an Agreement of Sale; (2) completed residential units and buildings subject to an Agreement of Sale;
(3) land (and related site improvements and development costs) related to the assets described in items (1) and (2); and (4) interest, overhead, taxes and other costs (to the extent capitalized under GAAP) related to the assets
described in items (1), (2) and (3). 
 “Category 2 Borrowing Base Assets” means at any time the following assets owned by the
Loan Parties (except any such assets that are Excluded Assets): (1) residential units and buildings under construction not under Agreement of Sale; (2) completed residential units and buildings not under Agreement of Sale; (3) land
(and related site improvements and development costs) related to the assets described in items (1) and (2); and (4) interest, overhead, taxes and other costs (to the extent capitalized under GAAP) related to the assets described in items
(1), (2) and (3). 
 “Category 3 Borrowing Base Assets” means at any time the following assets owned by the Loan Parties (except
any such assets that are Excluded Assets): (1) site improvements on land owned by a Loan Party that is not subject to an Agreement of Sale; and (2) interest, overhead, taxes and other costs (to the extent capitalized under GAAP) related to
the assets described in item (1). 
 “Category 4 Borrowing Base Assets” means at any time the following assets owned by the Loan
Parties (except any such assets that are Excluded Assets): (1) acquisition and development costs (excluding site improvement costs) of land owned by a Loan Party that is not subject to an Agreement of Sale; and (2) interest, overhead,
taxes and other costs (to the extent capitalized under GAAP) related to the assets described in item (1). 
 “Change in Law” means
the occurrence, after the Amendment No. 4 Effective Date, 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 Official Body or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Official Body; provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) 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 the United States or foreign regulatory authorities, in each case pursuant
to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 

“Change of Control” means the occurrence of any one or more of the following events: 

(a) The acquisition by any Person, or two or more Persons acting in concert (in each case, other than the Company or any other
Loan Party), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 50% or more of the outstanding shares of voting
stock of a Loan Party; or 

  
 7 

 (b) There shall be consummated any consolidation or merger to which the
Company is a party except a merger or consolidation where the holders of voting stock of the Company prior to such merger or consolidation own more than 50% of the voting stock of the continuing or surviving corporation outstanding after such merger
or consolidation (whether or not the Company is such continuing or surviving corporation). 
 “Closing Date” means the Business
Day on which the conditions set forth in Section 5.1 are satisfied. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Commitment and Acceptance” is defined in Section 2.18(b). 

“Communications” is defined in Section 14.1(b). 

“Company” means Toll Brothers, Inc., a Delaware corporation. 

“Compliance Certificate” means a compliance certificate in substantially the form of Exhibit F or such other form as the Borrower
and the Administrative Agent may agree. 
 “Consolidated Net Income” means, with reference to any period, the net income (or loss)
of the Company and its Subsidiaries calculated on a consolidated basis for such period in accordance with GAAP. 
 “Consolidated Net
Worth” means at any time the consolidated stockholders’ equity of the Company and its Subsidiaries calculated on a consolidated basis as of such time in accordance with GAAP. 

“Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person guarantees or in effect
guarantees any Indebtedness of any other Person in any manner, whether directly or indirectly. 
 “Controlled Group” means all
members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with the Company or any of its Subsidiaries, are treated as a single employer
under Section 414 of the Code. 
 “Conversion” is defined in Section 10.13(a). 

“Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Covered Party” is defined in Section 10.16. 

  
 8 

 “Current Term Advance Amount” means, on any date of determination, the aggregate
principal amount of Term Advances outstanding under the Term Loan Facility on such date. As of the Amendment No. 3 Effective Date, the Current Term Advance Amount was equal to $800,000,000. 

“Customary Recourse Exceptions” means exclusions from the exculpation provisions for fraud, waste, misapplication of cash,
environmental claims, breach of representations or warranties, failure to pay taxes and insurance, bankruptcy and insolvency events, and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in
separate indemnification agreements in non-recourse financings of real estate and other matters customarily covered by a “carve out” guaranty in respect of transactions of the nature contemplated by
Permitted Nonrecourse Indebtedness. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to
time in effect and affecting the rights of creditors generally. 
 “Default” means an event described in Article VIII. 

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.
§§ 252.81, 47.2 or 382.1, as applicable. 
 “Designated Guarantors” means any Subsidiary of the Company that at any
time has executed and delivered a Guaranty Agreement (or a Supplemental Guaranty) and that has not been released from liability in accordance with the provisions of Section 10.13. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
 “Eligible
Assignee” is defined in Section 13.1. 
 “Environment” means ambient air, indoor air, surface water, groundwater,
drinking water, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna. 

  
 9 

 “Environmental Certificate” is defined in Section 7.26. 

“Environmental Complaint” means any written complaint setting forth a cause of action for personal or property damage or equitable
relief, order, notice of violation, citation, request for information issued pursuant to any Environmental Laws by an Official Body, subpoena or other written notice of any type relating to, arising out of, or issued pursuant to any of the
Environmental Laws or any Environmental Conditions, as the case may be. 
 “Environmental Conditions” means any conditions of the
environment, including, without limitation, the work place, the ocean, natural resources (including flora or fauna), soil, surface water, ground water, any actual or potential drinking water supply sources, substrata or the ambient air, relating to
or arising out of, or caused by the use, handling, storage, treatment, recycling, generation, transportation, Release or threatened Release or other management or mismanagement of Regulated Substances resulting from the use of, or operations on, the
Property. 
 “Environmental Laws” means any Laws relating to (i) the protection of the environment, (ii) the effect of
the environment on human health, (iii) emissions, discharges or Releases of Regulated Substances into surface water, ground water or land, or (iv) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or
handling of Regulated Substances or the clean-up or other remediation thereof. 

“Environmentally Approved Land” means land owned by a Loan Party as to which there has been delivered to such Loan Party and, to the
extent required under Section 7.26, the Administrative Agent an Environmental Certificate that either (a) contains no exceptions on Exhibit A thereto except for Permitted Environmental Exceptions, or (b) if it contains any exceptions
other than Permitted Environmental Exceptions, such exceptions shall have been (i) approved by the Administrative Agent, which approval has not been reversed by the Required Lenders under Section 7.26, which approval shall not be
unreasonably withheld or delayed or (ii) approved by the Required Lenders if the Administrative Agent initially does not approve such exceptions, which approval shall not be unreasonably withheld or delayed. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued
thereunder. 
 “Escrow Agreement” means an agreement or other similar arrangement with a municipality or any other Official Body,
including without limitation any utility, water or sewer authority, or other similar entity, for the purpose of assuring such municipality or other Official Body that the Company or an Affiliate of the Company will properly and timely complete work
it has agreed to perform for the benefit of such municipality or other Official Body, under the terms of which a bank (including a Lender hereunder) or other Person agrees to set aside or otherwise make available a specified amount of funds which
will be paid to such municipality or other Official Body upon request by such municipality or other Official Body in accordance with the terms of such agreement in the event the Company or such Affiliate fails to perform such work. 

  
 10 

 “EU Bail-In Legislation Schedule” means
the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar Loan” means a Loan (other than a Federal Funds/Euro Rate Loan) which bears interest at a Eurodollar Rate requested by
the Borrower pursuant to Section 2.2. 
 “Eurodollar Ratable Advance” means a Term Advance (other than a Federal
Funds/Euro-Rate Advance) which bears interest at a Eurodollar Rate requested by the Borrower pursuant to Section 2.2. 

“Eurodollar Rate” means, with respect to a Eurodollar Ratable Advance under the Term Loan Facility for the relevant Interest Period
or, with respect to the determination of clause (b) of the definition of the Federal Funds/Euro-Rate, for an Interest Period of one month, a rate per annum (rounded upwards, if necessary, to the next 1/100th of 1%) equal to the sum of
(i) the Adjusted LIBO Rate applicable to such Interest Period, plus (ii) the Applicable Ratable Advance Margin in effect two Business Days prior to such Term Advance. 

“Excess Investments” means at any time the amount (if any) by which Special Investments exceeds 50% of Consolidated Net Worth. 

“Excluded Assets” means at any time any of the following assets of the Loan Parties: (1) assets subject to any Lien securing
Indebtedness (including, for the avoidance of doubt, Permitted Purchase Money Loans, Permitted Nonrecourse Indebtedness and Permitted Recourse Indebtedness); (2) land, site improvements, development costs and units or buildings constructed or
under construction on such land if the applicable Loan Party has not received Preliminary Approval with respect to such land or if such land is not Environmentally Approved Land; and (3) payments for options. 

“Excluded Taxes” means, in the case of each Lender and any Agent, (i) Taxes imposed on or measured by its overall net income,
branch profits or franchise Taxes (imposed in lieu of net income Taxes) to the extent any such Tax is imposed as a result of (a) such Lender or Agent being organized under the laws of, or having its principal office or, in the case of any
Lender, its applicable Lending Installation located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) a present or former connection between such Lender or Agent (as the case may be) and the taxing
jurisdiction (other than as a result of this Agreement or any transaction pursuant to this Agreement), (ii) in the case of a Lender, any U.S. federal withholding Taxes to the extent imposed pursuant to a law in effect on the date such Lender
becomes a party to this Agreement (other than by assignment pursuant to a request by the Administrative Agent or the Borrower under Section 2.20) (or designates a new Lending Installation), except to the extent that such Lender (or its
assignor, if any) was entitled, immediately prior to the time of the designation of a new Lending Installation (or assignment), to receive additional amounts from the Borrower with respect to such withholding Taxes pursuant to Section 3.5,
(iii) withholding Taxes attributable to a Lender’s failure to comply with Section 3.5(d), and (iv) any U.S. federal withholding Taxes imposed under FATCA. 

“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced. 

  
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 “Existing Credit Agreement” means (i) the Credit Agreement dated as of
May 19, 2016 among the Borrower, the Company, the lenders party thereto and Citibank, N.A., as Administrative Agent, as amended, amended and restated, supplemented or waived from time to time or (ii) any other Credit Agreement that
refinances or otherwise replaces the Credit Agreement referred to in clause (i) above or this clause (ii), in each case as amended, amended and restated, supplemented or waived from time to time. 

“Existing Credit Agreement Letter of Credit Obligations” means at any time the sum of (i) the aggregate undrawn face amount of
all outstanding Existing Credit Agreement Letters of Credit, and (ii) the aggregate amount paid by an Issuing Bank on any Existing Credit Agreement Letters of Credit to the extent (if any) not reimbursed by the Borrower or the lenders under the
Existing Credit Agreement. 
 “Existing Credit Agreement Letters of Credit” means those letters of credit issued, pursuant to the
Existing Credit Agreement (including any “Existing Letter of Credit” as defined in the Existing Credit Agreement). 

“Extension Date” is defined in Section 2.17. 

“Extension Effective Date” is defined in Section 2.17. 

“Extension Period” is defined in Section 2.17. 

“Extension Request” is defined in Section 2.17. 

“FATCA” means (i) Sections 1471 through 1474 of the Code, as of the Amendment No. 4 Effective Date (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), (ii) any current or future regulations or other official interpretations thereof, (iii) any agreements entered into pursuant to
Section 1471(b)(1) of the Code as of the Amendment No. 4 Effective Date (or any amended or successor version described above) and (iv) any intergovernmental agreement, or any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement implementing the foregoing. 
 “Federal Funds Effective Rate” means, for any
day, the weighted average (rounded upwards, if necessary, to the next 1/100th of 1%) of the rates on overnight federal funds transactions with members of the Federal Reserve System, 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 1/100th of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three federal funds brokers of recognized standing selected by it; provided that if the Federal Funds Effective Rate is less than 0%, such rate shall be deemed to be 0%. 

“Federal Funds/Euro-Rate” means, for any day, an interest rate per annum equal to the greater of (a) the sum of (i) the
Federal Funds Effective Rate for the Business Day immediately preceding such day, plus (ii) the Applicable Ratable Advance Margin under the Term Loan Facility, plus (iii) 0.25% per annum, and (b) a rate equal to the Eurodollar Rate
for an Interest Period of one month commencing on the second Business Day after such day. The Federal Funds/Euro-Rate shall be recomputed each day. 

  
 12 

 “Federal Funds/Euro-Rate Advance” means a Term Advance that bears interest at the
Federal Funds/Euro-Rate. 
 “Federal Funds/Euro-Rate Loan” means a Loan that bears interest at the Federal Funds/Euro-Rate. 

“Fee Letter” means that certain fee letter dated January 9, 2014 among the Borrower, the Company and SRH. 

“Financial Contract” of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics, and (ii) any agreements, devices or arrangements providing for payments related to
fluctuations of interest rates, exchange rates or forward rates, including, but not limited to, interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection agreements, forward rate currency or
interest rate options. 
 “Financial Letter of Credit” means any Letter of Credit issued on behalf of a Loan Party that is not a
Performance Letter of Credit and that is issued to a Person to ensure payment by a Loan Party or other Affiliate of the Company of a financial obligation or satisfaction by a Loan Party or other Affiliate of any other obligation of a Loan Party or
other Affiliate. 
 “Fitch” means Fitch, Inc. or any successor thereto. 

“Floating Rate” means the Alternate Base Rate or the Federal Funds/Euro-Rate. 

“Floating Rate Advance” means a Term Advance which bears interest at a Floating Rate requested by the Borrower pursuant to
Section 2.2. 
 “Floating Rate Loan” means a Loan that bears interest at a Floating Rate. 

“GAAP” is defined in Section 10.8. 

“Guarantors” means the Company and the Designated Guarantors. 

“Guaranty Agreement” means the guaranty agreement of even date herewith executed and delivered by the Company and the Designated
Guarantors to the Administrative Agent for the benefit of the Lenders, as such guaranty agreement may be amended or modified (including, without limitation, by delivery of a Supplemental Guaranty) and in effect from time to time. 

“Indebtedness” of a Person means, without duplication, such Person’s (i) obligations for borrowed money,
(ii) obligations representing the deferred purchase price of Property or services which would appear as a liability on the consolidated balance sheet of such Person (other than accounts payable arising in the ordinary course of such
Person’s business and any obligation to pay a contingent purchase price as long as such obligation remains contingent or is paid within 10 days after it becomes due and payable), (iii) Indebtedness of other Persons, whether or not

  
 13 

 
assumed, secured by Liens on any property or asset of such Person (but only to the extent of the value of such Property or asset if such obligations have not been assumed by such Person),
(iv) obligations which are evidenced by notes, acceptances, or other similar instruments, (v) obligations of such Person to purchase securities or other property arising out of or in connection with the sale of the same or substantially
similar securities or property, (vi) Capitalized Lease Obligations, (vii) Contingent Obligations, (viii) the amount of Existing Credit Agreement Letter of Credit Obligations in respect of Financial Letters of Credit, (ix) unpaid
reimbursement obligations (i.e., drawn but not reimbursed) under Performance Letters of Credit, and (x) any other obligation for borrowed money which in accordance with GAAP would be shown as a liability on the consolidated balance sheet of
such Person. In no event shall Indebtedness include (a) Indebtedness owed by one Loan Party to another Loan Party or to a Captive Insurance Company that is wholly-owned, directly or indirectly, by the Company or (b) any obligation of a
Loan Party to reimburse the issuer of a performance bond issued in the ordinary course of business. 
 “Indemnified Taxes” means
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Intercompany Agreement” is defined in Section 7.18. 

“Intercompany Loans” means the loans from the Borrower to the applicable Loan Party using the proceeds of Loans hereunder. 

“Intercompany Notes” is defined in Section 7.18. 

“Interest Period” means, with respect to a Eurodollar Ratable Advance, a period of one week or one, two, three or six months (or,
subject to approval by all Term Lenders, twelve months), commencing on a Business Day selected by the Borrower pursuant to this Agreement or, with respect to the determination of clause (b) of the definition of the Federal Funds/Euro Rate, a
period of one month. Such Interest Period shall end on the day which corresponds numerically to such date one week or one, two, three, six or twelve months thereafter, provided, however, that if there is no such numerically
corresponding day in such next week or such next, second, third, sixth or twelfth succeeding month, such Interest Period shall end on the last Business Day of such next week or such next, second, third, sixth or twelfth succeeding month. If an
Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month,
such Interest Period shall end on the immediately preceding Business Day. 
 “Initial Term Loan” means Term Loans made by each
Term Lender on the Closing Date. 
 “Initial Term Loan Commitment” means, for each Term Lender, the obligation of such Term Lender
to make Term Loans on the Closing Date, not exceeding the amount set forth in Schedule 1. 

  
 14 

 “Investment” of a Person means any loan, advance (other than commission, travel
and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business) or contribution of capital by such Person; stocks, bonds, mutual
funds, partnership interests, notes, debentures or other securities owned by such Person; any deposit accounts and certificate of deposit owned by such Person; and structured notes, derivative financial instruments and other similar instruments or
contracts owned by such Person. 
 “Investment Grade Rating” means a rating of
(i) BBB- or higher by S&P, (ii) Baa3 or higher by Moody’s or (iii) BBB- or higher by Fitch. 

“Investments in Mortgage Subsidiaries” means, without duplication, at any time the sum of the following: (i) all Investments by
any Loan Party directly or indirectly in the capital stock of or other payments (except in connection with transactions for fair value in the ordinary course of business) to any of the Mortgage Subsidiaries, (ii) all loans by any Loan Party
directly or indirectly to any of the Mortgage Subsidiaries, (iii) all Contingent Obligations of any Loan Party directly or indirectly in respect of the obligations of any of the Mortgage Subsidiaries, and (iv) all other obligations,
contingent or otherwise, of the Loan Parties to or for the benefit of any of the Mortgage Subsidiaries; provided that, Investments in Mortgage Subsidiaries shall not include any amounts that a Mortgage Subsidiary owes to a Loan Party to
reimburse such Loan Party for any taxes paid or payable by such Loan Party on account of such Mortgage Subsidiary. 
 “IRS” means
the U.S. Internal Revenue Service. 
 “Issuing Bank” means an “Issuing Bank” as defined in the Existing Credit
Agreement. 
 “Labor Contracts” means all employee benefit plans, employment agreements, collective bargaining agreements and
labor contracts to which any Loan Party is a party. 
 “Law” means any and all applicable federal, state, local and foreign
statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses and other governmental restrictions, in each case of any Official Body. 

“Lender” means Term Lender. 

“Lending Installation” means, with respect to a Lender or the Administrative Agent, the office, branch, subsidiary or affiliate of
such Lender or the Administrative Agent listed on the signature pages hereof or on a Schedule or otherwise selected by such Lender or the Administrative Agent pursuant to Section 2.15. 

“Letter of Credit” of a Person means a letter of credit or similar instrument (such as an Escrow Agreement) which is issued upon the
application of such Person or upon which such Person is an account party or for which such Person is in any way liable. 
 “Leverage
Ratio” means at any time the ratio of (a) Total Indebtedness (including Permitted Recourse Indebtedness, Permitted Nonrecourse Indebtedness and Permitted Purchase Money Loans but excluding Alternative Letters of Credit and outstanding
Letters of Credit or similar arrangements included in Total Indebtedness to the extent collateralized by cash, Marketable Securities or Cash Equivalents), less the sum of (i) up to $500,000,000 of Permitted

  
 15 

 
Nonrecourse Indebtedness and (ii) unrestricted cash, Cash Equivalents and Marketable Securities (excluding cash, Cash Equivalents and Marketable Securities that cash collateralize
Alternative Letters of Credit and other outstanding letters of credit or similar arrangements) in excess of $10,000,000 in the aggregate held by the Toll Group; provided that, no more than $500,000,000 of unrestricted cash, Cash Equivalents
and Marketable Securities (excluding cash, Cash Equivalents and Marketable Securities that cash collateralize Alternative Letters of Credit and other outstanding letters of credit or similar arrangements) held by entities that are not Loan Parties
may be netted from Total Indebtedness pursuant to this clause (a), to (b) the sum of (i) Tangible Net Worth and (ii) fifty percent (50%) of Subordinated Indebtedness that has a maturity that is more than 90 days after the Term Loan
Facility Maturity Date (provided that the amount in this clause (b)(ii) shall not exceed 66-2/3% of Consolidated Net Worth). 

“LIBO Rate” means, with respect to any Eurodollar Ratable Advance for any Interest Period, or with respect to the determination of
the Federal Funds/Euro-Rate, the ICE Benchmark Administration Limited LIBOR Rate (“ICE LIBOR”) as published by Reuters (or such other commercially available source providing quotations of ICE LIBOR as may be designated by the
Administrative Agent from time to time), at approximately 11:00 a.m., London time, two Business Days prior to the commencement of the Interest Period for such Eurodollar Ratable Advance, or, in the case of determination of the Federal
Funds/Euro-Rate, an Interest Period of one month, as the rate for dollar deposits with a maturity comparable to such Interest Period; provided that, if the LIBO Rate is less than 0%, such rate shall be deemed to be 0%. 

“LIBOR Successor Rate” is defined in Section 3.3(b). 

“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the
definition of Alternate Base Rate, Eurodollar Rate, Federal Funds/Euro Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the
Administrative Agent (in consultation with the Borrower), to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the
Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as
the Administrative Agent determines in consultation with the Borrower). 
 “Lien” means any lien (statutory or other), mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor
under any conditional sale, Capitalized Lease or other title retention agreement). 
 “Loan” means, with respect to a Lender, a
loan made by such Lender pursuant to Article II (or any conversion or continuation thereof). For avoidance of doubt, the term “Loan” includes each Initial Term Loan, 2018 Additional Term Loan and Additional Term Loan. 

  
 16 

 “Loan Documents” means this Agreement (including as amended by Amendment
No. 1, Amendment No. 2, Amendment No. 3, and Amendment No. 4), the Guaranty Agreements and any Notes issued pursuant to Section 2.11. 

“Loan Parties” means the Company, the Borrower and (subject to the provisions of Section 10.13) the Designated Guarantors. 

“Losses” is defined in Section 10.6(b). 

“Marketable Securities” means (i) securities with maturities of two years or less issued or fully guaranteed or insured by the
United States or any agency or instrumentality thereof, (ii) dollar denominated time and demand deposits and certificates of deposit with maturities of two years or less and overnight bank deposits of any commercial bank having either capital,
surplus and undivided profits aggregating at least $500,000,000, total Tier 1 capital as most recently reported by Bloomberg L.P. of at least $500,000,000 or long-term debt or deposit ratings of at least
A- by S&P or A3 by Moody’s, (iii) repurchase obligations of any bank satisfying the requirements of clause (ii) of this definition, (iv) commercial paper and variable or fixed rate
notes of a domestic issuer rated at least A-2 or better by S&P or P2 or better by Moody’s and in either case maturing within two years, (v) securities with maturities of two years or less issued
or fully guaranteed by any state, commonwealth or territory of the United States or by any political subdivision or taxing authority of any such state, commonwealth or territory, and such securities of such state, commonwealth, territory, political
subdivision or taxing authority, as the case may be, are rated at least A- by S&P or A3 by Moody’s, (vi) securities with maturities of two years or less issued or fully guaranteed by any member
country of the OECD that are rated at least A- by S&P or A3 by Moody’s, (vii) securities with maturities of two years or less backed by standby letters of credit issued by any commercial bank
satisfying the requirements of clause (ii) of this definition, (viii) shares of “money market funds” that comply with the criteria set forth in Rule 2a-7 of the Investment Company Act of
1940, as amended, or (ix) bonds that mature within two years and that have an Investment Grade Rating. 
 “Material Adverse
Effect” means a material adverse effect on (i) the business, Property, financial condition or results of operations of the Loan Parties taken as a whole, (ii) the ability of the Loan Parties taken as a whole to perform their
obligations under the Loan Documents, or (iii) the validity or enforceability of any of the Loan Documents against any Loan Party or the rights or remedies of the Administrative Agent or the Lenders thereunder. 

“Material Indebtedness” is defined in Section 8.4. 

“Maximum Deductible Amount” is defined in Section 7.28.3. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 

“Mortgage Banking Business” means the business of issuing mortgage loans on residential properties (whether for purchase of homes or
refinancing of existing mortgages), purchasing and selling mortgage loans, issuing securities backed by mortgage loans, acting as a broker of mortgage loans and other activities customarily associated with mortgage banking and related businesses.

  
 17 

 “Mortgage Subsidiary” means any corporation, limited partnership, limited
liability company or business trust that is (a) organized on or after the Closing Date as a Mortgage Subsidiary or designated by the Company as a Mortgage Subsidiary on or after the Closing Date, (b) a Subsidiary of the Company and
(c) engaged in the Mortgage Banking Business. 
 “Multiemployer Plan” means a Plan maintained pursuant to a collective
bargaining agreement or any other arrangement to which the Company or any member of the Controlled Group is a party and to which more than one employer is obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including the Company or any member of the
Controlled Group) at least two of whom are not under common control, as such a plan is described in Sections 4063 and 4064 of ERISA. 

“New Term Lender” means an Additional Lender that, immediately prior to its purchase of the Term Loans of a Term Lender pursuant to
Section 2.20 or its issuance of Additional Term Loans pursuant to Section 2.18, was not a Term Lender hereunder. 
 “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of
Section 9.2 and (ii) has been approved by the Required Lenders. 

“Non-Designation” is defined in Section 10.13. 

“Non-Loan Parties” means members of the Toll Group or any Affiliate thereof, excluding the
Company, the Borrower and the Designated Guarantors. 
 “Non-U.S. Lender” means a Lender
that is not a “United States person” as defined in Section 7701(a)(30) of the Code. 
 “Notes” means the Term
Notes; and “Note” means any one of the Notes. 
 “Notice” is defined in Section 14.1(c). 

“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all accrued and unpaid fees and all
expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Lenders or to any Lender, the Administrative Agent or any indemnified party arising under the Loan Documents. 

“OECD” means the Organisation for Economic Co-operation and Development. 

“Officer’s Certificate” means a certificate signed by a Senior Executive of the Company. 

“Official Body” means any national, federal, state, local or other government or political subdivision or any agency, authority,
bureau, central bank, commission, department or instrumentality of any of the foregoing, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic. 

“Other Taxes” is defined in Section 3.5(b). 

  
 18 

 “Participant” is defined in Section 13.2.1(a). 

“Participant Register” is defined in Section 13.2.1(c). 

“PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into Law October 26, 2001)). 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Performance Letter of Credit” means (a) any Letter of Credit issued on behalf of a Loan Party in favor of a municipality or
any other Official Body, including without limitation, any utility, water or sewer authority, or other similar entity for the purpose of assuring such municipality, other Official Body, utility, water or sewer authority or similar entity that an
Affiliate of the Company will properly and timely complete work it has agreed to perform for the benefit of such municipality, other Official Body, utility, water or sewer authority or similar entity or (b) an Escrow Agreement. 

“Permitted Environmental Exception” means an exception set forth on an Environmental Certificate that a qualified independent
environmental consultant certifies can, in the judgment of such consultant, be cured by corrective action that would reasonably be expected to cost less than $10,000,000 to complete and that the Borrower certifies to the Lenders that it or another
Loan Party shall timely cure in accordance with applicable Environmental Laws. If the consultant cannot or does not determine and certify as to the cost of such corrective action, the exception shall not be a Permitted Environmental Exception. 

“Permitted Investments” means Investments that are (i) cash or Cash Equivalents, Marketable Securities and similar Investments;
(ii) accounts receivable and trade credit created, acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; (iii) Investments in a Guarantor or in a Person that will become
a Guarantor in connection with such Investment; (iv) loans to directors, officers, employees, agents, customers or suppliers in the ordinary course, including the financing to purchasers of homes and other residential properties from a Loan
Party; (v) Investments in Mortgage Subsidiaries; (vi) Investments in joint ventures (whether in partnership, corporate, limited liability company or other form); (vii) Investments in real estate and/or mortgages and/or receivables
secured by real estate including stock or partnership or membership interests in real estate related companies; (viii) loans to employees for the purpose of acquiring the Company’s stock; (ix) Financial Contracts permitted hereunder;
(x) Investments (including Special Investments) outstanding on the Amendment No. 4 Effective Date; (xi) other Investments in the ordinary course of business; and (xii) other Investments not included in clauses (i)-(xi) of this
definition which do not, in the aggregate, exceed 30% of Tangible Net Worth. 
 “Permitted Liens” means 

(i) Liens for taxes, assessments, or similar charges which are not yet due and payable or due but not yet delinquent and
pledges or deposits made in the ordinary course of business to secure payment of workmen’s compensation, or to participate in any fund in connection with workmen’s compensation, unemployment insurance, pensions or other social security
programs; 

  
 19 

 (ii) Statutory Liens, other Liens imposed by law and Liens of mechanics,
workmen, warehousemen, carriers, landlords and contractors, provided that the Liens permitted by this subsection (ii) have not been filed or, if such Liens have been filed, either (A) a stay of enforcement thereof has been obtained
within 60 days, (B) such Liens have been satisfied of record within 60 days after the date of filing thereof or (C) such Liens are being contested in good faith by appropriate proceedings and adequate reserves have been established
therefor in accordance with GAAP; 
 (iii) Liens granted or deposits made (A) by the Loan Parties in the ordinary course
of business to secure performance of bids, tenders, contracts (other than for the repayment of borrowed money), leases, development obligations, progress payments, government contracts, utility services, developer’s or other obligations to make
on-site or off-site improvements and other obligations of a like nature, or in conjunction with providing earnest money obligations, escrows or similar purpose
undertakings or indemnifications in the ordinary course of business of the Loan Parties; (B) by the Loan Parties in connection with or to secure statutory obligations and surety, appeal, indemnity, return of money, performance, completion,
payment or other similar bonds and letters of credit or other similar instruments, or (C) by third parties in favor of the Loan Parties pursuant to Agreements of Sale; 

(iv) Encumbrances consisting of zoning restrictions, development agreements, declarations, easements, rights of way, matters of
plat, defects or irregularities in title or other restrictions, charges or encumbrances on the use of real property, none of which materially impairs the intended use of such property or the value thereof, and none of which is violated in any
material respect by existing or proposed structures or land use; 
 (v) Liens, security interests and mortgages, if any, in
favor of the Administrative Agent for the benefit of the Lenders and Liens on cash, Cash Equivalents, Marketable Securities, deposit accounts, warehouse receipts and related goods and documents granted to the administrative agent or a lender under
the Existing Credit Agreement as security for the obligations of the Loan Parties under the Existing Credit Agreement Letters of Credit; 

(vi) Liens on cash, Cash Equivalents or Marketable Securities in favor of any Lender or other bank or financial institution
(including as agent) as security for the obligations of any Loan Party under Letters of Credit or other similar arrangements issued other than under the Existing Credit Agreement; provided that the sum of (i) availability under the
Existing Credit Agreement and (ii) unrestricted cash, Cash Equivalents and Marketable Securities of the Loan Parties shall not be less than $50,000,000 immediately after giving effect to the granting of such Lien; 

  
 20 

 (vii) Liens over a credit balance on a bank or deposit account or other
funds maintained with a creditor depository institution arising under the general business conditions of the bank or financial institution at which the account is held, including in any event under any credit card, purchasing card or similar
program; 
 (viii) Liens arising by virtue of any statutory, contractual or common law provisions relating to banker’s
liens, rights of setoff or similar rights as to deposit or other accounts; 
 (ix) Any Lien existing on the Amendment
No. 4 Effective Date and described on Schedule 3 hereto and any Lien securing a refinancing of the Indebtedness secured by a Lien described on Schedule 3, provided that the principal amount secured thereby is not hereafter increased
(other than by the amount of any premium and unpaid interest and reasonable fees and expenses relating to such renewal, refinancing or replacement financing) and no additional assets (except for improvements constructed on such assets in the normal
course of the Loan Parties’ business and other assets related to such assets which are customarily subject to liens and security interests in connection with transactions of this nature) become subject to such Lien unless such change would be
permitted under other provisions hereof; 
 (x) The following, (A) if the validity or amount thereof is being contested
in good faith by appropriate and lawful proceedings diligently conducted so long as the property subject to any such Liens is not yet subject to foreclosure or sale or as to which levy and execution thereon have been stayed and continue to be stayed
or (B) if a final judgment is entered and such judgment is discharged, stayed or bonded within thirty (30) days of entry: 

(1) Claims or Liens for taxes, assessments or charges due and payable including those subject to interest or penalty,
provided that the Loan Parties maintain such reserves and other appropriate provisions as shall be required by GAAP and pay all such taxes, assessments or charges forthwith upon the commencement of proceedings to foreclose any such Lien; or

 (2) Claims, Liens or encumbrances upon, and defects of title to, real or personal property, including any attachment of
personal or real property or other legal process prior to adjudication of a dispute on the merits; 
 (xi) Purchase money
security interests (including Capitalized Leases) in equipment acquired or deemed to be acquired; 
 (xii) Liens securing
(A) Permitted Purchase Money Loans and (B) Permitted Nonrecourse Indebtedness, in each case, as described in the definitions of such terms; 

(xiii) Liens securing additional Senior Indebtedness, provided such liens are either pari passu or subordinated to Liens
in favor of the Administrative Agent for the benefit of the Lenders; 
 (xiv) Liens on assets of Non-Loan Parties; 
 (xv) Liens on Investments in
Non-Loan Parties; 

  
 21 

 (xvi) Liens on Investments in Mortgage Subsidiaries; 

(xvii) Liens of a Loan Party which existed prior to such entity becoming a Loan Party (and were not incurred in anticipation of
becoming a Loan Party); 
 (xviii) Liens to which assets were subject prior to the acquisition of such assets by a Loan Party
(and were not incurred in anticipation of the acquisition of such assets); 
 (xix) Judgment liens that would not constitute
a Default under Section 8.8; 
 (xx) Liens securing community development district bonds, municipal utility district
bonds or similar bonds issued by any governmental authority to accomplish similar purposes and Liens incurred in connection with pollution control, industrial revenue, water, sewage or other public improvement bonds or similar bonds or tax increment
financing, in each case incurred in the ordinary course of business of the Loan Parties; 
 (xxi) Liens securing a Loan
Party’s obligations (not constituting Indebtedness) to third parties, in connection with joint development agreements with such third parties, to perform and/or pay for or reimburse the costs of construction and/or development related to or
benefiting the Loan Parties’ property and property belonging to such third parties, in each case incurred in the ordinary course of business of the Loan Parties; 

(xxii) Leases or subleases granted to others not materially interfering with the ordinary business of the Loan Parties taken as
whole; 
 (xxiii) Liens on unearned insurance premiums in connection with insurance premium financing in the ordinary course
of business; 
 (xxiv) Liens solely on any cash earnest money deposits made by any Loan Party in connection with any letter
of intent or purchase agreement with respect to any proposed acquisition by a Loan Party; 
 (xxv) Liens securing
Indebtedness incurred to renew, refinance or replace any Indebtedness secured by a Lien referred to in clauses (ix), (xi), (xvii) or (xviii); provided the amount of Indebtedness secured thereby is not increased (other than by the amount of
any premium and unpaid interest and reasonable fees and expenses relating to such renewal, refinancing or replacement financing) and the Liens do not attach to any additional assets; 

(xxvi) Liens securing other Indebtedness or obligations in an amount not in excess of $20,000,000 individually or $50,000,000
in the aggregate; and 
 (xxvii) Liens securing Permitted Recourse Indebtedness described in the definition of such term.

  
 22 

 “Permitted Nonrecourse Indebtedness” means Indebtedness for money borrowed that is
incurred by a Loan Party in a transaction for purposes of acquiring or improving or financing construction on real estate (or refinancings of such indebtedness) and that is secured solely by such real estate (including improvements thereon and other
assets related to such real estate which are customarily subject to liens and security interests in connection with transactions of this nature), provided that (a) (x) the aggregate principal amount of such Permitted Nonrecourse
Indebtedness does not exceed $250,000,000 per parcel of real estate subject to such acquisition, improvement, construction and/or refinancing, and (y) the aggregate principal amount of all such Permitted Nonrecourse Indebtedness outstanding at
any time, together with the aggregate principal amount of all Permitted Recourse Indebtedness outstanding at such time, does not exceed an amount equal to 20% of Consolidated Net Worth and (b) the liability of the Loan Parties for such
Permitted Nonrecourse Indebtedness is limited solely to the assets of the Loan Parties that secure such Permitted Nonrecourse Indebtedness (other than Customary Recourse Exceptions, completion guaranties, carry guaranties, debt service and operating
deficit guaranties and similar obligations or guaranties). 
 “Permitted Purchase Money Loans” means, collectively, Seller
Purchase Money Loans and Assumed Purchase Money Loans. 
 “Permitted Recourse Indebtedness” means Indebtedness for money borrowed
that is incurred by a Loan Party in a transaction for purposes of acquiring or improving or financing construction on real estate (or refinancings of such indebtedness) and that is secured solely by such real estate (including improvements thereon
and other assets related to such real estate which are customarily subject to liens and security interests in connection with transactions of this nature), provided that (a) the aggregate principal amount of such Permitted Recourse
Indebtedness does not exceed $250,000,000 per parcel of real estate subject to such acquisition, improvement, construction and/or refinancing and (b) the aggregate principal amount of all such Permitted Recourse Indebtedness outstanding at any
time, together with the aggregate principal amount of all Permitted Non-Recourse Indebtedness outstanding at such time, does not exceed an amount equal to 20% of Consolidated Net Worth. 

“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association,
enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 

“Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards
under Section 412 of the Code as to which the Company or any member of the Controlled Group may have any liability. 

“Platform” is defined in Section 14.1(b). 

“Preliminary Approval” means preliminary approval from required state and local governmental authorities and agencies of a Loan
Party’s preliminary development plan in accordance with provisions of the Pennsylvania Municipalities Planning Code or its equivalent in any other applicable jurisdiction in which such Loan Party is doing business such that in each instance
there is vested in such Loan Party the right to develop such real estate for residential purposes substantially in accordance with the intentions of such Loan Party, subject only to obtaining such additional approvals which do not impose on such
Loan Party any material burdens that are not usual and customary for a development of such type and with respect to which the applicable Loan Party reasonably expects final approval to be obtained. 

  
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 “Pricing Schedule” means the Schedule attached hereto identified as such. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by the Administrative Agent as its
“prime” rate in effect at its principal office, each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Prohibited Transaction” means a “prohibited transaction” within the meaning of Section 406 of ERISA or
Section 4975 of the Code for which neither a statutory exemption, an individual exemption nor a class exemption has been issued by the United States Department of Labor. 

“Property” means any and all property, whether real, personal, tangible, intangible, or mixed, of a Loan Party, or other assets
owned, leased or operated by a Loan Party. 
 “PTE” means a prohibited transaction class exemption issued by the U.S. Department
of Labor, as any such exemption may be amended from time to time. 
 “Purchaser” is defined in Section 13.3.1. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” is defined in Section 10.16. 

“Qualified Bank” means (a) any Lender or any Affiliate of a Lender, (b) a bank that has, or is a wholly-owned subsidiary
of a corporation that has, (i) an unsecured long-term debt rating of not less than BBB+ from S&P or Baa1 from Moody’s (or not less than BBB+ from S&P and Baa1 from Moody’s if both agencies issue ratings of its unsecured
long-term debt) and (ii) if its unsecured short-term debt is rated, an unsecured short-term debt rating of not less than A2 from S&P or P2 from Moody’s (or not less than A2 from S&P and P2 from Moody’s if both agencies issue
ratings of its unsecured short-term debt) or (c) in connection with the initial syndication of the Initial Term Loans, the 2018 Additional Term Loans or any Additional Term Loans, any other bank approved by the Borrower and the Administrative
Agent, such approval not to be unreasonably withheld or delayed. For the avoidance of doubt, none of the Borrower, the Company or any of their respective Affiliates or Subsidiaries may be a Qualified Bank for purposes of this Agreement. 

“Ratable Borrowing Notice” is defined in Section 2.2.3. 

“Rate Option” means the Alternate Base Rate, the Eurodollar Rate or the Federal Funds/Euro-Rate. 

“Rate Option Notice” is defined in Section 2.2.4. 

  
 24 

 “Rating Agencies” means S&P, Moody’s and Fitch; each a “Rating
Agency.” 
 “Register” is defined in Section 13.3.2. 

“Regulated Substances” means any pollutant, contaminant, waste, chemical or substance, including without limitation, Solid Waste,
asbestos, asbestos containing material, mold and radon gas, the generation, manufacture, processing, distribution, treatment, storage, Release or threat of Release, transport, recycling, reclamation, use, reuse or other management or mismanagement
of which is regulated by the Environmental Laws. 
 “Regulation D” means Regulation D of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any
successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System. 

“Related Parties” means, with respect to any Person, such Person’s Affiliate and the partners, directors, officers, employees,
agents, representatives and advisors of such Person and of such Person’s Affiliates. 
 “Release” means any release, spill,
emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injecting or leaching into the Environment, or into, from or through any structure or facility. 

“Remediation Adjustment” means, with respect to any Environmentally Approved Land that is subject to a Permitted Environmental
Exception, an amount equal to 150% of the estimated remaining costs to complete remediation necessary to cure such exception. 

“Replacement Lender” means a Qualified Bank (approved by the Administrative Agent, which approval shall not be unreasonably withheld
or delayed) or an existing Lender that elects, upon request by the Borrower, to purchase the Term Loans of another Lender pursuant to Section 2.20. 

“Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such section,
with respect to a Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event. 

“Required Lenders” means, at any time, Lenders whose Term Loans (in the aggregate) equal or exceed a majority of the Term Loans (in
the aggregate) of all of the Lenders outstanding at such time. 

  
 25 

 “S&P” means S&P Global Ratings, a division of S&P Global Inc., or any
successor thereto. 
 “Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any
Sanctions (on the Amendment No. 4 Effective Date, Cuba, Iran, North Korea, Syria and the Crimean region of the Ukraine). 

“Sanctioned Person” means, at any time, (a) any Person listed in any publicly-available Sanctions-related list of designated
Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or
controlled by any such Person or Persons. 
 “Sanctions” means economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State. 

“Schedule” refers to a specific schedule to this Agreement, unless another document is specifically referenced. 

“SEC” means the Securities and Exchange Commission. 

“Section” means a numbered section of this Agreement, unless another document is specifically referenced. 

“Seller Purchase Money Loans” means at any time outstanding, either (a) purchase money loans made to a Loan Party by the seller
of improved or unimproved real estate in a single or separate transactions for the exclusive purpose of acquiring, improving or construction on such real estate and secured by a mortgage or deed of trust Lien on such real estate or (b) any
amendment, modification, extension or refinancing of such loans, provided that with respect to the loans, as amended, modified, extended or refinanced (i) the aggregate principal amount thereof shall not exceed the purchase price of the
real estate purchased, and (ii) such loans and refinancing shall not be secured by any assets of any Loan Party other than those initially purchased by the applicable Loan Party and improvements and construction thereon and other assets related
to such real estate which are customarily subject to liens and security interests in connection with transactions of this nature in the normal course of the Loan Parties’ homebuilding business. 

“Senior Executive” means the Chairman of the Board, President, Executive Vice President, Chief Financial Officer, Chief Accounting
Officer or General Counsel of any Loan Party. 
 “Senior Indebtedness” means at any time, on a consolidated basis for the Loan
Parties, Total Indebtedness, less Subordinated Indebtedness. 

  
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 “Single Employer Plan” means a Plan maintained by the Company or any member of the
Controlled Group for employees of the Company or any member of the Controlled Group and no other employer. 
 “Solid Waste” means
any garbage, refuse or sludge from any waste treatment plant, water supply plant or air pollution control facility generated by activities on the Property, and any unpermitted Release into the environment or the work place of any material as a
result of activities on the Property, including without limitation, scrap and used Regulated Substances. 
 “Special Investments”
means, at any time (but without duplication) all Investments by Loan Parties in Non-Loan Parties (other than Mortgage Subsidiaries), including, after its Conversion, any
Non-Loan Party that was a Designated Guarantor prior to its Conversion. The amount of such Investments shall include, without limitation, the book value of stocks, partnership interests, notes or other
securities, and the amount of loans, guaranties and recourse contingent obligations, and contributions of capital. For the sake of clarity, any Investment by a Loan Party in a Non-Loan Party that subsequently
becomes a Designated Guarantor shall cease to be considered a Special Investment upon such designation, subject to the provisions in the first sentence of this definition relating to the conversion of a Designated Guarantor to a Non-Loan Party. 
 “SRH” means SunTrust Robinson Humphrey, Inc., a Delaware corporation. 

“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 to which the Administrative Agent 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 percentages shall include those imposed pursuant to such Regulation D. Eurodollar
Ratable Loans and Floating Rate Loans bearing interest at the Federal Funds/Euro Rate shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements. The Statutory Reserve Rate shall be adjusted automatically on
and as of the effective date of any change in any reserve percentage. 
 “Subordinated Indebtedness” means, with respect to the
Loan Parties, the existing subordinated Indebtedness described on Schedule 4 and any other unsecured Indebtedness subordinated under terms as favorable to the Lenders as the terms of the subordination governing the Indebtedness described on Schedule
4 or otherwise on market terms reasonably acceptable to the Administrative Agent; provided that the Administrative Agent shall have received an Officer’s Certificate to such effect by a responsible officer of the Company. 

“Subordinated Loan Documents” means at any time the agreements and other documents then governing the Subordinated Indebtedness.

 “Subsidiary” with respect to a Person means (i) any corporation more than 50% of the outstanding securities having
ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such 

  
 27 

 
Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership
interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Company. 

“Substantial Portion” means, with respect to the Property of the Company and its Subsidiaries, Property which represents more than
10% of the consolidated assets of the Company and its Subsidiaries as would be shown in the consolidated financial statements of the Company and its Subsidiaries as at the beginning of the period of four consecutive fiscal quarters ending with the
fiscal quarter in which such determination is made. 
 “SunTrust” means SunTrust Bank, in its individual capacity, and its
successors. 
 “Supplemental Administrative Agent” is defined in Section 11.9(a). 

“Supplemental Guaranty” means a “Supplemental Guaranty” in the form provided for and as defined in the Guaranty Agreement.

 “Supported QFC” is defined in Section 10.16. 

“Tangible Net Worth” means at any time Consolidated Net Worth less the sum of (a) intangible assets (as determined in
accordance with GAAP), (b) Excess Investments and (c) Investments in Mortgage Subsidiaries. The amount of Investments in Mortgage Subsidiaries shall include, without limitation, the book value of stocks, partnership interests, notes or
other securities and the amount of loans, guaranties and recourse contingent obligations, and contributions of capital. 
 “Taxes”
means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings (including backup withholdings), assessments, fees or other charges imposed by any governmental authority, and any and all liabilities with
respect to the foregoing, including any interest, additions to tax or penalties applicable thereto. 
 “Term Advance” means a
borrowing hereunder (or conversion or continuation thereof) consisting of the aggregate amount of the several Initial Term Loans, 2018 Additional Term Loans and Additional Term Loans (if any) made by the Term Lenders to the Borrower at the same
time, and (except as otherwise provided in Section 3.3) at the same Rate Option, and, in the case of Eurodollar Ratable Advances, for the same Interest Period. 

“Term Declining Lender” is defined in Section 2.17. 

“Term Declining Lender’s Termination Date” is defined in Section 2.17. 

“Term Lenders” means the lending institutions identified on Schedule 2 to Amendment No. 3 as having a Term Loan Commitment
and/or a 2018 Additional Term Loan Commitment and, from and after the respective dates of their Additional Term Loans, any New Term Lenders, and the respective successors and permitted assigns of any of the foregoing. 

  
 28 

 “Term Loan” means a Loan made by a Term Lender under the Term Loan Facility. 

“Term Loan Commitment” means Initial Term Loan Commitments, 2018 Additional Term Loan Commitments and any Additional Term Loan
Commitments. As of the Amendment No. 3 Effective Date, the aggregate principal amount of Term Loan Commitments was equal to $800,000,000, as set forth on Schedule 2 to Amendment No. 3. 

“Term Loan Facility” is defined in Section 2.1.1(a) and shall include the 2018 Additional Term Loans and any Additional Term
Loans. 
 “Term Loan Facility Limit” means $1,500,000,000. 

“Term Loan Facility Maturity Date” means November 1, 2024, any later date as may be specified as the Term Loan Facility
Maturity Date in accordance with Section 2.17 or any earlier date on which all Term Loans become due or are declared due in accordance herewith or are paid in full. 

“Term Loan Ratable Share” means, with respect to any Term Lender on any date, the ratio of (a) the amount of such Lender’s
outstanding Term Loans to (b) the aggregate amount of the outstanding Term Loans of all Term Lenders. 
 “Term Note” means a
promissory note, in substantially the form of Exhibit A hereto, duly executed by the Borrower and payable to a Term Lender (or its registered assigns) in the amount of its Term Loans, including any amendment, modification, renewal or replacement of
such promissory note. 
 “Toll Group” means the Company, the Borrower and all other Subsidiaries of the Company. 

“Total Indebtedness” means at any time all Indebtedness of the Loan Parties on a consolidated basis. 

“Transferee” is defined in Section 13.4. 

“Type” means, with respect to any Term Advance under the Term Loan Facility, its nature as an ABR Advance, Eurodollar Ratable
Advance or Federal Funds/Euro-Rate Advance. 
 “U.S. Special Resolution Regimes” is defined in Section 10.16 

“U.S. Tax Compliance Certificate” is defined in Section 3.5(d)(2)(B)(iii). 

“Unfunded Liabilities” means the amount (if any) by which the present value of all vested and unvested accrued benefits under all
Single Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans using PBGC actuarial assumptions for single employer plan terminations.

  
 29 

 “Unmatured Default” means an event that but for the lapse of time or the giving of
notice, or both, would constitute a Default. 
 “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the
outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such
Person, or (ii) any partnership, limited liability company, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU
Bail-In Legislation Schedule. 
 The foregoing definitions shall be equally applicable to both the
singular and plural forms of the defined terms. 
 1.2 Other Definitional Provisions, etc. 

(a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan
Documents or any certificate or other document made or delivered pursuant hereto or thereto. 
 (b) For all purposes under the Loan
Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized on the first date of its existence by the holders of its Equity Interests at such time. 
 ARTICLE II 

THE CREDITS 
 2.1 The
Term Loan Facility. 
 2.1.1 Term Loan Facility. 

(a) The Term Lenders grant to the Borrower a term loan facility (the “Term Loan Facility”) pursuant to which, and upon the terms and
subject to the conditions herein set forth, each Term Lender severally agrees to make to the Borrower on the Closing Date a Term Loan or Term Loans in an aggregate amount equal to such Term Lender’s Initial Term Loan Commitment on such date.
The Term Loan Facility shall include the 2018 Additional Term Loans and any Additional Term Loans. Such Term Loan or Term Loans shall be made in accordance with Section 2.2 and, if applicable, Section 2.18. Amounts borrowed under this
Section 2.1.1 or Section 2.18 and repaid or prepaid may not be reborrowed. 

  
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 (b) Upon the terms and subject to the conditions set forth in Amendment No. 3, each
2018 Additional Term Loan Lender severally agrees to make to the Borrower on the Amendment No. 3 Effective Date a 2018 Additional Term Loan or 2018 Additional Term Loans in an aggregate amount equal to such 2018 Additional Term Loan
Lender’s 2018 Additional Term Loan Commitment on such date. Such 2018 Additional Term Loan or 2018 Additional Term Loans shall be made in accordance with Section 2.2. Amounts borrowed under this Section 2.1.1(b) and repaid or prepaid
may not be reborrowed. 
 (c) Any outstanding Term Advances and all other unpaid Obligations shall be paid in full by the Borrower on the
Term Loan Facility Maturity Date. 
 2.1.2 Mandatory Termination of Commitments. The Initial Term Loan Commitments shall terminate
upon funding of such Loans on the Closing Date. The 2018 Additional Term Loan Commitments shall terminate upon funding of such 2018 Additional Term Loans on the Amendment No. 3 Effective Date. Any Additional Term Loan Commitments shall
terminate upon funding such Loans on the applicable Additional Term Loan Effective Date. 
 2.1.3 Payment. At any time that there
exists a breach of the covenant set forth in Section 7.28.2, the Borrower shall immediately pay to the Administrative Agent, the administrative agent under the Existing Credit Agreement and/or other holders of Senior Indebtedness, as a payment
of either the Term Loans, the “Revolving Credit Advances” (as defined in the Existing Credit Agreement) or such other Senior Indebtedness, such amount (not to exceed the sum of the outstanding Term Loans, the “Revolving Credit
Advances” (as defined in the Existing Credit Agreement) and such other Senior Indebtedness) necessary to cure such breach, which, in the case of payments of the Term Loans, shall be applied against such Term Loans in accordance with
Section 2.10. 
 2.2 Term Advances. 

2.2.1 Term Advances. Each Term Advance hereunder shall consist of borrowings made from the several Lenders under the Term Loan Facility
in their respective Term Loan Ratable Shares thereof. 
 2.2.2 Ratable Advance Rate Options. The Term Advances may be ABR Advances,
Federal Funds/Euro-Rate Advances or Eurodollar Ratable Advances, or a combination thereof, selected by the Borrower in accordance with Section 2.2.3. No Term Advance may mature after the Term Loan Facility Maturity Date. 

2.2.3 Method of Selecting Rate Options and Interest Periods for Term Advances. The Borrower shall select the Rate Option and, in the
case of each Eurodollar Ratable Advance, the Interest Period applicable thereto, from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Ratable Borrowing Notice”) not later than 11:00 a.m. (New York
time), (x) on the Borrowing Date of each Floating Rate Advance and (y) at least three Business Days prior to the Borrowing Date of each Eurodollar Ratable Advance. A Ratable Borrowing Notice shall specify: 

(i) the Borrowing Date, which shall be a Business Day, of such Term Advance; 

  
 31 

 (ii) the aggregate amount of such Term Advance; 

(iii) the Rate Option selected for such Term Advance; and 

(iv) in the case of each Eurodollar Ratable Advance, the Interest Period applicable thereto (which shall be subject to the
limitations set forth in Section 2.2.6). 
 2.2.4 Conversion and Continuation of Outstanding Term Advances. Each Floating Rate
Advance under the Term Loan Facility shall continue as a Floating Rate Advance of that Type unless and until such Floating Rate Advance is either converted into the other Type of Floating Rate Advance or a Eurodollar Ratable Advance in accordance
with this Section 2.2.4 or is prepaid in accordance with Section 2.6. Each Eurodollar Ratable Advance under the Term Loan Facility shall continue as a Eurodollar Ratable Advance of such Type until the end of the then applicable Interest
Period therefor, at which time such Eurodollar Ratable Advance shall, subject to Section 3.3(b), be automatically converted into a Federal Funds/Euro-Rate Advance under the Term Loan Facility unless such Eurodollar Ratable Advance shall have
been either (a) prepaid in accordance with Section 2.6, (b) continued as a Eurodollar Ratable Advance of the same or a different Type for the same or another Interest Period in accordance with this Section 2.2.4 or
(c) converted into an ABR Advance in accordance with this Section 2.2.4. Subject to the terms of Sections 2.5 and 3.3(b), the Borrower may elect from time to time to convert and/or continue the Rate Option applicable to all or any part of
a Term Advance into another Rate Option; provided, that any conversion or continuation of any Eurodollar Ratable Advance shall be made on, and only on, the last day of the Interest Period applicable thereto. The Borrower shall give the
Administrative Agent irrevocable notice (a “Rate Option Notice”) of each conversion of a Floating Rate Advance under the Term Loan Facility into the other Type of Floating Rate Advance or into a Eurodollar Ratable Advance, or continuation
of a Eurodollar Ratable Advance or the conversion of a Eurodollar Ratable Advance, not later than 11:00 a.m. (New York time) (x) on the Business Day of the conversion of a Floating Rate Advance into the other Type of Floating Rate Advance or
the conversion of a Eurodollar Ratable Advance into an ABR Advance or a Federal Funds/Euro-Rate Advance or (y) at least three Business Days prior to the date of the requested conversion or continuation of a Term Advance into a Eurodollar
Ratable Advance, specifying: 
 (i) the requested date, which shall be a Business Day, of such conversion or continuation;

 (ii) the aggregate amount and Rate Option applicable to the Term Advance which is to be converted or continued; and 

(iii) the amount and Rate Option(s) of Term Advance(s) into which such Term Advance is to be converted or continued and, in the
case of a conversion into or continuation of a Eurodollar Ratable Advance, the duration of the Interest Period applicable thereto (which shall be subject to the limitations set forth in Section 2.2.6). 

2.2.5 Limitations. Term Advances under the Term Loan Facility shall be subject to the applicable limitations set forth in
Section 2.5. 

  
 32 

 2.2.6 Interest Period. The Interest Period of a Eurodollar Ratable Advance may not
end later than the Term Loan Facility Maturity Date. 
 2.3 Reserved. 

2.4 Reserved. 
 2.5
Minimum Amount of Each Term Advance; Maximum Number of Term Advances. Each Eurodollar Ratable Advance shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof), and each Floating Rate Advance shall be
in the minimum amount of $1,000,000 (and in multiples of $1,000,000 if in excess thereof). There shall be no more than ten (10) Eurodollar Ratable Advances outstanding under the Term Loan Facility (in the aggregate) at any time. 

2.6 Optional Principal Payments. The Borrower may from time to time pay, without penalty or premium, all outstanding Floating Rate
Advances under the Term Loan Facility, or, in a minimum aggregate amount of $1,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the outstanding Floating Rate Advances under the Term Loan Facility upon one Business
Day’s prior notice to the Administrative Agent. The Borrower may from time to time pay, upon three Business Days’ prior notice to the Administrative Agent, subject to the payment of any funding indemnification amounts required by
Section 3.4 but without penalty or premium, (i) all of a Eurodollar Ratable Advance under the Term Loan Facility, or (ii) in a minimum aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof (and
provided such payment would not reduce the outstanding principal amount of such Eurodollar Ratable Advance under the Term Loan Facility to less than $5,000,000) any portion of a Eurodollar Ratable Advance under the Term Loan Facility. Optional
prepayments pursuant to this Section 2.6 made by the Borrower shall be applied to the Term Advances designated by the Borrower, provided such prepayments shall be allocated among the Lenders based on their pro rata shares of such Term
Advances. 
 2.7 [Reserved]. 

2.8 Changes in Interest Rate, Etc. Each Floating Rate Advance shall bear interest on the outstanding principal amount thereof, for each
day from and including the date such Term Advance is made or is automatically converted from a Eurodollar Ratable Advance into a Floating Rate Advance pursuant to Section 2.2.4, to but excluding the date it is paid or is converted into a
Eurodollar Ratable Advance pursuant to Section 2.2.4 or to a Floating Rate Advance of the other Type, at a rate per annum equal to (i) the Alternate Base Rate for such day (in the case of ABR Advances) or (ii) the Federal
Funds/Euro-Rate for such day (in the case of Federal Funds/Euro-Rate Advances). Changes in the rate of interest on that portion of any Term Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the
applicable Floating Rate. Each Eurodollar Ratable Advance shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest
Period at the interest rate applicable to such Eurodollar Ratable Advance. No Interest Period may end after the Term Loan Facility Maturity Date. 

  
 33 

 2.9 Rates Applicable After Default, Past Due Amounts. Notwithstanding anything to the
contrary contained in Section 2.2, during the continuance of a Default or Unmatured Default (except for (a) Unmatured Defaults that will be cured, and that the Borrower certifies will be cured, by the use of the proceeds of a revolving
credit advance under the Existing Credit Agreement that the Borrower has requested thereunder or by the use of the proceeds of a loan or advance or by the issuance, amendment or extension of an Existing Credit Agreement Letter of Credit that the
Borrower has requested under the Existing Credit Agreement or (b) Unmatured Defaults (other than the failure to pay any Obligations hereunder) that are not reasonably likely to have a Material Adverse Effect and that the Borrower certifies that
it reasonably expects to cure before the date on which the same becomes a Default),the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision
of Section 9.2 requiring unanimous consent of the Lenders under the Term Loan Facility to changes in interest rates under the Term Loan Facility), declare that no Term Advance may be converted into or continued (after the then applicable
Interest Period therefor) as a Eurodollar Ratable Advance. 
 If any principal of or interest on any Term Advance or any fee or other amount
payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, until such amount shall have been paid in full (including
default interest under this Section 2.9) at a rate per annum equal to (i) in the case of overdue principal or interest of any Term Advance, 2% plus the rate otherwise applicable to such Term Advance as provided herein or (ii) in the
case of any other amount, 2% plus the rate applicable to ABR Advances. 
 2.10 Method and Allocation of Payments. 

(a) All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the
Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIV, or at any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower, by 1:00 p.m. (New
York time) on the date when due. Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received
at its address specified pursuant to Article XIV or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender. The Administrative Agent is hereby authorized to charge the account of the Borrower
maintained with SunTrust for each payment of principal, interest and fees as it becomes due hereunder. 
 (b) Payments of principal and
interest on Term Loans received by the Administrative Agent shall be allocated among the Lenders under the Term Loan Facility based on their pro rata shares of such Term Advances paid. 

(c) [Reserved]. 
 (d)
[Reserved]. 

  
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 (e) If the Administrative Agent receives payments on any Business Day of any amounts payable
to any Lender hereunder and fails to pay such amount to such Lender (i) on or before the close of business on such day if such payment was received by 1:00 p.m. (New York time) on such day or (ii) on or before the next succeeding Business
Day if such payment was received after 1:00 p.m. (New York time) on such day of receipt, the Administrative Agent shall pay to such Lender interest on such unpaid amount at the Federal Funds Effective Rate until such amount is so paid to such
Lender. 
 2.11 Noteless Agreement; Evidence of Indebtedness. 

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such
Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(b) The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made hereunder and the Rate
Option and Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 
 (c) The entries maintained in the accounts
maintained pursuant to Sections 2.11(a) and (b) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided however that the failure of the Administrative Agent or any Lender to
maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms. 

(d) Any Lender may request that its Term Loans be evidenced by a Term Note. In such event, the Borrower shall prepare, execute and deliver to
such Lender the applicable Note or Notes payable to such Lender (or its registered assigns) in a form supplied by the Administrative Agent. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (including after any
assignment pursuant to Section 13.3) be represented by one or more Notes payable to the payee named therein or any assignee pursuant to Section 13.3, except to the extent that any such Lender or assignee subsequently returns any such Note
for cancellation and requests that such Loans once again be evidenced as described in Sections 2.11(a) and (b) above. 
 2.12
Telephonic Notices. The Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or continue Term Advances, effect selections of Rate Options and to transfer funds based on telephonic notices made by any person
or persons the Administrative Agent or any Lender in good faith believes to be an Authorized Officer acting on behalf of the Borrower. The Borrower agrees to deliver promptly to the Administrative Agent a written confirmation, if such confirmation
is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Administrative Agent and the Lenders, the
records of the Administrative Agent and the Lenders shall govern absent manifest error. 

  
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 2.13 Interest Payment Dates: Interest and Fee Basis. Interest accrued on each
Floating Rate Advance shall be payable on the first date of each calendar month, commencing with the first such date to occur after the date hereof. Interest accrued on each Eurodollar Ratable Advance shall be payable on the last day of its
applicable Interest Period, on any date on which the Eurodollar Ratable Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar Ratable Advance having an Interest Period longer than three
months shall also be payable on the first day of each calendar quarter during such Interest Period. Interest and fees under this Agreement shall be calculated for actual days elapsed on the basis of a 360-day
year except that interest on Floating Rate Advances shall be calculated for actual days elapsed on the basis of a 365-day (or, if applicable, 366-day) year. Interest
shall be payable for the day a Term Advance is made but not for the day of any payment on the amount paid if payment is received prior to 1:00 p.m. (New York time) at the place of payment. If any payment of principal of or interest on a Term Advance
shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such
payment. 
 2.14 Notification of Term Advances, Interest Rates and Prepayments. Promptly after receipt thereof, (a) the
Administrative Agent will notify each Term Lender of the contents of each notice in respect of a prepayment of Term Loans under Section 2.6 and (b) the Administrative Agent shall notify each Term Lender of each Ratable Borrowing Notice,
Rate Option Notice and repayment notice received by the Administrative Agent with respect to the Term Loan Facility. The Administrative Agent will notify each Lender under the Term Loan Facility of the interest rate applicable to each Eurodollar
Ratable Advance under the Term Loan Facility promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate. 

2.15 Lending Installations. Each Lender may book its Loans under the Term Loan Facility at any Lending Installation selected by such
Lender and may change its Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the applicable Loans and Notes issued hereunder shall be deemed held by each Lender for the benefit of
such Lending Installation. Each Lender may, by written notice to the Administrative Agent and the Borrower in accordance with Article XIV, designate replacement or additional Lending Installations through which Loans under the Term Loan Facility
will be made by it and for whose account Loan payments under the Term Loan Facility are to be made. 
 2.16
Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the case may be, notifies the Administrative Agent prior to the date, or time of day in the case of same-day borrowings, on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal,
interest or fees to the Administrative Agent for the account of any of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be
obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of
such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available 

  
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together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative
Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan.

 2.17 Extension of Term Loan Facility Maturity Date. Notwithstanding anything to the contrary in this Agreement, the Borrower may
request, but not more than once in each fiscal year of the Borrower and on no more than three occasions in the aggregate after the Amendment No. 4 Effective Date, an extension of the Term Loan Facility Maturity Date by submitting a request for
an extension to the Administrative Agent (an “Extension Request”). The Extension Request must specify the new Term Loan Facility Maturity Date requested by the Borrower with respect thereto (“Extension Date”), which shall be not
more than five years after the effective date of the amendment to this Agreement establishing such Extension Date (the “Extension Effective Date”). The Extension Request shall be accompanied by a certificate, signed by the chief financial
officer, controller, chief accounting officer or treasurer of the Borrower, stating that on the date of the Extension Request, no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in
Article VI are true and correct in all material respects (except (i) to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and
correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects). On the Extension Effective Date,
the Borrower shall deliver a certificate, signed by the chief financial officer, controller, chief accounting officer or treasurer of the Borrower, stating that on the Extension Effective Date, no Default or Unmatured Default has occurred and is
continuing and that all of the representations and warranties in Article VI are true and correct in all material respects (except (i) to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case
such representation or warranty shall have been true and correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which case said representations and warranties are true and
correct in all respects). Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender under the Term Loan Facility of the contents thereof and shall request that each Lender under the Term Loan Facility approve
the Extension Request (which approval may be given or withheld by each Lender in its sole discretion). If an Extension Request requests an extension of the Term Loan Facility Maturity Date, a Lender may, at its election, approve or deny an extension
of the Term Loan Facility Maturity Date (it being understood that no Lender shall be under any obligation to approve an extension of the Term Loan Facility Maturity Date). Each Lender approving an Extension Request shall deliver its written approval
no later than 25 days following such Extension Request (or such longer or shorter period as shall be agreed by the Borrower and the Administrative Agent (such period, the “Extension Period”)). If written approval of the Required Lenders is
not received by the Administrative Agent within such Extension Period, the Extension Request shall be denied. If such written approval of the Required Lenders under the Term Loan Facility is received by the Administrative Agent within such Extension
Period, the Term Loan Facility Maturity Date shall be extended to the Extension Date, but only with respect to the Term Advances of the Lenders under the Term Loan Facility that have given such written approval. Except to the extent that a Lender
that did not give its written approval to such Extension Request under the Term Loan Facility that has been approved 

  
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in accordance with this Section 2.17 (each a “Term Declining Lender”) is replaced prior to its Term Declining Lender’s Termination Date as provided in Section 2.20 or
such Term Declining Lender subsequently elects to extend the Term Loan Facility Maturity Date of its Term Advances, (a) the Current Term Advance Amount shall be decreased by the aggregate principal amount of Term Advances of each such Term
Declining Lender on (and the Current Term Advance Amount shall decrease effective as of) the Term Loan Facility Maturity Date, as determined prior to such Extension Request (the “Term Declining Lender’s Termination Date”), or the date
that the Term Advances of such Term Declining Lender are terminated in accordance with Section 2.21, as the case may be and (b) the Loans and all interest, fees and other amounts owed to such Term Declining Lender under the Term Loan
Facility with respect to which it is a Term Declining Lender shall be paid in full on each such Term Declining Lender’s Termination Date or as otherwise provided in Section 2.21. 

2.18 Additional Term Loans. 

(a) The Borrower may, at any time and from time to time after the Amendment No. 4 Effective Date, by notice to the Administrative Agent,
request an increase in the Term Loan Facility (“Additional Term Loans”) (within the limitations herein provided), which notice shall set forth the amount of such requested borrowing of Additional Term Loans. The Additional Term Loans may
be effected by having one or more New Term Lenders become Lenders under the Term Loan Facility and/or by having any one or more of the then existing Lenders under the Term Loan Facility (at their respective election in their sole discretion) that
have been approved by the Borrower, the Administrative Agent and the Company (such approval by the Administrative Agent not to be unreasonably withheld or delayed), provide Additional Term Loans, provided that (i) each borrowing of
Additional Term Loans shall be in an amount not less than $5,000,000, (ii) on the applicable Additional Term Loan Effective Date, after giving effect to the borrowing of Additional Term Loans, the Current Term Advance Amount shall not exceed
the Term Loan Facility Limit, (iii) no Unmatured Default or Default exists or would exist after giving effect to the Facility Increase, (iv) all financial covenants set forth in Section 7.28 would be satisfied on a pro forma basis for
the most recent determination period, after giving effect to such borrowing of Additional Term Loans as if it occurred on the last day of such determination period and (v) any Additional Term Loans shall be on the terms and pursuant to the
documentation applicable to the Term Loans under the Term Loan Facility immediately prior to the borrowing of such Additional Term Loans. 

(b) As a condition to the borrowing of Additional Term Loans, (i) the Borrower and each Additional Lender shall have executed and
delivered a commitment and acceptance (the “Commitment and Acceptance”) substantially in the form of Exhibit B hereto and the Administrative Agent shall have accepted and executed the same (such acceptance and execution by the
Administrative Agent not to be unreasonably withheld or delayed); (ii) if requested by an Additional Lender, the Borrower shall have executed and delivered to the Administrative Agent the applicable Note payable to such Additional Lender (or
its registered assigns); (iii) the Guarantors shall have consented in writing to the borrowing of Additional Term Loans and shall have agreed that their Guaranty Agreements continue in full force and effect with respect to the Term Loan
Facility after giving effect to such borrowing of Additional Term Loans; (iv) the Borrower and each Additional Lender shall otherwise have executed and delivered such other instruments and documents as the Administrative Agent shall have
reasonably requested in 

  
 38 

 
connection with such borrowing of Additional Term Loans; (v) if requested by the Administrative Agent, the Borrower shall have delivered to the Administrative Agent opinions of counsel
(substantially similar to the forms of opinions provided for in Section 5.1 (viii), modified to apply to the borrowing of Additional Term Loans and to each Note, Commitment and Acceptance, and other documents executed and delivered in
connection with such borrowing of Additional Term Loans); and (vi) a Ratable Borrowing Notice in accordance with Section 2.2.3 or as otherwise agreed among the Borrower, the Administrative Agent and the Additional Lenders. The form and
substance of the documents required under clauses (i) through (v) above shall be acceptable to the Administrative Agent in its reasonable discretion. The Administrative Agent shall promptly provide written notice to all of the Lenders hereunder
of any borrowings of Additional Term Loans. 
 (c) Upon the effective date of any borrowing of Additional Term Loans pursuant to the
provisions hereof (the “Additional Term Loan Effective Date”), which Additional Term Loan Effective Date shall be mutually agreed upon by the Borrower, each applicable Additional Lender and the Administrative Agent, then: (A) on such
Additional Term Loan Effective Date, each Additional Lender under the Term Loan Facility shall advance its Additional Term Loan, which shall be combined with the other outstanding Term Advances and converted into one or more Term Advances under the
Term Loan Facility; (B) on such Additional Term Loan Effective Date, the Borrower shall pay all costs (if any) payable under Section 3.4 resulting from the termination of any Eurodollar Ratable Advances under the Term Loan Facility prior
to the last day of the applicable Interest Period; and (C) such Additional Lender under the Term Loan Facility shall have all of the rights and obligations of a Term Lender hereunder on and after such Additional Term Loan Effective Date. 

(d) [Reserved]. 
 (e) For
the avoidance of doubt, any borrowing of Additional Term Loans pursuant to the provisions of this Section 2.18 shall not require the consent of any Lender other than the applicable Additional Lenders. Nothing contained herein shall constitute,
or otherwise be deemed to be, a commitment or agreement on the part of any Lender to make an Additional Term Loan hereunder at any time or a commitment or agreement on the part of the Borrower or the Administrative Agent to give or grant any Lender
the right to make an Additional Term Loan hereunder at any time. 
 2.19 [Reserved]. 

2.20 Replacement of a Lender. If a Lender (“Affected Lender”) (a) sustains or incurs a loss or expense or reduction of
income and requests reimbursement therefor from the Borrower pursuant to Section 3.1, 3.2, 3.4 or 3.5, (b) determines that maintenance of any of its Eurodollar Loans at a suitable Lending Installation would violate any applicable Law or it
is otherwise impossible for such Lender (or its Lending Installation) to make, maintain or fund its Eurodollar Loan and so notifies the Administrative Agent pursuant to Section 3.3 or (c) is a Term Declining Lender or a Non-Consenting Lender, the Borrower may on or after the date on which the Borrower receives such request (in the case of clause (a) above) or after the date on which the Administrative Agent gives the Borrower
notice of the Administrative Agent’s receipt of the notice from such Lender under Section 3.3 (in the case of clause (b) above) or at any time prior 

  
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to such Term Declining Lender’s Termination Date (in the case of clause (c) above) or at any time after the date that it is determined that such Lender is a Non-Consenting Lender (in the case of clause (c) above) notify the Administrative Agent and such Affected Lender that a Replacement Lender designated by the Borrower in the notice has agreed to replace such
Lender with respect to its outstanding Term Loans, provided that (i) any Replacement Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed); (ii) any
assignment to a Replacement Lender shall be subject to Section 13.3; and (iii) the Borrower shall have paid any amounts due pursuant to Section 3.1, 3.2, 3.4 or 3.5 to the Affected Lender to be replaced on or before such replacement.
The Affected Lender to be replaced shall assign, as applicable, its Term Loans hereunder to the Replacement Lender pursuant to the procedures for assignments contained in Section 13.3 (except as to any minimum amount requirements set forth
therein) and shall receive, concurrently with such assignments, payment from such Replacement Lender of an amount equal to all outstanding amounts payable to such Affected Lender with respect to the aggregate outstanding principal amount of the
Loans held by such Affected Lender, all interest thereon to the date of the assignment, all accrued fees to the date of such assignment and any amounts payable under Section 3.4 with respect to any payment of any Eurodollar Loan resulting from
such assignment. Such Affected Lender shall not be responsible for the payment to the Administrative Agent of the fee provided for in Section 13.3.2, which fee shall be paid by such Replacement Lender. In the case of an assignment by (i) a
Term Declining Lender under this Section 2.20, the Replacement Lender that is the assignee of such Term Declining Lender shall agree at the time of such assignment to the extension to the Extension Date of the Term Loan Facility Maturity Date
with respect to the Term Loan Facility, which agreement shall be set forth in a written instrument delivered and satisfactory to the Borrower and (in its reasonable discretion) the Administrative Agent or (ii) a
Non-Consenting Lender under this Section 2.20, the Replacement Lender that is the assignee of the Non-Consenting Lender shall agree at the time of such assignment
to the amendment, consent or waiver which such Non-Consenting Lender has not consented to, which agreement shall be set forth in a written instrument delivered and satisfactory to the Borrower and (in its
reasonable discretion) the Administrative Agent. 
 2.21 Termination of Term Loans of
Non-Consenting Lender. At any time prior to the replacement of Term Declining Lender or a Non-Consenting Lender pursuant to Section 2.20, the Borrower may, upon
not less than 15 days’ (or such shorter period as shall be agreed by the Administrative Agent) prior notice to the Administrative Agent and such Term Declining Lender or Non-Consenting Lender, as the case
may be, prepay the Term Loans of such Term Declining Lender or Non-Consenting Lender in accordance with the provisions of this Article II, as of a Business Day (in the case of the prepayment of the Term Loans
of a Term Declining Lender, prior to the Term Declining Lender’s Termination Date) set forth in such notice. In the event of such prepayment of Term Loans of a Term Declining Lender or a Non-Consenting
Lender, as applicable, the Borrower shall pay to the Administrative Agent on the date of such prepayment of Term Loans, for the account of such Term Declining Lender or Non-Consenting Lender, as applicable,
all Loans and other sums payable to such Term Declining Lender or Non-Consenting Lender, as applicable, under the Term Loan Facility and all amounts (if any) payable to such Term Declining Lender or Non-Consenting Lender, as applicable, under Section 3.4 under the Term Loan Facility by reason of such payment. Such Term Declining Lender or Non-Consenting Lender, as
applicable, shall continue to be entitled to the benefits of Sections 3.1, 3.2, 3.4, 3.5 and 10.6(b) to the extent such Term Declining Lender’s or Non-Consenting Lender’s, as applicable, entitlement
to such benefit arose out of its position as a Lender under the Term Loan Facility prior to the prepayment of its Term Loans. 

  
 40 

 ARTICLE III 

INCREASED COSTS; TAXES 

3.1 Increased Costs. If any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement
(including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System but excluding with respect to any Eurodollar Ratable Advance any such requirement included in an applicable Statutory Reserve Rate)
against assets of, deposits with or for the account of, or credit extended by, any Lender (or its Lending Installation), shall impose on any Lender (or its Lending Installation) or the Administrative Agent or on the London interbank market any other
condition (other than Taxes) affecting its Eurodollar Ratable Advances or its obligation to make Eurodollar Ratable Advances, or shall subject such Lender to any Taxes (other than Indemnified Taxes and Excluded Taxes) on its loans, loan principal,
letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, and the result of any of the foregoing is to increase the cost to such Lender (or its Lending Installation) of making
or maintaining any Eurodollar Ratable Advance, or to reduce the amount of any sum received or receivable by such Lender (or its Lending Installation) or the Administrative Agent under this Agreement or under its Note with respect thereto by an
amount deemed by such Lender or the Administrative Agent to be material, then, within 30 days after demand by such Lender, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender for such increased cost
or reduction; provided, however, that at such time such Lender shall be generally assessing such amounts on a non-discriminatory basis against borrowers under agreements having provisions similar
to this Agreement. 
 For the avoidance of doubt, this Section 3.1 shall not apply to Indemnified Taxes or Excluded Taxes. 

3.2 Capital Adequacy. If any Lender shall have determined that any Change in Law affecting such Lender or any Lending Installation of
such Lender regarding capital adequacy or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital as a consequence of its obligations hereunder to a level below that which such Lender could
have achieved but for such Change in Law (taking into consideration such Lender’s policies with respect to capital adequacy or liquidity, as applicable) by an amount deemed by such Lender to be material, then from time to time, within 30 days
after demand by such Lender, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, however, that at such time such Lender shall be generally assessing such
amounts on a non-discriminatory basis against borrowers under agreements having provisions similar to this Section. Notwithstanding anything to the contrary, this Section 3.2 shall not apply to Taxes,
which shall be governed exclusively by Section 3.1 and Section 3.5. 

  
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 3.3 Availability of Certain Term Advances; Illegality. 

(a) (i) If the Required Lenders under the Term Loan Facility determine that (A) deposits of a type and maturity appropriate to match
fund Eurodollar Ratable Advances are not available or (B) the interest rate applicable to a Rate Option does not accurately reflect the cost of making or maintaining the applicable Term Advance, then the Administrative Agent shall suspend the
availability of the affected Rate Option under the Term Loan Facility or (ii) if, after the Amendment No. 4 Effective Date, the adoption of any applicable law, rule or regulation, or any change therein, or any change in the interpretation
or administration thereof by any Official Body charged with the interpretation or administration thereof, or compliance by any Lender (or its Lending Installation) with any request or directive issued after the Amendment No. 4 Effective Date
(whether or not having the force of law) of any such Official Body shall make it unlawful or impossible for any Lender (or its Lending Installation) to make, maintain or fund its Eurodollar Ratable Advances hereunder such Lender shall so notify the
Administrative Agent and the Borrower, whereupon until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make such Eurodollar
Ratable Advances shall be suspended. Before giving any notice to the Administrative Agent and the Borrower pursuant to this Section 3.3, such Lender shall designate a different Lending Installation if such different Lending Installation is
available to the applicable Lender, such designation will avoid the need for giving such notice and such designation will not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender. If such Lender shall determine
that it may not lawfully continue to maintain and fund any of its outstanding Eurodollar Ratable Advances to maturity and shall so specify in such notice, each such Eurodollar Ratable Advances will automatically, upon such demand, be converted into
an ABR Advance. 
 (b) Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if at any time the
Administrative Agent determines (which determination shall be conclusive absent manifest error), the Borrower notifies the Administrative Agent that it has determined, or the Required Lenders notify the Administrative Agent (with a
copy to the Borrower) that the Required Lenders have determined, that (x) adequate and reasonable means do not exist for ascertaining the LIBO Rate (including, without limitation, because the LIBO Rate is not available or published on a current
basis), for U.S. dollars and such Interest Period and such circumstances are unlikely to be temporary, (y) the circumstances set forth in clause (x) have not arisen but the supervisor for the administrator of the LIBO Rate or an Official
Body having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate shall no longer be made available, or used for determining the interest rates of loans, or (z) U.S.
dollar-denominated syndicated credit facilities being executed at such time or that include language similar to that contained in this Section are being executed or amended, as applicable, to incorporate or adopt a new benchmark replacement rate to
replace the LIBO Rate, and the Administrative Agent, the Borrower or the Required Lenders, as applicable, have elected to declare that an “Early-Opt-in
Election” has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Borrower or the Required Lenders of written notice of such election to the
Administrative Agent, as applicable, then after such determination or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrower shall endeavor to establish an alternative rate of interest and may
amend this 

  
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Agreement to replace the LIBO Rate with an alternate benchmark rate of interest (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) that has been
broadly accepted by the syndicated loan market in the United States in lieu of the LIBO Rate (including modifications to clause (b) of the definition of “Federal Funds/Euro-Rate”) (any such proposed rate, a “LIBOR Successor
Rate”), together with such other related changes to this Agreement as may be applicable, including any proposed LIBOR Successor Rate Conforming Changes. Notwithstanding anything to the contrary in Section 9.2, such amendment shall become
effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date such proposed amendment is provided to the Lenders, a written
notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (x),
(y) or (z) of the first sentence of this 3.3(b), only to the extent the LIBO Rate for U.S. dollars and such Interest Period is not available or published at such time on a current basis), (A) any Ratable Borrowing Notice that requests a
Eurodollar Ratable Advance or a Federal Funds/Euro-Rate Advance shall be ineffective and (B) any Rate Option Notice that requests the conversion of any Term Advance to, or continuation of any Term Advance as, a Eurodollar Ratable Advance or a
Federal Funds/Euro-Rate Advance shall be ineffective and such Term Advance shall be automatically converted at such time into an ABR Advance; provided that, if such LIBOR Successor Rate shall be less than zero, such LIBOR Successor Rate shall be
deemed to be zero for the purposes of this Agreement. 
 3.4 Funding Indemnification. If (a) (i) any payment of a Eurodollar
Ratable Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or (ii) a Eurodollar Ratable Advance is not made on the date specified by the Borrower, or
(iii) any Term Advance is not continued as or converted into a Eurodollar Ratable Advance, on the date specified by the Borrower, in each case, for any reason other than default by the Lenders or (b) the assignment of any Eurodollar Loan
occurs on a date which is not the last day of the applicable Interest Period as a result of a request by the Borrower pursuant to Section 2.20, then the Borrower will indemnify each applicable Lender for any loss or cost (including any
reasonable internal administrative costs but excluding any loss of margin, any lost profits and any loss, cost or expense resulting from the failure of such Lender to make a Loan as a result of a default by such Lender) incurred by it resulting
therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar Ratable Advance. Determination of amounts payable under this Section 3.4 in connection with a
Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the interest rate applicable to such
Loan, whether in fact that is the case or not. 
 3.5 Taxes. 

(a) Unless otherwise required by applicable law, any and all payments by or on account of any obligation of any Loan Party under any Loan
Document shall be made free and clear of and without reduction or withholding for any Taxes, provided that if any applicable withholding agent shall be required by applicable law to deduct any Taxes from such payments, then (i) to the extent
such Tax is an Indemnified Tax, the sum payable by the applicable Loan 

  
 43 

 
Party shall be increased as necessary so that after all required deductions of Taxes (including deductions applicable to additional sums payable under this Section 3.5) have been made, the
Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions, and (iii) the applicable
withholding agent shall timely pay the full amount deducted to the relevant governmental authority in accordance with applicable law. As soon as practicable after any payment of Taxes by a Loan Party to a governmental authority pursuant to this
Section 3.5, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent. 
 (b) The Borrower hereby agrees to pay any present or future stamp, court
or documentary Taxes and any other intangible, recording, filing or any similar excise or property Taxes, charges or similar levies which arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement
or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document (“Other Taxes”). 

(c) The Borrower agrees unconditionally to indemnify and save the Administrative Agent and the Lenders harmless from and against any or all
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.5), including any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
were correctly or legally asserted by the relevant governmental authority. Such indemnification payments by the Borrower shall be made within 20 days of the date the Administrative Agent or such Lender makes demand therefor pursuant to
Section 3.6. 
 (d) (1) Any Lender that is eligible for an exemption from or reduction of withholding Tax with respect to payments
under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the
Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate or withholding. In addition, any Lender, at the time or times reasonably requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements. Each Lender shall, whenever a lapse in time or change in circumstances renders such documentation (including any specific documentation required below in this Section 3.5(d)) obsolete,
expired or inaccurate in any material respect, deliver promptly to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative
Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so. Notwithstanding anything to the contrary in the preceding three sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 3.5(d)(2)(A), (B) and (D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material

  
 44 

 
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Notwithstanding any other provision of this Section 3.5, a Lender shall not be
required to deliver any form that such Lender is not legally eligible to deliver. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or
certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 
 (2) Without
limiting the generality of the foregoing: 
 (A) Each Lender that is not a Non-U.S.
Lender shall deliver to the Borrower and the Administrative Agent on or before the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), two properly completed and duly executed originals of IRS Form W 9 certifying that such Lender is exempt from U.S. federal backup withholding Tax; 

(B) Each Non-U.S. Lender shall deliver to the Borrower and the Administrative Agent, on
or prior to the date on which such Lender becomes a Lender under this Agreement) (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(i) two properly completed and duly executed originals of IRS Form W 8BEN or W-8BEN-E (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code; 

(ii) two properly completed and duly signed originals of IRS Form W 8ECI (or any successor forms); 

(iii) in the case of a Non-U.S. Lender claiming the benefits of the exemption for
portfolio interest under Section 871(h) or Section 881(c) of the Code, (x) two properly completed and duly signed certificates substantially in the form of Exhibit I-1 (a “U.S. Tax
Compliance Certificate”) and (y) two properly completed and duly signed originals of IRS Form W 8BEN or W-8BEN-E; or 

(iv) to the extent a Non-U.S. Lender is not the beneficial owner, executed originals of
IRS Form W 8IMY, accompanied by IRS Form W 8ECI, IRS W 8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, IRS Form W 9, and/or other certification documents from each beneficial owner, as applicable; provided that if the
Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender is a partnership and one or more direct or indirect partners of such
Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct and indirect partner; 

  
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 (C) any Non-U.S. Lender shall, to
the extent it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S.
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or
deduction required to be made; and 
 (D) if a payment made to a Lender under any Loan Document would be subject to U.S.
federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver
to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed
by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. For purposes of this clause (D), “FATCA” shall include any amendments
made to FATCA after the date of this agreement. 
 (e) Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties
and to any successor Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to Section 3.5(d). 

(f) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this Section 3.5 (including by the payment of additional amounts pursuant to this Section 3.5), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments
made under this Section 3.5 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and
without interest (other than any interest paid by the relevant governmental authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party incurred in connection with obtaining such refund, shall repay to
such indemnified party the amount paid over pursuant to this Section 3.5 (plus any penalties, interest or other charges imposed by the relevant governmental authority) in the event that such indemnified party is required to repay such refund to
such governmental authority. Notwithstanding anything to the contrary in this Section 3.5(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 3.5(f) the payment of
which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not
been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

  
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 3.6 Lender Statements: Survival of Indemnity. To the extent reasonably possible, each
Lender shall designate an alternate Lending Installation with respect to its applicable Eurodollar Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2, 3.4 and 3.5 or to avoid the unavailability of the applicable
Eurodollar Ratable Advances under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender. Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the
Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount (which calculations shall be made
in good faith) and shall be final, conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a Eurodollar Loan shall be calculated as though each Lender funded
its Eurodollar Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the interest rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise
provided herein, the amount specified in the written statement of any Lender shall be payable within 30 days after receipt by the Borrower of such written statement. The obligations of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive
payment of the Obligations and termination of this Agreement. Notwithstanding anything to the contrary contained herein, the Borrower shall not be required to make any payments to any Lender pursuant to Section 3.1, 3.2 or 3.4 relating to any
period of time which is greater than 90 days prior to such Person’s request for additional payment except for retroactive application of any law, rule or regulation, in which case (a) the Borrower is required to make such payments so long
as such Person makes a request therefor within 90 days after the public announcement of such retroactive application and (b) the 90-day period referred to above shall be extended to include the period of
retroactive effect thereof. 
 ARTICLE IV 

RESERVED 
 ARTICLE V

 CONDITIONS PRECEDENT 

5.1 Closing Conditions. This Agreement shall not be effective unless the following conditions precedent shall have been satisfied: 

(i) The Administrative Agent shall have received copies of the articles or certificate of incorporation of each of the Borrower
and the Company, together with all amendments, and a certificate of good standing, each certified by the appropriate governmental officer in its jurisdiction of incorporation. 

(ii) The Administrative Agent shall have received copies, certified by the Secretary or Assistant Secretary of each of the
Borrower and the Company, of the by-laws and Board of Directors’ resolutions and resolutions or actions of any other body authorizing the execution, delivery and performance of the Loan Documents to which
the Borrower or the Company (as applicable) is a party. 

  
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 (iii) The Administrative Agent shall have received an incumbency
certificate, executed by the Secretary or Assistant Secretary of each of the Borrower and the Company, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of the Borrower or the Company
(as applicable) authorized to sign the Loan Documents to which the Borrower or the Company (as applicable) is a party, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing
by the Borrower or the Company (as applicable). 
 (iv) To the extent requested by the Administrative Agent, the
Administrative Agent shall have received copies of the articles or certificate of incorporation, partnership agreement or limited liability company operating agreement of each other Loan Party, together with all amendments, and a certificate of good
standing, each certified by the appropriate governmental officer in its jurisdiction of incorporation. 
 (v) To the extent
requested by the Administrative Agent, the Administrative Agent shall have received copies, certified by the Secretary or Assistant Secretary of each other Loan Party, of its by-laws and of its Board of
Directors’ resolutions and of resolutions or actions of any other body authorizing the execution, delivery and performance of the Loan Documents to which such Loan Party is a party. 

(vi) The Administrative Agent shall have received an incumbency certificate, executed by the Secretary or Assistant Secretary
of each other Loan Party, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which such Loan Party is a party. 

(vii) The Administrative Agent shall have received a certificate, signed by the chief financial officer, controller, chief
accounting officer or treasurer of the Borrower, stating that on the initial Borrowing Date no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in Article VI are true and correct in all
material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects), except to the extent any such representation or warranty is stated to relate solely to
an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct
in all respects) on and as of such earlier date. 
 (viii) The Administrative Agent shall have received a solvency
certificate signed by the chief financial officer or treasurer of the Company, confirming the solvency of the Company and its Subsidiaries on a consolidated basis after giving effect to the borrowing of the Term Loans on the Closing Date. 

  
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 (ix) The Administrative Agent shall have received written opinions of the
Company’s and Borrower’s counsel, addressed to the Lenders in substantially the forms of Exhibit C and Exhibit D. 

(x) The Administrative Agent shall have received any Notes requested by a Lender pursuant to Section 2.11 payable to each
such requesting Lender (or its registered assigns). 
 (xi) The Administrative Agent shall have received the Guaranty
Agreement duly executed by each of the Guarantors in substantially the form of Exhibit E hereto. 
 (xii) The Borrower shall
have paid to the Administrative Agent the fees provided for in the Fee Letter. 
 (xiii) The Borrower shall have paid all
fees and expenses due to the Arranger (including without limitation, expenses of counsel to the Administrative Agent and the Arranger) required to be paid on the Closing Date. 

(xiv) The Administrative Agent shall have received all documentation and other information required by regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the PATRIOT Act, that has been requested prior to the Closing Date. 

(xv) Such other documents as any Lender or its counsel may have reasonably requested. 

(xvi) The Borrower shall have paid to the Administrative Agent for the account of each Lender on the Closing Date, an upfront
fee equal to 0.30% of the aggregate principal amount of the Initial Term Loans made on the Closing Date, which may be reflected as original issue discount. 

5.2 Each Term Advance. The Lenders shall not be required to make any Term Advance unless on the applicable Borrowing Date: 

(i) There exists no Default or Unmatured Default, except for Unmatured Defaults that will be cured on the applicable Borrowing
Date, and that the Borrower certifies will be cured on the applicable Borrowing Date, by (x) the use of the proceeds of any loan or advance under the Existing Credit Agreement or (y) the issuance, amendment or extension of an Existing
Credit Agreement Letter of Credit that has been requested under the Existing Credit Agreement. 
 (ii) The representations
and warranties contained in Article VI are true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects) as of such Borrowing
Date except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (except to the extent already
qualified by materiality, in which case said representations and warranties are true and correct in all respects) on and as of such earlier date. 

  
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 Each Ratable Borrowing Notice with respect to each Term Advance shall constitute a
representation and warranty by the Borrower that the condition contained in Section 5.2(i) has been satisfied. Notwithstanding the foregoing, any outstanding Term Loans may be continued as Eurodollar Ratable Advances or converted to Eurodollar
Ratable Advances notwithstanding the existence of a Default or Unmatured Default subject to the provisions of Section 2.9. 
 ARTICLE
VI 
 REPRESENTATIONS AND WARRANTIES 

The Borrower and the Company each represent and warrant to the Lenders that: 

6.1 Existence and Standing. Each of the Borrower and the Company is (i) a corporation, duly and properly incorporated, validly
existing and in good standing under the laws of its jurisdiction of incorporation and (ii) has all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except with respect to clause (ii) as
could not reasonably be expected to have a Material Adverse Effect. Each of the other Loan Parties is a corporation, partnership, limited liability company or trust duly and properly incorporated or organized, as the case may be, validly existing
and (to the extent such concept applies to such entity) in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite authority to conduct its business in each jurisdiction in which its business is
conducted, in each case to the extent it is material to the operation of the businesses of the Loan Parties taken as a whole. 
 6.2
Authorization and Validity. Each Loan Party has the power and authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder. The execution and delivery by each Loan Party
of the Loan Documents to which it is a party and the performance of its obligations thereunder have been duly authorized by proper corporate (or, in the case of Loan Parties that are not corporations, other) proceedings, and the Loan Documents
constitute legal, valid and binding obligations of the applicable Loan Parties enforceable against them in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar Laws affecting the enforcement of
creditors’ rights generally and by equitable principles (regardless of whether enforcement is sought in equity or law); and except, in each case in the case of any Designated Guarantor that, upon request by the Borrower in accordance with
Section 10.13 would be converted to a Non-Loan Party, any violation of the foregoing that does not have a material adverse effect on the ability of the Lenders or the Administrative Agent to substantially
realize the benefits afforded under the Loan Documents (it being agreed that the parties will work together diligently to remedy promptly any such violation). 

6.3 No Conflict; Consent. Neither the execution and delivery by the Loan Parties of the Loan Documents, nor the consummation of the
transactions therein contemplated, nor compliance with the provisions thereof will violate (i) any Law binding on any of the Loan Parties or their respective Property or (ii) the articles or certificate of incorporation, partnership
agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating 

  
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or other management agreement, as the case may be, of the Loan Parties, or (iii) the provisions of any indenture, instrument or agreement to which any Loan Party is a party or is subject, or
by which it, or its Property, is bound, or conflict with or constitute a default thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the Property of any Loan Party pursuant to the terms of any such indenture,
instrument or agreement other than any such violation, conflict, default or Lien which, in the case of each of clauses (i) and (iii) above, would not reasonably be expected to have a Material Adverse Effect. As of the Amendment No. 4
Effective Date, no order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, or other action in respect of any Official Body or any other Person that has not been
obtained by any Loan Party, is required to be obtained by any Loan Party in connection with the execution and delivery of the Loan Documents, the borrowings under this Agreement, the payment and performance by the Loan Parties of the Obligations or
the legality, validity, binding effect or enforceability of any of the Loan Documents. 
 6.4 Financial Statements. The
(i) October 31, 2018 consolidated financial statements of the Company and its Subsidiaries and (ii) July 31, 2019 consolidated financial statements of the Company and its Subsidiaries, in each case, heretofore delivered to the Lenders were
prepared in accordance with GAAP in effect on the date such statements were prepared and fairly present in all material respects the consolidated financial condition and operations of the Company and its Subsidiaries at such date and the
consolidated results of their operations for the period then ended, subject, in the case of clause (ii) to year-end audit adjustments and the absence of footnotes. 

6.5 Material Adverse Change. As of the Amendment No. 4 Effective Date, since October 31, 2018 there has been no change in the
business, Property, condition (financial or otherwise) or results of operations of the Loan Parties that could reasonably be expected to have a Material Adverse Effect. 

6.6 Taxes. Except in each case for violations or failures that individually or in the aggregate could not reasonably be expected to have
a Material Adverse Effect, the Loan Parties (i) have timely filed all U.S. federal tax returns and all other tax returns which are required to be filed and (ii) have paid all Taxes due pursuant to said returns and all other Taxes imposed
on them or any of their Property, assets, income, businesses and franchises by any taxing authority, except such Taxes, if any, as are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been
provided in accordance with GAAP. Except in each case for violations or failures that individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect, (i) there are no current, proposed, or pending Tax
assessments, deficiencies or audits against any Loan Party or any of their respective Subsidiaries, and no Tax Liens have been filed against any Loan Party or any of its Property, assets, income, businesses or franchises, except with respect to such
Taxes, if any, as are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been provided in accordance with GAAP and (ii) the charges, accruals and reserves on the books of the Loan Parties
in respect of any Taxes are adequate in all material respects. 

  
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 6.7 Litigation and Contingent Obligations. Except as set forth on Schedule 6 there is
no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or affecting any of the Loan Parties that (a) could reasonably be expected to have a
Material Adverse Effect or (b) seeks to prevent, enjoin or delay the making of any Loans except (but only in the case of any litigation, arbitration, governmental investigation, proceeding or inquiry described in this clause (b) arising
after the Amendment No. 4 Effective Date) to the extent that the Borrower has disclosed the same to the Administrative Agent and has concluded, on the basis of advice of independent counsel and to the satisfaction of the Administrative Agent,
that the same is not reasonably likely to result in the prevention, injunction or delay in the making of the Loans and that the pendency of such litigation, arbitration, governmental investigation, proceeding or inquiry does not have a Material
Adverse Effect. Other than (A) any Contingent Obligation or (B) any liability incident to any litigation, arbitration or proceeding that (in the case of either (A) or (B)) (i) could not reasonably be expected to have a Material
Adverse Effect or (ii) is set forth on Schedule 6, as of the Amendment No. 4 Effective Date, the Loan Parties have no Contingent Obligations not provided for or disclosed in the financial statements referred to in Section 6.4. 

6.8 Subsidiaries. Schedule 7 contains an accurate list of all Subsidiaries of the Company as of the date set forth in such Schedule,
setting forth their respective jurisdictions of organization. All of the issued and outstanding shares of capital stock or other ownership interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to such
ownership interests) duly authorized and issued and are fully paid and non-assessable. 
 6.9
Accuracy of Information. No information, exhibit or report furnished by any of the Loan Parties to the Administrative Agent or to any Lender on or before the Amendment No. 4 Effective Date in connection with the negotiation of, or
compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were made and taken as a whole,
not materially misleading 
 6.10 Regulation U. None of the Loan Parties holds or intends to hold margin stock (as defined in
Regulation U) in amounts such that more than 25% of the value of the assets of any Loan Party are represented by margin stock. 
 6.11
Material Agreements. None of the Loan Parties is a party to any agreement or instrument or subject to any charter or other corporate restriction which could reasonably be expected to have a Material Adverse Effect. None of the Loan Parties is
in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement to which it is a party, which default could reasonably be expected to have a Material Adverse Effect. 

6.12 Compliance with Laws. The Loan Parties have complied with all Laws applicable to the conduct of their respective businesses or the
ownership of their respective Property, except for any failure to comply that could not reasonably be expected to have a Material Adverse Effect. 

  
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 6.13 Ownership of Properties. Except as set forth on Schedule 8, on the Amendment
No. 4 Effective Date, the Loan Parties will have good title, free of all Liens other than Permitted Liens, to all of the Property and assets reflected in the Company’s most recent consolidated financial statements provided to the
Administrative Agent as owned by the Loan Parties, except (i) for transfers of such Property and assets permitted under the terms of this Agreement as in effect immediately prior to the Amendment No. 4 Effective Date or (ii) where the
failure to have such good title could not reasonably be expected to have a Material Adverse Effect. 
 6.14 ERISA. 

6.14.1 Plan Assets; Prohibited Transactions. None of the Loan Parties is an entity deemed to hold “plan assets” within the
meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of
the Code), and neither the execution of this Agreement nor the making of Loans hereunder gives rise to a Prohibited Transaction. 
 6.14.2
Liabilities. The Unfunded Liabilities of all Single Employer Plans do not in the aggregate exceed $20,000,000. Neither the Company nor any other member of the Controlled Group has incurred, or is reasonably expected to incur, any withdrawal
liability to Multiemployer Plans or Multiple Employer Plans that individually or in the aggregate with all such withdrawal liabilities exceeds $20,000,000. 

6.14.3 Plans and Benefit Arrangements. Except as set forth in Schedule 9 or to the extent a violation of the foregoing would not
reasonably be expected to have a Material Adverse Effect: 
 (i) The Company and each member of the Controlled Group is in
compliance with any applicable provisions of ERISA with respect to all Benefit Arrangements, Plans and Multiemployer Plans. There has not been any Prohibited Transaction with respect to any Benefit Arrangement or any Plan or, to the best knowledge
of the Company, with respect to any Multiemployer Plan or Multiple Employer Plan. The Company and all members of the Controlled Group have made any and all payments required to be made under any agreement relating to a Multiemployer Plan or a
Multiple Employer Plan or any Law pertaining thereto. With respect to each Plan, the Company and each member of the Controlled Group (i) have fulfilled their obligations under the minimum funding standards of ERISA, (ii) have not incurred
any liability to the PBGC and (iii) have not had asserted against them any penalty for failure to fulfill the minimum funding requirements of ERISA. 

(ii) To the best of the Company’s knowledge, each Multiemployer Plan and Multiple Employer Plan is able to pay benefits
thereunder when due. 
 (iii) Neither the Company nor any other member of the Controlled Group has instituted proceedings to
terminate any Plan. 
 (iv) No event requiring notice to the PBGC under Section 303(k)(4)(A) of ERISA has occurred or is
reasonably expected to occur with respect to any Plan. 

  
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 (v) The aggregate actuarial present value of all benefit liabilities
(whether or not vested) under each Plan, determined on a plan termination basis, as disclosed from time to time to and as of the date of the actuarial reports for such Plan does not exceed the aggregate fair market value of the assets of such Plan.

 (vi) Neither the Company nor any other member of the Controlled Group has been notified by any Multiemployer Plan or
Multiple Employer Plan that such Multiemployer Plan or Multiple Employer Plan has been terminated within the meaning of Title IV of ERISA and, to the best knowledge of the Company, no Multiemployer Plan or Multiple Employer Plan is or shall be
reasonably expected to be reorganized or terminated, within the meaning of Title IV of ERISA. 
 (vii) To the extent that any
Benefit Arrangement is insured, the Company and all members of the Controlled Group have paid when due all premiums required to be paid. To the extent that any Benefit Arrangement is funded other than with insurance, the Company and all members of
the Controlled Group have made all contributions required to be paid for all prior periods. 
 6.15 Investment Company Act. None of
the Loan Parties is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

6.16 Intentionally Omitted. 

6.17 Employment Matters. The Loan Parties are in compliance with the Labor Contracts and all applicable federal, state and local labor
and employment Laws including, but not limited to, those related to equal employment opportunity and affirmative action, labor relations, minimum wage, overtime, child labor, medical insurance continuation, worker adjustment and relocation notices,
immigration controls and worker and unemployment compensation, except in each case for failures to comply that would not individually or in the aggregate have a Material Adverse Effect. There are no outstanding grievances, arbitration awards or
appeals therefrom arising out of the Labor Contracts or current or threatened strikes, picketing, handbilling or other work stoppages or slowdowns at facilities of the Company or any Loan Party that in any case or in the aggregate would have a
Material Adverse Effect. 
 6.18 Environmental Matters. Except as disclosed on Schedule 10: 

(i) In the ordinary course of its business, the officers of the Company consider the effect of Environmental Laws on the
business of the Company and its Subsidiaries, in the course of which they identify and evaluate potential risks and liabilities accruing to the Company due to Environmental Laws, and, on the basis of this consideration, the Company has concluded
that compliance with Environmental Laws cannot reasonably be expected to have a Material Adverse Effect. 
 (ii) Except for
violations or failures that individually and in the aggregate are not reasonably likely to result in a Material Adverse Effect, (A) none of the Loan Parties has received any Environmental Complaint from any Official Body or other Person
alleging that any Loan Party or any prior or subsequent owner of the Property is a potentially responsible party under the Comprehensive Environmental Response, Cleanup and Liability Act, 42 U.S.C. § 9601, et seq., and none of the Loan
Parties has 

  
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any reason to believe that such an Environmental Complaint might be received and (B) there are no pending or, to the Company’s knowledge, threatened Environmental Complaints relating to
any Loan Party or, to the Company’s knowledge, any prior or subsequent owner of the Property. 
 (iii) Except for
conditions, violations or failures which individually and in the aggregate are not reasonably likely to have a Material Adverse Effect, (A) there are no circumstances at, on or under the Property that constitute a breach of or non-compliance with any of the Environmental Laws, and (B) there are no past or present Environmental Conditions at, on or under the Property or, to the Company’s knowledge, at, on or under adjacent
property, that could reasonably be expected to result in liability of any Loan Party under any Environmental Law. 
 (iv)
Except for conditions, violations or failures which individually and in the aggregate are not reasonably likely to have a Material Adverse Effect, neither the Property nor any structures, improvements, equipment, fixtures, activities or facilities
thereon or thereunder contain or use Regulated Substances except in compliance with Environmental Laws. There are no processes, facilities, operations, equipment or other activities at, on or under the Property, or, to the Company’s knowledge,
at, on or under adjacent property, that result in the Release or threatened Release of Regulated Substances onto the Property, except to the extent that such Releases or threatened Releases are not a breach of or otherwise a violation of any
Environmental Laws, or are not likely to have a Material Adverse Effect. 
 (v) Except for violations or failures which
individually and in the aggregate are not likely to have a Material Adverse Effect, (A) there are no underground storage tanks, or underground piping associated with such tanks, used for the management of Regulated Substances at, on or under
the Property that do not have a full operational secondary containment system in place and are not in compliance with all Environmental Laws, and (B) there are no abandoned underground storage tanks or underground piping associated with such
tanks, previously used for the management of Regulated Substances at, on or under the Property that have not been either abandoned in place, or removed, in accordance with the Environmental Laws. 

(vi) Except for violations or failures which individually and in the aggregate are not likely to have a Material Adverse
Effect, (A) each Loan Party has all material permits, licenses, authorizations and approvals necessary under the Environmental Laws for the conduct of the business of such Loan Party as conducted by such Loan Party and (B) the Loan Parties
have submitted all material notices, reports and other filings required by the Environmental Laws to be submitted to an Official Body which pertain to past and current operations on the Property. 

(vii) Except for violations which individually and in the aggregate are not likely to have a Material Adverse Effect, all past
and present on-site generation, storage, processing, treatment, recycling, reclamation or disposal of Regulated Substances at, on, or under the Property and all off-site
transportation, storage, processing, treatment, recycling, reclamation and disposal of Regulated Substances have been done in accordance with the Environmental Laws. 

  
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 (viii) There are no violations of the type described in the foregoing
clauses (i) through (vii), without giving effect to any materiality qualifiers therein, which would, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

6.19 Senior Debt Status. The Obligations rank (a) at least pari passu in priority of payment with all other Senior Indebtedness of
the Loan Parties except Indebtedness secured by Permitted Liens and (b) prior in right of payment over the Subordinated Indebtedness. 

6.20 Designated Guarantors. All Subsidiaries of the Company that are integral to the homebuilding business of the Toll Group are
Designated Guarantors. 
 6.21 Anti-Corruption Laws and Sanctions. The Borrower and the Company have implemented and maintain in
effect policies and procedures designed to promote compliance by the Borrower, the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Company, its
Subsidiaries and, to the knowledge of the Senior Executives of the Company and the Borrower, their respective directors, officers, agents and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.
None of (a) the Borrower, the Company or any of its Subsidiaries or (b) to the knowledge of the Senior Executives of the Company and the Borrower, any of their respective directors, officers, or employees or any agent of the Company or any
of its Subsidiaries that will act in any capacity in connection with the credit facility established hereby, is a Sanctioned Person. Neither the making of any Loan or issuance of any Facility Letter of Credit to or for the account of the Borrower or
any other Loan Party nor the use of the proceeds of any Loan or any Facility Letter of Credit by the Borrower or any Loan Party will violate Anti-Corruption Laws or applicable Sanctions. 

6.22 EEA Financial Institution. None of the Loan Parties is an EEA Financial Institution. 

ARTICLE VII 
 COVENANTS

 Until payment in full of all obligations under this Agreement (other than in respect of contingent indemnification claims not yet
asserted), unless the Required Lenders shall otherwise consent in writing, the Borrower and the Company will perform and observe, and (as and where applicable) will cause the other Loan Parties to perform and observe, the following covenants: 

7.1 Financial Reporting. The Company will maintain, for itself and each Subsidiary, a system of accounting established and administered
in accordance with generally accepted accounting principles, and furnish to the Lenders (or the Administrative Agent, on behalf of the Lenders), which may be by electronic transmission: 

  
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 (i) Audited Financial Statements. Within 95 days after the close of
each of its fiscal years, an audit report, which report shall not be subject to any “going concern” qualification or qualification as to the scope of the audit, certified by independent certified public accountants of national recognition
or otherwise reasonably acceptable to the Administrative Agent, prepared in accordance with GAAP on a consolidated basis for the Company and its Subsidiaries, including balance sheets as of the end of such period, a related consolidated profit and
loss statement, and a consolidated statement of cash flows, accompanied by any management letter prepared by said accountants. Filing of such financial statements with the SEC shall be deemed delivery of such financial statements to the Lenders.

 (ii) Quarterly Financial Statements. Within 50 days after the close of the first three quarterly periods of each
fiscal year of the Company, for the Company and its Subsidiaries, consolidated unaudited balance sheets as at the close of each such period and a related consolidated profit and loss statement and a consolidated statement of cash flows for the
period from the beginning of such fiscal year to the end of such quarter, certified by the Company’s chief financial officer, chief accounting officer, controller or treasurer (which certificate shall be satisfactory in form to the
Administrative Agent). Filing of such financial statements with the SEC shall be deemed delivery of such financial statements to the Lenders. 

(iii) Annual Plan and Forecast. As soon as available, but in any event within 120 days after the beginning of each
fiscal year of the Company, a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Company for such fiscal year. 

(iv) Compliance Certificate. Within five (5) days after each of the dates on which financial statements are
required to be delivered under Sections 7.1(i) and (ii), a compliance certificate in substantially the form of Exhibit F signed by the chief financial officer, chief accounting officer, controller or treasurer of the Company showing the calculations
necessary to determine compliance with this Agreement and stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default exists, stating the nature and status thereof. 

(v) Annual ERISA Statement. If applicable, within 270 days after the close of each fiscal year, a statement of the
Unfunded Liabilities of each Single Employer Plan, certified as correct by an actuary enrolled under ERISA. 
 (vi)
Reportable Event. As soon as possible and in any event within 10 days after any Loan Party knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer, chief accounting office,
controller or treasurer of the Company, describing said Reportable Event and the action which the Company proposes to take with respect thereto. 

(vii) Environmental Notices. As soon as possible and in any event within 10 days after a Senior Executive of a Loan
Party receives the same, a copy of (a) any notice or claim to the effect that any Loan Party is or may be liable to any Person as a result of the Release by any Loan Party or any other Person of any Regulated Substances that could reasonably be
expected to have a Material Adverse Effect, and (b) any notice alleging any violation of any Environmental Law by any Loan Party that, could reasonably be expected to have a Material Adverse Effect. 

  
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 (viii) Borrowing Base Certificate. At any time that the Leverage
Ratio equals or exceeds 1.50 to 1.00 and the Company does not have an Investment Grade Rating from at least two (2) Rating Agencies (in each case as determined as of the last day of a fiscal quarter), simultaneous with the delivery of the
Compliance Certificate required to be delivered with respect to such fiscal quarter pursuant to Section 7.1(iv), a Borrowing Base Certificate. 

(ix) Notices Regarding Plans and Benefit Arrangements. 

(A) Promptly upon becoming aware of the occurrence thereof, notice (including the nature of the event and, when known, any
action taken or threatened by the Internal Revenue Service or the PBGC with respect thereto) of: (1) any Prohibited Transaction that could subject the Company or any member of the Controlled Group to a civil penalty assessed pursuant to
Section 502(i) of ERISA or a tax imposed by Section 4975 of the Internal Revenue Code in connection with any Plan, Benefit Arrangement or any trust created thereunder that in either case would reasonably be expected to result in a
liability in excess of $10,000,000; (2) any assertion of material withdrawal liability with respect to any Multiemployer Plan or Multiple Employer Plan; (3) any partial or complete withdrawal from a Multiemployer Plan, by the Company or
any member of the Controlled Group under Title IV of ERISA (or assertion thereof), which such withdrawal is likely to result in a material liability; (4) any withdrawal by the Company or any member of the Controlled Group from a Multiple
Employer Plan; (5) any failure by the Company or any member of the Controlled Group to make a payment to a Plan required to avoid imposition of a lien under Section 303(k) of ERISA; or (6) any change in the actuarial assumptions or
funding methods used for any Plan, where the effect of such change is to materially increase the unfunded benefit liability or to materially reduce the liability to make periodic contributions. 

(B) Promptly after receipt thereof, copies of (a) all notices received by the Company or any member of the Controlled
Group of the PBGC’s intent to terminate any Plan administered or maintained by the Company or any member of the Controlled Group, or to have a trustee appointed to administer any such Plan; and (b) at the request of the Administrative
Agent or any Lender each annual report (IRS Form 5500 series) and all accompanying schedules, the most recent actuarial reports, the most recent financial information concerning the financial status of each Plan administered or maintained by the
Company or any member of the Controlled Group, and schedules showing the amounts contributed to each such Plan by or on behalf of the Company or any member of the Controlled Group in which any of their personnel participate or from which such
personnel may derive a benefit, and each Schedule B (Actuarial Information) to the annual report filed by the Company or any member of the Controlled Group with the Internal Revenue Service with respect to each such Plan. 

  
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 (C) Promptly upon the filing thereof, copies of any Form 5310, or any
successor or equivalent form to Form 5310, filed with the IRS in connection with the termination of any Plan. 
 (x)
Project Reports. Within thirty (30) days after the end of each fiscal quarter of the Borrower and, from and after delivery of a Compliance Certificate evidencing that the Leverage Ratio exceeds 1.50 to 1.00 and provided that the Company
does not have an Investment Grade Rating from at least two (2) Rating Agencies (in each case as of the last day of a fiscal quarter) and until the earlier of the delivery of a Compliance Certificate for a subsequent fiscal quarter evidencing
that the Leverage Ratio does not exceed 1.50 to 1.00 as of the last day of such fiscal quarter and the date that the Company obtains an Investment Grade Rating from at least two (2) Rating Agencies, each calendar month, statements accompanied
by a certificate of the chief financial officer, chief accounting officer, controller or treasurer of Company, actually setting forth for the last week of the prior calendar quarter or month (as applicable) sales reports showing unit sales and
unsold inventory completed or under construction by the Loan Parties in connection with each of their projects. 
 (xi)
Subordinated Loan Documents. Prior to any Loan Party’s entering into or amending any Subordinated Loan Documents, copies thereof and a description of any material differences between the subordination provisions of such Subordinated Loan
Documents and, if applicable, the subordination provisions of the Subordinated Loan Documents identified in Schedule 4 or most recently approved hereunder. 

(xii) Notice of Litigation. Promptly after the commencement thereof, notice of all actions, suits, proceedings or
investigations before or by any Official Body or any other Person against any Loan Party which would be required to be reported by the Company (regardless of whether the Company is no longer required to file such reports with the SEC by reason of
the Company ceasing to be a reporting company) on Forms 10-Q, 10-K or 8-K filed with the SEC. Filing such information with the
SEC shall be deemed delivery to the Lenders. 
 (xiii) Shareholder Reports. Promptly upon the furnishing thereof to
the shareholders of the Company, complete and accurate copies of all financial statements, reports and proxy statements so furnished. Filing such information with the SEC shall be deemed delivery to the Lenders. 

(xiv) Beneficial Ownership. Promptly after the Borrower constituting a “legal entity customer” (as defined in
the Beneficial Ownership Regulation), a Beneficial Ownership Certification and, promptly after a Senior Executive obtaining knowledge of any change in the information provided in a prior Beneficial Ownership Certification that would result in a
change to the list of beneficial owners identified in parts (c) or (d) of such certification, an updated Beneficial Ownership Certification. 

  
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 (xv) Other Information. Such (a) information and documentation
reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act or other applicable anti-money laundering laws and (b) any other
information (including non-financial information) as the Administrative Agent may from time to time reasonably request, including, without limitation, pursuant to any reasonable request by any Lender. 

7.2 Use of Proceeds. The Borrower and each other Loan Party will use the proceeds of the Term Advances for lawful, general business
purposes. Neither the Borrower nor any other Loan Party will use any of the proceeds of the Term Advances to purchase or carry any “margin stock” (as defined in Regulation U). The Company and the Borrower shall not use, and shall procure
that their respective Subsidiaries shall not use, the proceeds of any Loan in any manner which would result in any violation of Anti-Corruption Laws or applicable Sanctions. 

7.3 Notice of Default. The Borrower will give notice in writing to the Lenders of the occurrence of any Default or Unmatured Default and
of any other development, financial or otherwise, that could reasonably be expected to have a Material Adverse Effect, promptly upon any Senior Executive of the Company or the Borrower becoming aware thereof. 

7.4 Conduct of Business. The Loan Parties will carry on and conduct their businesses in substantially the same manner and in
substantially the same fields of enterprise as conducted on the Amendment No. 4 Effective Date (and fields reasonably related, ancillary or complimentary thereto) and, in the case of the Borrower and the Company, will do (and in the case of any
other Loan Party, to the extent that its failure to do so could reasonably be expected to have a Material Adverse Effect, will do) all things necessary to remain duly incorporated or organized, validly existing and (to the extent such concept
applies to such entity) in good standing as a domestic corporation, partnership, trust or limited liability company in its jurisdiction of incorporation or organization, as the case may be, and, except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect, maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 

7.5 Taxes. Except for violations or failures that individually and in the aggregate could not reasonably be expected to have a Material
Adverse Effect, each Loan Party will (i) file in a timely manner complete and correct U.S. federal and all applicable foreign, state and local tax returns required by law and (ii) pay when due all Taxes upon it or its income, profits or
Property, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been provided in accordance with GAAP. 

7.6 Insurance. Each Loan Party will maintain with financially sound and reputable insurance companies insurance on all its Property in
such amounts and covering such risks as is consistent with sound business practice, and the Borrower will furnish to any Lender upon request full information as to the insurance carried. 

7.7 Compliance with Laws. Each Loan Party will comply with all Laws (excluding Environmental Laws, compliance with which is governed by
Section 7.25) to which it may be subject, to the extent that noncompliance could reasonably be expected to have a Material Adverse Effect. The Company and the Borrower will maintain in effect and enforce policies and procedures designed to
promote compliance by the Borrower, the Company, its Subsidiaries and their respective officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

  
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 7.8 Maintenance of Properties. Each Loan Party will maintain, preserve, protect and
keep its Property in good repair, working order and condition (ordinary wear and tear and casualty excepted) in accordance with the general practice of other businesses of similar character and size, and make all necessary and proper repairs,
renewals and replacements so that its business carried on in connection therewith may be properly conducted at all times, except in each case to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 7.9 Inspection. Each Loan Party will permit the Administrative Agent and the Lenders, by their respective representatives and
agents, to inspect any of the Property, books and financial records of the Loan Parties, examine and make excerpts of the books of accounts and other financial records of the Loan Parties, and to discuss the affairs, finances and accounts of the
Loan Parties with, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Administrative Agent or any Lender may reasonably designate. 

7.10 Mergers; Consolidations; Dissolutions. No Loan Party shall merge into or consolidate with any other Person or permit any other
Person to merge into or consolidate with it unless (i) there is no Change of Control of the Loan Party; (ii) the character of the business of the Toll Group on a consolidated basis will not be materially changed by such occurrence;
(iii) such occurrence shall not constitute or give rise to a Default or Unmatured Default; and (iv) if, in the case of the Borrower or the Company, it is not the surviving entity of such merger or consolidation, such surviving entity shall
promptly execute and deliver to the Administrative Agent (A) an assumption of the Borrower’s or the Company’s (as applicable) obligations under the Loan Documents to which the Borrower or the Company (as applicable) is party and
(B) such certified resolutions, opinions of counsel and other supporting documentation as the Administrative Agent may reasonably request, all of which shall be reasonably satisfactory to the Administrative Agent. Neither the Toll Group nor any
portion thereof the dissolution, liquidation or winding up of which could reasonably be expected to have a Material Adverse Effect shall dissolve, liquidate, or wind up its business by operation of law or otherwise. 

7.11 Distributions of Securities. The Company shall not distribute to its shareholders any securities of any Subsidiary unless
(a) such Subsidiary is a Non-Loan Party; (b) such distribution does not constitute or give rise to a Default or Unmatured Default; (c) such distribution does not result in a Change of Control of
a Loan Party; and (d) such distribution does not materially change the operations of the Toll Group. 
 7.12 Disposition of
Assets. None of the Loan Parties will sell, convey, assign, lease, abandon or otherwise transfer or dispose of, voluntarily or involuntarily, any of its Property (including, but not limited to, sale, assignment, discount or other disposition of
accounts, contract rights, chattel paper, equipment or general intangibles with or without recourse or of capital stock (other than capital stock of the Company), shares of beneficial interest or partnership interests of another Loan Party or an
Affiliate of a Loan Party), except: 
 (i) transactions involving the sale of inventory in the ordinary course of business;

  
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 (ii) any sale, transfer or lease of assets which are no longer necessary or
required in the conduct of the business of the Loan Parties (taken as a whole); 
 (iii) any sale, transfer or lease of
assets to any other Loan Party; 
 (iv) any sale, transfer or lease of assets which are replaced by substitute assets
acquired or leased; 
 (v) any sale, transfer or lease of assets of, or interests in, a
Non-Loan Party or any other Affiliate of the Company that is not a Loan Party; and 

(vi) mergers or consolidations permitted in this Agreement. 

7.13 Borrower a Wholly-Owned Subsidiary. The Borrower will at all times be a Wholly-Owned Subsidiary of the Company or of a successor to
the Company (but only if the ownership by such successor does not constitute or result in a Change of Control). 
 7.14 Investments and
Acquisitions. None of the Loan Parties will make or suffer to exist any Investments (including, without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or will create any Subsidiary or will
become or remain a partner in any partnership or joint venture, except Permitted Investments. 
 7.15 Liens. None of the Loan Parties
will create, incur, or suffer to exist any Lien in, of or on any Property whether now owned or hereafter acquired, except Permitted Liens. 

7.16 Additional Designated Guarantors. The Borrower may at any time designate (in the manner hereinafter provided) any Wholly-Owned
Subsidiary of the Company as a Designated Guarantor, and shall designate (in the manner hereinafter provided) each newly-formed or newly-acquired Wholly-Owned Subsidiary of the Company (other than a Mortgage Subsidiary) as a Designated Guarantor on
a quarterly basis simultaneously with its delivery of the next Compliance Certificate pursuant to Section 7.1(iv) (unless, on or prior to the time of such delivery, the Borrower satisfies the requirements of
Non-Designation of such Wholly-Owned Subsidiary in accordance with Section 10.13) in accordance with the provisions of this Section 7.16. Such designation of a Wholly-Owned Subsidiary of the Company
as a Designated Guarantor shall be effected by the delivery by the Borrower to the Administrative Agent of each of the following: 

(i) Notice by the Borrower and the Company identifying such Designated Guarantor, the state of its formation, and the ownership
of the capital stock or other ownership interests in such Designated Guarantor; 
 (ii) A Supplemental Guaranty duly executed
and delivered by such Designated Guarantor; 
 (iii) Documents with respect to such Designated Guarantor addressing the
requirements set forth in clauses (iv), (v) and (vi) of Section 5.1; and 

  
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 (iv) Such information relating to the organization, operations and finances
of such Designated Guarantor as the Administrative Agent shall reasonably request. 
 Upon the Administrative Agent’s receipt of the
foregoing, all of which shall be reasonably satisfactory to the Administrative Agent in form and substance, such Wholly-Owned Subsidiary of the Company shall be a Designated Guarantor and a Loan Party hereunder. 

7.17 Subordinated Indebtedness. Except as otherwise permitted in the last sentence of this Section 7.17, no Loan Party will make
any amendment or modification to any Subordinated Loan Document, without providing at least thirty (30) days’ prior written notice thereof to the Administrative Agent (or such shorter period as the Administrative Agent shall agree), and
obtaining the prior written consent of the Required Lenders thereto. The Loan Parties may amend or modify any Subordinated Loan Document without obtaining the consent of the Required Lenders if after giving effect to such amendment or modification
(a) the subordination provisions therein would be permitted under this Agreement, and (b) the covenants governing such Subordinated Indebtedness affected by the amendment are no more onerous to the borrower of such Subordinated
Indebtedness than those contained under this Agreement and the Administrative Agent shall have received an officer’s certificate to such effect by an Authorized Officer of the Company. 

7.18 Intercompany Loans, Loans from Non-Loan Parties. The Borrower may make Intercompany Loans
available to the Guarantors using proceeds of the Loans. Each Intercompany Loan shall be evidenced either by a promissory note of the obligor under such Intercompany Loan (individually, an “Intercompany Note” and collectively, the
“Intercompany Notes”), an intercompany account agreement between Borrower and the obligor under such Intercompany Loan (individually, an “Intercompany Agreement” and collectively, the “Intercompany Agreements”) or by an
entry on the books and records of the Borrower and the obligor under such Intercompany Loan, and repayment of such Intercompany Loans shall be on such terms as the Borrower and the Guarantors agree. Each Intercompany Loan shall be subordinated to
the Guarantors’ obligations under the Guaranty Agreements pursuant to the terms of the Guaranty Agreement and shall either be a demand loan or become due and payable upon the acceleration of the Loans pursuant to Section 9.1 after the
occurrence of a Default hereunder. Any Intercompany Note, Intercompany Agreement or book-entry claim may in turn be assigned by the Borrower to another Guarantor or any other member of the Toll Group as a capital contribution. The Company shall
establish and maintain such books and records relating to Intercompany Loans and other Investments in the Designated Guarantors as are required to enable it and the Administrative Agent to trace advances and repayments of principal of Intercompany
Loans and other investments in the Guarantors. 
 7.19 Appraisals. 

7.19.1 Procedures. The Loan Parties shall cooperate with the Lenders and the appraisers in making appraisals of the Borrowing Base
Assets which the Administrative Agent, at the direction of the Required Lenders, may from time to time request. The Borrower may, within ten (10) days following any such request by the Administrative Agent, specify which other of the Borrowing
Base Assets it requests to have similarly appraised. Following the first to occur of (A) completion of all appraisals requested at any one time by the Administrative Agent and the 

  
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Borrower under this Section 7.19, and (B) a date specified by the Administrative Agent no earlier than 45 days after the last request for an appraisal has (or could have) been made by
the Borrower in accordance with the immediately preceding sentence, the appraised values of all Borrowing Base Assets which have been appraised (rather than their book value) shall be used for purposes of applying the covenant contained in
Section 7.28.2. The Required Lenders shall have the right to request appraisals pursuant to this Section 7.19 not more than two times in any period of twelve consecutive months, and shall specify in such request all of the Borrowing Base
Assets for which the Lenders desire appraisals. 
 7.19.2 Costs. Any appraisals by the Administrative Agent shall be at the
Lenders’ expense (in the proportion of their respective Term Loan Ratable Shares), unless using such appraised values would result in the covenant contained in Section 7.28.2 being violated, in which event all such appraisals shall be at
the Borrower’s expense; provided, that, in addition to the foregoing, if at any time that the Borrowing Base provisions set forth in Section 7.28.2 are in effect because both the Leverage Ratio is above the threshold set forth therein as
of the end of the most recent fiscal quarter for which financial statements have been delivered to the Administrative Agent pursuant to Section 7.1(i) or (ii) and the Company does not have an Investment Grade Rating from at least two
(2) Rating Agencies as of the end of such fiscal quarter, the amount of the Borrowing Base (determined as of the end of such fiscal quarter and set forth on the Borrowing Base Certificate required to be delivered pursuant to
Section 7.1(viii)) is not greater than the aggregate principal amount of the Senior Indebtedness then outstanding (excluding outstanding Alternative Letters of Credit and other outstanding Letters of Credit or similar arrangements to the extent
collateralized by cash, Marketable Securities or Cash Equivalents) by at least an amount equal to 10% of the aggregate principal amount of such Senior Indebtedness then outstanding (with Senior Indebtedness being calculated in accordance with
Section 7.28.2), then the Administrative Agent, at the written request of the Required Lenders, shall have the right to request appraisals of a selection of Borrowing Base Assets that constitute (x) Borrowing Base Assets with the highest
individual book values and (y) Borrowing Base Assets that in the aggregate constitute 50% of the aggregate book value of all Borrowing Base Assets (both (x) and (y) to be determined by the Company in good faith in consultation with the
Administrative Agent) (such assets, the “Borrowing Base Selected Assets”) not more than once in any twelve consecutive months with all such appraisals conducted at the Borrower’s expense; provided, further, that if the aggregate
appraised value of the Borrowing Base Selected Assets is less than the aggregate book value of the Borrowing Base Selected Assets as set forth in the above-referenced Borrowing Base Certificate, then the Administrative Agent shall have the right, at
the written request of the Required Lenders (but only so long as the Borrowing Base provisions set forth in Section 7.28.2 are in effect as provided above) to request appraisals of additional Borrowing Base Assets on the same basis as provided
in clauses (x) and (y) above that in the aggregate, together with the Borrowing Base Selected Assets, constitute 80% of the aggregate book value of all Borrowing Base Assets (such additional Borrowing Base Assets to be determined by the Company
in good faith in consultation with the Administrative Agent as provided above and defined herein as the “Additional Borrowing Base Selected Assets”) not more than once in any twelve consecutive months with all such appraisals conducted at
the Borrower’s expense; provided, further, that if the aggregate appraised value of the Borrowing Base Selected Assets and the Additional Borrowing Base Selected Assets is less than ninety percent (90%) of the aggregate book value of such
assets as set forth on the above-referenced Borrowing Base Certificate, then the Administrative Agent shall have the right, at the written 

  
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request of the Required Lenders (but only so long as the Borrowing Base provisions set forth in Section 7.28.2 are in effect as provided above), to request appraisals of all remaining
Borrowing Base Assets at the Borrower’s expense, but no more than once in any twelve consecutive months; provided, further, that, notwithstanding the foregoing, if a Default or Unmatured Default shall have occurred and be continuing as a result
of a breach of Section 7.28.2, then all appraisals under this Section 7.19 shall be at the Borrower’s expense. 
 7.19.3
Appraisers. Any appraisals requested at any one time pursuant to this Section 7.19 shall be made by one or more appraisers for all properties (there shall be no more than one appraiser for each property) located in each state selected by
the Borrower from a list of at least three appraisers submitted by the Administrative Agent with respect to such state at the time it makes its request. All appraisers submitted by the Administrative Agent pursuant to this Section 7.19 shall be
appraisers who have been approved by the Required Lenders and the Borrower (such approval not to be unreasonably withheld or delayed) and in either event have committed to prepare appraisals within 45 days following the date such appraisals are
requested. 
 7.20 Mortgage Subsidiaries. The Company shall notify the Administrative Agent of the creation of any Mortgage Subsidiary
within seven (7) Business Days after such creation. Such notice shall include the name, state of formation and ownership of the capital stock or other ownership interests thereof. The Company shall cause the Mortgage Subsidiaries to engage
exclusively in the Mortgage Banking Business. The Company shall deliver information relating to the organization, operations and finances of the Mortgage Subsidiaries as the Administrative Agent may reasonably request from time to time. 

7.21 [Reserved]. 
 7.22
[Reserved]. 
 7.23 Plans and Benefit Arrangements. Except as set forth in Schedule 9 or to the extent a violation of the
foregoing would not reasonably be expected to have a Material Adverse Effect either individually or in the aggregate with all other such violations: 

(i) The Company and each member of the Controlled Group shall comply with any applicable provisions of ERISA with respect to
all Benefit Arrangements, Plans and Multiemployer Plans. The Company shall not permit to occur any Prohibited Transaction with respect to any Benefit Arrangement or any Plan or with respect to any Multiemployer Plan or Multiple Employer Plan. The
Company and all members of the Controlled Group shall make all payments required to be made under any agreement relating to a Multiemployer Plan or a Multiple Employer Plan or any Law pertaining thereto. With respect to each Plan and Multiemployer
Plan, the Company and each member of the Controlled Group (i) shall fulfill their obligations under the minimum funding standards of ERISA, (ii) shall not incur any liability to the PBGC and (iii) shall not have asserted against them
any penalty for failure to fulfill the minimum funding requirements of ERISA. 
 (ii) Each Multiemployer Plan and Multiple
Employer Plan shall be able to pay benefits thereunder when due. 

  
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 (iii) Neither the Company nor any other member of the Controlled Group shall
institute proceedings to terminate any Plan. 
 (iv) The Company shall not permit to occur any event requiring notice to the
PBGC under Section 303(k)(4)(A) of ERISA with respect to any Plan. 
 (v) The aggregate actuarial present value of all
benefit liabilities (whether or not vested) under each Plan, determined on a plan termination basis, as disclosed from time to time in and as of the date of the actuarial reports for such Plan shall not exceed the aggregate fair market value of the
assets of such Plan. 
 (vi) Neither the Company nor any other member of the Controlled Group shall incur any withdrawal
liability under ERISA to any Multiemployer Plan or Multiple Employer Plan. Neither the Company nor any other member of the Controlled Group shall be notified by any Multiemployer Plan or Multiple Employer Plan that such Multiemployer Plan or
Multiple Employer Plan has been terminated within the meaning of Title IV of ERISA and no Multiemployer Plan or Multiple Employer Plan shall be reorganized or terminated, within the meaning of Title IV of ERISA. 

(vii) To the extent that any Benefit Arrangement is insured, the Company and all members of the Controlled Group shall pay when
due all premiums required to be paid. To the extent that any Benefit Arrangement is funded other than with insurance, the Company and all members of the Controlled Group shall make all contributions required to be paid for all prior periods. 

7.24 Employment Matters. The Loan Parties shall comply with the Labor Contracts and all applicable labor and employment Laws including,
but not limited to, those related to equal employment opportunity and affirmative action, labor relations, minimum wage, overtime, child labor, medical insurance continuation, worker adjustment and relocation notices, immigration controls and worker
and unemployment compensation, in each case where the failure to comply would have a Material Adverse Effect either individually or in the aggregate with all other such failures. The Company and the Borrower shall not permit any grievances,
arbitration awards or appeals therefrom arising out of the Labor Contracts or strikes or threatened strikes, picketing, handbilling or other work stoppages or slowdowns at facilities of any Loan Party that in any case or in the aggregate would have
a Material Adverse Effect. 
 7.25 Environmental Matters. Except as disclosed on Schedule 10 hereto: 

(i) Except for violations or failures which individually and in the aggregate are not reasonably likely to have a Material
Adverse Effect, (A) no Environmental Complaint shall be issued by any Official Body or other Person alleging that any Loan Party or any prior or subsequent owner of the Property is a potentially responsible party under the Comprehensive
Environmental Response, Cleanup and Liability Act, 42 U.S.C. § 9601, et seq. and (B) the Company and the Borrower shall not permit to occur any Environmental Complaint relating to any Loan Party or any prior or subsequent owner of the
Property pertaining to, or arising out of, any Environmental Conditions. 

  
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 (ii) Except for conditions, violations or failures which individually and in
the aggregate are not reasonably likely to have a Material Adverse Effect, the Company and the Borrower shall not permit to occur (A) any circumstances at, on or under the Property that constitute a breach of or
non-compliance with any of the Environmental Laws or (B) any past or present Environmental Conditions at, on or under the Property or at, on or under adjacent property, that prevent compliance with
Environmental Laws at the Property. 
 (iii) Except for conditions, violations or failures which individually and in the
aggregate are not reasonably likely to have a Material Adverse Effect, neither the Property nor any structures, improvements, equipment, fixtures, activities or facilities thereon or thereunder shall contain or use Regulated Substances except in
compliance with Environmental Laws. The Company and the Borrower shall not permit to occur any processes, facilities, operations, equipment or other activities at, on or under the Property, or at, on or under adjacent property that result in the
release or threatened release of Regulated Substances onto the Property, except to the extent that such releases or threatened releases are not a breach of or otherwise a violation of any Environmental Laws, or are not likely to have a Material
Adverse Effect either individually or in the aggregate. 
 (iv) Except for violations or failures which individually and in
the aggregate are not likely to have a Material Adverse Effect, (A) the Company and the Borrower shall not permit any underground storage tanks, or underground piping associated with such tanks, to be used for the management of Regulated
Substances at, on or under the Property that do not have a full operational secondary containment system in place or are not in compliance with all Environmental Laws, and (B) the Company and the Borrower shall not permit the abandonment of any
underground storage tanks or underground piping associated with such tanks, previously used for the management of Regulated Substances at, on or under the Property, except those abandoned in place, or removed, in accordance with the Environmental
Laws. 
 (v) Except for violations or failures which individually and in the aggregate are not likely to have a Material
Adverse Effect, (A) each Loan Party shall have all material permits, licenses, authorizations and approvals necessary under the Environmental Laws for the conduct of the business of such Loan Party as conducted by such Loan Party and
(B) the Loan Parties shall submit all material notices, reports and other filings required by the Environmental Laws to be submitted to an Official Body which pertain to operations on the Property. 

(vi) Except for violations which individually and in the aggregate are not likely to have a Material Adverse Effect, all on-site generation, storage, processing, treatment, recycling, reclamation of disposal of Solid waste at, on, or under the Property and all off-site transportation, storage,
processing, treatment, recycling, reclamation and disposal of Solid Waste shall be done in accordance with the Environmental Laws. 

  
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 7.26 Environmental Certificates. The Borrowing Base Assets shall not include any
Property for which a Loan Party has not obtained a completed certificate (including an accompanying Phase I Environmental site assessment in conformity with industry standards) in respect of such Property in substantially the form of Exhibit
G or otherwise in a form reasonably satisfactory to the Administrative Agent (an “Environmental Certificate”) from a qualified independent environmental consultant. The Borrower shall, at the request of the Administrative Agent,
furnish to the Administrative Agent Environmental Certificates with respect to any Property requested by the Administrative Agent that the Borrower has included in the Borrowing Base, and may, in order to request approval of any exception on
Exhibit A of an Environmental Certificate that is not a Permitted Environmental Exception so that the underlying assets may be included in the Borrowing Base, furnish a supplemental Environmental Certificate to the Administrative Agent from a
qualified independent environmental consultant. The Administrative Agent shall with reasonable promptness notify the Borrower and the Lenders of the Administrative Agent’s approval or disapproval of any exception on Exhibit A of any such
Environmental Certificate that is not a Permitted Environmental Exception (such approval not to be unreasonably withheld or delayed). The other Lenders shall have ten (10) Business Days to reverse such approval or disapproval by the vote of the
Required Lenders, in the absence of which vote the Administrative Agent’s decision shall stand. The Borrower shall have the right from time to time to submit another Environmental Certificate in respect of Property that was not initially
Environmentally Approved Land following substantial completion of corrective action in accordance with Environmental Laws applicable to exceptions to a prior Environmental Certificate in respect of such Property and provision of documentation of
such corrective action reasonably acceptable to the Administrative Agent. Neither the Administrative Agent nor any other Lender shall be liable or otherwise have any responsibility or obligation to any Lender or to any Loan Party for any approval or
disapproval of any exceptions in any Environmental Certificate made by it except as expressly provided above. 
 7.27 Senior Debt
Status. The Obligations will at all times rank (a) at least pari passu in priority of payment with all other Senior Indebtedness of the Loan Parties (except the Obligations may rank junior in priority with respect to the liens securing
Indebtedness secured by Permitted Liens) and (b) prior in right of payment to all Subordinated Indebtedness. 
 7.28 Financial
Covenants. 
 7.28.1 Leverage Ratio. As of the end of any fiscal quarter, the Company and the Borrower will not permit the
Leverage Ratio to be greater than 1.75 to 1.00 (determined as of the end of such fiscal quarter and set forth on the compliance certificate required to be delivered for such fiscal quarter pursuant to Section 7.1(iv)). 

7.28.2 Borrowing Base. At any time that the Leverage Ratio as of the end of a fiscal quarter equals or exceeds 1.50 to 1.00 and the
Company does not have an Investment Grade Rating from at least two (2) Rating Agencies (in each case as determined as of the end of such fiscal quarter and set forth on the compliance certificate required to be delivered for such fiscal quarter
pursuant to Section 7.1(iv)), the Company and the Borrower will not permit the Borrowing Base (determined as of the end of such fiscal quarter and set forth on the Borrowing Base Certificate required to be delivered for such fiscal quarter
pursuant to Section 7.1(viii)) to be less than the aggregate principal amount of Senior Indebtedness then outstanding (excluding outstanding Alternative Letters of Credit and other Letters of Credit or similar arrangements included in Senior
Indebtedness to the extent collateralized by cash, Marketable Securities or 

  
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Cash Equivalents), it being understood that (i) if any Permitted Purchase Money Loans or Permitted Recourse Indebtedness are secured by assets which have a book value at the time of the
calculation of the Leverage Ratio which is greater than or equal to the amount of Indebtedness outstanding in respect of such Permitted Purchase Money Loans or Permitted Recourse Indebtedness, as applicable, then the amount of such Indebtedness
shall not be included in the foregoing calculation of Senior Indebtedness, (ii) if any Permitted Purchase Money Loans or Permitted Recourse Indebtedness are secured by assets which have a book value at the time of the calculation of the
Leverage Ratio which is less than the amount of Indebtedness in respect of such Permitted Purchase Money Loans or Permitted Recourse Indebtedness, as applicable, and such Permitted Purchase Money Loans or Permitted Recourse Indebtedness, as
applicable, are recourse to any Loan Party (on a secured or unsecured basis) then only the difference between the outstanding principal amount of Indebtedness in respect of such Permitted Purchase Money Loans or Permitted Recourse Indebtedness, as
applicable, and the book value of such assets securing such Permitted Purchase Money Loans or Permitted Recourse Indebtedness, as applicable, shall be included in the foregoing calculation of Senior Indebtedness (but in no event in an amount greater
than the amount of recourse to any Loan Party) and (iii) the amount of Indebtedness in respect of Permitted Nonrecourse Indebtedness shall not be included in the foregoing calculation of Senior Indebtedness. 

7.28.3 Tangible Net Worth. The Company will maintain at the end of each fiscal quarter a Tangible Net Worth of not less than the amount
by which (i) the sum of (a) $2,690,000,000, (b) 50% of Consolidated Net Income after November 1, 2018 (provided that the amount in this clause (b) may not be less than zero), (c) 50% of the cash proceeds of capital
stock of the Company sold by the Company after November 1, 2018 and (d) 50% of the aggregate increase in Tangible Net Worth after November 1, 2018 by reason of the issuance of capital stock of the Company upon conversion of
Indebtedness of any member of the Toll Group into such capital stock exceeds (ii) the sum of the aggregate amount paid by the Company for the purchase or repurchase of its capital stock, and the aggregate amount of dividends and other
distributions paid in cash by the Toll Group in respect of the Company’s capital stock, in each case at any time after November 1, 2018 (but only to the extent such purchases, repurchases, dividends and other distributions paid in cash do
not, in the aggregate, exceed the Maximum Deductible Amount (as defined below)). As used herein, the term “Maximum Deductible Amount” shall mean an amount equal to (A) the sum of the cost of purchases and repurchases by the Toll Group
of capital stock of the Company made, and the aggregate amount of dividends and other distributions paid in cash by the Toll Group in respect of the Company’s capital stock, in each case after November 1, 2018, not to exceed, in the
aggregate during any one-year period (as measured from November 1 to October 31 of each year) fifteen percent (15%) of the Tangible Net Worth as of the end of the fiscal year of the Company preceding
such one-year period, plus (B) in addition to the purchases and repurchases of capital stock, and dividends and distributions in respect of capital stock, in each case under clause (A), the sum of
(1) the cost of other purchases and repurchases by the Toll Group of capital stock of the Company at any time and (2) the aggregate amount of dividends and other distributions in respect of the capital stock of the Company at any time, not
to exceed $500,000,000 in the aggregate after November 1, 2018. 

  
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 7.29 Financial Contracts. No Loan Party will enter into or remain liable upon any
Financial Contract, except for Financial Contracts entered into for the purpose of managing interest rate risks associated with Indebtedness of the Toll Group and other risks associated with the business of the Toll Group and not for speculative
purposes. 
 ARTICLE VIII 

DEFAULTS 
 The occurrence
of any one or more of the following events shall constitute a Default: 
 8.1 Any representation or warranty made or deemed made by or on
behalf of any Loan Party to the Lenders or the Administrative Agent under or in connection with this Agreement, any Loan, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be false in any
material respect on the date as of which made or deemed made. 
 8.2 (i) Nonpayment of principal of any Loan when due under this
Agreement, or (ii) nonpayment of interest upon any Loan or of any fee or other Obligations under any of the Loan Documents within five days after notice (which notice may include a billing statement therefor) that the same is due. 

8.3 The breach by any Loan Party (other than a breach which constitutes a Default under another Section of this Article VIII) of any of the
terms or provisions of this Agreement or any of the other Loan Documents which is not cured within thirty days after the earlier of notice thereof given by the Administrative Agent or the Required Lenders to the Borrower in accordance with
Section 14.1 and the date on which any Senior Executive becomes aware of the occurrence thereof, whichever first occurs (such grace period to be applicable only in the event such breach can be cured by corrective action of the Loan Parties as
determined by the Administrative Agent in its reasonable discretion). 
 8.4 Failure of any Loan Party to pay when due any Indebtedness
(other than (i) Permitted Nonrecourse Indebtedness and (ii) guarantees of Indebtedness of Non-Loan Parties, to the extent and for so long as the payment obligation by a Loan Party under such
guarantee is being contested in good faith by appropriate proceedings, and any judgment against any Loan Party is subject to an appeal and does not otherwise result in a Default under Section 8.5) aggregating in excess of $150,000,000
(“Material Indebtedness”); or the default by any Loan Party in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any agreement or agreements under which any
such Material Indebtedness was created or is governed, or any other event shall occur or condition exist, the effect of which default or event is to cause, or to permit the holder or holders of such Material Indebtedness to cause, such Material
Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of any Loan Party shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment or in connection
with a mandatory prepayment or offer with respect to the sale, casualty or condemnation of any Property secured by such Material Indebtedness) prior to the stated maturity thereof; or any Loan Party shall not pay, or shall admit in writing its
inability to pay, its debts generally as they become due; or any “Default” (as such term is defined in the Existing Credit Agreement) shall have occurred and be continuing under the Existing Credit Agreement. 

  
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 8.5 Any Loan Party shall (i) have an order for relief entered with respect to it under
the federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or
similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent,
or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other
pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate, partnership or limited liability company action to authorize or effect any of the foregoing actions set forth in this Section 8.5 or
(vi) fail to contest in good faith any appointment or proceeding described in Section 8.6. 
 8.6 Without the application, approval
or consent of a Loan Party, a receiver, trustee, examiner, liquidator or similar official shall be appointed for such Loan Party or any Substantial Portion of the Property of the Loan Parties, or a proceeding described in Section 8.5(iv) shall
be instituted against any Loan Party and such appointment continues undischarged, or such proceeding continues undismissed or unstayed, for a period of 60 consecutive days. 

8.7 Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or any
portion of the Property of any Loan Party which, when taken together with all other Property of the Loan Parties so condemned, seized, appropriated, or taken custody or control of, during the period of four consecutive fiscal quarters ending with
the quarter in which any such action occurs, constitutes a Substantial Portion. 
 8.8 The Loan Parties shall fail within 30 days to pay,
bond or otherwise discharge any one or more judgments or orders for the payment of money (other than in respect of Permitted Nonrecourse Indebtedness) in excess of $150,000,000 in the aggregate (to the extent not covered by insurance provided by an
independent solvent third-party insurer who has been notified of such judgment, order or decree and has not denied coverage), which are not stayed on appeal or otherwise being appropriately contested in good faith. 

8.9 The Unfunded Liabilities of all Single Employer Plans shall exceed in the aggregate $20,000,000 or any Reportable Event shall occur in
connection with any Plan. 
 8.10 The Company or any other member of the Controlled Group shall have been notified by the sponsor of a
Multiemployer Plan or Multiple Employer Plan that it has incurred withdrawal liability to such Multiemployer Plan or Multiple Employer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans or
Multiple Employer Plan by the Company or any other member of the Controlled Group as withdrawal liability (determined as of the date of such notification), exceeds $20,000,000 or requires payments exceeding $10,000,000 per annum. 

8.11 The Company or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan or Multiple
Employer Plan that such Multiemployer Plan or Multiple Employer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or termination the

  
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aggregate annual contributions of the Borrower and the other members of the Controlled Group (taken as a whole) to all Multiemployer Plans and Multiple Employer Plans which are then in
reorganization or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans and Multiple Employer Plans for the respective plan years of each such Multiemployer Plan and Multiple Employer Plans
immediately preceding the plan year in which the reorganization or termination occurs by an amount exceeding $50,000,000. 
 8.12 Any Loan
Party shall (i) be the subject of any proceeding or investigation pertaining to the release of any Regulated Substance into the environment, or (ii) violate any Environmental Law, which, in the case of an event described in clause
(i) or clause (ii) or all such events in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 8.13 Any
Change of Control shall occur. 
 8.14 Any action shall be taken by a Loan Party to discontinue or to assert the invalidity or
unenforceability of any Guaranty Agreement, or any Guarantor shall deny that it has any further liability under any Guaranty Agreement to which it is a party, or shall give notice to such effect (in each case other than as expressly permitted in
Section 10.13 with respect to the Conversion or Non-Designation of a Designated Guarantor). 

8.15 Any Loan Document shall fail to remain in full force and effect unless released by the Lenders. 

8.16 The representations and warranties set forth in Section 6.14.1 (“Plan Assets; Prohibited Transactions”) shall at any time
not be true and correct. 
 The Borrower may cure any Default (other than any failure to pay the Obligations) that relates exclusively to a
Designated Guarantor by Conversion of such Designated Guarantor to a Non-Loan Party, to the extent permitted by and subject to and in accordance with the provisions of Section 10.13, provided that such
Conversion is completed (except as otherwise provided in Section 10.13(b)) not later than thirty (30) days after the first to occur of (a) such Default or (b) the day that a Senior Executive of the Company first learned of the
Unmatured Default that, with the lapse of time or giving of notice, or both, has ripened or may ripen into such Default. 
 ARTICLE IX

 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

9.1 Acceleration. If any Default described in Section 8.5 or 8.6 occurs and is continuing with respect to the Borrower or the
Company the Obligations shall immediately become due and payable without any election or action on the part of the Administrative Agent or any Lender. If any other Default occurs and is continuing, the Required Lenders (or the Administrative Agent
with the written consent of the Required Lenders) may declare the Obligations to be due and payable, whereupon the Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the
Borrower hereby expressly waives. 

  
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 If, within 30 days after acceleration of the maturity of the Obligations as a result of any
Default (other than any Default as described in Section 8.5 or 8.6 with respect to the Borrower or the Company) and before any judgment or decree for the payment of the Obligations due shall have been obtained or entered, the Required Lenders
(in their sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration. 

9.2 Amendments. Subject to the provisions of this Article IX and Section 3.3(b), the Required Lenders (or the Administrative Agent
with the consent in writing of the Required Lenders), the Borrower and the Company may enter into agreements for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or the
Borrower hereunder or waiving any Default hereunder; provided, however, that no such agreement or any waiver shall, (a) without the consent of each Lender directly and adversely affected thereby: 

(i) Forgive all or any portion of the principal amount of any Loan, or reduce the rate, whether by modification of the Pricing
Schedule or otherwise (it being understood that any change to the definition of Leverage Ratio or in the component definitions thereof shall not constitute a reduction in the rate of interest for purposes of this clause), or extend the time for
payment of or forgive interest or fees thereon; or 
 (ii) Extend the Term Loan Facility Maturity Date under the Term Loan
Facility (except as agreed to by such Lender pursuant to the provisions of Section 2.17), or increase the amount of Term Loans of any Lender (except as agreed to by such Lender); 

or (b) without the consent of all Lenders: 

(iii) Permit the Borrower to assign its rights under this Agreement; or 

(iv) [Reserved]; or 

(v) Change, directly or indirectly, the percentage specified in the definition of “Required Lenders,” or change any
provision that calls for consent, approval or other action by the Required Lenders, all Lenders or any particular affected Lender; or 

(vi) Amend Section 2.10(b), this Section 9.2 or Section 12.2; or 

(vii) Release any Guarantor (except for the release of a Designated Guarantor as provided in Section 10.13). 

No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without its written consent. The
Administrative Agent may waive payment of the fee required under Section 13.3.2 without obtaining the consent of any other party to this Agreement. Notwithstanding the foregoing, any provision of this Agreement or any other Loan Document may be
amended by an agreement in writing entered into by the Borrower and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency (including amendments, supplements or waivers to any of the Loan Documents or related documents
executed by any Loan Party or any other Subsidiary in connection with this Agreement or any other Loan Document if such amendment, supplement or waiver is delivered in order to cause such Loan Documents or related documents to be consistent with
this Agreement and the other 

  
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Loan Documents) so long as, in each case, the Lenders shall have received at least five (5) Business Days’ prior written notice thereof and the Administrative Agent shall not have
received, within five (5) Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment. 

9.3 Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to exercise any right under the Loan
Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence of a Default or the inability of the Borrower to satisfy the conditions precedent to
such Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the
terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 9.2, and then only to the extent in such writing specifically set forth. All remedies contained
in the Loan Documents or by law afforded shall be cumulative and all shall, subject to the terms hereof, be available to the Administrative Agent and the Lenders until the Obligations have been paid in full. 

ARTICLE X 
 GENERAL
PROVISIONS 
 10.1 Survival of Representations. All representations and warranties of the Borrower contained in this Agreement
shall survive the making of the Loans herein contemplated. 
 10.2 Governmental Regulation. Anything contained in this Agreement to
the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 

10.3 Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of
any of the provisions of the Loan Documents. 
 10.4 Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Company, Administrative Agent and the Lenders and supersede all prior agreements and understandings among the Borrower, the Company, the Administrative Agent and the Lenders relating to the subject matter
thereof (other than the Administrative Agent’s Fee Letter). 
 10.5 Several Obligations Benefits of This Agreement. The
respective obligations of the Lenders hereunder are several and not joint or joint and several and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The
failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the
parties to this Agreement and their respective successors and assigns; provided, however, that the parties hereto expressly agree that the Arranger (and, in the case of the provisions of Section 10.6(b), any other Person indemnified by the
Borrower thereunder) shall enjoy the benefits of the provisions of Sections 10.6(b) and 10.10 to the extent specifically set forth therein and shall have the right to enforce such provisions on its, his or her own behalf and in its, his or her own
name to the same extent as if it, he or she were a party to this Agreement. 

  
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 10.6 Expenses; Indemnification. 

(a) The Borrower shall reimburse the Administrative Agent for any reasonable
out-of-pocket costs and expenses (including reasonable attorneys’ fees and expenses of attorneys for the Administrative Agent (other than internal counsel) and (but
only with the Borrower’s prior approval, which shall not be unreasonably withheld or delayed) other advisors and professionals engaged by the Administrative Agent) paid or incurred by the Administrative Agent in connection with the preparation,
negotiation, execution, delivery, syndication, amendment, modification, and administration of the Loan Documents. In addition, the Borrower also agrees to pay for all reasonable
out-of-pocket costs and expenses of the Administrative Agent and each Lender incurred in connection with the enforcement or preservation of rights under the Loan
Documents (including but not limited to reasonable legal fees and expenses of counsel, provided that legal fees and legal expenses shall be limited to the fees and expenses of one legal counsel plus, if necessary, one special counsel for each
relevant specialty and one local counsel per jurisdiction; provided, that, in the event of any actual or potential conflict of interest, the Borrower shall be liable for the fees and expenses of one additional counsel for each person or group
of persons subject to such conflict). 
 (b) The Borrower hereby further agrees to indemnify the Administrative Agent, the Arranger, each
Lender and their respective Related Parties (each an “Indemnitee”) against all losses, claims, obligations, damages, penalties, actions, judgments, suits, liabilities, costs, expenses and disbursements (including, without limitation, all
reasonable fees and expenses of attorneys and other expenses of litigation or preparation therefor whether or not the Administrative Agent, the Arranger or any Lender is a party thereto, provided that legal fees and legal expenses shall be
limited to the fees and expenses of one legal counsel and one local counsel in each relevant jurisdiction for all such Indemnitees, taken as a whole; provided, that, in the event of any actual or potential conflict of interest, the Borrower shall be
liable for the fees and expenses of one additional counsel for each person or group of persons subject to such conflict) (“Losses”) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents,
the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Loan hereunder including any Losses arising out of any actual or alleged presence or Release of Regulated Substances at, on,
under or emanating from any Property, or any liability related to the Borrower or any of its Subsidiaries under any Environmental Laws except to the extent that they (i) are determined in a final
non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee, (ii) arose from a material breach of the obligations of
such Indemnitee’s or any of its Related Parties’ obligations under any Loan Document (as determined by a court of competent jurisdiction in a final, non-appealable judgment) or (iii) arose from
any claim, actions, suits, inquiries, litigation, investigation or proceeding that does not involve an act or omission of the Loan Parties and is brought by an Indemnitee against another Indemnitee (other than any claim, actions, suits, inquiries,
litigation, investigation or proceeding against any Agent, Arranger or the Administrative Agent in its capacity as such). The obligations of the Borrower under this Section 10.6 shall survive the termination of this Agreement. This
Section 10.6(b) shall not apply with respect to Taxes other than Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

  
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 10.7 Numbers of Documents. All statements, notices, closing documents, and requests
hereunder shall (if the Administrative Agent so requests) be furnished to the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders. 

10.8 Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting
determinations hereunder shall be made in accordance with generally accepted accounting principles in the United States, as in effect from time to time (“GAAP”); provided, however, if at any time any change in GAAP would
affect the computation of any financial ratio or requirement set forth in any Loan Document (including for pricing purposes), and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company
shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio
or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this
Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding the foregoing, any obligation of a Person
under a lease (whether existing now or entered into in the future) that is not (or would not be) required to be classified and accounted for as a capital lease on the balance sheet of such Person under GAAP as in effect on May 19, 2016 shall
not be treated as a capital lease solely as a result of the adoption of any changes in, or changes in the application of, GAAP after May 19, 2016 and, as a result, leases shall continue to be classified and accounted for on a basis consistent
with their treatment on May 19, 2016, notwithstanding any change in GAAP relating thereto, unless the Company, the Borrower and the Required Lenders shall enter into a mutually acceptable amendment addressing such changes, as provided for
above. 
 10.9 Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or
invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable. 
 10.10 Nonliability of Lenders. The
relationship between the Borrower on the one hand and the Lenders and the Administrative Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent, the Arranger nor any Lender shall have any fiduciary
responsibilities to the Borrower, the Company or any other Loan Party. Neither the Administrative Agent, the Arranger nor any Lender undertakes any responsibility to the Borrower, the Company or any other Loan Party to review or inform the Borrower,
the Company or any other Loan Party of any matter in connection with any phase of the Borrower’s, the Company’s or any other Loan Party’s business or operations. The Borrower and the Company agree that neither the Administrative
Agent, the Arranger nor any Lender shall have liability to the Borrower, the Company or any other Loan Party (whether sounding in tort, contract or 

  
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otherwise) for losses suffered by the Borrower, the Company or any other Loan Party in connection with, arising out of, or in any way related to, the transactions contemplated and the
relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction
that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Administrative Agent, the Arranger nor any Lender shall have any liability (whether sounding in tort, contract or
otherwise) with respect to, and the Borrower, the Company and each other Loan Party hereby waives, releases and agrees not to sue for, any special, indirect or consequential damages suffered by the Borrower, the Company or any other Loan Party (or
suffered by any of their respective officers, directors, employees, agents, advisors or representatives) in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby. 

10.11 Confidentiality. Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel, consultants, service providers and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested by any regulatory authority purporting to have
jurisdiction over it (including any self-regulatory authority); (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; (d) to any other party to this Agreement; (e) subject to an
agreement containing provisions substantially the same as those of this Section 10.11 (or as may otherwise be reasonably acceptable to the Borrower), to any Eligible Assignee of or Participant in, or any prospective Eligible Assignee or pledgee
of or Participant in, any of its rights or obligations under this Agreement; (f) with the written consent of the Borrower; (g) to the extent such Information becomes publicly available other than as a result of a breach of this
Section 10.11; (h) to any state, federal or foreign authority or examiner or self-regulatory body (including the National Association of Insurance Commissioners or any other similar organization) (in which case such Person shall, except
with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, promptly notify the Borrower, in advance, to the extent lawfully permitted to do
so); (i) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to the Loan Parties received by it from
such Lender); (j) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder
to the extent reasonably necessary in connection with such enforcement or any such litigation or proceeding to which the Arranger, the Administrative Agent or any Lender or any of its Affiliates may be a party to the extent reasonably necessary; or
(k) to any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap derivative or other transaction under which payments are to be
made by reference to the Borrower and its Obligations, this Agreement or payments hereunder or such contractual counterparty’s professional advisor (so long as such actual or prospective contractual counterparty or professional advisor to such
contractual counterparty agrees to be bound by the provisions of this Section 10.11). In addition, the Agents and the Lenders may disclose the existence of this 

  
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Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with
the administration and management of this Agreement, the other Loan Documents and the Term Loans. For the purposes of this Section 10.11, “Information” means all information received from the Company or any of its Subsidiaries
relating to the Company or any of its Subsidiaries or its or their business, other than any such information that is publicly available to any Agent or any Lender prior to disclosure by the Company or any of its Subsidiaries other than as a result
of a breach of this Section 10.11. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of
care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 10.12
Nonreliance. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System) for the repayment of the Loans provided for herein. 

10.13 Conversion and Non-Designation of Designated Guarantors. 

(a) The Borrower may, by written notice to the Administrative Agent, request that a Designated Guarantor be released from its Guaranty
Agreement and thereby be converted to a Non-Loan Party (a “Conversion”) or that a Wholly-Owned Subsidiary of the Company not be required to be designated as a Designated Guarantor (a “Non-Designation”), on and subject to the following conditions: 
 (i) No Default
or Unmatured Default shall exist (except any Default or Unmatured Default that will be cured as a result of such Conversion or Non-Designation) and no other Default or Unmatured Default will exist as a result
of such Conversion or Non-Designation. 
 (ii) In the case of a Conversion, the
stockholders’ equity in such Designated Guarantor and in the case of a Non-Designation, the stockholders’ equity in such Wholly-Owned Subsidiary, shall not exceed five percent (5%) of the total
consolidated stockholders’ equity in all Loan Parties before giving effect to such Conversion or Non-Designation. Determination of such percentages of stockholders’ equity shall be made as of the end
of the most recent fiscal quarter of the Company for which the financial statements required under Sections 7.1(i) or (ii) (as applicable) are available at the time of such request for Conversion or
Non-Designation. 
 (iii) The stockholders’ equity in all Designated Guarantors
that the Borrower requests to be converted into Non-Loan Parties in any period of four consecutive fiscal quarters and in all Wholly-Owned Subsidiaries of the Company that the Borrower requests not to be
designated as Designated Guarantors during such four-quarter period shall not in the aggregate exceed ten percent (10%) (or fifteen percent (15%) if and to the extent necessary to permit the Borrower to cure a Default by Conversion of a Designated
Guarantor) of the lowest total consolidated stockholders’ equity in all Loan Parties at the end of any fiscal quarter during such four-quarter period. Determination of such 

  
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aggregate amounts of stockholders’ equity of such applicable Designated Guarantors or Wholly-Owned Subsidiaries shall be made by adding the amounts of stockholders’ equity of each such
applicable Designated Guarantor and Wholly-Owned Subsidiary (as determined at the time of request for Conversion of such Designated Guarantor or Non-Designation of such Wholly-Owned Subsidiary in accordance
with clause (ii) above). 
 (iv) The stockholders’ equity in all Designated Guarantors that the Borrower requests
to be converted into Non-Loan Parties after the Amendment No. 4 Effective Date and in all Wholly-Owned Subsidiaries of the Company that the Borrower requests not to be designated as Designated Guarantors
after the Amendment No. 4 Effective Date (in each case excluding Non-Loan Parties as of the Amendment No. 4 Effective Date) shall not in the aggregate exceed thirty percent (30%) of the total
consolidated stockholders’ equity in all Loan Parties. Determination of such aggregate amounts of stockholders’ equity of such applicable Designated Guarantors or Wholly-Owned Subsidiaries shall be made by adding the amounts of
stockholders’ equity of each such applicable Designated Guarantor and Wholly-Owned Subsidiary. Determinations of such stockholders’ equity shall be made as of the end of the most recent fiscal quarter of the Company for which financial
statements required under Section 7.1(i) or (ii) (as applicable) are available at the time of the last such request for Conversion or Non-Designation. 

(v) The disposition by the Company of such Designated Guarantor (in the case of a Conversion) or Wholly-Owned Subsidiary (in
the case of a Non-Designation) would not have a material effect on the homebuilding business of the other Loan Parties, operationally or otherwise. 

(vi) The Borrower shall deliver to the Administrative Agent, together with the Borrower’s notice requesting the Conversion
of a Designated Guarantor or Non-Designation of a Wholly-Owned Subsidiary, a certificate of the Borrower and the Company, certifying that the conditions set forth in clauses (i) through (v) above are
satisfied with respect to such Conversion or Non-Designation, together with (A) in the case of a Conversion, a Compliance Certificate, as of the end of the most recent fiscal quarter for which financial
statements are available, prepared taking into account such Conversion and (B) in any case, such other evidence in support of the satisfaction of such conditions as the Administrative Agent shall reasonably request. 

(vii) Such Conversion or Non-Designation shall comply with the provisions of
Section 10.13(d). 
 Upon the Administrative Agent’s determination (which may be made solely by relying on the certificate
delivered pursuant to clause (vi) above) that the foregoing conditions with respect to the Conversion of a Designated Guarantor have been satisfied, the Administrative Agent shall (except as otherwise provided in Section 10.13(b)) promptly
(1) execute and deliver, for and on behalf of itself and the Lenders, a release of such Designated Guarantor from its Guaranty Agreement, whereupon such Designated Guarantor shall cease to be a Designated Guarantor and Loan Party and shall be a
Non-Loan Party, and (2) give notice to the Lenders of the Conversion of such Designated Guarantor. Upon the Administrative Agent’s determination (which may be

  
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made solely by relying on the certificate delivered pursuant to clause (vi) above) that the foregoing conditions with respect to the Non-Designation
of a Wholly-Owned Subsidiary of the Company have been satisfied, the Administrative Agent shall promptly give notice of such Non-Designation to the Borrower and the Lenders. 

(b) Notwithstanding the satisfaction of the conditions for Conversion of a Designated Guarantor pursuant to Section 10.13(a), if requested
by the Borrower, the Administrative Agent may elect, in its sole discretion, not to release such Designated Guarantor from its Guaranty, in which event such Designated Guarantor shall remain a Guarantor but shall not constitute a Loan Party
hereunder for purposes of compliance with the representations, warranties and covenants contained in this Agreement (including, without limitation, the covenants contained in Section 7.28) and the provisions of Article VIII. If the
Administrative Agent so elects not to release such Designated Guarantor, it shall so notify the Borrower and the Lenders, and the Required Lenders may at any time direct the Administrative Agent to release such Designated Guarantor from its
Guaranty. 
 (c) If prior to the release of a Designated Guarantor from its Guaranty, the Borrower determines and certifies to the
Administrative Agent that the inclusion of such Designated Guarantor as a Loan Party hereunder for all purposes (including, without limitation, compliance with the covenants contained in Section 7.28) would not result in a Default or Unmatured
Default, the Borrower may request the Administrative Agent to reinstate such Designated Guarantor as a Loan Party hereunder for all purposes. As a condition of any such reinstatement, the Administrative Agent may request the Borrower to deliver to
the Administrative Agent evidence in support of the Borrower’s certification, including, without limitation, a Compliance Certificate with respect to the most recent fiscal quarter for which financial statements of the Company are available,
reflecting the inclusion of such Designated Guarantor as a Loan Party and evidencing compliance with the covenants hereunder. Upon the Administrative Agent’s approval of the Borrower’s certification and supporting evidence (which approval
may be made solely by relying on such certification and supporting evidence), the Administrative Agent shall notify the Borrower and the Lenders that such Designated Guarantor has been so reinstated, and from and after the delivery of such notice,
such Designated Guarantor shall again be a Loan Party hereunder for all purposes. 
 (d) At all times after the Borrower has satisfied the
conditions of Conversion of a Designated Guarantor as provided in Section 10.13(a) but prior to the release of such Designated Guarantor from its Guaranty, all reports required to be furnished under Section 7.1 hereof or any other
provisions of this Agreement shall exclude such Designated Guarantor as a Loan Party hereunder unless and until such Designated Guarantor is reinstated as a Loan Party as provided in this Section 10.13. 

(e) Notwithstanding anything in this Section 10.13 to the contrary, if, after a Subsidiary has been converted into a Non-Loan Party or, at the request of the Borrower, has not been designated as a Designated Guarantor (in each case in accordance with the above provisions of this Section 10.13), the Borrower thereafter
designates such Subsidiary as a Designated Guarantor (and such Subsidiary becomes a Designated Guarantor), such Subsidiary shall not, so long as such Subsidiary is a Designated Guarantor, be considered a
Non-Loan Party for purposes of the above calculations. 

  
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 10.14 PATRIOT Act. Each Lender that is subject to the PATRIOT Act and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Loan Parties, which
information includes the name and address of the Loan Parties and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the Act. 

10.15 Acknowledgment and Consent to Bail-in of EEA Financial Institutions. Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan
Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any Lender that is an EEA Financial Institution; 
 (b) the effects of any
Bail-In Action on any such liability, including, if applicable; 
 (i) a reduction in
full or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; 

(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
any EEA Resolution Authority. 
 10.16 Acknowledgment Regarding any Supported QFCs. To the extent that the Loan Documents provide
support, through a guarantee or otherwise, for any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to
the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the
“U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws
of the State of New York and/or of the United States or any other state of the United States). 
 In the event a Covered Entity that is
party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or
under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to 

  
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the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in
property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under
the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. 

ARTICLE XI 
 THE
ADMINISTRATIVE AGENT 
 11.1 Appointment and Authority. Each of the Lenders hereby irrevocably appoints SunTrust to act on its
behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and, other than as expressly set forth herein, neither the
Borrower nor any other Loan Party hereto shall have rights as a third party beneficiary of any of such provisions. 
 11.2 Administrative
Agent Individually. 
 (a) The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally
engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

(b) Each Lender understands that the Person serving as Administrative Agent, acting in its individual capacity, and its Affiliates
(collectively, the “Agent’s Group”) are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) (such services and
businesses are collectively referred to in this Section 11.2 as “Activities”) and may engage in the Activities with or on behalf of one or more of the Loan Parties or their respective Affiliates. Furthermore, the Agent’s Group
may, in undertaking the Activities, engage in trading in financial products or undertake other investment businesses for its own account or on behalf of others (including the Loan Parties and their Affiliates and including holding, for its own
account or on behalf of others, equity, debt and similar positions in the Borrower, another Loan Party or their respective Affiliates), including trading in or holding long, short or derivative positions in securities, loans or other financial
products of one or more of the Loan Parties or their Affiliates. Each Lender 

  
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understands and agrees that in engaging in the Activities, the Agent’s Group may receive or otherwise obtain information concerning the Loan Parties or their Affiliates (including
information concerning the ability of the Loan Parties to perform their respective Obligations hereunder and under the other Loan Documents) which information may not be available to any of the Lenders that are not members of the Agent’s Group.
None of the Administrative Agent nor any member of the Agent’s Group shall have any duty to disclose to any Lender or use on behalf of the Lenders, and shall not be liable for the failure to so disclose or use, any information whatsoever about
or derived from the Activities or otherwise (including any information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any Loan Party or any Affiliate of any Loan Party) or to account
for any revenue or profits obtained in connection with the Activities, except that the Administrative Agent shall deliver or otherwise make available to each Lender such documents as are expressly required by any Loan Document to be transmitted by
the Administrative Agent to the Lenders. 
 (c) Each Lender further understands that there may be situations where members of the
Agent’s Group or their respective customers (including the Loan Parties and their Affiliates) either now have or may in the future have interests or take actions that may conflict with the interests of any one or more of the Lenders (including
the interests of the Lenders hereunder and under the other Loan Documents). Each Lender agrees that no member of the Agent’s Group is or shall be required to restrict its activities as a result of the Person serving as Administrative Agent
being a member of the Agent’s Group, and that each member of the Agent’s Group may undertake any Activities without further consultation with or notification to any Lender. None of (i) this Agreement nor any other Loan Document,
(ii) the receipt by the Agent’s Group of information (including Information) concerning the Loan Parties or their Affiliates (including information concerning the ability of the Loan Parties to perform their respective Obligations
hereunder and under the other Loan Documents) nor (iii) any other matter shall give rise to any fiduciary, equitable or contractual duties (including without limitation any duty of trust or confidence) owing by the Administrative Agent or any
member of the Agent’s Group to any Lender including any such duty that would prevent or restrict the Agent’s Group from acting on behalf of customers (including the Loan Parties or their Affiliates) or for its own account. 

11.3 Exculpatory Provisions. Neither the Administrative Agent nor any Agent shall have any duties or obligations except those expressly
set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable Laws including, for the avoidance of doubt, any action that may be in violation of the automatic stay under any Debtor Relief Law; 

  
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 (c) shall not, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any
of its Affiliates in any capacity; and 
 (d) nothing in this Agreement or any other Loan Document shall require the
Administrative Agent or any of its Related Parties to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Administrative Agent that it is solely responsible
for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Administrative Agent or any of its Related Parties. 

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.1 and 9.2) or (ii) in
the absence of its own gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable judgment). The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower or a Lender. 

Neither the Administrative Agent nor any member of the Agent’s Group shall be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty, representation or other information made or supplied in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set
forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of
any condition set forth in Article V or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

11.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability
for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such

  
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condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan and such Lender shall not
have made available to the Administrative Agent, to the extent applicable, such Lender’s ratable portion of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and
other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

11.5 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through
their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
 11.6
Resignation of Successor Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right,
with the consent of the Borrower, which consent shall not be unreasonably withheld or delayed and shall not be required if any Default has occurred and is continuing, to appoint a successor, which shall be a bank with an office in any state in the
United States, or an Affiliate of any such bank with an office in any state in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, with the consent of the Borrower, which consent shall not be unreasonably withheld or delayed and shall not be required if any Default has occurred and
is continuing, on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted
such appointment, then such resignation or removal shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other
Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until
such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such
time as the Required Lenders appoint a successor Administrative Agent as provided for above in this paragraph. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations as Administrative Agent hereunder or under the
other Loan Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the retiring Administrative Agent’s 

  
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resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.6 shall continue in effect for the benefit of such retiring Administrative Agent, its
sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

11.7 Non-Reliance on Administrative Agent and Other Lenders. 

(a) Each Lender confirms to the Administrative Agent, each other Lender and each of their respective Related Parties that it (i) possesses
(individually or through its Related Parties) such knowledge and experience in financial and business matters that it is capable, without reliance on the Administrative Agent, any other Lender Party or any of their respective Related Parties, of
evaluating the merits and risks (including tax, legal, regulatory, credit, accounting and other financial matters) of (x) entering into this Agreement, (y) making Loans and other extensions of credit hereunder and under the other Loan
Documents and (z) in taking or not taking actions hereunder and thereunder, (ii) is financially able to bear such risks and (iii) has determined that entering into this Agreement and making Loans and other extensions of credit
hereunder and under the other Loan Documents is suitable and appropriate for it. 
 (b) Each Lender acknowledges that (i) it is solely
responsible for making its own independent appraisal and investigation of all risks arising under or in connection with this Agreement and the other Loan Documents, (ii) that it has, independently and without reliance upon the Administrative
Agent, any other Lender Party or any of their respective Related Parties, made its own appraisal and investigation of all risks associated with, and its own credit analysis and decision to enter into, this Agreement based on such documents and
information, as it has deemed appropriate and (iii) it will, independently and without reliance upon the Administrative Agent, any other Lender or any of their respective Related Parties, continue to be solely responsible for making its own
appraisal and investigation of all risks arising under or in connection with, and its own credit analysis and decision to take or not take action under, this Agreement and the other Loan Documents based on such documents and information as it shall
from time to time deem appropriate, which may include, in each case: 
 (i) the financial condition, status and
capitalization of the Borrower and each other Loan Party; 
 (ii) the legality, validity, effectiveness, adequacy or
enforceability of this Agreement and each other Loan Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Loan Document; 

(iii) determining compliance or non-compliance with any condition hereunder to the
making of a Loan and the form and substance of all evidence delivered in connection with establishing the satisfaction of each such condition; 

(iv) the adequacy, accuracy and/or completeness of any information delivered by the Administrative Agent, any other Lender or
by any of their respective Related Parties under or in connection with this Agreement or any other Loan Document, the transactions contemplated hereby and thereby or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Loan Document. 

  
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 11.8 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of
the Arranger, syndication agents, documentation agents, the Administrative Agent or any other Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in
its capacity, as applicable, as the Administrative Agent or a Lender hereunder.  
 11.9 Appointment of Supplemental Administrative
Agents. 
 (a) It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any
jurisdiction denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of litigation under this Agreement or any of the other Loan Documents,
and in particular in case of the enforcement of any of the Loan Documents, or in case the Administrative Agent deems that by reason of any present or future Law of any jurisdiction it may not exercise any of the rights, powers or remedies granted
herein or in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent is hereby authorized to appoint an additional individual or institution selected by the
Administrative Agent in its sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent, administrative sub-agent or administrative co-agent (any such additional individual or institution being referred to herein individually as a “Supplemental Administrative Agent” and collectively as “Supplemental Administrative Agents”).

 (b) Should any instrument in writing from the Borrower or any other Loan Party be required by any Supplemental Administrative Agent so
appointed by the Administrative Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all
such reasonably requested instruments promptly upon request by the Administrative Agent, at no cost to the Borrower. In case any Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed,
all the rights, powers, privileges and duties of such Supplemental Administrative Agent, to the extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new Supplemental Administrative Agent.

 11.10 Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the
Administrative Agent, solely in its capacity as such, ratably, in their respective Term Loan Ratable Shares, (a) for any amounts not reimbursed by the Borrower for which the Administrative Agent is entitled to reimbursement by the Borrower
under the Loan Documents, (b) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including,
without limitation, for any expenses incurred by the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders) and (c) for any liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and 

  
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nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Loan Documents or any other document delivered in
connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the Administrative Agent in connection with any dispute between the Administrative Agent and any
Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents; provided, however, that no Lender shall be liable for any of the foregoing to the extent any of
the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative Agent. The obligations of
the Lenders under this Section 11.10 shall survive payment of the Obligations and termination of this Agreement. 
 11.11 Notice of
Default. The Administrative Agent shall not be deemed to have actual knowledge or notice of the occurrence of any Default or Unmatured Default hereunder (other than a Default under Section 8.2) unless the Administrative Agent has received
written notice from a Lender or the Borrower referring to this Agreement describing such Default or Unmatured Default and stating that such notice is a “notice of default” or that such notice is delivered pursuant to Section 7.3
hereof. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. 

11.12 Administrative Agent’s Fee. The Borrower agrees to pay to the Administrative Agent, for its own account, the
fees agreed to by the Borrower and the Administrative Agent pursuant to the Administrative Agent’s Fee Letter or as otherwise agreed by them from time to time. 

11.13 Delegation to Affiliates. The Borrower, the Company and the Lenders agree that the Administrative Agent may delegate any of its
duties under this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the
indemnification, waiver and other protective provisions to which the Administrative Agent is entitled under Articles X and XI. 
 11.14
Agent’s Responsibilities and Duties. None of the Agents shall have any responsibilities hereunder in its capacity as an Agent. Without limiting the foregoing, none of the Agents or the Administrative Agent shall have or be
deemed to have a fiduciary relationship with the Borrower or any Lender. 
 11.15 Withholding Taxes. To the extent required by any
applicable laws, the Administrative Agent and the applicable Loan Party may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax with respect to such Lender. Without limiting or expanding the provisions of
Section 3.5, each Lender shall indemnify and hold harmless the Administrative Agent against, within 10 days after written demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees,
charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other governmental authority as a result of the failure of the Administrative Agent to properly
withhold Tax from amounts paid to or for the account of such Lender for any reason (including, without limitation, because the appropriate 

  
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form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of
withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set
off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 11.15. The agreements in this Section 11.15 shall survive
the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of the Term Loans and all other Obligations. 

11.16 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan
Party, that at least one of the following is and will be true: 
 (i) such Lender is not using “plan assets”
(within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Term Loan Commitments or this
Agreement, 
 (ii) the transaction exemption set forth in one or more PTEs, such as PTE
84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Term Loan Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Term Loan Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Term Loan Commitments and this Agreement satisfies the requirements of
sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Term Loan Commitments and this Agreement, or 

  
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 (iv) such other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion, and such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party,
that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Term Loan Commitments and this Agreement
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

ARTICLE XII 
 SETOFF;
RATABLE PAYMENTS 
 12.1 Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if
the Borrower or the Company becomes insolvent, however evidenced, or any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any
time held or owing by any Lender or any Affiliate of any Lender to or for the credit or account of the Borrower or the Company may be offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or
any part hereof, shall then be due. 
 12.2 Ratable Payments. If any Lender under the Term Loan Facility, whether by setoff or
otherwise, has payment made to it upon its Loans under the Term Loan Facility (other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5 or as otherwise expressly set forth herein) in a greater proportion than that received by any
other Lender under the Term Loan Facility, such Lender agrees, promptly upon demand, to purchase for cash a participation interest in such portion of the Term Loans held by the other Lenders under the Term Loan Facility as shall be necessary to
cause such Lender to share the excess payment ratably with each of the Lenders. If any Lender under the Term Loan Facility, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other
protection for its Obligations under the Term Loan Facility or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders under the Term Loan Facility share in the
benefits of such collateral ratably in proportion to their Loans under the Term Loan Facility. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 

  
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 ARTICLE XIII 

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

13.1 Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the
Borrower, the Company and the Lenders and their respective successors and assigns, except that (a) neither the Borrower nor the Company shall have the right to assign its rights or obligations under the Loan Documents and (b) any
assignment by any Lender must be made in compliance with Section 13.3 (such assignee, an “Eligible Assignee”). Notwithstanding clause (b) of this Section, any Lender may at any time, without the consent of the Borrower, the
Company or the Administrative Agent transfer its rights or obligations by, assigning, pledging or granting a security interest in all or any portion of its rights under this Agreement, any Note, any Guaranty Agreement or any other Loan Document to
secure obligations to a Federal Reserve Bank (or its foreign equivalent); provided, however, that no such assignment to a Federal Reserve Bank (or its foreign equivalent) shall release the transferor Lender from its obligations
hereunder. Any assignee or transferee of the rights to any Loan or any Note agrees by acceptance of such transfer or assignment to be bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of any Person, who
at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be conclusive and binding on any subsequent holder, transferee or
assignee of the rights to such Loan. 
 13.2 Participations. 

13.2.1 Permitted Participants; Effect. 

(a) Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to any Person (other than a
natural person, the Company, Borrower or any Affiliate thereof)) (“Participant”) participating interests in any Note held by such Lender, any Term Loan of such Lender or any other interest of such Lender under the Loan Documents. The
consent of the Borrower and the Administrative Agent shall be required prior to a sale of a participating interest becoming effective with respect to a Participant (except a sale of a participating interest by a Lender to its Affiliate or in the
case of the consent of the Borrower only, a participating interest to another Lender or an Affiliate thereof); provided, however, that if a Default has occurred and is continuing, the consent of the Borrower shall not be required. In
the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, such Lender shall remain the owner of its Loans and the holder of any Note issued to it in evidence thereof for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be
determined as if such Lender had not sold such participating interests, and the Borrower, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under the Loan Documents. Any consents of the Borrower or the Administrative Agent under this Section 13.2.1 shall not be unreasonably withheld or delayed; provided, that the Borrower shall be deemed to have consented to any
such sale unless it shall object thereto by written notice to the Administrative Agent within eight (8) calendar days after having received written notice thereof. 

(b) The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.1 and 3.5 (subject to the requirements and
limitations therein) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 13.3; provided that such Participant shall not be entitled to receive any greater payment under
Section 3.1 or Section 3.5, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs
after the sale of the participation takes place. 

  
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 (c) Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and related interest amounts) of each participant’s interest in
the Loans (the “Participant Register”). No Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest
in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent such disclosure is necessary in connection with a tax audit or other proceeding to establish that such commitment,
loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations; provided, for the avoidance of doubt, that the foregoing shall not limit
or expand the rights of the Borrower or the Administrative Agent to consent to such participation under clause (a) above to the extent provided in such clause. The entries in the Participant Register shall be conclusive absent manifest error,
and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of the participation such person is shown as owning, notwithstanding any notice to the contrary. 

13.2.2 Voting Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment,
modification or waiver of any provision of the Loan Documents except that any participation agreement may provide that the applicable Lender will not, without the consent of the Participant, approve any amendment, modification or waiver with respect
to any Loan in which such Participant has an interest which forgives principal, interest or fees or reduces the interest rate or fees payable with respect to any such Loan (except as provided in Section 3.3(b)), extends the Term Loan Facility
Maturity Date under the Term Loan Facility (including as provided in Section 2.17), postpones any date fixed for any regularly-scheduled payment of principal of, or interest or fees on, any such Loan, releases any Guarantor (except for a
release of a Designated Guarantor as provided in Section 10.13) of any such Loan or releases all or substantially all of the collateral, if any, securing any such Loan. 

13.2.3 Benefit of Setoff. The Borrower agrees that each Participant shall be deemed to have the right of setoff provided in
Section 12.1 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents, provided
that each Lender shall retain the right of setoff provided in Section 12.1 with respect to the amount of participating interests sold to each Participant. The Lenders agree to share with each Participant, and each Participant, by exercising the
right of setoff provided in Section 12.1, agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 12.2 as if each Participant were a
Lender. 
 13.3 Assignments. 

13.3.1 Permitted Assignments. Any Lender may, subject to any consent required below, in the ordinary course of its business and in
accordance with applicable law, at any time assign to a Qualified Bank (or, while a Default under Section 8.2, 8.5 or 8.6 has occurred and is 

  
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continuing, to any Person (other than a natural person, the Company, Borrower or any Affiliate thereof)) (“Purchaser”) all or any part of its rights and obligations under the Loan
Documents. Such assignment shall be substantially in the form of Exhibit H or in such other form as may be agreed to by the parties thereto (an “Assignment and Assumption”). Except as otherwise hereinafter provided, the consent of
the Borrower and the Administrative Agent shall be required prior to an assignment becoming effective with respect to a Purchaser (except, but subject to clause (b) of the immediately succeeding sentence, an assignment to an Affiliate of such
Lender, another Lender or an Affiliate of such other Lender thereof); provided, however, that if a Default under Section 8.2, 8.5 or 8.6 has occurred and is continuing, the consent of the Borrower shall not be required. Unless
each of the Administrative Agent and the Borrower otherwise consents (except that, if a Default has occurred and is continuing, the consent of the Borrower shall not be required), (a) each such assignment shall (unless it is an assignment of a
Lender’s entire interest in the Term Loan Facility) be in an amount not less than $5,000,000 and in integral multiples of $1,000,000, and (b) except as otherwise provided below in this Section 13.3.1, no assignment shall be made that
would reduce the Term Loans of a Lender and its Affiliates (in the aggregate) to an amount less than the greater of (i) $10,000,000 or (ii) thirty-five percent (35%) of the Term Loans held by such Lender on the Amendment No. 3
Effective Date or as of any later date on which it first became a Lender hereunder (or, in the case of this clause (ii), such lesser amount to which the Borrower may, in its sole discretion, agree in writing); provided that while a Default
under Section 8.2, 8.5 or 8.6 has occurred and is continuing, clause (b) of this sentence shall not apply. Any consents of the Borrower or the Administrative Agent under this Section 13.3.1 shall not be unreasonably withheld or
delayed (other than, for the avoidance of doubt, any consent of the Borrower under Section (b) of the immediately preceding sentence, which consent may be withheld by the Borrower in its sole discretion); provided, that the Borrower
shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within eight (8) calendar days after having received written notice thereof. 

13.3.2 Effect, Effective Date. Upon (i) delivery to the Administrative Agent of an Assignment and Assumption, together with any
consents required by Section 13.3.1, and (ii) payment of a $3,500 fee to the Administrative Agent (unless otherwise agreed by the Administrative Agent in its discretion) for processing such assignment, such assignment shall become
effective on the effective date specified in such Assignment and Assumption. On and after the effective date of such assignment, such Purchaser shall for all purposes be a Term Lender party to this Agreement and any other Loan Document executed by
or on behalf of the Lenders and shall have all the rights and obligations of a Term Lender under the Loan Documents, to the same extent as if it were an original party hereto, and, with respect to any sale of all of the Term Loans of a Term Loan
Lender, no further consent or action by any Loan Party, the Lenders or the Administrative Agent shall be required to release the transferor Lender as a Lender under this Agreement. Upon the consummation of any assignment to a Purchaser pursuant to
this Section 13.3.2, the transferor Lender, the Administrative Agent and the Borrower shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make appropriate arrangements so that new Notes or, as
appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their respective Term Loans, as adjusted pursuant to
such assignment. Such transferor Lender shall continue to be entitled to the benefit of Sections 3.1, 3.2, 3.4, 3.5 and 10.6(b) (to the extent such Lender’s entitlement to such benefit arose out of its position as a Lender prior to the
applicable assignment 

  
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except in respect of a Change in Law after the applicable assignment). The Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain a register for the
recordation of the names and addresses of the Lenders and principal amounts (and related interest amounts) of the Loans owing to each Lender from time to time (the “Register”). The entries in the Register shall be conclusive absent
manifest error, and the Borrower, Administrative Agent, and Lenders shall treat each person whose name is recorded in the Register as the Lender with respect to the Loans shown in the Register as owing to such person, notwithstanding any notice to
the contrary. The Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon prior reasonable notice. 

13.3.3 [Reserved]. 
 13.4
Dissemination of Information. The Borrower and the Company authorize each Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”)
and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Borrower, the Company and its Subsidiaries; provided that each Transferee and prospective Transferee agrees in
writing to be bound by Section 10.11 of this Agreement. 
 ARTICLE XIV 

NOTICES 
 14.1
Notices. 
 (a) Except as otherwise permitted by Section 2.12, all notices, requests, demands, consents and other communications
to any party hereunder shall be in writing (including electronic transmission, facsimile transmission or similar writing) and shall be given to such party: (x) in the case of the Borrower, the Company or the Administrative Agent, at the
address(es) or facsimile number(s) set forth on the signature pages hereof, (y) in the case of any Lender, at its address or facsimile number set forth in its administrative questionnaire delivered to the Administrative Agent or (z) in the
case of any party, at such other address or facsimile number as such party may hereafter specify for the purpose by notice to the Administrative Agent and the Borrower in accordance with the provisions of this Section 14.1. Each such notice,
request, demand, consent or other communication shall be effective (i) if given by facsimile transmission, when transmitted to the facsimile number specified in this Section during the applicable recipient’s normal business hours and
confirmation of receipt is received, (ii) if given by mail, four (4) Business Days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid, or (iii) if given by any other means, when
delivered (or, in the case of electronic transmission during the applicable recipient’s normal business hours, received) at the address specified in this Section; provided that notices to the Administrative Agent under Article II shall
not be effective until received. 
 (b) So long as SunTrust or any of its Affiliates is the Administrative Agent, such materials as the
Borrower and the Administrative Agent may agree in their sole discretion shall be delivered to the Administrative Agent in an electronic/soft medium in a format acceptable to the Administrative Agent and the Lenders by
e-mail at agency.services@suntrust.com. The 

  
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Borrower agrees that the Administrative Agent may make such materials, as well as any other written information, documents, instruments and other material relating to the Company, any of its
Subsidiaries or any other materials or matters relating to this Agreement, the Notes or any of the transactions contemplated hereby (other than any Ratable Borrowing Notice, Rate Option Notice, request for conversion or continuation of any Term
Advance or notices constituting service of process or relating to legal process) (collectively, the “Communications”) available to the Lenders by posting such notices on SyndTrak or a substantially similar electronic system (the
“Platform”). The Borrower acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the
Platform is provided “as is” and “as available” and (iii) no Agent Party (as defined below) warrants the accuracy, adequacy or completeness of the Communications or the Platform and each expressly disclaims liability for
errors or omissions in the Communications or the Platform. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose,
non-infringement of third party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform. In no event shall the Administrative
Agent or any of its Affiliates or any of their respective officers, directors, employees, agents, advisors or representatives (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other person or entity
for damages of any kind, including, without limitation, direct or indirect, special, indirect or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s
transmission of Communications through the internet, except to the extent the liability of any Agent Party is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted
primarily from such Agent Party’s gross negligence or willful misconduct. In consideration for the convenience and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of
which is hereby acknowledged, each Lender and each Loan Party hereby approves distribution of the Communications through the Platform and understands and assumes the risks of such distribution. 

(c) The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its
e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in
the next sentence) (a “Notice”) specifying that any Communications have been posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement;
provided that, if requested by any Lender, the Administrative Agent shall deliver a copy of the Communications to such Lender by e-mail or facsimile. Each Lender agrees (i) to notify the
Administrative Agent in writing of such Lender’s e-mail address(es) to which a Notice may be sent by electronic transmission (including by electronic communication) on or before the date such Lender
becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent
to such e-mail address(es) as such Lender shall instruct. The Administrative Agent agrees that it will, upon any Lender’s reasonable request, furnish materials posted on the Platform to such Lender in
hard copy to such Lender’s address set forth on the signature pages hereof. 

  
 95 

 (d) Nothing herein shall prejudice the right of the Administrative Agent or any Lender to
give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 
 (e) Each of the
Lenders and each Loan Party agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Platform in accordance with the Administrative Agent’s
generally-applicable document retention procedures and policies. 
 14.2 Change of Address. The Borrower, the Company, the
Administrative Agent and any Lender may each change the address for service of notice upon it by a notice in writing to the other parties hereto. 

ARTICLE XV 
 COUNTERPARTS

 This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of
the parties hereto may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it has been executed by the Borrower, the Administrative Agent and the Lenders and each party has notified the Administrative Agent
by facsimile or other electronic transmission or telephone that it has taken such action. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mail or other electronic
transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 
 ARTICLE XVI 

CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 

16.1 CHOICE OF LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW
PROVISION) AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK. 
 16.2 CONSENT TO JURISDICTION. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE SOUTHERN DISTRICT OF NEW YORK (OR THE STATE COURTS SITTING IN THE BOROUGH OF MANHATTAN IN THE EVENT THE FEDERAL COURTS LACK SUBJECT JURISDICTION) IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AND THE BORROWER AND THE COMPANY HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND
IRREVOCABLY WAIVE ANY OBJECTION THEY MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR 

  
 96 

 
PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 16.3 WAIVER OF
JURY TRIAL. THE BORROWER, THE COMPANY, EACH OTHER LOAN PARTY AND THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR
OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 

[Signature Pages to Follow] 

  
 97 

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

			
	BORROWER:
	
	FIRST HUNTINGDON FINANCE CORP.
		
	By:	 	
                     
                                

		 	Name:
		 	Title:
	
	COMPANY:
	
	TOLL BROTHERS, INC.
		
	By:	 	
                     
                                

		 	Name:
		 	Title:

  
 [Signature Page to Credit
Agreement] 

 
	
	Addresses for the Borrower and the Company:
	
	Toll Brothers, Inc.
	250 Gibraltar Road
	Horsham, PA 19044
	Attention: Martin P. Connor
	Telecopy: 215/938-8010
	
	with copies to:
	
	Toll Brothers, Inc.
	250 Gibraltar Road
	Horsham, PA 19044
	Attention: Douglas Yearley
	Telecopy: 215/938-8004
	
	and
	
	Toll Brothers, Inc.
	250 Gibraltar Road
	Horsham, PA 19044
	Attention: John K. McDonald
	Telecopy: 215/938-8253
	
	and
	
	Ballard Spahr LLP
	1735 Market Street
	51st Floor
	Philadelphia, PA 19103-7599
	Attention: Richard Perelman
	Telecopy: 215/864-8999

 [Signature Page to Credit Agreement] 

 
			
	SUNTRUST BANK, as Administrative Agent
		
	By:	 	
                     
                            

		 	Name:
		 	Title:
	
	 SunTrust Bank

Agency Services
 MC: GA-Atl-7662
 303 Peachtree Street, 25th Floor

Atlanta, GA 30308

Attention of: Doug Weltz

Telecopier No.: 404.495.2170

E-Mail Address: agency.services@suntrust.com

	
	 With a copy to

	
	 SunTrust Bank

303 Peachtree Street, N.E.

Mail Code: GA-ATL-0661

Atlanta, GA 30308

Attention of: Kristopher M. Dickson

Telecopier No.: 404-813-7039

E-Mail Address: Kristopher.Dickson@suntrust.com

 [Signature Page to Credit Agreement] 

 PRICING SCHEDULE 

 

																					
	 	  	Level I	 	 	Level II	 	 	Level III	 	 	Level IV	 	 	Level V	 
	 Leverage Ratio
	  	£	0.30x	 	 	 	>0.30x£0.50x	 	 	 	>0.50x£1.00x	 	 	 	>1.00x£1.25x	 	 	 	>1.25x	 
	 Applicable Margin for Eurodollar Ratable Advance and Federal Funds/Euro Rate Advance
	  	 	0.80	% 	 	 	1.05	% 	 	 	1.30	% 	 	 	1.55	% 	 	 	1.80	% 
	 Applicable Margin for ABR Advances
	  	 	0.00	% 	 	 	0.05	% 	 	 	0.30	% 	 	 	0.55	% 	 	 	0.80	% 

 For the purposes of this Schedule, the following terms have the following meanings, subject to the final two paragraphs of
this Schedule: 
 “Financials” means the annual or quarterly financial statements of the Company delivered pursuant
to Section 6.4 or Section 7.1(i) or (ii). 
 “Level” means the level (whether I, II, III, IV or V) in the
foregoing table that corresponds to an applicable item in any other column in the foregoing table. For purposes of comparing Levels, Level I is referred to as the lowest Level and Level V as the highest Level. 

“Pricing Level” means, with respect to the Applicable Margins, at any date, the Level in the foregoing table that
corresponds to the then current Level of the Leverage Ratio. 
 The Applicable Margins shall be determined in accordance with the foregoing
table based on the then current Pricing Level. Adjustments, if any, in the Applicable Margins resulting from a change in the Leverage Ratio shall be effective five Business Days after the Administrative Agent has received the applicable Financials.
If the Borrower fails to deliver the Financials to the Administrative Agent at the time required pursuant to Section 7.1, then, until five days after such Financials are so delivered, the Applicable Margins shall be at the highest Pricing Level
set forth in the foregoing table. 
 Notwithstanding the foregoing, if the Company has an Investment Grade Rating from at least two
(2) Rating Agencies, the (x) the Applicable Margin for Eurodollar Ratable Advances and Federal Funds/Euro Rate Advances and (y) the Applicable Margin for ABR Advances, shall be the lower of (i) the Applicable Margin that would
otherwise be applicable based on the foregoing table and (ii) the Applicable Margin under Level II (i.e., if the Company has an Investment Grade Rating from at least two (2) Rating Agencies, the pricing will be (i) if the Leverage
Ratio is £0.30x, the pricing applicable in Level I above and (ii) otherwise, the pricing applicable in Level II), with any decrease on account of the Company receiving an Investment Grade Rating from
at least two (2) Rating Agencies or increase as a result of the Company ceasing to have an Investment Grade Rating from at least two (2) Rating Agencies to be effective five (5) Business Days after any such change in rating. 

  
 Pricing Schedule, Page 1

 EXHIBIT B TO GUARANTY 

CORPORATIONS 
 Dominion III Corp. 

ESE Consultants, Inc. 
 First Brandywine Investment Corp. II 

First Brandywine Investment Corp. IV 
 HQZ Acquisitions, Inc. 

PRD Investors, Inc. 
 Shapell Homes, Inc. 

Shapell Industries, Inc. 
 The Silverman Building Companies, Inc.

 TB Proprietary Corp. 
 Toll Architecture I, P.A. 

Toll Architecture, Inc. 
 Toll Bros. of Arizona, Inc. 

Toll Bros. of North Carolina, Inc. 
 Toll Bros. of North Carolina
II, Inc. 
 Toll Bros., Inc. 
 Toll Brothers AZ Construction
Company 
 Toll Brothers Canada USA, Inc. 
 Toll Brothers
Finance Corp. 
 Toll Brothers Real Estate, Inc. 
 Toll CA
Holdings, Inc. 
 Toll Corp. 
 Toll Diamond Corp. 

Toll Golden Corp. 
 Toll Holdings, Inc. 

Toll Mid-Atlantic V Corp. 

Toll Mid-Atlantic LP Company, Inc. 

Toll MI VII Corp. 
 Toll
NJX-I Corp. 
 Toll Northeast V Corp. 

Toll Northeast LP Company, Inc. 
 Toll Northeast Services, Inc.

 Toll NV GP Corp. 
 Toll Realty Holdings Corp. I 

Toll Realty Holdings Corp. II 
 Toll Southeast Inc. 

Toll Southeast LP Company, Inc. 
 Toll SW Holding I Corp. 

Toll VA GP Corp. 
 Toll West Inc. 

Toll WV GP Corp. 
 Upper K Investors, Inc. 

 PARTNERSHIPS 
  

			
	PARTNERSHIP	  	GENERAL PARTNER(S)
		
	Ashford Land Company, L.P.	  	Liester, LLC
	Audubon Ridge, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Belmont Land, L.P.	  	Toll VA GP Corp.
	Binks Estates Limited Partnership	  	Toll Southeast LP Company, Inc.
	The Bird Estate Limited Partnership	  	Toll Northeast LP Company, Inc.
	Broad Run Associates, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Byers Commercial LP	  	Byers Commercial LLC
	CC Estates Limited Partnership	  	Toll Northeast LP Company, Inc.
	Cold Spring Hunt, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Coleman-Toll Limited Partnership	  	Toll NV GP Corp.
	Dominion Country Club, L.P.	  	Toll VA GP Corp.
	Fairfax Investment, L.P.	  	Toll VA GP Corp.
	First Brandywine Partners, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Greens at Waynesborough, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Hockessin Chase, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Loudoun Valley Associates, L.P.	  	Toll VA GP Corp.
	NC Country Club Estates Limited Partnership	  	Toll Southeast LP Company, Inc.
	Porter Ranch Development Co.	  	Shapell Industries, Inc.
		  	PRD Investors, Inc.
		  	PRD Investors, LLC
	Sorrento at Dublin Ranch I LP	  	Toll West Coast LLC
	Sorrento at Dublin Ranch III LP	  	Toll West Coast LLC
	South Riding Amberlea LP	  	Toll VA GP Corp.
	South Riding, L.P.	  	Toll VA GP Corp.
	Southport Landing Limited Partnership	  	Toll Northeast LP Company, Inc.
	Springton Pointe, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Stone Mill Estates, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Swedesford Chase, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	TBI/Palm Beach Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll at Brier Creek Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll at Whippoorwill, L.P.	  	Toll Northeast LP Company, Inc.
	Toll Brooklyn L.P.	  	Toll Northeast LP Company, Inc.
	Toll Brothers AZ Limited Partnership	  	Toll Southwest LLC
	Toll CA, L.P.	  	Toll West Coast LLC
	Toll CA II, L.P.	  	Toll West Coast LLC
	Toll CA III, L.P.	  	Toll West Coast LLC
	Toll CA IV, L.P.	  	Toll West Coast LLC
	Toll CA V, L.P.	  	Toll West Coast LLC
	Toll CA VI, L.P.	  	Toll West Coast LLC
	Toll CA VII, L.P.	  	Toll West Coast LLC
	Toll CA VIII, L.P.	  	Toll West Coast LLC
	Toll CA IX, L.P.	  	Toll West Coast LLC
	Toll CA X, L.P.	  	Toll West Coast LLC
	Toll CA XI, L.P.	  	Toll West Coast LLC
	Toll CA XII, L.P.	  	Toll West Coast LLC
	Toll CA XIX, L.P.	  	Toll West Coast LLC

			
	PARTNERSHIP	  	GENERAL PARTNER(S)
		
	Toll CA XX, L.P.	  	Toll West Coast LLC
	Toll CO, L.P.	  	Toll Southwest LLC
	Toll CO II, L.P.	  	Toll Southwest LLC
	Toll CO III, L.P.	  	Toll Southwest LLC
	Toll CT Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll CT II Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll CT III Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll CT IV Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll DE LP	  	Toll Mid-Atlantic LP Company, Inc.
	Toll DE II LP	  	Toll Mid-Atlantic LP Company, Inc.
	Toll Estero Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL II Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL III Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL IV Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL V Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL VI Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL VII Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL VIII Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL X Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL XII Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll FL XIII Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll GA LP	  	Toll Southeast LP Company, Inc.
	Toll IL, L.P.	  	Toll Northeast LP Company, Inc.
	Toll IL II, L.P.	  	Toll Northeast LP Company, Inc.
	Toll IL III, L.P.	  	Toll Northeast LP Company, Inc.
	Toll IL IV, L.P.	  	Toll Northeast LP Company, Inc.
	Toll IL HWCC, L.P.	  	Toll Northeast LP Company, Inc.
	Toll IL WSB, L.P.	  	Toll Northeast LP Company, Inc.
	Toll Jacksonville Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll Land V Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll Land VI Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll Land IX Limited Partnership	  	Toll VA GP Corp.
	Toll Land X Limited Partnership	  	Toll VA GP Corp.
	Toll Land XV Limited Partnership	  	Toll VA GP Corp.
	Toll Land XVIII Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll Land XIX Limited Partnership	  	Toll West Coast LLC
	Toll Land XX Limited Partnership	  	Toll West Coast LLC
	Toll Land XXI Limited Partnership	  	Toll VA GP Corp.
	Toll Land XXII Limited Partnership	  	Toll West Coast LLC
	Toll Land XXIII Limited Partnership	  	Toll West Coast LLC
	Toll MA Land Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll MA Land III Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll MD AF Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD II Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD III Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD IV Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD V Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.

			
	PARTNERSHIP	  	GENERAL PARTNER(S)
		
	Toll MD VI Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD VII Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD VIII Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD IX Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD X Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MD XI Limited Partnership	  	Toll Mid-Atlantic LP Company, Inc.
	Toll MI Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll MI II Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll MI III Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll MI IV Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll MI V Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll MI VI Limited Partnership	  	Toll Northeast LP Company, Inc.
	Toll MN, L.P.	  	Toll Northeast LP Company, Inc.
	Toll MN II, L.P.	  	Toll Northeast LP Company, Inc.
	Toll Naval Associates	  	Toll Bros. Inc.
	Toll NC, L.P.	  	Toll Southeast LP Company, Inc.
	Toll NC II LP	  	Toll Southeast LP Company, Inc.
	Toll NC III LP	  	Toll Southeast LP Company, Inc.
	Toll NV Limited Partnership	  	Toll NV GP I LLC
	Toll NY LP	  	Toll Northeast LP Company, Inc.
	Toll NY III L.P.	  	Toll Northeast LP Company, Inc.
	Toll NY IV L.P.	  	Toll Northeast LP Company, Inc.
	Toll NY V L.P.	  	Toll Northeast LP Company, Inc.
	Toll Orlando Limited Partnership	  	Toll Southeast LP Company, Inc.
	Toll PA, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA II, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA III, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA IV, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA V, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA VI, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA VIII, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA IX, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA X, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA XI, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA XII, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA XIII, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA XIV, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA XV, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA XVI, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA XVII, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA XVIII, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA XIX, L.P.	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA Development LP	  	Toll Mid-Atlantic LP Company, Inc.
	Toll PA Management LP	  	Toll Mid-Atlantic LP Company, Inc.
	Toll Realty Holdings LP	  	Toll Realty Holdings Corp. I
	Toll RI, L.P.	  	Toll Northeast LP Company, Inc.
	Toll RI II, L.P.	  	Toll Northeast LP Company, Inc.
	Toll SC, L.P.	  	Toll Southeast LP Company, Inc.
	Toll SC II, L.P.	  	Toll Southeast LP Company, Inc.

			
	PARTNERSHIP	  	GENERAL PARTNER(S)
		
	Toll SC III, L.P.	  	Toll Southeast LP Company, Inc.
	Toll SC IV, L.P.	  	Toll Southeast LP Company, Inc.
	Toll Stonebrae LP	  	Toll West Coast LLC
	Toll VA, L.P.	  	Toll VA GP Corp.
	Toll VA II, L.P.	  	Toll VA GP Corp.
	Toll VA III, L.P.	  	Toll VA III, L.L.C.
	Toll VA IV, L.P.	  	Toll VA GP Corp.
	Toll VA V, L.P.	  	Toll VA GP Corp.
	Toll VA VI, L.P.	  	Toll VA GP Corp.
	Toll VA VII, L.P.	  	Toll VA GP Corp.
	Toll VA VIII, L.P.	  	Toll VA GP Corp.
	Toll WV LP	  	Toll WV GP Corp.
	Toll YL II, L.P.	  	Toll West Coast LLC
	Toll-Dublin, L.P.	  	Toll West Coast LLC

 LIMITED LIABILITY COMPANIES 

89 Park Avenue LLC 
 2686-2690 Broadway LLC 

2686-2690 Broadway Member LLC 
 Arbor Hills Development LLC 

Arbors Porter Ranch, LLC 
 Belmont Country Club I LLC 

Belmont Country Club II LLC 
 Block 268 LLC 

Brier Creek Country Club I LLC 
 Brier Creek Country Club II LLC

 Byers Commercial LLC 
 Component Systems I LLC 

Component Systems II LLC 
 Dominion Valley Country Club I LLC 

Dominion Valley Country Club II LLC 
 Frenchman’s Reserve
Realty LLC 
 Goshen Road Land Company LLC 
 Hatboro Road
Associates LLC 
 Hoboken Land I LLC 
 Jacksonville TBI Realty
LLC 
 Liseter Land Company LLC 
 Liseter, LLC 

LL Parcel E, LLC 
 Long Meadows TBI, LLC 

Martinsburg Ventures, L.L.C. 
 Mizner Realty L.L.C. 

Naples TBI Realty LLC 
 Orlando TBI Realty LLC 

Placentia Development Company, LLC 
 Plum Canyon Master LLC 

PRD Investors, LLC 
 Rancho Costera LLC 

Regency at Dominion Valley LLC 
 The Regency Golf Club I LLC 

The Regency Golf Club II LLC 
 Shapell Hold Properties No. 1,
LLC 
 Shapell Land Company, LLC 
 SR Amberlea LLC 

SRLP II LLC 
 Tampa TBI Realty LLC 

TB Kent Partners LLC 
 Toll Austin TX LLC 

Toll Austin TX II LLC 
 Toll Austin TX III LLC 

Toll BBC LLC 
 Toll BBC II LLC 

Toll CA I LLC 
 Toll CA III LLC 

Toll CA Note II LLC 
 Toll Cedar Hunt LLC 

Toll CO I LLC 
 Toll Corners LLC 

Toll Dallas TX LLC 

 LIMITED LIABILITY COMPANIES 

Toll-Dublin, LLC 
 Toll Equipment, L.L.C. 

Toll FL I, LLC 
 Toll FL IV LLC 

Toll FL V LLC 
 Toll Glastonbury LLC 

Toll Henderson LLC 
 Toll Houston Land LLC 

Toll Houston TX LLC 
 Toll ID I LLC 

Toll IN LLC 
 Toll Jupiter LLC 

Toll Land VII LLC 
 Toll Lexington LLC 

Toll MA I LLC 
 Toll MA II LLC 

Toll MA III LLC 
 Toll MA IV LLC 

Toll MA Development LLC 
 Toll MA Holdings LLC 

Toll MA Land II GP LLC 
 Toll MA Management LLC 

Toll MD I, L.L.C. 
 Toll MD II LLC 

Toll MD III LLC 
 Toll MD IV LLC 

Toll Mid-Atlantic II LLC 

Toll Midwest LLC 
 Toll NC I LLC 

Toll NC IV LLC 
 Toll NC Note LLC 

Toll NC Note II LLC 
 Toll Northeast II LLC 

Toll Northeast VIII LLC 
 Toll North LV LLC 

Toll North Reno LLC 
 Toll NV GP I LLC 

Toll NV Holdings LLC 
 Toll NY II LLC 

Toll PA Twin Lakes LLC 
 Toll Prasada LLC 

Toll San Antonio TX LLC 
 Toll Southeast II LLC 

Toll South LV LLC 
 Toll South Reno LLC 

Toll Southwest LLC 
 Toll Southwest II LLC 

Toll Sparks LLC 
 Toll SW Holding LLC 

Toll TX Note LLC 
 Toll VA III L.L.C. 

Toll Van Wyck, LLC 
 Toll Vanderbilt II LLC 

Toll West Coast LLC 

 LIMITED LIABILITY COMPANIES 

Toll West Coast II LLC 
 Upper K Investors, LLC 

Upper-K Shapell, LLC 

Vanderbilt Capital LLC 
 Virginia Construction Co. I, LLC 

Virginia Construction Co. II, LLC 
  

			
	LIMITED LIABILITY COMPANIES	  	SOLE MEMBER
		
	First Brandywine LLC I	  	First Brandywine Investment Corp. II
	First Brandywine LLC II	  	First Brandywine Investment Corp. II

 EXHIBIT C TO GUARANTY 

PARTNERSHIPS 
  

			
	PARTNERSHIP	  	GENERAL PARTNER
		
	Estates at Princeton Junction, L.P.	  	Toll NJ I, L.L.C.
	Hoboken Land LP	  	Toll NJ I, L.L.C.
	Laurel Creek, L.P.	  	Toll NJ I, L.L.C.
	Toll at Westlake, L.P.	  	Toll NJ I, L.L.C.
	Toll Grove LP	  	Toll NJ I, L.L.C.
	Toll Hudson LP	  	Toll NJ I, L.L.C.
	Toll Land IV Limited Partnership	  	Toll NJ I, L.L.C.
	Toll Land XI Limited Partnership	  	Toll NJ I, L.L.C.
	Toll Land XVI Limited Partnership	  	Toll NJ I, L.L.C.
	Toll Land XXV Limited Partnership	  	Toll NJ I, L.L.C.
	Toll NJ, L.P.	  	Toll NJ I, L.L.C.
	Toll NJ II, L.P.	  	Toll NJ I, L.L.C.
	Toll NJ III, L.P.	  	Toll NJ I, L.L.C.
	Toll NJ IV, L.P.	  	Toll NJ I, L.L.C.
	Toll NJ VI, L.P.	  	Toll NJ I, L.L.C.
	Toll NJ VII, L.P.	  	Toll NJ I, L.L.C.
	Toll NJ VIII, L.P.	  	Toll NJ I, L.L.C.
	Toll NJ XI, L.P.	  	Toll NJ I, L.L.C.
	Toll NJ XII LP	  	Toll NJ I, L.L.C.

 LIMITED LIABILITY COMPANIES 

126-142 Morgan Street Urban Renewal LLC 

134 Bay Street LLC 
 700 Grove Street Urban Renewal LLC 

1400 Hudson LLC 
 1451 Hudson LLC 

1450 Washington LLC 
 1500 Garden St. LLC 

Block 255 LLC 
 CWG Construction Company LLC 

Enclave at Long Valley I LLC 
 Enclave at Long Valley II LLC 

Hoboken Cove LLC 
 Morgan Street JV LLC 

PT Maxwell Holdings, LLC 
 PT Maxwell, L.L.C. 

Regency at Denville LLC 
 Regency at Washington I LLC 

Regency at Washington II LLC 
 Toll EB LLC 

Toll Hoboken LLC 
 Toll Morgan Street LLC 

Toll NJ I, L.L.C. 
 Toll NJ II, L.L.C. 

Toll NJ III LLC 
 Toll NJ IV LLC 

Toll Port Imperial LLC 

 SCHEDULE 2 

[Reserved] 

 SCHEDULE 3 

PERMITTED LIENS 
  

															
	 Lienholder
	  	 Obligor
	  	 Collateral
	  	Balance	 	  	Maturity
Date	 	  	 Location

	 The Retreat at Firerock, LLP
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	2,125,204.96	 	  	 	10/31/1920	 	  	Fountain Hills, AZ
	 James Benny Ray
	  	TB Plano 1 LLC	  	Non-Recourse	  	 	1,860,500.00	 	  	 	11/4/2019	 	  	Plano, TX
	 Norman Hooker
	  	Toll MD VIII Limited Partnership	  	Non-Recourse	  	 	1,590,237.77	 	  	 	11/6/2019	 	  	Harford County MD
	 Gunner Properties, LTD
	  	Toll PA XV, L.P.	  	Non-Recourse	  	 	288,800.00	 	  	 	12/29/2019	 	  	Upper Uwchlan Township, Chester County, PA
	 Green Bridge Farm, LC
	  	Toll Mid-Atlantic LP Co	  	Non-Recourse	  	 	4,414,799.44	 	  	 	12/31/2019	 	  	Dayton, MD
	 Rancharrah Holding LLC
	  	Toll South RENO LLC	  	Non-Recourse	  	 	4,000,000.00	 	  	 	2/1/2020	 	  	Washoe County, NV
	 Jaindl Land Company
	  	Toll PA XVIII LP	  	Non-Recourse	  	 	5,618,200.00	 	  	 	2/3/2020	 	  	Lehigh County, PA
	 Kuna Hill Development, LLC
	  	Toll ID I LLC	  	Recourse	  	 	637,934.00	 	  	 	2/10/2020	 	  	Ada County, ID
	 200 Leucadendra, LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	1,550,000.00	 	  	 	2/21/2020	 	  	Broward County, FL
	 Legal 1031 Exchange Service Inc
	  	Toll Land V Limited Partnership	  	Non-Recourse	  	 	500,000.00	 	  	 	2/27/2020	 	  	Wappinger, Dutchess County, NY
	 Landco Development Group LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	542,500.00	 	  	 	3/5/2020	 	  	Sanford, Seminole County, FL
	 RREF II-DC Cameron LLC
	  	Toll Brothers West, Inc.	  	Recourse	  	 	5,000,000.00	 	  	 	3/27/2020	 	  	Palm Springs, CA
	 RRW Stonebrook LLC
	  	Toll NV, LP	  	Non-Recourse	  	 	8,180,900.00	 	  	 	3/29/2020	 	  	Sparks, Washoe County, NV
	 Pinehills LLC
	  	Toll MA Land LP	  	Non-Recourse	  	 	660,000.00	 	  	 	1/23/2021	 	  	Plymouth, MA
	 Fairway Investors LLC
	  	Toll Southeast INC	  	Recourse	  	 	4,700,000.00	 	  	 	2/5/2021	 	  	Broward County, FL
	 Peak 1031 Exchange, INC
	  	Toll Bros., Inc	  	Non-Recourse	  	 	10,933,333.33	 	  	 	2/5/2021	 	  	Los Angelas, California
	 Pinehills LLC
	  	Toll MA Land LP	  	Non-Recourse	  	 	660,000.00	 	  	 	5/1/2021	 	  	Plymouth, MA
	 The Claude Moore Charitibale Foundation
	  	Toll VAIII, L.P.	  	Non-Recourse	  	 	49,624,774.97	 	  	 	5/2/2021	 	  	Ashburn, VA
	 IBC Denver II, LLC
	  	Toll Southwest LLC	  	Non-Recourse	  	 	2,440,000.00	 	  	 	6/10/2021	 	  	Wheat Ridge CO
	 KEMF Hawes & Riggs, LLC
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	6,400,000.00	 	  	 	10/31/2023	 	  	Queen Creek, AZ
	 McDowell Mountain Back Bowl LLC
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	30,550,000.00	 	  	 	11/28/2023	 	  	Sottsdale, AZ
	 Center Square Associates, INC
	  	Toll Mid-Atlantic LP Company, INC	  	Non-Recourse	  	 	4,000,000.00	 	  	 	4/30/2024	 	  	Norristown, PA
	 Suburban Land Reserve, INC
	  	Toll Bros., Inc	  	Non-Recourse	  	 	38,481,328.00	 	  	 	5/1/2025	 	  	Surprise, AZ
	 New Oaks LLC
	  	Toll Southwest LLC	  	Non-Recourse	  	 	7,404,667.17	 	  	 	10/29/2025	 	  	Meridian, ID
	 The Miller Partnership
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	2,000,000.00	 	  	 	10/31/2025	 	  	Queen Creek, AZ
	 New Oaks LLC
	  	Toll Southwest LLC	  	Non-Recourse	  	 	12,110,957.83	 	  	 	12/14/2025	 	  	Meridian, ID
	 Center Square Associates, INC
	  	Toll Mid-Atlantic LP Company, INC	  	Non-Recourse	  	 	5,000,000.00	 	  	 	1/31/2026	 	  	Norristown, PA
	 Suburban Land Reserve, INC
	  	Toll Bros., Inc	  	Non-Recourse	  	 	19,500,000.00	 	  	 	5/1/2028	 	  	Surprise, AZ
	 North West Highlands LLC | West Highlands Development, LLC
	  	Toll Southwest LLC	  	Recourse	  	 	5,772,000.00	 	  	 	8/23/2023	 	  	Middleton, ID
	 Virginia M, Pitts and Gilbert M. Pratt Jr. Co-Executors of
the Estate of Gilbert M. Pratt., Sr.
	  	Toll Mid-Atlantic LP Company Inc	  	Non-Recourse	  	 	2,873,684.31	 	  	 	8/29/2020	 	  	Kennett Square, PA

															
	 Lienholder
	  	 Obligor
	  	 Collateral
	  	Balance	 	  	Maturity
Date	 	  	 Location

	 Drake Gardendale, LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	89,000.00	 	  	 	9/4/2024	 	  	Tega Cay, SC
	 Drake Gardendale, LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	89,000.00	 	  	 	9/4/2021	 	  	Tega Cay, SC
	 Drake Gardendale, LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	89,000.00	 	  	 	9/4/2021	 	  	Tega Cay, SC
	 SP Warminster LLC
	  	Toll Mid-Atlantic LP Company, INC	  	Non-Recourse	  	 	2,500,000.00	 	  	 	4/1/2022	 	  	Warminster, PA
	 SP Warminster LLC
	  	Toll Mid-Atlantic LP Company, INC	  	Non-Recourse	  	 	3,464,000.00	 	  	 	4/1/2022	 	  	Warminster, PA
	 Arcus Investors II, LLC
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	11,124,000.00	 	  	 	10/18/2026	 	  	Pinal County AZ
	 Tolomato Community Development District
	  	Toll Jacksonville Limited Partnership	  	Non-Recourse	  	 	5,436,051.00	 	  	 	5/1/2037	 	  	Ponte Vedra, Florida
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	44,171.40	 	  	 	6/1/2021	 	  	Las Vegas, NV
	 City of Las Vegas
	  	Toll North LV LLC	  	Non-Recourse	  	 	5,019.13	 	  	 	4/1/2024	 	  	Las Vegas, NV
	 City of Reno
	  	Toll North Reno LLC	  	Non-Recourse	  	 	53,037.12	 	  	 	9/1/2022	 	  	Reno, NV
	 City of Reno
	  	Toll North Reno LLC	  	Non-Recourse	  	 	458,342.58	 	  	 	9/1/2022	 	  	Reno, NV
	 City of Las Vegas
	  	Toll South LV LLC	  	Non-Recourse	  	 	275,559.16	 	  	 	4/1/2031	 	  	Las Vegas, NV
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	919,727.94	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	808,192.32	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	316,793.52	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	1,112,957.11	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 City of Henderson
	  	Toll Henderson LLC	  	Non-Recourse	  	 	944,008.42	 	  	 	6/1/2035	 	  	Henderson, NV
	 City of Henderson
	  	Toll Henderson LLC	  	Non-Recourse	  	 	388,928.55	 	  	 	6/1/2035	 	  	Henderson, NV
	 City of Henderson
	  	Toll Henderson LLC	  	Non-Recourse	  	 	434,684.38	 	  	 	6/1/2035	 	  	Henderson, NV
	 City of Las Vegas
	  	Toll South LV LLC	  	Non-Recourse	  	 	195,843.56	 	  	 	4/1/2031	 	  	Las Vegas, NV
	 Tolomato Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	1,087,207.00	 	  	 	5/1/2045	 	  	Nocatee Community, St Johns County, Florida
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	972,070.56	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Traditions Community Development District
	  	Toll FL XIII Limited Partnership	  	Non-Recourse	  	 	6,494,745.00	 	  	 	5/1/2046	 	  	Collier County, Florida
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	429,698.79	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Lakewood Ranch Stewardship District
	  	Toll FL XIII Limited Partnership	  	Non-Recourse	  	 	7,465,863.00	 	  	 	5/1/2046	 	  	Manatee County, FL
	 City of Las Vegas
	  	Toll South LV LLC	  	Non-Recourse	  	 	2,274,486.54	 	  	 	6/1/2025	 	  	Las Vegas, NV
	 Tolomato Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	685,936.00	 	  	 	5/1/2040	 	  	Nocatee Community, St Johns County, Florida
	 North Springs Improvement District
	  	Toll Fl V LLC	  	Non-Recourse	  	 	146,910.00	 	  	 	5/1/2026	 	  	Parkland Florida
	 Tolomato Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	622,116.00	 	  	 	5/1/2039	 	  	Nocatee Community, St Johns County, Florida
	 City of Las Vegas
	  	Toll South LV LLC	  	Non-Recourse	  	 	1,311,031.09	 	  	 	10/1/2035	 	  	Las Vegas, NV
	 Trout Creek Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	372,281.00	 	  	 	5/1/2045	 	  	St. Augustine FL
	 Trout Creek Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	463,101.00	 	  	 	5/1/2045	 	  	St. Augustine FL
	 Avenir Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	115,830.00	 	  	 	5/1/2049	 	  	Palm Beach, Florida

															
	 Lienholder
	  	 Obligor
	  	 Collateral
	  	Balance	 	  	Maturity
Date	 	  	 Location

	 Cypress Bluff Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	3,110,484.00	 	  	 	5/1/2048	 	  	Jacksonville, Florida
	 Avenir Community Development District
	  	Toll Southeast , Inc.	  	Non-Recourse	  	 	12,480,050.00	 	  	 	5/1/2049	 	  	Palm Beach, Florida
		  	Toll VA III, LP	  		  	 	2,210,000.00	 	  	 	11/1/2023	 	  	Emporia, VA
		  	Toll IN LLC	  		  	 	11,300,000.00	 	  	 	2/1/2046	 	  	Knox, IN

 SCHEDULE 4 

EXISTING SUBORDINATED INDEBTEDNESS 

None. 

 SCHEDULE 5 

INTENTIONALLY OMITTED 

 SCHEDULE 6 

LITIGATION AND CONTINGENT OBLIGATIONS 

None. 

 SCHEDULE 7 

SUBSIDIARIES 
 Subsidiaries

 as of 
 October 31, 2019

  

	 	A.	 Corporations 

  

	1.	 Dominion III Corp., a Delaware corporation. 

	2.	 ESE Consultants, Inc., a Delaware corporation. 

	3.	 ESE Consultants, Inc., a Texas corporation. 

	4.	 ESE of North Carolina, PC, a North Carolina professional corporation. 

	5.	 First Brandywine Investment Corp. II, a Delaware corporation. 

	6.	 First Brandywine Investment Corp. IV, a Delaware corporation. 

	7.	 First Huntingdon Finance Corp., a Delaware corporation. 

	8.	 GCAM Holding Co., Inc., a Delaware corporation. 

	9.	 Hampton Pointe Club, Inc., a South Carolina non-profit corporation.

	10.	 HQZ Acquisitions, Inc., a Michigan corporation. 

	11.	 Jupiter Country Club, Inc., a Florida non-profit corporation.

	12.	 Philmont Insurance Company, a Vermont corporation. 

	13.	 PRD Investors, Inc., a Delaware corporation. 

	14.	 Shapell Homes, Inc., a Delaware corporation. 

	15.	 Shapell Industries, Inc., a Delaware corporation. 

	16.	 The Silverman Building Companies, Inc., a Michigan corporation. 

	17.	 TBI Mortgage Company, a Delaware corporation. 

	18.	 TBI Smart Home Solutions, Inc., a New Jersey corporation. 

	19.	 TB Proprietary Corp., a Delaware corporation. 

	20.	 TIS Logistics, Inc., a Pennsylvania corporation. 

	21.	 Toll Apartments LP Company, Inc., a Delaware corporation. 

	22.	 Toll Architecture, Inc., a Delaware corporation. 

	23.	 Toll Architecture I, P.A., a Delaware professional corporation. 

	24.	 Toll Bros. of Arizona, Inc., an Arizona corporation. 

	25.	 Toll Bros. of North Carolina, Inc., a North Carolina corporation. 

	26.	 Toll Bros. of North Carolina II, Inc., a North Carolina corporation. 

	27.	 Toll Bros., Inc., a Pennsylvania corporation. 

	28.	 Toll Bros., Inc., a Texas corporation. 

	29.	 Toll Brothers AZ Construction Company, an Arizona corporation. 

	30.	 Toll Brothers Canada USA, Inc., a Delaware corporation. 

	31.	 Toll Brothers Finance Corp., a Delaware corporation. 

	32.	 Toll Brothers International Holdings, Inc., a Delaware corporation. 

	33.	 Toll Brothers Real Estate, Inc., a Pennsylvania corporation. 

	34.	 Toll CA Holdings, Inc., a Delaware corporation. 

	35.	 Toll Corp., a Delaware corporation. 

	36.	 Toll DC GP Corp., a District of Columbia corporation. 

	37.	 Toll Diamond Corp., a Delaware corporation. 

	38.	 Toll Golden Corp., a Delaware corporation. 

	39.	 Toll Holdings, Inc., a Delaware corporation. 

	40.	 Toll Land Corp. No. 6, a Pennsylvania corporation. 

	41.	 Toll Mid-Atlantic V Corp., a Delaware corporation.

	42.	 Toll Mid-Atlantic LP Company, Inc., a Delaware corporation.

	43.	 Toll MI VII Corp., a Michigan corporation. 

	44.	 Toll NJX-I Corp., a Delaware corporation. 

	45.	 Toll Northeast V Corp., a Delaware corporation. 

	46.	 Toll Northeast LP Company, Inc., a Delaware corporation. 

	47.	 Toll Northeast Services, Inc., a Delaware corporation. 

	48.	 Toll NV GP Corp., a Nevada corporation. 

	49.	 Toll Realty Holdings Corp. I, a Delaware corporation. 

	50.	 Toll Realty Holdings Corp. II, a Delaware corporation. 

	51.	 Toll Rental Holdings, Inc., a Delaware corporation. 

	52.	 Toll Southeast, Inc., a Delaware corporation. 

	53.	 Toll Southeast LP Company, Inc., a Delaware corporation. 

	54.	 Toll SW Holding I Corp., a Nevada corporation. 

	55.	 Toll VA GP Corp., a Delaware corporation. 

	56.	 Toll West Inc., a Delaware corporation. 

	57.	 Toll WV GP Corp., a West Virginia corporation. 

	58.	 Upper K Investors, Inc., a Delaware corporation. 

	59.	 Valeria Sewerage Works Corporation, a New York corporation. 

	60.	 Westminster Abstract Company, a Pennsylvania corporation. 

	61.	 Westminster Insurance Agency, Inc., a Pennsylvania corporation. 

	62.	 Westminster Title Company, Inc., a California corporation. 

B. Partnerships 
  

	1.	 Ashford Land Company, L.P., a Delaware limited partnership. 

	2.	 Audubon Ridge, L.P., a Pennsylvania limited partnership. 

	3.	 Belmont Land, L.P., a Virginia limited partnership. 

	4.	 Binks Estates Limited Partnership, a Florida limited partnership. 

	5.	 The Bird Estate Limited Partnership, a Massachusetts limited partnership. 

	6.	 Broad Run Associates, L.P., a Pennsylvania limited partnership. 

	7.	 Broad Washington, L.P., a Delaware limited partnership. 

	8.	 Byers Commercial LP, a Pennsylvania limited partnership. 

	9.	 CC Estates Limited Partnership, a Massachusetts limited partnership. 

	10.	 Cold Spring Hunt, L.P., a Pennsylvania limited partnership. 

	11.	 Coleman-Toll Limited Partnership, a Nevada limited partnership. 

	12.	 Dominion Country Club, L.P., a Virginia limited partnership. 

	13.	 Estates at Princeton Junction, L.P., a New Jersey limited partnership. 

	14.	 Fairfax Investment, L.P., a Virginia limited partnership. 

	15.	 First Brandywine Partners, L.P., a Delaware partnership. 

	16.	 Gibraltar Road LP, a Pennsylvania limited partnership. 

	17.	 Greens at Waynesborough, L.P., a Pennsylvania limited partnership. 

	18.	 Hoboken Land LP, a New Jersey limited partnership. 

	19.	 Hockessin Chase, L.P., a Delaware limited partnership. 

	20.	 Laurel Creek, L.P., a New Jersey limited partnership. 

	21.	 Loudoun Valley Associates, L.P., a Virginia limited partnership. 

	22.	 NC Country Club Estates Limited Partnership, a North Carolina limited partnership. 

	23.	 Plymouth Apartments Management LP, a Pennsylvania limited partnership. 

	24.	 Reston Note Co. LP, a Virginia limited partnership. 

	25.	 Sorrento at Dublin Ranch I LP, a California limited partnership. 

	26.	 Sorrento at Dublin Ranch III LP, a California limited partnership. 

	27.	 South Riding Amberlea LP, a Virginia limited partnership. 

	28.	 South Riding, L.P., a Virginia limited partnership. 

	29.	 Southport Landing Limited Partnership, a Connecticut limited partnership. 

	30.	 Springton Pointe, L.P., a Pennsylvania limited partnership. 

	31.	 Stone Mill Estates, L.P. a Pennsylvania limited partnership. 

	32.	 Swedesford Chase, L.P., a Pennsylvania limited partnership. 

	33.	 TBI/Palm Beach Limited Partnership, a Florida limited partnership. 

	34.	 Toll Apartments, LP, a Delaware limited partnership. 

	35.	 Toll at Brier Creek Limited Partnership, a North Carolina limited partnership. 

	36.	 Toll at Westlake, L.P., a New Jersey limited partnership. 

	37.	 Toll at Whippoorwill, L.P., a New York limited partnership. 

	38.	 Toll Brooklyn L.P., a New York limited partnership. 

	39.	 Toll Brooklyn Pier GP L.P., a New York limited partnership. 

	40.	 Toll Brooklyn Pier L.P., a New York limited partnership. 

	41.	 Toll Brothers AZ Limited Partnership, an Arizona limited partnership. 

	42.	 Toll CA, L.P., a California limited partnership. 

	43.	 Toll CA II, L.P., a California limited partnership. 

	44.	 Toll CA III, L.P., a California limited partnership. 

	45.	 Toll CA IV, L.P., a California limited partnership. 

	46.	 Toll CA V, L.P., a California limited partnership. 

	47.	 Toll CA VI, L.P., a California limited partnership. 

	48.	 Toll CA VII, L.P., a California limited partnership. 

	49.	 Toll CA VIII, L.P., a California limited partnership. 

	50.	 Toll CA IX, L.P., a California limited partnership. 

	51.	 Toll CA X, L.P., a California limited partnership. 

	52.	 Toll CA XI, L.P., a California limited partnership. 

	53.	 Toll CA XII, L.P., a California limited partnership. 

	54.	 Toll CA XIX, L.P., a California limited partnership. 

	55.	 Toll CA XX, L.P., a California limited partnership. 

	56.	 Toll CO, L.P., a Colorado limited partnership. 

	57.	 Toll CO II, L.P., a Colorado limited partnership. 

	58.	 Toll CO III, L.P., a Colorado limited partnership. 

	59.	 Toll CP Limited Partnership, a Maryland limited partnership. 

	60.	 Toll CT Limited Partnership, a Connecticut limited partnership. 

	61.	 Toll CT II Limited Partnership, a Connecticut limited partnership. 

	62.	 Toll CT III Limited Partnership, a Connecticut limited partnership. 

	63.	 Toll CT IV Limited Partnership, a Connecticut limited partnership. 

	64.	 Toll DE LP, a Delaware limited partnership. 

	65.	 Toll DE II LP, a Delaware limited partnership. 

	66.	 Toll District 7 LP, a California limited partnership. 

	67.	 Toll Dolington LP, a Pennsylvania limited partnership. 

	68.	 Toll Estero Limited Partnership, a Florida limited partnership. 

	69.	 Toll FL Limited Partnership, a Florida limited partnership. 

	70.	 Toll FL II Limited Partnership, a Florida limited partnership. 

	71.	 Toll FL III Limited Partnership, a Florida limited partnership. 

	72.	 Toll FL IV Limited Partnership, a Florida limited partnership. 

	73.	 Toll FL V Limited Partnership, a Florida limited partnership. 

	74.	 Toll FL VI Limited Partnership, a Florida limited partnership. 

	75.	 Toll FL VII Limited Partnership, a Florida limited partnership. 

	76.	 Toll FL VIII Limited Partnership, a Florida limited partnership. 

	77.	 Toll FL X Limited Partnership, a Florida limited partnership. 

	78.	 Toll FL XI Limited Partnership, a Florida limited partnership. 

	79.	 Toll FL XII Limited Partnership, a Florida limited partnership. 

	80.	 Toll FL XIII Limited Partnership, a Florida limited partnership. 

	81.	 Toll French Creek LP, a Pennsylvania limited partnership. 

	82.	 Toll GA LP, a Georgia limited partnership. 

	83.	 Toll Gibraltar LP, a Pennsylvania limited partnership. 

	84.	 Toll Grove LP, a New Jersey limited partnership. 

	85.	 Toll Hudson LP, a New Jersey limited partnership. 

	86.	 Toll IL HWCC, L.P., an Illinois limited partnership. 

	87.	 Toll IL, L.P., an Illinois limited partnership. 

	88.	 Toll IL II, L.P., an Illinois limited partnership. 

	89.	 Toll IL III, L.P., an Illinois limited partnership. 

	90.	 Toll IL IV, L.P., an Illinois limited partnership. 

	91.	 Toll IL WSB, L.P., an Illinois limited partnership. 

	92.	 Toll Jacksonville Limited Partnership, a Florida limited partnership. 

	93.	 Toll Land IV Limited Partnership, a New Jersey limited partnership. 

	94.	 Toll Land V Limited Partnership, a New York limited partnership. 

	95.	 Toll Land VI Limited Partnership, a New York limited partnership. 

	96.	 Toll Land IX Limited Partnership, a Virginia limited partnership. 

	97.	 Toll Land X Limited Partnership, a Virginia limited partnership. 

	98.	 Toll Land XI Limited Partnership, a New Jersey limited partnership. 

	99.	 Toll Land XV Limited Partnership, a Virginia limited partnership. 

	100.	 Toll Land XVI Limited Partnership, a New Jersey limited partnership. 

	101.	 Toll Land XVIII Limited Partnership, a Connecticut limited partnership. 

	102.	 Toll Land XIX Limited Partnership, a California limited partnership. 

	103.	 Toll Land XX Limited Partnership, a California limited partnership. 

	104.	 Toll Land XXI Limited Partnership, a Virginia limited partnership. 

	105.	 Toll Land XXII Limited Partnership, a California limited partnership. 

	106.	 Toll Land XXIII Limited Partnership, a California limited partnership. 

	107.	 Toll Land XXV Limited Partnership, a New Jersey limited partnership. 

	108.	 Toll MA Land Limited Partnership, a Massachusetts limited partnership. 

	109.	 Toll MA Land III Limited Partnership, a Massachusetts limited partnership. 

	110.	 Toll MD AF Limited Partnership, a Maryland limited partnership. 

	111.	 Toll MD Limited Partnership, a Maryland limited partnership. 

	112.	 Toll MD II Limited Partnership, a Maryland limited partnership. 

	113.	 Toll MD III Limited Partnership, a Maryland limited partnership. 

	114.	 Toll MD IV Limited Partnership, a Maryland limited partnership. 

	115.	 Toll MD V Limited Partnership, a Maryland limited partnership. 

	116.	 Toll MD VI Limited Partnership, a Maryland limited partnership. 

	117.	 Toll MD VII Limited Partnership, a Maryland limited partnership. 

	118.	 Toll MD VIII Limited Partnership, a Maryland limited partnership. 

	119.	 Toll MD IX Limited Partnership, a Maryland limited partnership. 

	120.	 Toll MD X Limited Partnership, a Maryland limited partnership. 

	121.	 Toll MD XI Limited Partnership, a Maryland limited partnership. 

	122.	 Toll MI Limited Partnership, a Michigan limited partnership. 

	123.	 Toll MI II Limited Partnership, a Michigan limited partnership. 

	124.	 Toll MI III Limited Partnership, a Michigan limited partnership. 

	125.	 Toll MI IV Limited Partnership, a Michigan limited partnership. 

	126.	 Toll MI V Limited Partnership, a Michigan limited partnership. 

	127.	 Toll MI VI Limited Partnership, a Michigan limited partnership. 

	128.	 Toll MN, L.P., a Minnesota limited partnership. 

	129.	 Toll MN II, L.P., a Minnesota limited partnership. 

	130.	 Toll Naples Limited Partnership, a Florida limited partnership. 

	131.	 Toll Naval Associates, a Pennsylvania general partnership. 

	132.	 Toll NC, L.P., a North Carolina limited partnership. 

	133.	 Toll NC II LP, a North Carolina limited partnership. 

	134.	 Toll NC III LP, a North Carolina limited partnership. 

	135.	 Toll NJ, L.P., a New Jersey limited partnership. 

	136.	 Toll NJ II, L.P., a New Jersey limited partnership. 

	137.	 Toll NJ III, L.P., a New Jersey limited partnership. 

	138.	 Toll NJ IV, L.P., a New Jersey limited partnership. 

	139.	 Toll NJ VI, L.P., a New Jersey limited partnership. 

	140.	 Toll NJ VII, L.P., a New Jersey limited partnership. 

	141.	 Toll NJ VIII, L.P., a New Jersey limited partnership. 

	142.	 Toll NJ IX, L.P., a New Jersey limited partnership. 

	143.	 Toll NJ XI, L.P., a New Jersey limited partnership. 

	144.	 Toll NJ XII LP, a New Jersey limited partnership. 

	145.	 Toll NV Limited Partnership, a Nevada limited partnership. 

	146.	 Toll NY L.P., a New York limited partnership. 

	147.	 Toll NY III L.P., a New York limited partnership. 

	148.	 Toll NY IV L.P., a New York limited partnership. 

	149.	 Toll NY V L.P., a New York limited partnership. 

	150.	 Toll Orlando Limited Partnership, a Florida limited partnership. 

	151.	 Toll PA, L.P., a Pennsylvania limited partnership. 

	152.	 Toll PA II, L.P., a Pennsylvania limited partnership. 

	153.	 Toll PA III, L.P., a Pennsylvania limited partnership. 

	154.	 Toll PA IV, L.P., a Pennsylvania limited partnership. 

	155.	 Toll PA V, L.P., a Pennsylvania limited partnership. 

	156.	 Toll PA VI, L.P., a Pennsylvania limited partnership. 

	157.	 Toll PA VIII, L.P., a Pennsylvania limited partnership. 

	158.	 Toll PA IX, L.P., a Pennsylvania limited partnership. 

	159.	 Toll PA X, L.P., a Pennsylvania limited partnership. 

	160.	 Toll PA XI, L.P., a Pennsylvania limited partnership. 

	161.	 Toll PA XII, L.P., a Pennsylvania limited partnership. 

	162.	 Toll PA XIII, L.P., a Pennsylvania limited partnership. 

	163.	 Toll PA XIV, L.P., a Pennsylvania limited partnership. 

	164.	 Toll PA XV, L.P., a Pennsylvania limited partnership. 

	165.	 Toll PA XVI, L.P., a Pennsylvania limited partnership. 

	166.	 Toll PA XVII, L.P., a Pennsylvania limited partnership. 

	167.	 Toll PA XVIII, L.P., a Pennsylvania limited partnership. 

	168.	 Toll PA XIX, L.P., a Pennsylvania limited partnership. 

	169.	 Toll PA Development LP, a Pennsylvania limited partnership. 

	170.	 Toll PA Management LP, a Pennsylvania limited partnership. 

	171.	 Toll Plaza, LP, a Pennsylvania limited partnership. 

	172.	 Toll Realty Holdings LP, a Delaware limited partnership. 

	173.	 Toll RI, L.P., a Rhode Island limited partnership. 

	174.	 Toll RI II, L.P., a Rhode Island limited partnership. 

	175.	 Toll SC, L.P., a South Carolina limited partnership. 

	176.	 Toll SC II, L.P., a South Carolina limited partnership. 

	177.	 Toll SC III, L.P., a South Carolina limited partnership. 

	178.	 Toll SC IV, L.P., a South Carolina limited partnership. 

	179.	 Toll Stonebrae LP, a California limited partnership. 

	180.	 Toll VA, L.P., a Virginia limited partnership. 

	181.	 Toll VA II, L.P., a Virginia limited partnership. 

	182.	 Toll VA III, L.P., a Virginia limited partnership. 

	183.	 Toll VA IV, L.P., a Virginia limited partnership. 

	184.	 Toll VA V, L.P., a Virginia limited partnership. 

	185.	 Toll VA VI, L.P., a Virginia limited partnership. 

	186.	 Toll VA VII, L.P., a Virginia limited partnership. 

	187.	 Toll VA VIII, L.P., a Virginia limited partnership. 

	188.	 Toll WV, L.P., a West Virginia limited partnership. 

	189.	 Toll YL II, L.P., a California limited partnership. 

	190.	 Toll Washington Square LP, a Delaware limited partnership. 

	191.	 Toll-Dublin, L.P., a California limited partnership. 

 

	 	C.	 Joint Venture Limited Partnership 

 

	1.	 Dolington Land LP, a Pennsylvania limited partnership. 

 

	 	D.	 Joint Venture (Wholly-Owned) 

 

	1.	 Porter Ranch Development Co., a California joint venture. 

	 	E.	 Limited Liability Companies 

 

	1.	 31 E. Thomas Road LLC, an Arizona limited liability company. 

	2.	 55 West 17th Street Partners LLC, a New York limited
liability company. 

	3.	 89 Park Avenue LLC, a New York limited liability company. 

	4.	 100 Barrow Street LLC, a New York limited liability company. 

	5.	 100 Barrow Street Member LLC, a New York limited liability company. 

	6.	 126-142 Morgan Street Urban Renewal LLC, a New Jersey limited liability
company. 

	7.	 134 Bay Street LLC, a Delaware limited liability company. 

	8.	 353-357 Broadway Owner LLC, a New York limited liability company.

	9.	 353-357 Broadway Owner Member LLC, a New York limited liability
company. 

	10.	 435 North Broad Associates LLC, a Delaware limited liability company. 

	11.	 700 Grove Street Urban Renewal, LLC, a New Jersey limited liability company. 

	12.	 1400 Hudson LLC, a New Jersey limited liability company. 

	13.	 1450 Washington LLC, a New Jersey limited liability company. 

	14.	 1451 Hudson LLC, a New Jersey limited liability company. 

	15.	 1500 Garden St. LLC, a New Jersey limited liability company. 

	16.	 2686-2690 Broadway LLC, a New York limited liability company. 

	17.	 2686-2690 Broadway Member LLC, a New York limited liability company. 

	18.	 Approvals Management LLC, a Delaware limited liability company. 

	19.	 Approvals Management Member LLC, a Delaware limited liability company. 

	20.	 Arbor Hills Development LLC, a Michigan limited liability company. 

	21.	 Arbor’s Porter Ranch, LLC, a California limited liability company. 

	22.	 Belmont Country Club I LLC, a Virginia limited liability company. 

	23.	 Belmont Country Club II LLC, a Virginia limited liability company. 

	24.	 Block 255 LLC, a New Jersey limited liability company. 

	25.	 Block 268 LLC, a New Jersey limited liability company. 

	26.	 Brier Creek Country Club I LLC, a North Carolina limited liability company. 

	27.	 Brier Creek Country Club II LLC, a North Carolina limited liability company. 

	28.	 Broad Washington GP, LLC, a Delaware limited liability company. 

	29.	 Byers Commercial LLC, a Pennsylvania limited liability company. 

	30.	 Component Systems I LLC, a Delaware limited liability company. 

	31.	 Component Systems II LLC, a Delaware limited liability company. 

	32.	 Corporate Drive Apartments LLC, a New York limited liability company. 

	33.	 CWG Construction Company LLC, a New Jersey limited liability company. 

	34.	 CWG Management LLC, a New Jersey limited liability company. 

	35.	 Dominion Valley Country Club I LLC, a Virginia limited liability company. 

	36.	 Dominion Valley Country Club II LLC, a Virginia limited liability company. 

	37.	 East Windsor Investments I LLC, a New Jersey limited liability company. 

	38.	 East Windsor Investments II LLC, a New Jersey limited liability company. 

	39.	 Enclave at Long Valley I LLC, a New Jersey limited liability company. 

	40.	 Enclave at Long Valley II LLC, a New Jersey limited liability company. 

	41.	 First Brandywine LLC I, a Delaware limited liability company. 

	42.	 First Brandywine LLC II, a Delaware limited liability company. 

	43.	 First Avenue Sutton Member LLC, a Delaware limited liability company. 

	44.	 French Creek Acquisition GP, LLC a Delaware limited liability company. 

	45.	 Frenchman’s Reserve Realty, LLC, a Florida limited liability company. 

	46.	 GB LB-ESSEX1 LLC, a Delaware limited liability company.

	47.	 GCAM REO LLC, a Delaware limited liability company. 

	48.	 Gibraltar AB Investments LLC, a Delaware limited liability company. 

	49.	 Gibraltar Asset Management Services LLC, a Delaware limited liability company. 

	50.	 Gibraltar BBI Investments LLC, a Delaware limited liability company. 

	51.	 Gibraltar BMI LLC, a Delaware limited liability company. 

	52.	 Gibraltar Capital and Asset Management LLC, a Delaware limited liability company. 

	53.	 Gibraltar Real Estate Capital LLC, a Delaware limited liability company. 

	54.	 Golden Triangle Financial LLC, a Delaware limited liability company. 

	55.	 Goshen Road Land Company LLC, a Pennsylvania limited liability company. 

	56.	 Hampton Hall Investments LLC, a South Carolina limited liability company. 

	57.	 Hasentree Country Club I LLC, a North Carolina limited liability company. 

	58.	 Hasentree Country Club II LLC, a North Carolina limited liability company. 

	59.	 Hatboro Road Associates LLC, a Pennsylvania limited liability company. 

	60.	 HBNE Real Estate Investments I LLC, a Delaware limited liability company. 

	61.	 HBNE Real Estate Investments II LLC, a Delaware limited liability company. 

	62.	 HBSE Real Estate Investments I LLC, a Delaware limited liability company. 

	63.	 HBSE Real Estate Investments II LLC, a Delaware limited liability company. 

	64.	 HBWC Real Estate Investments I LLC, a Delaware limited liability company. 

	65.	 HBWC Real Estate Investments II LLC, a Delaware limited liability company. 

	66.	 Heritage Manor Development, LLC, a Massachusetts limited liability company. 

	67.	 HM Investments LLC, a Virginia limited liability company. 

	68.	 HM Investments II LLC, a Virginia limited liability company. 

	69.	 Hoboken Cove LLC, a New Jersey limited liability company. 

	70.	 Hoboken Land I LLC, a Delaware limited liability company. 

	71.	 Idaho TradeUp LLC, an Idaho limited liability company. 

	72.	 Jacksonville TBI Realty, LLC, a Florida limited liability company. 

	73.	 Liseter Land Company LLC, a Pennsylvania limited liability company. 

	74.	 Liseter, LLC, a Delaware limited liability company. 

	75.	 LL Parcel E, LLC, a New York limited liability company. 

	76.	 LL Parcel I, LLC, a New York limited liability company. 

	77.	 Long Meadows TBI, LLC, a Maryland limited liability company. 

	78.	 Martinsburg Ventures, L.L.C., a Virginia limited liability company. 

	79.	 Medway Residential LLC, a Delaware limited liability company. 

	80.	 Mizner Realty, L.L.C., a Florida limited liability company. 

	81.	 Morgan Street JV LLC, a Delaware limited liability company. 

	82.	 Naples TBI Realty, LLC, a Florida limited liability company. 

	83.	 Northville Lake Village Apartments Limited Liability Company, a Michigan limited liability company.

	84.	 Orlando TBI Realty LLC, a Florida limited liability company. 

	85.	 Placentia Development Company, LLC, a California limited liability company. 

	86.	 Plum Canyon Master LLC, a Delaware limited liability company. 

	87.	 PRD Investors, LLC, a Delaware limited liability company. 

	88.	 PT Maxwell Holdings, LLC, a New Jersey limited liability company. 

	89.	 P.T. Maxwell, L.L.C., a New Jersey limited liability company. 

	90.	 QOF IA, LLC, a Delaware limited liability company. 

	91.	 QOF IB, LLC, a Delaware limited liability company. 

	92.	 QOF II, LLC, a Delaware limited liability company. 

	93.	 QOF III, LLC, a Delaware limited liability company. 

	94.	 QOF IV, LLC, a Delaware limited liability company. 

	95.	 QOF V, LLC, a Delaware limited liability company. 

	96.	 QOZB IA, LLC, a Delaware limited liability company. 

	97.	 QOZB IB, LLC, a Delaware limited liability company. 

	98.	 QOZB III, LLC, a Delaware limited liability company. 

	99.	 QOZB V, LLC, a Delaware limited liability company. 

	100.	 Rancho Costera LLC, a Delaware limited liability company. 

	101.	 Regency at Denville, LLC, a New Jersey limited liability company. 

	102.	 Regency at Dominion Valley LLC, a Virginia limited liability company. 

	103.	 Regency at Washington I LLC, a New Jersey limited liability company. 

	104.	 Regency at Washington II LLC, a New Jersey limited liability company. 

	105.	 The Regency Golf Club I LLC, a Virginia limited liability company. 

	106.	 The Regency Golf Club II LLC, a Virginia limited liability company. 

	107.	 Ridge at Alta Vista Investments I LLC, a Texas limited liability company. 

	108.	 Ridge at Alta Vista Investments II LLC, a Texas limited liability company. 

	109.	 Ridge Residential LLC, a Delaware limited liability company. 

	110.	 Scituate Residential LLC, a Delaware limited liability company. 

	111.	 Saugus Residential LLC, a Delaware limited liability company. 

	112.	 Shapell Hold Properties No. 1, LLC, a Delaware limited liability company. 

	113.	 Shapell Land Company, LLC, a Delaware limited liability company. 

	114.	 Snowmass Club I LLC, a Colorado limited liability company. 

	115.	 Snowmass Club II LLC, a Colorado limited liability company. 

	116.	 SR Amberlea LLC, a Virginia limited liability company. 

	117.	 SRLP II LLC, a Virginia limited liability company. 

	118.	 State College Apartments LLC, a Delaware limited liability company. 

	119.	 Sterling Grove Country Club LLC, an Arizona limited liability company. 

	120.	 Tampa TBI Realty LLC, a Florida limited liability company. 

	121.	 TB Decatur LLC, a Delaware limited liability company. 

	122.	 TB Ennis LLC, a Delaware limited liability company. 

	123.	 TB Frisco Square LLC, a Delaware limited liability company. 

	124.	 TBH Radnor LLC, a Delaware limited liability company. 

	125.	 TB Kent Partners LLC, a Delaware limited liability company. 

	126.	 TB Norwalk Apartments LLC, a Delaware limited liability company. 

	127.	 TB Plano 1 LLC, a Delaware limited liability company. 

	128.	 TB Port Liberte LLC, a Delaware limited liability company. 

	129.	 TB Public Ledger LLC, a Delaware limited liability company. 

	130.	 TB Rivercrest LLC, a Delaware limited liability company. 

	131.	 TB Van Buren LLC, a Delaware limited liability company. 

	132.	 TB Warm Springs LLC, a Delaware limited liability company. 

	133.	 TB Wheeler Apartments LLC, a Delaware limited liability company. 

	134.	 TB White Plains Apartments LLC, a Delaware limited liability company. 

	135.	 TL Oil & Gas LLC, a Texas limited liability company. 

	136.	 Toll 7th Terrace LLC, a Delaware limited liability
company. 

	137.	 Toll Apartments Construction Management LLC, a Delaware limited liability company. 

	138.	 Toll Apartments Development Management LLC, a Delaware limited liability company. 

	139.	 Toll Apartments GP, LLC, a Delaware limited liability company. 

	140.	 Toll Apartments Management LLC, a Delaware limited liability company. 

	141.	 Toll Austin TX LLC, a Texas limited liability company. 

	142.	 Toll Austin TX II LLC, a Texas limited liability company. 

	143.	 Toll Austin TX III LLC, a Texas limited liability company. 

	144.	 Toll BBC LLC, a Texas limited liability company. 

	145.	 Toll BBC II LLC, a Texas limited liability company. 

	146.	 Toll BCCC, LLC, an Illinois limited liability company. 

	147.	 Toll Brothers Fort Monmouth LLC, a New Jersey limited liability company. 

	148.	 Toll CA I LLC, a California limited liability company. 

	149.	 Toll CA III LLC, a California limited liability company. 

	150.	 Toll CA Note II LLC, a California limited liability company. 

	151.	 Toll Cedar Hunt LLC, a Virginia limited liability company. 

	152.	 Toll CO I LLC, a Colorado limited liability company. 

	153.	 Toll College Park LLC, a Maryland limited liability company. 

	154.	 Toll Commerce LLC, a Delaware limited liability company. 

	155.	 Toll Corners LLC, a Delaware limited liability company. 

	156.	 Toll Dallas TX LLC, a Texas limited liability company. 

	157.	 Toll Damonte LLC, a Nevada limited liability company. 

	158.	 Toll DC IV, LLC, a District of Columbia limited liability company. 

	159.	 Toll DC Development LLC, a Delaware limited liability company. 

	160.	 Toll DC Holdings LLC, a Delaware limited liability company. 

	161.	 Toll DC Management LLC, a Delaware limited liability company. 

	162.	 Toll-Dublin, LLC, a California limited liability company. 

	163.	 Toll East 23rd Street LLC, a Delaware limited liability
company. 

	164.	 Toll E. 33rd Street LLC, a Delaware limited liability
company. 

	165.	 Toll EB, LLC, a Delaware limited liability company. 

	166.	 Toll Equipment, L.L.C., a Delaware limited liability company. 

	167.	 Toll First Avenue LLC, a New York limited liability company. 

	168.	 Toll FL I, LLC, a Florida limited liability company. 

	169.	 Toll FL II LLC, a Florida limited liability company. 

	170.	 Toll FL III LLC, a Florida limited liability company. 

	171.	 Toll FL IV LLC, a Florida limited liability company. 

	172.	 Toll FL V LLC, a Florida limited liability company. 

	173.	 Toll GC LLC, a New York limited liability company. 

	174.	 Toll GC II LLC, a New York limited liability company. 

	175.	 Toll Gibraltar I LLC, a Pennsylvania limited liability company. 

	176.	 Toll Gibraltar II LLC, a Pennsylvania limited liability company. 

	177.	 Toll Glastonbury LLC, a Connecticut limited liability company. 

	178.	 Toll Henderson LLC, a Nevada limited liability company. 

	179.	 Toll Henderson II LLC, a Nevada limited liability company. 

	180.	 Toll Hoboken LLC, a Delaware limited liability company. 

	181.	 Toll Holmdel Urban Renewal LLC, a New Jersey limited liability company. 

	182.	 Toll Houston Land LLC, a Texas limited liability company. 

	183.	 Toll Houston TX LLC, a Texas limited liability company. 

	184.	 Toll Huntington LLC, a Delaware limited liability company. 

	185.	 Toll ID I LLC, an Idaho limited liability company. 

	186.	 Toll IN LLC, an Indiana limited liability company. 

	187.	 Toll Inspirada LLC, a Nevada limited liability company. 

	188.	 Toll Jupiter LLC, a Florida limited liability company. 

	189.	 Toll Land VII LLC, a New York limited liability company. 

	190.	 Toll Landscape, L.L.C., a Delaware limited liability company. 

	191.	 Toll Landscape II, L.L.C., a Delaware limited liability company. 

	192.	 Toll Lexington LLC, a New York limited liability company. 

	193.	 Toll Lexington GC LLC, a New York limited liability company. 

	194.	 Toll MA I LLC, a Massachusetts limited liability company. 

	195.	 Toll MA II LLC, a Massachusetts limited liability company. 

	196.	 Toll MA III LLC, a Massachusetts limited liability company. 

	197.	 Toll MA IV LLC, a Massachusetts limited liability company. 

	198.	 Toll MA Development LLC, a Massachusetts limited liability company. 

	199.	 Toll MA Holdings LLC, a Delaware limited liability company. 

	200.	 Toll MA Land II GP LLC, a Delaware limited liability company. 

	201.	 Toll MA Management LLC, a Massachusetts limited liability company. 

	202.	 Toll Maxwell LLC, a New Jersey limited liability company. 

	203.	 Toll MD I, L.L.C., a Maryland limited liability company. 

	204.	 Toll MD II LLC, a Maryland limited liability company. 

	205.	 Toll MD III LLC, a Maryland limited liability company. 

	206.	 Toll MD IV LLC, a Maryland limited liability company. 

	207.	 Toll MD Realty LLC, a Maryland limited liability company. 

	208.	 Toll Mid-Atlantic II LLC, a Delaware limited liability company

	209.	 Toll Midwest LLC, a Delaware limited liability company. 

	210.	 Toll Milano LLC, a Delaware limited liability company. 

	211.	 Toll Morgan Street LLC, a Delaware limited liability company. 

	212.	 Toll NC I LLC, a North Carolina limited liability company. 

	213.	 Toll NC IV LLC, a North Carolina limited liability company. 

	214.	 Toll NC Note LLC, a North Carolina limited liability company. 

	215.	 Toll NC Note II LLC, a North Carolina limited liability company. 

	216.	 Toll Needham LLC, a Delaware limited liability company. 

	217.	 Toll NJ I, L.L.C., a New Jersey limited liability company. 

	218.	 Toll NJ II, L.L.C., a New Jersey limited liability company. 

	219.	 Toll NJ III, LLC, a New Jersey limited liability company. 

	220.	 Toll NJ IV LLC, a New Jersey limited liability company. 

	221.	 Toll NJ Apartments Management LLC, a New Jersey limited liability company. 

	222.	 Toll Northeast II LLC, a Delaware limited liability company. 

	223.	 Toll Northeast VIII LLC, a Delaware limited liability company. 

	224.	 Toll North LV LLC, a Nevada limited liability company. 

	225.	 Toll North Reno LLC, a Nevada limited liability company. 

	226.	 Toll NV GP I LLC, a Nevada limited liability company. 

	227.	 Toll NV Holdings LLC, a Nevada limited liability company. 

	228.	 Toll NY II LLC, a New York limited liability company. 

	229.	 Toll Oak Creek Golf LLC, a Maryland limited liability company. 

	230.	 Toll Orange Terrace LLC, a Delaware limited liability company. 

	231.	 Toll Park Avenue South LLC, a Delaware limited liability company. 

	232.	 Toll Parkland GSC LLC, a Florida limited liability company. 

	233.	 Toll Parkland LLC, a Florida limited liability company. 

	234.	 Toll PA Twin Lakes LLC, a Pennsylvania limited liability company. 

	235.	 Toll Plaza, LLC, a Pennsylvania limited liability company. 

	236.	 Toll Plymouth LLC, a Pennsylvania limited liability company. 

	237.	 Toll Port Imperial LLC, a New Jersey limited liability company. 

	238.	 Toll Prasada LLC, an Arizona limited liability company. 

	239.	 Toll Provost Square I LLC, a Delaware limited liability company. 

	240.	 Toll San Antonio TX LLC, a Texas limited liability company. 

	241.	 Toll Sienna Member LLC, a Texas limited liability company. 

	242.	 Toll Southeast II LLC, a Delaware limited liability company. 

	243.	 Toll South LV LLC, a Nevada limited liability company. 

	244.	 Toll South Reno LLC, a Nevada limited liability company. 

	245.	 Toll Southwest LLC, a Delaware limited liability company. 

	246.	 Toll Southwest II LLC, a Delaware limited liability company. 

	247.	 Toll Sparks LLC, a Nevada limited liability company. 

	248.	 Toll Sutton Member Holdings LLC, a New York limited liability company. 

	249.	 Toll SW Holding LLC, a Nevada limited liability company. 

	250.	 Toll Technology Investments, L.L.C., a Delaware limited liability company. 

	251.	 Toll TX Note LLC, a Texas limited liability company. 

	252.	 Toll VA III L.L.C., a Virginia limited liability company. 

	253.	 Toll Van Wyck, LLC, a New York limited liability company. 

	254.	 Toll Vanderbilt II LLC, a Rhode Island limited liability company. 

	255.	 Toll Warren Urban Renewal LLC, a New Jersey limited liability company. 

	256.	 Toll Warren 25 Urban Renewal LLC, a New Jersey limited liability company. 

	257.	 Toll Washington Square GP LLC, a Delaware limited liability company. 

	258.	 Toll WBLH Member LLC, a Maryland limited liability company. 

	259.	 Toll West Coast LLC, a Delaware limited liability company. 

	260.	 Toll West Coast II LLC, a Delaware limited liability company. 

	261.	 Upper K Investors, LLC, a Delaware limited liability company. 

	262.	 Upper-K Shapell, LLC, a Delaware limited liability company.

	263.	 Vanderbilt Capital LLC, a Rhode Island limited liability company. 

	264.	 Van Wyck Residential I LLC, a New York limited liability company. 

	265.	 Van Wyck Residential II LLC, a New York limited liability company. 

	266.	 Virginia Construction Co. I, LLC, a Virginia limited liability company. 

	267.	 Virginia Construction Co. II, LLC, a Virginia limited liability company. 

	268.	 West Chester Partners Apartments LLC, a Pennsylvania limited liability company. 

	269.	 Westminster Title Agency, LLC, a Maryland limited liability company. 

 

	 	F.	 Joint Venture Limited Liability Companies 

 

	1.	 7th Terrace Investors LLC, a Delaware limited liability
company. 

	2.	 7th Terrace Property Owner LLC, a Delaware limited
liability company. 

	3.	 120 Commerce Apartments LLC, a Delaware limited liability company. 

	4.	 120 Commerce Holdings LLC, a Delaware limited liability company. 

	5.	 Orange Terrace Investors, LLC, a Delaware limited liability company. 

	6.	 Orange Terrace Property Owner, LLC, a Delaware limited liability company. 

	7.	 TB-CC II 7th
Terrace LLC, a Delaware limited liability company. 

	8.	 TB-CCF Commerce LLC, a Delaware limited liability company.

	9.	 TB-CDG Orange Terrace LLC, a Delaware limited liability company.

	10.	 TB-MBPA Milano LLC, a Delaware limited liability company

	11.	 TB Milano Apartments LLC, a Delaware limited liability company. 

	12.	 TB Milano Holdings LLC, a Delaware limited liability company. 

 SCHEDULE 8 

OTHER LIENS 
 None. 

 SCHEDULE 9 

ERISA MATTERS 
 None. 

 SCHEDULE 10 

ENVIRONMENTAL MATTERS 

None.EX-10.1

 Exhibit 10.1 
  

 
 Loan and Security Agreement 

 

			
	Borrower:	  	Biolase, Inc.
	Address:	  	4 Cromwell
		  	Irvine, California 92618
		
	Date:	  	October 28, 2019

 THIS LOAN AND SECURITY AGREEMENT is entered into on the above date between PACIFIC MERCANTILE BANK
(“Lender”), whose address is 949 South Coast Drive, 3rd Floor, Costa Mesa, CA 92626, and the borrower(s) named above (jointly and severally, the “Borrower”), whose chief executive office is located at the above address
(“Borrower’s Address”). The Schedule to this Agreement (the “Schedule”) shall for all purposes be deemed to be a part of this Agreement, and the same is an integral part of this Agreement. (Definitions of certain terms used
in this Agreement are set forth in Section 8 below.) 
  

	1.	 LOANS. 

1.1 Loans. Lender will make loans to Borrower (the “Loans”), in amounts not to exceed the limits shown on the Schedule
(the “Credit Limit”), subject to the provisions of this Agreement and subject to deduction of such Reserves as Lender deems proper from time to time in its Good Faith Business Judgment. 

1.2 Interest. All Loans and all other monetary Obligations shall bear interest at the interest rate shown on the Schedule.
Accrued interest shall be payable monthly for each month on the first day of the following month, and shall be debited to Borrower’s Deposit Account maintained with the Lender designated by Borrower (or as selected by Lender in the absence of
such a designation). Borrower shall at all times maintain sufficient funds in said Deposit Account to enable payment of all interest and other sums to be so paid to Lender by such debit. 

1.3 Overadvances. If at any time or for any reason the total of all outstanding Loans and all other monetary Obligations exceeds
the Credit Limit (an “Overadvance”), Borrower shall immediately pay the amount of the excess to Lender, without notice or demand. Without limiting Borrower’s obligation to repay to Lender the amount of any Overadvance, Borrower agrees
to pay Lender interest on the outstanding amount of any Overadvance, on demand, at the Default Rate. 
 1.4 Fees. Borrower
shall pay Lender the fees shown on the Schedule, which are in addition to all interest and other sums payable to Lender and are not refundable. 

1.5 Loan Requests. To obtain a Loan, Borrower shall make a request to Lender by facsimile or telephone. Loan requests received
after 10:30 AM Pacific Time will be deemed made on the next Business Day. Lender may rely on any telephone request for a Loan given by a person whom Lender believes is an authorized representative of Borrower, and Borrower will indemnify Lender for
any loss Lender suffers as a result of that reliance. 
 1.6 Conditions. The making of the first disbursement of any
Loan is subject to the satisfaction of the following conditions precedent, which Borrower agrees to satisfy within two Business Days after the date hereof unless Lender otherwise waives or consents in writing: (i) all filings have been
completed that are necessary or advisable to perfect the security interest of Lender in the Collateral, including without limitation filings in the United States Copyright Office and United States Patent and Trademark Office, (ii) all documents
relating to this Agreement have been executed and delivered, (iii) Lender has confirmed to its satisfaction that there has been no Material Adverse Change since the date of the last financial statements provided to Lender prior to the date
hereof, (iv) UCC and other searches deemed necessary by Lender have been completed and the results thereof are satisfactory to Lender, (v) no Default or Event of Default has occurred and is continuing, and (vi) all other matters
relating to the Loan have been completed to Lender’s satisfaction (including, without limitation, any conditions precedent set forth in Section 8 of the Schedule). 

  
 -1- 

			
	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

1.7 Exim Guarantee. To facilitate the financing of Eligible Accounts hereunder, Borrower and Lender are seeking to have the Exim
Bank agree to guarantee the Loans made under this Agreement, pursuant to a Master Guarantee Agreement, Loan Authorization Agreement and (to the extent applicable) Delegated Authority Letter Agreement (collectively, the “Exim Guarantee”).
If, at any time after the Exim Guarantee has been entered into by Lender, for any reason other than due to any action or inaction of Borrower under the Exim Guarantee, (a) the Exim Guarantee shall cease to be in full force and effect, or
(b) if the Exim Bank declares the Exim Guarantee void or revokes any obligations thereunder or denies liability thereunder, and any Overadvance results from either of the foregoing, Lender shall provide notice of such Overadvance to Borrower,
and Borrower shall immediately pay the amount of the excess to Lender. If, at any time after the Exim Guarantee has been entered into by Lender, for any reason other than the one described in the foregoing sentence, (x) the Exim Guarantee shall
cease to be in full force and effect, or (y) the Exim Bank declares the Exim Guarantee void or revokes any obligations thereunder or denies liability thereunder, any such event shall constitute an Event of Default under this Agreement. Nothing
in any confidentiality agreement in this Agreement or in any other agreement shall restrict Lender’s right to make disclosures and provide information to the Exim Bank as required in connection with the Exim Guarantee. 

1.8 Exim Borrower Agreement. Borrower shall execute and deliver a Borrower Agreement, in the form specified by the Exim Bank, in
favor of Lender and the Exim Bank, together with an amendment thereto, if applicable, as approved by the Exim Bank to conform certain terms of such Borrower Agreement to the terms of this Agreement (as amended, the “Exim Borrower
Agreement”). When the Exim Borrower Agreement is entered into by Borrower and the Exim Bank and delivered to Lender, this Agreement shall be subject to all of the terms and conditions of the Exim Borrower Agreement, all of which are hereby
incorporated herein by this reference. From and after the time Borrower and the Exim Bank have entered into the Exim Borrower Agreement and delivered the same to Lender, Borrower expressly agrees to perform all of the obligations and comply with all
of the affirmative and negative covenants and all other terms and conditions set forth in the Exim Borrower Agreement as though the same were expressly set forth herein. In the event of any conflict between the terms of the Exim Borrower Agreement
(if then in effect) and the other terms of this Agreement, whichever terms are more restrictive shall apply. Borrower acknowledges and agrees that it has received a form of the Loan Authorization Agreement which is referred to in the Exim Borrower
Agreement. If the Exim Borrower Agreement is entered into by Borrower and the Exim Bank and delivered to Lender, Borrower agrees to be bound by the terms of the Loan Authorization Agreement, including, without limitation, by any additions or
revisions made prior to its execution on behalf of Exim Bank. Upon the execution of the Loan Authorization Agreement by Exim Bank and Lender, it shall become an attachment to the Exim Borrower Agreement. Borrower shall reimburse Lender for all fees
and all out of pocket expenses incurred by Lender with respect to the Exim Guarantee and the Exim Borrower Agreement, including without limitation all facility fees and usage fees, and Lender is authorized to debit any of Borrower’s deposit
accounts with Lender for such fees, costs and expenses when paid by Lender. 
 2. SECURITY INTEREST. To secure the payment and performance of
all of the Obligations when due, Borrower hereby grants to Lender a security interest in all of the following (collectively, the “Collateral”): all right, title and interest of Borrower in and to all of the following, whether now owned or
hereafter arising or acquired and wherever located: all Accounts; all Inventory; all Equipment; all Deposit Accounts; all General Intangibles (including without limitation all Intellectual Property); all Investment Property; all Other Property; and
any and all claims, rights and interests in any of the above, and all guaranties and security for any of the above, and all substitutions and replacements for, additions, accessions, attachments, accessories, and improvements to, and proceeds
(including proceeds of any insurance policies, proceeds of proceeds and claims against third parties) of, any and all of the above, and all Borrower’s books relating to any and all of the above. 

 

	3.	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF BORROWER. 

In order to induce Lender to enter into this Agreement and to make Loans, Borrower represents and warrants to Lender as follows, and Borrower
covenants that the following representations will continue to be true (except to the extent that such representation or warranty relates to a particular date), and that Borrower will at all times comply with all of the following covenants,
throughout the term of this Agreement and until all Obligations (other than inchoate indemnification obligations to the extent no claim giving rise thereto has been asserted) have been paid and performed in full, unless Lender otherwise consents in
writing: 
 3.1 Corporate Existence and Authority. Borrower is, and will continue to be, duly organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or organization. Borrower is and will continue to be qualified and licensed to do business in all jurisdictions in which any failure to do so would reasonably be expected to
result in liability on the part of Borrower in excess of $10,000. The execution, delivery and performance by Borrower of this Agreement, and all other documents contemplated hereby (i) have been duly and validly authorized, (ii) are not
subject to 

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

any consents, which have not been obtained, (iii) are enforceable against Borrower in accordance with their terms (except as enforcement may be limited by equitable principles and by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors’ rights generally), and (iv) do not violate Borrower’s articles or certificate of incorporation, or Borrower’s by-laws, or any law or any material agreement or instrument, which is binding upon Borrower or its property, and (v) do not constitute grounds for acceleration of any indebtedness or obligations in excess of
$50,000 in the aggregate, under any agreement or instrument which is binding upon Borrower or its property. 
 3.2 Name; Trade Names
and Styles. As of the date hereof, the name of Borrower set forth in the heading to this Agreement is its correct name. Listed in the Representations are all prior names of Borrower and all of Borrower’s present and prior trade names,
as of the date hereof. Borrower shall give Lender 30 days’ prior written notice before changing its name or doing business under any other name. Borrower has complied, and will in the future comply, in all material respects, with all laws
relating to the conduct of business under a fictitious business name. 
 3.3 Place of Business; Location of Collateral. As of
the date hereof, the address set forth in the heading to this Agreement is Borrower’s chief executive office. In addition, as of the date hereof, Borrower has places of business and Collateral is located only at the locations set forth in the
Representations. Borrower will give Lender at least 30 days prior written notice before opening any additional place of business, changing its chief executive office, or moving any of the Collateral to a location other than Borrower’s Address
or one of the locations set forth in the Representations, except that Borrower may maintain sales offices in the ordinary course of business at which not more than a total of $50,000 fair market value of Equipment and Inventory is located. 

3.4 Title to Collateral; Perfection; Permitted Liens. 

(a) Borrower is now, and will at all times in the future be, the sole owner of all the Collateral, except for items of Equipment which are
leased to Borrower, and except for non-exclusive licenses granted by Borrower to its customers in the ordinary course of business. The Collateral now is and will remain free and clear of any and all Liens and
adverse claims, except for Permitted Liens. Lender now has, and will continue to have, a first-priority perfected and enforceable security interest in all of the Collateral, subject only to the Permitted Liens, and Borrower will at all times defend
Lender and the Collateral against all claims of others. 
 (b) Borrower has set forth in the Representations all of Borrower’s Deposit
Accounts as of the date hereof, and Borrower will give Lender five Business Days advance written notice before establishing any new Deposit Accounts and will cause the institution where any such new Deposit Account is maintained to execute and
deliver to Lender a control agreement in form sufficient to perfect Lender’s security interest in the Deposit Account and otherwise satisfactory to Lender in its Good Faith Business Judgment. Nothing herein limits any requirements which may be
set forth in the Schedule as to where Deposit Accounts will be maintained. 
 (c) In the event that Borrower shall at any time after the date
hereof have any commercial tort claims against others, which it is asserting or intends to assert, and in which the potential recovery exceeds $100,000, Borrower shall promptly notify Lender thereof in writing and provide Lender with such
information regarding the same as Lender shall request. Such notification to Lender shall constitute a grant of a security interest in the commercial tort claim and all proceeds thereof to Lender, and Borrower shall execute and deliver all such
documents and take all such actions as Lender shall request in connection therewith. 
 (d) None of the Collateral now is or will be affixed
to any real property in such a manner, or with such intent, as to become a fixture. Borrower is not and will not become a lessee under any real property lease pursuant to which the lessor may obtain any rights in any of the Collateral and no such
lease now prohibits, restrains, impairs or will prohibit, restrain or impair Borrower’s right to remove any Collateral from the leased premises. Whenever any Collateral is located upon premises as to which Borrower is a tenant or in which any
third party has an interest, Borrower shall, whenever requested by Lender, use commercially reasonable efforts to cause the landlord or such third party to execute and deliver to Lender, in form acceptable to Lender, such waivers and subordinations
as Lender shall specify in its Good Faith Business Judgment. Borrower will keep in full force and effect, and will comply with all material terms of, any lease of real property where any of the Collateral now or in the future may be located. 

(e) Except as disclosed in the Representations, Borrower is not a party to, nor is it bound by, any license or other agreement that is
important for the conduct of Borrower’s business and that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property important for the conduct of
Borrower’s business. 
 (f) Borrower is the sole owner of the Intellectual Property, except for
non-exclusive licenses granted by Borrower to its customers in the ordinary course of business. To the best of Borrower’s knowledge, each of the Copyrights, Trademarks and Patents is valid and
enforceable, and no part of the Intellectual Property has been judged invalid or unenforceable, in whole or in part, and no claim has been made to Borrower that any part of the Intellectual Property violates the rights of any third party except to
the extent such claim would not reasonably be expected to cause a Material Adverse Change. 

  
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3.5 Maintenance of Collateral. Borrower will maintain the Inventory in good and merchantable condition and maintain all other
tangible Collateral in good working condition (ordinary wear and tear excepted), and Borrower will not use the Collateral for any unlawful purpose. Borrower will immediately advise Lender in writing of any loss or damage to the Collateral exceeding
$50,000. 
 3.6 Books and Records. Borrower has maintained and will maintain at Borrower’s Address books and records,
which are complete and accurate in all material respects, and comprise an accounting system in accordance with GAAP. 
 3.7 Financial
Condition, Statements and Reports. All financial statements now or in the future delivered to Lender have been, and will be, prepared in conformity with GAAP, and now and in the future will fairly present the results of operations and
financial condition of Borrower, in accordance with GAAP, at the times and for the periods therein stated (except for non-compliance with FAS 123R in monthly financial statements, and, in the case of interim
financial statements, for the lack of footnotes and subject to year-end adjustments). Between the last date covered by any such statement provided to Lender and the date hereof, there has been no Material
Adverse Change. 
 3.8 Tax Returns and Payments; Pension Contributions. Borrower has timely filed, and will timely file, all
required tax returns and reports, and Borrower has timely paid, and will timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions now or in the future owed by Borrower. Borrower may, however, defer payment of
any contested taxes, provided that Borrower (i) in good faith contests Borrower’s obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (ii) notifies Lender in writing of the
commencement of, and any material development in, the proceedings, and (iii) posts bonds or takes any other steps required to keep the contested taxes from becoming a Lien upon any of the Collateral. Borrower is unaware of any claims or
adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower. Borrower has paid, and shall continue to pay all amounts necessary to fund all present and future pension,
profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not and will not withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to,
any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. Borrower shall concurrently execute and
deliver to Lender an IRS Form 8821, Tax Information Authorization, and Borrower shall maintain the same in full force and effect throughout the term of this Agreement. 

3.9 Compliance with Law. 

(a) Borrower has, to the best of its knowledge, complied, and will in the future comply, in all material respects, with all provisions of all
foreign, federal, state and local laws and regulations applicable to Borrower, including, but not limited to, those relating to Borrower’s ownership of real or personal property, the conduct and licensing of Borrower’s business, and all
environmental matters, except where the failure to do so would not reasonably be expected to result in liability on the part of Borrower in excess of $10,000. Borrower has obtained all consents, approvals and authorizations of, made all declarations
or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted, except where the failure to do so would not reasonably be expected to result
in liability on the part of Borrower in excess of $10,000. 
 (b) Borrower is not in violation and shall not violate any of the country or
list based economic and trade sanctions administered and enforced by OFAC or as otherwise published from time to time. Neither Borrower, nor to the knowledge of Borrower, any director, officer, employee, agent, affiliate or representative thereof,
(i) is a Sanctioned Person or a Sanctioned Entity, (ii) has its assets located in a Sanctioned Entity, (iii) derives revenues from investments in, or transactions with a Sanctioned Person or a Sanctioned Entity or (iv) is owned
or controlled by a Sanctioned Entity or a Sanctioned Person. 
 (c) Borrower is in compliance with, and will continue to comply with, all
applicable Anti-Terrorism Laws. Borrower does not deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to any OFAC Sanctions Programs. Borrower is not any of the following (each a
“Blocked Person”): (i) a Person that is prohibited pursuant to any of the OFAC Sanctions Programs, including a Person named on OFAC’s list of Specially Designated Nationals and Blocked Persons; (ii) a Person that is owned or
controlled by, or that owns or controls any Person described in (i) above; or (iii) a Person with which Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law. No part of the proceeds of the
Loans will be used, directly or indirectly, for any payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain,
retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

  
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(d) Borrower shall not (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or
receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order
No. 13224, (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in the Executive Order No. 13224, the USA
PATRIOT Act, or any other Anti-Terrorism Law, and the Borrower shall deliver to Lender any certification or other evidence requested from time to time by Lender in its sole discretion, confirming Borrower’s compliance with this Section,
(iv) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target of sanctions imposed by the United Nations or the European Union including the making or
receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (v) engage in any business or activity in violation of the Trading with the Enemy Act. 

3.10 Litigation. As of the date hereof, there is no claim, suit, litigation, proceeding or investigation pending or, to
Borrower’s knowledge, threatened against or affecting Borrower in any court or before any governmental agency (or any basis therefor known to Borrower) involving any claim against Borrower of more than $50,000. Borrower will promptly inform
Lender in writing of any claim, proceeding, litigation or investigation in the future threatened or instituted against Borrower involving any claim against Borrower of more than $50,000. 

3.11 Use of Proceeds. All proceeds of all Loans shall be used solely for Borrower’s working capital and only for purposes
specified in the Exim Borrower Agreement. Borrower is not purchasing or carrying any “margin stock” (as defined in Regulation U of the Board of Governors of the Federal Reserve System) and no part of the proceeds of any Loan will be used
to purchase or carry any “margin stock” or to extend credit to others for the purpose of purchasing or carrying any “margin stock.” Borrower will not use the proceeds of the Loans for any purpose prohibited by the Exim Borrower
Agreement. 
 3.12 Solvency, Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the
fair saleable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the transactions contemplated by this Agreement.

 3.13 Borrower Agreement. Borrower will comply with all terms of the Exim Borrower Agreement. If any provision of the Exim
Borrower Agreement conflicts with any provision contained in this Agreement, the more strict provision, with respect to the Borrower, will control. 

3.14 Terms of Sale. Borrower will, if required by Exim Bank or Lender, cause all sales of products on which the Loans are based
to be supported by one or more irrevocable letters of credit in an amount and of matter, naming a beneficiary and issued by a financial institution acceptable to Lender. 
  

	4.	 ACCOUNTS. 

4.1 Representations Relating to Accounts. Borrower represents and warrants to Lender as follows: Each Account with respect
to which Loans are requested by Borrower shall, on the date each Loan is requested and made, (i) represent an undisputed bona fide existing unconditional obligation of the Account Debtor created by the sale, delivery, and acceptance of goods or
the rendition of services, or the non-exclusive licensing of Intellectual Property, in the ordinary course of Borrower’s business, and (ii) meet the Minimum Eligibility Requirements set forth in
Section 8 below. 
 4.2 Representations Relating to Documents and Legal Compliance. Borrower represents and warrants to
Lender as follows: All statements made and all unpaid balances appearing in all invoices, instruments and other documents evidencing the Accounts are and shall be true and correct in all material respects, and all such invoices, instruments and
other documents and all of Borrower’s books and records are and shall be genuine and in all respects what they purport to be. All sales and other transactions underlying or giving rise to each Account shall comply in all material respects with
all applicable laws and governmental rules and regulations. To the best of Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Accounts are and shall be genuine, and all such
documents, instruments and agreements are and shall be legally enforceable in accordance with their terms. 
 4.3 Schedules and
Documents relating to Accounts. Borrower shall deliver to Lender transaction reports and schedules of collections, as provided in the Schedule, on Lender’s standard forms; provided, however, that Borrower’s failure to
execute and deliver the same shall not affect or limit Lender’s security interest and other rights in all of Borrower’s Accounts, nor shall Lender’s failure to advance or lend against a specific Account affect or limit Lender’s
security interest and other rights therein. If requested by Lender, Borrower shall furnish Lender with copies (or, at Lender’s request, originals) of all contracts, orders, invoices, and other similar documents, and all shipping instructions,
delivery receipts, bills of lading, and other evidence of delivery, for any goods the sale or disposition of which gave rise to such Accounts, and Borrower warrants the genuineness of all of the foregoing. Borrower shall also furnish to Lender an
aged accounts receivable trial balance as provided in the Schedule. In addition, Borrower shall deliver to Lender, on its request, the originals of all instruments, chattel paper, security agreements, guarantees and other documents and property
evidencing or securing any Accounts, in the same form as received, with all necessary endorsements, and copies of all credit memos. 

  
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4.4 Lockbox. Except as otherwise set forth below, Borrower shall, prior to disbursement of any Loans, and at all times
thereafter, immediately deposit any funds received by Borrower from any source (including without limitation all proceeds of Accounts and all other Collateral) into a cash collateral account at Lender in Borrower’s name (the “Cash
Collateral Account”), over which Lender shall have exclusive and unrestricted access. Borrower shall, prior to disbursement of any Loans, and at all times thereafter, direct its Account Debtors to mail or deliver all checks or other forms of
payment for amounts owing to Borrower to a post office box designated by Lender (the “Lockbox”), over which Lender shall have exclusive and unrestricted access. Prior to disbursement of any Loans, Borrower shall establish the Lockbox, and
thereafter Borrower shall at all times maintain the Lockbox with Lender in accordance with the terms hereof. Except for funds deposited into the Cash Collateral Account, all funds received by Borrower from any source shall immediately be directed to
the Lockbox. Lender shall collect the mail delivered to the Lockbox, open such mail, and endorse and credit all items to the Lockbox. All funds flowing through the Lockbox shall automatically be transferred to the Cash Collateral Account. Borrower
shall direct all customers or other persons owing money to Borrower who make payments by electronic transfer of funds to wire such funds directly to the Cash Collateral Account. Borrower shall hold in trust for Lender all amounts that Borrower
receives despite the directions to make payments to the Cash Collateral Account, and immediately deliver such payments to Lender in their original form as received from the payor, with proper endorsements for deposit into the Cash Collateral
Account. Borrower irrevocably authorizes Lender to transfer to the Cash Collateral Account any funds that have been deposited into any other accounts or that Lender has received by wire transfer, check, cash, or otherwise. Lender shall have all
right, title and interest in all of the items from time to time held in the Cash Collateral Account and their proceeds. Neither Borrower nor any person claiming through Borrower shall have any right or control over the use of, or any right to
withdraw any amount from, the Cash Collateral Account, which shall be under the sole control of Lender. Lender may apply amounts held in the Cash Collateral Account to the outstanding balance of the Obligations on a daily basis. Lender may from time
to time in its discretion make Loans to Borrower to cover checks or other items or charges that Borrower has drawn or made against its operating account (the “Operating Account”) or to cause payment of amounts due under the Loan Documents.
Borrower authorizes Lender to make such Loans from time to time by means of appropriate entries of credits to the Operating Account sufficient to cover any such charges then presented, such Loans to be subject to the terms of this Agreement as
though made pursuant to a request from Borrower. 
 4.5. Exceptions. Notwithstanding the provisions of Section 4.4,
if no Default or Event of Default has occurred and is continuing, Borrower shall not be obligated to remit to Lender the proceeds of the sale of worn out or obsolete Equipment disposed of by Borrower in good faith in an arm’s length transaction
for an aggregate purchase price of $25,000 or less (for all such transactions in any fiscal year). 
 4.6 Disputes. Borrower
shall notify Lender promptly of all disputes or claims in excess of $5,000 individually, which relate to any Accounts. Borrower shall not forgive (completely or partially), compromise or settle any Account for less than payment in full, or agree to
do any of the foregoing, except that Borrower may do so, provided that: (i) Borrower does so in good faith, in a commercially reasonable manner, in the ordinary course of business, and in arm’s length transactions, which are reported to
Lender on the regular reports provided to Lender; (ii) no Default or Event of Default has occurred and is continuing; and (iii) taking into account all such discounts, settlements and forgiveness, the total outstanding Loans will not
exceed the Credit Limit. 
 4.7 Returns. Provided no Event of Default has occurred and is continuing, if any Account Debtor
returns any Inventory to Borrower, Borrower shall promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount. In the event any attempted return occurs after the occurrence and
during the continuance of any Event of Default, Borrower shall hold the returned Inventory in trust for Lender, and immediately notify Lender of the return of the Inventory. 

4.8 Verification. Lender may, from time to time, verify directly with the respective Account Debtors the validity, amount and
other matters relating to the Accounts, by means of mail, telephone or otherwise, either in the name of Borrower or Lender or such other name as Lender may choose, and Lender or its designee may, at any time, notify Account Debtors that it has a
security interest in the Accounts. 
 4.9 No Liability. Lender shall not be responsible or liable for any shortage or
discrepancy in, damage to, or loss or destruction of, any goods, the sale or other disposition of which gives rise to an Account, or for any error, act, omission, or delay of any kind occurring in the settlement, failure to settle, collection or
failure to collect any Account, or for settling any Account in good faith for less than the full amount thereof, nor shall Lender be deemed to be responsible for any of Borrower’s obligations under any contract or agreement giving rise to an
Account. 

  
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5. ADDITIONAL DUTIES OF BORROWER. 

5.1 Financial and Other Covenants. Borrower shall at all times comply with the financial and other covenants set forth in the
Schedule. 
 5.2 Insurance. 

5.2.1 Non-Exim. Borrower shall, at all times insure all of the tangible personal property
Collateral and carry such other business insurance, with insurers reasonably acceptable to Lender, in such form and amounts as Lender may reasonably require and that are customary and in accordance with standard practices for Borrower’s
industry and locations, and Borrower shall provide evidence of such insurance to Lender. All such insurance policies shall name Lender as an additional loss payee, and shall contain a lenders loss payee endorsement in form reasonably acceptable to
Lender and shall name Lender as additional insured with regard to liability coverage. Upon receipt of the proceeds of any such insurance, Lender shall apply such proceeds in reduction of the Obligations as Lender shall determine in its sole
discretion, except that, provided no Default or Event of Default has occurred and is continuing, Lender shall release to Borrower insurance proceeds with respect to Equipment totaling less than $50,000, which shall be utilized by Borrower for the
replacement of the Equipment with respect to which the insurance proceeds were paid. Lender may require reasonable assurance that the insurance proceeds so released will be so used. If Borrower fails to provide or pay for any insurance, Lender may,
but is not obligated to, obtain the same at Borrower’s expense. Borrower shall promptly deliver to Lender copies of all material reports made to insurance companies. 

5.2.2 Exim. If required by Lender, Borrower will obtain, and pay when due all premiums with respect to, and maintain
uninterrupted foreign credit insurance. In addition, Borrower will execute in favor of Lender an assignment of proceeds of any insurance policy obtained by Borrower and issued by Exim Bank insuring against comprehensive commercial and political risk
(the “Exim Bank Policy”). The insurance proceeds from the Exim Bank Policy assigned or paid to Lender will be applied to the then balance outstanding under this Agreement. Borrower will immediately notify Lender and Exim Bank in writing
upon submission of any claim under the Exim Bank Policy. Then Lender will not be obligated to make any further Loans to Borrower without prior approval from Exim Bank. 

5.3 Reports. Borrower, at its expense, shall provide Lender with the written reports set forth in the Schedule, and such other
written reports with respect to Borrower as Lender shall from time to time specify in its Good Faith Business Judgment. 
 5.4 Access
to Collateral, Books and Records. At reasonable times, and on two Business Days’ notice, Lender, or its agents, shall have the right to inspect the Collateral, and the right to audit and copy Borrower’s books and records. The
foregoing inspections and audits shall be at Borrower’s expense and no more often than twice in any calendar year unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur, at
Borrower’s expense, as often as Lender shall deem necessary. All such foregoing inspections and audits shall be at Borrower’s expense and the charge therefor shall be Lender’s then current standard charge for the same, plus reasonable
out-of-pocket expenses (including without limitation any additional costs and expenses of outside auditors retained by Lender). Absent an Event of Default having
occurred and continuing, Lender may conduct more frequent inspections and audits, but not at Borrower’s expense. 
 5.5 Negative
Covenants. Except as may be permitted in the Schedule, Borrower shall not, without Lender’s prior written consent (which shall be a matter of its Good Faith Business Judgment), do any of the following: 

(i) merge or consolidate with another corporation or entity, except that a Borrower may merge into another Borrower with ten Business Days
prior written notice to Lender; 
 (ii) acquire any assets, except in the ordinary course of business; 

(iii) enter into any other transaction outside the ordinary course of business; 

(iv) sell or transfer any Collateral (including by means of a division of a legal entity into two or more separate entities, including as
contemplated under Section 18-217 of the Delaware Limited Liability Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law),
except for (A) the sale of finished Inventory in the ordinary course of Borrower’s business, (B) the sale of obsolete or unneeded Equipment in the ordinary course of business, in an amount not more than $25,000 in any fiscal year, and
(C) non-exclusive licenses of Intellectual Property in the ordinary course of business; 
 (v)
store any Inventory or other Collateral with any warehouseman or other third party, unless there is in place an agreement by such warehouseman or other third party in favor of Lender in such form as Lender shall specify in its Good Faith Business
Judgment; 
 (vi) sell any Inventory on a sale-or-return,
guaranteed sale, consignment, or other contingent basis; 

  
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(vii) make any loans of any money or other assets or any other Investments, other than Permitted Investments; 

(viii) create, incur, assume or permit to be outstanding any Indebtedness other than Permitted Indebtedness; 

(ix) guarantee or otherwise become liable with respect to the obligations of another party or entity; 

(x) pay or declare any dividends on Borrower’s stock (except for dividends payable solely in stock of Borrower), or make any distributions
of money or other assets with respect to membership interests in Borrower or with respect to any equity or ownership interests in Borrower; 

(xi) redeem, retire, purchase or otherwise acquire, directly or indirectly, any of Borrower’s stock or other equity securities; 

(xii) engage, directly or indirectly, in any business other than the businesses currently engaged in by Borrower or reasonably related thereto,
or become an “investment company” within the meaning of the Investment Company Act of 1940; 
 (xiii) directly or indirectly enter
into, or permit to exist, any material transaction with any Affiliate of Borrower, except for transactions that are in the ordinary course of Borrower’s business, and are on fair and reasonable terms that are no less favorable to Borrower than
would be obtained in an arm’s length transaction with a non-affiliated Person; or 
 (xiv)
reincorporate in another state; 
 (xv) change its fiscal year; 

(xvi) create a Subsidiary; 

(xvii) dissolve or elect to dissolve, except that a Borrower which is a wholly-owned Subsidiary of another Borrower may dissolve, with ten
Business Day prior written notice to the Lender, if all of its assets are distributed to the Borrower which owns 100% of its stock; 

(xviii) violate or fail to comply with any provision of the Exim Borrower Agreement or take an action, or permit any action to be taken, that
cause, or could be expected to cause, the Exim Guarantee to not be in full force and effect; or 
 (xix) agree to do any of the foregoing,
unless such agreement provides that it is subject to the prior written consent of Lender. 
 Transactions permitted by the foregoing provisions of this
Section are only permitted if no Default or Event of Default has occurred and is continuing, or would occur as a result of such transaction. 

5.6 Litigation Cooperation. Should any third-party suit or proceeding be instituted by or against Lender with respect to any
Collateral or relating to Borrower, Borrower shall, without expense to Lender, make available Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Lender may deem them reasonably necessary in
order to prosecute or defend any such suit or proceeding. 
 5.7 Notification of Changes. Borrower will give Lender
written notice of any change in its executive officers within ten days after the date of such change. 
 5.8 Registration of
Intellectual Property Rights. 
 (a) Borrower shall promptly give Lender written notice of any applications or registrations it files
or obtains with respect to Intellectual Property filed with the United States Patent and Trademark Office or the United States Copyright Office, including the date of any such filing and the registration or application numbers, if any, and shall
execute and deliver such documents and take such actions as are reasonably necessary or advisable in Lender’s Good Faith Business Judgment to perfect or reflect of record Lender’s security interest in the same, and to file the same in the
United States Patent and Trademark Office or the United States Copyright Office, as the case may be. 
 (b) Borrower shall use commercially
reasonable efforts to (i) protect, defend and maintain the validity and enforceability of the Intellectual Property that is material to Borrower, (ii) detect infringements of any material Intellectual Property, and (iii) not allow any
material Intellectual Property to be abandoned, forfeited or dedicated to the public without the written consent of Lender, which shall not be unreasonably withheld. 

(c) Lender shall have the right, but not the obligation, to take, at Borrower’s sole expense, any actions that Borrower is required under
this Section 5.8 to take but which Borrower fails to take, after fifteen days’ notice to Borrower. Borrower shall reimburse and indemnify Lender for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its
rights under this Section. 

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

5.9 Consent of Inbound Licensors. Prior to entering into or becoming bound by any material inbound license or agreement in the
future, Borrower shall: (i) provide written notice to Lender of the material terms of such license or agreement with a description of its likely impact on Borrower’s business or financial condition; and (ii) in good faith use
commercially reasonable efforts to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for Borrower’s interest in such licenses or contract rights to be deemed Collateral and for Lender to have a security
interest therein, provided, however, that the failure to obtain any such consent or waiver shall not constitute a default under this Agreement. 

5.10 Further Assurances. Borrower agrees, at its expense, on request by Lender, to execute all documents and take all actions, as
Lender, may, in its Good Faith Business Judgment, deem necessary or useful in order to perfect and maintain Lender’s perfected first-priority security interest in the Collateral (subject only to Permitted Liens), and in order to fully
consummate the transactions contemplated by this Agreement. 
 6. TERM. 

6.1 Maturity Date. This Agreement shall continue in effect until the maturity date set forth on the Schedule (the “Maturity
Date”), subject to Sections 6.2 and 6.3 below. 
 6.2 Early Termination. This Agreement may be terminated prior to the
Maturity Date as follows: (i) by Borrower, effective 20 days after written notice of termination is given to Lender; or (ii) by Lender at any time after the occurrence and during the continuance of an Event of Default, without notice,
effective immediately. If this Agreement is terminated by Borrower or by Lender under this Section 6.2, or if all Obligations are automatically accelerated and become due and payable upon the commencement of any Insolvency Proceeding by
Borrower or any Event of Default under Section 7.1(m) (each an “Automatic Acceleration”), then, in any such event, Borrower shall pay to Lender the termination fees with respect to the Loans set forth in Section 3 of the
Schedule, all of which shall be due and payable on the effective date of termination or on any Automatic Acceleration (as the case may be), and the same shall thereafter shall bear interest at a rate equal to the highest rate applicable to any of
the Obligations. 
 6.3 Payment of Obligations. On the Maturity Date or on any earlier effective date of termination, Borrower
shall pay and perform in full all Obligations, whether evidenced by installment notes or otherwise, and whether or not all or any part of such Obligations are otherwise then due and payable. Notwithstanding any termination of this Agreement, all of
Lender’s security interests in all of the Collateral and all of the terms and provisions of this Agreement shall continue in full force and effect until all Obligations have been paid and performed in full; provided that Lender may, in its sole
discretion, refuse to make any further Loans after termination. No termination shall in any way affect or impair any right or remedy of Lender, nor shall any such termination relieve Borrower of any Obligation to Lender, until all of the Obligations
have been paid and performed in full. Lender shall, at Borrower’s expense, release or terminate all financing statements and other filings in favor of Lender as may be required to fully terminate Lender’s security interests, provided that
there are no suits, actions, proceedings or claims pending or threatened against any Person indemnified by Borrower under this Agreement with respect to which indemnity has been or may be sought, upon Lender’s receipt of the following, in form
and content satisfactory to Lender: (i) cash payment in full of all of the Obligations and performance by Borrower of all non-monetary Obligations under this Agreement, (ii) written confirmation by
Borrower that the commitment of Lender to make Loans under this Agreement has terminated, (iii) a general release of all claims against Lender, its officers, directors, agents, attorneys and Affiliates by Borrower relating to Lender’s
performance and obligations under the Loan Documents, on Lender’s standard form, and (iv) an agreement by Borrower, and any new lender to Borrower to indemnify Lender for any payments received by Lender that are applied to the Obligations
that may subsequently be returned or otherwise not paid for any reason. 
 7. EVENTS OF DEFAULT AND REMEDIES. 

7.1 Events of Default. The occurrence of any of the following events shall constitute an “Event of Default” under this
Agreement, and Borrower shall give Lender immediate written notice thereof: 
 (a) Any warranty, representation, statement, report or
certificate made or delivered to Lender by Borrower or any of Borrower’s officers, employees or agents, now or in the future, shall be untrue or misleading in a material respect when made or deemed to be made; or 

(b) Borrower shall fail to pay when due any Loan or any interest thereon or any other monetary Obligation; or 

(c) the total Loans and other Obligations outstanding at any time shall exceed the Credit Limit; or 

(d) Borrower shall fail to comply with any non-monetary Obligation which by its nature cannot be cured,
or shall fail to comply with the provisions of Section 3.8 (titled “Tax Returns and Payments; Pension Contributions”), Section 4.4 (titled “Lockbox”), Section 5.2 (titled “Insurance”), Section 5.4
(titled “Access to Collateral, Books and Records”), Section 5.5 (titled “Negative Covenants”), Section 5 of the Schedule (titled “Financial Covenants”), Section 6 of the Schedule (titled
“Reporting”), or Section 8 of the Schedule (titled “Additional Provisions”); or 

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

(e) Borrower shall fail to perform any other non-monetary Obligation, which failure is not cured within
five Business Days after the date due; or 
 (f) any Collateral becomes subject to any Lien (other than a Permitted Lien) which is not cured
within five Business Days after the occurrence of the same; or 
 (g) any Collateral is attached, seized, subjected to a writ or distress
warrant, or is levied upon, and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within five Business Days, or if Borrower is enjoined, restrained, or in any way prevented by court order from
continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a Lien on any of the Collateral, or if a notice of lien, levy, or assessment is filed of record with respect to any of the Collateral by
the United States Government, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency; 

(h) any default or event of default occurs under any obligation secured by a Permitted Lien, which is not cured within any applicable cure
period or waived in writing by the holder of the Permitted Lien; or 
 (i) a default or event of default shall occur under any documents or
agreements evidencing or relating to any Permitted Indebtedness which is not cured within any applicable cure period. 
 (j) Borrower
breaches any material contract or obligation, which has resulted or may reasonably be expected to result in a Material Adverse Change; or 

(k) a final, judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least $100,000 shall be
rendered against Borrower, and the same remain unsatisfied and unstayed for a period of 10 Business Days or more; provided, however, if any action to enforce such judgment(s) is commenced against Borrower or Borrower’s assets, the
same shall constitute an immediate Event of Default hereunder; or 
 (l) Dissolution, termination of existence, temporary or permanent
suspension of business, insolvency or business failure of Borrower; or appointment of a receiver, trustee or custodian, for all or any part of the property of, assignment for the benefit of creditors by, or the commencement of any Insolvency
Proceeding by Borrower; or 
 (m) the commencement of any Insolvency Proceeding against Borrower or any Guarantor, which is not cured by the
dismissal thereof within 45 days after the date commenced; or 
 (n) revocation or termination of, or limitation or denial of liability upon,
or default under, any guaranty of the Obligations or any attempt to do any of the foregoing, or commencement of any Insolvency Proceeding by any Guarantor, or death of any Guarantor; or 

(o) revocation or termination of, or limitation or denial of liability upon, or default under, any pledge of any certificate of deposit,
securities or other property or asset of any kind pledged by any third party to secure any or all of the Obligations, or any attempt to do any of the foregoing, or commencement of any Insolvency Proceeding by or against any such third party; or 

(p) Borrower makes any payment on account of any Subordinated Debt, other than as permitted in the applicable subordination agreement, or if
any Person who has subordinated such indebtedness or obligations terminates or in any way limits its subordination agreement; or 
 (q) a
Change in Control shall occur; or 
 (r) there shall be a change in the President, Chief Executive Officer, or Chief Financial Officer of the
Borrower, and such person is not replaced with another person acceptable to Lender in its Good Faith Business Judgment within 20 days thereafter, or two or more members of the Board of Directors of Borrower resign or are removed within any period of
90 days and are not replaced with other persons acceptable to Lender in its Good Faith Business Judgment within 20 days thereafter; or 
 (s)
Borrower shall generally not pay its debts as they become due, or Borrower shall conceal, remove or transfer any part of its property, with intent to hinder, delay or defraud its creditors, or make or suffer any transfer of any of its property which
may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or 
 (t) Any director, officer, or owner of 20% or more of the
issued and outstanding common stock of Borrower is indicted for a felony offense under state or federal law, or Borrower hires an officer or has a director who has been convicted of any such felony offense, or a Person becomes an owner of at least
20% of the issued and outstanding common stock of Borrower who has been convicted of any such felony offense; or 
 (u) Borrower violates any
covenant in the Exim Borrower Agreement which is not cured within five Business Days after the occurrence thereof; or 

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

(v) the Exim Guarantee ceases for any reason to be in full force and effect, or if the Exim Bank declares the Exim Guarantee void or revokes
any obligations under the Exim Guarantee; or 
 (w) a Material Adverse Change shall occur. 

Lender may cease making any Loans hereunder during any of the above cure periods, and thereafter if an Event of Default has occurred and is continuing. 

7.2 Remedies. Upon the occurrence and during the continuance of any Event of Default, and at any time thereafter, Lender, at its
option, and without notice or demand of any kind (all of which are hereby expressly waived by Borrower), may do any one or more of the following: (a) Cease making Loans or otherwise extending credit to Borrower under this Agreement or any other
Loan Document; (b) Accelerate and declare all or any part of the Obligations to be immediately due, payable, and performable, notwithstanding any deferred or installment payments allowed by any instrument evidencing or relating to any
Obligation (except that all Obligations shall be automatically accelerated and due and payable upon the commencement of any Insolvency Proceeding by Borrower or any Event of Default under Section 7.1(m)); (c) Take possession of any or all of
the Collateral wherever it may be found, and for that purpose Borrower hereby authorizes Lender without judicial process to enter onto any of Borrower’s premises without interference to search for, take possession of, keep, store, or remove any
of the Collateral, and remain on the premises or cause a custodian to remain on the premises in exclusive control thereof, without charge for so long as Lender deems it necessary, in its Good Faith Business Judgment, in order to complete the
enforcement of its rights under this Agreement or any other agreement; provided, however, that should Lender seek to take possession of any of the Collateral by court process, Borrower hereby irrevocably waives: (i) any bond and any surety or
security relating thereto required by any statute, court rule or otherwise as an incident to such possession; (ii) any demand for possession prior to the commencement of any suit or action to recover possession thereof; and (iii) any
requirement that Lender retain possession of, and not dispose of, any such Collateral until after trial or final judgment; (d) Require Borrower to assemble any or all of the Collateral and make it available to Lender at places designated by
Lender which are reasonably convenient to Lender and Borrower, and to remove the Collateral to such locations as Lender may deem advisable; (e) Complete the processing, manufacturing or repair of any Collateral prior to a disposition thereof
and, for such purpose and for the purpose of removal, Lender shall have the right to use Borrower’s premises, vehicles, hoists, lifts, cranes, and other Equipment and all other property without charge; (f) Sell, lease or otherwise dispose
of any of the Collateral, in its condition at the time Lender obtains possession of it or after further manufacturing, processing or repair, at one or more public and/or private sales, in lots or in bulk, for cash, exchange or other property, or on
credit, and to adjourn any such sale from time to time without notice other than oral announcement at the time scheduled for sale. Lender shall have the right to conduct such disposition on Borrower’s premises without charge, for such time or
times as Lender deems reasonable, or on Lender’s premises, or elsewhere and the Collateral need not be located at the place of disposition. Lender may directly or through any Affiliate purchase or lease any Collateral at any such public
disposition, and if permissible under applicable law, at any private disposition. Any sale or other disposition of Collateral shall not relieve Borrower of any liability Borrower may have if any Collateral is defective as to title or physical
condition or otherwise at the time of sale; (g) demand payment of, and collect any Accounts and General Intangibles comprising Collateral and, in connection therewith, Borrower irrevocably authorizes Lender to endorse or sign Borrower’s
name on all collections, receipts, instruments and other documents, to take possession of and open mail addressed to Borrower and remove therefrom payments made with respect to any item of the Collateral or proceeds thereof, and, in Lender’s
Good Faith Business Judgment, to grant extensions of time to pay, compromise claims and settle Accounts and the like for less than face value; (h) demand and receive possession of any of Borrower’s federal and state income tax returns and
the books and records utilized in the preparation thereof or referring thereto; and (i) set off any of the Obligations against any general, special or other Deposit Accounts of Borrower maintained with Lender. All reasonable attorneys’
fees, expenses, costs, liabilities and obligations incurred by Lender with respect to the foregoing shall be added to and become part of the Obligations, shall be due on demand, and shall bear interest at a rate equal to the highest interest rate
applicable to any of the Obligations. Without limiting any of Lender’s rights and remedies, from and after the occurrence and during the continuance of any Event of Default, the interest rate applicable to the Obligations shall be increased by
an additional five percent per annum (the “Default Rate”). 
 7.3 Standards for Determining Commercial
Reasonableness. Borrower and Lender agree that a sale or other disposition (collectively, “Sale”) of any Collateral which complies with the following standards will conclusively be deemed to be commercially reasonable:
(i) notice of the Sale is given to Borrower at least ten days prior to the Sale, and, in the case of a public Sale, notice of the Sale is published at least five days before the date of the Sale in a newspaper of general circulation in the
county where the Sale is to be conducted; (ii) notice of the Sale describes the Collateral in general, non-specific terms; (iii) the Sale is conducted at a place designated by Lender, with or without
the Collateral being present; (iv) the Sale commences at any time between 8:00 a.m. and 6:00 p.m; (v) payment of the purchase price in cash or by cashier’s check or wire transfer is required; (vi) with respect to any Sale of any
of the Collateral, Lender may (but is not obligated to) direct any prospective purchaser to ascertain directly from Borrower any and all information concerning the same. Lender shall be free to employ other methods of noticing and selling the
Collateral, in its discretion, if they are commercially reasonable. 

  
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7.4 Investment Property. If a Default or an Event of Default has occurred and is continuing, Borrower shall hold all payments on,
and proceeds of, and distributions with respect to, Investment Property in trust for Lender, and Borrower shall deliver all such payments, proceeds and distributions to Lender, immediately upon receipt, in their original form, duly endorsed, to be
applied to the Obligations in such order as Lender shall determine. Borrower recognizes that Lender may be unable to make a public sale of any or all of the Investment Property, by reason of prohibitions contained in applicable securities laws or
otherwise, and expressly agrees that a private sale to a restricted group of purchasers for investment and not with a view to any distribution thereof shall be considered a commercially reasonable sale thereof. 

7.5 Power of Attorney. Upon the occurrence and during the continuance of any Event of Default, without limiting Lender’s
other rights and remedies, Borrower grants to Lender an irrevocable power of attorney coupled with an interest, authorizing and permitting Lender (acting through any of its employees, attorneys or agents) at any time, at its option, but without
obligation, with or without notice to Borrower, and at Borrower’s expense, to do any or all of the following, in Borrower’s name or otherwise, but Lender agrees that if it exercises any right hereunder, it will do so in good faith and in a
commercially reasonable manner: (a) execute on behalf of Borrower any documents that Lender may, in its Good Faith Business Judgment, deem advisable in order to perfect and maintain Lender’s security interest in the Collateral, or in order
to exercise a right of Borrower or Lender, or in order to fully consummate all the transactions contemplated under this Agreement, and all other Loan Documents; (b) execute on behalf of Borrower, any invoices relating to any Account, any draft
against any Account Debtor and any notice to any Account Debtor, any proof of claim in bankruptcy, any Notice of Lien, claim of mechanic’s, materialman’s or other Lien, or assignment or satisfaction of mechanic’s, materialman’s
or other Lien; (c) take control in any manner of any cash or non-cash items of payment or proceeds of Collateral; endorse the name of Borrower upon any instruments, or documents, evidence of payment or
Collateral that may come into Lender’s possession; (d) endorse all checks and other forms of remittances received by Lender; (e) pay, contest or settle any Lien and adverse claim in or to any of the Collateral, or any judgment based
thereon, or otherwise take any action to terminate or discharge the same; (f) grant extensions of time to pay, compromise claims and settle Accounts and General Intangibles for less than face value and execute all releases and other documents
in connection therewith; (g) pay any sums required on account of Borrower’s taxes or to secure the release of any Liens therefor, or both; (h) settle and adjust, and give releases of, any insurance claim that relates to any of the
Collateral and obtain payment therefor; (i) instruct any third party having custody or control of any books or records belonging to, or relating to, Borrower to give Lender the same rights of access and other rights with respect thereto as
Lender has under this Agreement; and (j) take any action or pay any sum required of Borrower pursuant to this Agreement and any other Loan Documents; (k) enter into a short-form intellectual property security agreement consistent with the
terms of this Agreement for recording purposes only or modify, in its sole discretion, any intellectual property security agreement entered into between Borrower and Lender without first obtaining Borrower’s approval of or signature to such
modification by amending exhibits thereto, as appropriate, to include reference to any right, title or interest in any Copyrights, Patents or Trademarks acquired by Borrower after the execution hereof or to delete any reference to any right, title
or interest in any Copyrights, Patents or Trademarks in which Borrower no longer has or claims to have any right, title or interest; and (l) file, in its sole discretion, one or more financing or continuation statements and amendments thereto,
relative to any of the Collateral; provided Lender may exercise such power of attorney to sign the name of Borrower on any of the documents described in clauses (k) and (l) above, regardless of whether an Event of Default has occurred. Any and
all reasonable sums paid and any and all reasonable costs, expenses, liabilities, obligations and attorneys’ fees incurred by Lender with respect to the foregoing shall be added to and become part of the Obligations, shall be payable on demand,
and shall bear interest at a rate equal to the highest interest rate applicable to any of the Obligations. In no event shall Lender’s rights under the foregoing power of attorney or any of Lender’s other rights under this Agreement be
deemed to indicate that Lender is in control of the business, management or properties of Borrower. 
 7.6 Application of
Proceeds. All proceeds realized as the result of any Sale of the Collateral shall be applied by Lender first to the reasonable costs, expenses, liabilities, obligations and attorneys’ fees incurred by Lender in the exercise of its
rights under this Agreement, second to the interest due upon any of the Obligations, and third to the principal of the Obligations, in such order as Lender shall determine in its sole discretion. Any surplus shall be paid to Borrower or other
persons legally entitled thereto; Borrower shall remain liable to Lender for any deficiency. If, Lender, in its Good Faith Business Judgment, directly or indirectly enters into a deferred payment or other credit transaction with any purchaser at any
Sale of Collateral, Lender shall have the option, exercisable at any time, in its Good Faith Business Judgment, of either reducing the Obligations by the principal amount of purchase price or deferring the reduction of the Obligations until the
actual receipt by Lender of the cash therefor. 
 7.7 Remedies Cumulative. In addition to the rights and remedies set forth in
this Agreement, Lender shall have all the other rights and remedies accorded a secured party under the Uniform Commercial Code and under all other applicable laws, and under any other instrument or agreement now or in the future entered into between
Lender and Borrower, and all of such rights and remedies are cumulative and none is exclusive. Exercise or partial exercise by Lender of one or more of its rights or remedies shall not be deemed an election, nor bar Lender from subsequent exercise
or partial exercise of any other rights or remedies. The failure or delay of Lender to exercise any rights or remedies shall not operate as a waiver thereof, but all rights and remedies shall continue in full force and effect until all of the
Obligations have been fully paid and performed. 

  
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7.8 Exim Direction. Upon the occurrence of an Event of Default, Exim Bank shall have right to (i) direct Lender to exercise
the remedies specified in Section 7.2 and (ii) request that Lender accelerate the maturity of any other loans to Borrower. 

7.9 Exim Notification. Lender has the right to immediately notify Exim Bank in writing if it has knowledge of any of the
following events: (1) any failure to pay any amount due under this Agreement; (2) an Overadvance occurs; (3) any failure to pay when due any amount payable to Lender under any Loan owing by Borrower to Lender; (4) the filing of
an action for debtor’s relief by, against or on behalf of Borrower; (5) any threatened or pending material litigation against Borrower, or any dispute involving Borrower. If Lender sends a notice to Exim Bank, Lender has the right to send
Exim Bank a written report on the status of events covered by the notice every 30 days after the date of the original notification, until Lender files a claim with Exim Bank or the defaults have been cured (but no Loans may be required during the
cure period unless Exim Bank gives its written approval). If directed by Exim Bank, Lender will have the right to exercise any rights it may have against the Borrower to demand the immediate repayment of all amounts outstanding under the Loan
Documents. 
 8. DEFINITIONS. As used in this Agreement, the following terms have the following meanings: 

“Account Debtor” means the obligor on an Account. 

“Accounts” means all present and future “accounts” as defined in the Uniform Commercial Code in effect on the date
hereof with such additions to such term as may hereafter be made, and includes without limitation all accounts receivable and other sums owing to Borrower. 

“Affiliate” means, with respect to any Person, a relative, partner, shareholder, director, officer, or employee of such
Person, or any parent or subsidiary of such Person, or any Person controlling, controlled by or under common control with such Person. 

“this Agreement”, “the Loan Agreement” and “this Loan Agreement” mean collectively to this
Loan and Security Agreement and the Schedule and all exhibits and schedules thereto, as the same may be modified, amended or restated from time to time by a written agreement signed by Borrower and Lender. 

“Anti-Terrorism Laws” means (i) the Money Laundering Control Act of 1986 (i.e., 18 U.S.C. §§ 1956 and 1957),
(ii) the Bank Secrecy Act, as amended by the USA PATRIOT Act, (iii) the laws, regulations and Executive Orders administered by the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), (iv)
the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 and implementing regulations by the United States Department of the Treasury, (v) the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), (vi)
any law enacted in the United States, Canada or any other jurisdiction in which any Borrower or any of its Subsidiaries operate prohibiting or directed against terrorist activities or the financing of terrorist activities (e.g., 18 U.S.C.
§§ 2339A and 2339B), (vii) the foreign asset control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any enabling legislation or executive order relating thereto, or (viii) any
similar laws relating to terrorism or money laundering enacted in the United States, Canada or any other jurisdictions in which Borrower or any of its Subsidiaries operate, as any of the foregoing laws may from time to time be amended, renewed,
extended, or replaced and all other legal requirements of any Governmental Authority governing, addressing, relating to, or attempting to eliminate, terrorist acts and acts of war and any regulations promulgated pursuant thereto. 

“BL Subs” has the meaning given in Section 8(e) of the Schedule. 

“Business Day” means a day on which Lender is open for business other than Saturday, Sunday or Federal holiday. 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either
Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five percent
(95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Change in Control” means: (i) [omitted]; or (ii) a transaction other than a bona fide equity financing or series of
financings on terms and from investors reasonably acceptable to Lender in which any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number of shares of all classes of stock then outstanding of Borrower ordinarily
entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the Board of Directors of Borrower, who did not have such power before such transaction. 

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

“Code” means the Uniform Commercial Code as adopted and in effect in the State of California from time to time. 

“Collateral” has the meaning set forth in Section 2 above. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that
Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly guaranteed, endorsed,
co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit,
corporate credit cards or merchant services issued for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or
other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for
collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is
made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the
obligations under the guarantee or other support arrangement. 
 “continuing” and “during the continuance
of” when used with reference to a Default or Event of Default means that the Default or Event of Default has occurred and has not been either waived in writing by Lender or cured within any applicable cure period. 

“Copyrights” means any and all copyright rights, copyright applications, copyright registrations and like protections in each
work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held. 

“Country Limitation Schedule” is as defined in the Exim Borrower Agreement. 

“Default” means any event which with notice or passage of time or both, would constitute an Event of Default. 

“Default Rate” has the meaning set forth in Section 7.2 above. 

“Deferred Revenue” is all amounts received or invoiced in advance of performance under contracts and not yet recognized as
revenue. 
 “Deposit Accounts” means all present and future “deposit accounts” as defined in the Code in effect on
the date hereof with such additions to such term as may hereafter be made, and includes without limitation all general and special bank accounts, demand accounts, checking accounts, savings accounts and certificates of deposit. 

“Domestic Subsidiary” means any wholly-owned (directly or indirectly) Subsidiary of Borrower that is not a Foreign Sub. 

“Eligible Accounts” means Accounts and General Intangibles arising in the ordinary course of Borrower’s business from the
sale of goods or the rendition of services, or the non-exclusive licensing of Intellectual Property, which Lender, in its Good Faith Business Judgment, shall deem eligible for borrowing meet all
Borrower’s representations and warranties in Sections 4.1 and 4.2 and conform in all respects to the Exim Borrower Agreement, and either (a) are guaranteed by Exim Bank, less any deductible; (b) are supported by letter(s) of credit
acceptable to Lender; (c) are FCIA insured in a manner acceptable to Lender, or (d) that Lender pre-approves in writing. Without limiting the fact that the determination of which Accounts are
eligible for borrowing is a matter of Lender’s Good Faith Business Judgment, the following (the “Minimum Eligibility Requirements”) are the minimum requirements for an Account to be an Eligible Account: 

(i) the Account must not be outstanding for more than 90 days from its due date or 180 days from its invoice date (the “Eligibility
Period”); 
 (ii) the Account must not represent progress billings, or be due under a fulfillment or requirements contract with the
Account Debtor; 
 (iii) the Account must not be subject to any contingencies (including Accounts arising from sales on consignment,
guaranteed sale, bill and hold, sale on approval, or other terms pursuant to which payment by the Account Debtor may be conditional); 
 (iv)
the Account must not be owing from an Account Debtor with whom Borrower has any dispute (whether or not relating to the particular Account), but if an Account is owing from an Account Debtor with whom Borrower has any dispute, the Account will not
be Eligible under this clause (iv) only to the extent of the amount of the dispute; 

  
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(v) the Account must not be owing from an Affiliate of Borrower; 

(vi) the Account must not be owing from an Account Debtor which is subject to any Insolvency Proceeding, or whose financial condition is not
acceptable to Lender, or which, fails or goes out of a material portion of its business; 
 (vii) the Account must not be owing from the
United States or any department, agency or instrumentality thereof (unless there has been compliance, to Lender’s satisfaction, with the United States Assignment of Claims Act); 

(viii) the Account must not be owing from an Account Debtor located outside the United States (unless
pre-approved by Lender in its discretion in writing, or backed by a letter of credit satisfactory to Lender, or FCIA insured in a manner satisfactory to Lender or covered by the Exim Guarantee); 

(ix) the Account must have been billed to the Account Debtor and must not represent deposits (such as good faith deposits) or other property of
the Account Debtor held by Borrower for the performance of services or delivery of goods which Borrower has not yet performed or delivered; 

(x) the Account must not be owing from an Account Debtor to whom Borrower is or may be liable for goods purchased from such Account Debtor or
otherwise (but, in such case, the Account will be deemed not eligible only to the extent of any amounts owed by Borrower to such Account Debtor); 

(xi) the Account must not be subject to trust provisions, subrogation rights of a bonding company or other Person, or any statutory trust
rights or claims, any retentions or holdbacks for completion or other claims; 
 (xii) the Account must not be owing from an Account Debtor
with respect to which Borrower has received Deferred Revenue (but only to the extent of the Deferred Revenue); 
 (xiii) the Account must not
be an Account arising from product returns and/or exchanges; 
 (xiv) the Account must not be an Account generated by the sale or provision
of defense articles or services, subject to exceptions approved in writing by Exim Bank; 
 (xv) the Account must not be an Account that is
due and payable from a military buyer, subject to exceptions approved in writing by Exim Bank; 
 (xvi) the Account must not be an Account
that is due and payable from a foreign buyer located in a country with which Exim Bank is legally prohibited from doing business as set forth in the current Country Limitation Schedule (Note: If the Borrower has knowledge that an export to a country
in which Exim Bank may do business, as set forth in the current Country Limitation Schedule, will be re-exported to a country with which Exim Bank is legally prohibited from doing business, the corresponding
receivables (or a pro-rata portion thereof) are not eligible for inclusion in the borrowing base); 

(xvii) the Account must comply with the requirements of the Country Limitation Schedule; 

(xviii) the Account must not be an Account that arises from the sale of items that do not meet 50% U.S. Content (as defined in the Exim
Borrower Agreement) requirements; 
 (xix) the Account must not be denominated in non-U.S. currency,
unless pre-approved in writing by EX-IM Bank; 
 (xx) the
Account must comply with the terms of sale as set forth by Exim Bank; 
 (xxi) the Account must not be an Account for which Lender or Exim
Bank, each in its good faith business judgment, determines collection to be doubtful; and 
 (xxii) the Account must not be deemed to be
ineligible by Exim Bank. 
 Accounts owing from one Account Debtor will not be deemed Eligible Accounts to the extent they exceed 20% of the
total Accounts outstanding. In addition, if more than 20% of the Accounts owing from an Account Debtor are outstanding for a period longer than their Eligibility Period or are otherwise not Eligible Accounts, then all Accounts owing from that
Account Debtor will be deemed ineligible for borrowing. Without limiting the generality of the foregoing, credit balances over 90 days from due date or 180 days from invoice date will be deducted in determining Eligible Accounts. Lender may, from
time to time, in its Good Faith Business Judgment, revise the Minimum Eligibility Requirements, upon 30 days prior written notice to Borrower. 

“Eligible Inventory” means Inventory consisting of finished goods, raw materials and work in process (less any Inventory
reserves) of Borrower, located in the United States and (i) designated for a qualified Export Order and containing at least 50% U.S. Content and (ii) complies with the terms of the definition of Eligible Export-Related Inventory (as set
forth in the Exim Borrower Agreement), valued at the lower of cost or market in accordance with GAAP. 

  
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“Equipment” means all present and future “equipment” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“Event of Default” means any of the events set forth in Section 7.1 of this Agreement. 

“Exim Bank” is the Export-Import Bank of the United States. 

“Exim Borrower Agreement” is defined in Section 1.8. 

“Exim Guarantee” is as defined in Section 1.7. 

“Export Order” is a written export order or contract for the purchase by the buyer from the Borrower of any finished goods or
services which are intended for export. 
 “Foreign Subs” has the meaning given in Section 8(f) of the Schedule. 

“GAAP” means generally accepted accounting principles consistently applied, as in effect from time to time in the United
States. 
 “General Intangibles” means all present and future “general intangibles” as defined in the Code in
effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all Intellectual Property, payment intangibles, royalties, contract rights, goodwill, franchise agreements, purchase orders,
customer lists, route lists, telephone numbers, domain names, claims, income tax refunds, security and other deposits, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in
contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 

“Good Faith Business Judgment” means Lender’s business judgment, exercised honestly and in good faith and not
arbitrarily. 
 “Guarantor” means any Person who has guaranteed, or in the future guarantees, any of the Obligations. 

“including” means including (but not limited to). 

“Indebtedness” means (a) all indebtedness created, assumed or incurred in any manner by Borrower representing money
borrowed (including by the issuance of debt securities, notes, bonds debentures or similar instruments), (b) all indebtedness for the deferred purchase price of property or services, (c) the Obligations, (d) obligations and liabilities of
any Person secured by a Lien or claim on property owned by Borrower, even though Borrower has not assumed or become liable therefor, (e) obligations and liabilities created or arising under any capital lease or conditional sales contract or
other title retention agreement with respect to property used or acquired by Borrower, even though the rights and remedies of the lessor, seller or lender are limited to repossession or otherwise limited; (f) all obligations of Borrower on or
with respect to letters of credit, bankers’ acceptances and other similar extensions of credit whether or not representing obligations for borrowed money; and (g) the amount of any Contingent Obligations. 

“Intellectual Property” means all of Borrower’s right, title, and interest in and to the following: Copyrights,
Trademarks and Patents; any and all trade secrets, and any and all intellectual property rights in computer software and computer software products now or hereafter existing, created, acquired or held; any and all design rights which may be
available to Borrower now or hereafter existing, created, acquired or held; any and all claims for damages by way of past, present and future infringement of any of the rights included above, with the right, but not the obligation, to sue for and
collect such damages for said use or infringement of the intellectual property rights identified above; all licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising from such use; and
all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 
 “Insolvency Proceeding” means
any proceeding commenced by or against any Person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other state, federal or other bankruptcy or insolvency law, now or hereafter in effect, including
assignments for the benefit of creditors, formal or informal moratoria, compositions, extension generally with its creditors, or proceedings seeking reorganization, arrangement, readjustment of debt, dissolution or liquidation, or other relief. 

“Inventory” means all present and future “inventory” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as
is temporarily out of Borrower’s custody or possession or in transit, and including any returned goods and any documents of title representing any of the above. 

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

“Investment” means any beneficial ownership interest in any Person (including stock, securities, partnership interest, limited
liability company interest, or other interests), and any loan, advance or capital contribution to any Person, including the creation or capital contribution to a wholly-owned or partially-owned subsidiary) 

“Investment Property” means all present and future investment property, securities, stocks, bonds, debentures, debt
securities, partnership interests, limited liability company interests, options, security entitlements, securities accounts, commodity contracts, commodity accounts, and all financial assets held in any securities account or otherwise, and all
options and warrants to purchase any of the foregoing, wherever located, and all other securities of every kind, whether certificated or uncertificated. 

“Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance. 

“Loan Documents” means, collectively, this Agreement, the Representations, and all other present and future documents,
instruments and agreements between Lender and Borrower, including, but not limited to those relating to this Agreement, and all amendments and modifications thereto and replacements therefor. 

“Material Adverse Change” means a material adverse effect on (i) the operations, business, prospects or financial
condition of Borrower, (ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents, or (iii) Borrower’s interest in, or the value, perfection or priority of Lender’s
security interest in the Collateral. 
 “Obligations” means all present and future Loans, advances, debts, liabilities,
obligations, guaranties, covenants, duties and indebtedness at any time owing by Borrower to Lender, whether arising under this Agreement, or any note or other instrument or document, or otherwise, whether arising from an extension of credit,
opening of a letter of credit, banker’s acceptance, loan, guaranty, indemnification or otherwise, whether direct or indirect (including, without limitation, those acquired by assignment and any participation by Lender in Borrower’s debts
owing to others, and any interest and other obligations that accrue after the commencement of an Insolvency Proceeding), absolute or contingent, due or to become due, including, without limitation, all interest, charges, expenses, fees,
attorney’s fees, expert witness fees, audit fees, letter of credit fees, collateral monitoring fees, closing fees, facility fees, termination fees, minimum interest charges and any other sums chargeable to Borrower under this Agreement or under
any other Loan Documents. 
 “Other Property” means the following as defined in the Code in effect on the date hereof with
such additions to such term as may hereafter be made, and all rights relating thereto: all present and future “commercial tort claims” (including without limitation any commercial tort claims identified in the Representations),
“documents”, “instruments”, “promissory notes”, “chattel paper”, “letters of credit”, “letter-of-credit
rights”, “fixtures”, “farm products” and “money”; and all other goods and personal property of every kind, tangible and intangible, whether or not governed by the Code. 

“Overadvance” is defined in Section 1.3. 

“Patents” means all patents, patent applications and like protections including without limitation improvements, divisions,
continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment” means all checks, wire transfers and other items of payment received by Lender (including proceeds of Accounts and
payment of the Obligations in full) for credit to Borrower’s outstanding Loans. 
 “Permitted Indebtedness” means:

 (i) the Obligations; 
 (ii)
Subordinated Debt; 
 (iii) Indebtedness existing on the date hereof in a total principal amount not in excess of $15,300,000; 

(iv) trade payables incurred in the ordinary course of business; 

(v) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 

(vi) capitalized leases and purchase money Indebtedness secured by Permitted Liens in an aggregate amount not exceeding $100,000 at any time
outstanding, provided the amount of such capitalized leases and purchase money Indebtedness do not exceed, at the time they were incurred, the lesser of the cost or fair market value of the property so leased or financed with such Indebtedness; 

(vii) Indebtedness owed to SWK Funding LLC pursuant to the SWK Credit Agreement;     

  
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(viii) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness in clauses
(iii) through (vi) above, provided that the principal amount thereof is not increased and the terms thereof are not modified to impose more burdensome terms upon Borrower. 

“Permitted Investments” means: 

(i) Marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof
maturing within one year from the date of acquisition thereof, commercial paper maturing no more than one year from the date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service, Lender’s certificates of deposit maturing no more than one year from the date of investment therein, and
Lender’s money market accounts; Investments in regular deposit or checking accounts held with Lender or subject to a control agreement in favor of Lender; 

(ii) Investments of a Borrower in another Borrower; and 

(iii) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in
settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business. 

“Permitted Liens” means the following: 

(i) purchase money security interests in specific items of Equipment; 

(ii) leases of specific items of Equipment; 

(iii) Liens for taxes not yet payable; 

(iv) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default; 

(v) security interests being terminated substantially concurrently with this Agreement; 

(vi) Liens incurred on deposits made in the ordinary course of business in connection with workers compensation, unemployment insurance, social
security and other like laws or to secure the performance of statutory obligations, in an aggregate amount not exceeding $50,000 at any time; 

(vii) Liens of mechanics, materialmen, workers, repairmen, fillers and common carriers arising by operation of law for amounts that are not yet
due and payable or which are being contested in good faith by Borrower by appropriate proceedings, in an aggregate amount not exceeding $25,000 at any time; 

(viii) deposits or pledges of cash to secure leases arising in the ordinary course of business, in an aggregate amount not exceeding $50,000 at
any time; and 
 (ix) Liens in favor of SWK Funding LLC that are subject to an Intercreditor Agreement, of approximate even date herewith, by
and between Lender and SWK Funding LLC. 
 “Person” means any individual, sole proprietorship, partnership, joint venture,
limited liability company, trust, unincorporated organization, association, corporation, government, or any agency or political division thereof, or any other entity. 

“Prime Rate” means the variable rate of interest per annum, shown as the “prime rate” or “bank prime
rate”, as published in the Wall Street Journal. If for any reason the Wall Street Journal does not publish a “prime rate” or “bank prime rate”, then the “Prime Rate” shall be such rate as Lender shall
select in its Good Faith Business Judgment from time to time, which is reasonably comparable to the “prime rate” or “bank prime rate”, as published in the Wall Street Journal. 

“Representations” means the written Representations and Warranties provided by Borrower to Lender referred to in the
Schedule. 
 “Reserves” means, as of any date of determination, such amounts as Lender may from time to time establish and
revise in its Good Faith Business Judgment, reducing the amount of Loans, and other financial accommodations which would otherwise be available to Borrower under the lending formulas provided in the Schedule: (a) to reflect events, conditions,
contingencies or risks which, as determined by Lender in its Good Faith Business Judgment, do or may adversely affect (i) the Collateral or any other property which is security for the Obligations or its value (including without limitation any
increase in delinquencies of Accounts), (ii) the assets, business or prospects of Borrower or any Guarantor, or (iii) the security interests and other rights of Lender in the Collateral (including the enforceability, perfection and priority
thereof); or (b) to reflect Lender’s good faith belief that any Collateral report or financial information furnished by or on behalf of Borrower or any Guarantor to Lender is or may have been incomplete, inaccurate or misleading in any
material respect; or (c) in respect of any state of facts which Lender determines in good faith constitutes an Event of Default or may, with notice or passage of time or both, constitute an Event of Default. 

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

“Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government of a country,
(c) an organization directly or indirectly controlled by a country or its government, or (d) a Person resident in or determined to be resident in a country, in each case, that is subject to a country sanctions program administered and
enforced by OFAC. 
 “Sanctioned Person” means a Person named on the OFAC-maintained list of “Specially Designated
Nationals” (as defined by OFAC). 
 “Subordinated Debt” means unsecured Indebtedness which is in an amount and on
terms acceptable to Lender in its Good Faith Business Judgment, and which is subordinated to the Obligations pursuant to a Subordination Agreement in such form as Lender shall specify in its Good Faith Business Judgment. 

“Subsidiary” means, with respect to any Person, a Person of which more than 50% of the voting stock or other equity interests
is owned or controlled, directly or indirectly, by such Person or one or more Affiliates of such Person. 
 “SWK Credit
Agreement” means that that certain Credit Agreement, dated November 9, 2018, by and between Borrower and SWK Funding LLC, as amended from time to time. 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and
registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

Other Terms. All accounting terms used in this Agreement, unless otherwise indicated, shall have the meanings given to such terms in
accordance with GAAP, consistently applied. All other terms contained in this Agreement, unless otherwise indicated, shall have the meanings provided by the Code, to the extent such terms are defined therein. 

 

	9.	 GENERAL PROVISIONS. 

9.1 Application of Payments. All payments with respect to the Obligations may be applied, and in Lender’s Good Faith
Business Judgment reversed and re-applied, to the Obligations, in such order and manner as Lender shall determine in its Good Faith Business Judgment. Lender shall not be required to credit Borrower’s
account for the amount of any item of payment which is unsatisfactory to Lender in its Good Faith Business Judgment, and Lender may charge Borrower’s loan account for the amount of any item of payment which is returned to Lender unpaid. In
computing interest on the Obligations, all Payments will be deemed received when received in immediately available funds, and if such immediately available funds are received after 1:00 PM Pacific Time on any day, they shall be deemed received on
the next Business Day. 
 9.2 Increased Costs and Reduced Return. If Lender shall have determined, in its Good Faith
Business Judgment after consultation with legal counsel, that the adoption or implementation of, or any change in, any law, rule, treaty or regulation, or any policy, guideline or directive of, or any change in, the interpretation or administration
thereof by, any court, central bank or other administrative or governmental authority, or compliance by Lender with any directive of, or guideline from, any central bank or other Governmental Authority or the introduction of, or change in, any
accounting principles applicable to Lender (whether or not having the force of law) shall (i) subject the Lender to any tax, duty or other charge with respect to this Agreement or any Loan made hereunder, or change the basis of taxation of
payments to Lender of any amounts payable hereunder (except for taxes on the overall net income of Lender), (ii) impose, modify or deem applicable any reserve, special deposit or similar requirement against any Loan, or against assets of or held by,
or deposits with or for the account of, or credit extended by, Lender, or (iii) impose on Lender any other condition regarding this Agreement or any Loan, and the result of any event referred to in clauses (i), (ii) or (iii) above shall be
to increase the cost to Lender of making any Loan, or agreeing to make any Loan or to reduce any amount received or receivable by Lender, then, upon demand by Lender, the Borrower shall pay to Lender such additional amounts as will compensate the
Lender for such increased costs or reductions in amount. All amounts payable under this Section shall bear interest from the date of demand by the Lender until payment in full to the Lender at the highest interest rate applicable to the Obligations.
A certificate of the Lender claiming compensation under this Section, specifying the event herein above described and the nature of such event shall be submitted by the Lender to the Borrower, setting forth the additional amount due and an
explanation of the calculation thereof, and the Lender’s reasons for invoking the provisions of this Section, and the same shall be final and conclusive absent manifest error. 

9.3 Charges to Accounts. Lender may, in its discretion, require that Borrower pay monetary Obligations in cash to Lender, or
charge them to Borrower’s Loan account (in which event they will bear interest at the same rate applicable to the Loans), or any of Borrower’s Deposit Accounts maintained with Lender. 

  
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9.4 Monthly Accountings. Lender may provide Borrower monthly with an account of advances, charges, expenses and payments made
pursuant to this Agreement. Such account shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower
notifies Lender in writing to the contrary within 60 days after such account is rendered, describing the nature of any alleged errors or omissions. 

9.5 Notices. All notices to be given under this Agreement shall be in writing and shall be given either personally or by
reputable private delivery service or by regular first-class mail, or certified mail return receipt requested, addressed (i) to Borrower at the address shown in the heading to this Agreement, or (ii) to Lender at the address shown in the
heading to this Agreement, or (iii) for either party at any other address designated in writing by one party to the other party. All notices shall be deemed to have been given upon delivery in the case of notices personally delivered, or at the
expiration of one Business Day following delivery to the private delivery service, or two Business Days following the deposit thereof in the United States mail, with postage prepaid. 

9.6 Severability. Should any provision of this Agreement be held by any court of competent jurisdiction to be void or
unenforceable, such defect shall not affect the remainder of this Agreement, which shall continue in full force and effect. 
 9.7
Integration. This Agreement and such other written agreements, documents and instruments as may be executed in connection herewith are the final, entire and complete agreement between Borrower and Lender and supersede all prior and
contemporaneous negotiations and oral representations and agreements, all of which are merged and integrated in this Agreement. There are no oral understandings, representations or agreements between the parties which are not set forth in this
Agreement or in other written agreements signed by the parties in connection herewith. 
 9.8 Waivers; Indemnity. The
failure of Lender at any time or times to require Borrower to strictly comply with any of the provisions of this Agreement or any other Loan Document shall not waive or diminish any right of Lender later to demand and receive strict compliance
therewith. Any waiver of any default shall not waive or affect any other default, whether prior or subsequent, and whether or not similar. None of the provisions of this Agreement or any other Loan Document shall be deemed to have been waived by any
act or knowledge of Lender or its agents or employees, but only by a specific written waiver signed by an authorized officer of Lender and delivered to Borrower. Borrower waives the benefit of all statutes of limitations relating to any of the
Obligations or this Agreement or any other Loan Document, and Borrower waives demand, protest, notice of protest and notice of default or dishonor, notice of payment and nonpayment, release, compromise, settlement, extension or renewal of any
commercial paper, instrument, account, General Intangible, document or guaranty at any time held by Lender on which Borrower is or may in any way be liable, and notice of any action taken by Lender, unless expressly required by this Agreement.
Borrower hereby agrees to indemnify Lender and its affiliates, subsidiaries, parent, directors, officers, employees, agents, and attorneys, and to hold them harmless from and against any and all claims, debts, liabilities, demands, obligations,
actions, causes of action, penalties, costs and expenses (including reasonable attorneys’ fees), of every kind, which they may sustain or incur based upon or arising out of any of the Obligations, or any relationship or agreement between Lender
and Borrower, or any other matter, relating to Borrower or the Obligations; provided that this indemnity shall not extend to damages proximately caused by the indemnitee’s own gross negligence or willful misconduct. Notwithstanding any
provision in this Agreement to the contrary, the indemnity agreement set forth in this Section shall survive any termination of this Agreement and shall for all purposes continue in full force and effect. 

9.9 Liability. NEITHER LENDER NOR ANY OF ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR ATTORNEYS SHALL
BE LIABLE FOR ANY CLAIMS, DEMANDS, LOSSES OR DAMAGES, OF ANY KIND WHATSOEVER, MADE, CLAIMED, INCURRED OR SUFFERED BY BORROWER OR ANY OTHER PARTY THROUGH THE ORDINARY NEGLIGENCE OF LENDER, OR ITS PARENT OR ANY OF ITS AFFILIATES, SUBSIDIARIES,
DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR ATTORNEYS, BUT NOTHING HEREIN SHALL RELIEVE LENDER FROM LIABILITY FOR ITS OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. NEITHER LENDER NOR ANY OF ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES,
AGENTS OR ATTORNEYS SHALL BE RESPONSIBLE OR LIABLE TO BORROWER OR TO ANY OTHER PARTY FOR ANY INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES OR LOST PROFITS WHICH MAY BE ALLEGED AS A RESULT OF ANY FINANCIAL ACCOMMODATION HAVING BEEN EXTENDED,
SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR AS A RESULT OF ANY OTHER ACT, OMISSION OR TRANSACTION. 
 9.10 Amendment. The
terms and provisions of this Agreement may not be waived or amended, except in a writing executed by Borrower and a duly authorized officer of Lender. 

9.11 Time of Essence. Time is of the essence in the performance by Borrower of each and every obligation under this Agreement.

  
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9.12 Attorneys’ Fees and Costs. Borrower shall reimburse Lender for all reasonable attorneys’ and consultant’s
fees (including without limitation those of Lender’s outside counsel and in-house counsel, and whether incurred before, during or after an Insolvency Proceeding), and all filing, recording, search, title
insurance, appraisal, audit, and other reasonable costs incurred by Lender, pursuant to, or in connection with, or relating to this Agreement (whether or not a lawsuit is filed), including, but not limited to, any reasonable attorneys’ fees and
costs Lender incurs in order to do the following: prepare and negotiate this Agreement and all present and future documents relating to this Agreement; obtain legal advice in connection with this Agreement or Borrower; enforce, or seek to enforce,
any of its rights; prosecute actions against, or defend actions by, Account Debtors; commence, intervene in, or defend any action or proceeding; initiate any complaint to be relieved of any automatic stay in bankruptcy; file or prosecute any probate
claim, bankruptcy claim, third-party claim, or other claim; examine, audit, copy, and inspect any of the Collateral or any of Borrower’s books and records; protect, obtain possession of, lease, dispose of, or otherwise enforce Lender’s
security interest in, the Collateral; and otherwise represent Lender in any litigation relating to Borrower. If either Lender or Borrower files any lawsuit against the other predicated on a breach of this Agreement, the prevailing party in such
action shall be entitled to recover its reasonable costs and attorneys’ fees, including (but not limited to) reasonable attorneys’ fees and costs incurred in the enforcement of, execution upon or defense of any order, decree, award or
judgment from the non-prevailing party. All attorneys’ fees and costs to which Lender may be entitled pursuant to this Paragraph shall immediately become part of Borrower’s Obligations, shall be due
on demand, and shall bear interest at a rate equal to the highest interest rate applicable to any of the Obligations. 
 9.13 Benefit
of Agreement. The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors, assigns, heirs, beneficiaries and representatives of Borrower and Lender; provided, however, that Borrower may not
assign or transfer any of its rights under this Agreement without the prior written consent of Lender, and any prohibited assignment shall be void. No consent by Lender to any assignment shall release Borrower from its liability for the Obligations.

 9.14 Joint and Several Liability. If Borrower consists of more than one Person, their liability shall be joint and several,
and the compromise of any claim with, or the release of, any Borrower shall not constitute a compromise with, or a release of, any other Borrower. 

9.15 Limitation of Actions. Any claim or cause of action by Borrower against Lender, its directors, officers, employees,
agents, accountants or attorneys, based upon, arising from, or relating to this Loan Agreement, or any other Loan Document, or any other transaction contemplated hereby or thereby or relating hereto or thereto, or any other matter, cause or thing
whatsoever, occurred, done, omitted or suffered to be done by Lender, its directors, officers, employees, agents, accountants or attorneys, shall be barred unless asserted by Borrower by the commencement of an action or proceeding in a court of
competent jurisdiction by the filing of a complaint within one year after the first act, occurrence or omission upon which such claim or cause of action, or any part thereof, is based, and the service of a summons and complaint on an officer of
Lender, or on any other person authorized to accept service on behalf of Lender, within thirty (30) days thereafter. Borrower agrees that such one-year period is a reasonable and sufficient time for
Borrower to investigate and act upon any such claim or cause of action. The one-year period provided herein shall not be waived, tolled, or extended except by the written consent of Lender in its sole
discretion. This provision shall survive any termination of this Loan Agreement or any other Loan Document. 
 9.16 Section Headings;
Construction; Signing. Section headings are only used in this Agreement for convenience. Borrower and Lender acknowledge that the headings may not describe completely the subject matter of the applicable section, and the headings shall not
be used in any manner to construe, limit, define or interpret any term or provision of this Agreement. This Agreement has been fully reviewed and negotiated between the parties and no uncertainty or ambiguity in any term or provision of this
Agreement shall be construed strictly against Lender or Borrower under any rule of construction or otherwise. This Agreement may be executed and delivered by exchanging original signed counterparts, or signed counterparts by facsimile, pdf or other
electronic means, or a combination of the foregoing, and this Agreement shall be fully effective if so executed and delivered. 
 9.17
Public Announcement. Borrower hereby agrees that Lender may make a public announcement of the transactions contemplated by this Agreement, and may publicize the same in marketing materials, newspapers and other publications, and
otherwise, and in connection therewith may use the Borrower’s name, tradenames and logos. 
 9.18 Confidentiality.
Lender agrees to use the same degree of care that it exercises with respect to its own proprietary information, to maintain the confidentiality of any and all proprietary, trade secret or confidential information provided to or received by Lender
from the Borrower, which indicates that it is confidential or would reasonably be understood to be confidential, including business plans and forecasts, non-public financial information, confidential or secret
processes, formulae, devices and contractual information, customer lists, and employee relation matters, provided that Lender may disclose such information to its officers, directors, employees, attorneys, accountants, affiliates, participants,
prospective participants, assignees and prospective assignees, and such other Persons to whom Lender shall at any time be required to make such disclosure in accordance with applicable law, and provided, that the foregoing provisions shall not apply
to disclosures made by Lender in its Good Faith Business Judgment in connection with the enforcement of its rights or remedies after an Event of Default. The confidentiality agreement in this Section supersedes any prior confidentiality agreement of
Lender relating to Borrower. 

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

9.19 PATRIOT Act Notice. Lender hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required
to obtain, verify and record information that identifies Borrower and each of its Subsidiaries, which information includes the names and addresses of each Borrower and each of its Subsidiaries and other information that will allow it to identify
Borrower and each of its Subsidiaries in accordance with the USA PATRIOT Act. 
 9.20 Governing Law; Jurisdiction; Venue. This
Agreement and all acts, transactions, disputes and controversies arising hereunder or relating hereto, and all rights and obligations of the parties shall be governed by, and construed in accordance with, the internal laws (and not the conflict of
laws rules) of the State of California. All disputes, controversies, claims, actions and other proceedings involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Agreement or the relationship
between Borrower and Lender, and any and all other claims of Borrower against Lender of any kind, shall be brought only in a court located in Orange County, California, and each party consents to the jurisdiction of an such court and the referee
referred to in Section 9.21 below, and waives any and all rights the party may have to object to the jurisdiction of any such court, or to transfer or change the venue of any such action or proceeding, including, without limitation, any
objection to venue or request for change in venue based on the doctrine of forum non conveniens; provided that, notwithstanding the foregoing, nothing herein shall limit the right of Lender to bring proceedings against Borrower in the courts
of any other jurisdiction. Borrower consents to service of process in any action or proceeding brought against it by Lender, by personal delivery, or by mail addressed as set forth in this Agreement or by any other method permitted by law. 

9.21 Dispute Resolution. Any controversy, dispute or claim between the parties based upon, arising out of, or in any way relating
to: (i) this Agreement or any supplement or amendment thereto; or (ii) any other present or future instrument or agreement between the parties hereto; or (iii) any breach, conduct, acts or omissions of any of the parties hereto or any
of their respective directors, officers, employees, agents, attorneys or any other person affiliated with or representing any of the parties hereto; in each of the foregoing cases, whether sounding in contract or tort or otherwise (a
“Dispute”) shall be resolved exclusively by judicial reference in accordance with Sections 638 et seq. of the California Code of Civil Procedure (“CCP”) and Rules 3.900 et seq. of the California Rules of Court (“CRC”),
subject to the following terms and conditions. (All references in this section to provisions of the CCP and/or CRC shall be deemed to include any and all successor provisions.) 

(a) The reference shall be a consensual general reference pursuant to CCP Sections 638 and 644(a). Unless the parties otherwise agree in
writing, the reference shall be to a single referee. The referee shall be a retired Judge of the Los Angeles County or Orange County Superior Court (“Superior Court”) or a retired Justice of the California Court of Appeal or California
Supreme Court. Nothing in this section shall be construed to limit the right of Lender, pending or after the appointment of the referee, to seek and obtain provisional relief from the Superior Court or such referee, or any other court in a
jurisdiction in which any Collateral is located or having jurisdiction over any Collateral, including without limitation, writ of attachment, writ of possession, appointment of a receiver, temporary restraining order and/or preliminary injunction,
or other “provisional remedy” (as such term is defined in CCP Section 1281.8). 
 (b) Within fifteen (15) days after a
party gives written notice in accordance with this Agreement to all other parties to a Dispute that the Dispute exists, all parties to the Dispute shall attempt to agree on the individual to be appointed as referee. If the parties are unable to
agree on the individual to be appointed as referee, the referee shall be appointed, upon noticed motion or ex parte application by any party, by the Superior Court in accordance with CCP Section 640, subject to all rights of the parties to
challenge or object to the appointment, including without limitation the right to peremptory challenge under CCP Section 170.6. If the referee (or any successor referee) appointed by the Superior Court is unable, or at any time becomes unable,
to serve as referee in the Dispute, the Superior Court shall appoint a new referee as agreed to by the parties or, if the parties cannot agree, in accordance with CCP Section 640, which new referee shall then have the same powers, and be
subject to the same terms and conditions, as the predecessor referee. 
 (c) Venue for all proceedings before the referee, and for any
Superior Court proceeding for the appointment of the referee, shall be exclusively within the County of Orange, State of California. The referee shall have the exclusive power to determine whether a Dispute is subject to judicial reference pursuant
to this section. Trial, and all proceedings and hearings on dispositive motions, conducted before the referee shall be conducted in the presence of, and shall be transcribed by, a court reporter, unless otherwise agreed in writing by all parties to
the proceeding. The referee shall issue a written statement of decision, which shall be subject to objections of the parties pursuant to CRC Rule 3.1590 as if the statement of decision were issued by the Superior Court. The referee’s powers
include, in addition to those set forth in CCP Sections 638, et seq., and CRC Rules 3.900 et seq., (i) the power to grant provisional relief, including without limitation, writ of attachment, writ

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

of possession, appointment of a receiver, temporary restraining order and/or preliminary injunction, or other “provisional remedy” (as such term is defined in CCP Section 1281.8),
and (ii) the power to hear and resolve all post-trial matters in connection with the Dispute that would otherwise be determined by the Superior Court, including without limitation motions for new trial, reconsideration, to vacate judgment, to
stay execution or enforcement, to tax costs, and/or for attorneys’ fees. The parties shall, subject to the referee’s power to award costs to the prevailing party, bear equally the costs of the reference proceeding, including without
limitation the fees and costs of the referee and the court reporter. 
 (d) The parties acknowledge and agree that (i) the referee alone
shall determine all issues of fact and/or law in the Dispute, without a jury (subject, however, to the right of a party, pending or after the appointment of the referee, to seek and obtain provisional relief from the Superior Court or such referee,
including without limitation, writ of attachment, writ of possession, appointment of a receiver, temporary restraining order and/or preliminary injunction, or other “provisional remedy” (as such term is defined in CCP
Section 1281.8)), (ii) the referee does not have the power to empanel a jury, (iii) the Superior Court shall enter judgment on the decision of the referee pursuant to CCP Section 644(a) as if the decision were issued by the
Superior Court, (iv) the decision of the referee shall not be subject to review by the Superior Court, and (v) the decision of the referee, once entered as a judgment by the Superior Court, shall be binding, final and conclusive, shall
have the full force and effect of a judgment of the Superior Court, and shall be subject to appeal to the same extent as a judgment of the Superior Court. 

[Signatures on Next Page] 

  
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	Pacific Mercantile Bank 	  	Loan and Security Agreement

  

9.22 Exim Borrower Agreement; Cross-Collateralization; Cross-Default; Conflicts. This Agreement and the Exim
Borrower Agreement shall continue in full force and effect until all Obligations (other than inchoate indemnity obligations to the extent no claim giving rise thereto has been asserted) have been paid in full and Lender has no commitment to fund,
and all rights and remedies under this Agreement and the Exim Borrower Agreement are cumulative. Without limiting the generality of the foregoing, all “Collateral” as defined in this Agreement and as defined in the Exim Borrower Agreement
shall secure all Loans and all interest thereon, and all other Obligations. Any Event of Default under this Agreement shall also constitute an Event of Default under the Exim Borrower Agreement; and any Event of Default under the Exim Borrower
Agreement shall also constitute an Event of Default under this Agreement. In the event Lender assigns its rights under this Agreement or the Exim Borrower Agreement and/or under any note evidencing the Loans, to any third party, including, without
limitation, the Exim Bank, whether before or after the occurrence of any Event of Default, Lender shall have the right (but not any obligation), in its sole discretion, to allocate and apportion Collateral to the Exim Borrower Agreement and/or note
assigned and to specify the priorities of the respective security interests in such Collateral between itself and the assignee, all without notice to or consent of the Borrower. Should any term of this Agreement conflict with any term of the Exim
Borrower Agreement, the more restrictive term in such agreements shall govern Borrower.  
 9.23 Mutual Waiver of
Jury Trial. LENDER AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT IT MAY BE WAIVED. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR
CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), ACTION OR INACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY LENDER OR BORROWER, EXCEPT BY A
WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. IF FOR ANY REASON THE PROVISIONS OF THIS SECTION ARE VOID, INVALID OR UNENFORCEABLE, THE SAME SHALL NOT AFFECT ANY OTHER TERM OR PROVISION OF THIS AGREEMENT, AND ALL OTHER TERMS AND PROVISIONS OF THIS
AGREEMENT SHALL BE UNAFFECTED BY THE SAME AND CONTINUE IN FULL FORCE AND EFFECT. 
  

			
	Borrower:
	
	Biolase, Inc.
		
	By	 	 /s/ John R. Beaver

		 	Title EVP & CFO
	
	Lender:
	
	Pacific Mercantile Bank
		
	By	 	 /s/ Nick Valencia

		 	Title VP R.M.

  
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 Schedule to 

Loan and Security Agreement 
  

			
	Borrower:	  	Biolase, Inc.
	Address:	  	4 Cromwell
		  	Irvine, California 92618
		
	Date:	  	October 28, 2019

 This Schedule forms an integral part of the Loan and Security Agreement between PACIFIC MERCANTILE BANK and the above Borrower
of even date (the “Loan Agreement”). 
  
  

 
  

	1.	 CREDIT LIMIT 

			
	 (Section 1.1):
	  	An amount (the “Credit Limit”) not to exceed the lesser of $3,000,000 (the “Maximum Credit Limit”), or the sum of (a) and (b) below:
		
		  	 (a) 90% (an “Advance Rate”) of the amount of Borrower’s Eligible Accounts (as defined in
Section 8 above); plus

		
		  	 (b) 75% (an “Advance Rate”) of the amount of Borrower’s Eligible Inventory (as defined in
Section 8 above), but in no event to exceed 60% of the principal amount of all outstanding Loans after giving effect to such Loan under this subclause (b). Loans under this subclause (b) are subject to Lender’s timely receipt of any
Export Order relating to the request.

		
		  	Notwithstanding the foregoing, until such time as the Capital Raise financial covenant is satisfied, the Maximum Credit Limit shall be $0.
		
		  	Lender may, from time to time, adjust the Advance Rates, in its Good Faith Business Judgment, upon notice to the Borrower, based on changes in collection experience with respect to Accounts, or other issues or factors relating to
the Accounts or other Collateral or Borrower.

  
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	Pacific Mercantile Bank 	  	Schedule to Loan and Security Agreement

  

 
  

 

	2.	 INTEREST. 

			
	
	 Interest Rate (Section 1.2):

		
		 	A rate equal to the Prime Rate in effect from time to time, plus 1.50% per annum, provided that the interest rate in effect on any day shall not be less than 6.0% per annum. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. The interest rate applicable to the Obligations shall change on each date there is a change in the Prime Rate.

  
  

 
  

	3.	 FEES (Section 1.4):  

 

					
	Loan Fee:	 	Exim Bank:	  	$52,500, payable concurrently herewith and each anniversary hereof.
			
		 	Lender:	  	$7,500, payable concurrently herewith.
		
	Collateral Monitoring	 	
	Fee:	 	$500, per month, payable in arrears (prorated for any partial month at the beginning and at termination of the Loan Agreement).
		
	Termination Fee:	 	An amount equal to (i) 1.0 % of the Maximum Credit Limit, if the effective date of termination is on or prior to the first anniversary of the date hereof and (ii) 0.0% of the Maximum Credit Limit, if the effective
date of termination is after the first anniversary of the date hereof.

  
  

 
  

	4.	 MATURITY DATE 

 

			
	 (Section 6.1):
	  	October 28, 2021.

  
  

 
  

	5.	 FINANCIAL COVENANTS 

			
	 (Section 5.1):
	  	Borrower shall comply with each of the following covenants. Compliance shall be determined as of the end of each month (except as otherwise provided for below):
		
	 Liquidity:
	  	Borrower shall maintain unrestricted cash at Lender plus unused availability under the Credit Limit in an amount equal to at least the Burn Rate.
		
		  	As used herein, “Burn Rate” means Borrower’s net profit/net loss plus depreciation plus amortization plus stock-based compensation measured on a trailing three month basis commencing with the three month period ending
September 30, 2019 and each rolling three month period ending thereafter.

  
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	Pacific Mercantile Bank 	  	Schedule to Loan and Security Agreement

  

 

			
	 Capital Raise:
	  	By December 31, 2019, Borrower shall have received net cash proceeds in the amount of at least $5,000,000 from the issuance of Borrower’s equity securities issued after the date hereof and such proceeds shall have been
deposited in an account or accounts maintained with Lender.

  
  

 
  

	6.	 REPORTING. 

			
	 (Section 5.3):
	  	
		
		  	Borrower shall provide Lender with the following, all of which shall be in such form as Lender shall specify (Lender may, at its option, require Borrower to submit the following on a more frequent basis in the event that (i) an
Event of Default occurs and is continuing, (ii) an Overadvance occurs and remaining outstanding or (iii) Lender determines in its sole discretion that there exists a material weakness in the Collateral or Lender’s security interest
therein):
		
		  	 (a)   Monthly borrowing base certificate within 15 days after the end of each
calendar month, together with the documents and reports in subclauses (b) through (e) below);

		
		  	 (b)   Monthly accounts receivable agings, aged by invoice date, with borrowing
base certificate, within fifteen days after the end of each month;

		
		  	 (c)   Monthly accounts payable agings, aged by invoice date, and outstanding or
held check registers, if any, within fifteen days after the end of each month;

		
		  	 (d)   Monthly reconciliations of accounts receivable agings (aged by invoice
date), transaction reports, and general ledger, within fifteen days after the end of each month;

		
		  	 (e)   Monthly perpetual inventory reports for the Inventory valued on a first-in, first-out basis at the lower of cost or market (in accordance with GAAP) or such other inventory reports as are requested by Lender in its Good Faith Business
Judgment, all within fifteen days after the end of each month;

		
		  	 (f)   Monthly unaudited financial statements, as soon as available, and in any
event within 30 days after the end of each month (“Monthly Financial Statements”);

		
		  	 (g)   Annual operating budgets and financial projections (including income
statements, balance sheets and cash flow statements, by month) for (i) the upcoming fiscal year of Borrower within 30 days prior to such upcoming fiscal year-end of Borrower, and (ii) such periods and at such times as requested by Lender
in its Good Faith Business Judgment;

  
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	Pacific Mercantile Bank 	  	Schedule to Loan and Security Agreement

  

			
		
		  	 (h)   Annual financial statements, as soon as available, and in any event
within 90 days following the end of Borrower’s fiscal year, certified by, and with an unqualified opinion of, independent certified public accountants acceptable to Lender (the “Annual Financial Statements”);

		
		  	 (i) Each of the Monthly Financial Statements and the Annual Financial Statements shall be
accompanied by Compliance Certificates, in such form as Lender shall reasonably specify, signed by the Chief Financial Officer of Borrower, certifying that as of the end of such period and the date of such Certificate Borrower was in full compliance
with all of the terms and conditions of the Loan Agreement, and no Default or Event of Default had occurred, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as
Lender shall request in its Good Faith Business Judgment, including, without limitation, a statement that at the end of such period there were no held checks;

		
		  	 (j) promptly upon receipt, each management letter prepared by Borrower’s independent
certified public accounting firm regarding Borrower’s management control systems;

		
		  	 (k)   such budgets, sales projections, operating plans or other financial
information as Lender may reasonably request from time to time;

		
		  	 (l) [Intentionally Omitted]; and

		
		  	 (m) Borrower shall deliver all reports, certificates and other documents to Lender as
provided in the Exim Borrower Agreement, including, without limitation, purchase orders and any other information that Lender and Exim Bank may reasonably request.

  
  

 
  

	7.	 BORROWER INFORMATION: 

 

			
	    	 	Borrower represents and warrants that the information set forth in the Borrower Information Certificate dated July 22, 2019, previously submitted to Lender (the “Representations”) is true and correct as of the date
hereof.

  
  

 
  

	8.	 ADDITIONAL PROVISIONS 

 

			
	    	 	 (a)   Additional Conditions Precedent. In addition to any other
conditions to the first disbursement of the Loans set forth in the Loan Agreement, the first disbursement of the Loans is subject to the following additional conditions precedent:

  
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	Pacific Mercantile Bank 	  	Schedule to Loan and Security Agreement

  

			
		 	 (1)   Exim Approval. Lender shall have received written approval
from Exim Bank approving of this Agreement and the transactions contemplated herein.

		
		 	 (2)   Exim Guarantee. The Exim Guarantee from Exim Bank, as
provided for in Section 1.7 of this Agreement, in favor of Lender shall have been issued and be in full force and effect. Throughout the term of the Loan Agreement, Borrower shall cause such Exim Guarantee to continue in full force and
effect.

		
		 	 (3)   Exim Borrower Agreement. The Exim Borrower Agreement, as
provided for in Section 1.8 of this Agreement, shall have been executed and be in full force and effect. Throughout the term of the Loan Agreement, Borrower shall cause such Exim Borrower Agreement to continue in full force and
effect.

		
		 	 (4)   SWK Funding Intercreditor Agreement. SWK Funding LLC shall
execute and deliver to Lender an Intercreditor Agreement in such form as Lender shall specify, including, without limitation, the priorities of SWK Funding and Lender in the Collateral. Throughout the term of this Loan Agreement, Borrower shall
cause such Intercreditor Agreement to continue in full force and effect.

		
		 	 (b)  Subordination of Inside Debt. All present and future indebtedness
of Borrower to its officers, directors and shareholders (“Inside Debt”) shall, at all times, be subordinated to the Obligations pursuant to a subordination agreement on Lender’s standard form. Borrower represents and warrants that
there is no Inside Debt presently outstanding, except for the following: NONE. Prior to incurring any Inside Debt in the future, Borrower shall cause the person to whom such Inside Debt will be owed to execute and deliver to Lender a subordination
agreement on Lender’s standard form.

		
		 	 (c)   Deposit Accounts. Within 30 days after the date hereof,
Borrower shall transfer all of its Deposit Accounts and investment accounts to Lender, and at all times thereafter Borrower shall maintain the foregoing with Lender. Within 30 days after the date hereof, Borrower shall cause any other banks or other
institutions where its investment accounts, are maintained to enter into control agreements with Lender, in form and substance satisfactory to Lender in its Good Faith Business Judgment and sufficient to perfect Lender’s first-priority security
interest in the same.

  
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	Pacific Mercantile Bank 	  	Schedule to Loan and Security Agreement

  

			
		 	 (d)  Guaranty. Lender acknowledges that, so long as Borrower and the BL
Subs comply with the representations, warranties and covenant regarding the BL Subs provided for in subclause (e) below, the BL Subs will not be required to provide a Guaranty. Unless otherwise requested by Lender in writing, Borrower’s
Foreign Subs will not be required to provide a Guaranty.

		
		 	 (e)   Domestic Subsidiaries. Borrower represents and warrants that
it has no partially-owned or wholly-owned Domestic Subsidiaries other than BL Acquisition Corp. and BL Acquisition II Inc. (collectively, the “BL Subs”). Borrower further represents and warrants that each of the BL Subs is inactive with
little or no assets and that each BL Sub shall continue to be inactive with little or no assets throughout the term of this Agreement absent the prior written consent of Lender. Borrower covenants and agrees not to transfer any Collateral or assets
to the BL Subs while this Agreement is in effect without the prior written consent of Lender.

		
		 	 (f)   Foreign Subsidiaries; Foreign Assets. Borrower represents
and warrants that it has no partially-owned or wholly-owned Subsidiaries which are not Borrowers or Guarantors hereunder, except for Subsidiaries organized under the laws of a jurisdiction other than the United States or any state or territory
thereof or the District of Columbia (“Foreign Subs”). Borrower may make Investments in the Foreign Subs, in an aggregate amount not to exceed the amount necessary to fund the current operating expenses of the Foreign Subs (taking into
account their revenue from other sources); provided that (i) the total of such investments and loans in any fiscal year to all such Foreign Subs shall not exceed $250,000, and (ii) the total assets of the Foreign Subs combined shall not,
at any time, exceed $10,000,000 in the aggregate. The foregoing shall constitute “Permitted Investments” for purposes of the Loan Agreement. Borrower covenants that (i) the total assets of the Foreign Subs combined (excluding
intercompany obligations due from the Borrower), plus the total assets of Borrower located outside the United States (including without limitation deposits in foreign bank accounts) combined shall not, at any time, exceed $10,000,000 in the
aggregate, and (ii) the total amount maintained by Borrower in foreign bank accounts shall not, at any time, exceed $1,500,000. Borrower shall not permit any of the assets of any of the Foreign Subs to be subject to any security interest, lien
or encumbrance, and Borrower shall not agree with any other Person to restrict its ability to cause a Foreign Sub to grant any security interest in, or lien or encumbrance on, its
assets.

  
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	Pacific Mercantile Bank 	  	Schedule to Loan and Security Agreement

  

			
		 	 (g)   Insurance Endorsements. Within 60 days of the date hereof, Borrower
shall deliver to Lender insurance endorsements adding Lender as a lenders loss payee on all property insurance policies and as an additional insured on all liability insurance policies, as required by Section 5.2 of the Loan
Agreement.

		
		 	 (h)   Landlord Waivers and Bailee Agreements. Within 60 days of the date
hereof, (i) as to those locations in which Borrower is currently a tenant or in which any third party has an interest in such Collateral and (ii) at Lender’s request, Borrower shall cause the landlord or such third party to execute
and deliver to Lender, in form acceptable to Lender, such waivers and subordinations as Lender shall specify in its Good Faith Business Judgment.

		
		 	

 [Signatures on Next Page] 

  
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	Pacific Mercantile Bank 	  	Schedule to Loan and Security Agreement

  

 

							
	Borrower:	    	Lender:
		
	Biolase, Inc.	    	Pacific Mercantile Bank
				
	By	  	 /s/ John R. Beaver
	    	By	  	 /s/ Nick Valencia

	Title EVP & CFO	    	Title VP R.M.

  
 -8-

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