Document:

EX-10.1

 Exhibit 10.1 

SUBLEASE 
 THIS
SUBLEASE (this “Sublease”), dated as of August 23, 2021 is entered into by and between ZILLOW GROUP, INC., a Washington corporation (“Sublandlord”), and EVENTBRITE, INC., a Delaware
corporation (“Subtenant”). 
 Recitals 

A. Pursuant to that certain Office Lease between Trulia, Inc. (“Trulia”), as tenant, and BXP Mission 535 LLC, as landlord
(“Landlord”), dated March 10, 2014, as amended by that certain First Amendment to Office Lease by and between Trulia and Landlord, dated July 25, 2014 and by that certain Second Amendment to Office Lease by and between
Trulia and Landlord, dated July 30, 2015 (as so amended, the “Master Lease”), Sublandlord (as successor-in-interest to Trulia) leases certain premises
consisting of approximately 105,897 rentable square feet on the third (3rd) through tenth (10th) floors of the building located at 535 Mission
Street, San Francisco, California (the “Building”; such premises being more particularly defined in the Master Lease and defined herein as the “Master Leased Premises”). A true and complete copy of the Master Lease
(other than certain redacted terms) is attached as Exhibit A to this Sublease and incorporated by this reference. Capitalized terms herein not otherwise defined herein shall have the same meanings as provided in the Master Lease. 

B. Sublandlord desires to sublease a portion of the Master Leased Premises to Subtenant, consisting for purposes of this Sublease of 13,335
rentable square feet on the eighth (8th) floor of the Building (as depicted on Exhibit B attached hereto, the “Premises”), and Subtenant desires to sublease the
Premises from Sublandlord, upon the terms and conditions provided for herein. 
 NOW, THEREFORE, in consideration of the mutual
covenants and conditions contained herein, Sublandlord and Subtenant covenant and agree as follows: 
 Agreement 

1. Premises. Sublandlord hereby subleases to Subtenant, and Subtenant hereby takes and hires from Sublandlord, the Premises, on and
subject to the terms, covenants and conditions set forth in this Sublease. Subtenant shall use the Premises only for the purposes and in compliance with the uses stated in the Master Lease. 

2. Term. 
 (a) Subject in
all events to receipt of Landlord’s Consent pursuant to the provisions of Section 12 hereof, the term of this Sublease (the “Sublease Term”) shall commence (the “Commencement Date”) on the date that is
fourteen (14) days after the date that Landlord delivers the signed Landlord Consent, and shall expire on September 29, 2023 (the “Expiration Date”), or such earlier date upon which the term of this Sublease shall
terminate pursuant to the terms hereof. Sublandlord shall deliver the Premises to Subtenant in the Delivery Condition on the Commencement Date. As used herein, the term “Delivery Conditions” shall mean and refer to the conditions
set forth on Exhibit C attached hereto. If the Commencement Date has not occurred, or Sublandlord has not delivered the Premises to Subtenant in the Delivery Condition, for any reason on or before the date that is forty-five
(45) days after the date that this Sublease is 

 
fully executed by Sublandlord and Subtenant, then as Subtenant’s sole and exclusive remedy, Subtenant may terminate this Sublease by written notice to Sublandlord, whereupon any funds
previously paid by Subtenant to Sublandlord shall be returned to Subtenant. Subtenant’s acceptance of the Premises shall not be deemed a waiver of Subtenant’s rights to have any defects in the Premises cured at no cost to Subtenant. 

(b) Within thirty (30) days after the Commencement Date, Sublandlord and Subtenant shall prepare and execute a letter setting forth the
Commencement Date, the Rent Commencement Date (as hereinafter defined), and the Sublease Term substantially in the form of Exhibit D attached hereto. 

(c) Subject in all events to receipt of Landlord’s Consent pursuant to the provisions of Section 12 hereof, but prior to the
Commencement Date, Subtenant may access the Premises for the purpose of space planning upon all of the terms and condition of this Sublease except for Subtenant’s obligation to pay monthly Base Rent, Additional Rent or any other charges
hereunder, so long as such early access does not interfere with Sublandlord’s satisfaction of the Delivery Conditions. 
 (d) Upon the
expiration or earlier termination of the Sublease Term, Subtenant shall return the Premises to Sublandlord in the condition Subtenant received the Premises (reasonable wear and tear, casualty and condemnation excepted), and Subtenant shall not be
required to remove or restore any Subtenant or Sublandlord improvements, or to remove any fixtures or cabling, unless Subtenant’s alterations or improvements trigger the removal and restoration requirements of the Master Lease, pursuant to
Articles 8 and 15 of the Master Lease, (and, for clarity, any alterations or improvements installed for or by Sublandlord prior to the Commencement Date shall not be the responsibility of Subtenant even if the same are required to be removed
pursuant to the Master Lease). If required pursuant to the preceding sentence, Subtenant shall be responsible for the removal of the applicable alterations or improvements and the restoration of the Premises in accordance with the provisions of
Articles 8 and 15 of the Master Lease. In addition, upon the Expiration Date, Subtenant shall be responsible for the removal of its moveable personal property, furniture and equipment, including the FF&E (as hereinafter defined). 

(e) Prior to taking occupancy of Premises, Subtenant shall furnish to Landlord and Sublandlord an insurance certificate evidencing
Subtenant’s compliance with the insurance requirements of Article 10 of the Master Lease. Such requirements shall include, without limitation, naming Landlord (and any other parties designated by Landlord) and Sublandlord as additional insureds
under Subtenant’s commercial general liability policy. 
 (f) On the Commencement Date, Sublandlord shall convey to Subtenant the
furniture, fixtures, equipment set forth on Exhibit E attached hereto (collectively, the “FF&E”) by the delivery by Sublandlord of a bill of sale substantially in the form attached hereto as Exhibit F
attached hereto. If on the Commencement Date any of the FF&E is not located in the Premises, Sublandlord will promptly provide a replacement for such item of FF&E of the same type and quality as listed on Exhibit E. 

  
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 3. Rent. 

(a) The rent payable by Subtenant for the Premises shall consist of base rent (“Base Rent”) plus certain additional rental
(“Additional Rent”), all as provided below in this Section 3. Base Rent, Additional Rent, and any other charges due under this Sublease are hereinafter referred to collectively as “Rent.” All Rent shall be paid
to Sublandlord by wire transfer pursuant to the instructions set forth immediately below, or to such other person or to such other place or by such other method as Sublandlord may from time to time designate in writing. 

 

			
	Bank:	  	Silicon Valley Bank
	Address:	  	3003 Tasman Drive
		  	Santa Clara, California 95054
	Routing & Transit #:	  	121140399
	Credit Account #:	  	3300755994
	Account Name and Address:	  	Zillow, Inc.
		  	1301 2nd Ave., Floor 31
		  	Seattle, WA 98101

 (b) Subtenant shall pay to Sublandlord in advance, commencing on the date (the “Rent Commencement
Date”) that is two (2) months after the Commencement Date and on or before the first day of each month thereafter occurring during the Sublease Term, without prior notice, demand, deduction or offset, monthly Base Rent in the amounts
pursuant to the following schedule: 
  

													
	Months	  	Per RSF	 	  	Base Rent per
Annum	 	  	Base Rent per
Month	 
	 Commencement Date – 12 full calendar months thereafter (subject to 2 month
abatement)
	  	$	64.00	 	  	$	853,440.00	 	  	$	71,120.00	 
	 Expiration of prior Base Rent Period through 12 full calendar months thereafter
	  	$	65.92	 	  	$	879,043.20	 	  	$	73,253.60	 
	 Expiration of prior Base Rent Period through Expiration Date
	  	$	67.90	 	  	$	905,446.50	 	  	$	75,453.88	 

 Notwithstanding anything to the contrary contained herein, if Subtenant shall be in default of any of its
monetary or material non-monetary obligations under this Sublease following the expiration of any applicable notice and cure period during the initial two (2) month period following the Commencement Date,
Subtenant shall not be entitled to any further abatement of Base Rent under this Section 3(b). If the Rent Commencement Date is a day other than the first day of a calendar month, the Base Rent for the month in which the Rent Commencement Date

  
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occurs will be prorated (based on the actual number of days in such month) and such prorated Base Rent shall be paid by Subtenant on or prior to the Rent Commencement Date. 

(c) Subtenant shall pay, as Additional Rent (to Sublandlord or as Sublandlord may direct (including to Landlord)), in accordance with the terms
of Article 4 of the Master Lease but subject to this Section 3(c), Tenant’s Share of Building Direct Expenses and Tenant’s Share of Capital Expenses (together, “Tenant’s Expense Share”, with
“Tenant’s Share”, as applicable to Subtenant for purposes of calculating Tenant’s Expense Share, being 4.3401% of the Building), starting on January 1, 2022, but only to the extent that Tenant’s Expense Share for
such calendar year exceeds Tenant’s Expense Share for the 2021 calendar year (the “Base Year”). Notwithstanding the foregoing, any amounts due from Sublandlord under the Master Lease and related to the Premises as a direct
result of the San Francisco Business Tax for Homeless Services (passed as Proposition C) shall not be included in the calculation of Tenant’s Expense Share for the Base Year. Additionally, to the extent that Sublandlord receives any reductions
in Sublandlord’s “Tenant’s Share” of Building Direct Expenses or Capital Expenses under the Master Lease, Sublandlord agrees to provide Subtenant with a proportionate reduction in Tenant’s Expense Share, regardless of
whether the provision allowing such reduction is redacted from the copy of the Master Lease attached as Exhibit A. Notwithstanding the foregoing, Subtenant shall not be responsible for any taxes related to improvements existing in the
Premises as of the Commencement Date (and Sublandlord shall not be responsible for taxes on the FF&E owing for any period of time from and after the Commencement Date). 

(d) In the event of any casualty or condemnation affecting the Premises, Rent shall be proportionately or fully abated in accordance with the
terms of the Master Lease. Further, in connection with any abatement right under the Master Lease, Rent shall be correspondingly and proportionately abated hereunder for as long as such abatement shall continue under the Master Lease. If there is a
casualty rendering untenantable at least 33% of the rentable square footage of the Premises and, based on a good faith estimate of a contractor mutually agreed upon between Sublandlord and Subtenant, the restoration period is estimated to take in
excess of 180 days (or, in fact, takes in excess of 180 days if the initial estimate is less than 180 days), then Subtenant, in Subtenant’s sole discretion, may terminate this Sublease. 

4. Condition of Premises; Alterations. 

(a) Sublandlord subleases the Premises to Subtenant strictly in their present “as is, where is” condition, subject to satisfaction of
the Delivery Conditions. 
 (b) All costs of use, maintenance, and repairs of any supplemental HVAC systems serving the Premises shall be the
responsibility of Subtenant, to the extent same is the responsibility of Sublandlord under the Master Lease; provided, however, that neither Sublandlord nor Subtenant shall be required to replace any supplemental system. If Landlord does not permit
direct requests by Subtenant, Sublandlord, upon not less than one (1) business day’s prior notice from Subtenant, shall request HVAC during any after-hours period, and if Sublandlord (or any other subtenant in Master Leased Premises)
concurrently requires HVAC during any such period, Sublandlord shall apportion the costs of the same. 
 (c) To the extent consent of
Landlord is required under the terms of Article 8 of the Master Lease, Subtenant shall not make any alterations or improvements to the Premises 

  
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(and shall not choose architects, engineers, contractors or subcontractors to perform same) without the prior written consent of Landlord and Sublandlord, which consent shall be given by
Sublandlord pursuant to the standards for Landlord’s consent set forth in the Master Lease (and Sublandlord shall be deemed to consent if Landlord provides consent thereto, or if no Landlord consent is required under the Master Lease);
provided, however, that with respect to any alteration or improvements made by Subtenant for which Landlord may require removal under the Master Lease, Sublandlord may require such removal by Subtenant hereunder notwithstanding Landlord’s
determination. All alterations or improvements performed by Subtenant shall be made in accordance with the requirements of the Master Lease, in a good and workerlike and lien-free manner, and in accordance with all applicable laws. Copies of all
items required to be delivered under Article 8 of the Master Lease (including, without limitation, plans and specifications and lien waivers) shall be delivered by Subtenant to each of Landlord and Sublandlord. 

5. Master Lease; Subordination. 

(a) This Sublease is and shall at all times remain subject and subordinate to all of the terms, covenants and conditions of the Master Lease,
and Landlord shall have all rights in respect of the Master Lease and the Premises as set forth therein. Subject to the provisions of Section 6 hereof, except for (i) payments of Rent (as defined in the Master Lease) by Sublandlord to
Landlord pursuant to the provisions of the Master Lease and (ii) Sublandlord’s obligation to maintain insurance (which does not negate Subtenant’s obligation to also maintain insurance), Subtenant hereby assumes and agrees to perform
for Sublandlord’s benefit, during the term of this Sublease, all of Sublandlord’s obligations under the Master Lease with respect to the Premises that accrue during the Sublease Term, except as otherwise expressly required by this Sublease
(collectively, the “Assumed Obligations”). 
 (b) This Sublease is and shall at all times remain subject and subordinate to
any ground lease, deed of trust, mortgage or other security instrument now or hereafter encumbering the Building or the Premises (a “Superior Instrument”). Subtenant shall, within ten (10) business days of a request by Landlord,
Sublandlord or the holder of any Superior Instrument, execute any instrument reasonably requested by any of the foregoing to confirm such subordination. 

6. Incorporation of Master Lease. 

(a) Subject to the exclusions, limitations and modifications set forth in this Sublease, the terms, provisions, covenants and conditions of the
Master Lease are incorporated in this Sublease by reference so that, except to the extent that they are excluded, limited or otherwise modified by the provisions of this Sublease for the purpose of incorporation by reference, each and every term,
covenant and condition of the Master Lease binding on or inuring to the benefit of the landlord thereunder shall, in respect of this Sublease, bind or inure to the benefit of Sublandlord, and each and every term, covenant and condition of the Master
Lease binding or inuring to the benefit of the tenant thereunder shall, in respect of this Sublease, bind or inure to the benefit of Subtenant, with the same force and effect as if such terms, covenants and conditions were completely set forth in
this Sublease, and as if the words (i) “Landlord” and “Tenant,” or words of similar import, wherever the same appear in the Master Lease, were construed to mean, respectively, “Sublandlord” and “Subtenant” in
this Sublease, (ii) “Premises,” wherever the same 

  
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appears in the Master Lease were construed to mean “Premises” in this Sublease and (iii) “Lease,” or words of similar import, wherever the same appear in the Master Lease,
were construed to mean this “Sublease”. Subtenant represents that it has examined, read and is thoroughly familiar with the unredacted terms, covenants and conditions of the Master Lease, and Subtenant accepts those terms, covenants and
conditions and obligations thereof that have been incorporated herein. 
 (b) Subject to subsections (a) and (c) of this Section 6,
the following sections of the Master Lease are not incorporated as a part of this Sublease and are expressly excluded herefrom: 
 (i) any
provision (w) that is inconsistent with another express provision contained in this Sublease, (x) that is inapplicable to the Premises, (y) that relates to a period of time that is prior to or beyond the Sublease Term or (z) that
is redacted from the copy of the Master Lease attached hereto; and 
 (ii) the “Summary of Basic Lease Information” (other than
Sections 2.1 and 7 thereof), Sections 1.1.4, 1.3, 1.4 and 1.5, Articles 2 and 3, Sections 4.7 and 6.5, Article 14, Article 18, Section 19.5.3, Article 21, Article 23 (other than Section 23.5), Section 29.24, Section 29.35,
Exhibit B, Exhibit C, Exhibits E through H (excluding Exhibit F), the First Amendment to Office Lease and the Second Amendment to Office Lease. 

(c) The following limitations shall apply to the interpretation and enforcement of the incorporated terms, covenants and conditions of the
Master Lease: 
 (i) No provision of the Master Lease shall be deemed incorporated herein to the extent such provision is inconsistent with,
conflicts with or cannot reasonably be interpreted together with any express provision of this Sublease. 
 (ii) Except as otherwise
provided herein (including the first sentence of Section 8 hereof), the time limits contained in the Master Lease for the giving of notices, making of demands or performing of any act, condition or covenant on the part of the tenant thereunder
(including the cure of any default), or for the exercise by the tenant thereunder of any right, remedy or option, are changed for the purposes of incorporation herein by reference by shortening the same in each instance by two (2) business days
(or if the time period set forth in the Master Lease is three (3) business days or less, then shortened by one (1) business day), so that in each instance Subtenant shall have two (2) business days or one (1) business day less
time, as applicable, to observe or perform or cure hereunder than Sublandlord has as the tenant under the Master Lease. 
 (iii) Any non-liability, release, indemnity or hold harmless provision, and any provisions pertaining to waiver of subrogation rights and or the naming of a party under an insurance policy, in the Master Lease for the benefit
of Landlord that is incorporated herein by reference, shall be deemed to inure to the benefit of Sublandlord and Landlord, for the purpose of incorporation by reference in this Sublease. Notwithstanding anything to the contrary in the Master Lease
or the Sublease, Sublandlord and Subtenant hereby release each other from all liability for damage to any property or loss of any kind which is caused by or results from any risk insured against under any property insurance policy required to be
carried by either party under the Master Lease or this Sublease, which is required to be insured against under this Sublease, or which is actually carried by any party. 

  
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 (iv) Any obligation of Sublandlord that is contained in this Sublease by the incorporation
by reference of the provisions of the Master Lease shall be observed or performed by Sublandlord using commercially reasonable efforts to cause Landlord under the Master Lease to observe and/or perform the same upon notice from Subtenant. Subtenant
shall not in any event have any rights in respect of the Premises greater than Sublandlord’s rights under the Master Lease, and notwithstanding any provision to the contrary, Sublandlord shall not be obligated to perform obligations that
pertain to the Premises and common areas for which Landlord is obligated under the Master Lease or Subtenant is responsible under this Sublease, and are part of this Sublease by the incorporation by reference of provisions of the Master Lease, and
Sublandlord shall have no liability to Subtenant for any such matter whatsoever, except that Sublandlord shall be obligated to use commercially reasonable efforts, upon request of Subtenant, to cause Landlord to observe and/or perform
Landlord’s obligations under the Master Lease. If, under the Master Lease, any right or remedy of Sublandlord or any duty or obligation of Landlord is subject to or conditioned upon Sublandlord’s making any demand upon Landlord or giving
any notice, request or statement to Landlord then, if Subtenant shall so request in writing, Sublandlord shall, promptly after Sublandlord’s receipt of such written request, make such demand or give such notice, request or statement. Subject to
the foregoing, Sublandlord grants to Subtenant, to the extent not expressly excluded by the terms of this Sublease, the right to receive all of the services available to the Premises that are to be provided by Landlord under the Master Lease
(including, without limitation, with respect to access to the Premises, cleaning services, and freight elevator and loading dock usage, Sublandlord acknowledging that Subtenant shall have no liability to Sublandlord for charges for services provided
to the Premises except to the extent imposed on Sublandlord pursuant to the Master Lease). Subtenant hereby expressly waives the provisions of any statute, ordinance or judicial decision, now or hereafter in effect, which would give Subtenant the
right to make repairs at the expense of Sublandlord. Notwithstanding the anything herein to the contrary, Subtenant shall be entitled to an abatement of Base Rent and Additional Rent hereunder as and to the extent Sublandlord is entitled to an
abatement under the terms of the Master Lease with respect to the Premises (but only up to the amounts due and payable by Subtenant hereunder). If such failure or default on the part of Landlord shall constitute an actual or constructive, total or
partial eviction of Sublandlord from the Premises under the Master Lease, the same shall constitute an actual or constructive, total or partial eviction, as applicable, of Subtenant under this Sublease, but, solely with respect to a partial
eviction, only to the extent such partial eviction regards the Premises; provided, however, that so long as such eviction is not due to any action or inaction of Sublandlord, Subtenant shall only have such remedies as against Sublandlord that are
available to Sublandlord pursuant to the Master Lease or at law. 
 (v) With respect to any approval or consent required to be obtained from
Landlord under the Master Lease, such approval or consent must be obtained from both Landlord and Sublandlord (such consent not to be unreasonably withheld, conditioned or delayed by Sublandlord and deemed granted if Landlord consents, except
pursuant to Section 6(e)(vi) hereof). Any approval or consent required of Sublandlord conclusively shall be deemed reasonably withheld if approval or consent also is required of Landlord, and Landlord properly withholds Landlord’s approval
or consent. 
 (vi) Sublandlord is providing Subtenant with the right to bring one (1) dog (referred to in the Master Lease as
“Tenant’s Dogs”) to the Premises pursuant to Section 29.37 

  
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of the Master Lease, subject to Landlord’s confirmation pursuant to Section 29.37.4 of the Master Lease to be provided in the Landlord’s Consent. 

(vii) Sublandlord is providing Subtenant with one (1) unreserved parking pass pursuant to Section 29.18 of the Master Lease. 

(d) Subtenant shall fully perform all of the Assumed Obligations and shall indemnify, defend, protect, and hold harmless Sublandlord from any
and all liability, damages, liabilities, claims proceedings, actions, demands and costs (including reasonable attorneys’ fees) resulting, directly or indirectly, from Subtenant’s failure to perform the Assumed Obligations, except to the
extent such failure is caused by an act or omission of Sublandlord or Landlord. 
 (e) Without limiting the generality of the foregoing, for
purposes of incorporating the terms, covenants and conditions of the Master Lease into this Sublease, the following provisions of the Master Lease are amended as follows: 

(i) Subtenant shall protect, defend, indemnify and hold Sublandlord harmless from and against all liability as Sublandlord may incur to
Landlord as a consequence of Subtenant’s failure to timely surrender possession of the Premises in the condition required by this Sublease, unless and to the extent the same is due to the act or omission of Sublandlord, Landlord or any of their
agents or employees. 
 (ii) Sublandlord shall only be required, after written request by Subtenant, to use commercially reasonable efforts
to cause Landlord to perform any repairs or restoration or provide any services called for thereunder (including, without limitation, Landlord’s obligation to provide services pursuant to Article 6 of the Master Lease and Landlord’s
obligation to make repairs pursuant to Article 7 of the Master Lease). 
 (iii) Under Article 28 of the Master Lease, Sublandlord’s
notice address shall be as provided adjacent to Sublandlord’s signature below, or at such other address as Sublandlord may from time to time designate in writing to Subtenant; and Subtenant’s notice address shall be as provided adjacent to
Subtenant’s signature below, provided that after Subtenant takes occupancy of the Premises, notices shall be sent to Subtenant at the address of the Premises and as otherwise provided adjacent to Subtenant’s signature below. Any notice
required or permitted under this Sublease shall be deemed to have been delivered upon actual receipt or upon refusal of delivery. Notices under this Sublease shall be permitted to be transmitted by overnight courier service and by electronic mail,
in addition to the other methods permitted under the Master Lease. 
 (iv) The rentable area of the Premises as specified in Recital A above
is only an approximation and no variation between the amount so stated and the actual rentable area of the Premises shall alter the obligations of Sublandlord and Subtenant under this Sublease. 

(v) All references in the Master Lease to any work to be performed by Landlord or Sublandlord for the initial delivery of the Premises to
Subtenant shall be disregarded, as Subtenant has agreed to accept the Premises in the condition described in this Sublease. 

  
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 (vi) Subtenant shall not assign its interest in this Sublease or sub-sublease all or any
portion of the Premises without the prior written consent of Landlord and Sublandlord, which consent shall be given by Sublandlord pursuant to the standards for Landlord’s consent set forth in Article 14 of the Master Lease (and Sublandlord
shall be deemed to consent if Landlord provides consent thereto), provided, however, Landlord’s consent may be withheld in its sole discretion, except to the extent otherwise set forth in Landlord’s Consent. In determining whether or not
to grant consent, Subtenant shall provide Sublandlord with such information regarding the proposed sublessee or assignee as Sublandlord may reasonably require, or as Landlord may require. Notwithstanding the foregoing, no consent of Sublandlord is
required for any assignment or subletting of the Premises by Subtenant to a Permitted Transferee. 
 (f) Sublandlord covenants and agrees
that (i) it will comply in all material respects with the terms of the Master Lease, except to the extent that such non-compliance is caused by the act or omission of Subtenant and (ii) it shall not
at any time during the Sublease Term, unless otherwise agreed to by Subtenant in its reasonable discretion, enter into any amendments, modifications, terminations, or other agreements with Landlord relating to the Master Lease that would adversely
affect Subtenant’s occupancy or use of the Premises or would increase Subtenant’s obligations or reduce its rights hereunder. 

7. Brokerage. Except for Newmark and Flinn Fergus (on behalf of Sublandlord) and Colliers International (on behalf of Subtenant)
(collectively, “Brokers”), each party warrants and represents to the other that such party has not retained the services of any real estate broker, finder or any other person whose services would form the basis for any claim for any
commission or fee in connection with this Sublease or the transactions contemplated hereby. Each party agrees to save, defend, indemnify and hold the other party free and harmless from any breach of its warranty and representation as set forth in
the preceding sentence, including the other party’s reasonable attorneys’ fees and disbursements. Sublandlord shall pay all commissions due to Brokers arising out of this Sublease pursuant to a separate written agreement. 

8. Defaults. Notwithstanding the incorporation of Article 19 of the Master Lease herein, with respect to subsections (A) and (B)
thereof, in the event any failure by Subtenant to pay Rent when due continues for more than three (3) business days after written notice from Sublandlord, an Event of Default shall have occurred and Sublandlord may take any and all actions
permitted to be taken by Landlord under the Master Lease; provided, however, an Event of Default shall occur hereunder without any obligation of Landlord to give any notice if Tenant fails to pay Rent when due and, during the 12 month interval
preceding such failure, Landlord has given Tenant written notice of failure to pay Rent on more than two (2) prior occasions. If Landlord shall fail to perform an obligation with respect to the Premises which Landlord is required by the Master
Lease to perform and pursuant to such failure is in default under the Master Lease and such failure materially and adversely affects Subtenant’s occupancy or use of the Premises (any such failure, a “Landlord Default”), then
upon written request of Subtenant, Sublandlord shall promptly make demand upon Landlord to remedy such Landlord Default and use commercially reasonable efforts to cause Landlord to cure such Landlord Default. If Landlord does not remedy such default
in a commercially reasonable time period (or such time period as may be required by the terms of the Master Lease), then Subtenant may make a second written request (a “Second Notice”) of Sublandlord to use, and Sublandlord shall
use, commercially reasonable efforts to enforce any and all of Sublandlord’s right as Tenant under the Master Lease (provided, however, in no event shall 

  
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Sublandlord’s obligation under this Sublease to use commercially reasonable efforts to cause Landlord to perform an obligation under or otherwise adhere to the terms of the Master Lease be
deemed to include bringing litigation or any other adversarial proceeding against Landlord unless Landlord does not remedy such default within a commercially reasonable time period after receipt of a Second Notice). Notwithstanding the foregoing,
Sublandlord shall have no obligation to bring litigation against Landlord if (i) the Master Lease prohibits such remedy (e.g., by providing that another remedy, such as rent abatement, is the exclusive remedy), (ii) at the time of
Subtenant’s Second Notice less than six (6) months remain in the Sublease Term or (iii) if Landlord’s default does not materially and adversely affect Subtenant’s use or occupancy of the Premises. For the avoidance of doubt,
in no event shall Sublandlord be obligated to bring litigation against Landlord with respect to any Landlord default related to the satisfaction of a Delivery Condition. Subtenant shall protect, defend, indemnify and hold Sublandlord harmless from
and against all costs, expenses and liabilities as Sublandlord may incur (including, without limitation, all actual and reasonable out-of-pocket attorneys’ fees
(but not any fees related to Sublandlord’s employees) and court costs, and any defense costs related to any Landlord counterclaim) as a consequence of Sublandlord’s bringing litigation or taking any other adversarial action against
Landlord requested by Subtenant in accordance with this Section 8 (“Costs and Expenses”). Notwithstanding the foregoing, to the extent that any such litigation or claim is related to any other portion of the Building leased or
subleased by Sublandlord, Sublandlord shall be responsible for Sublandlord’s proportionate share of all Costs and Expenses. Sublandlord shall be in default under this Sublease if Sublandlord fails to perform any of the terms or conditions of
(1) this Sublease, or (2) the Master Lease related to the Premises, or which could materially impact Subtenant’s rights under this Sublease (subject in all events to any applicable notice and cure rights of Sublandlord hereunder).

 9. Early Termination of Master Lease. Where the Master Lease grants Sublandlord any discretionary right to terminate the Master
Lease as to all or any portion of the Premises, whether due to casualty, condemnation, or otherwise, subject to the terms and conditions of the Landlord’s Consent, Sublandlord shall not exercise any such right unless consented to by Subtenant.
In connection with any casualty or condemnation affecting the Premises, Subtenant shall have the same rights to terminate this Sublease within the same time periods set forth under the Master Lease in Articles 11 and/or 13 of the Master Lease, as
the same are amended pursuant to Section 3(e) of this Sublease. Sublandlord shall promptly forward to Subtenant any communication from Landlord with respect to any damage or destruction or condemnation of the Premises. Landlord’s
recognition of Subtenant as a direct tenant in the event of a termination of the Master Lease shall be governed by the terms of the Landlord’s Consent. 

10. Consents Under Master Lease. If Subtenant desires to take any action which requires the consent of Landlord pursuant to the terms of
the Master Lease, then (a) Subtenant shall not take any such action until it obtains the consent of Sublandlord (whose consent may not be unreasonably withheld, conditioned or delayed, except as otherwise set forth herein and shall be deemed
granted if Landlord consents, except pursuant to Section 6(e)(vi) hereof) and Landlord, and (b) Subtenant shall request that Sublandlord obtain Landlord’s consent on Subtenant’s behalf and Sublandlord shall use commercially
reasonable efforts to obtain such Landlord’s consent, unless Landlord agrees that Subtenant may contact Landlord directly with respect to the specific action for which Landlord’s consent is required. Subtenant shall reimburse Sublandlord
for all reasonable and actual out-of-pocket costs actually incurred by Sublandlord in processing any request by Subtenant for Landlord’s or Sublandlord’s
consent. 

  
 10 

 11. No Third Party Rights. Except as otherwise expressly provided herein, the benefit
of the provisions of this Sublease is limited to Sublandlord and Subtenant and to their respective successors and permitted assigns. No third party shall be construed to have any rights as a third party beneficiary with respect to any of the
provisions of this Sublease. 
 12. Landlord’s Consent to Sublease. This Sublease is subject to the written consent of Landlord
(the “Landlord’s Consent”). Sublandlord shall submit this Sublease to Landlord for consent within two (2) business days after the date hereof. Sublandlord agrees to use commercially reasonable, good faith efforts to obtain
the Landlord’s Consent as soon as reasonably possible following execution of this Sublease by Subtenant and Sublandlord. In the event that the Landlord’s Consent is not obtained by the date that is forty-five (45) days after the date
hereof, each of Sublandlord and Subtenant shall have the right to terminate this Sublease by providing written notice of termination to the other party. Sublandlord shall pay all administrative fees, costs and expenses charged by Landlord in
connection with obtaining the Landlord’s Consent (including any reimbursement of Landlord’s costs and expense, including Landlord’s legal fees, to the extent required by the Master Lease). In the event of any conflict between this
Sublease and the Landlord’s Consent, the terms of the Landlord’s Consent shall control. 
 13. Counterparts. This Sublease
may be executed in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which together shall constitute one and the same instrument. This Sublease may be signed electronically, which electronic
signatures shall have the same force and effect as an original. 
 14. Status of Lease. Sublandlord hereby represents and warrants to
Subtenant that (i) a true, correct and complete copy of the Master Lease (other than certain redacted terms) is attached hereto as Exhibit A and has been executed and delivered by Landlord and Sublandlord, is in full force and
effect, and constitutes the entire agreement of the parties thereto relating to the lease of the Premises (other than such redacted terms), (ii) no default or breach by Sublandlord or, to Sublandlord’s knowledge, by Landlord, has occurred or
presently exists under the Master Lease and (iii) subject to receipt of Landlord’s Consent, Sublandlord has the right and power to execute and deliver this Sublease and to perform its obligations hereunder. 

15. Quiet Enjoyment. Sublandlord covenants and agrees with Subtenant that upon Subtenant paying the rent and additional rent reserved in
this Sublease and observing and performing all of the other obligations, terms, covenants and conditions of this Sublease on Subtenant’s part to be observed and performed, Subtenant may peaceably and quietly enjoy the Premises during the term;
provided, however, that this Sublease shall automatically terminate upon termination of the Master Lease and Subtenant shall have no claim against Sublandlord unless such termination was caused by the default of Sublandlord in the performance of its
obligations under this Sublease or the Master Lease which have not been assumed by Subtenant hereunder. 
 16. Signage.
Subtenant’s signage shall be permitted on the entrance doors to the Premises, subject to Landlord’s approval and the reasonable approval of Sublandlord. 

17. Limitation of Damages. Under no circumstances shall either party to this Sublease be liable for any indirect, incidental, special or
consequential damages arising out of this Sublease, including, without limitation, any damages arising from lost revenues, profits, use or business opportunity, regardless of the cause of such damages and whether or not the other party was aware

  
 11 

 
or should have been aware of the possibility of these damages; provided, however, that Subtenant will remain liable for any such damages as and to the extent Sublandlord is liable for same under
the Master Lease as a result of Subtenant’s breach or default hereunder with respect to the Premises. 
 18. Entire Agreement.
This Sublease, the Landlord’s Consent and Exhibits A – G attached hereto contain all of the agreements of the parties with respect to the subject matter hereof, and there are no verbal or other agreements that modify or
affect this Sublease. This Sublease and Exhibits A – G attached hereto supersede any and all prior agreements made or executed by or on behalf of the parties hereto regarding the Premises. 

19. Terms and Headings. The words “Sublandlord” and “Subtenant” include the plural as well as the
singular, and words used in any gender include all genders. The titles to sections of this Sublease are not a part of this Sublease and shall have no effect upon the construction or interpretation of any part hereof. 

20. Severability. Any provision of this Sublease that shall prove to be invalid, void or illegal shall in no way affect, impair or
invalidate any other provision hereof, and the remaining provisions hereof shall nevertheless remain in full force and effect. 
 21.
Governing Law; Jurisdiction. This Sublease shall be governed by and construed in accordance with the laws of the state in which the Premises are located. The proper place of venue to enforce this Sublease is San Francisco County, California. In
any legal proceeding regarding this Sublease, including enforcement of any judgments, each party irrevocably and unconditionally (i) submits to the jurisdiction of the courts of law in San Francisco County, California; (ii) accepts the
venue of such courts and waives and agrees not to plead any objection thereto; and (iii) agrees that service of process may be effected at the address specified for such party in this Sublease, or at such other address of which the other party
has been properly notified in writing, and nothing herein will affect either party’s right to effect service of process in any other manner permitted by applicable law. 

22. Security Deposit. Subtenant has deposited with Sublandlord on the signing of this Sublease a security deposit in the amount of
$71,120.00 (the “Security Deposit”) in cash as security for the faithful performance and observance by Subtenant of the terms, provisions and conditions of this Sublease. Subtenant agrees that in the event of the occurrence of a
default by Subtenant hereunder beyond the expiration of all applicable notice and cure periods, Sublandlord may use, apply or retain the whole or any part of the Security Deposit, to the extent required for the payment of any delinquent Rent, or any
other sum as to which Subtenant is in default, or for any sum that Sublandlord is entitled to expend by reason of the default (including any damages or deficiency accrued before or after summary proceedings or other
re-entry by Sublandlord). If Sublandlord applies or retains any portion or all of the proceeds of the Security Deposit, Subtenant shall forthwith restore the amount so applied or retained by delivering
additional funds so that, at all times, Sublandlord shall hold the entire amount of the Security Deposit. Subtenant’s failure to restore the amount so applied or retained within ten (10) Business Days after Sublandlord has applied any
portion of the Security Deposit in accordance with this Sublease shall constitute an Event of Default under this Sublease. Provided there is no uncured default, any balance of the proceeds of the Security Deposit held by Sublandlord and not used,
applied or retained by 

  
 12 

 
Sublandlord as above provided, shall be returned to Subtenant within forty-five (45) days after the expiration of the Sublease Term and after delivery of possession of the entire Premises to
Sublandlord in accordance with the terms of this Sublease. 
 [SIGNATURES ON FOLLOWING PAGE] 

  
 13 

 IN WITNESS WHEREOF, Sublandlord and Subtenant have executed this Sublease as of the date first
written above, intending to be bound hereby. 
  

									
	SUBLANDLORD:	 	            	 	SUBTENANT:
			
	ZILLOW, INC.	 		 	EVENTBRITE, INC.,
		 		 	a Delaware corporation
					
	By:	 	 /s/ Toby Roberts
	 		 	By:	 	 /s/ Charles C. Baker

					
	Its:	 	SVP, Technology	 		 	Its:	 	CFO
			
	Address:	 		 	Address:
			
	Zillow Group, Inc.	 		 	
	1301 Second Avenue – Floor 31	 		 	  

	Attn: Legal	 		 	
	Seattle, WA 98109	 		 	Prior to the Commencement Date:
			
	With a copy emailed to: legal@zillowgroup.com	 		 	
			
		 		 	Eventbrite, Inc.
	And to: zfacilities@zillowgroup.com	 		 	209 10th Ave. S #300
	matt@flinnferguson.com	 		 	Nashville, TN 37203
	esidman@seyfarth.com	 		 	Attention: Joe Howard
			
		 		 	With copies emailed to:
		 		 	joe.howard@eventbrite.com and
		 		 	jtaylor@eventbrite.com
			
		 		 	After the Commencement Date:
			
		 		 	At the Premises
		 		 	Attention: Joe Howard
			
		 		 	With copies emailed to:
		 		 	joe.howard@eventbrite.com and
		 		 	jtaylor@eventbrite.com

 EXHIBIT A 

Redacted Master Lease 

[Attached] 

 

 
 OFFICE LEASE 

535 MISSION STREET 
  

 
  
  

 
 BXP MISSION 535 LLC, 

a Delaware limited liability company, 

as Landlord, 
 and

 TRULIA, INC., 

a Delaware corporation, 

as Tenant. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 PREMISES, BUILDING, PROJECT, AND COMMON AREAS
	  	 	5	 
	 ARTICLE 2 LEASE TERM
	  	 	13	 
	 ARTICLE 3 BASE RENT
	  	 	20	 
	 ARTICLE 4 ADDITIONAL RENT
	  	 	20	 
	 ARTICLE 5 USE OF PREMISES
	  	 	31	 
	 ARTICLE 6 SERVICES AND UTILITIES
	  	 	33	 
	 ARTICLE 7 REPAIRS
	  	 	38	 
	 ARTICLE 8 ADDITIONS AND ALTERATIONS
	  	 	39	 
	 ARTICLE 9 COVENANT AGAINST LIENS
	  	 	44	 
	 ARTICLE 10 TENANT’S INDEMNITY AND INSURANCE
	  	 	45	 
	 ARTICLE 11 DAMAGE AND DESTRUCTION
	  	 	52	 
	 ARTICLE 12 NONWAIVER
	  	 	54	 
	 ARTICLE 13 CONDEMNATION
	  	 	55	 
	 ARTICLE 14 ASSIGNMENT AND SUBLETTING
	  	 	56	 
	 ARTICLE 15 SURRENDER OF PREMISES; OWNERSHIP AND REMOVAL OF TRADE FIXTURES
	  	 	62	 
	 ARTICLE 16 HOLDING OVER
	  	 	62	 
	 ARTICLE 17 ESTOPPEL CERTIFICATES
	  	 	63	 
	 ARTICLE 18 MORTGAGE OR GROUND LEASE
	  	 	64	 
	 ARTICLE 19 DEFAULTS; REMEDIES
	  	 	66	 
	 ARTICLE 20 COVENANT OF QUIET ENJOYMENT
	  	 	70	 
	 ARTICLE 21 LETTER OF CREDIT
	  	 	70	 
	 ARTICLE 22 INTENTIONALLY OMITTED
	  	 	76	 
	 ARTICLE 23 SIGNS
	  	 	76	 
	 ARTICLE 24 COMPLIANCE WITH LAW
	  	 	77	 
	 ARTICLE 25 LATE CHARGES
	  	 	78	 
	 ARTICLE 26 LANDLORD’S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT
	  	 	79	 
	 ARTICLE 27 ENTRY BY LANDLORD
	  	 	79	 
	 ARTICLE 28 NOTICES
	  	 	81	 
	 ARTICLE 29 MISCELLANEOUS PROVISIONS
	  	 	82	 

  

			
	LIST OF EXHIBITS
		
	A	  	OUTLINE OF PREMISES
	B	  	TENANT WORK LETTER
	C	  	FORM OF NOTICE OF LEASE TERM DATES
	D	  	RULES AND REGULATIONS
	E	  	FORM OF TENANT’S ESTOPPEL CERTIFICATE
	F	  	ACCEPTABLE FORMS OF INSURANCE CERTIFICATE
	G	  	FORM OF LETTER OF CREDIT
	H	  	TENANT’S EXTERIOR SIGNAGE

  
 (i) 

 INDEX 

 

					
	 	  	Page(s)	 
	 100 First Street
	  	 	91	 
	 545 Mission Street
	  	 	91	 
	 Abatement Event
	  	 	69	 
	 Additional Insureds
	  	 	50,53	 
	 Additional Monthly Base Rent
	  	 	4	 
	 Additional Rent
	  	 	21	 
	 Additional Tenant Improvement Allowance
	  	 	4	 
	 Advocate Arbitrators
	  	 	17	 
	 Alteration Amount
	  	 	43	 
	 Alteration Contract
	  	 	42	 
	 Alteration Contract Amount
	  	 	42	 
	 Alterations
	  	 	40	 
	 Amendment
	  	 	4	 
	 Applicable Laws
	  	 	78	 
	 Approved Working Drawings
	  	 	6	 
	 Arbitration Agreement
	  	 	17	 
	 Architect
	  	 	5	 
	 Audit Notice
	  	 	31	 
	 Bank
	  	 	71	 
	 Bank Credit Threat
	  	 	72	 
	 Bank Prime Loan
	  	 	80	 
	 Bankruptcy Code
	  	 	73	 
	 Base Building
	  	 	42	 
	 Base Rent
	  	 	20	 
	 Base, Shell, and Core
	  	 	1	 
	 Beneficial Occupancy Space
	  	 	13	 
	 Bicycle Storage Area
	  	 	33	 
	 Briefs
	  	 	18	 
	 Brokers
	  	 	87	 
	 Building
	  	 	5	 
	 Building Common Areas
	  	 	6	 
	 Building Direct Expenses
	  	 	21	 
	 Building Hours
	  	 	34	 
	 building standard
	  	 	30	 
	 Building Structure
	  	 	39	 
	 Building Systems
	  	 	39	 
	 Capital Expenses
	  	 	28	 
	 City
	  	 	91	 
	 Code
	  	 	3	 
	 Code Provisions
	  	 	91	 
	 Common Areas
	  	 	6	 
	 Comparable Area
	  	 	15	 
	 Comparable Buildings
	  	 	15	 
	 Comparable Transactions
	  	 	15	 

  
 (ii) 

					
	 	  	Page(s)	 
	 Concessions
	  	 	15	 
	 Constant Rate Equivalent Approach
	  	 	14	 
	 Constant Rate Equivalent Approach,
	  	 	14	 
	 Contemplated Effective Date
	  	 	60	 
	 Contemplated Transfer
	  	 	60	 
	 Contemplated Transfer Space
	  	 	60	 
	 Contractor
	  	 	7	 
	 Control
	  	 	62	 
	 Cost Pools
	  	 	28	 
	 Cost Proposal
	  	 	7	 
	 Cost Proposal Delivery Date
	  	 	7	 
	 Credit Rating Threshold
	  	 	71	 
	 Downsized Space
	  	 	20	 
	 Eligibility Period
	  	 	70	 
	 Energy Disclosure Requirements
	  	 	91	 
	 Energy Star
	  	 	36	 
	 Engineers
	  	 	5	 
	 Estimate
	  	 	29	 
	 Estimate Statement
	  	 	29	 
	 Estimated Building Direct Expenses
	  	 	29	 
	 Existing Lease
	  	 	6	 
	 Expanded Premises Exterior Sign
	  	 	77	 
	 Expansion Exercise Notice
	  	 	9	 
	 Expansion Rent
	  	 	9	 
	 Expansion Space
	  	 	8	 
	 Expansion Space Commencement Date
	  	 	10	 
	 Expansion Space Improvement Allowance
	  	 	9	 
	 Expense Year
	  	 	21	 
	 Fair Market Rent Rate,
	  	 	14	 
	 FDIC
	  	 	74	 
	 Final Space Plan
	  	 	5	 
	 Final Working Drawings
	  	 	6	 
	 First Expansion Space
	  	 	8	 
	 First Offer Commencement Date
	  	 	12	 
	 First Offer Exercise Notice
	  	 	11	 
	 First Offer Notice
	  	 	11	 
	 First Offer Rent
	  	 	11	 
	 First Offer Space
	  	 	11	 
	 First Rebuttals
	  	 	18	 
	 Fixed Period
	  	 	76	 
	 Force Majeure
	  	 	85	 
	 GAAP
	  	 	76	 
	 Hazardous Substance
	  	 	32	 
	 Hold Space
	  	 	7	 
	 Hold Space Notice
	  	 	7	 

  

					
		  	(iii)	  	

					
	 	  	Page(s)	 
	 Holdover Credit Date
	  	 	6	 
	 Holdover Rent Credit
	  	 	6	 
	 Holidays
	  	 	34	 
	 HVAC
	  	 	34	 
	 Improved Space
	  	 	10	 
	 Initial Premises Exterior Sign
	  	 	77	 
	 Intention to Transfer Notice
	  	 	60	 
	 Interim Lease
	  	 	11	 
	 ISO
	  	 	48	 
	 Landlord
	  	 	1	 
	 Landlord Parties
	  	 	52	 
	 Landlord Party
	  	 	52	 
	 Landlord Response Notice
	  	 	16	 
	 Landlord Supervision Fee
	  	 	8	 
	 Landlord Work
	  	 	1	 
	 Landlord’s Initial Statement
	  	 	19	 
	 L-C
	  	 	71	 
	 L-C Amount
	  	 	71	 
	 LC Expiration Date
	  	 	72	 
	 L-C Reduction Conditions
	  	 	76	 
	 LC Replacement Notice
	  	 	74	 
	 Lease
	  	 	1	 
	 Lease Commencement Date
	  	 	2, 13	 
	 Lease Expiration Date
	  	 	13	 
	 Lease Term
	  	 	13	 
	 Lease Year
	  	 	13	 
	 Lines
	  	 	89	 
	 Local Equivalency Request
	  	 	91	 
	 Mail
	  	 	82	 
	 Mortgagee
	  	 	65	 
	 Neutral Arbitrator
	  	 	17	 
	 Neutral Audit
	  	 	31	 
	 Nine Month Period
	  	 	61	 
	 North Financial District
	  	 	16	 
	 Notices
	  	 	82	 
	 OFAC
	  	 	90	 
	 Operating Expenses
	  	 	21	 
	 Option Conditions
	  	 	14	 
	 Option Notice
	  	 	14	 
	 Option Rent
	  	 	14	 
	 Option Term
	  	 	14	 
	 Option Terms
	  	 	14	 
	 Original Improvements
	  	 	48	 
	 Original Tenant
	  	 	7	 
	 Other Improvements
	  	 	88	 

  

					
		  	(iv)	  	
		  		  	

					
	 	  	Page(s)	 
	 Outside Agreement Date
	  	 	16	 
	 Over-Allowance Amount
	  	 	7	 
	 Permits
	  	 	6	 
	 Permitted Transferee
	  	 	62	 
	 Phase I Lease Commencement Date
	  	 	2	 
	 Phase I Premises
	  	 	1	 
	 Phase II Lease Commencement Date
	  	 	2	 
	 Phase II Premises
	  	 	1	 
	 Premises
	  	 	1, 5	 
	 Prohibited Person
	  	 	90	 
	 Project
	  	 	5	 
	 Project Common Areas
	  	 	6	 
	 Projected Annual Savings
	  	 	30	 
	 Proposition 13
	  	 	27	 
	 Quoted Rent
	  	 	59	 
	 Ready for Occupancy
	  	 	9	 
	 Recapture Notice
	  	 	60	 
	 Receivership
	  	 	74	 
	 Records
	  	 	31	 
	 Reduction Notice
	  	 	20	 
	 Reduction Right
	  	 	20	 
	 REIT
	  	 	35	 
	 Renovations
	  	 	89	 
	 Rent
	  	 	21	 
	 rentable square feet
	  	 	7	 
	 RSF
	  	 	1	 
	 Ruling
	  	 	19	 
	 Second Expansion Space
	  	 	8	 
	 Second Rebuttals
	  	 	18	 
	 Security Deposit Laws
	  	 	74	 
	 Service Provider
	  	 	35	 
	 South Financial District
	  	 	15	 
	 Space Plan Allowance
	  	 	3	 
	 Space Plan Delivery Date
	  	 	4	 
	 Specifications
	  	 	3	 
	 Standard Improvement Package
	  	 	3	 
	 Statement
	  	 	28	 
	 Subject Space
	  	 	57	 
	 Substantial Completion
	  	 	9	 
	 Summary
	  	 	1	 
	 Superior Right Holders
	  	 	11	 
	 Tax Expenses
	  	 	26	 
	 Telecommunications Equipment
	  	 	37	 
	 Tenant
	  	 	1	 
	 Tenant Energy Use Disclosure
	  	 	91	 

  

					
		  	(v)	  	
		  		  	

					
	 	  	Page(s)	 
	 Tenant Improvement Allowance
	  	 	2	 
	 Tenant Improvement Allowance Items
	  	 	2	 
	 Tenant Improvements
	  	 	2	 
	 Tenant Parties
	  	 	52	 
	 Tenant Party
	  	 	52	 
	 Tenant Work Letter
	  	 	5	 
	 Tenant’s Property
	  	 	48	 
	 Tenant’s Agents
	  	 	43	 
	 Tenant’s Exterior Signage
	  	 	78	 
	 Tenant’s Initial Statement
	  	 	19	 
	 Tenant’s Rebuttal Statement
	  	 	19	 
	 Tenant’s Share
	  	 	28	 
	 Tenant’s Subleasing Costs
	  	 	60	 
	 Time Deadlines
	  	 	6	 
	 Transfer
	  	 	57	 
	 Transfer Notice
	  	 	57	 
	 Transfer Premium
	  	 	60	 
	 Transferee
	  	 	57	 
	 Transferee’s Rent
	  	 	59	 
	 Transfers
	  	 	57	 
	 Unused L-C Proceeds
	  	 	74	 

  

					
		  	(vi)	  	
		  		  	

 535 MISSION STREET 

OFFICE LEASE 
 This
Office Lease (the “Lease”), dated as of the date set forth in Section 1 of the Summary of Basic Lease Information (the “Summary”), below, is made by and between BXP MISSION 535 LLC, a Delaware limited liability
company (“Landlord”), and TRULIA, INC., a Delaware corporation (“Tenant”). 
 SUMMARY OF BASIC LEASE
INFORMATION 
  

			
	TERMS OF LEASE	  	DESCRIPTION
		
	 1.  Date:
	  	March 10, 2014
		
	 2.  Premises (Article 1).
	  	
		
	 2.1  Building:
	  	535 Mission Street
		
	 2.2  Premises:
	  	A total of 79,277 rentable square feet of space (“RSF”), consisting of the “Phase I Premises” and the “Phase II Premises” (as such terms are defined below), as further set forth in Exhibit
A to the Lease.
		
		  	The “Phase I Premises” contains 52,595 RSF, comprised of: (i) 13,007 RSF located on the third (3rd) floor of the Building, (ii) 13,131 RSF located
on the fourth (4th) floor of the Building, (iii) 13,211 RSF located on the fifth (5th) floor of the Building, and (iv) 13,246 RSF located on
the sixth (6th) floor of the Building.
		
		  	The “Phase II Premises” contains 26,682 RSF, comprised of (A) 13,347 RSF located on the seventh (7th) floor of the Building, and (B) 13,335 RSF
located on the eighth (8th) floor of the Building. The Phase I Premises and the Phase II Premises shall collectively be referred to herein as the
“Premises”.

  

					
		  		  	
		  		  	

			
	 3.  Lease Term (Article 2).
	  	
		
	 3.1  Lease Term:
	  	The period commencing on the Phase I Lease Commencement Date (defined in Section 3.3 of the Summary), and expiring on the “Lease Expiration Date”, as that term is defined in Section 3.3 of this
Summary, below (anticipated to be approximately one hundred seven (107) months).
		
	 3.2  Option Terms:
	  	Two (2) five (5)-year options to renew, as more particularly set forth in Section 2.2 of the Lease.
		
	 3.3  Lease Commencement Date:
	  	 Phase I Lease Commencement Date: The date upon which the Premises are “Ready for Occupancy” (as defined in Section 5.1
of the Tenant Work Letter attached as Exhibit B to the Lease) (the “Phase I Lease Commencement Date”), which Phase I Lease Commencement Date is anticipated to be November 1, 2014.

Phase II Lease Commencement Date: The earlier to occur of (i) the date upon which Tenant first commences to conduct business in the Premises, and
(ii) October 1, 2015 (the “Phase II Lease Commencement Date” and, together with the Phase I Lease Commencement Date, the “Lease

Commencement Date”).

		
	 3.4  Lease Expiration Date:

 
	  	 September 30, 2023.
  

	
	        

       

        

       

       

       

       

       

       

       

  
 -2- 

			
	     

    

        

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

		
	 5.  Parking Passes (Section 29.18):
	  	Four (4) unreserved parking passes.
		
	 6.  Tenant’s Share (Article 4):
	  	25.8034% (i.e., 17.1188% with respect to the Phase I Premises and 8.6846% with respect to the Phase II Premises).
		
	 7.  Permitted Use (Article 5):
	  	 General office and related uses consistent with a first-class office building.

 

	        

       

       

       

  

					
		  	-3-	  	
		  		  	

			
	 9.  Address of Tenant (Article 28):
	  	Prior to Lease Commencement Date
		
		  	 Trulia, Inc.
 116 New Montgomery, Suite 300

San Francisco, CA 94105
 Attention: General Counsel

		
		  	With a copy to:
		
		  	 Alan Gennis
 Coblentz Patch Duffy &
Bass LLP
 One Ferry Building, Suite 200
 San Francisco, CA
94111

		
		  	After Lease Commencement Date
		
		  	 Trulia, Inc.
 535 Mission Street

San Francisco, CA 94105
 Attention: General Counsel

		
		  	With a copy to:
		
		  	 Alan Gennis
 Coblentz Patch Duffy &
Bass LLP
 One Ferry Building, Suite 200
 San Francisco, CA
94111

		
	 10.  Address of Landlord (Article 28):
	  	See Article 28 of the Lease.
		
	 11.  Broker(s) (Section 29.24):
	  	CBRE (Timothy Kazul & Luke Ogelsby), representing Tenant.
		
		  	 CBRE (Angus Scott, John Cecconi & Amanda Emmerson), representing Landlord.

 

	
	     

    
     

    

  

					
		  	-4-	  	
		  		  	

 ARTICLE 1 

PREMISES, BUILDING, PROJECT, AND COMMON AREAS 

1.1 Premises, Building, Project and Common Areas. 

1.1.1 The Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the premises set forth in
Section 2.2 of the Summary (the “Premises”). The outline of the Premises is set forth in Exhibit A attached hereto and each floor or floors of the Premises has the number of rentable square feet as set
forth in Section 2.2 of the Summary. The parties hereto agree that the lease of the Premises is upon and subject to the terms, covenants and conditions herein set forth, and Tenant covenants as a material part of the consideration for
this Lease to keep and perform each and all of such terms, covenants and conditions by it to be kept and performed and that this Lease is made upon the condition of such performance. The parties hereto hereby acknowledge that the purpose of
Exhibit A is to show the approximate location of the Premises in the “Building,” as that term is defined in Section 1.1.2, below, only, and such Exhibit is not meant to constitute an agreement, representation or
warranty as to the construction of the Premises, the precise area thereof or the specific location of the “Common Areas,” as that term is defined in Section l.1.3, below, or the elements thereof or of the accessways to the Premises
or the “Project,” as that term is defined in Section 1.1.2, below. Except as specifically set forth in this Lease and in the Tenant Work Letter attached hereto as Exhibit B (the “Tenant Work
Letter”), Tenant shall accept the Premises in its presently existing “as-is” condition and Landlord shall not be obligated to provide or pay for any improvement work or services related to
the improvement of the Premises. Tenant also acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty regarding the condition of the Premises, the Building or the Project or with respect to the suitability
of any of the foregoing for the conduct of Tenant’s business, except as specifically set forth in this Lease and the Tenant Work Letter. The commencement of business operations from the Premises by Tenant shall presumptively establish that the
Premises and the Building were at such time in good and sanitary order, condition and repair, except for (i) minor “punchlist” matters related to the Premises or Building which are brought to Landlord’s attention within ten
(10) days after Tenant commences business operations from the Premises; (ii) latent defects in the construction of the “Tenant Improvements”, as that term is defined in Section 2.1 of the Tenant Work Letter attached hereto,
which are brought to Landlord’s attention on or before the first (1st) anniversary of the Phase I Lease Commencement Date or the Phase II Lease Commencement Date, as applicable; and
(iii) Landlord’s obligations set forth in Section 5.4 and Articles 7 and 24 of this Lease. 
 1.1.2 The Building and The
Project. The Premises are a part of the building set forth in Section 2.1 of the Summary (the “Building”). The term “Project,” as used in this Lease, shall mean (i) the Building and the Common Areas,
(ii) the land (which is improved with landscaping, subterranean parking facilities and other improvements) upon which the Building and the Common Areas are located, and (iii) at Landlord’s discretion, any additional real property,
areas, land, buildings or other improvements added thereto outside of the Project. 

  

					
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 1.1.3 Common Areas. Tenant shall have the
non-exclusive right to use in common with other tenants in the Project, and subject to the rules and regulations referred to in Article 5 of this Lease, those portions of the Project which are provided,
from time to time, for use in common by Landlord, Tenant and any other tenants of the Project (such areas, together with such other portions of the Project designated by Landlord, in its reasonable discretion, including certain areas designated for
the exclusive use of certain tenants, or to be shared by Landlord and certain tenants, are collectively referred to herein as the “Common Areas”). The Common Areas shall consist of the “Project Common Areas” and the
“Building Common Areas.” The term “Project Common Areas,” as used in this Lease, shall mean the portion of the Project designated as such by Landlord, which Project Common Areas may include, from time to time, in
Landlord’s sole discretion, a conference center and other amenities. The term “Building Common Areas,” as used in this Lease, shall mean the portions of the Common Areas located within the Building designated as
such by Landlord. The manner in which the Common Areas are maintained and operated shall be at the reasonable discretion of Landlord (but shall at least be consistent with the manner in which the common areas of “Comparable Buildings,” as
that term is defined in Section 2.2.2 of this Lease, are maintained and operated), and the use thereof shall be subject to such rules, regulations and restrictions as Landlord may make from time to time, provided that, except as required
by “Applicable Laws”, as that term is defined in Article 24 of this Lease, Tenant shall only be required to abide by and observe such rules, regulations and restrictions to the extent the same do not (a) unreasonably interfere
with or prevent Tenant from using the Premises for the Permitted Use, or (b) materially diminish the rights or materially increase the obligations of Tenant under this Lease. Landlord reserves the right to close temporarily, make alterations or
additions to, or change the location of elements of the Project and the Common Areas, provided that no changes shall be permitted which materially diminish Tenant’s rights or access to the Premises under this Lease, or materially interfere with
or prevent Tenant from using the Premises for the Permitted Use. Except when and where Tenant’s right of access is specifically excluded in this Lease, and except in the event of an emergency, Tenant shall have the right of access to the
Premises, the Building, and the Project parking facility twenty-four (24) hours per day, seven (7) days per week during the “Lease Term”, as that term is defined in Section 2.1 below. 

1.1.4 Occurrence of Phase I Lease Commencement Date. Landlord shall use commercially reasonable efforts to cause the Phase I
Lease Commencement Date to occur by October 15, 2014. If, despite such efforts, the Phase I Lease Commencement Date does not occur on or before October 15, 2014 (the “Holdover Date”), then, for each day after the Holdover
Date that the Phase I Lease Commencement Date has not occurred, Landlord shall reimburse Tenant, in the form of a credit against Base Rent first coming due under this Lease, for the incremental increased “holdover” rent that Tenant is
required to and actually pays (the “Holdover Rent Credit”) under its existing leases at 116 New Montgomery and 706 Mission Street, San Francisco, California (the “Existing Leases”). Such Holdover Rent Credit shall
be equal to the actual amount by which rent payable by Tenant under its Existing Leases is increased, solely as the result of Tenant’s holdover in its premises under the Existing Leases, over the rent payable by Tenant thereunder during the
period immediately prior to the Holdover Date. In no event shall the Holdover Rent Credit exceed $50,000.00 per month. Tenant shall provide reasonable evidence to Landlord of its payment of such holdover rent as a condition to Landlord’s
obligation to provide the Holdover Rent Credit. Notwithstanding the foregoing, if the Phase I Lease Commencement Date does not occur on or before July 1, 2015 (the “Outside 

  

					
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Completion Date”), Tenant shall have the right to terminate this Lease by delivering written notice (the “Termination Notice”) to Landlord of such election prior to
the Outside Completion Date, in which event this Lease shall automatically terminate on the date that is thirty (30) days after Landlord’s receipt of the Termination Notice (the “Termination Date”), unless the Phase I
Lease Commencement Date occurs prior to the Termination Date. If Tenant elects to terminate this Lease pursuant to the immediately preceding sentence, Landlord shall (i) refund to Tenant all monies previously paid by Tenant to Landlord, and
(ii) pay to Tenant the amount of the Holdover Rent Credit that accrued between the Holdover Date through and including the Termination Date. For purposes of calculating the Holdover Rent Credit, the Holdover Date and the Holdover Credit Date
shall be extended by the number of days that the substantial completion of the Tenant Improvements in the Premises are delayed by “Force Majeure”, as defined in Section 29.16, below, or by “Tenant Delay”, as defined
in Section 5.2 of the Tenant Work Letter. 
 1.2 Rentable Square Feet of Premises and Building. Landlord and Tenant
hereby stipulate and agree that the rentable area of the initial Premises is as set forth in Section 2.2 of the Summary. For purposes of the Hold Space, or any Expansion Space or First Offer Space leased by Tenant under this Lease,
“rentable square feet” in the Premises and the Building, as the case may be, shall be calculated pursuant to Office Building: Standard Methods of Measurement and Calculating Rentable Area (ANSI/BOMA Z65.1 – 2010) (Method B),
and its accompanying guidelines. 
  

	
	     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

  

					
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 ARTICLE 2 

LEASE TERM 
 2.1
Initial Lease Term. The terms and provisions of this Lease shall be effective as of the date of this Lease. The term of this Lease (the “Lease Term”) shall commence on the “Lease Commencement Date,” as
that term is set forth in Section 3.2 of the Summary, and shall terminate on the “Lease Expiration Date,” as that term is set forth in Section 3.3 of the Summary, unless this Lease is sooner terminated as
hereinafter provided. For purposes of this Lease, the term “Lease Year” shall mean each consecutive twelve (12) month period during the Lease Term. At any time during the Lease Term, Landlord may deliver to Tenant a notice in
the form as set forth in Exhibit C, attached hereto, as a confirmation only of the information set forth therein, which Tenant shall execute and return to Landlord within ten (10) business days of receipt thereof; provided
that if such notice is not factually correct, then Tenant shall make such changes as are necessary to make such notice factually correct and shall thereafter return such notice to Landlord within said ten (10) business day period. Tenant’s
failure to execute and return such notice to Landlord within such time shall be conclusive upon Tenant that the information set forth in such notice is as specified therein. Notwithstanding the foregoing or anything to the contrary set forth in this
Lease, Tenant shall have the right to occupy the Phase II Premises and/or the Hold Space (in the event that Tenant properly exercises its rights set forth in Section l.3, above) (individually or collectively, as the content may require, the
“Beneficial Occupancy Space”), for the conduct of Tenant’s business prior to the Phase II Lease Commencement Date, provided that (i) Tenant shall give Landlord at least five (5) days’ prior notice of any such
occupancy of the Beneficial Occupancy Space, (ii) a certificate of occupancy, temporary certificate of occupancy, or its legal equivalent shall have been issued by the appropriate governmental authorities for the Beneficial Occupancy Space, as
may be required by such governmental authorities in order for Tenant to legally occupy the Beneficial Occupancy Space, and (iii) all of the terms and conditions of this Lease shall apply (other than Tenant’s obligation to pay Base Rent),
including Tenant’s obligation to pay Tenant’s Share of Building Direct Expenses attributable to the Beneficial Occupancy Space, as though the Phase II Lease Commencement Date had occurred (although the Phase II Lease Commencement Date
shall not actually occur until the occurrence of the same pursuant to Section 3.2 of the Summary, above) upon such occupancy of the Beneficial Occupancy Space by Tenant. 

 

	
	     

    
     

    
     

    
     

    

  
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 ARTICLE 3 

BASE RENT 

Commencing on the applicable Lease Commencement Date, Tenant shall pay, without prior notice or demand, to Boston Properties, LP –
Property 10, P.O. Box 742841, Los Angeles, California 90074-2841, or, at Landlord’s option, to such other party or at such other place as Landlord may from time to time designate in writing, by notice to Tenant in accordance with the provisions
of Article 28 of this Lease, by a check for currency which, at the time of payment, is legal tender for private or public debts in the United States of America, base rent (“Base Rent”) as set forth in Section 4 of
the Summary, payable in equal monthly installments as set forth in Section 4 of the Summary in advance on or before the first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever, except as
expressly provided in this Lease. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant’s execution of this Lease. If any Rent payment date (including the Lease Commencement Date) falls on a day of the
month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of
such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis
shall be prorated on the same basis. 
 ARTICLE 4 

ADDITIONAL RENT 

4.1 General Terms. In addition to paying the Base Rent specified in Article 3 of this Lease, Tenant shall pay (i)
“Tenant’s Share” of the annual “Building Direct Expenses”, as those 

  
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terms are defined in Sections 4.2.6 and 4.2.1 of this Lease, respectively, and (ii) Tenant’s Share of “Capital Expenses,” as that term is defined in
Section 4.2.5, below, pursuant to Section 4.6 of this Lease. Such payments by Tenant, together with any and all other amounts payable by Tenant to Landlord pursuant to the terms of this Lease, are hereinafter collectively
referred to as the “Additional Rent,” and the Base Rent and the Additional Rent are herein collectively referred to as “Rent.” All amounts due under this Article 4 as Additional Rent shall be payable for the same
periods and in the same manner as the Base Rent. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay the Additional Rent and of Landlord to refund any over-payment of
Additional Rent, as provided for in this Article 4, shall survive the expiration of the Lease Term. Landlord shall make necessary adjustments for differences between actual and estimated Additional Rent in accordance with Section 4.4,
below. 
 4.2 Definitions of Key Terms Relating to Additional Rent. As used in this Article 4, the following terms shall have
the meanings hereinafter set forth: 
 4.2.1 “Building Direct Expenses” shall mean “Operating Expenses” and
“Tax Expenses”, as those terms are defined in Sections 4.2.3 and 4.2.4.1, below, respectively. 
 4.2.2
“Expense Year” shall mean each calendar year in which any portion of the Lease Term falls, through and including the calendar year in which the Lease Term expires, provided that Landlord, upon notice to Tenant, may change the
Expense Year from time to time to any other twelve (12) consecutive month period, and, in the event of any such change, Tenant’s Share of Building Direct Expenses and Capital Expenses shall be equitably adjusted for any Expense Year
involved in any such change. 
 4.2.3 “Operating Expenses” shall be calculated in accordance with sound real estate
management and accounting principles, consistently applied from year to year, and shall mean all expenses, costs and amounts of every kind and nature which Landlord pays or accrues in accordance with sound real estate management and accounting
principles, consistently applied from year to year, during any Expense Year because of or in connection with the management, maintenance, security, repair, replacement or operation of the Project, or any portion thereof, subject to the exclusions
and limitations set forth in this Lease. Without limiting the generality of the foregoing, Operating Expenses shall specifically include any and all of the following: (i) the cost of supplying all utilities, the cost of operating, maintaining,
repairing, replacing, renovating and managing the utility systems, mechanical systems, sanitary, storm drainage systems, communication systems and escalator and elevator systems, and the cost of supplies, tools, and equipment and maintenance and
service contracts in connection therewith; (ii) the cost of licenses, certificates, permits and inspections and the reasonable cost of contesting any governmental enactments which may affect Operating Expenses, and the costs incurred in
connection with any governmentally-mandated transportation system management program or similar program; (iii) the cost of all insurance carried by Landlord in connection with the Project as reasonably determined by Landlord (including, without
limitation, commercial general liability insurance, physical damage insurance covering damage or other loss caused by fire, earthquake, flood and other water damage, explosion, vandalism and malicious mischief, theft or other casualty, rental
interruption insurance and such insurance as may be required by any lessor under any present or future ground or underlying lease of the Building or Project or any holder of 

  
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a mortgage, trust deed or other encumbrance now or hereafter in force against the Building or Project or any portion thereof); (iv) the cost of landscaping, decorative lighting, and relamping,
the cost of maintaining fountains, sculptures, bridges and all supplies, tools, equipment and materials used in the operation, repair and maintenance of the Project, or any portion thereof; (v) the cost of parking area repair, restoration, and
maintenance, including, without limitation, resurfacing, repainting, restriping and cleaning; (vi) fees, charges and other costs, including management fees or amounts in lieu thereof (not to exceed three percent (3%) of all gross receipts for
the Project (as fully grossed up for a 100% occupancy level)), consulting fees (including, without limitation, any consulting fees incurred in connection with the procurement of insurance), legal fees and accounting fees, of all contractors,
engineers, consultants and all other persons engaged by Landlord or otherwise incurred by or charged by Landlord in connection with the management, operation, administration, maintenance and repair of the Building and the Project;
(vii) payments under any equipment rental agreements or management agreements (including the cost of any actual or charged management fee and the actual or charged rental of any management office space); (viii) wages, salaries and other
compensation and benefits, including taxes levied thereon, of all persons engaged in the operation, maintenance and security of the Project; (ix) costs under any instrument pertaining to the sharing of costs by the Project; (x) operation,
repair, maintenance and replacement of all systems and equipment and components thereof of the Project; (xi) the cost of janitorial, alarm, security and other services, replacement of wall and floor coverings, ceiling tiles and fixtures in
common areas, maintenance and replacement of curbs and walkways, repair to roofs and re-roofing; (xii) amortization (including interest on the unamortized cost at an annual interest rate reasonably
determined by Landlord) of the cost of acquiring or the rental expense of personal property used in the maintenance, operation and repair of the Project, or any portion thereof; (xiii) costs, fees, charges or assessments imposed by, or
resulting from any mandate imposed on Landlord by, any federal, state or local government for fire and police protection, trash removal, community services, or other services which do not constitute “Tax Expenses” as that term is defined
in Section 4.2.8, below; (xiv) advertising, marketing and promotional expenditures incurred in connection with the Project, including, without limitation, costs of signs in, on or about the Project identifying or promoting the
Project; (xv) payments under any easement, license, operating agreement, declaration, restrictive covenant, or instrument pertaining to the sharing of costs by the Project or related to the use or operation of the Project; and (xvi) all
commercially reasonable costs of applying and reporting for the Project or any part thereof to seek or maintain certification under the U.S. EPA’s Energy Star® rating system, the U.S.
Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system or a similar system or standard. Notwithstanding anything to the contrary in this Lease, the following items shall be excluded from Operating Expenses:

 (a) Landlord’s and Landlord’s managing agent’s general corporate or partnership overhead and general administrative
expenses, and all costs associated with the operation of the business of the ownership or entity which constitutes “Landlord,” as distinguished from the costs of Building operations, management, maintenance or repair, including, but not
limited to, costs of entity accounting and legal matters, costs of any disputes with any ground lessor or mortgagee, costs of acquiring, selling syndicating, financing, mortgaging or hypothecating any of the Landlord’s interest in all or any
part of the Project and/or Common Areas; 

  
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 (b) costs (including permit, license and inspection fees) incurred in renovating or
otherwise improving or decorating, painting or redecorating space for tenants or other occupants or in renovating or redecorating vacant space, including the cost of alterations or improvements to the Premises or to the premises of any other tenant
or occupant of the Project and any cash or other consideration paid by Landlord on account of, with respect to, or in lieu of the improvement or alteration work described herein; 

(c) costs in connection with the correction of defects in the design or original construction of the Project and related facilities; 

(d) any items included in Capital Expenses or Tax Expenses; 

(e) costs for which the Landlord is entitled to be reimbursed by any tenant (other than as a reimbursement of operating expenses) or occupant
of the Project or by insurance by its carrier or any tenant’s carrier or by anyone else including, without limitation, the cost of providing any janitorial services to any other tenant’s space (or occupiable space) in the Project; 

(f) costs of all items and services for which Tenant reimburses Landlord or pays to third parties or which Landlord provides selectively to one
or more tenants or occupants of the Building (other than Tenant) without reimbursement; 
 (g) depreciation and amortization except as
permitted pursuant to item (xii), above; 
 (h) costs incurred due to violation by Landlord or its managing agent or any tenant of the terms
and conditions of any lease; 
 (i) payments to subsidiaries or affiliates of Landlord, for management or other services in or to the
Project, or for supplies or other materials to the extent that the costs of such services, supplies, or materials exceed the costs that would have been paid had the services, supplies or materials been provided by parties unaffiliated with the
Landlord on a competitive basis; 
 (j) except as permitted pursuant to item (xii), above, interest, principal, points and fees on debt or
amortization payment on any mortgages, deeds of trust or other debt instruments; 
 (k) marketing, advertising and promotional costs and cost
of signs in or on the Building identifying the owner of the Building or other tenants’ signs; 
 (l) cost of repairs or other work
incurred by reason of fire, windstorm or other casualty or by the exercise of the right of eminent domain to the extent Landlord is entitled to be compensated through proceeds or insurance or condemnation awards, or would have been so reimbursed if
Landlord had in force all of the insurance required to be carried by Landlord under this Lease; 
 (m) leasing commissions, attorneys fees,
costs and disbursements and other expenses incurred in connection with negotiations or disputes with tenants or other occupants or 

  
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prospective tenant or other occupants, or associated with the enforcement of any leases or the defense of Landlord’s title to or interest in the Project or any part thereof or Common Areas
or any part thereof; 
 (n) costs of repair or replacement for any item covered by a warranty to the extent covered by the warranty; 

(o) costs for which Landlord is entitled to be reimbursed by its insurance carrier or by any tenant’s insurance carrier or by any other
entity; 
 (p) fines, costs, penalties or interest resulting from the negligence or fault of other tenants or of Landlord Parties; 

(q) rental payments and costs related to any ground lease of land underlying all or any portion of the Project and Common Areas; 

(r) contributions to charitable or political organizations in excess of the greater of (1) the amounts typically spent for such
contributions in Class A office buildings of comparable quality in the San Francisco financial district area, and (2) $50,000.00 in the aggregate in any single Expense Year; 

(s) bad debt loss, rent loss, or reserves for bad debt or rent loss; 

(t) the cost of acquiring sculptures, paintings or other objects of fine art in the Building or the Project in excess of amounts typically
spent for such items in Class A office buildings of comparable quality in the San Francisco financial district area; 
 (u) the cost
incurred to comply with laws relating to the containment, treatment, remediation or removal of “Hazardous Substance,” as that term is defined in Section 5.2, below, which was in existence in the Building or on the Project prior
to the Commencement Date (it being understood and agreed that Tenant shall nonetheless be responsible under Section 5.2 of this Lease for all costs of remediation and removal of Hazardous Substance to the extent caused by “Tenant
Parties”, as that term is defined in Section 10.13, below); 
 (v) the wages and benefits of any employee who does not
devote substantially all of his or her employed time to the Project unless such wages and benefits are prorated on a reasonable basis to reflect time spent on the operation and management of the Project vis-à-vis time spent on matters unrelated to the operation and management of the Project; 

(w) the cost of any electric power used by any tenant in the Building for which such tenant directly contracts with the local public service
company or of which any tenant is separately metered or submetered and pays Landlord directly; provided, however, that if any tenant in the Building contracts directly for electric power service or is separately metered or submetered during any
portion of the relevant period, the total electric power costs for the Building shall be “grossed up” to reflect what those costs would have been had each tenant in the Building used the Building-standard amount of electric power; 

  
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 (x) expense reserves; 

(y) services and utilities provided to, and costs incurred in connection with, the operation of the retail space in the Project; 

(z) the cost of electricity used in other tenant-occupied spaces in the Building to the extent the use by such tenant-occupied spaces exceeds
the amount of electricity provided by Landlord to the Premises pursuant to Section 6.1.2 of this Lease, below; 
 (aa) any
compensation and benefits paid to personnel working in or managing a food service or health club or other commercial concession operated by Landlord or Landlord’s managing agent; 

(bb) costs of replacements, alterations or improvements necessary to remedy any non-compliance of the
Building or the Project with Applicable Laws in effect and applicable to the Building and/or the Project prior to the date of this Lease, except to the extent the need for such replacements, alterations or improvements is caused by Tenant Parties
(in which case Tenant shall nonetheless be responsible for such costs in accordance with Article 24 of this Lease), provided, however, that the provisions of this sub-item (bb) shall not preclude the
inclusion of costs of compliance with Applicable Laws enacted prior to the date of this Lease if such compliance is required for the first time by reason of any amendment, modification or reinterpretation of an Applicable Law which is imposed after
the date of this Lease; 
 (cc) costs incurred by Landlord for use of any portion of the Project to accommodate private events which are not
for the general benefit of all tenants at the Project, including, but not limited to, private events, parties or ceremonies and filming or photography at the Project, to the extent such costs exceed the normal costs otherwise attributable to
providing Building services, such as lighting and HVAC to such portions of the Project, during Building Hours; 
 (dd) the cost of any
“above-standard” janitorial services for which Landlord enters into a contract with a third party separate and apart from Landlord’s standard janitorial contract(s) for the Project, including, but not limited to, construction clean-up and special janitorial services associated with private parties or events or specific tenant requirements in excess of janitorial services provided by Landlord to Tenant, without a separate charge; and 

(ee) “takeover” or “moving” or other tenant inducement expenses incurred with respect to space located in another building,
or in securing tenant’s relocation, of any kind or nature in connection with the leasing of space in the Project. 
 If Landlord is not
furnishing any particular work or service (the cost of which, if performed by Landlord, would be included in Operating Expenses) to a tenant who has undertaken to perform such work or service in lieu of the performance thereof by Landlord, Operating
Expenses shall be deemed to be increased by an amount equal to the additional Operating Expenses which would reasonably have been incurred during such period by Landlord if it had at its own expense furnished such work or service to such tenant. If
the Project is not at least one hundred percent (100%) occupied during all or a portion of any Expense Year, Landlord may elect to make an appropriate adjustment to the components of Operating Expenses 

  
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 for such year to determine the amount of Operating Expenses that would have been incurred had the Project
been one hundred percent (100%) occupied; and the amount so determined shall be deemed to have been the amount of Operating Expenses for such year. Landlord shall not (l) make a profit by charging items to Operating Expenses that are otherwise also
charged separately to tenants of the Project (including Tenant), and (2) subject to Landlord’s right to adjust the components of Operating Expenses as set forth above in this paragraph, collect Operating Expenses from tenants in the
Project in an amount in excess of those costs actually incurred by Landlord for the items included in Operating Expenses. 
 4.2.4
Taxes. 
 4.2.4.1 “Tax Expenses” shall mean all federal, state, county, or local governmental or municipal taxes,
fees, charges or other impositions of every kind and nature, whether general, special, ordinary or extraordinary (including, without limitation, real estate taxes, general and special assessments, transit taxes, business taxes, leasehold taxes or
taxes based upon the receipt of rent, including gross receipts or sales taxes applicable to the receipt of rent, unless required to be paid by Tenant, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems and
equipment, appurtenances, furniture and other personal property used in connection with the Project, or any portion thereof), which shall be paid or accrued during any Expense Year (without regard to any different fiscal year used by such
governmental or municipal authority) because of or in connection with the ownership, leasing and operation of the Project, or any portion thereof. 

4.2.4.2 Tax Expenses shall include, without limitation: (i) Any tax on the rent, right to rent or other income from the Project, or any
portion thereof, or as against the business of leasing the Project, or any portion thereof; (ii) Any assessment, tax, fee, levy or charge in addition to, or in substitution, partially or totally, of any assessment, tax, fee, levy or charge
previously included within the definition of real property tax, it being acknowledged by Tenant and Landlord that Proposition 13 was adopted by the voters of the State of California in the June 1978 election (“Proposition 13”) and
that assessments, taxes, fees, levies and charges may be imposed by governmental agencies for such services as fire protection, street, sidewalk and road maintenance, refuse removal and for other governmental services formerly provided without
charge to property owners or occupants, and, in further recognition of the decrease in the level and quality of governmental services and amenities as a result of Proposition 13, Tax Expenses shall also include any governmental or private
assessments or the Project’s contribution towards a governmental or private cost-sharing agreement for the purpose of augmenting or improving the quality of services and amenities normally provided by governmental agencies; (iii) Any
assessment, tax, fee, levy, or charge allocable to or measured by the area of the Premises, the tenant improvements in the Premises, or the Rent payable hereunder, including, without limitation, any business or gross income tax or excise tax with
respect to the receipt of such rent, or upon or with respect to the possession, leasing, operating, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises, or any portion thereof; (iv) Any assessment, tax, fee,
levy or charge, upon this transaction or any document to which Tenant is a party, creating or transferring an interest or an estate in the Premises; and (v) All of the real estate taxes and assessments imposed upon or with respect to the
Building and all of the real estate taxes and assessments imposed on the land and improvements comprising the Project. All assessments which can be paid by Landlord in installments, shall be paid by 

  
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Landlord in the maximum number of installments permitted by law (except to the extent inconsistent with the general practice of landlords of the Comparable Buildings) and shall be included as Tax
Expenses in the year in which the installment is actually paid. 
 4.2.4.3 If Tax Expenses for any period during the Lease Term or any
extension thereof are increased after payment thereof for any reason, including, without limitation, error or reassessment by applicable governmental or municipal authorities, Tenant shall pay Landlord, within thirty (30) days after demand,
Tenant’s Share of any such increased Tax Expenses. Similarly, if Tax Expenses for any period during the Lease Term or any extension thereof are decreased after payment thereof for any reason (including a refund under Proposition 8), Landlord
shall refund Tenant’s Share of such refund or overpayment to Tenant within thirty (30) days after receipt of same. Notwithstanding anything to the contrary contained in this Section 4.2.8 (except as set forth in
Section 4.2.8.1, above), there shall be excluded from Tax Expenses (i) all excess profits taxes, franchise taxes, gift taxes, capital stock taxes, inheritance and succession taxes, estate taxes, federal and state income taxes, and
other taxes to the extent applicable to Landlord’s general or net income (as opposed to rents, receipts or income attributable to operations at the Project), (ii) any items included as Operating Expenses, (iii) any items paid by Tenant
under Section 4.5 of this Lease or paid by other tenants of the Project under similar provisions in their respective leases, and (iv) tax penalties incurred as a result of Landlord’s failure to make payments and/or to file any
tax or informational returns when due (except to the extent such penalty is caused by a corresponding late payment by Tenant, in which event Tenant shall be responsible for the full amount of such penalty). 

4.2.4.4 Intentionally Omitted. 

4.2.5 “Capital Expenses” shall mean all cost of capital repair, improvements or expenditures incurred by Landlord in
connection with the Project (A) which are intended to effect economies in the operation, cleaning or maintenance of the Project, or any portion thereof (“Cost-Saving Expenditures”), (B) that are required to comply with present
or anticipated conservation programs, (C) which are replacements or modifications of nonstructural items located in the Common Areas required to keep the Common Areas in good order or condition, or (D) that are required under any
governmental law or regulation first enacted after the Lease Commencement Date. In no event shall Capital Expenses include any costs incurred by Landlord prior to October 1, 2018. 

4.2.6 “Tenant’s Share” shall mean the percentage set forth in Section 6 of the Summary. Tenant’s Share
was calculated by multiplying the number of rentable square feet of the Premises, as set forth in Section 2.2 of the Summary, by 100, and dividing the product by the total number of rentable square feet in the office area of the Building. 

4.3 Cost Pools. Landlord shall have the right, from time to time, to equitably allocate some or all of the Building Direct
Expenses for the Project among different portions or occupants of the Project (the “Cost Pools”), in Landlord’s reasonable discretion. Such Cost Pools may include, but shall not be limited to, the office space tenants of a
building of the Project or of the Project, and the retail space tenants of the Building or the Project. The Building Direct Expenses allocable to each such Cost Pool shall be allocated to such Cost Pool and charged to the tenants within such Cost
Pool in an equitable manner. 

  
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 4.4 Calculation and Payment of Building Direct Expenses. Each Expense
Year ending or commencing within the Lease Term, Tenant shall pay Tenant’s Share of Building Direct Expenses for such Expense Year, in the manner set forth in Section 4.4.l, below. 

4.4.1 Statement of Actual Building Direct Expenses and Payment by Tenant. Landlord shall give to Tenant within one hundred eighty
(180) days following the end of each Expense Year, a statement (the “Statement”), prepared on a line-item by line-item basis as to general categories, which shall state the Building Direct Expenses incurred or accrued for such
preceding Expense Year, and which shall indicate the amount of Tenant’s Share of Building Direct Expenses. Upon receipt of the Statement for each Expense Year commencing or ending during the Lease Term, Tenant shall pay, within thirty
(30) days, the full amount of Tenant’s Share of Building Direct Expenses for such Expense Year, less the amounts, if any, paid during such Expense Year as “Estimated Building Direct Expenses,” as that term is defined in
Section 4.4.2, below. If the amounts paid by Tenant during an Expense Year as Estimated Building Direct Expenses exceed Tenant’s Share of Building Direct Expenses for such Expense Year, then such difference shall be reimbursed by
Landlord to Tenant, provided that any such reimbursement, at Landlord’s option, may be credited against the Rent next coming due under this Lease unless the Lease Term has expired, in which event Landlord shall promptly refund the appropriate
amount to Tenant. Except as set forth in the last sentence of this Section 4.4.1, the failure of Landlord to timely furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this
Article 4. Even though the Lease Term has expired and Tenant has vacated the Premises, when the final determination is made of Tenant’s Share of Building Direct Expenses for the Expense Year in which this Lease terminates, if
Tenant’s Share of Building Direct Expenses is greater than the amount of Estimated Building Direct Expenses previously paid by Tenant to Landlord, Tenant shall pay to Landlord such amount within thirty (30) days following receipt by Tenant
of the Statement setting forth the Excess. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease Term, provided that, other than Tax Expenses and costs incurred for utilities, Tenant shall
not be responsible for Tenant’s Share of any Operating Expenses which are first billed to Tenant more than two (2) calendar years after the end of the Expense Year to which such Operating Expenses relate. 

4.4.2 Statement of Estimated Building Direct Expenses. In addition, Landlord shall give Tenant a yearly expense estimate
statement (the “Estimate Statement”) which shall set forth Landlord’s reasonable estimate (the “Estimate”) of the total amount of Building Direct Expenses for the then-current Expense Year and the estimated
Tenant’s Share of Building Direct Expenses (the “Estimated Building Direct Expenses”). The failure of Landlord to timely furnish the Estimate Statement for any Expense Year shall not preclude Landlord from enforcing its rights
to collect any Estimated Building Direct Expenses under this Article 4, nor shall Landlord be prohibited from revising any Estimate Statement or Estimated Building Direct Expenses theretofore delivered to the extent deemed reasonably
necessary by Landlord; provided, however, that (i) Landlord shall not revise the Estimate Statement delivered for an Expense Year more than once during an Expense Year, and (ii) any such subsequent revision shall set forth on a reasonably
specific basis any particular expense increase. Thereafter, Tenant shall pay, with its next installment of Base Rent due, a fraction of the Estimated Building Direct Expenses for the then-current Expense Year (reduced by any amounts paid pursuant to
the last sentence of this Section 4.4.2). Such fraction shall have as its numerator the number of 

  
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 months which have elapsed in such current Expense Year, including the month of such payment, and twelve
(12) as its denominator. Until a new Estimate Statement is furnished (which Landlord shall have the right to deliver to Tenant at any time), Tenant shall pay monthly, with the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the total Estimated Building Direct Expenses set forth in the previous Estimate Statement delivered by Landlord to Tenant. Throughout the Lease Term Landlord shall maintain books and records
with respect to Building Direct Expenses in accordance with sound real estate management and accounting principles, consistently applied. 

4.5 Taxes and Other Charges for Which Tenant Is Directly Responsible. 

4.5.1 Tenant shall be liable for and shall pay before delinquency, taxes levied against Tenant’s equipment, furniture, fixtures and any
other personal property located in or about the Premises. If any such taxes on Tenant’s equipment, furniture, fixtures and any other personal property are levied against Landlord or Landlord’s property or if the assessed value of
Landlord’s property is increased by the inclusion therein of a value placed upon such equipment, furniture, fixtures or any other personal property and if Landlord pays the taxes based upon such increased assessment, which Landlord shall have
the right to do regardless of the validity thereof but only under proper protest if requested by Tenant, Tenant shall upon demand repay to Landlord the taxes so levied against Landlord or the proportion of such taxes resulting from such increase in
the assessment, as the case may be, provided that Landlord shall use commercially reasonable efforts to enforce this provision against all tenants of the Project (to the extent allowed pursuant to the terms of each such tenant’s lease) in a non-discriminatory manner. 
 4.5.2 If the tenant improvements in the Premises, whether installed and/or
paid for by Landlord or Tenant and whether or not affixed to the real property so as to become a part thereof, are assessed for real property tax purposes at a valuation higher than the valuation at which tenant improvements conforming to
Landlord’s “building standard” in other space in the Building are assessed, then the Tax Expenses levied against Landlord or the property by reason of such excess assessed valuation shall be deemed to be taxes levied against personal
property of Tenant and shall be governed by the provisions of Section 4.5.1, above, provided that the above “building standard” charges payable by Tenant as set forth herein shall only be due to the extent Landlord
charges all other office tenants of the Building for overstandard tenant improvements (to the extent such charges are applicable). 
 4.5.3
Notwithstanding any contrary provision herein, to the extent not included in Tax Expenses, Tenant shall pay prior to delinquency any (i) rent tax or sales tax, service tax, transfer tax or value added tax, business tax or any other applicable
tax on the rent or services herein or otherwise respecting this Lease, (ii) taxes assessed upon or with respect to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises or
any portion of the Project, including the Project parking facility; or (iii) taxes assessed upon this transaction or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises. 

4.6 Calculation and Payment of Capital Expenses. Notwithstanding any provision to the contrary contained in this Lease, Tenant
shall pay to Landlord, on a monthly basis, as Additional Rent and in addition to Tenant’s Share of Building Direct Expenses, an amount equal 

  
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to Tenant’s Share of all Capital Expenses incurred by Landlord for any Expense Year; provided, however, any such Capital Expenses shall be amortized (including interest on the unamortized
cost at an annual interest rate reasonably determined by Landlord) over its useful life as Landlord shall reasonably determine in accordance with sound real estate management and accounting principles, and Tenant shall only be obligated to pay
Tenant’s Share of such amortized amount for that portion of the useful life that falls within the Lease Term; provided further, however, that Cost-Saving Expenditures shall only be included in Capital Expenses to the extent that, on the basis
of engineering studies made available to Tenant, a particular capital expenditure is reasonably estimated to result in savings in Operating Expenses, including, without limitation, energy related costs, and if such projected savings will, on an
annual basis (“Projected Annual Savings”), exceed the annual amortization therefor, then and in such event the amount of amortization for such capital expenditure shall be increased to an amount equal to the Projected Annual
Savings; and in such circumstance, the increased amortization (in the amount of the Projected Annual Savings) shall be made for such period of time as it would take to fully amortize the cost of the item in question, together with interest thereon
at the interest rate as aforesaid in equal monthly payments, each in the amount of l/12th of the Projected Annual Savings, with such payment to be applied first to interest and the balance to principal. The amount of Capital Expenses incurred by
Landlord, as well as Tenant’s Share of such Capital Expenses, shall be set forth on each Statement and each Estimate Statement delivered by Landlord Tenant and Tenant shall pay Tenant’s Share of such Capital Expenses at the same time and
in the same manner as Tenant shall pay Tenant’s Share of Building Direct Expenses. 
  

	
	     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

  
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 ARTICLE 5 

USE OF PREMISES 

5.1 Permitted Use. Tenant shall use the Premises solely for the Permitted Use set forth in Section 7 of the Summary and
Tenant shall not use or permit the Premises or the Project to be used for any other purpose or purposes whatsoever without the prior written consent of Landlord, which may be withheld in Landlord’s sole discretion. 

5.2 Prohibited Uses. Tenant further covenants and agrees that Tenant shall not use, or suffer or permit any person or persons to
use, the Premises or any part thereof for any use or purpose contrary to the provisions of the Rules and Regulations set forth in Exhibit D, attached hereto (provided that Tenant shall only be required to abide by and observe
any changes to the Rules and Regulations made after the date of this Lease to the extent such changes (a) are applied in a non-discriminatory manner; (ii) do not create an unreasonable interference
with or unreasonably prevent Tenant from using the Premises for the Permitted Use, and (b) do not materially diminish the rights or materially increase the obligations of Tenant under this Lease), or in violation of the laws of the United
States of America, the State of California, or the ordinances, regulations or requirements of the local municipal or county governing body or other lawful authorities having jurisdiction over the Project, including, without limitation, any such
laws, ordinances, regulations or requirements relating to hazardous materials or substances, as those terms are defined by Applicable Laws now or hereafter in effect. Tenant shall not do or permit anything to be done in or about the Premises which
will in any way materially obstruct or interfere with the rights of other tenants or occupants of the Building, or injure or unreasonably annoy them or use or allow the Premises to be used for any unlawful purpose, nor shall Tenant cause, maintain
or permit any nuisance in, on or about the Premises. Tenant shall comply with, and Tenant’s rights and obligations under the Lease and Tenant’s use of the Premises shall be subject and subordinate to, all easements, covenants, conditions,
and restrictions affecting the Project which are first recorded after the date of this Lease; provided, however, any such instrument shall not (and could not by its terms) materially and adversely affect Tenant’s use or occupancy of the
Premises, increase any obligations or decrease any rights of Tenant hereunder, nor shall any such instrument increase the rights or decrease the obligations of Landlord 

  
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 hereunder. Except for small quantities customarily used in business offices, and used in compliance with
Applicable Laws, Tenant shall not cause or permit any “Hazardous Substance,” as that term is defined below, to be kept, maintained, used, stored, produced, generated or disposed of (into the sewage or waste disposal system or otherwise) on
or in the Premises by Tenant or Tenant’s agents, employees, contractors, invitees, assignees or sublessees, without first obtaining Landlord’s written consent. Tenant shall promptly notify, and shall direct Tenant’s agents, employees
contractors, invitees, assignees and sublessees to promptly notify, Landlord of any incident in, on or about the Premises, the Building or the Project that would require the filing of a notice under any federal, state, local or quasi-governmental
law (whether under common law, statute or otherwise), ordinance, decree, code, ruling, award, rule, regulation or guidance document now or hereafter enacted or promulgated, as amended from time to time, in any way relating to or regulating any
Hazardous Substance. As used herein, “Hazardous Substance” means any substance which is toxic, ignitable, reactive, or corrosive and which is regulated by any local government, the State of California, or the United States
government. “Hazardous Substance” includes any and all material or substances which are defined as “hazardous waste,” “extremely hazardous waste” or a “hazardous substance” pursuant to state, federal or local
governmental law. “Hazardous Substance” also includes asbestos, polychlorobiphenyls (i.e., PCB’s) and petroleum. 

5.3 Remediation of Hazardous Substance. Landlord shall remediate any Hazardous Substance to the extent that (a) such
Hazardous Substance was not brought onto the Project by, or permitted to be brought onto the Project by, Tenant or a Tenant Party, and (b) Landlord’s failure to remediate would be in violation of Applicable Laws and would (1) prevent
Tenant from obtaining or maintaining a certificate of occupancy for the Premises, (2) create a material risk to the safety or health of Tenant’s employees, (3) otherwise materially and adversely affect Tenant’s use of or access
to the Premises. 
 5.4 Bicycle Storage Area. Tenant shall have the non-exclusive
right, at no additional cost to Tenant, to utilize that portion of the Building’s parking garage designated by Landlord for the parking of non-motorized bicycles by tenants and occupants of the Building
(the “Bicycle Storage Area”), which Bicycle Storage Area shall (a) be non-exclusive for each tenant of the Building, and (b) be of a size to reasonably accommodate at least sixty
(60) bicycles, with sufficient locker or rack space to safely secure each bicycle. Motorized vehicles of any kind, including motorcycles and mopeds, are prohibited in the Bicycle Storage Area, as is the storage of any property other than the
permitted number of bicycles. Overnight parking of bicycles in the Bicycle Storage Area is prohibited. Landlord specifically reserves the right to reasonably change the location, size and configuration of the Bicycle Storage Area at any time, and to
temporarily close-off or restrict access to the Bicycle Storage Area from time to time in connection with repairs or improvements at the Project, without incurring any liability to Tenant and without any
abatement of Rent under this Lease. In addition to Tenant’s right to use the Bicycle Storage Area, Tenant’s employees shall have the right to bring their bicycles into the Premises, subject to the following terms and conditions:
(i) bicycles may only enter and exit the Premises via the Building’s freight elevator and not through the main lobby of the Building; (ii) Landlord shall have the right to reasonably designate the path of travel that Tenant’s
employees must follow to and from the Premises and the freight elevator; (iii) during such time as bicycles are within the Premises, all bicycles must be stored in a designated bicycle area; and (iv) in no event shall Tenant permit more
than ten (10) bicycles per floor of the then-existing 

  
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 Premises to be located within the Premises at any one time. Landlord shall have no obligation to provide
security in the Bicycle Storage Area, and Landlord shall in no event be liable for personal injury or property damage for any error with regard to the admission to or exclusion from the Bicycle Storage Area of any person; provided, however, that the
Bicycle Storage Area shall be part of the controlled-access portion of the garage of the Building and shall not be publicly accessible. Upon the expiration or earlier termination of this Lease, Tenant shall have removed all bicycles belonging to its
employees from the Bicycle Storage Area and Tenant, at Tenant’s sole cost and expense, shall repair all damage to the Bicycle Storage Area caused by the removal of Tenant’s property therefrom, and if Tenant fails to repair such damage,
Landlord may undertake such repair on account of Tenant and Tenant shall pay to Landlord within thirty (30) days after demand the cost of such repair. If Tenant fails to remove any bicycles at the expiration or earlier termination of this
Lease, Landlord may dispose of said bicycles in accordance with Applicable Laws. 
 ARTICLE 6 

SERVICES AND UTILITIES 

6.1 Standard Tenant Services. Landlord shall provide the following services on all days (unless otherwise stated below) during
the Lease Term. 
 6.1.1 Subject to limitations imposed by all governmental rules, regulations and guidelines applicable thereto, Landlord
shall provide heating, ventilation and air conditioning (“HVAC”) when necessary for normal comfort for normal office use in the Premises (which amounts shall be materially consistent with the amounts being provided by landlords of
Comparable Buildings) from 7:00 A.M. to 6:00 P.M. Monday through Friday, and on Saturdays from 8:00 A.M. to 1:00 P.M. (collectively, the “Building Hours”), except for the date of observation of New Year’s Day, President’s
Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day and, at Landlord’s reasonable discretion, other locally or nationally recognized holidays (collectively, the “Holidays”). Tenant shall cooperate
fully with Landlord at all times and abide by all regulations and requirements that Landlord may reasonably prescribe for the proper functioning and protection of the HVAC, electrical, mechanical and plumbing systems. 

6.1.2 Landlord shall provide reasonably sufficient electricity to the Premises (including adequate electrical wiring and facilities for
connection to Tenant’s lighting fixtures and incidental use equipment), provided that (i) the connected electrical load of the normal and customary office equipment does not exceed an average of two and
one-half (2.5) watts per usable square foot of the Premises during the Building Hours, calculated on a monthly basis, and the electricity so furnished for normal and customary office equipment will be at a
nominal one hundred twenty (120) volts and no electrical circuit for the supply of such normal and customary office equipment will require a current capacity exceeding twenty (20) amperes, and (ii) the connected electrical load of
Tenant’s lighting fixtures does not exceed an average of one and one-half (1.5) watts per usable square foot of the Premises during the Building Hours, calculated on a monthly basis, and the electricity
so furnished for Tenant’s lighting will be at a nominal one hundred twenty (120) volts. Tenant will design Tenant’s electrical system serving any equipment producing nonlinear electrical loads to accommodate such nonlinear electrical
loads, including, 

  
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 but not limited to, oversizing neutral conductors, derating transformers and/or providing power-line
filters. Engineering plans shall include a calculation of Tenant’s fully connected electrical design load with and without demand factors and shall indicate the number of watts of unmetered and submetered loads. Tenant shall bear the cost of
replacement of lamps, starters and ballasts for non-Building standard lighting fixtures within the Premises. Notwithstanding anything to the contrary set forth in this Lease, Landlord shall have the right, at
Landlord’s cost, to install devices to separately meter (or sub-meter) Tenant’s use of electricity in the Premises, in which event Tenant shall pay such electricity costs directly to Landlord, within
thirty (30) days after demand, at the rates charged by the public utility company furnishing the same, and Operating Expenses shall not include the cost of electricity used in other tenant-occupied spaces in the Building. 

6.1.3 Landlord shall provide city water from the regular Building outlets for drinking, kitchen, lavatory and toilet purposes in the Building
Common Areas and the Premises. 
 6.1.4 Landlord shall provide nonexclusive, non-attended automatic
passenger elevator service during the Building Hours, shall have one elevator available at all other times, including on the Holidays, except in the event of emergency, and shall provide nonexclusive,
non-attended automatic passenger escalator service during Building Hours only. 
 6.1.5 Landlord
shall provide nonexclusive freight elevator service subject to reasonable scheduling by Landlord. 
 6.1.6 Landlord shall provide customary
weekday janitorial services to the Premises, except the date of observation of the Holidays, in and about the Premises and customary occasional window washing services, each in a manner consistent with other Class “A” office buildings
located in the vicinity of the Project. 
 6.1.7 Landlord shall provide reasonable access-control personnel, systems, and services for the
Building and the Building’s parking facility twenty-four (24) hours per day, seven (7) days per week, in a manner reasonably consistent with landlords of Comparable Buildings. Notwithstanding the foregoing. Landlord shall in no case
be liable for personal injury or property damage for any error with regard to the admission to or exclusion from the Building or Project of any person. 

6.1.8 Subject to Landlord’s reasonable rules, regulations, and restrictions and the terms of this Lease, including, without limitation,
the terms of Section 29.32 of this Lease, below, Landlord shall permit Tenant to utilize the existing Building risers, raceways, shafts and conduit to the extent (i) there is available space in the Building risers, raceways, shafts
and/or conduit for Tenant’s use, which availability shall be determined by Landlord in Landlord’s sole and absolute discretion, and (ii) Tenant’s requirements are consistent with the requirements of a typical general office user.
To the extent that Tenant’s use of the Building risers, raceways, shafts and/or conduit exceeds Tenant’s pro-rata share of such areas, then Tenant shall pay as Additional Rent Landlord’s
standard fee for the use of such Building risers, raceways, shafts and/or conduit. Tenant may only use vendors reasonably approved by Landlord to provide services to Tenant through the use of the Building risers, raceways, shafts and conduit. 

  
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 Notwithstanding anything in this Lease to the contrary, if Landlord or any affiliate of
Landlord has elected to qualify as a real estate investment trust (“REIT”), any service required or permitted to be performed by Landlord pursuant to this Lease, the charge or cost of which may be treated as impermissible tenant
service income under the laws governing a REIT, may be performed by a taxable REIT subsidiary that is affiliated with either Landlord or Landlord’s property manager, an independent contractor of Landlord or Landlord’s property manager (the
“Service Provider”). If Tenant is subject to a charge under this Lease for any such service, then, at Landlord’s direction, Tenant will pay such charge either to Landlord for further payment to the Service Provider or directly
to the Service Provider, and, in either case, (i) Landlord will credit such payment against Additional Rent due from Tenant under this Lease for such service, and (ii) such payment to the Service Provider will not relieve Landlord from any
obligation under the Lease concerning the provisions of such service. 
 6.2 Overstandard Tenant Use. Tenant shall not, without
Landlord’s prior written consent, which shall not be unreasonably withheld, use heat-generating machines, machines other than normal office machines, or equipment or lighting other than Building standard lights in the Premises, which may
materially affect the temperature otherwise maintained by the air conditioning system or increase the water normally furnished for the Premises by Landlord pursuant to the terms of Section 6.1 of this Lease. If Tenant uses water,
electricity, heat or air conditioning in excess of that supplied by Landlord pursuant to Section 6.1 of this Lease, Tenant shall pay to Landlord, within thirty (30) days following billing, the cost of such excess consumption, the
reasonable cost of the installation, operation, and maintenance of equipment which is installed in order to supply such excess consumption, and the cost of the increased wear and tear on existing equipment caused by such excess consumption; and
Landlord may install devices to separately meter (or sub-meter) any increased use and in such event Tenant shall pay the increased cost directly to Landlord, within thirty (30) days after demand, at the
rates charged by the public utility company furnishing the same, including the cost of such additional metering (or sub-metering) devices. In addition, in the event that there is located in the Premises a data
center containing high density computing equipment, as defined in the U.S. EPA’s Energy Star® rating system (“Energy Star”), Landlord may require the installation in accordance with Energy Star of separate metering or check
metering equipment, in which event (i) Tenant shall pay the costs of any such meter or check meter directly to Landlord, within thirty (30) days after demand, including the installation and connectivity thereof, (ii) Tenant shall
directly pay to the utility provider all electric consumption on any meter, and (iii) Tenant shall pay to Landlord, as Additional Rent, all electric consumption on any check meter within thirty (30) days after being billed thereof by
Landlord, in addition to other electric charges payable by Tenant under the Lease. In the event that Tenant purchases any utility service directly from the provider, Tenant shall promptly provide to Landlord either permission to access Tenant’s
usage information from the utility service provider or copies of the utility bills for Tenant’s usage of such services in a format reasonably acceptable to Landlord. Tenant’s use of electricity shall never exceed the capacity of the
feeders to the Project or the risers or wiring installation, and subject to the terms of Section 29.32, below, Tenant shall not install or use or permit the installation or use of any computer or electronic data processing equipment in the
Premises, without the prior written consent of Landlord, which shall not be unreasonably withheld, conditioned or delayed; provided, however, (i) the foregoing restriction shall not apply to general office use of printers and personal computers
on the desktops of Tenant’s employees, and (ii) to the extent the “Approved Working Drawings,” as that term is set forth in Section 3.4 of the Tenant Work 

  
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 Letter, creates separately ventilated “computer” and/or “data center” rooms, the
foregoing restriction shall not apply within such designated areas. If Tenant desires to use heat, ventilation or air conditioning during hours other than those for which Landlord is obligated to supply such utilities pursuant to the terms of
Section 6.1 of this Lease, Tenant shall give Landlord such prior notice, if any, as Landlord shall from time to time reasonably establish as appropriate, of Tenant’s desired use in order to supply such utilities, and Landlord shall
supply such utilities to Tenant at Landlord’s actual cost (which shall be treated as Additional Rent), which shall include the costs of the electricity consumed by such HVAC (unless paid for directly by Tenant), the costs of increased
depreciation and maintenance costs on the Base Building HVAC equipment, and Landlord’s standard administration fee. Landlord shall have the exclusive right, but not the obligation, to provide any additional services which may be required by
Tenant, including, without limitation, locksmithing, lamp replacement, additional janitorial service, and additional repairs and maintenance; provided, however, that Landlord may not charge Tenant more than Landlord would be charged for similar work
performed for Landlord’s own account. If Tenant requests any such additional services, then Tenant shall pay to Landlord the cost of such additional services, including Landlord’s reasonable standard fee for its involvement with such
additional services, promptly upon being billed for same. If Landlord declines to provide any additional service requested by Tenant, Tenant shall have the right to hire a third-party service provider to perform such service, subject to
Landlord’s approval of such third-party service provider, which approval shall not be unreasonably withheld, conditioned or delayed. 

6.3 Interruption of Use. Tenant agrees that Landlord shall not be liable for damages, by abatement of Rent (except as
specifically set forth in Section 19.5.2 of this Lease) or otherwise, for failure to furnish or delay in furnishing any service (including telephone and telecommunication services), or for any diminution in the quality or quantity
thereof, when such failure or delay or diminution is occasioned, in whole or in part, by breakage, repairs, replacements, or improvements, by any strike, lockout or other labor trouble, by inability to secure electricity, gas, water, or other fuel
at the Building or Project after reasonable effort to do so, by any riot or other dangerous condition, emergency, accident or casualty whatsoever, by act or default of Tenant or other parties, or by any other cause beyond Landlord’s reasonable
control (provided that the foregoing shall not limit Landlord’s liability, if any, pursuant to Applicable Laws for bodily injury and property damage to the extent caused by the negligence or willful misconduct of Landlord, its agents, employees
or contractors); and such failures or delays or diminution shall never be deemed to constitute an eviction or disturbance of Tenant’s use and possession of the Premises or relieve Tenant from paying Rent (except as specifically set forth in
Section 19.5.2 of this Lease) or performing any of its obligations under this Lease. Furthermore, Landlord shall not be liable under any circumstances for a loss of, or injury to, property or for injury to, or interference with, Tenant’s
business, including, without limitation, loss of profits, however occurring, through or in connection with or incidental to a failure to furnish any of the services or utilities as set forth in this Article 6, provided that the foregoing shall not
limit Landlord’s liability, if any, pursuant to Applicable Laws for bodily injury and property damage to the extent caused by the negligence or willful misconduct of Landlord, its agents, employees or contractors. 

6.4 Fire Stairs. Landlord hereby agrees that Landlord shall not prohibit Tenant from using the fire stairs between contiguous
floors of the Premises for the regular travel of employees between such floors, provided such use by Tenant complies with all Applicable Laws (including 

  
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building codes. Subject to Landlord’s prior approval, which approval shall not be unreasonably withheld, conditioned or delayed, and compliance with all Applicable Laws, Tenant shall have
the right to install a security system in accordance with Article 8 of this Lease to restrict access to the Premises from the fire stairs and make cosmetic, non-structural alterations to the fire stairs used
by Tenant pursuant to this Section 6.4. Landlord makes no representation to Tenant as to whether or not the use of the fire stairs between contiguous floors of the Premises for the regular travel of employees between such floors is
allowed under Applicable Laws. 
 6.5 Rooftop Rights. In accordance with, and subject to, the terms and conditions set forth in
Article 8, below, and this Section 6.5, Tenant, on a non-exclusive basis and without the payment of any additional rent or other license fee, may install, repair and replace, at Tenant’s sole
cost and expense, satellite dishes/antennae on the roof of the Building which shall be no larger than twenty-four inches (24”) in diameter (and reasonable equipment and cabling related thereto), for receiving of signals or broadcasts (as
opposed to the generation or transmission of any such signals or broadcasts) servicing the business conducted by Tenant from within the Premises (all such equipment is defined collectively as the “Telecommunications
Equipment”). Landlord makes no representations or warranties whatsoever with respect to the condition of the roof of the Building, or the fitness or suitability of the roof of the Building for the installation,
maintenance and operation of the Telecommunications Equipment, including, without limitation, with respect to the quality and clarity of any receptions and transmissions to or from the Telecommunications Equipment and the presence of any
interference with such signals whether emanating from the Building or otherwise. The physical appearance and the size of the Telecommunications Equipment shall be subject to Landlord’s reasonable approval, the location of any such installation
of the Telecommunications Equipment shall be designated by Tenant subject to Landlord’s reasonable approval and Landlord may require Tenant to install screening around such Telecommunications Equipment, at Tenant’s sole cost and expense,
as reasonably designated by Landlord. Tenant shall maintain such Telecommunications Equipment, at Tenant’s sole cost and expense. Tenant shall reimburse to Landlord the reasonable, out of pocket costs reasonably incurred by Landlord in
approving such Telecommunications Equipment. Tenant shall remove such Telecommunications Equipment upon the expiration or earlier termination of the Lease, and shall return the affected portion of the rooftop and the Premises to the condition the
rooftop and the Premises would have been in had no such Telecommunications Equipment been installed (reasonable wear and tear, casualty and condemnation excepted), unless Landlord, in its sole discretion, elects in a written notice to Tenant to keep
all or any portion of such Telecommunications Equipment, in which case such Telecommunications Equipment shall be surrendered by Tenant to Landlord, and shall be and become the property of Landlord without the necessity of any further written
documentation (unless reasonably requested by Landlord), upon the expiration or earlier termination of this Lease, provided Landlord pays to Tenant the fair market value of the Telecommunications Equipment retained by Landlord. Such
Telecommunications Equipment shall be installed pursuant to plans and specifications approved by Landlord (specifically including, without limitation, all mounting and waterproofing details), which approval will not be unreasonably withheld,
conditioned, or delayed. Notwithstanding any such review or approval by Landlord, Tenant shall remain solely liable for any damage to any portion of the roof or roof membrane, specifically including any penetrations, in connection with Tenant’s
installation, use, maintenance and/or repair of such Telecommunications Equipment, and Landlord shall have no liability therewith. Such Telecommunications Equipment shall, in all instances, comply with all 

  
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 Applicable Laws. Tenant shall not be entitled to license its Telecommunications Equipment to any unrelated
third party, nor shall Tenant be permitted to receive any revenues, fees or any other consideration for the use of such Telecommunications Equipment by an third party. Tenant hereby expressly acknowledges that Landlord shall have the right
(i) to itself utilize any rooftop space for the use of equipment, and (ii) to re-sell, license or lease any rooftop space to any third party for the use of equipment; provided, however, that so long
as Tenant and the Telecommunications Equipment are in compliance with Applicable Laws and this Lease (including, without limitation, the operation of such Telecommunications Equipment within permitted frequencies), then (A) any third party use
permitted by Landlord after the installation of the Telecommunications Equipment shall not unreasonably interfere with the Telecommunications Equipment or signals or services provided to Tenant thereby, and (B) Tenant’s rights under this
Section 6.5 shall be superior to the rights of any third parties which buy, license or lease rooftop space at the Project. 

ARTICLE 7 
 REPAIRS

 Landlord shall at all times during the Lease Term maintain in good condition and operating order the structural portions of the
Building, including, without limitation, the foundation, floor slabs, ceilings, roof, columns, beams, shafts, stairs, stairwells, escalators, elevators, Base Building restrooms and all Common Areas (collectively, the “Building
Structure”), and the Base Building mechanical, electrical, life safety, plumbing, sprinkler and HVAC systems installed or furnished by Landlord (collectively, the “Building Systems”). Except as specifically set forth in
this Lease to the contrary, Tenant shall not be required to repair the Building Structure and/or the Building Systems, except to the extent required because of Tenant’s use of the Premises for other than normal and customary business office
operations. Tenant shall, at Tenant’s own expense, keep the Premises, including all improvements, fixtures and furnishings therein, and the floor or floors of the Building on which the Premises are located, in good order, repair and condition
at all times during the Lease Term, except for (a) damage caused by ordinary wear and tear or beyond the reasonable control of Tenant, (b) damage caused by fire or other casualty (which damage caused by fire or other casualty shall be
governed by the terms of Article 11 of this Lease), (c) damage caused by the negligence or willful misconduct of Landlord or the Landlord Parties, and (d) damage that Landlord is required to repair or that results from Landlord’s
breach of its obligations under this Lease; provided, however, that, Landlord shall have the exclusive right, at Landlord’s option, but not the obligation, to make such repairs and replacements at Tenant’s sole cost and expense. In the
event that Landlord elects to make any such repair, Landlord hereby agrees that (1) the cost to Tenant of such repair shall be reasonably priced vis-à-vis
the cost to Tenant if Tenant had contracted directly for such repair with another qualified contractor approved by Landlord, and (2) the time period required to complete such repair shall not be materially longer than the time period required
to complete such repair had Tenant contracted directly for such repair with a qualified contractor approved by Landlord. In the event Landlord does not elect to make such repairs and replacements, then such repairs shall be performed by a contractor
(and subcontractors, as necessary) retained by Tenant and approved by Landlord to perform work at the Project, provided that Landlord shall have the right to require the use of designated contractors or vendors with respect to work on the Building
Structure or Building Systems (the “Major Trades”). Such contractor(s) shall follow 

  
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Landlord’s reasonable and non-discriminatory construction administration procedures and utilize the standard specifications and details for the
Building, all as promulgated by Landlord from time to time. Subject to the terms of Section 19.5 and Article 27 of this Lease below, Landlord may, but shall not be required to, enter the Premises at all reasonable times to make such
repairs, alterations, improvements or additions to the Premises or to the Project or to any equipment located in the Project as Landlord shall desire or deem necessary or as Landlord may be required to do by governmental or quasi-governmental
authority or court order or decree. Tenant hereby waives any and all rights under and benefits of subsection 1 of Section 1932 and Sections 1941 and 1942 of the California Civil Code or under any similar law, statute, or ordinance now or
hereafter in effect. 
 ARTICLE 8 

ADDITIONS AND ALTERATIONS 

8.1 Landlord’s Consent to Alterations. Tenant may not make or suffer to be made any improvements, alterations, additions,
changes, or repairs (pursuant to Article 7 or otherwise) to the Premises or any mechanical, plumbing or HVAC facilities or systems pertaining to the Premises (collectively, the “Alterations”) without first procuring the prior
written consent of Landlord to such Alterations, which consent shall be requested by Tenant in accordance with the terms and conditions of this Article 8, and which consent shall not be unreasonably withheld, conditioned or delayed by
Landlord, provided it shall be deemed reasonable for Landlord to withhold its consent to any Alteration which adversely affects the Building Structure or Building Systems or equipment, or is visible from the exterior of the Building (each, a
“Material Alteration” and, collectively, “Material Alterations”). Landlord may impose, as a condition of its consent to any and all Alterations or repairs of the Premises or about the Premises, reasonable
requirements, provided that such requirements may be imposed in Landlord’s sole discretion in connection with any Material Alteration. The construction of the initial improvements to the Premises shall be governed by the terms of the Tenant
Work Letter and not the terms of this Article 8. Notwithstanding anything to the contrary set forth in this Article 8, Landlord expressly agrees that if at any time during the Lease Term the Premises shall be located on two (2) or
more contiguous floors in the Building, Tenant shall have the right, subject to Landlord’s prior written approval of Tenant’s plans and specifications, and subject to all Applicable Laws and the remaining provisions of this Article
8 and this Lease, to construct an internal stairwell between such contiguous floors of the Premises. In the event that any modifications to the Building Structure or Building Systems are required by Applicable Law as a result of Tenant’s
installation and construction of any internal stairwell as provided in this Section 8.1, such costs and expenses shall be the sole responsibility of Tenant. Within thirty (30) days following the expiration or earlier termination of
this Lease, Tenant shall reimburse Landlord for all reasonable costs of removing any such internal stairwell and repairing any damage caused by such removal unless Landlord has, on or before the expiration or earlier termination of this Lease,
entered into a lease with a succeeding tenant for the then-existing Premises, and such tenant elects to use such internal stairwell and agrees in writing to reimburse Landlord for the cost of removing the stairwell and repairing any damage caused by
such removal upon the expiration or earlier termination of such succeeding tenant’s lease. 

  
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 8.2 Manner of Construction. Landlord shall have the exclusive right, at
Landlord’s option, but not the obligation, to make the Alterations at Tenant’s sole cost and expense, provided, however, that if Landlord elects to make any such Alteration, Landlord hereby agrees that (a) the cost to Tenant of such
Alteration shall be reasonably priced vis-a-vis the cost to Tenant if Tenant had contracted directly for such Alteration with another qualified general contractor
approved by Landlord to perform work in the Project, and (b) the time period required to construct such Alteration shall not be materially longer than the time period required to construct such Alteration had Tenant contracted directly for such
Alteration with a qualified general contractor approved by Landlord. If Landlord elects to make the Alterations pursuant to the immediately preceding sentence, then Landlord shall inform Tenant of such election within five (5) business days
following the date upon which Tenant requests Landlord consent to such Alteration pursuant to Section 8.1 of this Lease, above, and Tenant shall retain Landlord to construct such Alterations and Landlord shall hold all applicable
construction contracts. If Landlord does not elect to perform any such Alteration (which Alteration has otherwise been approved by Landlord), then Tenant shall perform such Alteration pursuant to the terms of this Article 8, to the extent
applicable as reasonably determined by Landlord. Prior to the commencement of construction of any Alterations or repairs, Tenant shall submit to Landlord, for Landlord’s review and approval in its reasonable discretion, four (4) copies
signed by Tenant of all plans, specifications and working drawings relating thereto. Landlord shall review and approve or disapprove all such plans, specifications and working drawings within fifteen (15) days following the date upon which
Tenant submits the same to Landlord, except that Landlord shall have fifteen (15) business days following the date upon which Tenant submits the same to Landlord to review and approve such plans, specifications and working drawings in the event
that the nature of the Alterations or repairs is such that (I) review of the plans, specifications and working drawings related thereto cannot reasonably be completed within fifteen (15) days, or (II) Landlord needs to send the plans,
specifications and working drawings out for third-party review; provided, however, if Landlord disapproves of any such plans, specifications or working drawings, then Landlord shall set forth with reasonable specificity the grounds for such
disapproval. Tenant, at its sole cost and expense, shall retain an architect/space planner subject to Landlord’s reasonable approval, to prepare such plans, specifications and working drawings; provided that, Tenant shall retain the engineering
consultants from a list of at least three (3) names provided by Landlord to prepare all plans and engineering working drawings, if any, relating to the structural, mechanical, electrical, plumbing, HVAC, life-safety and sprinkler work of the
Alterations. Tenant shall be required to include in its contracts with the architect and the engineers a provision which requires ownership of all architectural and engineering drawings to be transferred to Tenant upon the substantial completion of
the Alteration and Tenant hereby grants to Landlord a non-exclusive right to use such drawings, including, without limitation, a right to make copies thereof. Tenant shall cause each architect/space planner
and engineer retained by Tenant to follow Landlord’s reasonable and non-discriminatory construction administration procedures and to utilize the standard specifications and details for the Building, all
as promulgated by Landlord from time to time. Tenant and Tenant’s architect/space planner shall verify, in the field, the dimensions and conditions as shown on the relevant portions of the Base Building plans, and Tenant and Tenant’s
architect/space planner shall be solely responsible for the same, and Landlord shall have no responsibility in connection therewith. In addition, in the event that Tenant retains an architect/space planner that is not on Landlord’s list of
designated or approved architects/space planners for the Building, then at Landlord’s option, Landlord may 

  
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submit Tenant’s plans, specifications and working drawings to a third-party architect and/or engineer, selected by Landlord, for their review, at Tenant’s sole cost and expense.
Landlord’s review of plans, specifications and working drawings as set forth in this Section 8.2, shall be for its sole purpose and shall not imply Landlord’s review of the same, or obligate Landlord to review the same, for
quality, design, compliance with applicable building codes or other like matters. Accordingly, notwithstanding that any plans, specifications or working drawings are reviewed by Landlord or its space planner, architect, engineers and consultants,
and notwithstanding any advice or assistance which may be rendered to Tenant by Landlord or Landlord’s space planner, architect, engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and shall not be
responsible for any omissions or errors contained in the plans, specifications and working drawings for the Alterations, and Tenant’s waiver and indemnity set forth in Section 10.1 of this Lease, below, shall specifically apply to the
plans, specifications and working drawings for the Alterations. Following Landlord’s approval in its reasonable discretion of all plans, specifications and working drawings for the Alterations, a contractor to construct the Alterations shall be
selected by Tenant and approved by Landlord (except that Landlord shall have the right to designate contractors to perform the work of the Major Trades) to perform work at the Project, provided that Tenant shall have the right to require multiple
contractors on Landlord’s list to bid the project; and provided, further, that if Landlord elects to make the Alterations, then (A) Landlord shall obtain competitive bids from at least three (3) qualified general contractors approved
by Landlord to perform work in the Building; (B) Landlord shall require such general contractors to obtain competitive bids for each major trade (as reasonably determined by Landlord) from at least three (3) subcontractors approved by
Landlord to perform work in the Building; (C) Tenant shall have the right to review all bids and to select any bidder (except with respect to Material Alterations, in which event Landlord shall have the right to select the bidder); (D) the
construction contract shall expressly acknowledge that Tenant is a third-party beneficiary thereunder and shall authorize Tenant to directly enforce all warranties or guarantees; and (E) Landlord shall use commercially reasonable efforts to
enforce the terms of the construction contract. Landlord shall provide to Tenant an itemized statement of costs, as set forth in the proposed contract with such contractor (the “Alteration Contract”), which costs form a basis for
the amount of the Alteration Contract (the “Alteration Contract Amount”). Tenant, in consultation with Landlord, shall review the itemized statement of costs provided to Tenant in accordance with this Section 8.2, and
upon receipt of Tenant’s approval of such itemized statement of costs by Landlord, Landlord shall be released by Tenant (i) to retain the contractor who submitted such itemized statement of costs, and (ii) to purchase the items set
forth in such itemized statement of costs and to commence the construction relating to such items. Landlord shall execute a commercially reasonable construction contract with the contractor which shall guaranty, on commercially reasonable terms,
that the Alterations shall be free from defects in workmanship and materials for a period of at least one (1) year from the date of substantial completion, and Landlord shall, at Landlord’s cost and expense, cause any defects in
workmanship or materials which are discovered within such one (1) year time period to be promptly corrected. Landlord hereby assigns to Tenant all warranties and guaranties by the contractor selected in accordance with this
Section 8.2 to construct the Alterations. Subject to Landlord’s obligation to correct defects in workmanship or materials which are discovered within one (1) year following substantial completion of the Alteration, as set forth
above, and subject to any liability arising under Section 10.1, below, Tenant hereby waives all claims against Landlord relating to, or arising out of the construction 

  
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 of, the Alterations (provided that Landlord shall reimburse Tenant for the amount of any commercially
reasonable deductible actually paid by Tenant under the insurance required under the terms of Sections 8.4 and 10.14, below). In the event Tenant requests any Alterations in the Premises which require or give rise to governmentally
required changes to the “Base Building,” as that term is defined below, then Landlord shall, at Tenant’s expense, make such changes to the Base Building; provided that in the event that Tenant’s request for approval of any
Alteration shall indicate Tenant’s desire for Landlord to notify Tenant of any such Base Building changes, Landlord shall notify Tenant (to the extent Landlord is then aware of any such required changes), in its approval of such Alterations (if
applicable), and Tenant shall be permitted, at its option, to promptly elect to not have the Alterations performed. As used in this Lease, the “Base Building” shall of the Building Structure and the Building Systems. The term
“Base Building,” as used in this Lease, shall not be deemed to have the same meaning as the term “Base, Shell and Core,” as the same is defined in Section 1 of the Tenant Work Letter. In performing the work of any
Alterations for which Tenant is responsible, Tenant shall have the work performed in such manner so as not to unreasonably obstruct access to the Project or any portion thereof, by any other tenant of the Project, and so as not to unreasonably
obstruct the business of Landlord or other tenants in the Project. In addition, any Alteration that requires the use of Building risers, raceways, shafts and/or conduits, shall be subject to Landlord’s reasonable rules, regulations, and
restrictions, including the requirement that any cabling vender must be selected from a list of at least three (3) names approved by Landlord to perform work at the Project, and that the amount and location of any such cabling must be approved
by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. All subcontractors, laborers, materialmen, and suppliers (“Tenant’s Agents”) used or selected by Tenant shall be from a list of at least
three (3) names for each major trade approved by Landlord to perform work at the Project. Tenant shall not use (and upon notice from Landlord shall cease using) contractors, services, workmen, labor, materials or equipment that, in
Landlord’s reasonable judgment, would disturb labor harmony with the workforce or trades engaged in performing other work, labor or services in or about the Building or the Common Areas. In addition to Tenant’s obligations under Article
9 of this Lease, upon completion of any Alterations, Tenant agrees to cause a Notice of Completion to be recorded in the office of the Recorder of the County in which the Project is located in accordance with Section 3093 of the Civil Code
of the State of California or any successor statute, and Tenant shall deliver to the Project construction manager (1) a reproducible copy of the “as built” drawings of the Alterations (provided that in the event that “as
built” drawings are not reasonably available, Tenant shall be permitted to provide a copy of the approved drawings for the Alterations, marked with field modifications), (2) a computer disc containing the same (to the extent reasonably
available), and (3) all permits, approvals and other documents issued by any governmental agency in connection with the Alterations. Notwithstanding anything set forth in this Article 8 to the contrary, construction of an Alteration
shall not commence until (x) the Alteration Contract has been fully executed and delivered to Landlord, and (y) Tenant has procured, and delivered to Landlord a copy of, all applicable permits. 

8.3 Payment for Improvements. If Landlord elects to make an Alteration, then Tenant shall pay to Landlord, as provided in this
Section 8.3, an amount (the “Alteration Amount”) equal to sum of (1) the Alteration Contract Amount, and (2) all other reasonable, out-
of-pocket costs incurred by Landlord and related to the construction of the Alterations, including, without limitation, the following items and costs: (i) all amounts actually paid by Landlord to any
architect/space planner, engineer, consultant, contractor, subcontractor, mechanic, 

  
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 materialman or other person, whether retained by Landlord or Tenant, in connection with the Alterations, and
all fees incurred by, and the actual cost of documents and materials supplied by, Landlord and Landlord’s consultants in connection with the preparation and review of all plans, specifications and working drawings for the Alterations;
(ii) all plan check, permit and license fees relating to construction of the Alterations paid by Landlord; (iii) the reasonable cost of any changes in the Base Building when such changes are required by any plans, specifications or working
drawings for the Alterations (including if such changes are due to the fact that such work is prepared on an unoccupied basis), such cost to include all direct architectural and/or engineering fees and expenses incurred by Landlord in connection
therewith; (iv) the cost of any changes to the plans, specifications and working drawings for the Alterations or to the Alterations themselves required by all Applicable Laws and paid by Landlord; (v) sales and use taxes and Title 24 fees
imposed on, assessed against or paid by Landlord; (vi) Landlord’s standard supervision fee for its involvement with such Alterations, which supervision fee shall be equal to the sum of (A) seven percent (7%) of the first $100,000.00
of the “hard” costs of each such Alteration, and (B) three and one-half percent (3.5%) of the “hard” costs of each such Alteration thereafter; and (vii) all other reasonable, out-of-pocket costs incurred by Landlord in connection with the construction of the Alterations. Landlord shall invoice Tenant for such Alteration Amount, on a monthly basis,
based on the percentage of such Alteration that has been completed. In the event that, after Tenant’s approval of a cost proposal for the Alterations in accordance with Section 8.2, above, any revisions, changes or substitutions
shall be made to the plans, specifications and working drawings or the Alterations, any additional costs which arise in connection with such revisions, changes or substitutions or any other additional costs shall be added to the Alteration Amount
and shall be paid by Tenant to Landlord pursuant to the immediately preceding sentence. In the event Tenant fails to make a required payment to Landlord with respect to any Alterations, within the applicable time periods set forth in this
Section 8.3, Tenant shall be deemed in default of this Lease (subject to the notice and cure rights set forth in Section 19.1 of this Lease), and in addition to all of Landlord’s rights and remedies provided in this
Lease, (aa) Landlord shall have the right to immediately stop the construction of any such Alterations until such time as Tenant has paid to Landlord all amounts due and owing to Landlord hereunder, and (bb) any delays in the construction of the
Alterations caused by such stoppage by Landlord shall be deemed caused by Tenant. 
 8.4 Construction Insurance. In addition to the
requirements of Article 10 of this Lease, in the event that any Alterations are made pursuant to this Article 8, prior to the commencement of such Alterations, Tenant shall provide Landlord with evidence that Tenant or Tenant’s
contractor carries “Builder’s All Risk” insurance in an amount reasonably approved by Landlord covering the construction of such Alterations, and such other insurance as Landlord may reasonably require, it being understood and agreed
that all of such Alterations shall be insured by Tenant pursuant to Article 10 of this Lease immediately upon completion thereof. In addition, Landlord may, in its discretion, require Tenant to obtain a lien and completion bond or some
alternate form of security reasonably satisfactory to Landlord in an amount sufficient to ensure the lien-free completion of such Alterations and naming Landlord as a co-obligee, when the cost of such
Alterations exceeds $250,000.00. 
 8.5 Landlord’s Property. All Alterations, improvements, fixtures, equipment and/or
appurtenances which may be installed or placed by or on behalf of Tenant in or about the Premises, from time to time, shall be at the sole cost of Tenant and any permanently affixed 

  
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Alterations, improvements, equipment and/or appurtenances shall be and become the property of Landlord; provided, however, Landlord may, by written notice to Tenant prior to the end of the Lease
Term, or given following any earlier termination of this Lease, require Tenant, at Tenant’s expense, to remove any “Above Standard Alterations”, as that term is defined below, and to repair any damage to the Premises and Building
caused by such removal and return the affected portion of the Premises to substantially the same condition existing prior to the installation of such Alterations or improvements; provided, however, if at the time Tenant requests Landlord’s
consent to any Alterations pursuant to this Article 8 Tenant also requests in writing Landlord’s determination as to whether Landlord will require the removal of such Alterations upon the expiration or earlier termination of this Lease, then
Landlord shall notify Tenant of any such required removal and/or restoration together with Landlord’s consent for such Alternations (if such consent is given). As used in this Lease, “Above Standard Alterations” shall mean any
part of any Alterations which do not constitute normal and customary general office improvements as reasonably determined by Landlord, and shall include, without limitation, improvements such as voice, data and other cabling, raised floors, floor
penetrations, any installations outside of the Premises, or any areas requiring floor reinforcement, personal baths and showers, vaults, rolling file systems and structural alterations of any type. The removal of the Tenant Improvements constructed
in the Premises pursuant to the Tenant Work Letter shall be governed by the terms of the Tenant Work Letter. If Tenant fails to complete any required removal and/or to repair any damage caused by the removal of any Alterations or improvements in the
Premises and return the affected portion of the Premises to substantially the same condition existing prior to the installation of such Alterations or improvements prior to the expiration or earlier termination of this Lease, then Rent shall
continue to accrue under this Lease in accordance with Article 16, below, after the end of the Lease Term until such work shall be completed, and Landlord shall have the right, but not the obligation, on five (5) days’ written
notice to Tenant, to perform such work and to charge the actual and reasonable cost thereof to Tenant. Tenant hereby protects, defends, indemnifies and holds Landlord harmless from any liability, cost, obligation, expense or claim of lien, court
costs and reasonable attorneys’ fees, in any manner relating to the installation, placement, removal or financing by or on behalf of Tenant of any such Alterations, improvements, fixtures and/or equipment in, on or about the Premises, which
obligations of Tenant shall survive the expiration or earlier termination of this Lease. 
 ARTICLE 9 

COVENANT AGAINST LIENS 

Tenant shall keep the Project and Premises free from any liens or encumbrances arising out of the work performed, materials furnished or
obligations incurred by or on behalf of Tenant, and shall protect, defend, indemnify and hold Landlord harmless from and against any claims, liabilities, judgments or costs (including, without limitation, reasonable attorneys’ fees and costs)
arising out of same or in connection therewith. Tenant shall give Landlord notice at least fifteen (15) days prior to the commencement of any work on the Premises which may give rise to a lien on the Premises, Building or Project (or such
additional time as may be necessary under Applicable Laws) to afford Landlord the opportunity of posting and recording appropriate notices of non-responsibility. Tenant shall remove any such lien or
encumbrance by bond or otherwise within ten (10) days after notice by Landlord, and if Tenant shall fail to do so, 

  
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 Landlord may pay the amount necessary to remove such lien or encumbrance, without being responsible for
investigating the validity thereof. The amount so paid shall be deemed Additional Rent under this Lease payable upon demand, without limitation as to other remedies available to Landlord under this Lease. Nothing contained in this Lease shall
authorize Tenant to do any act which shall subject Landlord’s title to the Building or Premises to any liens or encumbrances whether claimed by operation of law or express or implied contract. Any claim to a lien or encumbrance upon the
Building or Premises arising in connection with any such work or respecting the Premises not performed by or at the request of Landlord shall be null and void, or at Landlord’s option shall attach only against Tenant’s interest in the
Premises and shall in all respects be subordinate to Landlord’s title to the Project, Building and Premises. 
 ARTICLE 10 

TENANT’S INDEMNITY AND INSURANCE 

10.1 Tenant’s Indemnity. 

10.1.1 Indemnity. To the maximum extent permitted by law, Tenant waives any right to contribution against the “Landlord
Parties,” as that term is defined in Section 10.13, below, and agrees to indemnify and save harmless the Landlord Parties from and against all claims of whatever nature arising from or claimed to have arisen from (i) any act,
omission or negligence of the Tenant Parties; (ii) any accident, injury or damage whatsoever caused to any person, or to the property of any person, occurring in or about the Premises from the earlier of (A) the date on which any Tenant
Party first enters the Premises for any reason or (B) the Lease Commencement Date, and thereafter throughout and until the end of the Lease Term and after the end of the Lease Term for as long as Tenant or anyone acting by, through or under
Tenant is in occupancy of the Premises or any portion thereof; (iii) any accident, injury or damage whatsoever occurring outside the Premises but within the Project, where such accident, injury or damage results, or is claimed to have resulted,
from any act, omission or negligence on the part of any of the Tenant Parties; or (iv) any breach of this Lease by Tenant. Tenant shall pay such indemnified amounts as they are incurred by the Landlord Parties. This indemnification shall not be
construed to deny or reduce any other rights or obligations of indemnity that a Landlord Party may have under this Lease or the common law. Notwithstanding anything contained herein to the contrary, the terms of the foregoing indemnity and waiver
shall not apply to the extent any loss, cost, damage, expense or liability is caused by the negligence or willful misconduct of Landlord or the Landlord Parties. Landlord shall indemnify, defend, protect, and hold harmless the Tenant Parties from
and against all claims of whatever nature arising from or claimed to arise from the negligence or willful misconduct of Landlord Parties in, on, or about the Project, except to the extent caused by the negligence or willful misconduct of Tenant
Parties. Landlord shall pay such indemnified amounts as they are incurred by Tenant Parties. This indemnification shall not be construed to deny or reduce any other rights or obligations of indemnity that a Tenant Party may have under this Lease or
the common law. Notwithstanding anything to the contrary set forth in this Lease, either party’s agreement to indemnify the other party as set forth in this Section 10.1.1 shall be ineffective to the extent the matters for which such party
agreed to indemnify the other party are of a nature covered by, or are required to be covered by, insurance required to be carried by the non-indemnifying party pursuant to this Lease (except to the extent of
reasonable deductibles). Further, Tenant’s agreement to indemnify Landlord Parties and 

  
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 Landlord’s agreement to indemnify Tenant Parties pursuant to this Section 10.1.1 are not
intended to and shall not relieve any insurance carrier of its obligations under policies required to be carried under this Lease, to the extent such policies cover, or if carried, would have covered the matters, subject to the parties’
respective indemnification obligations; nor shall they supersede any inconsistent agreement of the parties set forth in any other provision of this Lease. The provisions of this Section 10.1 shall survive the expiration or earlier
termination of this Lease with respect to any claims or liability arising in connection with any event occurring prior to such expiration or earlier termination. 

10.1.2 Breach. In the event that either party breaches any of its indemnity obligations hereunder or under any other contractual
or common law indemnity: (i) the breaching party shall pay to the non-breaching party all liabilities, loss, cost, or expense (including reasonable attorney’s fees) incurred as a result of said
breach, and the reasonable value of time expended by the non-breaching party as a result of said breach; and (ii) the non-breaching parties may deduct and offset
from any amounts due to the breaching party under this Lease any amounts owed by the breaching party pursuant to this section. 
 10.1.3
No limitation. The indemnification obligations under this Section shall not be limited in any way by any limitation on the amount or type of damages, compensation or benefits payable by or for Landlord, Tenant or any subtenant or other
occupant of the Premises under workers’ compensation acts, disability benefit acts, or other employee benefit acts. Tenant waives any immunity from or limitation on its indemnity or contribution liability to the Landlord Parties based upon such
acts. Landlord waives any immunity from or limitation on its indemnity or contribution liability to the Tenant Parties based upon such acts. 

10.1.4 Subtenants and other occupants. Tenant shall require its subtenants and other occupants of the Premises to provide similar
indemnities to the Landlord Parties in a form reasonably acceptable to Landlord. 
 10.1.5 Survival. The terms of this section
shall survive any termination or expiration of this Lease. 
 10.1.6 Costs. The foregoing indemnity and hold harmless agreement
shall include indemnity for all costs, expenses and liabilities (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by the Landlord Parties or the Tenant Parties in connection with any such claim or any action
or proceeding brought thereon, and the defense thereof. In addition, in the event that any action or proceeding shall be brought against one or more Landlord Parties or Tenant Parties by reason of any such claim, the indemnifying party, upon request
from the indemnified party, shall resist and defend such action or proceeding on behalf of the indemnified party by counsel appointed by indemnifying party’s insurer (if such claim is covered by insurance without reservation) or otherwise by
counsel reasonably satisfactory to the indemnified party. The indemnified party shall not be bound by any compromise or settlement of any such claim, action or proceeding without the prior written consent of such indemnified party. 

10.2 Tenant’s Risk. Except as expressly set forth in this Lease, Tenant agrees to use and occupy the Premises, and to use
such other portions of the Building and the Project as 

  
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Tenant is given the right to use by this Lease at Tenant’s own risk. The Landlord Parties shall not be liable to the Tenant Parties for any damage, injury, loss, compensation, or claim
(including, but not limited to, claims for the interruption of or loss to a Tenant Party’s business) based on, arising out of or resulting from any cause whatsoever, including, but not limited to, repairs to any portion of the Premises or the
Building or the Project, any fire, robbery, theft, mysterious disappearance, or any other crime or casualty, the actions of any other tenants of the Building or of any other person or persons, or any leakage in any part or portion of the Premises or
the Building or the Project, or from water, rain or snow that may leak into, or flow from any part of the Premises or the Building or the Project, or from drains, pipes or plumbing fixtures in the Building or the Project. Any goods, property or
personal effects stored or placed in or about the Premises shall be at the sole risk of the Tenant Party, and neither the Landlord Parties nor their insurers shall in any manner be held responsible therefor. The Landlord Parties shall not be
responsible or liable to a Tenant Party, or to those claiming by, through or under a Tenant Party, for any loss or damage that may be occasioned by or through the acts or omissions of persons occupying adjoining premises or any part of the premises
adjacent to or connecting with the Premises or any part of the Building or otherwise. Notwithstanding the foregoing, the foregoing waiver and release shall not apply to the extent of any injury, loss, damages or liability caused by the negligence or
willful misconduct of the Landlord Parties; provided, however, in no event shall the Landlord Parties have any liability to a Tenant Party based on any loss with respect to or interruption in the operation of Tenant’s business. The provisions
of this section shall be applicable until the expiration or earlier termination of the Lease Term, and during such further period as Tenant may use or be in occupancy of any part of the Premises or of the Building. 

10.3 Tenant’s. Commercial General Liability Insurance. Tenant agrees to maintain in full force on or before the earlier of
(i) the date on which any Tenant Party first enters the Premises for any reason, or (ii) the Lease Commencement Date throughout the Lease Term of this Lease, and thereafter, so long as Tenant is in occupancy of any part of the Premises, a
policy of commercial general liability insurance, on an occurrence basis, issued on a form at least as broad as Insurance Services Office (“ISO”) Commercial General Liability Coverage “occurrence” form CG 00 01 10 01 or
another ISO Commercial General Liability “occurrence” form providing equivalent coverage. Such insurance shall include contractual liability coverage, specifically covering but not limited to the indemnification provisions of this Lease.
The minimum limits of liability of such insurance shall be Five Million and 00/100 Dollars ($5,000,000.00) per occurrence. In addition, in the event Tenant hosts a function in the Premises, Tenant agrees to obtain, and cause any persons or parties
providing services for such function to obtain, the appropriate insurance coverages as determined by Landlord (including liquor liability coverage, if applicable) and provide Landlord with evidence of the same. The above limits may be satisfied by a
general liability and an umbrella policy so long as (i) the limits applicable to the general liability policy are no less than One Million and 00/100 Dollars ($1,000,000.00), and (ii) all other requirements under this Article 10 are
met. 
 10.4 Tenant’s Property Insurance. Tenant shall maintain at all times during the Lease Term, and during such
earlier time as Tenant may be performing work in or to the Premises or have property, fixtures, furniture, equipment, machinery, goods, supplies, wares or merchandise on the Premises, and continuing thereafter so long as Tenant is in occupancy of
any part of the Premises, business interruption insurance and (insurance against loss or damage covered by the so-called “special form” type insurance coverage with respect to (i) Tenant’s

  
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 property, fixtures, furniture, equipment, machinery, goods, supplies, wares and merchandise, and
(ii) the Tenant Improvements, and any other improvements which exist in the Premises as of the Lease Commencement Date (excluding the Base Building) (the “Original Improvements”), and all Alterations, improvements and other
modifications made by or on behalf of the Tenant in the Premises, and (iii) other property of Tenant located at the Premises (collectively “Tenant’s Property”). The business interruption insurance required by this section
shall be in minimum amounts typically carried by prudent tenants engaged in similar operations, but in no event shall be in an amount less than the Base Rent then in effect during any Lease Year, plus any Additional Rent due and payable for the
immediately preceding Lease Year. The “special form” insurance required by this section shall be in an amount at least equal to the full replacement cost of Tenant’s Property. In addition, during such time as Tenant is performing work
in or to the Premises, Tenant, at Tenant’s expense, shall also maintain, or shall cause its contractor(s) to maintain, builder’s risk insurance for the full insurable value of such work (and Landlord acknowledges that the initial Tenant
Improvements are being constructed by Landlord pursuant to the terms of the Tenant Work Letter and that Tenant will not be required to maintain such insurance in connection with such work). Landlord and such additional persons or entities as
Landlord may reasonably request shall be named as loss payees with respect to the Original Improvements only, as their interests may appear, on the policy or policies required by this section. In the event of loss or damage covered by the
“special form” insurance required by this section, the responsibilities for repairing or restoring the loss or damage shall be determined in accordance with Article 11 of this Lease, below. To the extent that Landlord is obligated
to pay for the repair or restoration of the loss or damage covered by the policy, Landlord shall be paid the proceeds of the “special form” insurance covering the loss or damage. To the extent Tenant is obligated to pay for the repair or
restoration of the loss or damage, covered by the policy, Tenant shall be paid the proceeds of the “special form” insurance covering the loss or damage. If both Landlord and Tenant are obligated to pay for the repair or restoration of the
loss or damage covered by the policy, the insurance proceeds shall be paid to each of them in the pro rata proportion of their obligations to repair or restore the loss or damage. If the loss or damage is not repaired or restored (for example, if
the Lease is terminated pursuant to Section 11.2 of this Lease, below), the insurance proceeds shall be paid to Landlord and Tenant in the pro rata proportion of their relative contributions to the cost of the leasehold improvements
covered by the policy. 
 10.5 Tenant’s Other Insurance. Throughout the Lease Term, Tenant shall obtain and maintain
(1) comprehensive automobile liability insurance (covering any automobiles owned or operated by Tenant at the Project) issued on a form at least as broad as ISO Business Auto Coverage form CA 00 01 07 97 or other form providing equivalent
coverage; (2) worker’s compensation insurance or participation in a monopolistic state workers’ compensation fund; and (3) employer’s liability insurance or (in a monopolistic state) Stop Gap Liability insurance. Such
automobile liability insurance shall be in an amount not less than One Million Dollars ($1,000,000) for each accident. Such worker’s compensation insurance shall carry minimum limits as defined by the law of the jurisdiction in which the
Premises are located (as the same may be amended from time to time). Such employer’s liability insurance shall be in an amount not less than One Million Dollars ($1,000,000) for each accident, One Million Dollars ($1,000,000) disease-policy
limit, and One Million Dollars ($1,000,000) disease-each employee. 

  
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 10.6 Requirements For Insurance. All insurance required to be
maintained by Tenant pursuant to this Lease shall be maintained with responsible companies that are admitted or accepted to do business, and are in good standing, in the jurisdiction in which the Premises are located and that have a rating of at
least “A” and are within a financial size category of not less than “Class VIII” in the most current Best’s Key Rating Guide or such similar rating as may be reasonably selected by Landlord. All such insurance shall:
(1) be acceptable in form and content to Landlord; and (2) be primary and noncontributory. No such policy shall contain any self-insured retention greater than Twenty-Five Thousand and 00/100 Dollars ($25,000.00). Any deductibles and such
self-insured retentions shall be deemed to be “insurance” for purposes of the waiver in Section 10.13 of this Lease, below. Landlord reserves the right from time to time (but not more than once during any three (3) year period)
to require Tenant to obtain higher minimum amounts of insurance based on such limits as are customarily carried with respect to Comparable Buildings. The minimum amounts of insurance required by this Lease shall not be reduced by the payment of
claims or for any other reason. In the event Tenant shall fail to obtain or maintain any insurance meeting the requirements of this Article, or to deliver such certificates as required by this Article, Landlord may, at its option, on five
(5) days’ notice to Tenant, procure such policies for the account of Tenant, and the cost thereof shall be paid to Landlord within five (5) days after delivery to Tenant of bills therefor. Tenant shall give Landlord written notice
promptly after Tenant becomes aware of any change to, or cancellation of, any insurance required to be carried by Tenant pursuant to this Lease. 

10.7 Additional Insureds. The commercial general liability and auto insurance carried by Tenant pursuant to this Lease, and any
additional liability insurance carried by Tenant pursuant to Section 10.3 of this Lease, above, shall name Landlord, Landlord’s managing agent, and such other Mortgagees as Landlord may reasonably request from time to time as additional
insureds with respect to liability arising out of or related to this Lease or the operations of Tenant (collectively “Additional lnsureds”). Such insurance shall provide primary coverage without contribution from any other insurance
carried by or for the benefit of Landlord, Landlord’s managing agent, or other Additional Insureds. Such insurance shall also waive any right of subrogation against each Additional Insured. 

10.8 Certificates Of Insurance. On or before the earlier of (i) the date on which any Tenant Party first enters the Premises
for any reason or (ii) the Lease Commencement Date, Tenant shall furnish Landlord with certificates evidencing the insurance coverage required by this Lease, and renewal certificates shall be furnished to Landlord at least annually thereafter,
and prior to the expiration date of each policy for which a certificate was furnished. (Acceptable forms of such certificates for liability and property insurance, respectively, are attached hereto as Exhibit F.) In jurisdictions
requiring mandatory participation in a monopolistic state workers’ compensation fund, the insurance certificate requirements for the coverage required for workers’ compensation will be satisfied by a letter from the appropriate state
agency confirming participation in accordance with statutory requirements. Such current participation letters required by this Section shall be provided every six (6) months for the duration of this Lease. Failure by the Tenant to provide the
certificates or letters required by this Section shall not be deemed to be a waiver of the requirements in this Section. Upon request by Landlord, a true and complete copy of any insurance policy required by this Lease shall be delivered to Landlord
within ten (10) days following Landlord’s request. 

  
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 10.9 Subtenants And Other Occupants. Tenant shall require its subtenants and
other occupants of the Premises to provide written documentation evidencing the obligation of such subtenant or other occupant to indemnify the Landlord Parties to the same extent that Tenant is required to indemnify the Landlord Parties pursuant to
Section 10.1 of this Lease, above, and to maintain insurance that meets the requirements of this Article, and otherwise to comply with the requirements of this Article. Tenant shall require all such subtenants and occupants to supply
certificates of insurance evidencing that the insurance requirements of this Article have been met and shall forward such certificates to Landlord on or before the earlier of (i) the date on which the subtenant or other occupant or any of their
respective direct or indirect partners, officers, shareholders, directors, members, trustees, beneficiaries, servants, employees, principals, contractors, licensees, agents, invitees or representatives first enters the Premises or (ii) the
commencement of the sublease. Tenant shall be responsible for identifying and remedying any deficiencies in such certificates or policy provisions. 

10.10 No Violation Of Building Policies. Tenant shall not commit or permit any violation of the policies of fire, boiler,
sprinkler, water damage or other insurance covering the Project and/or the fixtures, equipment and property therein carried by Landlord, or do or permit anything to be done, or keep or permit anything to be kept, in the Premises, which in case of
any of the foregoing (i) would result in termination of any such policies, (ii) would adversely affect Landlord’s right of recovery under any of such policies, or (iii) would result in reputable and independent insurance
companies refusing to insure the Project or the property of Landlord in amounts reasonably satisfactory to Landlord. 
 10.11 Tenant To
Pay Premium Increases. If, because of anything done, caused or permitted to be done, or omitted by Tenant (or its subtenant or other occupants of the Premises), the rates for liability, fire, boiler, sprinkler, water damage or other
insurance on the Project or on the property and equipment of Landlord or any other tenant or subtenant in the Building shall be higher than they otherwise would be, Tenant shall reimburse Landlord and/or the other tenants and subtenants in the
Building for the additional insurance premiums thereafter paid by Landlord or by any of the other tenants and subtenants in the Building which shall have been charged because of the aforesaid reasons, such reimbursement to be made from time to time
on Landlord’s demand. 
 10.12 Landlord’s Insurance. 

10.12.1 Required Insurance. Landlord shall maintain insurance against loss or damage with respect to the Building on an
“special form” type insurance form, with customary exceptions, subject to such deductibles and self-insured retentions as Landlord may reasonably determine, in an amount equal to at least the replacement value of the Building. The cost of
such insurance shall be treated as a part of Operating Expenses. Such insurance shall be maintained with an insurance company selected by Landlord. Payment for losses thereunder shall be made solely to Landlord. 

10.12.2 Optional Insurance. Landlord may maintain such additional insurance with respect to the Building and the Project,
including, without limitation, earthquake insurance, terrorism insurance, flood insurance, liability insurance and/or rent insurance, as Landlord may in its sole discretion elect. Landlord may also maintain such other insurance as may from time to

  
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time be required by a “Mortgagee,” as that term is defined in Section 18.2 of this Lease, below. The cost of all such additional insurance shall also be part of the
Operating Expenses. Notwithstanding the provisions of this Section 10.12, the coverage and amounts of insurance carried by Landlord in connection with the Building shall, at a minimum, be comparable to the coverage and amounts of insurance
carried by reasonably prudent landlords of buildings comparable to and in the vicinity of the Building (provided that in no event shall Landlord be required to carry earthquake insurance). 

10.12.3 Blanket and Self-Insurance. Any or all of Landlord’s insurance may be provided by blanket coverage maintained by
Landlord or any affiliate of Landlord under its insurance program for its portfolio of properties, or by Landlord or any affiliate of Landlord under a program of self-insurance, and in such event Operating Expenses shall include the portion of the
reasonable cost of blanket insurance or self-insurance that is allocated to the Building. 
 10.12.4 No Obligation. Landlord
shall not be obligated to insure, and shall not assume any liability of risk of loss for, Tenant’s Property, including any such property or work of tenant’s subtenants or occupants. Landlord will also have no obligation to carry insurance
against, nor be responsible for, any loss suffered by Tenant, subtenants or other occupants due to interruption of Tenant’s or any subtenant’s or occupant’s business. 

10.13 Waiver Of Subrogation. The parties hereto waive and release any and all rights of recovery against the other, and agree not
to seek to recover from the other or to make any claim against the other, and in the case of Landlord, against all Tenant Parties, and in the case of Tenant, against all Landlord Parties, for any loss or damage incurred by the waiving/releasing
party to the extent such loss or damage is insured under any insurance policy required by this Lease or which would have been so insured had the party carried the insurance it was required to carry hereunder. Tenant shall obtain from its subtenants
and other occupants of the Premises a similar waiver and release of claims against any or all of Tenant or Landlord. In addition, the parties hereto (and in the case of Tenant, its subtenants and other occupants of the Premises) shall procure an
appropriate clause in, or endorsement on, any insurance policy required by this Lease pursuant to which the insurance company waives subrogation (so long as no material additional premium is charged for such waiver). The insurance policies required
by this Lease shall contain no provision that would invalidate or restrict the parties’ waiver and release of the rights of recovery in this section. The parties hereto covenant that no insurer shall hold any right of subrogation against the
parties hereto by virtue of such insurance policy. 
 The term “Landlord Party” or “Landlord Parties” shall
mean Landlord, any affiliate of Landlord, Landlord’s managing agents for the Building, each Mortgagee, each ground lessor, and each of their respective direct or indirect partners, officers, shareholders, directors, members, trustees,
beneficiaries, servants, employees, principals, contractors, licensees, agents or representatives. For the purposes of this Lease, the term “Tenant Party” or “Tenant Parties” shall mean Tenant, any affiliate of
Tenant, any permitted subtenant or any other permitted occupant of the Premises, and each of their respective direct or indirect partners, officers, shareholders, directors, members, trustees, beneficiaries, servants, employees, principals,
contractors, licensees, agents, invitees or representatives. 

  
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 10.14 Tenant’s Work. During such times as Tenant is performing work or
having work or services performed in or to the Premises, Tenant shall require its contractors, and their subcontractors of all tiers, to obtain and maintain commercial general liability, automobile, workers compensation, employer’s liability,
builder’s risk, and equipment/property insurance in such amounts and on such terms as are customarily required of such contractors and subcontractors on similar projects. The amounts and terms of all such insurance are subject to
Landlord’s written approval, which approval shall not be unreasonably withheld. The commercial general liability and auto insurance carried by Tenant’s contractors and their subcontractors of all tiers pursuant to this section shall name
Landlord, Landlord’s managing agent, and such other Persons as Landlord may reasonably request from time to time as Additional Insureds with respect to liability arising out of or related to their work or services. Such insurance shall provide
primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent, or other Additional Insureds. Such insurance shall also waive any right of subrogation against each Additional
Insured. Tenant shall obtain and submit to Landlord, prior to the earlier of (i) the entry onto the Premises by such contractors or subcontractors or (ii) commencement of the work or services, certificates of insurance evidencing
compliance with the requirements of this section. 
 ARTICLE 11 

DAMAGE AND DESTRUCTION 

11.1 Repair of Damage to Premises by Landlord. Tenant shall promptly notify Landlord of any damage to the Premises resulting
from fire or any other casualty. If the Premises or any Common Areas necessary to Tenant’s use of or access to the Premises shall be damaged by fire or other casualty, within sixty (60) days following Landlord’s discovery of the
damage or destruction, Landlord shall give notice to Tenant (the “Landlord Casualty Notice”) setting forth (a) the estimated time required, in the reasonable opinion of Landlord’s contractor, for the completion of repairs
and restoration, and (b) whether or not Landlord elects, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, and subject to all other terms of this Article 11, to restore the
Base Building and such Common Areas, the Tenant Improvements, Original Improvements and Alterations made to the Premises by Tenant. Such restoration shall be to substantially the same condition of the Base Building and the Common Areas prior to the
casualty, except for modifications required by zoning and building codes and other laws or by the holder of a mortgage on the Building or Project or any other modifications to the Common Areas deemed desirable by Landlord, provided that access to
the Premises and any common restrooms serving the Premises shall not be materially modified or impaired. Upon the occurrence of any damage to the Premises, if this Lease is not terminated, upon notice to Tenant from Landlord, Tenant shall assign to
Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant’s insurance required under item (ii) of Section 10.4 of this Lease which pertain to work to be performed by Landlord, and
Landlord shall repair any injury or damage to the Tenant Improvements, Alterations and the Original Improvements installed in the Premises and shall return such Tenant Improvements, Alterations and Original Improvements to their original condition;
provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as assigned by Tenant, the excess cost of such repairs shall be paid by Tenant to Landlord in
accordance with a reasonable progress 

  
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 payment schedule, upon receipt of the appropriate conditional and/or unconditional lien releases, or, in the
event Tenant is not the Original Tenant, then prior to Landlord’s commencement of repair of the damage. Prior to the commencement of construction, Tenant shall submit to Landlord, for Landlord’s review and approval, all plans,
specifications and working drawings relating thereto, and Landlord shall, in its reasonable discretion, select the contractors to perform such improvement work. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its
visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof; provided, however, if such fire or other casualty shall have damaged the Premises or a portion thereof or Common Areas necessary to
Tenant’s access to or occupancy of the Premises, then Landlord shall allow Tenant a proportionate abatement of Rent during the time and to the extent and in the proportion that the Premises or such portion thereof are unfit for occupancy for
the purposes permitted under this Lease, and are not occupied by Tenant as a result thereof. 
 11.2 Landlord’s Option to
Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant of such election in an
applicable Landlord Casualty Notice, in which event such Landlord Casualty Notice shall include a termination date giving Tenant one hundred twenty (120) days to vacate the Premises, but Landlord may so elect only if the Building or Project
shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, provided that Landlord terminates the leases of all tenants of the Building whose premises are similarly damaged by the casualty (to the extent Landlord
retains such right pursuant to the terms of the applicable tenants’ leases), and one or more of the following conditions is present: (i) in the reasonable judgment of Landlord’s contractor, repairs cannot reasonably be completed
within two hundred seventy (270) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with
respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered by
Landlord’s insurance policies or that portion of the proceeds from Landlord’s insurance policies allocable to the Building or the Project, as the case may be; or (iv) the damage occurs during the last twelve (12) months of the
Lease Term and will reasonably require in excess of ninety (90) days to repair; provided, however, that if such fire or other casualty shall have damaged the Premises or a portion thereof or Common Areas necessary to Tenant’s occupancy and
as a result of such damage the Premises are unfit for occupancy, and provided that Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and either (a) the repairs cannot, in the
reasonable opinion of Landlord’s contractor, be completed within two hundred seventy (270) days after the date of discovery of the damage, or (b) the damage occurs during the last twelve months of the Lease Term and will reasonably
require in excess of ninety (90) days to repair, then Tenant may elect, within thirty (30) days after Tenant’s receipt of the applicable Landlord Casualty Notice, to terminate this Lease by written notice to Landlord effective as of
the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Furthermore, if neither Landlord nor Tenant has terminated this Lease
pursuant to this Section 11.2, and the repairs are not actually completed for any reason (including Force Majeure), other than the fault of Tenant, within three hundred thirty (330) days after the date of discovery of the damage,
then Tenant shall have the right to terminate this Lease during the first 

  
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 five (5) business days of each calendar month following the expiration of such three hundred thirty
(330) day period until such time as the repairs are complete, by notice to Landlord (the “Damage Termination Notice”), effective as of a date set forth in the Damage Termination Notice (the “Damage Termination
Date”), which Damage Termination Date shall not be less than ten (10) business days following the date such Damage Termination Notice was delivered to Landlord. Notwithstanding the foregoing, if Tenant delivers a Damage Termination
Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to
Tenant, within five (5) business days of Landlord’s receipt of the Damage Termination Notice, written notice that it is Landlord’s good faith judgment that the repairs shall be substantially completed within thirty (30) days
after the Damage Termination Date. If repairs shall be substantially completed prior to the expiration of such thirty (30)-day period, then the Damage Termination Notice shall be of no force or effect and this
Lease shall continue, but if the repairs shall not be substantially completed within such thirty (30)-day period, then this Lease shall automatically terminate upon the expiration of such thirty (30)-day period. Notwithstanding anything set forth to the contrary in this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the
following conditions are satisfied: (a) the damage to the Project. by fire or other casualty, was not caused by the negligence or willful misconduct of Tenant or a Tenant Party; (b) Tenant is not then in economic or material non-economic default under this Lease; (c) as a result of the damage, Tenant, in its commercially reasonable business judgment, cannot conduct its business from the Premises; and, (d) as a result of the
damage to the Project, Tenant does not in fact occupy or use the Premises. In the event this Lease is terminated in accordance with the terms of this Section 11.2, Tenant shall assign to Landlord (or to any party designated by Landlord)
all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.4 of this Lease. 
 11.3
Waiver of Statutory Provisions. The provisions of this Lease, including this Article 11, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of
the Premises, the Building or the Project, and any statute or regulation of the State of California, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning
damage or destruction in the absence of an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the
Premises, the Building or the Project. 
 ARTICLE 12 

NONWAIVER 
 No
provision of this Lease shall be deemed waived by either party hereto unless expressly waived in a writing signed thereby. The waiver by either party hereto of any breach of any term, covenant or condition herein contained shall not be deemed to be
a waiver of any subsequent breach of same or any other term, covenant or condition herein contained. The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant
or condition of this Lease, other than the 

  
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 failure of Tenant to pay the particular Rent so accepted, regardless of Landlord’s knowledge of such
preceding breach at the time of acceptance of such Rent. No acceptance of a lesser amount than the Rent herein stipulated shall be deemed a waiver of Landlord’s right to receive the full amount due, nor shall any endorsement or statement on any
check or payment or any letter accompanying such check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the full amount due. No receipt of monies by
Landlord from Tenant after the termination of this Lease shall in any way alter the length of the Lease Term or of Tenant’s right of possession hereunder, or after the giving of any notice shall reinstate, continue or extend the Lease Term or
affect any notice given Tenant prior to the receipt of such monies, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of the Premises, Landlord may receive and collect any Rent
due, and the payment of said Rent shall not waive or affect said notice, suit or judgment. No payment by Tenant shall be deemed a waiver of Tenant’s right to contest the underlying obligation or payment made, whether or not payment is expressly
made under protest. 
 ARTICLE 13 

CONDEMNATION 
 If
the whole or any part of the Premises, Building or Project shall be taken by power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or if any adjacent property or street shall be so taken or
condemned, or reconfigured or vacated by such authority in such manner as to require the use, reconstruction or remodeling of any part of the Premises, Building or Project, or if Landlord shall grant a deed or other instrument in lieu of such taking
by eminent domain or condemnation, Landlord shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority; provided, however, that Landlord shall only have the right to terminate
this Lease as provided above if Landlord terminates the leases of all other tenants in the Building similarly affected by the taking and provided further that to the extent that the Premises are not adversely affected by such taking and Landlord
continues to operate the Building as an office building, Landlord may not terminate this Lease. If more than twenty-five percent (25%) of the rentable square feet of the Premises is taken, or if all reasonable access to and/or the use of the
Premises is substantially impaired, in each case for a period in excess of one hundred eighty (180) days, Tenant shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority.
Tenant shall not because of such taking assert any claim against Landlord or the authority for any compensation because of such taking and Landlord shall be entitled to the entire award or payment in connection therewith, except that Tenant shall
have the right to file any separate claim available to Tenant for any taking of Tenant’s personal property and fixtures belonging to Tenant and removable by Tenant upon expiration of the Lease Term pursuant to the terms of this Lease, and for
moving expenses, so long as such claims do not diminish the award available to Landlord, its ground lessor with respect to the Building or Project or its mortgagee, and such claim is payable separately to Tenant. All Rent shall be apportioned as of
the date of such termination. If any part of the Premises shall be taken (or if reasonable access to and/or use of the Premises is substantially impaired because of a taking), and this Lease shall not be so terminated, the Rent shall be
proportionately abated. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of the 

  
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 California Code of Civil Procedure. Notwithstanding anything to the contrary contained in this Article
13, in the event of a temporary taking of all or any portion of the Premises for a period of one hundred eighty (180) days or less, then this Lease shall not terminate but the Base Rent and the Additional Rent shall be abated for the period
of such taking in proportion to the ratio that the amount of rentable square feet of the Premises taken bears to the total rentable square feet of the Premises and otherwise in accordance with Section 19.5.2. Landlord shall be entitled
to receive the entire award made in connection with any such temporary taking. 
  

	
	     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    
 

  
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 ARTICLE 14 

ASSIGNMENT AND SUBLETTING 

14.1 Transfers. Except as otherwise specifically provided or permitted in this Article 14, Tenant shall not, without the prior written
consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed, assign, mortgage, pledge, hypothecate, encumber, or permit any lien to attach to, or otherwise transfer, this Lease or any interest hereunder, permit any
assignment, or other transfer of this Lease or any interest hereunder by operation of law, sublet the Premises or any part thereof, or enter into any license or concession agreements or otherwise permit the occupancy or use of the Premises or any
part thereof by any persons other than Tenant and its employees and contractors (all of the foregoing are hereinafter sometimes referred to individually as a “Transfer,” and, collectively, as “Transfers” and any
person to whom any Transfer is made or sought to be made is hereinafter sometimes referred to as a “Transferee”). If Tenant desires Landlord’s consent to any Transfer, Tenant shall notify Landlord in writing, which notice (the
“Transfer Notice”) shall include (i) the proposed effective date of the Transfer, which shall not be less than thirty (30) days nor more than one hundred eighty (180) days after the date of delivery of the Transfer
Notice, (ii) a description of the portion of the Premises to be transferred (the “Subject Space”), (iii) all of the material terms of the proposed Transfer and the consideration therefor, including calculation of the
“Transfer Premium”, as that term is defined in Section 14.3 below, in connection with such Transfer, the name and address of the proposed Transferee, and a copy of all existing executed and/or proposed documentation pertaining to the
proposed Transfer, including all existing operative documents to be executed to evidence such Transfer or the agreements incidental or related to such Transfer, (iv) current financial statements of the proposed Transferee certified by an
officer, partner or owner thereof, business credit and personal references and history of the proposed Transferee and any other information reasonably required by Landlord which will enable Landlord to determine the financial responsibility,
character, and reputation of the proposed Transferee, nature of such Transferee’s business and proposed use of the Subject Space (provided that Landlord must request such additional information within five (5) business days following the
date Tenant delivers the Transfer Notice to Landlord), and (v) upon Landlord’s request, an executed estoppel certificate from Tenant in the form attached hereto as Exhibit E (modified as appropriate to make the statements therein
true and correct). Any Transfer made without Landlord’s prior written consent shall, at Landlord’s option, be null, void and of no effect, and shall, at Landlord’s option, constitute a default by Tenant under this Lease after notice
and expiration of the cure period set forth in Section 19.1.4 of this Lease, below. Whether or not Landlord consents to any proposed Transfer, Tenant shall pay Landlord’s review and processing fees, as well as any reasonable
professional fees (including, without limitation, attorneys’, accountants’, architects’, engineers’ and consultants’ fees) incurred by Landlord, not to exceed 

  
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Three Thousand Five Hundred Dollars ($3,500.00) in the aggregate for a Transfer in the ordinary course of business, within thirty (30) days after written request by Landlord. 

14.2 Landlord’s Consent. Landlord shall not unreasonably withhold its consent to any proposed Transfer of the Subject Space
to the Transferee on the terms specified in the Transfer Notice, and shall grant or withhold such consent within fifteen (15) days following the date upon which Landlord receives a “complete” Transfer Notice from Tenant (i.e.,
a Transfer Notice that includes all documents and information required pursuant to Section 14.1 of this Lease, above). Without limitation as to other reasonable grounds for withholding consent, the parties hereby agree that it shall be
reasonable under this Lease and under any Applicable Law for Landlord to withhold consent to any proposed Transfer where one or more of the following apply: 

14.2.1 The Transferee is of a character or reputation or engaged in a business which is not consistent with the quality of the Building or the
Project; 
 14.2.2 The Transferee intends to use the Subject Space for purposes which are not permitted under this Lease; 

14.2.3 The Transferee is either a governmental agency or instrumentality thereof; provided, however, that Tenant shall be entitled to assign,
sublet, or otherwise transfer to a governmental agency or instrumentality thereof to the extent Landlord has leased or has permitted the lease of space to a comparable (in terms of security, foot traffic, prestige, eminent domain and function
oriented issues) governmental agency or instrumentality thereof in comparably located space of comparable size; 
 14.2.4 The Transferee is
not a party of reasonable financial worth and/or financial stability in light of the responsibilities to be undertaken in connection with the Transfer on the date consent is requested, taking into consideration Tenant’s continuing liability
under this Lease; 
 14.2.5 The proposed Transfer would cause a violation of an exclusive use or similar provision of another lease for space
in the Project, or would give an occupant of the Project a right to cancel its lease; 
 14.2.6 Either the proposed Transferee, or any person
or entity which directly or indirectly, controls, is controlled by, or is under common control with, the proposed Transferee, (i) occupies space in the Project at the time of the request for consent (provided, however, that Tenant may assign or
sublease space to an occupant of the Project to the extent Landlord cannot meet such occupant’s space needs), or (ii) is negotiating or has negotiated (i.e., has exchanged written proposals) with Landlord to lease space in the
Project at any time during the six (6) month period preceding the request for consent, or (iii) Landlord is currently meeting with (or has previously met with) the proposed Transferee to tour space in the Project. For purposes of this
Section 14.2.6, “negotiating” and “negotiated” shall be deemed to mean an exchange of written proposals between Landlord and such proposed Transferee; 

14.2.7 In Landlord’s reasonable judgment, the use of the Premises by the proposed Transferee would not be comparable to the types of
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Project, would entail any alterations which would lessen the value of the tenant improvements in the Premises, would result in more than a reasonable density of occupants per square foot of the
Premises, would materially increase the burden on elevators or other Building systems or equipment over the burden thereon prior to the proposed Transfer, or would require materially increased services by Landlord, unless Tenant agrees to pay for
the increased cost of providing such services; 
 14.2.8 Prior to the earlier to occur of (i) the second anniversary of the Phase I
Lease Commencement Date, or (ii) the date on which the Building is at least ninety percent (90%) leased, the rent charged by Tenant to such Transferee during the term of such Transfer (the “Transferee’s Rent”), calculated
using a present value analysis, is less than one hundred percent (100%) of the rent being quoted by Landlord at the time of such Transfer for comparable space in the Project for a comparable term (the “Quoted Rent”), calculated
using a present value analysis; 
 14.2.9 The proposed Transfer is of less than one (1) full floor of the Premises or, if the Premises
at any time includes less than a full floor in the Building (e.g., the first phase of the Second Expansion Space), the proposed Transfer is of less than all of the space leased by Tenant on such floor; or 

14.2.10 Any part of the rent payable under the proposed Transfer shall be based in whole or in part on the income or profits derived from the
Subject Space or if Landlord reasonably concludes, upon the advice of outside tax counsel, that the proposed Transfer is likely to have a material adverse effect on the real estate investment trust qualification tests applicable to Landlord or any
of its affiliates under the Internal Revenue Code of 1986, as amended, and the regulations and rulings issued thereunder. 
 If Landlord
consents to any Transfer pursuant to the terms of this Section 14.2 (and does not exercise any recapture rights Landlord may have under Section 14.4 of this Lease), Tenant may within six (6) months after Landlord’s
consent, but not later than the expiration of said six-month period, enter into such Transfer of the Premises or portion thereof, upon substantially the same terms and conditions as are set forth in the
Transfer Notice furnished by Tenant to Landlord pursuant to Section 14.1 of this Lease, provided that if there are any material changes in the terms and conditions from those specified in the Transfer Notice such that Landlord would initially
have been entitled to refuse its consent to such Transfer under this Section 14.2, Tenant shall again submit the Transfer to Landlord for its approval and other action under this Article 14 (including Landlord’s right of recapture,
if any, under Section 14.4 of this Lease). Notwithstanding anything to the contrary in this Lease, if Tenant or any proposed Transferee claims that Landlord has unreasonably withheld or delayed its consent under Section 14.2
or otherwise has breached or acted unreasonably under this Article 14, their sole remedies shall be a suit for contract damages (other than damages for injury to, or interference with, Tenant’s business including, without limitation,
loss of profits, other than profits from the subject Transfer, however occurring) or a declaratory judgment and an injunction for the relief sought, and Tenant hereby waives any right to terminate this Lease pursuant to the provisions of
Section 1995.310 of the California Civil Code, or any successor statute, and all other remedies, on its own behalf and, to the extent permitted under all Applicable Laws, on behalf of the proposed Transferee. Tenant shall indemnify, defend and
hold harmless Landlord from any and 

  
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all liability, losses, claims, damages, costs, expenses, causes of action and proceedings involving any third party or parties (including without limitation Tenant’s proposed subtenant or
assignee) who claim they were damaged by Landlord’s wrongful withholding or conditioning of Landlord’s consent. 
 14.3
Transfer Premium. If Landlord’s consent is required for, and Landlord consents to, a Transfer, as a condition thereto which the parties hereby agree is reasonable, Tenant shall pay to Landlord fifty percent (50%) of any
“Transfer Premium,” as that term is defined in this Section 14.3, received by Tenant from such Transferee. “Transfer Premium” shall mean all rent, additional rent or other consideration payable by such
Transferee in connection with the Transfer in excess of the Rent and Additional Rent payable by Tenant under this Lease during the term of the Transfer on a per rentable square foot basis if less than all of the Premises is transferred.
Notwithstanding anything to the contrary set forth in this Section 14.3, Tenant shall be entitled to retain one hundred percent (100%) of any Transfer Premium until such time as Tenant has recovered the reasonable expenses incurred by Tenant
for (i) any changes, alterations and improvements to the Premises, or improvement allowances given in connection with the Transfer, (ii) any free base rent provided to the Transferee in connection with the Transfer (provided that such free rent
shall be deducted only to the extent the same is included in the calculation of total consideration payable by such Transferee), and (iii) any brokerage commissions in connection with the Transfer and (iv) legal fees reasonably incurred in
connection with the Transfer (collectively, “Tenant’s Subleasing Costs”). “Transfer Premium” shall also include, but not be limited to, key money, bonus money or other cash consideration paid by Transferee to Tenant
in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee in connection with such
Transfer. Landlord shall make a determination of the amount of Landlord’s applicable share of the Transfer Premium on a monthly basis as rent or other consideration is paid by Transferee to Tenant under the Transfer. 

14.4 Landlord’s Option as to Subject Space. Notwithstanding anything to the contrary contained in this Article 14, in
the event that Tenant contemplates a Transfer (“Contemplated Transfer”), Tenant shall give Landlord notice (the “Intention to Transfer Notice”) of such contemplated Transfer (whether or not the contemplated
Transferee or the terms of such contemplated Transfer have been determined); provided, however, that Landlord hereby acknowledges and agrees that Tenant shall have no obligation to deliver an Intention to Transfer Notice hereunder, and Landlord
shall have no right to recapture space with respect to (A) a sublease of less than two (2) full floors of the Premises, (B) a sublease for less than substantially all of the remainder of the Lease Term (for purposes hereof, a sublease
shall be deemed to be for substantially all of the remainder of the Lease Term if, assuming all sublease renewal or extension rights are exercised, such sublease shall expire during the final six (6) months of the Lease Term), or (C) an
assignment or sublease to a Permitted Transferee. The Intention to Transfer Notice shall specify the portion of and amount of rentable square feet of the Premises which Tenant intends to Transfer (the “Contemplated Transfer Space”),
the contemplated date of commencement of the Contemplated Transfer (the “Contemplated Effective Date”), and the contemplated length of the term of such contemplated Transfer, and shall specify that such Intention to Transfer Notice
is delivered to Landlord pursuant to this Section 14.4 in order to allow Landlord to elect to recapture the Contemplated Transfer Space for the remainder of the 

  
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 Lease Term. Thereafter, Landlord shall have the option, by giving written notice to Tenant (the
“Recapture Notice”) within thirty (30) days after receipt of any Intention to Transfer Notice, to recapture the Contemplated Transfer Space. Any recapture under this Section 14.4 shall cancel and terminate (or
suspend if not for the remainder of the Lease Term) this Lease with respect to the Contemplated Transfer Space as of the Contemplated Effective Date. In the event of a recapture by Landlord, (i) Landlord shall install, on a commercially
reasonable basis, any corridor and/or demising wall which is required as a result of a recapture by Landlord pursuant to the terms hereof, (ii) the Rent reserved herein shall be prorated on the basis of the number of rentable square feet
retained by Tenant in proportion to the number of rentable square feet contained in the Premises; and (iii) this Lease as so amended shall continue thereafter in full force and effect, and upon request of either party, the parties shall execute
written confirmation of the same. If Landlord declines, or fails to elect in a timely manner, to recapture the Contemplated Transfer Space under this Section 14.4, then, subject to the other terms of this Article 14, for a period
of nine (9) months (the “Nine Month Period”) commencing on the last day of such thirty (30) day period, Landlord shall not have any right to recapture the Contemplated Transfer Space with respect to any Transfer made
during the Nine Month Period, provided however, that any such Transfer shall be subject to the remaining terms of this Article 14. If such a Transfer is not so consummated within the Nine Month Period (or if a Transfer is so consummated, then
upon the expiration of the term of any Transfer of such Contemplated Transfer Space consummated within such Nine Month Period), Tenant shall again be required to submit a new Intention to Transfer Notice to Landlord with respect any contemplated
Transfer, as provided above in this Section 14.4. If Landlord elects to recapture any Contemplated Transfer Space under this Section 14.4, Tenant shall have the right, by written notice to Landlord given within five
(5) business days after delivery of the Recapture Notice, to rescind Tenant’s Intention to Transfer Notice and not proceed with the Contemplated Transfer, in which case such Recapture Notice shall be ineffective, and Tenant shall continue
to directly lease the Contemplated Transfer Space pursuant to the terms of this Lease. 
 14.5 Effect of Transfer. If Landlord
consents to a Transfer, then (i) the terms and conditions of this Lease shall in no way be deemed to have been waived or modified; (ii) such consent shall not be deemed consent to any further Transfer by either Tenant or a Transferee;
(iii) Tenant shall deliver to Landlord, promptly after execution, an original executed copy of the assignment or sublease document pertaining to the Transfer; (iv) Tenant shall furnish upon Landlord’s request a complete statement,
certified by an independent certified public accountant, or Tenant’s chief financial officer, setting forth in detail the computation of any Transfer Premium Tenant has derived and shall derive from such Transfer; and (v) no Transfer
relating to this Lease or agreement entered into with respect thereto, whether with or without Landlord’s consent, shall relieve Tenant or any guarantor of the Lease from any liability under this Lease, including, without limitation, in
connection with the Subject Space, and, in the event of a Transfer of Tenant’s entire interest in this Lease, the liability of Tenant and such Transferee shall be joint and several. Landlord or its authorized representatives shall have the
right at all reasonable times upon reasonable prior notice to audit the books, records and papers of Tenant relating to the calculation of the Transfer Premium with respect to any Transfer, and shall have the right to make copies thereof. If the
Transfer Premium respecting any Transfer shall be found understated, Tenant shall, within thirty (30) days after demand, pay the deficiency, and if understated by more than five percent (5%), Tenant shall pay Landlord’s reasonable costs of
such audit. 

  
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 14.6 Occurrence of Default. Any Transfer hereunder shall be subordinate and
subject to the provisions of this Lease, and if this Lease shall be terminated during the term of any Transfer, then Landlord shall have all of the rights set forth in Section 19.3 of this Lease with respect to such Transfer. In
addition, if Tenant shall be in default under this Lease beyond applicable notice and cure periods expressly set forth in this Lease, then Landlord is hereby irrevocably authorized to direct any Transferee to make all payments under or in connection
with a Transfer directly to Landlord (which payments Landlord shall apply towards Tenant’s obligations under this Lease) until such default is cured. Such Transferee shall rely on any representation by Landlord that Tenant is in default
hereunder, without any need for confirmation thereof by Tenant. Upon any assignment, the assignee shall assume in writing all obligations and covenants of Tenant thereafter to be performed or observed under this Lease. No collection or acceptance of
rent by Landlord from any Transferee shall be deemed a waiver of any provision of this Article 14 or the approval of any Transferee or a release of Tenant from any obligation under this Lease, whether theretofore or thereafter accruing. In no
event shall Landlord’s enforcement of any provision of this Lease against any Transferee be deemed a waiver of Landlord’s right to enforce any term of this Lease against Tenant or any other person. If Tenant’s obligations hereunder
have been guaranteed, Landlord’s consent to any Transfer shall not be effective unless the guarantor also consents to such Transfer. 

14.7 Additional Transfers. For purposes of this Lease, the term “Transfer” shall also include (i) if Tenant is a
partnership or a limited liability company, the withdrawal or change, voluntary, involuntary or by operation of law, of fifty percent (50%) or more of the partners, officers or members, as applicable, or transfer of fifty percent (50%) or more of
partnership, ownership or membership interests (as applicable), within a twelve (12)-month period, or the dissolution of the partnership or limited liability company without immediate reconstitution thereof, and (ii) if Tenant is a closely held
corporation (i.e., whose stock is not publicly held and not traded through an exchange or over the counter), (A) the dissolution, merger, consolidation or other reorganization of Tenant or (B) the sale or other transfer of an aggregate
of fifty percent (50%) or more of the voting shares of Tenant (other than to immediate family members by reason of gift or death), within a twelve (12)-month period, or (C) the sale, mortgage, hypothecation or pledge of an aggregate of fifty
percent (50%) or more of the value of the unencumbered assets of Tenant within a twelve (l2)-month period. 
 14.8 Deemed Consent
Transfers. Notwithstanding anything to the contrary contained in this Lease, (a) an assignment or subletting of all or a portion of the Premises to an affiliate of Tenant (an entity which is controlled by, controls, or is under common
control with, Tenant, (b) an assignment of the Lease by Tenant to an entity which acquires all or substantially all of the assets or interest (partnership, stock or other) of Tenant, or (c) an assignment of the Lease to an entity which is
the resulting entity of a merger or consolidation of Tenant (each, a “Permitted Transferee”), shall not be deemed a Transfer requiring Landlord’s consent under this Article 14, provided that (i) Tenant notifies
Landlord of any such assignment or sublease and promptly supplies Landlord with any documents or information reasonably requested by Landlord regarding such Permitted Transferee as set forth above, and (ii) such assignment or sublease is not a
subterfuge by Tenant to avoid its obligations under this Lease or to otherwise effectuate any release of Tenant of such obligations. An assignee of Tenant’s entire interest in this Lease and the Premises who qualifies as a Permitted Transferee
may also be referred to herein as a “Non-Transferee Assignee”). “Control,” as used in this Section 14.8, shall mean the 

  
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 ownership, directly or indirectly, of more than fifty percent (50%) of the voting securities of, or
possession of the right to vote, in the ordinary direction of its affairs, of more than fifty percent (50%) of the voting interest in, any person or entity, or the power to direct the policies or operations of any person or entity (by contract or
otherwise). The sale of corporate shares of capital stock in Tenant in connection with an initial public offering of Tenant’s stock on a nationally-recognized stock exchange, and the subsequent sale of Tenant’s capital stock as long as
Tenant is a publicly traded company on a nationally-recognized stock exchange shall not be deemed a Transfer under this Article 14 and shall not be subject to this Article 14. 

  
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 ARTICLE 15 

SURRENDER OF PREMISES; OWNERSHIP AND 

REMOVAL OF TRADE FIXTURES 

15.1 Surrender of Premises. No act or thing done by either party or any agent or employee thereof during the Lease Term shall be
deemed to constitute an acceptance by either party of a surrender of the Premises unless such intent is specifically acknowledged in a writing signed by both parties. The delivery of keys to the Premises to Landlord or any agent or employee of
Landlord shall not constitute a surrender of the Premises or effect a termination of this Lease, whether or not the keys are thereafter retained by Landlord, and notwithstanding such delivery Tenant shall be entitled to the return of such keys at
any reasonable time upon request until this Lease shall have been properly terminated. The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual termination hereof, shall not work a merger, and at the
option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the Premises or terminate any or all such sublessees or subtenancies. 

15.2 Removal of Tenant Property by Tenant. Upon the expiration of the Lease Term, or upon any earlier termination of this Lease,
Tenant shall, subject to the provisions of this Article 15, quit and surrender possession of the Premises to Landlord in the condition Tenant is required to maintain the Premises pursuant to Article 7. Upon such expiration or
termination, Tenant shall, without expense to Landlord, remove or cause to be removed from the Premises all debris and rubbish, such items of furniture, equipment, business and trade fixtures, free-standing cabinet work, movable partitions and other
articles of personal property owned by Tenant or installed or placed by Tenant at its expense in the Premises, and such similar articles of any other persons claiming under Tenant, and Tenant shall repair at its own expense all damage to the
Premises and Building resulting from such removal. 
 ARTICLE 16 

HOLDING OVER 
 If
Tenant holds over after the expiration of the Lease Term or earlier termination thereof, with the express or implied consent of Landlord, such tenancy shall be from
month-to-month only, and shall not constitute a renewal hereof or an extension for any further term, and in such case Rent shall be payable at a monthly rate equal to
(i) one hundred fifty percent (150%) of the Base Rent applicable during the last rental period of the Lease Term under this Lease, and one hundred percent (100%) of all Additional Rent due, for the first (lst) three (3) months of such holdover, and (ii) two hundred percent (200%) of the Base Rent applicable during the last rental period of the Lease Term under this Lease, and one 

  
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 hundred percent (100%) of all Additional Rent due, thereafter. Such month-to-month tenancy shall be subject to every other applicable term, covenant and agreement contained herein. Nothing contained in this Article 16 shall be construed as consent by Landlord to any
holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration or other termination of this Lease. The provisions of this
Article 16 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at law. If Tenant fails to surrender the Premises upon the termination or expiration of this Lease, in addition to
any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees) and liability resulting from such failure, including, without
limiting the generality of the foregoing, any claims made by any succeeding tenant founded upon such failure to surrender and any lost profits to Landlord resulting therefrom; provided, however, upon entering into a third-party lease which affects
the Premises, Landlord shall deliver written notice (the “New Lease Notice”) of such lease to Tenant and the terms of the foregoing indemnity shall not be effective until the later of (i) the date that occurs thirty
(30) days following the date Landlord delivers such New Lease Notice to Tenant, and (ii) the date such holdover commences. 

ARTICLE 17 
 ESTOPPEL
CERTIFICATES 
 Within ten (10) business days following a request in writing by Landlord, Tenant shall execute, acknowledge and
deliver to Landlord an estoppel certificate, which, as submitted by Landlord, shall be substantially in the form of Exhibit E, attached hereto (or such other commercially reasonable form as may be required by any prospective
mortgagee or purchaser of the Project, or any portion thereof), making any modifications or indicating any exceptions thereto that may exist at that time to make such statements therein true and correct, and shall also contain any other factual
information reasonably requested by Landlord or Landlord’s mortgagee or prospective mortgagee. Any such certificate may be relied upon by any prospective mortgagee or purchaser of all or any portion of the Project. Tenant shall execute and
deliver whatever other instruments may be reasonably required for such purposes. Unless the same are otherwise reasonably publicly available, at any time during the Lease Term, Landlord may require Tenant to provide Landlord with a current financial
statement and financial statements of the two (2) years prior to the current financial statement year. Such statements shall be prepared in accordance with generally accepted accounting principles and, if such is the normal practice of Tenant,
shall be audited by an independent certified public accountant. If Tenant fails to execute, acknowledge and deliver any such estoppel certificate or other instruments within such ten (10) business day period, then Landlord may deliver a written
notice (the “Estoppel Reminder Notice”) to Tenant stating that Tenant has failed to deliver such estoppel certificate and/or other instruments within the required time period. If Tenant fails to deliver such estoppel certificate
and/or other instruments within five (5) days following the date upon which Landlord delivered an Estoppel Reminder Notice, then such failure shall constitute an acceptance and 

  
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acknowledgment by Tenant that statements included in the estoppel certificate are true and correct, without exception. 

ARTICLE 18 
 MORTGAGE
OR GROUND LEASE 
 18.1 Subordination. Landlord represents and warrants to Tenant that, as of the date hereof, there
are no existing mortgages, deeds of trust, or superior leases encumbering or recorded against the Building or Project. This Lease shall be subject and subordinate to all present and future ground or underlying leases of the Building or Project and
to the lien of any mortgage, trust deed or other encumbrances now or hereafter in force against the Building or Project or any part thereof, if any, and to all renewals, extensions, modifications, consolidations and replacements thereof, and to all
advances made or hereafter to be made upon the security of such mortgages or trust deeds (collectively, the “Encumbrances”), unless the holders of such Encumbrances, or the lessors under such ground lease or underlying leases
(collectively, the “Superior Holders”), require in writing that this Lease be superior thereto; provided, however, that in consideration of and a condition precedent to Tenant’s agreement to subordinate this Lease to any future
Encumbrances, shall be the receipt by Tenant of a commercially reasonable non-disturbance agreement which requires such Superior Holder to accept this Lease, and not to disturb Tenant’s possession, so
long as Tenant is not in default under this Lease after any applicable notice and cure period expressly set forth in this Lease (a “SNDAA”) executed by Landlord and the appropriate Superior Holder. Subject to Tenant’s receipt
of an SNDAA, Tenant covenants and agrees in the event any proceedings are brought for the foreclosure of any such mortgage or deed in lieu thereof (or if any ground lease is terminated), to attorn, without any deductions or set-offs whatsoever, to the lienholder or purchaser or any successors thereto upon any such foreclosure sale or deed in lieu thereof (or to the ground lessor), if so requested to do so by such purchaser or
lienholder or ground lessor, and to recognize such purchaser or lienholder or ground lessor as the lessor under this Lease, provided such lienholder or purchaser or ground lessor shall agree to accept this Lease and be bound as Landlord hereunder,
and shall further agree not to disturb Tenant’s occupancy, so long as Tenant shall not be in default under this Lease after any applicable notice and cure period expressly set forth in this Lease. Landlord’s interest herein may be assigned
as security at any time to any lienholder. Tenant shall, within ten (10) business days of request by Landlord, execute such further commercially reasonable instruments or assurances as Landlord may reasonably deem necessary to evidence or
confirm the subordination or superiority of this Lease to any such mortgages, trust deeds, ground leases or underlying leases. 
 18.2
Notice to Lienholder or Ground Lessor. Notwithstanding anything to the contrary contained in Article 28, below, or elsewhere in this Lease, upon receipt by Tenant of notice from any holder of a mortgage, trust deed or other encumbrance
in force against the Building or the Project or any part thereof which includes the Premises or any lessor under a ground lease or underlying lease of the Building or the Project (collectively, a “Mortgagee”), or from Landlord,
which notice sets forth the address of such lienholder or ground lessor, and which notice specifically advises Tenant that all notices of default under this Lease, to be effective, must be copied to such lienholder or lessor, no notice of default
from Tenant to Landlord shall be effective unless and until a copy of the same is given to such lienholder or 

  
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 ground lessor at the appropriate address therefor (as specified in the above-described notice or at such
other places as may be designated from time to time in a notice to Tenant in accordance with Article 28, below). For the purposes of this Article 18, the term “mortgage” shall include a mortgage on a leasehold interest of
Landlord (but not a mortgage on Tenant’s leasehold interest hereunder). 
 18.3 Assignment of Rents. With reference to any
assignment by Landlord of Landlord’s interest in this Lease, or the Rent payable to Landlord hereunder, conditional in nature or otherwise, which assignment is made to any holder of a mortgage, trust deed or other encumbrance in force against
the Building or the Project or any part thereof which includes the Premises or to any lessor under a ground lease or underlying lease of the Building or the Project, Tenant agrees as follows: 

18.3.1 The execution of any such assignment by Landlord, and the acceptance thereof by such lienholder or ground lessor, shall never be treated
as an assumption by such lienholder or ground lessor of any of the obligations of Landlord under this Lease, unless such lienholder or ground lessor shall, by notice to Tenant, specifically otherwise elect. 

18.3.2 Notwithstanding delivery to Tenant of the notice required by Section 18.3.1, above, such lienholder or ground lessor,
respectively, shall be treated as having assumed Landlord’s obligations under this Lease only upon such lienholder’s foreclosure of any such mortgage, trust deed or other encumbrance, or acceptance of a deed in lieu thereof, and taking of
possession of the Building or the Project or applicable portion thereof, or such ground lessor’s termination of any such ground lease or underlying leases and assumption of Landlord’s position hereunder, as the case may be. In no event
shall such lienholder, ground lessor or any other successor to Landlord’s interest in this Lease, as the case may be, be liable for any security deposit paid by Tenant to Landlord, unless and until such lienholder, ground lessor or other such
successor, respectively, actually has been credited with or has received for its own account as landlord the amount of such security deposit or any portion thereof (in which event the liability of such lienholder, ground lessor or other such
successor, as the case may be, shall be limited to the amount actually credited or received). 
 18.3.3 In no event shall the acquisition of
title to the Building and the land upon which the Building is located or the Project or any part thereof which includes the Premises by a purchaser which, simultaneously therewith, leases back to the seller thereof the entire Building or the land
upon which the Building is located or the Project or the entirety of that part thereof acquired by such purchaser, as the case may be, be treated as an assumption, by operation of law or otherwise, of Landlord’s obligations under this Lease,
but Tenant shall look solely to such seller-lessee, or to the successors to or assigns of such seller-lessee’s estate, for performance of Landlord’s obligations under this Lease. In any such event, this Lease shall be subject and
subordinate to the lease to such seller-lessee; provided, however, that in consideration of and a condition precedent to Tenant’s agreement to subordinate this Lease to any future Encumbrances, shall be the receipt by Tenant of a SNDAA. Subject
to Tenant’s receipt of a SNDAA in accordance with the immediately preceding sentence, Tenant covenants and agrees in the event the lease to such seller-lessee is terminated to attorn, without any deductions or
set-offs whatsoever, to such purchaser-lessor, if so requested to do so by such purchaser-lessor, and to recognize such purchaser-lessor as the lessor under this Lease, provided such purchaser-lessor 

  
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 shall agree to accept this Lease and be bound as Landlord hereunder, and shall further agree not to disturb
Tenant’s occupancy, so long as Tenant shall not be in default under this Lease beyond applicable notice and cure periods expressly set forth in this Lease. For all purposes, such seller-lessee, or the successors to or assigns of such
seller-lessee’s estate, shall be the lessor under this Lease unless and until such seller-lessee’s position shall have been assumed by such purchaser-lessor. 

ARTICLE 19 

DEFAULTS; REMEDIES 

19.1 Events of Default. The occurrence of any of the following shall constitute a default of this Lease by Tenant: 

19.1.1 Any failure by Tenant to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, when due within
five (5) business days after Tenant’s receipt of written notice from Landlord that the same was not paid when due; or 
 19.1.2
Except as otherwise specifically set forth in this Section 19.1, any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease to be observed or performed by Tenant where such failure continues for
thirty (30) days after written notice thereof from Landlord to Tenant; provided that if the nature of such default is such that the same cannot reasonably be cured within a thirty (30) day period, Tenant shall not be deemed to be in
default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure such default; or 

19.1.3 Abandonment of the Premises by Tenant pursuant to Applicable Laws; or 

19.1.4 The (i) failure by Tenant to observe or perform according to the provisions of Articles 10, 14, 17 or 18 of this Lease, or
any provision of the Tenant Work Letter, (ii) use by Tenant of the Premises in violation of the terms of Article 5 of this Lease, where such use unreasonably interferes with another tenant or occupant of the Building, causes an increased
risk of personal injury to any person or damage to any property not owned by Tenant, or which would jeopardize Landlord’s interest in the Building or the Project, or (iii) the failure by Tenant to observe or perform any other provision,
covenant or condition of this Lease which failure, because of the character of such provision, covenant or condition, would immediately jeopardize Landlord’s interest, where any of such failures under clauses (i), (ii) or (iii), of this
Section 19.1.4, continues for more than five (5) business days after notice from Landlord. 
 The notice periods provided in
this Section 19.1 are in lieu of, and not in addition to, any notice periods provided by law; provided, however, nothing set forth in this Lease shall be deemed to be a waiver by Tenant of any notice period required pursuant to the terms of
Section 1161 of the California Code of Civil Procedure. 
 19.2 Remedies Upon Default. Upon the occurrence of any event of
default by Tenant, Landlord shall have, in addition to any other remedies available to Landlord at law or in equity (all of which remedies shall be distinct, separate and cumulative), the option to pursue any

  
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one or more of the following remedies, each and all of which shall be cumulative and nonexclusive. 

19.2.1 Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so,
Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part
thereof, without being liable for prosecution or any claim or damages therefor; and Landlord may recover from Tenant the following: 

19.2.1.1 The worth at the time of award of any unpaid rent which has been earned at the time of such termination; plus 

19.2.1.2 The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time
of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 
 19.2.1.3 The worth at the
time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 

19.2.1.4 Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its
obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, specifically including but not limited to, brokerage commissions and advertising expenses incurred, expenses of remodeling the Premises or
any portion thereof for a new tenant, whether for the same or a different use, and any special concessions made to obtain a new tenant; plus 

19.2.1.5 At Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by
Applicable Laws. 
 The term “rent” as used in this Section 19.2 shall be deemed to be and to mean all sums of every
nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 19.2.1(i) and 19.2.1(ii), above, the “worth at the time of award” shall be computed by allowing interest
at the rate set forth in Article 25 of this Lease, but in no case greater than the maximum amount of such interest permitted by law. As used in Section 19.2.1(iii) above, the “worth at the time of award” shall be computed by
discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). 

19.2.2 Landlord shall have the remedy described in California Civil Code Section 1951.4 (lessor may continue lease in effect after
lessee’s breach and abandonment and recover rent as it becomes due, if lessee has the right to sublet or assign, subject only to reasonable limitations). Accordingly, if Landlord does not elect to terminate this Lease on account of any default
by Tenant, Landlord may, from time to time, without terminating this Lease, enforce all of its rights and remedies under this Lease, including the right to recover all rent as it becomes due. 

  
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 19.2.3 Landlord shall at all times have the rights and remedies (which shall be cumulative
with each other and cumulative and in addition to those rights and remedies available under Sections 19.2.1 and 19.2.2, above, or any law or other provision of this Lease), without prior demand or notice except as required by Applicable Laws,
to seek any declaratory, injunctive or other equitable relief, and specifically enforce this Lease, or restrain or enjoin a violation or breach of any provision hereof. 

19.3 Subleases of Tenant. If Landlord elects to terminate this Lease on account of any default by Tenant, as set forth in this
Article 19, then Landlord shall have the right, at Landlord’s option in its sole discretion, (i) to terminate any and all assignments, subleases, licenses, concessions or other consensual arrangements for possession entered into by
Tenant and affecting the Premises, in which event Landlord shall have the right to repossess such affected portions of the Premises by any lawful means, or (ii) to succeed to Tenant’s interest in any or all such assignments, subleases,
licenses, concessions or arrangements, in which event Landlord may require any assignees, sublessees, licensees or other parties thereunder to attorn to and recognize Landlord as its assignor, sublessor, licensor, concessionaire or transferor
thereunder. In the event of Landlord’s election to succeed to Tenant’s interest in any such assignments, subleases, licenses, concessions or arrangements, Tenant shall, as of the date of notice by Landlord of such election, have no further
right to or interest in the rent or other consideration receivable thereunder. 
 19.4 Efforts to Relet. No re-entry or repossession, repairs, maintenance, changes, alterations and additions, reletting, appointment of a receiver to protect Landlord’s interests hereunder, or any other action or omission by Landlord
shall be construed as an election by Landlord to terminate this Lease or Tenant’s right to possession, or to accept a surrender of the Premises, nor shall same operate to release Tenant in whole or in part from any of Tenant’s obligations
hereunder, unless express written notice of such intention is sent by Landlord to Tenant. Tenant hereby irrevocably waives any right otherwise available under any law to redeem or reinstate this Lease. 

19.5 Landlord Default. 

19.5.1 General. Notwithstanding anything to the contrary set forth in this Lease, Landlord shall not be in default in the
performance of any obligation required to be performed by Landlord pursuant to this Lease unless Landlord fails to perform such obligation within thirty (30) days after the receipt of notice from Tenant specifying in detail Landlord’s
failure to perform; provided, however, if the nature of Landlord’s obligation is such that more than thirty (30) days are required for its performance, then Landlord shall not be in default under this Lease if it shall commence such
performance within such thirty (30) day period and thereafter diligently pursue the same to completion. Upon any such default by Landlord under this Lease, Tenant may, except as otherwise specifically provided in this Lease to the contrary,
exercise any of its rights provided at law or in equity. 
 19.5.2 Abatement of Rent. Notwithstanding anything to the contrary
set forth in this Lease, in the event that Tenant is prevented from using, and does not use, the Premises or any portion thereof, as a result of (i) any repair, maintenance or alteration performed by Landlord, or which Landlord failed to
perform, after the Lease Commencement Date and 

  
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required by this Lease, which substantially interferes with Tenant’s use of the Premises, or (ii) any failure to provide services, utilities or access to the Premises as required by
this Lease (either such set of circumstances as set forth in items (i) or (ii), above, to be known as an “Abatement Event”), then Tenant shall give Landlord notice of such Abatement Event, and if such Abatement Event continues
for five (5) consecutive business days after Landlord’s receipt of any such notice (the “Eligibility Period”), the Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for parking (to the
extent not utilized by Tenant) shall be abated or reduced, as the case may be, after expiration of the Eligibility Period for such time that Tenant continues to be so prevented from using, and does not use for the normal conduct of Tenant’s
business, the Premises or a portion thereof, in the proportion that the rentable area of the portion of the Premises that Tenant is prevented from using, and does not use, bears to the total rentable area of the Premises; provided, however, in the
event that Tenant is prevented from using, and does not use, a portion of the Premises for a period of time in excess of the Eligibility Period and the remaining portion of the Premises is not sufficient to allow Tenant to effectively conduct its
business therein, and if Tenant does not conduct its business from such remaining portion, then for such time after expiration of the Eligibility Period during which Tenant is so prevented from effectively conducting its business therein, the Base
Rent and Tenant’s Share of Direct Expenses for the entire Premises and Tenant’s obligation to pay for parking shall be abated for such time as Tenant continues to be so prevented from using, and does not use, the Premises. If, however,
Tenant reoccupies any portion of the Premises during such period, the Rent allocable to such reoccupied portion, based on the proportion that the rentable area of such reoccupied portion of the Premises bears to the total rentable area of the
Premises, shall be payable by Tenant from the date Tenant reoccupies such portion of the Premises. To the extent an Abatement Event is caused by an event covered by Articles 11 or 13 of this Lease, then Tenant’s right to abate
rent shall be governed by the terms of such Article 11 or 13, as applicable, and the Eligibility Period shall not be applicable thereto. Such right to abate Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for
parking shall be Tenant’s sole and exclusive remedy for rent abatement at law or in equity for an Abatement Event. Except as provided in this Section 19.5.2, nothing contained herein shall be interpreted to mean that Tenant is
excused from paying Rent due hereunder. 
  

	
	     

    
     

    
     

    
     

    
     

    
     

    
     

    
     

    

  
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 ARTICLE 20 

COVENANT OF QUIET ENJOYMENT 

Landlord covenants that Tenant, on paying the Rent, charges for services and other payments herein reserved and on keeping, observing and
performing all the other terms, covenants, conditions, provisions and agreements herein contained on the part of Tenant to be kept, observed and performed prior to the expiration of applicable cure periods following notice of any default, shall,
during the Lease Term, peaceably and quietly have, hold and enjoy the Premises subject to the terms, covenants, conditions, provisions and agreements hereof without interference by any persons lawfully claiming by or through Landlord. The foregoing
covenant is in lieu of any other covenant express or implied. 
 ARTICLE 21 

LETTER OF CREDIT 

21.1 Delivery of Letter of Credit. No later than seven (7) days after Lease execution, Tenant shall deliver to Landlord, as
protection for the full and faithful performance by Tenant of all of its obligations under this Lease and for all losses and damages Landlord may suffer as a result of any breach or default by Tenant under this Lease, an unconditional, clean,
irrevocable negotiable standby letter of credit (the “L-C”) in the amount set forth in Section 8 of the Summary (the “L-C
Amount”), in the form attached hereto as Exhibit G, payable in the City of San Francisco, California, running in favor of Landlord, drawn on a bank (the “Bank”) reasonably approved by Landlord and at a minimum having
a long term issuer credit rating from Standard and Poor’s Professional Rating Service of A or a comparable rating from Moody’s Professional Rating Service (the “Credit Rating Threshold”), and otherwise conforming in all
respects to the requirements of this Article 21, including, without limitation, all of the requirements of Section 21.2 below, all as set forth more particularly hereinbelow. If Tenant fails to deliver the L-C within seven (7) days after Lease execution, and such failure to deliver causes a delay in the Substantial Completion of the Landlord Work, then such failure to deliver shall constitute a “Tenant
Delay”, as that term is defined in the Tenant Work Letter. Tenant shall pay all expenses, points and/or fees incurred by Tenant in obtaining and maintaining the L-C. In the event of an assignment by
Tenant of its interest in the Lease (and irrespective of whether Landlord’s consent is required for such assignment), the acceptance of any replacement or substitute letter of credit by Landlord from the assignee shall be subject to
Landlord’s prior written approval, in Landlord’s reasonable discretion, and the reasonable attorney’s fees incurred by Landlord in connection with such determination shall be payable by Tenant to Landlord within thirty (30) days
of billing. 
 21.2 In General. The L-C shall be “callable” at sight, permit
partial draws and multiple presentations and drawings, and be otherwise subject to the Uniform Customs and Practices for Documentary Credits (1993-Rev), International Chamber of Commerce Publication #500, or
the International Standby Practices-ISP 98, International Chamber of Commerce Publication #590. Tenant further covenants and warrants as follows: 

  
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 21.2.1 Landlord Right to Transfer. The
L-C shall provide that Landlord, its successors and assigns, may, at any time and without notice to Tenant and without first obtaining Tenant’s consent thereto, transfer (one or more times) all or any
portion of its interest in and to the L-C to another party, person or entity, regardless of whether or not such transfer is separate from or as a part of the assignment by Landlord of its rights and interests
in and to this Lease. In the event of a transfer of Landlord’s interest in the Building, Landlord shall transfer the L-C, in whole or in part, to the transferee and thereupon Landlord shall, without any
further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the provisions hereof shall apply to every transfer or assignment of the whole or any portion of said
L-C to a new landlord. In connection with any such transfer of the L-C by Landlord, Tenant shall, at Tenant’s sole cost and expense, execute and submit to the Bank
such applications, documents and instruments as may be necessary to effectuate such transfer, and Tenant shall be responsible for paying the Bank’s transfer and processing fees in connection therewith. 

21.2.2 No Assignment by Tenant. Tenant shall neither assign nor encumber the L-C or any
part thereof. Neither Landlord nor its successors or assigns will be bound by any assignment, encumbrance, attempted assignment or attempted encumbrance by Tenant in violation of this Section. 

21.2.3 Replenishment. If, as a result of any drawing by Landlord on the L-C pursuant to
its rights set forth in Section 21.3 below, the amount of the L-C shall be less than the L-C Amount, Tenant shall, within five (5) business days
thereafter, provide Landlord with (i) an amendment to the L-C restoring such L-C to the L-C Amount or (ii) additional L-Cs in an amount equal to the deficiency, which additional L-Cs shall comply with all of the provisions of this Article 21, and if Tenant fails to comply with the
foregoing, notwithstanding anything to the contrary contained in Section 19.1 above, the same shall constitute an incurable default by Tenant under this Lease (without the need for any additional notice and/or cure period). 

21.2.4 Renewal; Replacement. If the L-C expires earlier than the date (the “LC
Expiration Date”) that is sixty (60) days after the expiration of the Lease Term, Tenant shall deliver a new L-C or certificate of renewal or extension to Landlord at least sixty (60) days
prior to the expiration of the L-C then held by Landlord, without any action whatsoever on the part of Landlord, which new L-C shall be irrevocable and automatically
renewable through the LC Expiration Date upon the same terms as the expiring L-C or such other terms as may be acceptable to Landlord in its sole discretion. In furtherance of the foregoing, Landlord and
Tenant agree that the L-C shall contain a so-called “evergreen provision,” whereby the L-C will automatically be
renewed unless at least sixty (60) days’ prior written notice of non-renewal is provided by the issuer to Landlord; provided, however, that the final expiration date identified in the L-C, beyond which the L-C shall not automatically renew, shall not be earlier than the LC Expiration Date. 

21.2.5 Bank’s Financial Condition. If, at any time during the Lease Term, the Bank’s long term credit rating is reduced
below the Credit Rating Threshold, or if the financial condition of the Bank changes in any other materially adverse way (either, a “Bank Credit Threat”), then Landlord shall have the right to require that Tenant obtain from a
different issuer a substitute L-C that complies in all respects with the requirements of this Article 21, and Tenant’s failure to obtain such substitute L-C within
thirty (30) days following Landlord’s 

  
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 written demand therefor (with no other notice or cure or grace period being applicable thereto,
notwithstanding anything in this Lease to the contrary) shall entitle Landlord, or Landlord’s then managing agent, to immediately draw upon the then existing L-C in whole or in part, without notice to
Tenant, as more specifically described in Section 21.3 below. Tenant shall be responsible for the payment of any and all costs incurred with the review of any replacement L-C (including without
limitation Landlord’s reasonable attorneys’ fees), which replacement is required pursuant to this Section or is otherwise requested by Tenant. 

21.3 Application of Letter of Credit. Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material
reliance upon the ability of Landlord to draw upon the L-C as protection for the full and faithful performance by Tenant of all of its obligations under this Lease and for all losses and damages Landlord may
suffer as a result of any breach or default by Tenant under this Lease. Landlord, or its then managing agent, shall have the right to draw down an amount up to the face amount of the L-C if any of the
following shall have occurred or be applicable: (A) such amount is past due to Landlord under the terms and conditions of this Lease, or (B) Tenant has filed a voluntary petition under the U. S. Bankruptcy Code or any state bankruptcy code
(collectively, “Bankruptcy Code”), or (C) an involuntary petition has been filed against Tenant under the Bankruptcy Code, or (D) the Bank has notified Landlord that the L-C will not
be renewed or extended through the LC Expiration Date, or (E) a Bank Credit Threat or Receivership (as such term is defined in Section 21.6.1 below) has occurred and Tenant has failed to comply with the requirements of either
Section 21.2.5 above or 21.6 below, as applicable. If Tenant shall breach any provision of this Lease or otherwise be in default hereunder or if any of the foregoing events identified in Sections.21.3(B) through (E) shall
have occurred, Landlord may, but without obligation to do so, and without notice to Tenant, draw upon the L-C, in part or in whole, and the proceeds may be applied by Landlord (i) to cure any breach or
default of Tenant and/or to compensate Landlord for any and all damages of any kind or nature sustained resulting from Tenant’s breach or default, (ii) against any Rent payable by Tenant under this Lease that is not paid when due and/or
(iii) to pay for all losses and damages that Landlord has suffered or that Landlord reasonably estimates that it will suffer as a result of any breach or default by Tenant under this Lease. The use, application or retention of the L-C, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by any Applicable Laws, it being intended that Landlord shall not first be
required to proceed against the L-C, and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. Tenant agrees not to interfere in any way with payment to Landlord of the
proceeds of the L-C, either prior to or following a “draw” by Landlord of any portion of the L-C, regardless of whether any dispute exists between Tenant and
Landlord as to Landlord’s right to draw upon the L-C provided, however, nothing contained herein shall be deemed to prohibit Tenant from challenging the validity of the amount of said draw following the
occurrence thereof. No condition or term of this Lease shall be deemed to render the L-C conditional to justify the issuer of the L-C in failing to honor a drawing upon
such L-C in a timely manner. Tenant agrees and acknowledges that (i) the L-C constitutes a separate and independent contract between Landlord and the Bank,
(ii) Tenant is not a third party beneficiary of such contract, (iii) Tenant has no property interest whatsoever in the L-C or the proceeds thereof, and (iv) in the event Tenant becomes a debtor
under any chapter of the Bankruptcy Code, neither Tenant, any trustee, nor Tenant’s bankruptcy estate shall have any right to restrict or limit Landlord’s claim and/or rights 

  
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to the L-C and/or the proceeds thereof by application of Section 502(b)(6) of the U. S. Bankruptcy Code or otherwise. 

21.4 Letter of Credit not a Security Deposit. Landlord and Tenant acknowledge and agree that in no event or circumstance shall
the L-C or any renewal thereof or any proceeds thereof be (i) deemed to be or treated as a “security deposit” within the meaning of California Civil Code Section 1950.7, (ii) subject to the
terms of such Section 1950.7, or (iii) intended to serve as a “security deposit” within the meaning of such Section 1950.7. The parties hereto (A) recite that the L-C is not
intended to serve as a security deposit and such Section 1950.7 and any and all other laws, rules and regulations applicable to security deposits in the commercial context (“Security Deposit Laws”) shall have no applicability
or relevancy thereto and (B) waive any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. 

21.5 Proceeds of Draw. In the event Landlord draws down on the L-C pursuant to
Section 21.3(D) or (E) above, the proceeds of the L-C may be held by Landlord and applied by Landlord against any Rent payable by Tenant under this Lease that is not paid when due
and/or to pay for all losses and damages that Landlord has suffered as a result of any breach or default by Tenant under this Lease. Any unused proceeds shall constitute the property of Landlord and need not be segregated from Landlord’s other
assets. Tenant hereby (i) agrees that (A) Tenant has no property interest whatsoever in the proceeds from any such draw, and (B) such proceeds shall not be deemed to be or treated as a “security deposit” under the Security
Deposit Law, and (ii) waives all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Landlord agrees that the amount of any proceeds of the L-C received by Landlord, and not (a) applied against any Rent payable by Tenant under this Lease that was not paid when due or (b) used to pay for any losses and/or damages suffered by Landlord (or
reasonably estimated by Landlord that it will suffer) as a result of any breach or default by Tenant under this Lease (the “Unused L-C Proceeds”), shall be paid by Landlord to Tenant
(x) upon receipt by Landlord of a replacement L-C in the full L-C Amount, which replacement L-C shall comply in all respects
with the requirements of this Article 21, or (y) within thirty (30) days after the LC Expiration Date; provided, however, that if prior to the LC Expiration Date a voluntary petition is filed by Tenant, or an involuntary petition is filed
against Tenant by any of Tenant’s creditors, under the Bankruptcy Code, then Landlord shall not be obligated to make such payment in the amount of the Unused L-C Proceeds until either all preference
issues relating to payments under this Lease have been resolved in such bankruptcy or reorganization case or such bankruptcy or reorganization case has been dismissed. 

21.6 Bank Placed Into Receivership. 

21.6.1 Bank Placed Into Receivership. In the event the Bank is placed into receivership or conservatorship (any such event, a
“Receivership”) by the Federal Deposit Insurance Corporation or any successor or similar entity (the “FDIC”), then, effective as of the date such Receivership occurs, the L-C
shall be deemed to not meet the requirements of this Article 21, and, within ten (10) business days following Landlord’s notice to Tenant of such Receivership (the “LC Replacement Notice”), Tenant shall (i) replace
the L-C with a substitute L-C from a different issuer reasonably acceptable to Landlord and that complies in all respects with the requirements of this Article
21, or (ii) in the event Tenant demonstrates to Landlord that 

  
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 Tenant is reasonably unable to obtain a substitute L-C from a
different issuer reasonably acceptable to Landlord and that complies in all respects with the requirements of this Section 21.6.1 within the foregoing ten (10) business-day period, deposit
with Landlord cash in the L-C Amount (the “Interim Cash Deposit”); provided, however, that, in the case of the foregoing sub-clause (ii), Tenant shall
have the right to replace the L-C with a substitute L-C from a different issuer reasonably acceptable to Landlord, and that complies in all respects with the
requirements of this Section 21.6.1. Tenant shall be responsible for the payment of any and all costs incurred with the review of any replacement L- C (including without limitation Landlord’s
reasonable attorneys’ fees), which replacement is required pursuant to this Section or is otherwise requested by Tenant. 
 21.6.2
Interim Cash Deposit. During any period that Landlord remains in possession of the Interim Cash Deposit (any such period, a “Deposit Period”), it is understood by the parties that such Interim Cash Deposit shall be
held by Landlord as security for the full and faithful performance of Tenant’s covenants and obligations under this Lease. The Interim Cash Deposit shall not constitute an advance of any Rent, an advance payment of any other kind, nor a measure
of Landlord’s damages in case of Tenant’s default. If, during any such Deposit Period, Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of Rent, the removal
of property and the repair of resultant damage, then Landlord may but shall not be required to, from time to time, without notice to Tenant and without waiving any other remedy available to Landlord, use the Interim Cash Deposit, or any portion of
it, to the extent necessary to cure or remedy such default or failure or to compensate Landlord for all damages sustained by Landlord or which Landlord reasonably estimates that it will sustain resulting from Tenant’s default or failure to
comply fully and timely with its obligations pursuant to this Lease. Tenant shall pay to Landlord within ten (10) days after written demand any amount so applied in order to restore the Interim Cash Deposit to its original amount, and
Tenant’s failure to do so shall constitute a default under this Lease. In the event Landlord is in possession of the Interim Cash Deposit at the expiration or earlier termination of this Lease, and Tenant is in compliance with the covenants and
obligations set forth in this Lease at the time of such expiration or termination, then Landlord shall return to Tenant the Interim Cash Deposit, less any amounts deducted by Landlord to reimburse Landlord for any sums to which Landlord is entitled
under the terms of this Lease, within sixty (60) days following both such expiration or termination and Tenant’s vacation and surrender of the Premises. Landlord’s obligations with respect to the Interim Cash Deposit are those of a
debtor and not a trustee. Landlord shall not be required to maintain the Interim Cash Deposit separate and apart from Landlord’s general or other funds, and Landlord may commingle the Interim Cash Deposit with any of Landlord’s general or
other funds. Tenant shall not at any time be entitled to interest on the Interim Cash Deposit. In the event of a transfer of Landlord’s interest in the Building, Landlord shall transfer the Interim Cash Deposit, in whole or in part, to the
transferee and thereupon Landlord shall, without any further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the provisions hereof shall apply to every transfer or assignment of the whole or
any portion of said Interim Cash Deposit to a new landlord. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, or any successor statute. 

21.7 Increase of L-C Amount. If the Premises is increased due to Tenant’s timely
exercise of its rights under Section l.3 (Hold Space), Section 1.4 (Expansion Space), or 

  
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Section 1.5 (Right of First Offer), then (A) the L-C Amount shall be increased by an amount equal to the total amount of Base Rent payable
by Tenant for the applicable space expanding the Premises during the last twelve (12) months of the then Lease Term, and (B) Tenant shall, within three (3) business days after the date on which Landlord delivers possession of the
applicable space expanding the Premises, in the required condition, tender to Landlord a new L-C or a certificate of amendment to the existing L-C, conforming in all
respects to the requirements of this Article 21, in such increased L-C Amount. 
 21.8
Reduction of L-C Amount. The L-C Amount shall not be reduced during that period commencing on the Phase I Lease Commencement Date and expiring on
September 30, 2019 (the “Fixed Period”). The Fixed Period shall be automatically extended (without the necessity of notice to Tenant) by four (4) months upon Tenant’s second (2nd) failure to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, beyond applicable notice and cure periods, and shall be extended for an additional four
(4) months upon each similar failure by Tenant thereafter. After the expiration of the Fixed Period (as the same may be extended pursuant to the immediately preceding sentence), provided that on or prior to the applicable Reduction Date, Tenant
tenders to Landlord (a) evidence reasonably satisfactory to Landlord demonstrating the Tenant satisfies the “L-C Reduction Conditions,” as that term is defined below, and (b) a certificate
of amendment to the existing L-C (or a new L-C), conforming in all respects to the requirements of this Article 21, in the amount of the applicable L-C Amount as of such Reduction Date, then the L-C Amount (as that amount may have been adjusted due to an expansion or reduction of the Premises in accordance with Article 1
of this Lease, the “Adjusted L-C Amount”), shall be reduced as follows: 
  

					
	 Date of Reduction
	  	 Amount of Reduction
	  	 Remaining L-C Amount

			
	 October 1, 2019
	  	 11% of Adjusted L-C Amount
	  	 89% of Adjusted L-C Amount

			
	 October 1, 2020
	  	 22% of Adjusted L-C Amount
	  	 67% of Adjusted L-C Amount

			
	 October 1, 2021
	  	 22% of Adjusted L-C Amount
	  	 44% of Adjusted L-C Amount

			
	 October 1, 2022
	  	 22% of Adjusted L-C Amount
	  	 22% of Adjusted L-C Amount

			
	 October 1, 2023
	  	 11% of Adjusted L-C Amount
	  	 11% of Adjusted L-C Amount

 If Tenant is allowed to reduce the L-C Amount pursuant to the terms of
this Section 21.8, then Landlord shall reasonably cooperate with Tenant in order to effectuate such reduction. 
 For purposes
of this Section 21.8, the “L-C Reduction Conditions” shall mean that (i) Tenant is not then in monetary or material non-monetary default under this Lease beyond applicable notice and cure
periods expressly set forth in this Lease, (ii) Tenant has achieved annual revenues, as determined in accordance with generally accepted accounting principles (“GAAP”) of at least Two Hundred Fifty Million and 00/100 Dollars
($250,000,000.00), and (iii) Tenant’s annual net income, as determined in accordance with GAAP, is at least Ten Million and 00/100 Dollars ($10,000,000.00). In the event Tenant fails to deliver to Landlord evidence reasonably satisfactory to
Landlord demonstrating the Tenant satisfies the L-C Reduction Conditions prior to the applicable Reduction Date, or if Tenant fails to deliver a certificate of 

  
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 amendment to the existing L-C as required by this
Section 21.7, then the L-C Amount shall not be reduced upon such applicable Reduction Date, but the terms of this Section 21.7 shall remain effective and the L-C Amount shall thereafter be reduced, to the amount applicable to such Reduction Date, on the date Tenant delivers to Landlord evidence reasonably satisfactory to Landlord demonstrating that Tenant then satisfies
the L-C Reduction Conditions (provided that no such reductions shall be permitted in the event this Lease is terminated early as a result of a Tenant default). 

ARTICLE 22 

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 23.5 Prohibited Signage and Other Items. Any signs, notices, logos, pictures, names
or advertisements which are installed and that have not been separately approved by Landlord may be removed without notice by Landlord at the sole expense of Tenant. Except as set forth in Section 23.4, above, Tenant may not install any
signs on the exterior or roof of the Project or the Common Areas. Any signs, window coverings, or blinds (even if the same are located behind the Landlord-approved window coverings for the Building), or other items visible from the exterior of the
Premises or Building, shall be subject to the prior approval of Landlord, in its sole discretion. 
 ARTICLE 24 

COMPLIANCE WITH LAW 

24.1 In General. Tenant shall not do anything or suffer (to the extent within Tenant’s reasonable control) anything to be
done in or about the Premises or the Project which will in any way conflict with any law, statute, ordinance or other governmental rule, regulation or requirement now in force or which may hereafter be enacted or promulgated, including any such
governmental regulations related to disabled access (collectively, “Applicable Laws”). At its sole cost and expense, Tenant shall promptly comply with any Applicable Laws which relate to (i) Tenant’s use of the Premises,
(ii) any Alterations made by Tenant to the Premises, and any Tenant Improvements in the Premises, or (iii) the Base Building, but as to the Base Building, only to the extent such obligations are triggered by Alterations made by Tenant to
the Premises to the extent such Alterations are not normal and customary business office improvements, or triggered by the Tenant Improvements to the extent such Tenant Improvements are not normal 

  
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and customary business office improvements, or triggered by Tenant’s use of the Premises for non-general office use. Should any standard or regulation
now or hereafter be imposed on Tenant by a state, federal or local governmental body charged with the establishment, regulation and enforcement of occupational, health or safety standards for employers, employees, landlords or tenants, then Tenant
agrees, at its sole cost and expense, to comply promptly with such standards or regulations and to cooperate with Landlord, including, without limitation, by taking such actions as Landlord may reasonably require, in Landlord’s efforts to
comply with such standards or regulations. The judgment of any court of competent jurisdiction or the admission of Tenant in any judicial action, regardless of whether Landlord is a party thereto, that Tenant has violated any of said governmental
measures, shall be conclusive of that fact as between Landlord and Tenant; provided, however, Tenant shall have the right to contest in good faith the interpretation or alleged violation of Applicable Laws as the same relate to Tenant or the
Premises, including, without limitation, the right to apply for and obtain a waiver or deferment of compliance, the right to assert any and all defenses and the right to appeal any decisions, judgments or rulings, provided that Tenant shall
indemnify and defend Landlord from any and all loss, cost, damage, expense and liability resulting from any such contest by Tenant. Tenant shall promptly pay all fines, penalties and damages that may arise out of or be imposed because of its failure
to comply with the provisions of this Article 24. Landlord shall comply with all Applicable Laws relating to the Base Building, provided that compliance with such Applicable Laws is not the responsibility of Tenant under this Lease, and
provided further that Landlord’s failure to comply therewith would prohibit Tenant from obtaining or maintaining a certificate of occupancy for the Premises, or would unreasonably and materially affect the safety of Tenant’s employees or
create a significant health hazard for Tenant’s employees, or would otherwise materially and adversely affect Tenant’s use of or access to the Premises. Landlord shall be permitted to include in Operating Expenses any costs or expenses
incurred by Landlord under this Article 24 to the extent not prohibited by the terms of Article 4 of this Lease, above. For purposes of Section 1938 of the California Civil Code, Landlord hereby discloses to Tenant, and Tenant hereby
acknowledges, that the Premises have not undergone inspection by a Certified Access Specialist (CASp). Tenant hereby agrees to use reasonable efforts to notify Landlord if Tenant makes any Alterations or improvements to the Premises that might
impact accessibility to the Premises or Building under any disability access laws. Landlord hereby agrees to use reasonable efforts to notify Tenant if Landlord makes any alterations or improvements to the Premises that might impact accessibility to
the Premises or Building under any disability access laws. 
 ARTICLE 25 

LATE CHARGES 
 If
any installment of Rent or any other sum due from Tenant shall not be received by Landlord or Landlord’s designee within five (5) days after said amount is due, then Tenant shall pay to Landlord a late charge equal to six percent (6%) of
the overdue amount plus any reasonable attorneys’ fees incurred by Landlord by reason of Tenant’s failure to pay Rent and/or other charges when due hereunder; provided, however, that no such late charge shall be assessed on the first (1st) occasion in any twelve (12)-month period that any rent or other sum is not received by Landlord or Landlord’s designee within five (5) days of the due date. The late charge shall be
deemed Additional Rent and the right to require it shall be in addition to all of 

  
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 Landlord’s other rights and remedies hereunder or at law and shall not be construed as liquidated
damages or as limiting Landlord’s remedies in any manner. In addition to the late charge described above, any Rent or other amounts owing hereunder which are not paid (i) within five (5) days after the date they are due, or
(ii) upon the date they are due if any Rent or other amounts owing hereunder by Landlord or Tenant have not been received by Landlord or Landlord’s designee within five (5) days after the date due on two (2) or more occasions
during any given twelve (12) month period, shall bear interest from the date when due until paid at a rate per annum equal to the lesser of (x) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical
Release publication H.15(519), published weekly (or such other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published) plus two (2) percentage points, and (y) the highest rate permitted by
Applicable Law. 
 ARTICLE 26 

LANDLORD’S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT 

26.1 Landlord’s Cure. All covenants and agreements to be kept or performed by Tenant under this Lease shall be performed by
Tenant at Tenant’s sole cost and expense and without any reduction of Rent, except to the extent, if any, otherwise expressly provided herein. If Tenant shall fail to perform any obligation under this Lease, and such failure shall continue,
following notice from Landlord, in excess of the time allowed under Section 19.1.2, above, unless a specific time period is otherwise stated in this Lease, Landlord may, but shall not be obligated to, make any such payment or perform any
such act on Tenant’s part without waiving its rights based upon any default of Tenant and without releasing Tenant from any obligations hereunder. 

26.2 Tenant’s Reimbursement. Except as may be specifically provided to the contrary in this Lease, Tenant shall pay to
Landlord the following sums (which sums shall bear interest from the date accrued by Landlord until paid by Tenant at a rate per annum equal to interest at the rate set forth in Article 25 of this Lease, but in no case greater than the maximum
amount of such interest permitted by law), within thirty (30) days following delivery by Landlord to Tenant of statements therefor: (i) sums equal to expenditures reasonably made and obligations reasonably incurred by Landlord in
connection with the remedying by Landlord of Tenant’s defaults pursuant to the provisions of Section 26.1; (ii) sums equal to all losses, costs, liabilities, damages and expenses referred to in Article 10 of this Lease; and
(iii) sums equal to all expenditures made and obligations incurred by Landlord in collecting or attempting to collect the Rent or in enforcing or attempting to enforce any rights of Landlord under this Lease or pursuant to law, including,
without limitation, all legal fees and other amounts so expended. Tenant’s obligations under this Section 26.2 shall survive the expiration or sooner termination of the Lease Term. 

ARTICLE 27 
 ENTRY BY
LANDLORD 
 Landlord reserves the right at all reasonable times and upon reasonable notice to Tenant (which notice, notwithstanding
anything to the contrary contained in Article 28 of this Lease, 

  
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may be oral, and which notice shall not be required in the case of an emergency) to enter the Premises to (i) inspect them; (ii) show the Premises to prospective purchasers or to
current or prospective mortgagees, ground or underlying lessors or insurers, or to prospective tenants during the last twelve (12) months of the Lease Term; (iii) post notices of nonresponsibility; (iv) make repairs to the Premises or
to the Building or to any equipment located in the Premises as Landlord shall reasonably deem necessary; or (v) to the extent necessary in order for Landlord to take an action which Landlord has a right or an obligation to take under the terms
of this Lease, or as Landlord may be required to do by governmental or quasi-governmental authority or court order or decree. Notwithstanding anything to the contrary contained in this Article 27, Landlord may enter the Premises at any time
to (A) perform services required of Landlord, including janitorial service; (B) take possession due to any breach of this Lease in the manner provided herein; and (C) pursuant to Section 26.1 of this Lease (except in the
case of an emergency), perform any covenants of Tenant which Tenant fails to perform. Landlord shall use commercially reasonable efforts to minimize interference with the conduct of Tenant’s business in connection with all entries into the
Premises. Landlord may make any such entries without the abatement of Rent (except as specifically set forth in Section 19.5.2 of this Lease) and may take such reasonable steps as required to accomplish the stated purposes. Tenant hereby
waives any claims for damages or for any injuries or inconvenience to or interference with Tenant’s business and/or lost profits occasioned thereby, provided that the foregoing shall not limit Landlord’s liability, if any, pursuant to
Applicable Law for personal injury and property damage to the extent caused by the negligence or willful misconduct of Landlord, its agents, employees or contractors. Provided that Landlord employs commercially reasonable efforts to minimize
interference with the conduct of Tenant’s business in connection with entries into the Premises, Tenant hereby waives any claims for any loss of occupancy or quiet enjoyment of the Premises in connection with such entries; provided that Tenant
does not waive any claim for actual or constructive eviction as a result of Landlord’s entry. For each of the above purposes, Landlord shall at all times have a key with which to unlock all the doors in the Premises, excluding Tenant’s
vaults, safes and special security areas designated in advance by Tenant. In an emergency, Landlord shall have the right to use any means that Landlord may deem proper to open the doors in and to the Premises. Notwithstanding anything to the
contrary set forth in this Article 27, Tenant may designate in writing certain reasonable areas of the Premises as “Secured Areas” should Tenant require such areas for the purpose of securing certain valuable property or
confidential information. In connection with the foregoing, Landlord shall not enter such Secured Areas except in the event of an emergency. Landlord need not clean any area designated by Tenant as a Secured Area and shall only maintain or repair
such secured areas to the extent (i) such repair or maintenance is required in order to maintain and repair the Base Building; (ii) as required by Applicable Law, or (iii) in response to specific requests by Tenant and in accordance
with a schedule reasonably designated by Tenant, subject to Landlord’s reasonable approval. Any entry into the Premises by Landlord in the manner hereinbefore described shall not be deemed to be a forcible or unlawful entry into, or a detainer
of, the Premises, or an actual or constructive eviction of Tenant from any portion of the Premises. No provision of this Lease shall be construed as obligating Landlord to perform any repairs, alterations or decorations except as otherwise expressly
agreed to be performed by Landlord herein. 

  
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 ARTICLE 28 

NOTICES 
 All
notices, demands, designations, approvals or other communications (collectively, “Notices”) given or required to be given by either party to the other hereunder or by law shall be in writing, shall be (A) sent by United States
certified or registered mail, postage prepaid, return receipt requested (“Mail”), or (B) delivered by a nationally recognized overnight courier, or (C) delivered personally. Any Notice shall be sent, transmitted, or
delivered, as the case may be, to Tenant at the appropriate address set forth in Section 9 of the Summary, or to such other place as Tenant may from time to time designate in a Notice to Landlord, or to Landlord at the addresses set forth
below, or to such other places as Landlord may from time to time designate in a Notice to Tenant. Any Notice will be deemed given (i) upon receipt if sent by Mail, except that refusal to accept delivery shall be deemed receipt, or (ii) the
date the overnight courier delivery is made, except that refusal to accept delivery shall be deemed receipt. Any Notice given by an attorney on behalf of Landlord or by Landlord’s managing agent shall be considered as given by Landlord and
shall be fully effective. As of the date of this Lease, any Notices to Landlord must be sent, transmitted, or delivered, as the case may be, to the following addresses: 

Boston Properties Limited Partnership 

Four Embarcadero Center 
 Lobby
Level, Suite One 
 San Francisco, California 94111 

Attention: Mr. Bob Pester 

and 
 Boston Properties, Inc.

 Prudential Center Tower 

800 Boylston Street, Suite 1900 

Boston, Massachusetts 02199 

Attention: General Counsel 
 and

 Boston Properties Limited Partnership 

Four Embarcadero Center 
 Lobby
Level, Suite One 
 San Francisco, California 94111 

Attention: Regional Counsel 

and 
 Allen Matkins Leck Gamble
Mallory & Natsis LLP 
 1901 Avenue of the Stars, Suite 1800 

Los Angeles, California 90067 

Attention: Anton N. Natsis, Esq. 

  
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 ARTICLE 29 

MISCELLANEOUS PROVISIONS 

29.1 Terms; Captions. The words “Landlord” and “Tenant” as used herein shall include the plural as well as
the singular. The necessary grammatical changes required to make the provisions hereof apply either to corporations or partnerships or individuals, men or women, as the case may require, shall in all cases be assumed as though in each case fully
expressed. The captions of Articles and Sections are for convenience only and shall not be deemed to limit, construe, affect or alter the meaning of such Articles and Sections. 

29.2 Binding Effect. Subject to all other provisions of this Lease, each of the covenants, conditions and provisions of this
Lease shall extend to and shall, as the case may require, bind or inure to the benefit not only of Landlord and of Tenant, but also of their respective heirs, personal representatives, successors or assigns, provided this clause shall not permit any
assignment by Tenant contrary to the provisions of Article 14 of this Lease. 
 29.3 No Light, Air or View Rights. No rights to
any view or to light or air over any property, whether belonging to Landlord or any other person, are granted to Tenant by this Lease. Under no circumstances whatsoever at any time during the Lease Term shall any temporary darkening of any windows
of the Premises or any temporary obstruction of the light or view therefrom by reason of any repairs, improvements, maintenance or cleaning in or about the Project, or any diminution, impairment or obstruction (whether partial or total) of light,
air or view by any structure which may be erected on any land comprising a part of, or located adjacent to or otherwise in the path of light, air or view to, the Project, in any way impose any liability upon Landlord or in any way reduce or diminish
Tenant’s obligations under this Lease. 
 29.4 Modification of Lease. Should any current or prospective mortgagee or
ground lessor for the Building or Project require a modification of this Lease, which modification will not cause an increased cost or expense to Tenant or in any other way materially and adversely change the rights and obligations of Tenant
hereunder, then and in such event, Tenant agrees that this Lease may be so modified and agrees to execute whatever documents are reasonably required therefor and to deliver the same to Landlord within ten (10) business days following a request
therefor, provided that Landlord shall reimburse Tenant for its actual and reasonable costs and attorneys’ fees reasonably incurred in connection with such documents. At the request of Landlord or any mortgagee or ground lessor, Tenant agrees
to execute a short form of Lease and deliver the same to Landlord within ten (10) days following the request therefor. 
 29.5
Transfer of Landlord’s Interest. Tenant acknowledges that Landlord has the right to transfer all or any portion of its interest in the Project or Building and in this Lease, and Tenant agrees that in the event of any such
transfer, Landlord shall automatically be released from all future liability under this Lease and Tenant agrees to look solely to such transferee for the performance of Landlord’s obligations hereunder arising after the date of transfer
provided that the transferee shall have fully assumed in writing and agreed to be liable for all obligations of this Lease to be performed by Landlord, including the return of the L-C and any unused L-C Proceeds in accordance with Article 21, and the disbursement of any remaining portion of the Tenant Improvement Allowance (to the extent Tenant continues to have the right to use the

  
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same), following the date of transfer, and Tenant shall attorn to such transferee (and following request by Tenant, Landlord shall deliver to Tenant reasonable evidence of such assumption by the
transferee). 
 29.6 Prohibition Against Recording. Except as provided in Section 29.4 of this Lease, neither this
Lease, nor any memorandum, affidavit or other writing with respect thereto, shall be recorded by Tenant or by anyone acting through, under or on behalf of Tenant. 

29.7 Landlord’s Title. Landlord’s title is and always shall be paramount to the title of Tenant. Nothing herein
contained shall empower Tenant to do any act which can, shall or may encumber the title of Landlord. 
 29.8 Relationship of
Parties. Nothing contained in this Lease shall be deemed or construed by the parties hereto or by any third party to create the relationship of principal and agent, partnership, joint venturer or any association between Landlord and Tenant.

 29.9 Application of Payments. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease,
regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. 

29.10 Time of Essence. Time is of the essence with respect to the performance of every provision of this Lease in which time of
performance is a factor, including, without limitation, the giving of any Notice required to be given under this Lease or by law, the time periods for giving any such Notice and the taking of any action with respect to any such Notice. 

29.11 Partial Invalidity. If any term, provision or condition contained in this Lease shall, to any extent, be invalid or
unenforceable, the remainder of this Lease, or the application of such term, provision or condition to persons or circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected thereby, and each and every
other term, provision and condition of this Lease shall be valid and enforceable to the fullest extent possible permitted by law. 
 29.12
No Warranty. In executing and delivering this Lease, Tenant has not relied on any representations, including, but not limited to, any representation as to the amount of any item comprising Additional Rent or the amount of the
Additional Rent in the aggregate or that Landlord is furnishing the same services to other tenants, at all, on the same level or on the same basis, or any warranty or any statement of Landlord which is not set forth herein or in one or more of the
exhibits attached hereto. 
 29.13 Landlord Exculpation. The liability of Landlord or the Landlord Parties to Tenant for any
default by Landlord under this Lease or arising in connection herewith or with Landlord’s operation, management, leasing, repair, renovation, alteration or any other matter relating to the Project or the Premises shall be limited solely and
exclusively to an amount which is equal to the interest of Landlord in the Building and the rents, issues and profits thereof. Neither Landlord, nor any of the Landlord Parties shall have any personal liability therefor, and Tenant hereby expressly
waives and releases such personal liability on behalf of itself and all persons claiming by, through or under Tenant. The limitations of liability contained in this 

  
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 Section 29.13 shall inure to the benefit of Landlord’s and the Landlord Parties’
present and future partners, beneficiaries, officers, directors, trustees, shareholders, agents and employees, and their respective partners, heirs, successors and assigns. Under no circumstances shall any present or future partner of Landlord (if
Landlord is a partnership), or trustee or beneficiary (if Landlord or any partner of Landlord is a trust), have any liability for the performance of Landlord’s obligations under this Lease. Notwithstanding any contrary provision herein, neither
Landlord nor the Landlord Parties shall be liable under any circumstances for any indirect or consequential damages including damages to Tenant’s business, loss of profits, loss of business opportunity and loss of goodwill, in each case,
however occurring, provided that the foregoing shall not limit Landlord’s liability, if any, pursuant to applicable law for bodily injury and property damage to the extent caused by the negligence or willful misconduct of Landlord, its agents,
employees or contractors. 
 29.14 Entire Agreement. It is understood and acknowledged that there are no oral agreements
between the parties hereto affecting this Lease and this Lease constitutes the parties’ entire agreement with respect to the leasing of the Premises and supersedes and cancels any and all previous negotiations, arrangements, brochures,
agreements and understandings, if any, between the parties hereto or displayed by Landlord to Tenant with respect to the subject matter thereof, and none thereof shall be used to interpret or construe this Lease. None of the terms, covenants,
conditions or provisions of this Lease can be modified, deleted or added to except in writing signed by the parties hereto. 
 29.15
Right to Lease. Landlord reserves the absolute right to effect such other tenancies in the Project as Landlord in the exercise of its sole business judgment shall determine to best promote the interests of the Building or Project.
Tenant does not rely on the fact, nor does Landlord represent, that any specific tenant or type or number of tenants shall, during the Lease Term, occupy any space in the Building or Project. 

29.16 Force Majeure. Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, inability to obtain
services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the party obligated to perform, except with respect to the
obligations imposed with regard to Rent and other charges to be paid by Tenant pursuant to this Lease (collectively, a “Force Majeure”), notwithstanding anything to the contrary contained in this Lease, shall excuse
the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, if this Lease specifies a time period for performance of an obligation of either party, that time period shall be extended by the period of
any delay in such party’s performance caused by a Force Majeure. 
 29.17 Waiver of Redemption by Tenant. Tenant hereby
waives, for Tenant and for all those claiming under Tenant, any and all rights now or hereafter existing to redeem by order or judgment of any court or by any legal process or writ, Tenant’s right of occupancy of the Premises after any
termination of this Lease. 
 29.18 Tenant Parking. Subject to the terms of this Section 29.18, commencing on the
Phase I Lease Commencement Date and during the Lease Term, Tenant shall have the right to rent from Landlord the number of unreserved parking passes set forth in Section 5 of the 

  
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Summary, which parking passes shall pertain to the Project parking facility. Tenant shall pay to the parking facility operator (if any) or, at Landlord’s option, directly to Landlord for
such parking passes on a monthly basis the prevailing rate charged from time to time at the location of such parking passes. In addition, Tenant shall be responsible for the full amount of any taxes imposed by any governmental authority in
connection with the renting of such parking passes by Tenant or the use of the parking facility by Tenant. Tenant may change the number of parking passes rented pursuant to this Section 29.18 upon thirty (30) days’ prior written
notice to Landlord; provided that notwithstanding any contrary provision of this Lease, if Tenant elects to rent less than all of the unreserved parking passes allotted to Tenant at any time during the Lease Term, then Tenant’s right to again
increase the number of parking passes that it elects to rent under this Lease shall be subject to availability (as determined by Landlord in its reasonable discretion); and provided, further, that in no event shall Tenant be entitled to rent more
than the amount and type of parking passes allocated to Tenant as set forth in Section 5 of the Summary during the Lease Term. Tenant shall supply Landlord with an identification roster listing, for each parking pass, the name of the
employee and the make, color and registration number of the vehicle to which such parking pass has been assigned, and shall provide a revised roster to Landlord monthly indicating changes thereto. Tenant’s continued right to use the parking
passes is conditioned upon Tenant abiding by all rules and regulations which are prescribed from time to time for the orderly operation and use of the parking facility where the parking passes are located, including any sticker or other
identification system established by Landlord, Tenant’s cooperation in seeing that Tenant’s employees and visitors also comply with such rules and regulations and Tenant not being in default under this Lease. Landlord specifically reserves
the right to change the size, configuration, design, layout and all other aspects of the Project parking facility at any time and Tenant acknowledges and agrees that Landlord may, without incurring any liability to Tenant and without any abatement
of Rent under this Lease, from time to time, close-off or restrict access to the Project parking facility for purposes of permitting or facilitating any such construction, alteration or improvements. Landlord
may delegate its responsibilities hereunder to a parking operator in which case such parking operator shall have all the rights of control attributed hereby to the Landlord. The parking passes rented by Tenant pursuant to this
Section 29.18 are provided to Tenant solely for use by Tenant’s own personnel and such passes may not be transferred, assigned, subleased or otherwise alienated by Tenant without Landlord’s prior approval, except in connection
with a Transfer of the Premises pursuant to the terms of Article 14 of this Lease. 
 29.19 Joint and Several. If there
is more than one Tenant, the obligations imposed upon Tenant under this Lease shall be joint and several. 
 29.20 Authority.
If Tenant is a corporation, trust or partnership, Tenant hereby represents and warrants that Tenant is a duly formed and existing entity qualified to do business in California and that Tenant has full right and authority to execute and deliver
this Lease and that each person signing on behalf of Tenant is authorized to do so. 
 29.21 Attorneys’ Fees. In the event
that either Landlord or Tenant should bring suit for the possession of the Premises, for the recovery of any sum due under this Lease, or because of the breach of any provision of this Lease or for any other relief against the other, then all costs
and expenses, including reasonable attorneys’ fees, incurred by the prevailing party therein shall be paid by the other party, which obligation on the part of the other party shall be deemed to 

  
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have accrued on the date of the commencement of such action and shall be enforceable whether or not the action is prosecuted to judgment. 

29.22 Governing Law; WAIVER OF TRIAL BY JURY. This Lease shall be construed and enforced in accordance with the laws of the
State of California. IN ANY ACTION OR PROCEEDING ARISING HEREFROM, LANDLORD AND TENANT HEREBY CONSENT TO (I) THE JURISDICTION OF ANY COMPETENT COURT WITHIN THE STATE OF CALIFORNIA, (II) SERVICE OF PROCESS BY ANY MEANS AUTHORIZED BY
CALIFORNIA LAW, AND (III) IN THE INTEREST OF SAVING TIME AND EXPENSE, TRIAL WITHOUT A JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER OR THEIR SUCCESSORS IN RESPECT OF ANY MATTER ARISING
OUT OF OR IN CONNECTION WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY OR DAMAGE, OR ANY EMERGENCY OR STATUTORY REMEDY. IN THE EVENT LANDLORD COMMENCES ANY
SUMMARY PROCEEDINGS OR ACTION FOR NONPAYMENT OF BASE RENT OR ADDITIONAL RENT, TENANT SHALL NOT INTERPOSE ANY COUNTERCLAIM OF ANY NATURE OR DESCRIPTION (UNLESS SUCH COUNTERCLAIM SHALL BE MANDATORY) IN ANY SUCH PROCEEDING OR ACTION, BUT SHALL BE
RELEGATED TO AN INDEPENDENT ACTION AT LAW. 
 29.23 Submission of Lease. Submission of this instrument for examination or
signature by Tenant does not constitute a reservation of, option for or option to lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant. 

29.24 Brokers. Landlord and Tenant hereby warrant to each other that they have had no dealings with any real estate broker or
agent in connection with the negotiation of this Lease, excepting only the real estate brokers or agents specified in Section 11 of the Summary (the “Brokers”), and that they know of no other real estate broker or agent who is
entitled to a commission in connection with this Lease. Each party agrees to indemnify and defend the other party against and hold the other party harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, costs and
expenses (including without limitation reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any real estate broker or agent, other than the Brokers,
occurring by, through, or under the indemnifying party. Landlord shall pay any and all fees due to the Brokers in connection with this Lease pursuant to a separate written agreement. 

29.25 Independent Covenants. Except as expressly set forth in this Lease to the contrary, including Section 19.5, this
Lease shall be construed as though the covenants herein between Landlord and Tenant are independent and not dependent and Tenant hereby expressly waives the benefit of any statute to the contrary and agrees that if Landlord fails to perform its
obligations set forth herein, Tenant shall not be entitled to make any repairs or perform any acts hereunder at Landlord’s expense or to any setoff of the Rent or other amounts owing hereunder against Landlord. 

29.26 Project or Building Name and Signage. Landlord shall have the right at any time to change the name of the Project or
Building and to install, affix and maintain any and all 

  
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signs on the exterior and on the interior of the Project or Building as Landlord may, in Landlord’s sole discretion, desire. Tenant shall not use the words “Embarcadero Center” or
the name of the Project or Building or use pictures or illustrations of the Project or Building in advertising or other publicity or for any purpose other than as the address of the business to be conducted by Tenant in the Premises, without the
prior written consent of Landlord. 
 29.27 Counterparts. This Lease may be executed in counterparts with the same effect as if
both parties hereto had executed the same document. Both counterparts shall be construed together and shall constitute a single lease. 

29.28 Intentionally Omitted. 

29.29 Development of the Project. 

29.29.1 Subdivision. Landlord reserves the right to further subdivide all or a portion of the Project. Tenant agrees to execute
and deliver, upon demand by Landlord and in the form reasonably requested by Landlord, any additional documents needed to conform this Lease to the circumstances resulting from such subdivision, provided that such documents shall not increase the
obligations or decrease the rights of Tenant hereunder, nor shall such documents increase the rights or decrease the obligations of Landlord hereunder. 

29.29.2 The Other Improvements. If portions of the Project or property adjacent to the Project (collectively, the “Other
Improvements”) are owned by an entity other than Landlord, Landlord, at its option, may enter into an agreement with the owner or owners of any or all of the Other Improvements to provide (i) for reciprocal rights of access
and/or use of the Project and the Other Improvements, (ii) for the common management, operation, maintenance, improvement and/or repair of all or any portion of the Project and the Other Improvements, (iii) for the allocation of a portion
of the Building Direct Expenses to the Other Improvements and the operating expenses and taxes for the Other Improvements to the Project, and (iv) for the use or improvement of the Other Improvements and/or the Project in connection with the
improvement, construction, and/or excavation of the Other Improvements and/or the Project, provided that in no event shall any such actions by Landlord result in any increased Rent, or any costs or charges upon Tenant, or otherwise materially and
adversely affect Tenant’s right or obligations under this Lease. Nothing contained herein shall be deemed or construed to limit or otherwise affect Landlord’s right to convey all or any portion of the Project or any other of
Landlord’s rights described in this Lease. 
 29.29.3 Construction of Project and Other Improvements. Tenant
acknowledges that portions of the Project and/or the Other Improvements may be under construction following Tenant’s occupancy of the Premises, and that such construction may result in levels of noise, dust, odor, obstruction of access, etc.
which are in excess of that present in a fully constructed project. Tenant hereby waives any and all rent offsets (except as specifically set forth in Section l9.5.2 of this Lease) in connection with such construction. Furthermore, provided
that Landlord employs commercially reasonable efforts to minimize interference with the conduct of Tenant’s business, Tenant hereby waives any claims of constructive eviction which may arise in connection with such construction. 

  
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 29.30 Building Renovations. It is specifically understood and agreed that
Landlord has no obligation and has made no promises to alter, remodel, improve, renovate, repair or decorate the Premises, Building, or any part thereof and that no representations respecting the condition of the Premises or the Building have been
made by Landlord to Tenant except as specifically set forth herein or in the Tenant Work Letter. However, Tenant hereby acknowledges that Landlord is currently renovating or may during the Lease Term renovate, improve, alter, or modify
(collectively, the “Renovations”) the Project, the Building and/or the Premises. Landlord shall use commercially reasonable efforts to complete any Renovations in a manner which does not materially, adversely affect
Tenant’s use of or access to the Premises. Notwithstanding the foregoing, Tenant hereby agrees that such Renovations shall in no way constitute a constructive eviction of Tenant nor entitle Tenant to any abatement of Rent. Landlord shall have
no responsibility and shall not be liable to Tenant for any injury to or interference with Tenant’s business arising from the Renovations, nor shall Tenant be entitled to any compensation or damages from Landlord for loss of the use of the
whole or any part of the Premises or of Tenant’s personal property or improvements resulting from the Renovations, or for any inconvenience or annoyance occasioned by such Renovations, provided that the foregoing shall not limit Landlord’s
liability, if any, pursuant to Applicable Laws for bodily injury and property damage to the extent caused by the gross negligence or willful misconduct of Landlord Parties. 

29.31 No Violation. Tenant hereby warrants and represents that neither its execution of nor performance under this Lease shall
cause Tenant to be in violation of any agreement, instrument, contract, law, rule or regulation by which Tenant is bound, and Tenant shall protect, defend, indemnify and hold Landlord harmless against any claims, demands, losses, damages,
liabilities, costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, arising from Tenant’s breach of this warranty and representation. 

29.32 Communications and Computer Lines; Telecommunications Systems. 

29.32.1 Communications and Computer Lines. Tenant may install, maintain, replace, remove or use any electrical, communications or
computer wires and cables (collectively, the “Lines”) at the Project in or serving solely the Premises, provided that (i) Tenant shall obtain Landlord’s prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed, use an experienced and qualified contractor approved in writing by Landlord, and comply with all of the other provisions of Articles 7 and 8 of this Lease, (ii) an acceptable number of spare Lines and
space for additional Lines shall be maintained for existing and future occupants of the Project, as determined in Landlord’s reasonable opinion, (iii) the Lines therefor (including riser cables) shall be appropriately insulated to prevent
excessive electromagnetic fields or radiation, and shall be surrounded by a protective conduit reasonably acceptable to Landlord, (iv) any new or existing Lines servicing the Premises shall comply with all applicable governmental laws and
regulations, and (v) Tenant shall pay all costs in connection therewith. Landlord reserves the right to require that Tenant remove any Lines located in or serving the Premises which are installed in violation of these provisions, or which are
at any time in violation of any laws or represent a dangerous or potentially dangerous condition. Landlord further reserves the right to require that Tenant remove any and all Lines located in or serving the Premises upon the expiration of the Lease
Term or upon any earlier termination of this Lease, provided that upon Tenant’s request at the time of requesting Landlord’s consent to the installation of any Lines, Landlord shall notify 

  
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Tenant (concurrently with Landlord’s consent) as to whether any Lines to be installed based upon such consent will be required to be removed pursuant to the terms of this sentence. 

29.32.2 Telecommunications Systems. Landlord and Tenant hereby acknowledge and agree that the primary communications service
provider for the Building is AT&T. Notwithstanding the foregoing, Landlord hereby agrees that Tenant shall have the right to utilize another reputable, qualified and licensed communications service provider with respect to the Premises, provided
that (i) Tenant shall be responsible for all costs in connection with the use of such service provider, including, without limitation, any hook-up and connection costs, and (ii) such service provider
(A) provides service to the Building at no additional charge to Landlord, and (B) executes Landlord’s standard access agreement prior to any entry into the Building or provision of services to the Building or Premises. 

29.33 No Discrimination. There shall be no discrimination against, or segregation of, any person or persons on account of sex,
marital status, race, color, religion, creed, national origin or ancestry in the Transfer of the Premises, or any portion thereof, nor shall the Tenant itself, or any person claiming under or through it, establish or permit any such practice or
practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees, or vendees of the Premises, or any portion thereof. 

29.34 Patriot Act and Executive Order 13224. As an inducement to Landlord to enter into this Lease, Tenant hereby represents and
warrants that: (i) Tenant is not, nor is it owned or controlled directly or indirectly by, any person, group, entity or nation named on any list issued by the Office of Foreign Assets Control of the United States Department of the Treasury
(“OF AC”) pursuant to Executive Order 13224 or any similar list or any law, order, rule or regulation or any Executive Order of the President of the United States as a terrorist, “Specially Designated National and
Blocked Person” or other banned or blocked person (any such person, group, entity or nation being hereinafter referred to as a “Prohibited Person”); (ii) Tenant is not (nor is it owned or controlled, directly or
indirectly, by any person, group, entity or nation which is) acting directly or indirectly for or on behalf of any Prohibited Person; and (iii) neither Tenant (nor any person, group, entity or nation which owns or controls Tenant, directly or
indirectly) has conducted or will conduct business or has engaged or will engage in any transaction or dealing with any Prohibited Person, including without limitation any assignment of this Lease or any subletting of all or any portion of the
Premises or the making or receiving of any contribution of funds, goods or services to or for the benefit of a Prohibited Person. In connection with the foregoing, it is expressly understood and agreed that (x) any breach by Tenant of the
foregoing representations and warranties shall be deemed a default by Tenant under Section 19.1.4 of this Lease and shall be covered by the indemnity provisions of Section 10.1 above, and (y) the representations and
warranties contained in this subsection shall be continuing in nature and shall survive the expiration or earlier termination of this Lease. 

29.35 Fire Protection Measures. In order to satisfy certain San Francisco Code requirements (including the San Francisco Building
Code, the San Francisco Fire Code, the California Building Code, the Mechanical Code, the Electrical Code, and the Plumbing Code, and including San Francisco amendments, collectively referred to as the “Code Provisions” for purposes
of this Section 29.35), Landlord shall implement exterior opening fire protection 

  
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 measures specified in Landlord’s (or its predecessor-in-interest’s) Request for Approval of Local Equivalency for Modification or Alternative Design or Methods of Construction (“Local Equivalency Request”) 1-permit application #2005-0804-9463 S. Landlord shall construct such measures to a height of at least fifty (50) feet above the existing structures located at 100 First Street, commonly known as Block
No. 3721, Lot Nos. 1, 2, 3, 4, 5, 84 and 87 (“100 First Street”), and at 545 Mission Street, commonly known as Block No. 3721, Lot No. 82 (“545 Mission Street”). Landlord shall, in the
event that 100 First Street or 545 Mission Street files an application with the City and County of San Francisco (for purposes of this Section 29.35, collectively, the “City”) for building improvements that would
cause the Building exterior openings to no longer comply with the conditions of the Local Equivalency Request approved by the City, then Landlord shall implement additional exterior opening fire protection measures consistent with the measures
described in the Local Equivalency Request or as otherwise approved by the Director of the Department of Building Inspection. Landlord shall complete code equivalent fire protection improvements prior to commencement of construction of the
associated adjacent building. 
 29.36 Utility Billing Information. In the event that the Tenant is permitted to contract
directly for the provision of electricity, gas and/or water services to the Premises with the third-party provider thereof (all in Landlord’s sole and absolute discretion), Tenant shall promptly provide Landlord with a copy of all invoices for
such services after Landlord’s request, but not more often than annual, unless required pursuant to Applicable Laws. Tenant acknowledges that pursuant to California Public Resources Code Section 25402.10 and the regulations adopted
pursuant thereto (collectively the “Energy Disclosure Requirements”), Landlord may be required to disclose information concerning Tenant’s energy usage at the Building to certain third parties, including, without
limitation, prospective purchasers, lenders and tenants of the Building, provided that such disclosure information shall be blended with the date for the entire Building and shall not be attributable solely to Tenant (the “Tenant Energy Use
Disclosure”). Tenant hereby (A) consents to all such Tenant Energy Use Disclosures, and (B) acknowledges that Landlord shall not be required to notify Tenant of any Tenant Energy Use Disclosure. Further, Tenant hereby
releases Landlord from any and all losses, costs, damages, expenses and liabilities relating to, arising out of and/or resulting from any Tenant Energy Use Disclosure. The terms of this Section 29.36 shall survive the expiration or
earlier termination of this Lease. 
 29.37 Tenant’s Dogs. 

29.37.1 In General. Subject to the provisions of this Section 29.37, and the Rules and Regulations, Tenant
shall be permitted to bring up to a total of ten (10) non-aggressive, fully domesticated, fully-vaccinated dogs into the Premises (which dogs are owned by Tenant or an officer or employee of Tenant)
(“Tenant’s Dogs”). Tenant’s Dogs must be on a leash while in any area of the Project outside of the Premises. Within three (3) business days following Tenant’s receipt of Landlord’s request, Tenant shall
provide Landlord with reasonable satisfactory evidence showing that all current vaccinations have been received by Tenant’s Dogs. Tenant’s Dogs shall not be brought to the Project if such dog is ill or contracts a disease that could
potentially threaten the health or wellbeing of any tenant or occupant of the Building (which diseases may include, but shall not be limited to, rabies, leptospirosis and lyme disease). While in the Building, Tenant’s Dogs must be taken
directly to/from the Premises and Tenant shall use the Building’s freight elevator to bring Tenant’s Dogs to/from the Premises. Tenant 

  
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 shall not permit any objectionable dog related odors to emanate from the Premises, and in no event shall
Tenant’s Dogs be at the Project overnight. All bodily waste generated by Tenant’s Dogs in or about the Project shall be promptly removed and disposed of in trash receptacles designated by Landlord, and any areas of the Project affected by
such waste shall be cleaned and otherwise sanitized. No Tenant’s Dog shall be permitted to enter the Project if such Tenant’s Dog previously exhibited dangerously aggressive behavior. 

29.37.2 Costs and Expenses. Tenant shall pay to Landlord, within ten (10) business days after demand, all costs
incurred by Landlord in connection with the presence of Tenant’s Dogs in the Premises or Project, including, but not limited to, janitorial, waste disposal, landscaping, signage, repair, and legal costs and expenses. In the event Landlord
receives any verbal or written complaints from any other tenant or occupant of the Project in connection with health-related issues (e.g., allergies) related to the presence of the Tenant’s Dogs in the Premises, the Building or the Project,
Landlord and Tenant shall promptly meet and mutually confer, in good faith, to determine appropriate mitigation measures to eliminate the causes of such complaints (which mitigation measures may include, without limitation, additional and/or
different air filters to be installed in the Premises, HVAC system, or elsewhere in the Building), and Tenant shall cause such measures to be taken promptly at its sole cost or expense. 

29.37.3 Indemnity. The indemnification provisions of Article 10 of this Lease shall apply to any claims relating to any of
Tenant’s Dogs. 
 29.37.4 Rights Personal to Original Tenant. The right to bring Tenant’s Dogs into the
Premises pursuant to this Section 29.37 is personal to the Original Tenant and its Permitted Transferees. If Tenant assigns the Lease or sublets all or any portion of the Premises, then, as to the entire Premises, upon such assignment,
or, as to the portion of the Premises sublet, upon such subletting and until the expiration of such sublease, the right to bring Tenant’s Dogs into such portion the Premises shall simultaneously terminate and be of no further force or effect.

 29.38 First Source Hiring Program. The City and County of San Francisco Administrative Code Chapter 83 requires that the
Building comply with the provisions of the “First Source Hiring Program” which has as its purpose, the creation of entry level employment positions for otherwise economically disadvantaged individuals. Entry level positions are generally
defined as nonmanagerial positions requiring no education above a high school diploma or equivalent and/or less than two years of training. By the terms of the ordinance, starting in 1998 all new office buildings in San Francisco, including the
Building, are required to include this provision in all leases for commercial space, and to direct that the Tenant also comply with the provisions of the “First Source Hiring Program” ordinance, it being understood that in each and every
case the employer shall make the final determination of whether an individual is qualified to fulfill the proposed entry level position. Accordingly, Tenant hereby agrees to comply with the City and County of San Francisco Administrative Code
Chapter 83 “First Source Hiring Program”. 

  
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 IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be executed the day and
date first above written. 
  

									
		 	    	 	“Landlord”:
			
		 		 	 BXP MISSION 535 LLC,
 a Delaware
limited liability company

				
		 		 	By:	  	 Boston Properties Limited Partnership,

a Delaware limited partnership,
 its Manager

				
		 		 	By:	  	 Boston Properties, Inc.,
 a Delaware
corporation,
 its General Partner

					
		 		 		  	By:	  	 /s/ Bob Pester

		 		 		  	Name:	  	  

		 		 		  	Title:	  	  

			
		 		 	“Tenant”:
			
	

	 		 	 TRULIA, INC.,
 a Delaware
corporation

	 		 	  
 By:
	  	  
 /s/ Pete
Flout

	 		 	Name:	  	Pete Flout
	 		 	Title:	  	Chairman of the Board & CEO
	 		 	  
 By:
	  	  
 /s/ Scott
Darling

	 		 	Name:	  	Scott Darling
		 		 	Title:	  	VP General Counsel & Corporate Secretary

 PLEASE NOTE: THIS LEASE MUST BE EXECUTED BY EITHER (I) BOTH (A) THE CHAIRMAN OF THE BOARD, THE PRESIDENT OR ANY VICE
PRESIDENT OF TENANT, AND (B) THE SECRETARY, ANY ASSISTANT SECRETARY, THE CHIEF FINANCIAL OFFICER, OR ANY ASSISTANT TREASURER OF TENANT; OR (II) AN AUTHORIZED SIGNATORY OF TENANT PURSUANT TO A CERTIFIED CORPORATE RESOLUTION, A COPY OF WHICH
SHOULD BE DELIVERED WITH THE EXECUTED ORIGINALS. 

  
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 EXHIBIT A 

535 MISSION STREET 

OUTLINE OF PREMISES 
  

 
  

  
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 EXHIBIT B 

535 MISSION STREET 

TENANT WORK LETTER 

This Tenant Work Letter shall set forth the terms and conditions relating to the construction of the tenant improvements in the Premises. This
Tenant Work Letter is essentially organized chronologically and addresses the issues of the construction of the Premises, in sequence, as such issues will arise during the actual construction of the Premises. All references in this Tenant Work
Letter to Articles or Sections of “this Lease” shall mean the relevant portion of Articles 1 through 29 of the Office Lease to which this Tenant Work Letter is attached as Exhibit B and of which this Tenant Work
Letter forms a part, and all references in this Tenant Work Letter to Sections of “this Tenant Work Letter” shall mean the relevant portion of Sections 1 through 6 of this Tenant Work Letter. 

SECTION 1 

LANDLORD’S INITIAL CONSTRUCTION IN THE PREMISES 

1.1 Base, Shell and Core. Landlord has constructed, at its sole cost and expense, the base, shell, and core (i) of the
Premises and (ii) of the floor of the Building on which the Premises is located (collectively, the “Base, Shell, and Core”). The Base, Shell and Core shall consist of the following elements: (A) base Building
systems located in the vertical risers, raceways, and shafts (including elevator shafts and equipment, the telecom riser exclusive of equipment owned by third parties, electrical rooms, stair shafts and mechanical shafts) up to but not including the
point of demarcation of such systems with the horizontal point of connection on a particular floor; (B) in the case of the sprinkler system, it shall additionally include the valve at the riser and the main sprinkler loop, but shall exclude
branch pipes; (C) the concrete floor at each floor level, and (D) the Building’s steel and concrete superstructure. Notwithstanding anything set forth in this Tenant Work Letter to the contrary, Tenant shall accept the Base, Shell and
Core from Landlord in their presently existing, “as-is” condition; provided, however, that to the extent required in order to allow Tenant to legally occupy the Premises for the Permitted Use,
Landlord shall, at Landlord’s sole cost and expense, cause the Base, Shell and Core to comply with the “Code”, as that term is defined in Section 2.2.5 of this Tenant Work Letter, and Applicable Laws in effect as of the
date that Landlord approves the “Final Working Drawings”, as that term is defined in Section 3.3 of this Tenant Work Letter. 

1.2 Landlord Work. Landlord shall, at Landlord’s sole cost, complete the work set forth in Schedule 1 attached
hereto (collectively, the “Landlord Work”), on or before the applicable Lease Commencement Date. Landlord shall perform the Landlord Work in a good and workmanlike manner, and, to the extent necessary for Landlord to pull any
necessary construction permits or for Tenant to legally occupy the applicable Premises for the Permitted Use, in accordance with Applicable Laws. Landlord and Tenant shall mutually cooperate in good faith with each other in connection with the
concurrent construction and completion of Landlord Work and the Tenant Improvements. 

  
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 SECTION 2 

TENANT IMPROVEMENTS 

2.1 Tenant Improvement Allowance. Tenant shall be entitled to a one-time tenant
improvement allowance for the Phase 1 Premises and the Hold Space (the “Tenant Improvement Allowance”), in the amount set forth in Section 12 of the Summary, for the costs relating to the initial design and
construction of Tenant’s improvements which are permanently affixed to the Premises (the “Tenant Improvements”). Except as set forth in Sections 2.4 and 2.5 of this Tenant Work Letter, in no event shall
Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance. In the event that the Tenant Improvement Allowance is not fully disbursed by Landlord to, or on behalf
of, Tenant on or before the date that is eighteen (18) months after the Commencement Date applicable to the portion of the Premises for which the Tenant Improvement Allowance is to be used, then such unused amounts shall revert to Landlord, and
Tenant shall have no further rights with respect thereto. Any Tenant Improvements that require the use of Building risers, raceways, shafts and/or conduits, shall be subject to Landlord’s reasonable and
non-discriminatory rules, regulations, and restrictions, including the requirement that any cabling vendor must be approved by Landlord, and that the amount and location of any such cabling must be approved by
Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. 
 2.2 Disbursement of the Tenant Improvement
Allowance. Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvement Allowance shall be disbursed by Landlord (each of which disbursements shall be made pursuant to Landlord’s disbursement process) only for the
following items and costs (collectively, the “Tenant Improvement Allowance Items”): 
 2.2.1 Payment of the fees of the
“Architect” and the “Engineers,” as those terms are defined in Section 3.1 of this Tenant Work Letter, which fees shall, notwithstanding anything to the contrary contained in this Tenant Work Letter, not exceed an
aggregate amount equal to $3.00 per rentable square foot of the Premises, and payment of the fees incurred by, and the cost of documents and materials supplied by, Landlord and Landlord’s consultants in connection with the preparation and
review of the “Construction Drawings,” as that term is defined in Section 3.1 of this Tenant Work Letter; 
 2.2.2 The
payment of plan check, permit and license fees relating to construction of the Tenant Improvements; 
 2.2.3 The cost of construction of the
Tenant Improvements, including, without limitation, testing and inspection costs, freight elevator usage, hoisting and trash removal costs, and contractors’ fees and general conditions; 

2.2.4 The cost of any changes in the Base, Shell and Core when such changes are required by the Construction Drawings (including if such
changes are due to the fact that such work is prepared on an unoccupied basis), such cost to include all direct architectural and/or engineering fees and expenses incurred in connection therewith; 

  
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 2.2.5 The cost of any changes to the Construction Drawings or Tenant Improvements required
by all applicable building codes (the “Code”); 
 2.2.6 The cost of connection of the Premises to the Building’s
energy management systems; 
 2.2.7 Intentionally omitted; 

2.2.8 The cost of the “Landlord Supervision Fee,” as that term is defined in Section 4.3.2 of this Tenant Work Letter;

 2.2.9 Sales and use taxes and Title 24 fees; 

2.2.10 The cost of installing Tenant’s voice and data cabling, not to exceed an aggregate amount of $5.00 per rentable square foot of the
Premises; and 
 2.2.11 All other costs reasonably expended by Landlord in connection with the construction of the Tenant Improvements
(provided that Landlord shall provide Tenant with prior written notice of any such other costs prior to incurring the same). 
 Landlord and
Tenant hereby acknowledge and agree that in no event shall the Tenant Improvement Allowance Items include, and Landlord shall be solely responsible for, any and all costs to the extent (i) related to and arising from the negligence or willful
misconduct of Landlord or Contractor, or (ii) the same are recovered from third parties. 
 Landlord shall disburse the Tenant
Improvement Allowance for Tenant Improvement Allowance Items paid or incurred by Tenant within a reasonable time after receipt of invoices, or other reasonably satisfactory evidence of such costs, and other documents reasonably required by Landlord.

 2.3 Standard Tenant Improvement Package. Landlord has established specifications (the “Specifications”)
for the Building standard components to be used in the construction of the Tenant Improvements in the Premises (collectively, the “Standard Improvement Package”), which Specifications shall be supplied to Tenant by
Landlord. The quality of Tenant Improvements shall be equal to or of greater quality than the quality of the Specifications, provided that Landlord may, at Landlord’s option, require the Tenant Improvements to comply with certain
Specifications. Landlord may make changes to the Specifications for the Standard Improvement Package from time to time, provided that any such changes shall not impact items previously approved by Landlord pursuant to the terms of this Tenant Work
Letter. 
  

	
	     

    
     

    
     

        

    
     

    
     

  
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 2.6 Removal of Tenant Improvements. Other than with respect to Above Standard Tenant
Improvements as set forth in this Section 2.6, Landlord shall not require Tenant to remove from the Premises any Tenant Improvements (to the extent the same are constructed in the Premises in accordance with the terms of this Tenant Work
Letter) upon the expiration or any earlier termination of this Lease. “Above Standard Tenant Improvements” shall mean any part of the Tenant Improvements which do not constitute normal and customary general office improvements as
reasonably determined by Landlord, and shall include, without limitation, improvements such as voice, data and other cabling, raised floors, floor penetrations, any installations outside the Premises, or any areas requiring floor reinforcement,
personal baths and showers, vaults, rolling file systems and structural alterations of any type. Landlord may require that Tenant, upon the expiration or any earlier termination of this Lease, remove at Tenant’s cost any Above Standard Tenant
Improvements and to repair any damage to the Premises and Building caused by such removal in accordance with the terms and conditions of Section 8.5 of this Lease which are otherwise applicable to the removal of Alterations.

  
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SECTION 3 
 CONSTRUCTION DRAWINGS 

3.1 Selection of Architect/Construction Drawings. Tenant has retained and Landlord has approved Rapt Studios as the
architect/space planner (the “Architect”) to prepare the “Construction Drawings,” as that term is defined in this Section 3.l. Tenant shall retain the engineering consultants reasonably designated by Landlord
(the “Engineers”) to prepare all plans and engineering working drawings relating to the structural, mechanical, electrical, plumbing, HVAC, lifesafety, and sprinkler work of the Tenant Improvements. The plans and drawings to be
prepared by Architect and the Engineers hereunder shall be known collectively as the “Construction Drawings.” Tenant shall be required to include in its contracts with the Architect and the Engineers a provision which requires ownership of
all Construction Drawings to be transferred to Tenant upon the Substantial Completion of the Tenant Improvements and Tenant hereby grants to Landlord a non-exclusive right to use such Construction Drawings,
including, without limitation, a right to make copies thereof. All Construction Drawings shall comply with the drawing format and specifications as determined by Landlord, and shall be subject to Landlord’s reasonable approval. Tenant and
Architect shall verify, in the field, the dimensions and conditions as shown on the relevant portions of the base Building plans, and Tenant and Architect shall be solely responsible for the same, and Landlord shall have no responsibility in
connection therewith. Landlord’s review of the Construction Drawings as set forth in this Section 3, shall be for its sole purpose and shall not imply Landlord’s review of the same, or obligate Landlord to review the same, for
quality, design, Code compliance or other like matters; provided, however, Landlord’s approval of such Construction Drawings shall be deemed to mean that the same comply with the Specifications. Accordingly, notwithstanding that any
Construction Drawings are reviewed by Landlord or its space planner, architect, engineers and consultants, and notwithstanding any advice or assistance which may be rendered to Tenant by Landlord or Landlord’s space planner, architect,
engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and shall not be responsible for any omissions or errors contained in the Construction Drawings, and Tenant’s waiver and indemnity set forth in this
Lease shall specifically apply to the Construction Drawings. Landlord shall, concurrently with Landlord’s approval of the Construction Drawings, inform Tenant if the Construction Drawings require changes to the Base, Shell and Core. 

3.2 Final Space Plan. On or before the date set forth in Schedule 2, attached hereto, Tenant and the Architect shall
prepare the final space plan for Tenant Improvements in the Premises (collectively, the “Final Space Plan”), which Final Space Plan shall include a layout and designation of all offices, rooms and other partitioning, their intended
use, and equipment to be contained therein, and shall deliver four (4) copies signed by Tenant of the Final Space Plan to Landlord for Landlord’s approval, not to be unreasonably withheld, and given or withheld (with specified reasons for
such withholding) within five (5) business days after the date Tenant submits the Final Space to Landlord for approval. 
 3.3
Final Working Drawings. On or before the date set forth in Schedule 2, Tenant, the Architect and the Engineers shall complete the architectural and engineering drawings for the Premises, and the final architectural working
drawings in a form which is complete to allow subcontractors to bid on the work and to obtain all applicable permits (collectively, the “Final 

  
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Working Drawings”) and shall submit two (2) copies signed by Tenant of the same to Landlord for Landlord’s approval, not to be unreasonably withheld, and given or withheld
(with specified reasons for such withholding) within ten (10) business days after submission to Landlord. 
 3.4 Permits.
The Final Working Drawings shall be approved by Landlord (the “Approved Working Drawings”) prior to the commencement of the construction of the Tenant Improvements. Tenant shall immediately submit the Approved Working Drawings
to the appropriate municipal authorities for all applicable building permits necessary to allow “Contractor,” as that term is defined in Section 4.1, below, to commence and fully complete the construction of the Tenant
Improvements (the “Permits”), and, in connection therewith, Tenant shall coordinate with Landlord in order to allow Landlord, at its option, to take part in all phases of the permitting process and shall supply Landlord, as soon as
possible, with all plan check numbers and dates of submittal and obtain the Permits on or before the date set forth in Schedule 2. Notwithstanding anything to the contrary set forth in this Section 3.4, and except as expressly set
forth in Section 1 of this Tenant Work Letter, Tenant hereby agrees that neither Landlord nor Landlord’s consultants shall be responsible for obtaining any building permit or certificate of occupancy for the Premises and that the
obtaining of the same shall be Tenant’s responsibility; provided however that Landlord shall, in any event, cooperate with Tenant in executing permit applications and performing other ministerial acts reasonably necessary to enable Tenant to
obtain any such permit or certificate of occupancy. No changes, modifications or alterations in the Approved Working Drawings may be made without the prior written consent of Landlord, which consent shall not be unreasonably withheld, provided that
Landlord may withhold its consent, in its sole discretion, to any change in the Approved Working Drawings if such change would directly or indirectly delay the “Substantial Completion” of the Premises as that term is defined in
Section 5.1 of this Tenant Work Letter; provided, further, that to the extent Tenant agrees in writing that such delay shall be deemed a Tenant Delay pursuant to Section 5.2.5 of this Tenant Work Letter, then such consent
shall not be unreasonably withheld, conditioned or delayed by Landlord. 
 3.5 Time Deadlines. Tenant shall use its best, good
faith, efforts and all due diligence to cooperate with the Architect, the Engineers, and Landlord to complete all phases of the Construction Drawings and the permitting process and to receive the permits, and with Contractor for approval of the
“Cost Proposal,” as that term is defined in Section 4.2 of this Tenant Work Letter, as soon as possible after the execution of the Lease, and, in that regard, shall meet with Landlord on a scheduled basis to be determined by Landlord,
to discuss Tenant’s progress in connection with the same. The applicable dates for approval of items, plans and drawings as described in this Section 3, Section 4, below, and in this Tenant Work Letter are set forth and
further elaborated upon in Schedule 2 (the “Time Deadlines”), attached hereto. Tenant agrees to comply with the Time Deadlines; provided, however, Landlord and Tenant hereby acknowledge and agree that the Time Deadlines
shall be extended due to a “Landlord Delay,” as that term is defined in Section 5.3 of this Tenant Work Letter, below, and “Force Majeure Delay,” as that term is defined below. The term “Force Majeure
Delay” shall mean only an actual delay resulting from a “Permit Delay,” as such term is defined below, strikes, fire, wind, damage or destruction to the Building, explosion, casualty, flood, hurricane, tornado, the elements, acts
of God or the public enemy, sabotage, war, invasion, insurrection, rebellion, civil unrest, riots, or earthquakes. As used in this Tenant Work Letter, the term “Permit Delay” shall mean the inability of Tenant to obtain building
permits required in connection with the 

  
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construction of the Tenant Improvements to the extent caused by the complete cessation of granting or processing of building permits by the appropriate governmental authority. 

SECTION 4 

CONSTRUCTION OF THE TENANT IMPROVEMENTS 

4.1 Contractor. At Landlord’s election, Swinerton Builders or another contractor designated by Landlord (the
“Contractor”) shall construct the Tenant Improvements. Landlord shall require the Contractor to obtain competitive bids from at least three (3) qualified subcontractors for work related to the major trades (e.g.,
structural, mechanical, electrical, plumbing, HVAC, lifesafety, and sprinkler work), and Landlord shall select the lowest cost bid which is conforming and consistent with the bid assumptions and directions and Landlord’s construction schedule,
unless (i) otherwise directed by Tenant at the time Tenant approves the Cost Proposal, or (ii) Landlord becomes aware of any information regarding the qualifications of such subcontractor after the bids are received which Landlord deems
pertinent to the construction of the Tenant Improvements and which Landlord reasonably deems grounds for disqualification of such subcontractor’s bid. 

4.2 Cost Proposal. After the Approved Working Drawings are signed by Landlord and Tenant, Landlord shall provide Tenant with an
itemized statement of costs, as set forth in the proposed construction contract with such Contractor, in accordance with the Approved Working Drawings, which itemized statement of costs shall include, as nearly as possible, the cost of all Tenant
Improvement Allowance Items to be incurred by Tenant in connection with the design and construction of the Tenant Improvements (the “Cost Proposal”). Tenant shall approve and deliver the Cost Proposal to Landlord within five
(5) business days of the receipt of the same, and upon receipt of the same by Landlord, Landlord shall be released by Tenant to purchase the items set forth in the Cost Proposal and to commence the construction relating to such items. The date
by which Tenant must approve and deliver the Cost Proposal to Landlord shall be known hereafter as the “Cost Proposal Delivery Date”. 

4.3 Construction of Tenant Improvements by Contractor under the Supervision of Landlord. 

4.3.1 Over-Allowance Amount. On the Cost Proposal Delivery Date, Tenant shall identify
the estimated amount (the “Over-Allowance Amount”) equal to the difference between (i) the amount of the Cost Proposal and (ii) the amount of the Tenant Improvement Allowance. Tenant shall pay, on a monthly basis, within
fifteen (15) days after written notice from Landlord, a percentage of each amount disbursed by Landlord to the Contractor or otherwise disbursed under this Tenant Work Letter, which percentage shall be equal to the amount of the Over-Allowance
Amount divided by the amount of the Cost Proposal, and such payment by Tenant shall be a condition to Landlord’s obligation to pay any further amounts of the Tenant Improvement Allowance. In the event that, after the Cost Proposal Delivery
Date, any revisions, changes, or substitutions shall be made to the Construction Drawings or the Tenant Improvements as the result of (i) a ratified “Tenant Change”, as that term is defined in Section 4.3.5 of this Tenant
Work Letter, or (ii) a change requested by Landlord and reasonably approved by Tenant, then, subjection to the terms of Section 2.3 of this Tenant Work Letter, any 

  
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additional costs which arise in connection with such revisions, changes or substitutions or any other additional costs shall be paid by Tenant to Landlord immediately upon Landlord’s request
as an addition to the Over-Allowance Amount. 
 4.3.2 Landlord’s Retention of Contractor. Landlord shall independently
retain Contractor to construct the Tenant Improvements in accordance with the Approved Working Drawings (subject to the following sentence) and the Cost Proposal and Landlord shall supervise the construction by Contractor, and Tenant shall pay a
construction supervision and management fee (the “Landlord Supervision Fee”) to Landlord in an amount equal to One Dollar ($1.00) per rentable square foot of the Premises. Landlord shall execute a commercially reasonable
construction contract (the “Contract”) with Contractor which shall guaranty, on commercially reasonable terms, that the Tenant Improvements shall be free from defects in workmanship and materials for a period of not less than one
(1) year from the date of Substantial Completion. In addition, the Contract shall provide Landlord with the right to pay premium rates for overtime labor in order to accelerate the construction schedule, and upon request by Tenant, Landlord
shall authorize such overtime labor. Notwithstanding anything set forth in this Tenant Work Letter to the contrary, construction of the Tenant Improvements shall not commence until (a) Landlord has a fully executed and delivered the Contract
with Contractor for the construction of the Tenant Improvements, (b) Tenant has procured and delivered to Landlord a copy of all Permits, and (c) Tenant has delivered to Landlord the Over-Allowance Amount. 

4.3.3 Contractor’s Warranties and Guaranties. Landlord hereby assigns to Tenant all warranties and guaranties set forth in
the Contract for the Tenant Improvements, provided that Landlord shall correct or cause the Contractor to correct any defects in workmanship or materials brought to Landlord’s attention on or before the first (1st) anniversary of the applicable Lease Commencement Date. Subject to Landlord’s obligation to cause the correction of defects as set forth above, and except to the extent such claims arise from
the gross negligence or willful misconduct of Landlord or the Landlord Parties, Tenant hereby waives all claims against Landlord relating to, or arising out of the construction of, the Tenant Improvements. 

4.3.4 Tenant’s Covenants. Tenant hereby indemnifies Landlord for any loss, claims, damages or delays arising from the
actions of Architect on the Premises or in the Building. Within ten (10) days after completion of construction of the Tenant Improvements, Tenant shall cause Contractor and Architect to cause a Notice of Completion to be recorded in the office
of the County Recorder of the county in which the Building is located in accordance with Section 3093 of the Civil Code of the State of California or any successor statute and furnish a copy thereof to Landlord upon recordation, failing which,
Landlord may itself execute and file the same on behalf of Tenant as Tenant’s agent for such purpose. In addition, within thirty (30) days following the Substantial Completion of the Premises, Tenant shall have prepared and delivered to
the Building two (2) copies signed by Tenant of the “as built” plans and specifications (including all working drawings) for the Tenant Improvements. 

4.3.5 Change Orders. No material changes or modifications to the Approved Working Drawings shall be made except by a written
change order signed by Landlord and Tenant. If Tenant desires any material change in the Approved Working Drawings (a “Tenant Change”), Tenant shall cause the Architect or the Contractor to prepare and to submit to

  
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Landlord a copy of the change order reflecting the proposed Tenant Change. Landlord shall not unreasonably withhold or condition its approval of a Tenant Change, and shall approve or disapprove
of the same within three (3) business days after receipt thereof; provided that Landlord may withhold its consent, in its sole discretion, to any change if such Tenant Change would directly or indirectly delay the Substantial Completion of the
Premises; provided, further, that to the extent Tenant agrees in writing that such delay shall be deemed a Tenant Delay pursuant to Section 5.2.8 of this Tenant Work Letter, then such consent shall not be unreasonably withheld by
Landlord. If Landlord disapproves a Tenant Change, Landlord shall notify Tenant of the revisions required, if any, that would make the change order acceptable to Landlord. At the time Landlord approves of a Tenant Change, Landlord shall provide
Tenant with Landlord’s estimate of (i) the increase or decrease in the cost of the Tenant Improvements which would result from such Tenant Change, and (ii) the delay, if any, in the commencement or completion of the Tenant
Improvements which would result from such Tenant Change. Landlord shall exercise reasonable care in preparing the cost and delay estimates, but such estimates will not limit Tenant’s obligation to pay for the actual increase in the cost of the
Tenant Improvements resulting from the Tenant Change or Tenant’s responsibility for actual delays resulting from the Tenant Change. Within three (3) business days after receipt of the cost and delay estimates, Tenant shall notify Landlord
in writing whether Tenant approves the Tenant Change. If Tenant approves of the Tenant Change, then Tenant and Landlord shall execute the change order, and the Approved Working Drawings shall be revised to incorporate the Tenant Change. If Tenant
fails to approve the Tenant Change within such three (3) business days, construction of the Tenant Improvements shall proceed in accordance with the Approved Working Drawings without incorporating the change order. 

SECTION 5 
 COMPLETION
OF THE TENANT IMPROVEMENTS; 
 LEASE COMMENCEMENT DATE 

5.1 Ready for Occupancy. The Premises shall be deemed “Ready for Occupancy” upon the Substantial Completion of
the Premises. For purposes of this Lease, “Substantial Completion” of the Premises shall occur upon the later of: (i) the completion of construction of the Tenant Improvements in the Premises pursuant to the Approved
Working Drawings, with the exception of any punch list items (i.e., minor details of construction, the non-completion and subsequent completion of which shall not materially interfere with Tenant’s
use or occupancy of the Premises for the Permitted Use), and any tenant fixtures, work-stations, built-in furniture, or equipment to be installed by Tenant or under the supervision of Contractor, and
(ii) a certificate of occupancy, temporary certificate of occupancy, or its legal equivalent, shall have been issued by the appropriate governmental authority for the Premises. Throughout the construction of the Improvements, Tenant shall have
the right, on no less than two (2) business days advance notice, and when accompanied by a representative of Landlord, to inspect the construction of the Tenant Improvements. Landlord and Tenant shall, promptly following the completion of
construction of the Tenant Improvements, jointly inspect the construction of the Tenant Improvements in order to develop a reasonable and mutually agreed upon punch list. Landlord shall use commercially reasonable efforts to complete all punch list
items within thirty (30) days after the Substantial Completion of the Premises. 

  
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 5.2 Delay of the Substantial Completion of the Premises. Except as provided in
this Section 5.2, the Lease Commencement Date shall occur as set forth in the Lease and Section 5.1, above. If and to the extent there shall be an actual delay in the Substantial Completion of the Premises or in the occurrence of
any of the other conditions precedent to the Lease Commencement Date, as set forth in the Lease, as a result of: 
 5.2.1 Tenant’s
failure to comply with the Time Deadlines (as the same may be extended as a result of a Force Majeure Delay or a Landlord Delay); 
 5.2.2
Tenant’s failure to timely approve any matter requiring Tenant’s approval; 
 5.2.3 A breach by Tenant of the terms of this Tenant
Work Letter or the Lease; 
 5.2.4 Changes in any of the Construction Drawings after disapproval of the same by Landlord or because the same
do not comply with Code or other Applicable Laws; 
 5.2.5 Tenant’s request for changes in the Approved Working Drawings; 

5.2.6 Tenant’s requirement for materials, components, finishes or improvements which are not available in a commercially reasonable time
given the anticipated date of Substantial Completion of the Premises, as set forth in the Lease, or which are different from, or not included in, the Standard Improvement Package; 

5.2.7 Changes to the Base, Shell and Core required by the Approved Working Drawings, provided that Landlord has informed Tenant of such changes
in accordance with Section 3.1, above; 
 5.2.8 Any other acts or omissions of Tenant, or its agents, or employees’ 

5.2.9 Tenant’s failure to deliver the L-C pursuant to Article 21 of the Lease; 

(each, a “Tenant Delay”), then, notwithstanding anything to the contrary set forth in the Lease or this Tenant Work Letter and regardless of
the actual date of the Substantial Completion of the Premises, the date of the Substantial Completion of the Premises shall be deemed to be the date the Substantial Completion of the Premises would have occurred if no Tenant delay or delays, as set
forth above, had occurred. Notwithstanding the foregoing or anything to the contrary set forth in this Section 5.2, if Landlord contends that a delay has occurred pursuant to Section 5.2.8, Landlord shall notify Tenant in
writing of the date upon which such delay occurred, and, notwithstanding anything in this Tenant Work Letter to the contrary, a delay shall not be deemed to have occurred unless all actions, inaction or circumstances described in such notice are not
cured by Tenant within one (1) business day after receipt of the delay notice from Landlord; provided further, however, that if Tenant has previously received five (5) or more delay notices from Landlord, then Landlord shall not be
required to deliver a delay notice to Tenant and any delay by Tenant pursuant to Section 5.2,8 shall immediately be deemed a Tenant Delay. 

5.3 Landlord Delay. As used in this Lease, “Landlord Delay” shall mean any actual delay resulting from the acts
or omissions of Landlord or a Landlord Party which causes Tenant to fail to meet one or more of the Time Deadlines (except to the extent such Landlord Delay 

  
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results from the occurrence of a Tenant Delay), including, but not limited to, failure of Landlord to timely approve or disapprove any Construction Drawings. 

SECTION 6 

MISCELLANEOUS 
 6.1
Tenant’s Entry Into the Premises Prior to Substantial Completion. Provided that Tenant and its agents do not interfere with Contractor’s work in the Building and the Premises, Contractor shall allow Tenant access to the
Premises prior to the Substantial Completion of the Premises for the purpose of Tenant installing overstandard equipment or fixtures (including Tenant’s data and telephone equipment) in the Premises. Prior to Tenant’s entry into the
Premises as permitted by the terms of this Section 6.1, Tenant shall submit a schedule to Landlord and Contractor, for their approval, which schedule shall detail the timing and purpose of Tenant’s entry. Tenant’s
indemnification of Landlord, and Landlord’s indemnification of Tenant, as set forth in Section 10.1 of the Lease, shall be in full force and effect during the construction of the Tenant Improvements. 

6.2 Freight Elevators. Landlord shall, consistent with its obligations to other tenants of the Building, make the freight
elevator reasonably available to Tenant, at no charge, in connection with initial decorating, furnishing and moving into the Premises. 
 6.3
Tenant’s Representative. Tenant has designated Mr. Brian McPherson as its sole representative with respect to the matters set forth in this Tenant Work Letter, who, until further notice to Landlord, shall have full authority
and responsibility to act on behalf of the Tenant as required in this Tenant Work Letter. 
 6.4 Landlord’s
Representative. Landlord has designated Mr. Peter Back as its sole representative with respect to the matters set forth in this Tenant Work Letter, who, until further notice to Tenant, shall have full authority and responsibility
to act on behalf of the Landlord as required in this Tenant Work Letter. 
 6.5 Tenant’s Agents. All contractors,
subcontractors, laborers, materialmen, and suppliers retained directly by Tenant shall be from a list of supplied by Landlord and shall all be union labor in compliance with the then existing master labor agreements. 

6.6 Time of the Essence in This Tenant Work Letter. Unless otherwise indicated, all references herein to a “number of
days” shall mean and refer to calendar days. 
 6.7 Tenant’s Lease Default. Notwithstanding any provision to the
contrary contained in this Lease, if an event of default as described in the Lease, following applicable notice and cure periods expressly set forth in this Lease, or a default by Tenant under this Tenant Work Letter, following applicable notice and
cure periods expressly set forth in the Lease, has occurred at any time on or before the Substantial Completion of the Premises, or Tenant has failed to deliver the L-C pursuant to the terms of Article
21 of the Lease, then (i) in addition to all other rights and remedies granted to Landlord pursuant to the Lease, Landlord shall have the right to withhold payment of all or any portion of the Tenant Improvement Allowance and/or Landlord
may cause Contractor to cease the construction of the Premises (in which case, Tenant 

  
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 shall be responsible for any delay in the Substantial Completion of the Premises caused by such work
stoppage as set forth in Section 5 of this Tenant Work Letter), and (ii) all other obligations of Landlord under the terms of this Tenant Work Letter shall be forgiven until such time as such default is cured pursuant to the terms of the
Lease. 

  
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 SCHEDULE 1 TO EXHIBIT B 

LANDLORD WORK 
 535
Mission Street 
 SCHEDULE 1 

CORE AND SHELL IMPROVEMENTS 

Dated 9/16/2013 
 OVERVIEW 

LEED Gold Core & Shell, fully-accessible building with curtain wall cladding, plumbing, fire-protection, HVAC, and electrical
systems, and structural framing to 100% of code requirements. 
 CORE AND SHELL 

Vertical Transportation 
  

	 	-	 	 Traction Passenger Elevators 

 

	 	•	 	 Seven new Otis elevators with a low-rise and high rise configuration. Low-rise elevator bank consisting of three elevators servicing levels 1, 3-12 (no 13th level) High-rise bank consisting of
four elevators servicing levels 1, 14-27. 

  

	 	•	 	 Elevator lobbies on tenant floors will be delivered unfinished and in shell condition. 

 

	 	•	 	 Tenant shall be responsible for the removal of temporary flooring ramps at each lobby elevator doorway, which is
required by the State Elevator Inspector to obtain a Temporary Certificate of Occupancy for the Core and Shell. 

  

	 	•	 	 One of the low-rise elevators will serve as a ‘swing’ service
elevator for all floors. A rear door in this cab will connect directly to the service dock and at each floor to minimize disruption with passenger operations. 

 

	 	•	 	 Destination dispatch will be provided at passenger elevators. 

 

	 	•	 	 All cabs complete with finished interiors consistent with Comparable Buildings. 

 

	 	•	 	 Handicap accessible elevator controls and all other code required items. 

 

	 	•	 	 Within each elevator lobby: handicap accessible controls, signage, floor indicators and other code-required
items. 

  

	 	-	 	 Garage Elevators 

  

	 	•	 	 One new elevator servicing the basement garage to level 1. 

 

	 	-	 	 Exit Stairs 

  

	 	•	 	 One core exit stair serving level 1 - 28 with hatch to roof. 

 

	 	•	 	 One core exit stair serving level 1 - 27. 

 

	 	•	 	 A separate exit stair from the basement to level 1 on Mission Street. 

 

	 	•	 	 A separate exit stair from basement to level 1 on Minna Street. 

Enclosure 
  

	 	-	 	 Exterior Walls 

  

			
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EXHIBIT B 
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	 	•	 	 All-new, high-efficiency,
dual-glazed unitized curtain wall system with 9’5” of floor-to-ceiling vision glass. 

 

	 	•	 	 Clear double-height, clear glass storefront glazing at the ground floor level. 

 

	 	•	 	 Steel tension cable lobby glazing wall at Mission street entry. 

 

	 	•	 	 Tenants shall be responsible for all costs related to furnishing and installing building standard window
coverings, including associated pocket, framing, drywall, etc. 

  

	 	•	 	 Per typical curtain wall sill details on sheet A829 of the Core and Shell drawings, tenant will be required to
install a bent plate along the perimeter of the building to close the gap between the concrete slab and aluminium curtain wall sill. Tenant has the option to use alternate means and methods to close this gap, depending on the thickness of flooring
selected. 

  

	 	-	 	 Roof 

  

	 	•	 	 Low-albedo, electrometric coating 

 

	 	•	 	 Waterproof membrane under the ornamental gravel at level 2 decks 

 

	 	-	 	 Thermal Insulation 

  

	 	•	 	 Rigid and batt insulation under concrete roof deck. 

 

	 	•	 	 3” mineral wool insulation behind the spandrel glazing at each floor line. 

Structural 
  

	 	-	 	 Structural System 

  

	 	•	 	 Twenty nine levels of Structural steel frame with a combination of bolted connections and welded connections
utilizing an SSDA moment frame system with a steel shear wall design. 

  

	 	-	 	 Fireproofing 

  

	 	•	 	 No fireproofing will be installed under the floor decks except for several roof areas, because the concrete
thickness alone is adequate to achieve fire rating requirements without spray on fireproofing. All other primary structural members will receive spray-applied fireproofing. 

Plumbing 
  

	 	-	 	 Sanitary Waste and Vent 

 

	 	•	 	 Complete new system from basement throughout the Building. 

 

	 	•	 	 New duplex sewage ejector in the basement. 

 

	 	•	 	 Floor and area drains in the basement, toilet rooms and mechanical rooms. 

 

	 	•	 	 Two future waste and vent connections provided at each floor stubbed out of the core for tenant use.

  

	 	-	 	 Domestic Hot and Cold Water 

 

	 	•	 	 New hot and cold piping throughout the Building. 

 

	 	•	 	 Duplex pressure booster pump. 

 

	 	•	 	 Backflow preventers at the cold water main and for HVAC equipment. 

 

	 	•	 	 Electric water heaters on several levels serving toilet room fixtures and janitor sinks. 

 

	 	•	 	 Two future domestic cold water connections provided at each floor stubbed out of the core. 

  

			
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EXHIBIT B 
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	 	-	 	 Future Reclaimed Water 

 

	 	•	 	 Separate system with hack flow devices for future supply (when available from the City of San Francisco) of
reclaimed water to toilets and urinals. 

  

	 	-	 	 Low Flow Plumbing Fixtures and Faucets 

 

	 	•	 	 LEED compliant fixtures, faucets and flush valves for toilet room fixtures. 

 

	 	•	 	 Shower fixtures in basement. 

 

	 	-	 	 Storm Drainage 

  

	 	•	 	 Deck, roof, overflow land planter drains connected to the city storm sewer system. 

 

	 	-	 	 Natural Gas 

  

	 	•	 	 Piping from PG&E meter in basement connected to boilers in the roof penthouse. 

 

	 	-	 	 Fuel Piping System 

  

	 	•	 	 Fuel piping system with pump station for main building generator. 

 

	 	-	 	 Tenant is responsible for design-build Plumbing to comply with building specifications. 

Fire Protection System 
 All new fire
sprinkler’ system with two fire pumps providing combination standpipes and sprinkler protection of the entire Building. Tenant spaces will be in core and shell condition with upright or pendent sprinklers in brushed outlets for future T.I.
drops. Tenant is responsible for design-build Fire Protection to comply with building 
 specifications. 

HV AC 
  

	 	-	 	 Central Plant 

  

	 	•	 	 Two open cooling towers at the roof. 

 

	 	•	 	 Two 400-ton chillers, two built up fan rooms totaling 375,000 cfin with
full economizer capacity and MERV 13 filters and three 1530 MBTU boilers on the upper level. 

  

	 	•	 	 Air circulation for the occupied portions of the building is designed M.85 cubic feet per minute per square foot
of floor area. 

  

	 	•	 	 Base building system is designed for 100SF per person. Base building system can accommodate about 1.5 watts per
SF of equipment and 1 watt per SF lighting load in addition to the equipment. Special rooms such as data rooms, server rooms, open trading floors, conference rooms, etc. will require supplemental cooling due to higher concentration of equipment and
different occupancy schedule. 

  

	 	-	 	 Distribution 

  

	 	•	 	 Heating hot water stubbed to each floor for future tenant VAV reheat boxes. 

 

	 	•	 	 Main duct loops providing cooled air to future tenant VAV boxes on each floor. 

 

	 	-	 	 Direct Digital Controls 

 

  

			
	535 Mission | Core & Shell Improvements	  	3

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EXHIBIT B 
 -3- 

	 	•	 	 DDC control system. 

  

	 	-	 	 Miscellaneous Ventilation 

 

	 	•	 	 Exhaust system for toilet rooms with extra capacity for tenant uses such as copy room ventilation.

  

	 	•	 	 Electric room and elevator machine room ventilation. 

 

	 	•	 	 Central garage exhaust system. 

 

	 	-	 	 Auxiliary Condenser Water Risers 

 

	 	•	 	 One riser for the Building providing 2” stubs per floor for 24/7 cooling capacity. 

 

	 	•	 	 Building designed to acconunodate 10 tons of supplemental cooling per floor. 

 

	 	-	 	 Life Safety 

  

	 	•	 	 Code required dampers and fire protection for all penetrations at rated, vertical shafts.

  

	 	•	 	 Stair and vestibule pressurization, and tenant floor smoke exhaust as required for high rise construction.

 Electrical 
  

	 	•	 	 Power to the Building comes from two independent 4,000 amp, 480 volt services 

 

	 	•	 	 Power to the building fire pump comes from one independent 2,000 AMP, 780 Volt service 

 

	 	•	 	 Typical floors will have one tel/data closets per floor and one dedicated electrical closets per floor.

  

	 	•	 	 All closets stack vertically with chases between floors. 

 

	 	•	 	 The following equipment is provided for each floor. 

 

	 	1.	 One 277/480V 3ph, 4w, 225amp, 42 circuit mainlug-only panels with 39-20
amp 1 pole circuit breakers, and1 -125 A 3 pole circuit breaker. Pautels are red from one 200 amp bus tap switches. 

  

	 	2.	 One 75 kva480-120/208v transformer, which each feed one 84 circuit, 225
amp double-section panel board rated at 120/208v. 

  

	 	•	 	 The base building emergency generator is size to accommodate code required emergency loads.

  

	 	•	 	 Tenant spaces are designed for 6 watts per square foot available to the tenant for their lights and power.

  

	 	-	 	 Fire Life Safety 

  

	 	•	 	 A new addressable fire alarm system compliant with all applicable codes. 

 

	 	•	 	 Life safety devices covering base building electrical, mechanical, and janitor closets, toilet rooms, elevator
lobbies and stairwells. 

  

	 	-	 	 Tel/Data 

  

	 	•	 	 4” conduit sleeves between each floor at the tele/data closet. 

 

	 	-	 	 Tenant responsible for design-build Electrical to comply with building specifications. 

Toilet Rooms 

  

			
	535 Mission | Core & Shell Improvements	  	4

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EXHIBIT B 
 -4- 

	 	•	 	 One men’s and women’s toilet rooms on each floor (3-27) fully
compliant with current ADA and Title 24 accessibility codes. Finishes include ceramic tile floors walls, Stone countertops, stainless fittings, and phenolic ceiling hung toilet partitions. Hi/low drinking fountains installed on one side of the core
area. 

 Base Building Partitions and Columns 
  

	 	•	 	 Core Walls: delivered with gypsum board, fire taped. 

 

	 	•	 	 Interior Side of Exterior Walls: gypsum board, fire taped. 

 

	 	•	 	 Perimeter Columns: exposed spray-on fire proofing 

 

	 	•	 	 Interior Columns: exposed spray-on fireproofing. 

Floors 
  

	 	•	 	 Concrete floors for the leased premises will be reasonably smooth 

Ceiling Heights 
  

	 	•	 	 Typical floors are 13’ slab-to-slab. Steel structure member depths vary below the slab elevation. The ground
floor is 17 slab to slab to the level 2 - mechanical area. 

  

	 	•	 	 The basement slab-to-slab height
is 13’, same as the typical floors. 

  

	 	•	 	 9’0” Finished ceiling height in tenant areas. 

Ground Floor / Entry Lobby 
  

	 	•	 	 This is a double-height space with a finished ceilling at approximately 27’ above finish floor.

  

	 	•	 	 Stone slab floors, stone walls with public art. 

 

	 	•	 	 Comparable Building finishes included wood with prefinished aluminum and stainless steel trim, and stone.

  

	 	•	 	 Guard desk 

  

	 	•	 	 Optical turnstiles 

Basement / Parking 
  

	 	•	 	 17 parking stalls under the main building This count includes handicap, carpool and low emiting vehicle stalls as
required by code. 

  

	 	•	 	 Roll-up gate at the top of the ramp to secure parking area.

 Site/Terraces 
  

	 	•	 	 At the ground level along Shaw Alley there are seat walls, concrete paver sidewalks, tree gates with trees,
landscape walls and ramps and stairs. 

  

	 	•	 	 New city sidewalks, curbs and gutters all around the building with new new city infrastructure including
lighting, signage and parking meters. 

 Levels 2, 28 & Roof Level 

 

	 	•	 	 Mechanical floors for the HVAC equipment that take up a majority of the area. 

  

			
	535 Mission | Core & Shell Improvements	  	5

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EXHIBIT B 
 -5- 

	 	•	 	 A dedicated window-waslung system mounted on a gondola track at the roof is customized to provide washing access
to exterior windows. 

  

  

			
	535 Mission | Core & Shell Improvements	  	6

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EXHIBIT B 
 -6- 

 SCHEDULE 2 TO EXHIBIT B 

TIME DEADLINES 
  

			
	 Dates
	  	
                          
              Actions to be Performed

	 A. March 15, 2014
	  	Final Space Plan to be completed by Tenant and delivered to Landlord.
		
	 B. May 1, 2014
	  	Tenant to deliver Final Working Drawings to Landlord.
		
	 C. June 1, 2014
	  	Tenant to deliver Permits to Contractor.
		
	 D. Five (5) business days after the receipt of the Cost Proposal by Tenant.
	  	Tenant to approve Cost Proposal and deliver Cost Proposal to Landlord.

  
 SCHEDULE 2 TO 

EXHIBIT B 
 -1- 

 EXHIBIT C 

535 MISSION STREET 

FORM OF NOTICE OF LEASE TERM DATES 

Certified Mail: 
  

			
	Date:                
		
	To:                   	  	Copy                    
	                        	  	to:                        
	                        	  	                            
	                         	  	                            
		
	Re:                   	  	
		
	Dated:              	  	

 Between:
                    , a             , Landlord, and
            , a             , Tenant 

In accordance with the subject document we wish to advise you and/or confirm your tenancy of: 

Suite Number             , on the
            floor of 535 Mission Street, San Francisco, CA 94105, and that the following terms and conditions are accurate and in full force and effect: 

 

			
	Net rentable square feet                    	  	Lease term                    
		
	Lease commencement date               	  	Lease expiration date                    
		
	 Base rent schedule From To:
	  	 Monthly Rent 

		
	
                   
                                        
 
	  	 $

  

					
	 Rent checks are
 Payable to:

[APPROPRIATE ENTITY]
	  	 Mailed to:
 [APPROPRIATE ADDRESS]
	  	 All other inquiries to:
 Boston Properties

Four Embarcadero Center
 Lobby Level, Suite One

San Francisco, CA 94111

			
		  		  	 Telephone: 415-772-0700

Fax: 415-982-1780

 If the Lease Commencement Date is other than the first day of the month, the first billing will contain a pro rata adjustment.
Each billing thereafter, with the exception of the final billing, shall be for the full amount of the monthly installment as provided for in the Lease. 

Pursuant to Article 2 of the above referenced document, we request that you sign this letter where indicated below, confirming the information provided
above, and return it to our representative below within 5 days of receipt. Per the lease language, however, failure to 

  
 EXHIBIT C 

-1- 

 
execute and return such notice within such time shall be conclusive that the information set forth is correct. A second letter is enclosed for your files.  

 

									
	Boston Properties, L.P.	 	        	    		  	                                    
                                    	  	
		 		    		  	Agreed to and Accepted:	  	
					
	
                     
                                         
                   
	 		    	  
	  	  
	  	  

	By:   Lease Administrator’s name	 		    	Date	  	By:
                                      
                                       	  	Date
	         Lease Administration	 		    		  	    Its:	  	

  
 EXHIBIT C 

-2- 

 EXHIBIT D 

535 MISSION STREET 

RULES AND REGULATIONS 

Tenant shall faithfully observe and comply with the following Rules and Regulations. Landlord shall not be responsible to Tenant for the
nonperformance of any of said Rules and Regulations by or otherwise with respect to the acts or omissions of any other tenants or occupants of the Project. In the event of any conflict between the Rules and Regulations and the other provisions of
this Lease, the latter shall control. 
 1. Tenant shall not alter any lock or install any new or additional locks or bolts on any doors or
windows of the Premises without obtaining Landlord’s prior written consent. Tenant shall bear the cost of any lock changes or repairs required by Tenant. Two keys will be furnished by Landlord for the Premises, and any additional keys required
by Tenant must be obtained from Landlord at a reasonable cost to be established by Landlord. Upon the termination of this Lease, Tenant shall restore to Landlord all keys of stores, offices, and toilet rooms, either furnished to, or otherwise
procured by, Tenant and in the event of the loss of keys so furnished, Tenant shall pay to Landlord the cost of replacing same or of changing the lock or locks opened by such lost key if Landlord shall deem it necessary to make such changes. 

2. All doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises. 

3. Landlord reserves the right to close and keep locked all entrance and exit doors of the Building during such hours as are customary for
comparable buildings in the vicinity of the Project. Tenant, its employees and agents must be sure that the doors to the Premises are securely closed and locked when leaving the Premises if it is after the normal hours of business for the Building.
Any tenant, its employees, agents or any other persons entering or leaving the Building at any time when it is so locked, or any time when it is considered to be after normal business hours for the Building, may be required to sign or card access
the Building register. Access to the Building may be refused unless the person seeking access has proper identification or has a previously arranged pass for access to the Building. Landlord will furnish, at Tenant’s sole cost and expense,
passes to persons for whom Tenant requests same in writing. Tenant shall be charged Landlord’s standard fee for the replacement of lost access cards. Tenant shall be responsible for all persons for whom Tenant requests passes and shall be
liable to Landlord for all acts of such persons. The Landlord and his agents shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person. In case of invasion, mob, riot, public
excitement, or other commotion, Landlord reserves the right to prevent access to the Building or the Project during the continuance thereof by any means it deems appropriate for the safety and protection of life and property. 

4. No furniture, freight or equipment of any kind shall be brought into the Building without prior notice to Landlord. All moving activity into
or out of the Building shall be scheduled with Landlord and done only at such time and in such manner as Landlord designates. Landlord shall have the right to prescribe the weight, size and position of all safes and other

  
 EXHIBIT D 

-1- 

 
heavy property brought into the Building and also the times and manner of moving the same in and out of the Building. Safes and other heavy objects shall, if considered necessary by Landlord,
stand on supports of such thickness as is necessary to properly distribute the weight. Landlord will not be responsible for loss of or damage to any such safe or property in any case. Any damage to any part of the Building, its contents, occupants
or visitors by moving or maintaining any such safe or other property shall be the sole responsibility and expense of Tenant. 
 5. No
furniture, packages, supplies, equipment or merchandise will be received in the Building or carried up or down in the elevators, except between such hours, in such specific elevator and by such personnel as shall be designated by Landlord. 

6. The requirements of Tenant will be attended to only upon application at the management office for the Project or at such office location
designated by Landlord. Employees of Landlord shall not perform any work or do anything outside their regular duties unless under special instructions from Landlord. 

7. No sign, advertisement, notice or handbill shall be exhibited, distributed, painted or affixed by Tenant on any part of the Premises or the
Building without the prior written consent of the Landlord. Tenant shall not disturb, solicit, peddle, or canvass any occupant of the Project and shall cooperate with Landlord and its agents of Landlord to prevent same. 

8. The toilet rooms, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were constructed,
and no foreign substance of any kind whatsoever shall be thrown therein. The expense of any breakage, stoppage or damage resulting from the violation of this rule shall be borne by the tenant who, or whose servants, employees, agents, visitors or
licensees shall have caused same. 
 9. Tenant shall not overload the floor of the Premises beyond the Building standard floor loading
specifications, nor mark, drive nails or screws, or drill into the partitions, woodwork or drywall or in any way deface the Premises or any part thereof without Landlord’s prior written consent. Tenant shall not purchase spring water, ice,
towel, linen, maintenance or other like services from any person or persons not approved by Landlord. 
 10. Except for vending machines
intended for the sole use of Tenant’s employees and invitees, no vending machine or machines other than fractional horsepower office machines shall be installed, maintained or operated upon the Premises without the written consent of Landlord.

 11. Tenant shall not use or keep in or on the Premises, the Building, or the Project any kerosene, gasoline or other inflammable or
combustible fluid, chemical, substance or material that is considered hazardous. 
 12. Tenant shall not without the prior written consent of
Landlord use any method of heating or air conditioning other than that supplied by Landlord. 
 13. Tenant shall not use, keep or permit to
be used or kept, any foul or noxious gas or substance in or on the Premises, or permit or allow the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Project by reason of

  
 EXHIBIT D 

-2- 

 
noise, odors, vibrations or electronic disruption, or interfere with other tenants or those having business therein, whether by the use of any musical instrument, radio, phonograph, or in any
other way. Tenant shall not throw anything out of doors, windows or skylights or down passageways. 
 14. Except as set forth in Section
29.37 of this Lease, Tenant shall not bring into or keep within the Project, the Building or the Premises any animals, birds, aquariums, or, except in areas designated by Landlord, bicycles or other vehicles. 

15. No cooking shall be done or permitted on the Premises, nor shall the Premises be used for the storage of merchandise, for lodging or for
any improper, objectionable or immoral purposes. Notwithstanding the foregoing, Underwriters’ laboratory-approved equipment and microwave ovens may be used in the Premises for heating food and brewing coffee, tea, hot chocolate and similar
beverages for employees and visitors, provided that such use is in accordance with all applicable federal, state, county and city laws, codes, ordinances, rules and regulations. 

16. The Premises shall not be used for manufacturing or for the storage of merchandise except as such storage may be incidental to the use of
the Premises provided for in the Summary. Tenant shall not occupy or permit any portion of the Premises to be occupied as an office for a messenger-type operation or dispatch office, public stenographer or typist, or for the manufacture or sale of
liquor, narcotics, or tobacco in any form, or as a medical office, or as a barber or manicure shop, or as an employment bureau without the express prior written consent of Landlord. Tenant shall not engage or pay any employees on the Premises except
those actually working for such tenant on the Premises nor advertise for laborers giving an address at the Premises. 
 17. Landlord reserves
the right to exclude or expel from the Project any person who, in the judgment of Landlord, is intoxicated or under the influence of liquor or drugs, or who shall in any manner do any act in violation of any of these Rules and Regulations. 

18. Tenant, its employees and agents shall not loiter in or on the entrances, corridors, sidewalks, lobbies, courts, halls, stairways,
elevators, vestibules or any Common Areas for the purpose of smoking tobacco products or for any other purpose, nor in any way obstruct such areas, and shall use them only as a means of ingress and egress for the Premises. 

19. Tenant shall not waste electricity, water or air conditioning and agrees to cooperate fully with Landlord to ensure the most effective
operation of the Building’s heating and air conditioning system, and shall refrain from attempting to adjust any controls. 
 20. Tenant
shall store all its trash and garbage within the interior of the Premises. No material shall be placed in the trash boxes or receptacles if such material is of such nature that it may not be disposed of in the ordinary and customary manner of
removing and disposing of trash and garbage in the city in which the Project is located without violation of any law or ordinance governing such disposal. All trash, garbage and refuse disposal shall be made only through entry-ways and elevators
provided for such purposes at such times as Landlord shall designate. 

  
 EXHIBIT D 

-3- 

 21. Tenant shall comply with all safety, fire protection and evacuation procedures and
regulations established by Landlord or any governmental agency. 
 22. Any persons employed by Tenant to do janitorial work shall be subject
to the prior written approval of Landlord, and while in the Building and outside of the Premises, shall be subject to and under the control and direction of the Building manager (but not as an agent or servant of such manager or of Landlord), and
Tenant shall be responsible for all acts of such persons. 
 23. No awnings or other projection shall be attached to the outside walls of the
Building without the prior written consent of Landlord, and no curtains, blinds, shades or screens shall be attached to or hung in, or used in connection with, any window or door of the Premises other than Landlord standard drapes. All electrical
ceiling fixtures hung in the Premises or spaces along the perimeter of the Building must be fluorescent and/or of a quality, type, design and a warm white bulb color approved in advance in writing by Landlord. Neither the interior nor exterior of
any windows shall be coated or otherwise sunscreened without the prior written consent of Landlord. Tenant shall abide by Landlord’s regulations concerning the opening and closing of window coverings which are attached to the windows in the
Premises, if any, which have a view of any interior portion of the Building or Building Common Areas. 
 24. The sashes, sash doors,
skylights, windows, and doors that reflect or admit light and air into the halls, passageways or other public places in the Building shall not be covered or obstructed by Tenant, nor shall any bottles, parcels or other articles be placed on the
windowsills. 
 25. Tenant must comply with requests by the Landlord concerning the informing of their employees of items of importance to
the Landlord. 
 26. Tenant must comply with the State of California “No-Smoking” law set
forth in California Labor Code Section 6404.5, and any local “No-Smoking” ordinance which may be in effect from time to time and which is not superseded by such State law. 

27. Tenant hereby acknowledges that Landlord shall have no obligation to provide guard service or other security measures for the benefit of
the Premises, the Building or the Project, except as provided in Section 6.1.7 of the Lease. Tenant hereby assumes all responsibility for the protection of Tenant and its agents, employees, contractors, invitees and guests, and the property
thereof, from acts of third parties, including keeping doors locked and other means of entry to the Premises closed. Tenant further assumes the risk that any safety and security devices, services and programs which Landlord elects to provide may not
be effective, or may malfunction or be circumvented by an unauthorized third party, and Tenant shall, in addition to its other insurance obligations under this Lease, obtain its own insurance coverage to the extent Tenant desires protection against
losses related to such occurrences. Tenant shall cooperate in any reasonable safety or security program developed by Landlord or required by law. 

28. All office equipment of any electrical or mechanical nature shall be placed by Tenant in the Premises in settings approved by Landlord, to
absorb or prevent any vibration, noise and annoyance. 

  
 EXHIBIT D 

-4- 

 29. Tenant shall not use in any space or in the public halls of the Building, any hand
trucks except those equipped with rubber tires and rubber side guards. 
 30. No auction, liquidation, fire sale, going-out-of-business or bankruptcy sale shall be conducted in the Premises without the prior written consent of Landlord. 

31. No tenant shall use or permit the use of any portion of the Premises for living quarters, sleeping apartments or lodging rooms. 

Landlord reserves the right at any time to change or rescind any one or more of these Rules and Regulations, or to make such other and further
reasonable Rules and Regulations as in Landlord’s judgment may from time to time be necessary for the management, safety, care and cleanliness of the Premises, Building, the Common Areas and the Project, and for the preservation of good order
therein, as well as for the convenience of other occupants and tenants therein; provided, however, Landlord shall give Tenant reasonable prior notice of the promulgation of any new Rules and Regulations, and of any supplements or modifications to
existing Rules and Regulations. Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenants, but no such waiver by Landlord shall be construed as a waiver of such Rules and Regulations in favor of any
other tenant, nor prevent Landlord from thereafter enforcing any such Rules or Regulations against any or all tenants of the Project. Tenant shall be deemed to have read these Rules and Regulations and to have agreed to abide by them as a condition
of its occupancy of the Premises. 

  
 EXHIBIT D 

-5- 

 EXHIBIT E 

535 MISSION STREET 

FORM OF TENANT’S ESTOPPEL CERTIFICATE 

The undersigned, as Tenant under that certain Office Lease (the “Lease”) made and entered into as of
                        , 20      by and between
                        , as Landlord, and the undersigned, as Tenant, for Premises on the
                         floor(s) of the office building located at
                        , certifies as follows: 

1. Attached hereto as Exhibit A is a true and correct copy of the Lease and all amendments and modifications thereto. The documents contained
in Exhibit A represent the entire agreement between the parties as to the Premises. 
 2. The undersigned currently occupies the
Premises described in the Lease, the Lease Term commenced on                         , and the Lease Term expires on
                         , and the undersigned has no option to terminate or cancel the Lease or to purchase all or any
part of the Premises, the Building and/or the Project, except as follows:                         . 

3. Base Rent became payable on
                            . 

4. The Lease is in full force and effect and has not been modified, supplemented or amended in any way except as provided in Exhibit A.

 5. Tenant has not transferred, assigned, or sublet any portion of the Premises nor entered into any license or concession agreements with
respect thereto except as follows: 
  
 6. 

7. All monthly installments of Base Rent, all Additional Rent and all monthly installments of estimated Additional Rent have been paid when due
through                     . The current monthly installment of Base Rent is $
                                        .

 8. To the undersigned’s knowledge, Landlord is not in default under the Lease. The undersigned has not delivered any notice to
Landlord regarding a default by Landlord thereunder. 
 9. No rental has been paid more than thirty (30) days in advance and no security
has been deposited with Landlord except the letter of credit in the current amount of $                        , subject
to any reduction as provided in the Lease. 

  
 EXHIBIT E 

-1- 

 10. To the undersigned’s knowledge, as of the date hereof, there are no existing
defenses or offsets, or claims or any basis for a claim, that the undersigned has against Landlord. 
 11. If Tenant is a corporation,
limited liability company, partnership or limited liability partnership, Tenant hereby represents and warrants that Tenant is a duly formed and existing entity qualified to do business in California and that Tenant has full right and authority to
execute and deliver this Estoppel Certificate and that each person signing on behalf of Tenant is authorized to do so. 
 12. There are no
actions pending against the undersigned under the bankruptcy or similar laws of the United States or any state. 
 13. Other than in
compliance with all applicable laws and incidental to the ordinary course of the use of the Premises, the undersigned has not used or stored any hazardous substances in the Premises. 

14. All tenant improvement work to be performed by Landlord under the Lease has been completed in accordance with the Lease and has been
accepted by the undersigned and all reimbursements and allowances due to the undersigned under the Lease in connection with any tenant improvement work have been paid in full. 

The undersigned acknowledges that this Estoppel Certificate may be delivered to Landlord or to a prospective mortgagee or prospective
purchaser, and acknowledges that said prospective mortgagee or prospective purchaser will be relying upon the statements contained herein in making the loan or acquiring the property of which the Premises are a part and that receipt by it of this
certificate is a condition of making such loan or acquiring such property. 
 Executed at
                         on the          day of
                , 20     . 
  

					
	“Tenant”:
	
	                                    
                                         
               ,

 
					
	a	 		 	  

		
	By:	 	  

					
		 	Its:	 	  

 
					
		
	By:	 	  

					
		 	Its:	 	  

  
 EXHIBIT E 

-2- 

 

 
 EXHIBIT F 535 MISSION STREET ACCEPTABLE FORMS OF INSURANCE CERTIFICATE A COW. CERTIFICATE OF LIABILITY INSURANCE THIS
CERTIFICATE 13 ISSUED AS A MATTER OF INFORMATION ONLY AND C0HFER3 NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES EE LOW. COMPANIES AFFORDING COVERAGE A B C D
COVERAGESTt^s cerifictf? supfijsedcs and replace any pAr.tousJy Issued corticate. TIMS 15 TO CEKOT TMT THE POUCtG Of WWHCE U3TW BELOW HAY£ aEENBWEC TO IKE. INSURE© IUMED ABOVE FOR Tb£ POtWY FEftOO PflHCMBO. NOlWIWSTAHOWG ANY
REQURcMEM ’ERM OB CtSNJrPON Of AfcY SOfffrtACT UK OTHER DDCUUENT WfTM RESPECT TO WHCH TrtS CERUFCATE^VY DE ISSUED tKOAY P6RTAH IHEWW^CE AFrOR0£©P63CWED HEREIN Pl SUBJECT TOMI THE TcRUS. fXCLU3KM4$AN 0 COHC-MOKS OF
SUCHPOdClCS. AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PA® CLAIMS. CO LTA -Ttrev Ni^SEA OATWiOaTO POLKT fiUAMKw date ptwrom) WJti Gt*EXM,U‘lfiUn “] COMMSRau Ct.MERAI UMU-TY i ‘
OAC& IMV= { Gr^W<AGGa«iUt • tavPiCP AGKJ PtKSQMl A WV MAMY 4 $ 5 uvt*¥ft$ a cat-trucic^-s r-KQi
cAGdoeeutwe^E ?MB OM<AOfe tfirf ms h) $ $ WfOUXP (ABJ efp $ A’rt DWHI lUB’.ll? AfJV AUTO .MiC’AHEDUjfCS AOT^ UCH-WNEVAUIOS BWLY WAfflY wir
«W’*ERTYW«AC£ $ 5 * GA’Aae UAE1UTY J AHYWJIO . AUTO ONLY â–EA XCCfrOrt OUSH THAXAUTQrjW: 5. tACH ACQOENT S AC-CrtESATE 3 EXCESS uAS£L.Tf . ’
WBSELLA FOnM EACH DCOiiHWNGE AGGREGATE J 3 0 THE H WK UMSRLLLA K)KW 3 ’ACLV.EHSCOttf ENSAHvw **u WlWW L1MFJ7Y >, 1 WCHTAIU. j X j rum’ ijunfl || 1HF PROPflSTCR-[j ,, p<i
iCIJIT/E- -1 WUCJIS W|? &CL EACHACSDENT {hS€A3E -PtLCY UV.’T (X5PA5PâTM¦ F A^t F.UAOYEE $ $ $ cts R PT1OH Of
Off*ATi0htX0CAri0HW?£H3CULS^f£CtAL ITEMS CERTIFICATE HOLDER NYC-CO261‘H1-D1 CANCELLATION S’^ULO
A.V or TOE MW MscwfW ?^ia« etHFOKC CtfiMTttt MTI^W, WiW>W ^LC ft?(AW* TO WM KM ^nEM SOT.M TO ne«AttHCAY« HOLOlft NA«£O
1ft THE l£fT Z.ftT0W;-3^MMUl iMWmOJUMnOJiCiUlAWUrrtl W WWTO WV?IV, Hi AGM1S £M JtEf’AiSE.’HAlr.’fJ. ‘ ACORD25(WD5/
JklJJHCtSEaa’PRESZ^TAVVE*â– Narrc/ 0 ACORD CORPORATION 1988 

  
 EXHIBIT F 

-1- 

 

 
 evidence OF PROPERTY INSURANCE THIS EVIDENCE OF PROPERTY INSURANCE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON
THE ADDITIONAL INTEREST NAMED BELOW. THIS EVIDENCE OF PROPERTY INSURANCE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. -BER EFFECTIVE DAY£ YKW 0 UNTIL I| TERMINATE E> IF THS REPLACES PRJGREVSDEWCE DATED:
PROPERS INFORMATION THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO TOE INSURED ^WED ABOVE FOR TOE POLICY PERIOD INDICATED. MH REQUIREMENT, TERM TOOF CONTRACT OR OTHER DOCUMENT ^TO RESPECT TO MUCH THS EVIDENCE OF PROPERTY
INSURANCE MAY BE ISSUED OT MAY PERTAIN, TO INSURANCE AFFORDED BY WE POLICIES DESCRIBED HEREIN IS SUBJECT TO ML WE TERMS, EXO USIOIISCONDITIONS OF SUCH POUCIES. SHOW! MAY HAW BEEN REDUCED BY PAID CLAIMS. COVERAGE INFORMATION COVERAGE f KSU13 MUM OF
INSURANCE REMARKS llncludlnfl Special Conditions) CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE Issuing INSURER WH.L ENDEAVOR T0 MAILDATS WRITTEN NOTICE TO TUB ADDITIONAL INTEREST HAMED
BELOW. HOWEVER, FAILURE TO MAIL SUCH NOTICE 9HALL IMPOSE KO OBLIGATION OR LIABILITY OF ANY KIND UPON THE INSURER, ITS AGENTS OR REPRESENTATIVES. ADDITIONAL INTEREST MAWS ANO - j LOSS REPRESENTATIVE ACORD27 (2OWO7) © ACORD CORPORATION 1993-2008.
All rights rosorocd. The ACORD name and logo are registered marks of ACORD 

  
 EXHIBIT F 

-2- 

 

 
 EXHIBIT G 535 MISSION STREET FORMOF LETTER OF CREDIT U.S. Trade Seneca Standby Letters OF Credit MAC A0283-023 794 Street, 2nd Hear San
Leandro, CA915^-^22 Phone: (800)798-825(Option E-Mail: This sample wading Is Resented without any This draft to you as a ^ request.’ Please note that the unissued, and is not an enforceable. Wording Reviewed and Approved: By:
Applicant Signature This form is an integral part of the abdication and agreement for of your Standby Letter of Credit. The Letter of Credit cannot be until this draft is returned to us with the Applicant’s Signature above. Irrevocable Standby
Letter M Credit Number: IS01SM43U Issue Date: March4, 2014 BENEFIGARY APPLICANT BXP MISSIS 535 LLC C/OBOSTON PRCTERTIES LIMITED PARTNERSHIP ATTN: MRBCT PESTER LCTIREMBARCADEROCENTER LCTBYLEWL. SUITE ONE SAN FRANGSCO, CALIFORNIA 94111 TRUUA. INC 166
NEWM^NTGOMERYSUITE 300 SAN FRANaSCO. CAUFCTNIA 94105 LACTES AND GENTLEMEN: 1.A DRAFT DRAWN ON US AT SIGHTMARKED “DRAWN UNDER WELLS FARGO BANK, N.A. STANCTYLETTER OF CREDIT NO.IS015M43U 2.THE ORIGINAL LETTER CF CREDIT AND ANY AMENDMENTS
ATTACHED THERETO. 3. A DATED STATEMENT ISSUED THE LETTERHEAD OF THE BENEFICIARY AND PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE STATING (WITH THE INSTRUCTIONS IN BRACKETS THEREIN COMPLIED WITH): ‘THE UNDERSIGNED, AN AUTHORIZED
REPRESENTATIVE OF THE BENEFIQARYOF WELLS FARGO BANK LETTER OF CREDIT NO. IS0150443U CERTIFIES THAT; 

  
 EXHIBIT G 

-1- 

 

 
 1.THE AMOUNT OF THE DRAFT ACCOMPANYING THIS STATEMENT REPRESENTS THE AMOUNT DUE TO BENEFICIARY PURSUANT TO AND IN CONNEETION WITH THAT
CERTAIN LEASE DATED (INSERT DATE) BETWEEN BENEFICIARY AND THULIA, INC (AS SUCH LEASE MAY BE AMENDED, RESTATED OR REPLACED). ALTERNATIVELY, 2.BENEFICIARYIS ENTITLEDTO DRAW DOWN THE FULL AMOUNT OF LEITER OF CREDIT NO.IS0150443UAS A RESULT OF THE
FILING OF A VOLUNTARY PETITION UNDER THE US. BANKRUPTCY CODE ORA STATE BANKRUPTCY CODE BY THE TENANT UNDER THE LEASE, WHICH FILING HAS NOT BEEN DISMISSED AT THE TIME OF THIS DRAWING, OR 3.BENEFICIARYIS ENTITLEDTODRAWDOWN THE LULL AMOUNT OF LETTER OF
CREDITNO.IS0150443U AS THE RESULT OF AN INVOLUNTARYPETITION HAVING BEEN FILED UNDER THE U.S. BANKRUPTCY CODE OR A STATE BANKRUPTCY CODE AGAINST THE TENANT UNDER THE LEASE, WHICH FILLING HAS NOT BEEN DISMISSED AT THE TIME OF THIS DRAWING. PARTIAL AND
MULTIPLE DRAWINGS ARE. IT IS ACCTIDIIIONCT IIIISI FTORCT GHDIIIHAI’II SHAILLT DEEMED AUTOMATICALLY EXTENDED WICTLCX.JL WRIHIN STAR PERILS FR PRESENT CT ANY FUTURE LXPIRY DATE UNLESS AT LEAST SIXTY (60) DAYS TOSUCTI DATE, WE SEND THE BENEFIQARY
NOTICT ATTHE ABWE STATED ADDRESS BY OVERNIGHT CCTIRIER THAT WE ELECTNOTTOEXTEND THIS I.IHFH CT CREDIT BIYCTID THE INIIIALCT ANYLXIINIXD EXPIRYDATE THEREOF. THIS STANDBYLETTER OF CTEDIT SHALL NOT BE EXTENDED BIYCTD 01/31/2024, WHICHWLL CCTISIDIRID
THE FINAL EXPIRATICT DATE. ANY REFERENCT TO A FINAL EXPIRATICT DATE DCTS NOT IMPLYTHAT WELLS FARGO BANK NA. IS OBLIGATED TO FXIIND THIS CREDIT BEYOND THE INITIAL EXPIRYDATE CT ANYEXTENDED DATE THERECT. UPCTI OUR SENDING YCTI SUCH NOTICE CT THE
NONIXIINSICTI CT THE FXPIRAIICTI DATE CT THIS IIHFR CT CREDIT, YCTI MAYDRAW UNDER THIS LETTER OF CREDIT, CT ORBEFCTE THE EXPIRATION DATE SPECIFIED IN sum NOTICT, BY PRESENTATION CT THE FCTLOWING DCTUMENTS TO US AT OUR ABOVE ADDRESS: 1.A DRAFT DRAWN
ON US AT SIGHT MARKED ‘DRAWN UNDER WELLS FARGOBANK. NA. STANCTYLETTER OF CREDIT NO.ISOI SOT43U.’ 2.THE ORIGINAL OF THIS STANDBY IIHFR OF O1EDIT AND ANY AMENDMENTS THERETO. 3.YCTR SIGNED AND DATED STATEMENT WCTDED AS FOLLOWS (WITH THE
INSTRUCTICTS IN BRACKIIS THEREIN COMPLIED WITH): •THE UNDERSIGNED, AN AUTHCTIZED REPRESENTATIVE OF THE BENEFIQARYOF WELLS FARGO BANK N.A LETTER CT CRH >11 NO. IS015O443U, HEREBY CERTIFIES THAT IT HAS RECTIVED NOTIFICATION FROM WELLS FARGO
BANKN.A THAT THIS LETTER CT CTEDITWLLNOTBE EXTENDED PAST ITS CURRENTEXPIRA’RON DATE. THE UNCTRSIGNID FURTHER CERTIFIES THAT (I) AS CT THE DATE CT THIS STATEMENT, IT HAS NOT RECEIVED A LECTER OF CREDIT OR OTHER INSTRUMENT ACCEPTABLE TO IT ASA
REPLACTMENT; AND ) TRULIA, INC LWS NOT BEEN RELEASED FROM ITS CTLIGATICTS.’ THIS LETTER CT CREDIT IS TRANSFERABLE ONE CT MORE TIMES, BUTIN EACH INSTANCE ONLY TO A SINGLE TRANSFEREE AND CTILY IN THE FULLAMCTINT AVAILABLETOBE DRAWN UNDER THE
IEHFR OF CREDIT AT THE TIME CT SUCH TRANSFER. ANY SUCH TRANSFER MAYBE EFFECTED CTLYTHRCTIGH WELLS FARGO BANK N.A. AND ONIYUPCTI PRESENTATION TO US AT CTR PRESENTATION OFFICT SPEQFIED HEREIN CT A DULYEXECUTEDTRANSFERRECTJEST IN THEFCTM A THEREIN IN
BRA^ETS COMPLIED WITH, TOGETHER WITH THE CT THIS LETTER CT CREDIT AND ANY AMENDMENTS THERETO. PAYMENT OF OUR TRANSFER FEE SHALL BE FROM IHEACCCXJNJOI APPLICANT. EACH TRANSFER SHALL BE EVIDENCED BY (XJR ENWR5EMENI ON THE REWRSE CT THE ORIGINAL
CT THIS LETTEROF CREDIT, ANDWE SHALL DELIVER d CTIGINAL TOTHE TRANSFEREE. THE TRANSFEREE’S NAME SHALL AUTOMATICALLY BE SUBSTITUTED FCTITHATOF THE BENEFICIARYWHEREVER BENEFICARY’S NAME APPEARS WITHIN THIS STANDBYLETTER CT CREDIT. ALL
OJARGES -J WITH ANY TRANSFER CT THIS LEnER CT ^EOT INCLUDING ANY TRANSFER FEES ARE FOR THE APPLICANT’S ACCCXJNI. WE ARE SUBJECT TOVARIWSLAWS, REGUIAIICTI5 AND EXECUTE AND JUDICAL CTDERS (INCLUDING ECONOMIC SANCTIONS, EMBARGOES,
ANTI-BOYCOTT, ANII-MCTIEY LAUNDERING, ANTI-IERRCTISM, AND ANTI-DRUG IRAIIICKINGIAW5 AND REGULATIWS) OF THE U.S. AND OTHER CCXJNIRIE5 IHAI ARE ENFCTCEABLE UNDER APPLICABLE LAW. WE WILL NOTBE LIABLE FCT (XJRIAUUREIOMAKE.OROUR DELAY IN MAKING, PAYMENT
UNDER THIS LEITER OF L PEDII OR FCT ANY OTHER AC1ICTI WE TAKE CT DO NOTTAKE, CT ANY DISCLOSURE WE MAKE, UNDER CT IN CCWECHON WITH THIS LETTER CT CRETU [INCLUDING, WITOOB-LIMITATION, ANY REFUSAL TO TRANSFER THIS LETTER OF CREDIT THAT IS
REWIREDBYSUCHIAW5, REGULATIWS, CT CTDERS, 

  
 EXHIBIT G 

-2- 

 

 
 THIS IRREVOCABLELETTER CT CREDIT SETS’FCTTH IN FCTLTHE TERMS <3F OUR UNDERTAKING. THIS UNDERTAKING IS INDEPENDENT
CT AND SHAH NOT IN ANYWAY BE MO^IirO.AMLNDED, AMPLIFIED, CT INCORPORATED BYREJERENCL TO ANY DCTUMENI, CCTIIRACI, OR AGREEMENTREFERENCED HEREIN. WE HEREBY AGREE WITH YW THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS AND CWOTIWS CT
THIS CREW SHALL BE DULYHONORED IF PRESENTED TWEnNER WITH DOCUMENT(S)AS SPECFIED ABOVE AT WR OFFICE ICTWED AT 794DAVIS STREET, 2ND TICXXL SAN LEANDRO, CALIFCTNIA 945^922, ATTENTION: 5IANDBYIET TER CT CREDIT DEPT. ON CT BEFORE IHEABO’A
STATED EXPIRY DATE, OR ANY EXTENDED EXPIRY DATE IF APPLICABLE. WE HEREBY AGREE WITH YWTHATIF DRAFTS ARE PRESENTED TOTHE WELLS FARGO BANK NA UNDER THIS LETTER CT CREDIT AT OR PRICT TO 11:00 A.M. PACFIC STANDARD TIME, ON A BUSINESS DAY, AND PROVIDED
THAT SUOJ DRAFTS PRESENTED CWFCTM TO THE TERMS AND CONDITIWS OF THIS LEITER OF CPEDII, PAYMENTSHALL BE INITIATED BYUS IN IMMEDIATELYAVAILABLE FUNDS BY WR CLOSE OF BUSINESS ON THE THIRD BUSINESS DAY. IF DRAFTS ARE PRESENTED TOWELLS FARGO BANK N.A.
UNDER THIS LETTER CT CREDIT AFTER 11:WA.M. PACFICSTANDARD TIME, W A BUSINESSDAY, AND PROVIDED THAT SUd DRAFTS CWJICTM WITH THE TERMS AND CONDITIWS OF THIS LETTER CT CPEDII, PAYMENT SFTAllBE INITIATED BYUS IN IMMEDIATELYAVAII ABIE FUNDS BYOJRCLOSE0F
BUSINESS ON THE FWRTH SUCCEEDING BUSINESS DAY. AS USED IN THIS LETTER CT C PEDII, ‘BUSINESS DAY” SHALL MEAN ANY DAYOTHER THAN A SATURDAY, SUNDAY CT A DAY W WHICH BANKING INSTITUTES IN THE STATE OF CATITORICAARE AUTHCTIZED ORREOTIRED BYLAW
TO CLOSE. IF THE EXPIRATION DATE FCT TH IS LEITER CT CREDITSHALL EVER FALL WADAYVMCHIS NOTA BUSINESSDAYTHEN SUCH EXPIRATION DATE SHALLAUTOMATICALLYBE EXTENDED TOTHE DATE WHICH IS THE NEXT BUSINESS DAY. EXCEPT AS OTHERWISE EXPRESSLYSTATED HEREIN,
THIS LEITER CT CREDIT IS SUBJECT TOTHE INTERNATIONAL STANDBY PRACTICES 1998, INTERNATIWAL CHAMBER OF COMMERCE PUBIICALON NO. 590 (‘ISP98”). 

  
 EXHIBIT G 

-3- 

 

 
 Very Truly Yours, WELLS FARGO BANK, N.A. Authorized Signature The original of the Letter of Credit contains an embossed seal over tilted
Authorized Signature. Please direct any written or inquiries regarding this Letter of always quoting our, to Wells Fargo Bank, National Association, Attn: U.S. Standby Trade Services either 794 Davis street, 2nd Floor 401 Linden Street, 1 st Floor
MACAO283-023, MACD4004-017, San Leandro, CA 94577-6922 Winston-Salem, NC27101 Phone inquiries regarding this audit should be directed to our Standby Customer Connection Professionals 1-800-798-2815 Option 11-800-776-3862 Option 2 (Hours of Operatic:
8:00 a.m. PT to 5:00 p.m. (Hours of Operation: 8:00 a.m. EST to 5:30 p.m.’s 

  
 EXHIBIT G 

-4- 

 

 
 EXHIBIT A TRANSFER REQUEST OF WELLS FARGO BANK, N.A.IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: IS0150443U TO WELLSFARGO BANK NADATE:
U.S.TRADESERVICES U.S. TRADE SERVICES STANDBYLEZTTER OF CREDIT DEPARTMENT STANDBY LETTER OF CREDIT DEPARTMENT 794 DAWS STREET, 2ND FLOOR, MAC A0283-023 401 LINDEN STREET, MAC-D4004-012 SAN LEANDRO, CALIFORNIA 94577-6922 WINSTON-SALEM, NORTH CAROLINA
27101 FOR VALUE RECEIVED, THE UNDERSIGNEDBENEFIOARYCTTHE ABOVE DESCRIBED LETTER OF CREDIT (THE TRANSFEROR”) HEREBY IRREVOCABLY TRANSFERS ALL ITS RIGHTS UNDER THE LETTER OF CREDIT AS AMENDED TO THIS DATE (THE CRIDITTOTHEFOROWING TRANSFEREE (THE
‘TRANSFEREE’). NAME OF TRANSFEREE ADDRESS BY THIS TRANSFER, ALL RIGHTS OF TRANSFEROR IN THE LETTER OF CREDIT ARE TRANSFERRED TO THE TRANSFEREE, AND THE TRANSFEREE SHALL BE THE SOLE BENEFICIARY OF THE LETTER OF CREDIT, POSSESSING ALL RIGHTS
PERTAINING THERETO, INCLUDING, BUT NOT LIMITED TO, SOL RIGHTS RELATING TO THE APPROVAL OF ANY AMENDMENTS, WHETHER INCREASES OR EXTENSTIONS OF OTHER AMENDMENTS.AND WHETHER NOW EXISTING OF HEREAFTER MADE. YOU ARE HEREBY IRREVCTABIYINSTHUC1ED TO ADVISE
FUTURE AMENDMENT(S) OF THE LETTER OF CREDIT TO THE TRANSFEREE WITHOUT THETRANSFEROR’S CONSENTOR NOTICE TO THE TRANSFEROR. ENCLOSED ARE THE ORIGINAL LETTER OF CREDIT AND THEORIGINAL(S)OF ALL AMENDMENTS TO DATE. THE TRANSFEROR WARRANTS TO YOU
THAT THIS TRANSFER AND THE TRANSACTION(S) HEREUNDER WILL NOT CONTRAVENE ANY FEDERAL LAWS OR REGULATIONS OF THE UNITED STATES NOT THE LAWS OR REGULATIONS OF ANY STATE THERE OF. PLEASE NOTIFY THE TRANSFEREE OF THIS TRANSFER AND OF THE TERMS AND
CONDITIONS OF THE LETTER OF CREDIT AS TRANSFERRED. THIS TRANSFER WILL BECOME EFFECTIVE UPON WELLS FARGO BANK, NA.’S WRITTEN NOTIFICATION TO THE TRANSFEREE THAT SUCH TRANSFER WAS EFFECTED. (TRANSFEROR’S NAME) BY: PRINTEDNAME: TIRE: PHONE
NUMBER: THE BANK SIGNING BELOW GUARANTEES THAT THE TRANSFEROR’S SIGNATURE IS GENUINE AND THAT THE INDIVIDUAL SIGNING THIS TRANSFER REQUEST HAS THE AUTHORITY TO DO SO (BANK’S NAME) BY: 

  
 EXHIBIT G 

-5- 

 

 
 PRINTED NAME: TIRE: [A NOTARY ACKNOWLEDGMENT ORA CERTIFICATE OF AUTHORITY WITH CORPORATE SEAL IS ACCEPTABLE IN LIEU OF A BANK GUARANTEE

  
 EXHIBIT G 

-6- 

 EXHIBIT H 

535 MISSION STREET 

TENANT’S EXTERIOR SIGNAGE 
  

 
 EXHIBIT H 535 MISSION STREET TENANT’S EXTERIOR SIGNAGE 

  
 EXHIBIT H 

-1- 

 

 
  

  
 EXHIBIT H 

-2- 

 FIRST AMENDMENT TO OFFICE LEASE 

This FIRST AMENDMENT TO OFFICE LEASE (this “First Amendment”) is made and entered into as of July 25, 2014, by and between
BXP MISSION 535 LLC, a Delaware limited liability company (“Landlord”), and TRULIA, INC., a Delaware corporation (“Tenant”). 

R E C I T A L S : 

A. Landlord and Tenant entered into that certain Office Lease dated as of March 10, 2014 (the “Lease”), whereby Landlord
leases to Tenant and Tenant leases from Landlord a total of 79,277 rentable square fcct of space (the “Original Premises”), consisting of (i) 13,007 rentable square feet of space located on the third (3rd) floor, (ii) 13,131 rentable square feet of space located on the fourth (4th) floor, (iii) 13,211 rentable square feet of space located on the
fifth (5th) floor, (iv) 13,246 rentable square feet of space located on the sixth (6th) floor, (v) 13,347 rentable square feet of space located
on the seventh (7th) floor, and (vi) 13,335 rentable square feet of space located on the eighth (8th) floor, all within the office building
located at 535 Mission Street, San Francisco, California (the “Building”). 
 B. Tenant desires to (i) expand the
Original Premises to include (A) approximately 13,321 rentable square feet of space located on the ninth (9th) floor of the Building (the “Hold Space”), as more particularly
set forth on Exhibit A attached hereto, and (B) approximately 13,299 rentable square feet of space located on the tenth (10th) floor of the Building (the “10th Floor Space”), as more particularly set forth on Exhibit B attached hereto; and (ii) make other modifications to the Lease and, in connection therewith, Landlord and Tenant to
amend the Lease as hereinafter provided. 
 A G R E E M E N T : 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which arc hereby acknowledged, the parties hereto hereby agree as follows. 
 1. Defined
Terms. All capitalized terms when used herein shall have the same respective meanings as are given such terms in the Lease unless expressly provided otherwise in this First Amendment. 

2. Modification of Premises. 

2.1 Lease of Hold Space. Landlord and Tenant hereby agree that Tenant has timely exercised its right to lease the Hold Space
pursuant to Section 1.3 of the Lease, Effective as of the date that is the earlier to occur of (i) the date upon which Tenant first commences to conduct business in the Hold Space, and (ii) October 1, 2015 (the “Hold Space
Commencement Date”), Tenant shall lease from Landlord, and Landlord shall lease to Tenant, the Hold Space, Consequently, effective upon the Hold Space. Commencement Date, the Original Premises shall

 
be increased to include the Hold Space, and the “Premises” under the Lease, as hereby amended, shall mean, collectively, the Original Premises and the Hold Space, consisting of a total
of 92,598 rentable square feet of space. If Landlord fails to deliver the Hold Space to Tenant Ready for Occupancy on or prior to October 1, 2015, then Tenant’s sole remedy for such failure shall be a one (1) day extension of the Hold
Space Commencement Date for every day that Landlord fails to deliver the Hold Space after October 1, 2015. If Landlord fails to deliver the Hold’ Space to Tenant Ready for Occupancy on or prior to January 1, 2016, then Tenant’s
sole remedy for such failure shall be a two (2) day extension of the Hold Space Commencement Date for every day that Landlord fails to deliver the Hold Space after January 1, 2016. 

2.2 Lease of 10th Floor Space. Effective as of January 1, 2016 (the
“10th Floor Space Commencement Date”), Tenant shall lease from Landlord, and Landlord shall lease to Tenant, the 10th Floor
Space. Consequently, effective upon the 10th Floor Space Commencement Date, the Original Premises, as increased to include the Hold Space pursuant to Section 2.1, above, shall be
increased to include the 10th Floor Space, and the “Premises” under the Lease, as hereby amended, shall mean, collectively, the Original Premises, the Hold Space and the 10th Floor Space, consisting of a total of 105,897 rentable square feet of space. If Landlord fails to deliver the 10th Floor Space to Tenant Ready for Occupancy on or prior to January 1, 2016, then
Tenant’s sole remedy for such failure shall be a one (1) day extension of the 10th Floor Space Commencement Date for every day that Landlord fails to deliver the 10th Floor Space after
January 1, 2016. If Landlord fails to deliver the 10th Floor Space to Tenant Ready for Occupancy on or prior to April 1, 2016, and such failure is not cured within thirty (30) days after Landlord’s receipt of written notice of
such failure from Tenant (the “10th Floor Space Delivery Notice”), then Tenant’s sole remedy for such failure shall be a two (2) day extension of the 10th Floor Space Commencement Date for every day that Landlord fails to
deliver the 10th Floor Space after its receipt of the 10th Floor Space Delivery Notice. 
 3. Lease Term. 

3.1 Hold Space Term. The Lease Term with respect to the Hold Space (the “Hold Space Term”) shall commence on the
Hold Space Commencement Date, and shall expire on the Lease Expiration Date (i.e., September 30, 2023), unless sooner terminated as provided in the Lease, as hereby amended. For purposes of Section 2.1 of the Lease, the parties
hereby agree that the Hold Space shall not be included as part of the Beneficial Occupancy Space until February 15, 2015. 
 3.2
10th Floor Space Term. The Lease Term with respect to the 10th Floor Space (the “10th Floor Space Term”) shall commence on the 10th Floor Space Commencement Date, and shall expire on the Lease Expiration Date, unless
sooner terminated as provided in the Lease, as hereby amended. For purposes of Section 2.1 of the Lease, the parties hereby agree that the 10th Floor Space shall not be included as part of the Beneficial Occupancy Space. 

3.3 Lease Term. The Lease Term with respect to the Original Premises, the Hold Space Term and the 10th Floor Space Term may hereinafter collectively be referred to as the “Lease Term”. 

  
 -2- 

 4. Base Rent. 

4.1 Base Rent for Hold Space. Commencing on October 1, 2015, and continuing throughout the remainder of the Hold Space Term,
Tenant shall pay Base Rent for the Hold Space in accordance with the following schedule: 
  

													
	 Period
	  	Annual Base Rent	 	  	Monthly Installment
of Base Rent	 	  	Annual Base Rental
Rate Per Rentable
Square Foot	 
	 October 1, 2015 – September 30, 2016
	  	$	569,472.72	 	  	$	47,456.06	 	  	$	42.75	 
	 October 1, 2016 – September 30, 2017
	  	$	586,556.88	 	  	$	48,879.74	 	  	$	44.03	 
	 October 1, 2017 – September 30, 2018
	  	$	604,153.68	 	  	$	50,346.14	 	  	$	45.35	 
	 October 1, 2018 – September 30, 2019
	  	$	622,278.24	 	  	$	51,856.52	 	  	$	46.71	 
	 October 1, 2019 – September 30, 2020
	  	$	640,946.64	 	  	$	53,412.2	 	  	$	48.11	 
	 October 1, 2020 – September 30, 2021
	  	$	660,174.96	 	  	$	55,014.58	 	  	$	49.55	 
	 October 1, 2021 – September 30, 2022
	  	$	679,980.24	 	  	$	56,665.02	 	  	$	51.04	 
	 October 1, 2022 – September 30, 2023
	  	$	700,379.64	 	  	$	58,364.97	 	  	$	52.57	 

 4.2 Base Rent for 10th Floor Space.
Commencing on the 10th Floor Space Commencement Date and continuing throughout the remainder of the 10th Floor Space Term, Tenant shall pay
Base Rent for the 10th Floor Space in accordance with the following schedule: 
  

													
	 Period
	  	Annual Base Rent	 	  	Monthly Installment
of Base Rent*	 	  	Annual Base Rental
Rate Per Rentable
Square Foot	 
	 January 1, 2016 – September 30, 2016
	  	$	568,532.28	 	  	$	47,377.69	 	  	$	42.75	 
	 October 1, 2016 – September 30, 2017
	  	$	585,588.24	 	  	$	48,799.02	 	  	$	44.03	 
	 October 1, 2017 – September 30, 2018
	  	$	603,155.88	 	  	$	50,262.99	 	  	$	45.35	 
	 October 1, 2018 – September 30, 2019
	  	$	621,250.56	 	  	$	51,770.88	 	  	$	46.71	 
	 October 1, 2019 – September 30, 2020
	  	$	639,888.00	 	  	$	53,324.00	 	  	$	48.11	 

  
 -3- 

													
	 Period
	  	Annual Base Rent	 	  	Monthly Installment
of Base Rent*	 	  	Annual Base Rental
Rate Per Rentable
Square Foot	 
	 October 1, 2020 – September 30, 2021
	  	$	659,084.64	 	  	$	54,923.72	 	  	$	49.55	 
	 October 1, 2021 – September 30, 2022
	  	$	678,857.28	 	  	$	56,571.44	 	  	$	51.04	 
	 October 1, 2022 – September 30, 2023
	  	$	699,222.96	 	  	$	58,268.58	 	  	$	52.57	 

 5. Tenant’s Share. 

5.1 Original Premises. Tenant shall continue to pay Tenant’s Share of Building Direct Expenses arising or accruing prior to
the Hold Space Commencement Date with respect to the Original Premises in accordance with the terms of Article 4 of the Lease. 
 5.2
Hold Space. Except as specifically set forth in this Section 5.2, commencing on the Hold Space Commencement Date, Tenant shall pay Tenant’s Share of Building Direct Expenses with respect to the Hold Space in accordance
with the terms of Article 4 of the Lease, provided that Tenant’s Share of Building Direct Expenses with respect to the Hold Space shall equal 4.3358%, From and after the Hold Space Commencement Date, and until the occurrence of the 10th Floor
Space Commencement Date, Tenant’s Share of Building Direct Expenses for the Premises shall be 30.1391%. 
 5.3 10th Floor Space. Except as specifically set forth in this Section 5.3, commencing on the 10th Floor Space Commencement Date,
Tenant shall pay Tenant’s Share of Building Direct Expenses with respect to the 10th Floor Space in accordance with the terms of Article 4 of the Lease, provided that Tenant’s Share of
Building Direct Expenses with respect to the 10th Floor Space shall equal 4.3286%. From and after the 10th Floor Space Commencement Date, Tenant’s Share of Building Direct Expenses for the
Premises shall be 34.4678%. 
 6. Condition of Premises; Improvements. 

6.1 Hold Space. The Hold Space shall be improved pursuant to the terms of the Tenant Work Letter attached to the Lease as
Exhibit B (the “Hold Space Improvements”); provided, however, that with respect the Hold Space Improvements, Schedule 2 to the Tenant Work Letter attached to the Lease shall be replaced with Schedule
1 attached to this First Amendment, and references to the “Premises” in the Tenant Work Letter shall mean and refer to the Hold Space. Except with respect to the Hold Space Improvements and as otherwise specifically set forth in this
First Amendment, Tenant shall accept the Hold Space in its presently existing “as-is” condition and Landlord shall not be obligated to provide or pay for any improvement work or services related to
the improvement of the Hold Space. As set forth in Section 1.3 of the Lease, Tenant shall be entitled to a one-time tenant improvement allowance with respect to the Hold Space (the “Hold
Space Tenant Improvement Allowance”) in the amount of Sixty-Five Dollars per rentable square foot of the Hold Space (i.e., $865,865.00 based 

  
 -4- 

 
upon 13,321 rentable square feet), which Hold Space Tenant Improvement Allowance shall be disbursed pursuant to the terms and conditions of the Tenant Work Letter. 

6.2 10th Floor Space. The
10th Floor Space shall be improved pursuant to the terms of the Tenant Work Letter (the “10th Floor Space Improvements”);
provided, however, that with respect to the 10th Floor Space Improvements, Schedule 2 to the Tenant Work Letter attached to the Lease shall be replaced with Schedule 2 attached to
this First Amendment, and references to the “Premises” in the Tenant Work Letter shall mean and refer to the 10th Floor Space. Except with respect to the 10th Floor Space Improvements and as otherwise specifically set forth in this First Amendment, Tenant shall accept the 10th Floor Space in its
presently existing “as-is” condition and Landlord shall not be obligated to provide or pay for any improvement work or services related to the improvement of the 10th Floor Space. Tenant shall be entitled to a one-time tenant improvement allowance with respect to the 10th
Floor Space (the “10th Floor Space Tenant Improvement Allowance”) in the amount of Sixty-Five Dollars per rentable square foot of the
10th Floor Space (i.e., $864,435.00 based upon 13,299 rentable square feet), which 10th Floor Space Tenant Improvement Allowance shall be
disbursed pursuant to the terms and conditions of the Tenant Work Letter. 
 6.3 California Accessibility Disclosure. For
purposes of Section 1938 of the California Civil Code, Landlord hereby discloses to Tenant, and Tenant hereby acknowledges, that the Project, the Building, the Original Premises, the Hold Space and the 10th Floor Space have not undergone inspection by a Certified Access Specialist (CASp). 
 7.
Existing Expansion Rights. Effective as of the date of this First Amendment, Sections 1.4.2 and 1.4.3 of the Lease shall be deleted and replaced with the following provisions: 

1.4.2 Expansion Space; Lease Commencement Date. As used herein, the term “Expansion Space” shall refer, individually or
collectively, as the content may require, to the “First Expansion Space” and the “Second Expansion Space”, as those terms are defined below. The expansion right granted to Tenant, pursuant to this Section 1.4 shall be with
respect to the entire applicable Expansion Space, and Tenant shall not have any right to lease only a portion of other Expansion Space. 
  

			
	 Expansion Space
	  	 Delivery

	 A. The entire eleventh (11th) floor of the

Building (the “First Expansion Space”).
	  	The First Expansion Space shall be Ready for Occupancy and delivered to Tenant by Landlord on or before July 1, 2016. If Landlord fails to deliver the First Expansion Space to Tenant Ready for Occupancy on or before
October 1, 2016, and such failure is not cured within thirty (30) days after Landlord’s receipt of written notice of such failure from Tenant (the “First Expansion Space Delivery Notice”), then Tenant’s sole
remedy for such failure shall be a two (2) day extension of the “Expansion Space Commencement Date”, as

  
 -5- 

			
		  	that term is defined in Section 1.4.6 of this Lease, for the First Expansion Space for every day that Landlord fails to deliver the First Expansion Space Ready for Occupancy after its receipt of the First Expansion Space
Delivery Notice.
		
	B. The entire twelfth (12th) floor of the Building (the “Second Expansion Space”).	  	A minimum of seven thousand (7,000) rentable square feet of the Second Expansion Space shall be Ready for Occupancy and delivered to Tenant by Landlord on or before July 1, 2018, with the balance of the Second Expansion Space
to be Ready for Occupancy and delivered to Tenant by Landlord on or before June 1, 2020. If Landlord foils to deliver either portion of the Second Expansion Space Ready for Occupancy within ninety (90) days after the respective dates set
forth in the immediately preceding sentence, and such failure is not cured within thirty (30) days after Landlord’s receipt of written notice of such failure from Tenant (each, a “Second Expansion Space Delivery Notice”),
then Tenant’s sole remedy for such failure Shall be a two (2) day extension of the Expansion Space Commencement Date for the Second Expansion Space for every day that Landlord fails to deliver the applicable portion of the Second Expansion
Space Ready for Occupancy after its receipt of a Second Expansion Space Delivery Notice.

 In the event any of the Expansion Space is not able to be delivered as required by the terms of this Section 1.4, above,
then in addition to Tenant’s other rights hereunder, Landlord agrees that Landlord shall use commercially reasonable efforts, in cooperation with Tenant and Landlord’s parent company and affiliated companies with commercial real estate
holdings in San Francisco, California, to provide temporary space to Tenant for Tenant’s use while such Expansion Space remains undelivered 

1.4.3 Method of Exercise. If Tenant desires to lease either Expansion Space as set forth in this Section 1.4, Tenant
shall deliver written notice to Landlord (an “Expansion Exercise Notice”) on or before (i) January 1, 2016, with respect to the First Expansion Space, and (ii) January 1, 2018, with respect to the Second
Expansion Space. If Tenant fails to timely deliver an Expansion Exercise Notice with respect to either Expansion Space, Tenant shall have no further right to lease any further Expansion Space in accordance with the terms of this
Section 1.4. 

  
 -6- 

 8. Letter of Credit. Landlord and Tenant acknowledge that, in accordance with
Article 21 of the Lease, Landlord currently holds a letter of credit (the “L-C”) in the amount of Three Million Eight Hundred Fifty-Two Thousand
Two Hundred Sixty-Seven and 62/100 Dollars ($3,852,267.62) (the “L-C Amount”), as security for the faithful performance by Tenant of the terms, covenants and conditions of the Lease, as
amended. In connection with this First Amendment, Landlord and Tenant hereby agree as follows. 
 8.1 Increase in L-C Amount for Hold Space. Within three (3) business days following the Hold Space Commencement Date, Tenant shall deliver to Landlord either (i) an amendment to the existing L-C (the “Hold Space Amended L-C”), in form and content reasonably acceptable to Landlord, modifying the L-C Amount to Four Million Five Hundred Fifty-Two Thousand Six Hundred Forty-Seven and 26/100 Dollars ($4,552,647.26) (the “Hold Space Modified L-C Amount”); or (ii) a new letter of credit (the
“Hold Space New L-C”), in form and content as required pursuant to Article 21 of the Lease, in the Hold Space Modified L-C Amount. Landlord shall hold the Hold Space Amended L-C or the Hold Space New L-C, as applicable, as security for the faithful performance by Tenant of the terms, covenants and conditions of the Lease, as amended hereby,
through the Lease Expiration Date, pursuant to the provisions of Article 21 of the Lease, as amended hereby. Except as expressly set forth in this Section 8, the provisions of Article 21 of the Lease (including, without
limitation, Section 21.8), shall apply to the Hold Space Amended L-C or the Hold Space New L-C, as applicable. 

8.2 Increase in L-C Amount for 10th Floor
Space. Within three (3) business days following the 10th Floor Space Commencement Date, Tenant shall deliver to Landlord either (i) an amendment to the Hold Space Amended L-C (the “10th Floor Space Amended L-C”), in form and content reasonably acceptable to Landlord,
modifying the Hold Space Modified L-C Amount to Five Million Two Hundred Thirty-Seven Thousand Six Hundred One and 36/100 Dollars ($5,237,601.36) (the
“10th Floor Space Modified L-C Amount”); or (ii) a new letter of credit (the
“10th Floor Space New L-C”), in form and content as required pursuant to Article 21 of
the Lease, in the 10th Floor Space Modified L-C Amount. Landlord shall hold the 10th Floor Space
Amended L-C or the 10th Floor Space New L-C, as applicable, as security for the faithful performance by Tenant of the terms, covenants and conditions of the
Lease, as amended hereby, through the Lease Expiration Date, pursuant to the provisions of Article 21 of the Lease, as amended hereby. Except as expressly set forth in this Section 8, the provisions of Article 21 of the
Lease (including, without limitation, Section 21.8), shall apply to the 10th Floor Space Amended L-C or the 10th Floor Space New L-C, as applicable. 

9. Signage. Landlord hereby acknowledges that, effective as of the 10th
Floor Space Commencement Date, Tenant will lease a total of 105,897 rentable square feet of space in the Building. Consequently, effective as of the 10th Floor Space Commencement Date, and so long
as Tenant continues to lease and occupy all of the Original Premises, the Hold Space and the 10th Floor Space (or, alternatively, so long as Tenant continues to lease and occupy at least 105,897
rentable square feet of space in the Building), Tenant shall have the right, at its sole cost and expense, to install, repair and maintain the Expanded Premises Exterior Sign in accordance with the terms and conditions set forth in
Section 23.4 of the Lease. 
 10. Broker, Landlord and Tenant hereby warrant to each other that they have had no
dealings with any real estate broker or agent in connection with the negotiation of this First 

  
 -7- 

 
Amendment other than the Brokers (as defined in Section 29.24 of the Lease), and that they know of no other real estate broker or agent who is entitled to a commission in connection
with this First Amendment, Landlord shall pay the commission, if any, owing to the Brokers in connection with the execution of this First Amendment pursuant to the terms of a separate agreement. Each party agrees to indemnify and defend the other
party against and hold the other party harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, costs and expenses (including without limitation reasonable attorneys’ fees) with respect to any leasing commission or
equivalent compensation alleged to be owing on account of any dealings with any real estate broker or agent occurring by, through, or under the indemnifying party other than the Broker. The terms of this Section 10 shall survive the
expiration or earlier termination of this Lease, as amended hereby. 
 11. Authority. Each of the parties hereto represents end
warrants to the other as follows; (a) it has the legal power, right and authority to enter into this First Amendment; (b) all requisite action (corporate, trust, partnership or otherwise) has been taken by it in connection with the
entering into of this First Amendment and no further consent of any partner, shareholder, creditor, investor, judicial or administrative body, governmental authority or other party is required, including without limitation, any lender, or if any
such consent is required, such consent has been obtained; (c) the individuals executing this First Amendment have the legal power, right, and actual authority to bind it to the terms of this First Amendment; and (d) it understands that the
other party is relying on the foregoing representations in entering into this First Amendment and that the other party would not enter into this First Amendment without such representations. 

12. No Further Modification. Except for those provisions which have been modified by this First Amendment and those terms,
covenants and conditions for which performance has heretofore been completed, all other terms, covenants and conditions of the Lease are hereby ratified and shall remain unmodified and in full force and effect. 

13. Counterparts. This First Amendment may be executed in counterparts, each of which shall be deemed an original part and all of
which together shall constitute a single agreement. 
 [signatures follow on next page] 

  
 -8- 

 IN WITNESS WHEREOF, this First Amendment has been executed as of the day and year first
above written. 
  

							
	“Landlord”:
	
	 BXP MISSION 535 LLC,
 a Delaware
limited liability company

		
	By:	 	 Boston Properties Limited Partnership,

a Delaware limited partnership,
 its Manager

			
		 	By:	 	 Boston properties, Inc.,
 a Delaware
corporation,
 its General Partner

				
		 		 	By:	 	 /s/ Bob Pester

		 		 	Name:	 	Bob Pester
		 		 	Title:	 	Senior Vice President and Regional Manager

  

			
	
	“Tenant”:
	
	 TRULIA, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Peter Flint

	Name:	 	Peter Flint
	Title	 	Chairman of the Board
		
	By:	 	 /s/ Scott Darlling

	Name:	 	Scott Darlling
	Title:	 	Vice President, General Counsel & Corporate Secretary

  
 -9- 

 

 
 EXHIBIT A OUTLINE OF HOLD SPACE 

  
 EXHIBIT A 

-1- 

 

 
 EXHIBIT B OUTLINE OF 10th FLOOR SPACE 

  
 EXHIBIT B 

-1- 

 SCHEDULE 1 

TIME DEADLINES FOR HOLD SPACE IMPROVEMENTS 
  

					
	 	  	 Dates
	  	 Actions to be Performed

	A.	  	July 30, 2014	  	Final Space Plan to be completed by Tenant.
			
	B.	  	September 15, 2014	  	Tenant to deliver Final Working Drawings.
			
	C.	  	October 15, 2014	  	Tenant to deliver Permits to Contractor.
			
	D.	  	Five (5) business days after receipt of Cost Proposal	  	Tenant to approve Cost Proposal
			
	E.	  	February 15, 2015	  	Contractor to deliver completed Hold Space

  
 SCHEDULE 1 

-1- 

 SCHEDULE 2 

TIME DEADLINES FOR 10TH FLOOR SPACE IMPROVEMENTS 

 

					
	 	  	 Dates
	  	 Actions to be Performed

	A.	  	July 1, 2015	  	Final Space Plan to be completed by Tenant.
			
	B.	  	August 1, 2015	  	Tenant to deliver Final Working Drawings.
			
	C.	  	September 1, 2015	  	Tenant to deliver Permits to Contractor.
			
	D.	  	Five (5) business days after receipt of Cost Proposal	  	Tenant to approve Cost Proposal
			
	E.	  	January 1, 2016	  	Contractor to deliver completed 10th Floor Space

  
 SCHEDULE 2 

-1- 

 SECOND AMENDMENT TO OFFICE LEASE 

This SECOND AMENDMENT TO OFFICE LEASE (this “Second Amendment”) is made and entered into as of July 30, 2015,
by and between BXP MISSION 535 LP, a Delaware limited partnership (“Landlord”), and TRULIA, INC., a Delaware corporation (“Tenant”). 

R E C I T A L S : 

A. Landlord, as successor-in-interest to BXP MISSION 535 LLC,
a Delaware limited liability company, and Tenant entered into that certain Office Lease dated as of March 10, 2014 (the “Office Lease”), as amended by that certain First Amendment to Office Lease dated July 25, 2014 (the
“First Amendment,” and together with the Office Lease, the “Lease”), whereby Landlord leases to Tenant and Tenant leases from Landlord a total of 105,897 rentable square feet of space (the
“Premises”), consisting of (i) 13,007 rentable square feet of space located on the third (3rd) floor, (ii) 13,131 rentable square feet of space located on the fourth (4th) floor, (iii) 13,211 rentable square feet of space located on the fifth (5th) floor, (iv) 13,246 rentable square feet of space located on the
sixth (6th) floor, (v) 13,347 rentable square feet of space located on the seventh (7th)
floor, and (vi) 13,335 rentable square feet of space located on the eighth (8th) floor, (vii) 13,321 rentable square feet of space located on the ninth (9th) floor of the Building, and (viii) 13,299 rentable square feet of space located on the tenth (10th) floor of the Building, all within the office
building located at 535 Mission Street, San Francisco, California (the “Building”). 
 B. Landlord and Tenant desire to
amend the Lease as hereinafter provided. 
 A G R E E M E N T : 

NOW, THEREFORE, in consideration of the foregoing recitals and 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 agree as follows. 
 1. Defined
Terms. All capitalized terms when used herein shall have the same respective meanings as are given such terms in the Lease unless expressly provided otherwise in this Second Amendment. 

2. Expansion Rights. Tenant hereby permanently waives any right Tenant may have to further expand the Premises pursuant to the
terms of Section 1.4 of the Office Lease, as modified by the terms of Section 7 of the First Amendment. Accordingly, from and after the date of this Second Amendment, Section 1.4 of the Office Lease, as modified
by Section 7 of the First Amendment, shall be of no further force or effect. 
 3. Assignment and Subletting.
Effective as of the date of this Second Amendment, Section 14.2.8 of the Office Lease is hereby deleted in its entirety and shall be of no further force or effect. 

 4. Tenant’s Representations and Acknowledgements. Tenant hereby
acknowledges that Landlord has performed all of its obligations under the Lease. Tenant further acknowledges that Landlord is not in default under the Lease as of the date hereof, and that it is unaware of any condition or circumstance which, but
for the passage of time or delivery of notice, or both, would constitute an event of default by Landlord under the Lease. Tenant has no claims, defenses or set-offs of any kind to the payment or performance of
Tenant’s obligations under the Lease. Nothing contained herein shall be deemed to waive any sums due from Tenant to Landlord, or any default or event which, with the passage of time or delivery of notice, or both, would constitute a default by
Tenant under the Lease as of the date hereof. 
 5. Broker. Landlord and Tenant hereby warrant to each other that they have had
no dealings with any real estate broker or agent in connection with the negotiation of this Second Amendment, and that they know of no real estate broker or agent who is entitled to a commission in connection with this Second Amendment. Each party
agrees to indemnify and defend the other party against and hold the other party harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, costs and expenses (including without limitation reasonable attorneys’ fees)
with respect to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any real estate broker or agent occurring by, through, or under the indemnifying party. The terms of this Section 5
shall survive the expiration or earlier termination of this Lease, as amended hereby. 
 6. Authority. Each of the parties
hereto represents and warrants to the other as follows: (a) it has the legal power, right and authority to enter into this Second Amendment; (b) all requisite action (corporate, trust, partnership or otherwise) has been taken by it in
connection with the entering into of this Second Amendment and no further consent of any partner, shareholder, creditor, investor, judicial or administrative body, governmental authority or other party is required, including without limitation, any
lender, or if any such consent is required, such consent has been obtained; (c) the individuals executing this Second Amendment have the legal power, right, and actual authority to bind it to the terms of this Second Amendment; and (d) it
understands that the other party is relying on the foregoing representations in entering into this Second Amendment, and that the other party would not enter into this Second Amendment without such representations. 

7. No Further Modification. Except for those provisions which have been modified by this Second Amendment and those terms,
covenants and conditions for which performance has heretofore been completed, all other terms, covenants and conditions of the Lease are hereby ratified and shall remain unmodified and in full force and effect. 

8. Counterparts. This Second Amendment may be executed in counterparts, each of which shall be deemed an original part and all of
which together shall constitute a single agreement. 
 [signatures follow on next page] 

  
 -2- 

 IN WITNESS WHEREOF, this Second Amendment has been executed as of the day and year first
above written. 
  

							
	“Landlord”:
	
	 BXP MISSION 535 LP,
 a Delaware
limited partnership

		
	By:	 	 BXP CALIFORNIA GP LLC,
 a Delaware
limited liability company,
 its general partner

		
	By:	 	 Boston Properties Limited Partnership,

a Delaware limited partnership,
 its sole member

			
		 	By:	 	 Boston Properties, Inc.,
 a Delaware
corporation,
 its general partner

				
		 		 	By:	 	 /s/ Rod C. Diehl

		 		 	 Name:  Rod C. Diehl

		 		 	 Title:   Senior Vice President, Leasing

	
	“Tenant”:
	
	 TRULIA, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Chad Cohen

	Name: Chad Cohen
	Title:   Chief Financial Officer

  
 -3- 

 EXHIBIT B 

Floor Plan of Premises 

[Attached] 

 

 

 EXHIBIT C 

Delivery Conditions 
 1.
Subject to the provisions of Section 2(a) of the Sublease, delivery of the Premises with the mechanical, HVAC, electrical and plumbing systems serving the Premises in good working order and condition, vacant (other than the FF&E) and
broom-clean, and to Sublandlord’s knowledge, there are no (1) violations of law related to the Premises, and (2) outstanding compliance or permitting issues, notices of violation, or unfulfilled permit conditions related to the
Premises. 

 EXHIBIT D 

Commencement Date Agreement 

THIS CONFIRMATION OF COMMENCEMENT DATE AGREEMENT (this “Agreement”) is made as of
[                        , 20     ], between Zillow, Inc. (“Sublandlord”) and
Eventbrite, Inc. (“Subtenant”). 
 Sublandlord and Subtenant have entered into that certain Sublease, dated as of
[                        ], 2021 (the “Sublease”), pursuant to which Sublandlord leased to Subtenant and
Subtenant leased from Sublandlord certain premises consisting of approximately 13,335 rentable square feet on the 8th floor of the building located at 535 Mission Street, San Francisco, California, as such premises are more particularly defined in
the Sublease. Capitalized terms used in this Agreement but not defined herein shall have the meanings given them in the Sublease. 

Pursuant to Section 2(a) of the Sublease, Sublandlord and Subtenant hereby confirm that the Commencement Date is
[                        ], the Rent Commencement Date is
[                        ], and the Sublease Term expires on
[                        ]. 

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

 

									
	SUBLANDLORD:	  		  	SUBTENANT:
			
	ZILLOW, INC.	  		  	EVENTBRITE, INC.

									
					
	By:	  	  
	  		  	By:	  	  

									
	Its:	  	  
	  		  	Its:	  	  

 EXHIBIT E 

FF&E 
 [Attached]

 

 
 Ancillary Furniture Grey chair 3 The Breakers swivel chair Conference Roon Chair Unknown 2. Good Some W ear and Tear Blue chair 1 The
Breakers Blue chair Conference Roon Chair Unknown 2. Good Some W ear and Tear Laptop table 1 The Breakers Wooden laptop table Conference Roon Side Table Unknown 2. Good Some W ear and Tear Coffee table 1 The Breakers White round coffee table
Conference Roon Coffee Table Unknown 2. Good Some W ear and Tear Grey chair 3 Buckingham Palace swivel chair Conference Roon Chair Unknown 2. Good Some W ear and Tear Stump block 1 Buckingham Palace Stump block Conference Roon Side Table Unknown 2.
Good Some W ear and Tear Laptop table 1 The Breakers Wooden laptop table Conference Roon Side Table Unknown 2. Good Some W ear and Tear Bench 1 SW lounge Blue bench Ancillary Bench Keihaucer Brandon 2. Good Some W ear and Tear Coffee table 1 SW
lounge White rectangular coffee table Ancillary Coffee Table Unknown 2. Good Some W ear and Tear Tall table 1 SW lounge Tall table Ancillary High Table OFS kintra 1. Great-Like Ne Stool 2 SW lounge Hight stool with cushion back and seat Ancillary
Stool HBF 1. Great Like Ne Chair 3 SW lounge High back wing swivel lounge chair Ancillary Chair Allsteel Retreat 1. Great Like Ne Coffee table 1 SW lounge Wooden coffee table Ancillary Coffee Table Unknown 1. Great Like Ne Ottoman 2 SW lounge Grey
ottoman Ancillary Ottoman Unknown 2. Good Some W ear and Tear Couch 1 SW lounge Grey 2 seat couch Ancillary Couch Unknown 2. Good Some W ear and Tear Chair 1 SW lounge Grey chair Ancillary Chair Unknown 2. Good Some W ear and Tear Large Huddle Room
Table 1 Filoli White huddle table with 1 data cubby Conference Roon Table Unknown 1. Great Like Ne Grey Conference room chair 9 Filoli Grey Leather conference room chair Conference Roon Chair Dauphin 2. Good Some W ear and Tear stool 1 Filoli Black
wooden stool with tree ring pattern Conference Roon Stool Unknown 2. Good Some W ear and Tear credenza 1 Filoli credenza Conference Roon Other Unknown Mediuum Huddle Room Table 1 Fallingwater Medium white huddle table Conference Roon Table Unknown
1. Great Like Ne Grey Conference room chair 5 Fallingwater Grey Leather conference room chair Conference Roon Chair Dauphin 2. Good Some W ear and Tear Large Huddle Room Table 1 Graceland White huddle table with 1 data cubby Conference Roon Table
Unknown 1. Great Like Ne Grey Conference room chair 8 Graceland Grey Leather conference room chair Conference Roon Chair Dauphin 2. Good Some W ear and Tear Lourge chair 2 NW Lounge High back swivel lounge chair Ancillary Chair Gunlocke Conexes 1.
Great Like Ne Laptop table 1 NW Lounge Laptop table Ancillary Side Table Allsteel Transfer 1. Great Like Ne Chair 2 Gracie Mansion Grey chair Ancillary Chair Unknown 3. Poor Coffee table 1 Gracie Mansion Coffee table Ancillary Coffee Table Unknown
2. Good Some W ear and Tear Lounge chair NW Lounge High back swivel lounge chair with ottoman Ancillary Chair Allsteel 1. Great Like Ne Couch 1 NW Lounge Grey 3 seat couch Ancillary Couch Gunlocke Calm 1. Great Like Ne Coffee table 2 NW Lounge
Coffee table Ancillary Coffee Table OFS 1. Great Like Ne Ottoman 1 NW Lounge Ottoman Ancillary Ottoman Unknown 1. Great Like Ne Table 1 Hearst Black round conference table Conference Roon Table Unknown 2. Good Some W ear and Tear Chair 2 Hearst Grey
chair Conference Roon Chair Unknown 2. Good Some W ear and Tear Stool 1 Hearst Black stool with tree ring pattern Conference Roon Table Unknown 1. Great Like Ne Couch 2 North Hallway Moluar lounge sections Conference Roon Couch OFS Tangent 2. Good
Some W ear and Tear Laptop table 3 North Hallway Laptop table Conference Roon Side Table Allsteel Transfer 2. Good Some W ear and Tear Couch 1 NE Lounge Grey sectional couch Ancillary Couch Gunlocke Calm 1. Great Like Ne Coffee table 3 NE Lounge
Coffee table Ancillary Coffee Table OFS Roo 1. Great Like New Ottoman 2 NE Lounge Square Ottoman Ancillary Ottoman OFS Boost 2. Good Some W ear and Tear Couch 1 NE Lounge Grey couch Ancillary Couch Gunlocke Calm 1. Great Like Ne Coffee table 2 NE
Lounge Coffee table Ancillary Coffee Table OFS Roo 1. Great Like Ne Lounge chair 2 NE Lounge Rocking lounge chair Ancillary Chair Allsteel 1. Great Like Ne Lounge chair 2 NE Lounge Privacy louge chairs Ancillary Chair OFS Qove 1. Great Like New
Ottoman 2 NE Lounge Trapezoids Ottoman Ancillary Ottoman OFS Boost 1. Great Like New chairs 2 Mount Vernon Dark Grey chair Ancillary Chair Unknown 3. Poor chair 1 Mount Vernon White plastic chair Ancillary Chair Unknown 1. Great Like New Chair 1
Painted Ladies Sigle sofa chair Ancillary Chair Unknown 3. Poor Ottoman 1 Painted Ladies Ottoman Ancillary Ottoman Unknown 3. Poor Laptop table 1 Painted Ladies Laptop table Ancillary Side Table Unknown 2. Good Some W ear and Tear Board Room Table 1
Preservation Hall Large Board room table with 3 data cubbies Ancillary Table Unknown 2. Good Some W ear and Tear Grey Conference room chair 18 Preservation Hall Grey Leather conference room chair Conference Roon Chair Dauphin 2. Good Some W ear and
Tear Table 1 Tai Mahal Black round conference table Conference Roon Table Unknown 2. Good Some W ear and Tear Grey Conference room chair 4 Tai Mahal Grey Leather conference room chair Conference Roon Chair Dauphin 2. Good Some W ear and Tear Table 1
Taliesin Black round conference table Conference Roon Table Unknown 2. Good Some W ear and Tear Grey Conference room chair 4 Taliesin Grey Leather conference room chair Conference Roon Chair Dauphin 2. Good Some W ear and Tear Stool 1 Taliesin Black
stool with tree ring pattern Conference Roon Chair Unknown 2. Good Some W ear and Tear Lounge chair 3 SE lounge Rocking lounge chair Ancillary Chair Allsteel 1. Great Like New Lounge chair 2 SE lounge Grey loung chair Conference Roon Chair Unknown
2. Good Some W ear and Tear Ottoman 2 SE lounge Ottoman with laminate top Ancillary Ottoman Hon 1. Great Like New Ottoman 2 SE lounge Ottoman Ancillary Ottoman OFS Boost 1. Great Like New Couch 1 SE lounge Hige back sofa with ledge Ancillary Couch
OFS Coact 1. Great Like New Stool 3 SE lounge Stool Ancillary Stool Gunlocke 1. Great Like New Laptop table 2 SE lounge Laptop table Ancillary Side Table Allsteel Transfer 1. Great Like New Ottoman 1 SE lounge Ottoman Ancillary Ottoman Hon Flock 2.
Good Some W ear and Tear Sectional Couch 1 SE lounge Sectional couch Ancillary Couch Unknown 2. Good Some W ear and Tear Coffee table 1 SE lounge Black round coffee table Ancillary Coffee Table Unknown 2. Good Some W ear and Tear Chair 1 Winchester
Mystery House use Blue chair Ancillary Chair Unknown 2. Good Some W ear and Tear Laptop table 1 Winchester Mystery House use Laptop table Ancillary Side Table Unknown 2. Good Some W ear and Tear Stump block 1 Winchester Mystery House use Stump block
Ancillary Side Table Unknown 2. Good Some W ear and Tear Chair 2 The White House Chair Ancillary Chair Unknown 3. Poor Laptop table 1 The White House Laptop table Ancillary Side Table Unknown 2. Good Some W ear and Tear Tall table 2 Pantry White
round tall table Ancillary High Table Unknown 2. Good Some W ear and Tear Stool 4 Pantry Metal bar height stool Ancillary Stool Unknown 3. Poor Lounge chair 1 Library Hige back swivel rocking lounge chair Ancillary Chair Hightower Gimbal 1. Great
Like New Ottoman 1 Library Ottoman Ancillary Ottoman Hightower Gimbal 1. Great Like New Side table 1 Library Side table Ancillary Side Table Hightower Ruby 1. Great Like New Lounge chair 2 Library Lounge chair Ancillary Chair Unknown 2. Good Some W
ear and Tear Sectional Couch 1 Library Sectional couch Ancillary Couch Unknown 2. Good Some W ear and Tear Chair 1 Mother’s room White leather chair with laptop arm Ancillary Club Chair Ideon Composium 2. Good Some W ear and Tear Workstation
Furniture, Fixture, Equipment Statnding Desk 108 At Desk Office Depot Chair 26 At Desk Humanscale Chair 29 At Desk Aeron Chair 33 At Desk Monitor Arm 110 At Desk PED’s 98 At Desk Access Badge Reader 6 Entrance Not subject to Subtenant removal
as described in Article 2 (d) Refrigerator 1 Pantry 

									
	 

  
 Mini
Refrigerator Dishwasher Microwave oven Portable whiteboard Linear peddant light fixture 2x2 Recessed Light Fixture Recessed Downlight Stem Mounted Downlight Pendant Techlighting UnderCabinet LED Lighting Vertical Wall Sconce Linear peddant light
fixture Pendant Techlighting LED Cove Light Recessed Linear Mark Lighting Recessed Wallwasher Heat Pump Undersink instant water heater Undersink garbage disposal Automatic Purell Handsanitizer dispenser Hanging Acoustic Baffles Switch 8th floor Idf
Switch Switch Switch Flat Screen tv Swtich Dell laptop for dislaying to tv on 8th floor Monitor Phone Phone Monitor Monitor Monitor Monitor Monitor Monitor Monitor Monitor Monitor Phone Phone Phone Phone TV Phone Phone Phone Tv Meeting Room Tv
Monitor At desk Monitor At desk Monitor Monitor TvMeeting Room Monitor Monitor At desk Monitor Monitor Monitor Monitor Monitor At desk Monitor Monitor At desk Monitor Monitor Monitor At desk Access point Phone Meeting Room Monitor At desk Montitor
At desk Monitor At d k Monitor At desk Monitor Monitor Monitor Monitor At desk Monitor Monitor Monitor At desk Monitor Tv Tvon the wall Monitor 2 Mother’s room & Board Room 1 Pantry 1 Pantry 6 work space 55 work space Not subject to
Subtenant removal s described i Article 2(d) 37 conference room Not subject to Subtenant removal s described i Article 2(d) 8 Conference room/Entry Not subject to Subtenant removal s described i Article 2(d) 7 Copy center Not subject to Subtenant
removal s described i Article 2(d) 3 Pantry Not subject to Subtenant removal s described i Article 2(d) 2 Pantry & Copy Center Not subject to Subtenant removal s described i Article 2(d) 6 Not subject to Subtenant removal s described i
Article 2(d) 2 Elevator lobby Not subject to Subtenant removal s described i Article 2(d) 4 Library Not subject to Subtenant removal s described i Article 2(d) 2 Entrance Not subject to Subtenant removal s described i Article 2(d) 2 Lounge Area Not
subject to Subtenant removal s described i Article 2(d) 4 Lounge Area Not subject to Subtenant removal s described i Article 2(d) 1 IDF Room Not subject to Subtenant removal s described i Article 2(d) 1 Pantry Not subject to Subtenant removal s
described i Article 2(d) 1 Pantry Not subject to Subtenant removal s described i Article 2(d) 4 Not subject to Subtenant removal s described i Article 2(d) 178 Not subject to Subtenant removal s described i Article 2(d) 8th floor Idf 8th floor Idf
8th floor Idf 8th floor Idf 8th floor ldf 8th floor Idf 8th floor Idf Meeting Room Meeting Room At desk At desk At desk At desk At desk At desk At desk At desk At desk At desk Mounted on wall by kitchen At desk At desk Meeting Room At desk At desk
At desk At desk At desk At desk At desk At desk At desk At desk At desk At desk At desk At desk At desk At desk At desk At desk Floating mount At desk

 

 
 Phone At_desk Phone Meeting_Room Monitor At_desk Monitor At_desk Phone At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor
At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Tv on_the_wall_by_the_storage_room Monitor At_desk Monitor At_desk Monitor At_desk Monitor
At_desk Monitor At_desk Tv Floating_mount Monitor Monitor Monitor Monitor Monitor Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Ipad_mini Meeting_Room Phone Meeting_Room tv Floating_mount Monitor
Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Phone Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Monitor At_desk Ipad_mini Meeting_Room Phone Meeting_Room tv Tv Meeting_Room Tv
Meeting_Room Phone Meeting_Room Mac_Monitor At_desk Mac_Monitor At_desk Mac_Monitor At_desk Mac_Monitor At_desk Monitor At_desk Mac_Monitor At_desk Mac_Monitor At_desk Monitor At_desk Mac_Monitor At_desk Tv Monitor At_desk Monitor At_desk Monitor
At_desk Mac_Monitor At_desk Mac_Monitor At_desk Phone At_desk Phone At_desk tv Mac_Monitor At_desk Mac_Monitor At_desk Mac_Monitor At_desk Monitor At_desk Phone At_desk Phone Meeting_Room Phone Meeting_Room Ipad_mini Meeting_Room network_printer
Access_point_ Access_point_ ceiling_mic Not_subject_to_Subtenant_removal_as_described_in_Article_2_(d)ceiling_mic Not_subject_to_Subtenant_removal_as_described_in_Article_2_(d)ceiling_mic 

 EXHIBIT F 

Bill of Sale 
 THIS
BILL OF SALE (“Bill of Sale”) is made as of                          ,
         between                         , a
                         (“Assignor”), and
                        , a
                     (“Assignee”). 

FOR GOOD AND VALUABLE CONSIDERATION, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 

1. Certain Defined Terms. Capitalized terms used but not otherwise defined herein shall have the meanings given such terms in that
certain Sublease, dated as of                    , 2021, between Assignor, as Sublandlord, and Assignee, as Subtenant (the
“Sublease”), pertaining to the sublease of the Premises. 
 2. Grant. Effective as of the Commencement Date, Assignor
hereby grants, bargains, sells, conveys, assigns and transfers to Assignee, without representation or warranty of any kind (except that Assignor represents and warrants to Assignee that the FF&E is owned by Assignor free of any liens or other
encumbrances), and Assignee hereby takes, purchases, receives and accepts all of Assignor’s right, title and interest in and to the FF&E, which is attached as Exhibit A. 

3. Severability of Provisions. If any part of this Bill of Sale is declared to be invalid or unenforceable by a court of competent
jurisdiction, this Bill of Sale shall be construed as if such part did not exist, and the balance hereof shall be given full effect. 
 4.
Sales Tax. Assignee and Assignor shall be responsible for any sales or use tax related to the FF&E in accordance with the Sublease. 

5. No Impairment or Expansion. Nothing contained in this Bill of Sale shall be deemed to limit, waive or otherwise impair or derogate
any representation, warranty, covenant or indemnification set forth in the Sublease or to waive or abrogate any limits on liability specified in the Sublease. 

6. Governing Law. This Bill of Sale shall be governed by and interpreted in accordance with the laws of the State of California, without
reference to the choice of law provisions thereof. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, Assignor and Assignee have executed this Bill of Sale as of the day and
year first above stated, to be effective as of the Commencement Date. 
  

			
	ASSIGNOR:
	
	                        
		
	By:	 	  

		 	Name:
		 	Title:
	
	ASSIGNEE:
	
	                        
		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit A to Bill of Sale 

FF&E List 
 [Attached]seas-ex41_7.htm

Exhibit 4.1

Execution Version

 

	
	
SEAWORLD PARKS & ENTERTAINMENT, INC.

as Issuer,

the Guarantors party hereto from time to time

5.250% Senior Notes due 2029

________________________

INDENTURE

Dated as of August 25, 2021

________________________

Wilmington Trust, National Association,
as Trustee

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

Page

Article I

DEFINITIONS AND INCORPORATION BY REFERENCE

	
Section 1.01
	
Definitions1
	
 

	
Section 1.02
	
Other Definitions52
	
 

	
Section 1.03
	
Rules of Construction54
	
 

	
Section 1.04
	
No Incorporation by Reference of Trust Indenture Act55
	
 

Article II

THE NOTES

	
Section 2.01
	
Amount of Notes55
	
 

	
Section 2.02
	
Form and Dating56
	
 

	
Section 2.03
	
Execution and Authentication56
	
 

	
Section 2.04
	
Registrar and Paying Agent57
	
 

	
Section 2.05
	
Paying Agent to Hold Money in Trust57
	
 

	
Section 2.06
	
Holder Lists58
	
 

	
Section 2.07
	
Transfer and Exchange58
	
 

	
Section 2.08
	
Replacement Notes59
	
 

	
Section 2.09
	
Outstanding Notes59
	
 

	
Section 2.10
	
Cancellation60
	
 

	
Section 2.11
	
Defaulted Interest60
	
 

	
Section 2.12
	
CUSIP Numbers, ISINs, Etc60
	
 

	
Section 2.13
	
Calculation of Principal Amount of Notes61
	
 

Article III

REDEMPTION

	
Section 3.01
	
Optional Redemption61
	
 

	
Section 3.02
	
Applicability of Article61
	
 

	
Section 3.03
	
Notices to Trustee61
	
 

	
Section 3.04
	
Selection of Notes to Be Redeemed62
	
 

	
Section 3.05
	
Notice of Optional Redemption62
	
 

	
Section 3.06
	
Effect of Notice of Redemption64
	
 

	
Section 3.07
	
Deposit of Redemption Price64
	
 

	
Section 3.08
	
Notes Redeemed in Part64
	
 

Article IV

COVENANTS

	
Section 4.01
	
Payment of Notes65
	
 

	
Section 4.02
	
Reports and Other Information65
	
 

	
Section 4.03
	
Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock68
	
 

i

 

TABLE OF CONTENTS
(cont’d)

Page

	
Section 4.04
	
Limitation on Restricted Payments77
	
 

	
Section 4.05
	
Dividend and Other Payment Restrictions Affecting Subsidiaries85
	
 

	
Section 4.06
	
Asset Sales88
	
 

	
Section 4.07
	
Transactions with Affiliates92
	
 

	
Section 4.08
	
Change of Control95
	
 

	
Section 4.09
	
Compliance Certificate97
	
 

	
Section 4.10
	
Further Instruments and Acts97
	
 

	
Section 4.11
	
Future Subsidiary Guarantors97
	
 

	
Section 4.12
	
Liens97
	
 

	
Section 4.13
	
[Intentionally Omitted]98
	
 

	
Section 4.14
	
Maintenance of Office or Agency98
	
 

	
Section 4.15
	
Covenant Suspension99
	
 

Article V

SUCCESSOR COMPANY

	
Section 5.01
	
When the Company, Issuer and Subsidiary Guarantors May Merge or Transfer Assets100
	
 

Article VI

DEFAULTS AND REMEDIES

	
Section 6.01
	
Events of Default103
	
 

	
Section 6.02
	
Acceleration105
	
 

	
Section 6.03
	
Other Remedies106
	
 

	
Section 6.04
	
Waiver of Past Defaults106
	
 

	
Section 6.05
	
Control by Majority106
	
 

	
Section 6.06
	
Limitation on Suits107
	
 

	
Section 6.07
	
Contractual Rights of the Holders to Receive Payment107
	
 

	
Section 6.08
	
Collection Suit by Trustee107
	
 

	
Section 6.09
	
Trustee May File Proofs of Claim107
	
 

	
Section 6.10
	
Priorities108
	
 

	
Section 6.11
	
Undertaking for Costs108
	
 

	
Section 6.12
	
Waiver of Stay or Extension Laws108
	
 

	
Section 6.13
	
Limitation on Ability to Issue Certain Notices and Take Certain Actions109
	
 

Article VII

TRUSTEE

	
Section 7.01
	
Duties of Trustee109
	
 

	
Section 7.02
	
Rights of Trustee110
	
 

	
Section 7.03
	
Individual Rights of Trustee112
	
 

	
Section 7.04
	
Trustee’s Disclaimer112
	
 

	
Section 7.05
	
Notice of Default113
	
 

ii

 

TABLE OF CONTENTS
(cont’d)

Page

	
Section 7.06
	
[Intentionally Omitted]113
	
 

	
Section 7.07
	
Compensation and Indemnity113
	
 

	
Section 7.08
	
Replacement of Trustee114
	
 

	
Section 7.09
	
Successor Trustee by Merger115
	
 

	
Section 7.10
	
Eligibility; Disqualification115
	
 

	
Section 7.11
	
Preferential Collection of Claims Against the Issuer116
	
 

Article VIII

DISCHARGE OF INDENTURE; DEFEASANCE

	
Section 8.01
	
Discharge of Liability on Notes; Defeasance116
	
 

	
Section 8.02
	
Conditions to Defeasance117
	
 

	
Section 8.03
	
Application of Trust Money119
	
 

	
Section 8.04
	
Repayment to Issuer119
	
 

	
Section 8.05
	
Indemnity for U.S. Government Obligations119
	
 

	
Section 8.06
	
Reinstatement119
	
 

Article IX

AMENDMENTS AND WAIVERS

	
Section 9.01
	
Without Consent of the Holders120
	
 

	
Section 9.02
	
With Consent of the Holders121
	
 

	
Section 9.03
	
Revocation and Effect of Consents and Waivers122
	
 

	
Section 9.04
	
Notation on or Exchange of Notes122
	
 

	
Section 9.05
	
Trustee to Sign Amendments123
	
 

	
Section 9.06
	
Additional Voting Terms; Calculation of Principal Amount123
	
 

Article X

RANKING OF NOTE LIENS

	
Section 10.01
	
Relative Rights123
	
 

Article XI

[INTENTIONALLY OMITTED]

Article XII

GUARANTEE

	
Section 12.01
	
Parent Guarantee and Subsidiary Guarantee124
	
 

	
Section 12.02
	
Limitation on Liability127
	
 

	
Section 12.03
	
[Intentionally Omitted]128
	
 

	
Section 12.04
	
Successors and Assigns128
	
 

	
Section 12.05
	
No Waiver129
	
 

iii

 

TABLE OF CONTENTS
(cont’d)

Page

	
Section 12.06
	
Modification129
	
 

	
Section 12.07
	
Execution of Supplemental Indenture for Future Subsidiary Guarantors129
	
 

	
Section 12.08
	
Non-Impairment129
	
 

Article XIII

MISCELLANEOUS

	
Section 13.01
	
[Intentionally Omitted]129
	
 

	
Section 13.02
	
Notices129
	
 

	
Section 13.03
	
[Intentionally Omitted]131
	
 

	
Section 13.04
	
Certificate and Opinion as to Conditions Precedent131
	
 

	
Section 13.05
	
Statements Required in Certificate or Opinion131
	
 

	
Section 13.06
	
When Notes Disregarded131
	
 

	
Section 13.07
	
Rules by Trustee, Paying Agent and Registrar132
	
 

	
Section 13.08
	
Legal Holidays132
	
 

	
Section 13.09
	
Governing Law; Consent to Jurisdiction132
	
 

	
Section 13.10
	
No Recourse Against Others132
	
 

	
Section 13.11
	
Successors132
	
 

	
Section 13.12
	
Multiple Originals132
	
 

	
Section 13.13
	
Table of Contents; Headings132
	
 

	
Section 13.14
	
Indenture Controls133
	
 

	
Section 13.15
	
Severability, Entire Agreement133
	
 

	
Section 13.16
	
Waiver of Jury Trial133
	
 

	
Section 13.17
	
Calculations133
	
 

	
Section 13.18
	
USA Patriot Act133
	
 

Appendix A–Provisions Relating to Initial Notes and Additional Notes

 

iv

 

 

 

EXHIBIT INDEX

	
Exhibit A
	
–Form of Initial Note

	
Exhibit B
	
–Form of Transferee Letter of Representation

	
Exhibit C
	
–Form of Supplemental Indenture (Future Guarantors)

 

 

 

 

 

INDENTURE, dated as of August 25, 2021, among SeaWorld Parks & Entertainment, Inc., a Delaware corporation (the “Issuer”), the Guarantors party hereto from time to time (as defined below) and Wilmington Trust, National Association, as trustee (the “Trustee”).

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of (i) $725,000,000 aggregate principal amount of the Issuer’s 5.250% Senior Notes due 2029 issued on the date hereof (the “Initial Notes”) and (ii) Additional Notes issued from time to time (together with the Initial Notes, the “Notes”):

Article I

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01Definitions

.

“Acquired Indebtedness” means, with respect to any specified Person:

	
(1)
	
Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into or became a Restricted Subsidiary of such specified Person, and
	
 

	
(2)
	
Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.
	
 

Acquired Indebtedness will be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of such assets.

“Additional Notes” means the Notes issued under the terms of this Indenture subsequent to the Issue Date.

“Additional Refinancing Amount” means, in connection with the Incurrence of any Refinancing Indebtedness, the aggregate principal amount of additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay accrued and unpaid interest, premiums (including tender premiums), expenses, defeasance costs and fees (including original issue discount) in respect thereof.

“Adjusted EBITDA” means, with respect to any Person, at any date, the EBITDA of such Person for the full four fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such date, subject to the following adjustments. In the event that the Company or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which Adjusted EBITDA is being calculated but prior to the event for which the calculation of Adjusted EBITDA is made (the “Adjusted EBITDA Calculation Date”), then Adjusted EBITDA shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or 

 

 

such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock as if the same had occurred at the beginning of the applicable four-quarter period. 

For purposes of making the computation referred to above, Investments, capital expenditures, constructions, repairs, replacements, improvements, equipment optimization programs, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP) and any operational changes, business realignment projects or cost savings initiatives or other initiatives, restructurings or reorganizations that the Company or any Restricted Subsidiary has determined to make or implement and/or has made or implemented during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Adjusted EBITDA Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, capital expenditures, constructions, repairs, replacements, improvements, equipment optimization programs, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes, business realignment projects or initiatives, restructurings or reorganizations (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred (or such operational or cost savings had been realized) on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any Investment, capital expenditure, construction, repair, replacement, improvement, equipment optimization program, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation, operational change, business realignment project or initiative, restructuring or reorganization that would have required adjustment pursuant to this definition, then Adjusted EBITDA shall be calculated giving pro forma effect thereto for such period as if such Investment, capital expenditure, construction, repair, replacement, improvement, equipment optimization program, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation, operational change, business realignment project or initiative, restructuring or reorganization had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then Adjusted EBITDA shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Company as set forth in an Officer’s Certificate, to reflect (1) operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event (including, to the extent applicable, the Transactions), which adjustments pursuant to this clause (1) (other than adjustments of the nature used in connection with the calculation of “Adjusted EBITDA, after cost savings” as set forth in “Summary Historical Consolidated Financial and Other Data of SeaWorld” under “Summary” in the Offering Memorandum or other operating expense reductions and other operating improvements, synergies or cost savings resulting from the Transactions) shall only be included to the extent that the actions resulting in such operating 

2

 

 

expense reductions and other operating improvements, synergies or cost savings are taken or commenced or expected to be taken or commenced (in the good faith determination of the Company) within 24 months after the date any such calculation is performed and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA, after cost savings” as set forth in “Summary Historical Consolidated Financial and Other Data of SeaWorld” under “Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period. 

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Adjusted EBITDA Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 

“Affiliate” of any specified Person means any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control with such specified Person.

“Applicable Premium” means, with respect to any Note on any applicable redemption date, as determined by the Issuer, the greater of:

	
(1)
	
1% of the then outstanding principal amount of the Note; and

	
(2)
	
the excess of:

	
(a)
	
the present value at such redemption date of (i) the redemption price of the Note, at August 15, 2024 (such redemption price being set forth in Paragraph 5 of the Note) plus (ii) all required interest payments due on the Note through August 15, 2024 (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over
	
 

	
(b)
	
the then outstanding principal amount of the Note.
	
 

The Trustee shall have no duty to calculate or verify the Issuer’s calculation of the Applicable Premium. 

3

 

 

“Asset Sale” means:

	
(1)
	
the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions) of property or assets (including by way of Sale/Leaseback Transactions) outside the ordinary course of business of the Company or any Restricted Subsidiary (each referred to in this definition as a “disposition”); or
	
 

	
(2)
	
the issuance or sale of Equity Interests (other than directors’ qualifying shares and shares issued to foreign nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to the Company or another Restricted Subsidiary) (whether in a single transaction or a series of related transactions),
	
 

in each case other than:

	
(a)
	
a disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged or worn out property or equipment in the ordinary course of business or consistent with past practice or industry norm or assets otherwise no longer used or useful in the business of the Company or its Restricted Subsidiaries (as determined in good faith by the Company) or no longer economically practicable or commercially reasonable to maintain;
	
 

	
(b)
	
the disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control;
	
 

	
(c)
	
any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.04;
	
 

	
(d)
	
any disposition of property or assets of the Company or any Restricted Subsidiary or issuance or sale of Equity Interests of any Restricted Subsidiary, which property or assets or Equity Interests so disposed or issued have an aggregate Fair Market Value (as determined in good faith by the Company) of less than $100.0 million;
	
 

	
(e)
	
any disposition of property or assets, or the issuance of securities, by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary; 
	
 

	
(f)
	
any exchange of assets (including a combination of assets and Cash Equivalents) for assets related to a Similar Business of comparable or greater market value or usefulness to the business of the Company and the Restricted Subsidiaries as a whole, as determined in good faith by the Company;
	
 

	
(g)
	
foreclosure, condemnation, expropriation, forced disposition or any similar action with respect to any property or other asset of the Company or any of the Restricted Subsidiaries;
	
 

4

 

 

	
(h)
	
any disposition of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;
	
 

	
(i)
	
the lease, assignment, sublease, license or sub-license of any real or personal property in the ordinary course of business or consistent with past practice or industry norm;
	
 

	
(j)
	
any sale, discount or other disposition of inventory, equipment, accounts receivable, notes receivable or other assets in the ordinary course of business or the conversion of accounts receivable to notes receivable;
	
 

	
(k)
	
(i) any grant in the ordinary course of business or consistent with past practice or industry norm of any license or sublicense of patents, trademarks, know-how or any other intellectual property, (ii) any abandonment of intellectual property in the ordinary course of business or consistent with past practice or industry norm or which, in the reasonable good faith determination of the Company, are not material to the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole, and (iii) any abandonment of intellectual property rights which are no longer economically practicable or commercially reasonable to maintain;
	
 

	
(l)
	
any swap of assets, or lease, assignment or sublease of any real or personal property, in exchange for services, similar assets or assets used in a Similar Business of comparable or greater value or usefulness to the business of the Company and the Restricted Subsidiaries as a whole, as determined in good faith by the Company;
	
 

	
(m)
	
any disposition (including by capital contribution), pledge, factoring, transfer or sale of (i) Securitization Assets to any Special Purpose Securitization Subsidiary or otherwise, (ii) any other Securitization Assets subject to Liens securing Permitted Securitization Financings and (iii) receivables in connection with a receivables financing;
	
 

	
(n)
	
any financing transaction with respect to property or assets built or acquired by the Company or any Restricted Subsidiary after the Issue Date, including any Sale/Leaseback Transaction or asset securitization permitted by this Indenture;
	
 

	
(o)
	
dispositions in connection with Permitted Liens;
	
 

	
(p)
	
any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other than the Company or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition;
	
 

5

 

 

	
(q)
	
the sale of any property or assets in a Sale/Leaseback Transaction within twelve months of the acquisition of such property or assets;
	
 

	
(r)
	
dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements;
	
 

	
(s)
	
any surrender, expiration or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims of any kind;
	
 

	
(t)
	
[reserved]; 
	
 

	
(u)
	
to the extent constituting an Asset Sale, any termination, settlement, extinguishment or unwinding of Hedging Obligations;
	
 

	
(v)
	
any disposition of property or assets acquired after the Issue Date that are not used or useful in the core or principal business of the Company and the Restricted Subsidiaries in the good faith determination of the Company;
	
 

	
(w)
	
any disposition of property or assets in connection with the approval of any antitrust authority or as otherwise necessary or advisable in the good faith determination of the Company to consummate any acquisition, Investment or other transaction; and
	
 

	
(x)
	
any sale, transfer or other disposition to effect the formation of any Subsidiary that is a Delaware Divided LLC; provided that any disposition or other allocation of assets (including any equity interests of such Delaware Divided LLC) in connection therewith is otherwise not prohibited under this Indenture. 
	
 

“Bank Indebtedness” means any and all amounts payable under or in respect of (a) the Credit Agreement and the other Credit Agreement Documents, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time (including after termination of the Credit Agreement), including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof, including principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company or the Issuer whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and all other amounts payable thereunder or in respect thereof (except to the extent any such refinancing, replacement, restructuring or other agreement or instrument is designated by the Company to not be included in this definition of Bank Indebtedness) and (b) whether or not the Indebtedness referred to in clause (a) remains outstanding, if designated by the Company to be included in this definition, one or more (A) debt 

6

 

 

facilities or commercial paper facilities, providing for revolving credit loans, term loans, reserve-based loans, securitization or receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

“Bankruptcy Code” means Title 11 of the United States Code.

“Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors.

“Board of Directors” means, as to any Person, the board of directors or managers or other governing body, as applicable, of such Person or any direct or indirect parent of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof.

“Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City or the place of payment.

“Capital Stock” means:

	
(1)
	
in the case of a corporation, corporate stock or shares;
	
 

	
(2)
	
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
	
 

	
(3)
	
in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and
	
 

	
(4)
	
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.
	
 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease or a finance lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP; provided that obligations of the Company or its Restricted Subsidiaries, or of a special purpose or other entity not consolidated with the Company and its Restricted Subsidiaries, either existing on the Issue Date or created thereafter that (a) initially were not included on the consolidated balance sheet of the Company and its Restricted Subsidiaries as capital lease obligations or finance lease obligations and were subsequently recharacterized as capital lease obligations or finance lease obligations or, in the 

7

 

 

case of such a special purpose or other entity becoming consolidated with the Company and its Restricted Subsidiaries were required to be characterized as capital lease obligations or finance lease obligations upon such consolidation, in either case, due to a change in accounting treatment or otherwise, or (b) did not exist on the Issue Date and were required to be characterized as capital lease obligations or finance lease obligations but would not have been required to be treated as capital lease obligations or finance lease obligations on the Issue Date had they existed at that time, shall for all purposes not be treated as Capitalized Lease Obligations or Indebtedness.

“Capitalized Software Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of such Person and such Restricted Subsidiaries.

“Cash Equivalents” means:

	
(1)
	
U.S. dollars, pounds sterling, euros, the national currency of any member state in the European Union or such local currencies held by an entity from time to time in the ordinary course of business;
	
 

	
(2)
	
securities issued or directly and fully guaranteed or insured by the U.S. government or any country that is a member of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition;
	
 

	
(3)
	
certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million and whose long-term debt is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency);
	
 

	
(4)
	
repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above;
	
 

	
(5)
	
commercial paper issued by a corporation (other than an Affiliate of the Company) rated at least “A-1” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within one year after the date of acquisition;
	
 

	
(6)
	
readily marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P (or 
	
 

8

 

 

		
reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition;
	
 

	
(7)
	
Indebtedness issued by Persons (other than the Hill Path Sponsors or any of their Affiliates) with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition;
	
 

	
(8)
	
investment funds investing at least 95% of their assets in securities of the types described in clauses (1) through (7) above;
	
 

	
(9)
	
instruments equivalent to those referred to in clauses (1) through (8) above denominated in any foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States of America to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction; and
	
 

	
(10)
	
credit card receivables to the extent included in cash and cash equivalents on the consolidated balance sheet of such Person.
	
 

“cash management services” means cash management services for collections, treasury management services (including controlled disbursement, overdraft, automated clearing house fund transfer services, return items and interstate depository network services), any demand deposit, payroll, trust or operating account relationships, commercial credit cards, merchant card, purchase or debit cards, non-card e-payables services, and other cash management services, including electronic funds transfer services, lockbox services, stop payment services and wire transfer services.

“Change of Control” means the occurrence of any of the following:

	
(1)
	
the sale, lease or transfer, in one or a series of related transactions, of all or substantially all the assets of the Company and its Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders;
	
 

	
(2)
	
the Company becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation, amalgamation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 50% of the total voting power of the Voting Stock of the Company; or 
	
 

9

 

 

	
(3)
	
unless the Issuer shall become the Successor Company hereunder (in which case this clause (3) shall no longer apply), the Company shall fail to beneficially own, directly or indirectly, 100% of the issued and outstanding Equity Interests of the Issuer.
	
 

Notwithstanding the foregoing: (A) the transfer of assets between or among the Company and its Restricted Subsidiaries shall not itself constitute a Change of Control and (B) a Person or group shall not be deemed to have beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar agreement (or voting or option agreement related thereto) prior to the consummation of the transactions contemplated by such agreement.

In addition, notwithstanding the foregoing, a transaction in which the Company or a parent entity of the Company becomes a subsidiary of another Person (such Person, the “New Parent”) shall not constitute a Change of Control if (a) the equityholders of the Company or such parent entity immediately prior to such transaction beneficially own, directly or indirectly through one or more intermediaries, at least a majority of the total voting power of the Voting Stock of the Company or such New Parent immediately following the consummation of such transaction, substantially in proportion to their holdings of the equity of the Company or such parent entity prior to such transaction or (b) immediately following the consummation of such transaction, no Person, other than a Permitted Holder, the New Parent or any subsidiary of the New Parent, beneficially owns, directly or indirectly through one or more intermediaries, more than 50% of the voting power of the Voting Stock of the Company or the New Parent.

“Code” means the Internal Revenue Code of 1986, as amended.

 “Company” means SeaWorld Entertainment, Inc., and its permitted successors and assigns. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, (a) the total amount of depreciation and amortization expense, including the amortization of intangible assets, goodwill, deferred financing fees, Capitalized Software Expenditures, development costs, capitalized customer acquisition costs, amortization of unrecognized prior service costs and actuarial gains and losses related to pensions (including any modifications) and other post-employment benefits, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP and (b) the total amount of depreciation expense with respect to assets acquired under Capitalized Lease Obligations which is expensed as cost of goods sold and not included in depreciation and amortization expense under GAAP. 

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

	
(1)
	
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including the interest component of Capitalized Lease Obligations and net payments and receipts (if any) pursuant to interest rate Hedging Obligations and excluding amortization of deferred 
	
 

10

 

 

		
financing fees and original issue discount, debt issuance costs, commissions, fees, premiums and expenses, expensing of any bridge, commitment or other financing fees and non-cash interest expense attributable to movement in mark to market valuation of Hedging Obligations or other derivatives (in each case permitted hereunder) under GAAP); plus
	
 

	
(2)
	
consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; plus
	
 

	
(3)
	
commissions, discounts, yield and other fees and charges Incurred in connection with any Permitted Securitization Financing which are payable to Persons other than the Company and the Restricted Subsidiaries; minus
	
 

	
(4)
	
interest income for such period.
	
 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that:

	
(1)
	
any net after-tax extraordinary, exceptional, nonrecurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses or charges, any severance expenses, relocation expenses, restructuring expenses, curtailments or modifications to pension and post-retirement employee benefit plans, excess pension charges, any expenses related to any equipment optimization or curtailment programs or any reconstruction, decommissioning, recommissioning, repositioning or reconfiguration of assets, fees, expenses, costs or charges relating to unused facility, data center, warehouse or distribution center space, entry into new markets or distribution channels, contract acquisitions or terminations, closing costs, rebranding costs, acquisition integration costs, relocation costs and expenses, costs for discontinued operations (including rent termination costs), opening costs, project start-up costs, recruiting costs, signing, retention or completion bonuses, consulting, litigation and arbitration costs, charges, fees and expenses (including settlements), expenses, costs, fees or charges related to any repurchase or issuance of Equity Interests of any Restricted Subsidiary, the Company or a parent entity of the Company or debt securities of any Restricted Subsidiary, the Company or any parent entity of the Company, Investment, acquisition, merger, consolidation, amalgamation, disposition, recapitalization or Incurrence, issuance, repayment, redemption, retirement, repurchase, refinancing, amendment or modification of Indebtedness (in each case, whether or not successful) or any growth capital expenditures or similar transactions, and any fees, expenses, charges or change in control payments related to the Transactions (including any costs relating to auditing prior periods, 
	
 

11

 

 

		
any transition-related expenses, and transaction expenses incurred before, on or after the Issue Date), in each case, shall be excluded;
	
 

	
(2)
	
effects of purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and such Subsidiaries and including, without limitation, the effects of adjustments to (A) deferred rent, (B) Capitalized Lease Obligations or other obligations or deferrals attributable to capital spending funds with suppliers or (C) any other deferrals of revenue) in amounts required or permitted by GAAP, resulting from the application of purchase accounting or the amortization, write-off or write-down of any amounts thereof, net of taxes, shall be excluded;
	
 

	
(3)
	
the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period;
	
 

	
(4)
	
any net after-tax income or loss from disposed, abandoned, transferred, closed or discontinued operations, facilities, data centers, distribution centers, warehouses or fixed assets and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations, facilities, data centers, distribution centers, warehouses or fixed assets shall be excluded;
	
 

	
(5)
	
any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by management of the Company) shall be excluded;
	
 

	
(6)
	
any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment or buy-back of indebtedness, Hedging Obligations or other derivative instruments shall be excluded;
	
 

	
(7)
	
(A) the Net Income for such period of any Person that is an Unrestricted Subsidiary shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the referent Person or a Subsidiary thereof (other than an Unrestricted Subsidiary of such referent Person) in respect of such period, (B) the Net Income for such period of any Person that is not a Subsidiary of such Person, or that is accounted for by the equity method of accounting, shall be included to the extent of the amount of such Net Income of such Person multiplied by such referent Person’s or its Subsidiary’s percentage ownership of the economic interests in such Person and (C) the Net Income for such period shall include any dividend, distribution or other payment in cash (or to the extent converted into cash) received by the referent Person or a Subsidiary thereof (other than an Unrestricted Subsidiary of such referent Person) from any Person in excess of, but without duplication of, any amounts included in sub-clause (A) or (B);
	
 

12

 

 

	
(8)
	
solely for the purpose of determining the amount available for Restricted Payments under clause (1) of the definition of “Cumulative Credit”, the Net Income for such period of any Restricted Subsidiary (other than the Issuer or any Subsidiary Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar distributions have been legally waived; provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the extent not already included therein;
	
 

	
(9)
	
an amount equal to the amount of Tax Distributions actually made to any parent or equity holder of such Person in respect of such period in accordance with Section 4.04(b)(xii) shall be included as though such amounts had been paid as income taxes directly by such Person for such period;
	
 

	
(10)
	
any impairment charges or asset write-offs or write-downs, in each case pursuant to GAAP, and the amortization of intangibles and other fair value adjustments arising pursuant to GAAP shall be excluded;
	
 

	
(11)
	
any non-cash expense realized or resulting from management equity plans, stock option plans, employee benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights (including any repricing, amendment, modification, substitution or change thereof) shall be excluded;
	
 

	
(12)
	
any (a) non-cash compensation charges, (b) costs and expenses related to employment of terminated employees, or (c) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights of officers, directors and employees, in each case of such Person or any Restricted Subsidiary, shall be excluded;
	
 

	
(13)
	
accruals and reserves that are established or adjusted in connection with the Transactions or within 12 months after the Issue Date or the closing of any disposition, acquisition or investment and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded;
	
 

	
(14)
	
deferred income tax expense shall be excluded;
	
 

13

 

 

		

	
 

	
(15)
	
any currency translation gains and losses related to currency remeasurements of Indebtedness, and any net loss or gain resulting from hedging transactions for currency exchange risk, shall be excluded;
	
 

	
(16)
	
(a) any charges to the extent that a corresponding amount is received in cash under any agreement providing for reimbursement of such expense, (b) any charges with respect to any liability or casualty event, business interruption or product recall to the extent covered by one or more third parties pursuant to indemnification or reimbursement provisions or similar agreements or insurance and actually reimbursed, or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the third party or insurer and only to the extent that such amount is (x) not denied by the applicable third party or insurance carrier in writing within 270 days and (y) in fact reimbursed within 365 days following the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days), costs and expenses with respect to liability or casualty events or business interruption or product recall shall be excluded and (c) amounts estimated in good faith to be received from insurance in respect of lost revenues or earnings in respect of liability or casualty events or business interruption or product recall shall be included (with a deduction for amounts actually received up to such estimated amount to the extent included in Net Income in a future period);
	
 

	
(17)
	
Capitalized Software Expenditures and software development costs shall be excluded;
	
 

	
(18)
	
non-cash charges for deferred tax asset valuation allowances shall be excluded;
	
 

	
(19)
	
non-cash gains, losses, income and expenses resulting from fair value accounting required under GAAP and related interpretations shall be excluded;
	
 

	
(20)
	
any other costs, expenses or charges resulting from facility, branch, office or business unit closures or sales, including income (or losses) from such closures or sales, shall be excluded;
	
 

	
(21)
	
any deductions attributable to non-controlling interests or minority interests shall be excluded; and
	
 

	
(22)
	
any gain, loss, income, expense or charge resulting from the application of any LIFO shall be excluded.
	
 

Notwithstanding the foregoing, for the purpose of Section 4.04 only, there shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries or Restricted Subsidiaries to the extent such dividends, repayments or transfers increase the amount of Restricted Payments permitted under Section 4.04 pursuant to clauses (4) and (5) of the definition of “Cumulative Credit.”

14

 

 

“Consolidated Non-Cash Charges” means, with respect to any Person for any period, the non-cash expenses (other than Consolidated Depreciation and Amortization Expense) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated basis and otherwise determined in accordance with GAAP; provided that if any such non-cash expenses represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA in such future period to the extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period.

“Consolidated Taxes” means, with respect to any Person for any period, taxes based on income, profits or capital paid and any provision for such taxes, including, without limitation, federal, state, local, provincial, franchise, foreign and similar taxes based on income, profits or capital and foreign withholding taxes (including penalties and interest related to such taxes or arising from tax examinations) and any Tax Distributions taken into account in calculating Consolidated Net Income.

“Consolidated Total Indebtedness” means, as of any date of determination, an amount equal to the sum (without duplication) of (1) the aggregate principal amount of all outstanding Indebtedness of the Company and the Restricted Subsidiaries (excluding any undrawn letters of credit) consisting of Indebtedness for borrowed money, plus (2) the aggregate amount of all outstanding Disqualified Stock of the Company and the Restricted Subsidiaries and all Preferred Stock of Restricted Subsidiaries, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences, in each case determined on a consolidated basis in accordance with GAAP.

“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

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

	
(2)
	
to advance or supply funds:
	
 

	
(a)
	
for the purchase or payment of any such primary obligation; or
	
 

	
(b)
	
to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; or
	
 

	
(3)
	
to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.
	
 

15

 

 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by agreement or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto.

“Corporate Trust Office” means the designated office of the Trustee in the United States of America specified in Section 13.02 at which at any time its corporate trust business shall be administered, or such other address as the Trustee may designate from time to time by notice to the holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the holders and the Issuer).

“Credit Agreement” means (i) the credit agreement among the Company, the Issuer, the financial institutions named therein, the other parties thereto and JPMorgan Chase Bank, N.A., as administrative agent, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof (except to the extent any such refinancing, replacement or restructuring or agreement or instrument is designated by the Company to not be included in the definition of “Credit Agreement”) and (ii) whether or not the credit agreement referred to in clause (i) remains outstanding, if designated by the Company to be included in the definition of “Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, securitization or receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

“Credit Agreement Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent and collateral agent under the Credit Agreement, together with its successors and permitted assigns in such capacities. 

“Credit Agreement Documents” means the collective reference to any Credit Agreement, any notes issued pursuant thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified, in whole or in part, from time to time.

16

 

 

“Cumulative Credit” means an amount equal to the sum of (without duplication):

	
(1)
	
(a) $400.0 million plus (b) an amount, not less than zero in the aggregate, equal to 50% of Consolidated Net Income of the Company for the period (taken as one accounting period) from July 1, 2020 to the end of the Company’s most recently ended fiscal quarter for which financial statements have been delivered to the Trustee at the time of such Restricted Payment, plus
	
 

	
(2)
	
100% of the aggregate net proceeds, including cash and the Fair Market Value (as determined in good faith by the Company) of property other than cash, received by the Company after the Issue Date (other than net proceeds to the extent such net proceeds have been used to Incur Indebtedness, Disqualified Stock, or Preferred Stock pursuant to Section 4.03(b)(xiii)) from the issue or sale of Equity Interests of the Company or any direct or indirect parent entity of the Company (excluding Refunding Capital Stock (as defined below), Designated Preferred Stock, Excluded Contributions, and Disqualified Stock), including Equity Interests issued upon exercise of warrants or options (other than an issuance or sale to the Company or a Restricted Subsidiary), plus
	
 

	
(3)
	
100% of the aggregate amount of contributions as common equity to the capital of the Company received in cash and the Fair Market Value (as determined in good faith by the Company) of property other than cash after the Issue Date and, without duplication, the aggregate amount of cash and the Fair Market Value (as determined in good faith by the Company) of property other than cash that becomes part of the capital of the Company through amalgamation, consolidation or merger in exchange for the issuance of Equity Interests of the Company or a direct or indirect parent entity of the Company after the Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock, and Disqualified Stock and other than contributions to the extent such contributions have been used to Incur Indebtedness, Disqualified Stock, or Preferred Stock pursuant to Section 4.03(b)(xiii)), plus
	
 

	
(4)
	
100% of the aggregate principal amount of any Indebtedness, or the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock of the Company or any Restricted Subsidiary (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which has been cancelled, retired or extinguished without consideration from the Company or any Restricted Subsidiary or converted into or exchanged for Equity Interests (other than Disqualified Stock) in the Company or any direct or indirect parent of the Company after the Issue Date, plus
	
 

	
(5)
	
100% of the aggregate amount received by the Company or any Restricted Subsidiary in cash and the Fair Market Value (as determined in good faith by the Company) of property other than cash received by the Company or any Restricted Subsidiary after the Issue Date from:
	
 

17

 

 

	
(A)
	
the sale or other disposition (other than to the Company or a Restricted Subsidiary) of, or other returns on Investments from, Restricted Investments made by the Company and the Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Company and the Restricted Subsidiaries by any Person (other than the Company or any Restricted Subsidiary) and from repayments of loans or advances, and releases of guarantees, which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to Section 4.04(b)(vii)),
	
 

	
(B)
	
the sale (other than to the Company or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary, or
	
 

	
(C)
	
a distribution or dividend from an Unrestricted Subsidiary, plus
	
 

	
(6)
	
in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or a Restricted Subsidiary, the Fair Market Value (as determined in good faith by the Company) of the Investment of the Company or the Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable) (other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant to Section 4.04(b)(vii) or constituted a Permitted Investment).
	
 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

“Delaware Divided LLC” means any limited liability company which has been formed upon the consummation of a Delaware LLC Division. 

“Delaware LLC Division” means the statutory division of any limited liability company into two or more limited liability companies pursuant to Section 18-217 of the Delaware Limited Liability Company Act.

“Designated Non-cash Consideration” means the Fair Market Value (as determined in good faith by the Company) of non-cash consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration by the Company, less the amount of Cash Equivalents received in connection with a subsequent sale of, or other receipt of Cash Equivalents in respect of, such Designated Non-cash Consideration.

“Designated Preferred Stock” means Preferred Stock of the Company or any direct or indirect parent of the Company (other than Disqualified Stock), that is issued for cash (other than to the Company or any of its Subsidiaries or an employee stock ownership plan or trust established by the Company or any of its Subsidiaries) and is so designated as Designated Preferred Stock by the Company.

18

 

 

“Disinterested Director” means, with respect to any Affiliate Transaction, a member of the Board of Directors of the Company having no material direct or indirect financial interest in or with respect to such Affiliate Transaction. A member of the Board of Directors of the Company shall not be deemed to have such a financial interest solely by reason of such member’s holding Capital Stock of the Company or a parent entity of the Company or any options, warrants or other rights in respect of such Capital Stock.

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event:

	
(1)
	
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change of control or asset sale),
	
 

	
(2)
	
is convertible or exchangeable for Indebtedness or Disqualified Stock of such Person or any of its Restricted Subsidiaries, or
	
 

	
(3)
	
is redeemable at the option of the holder thereof, in whole or in part (other than solely as a result of a change of control or asset sale),
	
 

in each case prior to 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by such Person in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock.

“Domestic Subsidiary” means a Restricted Subsidiary that is not a Foreign Subsidiary.

“EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income:

	
(1)
	
Consolidated Taxes; plus
	
 

	
(2)
	
Fixed Charges and costs of surety bonds in connection with financing activities, together with items excluded from the definition of “Consolidated Interest Expense” pursuant to clause (1) thereof; plus
	
 

	
(3)
	
Consolidated Depreciation and Amortization Expense; plus
	
 

19

 

 

		

	
 

	
(4)
	
Consolidated Non-Cash Charges; plus
	
 

	
(5)
	
any expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any repurchase or issuance of Equity Interests, Investment, acquisition, equipment optimization or curtailment programs, any growth capital expenditures or similar transactions, disposition, recapitalization or the Incurrence, modification, redemption, retirement or repayment of Indebtedness permitted to be Incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) such fees, expenses or charges related to the Transactions, the offering of the Initial Notes, any Bank Indebtedness or the First-Priority Notes (and, in each case, any permitted Refinancing Indebtedness in respect thereof), (ii) any amendment or other modification of the Notes or other Indebtedness and (iii) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Permitted Securitization Financing; plus
	
 

	
(6)
	
business optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt, shall include, without limitation, the effect of inventory and equipment optimization programs, facility, branch, office or business unit closures, facility, branch, office, business unit, data center, warehouse or distribution center relocations or consolidations, retention, severance, expansion, systems design, implementation or establishment costs, contract acquisition or termination costs, future lease commitments, excess pension charges, any costs relating to the undertaking or implementation of strategic initiatives, cost savings initiatives, operating expense reductions and other operating improvements or synergies and business development charges) and Pre-Opening Expenses; plus
	
 

	
(7)
	
the amount of loss or discount in connection with a Permitted Securitization Financing, including amortization of loan origination costs and amortization of portfolio discounts; plus
	
 

	
(8)
	
any costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Company, the Issuer or a Subsidiary Guarantor or net cash proceeds of an issuance of Equity Interests of the Company (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit; plus
	
 

	
(9)
	
any earn-out obligation expense incurred in connection with the Transactions or any acquisition or other Investment; plus
	
 

	
(10)
	
[reserved]; plus
	
 

	
(11)
	
[reserved]; plus
	
 

20

 

 

		

	
 

	
(12)
	
with respect to any Person referred to in clause (7) of the definition of “Consolidated Net Income” and solely to the extent relating to the Net Income of such Person referred to in clause (7) of the definition of “Consolidated Net Income,” an amount equal to the proportion of those items described in clauses (1) through (11) above and clauses (13) and (14) below relating to such Person corresponding to the Company’s and the Restricted Subsidiaries’ proportionate share of such Person’s Consolidated Net Income (determined as if such Person were a Subsidiary); plus
	
 

	
(13)
	
costs associated with Public Company Compliance; plus
	
 

	
(14)
	
all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA, after cost savings” as set forth in “Summary Historical Consolidated Financial and Other Data of SeaWorld” under “Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such period; and
	
 

less, without duplication, to the extent the same increased Consolidated Net Income,

	
(15)
	
non-cash items increasing Consolidated Net Income for such period (but excluding any such items (A) in respect of which cash was received in a prior period or will be received in a future period or (B) which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period).
	
 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).

“Equity Offering” means any public or private sale after the Issue Date of common Capital Stock or Preferred Stock of the Company or any direct or indirect parent of the Company, including options or other equity awards exercisable for common Capital Stock issued to employees of the Company or any direct or indirect parent of the Company, as applicable (other than Disqualified Stock), other than:

	
(1)
	
public offerings with respect to the Company’s or such direct or indirect parent’s common stock registered on Form S-4 or Form S-8 (other than with respect to options or other equity awards exercisable for common Capital Stock issued to employees of the Company or any direct or indirect parent of the Company, as applicable);
	
 

	
(2)
	
issuances to any Subsidiary of the Company; and
	
 

	
(3)
	
any such public or private sale that constitutes an Excluded Contribution.
	
 

21

 

 

Notwithstanding the foregoing, an Equity Offering hereunder shall include the merger of the Company or any direct or indirect parent of the Company into a person that has, or whose direct or indirect parent has, previously consummated a public Equity Offering (as defined herein but replacing the Company with such person or parent) and is a public company at the applicable time.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 “Excluded Contributions” means the Cash Equivalents or other assets (valued at their Fair Market Value as determined in good faith by senior management or the Board of Directors of the Company) received by the Company after the Issue Date from:

	
(1)
	
contributions to its common equity capital, and
	
 

	
(2)
	
the sale (other than to a Subsidiary of the Company or to any Subsidiary management equity plan or stock option plan or any other management or employee benefit plan or agreement) of Equity Interests (other than Disqualified Stock and Designated Preferred Stock) of the Company,
	
 

in each case designated as Excluded Contributions by the Company.

“Excluded Subsidiary” means (a) any Subsidiary that is not directly or indirectly a wholly owned Subsidiary of the Issuer, (b) any Subsidiary that does not have total assets or annual revenues in excess of $20.0 million individually or in the aggregate with all other Subsidiaries excluded via this clause (b), (c) any Subsidiary acquired following the Issue Date that is prohibited by applicable law or contractual obligations that are in existence at the time of acquisition and not entered into in contemplation thereof from guaranteeing the Obligations or if guaranteeing the Obligation would require governmental (including regulatory) consent, approval, license or authorization (unless such consent, approval license or authorization has been obtained), (d) any other Subsidiary with respect to which, in the reasonable judgment of the administrative agent under the Credit Agreement, in consultation with the Issuer, the burden or cost or other consequences (including any material adverse tax consequences) of providing a guarantee shall be excessive in view of the benefits to be obtained by the lenders under the Credit Agreement therefrom, (e) any Foreign Subsidiary, (f) any non-for-profit Subsidiaries, (g) any Unrestricted Subsidiaries, (h) any special purpose securitization vehicle or a captive insurance subsidiary, (i) any direct or indirect Domestic Subsidiary (x) that is treated as a disregarded entity for federal income tax purposes and (y) substantially all of the assets of which include the Equity Interests of one or more Foreign Subsidiaries and (j) any Domestic Subsidiary that is a Subsidiary of a Foreign Subsidiary; provided that no Subsidiary that guarantees any subordinated Indebtedness or any other Indebtedness that is required to be subordinated to the Obligations pursuant to the terms of the Notes Documents shall be deemed to be an Excluded Subsidiary at any time any such guarantee is in effect.

“Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the 

22

 

 

transaction, which, in the case of an Asset Sale, Restricted Payment or Investment shall be determined either, at the option of the Company, at the time of the Asset Sale, Restricted Payment or Investment or as of the date of the definitive agreement with respect to such Asset Sale, Restricted Payment or Investment, and without giving effect to any subsequent change in value.

 “First-Priority Notes” means the 8.750% First-Priority Senior Secured Notes due 2025 issued on April 30, 2020.

 “First-Priority Notes Documents” means the collective reference to the First-Priority Notes Indenture, any notes issued pursuant thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified, in whole or in part, from time to time.

“First-Priority Notes Indenture” means that certain Indenture dated as of April 30, 2020 (as the same may be amended, amended and restated, replaced, refinanced, supplemented or otherwise modified from time to time) among Wilmington Trust, National Association, as trustee and as collateral agent, the Company and the subsidiary guarantors from time to time party thereto.  

“Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges of such Person for such period.  In the event that the Company or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness (other than in the case of any Permitted Securitization Financing, in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during the applicable period) or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period.

For purposes of making the computation referred to above, Investments, capital expenditures, constructions, repairs, replacements, improvements, equipment optimization programs, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP) and any operational changes, business realignment projects or cost savings initiatives or other initiatives, restructurings or reorganizations that the Company or any Restricted Subsidiary has determined to make or implement and/or has made or implemented during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, capital expenditures, constructions, repairs, replacements, improvements, equipment optimization programs, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other 

23

 

 

operational changes, business realignment projects or initiatives, restructurings or reorganizations (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred (or such operational or cost savings had been realized) on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any Investment, capital expenditure, construction, repair, replacement, improvement, equipment optimization program, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation, operational change, business realignment project or initiative, restructuring or reorganization that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, capital expenditure, construction, repair, replacement, improvement, equipment optimization program, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation, operational change, business realignment project or initiative, restructuring or reorganization had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period.

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Company as set forth in an Officer’s Certificate, to reflect (1) operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event (including, to the extent applicable, the Transactions), which adjustments pursuant to this clause (1) (other than adjustments of the nature used in connection with the calculation of “Adjusted EBITDA, after cost savings” as set forth in “Summary Historical Consolidated Financial and Other Data of SeaWorld” under “Summary” in the Offering Memorandum or other operating expense reductions and other operating improvements, synergies or cost savings resulting from the Transactions) shall only be included to the extent that the actions resulting in such operating expense reductions and other operating improvements, synergies or cost savings are taken or commenced or expected to be taken or commenced (in the good faith determination of the Company) within 24 months after the date any such calculation is performed and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA, after cost savings” as set forth in “Summary Historical Consolidated Financial and Other Data of SeaWorld” under “Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period.

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months).  Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or 

24

 

 

accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.  For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period.  Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate.

For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period.

“Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: (1) Consolidated Interest Expense (excluding amortization or write-off of deferred financing costs, discounts or premiums) of such Person for such period, and (2) all cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock of such Person and its Restricted Subsidiaries.

“Foreign Subsidiary” means a Restricted Subsidiary not organized or existing under the laws of the United States of America or any state thereof or the District of Columbia.

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Issue Date.  For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment.

“guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations.  The amount of any guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such person in good faith.

“Guarantees” means the Parent Guarantee together with the Subsidiary Guarantees.

“Guarantors” means the Parent Guarantor and the Subsidiary Guarantors. 

25

 

 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under:

	
(1)
	
currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest rate or commodity collar agreements; and
	
 

	
(2)
	
other agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity prices.
	
 

“holder” or “noteholder” means the Person in whose name a Note is registered on the Registrar’s books.

“Immediate Family Members” means with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships), the estates of such individual and such other individuals above and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

“Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary.

“Indebtedness” means, with respect to any Person:

	
(1)
	
the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business or consistent with past practice or industry norm, (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and (iii) liabilities accrued in the ordinary course of business or consistent with past practice or industry norm), which purchase price is due more than twelve months after the date of placing the property in service or taking delivery and title thereto, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;
	
 

	
(2)
	
to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the obligations 
	
 

26

 

 

		
referred to in clause (1) of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business or consistent with past practice or industry norm); and
	
 

	
(3)
	
to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value (as determined in good faith by the Company) of such asset at such date of Incurrence, and (b) the principal amount of such Indebtedness of such other Person;
	
 

provided, however, that, notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations Incurred in the ordinary course of business or consistent with past practice or industry norm and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller; (4) Obligations under or in respect of Permitted Securitization Financings; (5) trade and other ordinary course payables, accrued expenses and intercompany liabilities arising in the ordinary course of business or consistent with past practice or industry norm; (6) [reserved]; (7) obligations in respect of Third Party Funds; (8) in the case of the Company and its Restricted Subsidiaries (x) all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business or consistent with past practice or industry norm and (y) intercompany liabilities in connection with cash management, tax and accounting operations of the Company and its Restricted Subsidiaries; (9) any obligations under Hedging Obligations that are not Incurred for speculative purposes; and (10) Indebtedness of any direct or indirect parent of the Company appearing on the balance sheet of the Company solely by reason of push-down accounting under GAAP.

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to, the effects of Accounting Standards Codification Topic No. 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of Indebtedness under this Indenture.

“Indenture” means this Indenture as amended or supplemented from time to time.

“Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant, in each case of nationally recognized standing, that is, in the good faith determination of the Company, qualified to perform the task for which it has been engaged.

“Interest Payment Date” has the meaning set forth in Exhibit A hereto.

“Intermediate Guarantor” means any Subsidiary Guarantor that is a direct or indirect parent of the Issuer.

27

 

 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency.

“Investment Grade Securities” means:

	
(1)
	
securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other than Cash Equivalents),
	
 

	
(2)
	
securities that have a rating equal to or higher than Baa3 (or equivalent) by Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among the Company and its Subsidiaries,
	
 

	
(3)
	
investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment and/or distribution, and
	
 

	
(4)
	
corresponding instruments in countries other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition.
	
 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees of loans), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments and other credits to suppliers or customers made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of such Person in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property.  For purposes of the definition of Unrestricted Subsidiary and Section 4.04:

	
(1)
	
“Investments” shall include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value (as determined in good faith by the Company) of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to:
	
 

	
(a)
	
the Company’s “Investment” in such Subsidiary at the time of such redesignation less
	
 

28

 

 

	
(b)
	
the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value (as determined in good faith by the Company) of the net assets of such Subsidiary at the time of such redesignation; and
	
 

	
(2)
	
any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in good faith by the Company) at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Company.
	
 

          “Investors” means (i) one or more investment funds advised, managed or controlled by Hill Path Capital LP and any of their respective Affiliates other than any portfolio companies (collectively, the “Hill Path Sponsors”) and (ii) any Person that forms a group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) with the Hill Path Sponsors; provided that, collectively, the Hill Path Sponsors control a majority of the voting power of such group. 

“Issue Date” means the date on which the Initial Notes are originally issued.

 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement or any lease in the nature thereof); provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien.

“Market Capitalization” means, as of any date of determination, an amount equal to (i) the total number of issued and outstanding shares of Capital Stock of the Company (or any successor of the Company) or any direct or indirect parent of the Company on such date of determination multiplied by (ii) the arithmetic mean of the closing prices per share of such Capital Stock for the 30 consecutive trading days immediately preceding such date of determination. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

“Net Income” means, with respect to any Person, the net income (loss) of such Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends.

“Net Proceeds” means the aggregate cash proceeds received by the Company or any Restricted Subsidiary in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring person of Indebtedness relating to the disposed assets or other consideration received in any other non-cash form), net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, payments made in order to obtain a necessary consent or required by applicable law, and 

29

 

 

brokerage and sales commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable (in the good faith determination of the Company) as a result thereof (including Tax Distributions and after taking into account any available tax credits or deductions and any tax sharing arrangements related solely to such disposition), amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)) to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided by the Company as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction and payments made to holders of non-controlling interests in non-Wholly Owned Subsidiaries as a result of such Asset Sale.

Notwithstanding the foregoing or anything to the contrary in Section 4.06, to the extent that the Company has determined in good faith that repatriation (i) of any or all of the Net Proceeds of any Asset Sales by a Foreign Subsidiary is prohibited, restricted or delayed by applicable local law or (ii) of any or all of the Net Proceeds of any Assets Sales by a Foreign Subsidiary could result in a material adverse tax consequence to the Company or its Subsidiaries, an amount equal to the portion of such Net Proceeds so affected will not constitute Net Proceeds or be required to be applied in compliance with Section 4.06; provided that, in any event, the Company shall use its commercially reasonable efforts to take actions within its reasonable control that are reasonably required to eliminate such tax effects.

“New Parent” has the meaning specified in the definition of Change of Control.

“Notes Documents” means this Indenture, the Notes, the Subsidiary Guarantees and the Parent Guarantee.

“Notes Obligations” means Obligations in respect of the Notes, this Indenture, the Parent Guarantee and the Subsidiary Guarantees.

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness (including interest, fees, expenses, indemnity claims and other monetary obligations accrued during the pendency of an insolvency proceeding, whether or not constituting an allowed claim in such proceeding); provided that Obligations with respect to the Notes shall not include fees or indemnifications in favor of third parties other than the Trustee.

“Offering Memorandum” means the offering memorandum, dated August 13, 2021, relating to the issuance of the Initial Notes.

“Officer” means the chairman of the board, chief executive officer, chief financial officer, president, any executive vice president, senior vice president or vice president, the treasurer or the secretary of the Company or the Issuer.

30

 

 

“Officer’s Certificate” means a certificate signed on behalf of the Company or the Issuer by an Officer of the Company or the Issuer who is the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company or the Issuer, which meets the requirements set forth in this Indenture.

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee.  The counsel may be an employee of or counsel to the Company or any Restricted Subsidiary.

“Parent Guarantee” means the guarantee of the obligations of the Issuer under this Indenture and the Notes by the Company in accordance with the provisions of this Indenture.

“Pari Passu Indebtedness” means: (a) with respect to the Issuer, the Notes and any Indebtedness which ranks pari passu in right of payment to the Notes; and (b) with respect to the Company or any Subsidiary Guarantor, the Parent Guarantee or its Subsidiary Guarantee, as applicable, and any Indebtedness which ranks pari passu in right of payment to the Parent Guarantee or such Subsidiary Guarantor’s Subsidiary Guarantee, as applicable.

“Permitted Holders” means, at any time, each of (i) the Investors, (ii) any Person that, directly or indirectly, holds or acquires 100% of the total voting power of the Voting Stock of the Company, and of which no other Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), other than any of the other Permitted Holders, holds more than 50% of the total voting power of the Voting Stock thereof, and any New Parent and its subsidiaries, (iii) any Person who is acting solely as an underwriter in connection with a public or private offering of Equity Interests of the Company or any of its direct or indirect parent companies, acting in such capacity, (iv) members of management of the Company, the Issuer or any of its Subsidiaries who are investors in the Company or any direct or indirect parent thereof, and (v) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) the members of which include any of the Permitted Holders specified in clauses (i), (ii), (iii) and (iv) above and that, directly or indirectly, hold or acquire beneficial ownership of the Voting Stock of the Company (a “Permitted Holder Group”), so long as (1) no member of the Permitted Holder Group (other than Permitted Holders specified in clauses (i), (ii), (iii) and (iv) above) has the right to elect a number of directors that is greater than such member’s proportional share of directors (with such member’s proportional share of directors being determined based on the total number of directors on the applicable board of directors multiplied by the percentage of Voting Stock held or acquired by such member) and (2) no Person or other “group” (other than Permitted Holders specified in clauses (i), (ii), (iii) and (iv) above) beneficially owns more than 50% on a fully diluted basis of the Voting Stock held by the Permitted Holder Group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

“Permitted Investments” means:

	
(1)
	
any Investment in the Company or any Restricted Subsidiary;
	
 

31

 

 

		

	
 

	
(2)
	
any Investment in Cash Equivalents or Investment Grade Securities;
	
 

	
(3)
	
any Investment by the Company or any Restricted Subsidiary in a Person if as a result of such Investment (a) such Person becomes a Restricted Subsidiary, including by means of a Delaware LLC Division, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary;
	
 

	
(4)
	
any Investment in securities or other assets not constituting Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 4.06 or any other disposition of assets not constituting an Asset Sale;
	
 

	
(5)
	
any Investment existing on the Issue Date, made pursuant to binding commitments existing on the Issue Date or in satisfaction of obligations under joint venture agreements existing on the Issue Date or any Investment consisting of any extension, modification or renewal of any such Investment, binding commitment or obligation, in each case, existing on the Issue Date; provided that the amount of any such Investment may be increased (x) as required by the terms of such Investment, binding commitment or obligation, in each case, as in existence on the Issue Date or (y) as otherwise permitted under this Indenture;
	
 

	
(6)
	
loans and advances to, or guarantees of Indebtedness of, officers, directors, employees or consultants of the Company or any of its Subsidiaries (i) in the ordinary course of business or consistent with past practice or industry norm in an aggregate outstanding amount (valued in good faith by the Company at the time of the making thereof, and without giving effect to any subsequent changes in value) not to exceed $10.0 million, (ii) in respect of payroll payments and expenses in the ordinary course of business or consistent with past practice or industry norm and (iii) in connection with such person’s purchase of Equity Interests of the Company or any direct or indirect parent of the Company solely to the extent that the amount of such loans and advances shall be contributed to the Company in cash as common equity;
	
 

	
(7)
	
any Investment acquired by the Company or any Restricted Subsidiary (a) consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business or consistent with past practice or industry norm, (b) in exchange for any other Investment or accounts receivable or deposit held by the Company or such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Company of such other Investment, accounts receivable or deposit (including any trade creditor or customer), (c) in satisfaction of judgments against other Persons or (d) as a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any 
	
 

32

 

 

		
secured Investment or other transfer of title with respect to any secured Investment in default;
	
 

	
(8)
	
Hedging Obligations permitted under Section 4.03(b)(x);
	
 

	
(9)
	
any Investment by the Company or any Restricted Subsidiary in a Similar Business in an aggregate outstanding amount (valued in good faith by the Company at the time of the making thereof, and without giving effect to subsequent changes in value), taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the sum of (x) the greater of (i) $100.0 million and (ii) 0.30 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such event and giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, repurchases, redemptions, income and similar amounts) actually received in respect of any such Investment (with the value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (9) is made in any Person that is not the Company or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes the Company or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be the Company or a Restricted Subsidiary;
	
 

	
(10)
	
any Investment by the Company or any Restricted Subsidiary in an aggregate outstanding amount (valued in good faith by the Company at the time of the making thereof, and without giving effect to subsequent changes in value), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed the sum of (x) the greater of (i) $100.0 million and (ii) 0.30 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such event and giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, repurchases, redemptions, income and similar amounts) actually received in respect of any such Investment (with the value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (10) is made in any Person that is not the Company or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes the Company or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made 
	
 

33

 

 

		
pursuant to this clause (10) for so long as such Person continues to be the Company or a Restricted Subsidiary;
	
 

	
(11)
	
(a) loans and advances to officers, directors or employees for business-related travel expenses, moving expenses and other similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice or industry norm or to fund such person’s purchase of Equity Interests of the Company or any direct or indirect parent of the Company and (b) advances, loans or extensions of trade credit in the ordinary course of business or consistent with past practice or industry norm by the Company or any of its Restricted Subsidiaries;
	
 

	
(12)
	
Investments the payment for which consists of or is financed with the proceeds of the sale or issuance of Equity Interests of the Company (other than Disqualified Stock) or any direct or indirect parent of the Company, as applicable; provided, however, that the issuance of such Equity Interests (or such proceeds from the sale thereof) will not increase the amount available for Restricted Payments under clause (3) of the definition of Cumulative Credit;
	
 

	
(13)
	
any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (iv), (v), (vi), (ix)(B) and (xvi) of Section 4.07(b));
	
 

	
(14)
	
loans and leases of animals to third parties for the purposes of exhibition, storage or breeding, as the case may be, in each case in the ordinary course of business and consistent with past practices;
	
 

	
(15)
	
guarantees issued in accordance with Section 4.03 and Section 4.11 including, without limitation, any guarantee or other obligation issued or incurred under any Credit Agreement in connection with any letter of credit issued for the account of the Company or any of its Subsidiaries (including with respect to the issuance of, or payments in respect of drawings under, such letters of credit), performance guarantees and Contingent Obligations and the creation of Liens on the assets of the Company or any Restricted Subsidiary in compliance with Section 4.12;
	
 

	
(16)
	
Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses, leases or contributions of intellectual property;
	
 

	
(17)
	
Investments consisting of Securitization Assets or arising as a result of, or in connection with, Permitted Securitization Financings, including Investments of funds held in accounts permitted or required by the arrangements governing a Permitted Securitization Financing or any related Indebtedness;
	
 

34

 

 

	
(18)
	
Investments consisting of Securitization Assets or arising as a result of Permitted Securitization Financings or receivables sales or similar factoring arrangements of Receivables Assets;
	
 

	
(19)
	
any Investment in joint ventures (valued in good faith by the Company) not to exceed, at any one time in the aggregate outstanding under this clause (19), the sum of (x) the greater of (i) $100.0 million and (ii) 0.30 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such event and giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, repurchases, redemptions, income and similar amounts) actually received in respect of any such Investment (with the value of each Investment being measured at the time such Investment is made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (19) is made in any Person that is not the Company or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes the Company or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (19) for so long as such Person continues to be the Company or a Restricted Subsidiary;
	
 

	
(20)
	
Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into, amalgamated with, or consolidated with the Company or a Restricted Subsidiary in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;
	
 

	
(21)
	
Investments in the ordinary course of business or consistent with past practice or industry norm consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers;
	
 

	
(22)
	
advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Company or its Restricted Subsidiaries;
	
 

	
(23)
	
any Investment in any Subsidiary of the Company or any joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business or consistent with past practice or industry norm;
	
 

35

 

 

	
(24)
	
guarantees of Indebtedness under customer financing lines of credit in the ordinary course of business or consistent with past practice or industry norm; 
	
 

	
(25)
	
any Investment so long as, immediately after giving effect to such Investment, the Total Indebtedness Leverage Ratio of the Company is not greater than 4.75 to 1.00 on a pro forma basis; and
	
 

	
(25)
	
Investments made in connection with obtaining, maintaining or renewing client and customer contracts in the ordinary course of business or consistent with past practice or industry norm. 
	
 

“Permitted Liens” means, with respect to any Person:

	
(1)
	
pledges or deposits and other Liens granted by such Person under workmen’s compensation laws, health, disability or other employee benefits, unemployment insurance, employers’ health tax and other social security laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds, performance and return of money bonds, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business;
	
 

	
(2)
	
Liens imposed by law, such as landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens securing obligations that are not overdue by more than 30 days or that are being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review;
	
 

	
(3)
	
Liens for taxes, assessments or other governmental charges not yet overdue by more than 30 days or that are being contested in good faith by appropriate proceedings and in respect of which, if applicable, the Company or the applicable Subsidiary, as applicable, shall have set aside on its books reserves in accordance with GAAP;
	
 

	
(4)
	
Liens in favor of issuers of performance and surety, bid, indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements or letters of credit, bankers’ acceptances or similar obligations issued and completion guarantees provided for, in each case, pursuant to the request of and for the account of such Person in the ordinary course of its business or consistent with past practice or industry norm;
	
 

	
(5)
	
minor survey exceptions, minor encumbrances, ground leases, trackage rights, special assessments, easements or reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, telegraph and 
	
 

36

 

 

		
telephone lines and other similar purposes, servicing agreements, development agreements, site plan agreements and other similar encumbrances incurred in the ordinary course of business or zoning or other restrictions (including minor defects and irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person or consistent with past practice or industry norm;
	
 

	
(6)
	
(A)Liens on assets of a Subsidiary that is not the Issuer or a Subsidiary Guarantor securing Indebtedness of a Subsidiary that is not the Issuer or a Subsidiary Guarantor permitted to be Incurred pursuant to Section 4.03;
	
 

	
 
	
(B)
	
Liens securing Obligations in respect of Indebtedness Incurred pursuant to Section 4.03(b)(i);
	
 

	
 
	
(C) 
	
Liens securing obligations in respect of any Indebtedness permitted to be Incurred under this Indenture if, as of the date such Indebtedness was Incurred, and after giving pro forma effect thereto and the application of the net proceeds therefrom, the Secured Leverage Ratio of the Company does not exceed 4.75 to 1.00; and
	
 

	
 
	
(D)
	
Liens securing Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (iv), (xii), (xiv) (to the extent it guarantees any such Indebtedness), (xvi) or (xx) of Section 4.03(b) (provided that (i) in the case of clause (iv), such Liens do not extend to any property or assets other than the property or assets acquired, leased, constructed, installed, repaired, replaced or improved with the proceeds of such Indebtedness being Incurred pursuant to clause (iv) or subject to such sale and leaseback arrangement or finance lease obligation and, in each case, improvements on, accessions and additions thereto, and proceeds and products thereof, and other after-acquired property required to be subject to such Liens pursuant to the terms of such Indebtedness, (ii) in the case of clause (xvi), such Liens securing Indebtedness Incurred pursuant to clause (xvi) shall only be permitted under this clause (D) if, on a pro forma basis after giving effect to the Incurrence of such Indebtedness and Liens, the Secured Leverage Ratio of the Company does not exceed 4.75 to 1.00 or the Secured Leverage Ratio of the Company would be no greater than immediately prior to such Incurrence and (iii) in the case of clause (xx), such Lien does not extend to the property or assets of any Subsidiary of the Company other than a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor).
	
 

	
(7)
	
Liens existing on the Issue Date (other than Liens in favor of (x) the lenders under the Credit Agreement in effect on the Issue Date and (y) holders of the First-Priority Notes);
	
 

37

 

 

	
(8)
	
Liens on assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary of the Company; provided, however, that such Liens (other than Liens to secure Indebtedness of the type Incurred pursuant to Section 4.03(b)(xvi)) are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such Liens (other than Liens to secure Indebtedness of the type Incurred pursuant to Section 4.03(b)(xvi)) may not extend to any other property owned by the Company or any Restricted Subsidiary (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition);
	
 

	
(9)
	
Liens on assets or property at the time the Company or a Restricted Subsidiary acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or any Restricted Subsidiary; provided, however, that such Liens (other than Liens to secure Indebtedness of the type Incurred pursuant to Section 4.03(b)(xvi)) are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that such Liens (other than Liens to secure Indebtedness of the type Incurred pursuant to Section 4.03(b)(xvi)) may not extend to any other property owned by the Company or any Restricted Subsidiary (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition);
	
 

	
(10)
	
Liens securing Indebtedness or other obligations of the Company or a Restricted Subsidiary owing to the Company or another Restricted Subsidiary permitted to be Incurred in accordance with Section 4.03;
	
 

	
(11)
	
Liens securing Hedging Obligations not incurred in violation of this Indenture; provided that with respect to Hedging Obligations relating to Indebtedness, such Lien extends only to the property securing such Indebtedness (other than Hedging Obligations constituting Secured Bank Indebtedness);
	
 

	
(12)
	
Liens (i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business or (ii) on inventory, equipment or other goods and proceeds of any Person securing such Person’s obligations in respect of documentary letters of credit, bank guarantees, warehouse receipts or bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory, equipment or other goods;
	
 

	
(13)
	
leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Company or any of the Restricted Subsidiaries;
	
 

38

 

 

	
(14)
	
Liens arising from Uniform Commercial Code financing statement filings regarding operating leases or other obligations not constituting Indebtedness or purported Liens evidenced by the filing of precautionary Uniform Commercial Code financing statements or similar public filings;
	
 

	
(15)
	
Liens in favor of the Company, the Issuer or any Subsidiary Guarantor;
	
 

	
(16)
	
Liens in respect of (i) Permitted Securitization Financings and (ii) receivables sales and financings that extend only to the assets subject thereto and, in the case of Permitted Securitization Financings, Equity Interests of Special Purpose Securitization Subsidiaries;
	
 

	
(17)
	
pledges and deposits and other Liens made in the ordinary course of business to secure liability to insurance carriers under insurance or self-insurance arrangements;
	
 

	
(18)
	
Liens on the Equity Interests of Unrestricted Subsidiaries;
	
 

	
(19)
	
leases or subleases, and licenses or sublicenses (including with respect to intellectual property) granted to others in the ordinary course of business or consistent with past practice or industry norm (including rights granted to lessees related to quiet enjoyment and purchase rights at the end of such leasing arrangement);
	
 

	
(20)
	
Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6), (7), (8), (9), (10), (11), (15), (25) and (41) of this definition; provided, however, that (x) such new Lien shall be limited to all or part of the same property (including any after acquired property to the extent it would have been subject to the original Lien) that secured the original Lien (plus improvements on and accessions to such property, proceeds and products thereof, customary security deposits and any other assets pursuant to the after-acquired property clauses to the extent such assets secured (or would have secured) the Indebtedness being refinanced, refunded, extended, renewed or replaced), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount (or accreted value, if applicable) or, if greater, committed amount of the applicable Indebtedness described under clauses (6), (7), (8), (9), (10), (11), (15), (25) and (41) at the time the original Lien became a Permitted Lien under this Indenture, (B) unpaid accrued interest and premiums (including tender premiums), and (C) an amount necessary to pay any underwriting discounts, defeasance costs, commissions, fees and expenses related to such refinancing, refunding, extension, renewal or replacement; provided, further, however, that in the case of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B), (6)(C) or (6)(D), the principal 
	
 

39

 

 

		
amount of any Indebtedness Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause (6)(B), (6)(C) or (6)(D) and not this clause (20) for purposes of determining the principal amount of Indebtedness outstanding under clause (6)(B), (6)(C) or (6)(D);
	
 

	
(21)
	
Liens on equipment of the Company or any Restricted Subsidiary granted in the ordinary course of business to the Company’s or such Restricted Subsidiary’s client at which such equipment is located;
	
 

	
(22)
	
judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made;
	
 

	
(23)
	
(a) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of goods or equipment entered into in the ordinary course of business or consistent with past practice or industry norm, (b) Liens solely on any cash earnest money deposits made by the Company or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted by this Indenture and (c) Liens (i) on cash advances in favor of (x) the seller of any property to be acquired in an Investment permitted under this Indenture to be applied against the purchase price for such Investment or (y) the buyer of any property to be disposed of to secure obligations in respect of indemnification, termination fee or similar seller obligations and (ii) consisting of an agreement to dispose of any property in a disposition, in each case, solely to the extent such Investment or disposition, as the case may be, would have been permitted on the date of the creation of such Lien;
	
 

	
(24)
	
Liens incurred to secure cash management services or to implement cash pooling arrangements in the ordinary course of business;
	
 

	
(25)
	
Liens securing obligations the outstanding principal amount of which does not, taken together with the principal amount of all other obligations secured by Liens incurred under this clause (25) and any Liens to secure any refinancing, refunding, extension or renewal in respect thereof incurred pursuant to clause (20) above, that are at that time outstanding, exceed the greater of $300.0 million and 0.60 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such event and giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters;
	
 

	
(26)
	
any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement securing obligations of such joint venture or pursuant to any joint venture or similar agreement;
	
 

40

 

 

	
(27)
	
any amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the Company or any Restricted Subsidiary, under any indenture issued in escrow pursuant to customary escrow arrangements pending the release thereof, or under any indenture pursuant to customary discharge, redemption or defeasance provisions;
	
 

	
(28)
	
Liens (i) arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business and not for speculative purposes;
	
 

	
(29)
	
Liens (i) in favor of credit card companies pursuant to agreements therewith and (ii) in favor of customers;
	
 

	
(30)
	
Liens disclosed by the title insurance policies delivered on (with respect to all mortgages delivered on the Issue Date) or subsequent to the Issue Date and pursuant to the Credit Agreement, the First-Priority Notes and any replacement, extension or renewal of any such Lien; provided that such replacement, extension or renewal Lien shall not cover any property other than the property that was subject to such Lien prior to such replacement, extension or renewal and any accessions and additions thereto or proceeds and products thereof and related property of the type that would have been subject to such Lien notwithstanding such replacement, extension or renewal; provided, further, that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted under this Indenture;
	
 

	
(31)
	
Liens that are contractual rights of set-off or rights of pledge (a) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (b) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Company and its Restricted Subsidiaries or (c) relating to purchase orders and other agreements entered into with customers, suppliers or service providers of the Company or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry norm;
	
 

	
(32)
	
in the case of real property that constitutes a leasehold interest, any Lien to which the fee simple interest (or any superior leasehold interest) is subject;
	
 

	
(33)
	
Liens in respect of Third Party Funds;
	
 

41

 

 

		

	
 

	
(34)
	
agreements to subordinate any interest of the Company or any Restricted Subsidiary in any accounts receivable or other prices arising from inventory or equipment consigned by the Company or any Restricted Subsidiary pursuant to an agreement entered into in the ordinary course of business;
	
 

	
(35)
	
Liens on securities that are the subject of repurchase agreements constituting Cash Equivalents under clause (4) of the definition thereof;
	
 

	
(36)
	
Liens securing insurance premium financing arrangements; provided that such Liens are limited to the applicable unearned insurance premiums;
	
 

	
(37)
	
Liens (i) on inventory held by and granted to a local distribution company in the ordinary course of business and (ii) in accounts purchased and collected by and granted to a local distribution company that has agreed to make payments to the Company or any of its Restricted Subsidiaries for such amounts in the ordinary course of business;
	
 

	
(38)
	
Liens in respect of Indebtedness secured by mortgages on the corporate headquarters of the Company and its Subsidiaries; 
	
 

	
(39)
	
Liens, deposits and security given to a public utility or any municipality or governmental authority when required by such utility or authority in connection with the operations or business of the Company and its Restricted Subsidiaries in the ordinary course of business or consistent with past practice or industry norm;
	
 

	
(40)
	
[reserved];
	
 

	
(41)
	
[reserved];
	
 

	
(42)
	
[reserved]; and
	
 

	
(43)
	
Liens incurred in the ordinary course of business with respect to obligations that in total do not exceed the greater of $25.0 million and 0.25 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such event and giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters.
	
 

“Permitted Securitization Documents” means all documents and agreements evidencing, relating to or otherwise governing a Permitted Securitization Financing.

“Permitted Securitization Financing” means one or more transactions pursuant to which (i) Securitization Assets or interests therein are sold or transferred to or financed by one or more Special Purpose Securitization Subsidiaries, and (ii) such Special Purpose Securitization Subsidiaries finance (or refinance) their acquisition of such Securitization Assets or interests therein, or the financing thereof, by selling or borrowing against Securitization Assets and any 

42

 

 

Hedging Obligations or hedging agreements entered into in connection with such Securitization Assets; provided, that recourse to the Company or any Restricted Subsidiary (other than the Special Purpose Securitization Subsidiaries) in connection with such transactions shall be limited to the extent customary (as determined by the Company in good faith) for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a “true sale”/“absolute transfer” opinion with respect to any transfer by the Company or any Restricted Subsidiary (other than a Special Purpose Securitization Subsidiary)).

“Person” or “person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity.

“Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution, or winding up.

“Pre-Opening Expenses” means, with respect to any fiscal period, the amount of expenses (other than interest expense) incurred that are classified as “pre-opening rent,” “opening costs” or “pre-opening expenses” (or any similar or equivalent caption).

“Public Company Compliance” means compliance with or in anticipation of, or preparation for (whether or not consummated), compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, the provisions of the Securities Act and the Exchange Act, and the rules of national securities exchange listed companies (in each case, as applicable to companies with equity or debt securities held by the public), including procuring directors’ and officers’ insurance, legal and other professional fees, and listing fees.

“Rating Agency” means (1) each of Moody’s and S&P (and their respective successors and assigns) and (2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15cs-1(c)(2)(vi)(F) under the Exchange Act selected by the Issuer or any direct or indirect parent of the Issuer as a replacement agency for Moody’s or S&P, as the case may be.

“Receivables Assets” means accounts receivable (including any bills of exchange), accounts, payment intangibles and other rights to payment and related assets and property from time to time originated, acquired or otherwise owned by the Company or any Subsidiary.

“Record Date” has the meaning specified in Exhibit A hereto.

“ “Restricted Cash” means cash and Cash Equivalents held by Restricted Subsidiaries that would appear as “restricted” on a consolidated balance sheet of the Company or any of its Restricted Subsidiaries.

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

“Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an Unrestricted Subsidiary of such Person.  Unless otherwise indicated in this 

43

 

 

Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Company and in such case shall include the Issuer.

“S&P” means S&P Global Ratings or any successor to the rating agency business thereof.

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the Company or a Restricted Subsidiary whereby the Company or such Restricted Subsidiary transfers such property to a Person and the Company or such Restricted Subsidiary leases it from such Person, other than leases between the Company and a Restricted Subsidiary or between Restricted Subsidiaries.

“SEC” means the Securities and Exchange Commission.

 “Secured Bank Indebtedness” means any Bank Indebtedness that is secured by a Permitted Lien incurred or deemed incurred pursuant to clause (6)(B) of the definition of Permitted Liens.

“Secured Indebtedness” means any Consolidated Total Indebtedness secured by a Lien.

“Secured Leverage Ratio” means, with respect to any Person, at any date, the ratio of (i) Secured Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of such Person for the four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such date on which such ratio is calculated. In the event that the Company or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the Secured Leverage Ratio is being calculated but prior to the event for which the calculation of the Secured Leverage Ratio is made (the “Secured Leverage Calculation Date”), then the Secured Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period.

For purposes of making the computation referred to above, Investments, capital expenditures, constructions, repairs, replacements, improvements, equipment optimization programs, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP) and any operational changes, business realignment projects or cost savings initiatives or other initiatives, restructurings or reorganizations that the Company or any Restricted Subsidiary has determined to make or implement and/or has made or implemented during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Secured Leverage Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, capital expenditures, constructions, repairs, replacements, improvements, equipment optimization programs, 

44

 

 

acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes, business realignment projects or initiatives, restructurings or reorganizations (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred (or such operational or cost savings had been realized) on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any Investment, capital expenditure, construction, repair, replacement, improvement, equipment optimization program, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation, operational change, business realignment project or initiative, restructuring or reorganization that would have required adjustment pursuant to this definition, then the Secured Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, capital expenditure, construction, repair, replacement, improvement, equipment optimization program, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation, operational change, business realignment project or initiative, restructuring or reorganization had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Secured Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period.

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Company as set forth in an Officer’s Certificate, to reflect (1) operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event (including, to the extent applicable, the Transactions), which adjustments pursuant to this clause (1) (other than adjustments of the nature used in connection with the calculation of “Adjusted EBITDA, after cost savings” as set forth in “Summary Historical Consolidated Financial and Other Data of SeaWorld” under “Summary” in the Offering Memorandum or other operating expense reductions and other operating improvements, synergies or cost savings resulting from the Transactions) shall only be included to the extent that the actions resulting in such operating expense reductions and other operating improvements, synergies or cost savings are taken or commenced or expected to be taken or commenced (in the good faith determination of the Company) within 24 months after the date any such calculation is performed and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA, after cost savings” as set forth in “Summary Historical Consolidated Financial and Other Data of SeaWorld” under “Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period. 

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Secured Leverage Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or 

45

 

 

accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 

For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period.

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

“Securitization Assets” means any of the following assets (or interests therein) from time to time originated, acquired or otherwise owned by the Company or any Restricted Subsidiary or in which the Company or any Restricted Subsidiary has any rights or interests, in each case, without regard to where such assets or interests are located: (1) Receivables Assets, (2) franchise fee payments and other revenues related to franchise agreements, (3) royalty and other similar payments made related to the use of trade names and other intellectual property, business support, training and other services, (4) revenues related to distribution and merchandising of the products of the Company and the Restricted Subsidiaries, (5) rents, real estate taxes and other non-royalty amounts due from franchisees, (6) intellectual property rights relating to the generation of any of the foregoing types of assets, (7) parcels of or interests in real property, together with all easements, hereditaments and appurtenances thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof, (8) any Equity Interests of any Special Purpose Securitization Subsidiary or any Subsidiary of a Special Purpose Securitization Subsidiary and any rights under any limited liability company agreement, trust agreement, shareholders agreement, organization or formation documents or other agreement entered into in furtherance of the organization of such entity, (9) any inventory and any equipment, contractual rights with unaffiliated third parties, website domains and associated property and rights necessary for a Special Purpose Securitization Subsidiary to operate in accordance with its stated purposes, (10) any rights and obligations associated with gift card or similar programs and (11) any other assets and property (or proceeds of such assets or property) to the extent customarily included in securitization transactions of the relevant type in the applicable jurisdictions (as determined by the Company in good faith).

 “Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provision).

“Similar Business” means any business, the majority of whose revenues are derived from (i) the business or activities of the Company and its Subsidiaries as of the Issue Date, as applicable, (ii) any business that is a natural outgrowth or a reasonable extension, 

46

 

 

development or expansion of any such business or any business similar, reasonably related, incidental, complementary or ancillary to any of the foregoing or (iii) any business that in the Company’s good faith business judgment constitutes a reasonable diversification of business conducted by the Company and its Subsidiaries.

“Special Purpose Securitization Subsidiary” means (i) a direct or indirect Subsidiary of the Company (other than the Issuer or any Intermediate Guarantor) established in connection with a Permitted Securitization Financing for the acquisition of Securitization Assets or interests therein and/or Equity Interests in other Special Purpose Securitization Subsidiaries, and which is organized in a manner (as determined by the Company in good faith) intended to reduce the likelihood that it would be substantively consolidated with the Company or any of its Restricted Subsidiaries (other than Special Purpose Securitization Subsidiaries) in the event the Company or any such Restricted Subsidiary becomes subject to a proceeding under the Bankruptcy Code (or other insolvency law) and (ii) any subsidiary of a Special Purpose Securitization Subsidiary.

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable.

“Subordinated Indebtedness” means (a) with respect to the Issuer, any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes, and (b) with respect to the Company or any Subsidiary Guarantor, any Indebtedness of the Company or such Subsidiary Guarantor, as applicable, which is by its terms subordinated in right of payment to the Parent Guarantee or the Subsidiary Guarantee of such Subsidiary Guarantor, as applicable.

“Subsidiary” means, with respect to any Person (herein referred to as the “parent”), any corporation, partnership, association or other business entity (a) that is, at the time any determination is made, Controlled by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent, (b) of which securities or other ownership interests representing at least 50% of the economic interests or at least 50% of the ordinary voting power (or board representation, including through block voting arrangements) or at least 50% of the general partnership interests are, at the time any determination is being made, directly or indirectly, owned, Controlled or held by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent or (c) the financial results of which are (or are expected to be) consolidated with those of the parent and its subsidiaries in the financial statements of the parent and its subsidiaries; provided that any such person described under clauses (b) and (c) above may be determined to be or not be a “Subsidiary” of the Company at the option of the Company.

“Subsidiary Guarantee” means any guarantee of the obligations of the Issuer under this Indenture and the Notes by any Subsidiary Guarantor in accordance with the provisions of this Indenture.

“Subsidiary Guarantor” means any Subsidiary of the Company that Incurs a Subsidiary Guarantee; provided that upon the release or discharge of such Person from its 

47

 

 

Subsidiary Guarantee in accordance with this Indenture, such Subsidiary ceases to be a Subsidiary Guarantor.

“Suspension Period” means the period of time between a Covenant Suspension Event and the related Reversion Date.

“Tax Distributions” means any distributions described in Section 4.04(b)(xii).

“Third Party Funds” means any accounts or funds, or any portion thereof, received by the Company or any of its Subsidiaries as agent on behalf of third parties in accordance with a written agreement that imposes a duty upon the Company or one or more of its Subsidiaries to collect and remit those funds to such third parties.

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture.

“Total Indebtedness Leverage Ratio” means, with respect to any Person, at any date, the ratio of (i) Consolidated Total Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of such Person for the four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such date on which such ratio is calculated.  In the event that the Company or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the Total Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the Total Indebtedness Leverage Ratio is made (the “Total Indebtedness Leverage Calculation Date”), then the Total Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period.

For purposes of making the computation referred to above, Investments, capital expenditures, constructions, repairs, replacements, improvements, equipment optimization programs, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP) and any operational changes, business realignment projects or cost savings initiatives or other initiatives, restructurings or reorganizations that the Company or any Restricted Subsidiary has determined to make or implement and/or has made or implemented during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Total Indebtedness Leverage Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, capital expenditures, constructions, repairs, replacements, improvements, equipment optimization programs, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes, business realignment projects or initiatives, restructurings or reorganizations (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred (or such operational or cost savings 

48

 

 

had been realized) on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any Investment, capital expenditure, construction, repair, replacement, improvement, equipment optimization program, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation, operational change, business realignment project or initiative, restructuring or reorganization that would have required adjustment pursuant to this definition, then the Total Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, capital expenditure, construction, repair, replacement, improvement, equipment optimization program, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation, operational change, business realignment project or initiative, restructuring or reorganization had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Total Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period.

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Company as set forth in an Officer’s Certificate, to reflect (1) operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event (including, to the extent applicable, the Transactions), which adjustments pursuant to this clause (1) (other than adjustments of the nature used in connection with the calculation of “Adjusted EBITDA, after cost savings” as set forth in “Summary Historical Consolidated Financial and Other Data of SeaWorld” under “Summary” in the Offering Memorandum or other operating expense reductions and other operating improvements, synergies or cost savings resulting from the Transactions) shall only be included to the extent that the actions resulting in such operating expense reductions and other operating improvements, synergies or cost savings are taken or commenced or expected to be taken or commenced (in the good faith determination of the Company) within 24 months after the date any such calculation is performed and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA, after cost savings” as set forth in “Summary Historical Consolidated Financial and Other Data of SeaWorld” under “Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period.

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Total Indebtedness Leverage Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months).  Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.  For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility 

49

 

 

computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period.  Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate.

For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period.

“Transactions” means the issuance of the Notes contemplated by the Offering Memorandum, the use of proceeds thereof, and the amendment to the Credit Agreement contemplated by the Offering Memorandum.

“Treasury Rate” means, as of the applicable redemption date, as determined by the Issuer, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to August 15, 2024; provided, however, that if the period from such redemption date to August 15, 2024 is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year will be used.

“Trust Officer” means any officer:

	
(1)
	
within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject, and
	
 

	
(2)
	
who shall have direct responsibility for the administration of this Indenture.
	
 

“Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

“Uniform Commercial Code” or “UCC” means the New York Uniform Commercial Code (or other applicable UCC) as in effect from time to time.

“Unrestricted Subsidiary” means:

	
(1)
	
any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Company in the manner provided below; and
	
 

50

 

 

	
(2)
	
any Subsidiary of an Unrestricted Subsidiary;
	
 

The Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary) other than the Issuer or any Intermediate Guarantor to be an Unrestricted Subsidiary unless at the time of such designation such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Company or any other Restricted Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated, in each case at the time of such designation; provided, however, that (i) the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of the Restricted Subsidiaries unless otherwise permitted under Section 4.04 and (ii) the Company may not designate any Subsidiary of the Company to be an Unrestricted Subsidiary during any Suspension Period; provided, further, however, that either:

	
(a)
	
the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or
	
 

	
(b)
	
if such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under Section 4.04.
	
 

The Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation:

	
(x)
	
(1) the Company could Incur $1.00 of additional Indebtedness pursuant to the test set forth in Section 4.03(a), (2) the Fixed Charge Coverage Ratio of the Company would be no less than such ratio immediately prior to such designation or (3) the Total Indebtedness Leverage Ratio of the Company would be no greater than such ratio immediately prior to such designation, in each case on a pro forma basis taking into account such designation, and
	
 

	
(y)
	
no Event of Default shall have occurred as a result of such designation.
	
 

Any such designation by the Company shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors or any committee thereof of the Company giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions.

“U.S. Government Obligations” means securities that are:

	
(1)
	
direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or
	
 

	
(2)
	
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,
	
 

51

 

 

which, in each case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt.

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

“Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments.

“Wholly Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a Restricted Subsidiary.

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares or shares required pursuant to applicable law) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person.

Section 1.02Other Definitions

.

		
	
Term
	
Section

	
$
	
1.03(j)

	
Affiliate Transaction
	
4.07(a)

	
Agent Members
	
Appendix A

	
Asset Sale Offer
	
4.06(b)(ii)

	
Change of Control Offer
	
4.08(b)

	
Clearstream
	
Appendix A

	
Company Restructuring
	
5.01(a)(iv)

	
covenant defeasance option
	
8.01(b)

	
Covenant Suspension Event
	
4.15

	
Custodian
	
6.01(i)

	
Deemed Date
	
4.03(c)(3)

	
Definitive Note
	
Appendix A

	
Depository
	
Appendix A

	
Election Date
	
4.04(d)

	
Euroclear
	
Appendix A

	
Event of Default
	
6.01

52

 

 

		
	
Term
	
Section

	
Excess Proceeds
	
4.06(b)

	
Global Notes
	
Appendix A

	
Global Notes Legend
	
Appendix A

	
Guaranteed Obligations
	
12.01(a)

	
IAI
	
Appendix A

	
Increased Amount
	
4.12(c)

	
Incurrence Clauses
	
4.04(c)

	
Initial Notes
	
Preamble

	
Issuer
	
Preamble

	
legal defeasance option
	
8.01(b)

	
Notes
	
Preamble

	
Notes Custodian
	
Appendix A

	
Notice of Default
	
6.01(i)

	
Offer Period
	
4.06(d)

	
Parent Guarantor
	
5.01(a)(iv)

	
Paying Agent
	
2.04(a)

	
Permitted Jurisdiction
	
5.01(a)(iv)

	
protected purchaser
	
2.08

	
QIB
	
Appendix A

	
Refinancing Indebtedness
	
4.03(b)(xv)

	
Refunding Capital Stock
	
4.04(b)(ii)(A)

	
Registrar
	
2.04(a)

	
Regulation S
	
Appendix A

	
Regulation S Global Notes
	
Appendix A

	
Regulation S Notes
	
Appendix A

	
Reporting Entity
	
4.02(b)

	
Restricted Notes Legend
	
Appendix A

	
Restricted Payments
	
4.04(a)(iv)

	
Restricted Period
	
Appendix A

	
Retired Capital Stock
	
4.04(b)(ii)(A)

	
Reversion Date
	
4.15

	
Rule 144A
	
Appendix A

	
Rule 144A Global Notes
	
Appendix A

	
Rule 144A Notes
	
Appendix A

	
Rule 501
	
Appendix A

	
Second Commitment
	
4.06(b)(ii)

	
Successor Company
	
5.01(a)(iv)

	
Successor Issuer
	
5.01(b)(i)

	
Successor Parent Guarantor
	
5.01(a)(i)

	
Successor Subsidiary Guarantor
	
5.01(c)(i)

	
Suspended Covenants
	
4.15

	
Tax Group
	
4.04(b)(xii)

	
Transfer Restricted Definitive Notes
	
Appendix A

	
Transfer Restricted Global Notes
	
Appendix A

	
Transfer Restricted Notes
	
Appendix A

53

 

 

		
	
Term
	
Section

	
Trustee
	
Preamble

	
U.S. dollars
	
1.03(j)

	
Unrestricted Definitive Notes
	
Appendix A

	
Unrestricted Global Notes
	
Appendix A

 

Section 1.03Rules of Construction

.  Unless the context otherwise requires:

(a)a term has the meaning assigned to it;

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

(c)“or” is not exclusive;

(d)“including” means including without limitation;

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

(f)unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness;

(g)the principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with GAAP;

(h)the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater;

(i)unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP;

(j)“$” and “U.S. dollars” each refer to United States dollars, or such other money of the United States of America that at the time of payment is legal tender for payment of public and private debts; and

(k)unless otherwise provided in this Indenture or in any Note, the words “execute”, “execution”, “signed”, and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any Note or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic 

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Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein to the contrary, the Trustee is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to procedures approved by the Trustee.

 

Section 1.04No Incorporation by Reference of Trust Indenture Act

.  This Indenture is not qualified under the TIA, and the TIA shall not apply to or in any way govern the terms of this Indenture.  As a result, no provisions of the TIA are incorporated into this Indenture unless expressly incorporated pursuant to this Indenture.

Article II

THE NOTES

Section 2.01Amount of Notes

.  The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture on the Issue Date is $500,000,000.

The Issuer may from time to time after the Issue Date issue Additional Notes under this Indenture in an unlimited principal amount, so long as (i) the Incurrence of the Indebtedness represented by such Additional Notes is at such time permitted by Section 4.03 and the Liens with respect thereto are permitted by Section 4.12 and (ii) such Additional Notes are issued in compliance with the other applicable provisions of this Indenture.  With respect to any Additional Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.07, 2.08, 2.09, 3.08, 4.06(e), 4.08(c) or Appendix A), there shall be (a) established in or pursuant to a resolution of the Board of Directors of the Issuer and (b) (i) set forth or determined in the manner provided in an Officer’s Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Notes:

(1)the aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture;

(2)the issue price and issuance date of such Additional Notes, including the date from which interest on such Additional Notes shall accrue; and

(3)if applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Additional Notes registered, or any transfer of such Global Note in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Note or a nominee thereof.

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If any of the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate or an indenture supplemental hereto setting forth the terms of the Additional Notes.

The Initial Notes and any Additional Notes may, at the Issuer’s option, be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; provided that if the Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP number, if applicable.

Section 2.02Form and Dating

.  Provisions relating to the Initial Notes are set forth in Appendix A, which is hereby incorporated in and expressly made a part of this Indenture.  The (i) Initial Notes and the Trustee’s certificate of authentication and (ii) any Additional Notes and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture.  The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer or any Subsidiary Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer).  Each Note shall be dated the date of its authentication.  The Notes shall be issuable only in registered form, without interest coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof, provided that Notes may be issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by participants of the Depository in denominations of less than $2,000.

Section 2.03Execution and Authentication

.  The Trustee shall authenticate and make available for delivery upon a written order of the Issuer signed by one Officer of the Issuer (a) Initial Notes for original issue on the date hereof in an aggregate principal amount of $500,000,000 and (b) subject to the terms of this Indenture, Additional Notes in an aggregate principal amount to be determined at the time of issuance and specified therein.  Such order shall specify the amount of separate Note certificates to be authenticated, the principal amount of each of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, whether the Notes are to be Initial Notes or Additional Notes, the registered holder of each of the Notes and delivery instructions.  Notwithstanding anything to the contrary in this Indenture, no Opinion of Counsel shall be required for the Trustee to authenticate and make available for delivery the Initial Notes. Notwithstanding anything to the contrary in this Indenture or Appendix A, any issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess thereof.

One Officer shall sign the Notes for the Issuer by manual or facsimile signature.

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.

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A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Note.  The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.

The Trustee may appoint one or more authenticating agents reasonably acceptable to the Issuer to authenticate the Notes.  Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer.  Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands.

Section 2.04Registrar and Paying Agent

.

(a)The Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying Agent”).  The Registrar shall keep a register of the Notes and of their transfer and exchange.  The Issuer may have one or more co-registrars and one or more additional paying agents.  The term “Registrar” includes any co-registrars.  The term “Paying Agent” includes the Paying Agent and any additional paying agents.  The Issuer initially appoints the Trustee as Registrar, Paying Agent and the Notes Custodian with respect to the Global Notes.

(b)The Issuer may enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture.  The agreement shall implement the provisions of this Indenture that relate to such agent.  The Issuer shall notify the Trustee in writing of the name and address of any such agent.  If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07.  The Issuer or any of its domestically organized Subsidiaries may act as Paying Agent or Registrar.

(c)The Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor Registrar or Paying Agent, as the case may be, as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above.  The Registrar or Paying Agent may resign at any time upon written notice to the Issuer and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08.

Section 2.05Paying Agent to Hold Money in Trust

.  Prior to each due date of the principal of and interest on any Note, the Issuer shall deposit with each Paying Agent (or if the Issuer or a Subsidiary is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due.  The Issuer shall require each Paying Agent (other than the Trustee) to agree in 

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writing that a Paying Agent shall hold in trust for the benefit of holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee of any default by the Issuer in making any such payment.  If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto.  The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent.  Upon complying with this Section 2.05, a Paying Agent shall have no further liability for the money delivered to the Trustee.

Section 2.06Holder Lists

.  The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of holders.  If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of holders.

Section 2.07Transfer and Exchange

.  The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with Appendix A.  When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if its requirements therefor are met.  When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met.  To permit registration of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s request.  The Issuer may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07.  The Issuer shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to be redeemed or between a Record Date and the relevant Interest Payment Date.

Prior to the due presentation for registration of transfer of any Note, the Issuer, the Subsidiary Guarantors, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Subsidiary Guarantors, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry.

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All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange.

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

None of the Trustee, Registrar or Paying Agent shall have any responsibility for any actions taken or not taken by the Depository.

Section 2.08Replacement Notes

.  If a mutilated Note is surrendered to the Registrar or if the holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall, upon receipt of a written order, authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the holder (a) satisfies the Issuer and the Trustee within a reasonable time after such holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer and the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Issuer and the Trustee.  If required by the Trustee or the Issuer, such holder shall furnish an indemnity bond sufficient in the judgment of the Trustee, with respect to the Trustee, and the Issuer, with respect to the Issuer, to protect the Issuer, the Trustee, the Paying Agent and the Registrar, as applicable, from any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment.  The Issuer and the Trustee may charge the holder for their expenses in replacing a Note (including without limitation, attorneys’ fees and disbursements in replacing such Note).  In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay such Note instead of issuing a new Note in replacement thereof.

Every replacement Note is an additional obligation of the Issuer.

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes.

Section 2.09Outstanding Notes

.  Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding.  Subject to Section 13.06, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

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If a Note is replaced pursuant to Section 2.08 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser.  A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.08.

If a Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and no Paying Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

Section 2.10Cancellation

.  The Issuer at any time may deliver Notes to the Trustee for cancellation.  The Registrar and each Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.  The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose of canceled Notes in accordance with its customary procedures.  The Issuer may not issue new Notes to replace Notes they have redeemed, paid or delivered to the Trustee for cancellation.  The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture.

Section 2.11Defaulted Interest

.  If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted interest then borne by the Notes plus, to the extent lawful, interest payable on the defaulted interest to the Persons who are holders on a subsequent special record date, in each case at the rate provided in the Notes. The Issuer shall notify the Trustee and the holders in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.11. The Issuer shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. The Issuer shall promptly notify the Trustee in writing of such special record date. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, to each holder a notice at his or her address as it appears in the Register that states the special record date, the related payment date and the amount of such interest to be paid.

Section 2.12CUSIP Numbers, ISINs, Etc

.  The Issuer in issuing the Notes may use CUSIP numbers, ISINs and “Common Code” numbers (if then generally in use), and the Trustee shall use any such CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption that reliance may be placed only on the other 

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identification numbers printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers.  The Issuer shall advise the Trustee of any change in any such CUSIP numbers, ISINs and “Common Code” numbers.

Section 2.13Calculation of Principal Amount of Notes

.  The aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination.  With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06 of this Indenture.  Any calculation of the Applicable Premium made pursuant to this Indenture or the Notes shall be made by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate.

Article III

REDEMPTION

Section 3.01Optional Redemption

.  The Notes may be redeemed, in whole or from time to time in part, subject to the conditions and at the redemption prices set forth in Paragraph 5 of the Note set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date).  In addition to any redemption pursuant to this Section 3.01, the Company and/or its Subsidiaries may at any time and from time to time acquire Notes by means other than a redemption, whether by tender offer, in the open market, through negotiated transactions, through other privately negotiated transactions or otherwise.

Section 3.02Applicability of Article

.  Redemption of Notes at the election of the Issuer or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article III.

Section 3.03Notices to Trustee

.  If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Paragraph 5 of the Note, the Issuer shall notify the Trustee in an Officer’s Certificate of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price.  The Issuer shall give notice to the Trustee provided for in this paragraph at least 10 days but not more than 60 days before a redemption date if the redemption is a redemption pursuant to Paragraph 5 of the Note, except that notice may be given to the Trustee more than 60 days prior to the redemption date if the notice is given in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article VIII or if the redemption date is delayed.  The Issuer may also include a request in such Officer’s Certificate that the Trustee give the notice of redemption in the Issuer’s name and at its expense and setting forth the information to be stated in such notice as provided in Section 3.05.  

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Any such notice may be canceled if written notice from the Issuer of such cancellation is actually received by the Trustee on the Business Day immediately prior to notice of such redemption being mailed to any holder or otherwise delivered in accordance with the applicable procedures of the Depository and shall thereby be void and of no effect.  The Issuer shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 3.04.

Section 3.04Selection of Notes to Be Redeemed

.  In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed (and the Issuer shall notify the Trustee of any such listing), or if the Notes are not so listed, on a pro rata basis to the extent practicable or by lot or by such other method as the Trustee shall deem fair and appropriate (and, in such manner that complies with the requirements of the Depository, if applicable); provided that no Notes of a minimum of $2,000 or less shall be redeemed in part.  The Trustee shall make the selection from outstanding Notes not previously called for redemption.  The Trustee may select for redemption portions of the principal of Notes that have denominations larger than $2,000.  Notes and portions of them the Trustee selects shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof.  Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.  The Trustee shall notify the Issuer promptly of the Notes or portions of Notes to be redeemed.

Section 3.05Notice of Optional Redemption

.

(a)At least 10 but not more than 60 days before a redemption date pursuant to Paragraph 5 of the Note, the Issuer shall mail or cause to be mailed by first-class mail at its registered address, or otherwise deliver in accordance with the procedures of the Depository, a notice of redemption to each holder whose Notes are to be redeemed (with a copy to the Trustee), except that redemption notices may be mailed or otherwise delivered more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article VIII or if the redemption date is delayed.

Any such notice shall identify the Notes to be redeemed and shall state:

(i)the redemption date;

(ii)the redemption price and the amount of accrued interest to the redemption date;

(iii)the name and address of the Paying Agent;

(iv)that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus accrued and unpaid interest, if any;

(v)if fewer than all the outstanding Notes are to be redeemed, the certificate numbers and principal amounts of the particular Notes to be redeemed, the aggregate 

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principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption;

(vi)that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date;

(vii)the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being redeemed;

(viii)that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code” number, if any, listed in such notice or printed on the Notes;

(ix)if the redemption is subject to the satisfaction of one or more conditions precedent, the notice thereof shall describe each such condition and, if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion), and/or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date as so delayed, and/or that such notice may be rescinded at any time by the Issuer if the Issuer determines in its sole discretion that any or all of such conditions will not be satisfied (or waived), provided, however, that for the avoidance of doubt, if any redemption date shall be delayed as contemplated by this paragraph and the terms of the applicable notice of redemption, such redemption date as so delayed may occur, subject to the applicable procedures of the Depository, at any time after the original redemption date set forth in the applicable notice of redemption and after the satisfaction (or waiver) of any applicable conditions precedent, including, without limitation, on a date that is less than 10 days after the original redemption date or more than 60 days after the applicable notice of redemption; and

(x)at the Issuer’s option, that the payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person.

Notice of any redemption upon any corporate transaction or other event (including any Equity Offering, Incurrence of Indebtedness, Change of Control or other transaction) may be given prior to the completion thereof.  In addition, any redemption or notice thereof may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction or other event.  For the avoidance of doubt, if any redemption date shall be delayed as contemplated by this Section 3.05 and the terms of the applicable notice of redemption, such redemption date as so delayed may occur at any time after the original redemption date set forth in the applicable notice of redemption and after the satisfaction (or waiver) of any applicable conditions precedent, including, without limitation, on a date that is less than 10 days after the original redemption date or more than 60 

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days after the date of the applicable notice of redemption.  To the extent that the redemption date will occur on a date other than the original redemption date set forth in the applicable notice of redemption, the Issuer shall notify the holders and the Trustee of the final redemption date prior to such date; provided that the failure to give such notice, or any defect therein, shall not impair or affect the validity of any redemption under this Article III.

(b)At the Issuer’s written request, the Trustee shall deliver the notice of redemption in the Issuer’s name and at the Issuer’s expense.  In such event, the Issuer shall notify the Trustee of such request at least three Business Days (or such shorter period as is acceptable to the Trustee) prior to the date such notice is to be provided to holders.

Section 3.06Effect of Notice of Redemption

.  Once notice of redemption is mailed or otherwise delivered in accordance with Section 3.05, Notes called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except as provided in the final paragraph of Paragraph 5 of the Note or Section 3.05(a).  Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the redemption date is after a regular Record Date and on or prior to the next Interest Payment Date, the accrued interest shall be payable to the holder of the redeemed Notes registered on the relevant Record Date.  Failure to give notice or any defect in the notice to any holder shall not affect the validity of the notice to any other holder.

Section 3.07Deposit of Redemption Price

.  With respect to any Notes, prior to 10:00 a.m., New York City time, on the redemption date, the Issuer shall deposit, or cause to be deposited, with the Paying Agent (or, if the Issuer or a Subsidiary of the Issuer is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of, plus accrued and unpaid interest, if any, on all Notes or portions thereof to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuer to the Trustee for cancellation.  On and after the redemption date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the principal of, plus, accrued and unpaid interest, if any, on, the Notes or portions thereof to be redeemed, unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture.

Section 3.08Notes Redeemed in Part

.  If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed.  Upon surrender and cancellation of a Note that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate for the holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered and cancelled (or if the Note is a Global Note, an adjustment shall be made to the “Schedule of Increases or Decreases in Global Note” attached thereto in accordance with the applicable procedures of the Depository).

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Article IV

COVENANTS

Section 4.01Payment of Notes

.  The Issuer shall promptly pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture.  An installment of principal of or interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 12:00 p.m. New York City time money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture.

The Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest at the same rate borne by the Notes to the extent lawful.

Section 4.02Reports and Other Information

.

(a)For so long as any Notes are outstanding, the Company shall deliver to the Trustee a copy of all of the information and reports referred to below:

(i)within 15 days after the time period specified in the SEC’s rules and regulations for non-accelerated filers, annual reports of the Reporting Entity (as defined below) for such fiscal year containing the information that would have been required to be contained in an annual report on Form 10-K (or any successor or comparable form) if the Reporting Entity had been a reporting company under the Exchange Act, except to the extent permitted to be excluded by the SEC;

(ii)within 15 days after the time period specified in the SEC’s rules and regulations for non-accelerated filers, quarterly reports of the Reporting Entity for such fiscal quarter containing the information that would have been required to be contained in a quarterly report on Form 10-Q (or any successor or comparable form) if the Reporting Entity had been a reporting company under the Exchange Act, except to the extent permitted to be excluded by the SEC; and

(iii)within 15 days after the time period specified in the SEC’s rules and regulations for filing current reports on Form 8-K, current reports of the Reporting Entity containing substantially all of the information that would be required to be filed in a current report on Form 8-K under the Exchange Act on the Issue Date pursuant to Items 1.01, 1.02, 1.03, 2.01, 2.05, 2.06, 4.01, 4.02, 5.01, 5.02(a), (b) and (c) of Form 8-K if the Reporting Entity had been a reporting company under the Exchange Act; provided, however, that no such current reports (or Items thereof or all or a portion of the financial statements that would have otherwise been required thereby) will be required to be delivered (or included) if the Company determines in its good faith judgment that such event (or information) is not material to holders or the business, assets, operations, financial position or prospects of the Company and its Restricted Subsidiaries, taken as a whole.

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In addition to providing such information to the Trustee, the Company shall make available to the holders, prospective investors, market makers affiliated with any initial purchaser of the Notes and securities analysts the information required to be provided pursuant to the foregoing clauses (i), (ii) and (iii), by posting such information to its website (or the website of any of the Company’s parent companies, including the Reporting Entity, or the Issuer) or on IntraLinks or any comparable online data system or website.  If at any time the Company or any direct or indirect parent of the Company has made a good faith determination to file a registration statement with the SEC with respect to an Equity Offering of such entity’s Capital Stock, the Company will not be required to disclose any information or take any actions that, in the good faith view of the Company, would violate the securities laws or the SEC’s “gun jumping” rules or otherwise have an adverse effect on such Equity Offering.

Notwithstanding the foregoing, (A) neither the Company nor another Reporting Entity will be required to deliver any information, certificates or reports that would otherwise be required by (i) Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation S-K or (ii) Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-generally accepted accounting principles financial measures contained therein, (B) such reports will not be required to contain financial statements or information required by Rule 3-09, Rule 3-10, Rule 3-16, Rule 13-01 or 13-02 of Regulation S-X or include any exhibits or certifications required by Form 10-K, Form 10-Q or Form 8-K (or any successor or comparable forms) or related rules under Regulation S-K, (C) such reports shall be subject to exceptions, exclusions and other differences consistent with the presentation of financial and other information in the Offering Memorandum and shall not be required to present compensation or beneficial ownership information, (D) no such report will be required to include as an exhibit, or to include a summary of the terms of, any employment or compensatory arrangement agreement, plan or understanding between the Company (or any of its parent entities or Subsidiaries) and any director, manager or executive officer, of the Company (or any of its parent entities or Subsidiaries), (E) trade secrets and other proprietary information may be excluded from any disclosures, (F) no financial statements or financial information required by Item 9.01 of Form 8-K shall be required and (G) with respect to any acquisition or Investment consummated after the Issue Date, the financial statements delivered pursuant to clause (ii) of this Section 4.02(a) shall not be required to reflect purchase accounting adjustments relating thereto until the next delivery of financial statements under clause (i) of this Section 4.02(a). 

(b)The financial statements, information and other documents required to be provided as described in this Section 4.02 may be those of (i) the Company or (ii) any direct or indirect parent of the Company (any such entity described in clause (i) or (ii) that provides such financial statements, information or other documents, the “Reporting Entity”), so long as, in the case of clause (ii) either (1) such direct or indirect parent of the Company shall not conduct, transact or otherwise engage, or commit to conduct, transact or otherwise engage, in any material business or operations other than its direct or indirect ownership of all of the Equity Interests in, and its management of, the Company or (2) if otherwise, the financial information so delivered shall be accompanied by a reasonably detailed description of the quantitative differences between the information relating to such parent, on the one hand, and the information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand.

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(c)The Company will make such information available electronically to prospective investors upon request.  The Company shall, for so long as any Notes remain outstanding during any period when neither it nor another Reporting Entity is subject to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act, furnish to the holders of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

(d)Notwithstanding the foregoing, the Company will be deemed to have delivered such reports and information referred to in this Section 4.02 to the holders, prospective investors, market makers, securities analysts and the Trustee for all purposes of this Indenture if the Company or another Reporting Entity has filed such reports with the SEC via the EDGAR filing system (or any successor system) and such reports are publicly available.  In addition, the requirements of this Section 4.02 shall be deemed satisfied and the Company will be deemed to have delivered such reports and information referred to this Section 4.02 to the Trustee, holders, prospective investors, market makers and securities analysts for all purposes of this Indenture by the posting of reports and information that would be required to be provided on the Company’s website (or that of any of the Company’s parent companies, including the Reporting Entity, or the Issuer). The Trustee shall have no obligation to monitor whether the Company posts such reports, information and documents on the Company’s website (or that of any of the Company’s parent companies, including the Reporting Entity, or the Issuer) or the SEC’s EDGAR service, or collect any such information from the Company’s (or any of the Company’s parent companies’ or the Issuer’s) website or the SEC’s EDGAR service.  The Trustee shall have no liability or responsibility for the content, filing or timeliness of any report delivered or filed under or in connection with this Indenture or the transactions contemplated thereunder. 

(e)The Company will also hold quarterly conference calls for all holders of the Notes, prospective investors, market makers affiliated with any initial purchaser of the Notes and securities analysts to discuss such financial information no later than ten Business Days after the distribution of such information required by clauses (i) or (ii) of Section 4.02(a) and, prior to the date of each such conference call, will announce the time and date of such conference call and either include all information necessary to access the call or inform holders of the Notes, prospective investors, market makers affiliated with any initial purchaser of the Notes and securities analysts how they can obtain such information, including, without limitation, the applicable password or login information (if applicable).

(f)Delivery of such reports, information and documents to the Trustee pursuant to this Section 4.02 is for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to rely conclusively on the Officer’s Certificates).  The Trustee is under no duty to examine such reports, information or documents to ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the statements contained therein.

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Section 4.03Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock

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(a)(i) The Company shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Company shall not permit any of the Restricted Subsidiaries (other than the Issuer or a Subsidiary Guarantor) to issue any shares of Preferred Stock; provided, however, that the Company, the Issuer and any Subsidiary Guarantor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary of the Company that is not the Issuer or a Subsidiary Guarantor may Incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case, (x) if the Fixed Charge Coverage Ratio of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period or (y) if the Total Indebtedness Leverage Ratio of the Issuer as of the date such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued, and after giving pro forma effect thereto and the application of the net proceeds therefrom, does not exceed 5.75 to 1.00; provided, further, that any Restricted Subsidiary that is not a Subsidiary Guarantor may not Incur Indebtedness or issue shares of Disqualified Stock or Preferred Stock under this paragraph in excess of a principal amount or liquidation preference at the time of Incurrence, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock or Preferred Stock then outstanding and Incurred by a Restricted Subsidiary that is not a Subsidiary Guarantor under this Section 4.03(a), together with Section 4.03(b)(i) and any Refinancing Indebtedness thereof pursuant to clause (xv) below, equal to, after giving pro forma effect to such Incurrence (including pro forma effect to the application of the net proceeds therefrom), the greater of $100.0 million and 0.30 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such date on which such additional Indebtedness is Incurred, or Disqualified Stock or Preferred Stock is issued, and after giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount).

(b)The limitations set forth in Section 4.03(a) shall not apply to:

(i)the Incurrence by the Company or any Restricted Subsidiary of Indebtedness (including under any Credit Agreement and the issuance and creation of letters of credit and bankers’ acceptances thereunder) up to an aggregate principal amount outstanding at the time of Incurrence that does not exceed an amount equal to the sum of (x) an amount that, together with any Refinancing Indebtedness in respect thereof Incurred pursuant to Section 4.03(b)(xv), does not exceed $1,812.5 million, plus (y) an amount that, together with any Refinancing Indebtedness in respect thereof Incurred pursuant to Section 4.03(b)(xv), does not exceed the greater of $470.0 million and 1.00 

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multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such date on which such additional Indebtedness is Incurred and after giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters, plus (z) an additional aggregate principal amount of Indebtedness that at the time of Incurrence does not cause the Secured Leverage Ratio of the Company, determined on a pro forma basis, to exceed 4.75 to 1.00 (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); provided that for the purposes of determining the amount of Indebtedness that may be Incurred under this clause (i)(z), all Indebtedness Incurred under this clause (i)(z) (or any Refinancing Indebtedness thereof pursuant to clause (o) below) shall be treated as Secured Indebtedness: provided, further, that in connection with the Incurrence of any Indebtedness under this clause (i)(z) in connection with an acquisition of assets or Equity Interests, merger, consolidation or amalgamation permitted under this Indenture, such Indebtedness shall be permitted to be Incurred under this clause (i)(z) notwithstanding the Secured Leverage Ratio at such time if the Secured Leverage Ratio of the Company on a pro forma basis after giving effect to such acquisition, merger, consolidation or amalgamation and the Incurrence of such Indebtedness and the use of proceeds thereof and any related transactions would be no greater than the Secured Leverage Ratio of the Company immediately prior thereto;

(ii)the Incurrence by the Company, the Issuer and the Subsidiary Guarantors of Indebtedness up to an aggregate principal amount outstanding at the time of Incurrence that does not exceed $100.0 million;

(iii)Indebtedness existing on the Issue Date (other than Indebtedness described in clause (i) of this Section 4.03(b)); 

(iv)(1)Indebtedness (including Capitalized Lease Obligations) Incurred by the Company or any Restricted Subsidiary, Disqualified Stock issued by the Company or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary to finance (whether prior to or within 365 days after) the acquisition, lease, construction, installation, repair, replacement or improvement of property (real or personal), equipment or other assets (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets) in an aggregate principal amount that, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock or Preferred Stock then outstanding and Incurred pursuant to this clause (iv)(1), together with any Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xv) below, does not exceed the greater of $235.5 million and 0.50 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such date on which such additional Indebtedness is Incurred, or Disqualified Stock or Preferred Stock is issued, and after giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); and

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(1)Indebtedness (including Capitalized Lease Obligations) Incurred by the Company or any Restricted Subsidiary to finance (whether prior to or within 365 days after) the acquisition, lease, construction, installation, maintenance, service, repair, replacement, remodeling, modernization, upgrade, development or improvement of property (real or personal), equipment or other assets (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets) used or useful in the business of the Company and its Subsidiaries; 

(v)Indebtedness Incurred by the Company or any Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former employees or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental or other permits or licenses from governmental authorities, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims;

(vi)Indebtedness arising from agreements of the Company or any Restricted Subsidiary providing for indemnification, adjustment of acquisition or purchase price, deferred purchase price or similar arrangements or obligations (including earn-outs), in each case, Incurred or assumed in connection with the Transactions, any Investments or any acquisition or disposition of any business, assets or a Subsidiary not prohibited by this Indenture, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition;

(vii)Indebtedness of the Company to a Restricted Subsidiary; provided that (except in respect of intercompany current liabilities Incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of the Company and its Subsidiaries) any such Indebtedness owed by the Company to a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor is subordinated in right of payment to the obligations of the Company under the Parent Guarantee; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (vii);

(viii)shares of Preferred Stock of a Restricted Subsidiary issued to the Company or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be 

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deemed, in each case, to be an issuance of shares of Preferred Stock not permitted by this clause (viii);

(ix)Indebtedness of a Restricted Subsidiary to the Company or another Restricted Subsidiary; provided that if the Issuer or a Subsidiary Guarantor owes such Indebtedness to a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor (except in respect of intercompany current liabilities Incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of the Company and its Subsidiaries), such Indebtedness is subordinated in right of payment to the Issuer’s obligations under the Notes or the Subsidiary Guarantee of such Subsidiary Guarantor, as applicable; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (ix);

(x)Hedging Obligations that are not Incurred for speculative purposes;

(xi)obligations in respect of self-insurance and obligations (including reimbursement obligations with respect to letters of credit, bank guarantees, warehouse receipts and similar instruments) in respect of performance, bid, appeal and surety bonds, performance and completion guarantees and similar obligations provided by the Company or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry norm;

(xii)Indebtedness or Disqualified Stock of the Company or Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and Incurred pursuant to this clause (xii), together with any Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xv) below, does not exceed the greater of $250.0 million and 0.50 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such date on which such additional Indebtedness is Incurred, or Disqualified Stock or Preferred Stock is issued, and after giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount);

(xiii)Indebtedness or Disqualified Stock of the Company or any Restricted Subsidiary and Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference outstanding at the time of Incurrence, together with Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xv) hereof, not greater than an amount equal to 200% of the amount of net cash proceeds received by the Company since immediately after the Issue Date from the issue or sale of Equity Interests 

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of the Company or any direct or indirect parent entity of the Company (which proceeds are contributed to the Company or any Restricted Subsidiary) or cash contributed to the capital of the Company (in each case other than proceeds of Disqualified Stock or sales of Equity Interests to, or contributions received from, the Company or any of its Subsidiaries) to the extent such net cash proceeds or cash have not been applied to increase the calculation of the Cumulative Credit pursuant to clauses (2) or (3) of the definition thereof or applied to make Restricted Payments specified in Section 4.04(b)(ix) or to make Permitted Investments specified in clause (12) of the definition thereof (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount);

(xiv)any guarantee by the Company or any Restricted Subsidiary of Indebtedness or other obligations of the Company or any Restricted Subsidiary so long as the Incurrence of such Indebtedness or other obligations by the Company or such Restricted Subsidiary is permitted under the terms of this Indenture; provided that (A) if such Indebtedness is by its express terms subordinated in right of payment to the Notes, the Parent Guarantee or the Subsidiary Guarantee of the Issuer, the Company or such Restricted Subsidiary, as applicable, any such guarantee with respect to such Indebtedness shall be subordinated in right of payment to the Notes, the Parent Guarantee or such Subsidiary Guarantee, as applicable, substantially to the same extent as such Indebtedness is subordinated to the Notes, the Parent Guarantee or the Subsidiary Guarantee, as applicable, and (B) if such guarantee is of Indebtedness of the Company or the Issuer, such guarantee is Incurred in accordance with, or not in contravention of, Section 4.11 solely to the extent Section 4.11 is applicable;

(xv)Indebtedness or Disqualified Stock of the Company or any Restricted Subsidiary or Preferred Stock of any Restricted Subsidiary that serves to replace, refund, refinance or defease any Indebtedness (or unutilized commitments in respect of Indebtedness (only to the extent the committed amount (i) could have been Incurred on the date of initial Incurrence and was deemed Incurred at such time for the purposes of this covenant or (ii) could have been Incurred other than as Refinancing Indebtedness on the date of such replacement, refunding or refinancing)) Incurred or Disqualified Stock or Preferred Stock issued as permitted under Section 4.03(a) and clauses (i)(x) (only to the extent of the amount constituting Indebtedness with respect to Notes Obligations on the Issue Date), (i)(y), (i)(z), (ii), (iii), (iv), (xii), (xiii), (xv), (xvi), (xx) and (xxiii) of this Section 4.03(b) up to the outstanding principal amount (or, if applicable, the liquidation preference, face amount, or the like) or, if greater, committed amount (only to the extent the committed amount (i) could have been Incurred on the date of initial Incurrence and was deemed Incurred at such time for the purposes of this Section 4.03 or (ii) could have been Incurred other than as Refinancing Indebtedness on the date of such replacement, refunding or refinancing) of such Indebtedness or Disqualified Stock or Preferred Stock, in each case at the time such Indebtedness was Incurred or Disqualified Stock or Preferred Stock was issued or committed pursuant to Section 4.03(a) or clauses (i)(x) (only to the extent of the amount constituting Indebtedness with respect to Notes Obligations on the Issue Date), (i)(y), (i)(z), (ii), (iii), (iv), (xii), (xiii), (xv), (xvi), (xx), and (xxiii) of this Section 4.03(b), or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so replace, refund, refinance or defease such Indebtedness (or such unutilized commitments in respect of Indebtedness), Disqualified Stock or Preferred 

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Stock, plus any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance costs and fees (including original issue discount) in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness:

(1)has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being replaced, refunded, refinanced or defeased and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the Indebtedness, Disqualified Stock and Preferred Stock being replaced, refunded, refinanced or defeased that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on such date (provided that this sub-clause (1) will not apply to any replacement, refunding, refinancing or defeasance of any Secured Indebtedness);

(2)to the extent such Refinancing Indebtedness refinances (a) Indebtedness subordinated in right of payment to the Notes, the Parent Guarantee or a Subsidiary Guarantee, as applicable, such Refinancing Indebtedness is subordinated in right of payment to the Notes, the Parent Guarantee or the Subsidiary Guarantee, as applicable, or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock; and

(3)shall not include (x) Indebtedness of a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor that refinances Indebtedness of the Company, the Issuer or a Subsidiary Guarantor, or (y) Indebtedness of the Company or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary;

(xvi)Indebtedness, Disqualified Stock or Preferred Stock of (A) the Company or any Restricted Subsidiary Incurred to finance an acquisition (including a merger, consolidation or amalgamation) or other Investment permitted under this Indenture or (B) Persons that are acquired by the Company or any Restricted Subsidiary or merged, consolidated or amalgamated with or into the Company or any Restricted Subsidiary in accordance with the terms of this Indenture; provided that after giving effect to such acquisition, Investment or merger, consolidation or amalgamation, either:

(1)the Company would be permitted to Incur at least $1.00 of additional Indebtedness under the test set forth in Section 4.03(a); 

(2)the Fixed Charge Coverage Ratio of the Company would be no less than immediately prior to such acquisition, Investment or merger, consolidation or amalgamation; or

(3)the Total Indebtedness Leverage Ratio of the Company would be no greater than immediately prior to such acquisition, Investment or merger, consolidation or amalgamation;

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(xvii)Indebtedness in connection with (i) Permitted Securitization Financings and (ii) receivables sales and similar factoring arrangements of Receivables Assets;

(xviii)Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence;

(xix)Indebtedness of the Company or any Restricted Subsidiary (i) supported by a letter of credit or bank guarantee issued pursuant to Bank Indebtedness, in a principal amount not in excess of the stated amount of such letter of credit or (ii) in respect of cash management services in the ordinary course of business or consistent with past practice or industry norm;

(xx)Indebtedness of Restricted Subsidiaries that are not the Issuer or Subsidiary Guarantors; provided, however, that the aggregate principal amount of Indebtedness Incurred under this clause (xx), when aggregated with the principal amount of all other Indebtedness then outstanding and Incurred pursuant to this clause (xx), together with Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xv) hereof, does not exceed the greater of $165.0 million and 0.35 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such date on which such additional Indebtedness is Incurred and after giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount);

(xxi)Indebtedness of the Company or any Restricted Subsidiary consisting of (A) the financing of insurance premiums, (B) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business or consistent with past practice or industry norm, (C) obligations to reacquire assets in connection with customer financing arrangements in the ordinary course of business or consistent with past practice or industry norm or (D) obligations under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions or any other Investment or acquisition permitted under this Indenture;

(xxii)Indebtedness consisting of Indebtedness issued by the Company or a Restricted Subsidiary to current or former officers, directors, employees or consultants thereof or any direct or indirect parent thereof, or their respective Immediate Family Members, in each case to finance the purchase or redemption of Equity Interests of the Company or any direct or indirect parent of the Company to the extent permitted by Section 4.04;

(xxiii)Indebtedness of, Incurred on behalf of, or representing guarantees of Indebtedness of, joint ventures of the Company and any Restricted Subsidiary; provided, however, that the aggregate principal amount of Indebtedness Incurred under this clause (xxiii), when aggregated with the principal amount of all other Indebtedness then outstanding and Incurred pursuant to this clause (xxiii) at the time of Incurrence, together 

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with any Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xv) hereof, does not exceed the greater of $165.0 million and 0.35 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such event and giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount);

(xxiv)guarantees by the Company and its Restricted Subsidiaries of Indebtedness under customer financing lines of credit entered into in the ordinary course of business or consistent with past practice or industry norm;

(xxv)(A) Indebtedness in respect of obligations of the Company or any Restricted Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided that such obligations are Incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary course of business or consistent with past practice or industry norm and not in connection with the borrowing of money or any Hedging Obligations and (B) to the extent constituting Indebtedness, customer deposits and advance payments (including progress payments) received in the ordinary course of business or consistent with past practice or industry norm from customers for goods and services; and

(xxvi)Indebtedness of the Company or any Restricted Subsidiary to or on behalf of any joint venture (regardless of the form of legal entity) that is not a Restricted Subsidiary arising in the ordinary course of business or industry norm in connection with the cash management operations (including with respect to intercompany self-insurance arrangements) of the Company and its Restricted Subsidiaries.

(c)For purposes of determining compliance with this Section 4.03:

(1)in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness described in clauses (i) through (xxvi) of Section 4.03(b) above (or any portion thereof) or is entitled to be Incurred or issued pursuant to Section 4.03(a), then the Company may, in its sole discretion, divide, classify or reclassify, or later divide, classify or reclassify (as if Incurred at such later time), such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that complies with this Section 4.03; provided that (x) Indebtedness outstanding on the Issue Date under the Credit Agreement in effect on the Issue Date shall be Incurred under clause (i)(x) of Section 4.03(b) above and may not be reclassified and (y) the First-Priority Notes and the related guarantees outstanding on the Issue Date shall be Incurred under clause (i)(x) of Section 4.03(b) above and may not be reclassified;

(2)at the time of Incurrence, division, classification or reclassification, the Company will be entitled to divide and classify an item of Indebtedness in more than one of the categories of Indebtedness described in Section 4.03(a) or clauses (i) through (xxvi) of Section 4.03(b) (or any portion thereof) without giving pro forma effect to the 

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Indebtedness Incurred, divided, classified or reclassified pursuant to any other clause or paragraph of Section 4.03 (or any portion thereof) when calculating the amount of Indebtedness that may be Incurred, divided, classified or reclassified pursuant to any such clause or paragraph (or any portion thereof) at such time; and

(3)in connection with the Incurrence or issuance, as applicable, of (x) revolving loan Indebtedness under this Section 4.03 or (y) any commitment or other transaction relating to the Incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock under this Section 4.03 and the granting of any Lien to secure such Indebtedness, the Company or applicable Restricted Subsidiary may designate such Incurrence or issuance and the granting of any Lien therefor as having occurred on the date of first Incurrence of such revolving loan Indebtedness or commitment or intention to consummate such transaction (such date, the “Deemed Date”), and any related subsequent actual Incurrence or issuance and granting of such Lien therefor will be deemed for all purposes under this Indenture to have been Incurred or issued and granted on such Deemed Date, including, without limitation, for purposes of calculating the Fixed Charge Coverage Ratio, usage of any baskets hereunder (if applicable), the Total Indebtedness Leverage Ratio, the Secured Leverage Ratio and EBITDA (and all such calculations on and after the Deemed Date until the termination or funding of such commitment or until such transaction is consummated or abandoned or such election is rescinded shall be made on a pro forma basis giving effect to the deemed Incurrence or issuance, the granting of any Lien therefor and related transactions in connection therewith).

Accrual of interest, the accretion of accreted value, the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, amortization of original issue discount or deferred financing costs, the accretion of original issue discount or deferred financing costs or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause (3) of the definition of Indebtedness will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.03.  Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03.

For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt.  However, if the Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and the refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of the refinancing, the U.S. dollar-denominated restriction 

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will be deemed not to have been exceeded so long as the principal amount of the refinancing Indebtedness does not exceed the outstanding or, if greater, committed principal amount of the Indebtedness being refinanced plus the Additional Refinancing Amount.

Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that the Company and its Restricted Subsidiaries may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of currencies.  The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, will be calculated based on the currency exchange rate applicable to the currencies in which the respective Indebtedness is denominated that is in effect on the date of the refinancing.

Section 4.04Limitation on Restricted Payments

.

(a)The Company shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly:

(i)declare or pay any dividend or make any distribution on account of any of the Company’s or any of the Restricted Subsidiaries’ Equity Interests (in each case, solely to a holder of Equity Interests in such Person’s capacity as a holder of such Equity Interests), including any payment made in connection with any merger, amalgamation or consolidation involving the Company (other than (A) dividends or distributions payable solely in Equity Interests (other than Disqualified Stock) of the Company or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of Equity Interests issued by a Restricted Subsidiary that is not a Wholly Owned Restricted Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of Equity Interests);

(ii)purchase or otherwise acquire or retire for value any Equity Interests of the Company or any direct or indirect parent of the Company;

(iii)make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness of the Company, the Issuer or any Subsidiary Guarantor (other than the payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (vii) and (ix) of Section 4.03(b)); or 

(iv)make any Restricted Investment

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(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:

(1)solely with respect to Restricted Payments described in clauses (i) through (iii) above, no Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

(2)solely with respect to Restricted Payments described in clauses (i) through (iii) above, immediately after giving effect to such transaction on a pro forma basis, the Company could Incur $1.00 of additional Indebtedness under the test set forth in Section 4.03(a); and

(3)such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and the Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (vi)(C) and (xiii)(B) of Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is not more than the amount equal to the Cumulative Credit outstanding at such time.

(b)The provisions of Section 4.04(a) shall not prohibit:

(i)the payment of any dividend or distribution or the consummation of any redemption within 60 days after the date of declaration thereof or the giving notice thereof, as applicable, if at the date of declaration or the giving notice of such redemption, as applicable, such payment would have complied with the provisions of this Indenture;

(ii)(A)the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”), including any accrued and unpaid dividends thereon, or Subordinated Indebtedness of the Company, any direct or indirect parent of the Company, the Issuer or any Subsidiary Guarantor in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity Interests of the Company or any direct or indirect parent of the Company or contributions to the equity capital of the Company (other than any Disqualified Stock or any Equity Interests sold to a Subsidiary of the Company) (collectively, including any such contributions, “Refunding Capital Stock”),

(A)the declaration and payment of dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of Refunding Capital Stock, and

(B)if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under clause (vi) of this Section 4.04(b) and not made pursuant to clause (ii)(B), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of the 

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Company) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Retired Capital Stock immediately prior to such retirement;

(iii)the redemption, repurchase, defeasance, or other acquisition or retirement of (a) Subordinated Indebtedness of the Company, the Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Company, the Issuer or a Subsidiary Guarantor or Disqualified Stock of the Company, the Issuer or a Subsidiary Guarantor or (b) Disqualified Stock of the Company, the Issuer or a Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Disqualified Stock of the Company, the Issuer or a Subsidiary Guarantor which, in each case, is Incurred or issued, as applicable, in accordance with Section 4.03 so long as:

(A)the principal amount (or accreted value, if applicable) of such new Indebtedness or the liquidation preference of such new Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the Subordinated Indebtedness or the liquidation preference of, plus any accrued and unpaid dividends on, the Disqualified Stock being so redeemed, repurchased, defeased, acquired or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness or Disqualified Stock being so redeemed, repurchased, acquired or retired, any tender premiums, plus any defeasance costs, fees and expenses (including original issue discount) incurred in connection therewith),

(B)such new Indebtedness is subordinated to the Notes, the Parent Guarantee or the related Subsidiary Guarantee of such Subsidiary Guarantor, as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for value,

(C)such new Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later than the earlier of (x) the final scheduled maturity date of the Subordinated Indebtedness or Disqualified Stock being so redeemed, repurchased, acquired or retired and (y) 91 days following the last maturity date of any Notes then outstanding, and

(D)such new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the Subordinated Indebtedness or Disqualified Stock being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on such date;

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(iv)a Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests of the Company or any direct or indirect parent of the Company held by any future, present or former employee, director, officer, manager or consultant (or their respective Immediate Family Members) of the Company or any direct or indirect parent of the Company or any Subsidiary of the Company, including any repurchase, retirement or other acquisition for value pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement or upon such person’s death, disability, retirement or termination of employment or to cover such person’s payment of withholding taxes in connection therewith; provided, however, that the aggregate Restricted Payments made under this clause (iv) do not exceed $25.0 million in any calendar year, with unused amounts in any calendar year being permitted to be carried over to any subsequent calendar year; provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed:

(A)the cash proceeds received by the Company or any of the Restricted Subsidiaries from the sale of Equity Interests (other than Disqualified Stock) of the Company or any direct or indirect parent of the Company (to the extent contributed to the Company) to employees, directors, officers, managers or consultants (or their respective Immediate Family Members) of the Company and the Restricted Subsidiaries or any direct or indirect parent of the Company that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase the amount available for Restricted Payments under clause (3) of the definition of Cumulative Credit), plus

(B)the cash proceeds of key man life insurance policies received by the Company or any direct or indirect parent of the Company (to the extent contributed to the Company) or the Restricted Subsidiaries after the Issue Date, plus

(C)the amount of any cash bonuses otherwise payable to members of management, directors, officers, managers or consultants (or their respective Immediate Family Members) in connection with the Transactions that are foregone in return for the receipt of Equity Interests;

provided that the Company may elect to apply all or any portion of the aggregate increase contemplated by clauses (A), (B) and (C) above in any calendar year; and provided, further, that cancellation of Indebtedness owing to the Company or any Restricted Subsidiary from any present or former employees, directors, officers or consultants (or their respective Immediate Family Members) of the Company, any Restricted Subsidiary or the direct or indirect parents of the Company in connection with a repurchase of Equity Interests of the Company or any of its direct or indirect parents will not be deemed to constitute a Restricted Payment for purposes of this Section 4.04 or any other provision of this Indenture;

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(v)the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary issued or Incurred in accordance with Section 4.03;

(vi)(A)the declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date;

(A)a Restricted Payment to any direct or indirect parent of the Company, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of the Company issued after the Issue Date; provided that the aggregate amount of dividends declared and paid pursuant to this clause (B) does not exceed the net cash proceeds actually received by the Company from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; and

(B)the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable and payable thereon pursuant to Section 4.04(b)(ii);

provided, however, in the case of each of clauses (A) and (C) above of this clause (vi), that for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividend on such Refunding Capital Stock that is Preferred Stock, after giving effect to such issuance (and the payment of dividends or distributions and treating such Designated Preferred Stock as Indebtedness for borrowed money for such purpose) or declaration on a pro forma basis (including a pro forma application of the net proceeds therefrom), the Company would have been able to Incur $1.00 of additional Indebtedness under the test set forth in Section 4.03(a);

(vii)Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in good faith by the Company), taken together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the sum of (a) the greater of $100.0 million and 0.30 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such event and giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters and (b) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, repurchases, redemptions, income and similar amounts) actually received in respect of any such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (vii) is made in any Person that is not the Company or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes the Company or a Restricted Subsidiary after such date, such Investment shall thereafter be 

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deemed to have been made pursuant to clause (1) of the definition of Permitted Investments and shall cease to have been made pursuant to this clause (vii) for so long as such Person continues to be the Company or a Restricted Subsidiary;

(viii)(a) Restricted Payments of up to the greater of (i) 7.0% of the Market Capitalization in any calendar year and (ii) $250.0 million in any calendar year or (b) in lieu of all or a portion of the Restricted Payments permitted by sub-clause (a), repurchases of the Company’s Capital Stock (or a Restricted Payment to any direct or indirect parent of the Company to fund the repurchase by such direct or indirect parent of the Company of such entity’s Capital Stock) for aggregate consideration that, when taken together with Restricted Payments permitted by sub-clause (a) in such year, does not exceed the amount otherwise permitted by sub-clause (a);

(ix)Restricted Payments that are made (a) with (or in an aggregate amount that does not exceed the aggregate amount of) Excluded Contributions or (b) without duplication with clause (a), in an amount not to exceed the net proceeds from an Asset Sale or other disposition in respect of property or assets acquired after the Issue Date, to the extent the acquisition of such property or assets was financed with Excluded Contributions;

(x)Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause (x) that are at that time outstanding, not to exceed the greater of $140.0 million and 0.30 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such event and giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters;

(xi)the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than any Unrestricted Subsidiary whose principal assets consist of cash and Cash Equivalents to the extent such cash and Cash Equivalents were invested in such Unrestricted Subsidiary pursuant to an Investment made pursuant to clause (vii) above or a Permitted Investment);

(xii)with respect to any taxable year for which the Company and/or any of its Subsidiaries are members of a consolidated, combined, affiliated, unitary or similar tax group for U.S. federal and/or applicable state, local or foreign tax purposes (a “Tax Group”) of which a direct or indirect parent of the Company is the common parent, or for which the Company is a partnership or disregarded entity for U.S. federal income tax purposes that is wholly-owned (directly or indirectly) by a parent entity that is a C corporation for U.S. federal and/or applicable state, local or foreign tax purposes, Restricted Payments to such parent entity to fund the income tax liabilities of such Tax Group attributable to the taxable income of the Company and/or its applicable Subsidiaries in an aggregate amount for such taxable year not to exceed the amount of any such U.S. federal, state, local and/or foreign income taxes that the Company and/or its Subsidiaries, as applicable, would have been required to pay for such taxable year had 

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the Company and/or its Subsidiaries, as applicable, been a stand-alone corporate taxpayer or a stand-alone corporate group for all applicable taxable years (without duplication, for the avoidance of doubt, of the amount of such taxes actually directly paid by the Company and/or any of its Subsidiaries to the relevant taxing authority, if any); provided that the permitted payment pursuant to this clause (xii) with respect to any taxes of any Unrestricted Subsidiary for any taxable year shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Company or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar taxes;

(xiii)any Restricted Payment, if applicable:

(A)in amounts required for any direct or indirect parent of the Company to pay fees and expenses (including franchise or similar taxes) required to maintain its corporate existence, customary salary, bonus, severance and other benefits payable to, and indemnities provided on behalf of, directors, officers, employees and consultants of any direct or indirect parent of the Company and general corporate operating and overhead, legal, accounting and other professional fees and expenses of any direct or indirect parent of the Company and amounts required to pay any listing fees and other costs and expenses attributable to being a publicly traded company;

(B)in amounts required for any direct or indirect parent of the Company, if applicable, to pay interest and/or principal on Indebtedness the proceeds of which have been contributed to the Company or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered Indebtedness of, the Company Incurred in accordance with Section 4.03; and

(C)in amounts required for any direct or indirect parent of the Company to pay fees and expenses related to any equity or debt offering or Incurrence of such parent (whether or not successful);

(xiv)repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants;

(xv)any consideration, payment, dividend, distribution or other transfer in connection with a Permitted Securitization Financing or a receivables financing;

(xvi)Restricted Payments by the Company or any Restricted Subsidiary to allow (a) the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Equity Interests of any such Person and (b) any conversion request by a holder of convertible Indebtedness and cash payments in lieu of the issuance of fractional shares in connection with any such conversion;

(xvii)the repurchase, redemption or other acquisition or retirement for value of any Preferred Stock, any Disqualified Stock or any Subordinated Indebtedness pursuant 

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to provisions similar to those described in Section 4.06 and Section 4.08; provided that all Notes tendered by holders of the Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value;

(xviii)payments or distributions to dissenting stockholders or stockholders exercising appraisal rights pursuant to applicable law or as a result of the settlement of any stockholder claims or action (whether actual, contingent or potential), pursuant to or in connection with (x) the Transactions or (y) a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of the Company and the Restricted Subsidiaries, taken as a whole, that complies with Section 5.01; provided that as a result of such consolidation, amalgamation, merger or transfer of assets referred to in clause (y), the Issuer shall have made a Change of Control Offer (if required by this Indenture) and that all Notes tendered by holders in connection with such Change of Control Offer have been repurchased, redeemed or acquired for value;

(xix)any Restricted Payment made in connection with the Transactions and the payment of fees and expenses Incurred in connection with the Transactions or owed by the Company or any direct or indirect parent of the Company or Restricted Subsidiaries of the Company to Affiliates, and any other payments made, including any such payments made to any direct or indirect parent of the Company to enable it to make payments in connection with the consummation of the Transactions, whether payable on the Issue Date or thereafter, in each case to the extent permitted by Section 4.07;

(xx)[reserved]; and

(xxi)any Restricted Payment so long as, immediately after giving effect to such Restricted Payment, the Total Indebtedness Leverage Ratio of the Company is not greater than 4.25 to 1.00 on a pro forma basis; 

provided, however, that at the time of, and after giving effect to, any Restricted Payment described in clauses (i) through (iii) of the definition of Restricted Payments and that is permitted under clauses (x) and (xxi) of this Section 4.04(b), no Event of Default shall have occurred and be continuing or would occur as a consequence thereof; provided, further, that any Restricted Payments made with property other than cash shall be calculated using the Fair Market Value (as determined in good faith by the Company) of such property.

(c)For purposes of determining compliance with this Section 4.04, (i) a Restricted Payment or Permitted Investment need not be permitted solely by reference to one category of permitted Restricted Payments (or any portion thereof) or Permitted Investments (or any portion thereof) described in the above clauses or the definitions thereof but may be permitted in part under any combination thereof and (ii) in the event that a Restricted Payment (or any portion thereof) or Permitted Investment (or any portion thereof) meets the criteria of one or more of the categories of permitted Restricted Payments (or any portion thereof) or Permitted Investments (or any portion thereof) described in the above clauses or the definitions thereof, the Company may, in its sole discretion, divide, classify or reclassify, or later divide, classify or reclassify, such permitted Restricted Payment (or any portion thereof) or Permitted Investment (or any portion thereof) in any manner that complies with this Section 4.04 and at the time of 

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division, classification or reclassification will be entitled to only include the amount and type of such Restricted Payment (or any portion thereof) or Permitted Investment (or any portion thereof) in one of the categories of permitted Restricted Payments (or any portion thereof) or Permitted Investments (or any portion thereof) described in the above clauses or the definitions thereof. In the event that a Restricted Payment (or any portion thereof) or Permitted Investment (or any portion thereof) is divided, classified or reclassified under clause (xxi) above (such clause, the “Incurrence Clauses”), the determination of the amount of such Restricted Payment or Permitted Investment that may be made pursuant to the Incurrence Clauses shall be made without giving pro forma effect to any substantially concurrent Restricted Payment (or any portion thereof) or Permitted Investment (or any portion thereof) divided, classified or reclassified under any of the above clauses or the definitions thereof other than an Incurrence Clause or the incurrence of Indebtedness to finance any such Restricted Payment (or any portion thereof) or Permitted Investment (or any portion thereof).

(d)In connection with any commitment, definitive agreement, declaration, notice, action or similar event relating to the payment or making of an Investment or Restricted Payment, the Company or applicable Restricted Subsidiary may designate such Investment or Restricted Payment as having occurred on the date of the commitment, definitive agreement, declaration, notice, action or similar event relating thereto (such date, the “Election Date”) if, after giving pro forma effect to such Investment or Restricted Payment and all related transactions in connection therewith and any related pro forma adjustments, the Company or any of its Restricted Subsidiaries would have been permitted to make such Investment or Restricted Payment on the relevant Election Date in compliance with this Indenture, and any related subsequent actual declaration, payment or making of such Investment or Restricted Payment will be deemed for all purposes under this Indenture to have been made on such Election Date, including, without limitation, for purposes of calculating any ratio, compliance with any test, usage of any baskets hereunder (if applicable) and EBITDA and for purposes of determining whether there exists any Default or Event of Default (and all such calculations on and after such Election Date until the termination, expiration, passing, rescission, retraction or rescindment of such commitment, definitive agreement, declaration, notice, action or similar event shall be made on a pro forma basis giving effect thereto and all related transactions in connection therewith).

(e)The Company will not permit any Restricted Subsidiary to become an Unrestricted Subsidiary except pursuant to the definition of Unrestricted Subsidiary.  For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Company and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated on such date of designation will be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investments.”  Such designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

Section 4.05Dividend and Other Payment Restrictions Affecting Subsidiaries

.  The Company shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:

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(a)(i) pay dividends or make any other distributions to the Company or any Restricted Subsidiary (1) on its Capital Stock or (2) with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Company or any Restricted Subsidiary;

(b)make loans or advances to the Company or any Restricted Subsidiary; or

(c)sell, lease or transfer any of its properties or assets to the Company or any Restricted Subsidiary;

except in each case for such encumbrances or restrictions existing under or by reason of:

(1)(A) contractual encumbrances or restrictions in effect on the Issue Date (including, without limitation, pursuant to the Credit Agreement and the First-Priority Notes Indenture), (B) contractual encumbrances or restrictions pursuant to the Credit Agreement and the other Credit Agreement Documents and (iii) contractual encumbrances or restrictions pursuant to the First-Priority Notes Indenture and the other First-Priority Notes Documents, and, in each case, any similar contractual encumbrances or restrictions or any amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings of such agreements or instruments;

(2)the Notes Documents;

(3)applicable law or any applicable rule, regulation or order;

(4)any agreement or other instrument of a Person acquired by the Company or any Restricted Subsidiary which was in existence at the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition other than in connection with the Incurrence of Indebtedness of the type contemplated by clause (iv) of Section 4.03(b), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired;

(5)contracts or agreements for the sale of assets, including any restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary;

(6)Secured Indebtedness otherwise permitted to be Incurred pursuant to Section 4.03 and Section 4.12 that limit the right of the debtor to dispose of the assets securing such Indebtedness;

(7)restrictions on cash or other deposits or net worth imposed by suppliers, customers or landlords under contracts entered into in the ordinary course of business or consistent with past practice or industry norm or arising in connection with any Permitted Liens;

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(8)customary provisions in joint venture agreements and other similar agreements entered into in the ordinary course of business or consistent with past practice or industry norm;

(9)purchase money obligations for property acquired and Capitalized Lease Obligations and other capital or finance lease obligations in the ordinary course of business that impose restrictions of the nature discussed in Section 4.05(c) above on the property so acquired;

(10)customary provisions contained in leases, licenses and other similar agreements entered into in the ordinary course of business or consistent with past practice or industry norm;

(11)in the case of Section 4.05(c) above, any encumbrance or restriction that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any such lease, license (including without limitation, licenses of intellectual property) or other contracts;

(12)any encumbrances or restrictions contained in any Permitted Securitization Document with respect to any Special Purpose Securitization Subsidiary;

(13)other Indebtedness, Disqualified Stock or Preferred Stock (A) of the Company or any Restricted Subsidiary that is the Issuer, a Subsidiary Guarantor or a Foreign Subsidiary or (B) of any Restricted Subsidiary that is not the Issuer, a Subsidiary Guarantor or a Foreign Subsidiary so long as, in the case of this clause (B), either (x) such encumbrances and restrictions contained in any agreement or instrument will not materially adversely affect the Issuer’s ability to make anticipated principal or interest payments on the Notes as and when they come due (as determined in good faith by the Company) or (y) such encumbrances and restrictions apply only during the continuance of a default in respect of a payment or financial maintenance covenant relating to such Indebtedness; provided that, in the case of each of clauses (A) and (B), such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be Incurred subsequent to the Issue Date by Section 4.03;

(14)any Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; or

(15)any encumbrances or restrictions of the type referred to in Section 4.05(a), (b) or (c) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (14) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, not materially more restrictive with respect to such dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to 

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such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

For purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to the Company or a Restricted Subsidiary to other Indebtedness Incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

Section 4.06Asset Sales

.

(a)The Company shall not, and shall not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) the Company or any Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Company) of the assets sold or otherwise disposed of and (y) at least 75% of the consideration for such Asset Sale received by the Company or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of:

(i)any liabilities (as shown on the Company’s or a Restricted Subsidiary’s most recent balance sheet or in the notes thereto or, if incurred or increased subsequent to the date of such balance sheet, such liabilities that would have been shown on the Company’s or such Restricted Subsidiary’s balance sheet or in the notes thereto if such incurrence or increase had taken place on or prior to the date of such balance sheet, as determined by the Company) of the Company or a Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes, the Parent Guarantee or any Subsidiary Guarantee) that are assumed by the transferee of any such assets (or a third party in connection with such transfer) or that are otherwise cancelled or terminated in connection with the transaction with such transferee,

(ii)any notes or other obligations or other securities or assets received by the Company or such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 180 days of the receipt thereof (to the extent of the cash or Cash Equivalents received),

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

(iv)consideration consisting of Indebtedness of the Company or a Restricted Subsidiary (other than Subordinated Indebtedness) received after the Issue Date from Persons who are not the Company or any Restricted Subsidiary, and

(v)any Designated Non-cash Consideration received by the Company or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value (as 

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determined in good faith by the Company), taken together with all other Designated Non-cash Consideration received pursuant to this Section 4.06(a)(v) that is at that time outstanding, not to exceed the greater of $165.0 million and 0.35 multiplied by the Adjusted EBITDA of the Company for the most recently ended four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding the receipt of such Designated Non-cash Consideration and after giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value),

shall in each case be deemed to be Cash Equivalents for the purposes of this Section 4.06(a).

(b)Within 15 months after the Company’s or any Restricted Subsidiary’s receipt of the Net Proceeds of any Asset Sale, the Company or such Restricted Subsidiary may apply the Net Proceeds from such Asset Sale, at its option:

(i)to repay (A) Indebtedness constituting Bank Indebtedness and other Pari Passu Indebtedness that is secured by a Lien permitted under this Indenture (and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto), (B) Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor or the Issuer, (C) obligations under the Notes or  (D) other Pari Passu Indebtedness (provided that, if the Issuer or any Subsidiary Guarantor shall so reduce Obligations under unsecured Pari Passu Indebtedness under this clause (D) (which, for the avoidance of doubt, does not include Indebtedness described in clauses (A), (B) and (C) even if such Indebtedness may also constitute Pari Passu Indebtedness), the Issuer will equally and ratably reduce Notes Obligations either, as the Issuer shall elect in its sole discretion, pursuant to Section 3.01, through open-market purchases (provided that such purchases are at or above 100% of the principal amount thereof or, in the event that the Notes were issued with significant original issue discount, 100% of the accreted value thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all holders to purchase a pro rata principal amount of Notes at a purchase price equal to 100% of the principal amount thereof (or, in the event that the Notes were issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest, if any); or

(ii)to make an investment in any one or more businesses (provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Company or in an increase in the percentage ownership by the Company (or a Restricted Subsidiary) in such Restricted Subsidiary), assets, or property or capital expenditures, in each case (A) used or useful in a Similar Business or (B) that replace the properties and assets that are the subject of such Asset Sale or, in each case, to reimburse the cost of any of the foregoing incurred on or after the date on which the Asset Sale giving rise to such Net Proceeds was contractually committed.

In the case of Section 4.06(b)(ii), a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment until the 21-month 

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anniversary of the date of the receipt of such Net Proceeds; provided that in the event such binding commitment is later canceled or terminated for any reason after the 21-month anniversary of the receipt of such Net Proceeds but before such Net Proceeds are so applied, then such Net Proceeds shall constitute Excess Proceeds unless the Company or such Restricted Subsidiary enters into another binding commitment (a “Second Commitment”) within six months of such cancellation or termination of the prior binding commitment; provided, further, that the Company or such Restricted Subsidiary may only enter into a Second Commitment under the foregoing provision one time with respect to each Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied or are not applied within six months of such Second Commitment, then such Net Proceeds shall constitute Excess Proceeds.

Pending the final application of any such Net Proceeds, the Company or such Restricted Subsidiary may temporarily reduce Indebtedness under a revolving credit facility or otherwise use such Net Proceeds in any manner not prohibited by this Indenture. If the Company has not applied any Net Proceeds from any Asset Sale as provided and within the time period set forth in this Section 4.06(b), then, in lieu of applying such Net Proceeds in such manner, such Net Proceeds (it being understood that any portion of such Net Proceeds used to make an offer to purchase Notes, as described in clause (i) of this Section 4.06, shall be deemed to have been so applied whether or not such offer is accepted) will be deemed to constitute “Excess Proceeds.” If the aggregate amount of Excess Proceeds exceeds $125.0 million, the Issuer shall make an offer to all holders of Notes (and, at the option of the Issuer, to holders of any Pari Passu Indebtedness) (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes (and such other Pari Passu Indebtedness), that is at least $2,000 and an integral multiple of $1,000 in excess thereof that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in the event the Notes or other Pari Passu Indebtedness were issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest, if any (or, in respect of such other Pari Passu Indebtedness, such lesser price, if any, as may be offered to the holders of such other Pari Passu Indebtedness), to, but excluding, the date fixed for the closing of such offer, in accordance with the procedures set forth in this Section 4.06. The Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within ten (10) Business Days after the date that the aggregate amount of Excess Proceeds exceeds $125.0 million by mailing, or delivering electronically if held by the Depository, the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. The Issuer may, at its option, satisfy the foregoing obligations with respect to any Net Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Proceeds prior to the expiration of the relevant 21 months (or such longer period provided above) or with respect to Excess Proceeds of $125.0 million or less (it being understood that such Net Proceeds used to make an Asset Sale Offer shall satisfy the foregoing obligations with respect to Net Proceeds whether or not such offer is accepted). To the extent that the aggregate amount of Notes (and such other Pari Passu Indebtedness) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company and the Restricted Subsidiaries may use any remaining Excess Proceeds for any purpose that is not prohibited by this Indenture and shall not be required to use them for any other purpose. If the aggregate principal amount of Notes (and such other Pari Passu Indebtedness) surrendered by holders thereof exceeds the amount of Excess Proceeds, the Issuer shall select the Notes to be purchased in the manner described in Section 4.06(e). 

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Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset to zero (regardless of whether there are any remaining Excess Proceeds upon such completion).

(c)The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer.  To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof.

(d)Not later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided above, the Issuer shall deliver to the Trustee an Officer’s Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset Sales pursuant to which such Asset Sale Offer is being made and (iii) the compliance of such allocation with the provisions of Section 4.06(b).  On or prior to the Asset Sale Offer purchase date, the Issuer shall irrevocably deposit with the Trustee or with the Paying Agent (or, if the Issuer or a Subsidiary is acting as the Paying Agent, segregate and hold in trust) an amount equal to the Asset Sale Offer purchase price to be paid in accordance with the provisions of this Section 4.06.  Upon the expiration of the period for which the Asset Sale Offer remains open (the “Offer Period”), the Issuer shall deliver to the Trustee for cancellation the Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuer.  The Trustee (or the Paying Agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering holder in the amount of the purchase price.  In the event that the Excess Proceeds delivered by the Issuer to the Trustee are greater than the purchase price of the Notes tendered, the Trustee shall deliver the excess to the Issuer immediately after the expiration of the Offer Period for application in accordance with this Section 4.06.

(e)Holders electing to have a Note purchased shall be required to surrender such Note, with an appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date.  Holders shall be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the purchase date, a facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered by the holder for purchase and a statement that such holder is withdrawing his election to have such Note purchased.  If at the end of the Offer Period more Notes (and such other Pari Passu Indebtedness) are tendered pursuant to an Asset Sale Offer than the Issuer is required to purchase, selection of such Notes for purchase shall be made by the Issuer in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed (and the Issuer shall notify the Trustee of any such listing), or if such Notes are not so listed, on a pro rata basis to the extent practicable, by lot or by such other method as the Issuer deems appropriate (and in such manner as complies with the requirements of the Depository, if applicable); provided that no Notes of a minimum of $2,000 or less shall be purchased in part.  Selection of such other Pari Passu Indebtedness shall be made pursuant to the terms of such other Pari Passu Indebtedness.

(f)Notices of an Asset Sale Offer shall be mailed by the Issuer by first class mail, postage prepaid, or delivered electronically if held by the Depository, at least 30 but not more than 60 days before the purchase date to each holder of Notes at such holder’s registered 

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address, with a copy to the Trustee.  If any Note is to be purchased in part only, any notice of purchase that relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased.

Section 4.07Transactions with Affiliates

.

(a)The Company shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $25.0 million, unless:

(i)such Affiliate Transaction is on terms that are not materially less favorable, when taken as a whole, to the Company or the relevant Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and

(ii)with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $50.0 million, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Company, approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (i) above.

Any Affiliate Transaction shall be deemed to have satisfied the requirements set forth in clause (ii) of this Section 4.07(a) if such Affiliate Transaction is approved by a majority of the Disinterested Directors of the Company, if any.

 

(b)The provisions of Section 4.07(a) shall not apply to the following:

(i)transactions between or among the Company and/or any of the Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result of such transaction) and any merger, consolidation or amalgamation of the Company and any direct parent of the Company; provided that such parent shall have no material liabilities and no material assets other than cash, Cash Equivalents and the Capital Stock of the Company and such merger, consolidation or amalgamation is otherwise in compliance with the terms of this Indenture and effected for a bona fide business purpose;

(ii)Restricted Payments permitted by Section 4.04 and Permitted Investments;

(iii)the payment of reasonable and customary fees and compensation and reimbursement of expenses paid to, and indemnity and employment and severance arrangements provided on behalf of or for the benefit of, officers, directors, employees or consultants of the Company, any Restricted Subsidiary, or any direct or indirect parent of the Company;

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(iv)transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair, when taken as a whole, to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (i) of Section 4.07(a);

(v)payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a majority of the Board of Directors of the Company in good faith;

(vi)any agreement as in effect as of the Issue Date or any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not materially adverse to the holders of the Notes than the original agreement as in effect on the Issue Date, as determined in good faith by the Company) or any transaction contemplated thereby;

(vii)the existence of, or the performance by the Company or any Restricted Subsidiary of its obligations under the terms of, any stockholders or other agreement (including any registration rights agreement or purchase agreement related thereto) to which it (or any parent of the Company) is a party as of the Issue Date, and any transaction, agreement or arrangement described in the Offering Memorandum and, in each case, any amendment thereto or similar transactions, agreements or arrangements which it (or any parent of the Company) may enter into thereafter; provided, however, that the existence of, or the performance by the Company or any Restricted Subsidiary of its obligations under, any future amendment to any such existing transaction, agreement or arrangement or under any similar transaction, agreement or arrangement entered into after the Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction, agreement or arrangement are not otherwise materially adverse to the holders of the Notes than the original transaction, agreement or arrangement as in effect on the Issue Date or described in the Offering Memorandum, as determined in good faith by the Company;

(viii)the execution of the Transactions, and the payment of all fees, expenses, bonuses and awards related to the Transactions;

(ix)(A) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business or consistent with past practice or industry norm and otherwise in compliance with the terms of this Indenture, which are fair to the Company and the Restricted Subsidiaries in the reasonable determination of the Board of Directors or the senior management of the Company, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business or consistent with past practice or industry norm;

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(x)any transaction pursuant to any Permitted Securitization Financing or a receivables sale or financing;

(xi)the issuance or transfer of Equity Interests (other than Disqualified Stock) of the Company to any Person;

(xii)the issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Company or any direct or indirect parent of the Company or of a Restricted Subsidiary, as appropriate, in good faith;

(xiii)the entering into of any tax sharing agreement or arrangement and payments pursuant to any such agreement or arrangement to the extent such payment is permitted by Section 4.04(b)(xii);

(xiv)any contribution to the capital of the Company;

(xv)transactions permitted by, and complying with, Section 5.01;

(xvi)transactions between the Company or any Restricted Subsidiary and any Person, a director of which is also a director of the Company or any direct or indirect parent of the Company; provided, however, that such director abstains from voting as a director of the Company or such direct or indirect parent, as the case may be, on any matter involving such other Person;

(xvii)pledges of Equity Interests of Unrestricted Subsidiaries;

(xviii)the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes in the ordinary course of business;

(xix)any employment agreements entered into by the Company or any Restricted Subsidiary in the ordinary course of business;

(xx)[reserved];

(xxi)[reserved]; and

(xxii)intercompany transactions undertaken in good faith (as certified by a responsible financial or accounting officer of the Company in an Officer’s Certificate) for the purpose of improving the consolidated tax efficiency of the Company and its Subsidiaries and not for the purpose of circumventing any covenant set forth in this Indenture.

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Section 4.08Change of Control

.

(a)Upon the occurrence of a Change of Control, each holder shall have the right to require the Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a Change of Control, the Issuer shall not be obligated to purchase any Notes pursuant to this Section 4.08 in the event that it has previously or concurrently elected to redeem such Notes in accordance with Article III of this Indenture.  In the event that at the time of such Change of Control, the terms of any Bank Indebtedness or the First-Priority Notes Indenture restrict or prohibit the repurchase of Notes pursuant to this Section 4.08, then within 30 days following any Change of Control, the Issuer shall: (i) repay in full all Bank Indebtedness or First-Priority Notes, as applicable, if doing so will allow the purchase of Notes, offer to repay in full all Bank Indebtedness or First-Priority Notes, as applicable, and repay the Bank Indebtedness or First-Priority Notes, as applicable, of each lender and/or noteholder who has accepted such offer; or (ii) obtain the requisite consent under the agreements governing the Bank Indebtedness or the First-Priority Notes Indenture, as applicable, to permit the repurchase of the Notes as provided for in Section 4.08(b).

(b)Within 30 days following any Change of Control, except to the extent that the Issuer has exercised its right to redeem the Notes in accordance with Article III of this Indenture, the Issuer shall mail to each holder’s registered address, or deliver electronically if held by the Depository, with a copy to the Trustee a notice (a “Change of Control Offer”) stating:

(i)that a Change of Control has occurred and that such holder has the right to require the Issuer to repurchase such holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase (subject to the right of holders of record on the relevant Record Date to receive interest on the relevant Interest Payment Date);

(ii)the circumstances and relevant facts and financial information regarding such Change of Control;

(iii)the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed or delivered electronically), except in the case of a conditional Change of Control Offer made in advance of a Change of Control as described below (in which case the expected repurchase date will be stated and may be based on a date relative to the closing of the transaction that is expected to result in the Change of Control and which may be tolled until the closing of such transaction); and

(iv)the instructions determined by the Issuer, consistent with this Section 4.08, that a holder must follow in order to have its Notes purchased.

(c)Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Issuer at the address specified in the 

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notice at least three Business Days prior to the purchase date.  The holders shall be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the purchase date a facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered for purchase by the holder and a statement that such holder is withdrawing his election to have such Note purchased.  Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered.

(d)On the purchase date, all Notes purchased by the Issuer under this Section 4.08 shall be delivered to the Trustee for cancellation, and the Issuer shall pay the purchase price plus accrued and unpaid interest, if any, to the holders entitled thereto.

(e)A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

(f)Notwithstanding the provisions of this Section 4.08, the Issuer shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer.

(g)Notes repurchased by the Issuer pursuant to a Change of Control Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Issuer.  Notes purchased by a third party pursuant to the preceding clause (f) will have the status of Notes issued and outstanding.

(h)At the time the Issuer delivers Notes to the Trustee which are to be accepted for purchase, the Issuer shall also deliver an Officer’s Certificate stating that such Notes are to be accepted by the Issuer pursuant to and in accordance with the terms of this Section 4.08.  A Note shall be deemed to have been accepted for purchase at the time the Issuer, directly or through an agent, mails or delivers payment therefor to the surrendering holder.

(i)Prior to any Change of Control Offer, the Issuer shall deliver to the Trustee an Officer’s Certificate stating that all conditions precedent contained herein to the right of the Issuer to make such offer have been complied with.

(j)The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08.  To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue thereof.

(k)If holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as 

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described above, purchases all of the Notes validly tendered and not withdrawn by such holders, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’ prior written notice to the holders (with a copy to the Trustee), given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.  Any such redemption shall be effected pursuant to Article III.

Section 4.09Compliance Certificate

.  The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer an Officer’s Certificate stating that in the course of the performance by the signer of his or her duties as an Officer of the Company he or she would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period.  If such Officer does, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto.  Except with respect to receipt of payments of principal and interest on the Notes and any Default or Event of Default information contained in the Officer’s Certificate delivered to it pursuant to this Section 4.09, the Trustee shall have no duty to review, ascertain or confirm the Issuer’s or the Company’s compliance with or the breach of any representation, warranty or covenant made in this Indenture.

Section 4.10Further Instruments and Acts

.  Upon request of the Trustee, the Company shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

Section 4.11Future Subsidiary Guarantors

.  The Company shall cause each Wholly Owned Restricted Subsidiary that is a Domestic Subsidiary and not an Excluded Subsidiary or the Issuer and that guarantees or becomes a borrower under the Credit Agreement or that guarantees any other Indebtedness for borrowed money of the Company, the Issuer or any of the Subsidiary Guarantors with a principal amount of $10.0 million or more to execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit C hereto pursuant to which such Restricted Subsidiary will guarantee the Issuer’s Obligations under the Notes and this Indenture. 

Section 4.12Liens

.

(a)The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or Incur any Lien (except Permitted Liens) on any asset or property of the Issuer or such Restricted Subsidiary securing Indebtedness of the Issuer or a Restricted Subsidiary, unless the notes are equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in right of payment to the notes) the obligations so secured until such time as such obligations are no longer secured by a Lien. 

Any Lien that is granted to secure the Notes or any Subsidiary Guarantee under the preceding paragraph shall be automatically and unconditionally released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Notes or such Subsidiary Guarantee.

 

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(b)For purposes of determining compliance with this Section 4.12, (i) a Lien securing an item of Indebtedness (or any portion thereof) need not be permitted solely by reference to one category of Permitted Liens (or any portion thereof) described in the definition of Permitted Liens or pursuant to Section 4.12(a) but may be permitted in part under any combination thereof and (ii) in the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens (or any portion thereof) described in the definition of Permitted Liens or pursuant to Section 4.12(a), the Company may, in its sole discretion, divide, classify or reclassify, or later divide, classify or reclassify (as if Incurred at such later time), such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this Section 4.12 and at the time of Incurrence, division, classification or reclassification will be entitled to only include the amount and type of such Lien or such item of Indebtedness secured by such Lien (or any portion thereof) in one of the categories of Permitted Liens (or any portion thereof) described in the definition of Permitted Liens or pursuant to Section 4.12(a) and, in such event, such Lien securing such item of Indebtedness (or any portion thereof) will be treated as being Incurred or existing pursuant to only such clause or clauses (or any portion thereof) or pursuant to Section 4.12(a) without giving pro forma effect to such item (or any portion thereof) when calculating the amount of Liens or Indebtedness (or any portion thereof) that may be Incurred pursuant to any other clause or paragraph (or any portion thereof) at such time.  In addition, with respect to any Indebtedness that is designated to be Incurred on any date pursuant to Section 4.03(c)(3), any Lien that does or that shall secure such Indebtedness may also be designated by the Company or any Restricted Subsidiary to be Incurred on such date and, in such event, any related subsequent actual Incurrence of such Lien shall be deemed for all purposes under this Indenture to be Incurred on such prior date, including for purposes of calculating usage of any Permitted Lien until such time as the related Indebtedness is no longer deemed outstanding pursuant to Section 4.03(c)(3).

(c)With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness.  The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount or deferred financing costs, the payment of interest in the form of additional Indebtedness with the same terms or in the form of common stock of the Company, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or deferred financing costs or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause (3) of the definition of Indebtedness.

Section 4.13[Intentionally Omitted]

.  

Section 4.14Maintenance of Office or Agency

.

(a)The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange.  The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time 

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the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust Office of the Trustee as set forth in Section 13.02.

(b)The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency for such purposes.  The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

(c)The Issuer hereby designates the Corporate Trust Office of the Trustee or its agent as such office or agency of the Issuer in accordance with Section 2.04.

Section 4.15Covenant Suspension

.  If on any date following the Issue Date, (i) the Notes have Investment Grade Ratings from both Rating Agencies and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on such date (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), and subject to the provisions of the following paragraph, the Issuer and the Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.11 and 5.01(a)(iv) (collectively the “Suspended Covenants”).

In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating, then the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events.

The Company shall provide the Trustee with written notice of each Covenant Suspension Event or Reversion Date within five Business Days of the occurrence thereof.  The Trustee shall have no duty to monitor or provide notice to the holders of the Notes of any such Covenant Suspension Event or Reversion Date.

On each Reversion Date, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified as having been Incurred or issued pursuant to Section 4.03(a) or (b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be Incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred or issued prior to the Suspension Period and outstanding on the Reversion Date).  To the extent such Indebtedness or Disqualified Stock or Preferred Stock would not be so permitted to be Incurred or issued pursuant to Section 4.03(a) or (b), such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.03(b)(iii).  Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 will be made as though Section 4.04 had been in effect since the Issue Date and prior to, but not during, the Suspension Period.  Accordingly, Restricted Payments made during the Suspension Period will not reduce the amount available to 

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be made as Restricted Payments. Any Affiliate Transactions entered into after the Reversion Date pursuant to an agreement entered into during any Suspension Period (to the extent that such agreement was not entered into in contemplation of such Reversion Date) shall be deemed to be permitted pursuant to Section 4.07(b)(vi). As described above, however, no Default or Event of Default will be deemed to have occurred on the Reversion Date as a result of any actions taken by the Company or its Restricted Subsidiaries during the Suspension Period. Within 30 days of such Reversion Date, the Company must comply with the terms of Section 4.11.

For purposes of Section 4.06, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero.

Article V

SUCCESSOR COMPANY

Section 5.01When the Company, Issuer and Subsidiary Guarantors May Merge or Transfer Assets

.

(a)The Company may not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not the Company is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless:

(i)the Company is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or conversion (if other than the Company or the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company or similar entity organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (the Company or such Person, as the case may be, being herein called the “Successor Parent Guarantor”) and the Successor Parent Guarantor (if other than the Company or the Issuer) expressly assumes all the obligations of the Company under this Indenture, the Notes and the Parent Guarantee, as applicable, pursuant to a supplemental indenture or other applicable documents or instruments;

(ii)immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Parent Guarantor or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Parent Guarantor or such Restricted Subsidiary at the time of such transaction) no Default shall have occurred and be continuing;

(iii)immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Parent Guarantor or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Parent Guarantor or such Restricted Subsidiary at the time of such transaction), either

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(1)the Successor Parent Guarantor would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the test set forth in Section 4.03(a); 

(2)the Fixed Charge Coverage Ratio of the Successor Parent Guarantor would be no less than such ratio immediately prior to such transaction; or

(3)the Total Indebtedness Leverage Ratio of the Successor Parent Guarantor would be no greater than such ratio immediately prior to such transaction; and

(iv)the Successor Parent Guarantor (if other than the Company or the Issuer) shall have delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture.

The Successor Parent Guarantor (if other than the Company or the Issuer) will succeed to, and be substituted for, the Parent Guarantor under this Indenture, the Notes and the Parent Guarantee, as applicable, and in such event the Company will automatically be released and discharged from its obligations under this Indenture, the Notes and its Parent Guarantee.  Notwithstanding the foregoing, (A) the Company may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating or reorganizing the Company in another state of the United States or the District of Columbia (collectively, “Permitted Jurisdiction”) or may convert into a limited liability company, corporation, partnership or similar entity organized or existing under the laws of any Permitted Jurisdiction so long as the amount of Indebtedness of the Company is not increased thereby and (B) the Company may merge, amalgamate or consolidate with or into or wind up into, liquidate, dissolve, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets to any Restricted Subsidiary, including the Issuer. If the Company merges, amalgamates or consolidates with or into or winds up into, liquidates, dissolves, or sells, assigns, transfers, leases, conveys or otherwise disposes of all or substantially all of its assets to, or otherwise becomes a Subsidiary of (in each case, whether in a single transaction or a series of related transactions, a “Company Restructuring”) (i) any Intermediate Guarantor, then such Intermediate Guarantor shall be deemed to be the “Company” for all purposes of this Indenture and the other Notes Documents and succeed to, and be substituted for, the Company under this Indenture and the other Notes Documents and such Intermediate Guarantor shall be deemed to be the “Parent Guarantor” under this Indenture and the other Notes Documents rather than a “Subsidiary Guarantor” or (ii) the Issuer or any of its Restricted Subsidiaries, then the Issuer shall be deemed to be the “Company” for all purposes of this Indenture and the other Notes Documents and succeed to, and be substituted for, the Company under this Indenture and the other Notes Documents (any such person in clause (i) or (ii), the “Successor Company”).

(b)The Issuer may not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless:

(i)the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or conversion (if other than the 

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Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company or similar entity organized or existing under the laws of the United States, any state thereof or the District of Columbia (the Issuer or such Person, as the case may be, being herein called the “Successor Issuer”);

(ii)immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Issuer or such Restricted Subsidiary at the time of such transaction) no Default shall have occurred and be continuing;

(iii)the Successor Issuer (if other than the Issuer) expressly assumes all the obligations of the Issuer under this Indenture pursuant to supplemental indentures or other applicable documents or instruments;

(iv)if the Issuer is not the Successor Issuer, the Parent Guarantor and each Subsidiary Guarantor, unless it is the other party to the transactions described above, shall have by supplemental indenture confirmed that its Parent Guarantee or Subsidiary Guarantee, as applicable, shall apply to such Person’s obligations under this Indenture and the Notes; and

(v)the Successor Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture.

The Successor Issuer (if other than the Issuer) will succeed to, and be substituted for, the Issuer under this Indenture and the Notes, and in such event the Issuer will automatically be released and discharged from its obligations under this Indenture and the Notes.  Notwithstanding the foregoing, (A) the Issuer or any Restricted Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its properties and assets to the Company or a Restricted Subsidiary and (B) the Issuer may merge, consolidate or amalgamate with an Affiliate incorporated solely for the purpose of reincorporating or reorganizing the Issuer in a Permitted Jurisdiction or may convert into a corporation, partnership or limited liability company, so long as the amount of Indebtedness of the Company and the Restricted Subsidiaries is not increased thereby.  This Section 5.01 will not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Company and the Restricted Subsidiaries, including, for the avoidance of doubt, pursuant to Permitted Securitization Financings.

(c)No Subsidiary Guarantor shall, and the Company shall not permit any Subsidiary Guarantor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless:

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(i)either (A) such Subsidiary Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Subsidiary Guarantor or the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company or similar entity organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Subsidiary Guarantor or such Person, as the case may be, being herein called the “Successor Subsidiary Guarantor”) and the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor or the Issuer) expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture, the Notes and the Subsidiary Guarantee, as applicable, pursuant to a supplemental indenture or other applicable documents or instruments, or (B) such sale or disposition or consolidation, amalgamation or merger is not in violation of Section 4.06; and

(ii)the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor or the Issuer) shall have delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indenture (if any) comply with this Indenture.

Except as otherwise provided in this Indenture, the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor or the Issuer) will succeed to, and be substituted for, such Subsidiary Guarantor under this Indenture, the Notes and the Subsidiary Guarantee, as applicable, and such Subsidiary Guarantor will automatically be released and discharged from its obligations under this Indenture, the Notes and its Subsidiary Guarantee.  Notwithstanding the foregoing, (1) a Subsidiary Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating or reorganizing such Subsidiary Guarantor in a Permitted Jurisdiction or may convert into a limited liability company, corporation, partnership or similar entity organized or existing under the laws of any Permitted Jurisdiction so long as the amount of Indebtedness of such Subsidiary Guarantor is not increased thereby and (2) a Subsidiary Guarantor may merge, amalgamate or consolidate with or into or wind up into, liquidate, dissolve, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets to the Company, the Issuer or any Restricted Subsidiary. Notwithstanding the foregoing, the Subsidiary Guarantors may convert into limited liability companies organized under the laws of the State of Delaware and the foregoing clauses (i) and (ii) shall not apply to such conversions. 

Article VI

DEFAULTS AND REMEDIES

Section 6.01Events of Default

.  An “Event of Default” occurs with respect to Notes if:

(a)there is a default in any payment of interest on any Note when due and payable, and such default continues for a period of 30 days,

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(b)there is a default in the payment of principal or premium, if any, of any Note when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise,

(c)there is a failure by the Company for 120 days after receipt of written notice given by the Trustee or the holders of not less than 30% in aggregate principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with any of its obligations, covenants or agreements in Section 4.02,

(d)there is a failure by the Company or any Restricted Subsidiary for 60 days after written notice given by the Trustee or the holders of not less than 30% in aggregate principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with its other obligations, covenants or agreements (other than a default referred to in clauses (a), (b) and (c) above) contained in the Notes or this Indenture,

(e)there is a failure by the Company, the Issuer or any Significant Subsidiary (other than any Special Purpose Securitization Subsidiary) (or any group of Subsidiaries that together would constitute a Significant Subsidiary, other than any Special Purpose Securitization Subsidiary) to pay any Indebtedness for borrowed money (other than Indebtedness owing to the Company or a Restricted Subsidiary or any Permitted Securitization Financing) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $100.0 million or its foreign currency equivalent,

(f)the Company, the Issuer or any Significant Subsidiary (other than any Special Purpose Securitization Subsidiary) (or any group of Subsidiaries that together would constitute a Significant Subsidiary, other than any Special Purpose Securitization Subsidiary) pursuant to or within the meaning of any Bankruptcy Law:

(i)commences a voluntary case;

(ii)consents to the entry of an order for relief against it in an involuntary case;

(iii)consents to the appointment of a Custodian of it or for any substantial part of its property; or

(iv)makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to insolvency,

(g)a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

(i)is for relief against the Company, the Issuer or any Significant Subsidiary (other than any Special Purpose Securitization Subsidiary) in an involuntary case;

(ii)appoints a Custodian of the Company, the Issuer or any Significant Subsidiary (other than any Special Purpose Securitization Subsidiary) or for any substantial part of its property; or

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(iii)orders the winding up or liquidation of the Company, the Issuer or any Significant Subsidiary (other than any Special Purpose Securitization Subsidiary);

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

(h)there is a failure by the Company, the Issuer or any Significant Subsidiary (other than any Special Purpose Securitization Subsidiary) (or any group of Subsidiaries that together would constitute a Significant Subsidiary, other than any Special Purpose Securitization Subsidiary) to pay final judgments aggregating in excess of $100.0 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period of 60 days, or

(i)a material portion of the Guarantees with respect to the Notes provided by the Parent Guarantor and the Subsidiary Guarantors cease to be in full force and effect (except, in each case, as contemplated by the terms thereof) or shall be asserted in writing by any Guarantor not to be in effect or not to be legal, valid and binding obligations (other than in accordance with the terms thereof).

The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

However, a default under clauses (c) or (d) above shall not constitute an Event of Default until the Trustee notifies the Issuer or the holders of at least 30% in aggregate principal amount of outstanding Notes notify the Issuer, with a copy to the Trustee, of the default and the Issuer does not cure such default within the time specified in clauses (c) or (d) above after receipt of such notice.  Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.”  The Issuer shall deliver to the Trustee, within five Business Days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto.

The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

Section 6.02Acceleration

.  If an Event of Default (other than an Event of Default specified in Section 6.01(f) or (g) with respect to the Company or the Issuer) occurs and is continuing, the Trustee by notice to the Issuer or the holders of at least 30% in aggregate principal amount of outstanding Notes by notice to the Issuer (with a copy to the Trustee) may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable.  Upon such a declaration, such principal and interest shall be due and payable immediately.  If an Event of Default specified in Section 6.01(f) or (g) with respect to the Company or the Issuer occurs, the principal of, premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the 

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Trustee or any holders.  Under certain circumstances, the holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences.

In the event of any Event of Default specified in Section 6.01(e), such Event of Default and all consequences thereof (excluding, however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the holders of the Notes, if within 30 days after such Event of Default arose the Company delivers an Officer’s Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events.

Section 6.03Other Remedies

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

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.  A delay or omission by the Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.  No remedy is exclusive of any other remedy.  To the extent required by law, all available remedies are cumulative.

Section 6.04Waiver of Past Defaults

.  Provided the Notes are not then due and payable by reason of a declaration of acceleration, the holders of a majority in principal amount of the Notes then outstanding by written notice to the Trustee may waive an existing Default and its consequences except (a) a Default in the payment of the principal of or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each holder affected.  When a Default is waived, it is deemed cured and the Issuer, the Trustee and the holders will be restored to their former positions and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right.

Section 6.05Control by Majority

.  The holders of a majority in principal amount of outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee.  However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith shall determine that the action or proceeding so directed would involve the Trustee in personal liability or expense for which it is not adequately indemnified, or subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other holder (it being understood that the 

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Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such holders) or that would involve the Trustee in personal liability.  Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

Section 6.06Limitation on Suits

.

(a)Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to this Indenture or the Notes unless:

(i)such holder has previously given the Trustee written notice that an Event of Default is continuing,

(ii)holders of at least 30% in aggregate principal amount of the outstanding Notes have requested in writing the Trustee to pursue the remedy,

(iii)such holders have offered the Trustee security or indemnity satisfactory to it against any loss, liability or expense,

(iv)the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity, and

(v)the holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such written request within such 60-day period.

(b)A holder may not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another holder.

Section 6.07Contractual Rights of the Holders to Receive Payment

.  Notwithstanding any other provision of this Indenture, the contractual right of any holder to receive payment of principal of and interest on the Note held by such holder, on or after the respective due dates thereof, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder.

Section 6.08Collection Suit by Trustee

.  If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount then due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07.

Section 6.09Trustee May File Proofs of Claim

.  The Trustee may file such proofs of claim, statements of interest and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, 

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accountants, experts or such other professionals as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the Issuer, the Guarantors, their creditors or their property, shall be entitled to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07.  Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any holder, or to authorize the Trustee to vote in respect of the claim of any holder in any such proceeding.

Section 6.10Priorities

.  Any money or property collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect of the Issuer’s or any Guarantor’s obligations under this Indenture after an Event of Default shall be applied in the following order:

FIRST:  to the Trustee for amounts due hereunder;

SECOND:  to the holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and

THIRD:  to the Issuer or, to the extent the Trustee collects any amount for any Guarantor, to such Guarantor.

The Trustee may fix a record date and payment date for any payment to the holders pursuant to this Section 6.10.  At least 15 days before such record date, the Trustee shall mail to each holder and the Issuer a notice that states the record date, the payment date and the amount to be paid.

Section 6.11Undertaking for Costs

.  In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.  This Article VI does not apply to a suit by the Trustee, a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes.

Section 6.12Waiver of Stay or Extension Laws

.  Neither the Issuer nor any Guarantor (to the extent it may lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever 

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enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer and the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted.

Section 6.13Limitation on Ability to Issue Certain Notices and Take Certain Actions

.  Notwithstanding the foregoing, a notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default or notice of acceleration may not be given by the Trustee or the holders of the Notes (or any other action taken on the assertion of any Default) with respect to any action taken, and reported publicly or to holders of the Notes, more than two years prior to such notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of default or notice of acceleration (or other action).

Article VII

TRUSTEE

Section 7.01Duties of Trustee

.

(a)The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.  If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

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

(i)the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty); and

(ii)the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.  The Trustee shall be under no duty to make any investigation as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions.  However, in the case of certificates or opinions required by any provision hereof to be provided to it, the Trustee shall examine the form of certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

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(c)The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

(i)this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

(ii)the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts;

(iii)the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and

(iv)no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers.

(d)Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01.

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

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

(g)Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01.

Section 7.02Rights of Trustee

.

(a)The Trustee may conclusively rely upon and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper person or persons, not only as to due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained therein.  The Trustee need not investigate any fact or matter stated in the document.

(b)Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel.

(c)The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

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(d)The Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence.

(e)The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

(f)The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the holders of not less than a majority in principal amount of the Notes at the time outstanding and indemnified in accordance with Section 6.05, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine (or is requested in writing by the holders as set forth above) to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall Incur no liability of any kind by reason of such inquiry or investigation.

(g)The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the holders pursuant to this Indenture, unless such holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be Incurred by it in compliance with such request or direction.

(h)The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.

(i)The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the holders of not less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture.

(j)Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange therefor or in place thereof.

(k)The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate 

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Trust Office of the Trustee from the Issuer, any Guarantor or any holder, and such notice references the Notes and this Indenture.

(l)The Trustee may request that the Issuer delivers an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded.

(m)The Trustee shall not be responsible or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of actions.

(n)The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture.

(o)The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; pandemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility; accidents; labor disputes; and acts of civil or military authorities and governmental action.

(p)Any discretion, permissive right or privilege of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation to do so and, with respect to such permissive rights, the Trustee shall not be answerable for other than its negligence or willful misconduct.

Section 7.03Individual Rights of Trustee

.  The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee.  Any Paying Agent or Registrar may do the same with like rights.  However, the Trustee must comply with Sections 7.10 and 7.11.

Section 7.04Trustee’s Disclaimer

.  The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Parent Guarantee, the Subsidiary Guarantees or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer or any Guarantor in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication.  The Trustee shall not be charged with knowledge of any Default or Event of Default under Sections 6.01(c), (d), (e), (f), (g), (h), (i), (j) or (k), or of the identity of any Significant Subsidiary, unless either (a) a Trust Officer of the Trustee shall have actual knowledge thereof or (b) the Trustee shall have received written notice thereof in accordance with Section 13.02 hereof from the Issuer, any Guarantor or 

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any holder.  In accepting the trust hereby created, the Trustee acts solely as Trustee under this Indenture and not in its individual capacity and all persons, including without limitation the holders of Notes and the Issuer having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein.

Section 7.05Notice of Default

.  If a Default occurs and is continuing and is actually known to a Trust Officer of the Trustee, the Trustee shall mail, or deliver electronically if held by the Depository, to each holder of the Notes notice of the Default within the later of 90 days after it occurs or 30 days after it is actually known to a Trust Officer or written notice of it is received by the Trustee.  Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Note, the Trustee may withhold notice if and so long as a committee of its Trust Officers in good faith determines that withholding notice is in the interests of the noteholders.  The Issuer is required to deliver to the Trustee, annually, an Officer’s Certificate indicating whether the signers thereof know of any Default that occurred during the previous year.  The Issuer also is required to deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any event which would constitute certain Defaults, their status and what action the Issuer is taking or proposes to take in respect thereof. Notwithstanding the foregoing, a notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default or notice of acceleration may not be given by the Trustee or the holders of the Notes (or any other action taken on the assertion of any Default) with respect to any action taken, and reported publicly or to holders of the Notes, more than two years prior to such notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of default or notice of acceleration (or other action).

Section 7.06[Intentionally Omitted]

.

Section 7.07Compensation and Indemnity

.  The Issuer shall pay to the Trustee from time to time compensation for the Trustee’s acceptance of this Indenture and its services hereunder.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses Incurred or made by it, including costs of collection, in addition to the compensation for its services.  Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts.  The Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee or any predecessor Trustee and their directors, officers, employees and agents against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee)) incurred by or in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture or Guarantee against the Issuer or any Guarantor (including this Section 7.07) and defending itself against or investigating any claim (whether asserted by the Issuer, any Guarantor, any holder or any other Person).  The obligation to pay such amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of the Trustee.  The Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Issuer shall not relieve the Issuer or any Guarantor of its indemnity obligations 

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hereunder.  The Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s expense in the defense.  Such indemnified parties may have separate counsel and the Issuer and such Guarantor, as applicable, shall pay the fees and expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no actual or potential conflict of interest between the Issuer and the Guarantors, as applicable, and such parties in connection with such defense.  The Issuer need not reimburse any expense or indemnify against any loss, liability or expense Incurred by an indemnified party through such party’s own willful misconduct or negligence (as determined by a court of competent jurisdiction in a final, non-appealable order).

To secure the Issuer’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes.

The Issuer’s and the Guarantors’ payment obligations pursuant to this Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any Bankruptcy Law or the resignation or removal of the Trustee.  Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Issuer, the expenses (including the fees, expenses and disbursements of the Trustee’s agents and counsel) are intended to constitute expenses of administration under the Bankruptcy Code or any other Bankruptcy Law.

No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity against such risk or liability is not assured to its satisfaction.

Section 7.08Replacement of Trustee

.

(a)The Trustee may resign at any time by so notifying the Issuer.  The holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Trustee upon 30 days advance written notice and may appoint a successor Trustee.  The Issuer shall remove the Trustee if:

(i)the Trustee fails to comply with Section 7.10;

(ii)the Trustee is adjudged bankrupt or insolvent;

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

(iv)the Trustee otherwise becomes incapable of acting.

(b)If the Trustee resigns, is removed by the Issuer or by the holders of a majority in principal amount of the Notes and such holders do not reasonably promptly appoint a 

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successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee.

(c)A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer.  Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail (or otherwise deliver in accordance with the procedures of the Depository) a notice of its succession to the holders.  The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07.

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

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

(f)Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

Section 7.09Successor Trustee by Merger

.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Trustee.

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have.

Section 7.10Eligibility; Disqualification

.  The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA.  The Trustee shall have a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition.  The Trustee shall comply with Section 310(b) of the TIA, subject to its right to apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the TIA any series of securities issued under this Indenture and any indenture or indentures under 

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which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met.

Section 7.11Preferential Collection of Claims Against the Issuer

.  The Trustee shall comply with Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA.  A Trustee who has resigned or been removed shall be subject to Section 311(a) of the TIA to the extent indicated.

.

Article VIII

DISCHARGE OF INDENTURE; DEFEASANCE

Section 8.01Discharge of Liability on Notes; Defeasance

.

(a)This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights, indemnities and immunities of the Trustee and rights of registration or transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when:

(i)either (A) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation or (B) all of the Notes not delivered to the Trustee for cancellation (1) have become due and payable, (2) will become due and payable at their stated maturity within one year or (3) if redeemable at the option of the Issuer, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit (in the case of Notes that have become due and payable) or to the date of maturity or redemption, as applicable, together with irrevocable written instructions from the Issuer directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of the redemption (with any such deficit to be set forth in a written notice delivered to the holders and the Trustee at least two (2) Business Days prior to the redemption date) only required to be deposited with the Trustee on or prior to the date of the redemption;

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(ii)the Issuer, the Company and/or the Subsidiary Guarantors have paid all other sums due and payable under this Indenture; and

(iii)the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.

(b)Subject to Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all of its obligations under the Notes and this Indenture with respect to the holders of the Notes (“legal defeasance option”), and (ii) the obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.11, 4.12, 4.13 and 4.15 and the operation of Section 5.01 for the benefit of the holders of the Notes, and Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and 6.01(g) with respect to Significant Subsidiaries only), 6.01(h) and 6.01(i) (“covenant defeasance option”).  The Issuer may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.  In the event that the Issuer terminates all of its obligations under the Notes and this Indenture (with respect to such Notes) by exercising its legal defeasance option or its covenant defeasance option, the obligations of the Parent Guarantor with respect to its Parent Guarantee and the obligations of each Subsidiary Guarantor with respect to its Subsidiary Guarantee shall be terminated simultaneously with the termination of such obligations.

If the Issuer exercises its legal defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default.  If the Issuer exercises its covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and (g), with respect to Significant Subsidiaries only), 6.01(h) or 6.01(i) or because of the failure of the Issuer to comply with Section 5.01(a)(iv).

Upon satisfaction of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminated.

(c)Notwithstanding clauses (a) and (b) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08 and 2.09 and Article VII, including, without limitation, Sections 7.07 and 7.08 and in this Article VIII and the rights, indemnities and immunities of the Trustee under this Indenture shall survive until the Notes have been paid in full.  Thereafter, the Issuer’s obligations in Sections 7.07, 7.08, 8.05 and 8.06 and the rights, indemnities and immunities of the Trustee under this Indenture shall survive such satisfaction and discharge.

Section 8.02Conditions to Defeasance

.

(a)The Issuer may exercise its legal defeasance option or its covenant defeasance option only if:

(i)the Issuer irrevocably deposits in trust with the Trustee cash in U.S. dollars, U.S. Government Obligations or a combination thereof in an amount that is sufficient to pay the principal of and premium (if any) and interest on the Notes when due at maturity or redemption, as the case may be;

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(ii)the Issuer delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be;

(iii)no Default specified in Section 6.01(f) or (g) with respect to the Issuer shall have occurred or is continuing on the date of such deposit;

(iv)the deposit does not constitute a default under any other material agreement or instrument binding on the Issuer;

(v)in the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred (and, in the case of legal defeasance only, such Opinion of Counsel must be based on a ruling of the Internal Revenue Service or change in applicable U.S. federal income tax law); provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of the redemption  (with any such deficit to be set forth in a written notice delivered to the holders of the Notes and the Trustee at least two (2) Business Days prior to the redemption date) only required to be deposited with the Trustee on or prior to the date of the redemption.  Notwithstanding the foregoing, the Opinion of Counsel required by the immediately preceding sentence with respect to a legal defeasance need not be delivered if all of the Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable at their Stated Maturity within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer;

(vi)such exercise does not impair the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes;

(vii)in the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same 

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amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and

(viii)the Issuer delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been complied with.

(b)Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date in accordance with Article III.

Section 8.03Application of Trust Money

.  The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article VIII.  The Trustee shall apply the deposited money and the money from U.S. Government Obligations through each Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes so discharged or defeased.

Section 8.04Repayment to Issuer

.  Each of the Trustee and each Paying Agent shall promptly turn over to the Issuer upon request any money or U.S. Government Obligations held by it as provided in this Article VIII that, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article VIII.

Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Issuer upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Issuer for payment as general creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies.

Section 8.05Indemnity for U.S. Government Obligations

.  The Issuer shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations.

Section 8.06Reinstatement

.  If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of principal of, or interest on, any such Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent.

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Article IX

AMENDMENTS AND WAIVERS

Section 9.01Without Consent of the Holders

.

(a)The Issuer and the Trustee, as applicable, may amend this Indenture, the Notes, the Parent Guarantee and the Subsidiary Guarantees without notice to or the consent of any holder:

(i)to cure any ambiguity, omission, mistake, defect or inconsistency;

(ii)to provide for the assumption by a Successor Issuer (with respect to the Issuer) of the obligations of the Issuer under this Indenture and the Notes;

(iii)to provide for the assumption by a Successor Parent Guarantor of the obligations of the Company under this Indenture and the Notes;

(iv)to provide for the assumption by a Successor Subsidiary Guarantor (with respect to any Subsidiary Guarantor), as the case may be, of the obligations of a Subsidiary Guarantor under this Indenture, the Notes and its Subsidiary Guarantee;

(v)to make any changes to reflect the occurrence of a Company Restructuring or any other transaction pursuant to which an Intermediate Guarantor or the Issuer becomes the Successor Company;

(vi)to provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code;

(vii)to conform the text of this Indenture, the Parent Guarantee, the Subsidiary Guarantees and the Notes to any provision of the “Description of Notes” in the Offering Memorandum to the extent that such provision in this Indenture, the Parent Guarantee, the Subsidiary Guarantees and the Notes was intended by the Issuer to be a verbatim recitation of a provision in the “Description of Notes” in the Offering Memorandum, as stated in an Officer’s Certificate;

(viii)to add a Subsidiary Guarantee or collateral with respect to the Notes;

(ix)to secure the Notes and/or the related Subsidiary Guarantees and to add provisions regarding the release of collateral;

(x)to add to the covenants of the Company for the benefit of the holders or to surrender any right or power herein conferred upon the Company or any Restricted Subsidiary;

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(xi)to comply with any requirement of the SEC in connection with qualifying or maintaining the qualification of, this Indenture under the TIA (if the Issuer elects to qualify this Indenture under the TIA);

(xii)to make any change that would provide any additional rights or benefits to the holders or that does not adversely affect the rights of any holder in any material respect (as determined in good faith by the Company);

(xiii)to effect any provision of this Indenture;

(xiv)to make changes to provide for the issuance of Additional Notes, which shall have terms substantially identical in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of securities; or

(xv)to add provisions to this Indenture and a new form of note to permit the issuance by the Company or a Subsidiary of escrow notes under this Indenture, which may have different terms than other notes issued under this Indenture so long as the proceeds of such notes remain in escrow (including, but not limited to, separate collateral, different or no guarantees and special mandatory redemption provisions).

(b)After an amendment under this Section 9.01 becomes effective, the Issuer shall mail, or otherwise deliver in accordance with the procedures of the Depository, to the holders a notice briefly describing such amendment.  The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

Section 9.02With Consent of the Holders

.  The Issuer and the Trustee, as applicable, may amend this Indenture, the Notes, the Parent Guarantee and the Subsidiary Guarantees with the consent of the Issuer and the holders of at least a majority in principal amount of the Notes then outstanding voting as a single class and any past default or compliance with any provisions hereof may be waived with the consent of the holders of at least a majority in principal amount of the Notes then outstanding voting as a single class (in each case, including consents obtained in connection with a tender offer or exchange for the Notes).  However, without the consent of each holder of an outstanding Note affected, an amendment may not:

(1)reduce the amount of Notes whose holders must consent to an amendment,

(2)reduce the rate of or extend the time for payment of interest on any Note,

(3)reduce the principal of or change the Stated Maturity of any Note,

(4)reduce the premium payable upon the redemption of any Note or change the dates on which any such premium is payable upon redemption pursuant to Article III,

(5)make any Note payable in money other than that stated in such Note,

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(6)expressly subordinate the Notes, the Parent Guarantee or any Subsidiary Guarantee to any other Indebtedness of the Issuer, the Company or any Subsidiary Guarantor,

(7)impair the contractual right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Note on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Note, or

(8)make any change in the amendment provisions or in the waiver provisions which require each holder’s consent.

It shall not be necessary for the consent of the holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof.

After an amendment under this Section 9.02 becomes effective, the Issuer shall mail, or otherwise deliver in accordance with the procedures of the Depository, to the holders a notice briefly describing such amendment.  The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02.

Section 9.03Revocation and Effect of Consents and Waivers

.

(a)A consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion of the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note.  However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s Certificate from the Issuer certifying that the requisite principal amount of Notes have consented.  After an amendment or waiver becomes effective, it shall bind every holder.  An amendment or waiver becomes effective upon the (i) receipt by the Issuer or the Trustee of consents by the holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Issuer, the Subsidiary Guarantors and the Trustee.

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

Section 9.04Notation on or Exchange of Notes

.  If an amendment, supplement or waiver changes the terms of a Note, the Issuer may require the holder of the Note 

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to deliver it to the Trustee.  The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the holder.  Alternatively, if the Issuer or the Trustee so determine, the Issuer in exchange for the Note shall issue and, upon written order of the Issuer signed by an Officer, the Trustee shall authenticate a new Note that reflects the changed terms.  Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, supplement or waiver.

Section 9.05Trustee to Sign Amendments

.  The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee.  If it does, the Trustee may but need not sign it.  In signing such amendment, the Trustee shall be entitled to receive indemnity satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, (i) an Officer’s Certificate, (ii) an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer, enforceable against it in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof, (iii) a copy of the resolution of the Board of Directors, certified by the Secretary or Assistant Secretary of the Issuer, authorizing the execution of such amendment, supplement or waiver and (iv) if such amendment, supplement or waiver is executed pursuant to Section 9.02, evidence provided to the Trustee of the consent of the holders required to consent thereto. Notwithstanding the foregoing or anything in this Indenture to the contrary, no Opinion of Counsel shall be required for the Trustee to execute any supplemental indenture adding a new Subsidiary Guarantor under this Indenture.

Section 9.06Additional Voting Terms; Calculation of Principal Amount

.  All Notes issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate class on any matter.  Determinations as to whether holders of the requisite aggregate principal amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.13.

 

RANKING OF NOTE LIENS

Section 10.01Relative Rights

.  .  Nothing in this Indenture will:

(a)impair, as between the Issuer and holders of Notes, the obligation of the Issuer which is absolute and unconditional, to pay principal of, premium and interest on Notes in accordance with their terms or to perform any other obligation of the Issuer or any other obligor under this Indenture, the Notes, the Parent Guarantee and the Subsidiary Guarantees;

(b)[reserved];

(c)prevent the Trustee or any holder from exercising against the Issuer or any other obligor any of its other available remedies upon a Default or Event of Default; or

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(d)restrict the right of the Trustee or any holder:

(1)to file and prosecute a petition seeking an order for relief in an involuntary bankruptcy case as to any obligor or otherwise to commence, or seek relief commencing, any insolvency or liquidation proceeding involuntarily against any obligor;

(2)to make, support or oppose any request for an order for dismissal, abstention or conversion in any insolvency or liquidation proceeding;

(3)to make, support or oppose, in any insolvency or liquidation proceeding, any request for an order extending or terminating any period during which the debtor (or any other Person) has the exclusive right to propose a plan of reorganization or other dispositive restructuring or liquidation plan therein;

(4)to seek the creation of, or appointment to, any official committee representing creditors (or certain of the creditors) in any insolvency or liquidation proceedings and, if appointed, to serve and act as a member of such committee without being in any respect restricted or bound by, or liable for, any of the obligations under this Article X;

(5)to seek or object to the appointment of any professional person to serve in any capacity in any insolvency or liquidation proceeding or to support or object to any request for compensation made by any professional person or others therein;

(6)to make, support or oppose any request for order appointing a trustee or examiner in any insolvency or liquidation proceedings; or

(7)otherwise to make, support or oppose any request for relief in any insolvency or liquidation proceeding that it is permitted by law to make, support or oppose if it were a holder of unsecured claims, or as to any matter relating to (x) any plan of reorganization or other restructuring or liquidation plan or (y) the administration of the estate or the disposition of the case or proceeding.

Article XI

[INTENTIONALLY OMITTED]

 

Article XII

GUARANTEE

Section 12.01Parent Guarantee and Subsidiary Guarantee

.

(a)The Company and each Subsidiary Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees, on a senior secured basis, as a primary obligor and not merely as a surety, to each holder and to the Trustee and its successors and assigns (i) the 

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performance and punctual payment when due, whether at Stated Maturity, by acceleration or otherwise, of all obligations of the Issuer under this Indenture and the Notes, whether for payment of principal of, premium, if any, or interest on the Notes and all other monetary obligations of the Issuer under this Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from any Guarantor, and that each Guarantor shall remain bound under this Article XII notwithstanding any extension or renewal of any Guaranteed Obligation.

(b)Each Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the Guaranteed Obligations and also waives notice of protest for nonpayment.  Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations.  The obligations of each Guarantor hereunder shall not be affected by (i) the failure of any holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement or otherwise; (ii) any extension or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of any security held by any holder or the Trustee for the Guaranteed Obligations or each Guarantor; (v) the failure of any holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the ownership of each Subsidiary Guarantor, except as provided in Section 12.02(b), or the Parent Guarantor, except as provided in Section 12.02(c).  Each Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided among the Guarantors, such that such Guarantor’s obligations would be less than the full amount claimed.

(c)Each Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted as payment of the Issuer’s or such Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such Guarantor hereunder.  Each Guarantor hereby waives any right to which it may be entitled to require that the Issuer be sued prior to an action being initiated against such Guarantor.

(d)Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any holder or the Trustee to any security held for payment of the Guaranteed Obligations.

(e)The Guarantee of each Guarantor is, to the extent and in the manner set forth in Article XII, equal in right of payment to all existing and future Pari Passu Indebtedness, and senior in right of payment to all existing and future Subordinated Indebtedness of such Guarantor.

(f)Except as expressly set forth in Sections 8.01(b), 12.02 and 12.06, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, 

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alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise.  Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity.

(g)Each Guarantor agrees that its Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations.  Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded, avoided, or must otherwise be restored by any holder or the Trustee upon the bankruptcy or reorganization of the Issuer or otherwise.

(h)In furtherance of the foregoing and not in limitation of any other right which any holder or the Trustee has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer to the holders and the Trustee.

(i)Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations.  Each Guarantor further agrees that, as between it, on the one hand, and the holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article VI, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purposes of this Section 12.01.

(j)Each Guarantor also agrees to pay any and all costs and expenses (including reasonable out-of-pocket attorneys’ fees and expenses) Incurred by the Trustee or any holder in enforcing any rights under this Section 12.01.

(k)Upon request of the Trustee, each Guarantor shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

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Section 12.02Limitation on Liability

.

(a)Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by each Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Guarantor without rendering the Guarantee or this Indenture, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally or capital maintenance or corporate benefit rules applicable to guarantees for obligations of affiliates.

(b)A Subsidiary Guarantee as to any Restricted Subsidiary that is (or becomes) a party hereto on the Issue Date or that executes a supplemental indenture in accordance with Section 4.11 hereof and provides a guarantee shall terminate and be of no further force or effect and such Subsidiary Guarantee shall be deemed to be automatically released from all obligations under this Article XII upon any of the following:

(i)the sale, disposition, exchange or other transfer (including through merger, consolidation, amalgamation, dividend, distribution or otherwise) of the Capital Stock (including any sale, disposition, exchange or other transfer following which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary), of the applicable Subsidiary Guarantor if such sale, disposition, exchange or other transfer is made in a manner not in violation of this Indenture;

(ii)(i) the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the provisions of Section 4.04 and the definition of Unrestricted Subsidiary or (ii) the occurrence of any other event following which such Subsidiary Guarantor is no longer a Restricted Subsidiary in a manner not in violation of this Indenture;

(iii)the release or discharge of the guarantee under the Credit Agreement or any other Indebtedness by such Subsidiary Guarantor which resulted in the obligation to guarantee the Notes; except if at the time of the release and discharge of such Subsidiary Guarantor, such Subsidiary Guarantor would be required to guarantee the notes pursuant to Section 4.11;

(iv)the Issuer’s exercise of its legal defeasance option or covenant defeasance option under Article VIII or if the Issuer’s obligations under this Indenture are discharged in accordance with the terms of this Indenture;

(v)such Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing Secured Indebtedness or other exercise of remedies in respect thereof;

(vi)[reserved];

(vii)upon the merger, amalgamation or consolidation of such Subsidiary Guarantor with and into the Company, the Issuer or another Restricted Subsidiary or 

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upon the liquidation or dissolution of such Subsidiary Guarantor, in each case, in a manner not in violation of this Indenture;

(viii) in the case of a Subsidiary Guarantor that is an Intermediate Guarantor, (i) upon the Issuer ceasing to be a Wholly Owned Subsidiary of such Subsidiary Guarantor in a transaction not prohibited by this Indenture, (ii) upon such Subsidiary Guarantor’s transfer of all or substantially all of its assets to the Company, another Intermediate Guarantor or the Issuer, or (iii) upon such Intermediate Guarantor’s transfer of all or substantially all of its assets to, or merger, amalgamation or consolidation with, an entity that is not a Wholly Owned Subsidiary of such Subsidiary Guarantor in accordance with Section 5.01; and

(ix)as set forth in Article IX of this Indenture.

(c)The Parent Guarantee shall terminate and be of no further force or effect and shall be deemed to be automatically released from all obligations under this Article XII upon any of the following:

(i)the Issuer ceasing to be a Wholly Owned Subsidiary of the Company in a transaction not prohibited by this Indenture;

(ii)the Issuer’s transfer of all or substantially all of its assets to, or merger, consolidation or amalgamation with, an entity that is not a Wholly Owned Subsidiary of the Company in accordance with Section 5.01 and such transferee entity assumes the Issuer’s obligations under this Indenture;

(iii)the Issuer’s exercise of its legal defeasance option or covenant defeasance option under Article VIII or if the Issuer’s obligations under this Indenture are discharged in accordance with the terms of this Indenture;

(iv)(i) upon the merger, amalgamation or consolidation of the Company with and into (x) the Issuer or (y) an Intermediate Guarantor that becomes the Successor Parent Guarantor in accordance with the terms of this Indenture, (ii) upon the transfer of all or substantially all of its assets to an Intermediate Guarantor or the Issuer or (iii) upon the liquidation or dissolution of the Company, in each case, in a manner not in violation of this Indenture;

(v)the consummation of any transaction or series of related transactions pursuant to which an Intermediate Guarantor becomes the Successor Parent Guarantor or the Successor Company or the Issuer becomes the Successor Company; and

(vi)as set forth in Article IX of this Indenture.

 

Section 12.03[Intentionally Omitted]

.

Section 12.04Successors and Assigns

.  This Article XII shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and 

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assigns of the Trustee and the holders of the Notes and, in the event of any transfer or assignment of rights by any holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

Section 12.05No Waiver

.  Neither a failure nor a delay on the part of either the Trustee or the holders in exercising any right, power or privilege under this Article XII shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege.  The rights, remedies and benefits of the Trustee and the holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XII at law, in equity, by statute or otherwise.

Section 12.06Modification

.  No modification, amendment or waiver of any provision of this Article XII, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  No notice to or demand on any Guarantor in any case shall entitle any Guarantor to any other or further notice or demand in the same, similar or other circumstances.

Section 12.07Execution of Supplemental Indenture for Future Subsidiary Guarantors

.  Each Subsidiary which is required to become a Subsidiary Guarantor of the Notes pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit C hereto pursuant to which such Subsidiary shall become a Subsidiary Guarantor under this Article XII and shall guarantee the Notes.  Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an Opinion of Counsel that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Subsidiary Guarantee of such Subsidiary Guarantor is a valid and binding obligation of such Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request.

Section 12.08Non-Impairment

.  The failure to endorse a Guarantee on any Note shall not affect or impair the validity thereof.

Article XIII

MISCELLANEOUS

Section 13.01[Intentionally Omitted]

.

Section 13.02Notices

.

(a)Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by first-class mail addressed as follows:

if to the Company, Issuer or a Guarantor:

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c/o SeaWorld Parks & Entertainment, Inc.
6240 Sea Harbor Drive

Orlando, Florida 32821
Attention: Investor Relations
Email: Investors@SeaWorld.com

 

with copies to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019
Attention:  Tracey Zaccone 
Fax:  212-492-0085
Email: tzaccone@paulweiss.com

if to the Trustee:

Wilmington Trust, National Association
Global Capital Markets
50 South Sixth Street, Suite 1290
Minneapolis, MN 55402
Attention: SeaWorld Notes Administrator 
Fax:  (612) 217-5651 

The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

(b)Any notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed.

(c)Failure to mail a notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to other holders.  If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received.

The Trustee may, in its sole discretion, agree to accept and act upon instructions or directions pursuant to this Indenture sent by e-mail, facsimile transmission or other similar electronic methods.  If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling.  The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction.  The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without 

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limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

Notwithstanding anything to the contrary contained herein, as long as the Notes are in the form of a Global Note, notice to the holders may be made electronically in accordance with procedures of the Depository.

Section 13.03[Intentionally Omitted]

.

Section 13.04Certificate and Opinion as to Conditions Precedent

.  Upon any request or application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee:

(a)an Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

(b)an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

Section 13.05Statements Required in Certificate or Opinion

.  Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include:

(a)a statement that the individual making such certificate or opinion has read such covenant or condition;

(b)a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

(c)a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

(d)a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials.

Section 13.06When Notes Disregarded

.  In determining whether the holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, the Guarantors or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or the Guarantors shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which the Trustee actually knows are so owned shall be so disregarded.  Subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination.

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Section 13.07Rules by Trustee, Paying Agent and Registrar

.  The Trustee may make reasonable rules for action by or a meeting of the holders.  The Registrar and a Paying Agent may make reasonable rules for their functions.

Section 13.08Legal Holidays

.  If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the intervening period.  If a regular Record Date is not a Business Day, the Record Date shall not be affected.  If performance of any covenant, duty or obligation is required on a date which is not a Business Day, performance shall not be required until the next succeeding day that is a Business Day.

Section 13.09Governing Law; Consent to Jurisdiction

.

(a)THIS INDENTURE, THE NOTES, THE PARENT GUARANTEE AND THE SUBSIDIARY GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

(b)The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, each party irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

Section 13.10No Recourse Against Others

.  No director, officer, employee, manager, incorporator or holder of any Equity Interests in the Issuer or any Guarantor or any direct or indirect parent companies, as such, shall have any liability for any obligations of the Issuer or any Guarantor under the Notes, the Guarantees or this Indenture, as applicable, or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each holder of Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.

Section 13.11Successors

.  All agreements of the Company, the Issuer and the Guarantors in this Indenture and the Notes shall bind such person’s successors.  All agreements of the Trustee in this Indenture shall bind its successors.

Section 13.12Multiple Originals

.  The parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Indenture.

Section 13.13Table of Contents; Headings

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

132

 

 

Section 13.14Indenture Controls

.  If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control.

Section 13.15Severability, Entire Agreement

.  In case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.  This Indenture, the Notes, the Guarantees and the exhibits hereto and thereto set forth the entire agreement and understanding of the parties related to this transaction and supersede all prior written agreements and understandings, oral or written.

Section 13.16Waiver of Jury Trial

.  EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE HEREBY (AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

Section 13.17Calculations

.  The Issuer will be responsible for making all calculations called for under this Indenture or the Notes. The Issuer will make all such calculations in good faith and, absent manifest error, its calculations will be final and binding on holders. The Issuer will provide a schedule of its calculations to the Trustee and the Trustee is entitled to rely conclusively upon the accuracy of such calculations without independent verification. The Trustee will deliver a copy of such schedule to any holder upon the written request of such holder.

Section 13.18USA Patriot Act

.  The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

[Remainder of page intentionally left blank.]

 

133

 

 

 

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

SEAWORLD PARKS & ENTERTAINMENT, INC.

	
 
	
By:
	
/s/ G. Anthony Taylor
Name:G. Anthony Taylor
Title: Chief Legal Officer, General Counsel and Corporate Secretary

SEAWORLD ENTERTAINMENT, INC.

	
 
	
By:
	
/s/ G. Anthony Taylor
Name:G. Anthony Taylor
Title: Chief Legal Officer, General Counsel and Corporate Secretary

SEAWORLD PARKS & ENTERTAINMENT LLC

SEA WORLD OF TEXAS LLC

SEAWORLD PARKS & ENTERTAINMENT INTERNATIONAL, INC.

LANGHORNE FOOD SERVICES LLC

SEA WORLD OF FLORIDA LLC

SWBG ORLANDO CORPORATE OPERATIONS GROUP, LLC

SEA HOLDINGS I, LLC

	
 
	
By:
	
/s/ G. Anthony Taylor
Name:G. Anthony Taylor
Title: Chief Legal Officer, General Counsel and Corporate Secretary

SEA WORLD LLC

	
 
	
By:
	
/s/ G. Anthony Taylor
Name:G. Anthony Taylor
Title: Chief Legal Officer, General Counsel and Corporate Secretary

[Signature Page to Indenture]

 

 

 

 

 

SEAWORLD OF TEXAS HOLDINGS, LLC

SEAWORLD OF TEXAS MANAGEMENT, LLC

SEAWORLD OF TEXAS BEVERAGE, LLC

 

 

	
 
	
By:  /s/ Genaro Castro
	

Name: Genaro Castro
Title: Manager

 

	
 
	
By:  /s/ Byron Surrett
	

Name: Byron Surrett
Title: Manager

 

[Signature Page to Indenture]

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee

	
 
	
By:
	
/s/ Hallie E. Field
Name:  Hallie E. Field
Title:  Vice President

 

 

 

 

[Signature Page to Indenture]

 

 

 

APPENDIX A

PROVISIONS RELATING TO INITIAL NOTES AND ADDITIONAL NOTES

	
1.
	
Definitions.

	
1.1
	
Definitions.

For the purposes of this Appendix A the following terms shall have the meanings indicated below:

“Definitive Note” means a certificated Initial Note or Additional Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted by applicable law) that does not include the Global Notes Legend.

“Depository” means The Depository Trust Company, its nominees and their respective successors.

“Global Notes Legend” means the legend set forth under that caption in Exhibit A to this Indenture.

“IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depository) or any successor person thereto, who shall initially be the Trustee.

“QIB” means a “qualified institutional buyer” as defined in Rule 144A.

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

“Regulation S Notes” means all Initial Notes offered and sold outside the United States in reliance on Regulation S.

“Restricted Notes Legend” means the legend set forth in Section 2.2(f)(i) herein.

“Restricted Period,” with respect to any Notes, means the period of 40 consecutive days beginning on and including the later of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be promptly given by the Issuer to the Trustee, and (b) the Issue Date, and with respect to any Additional Notes that are Transfer Restricted Notes, it means the comparable period of 40 consecutive days.

“Rule 144A” means Rule 144A under the Securities Act.

“Rule 144A Notes” means all Initial Notes initially offered and sold to QIBs in reliance on Rule 144A.

Appendix A-1

 

 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

“Transfer Restricted Definitive Notes” means Definitive Notes that bear or are required to bear or are subject to the Restricted Notes Legend.

“Transfer Restricted Global Notes” means Global Notes that bear or are required to bear or are subject to the Restricted Notes Legend.

“Transfer Restricted Notes” means the Transfer Restricted Definitive Notes and Transfer Restricted Global Notes.

“Unrestricted Definitive Notes” means Definitive Notes that are not required to bear, or are not subject to, the Restricted Notes Legend.

“Unrestricted Global Notes” means Global Notes that are not required to bear, or are not subject to, the Restricted Notes Legend.

	
1.2
	
Other Definitions.

		
	
Term:
	
Defined in Section:

	
Agent Members
	
2.1(b)

	
Global Notes
	
2.1(b)

	
Regulation S Global Notes
	
2.1(b)

	
Rule 144A Global Notes
	
2.1(b)

	
2.
	
The Notes.

	
2.1
	
Form and Dating; Global Notes.

	
(a)
	
The Initial Notes issued on the date hereof will be (i) privately placed by the Issuer pursuant to the Offering Memorandum and (ii) sold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S.  Such Initial Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501.  One or more Rule 144A Notes may be issued with a separate CUSIP number for purposes of transfers of Notes to IAIs in accordance with Rule 501. Additional Notes offered after the date hereof may be offered and sold by the Issuer from time to time pursuant to one or more agreements in accordance with applicable law.

	
(b)
	
Global Notes.  (i) Except as provided in clause (d) of Section 2.2 below, Rule 144A Notes initially shall be represented by one or more Notes in definitive, fully registered, global form without interest coupons (collectively, the “Rule 144A Global Notes”).

Notes offered and sold in reliance on Regulation S will be issued initially in the form of global notes (the “Regulation S Global Notes”), which will be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the Depositary, and registered in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear Bank S.A./N.V., as operator of the Euroclear 

Appendix A-2

 

 

system (“Euroclear”) or Clearstream Banking, Société Anonyme (“Clearstream”).  The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided.

The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Global Note that are held by participants through Euroclear or Clearstream.

The term “Global Notes” means the Rule 144A Global Notes and the Regulation S Global Notes.  The Global Notes shall bear the Global Note Legend.  The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Notes Legend.

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

	
(ii)
	
Transfers of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective nominees.  Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable rules and procedures of the Depository and the provisions of Section 2.2.  In addition, a Global Note shall be exchangeable for Definitive Notes if (x) the Depository (1) notifies the Issuer that it is unwilling or unable to continue as depository for such Global Note and the Issuer thereupon fails to appoint a successor depository or (2) has ceased to be a clearing agency registered under the Exchange Act or (y) there shall have occurred and be continuing an Event of Default with respect to such Global Note and a request has been made for such exchange.  In all cases, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depository in accordance with its customary procedures.

	
(iii)
	
In connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to subsection (i) of this Section 2.1(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and, upon written order of the Issuer signed by an Officer, the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in 

Appendix A-3

 

 

		
writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.

	
(iv)
	
Any Transfer Restricted Note delivered in exchange for an interest in a Global Note pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Notes Legend.

	
(v)
	
Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note may be held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2.

	
(vi)
	
The holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a holder is entitled to take under this Indenture or the Notes.

	
2.2
	
Transfer and Exchange.

	
(a)
	
Transfer and Exchange of Global Notes.  A Global Note may not be transferred as a whole except as set forth in Section 2.1(b).  Global Notes will not be exchanged by the Issuer for Definitive Notes except under the circumstances described in Section 2.1(b)(ii).  Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.08 of this Indenture.  Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b).

	
(b)
	
Transfer and Exchange of Beneficial Interests in Global Notes.  The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository.  Beneficial interests in Transfer Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act.  Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes.  Transfers and exchanges of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

	
(i)
	
Transfer of Beneficial Interests in the Same Global Note.  Beneficial interests in any Transfer Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note in accordance with the transfer restrictions set forth in the Restricted Notes Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person.  A beneficial interest in an Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.  No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(i).

Appendix A-4

 

 

	
(ii)
	
All Other Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and exchanges of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written order from an Agent Member given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase.  Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note pursuant to Section 2.2(g).

	
(iii)
	
Transfer of Beneficial Interests to Another Restricted Global Note.  A beneficial interest in a Transfer Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following:

(A)if the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note; and

(B)if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note.

	
(iv)
	
Transfer and Exchange of Beneficial Interests in a Transfer Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.  A beneficial interest in a Transfer Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following:

(A)if the holder of such beneficial interest in a Transfer Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or

(B)if the holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note,

Appendix A-5

 

 

and, in each such case, if the Issuer or the Registrar so request or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act.  If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of a written order of the Issuer in the form of an Officer’s Certificate in accordance with Section 2.01 of this Indenture, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv).

	
(v)
	
Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Transfer Restricted Global Note.  Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note.

	
(c)
	
Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes.  A beneficial interest in a Global Note may not be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii).  A beneficial interest in a Global Note may not be transferred to a Person who takes delivery thereof in the form of a Definitive Note except under the circumstances described in Section 2.1(b)(ii).  In any case, beneficial interests in Global Notes shall be transferred or exchanged only for Definitive Notes.

	
(d)
	
Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes.  Transfers and exchanges of Definitive Notes for beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii) or (iii) below, as applicable:

	
(i)
	
Transfer Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes.  If any holder of a Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer Restricted Global Note or to transfer such Transfer Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Transfer Restricted Global Note, then, upon receipt by the Registrar of the following documentation:

(A)if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Note for a beneficial interest in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the applicable Note;

(B)if such Transfer Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate from such holder in the form attached to the applicable Note;

Appendix A-6

 

 

(C)if such Transfer Restricted Definitive Note is being transferred to a non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to the applicable Note;

(D)if such Transfer Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the applicable Note;

(E)if such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such holder in the form attached to the applicable Note, including the certifications, certificates and Opinion of Counsel, if applicable; or

(F)if such Transfer Restricted Definitive Note is being transferred to the Issuer or a Subsidiary thereof, a certificate from such holder in the form attached to the applicable Note;

the Trustee shall cancel the Transfer Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note.

	
(ii)
	
Transfer Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A holder of a Transfer Restricted Definitive Note may exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Transfer Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:

(A)if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or

(B)if the holder of such Transfer Restricted Definitive Note proposes to transfer such Transfer Restricted Definitive Note to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note,

and, in each such case, if the Issuer or the Registrar so request or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act.  Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Definitive Note and 

Appendix A-7

 

 

increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.  If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of a written order of the Issuer in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Note transferred or exchanged pursuant to this subparagraph (ii).

	
(iii)
	
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.  If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of a written order of the Issuer in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of the Unrestricted Definitive Note transferred or exchanged pursuant to this subparagraph (iii).

	
(iv)
	
Unrestricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes.  An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note.

	
(e)
	
Transfer and Exchange of Definitive Notes for Definitive Notes.  Upon request by a holder of Definitive Notes and such holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Notes.  Prior to such registration of transfer or exchange, the requesting holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such holder or by its attorney, duly authorized in writing.  In addition, the requesting holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e).

	
(i)
	
Transfer Restricted Definitive Notes to Transfer Restricted Definitive Notes.  A Transfer Restricted Note may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Note if the Registrar receives the following:

(A)if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note;

Appendix A-8

 

 

(B)if the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note;

(C)if the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note;

(D)if the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (A) through (C) above, a certificate in the form attached to the applicable Note; and

(E)if such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the applicable Note.

	
(ii)
	
Transfer Restricted Definitive Notes to Unrestricted Definitive Notes.  Any Transfer Restricted Definitive Note may be exchanged by the holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following:

(A)if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note; or

(B)if the holder of such Transfer Restricted Definitive Note proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note,

and, in each such case, if the Issuer or the Registrar so request, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act.

	
(iii)
	
Unrestricted Definitive Notes to Unrestricted Definitive Notes.  A holder of an Unrestricted Definitive Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time.  Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the holder thereof.

	
(iv)
	
Unrestricted Definitive Notes to Transfer Restricted Definitive Notes.  An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note.

Appendix A-9

 

 

At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.10 of this Indenture.  At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase.

	
(f)
	
Legend.

	
(i)
	
Except as permitted by the following paragraph (iii) or (iv), each Note certificate evidencing the Global Notes and any Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only):

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW.  BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR FOR THE BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN [ONE YEAR][IN THE CASE OF A RULE 144A GLOBAL NOTE][40 DAYS][IN THE CASE OF A REGULATION S GLOBAL NOTE] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY 

Appendix A-10

 

 

THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.  AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”

Each Regulation S Note shall bear the following additional legend:

“BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”

Each Definitive Note shall bear the following additional legend:

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.”

	
(ii)
	
Upon any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the holder thereof to exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Definitive Note if the holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note).

Appendix A-11

 

 

	
(iii)
	
Upon a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to Regulation S, all requirements that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note be issued in global form shall continue to apply.

	
(iv)
	
Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend.

	
(g)
	
Cancellation or Adjustment of Global Note.  At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.10 of this Indenture.  At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase.

	
(h)
	
Obligations with Respect to Transfers and Exchanges of Notes.

	
(i)
	
To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, Definitive Notes and Global Notes at the Registrar’s request.

	
(ii)
	
No service charge shall be made for any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of this Indenture).

	
(iii)
	
Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, a Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

	
(iv)
	
All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange.

Appendix A-12

 

 

	
(i)
	
No Obligation of the Trustee.

	
(i)
	
The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes.  All notices and communications to be given to the holders and all payments to be made to the holders under the Notes shall be given or made only to the registered holders (which shall be the Depository or its nominee in the case of a Global Note).  The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository.  The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners.

	
(ii)
	
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

 

Appendix A-13

 

 

 

EXHIBIT A

[FORM OF FACE OF INITIAL NOTE]

[Global Notes Legend]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

[Restricted Notes Legend for Notes Offered in Reliance on Regulation S]

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

[Restricted Notes Legend]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW.  BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR FOR THE BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN [ONE YEAR][IN THE CASE OF A RULE 144A GLOBAL NOTE][40 DAYS][IN THE CASE OF A REGULATION S GLOBAL NOTE] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE 

 

 

ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.  AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

 [Definitive Notes Legend]

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

[If the Notes are issued with original issue discount for U.S. federal income tax purposes]

THIS SECURITY HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE, THE AMOUNT OF OID, THE ISSUE DATE AND THE YIELD TO MATURITY OF THIS SECURITY MAY BE OBTAINED BY CONTACTING THE CHIEF FINANCIAL OFFICER AT 2800 BRIDGE PARKWAY, REDWOOD CITY, CA 94065.

A-2

 

 

[FORM OF INITIAL NOTE]

SEAWORLD PARKS & ENTERTAINMENT, inc.

		
	
No. [  ]
	
144A CUSIP No. 81282U AG7

	
 
	
144A ISIN No. US81282UAG76

	
 
	
REG S CUSIP No. U81243AD6

	
 
	
REG S ISIN No. USU81243AD62

	
 
	
$[  ]

5.250% Senior Note due 2029

SeaWorld Parks & Entertainment, Inc., a Delaware corporation (together with its successors and assigns under the Indenture), promises to pay to Cede & Co., or registered assigns, the principal sum set forth on the Schedule of Increases or Decreases in Global Note attached hereto on August 15, 2029.

Interest Payment Dates:  February 15 and August 15, commencing [  ]1

Record Dates: February 1 and August 1

Additional provisions of this Note are set forth on the other side of this Note.

IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

	
	 

	
1  
	
To be February 15, 2022 for Initial Notes.

A-3

 

 

 

SEAWORLD PARKS & ENTERTAINMENT, INC. 

	
 
	
By:
	

Name:  
Title:

Dated:

A-4

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

WILMINGTON TRUST, NATIONAL ASSOCIATION
as Trustee, certifies that this is
one of the Notes 
referred to in the Indenture.

	
By:
	

Authorized Signatory

Dated:

 

______________________

	
*/
	
If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL NOTES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE.”

A-5

 

 

[FORM OF REVERSE SIDE OF INITIAL NOTE]

5.250% Senior Note Due 2029

1.Interest

SeaWorld Parks & Entertainment, Inc., a Delaware corporation (such entity, and its successors and assigns under the Indenture, hereinafter referred to, being herein called, the “Issuer”), promises to pay interest on the principal amount of this Note at the rate per annum shown above.  The Issuer shall pay interest semiannually on February 15 and August 15 of each year (each an “Interest Payment Date”), commencing [   ]2.  Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from August 25, 2021, until the principal hereof is due.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.  The Issuer shall pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

2.Method of Payment

The Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on February 1 or August 1 (each a “Record Date”) immediately preceding the Interest Payment Date even if Notes are canceled after the Record Date and on or before the Interest Payment Date (whether or not a Business Day).  Holders must surrender Notes to the Paying Agent to collect principal payments.  The Issuer shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts.  Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary.  The Issuer shall make all payments in respect of a certificated Note (including principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered address of each holder thereof; provided, however, that payments on the Notes may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States of America if such holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

3.Paying Agent and Registrar

Initially, Wilmington Trust, National Association, as trustee under the Indenture (the “

	
	 

	
2  
	
To be February 15, 2022 for Initial Notes.

A-6

 

 

Trustee”), will act as Paying Agent and Registrar.  The Issuer may appoint and change any Paying Agent or Registrar upon written notice to such Paying Agent or registrar and to the Trustee.  The Issuer or any of its domestically incorporated Subsidiaries may act as Paying Agent or Registrar.

4.Indenture

The Issuer issued the Notes under an Indenture, dated as of August 25, 2021 (the “Indenture”), among the Issuer, the Guarantors party thereto from time to time and the Trustee.  Capitalized terms used herein are used as defined in the Indenture, unless otherwise indicated.  The terms of the Notes include those stated in the Indenture.  The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture for a statement of such terms and provisions.  If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision of the Indenture, such provision of the Indenture shall control.

The Notes are senior unsecured obligations of the Issuer.  This Note is one of the Initial Notes referred to in the Indenture.  The Notes include the Initial Notes and any Additional Notes.  The Initial Notes and any Additional Notes are treated as a single class of securities under the Indenture.  The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of certain capital stock of the Company and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales.  The Indenture also imposes limitations on the ability of the Issuer and each Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property.

To guarantee the due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors have unconditionally guaranteed the Guaranteed Obligations on a senior unsecured basis pursuant to the terms of the Indenture, and any Subsidiary Guarantor that executes a Subsidiary Guarantee will unconditionally guarantee the Guaranteed Obligations on a senior unsecured basis pursuant to the terms of the Indenture.

5.Redemption

On or after August 15, 2024, the Issuer may redeem the Notes at its option, in whole at any time or in part from time to time, upon notice as described in Paragraph 7 of this Note, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on August 15 of the years set forth below:

		
	
Period
	
Redemption Price

	
2024
	
102.625%

	
2025
	
101.313%

	
2026 and thereafter
	
100.000%

 

In addition, prior to August 15, 2024, the Issuer may redeem the Notes at its option, in whole at any time or in part from time to time, upon notice as described in Paragraph 7 of this Note, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date).

Notwithstanding the foregoing, at any time and from time to time prior to August 15, 2024, the Issuer may redeem in the aggregate up to 40% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) in an amount not to exceed the amount of net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by any direct or indirect parent of the Company to the extent the net cash proceeds thereof are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company, at a redemption price (expressed as a percentage of principal amount thereof) of 105.250%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date); provided, however, that at least 50% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) must remain outstanding after each such redemption; provided, further, that such redemption shall occur within 180 days after the date on which any such Equity Offering is consummated upon not less than 10 nor more than 60 days’ notice mailed by the Issuer to each holder of Notes being redeemed, or delivered electronically if held by DTC, and otherwise in accordance with the procedures set forth in the Indenture.

Notice of any redemption upon any corporate transaction or other event (including any Equity Offering, Incurrence of Indebtedness, Change of Control or other transaction) may be given prior to the completion thereof.  In addition, any redemption described above or notice thereof may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction or other event.

6.Mandatory Redemption; Open Market Purchases

The Issuer will not be required to make any mandatory redemption or sinking fund payments with respect to the Notes.  The Company and/or its Subsidiaries may at any time and from time to time acquire Notes by means other than a redemption, whether by tender offer, in the open market, through negotiated transactions, through other privately negotiated transactions or otherwise.

A-7

 

 

7.Notice of Redemption

Notices of redemption will be mailed by first-class mail at least 10 but not more than 60 days before the redemption date, to each holder of Notes to be redeemed at its registered address (with a copy to the Trustee) or otherwise delivered in accordance with the procedures of The Depository Trust Company (“DTC”), except that redemption notices may be mailed or otherwise delivered more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Article VIII thereof or if the redemption date is delayed.  

If money sufficient to pay the redemption price of, plus accrued and unpaid interest, if any, on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, then on and after such redemption date, interest shall cease to accrue on such Notes (or such portions thereof) called for redemption. 

	
8.
	
Repurchase of Notes at the Option of the Holders upon Change of Control and Asset Sales

Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in the Indenture, to require the Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms of, the Indenture.

In accordance with Section 4.06 of the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events.

9.Ranking.

From the Issue Date, the Notes, the Parent Guarantee and the Subsidiary Guarantees , respectively, will be senior Indebtedness of the Issuer, the Company and the Subsidiary Guarantors, respectively, will rank pari passu in right of payment with all existing and future senior Indebtedness of the Issuer, the Company and the Subsidiary Guarantors and will be senior in right of payment to all existing and future Subordinated Indebtedness of the Issuer, the Company and the Subsidiary Guarantors. The Notes will be general, unsecured, senior obligations of the Issuer. 

10.Denominations; Transfer; Exchange

The Notes are in registered form, without interest coupons, in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof, provided that Notes may be issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by participants of the DTC in denominations of less than $2,000.  A holder shall register the transfer of or exchange of the Notes in accordance with the Indenture.  Upon any registration of transfer or exchange, the Registrar and the Trustee may require a holder, among other things, to furnish appropriate endorsements or transfer documents 

A-8

 

 

and to pay any taxes required by law or permitted by the Indenture.  The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes for a period of 15 days prior to a selection of Notes to be redeemed or between a Record Date and the relevant Interest Payment Date.

11.Persons Deemed Owners

The registered holder of this Note shall be treated as the owner of it for all purposes.

12.Unclaimed Money

If money for the payment of principal or interest remains unclaimed for two years, the Trustee and each Paying Agent shall pay the money back to the Issuer at its written request unless an applicable abandoned property law designates another Person.  After any such payment, the holders entitled to the money must look to the Issuer for payment as general creditors and the Trustee and each Paying Agent shall have no further liability with respect to such monies.

13.Discharge and Defeasance

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

14.Amendment; Waiver

Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Notes, the Parent Guarantee and/or the Subsidiary Guarantees be amended with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding Notes and (ii) any past default or compliance with any provisions may be waived with the written consent of the holders of at least a majority in principal amount of the outstanding Notes.  Without the consent of any holder, the Issue and the Trustee, as applicable, may make certain amendments and supplements to the Indenture, the Notes, the Parent Guarantee and the Subsidiary Guarantees as set forth in the Indenture.

15.Defaults and Remedies

If an Event of Default (other than an Event of Default specified in Section 6.01(f) or (g) in the Indenture with respect to the Company or the Issuer) occurs and is continuing, the Trustee by notice to the Issuer or the holders of at least 30% in aggregate principal amount of outstanding Notes by notice to the Issuer, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable.  Upon such a declaration, such principal and interest will be due and payable immediately.  If an Event of Default specified in Section 6.01(f) or (g) of the Indenture with respect to the Company or the Issuer occurs, the principal of, premium, if any, and interest on all the Notes will become 

A-9

 

 

immediately due and payable without any declaration or other act on the part of the Trustee or any holders.  Under certain circumstances, the holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences.

If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.  Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the Indenture or the Notes unless (i) such holder has previously given the Trustee written notice that an Event of Default is continuing, (ii) holders of at least 30% in aggregate principal amount of the outstanding Notes have requested in writing the Trustee to pursue the remedy, (iii) such holders have offered the Trustee security or indemnity satisfactory to it against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity, and (v) the holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such written request within such 60-day period.  Subject to certain restrictions, the holders of a majority in principal amount of outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee.  The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or, if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith shall determine that the action or proceeding so directed would involve the Trustee in personal liability or expense for which it is not adequately indemnified, or subject to Section 7.01 of the Indenture, that the Trustee determines is unduly prejudicial to the rights of any other holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such holders) or that would involve the Trustee in personal liability.  Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

16.Trustee Dealings with the Issuer

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee.

17.No Recourse Against Others

No director, officer, employee, manager, incorporator or holder of any Equity Interests in the Company, the Issuer or any Subsidiary Guarantor or any direct or indirect parent companies, as such, will have any liability for any obligations of the Company, Issuer or any Subsidiary Guarantor under the Notes, the Indenture, the Parent Guarantee or the Subsidiary 

A-10

 

 

Guarantee, as applicable, or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each holder of Notes by accepting a Note waives and releases all such liability.

18.Authentication

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

19.Abbreviations

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

20.Governing Law

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

21.CUSIP Numbers; ISINs

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

The Issuer will furnish to any holder of Notes upon written request and without charge to the holder a copy of the Indenture which has in it the text of this Note. Requests may be made to:

SeaWorld Parks & Entertainment, Inc.
6240 Sea Harbor Drive

Orlando, Florida 32821
Attention: Investor Relations
Email: Investors@SeaWorld.com 

A-11

 

 

ASSIGNMENT FORM

To assign this Note, fill in the form below:

I or we assign and transfer this Note to:

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

(Insert assignee’s soc. sec. or tax I.D. No.)

and irrevocably appointagent to transfer this Note on the books of the Issuer.  The agent may substitute another to act for him.

Date:Your Signature:

Sign exactly as your name appears on the other side of this Note.

Signature Guarantee:

		
	
Date:
	
 

	
Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee
	
Signature of Signature Guarantee

 

A-12

 

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR

REGISTRATION OF TRANSFER RESTRICTED NOTES

This certificate relates to $_________ principal amount of Notes held in (check applicable space) ____ book-entry or _____ definitive form by the undersigned.

The undersigned (check one box below):

	
☐
	
has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depository a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above);

	
☐
	
has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is still a Transfer Restricted Definitive Note or a Transfer Restricted Global Note, the undersigned confirms that such Notes are being transferred in accordance with its terms:

CHECK ONE BOX BELOW

			
	
(1)
	
☐
	
to the Issuer; or

	
(2)
	
☐
	
to the Registrar for registration in the name of the holder, without transfer; or

	
(3)
	
☐
	
pursuant to an effective registration statement under the Securities Act of 1933; or

	
(4)
	
☐
	
inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or

	
(5)
	
☐
	
outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or

	
(6)
	
☐
	
to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and agreements; or

	
(7)
	
☐
	
pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

A-13

 

 

 

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

Date:Your Signature:

Sign exactly as your name appears on the other side of this Note.

Signature Guarantee:

		
	
Date:
	
 

	
Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee
	
Signature of Signature Guarantee

 

A-14

 

 

TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED.

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

Date:
NOTICE:  To be executed by an executive officer

A-15

 

 

[TO BE ATTACHED TO GLOBAL NOTES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

The initial principal amount of this Global Note is $______________.  The following increases or decreases in this Global Note have been made:

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

 

A-16

 

 

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sales) or 4.08 (Change of Control) of the Indenture, check the box:

	
Asset Sale 
	
☐Change of Control ☐

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sales) or 4.08 (Change of Control) of the Indenture, state the amount (minimum of $2,000 or any integral multiple of $1,000 in excess thereof):

$

Date:Your Signature:  
   (Sign exactly as your name appears on the 
   other side of this Note)

	
Signature Guarantee:
	

Signature must be guaranteed by a participant in a 
recognized signature guaranty medallion program
or other signature guarantor program reasonably
acceptable to the Trustee

 

A-17

 

 

 

EXHIBIT B

[FORM OF TRANSFEREE LETTER OF REPRESENTATION]

TRANSFEREE LETTER OF REPRESENTATION

SEAWORLD PARKS & ENTERTAINMENT, INC.
c/o Wilmington Trust, National Association
Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Attention: SeaWorld Notes Administrator

 

Ladies and Gentlemen:

This certificate is delivered to request a transfer of $[  ] principal amount of the 5.250% Senior Notes due 2029 (the “Notes”) of SeaWorld Parks & Entertainment, Inc. (collectively with its successors and assigns, the “Issuer”).

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

Name:

Address:

Taxpayer ID Number:

The undersigned represents and warrants to you that:

	
1.
	
We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $100,000 principal amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act.  We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business.  We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

	
2.
	
We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence.  We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original issue and the last date on which either of the Issuer or any affiliate of the Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in the United States to a person whom we reasonably believe is a qualified institutional buyer (as defined in rule 144A under the Securities Act) in a 

A-18

 

 

		
transaction meeting the requirements of Rule 144A, (b) outside the United States in an offshore transaction in accordance with Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if applicable) or (d) pursuant to an effective registration statement under the Securities Act, in each of clauses (a) through (d) in accordance with any applicable securities laws of any state of the United States.  In addition, we will, and each subsequent holder is required to, notify any purchaser of the Note evidenced hereby of the resale restrictions set forth above.  The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date.  If any resale or other transfer of the Notes is proposed to be made to an institutional “accredited investor” prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act.  Each purchaser acknowledges that the Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause 2(b), 2(c) or 2(d) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Issuer and the Trustee.

Dated:  ____________________

TRANSFEREE:  ____________________,

By:  

 

 

B-1

 

 

 

EXHIBIT C

[FORM OF SUPPLEMENTAL INDENTURE]

SUPPLEMENTAL INDENTURE

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of [   ], among SEAWORLD PARKS & ENTERTAINMENT, INC., INC., a Delaware corporation (the “Issuer”), [SUBSIDIARY GUARANTOR] (the “New Subsidiary Guarantor”), a subsidiary of the Issuer, and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee under the indenture referred to below (the “Trustee”).

W I T N E S S E T H :

WHEREAS the Issuer, certain Guarantors and the Trustee have heretofore executed an indenture, dated as of August 25, 2021 (as amended, supplemented or otherwise modified, the “Indenture”), providing for the issuance of the Issuer’s 5.250% Senior Notes due 2029 (the “Notes”), initially in the aggregate principal amount of $725,000,000;

WHEREAS Sections 4.11 and 12.07 of the Indenture provide that under certain circumstances the Issuer is required to cause the New Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Subsidiary Guarantor shall unconditionally guarantee all the Issuer’s Obligations under the Notes and the Indenture pursuant to a Subsidiary Guarantee on the terms and conditions set forth herein; and

WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee and the Issuer are authorized to execute and deliver this Supplemental Indenture.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantor, the Issuer and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:

	
1.
	
Defined Terms.  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such holders.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular Section hereof.

	
2.
	
Agreement to Guarantee.  The New Subsidiary Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to unconditionally guarantee the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XII of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture

B-2

 

 

 

 

	
3.
	
Notices.  All notices or other communications to the New Subsidiary Guarantor shall be given as provided in Section 13.02 of the Indenture.

	
4.
	
Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

	
5.
	
Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

	
6.
	
Trustee Makes No Representation.  The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

	
7.
	
Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

	
8.
	
Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction thereof.

[Remainder of page intentionally left blank.]

C-1

 

 

 

 

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

SEAWORLD PARKS & ENTERTAINMENT, inc.

	
 
	
By:
	

Name:  
Title:

[NEW SUBSIDIARY GUARANTOR], as a Subsidiary Guarantor

	
 
	
By:
	

Name: [     ]
Title:  [     ]

WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee

	
 
	
By:
	

Name: [     ]
Title:  [     ]

C-2

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