Document:

Credit Agreement

 Exhibit 10.1 
 EXECUTION COPY 
  

 
  

Published CUSIP Number: 44107UAD5 

7051974.32 
 CREDIT AGREEMENT

 Dated as of November 22, 2011 
 among 
 HOST HOTELS & RESORTS, L.P., 

as a Borrower, 

THE OTHER DESIGNATED BORROWERS NAMED HEREIN, 
 BANK OF AMERICA, N.A., 
 as Administrative Agent, Swing Line Lender

 and 

L/C Issuer, 

JPMORGAN CHASE BANK, N.A., 
 as Syndication Agent and L/C Issuer, 
 WELLS FARGO BANK, N.A., 

as Documentation Agent and L/C Issuer, 
 DEUTSCHE BANK AG NEW 
 YORK BRANCH and THE BANK OF NOVA SCOTIA,

 as Documentation Agents, 
 THE BANK OF NEW YORK MELLON and GOLDMAN SACHS BANK USA, 
 as Senior Managing
Agents, 
 and 
 The Other Lenders Party Hereto 
 MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED, J.P. MORGAN 
 SECURITIES LLC and WELLS FARGO SECURITIES, LLC, 

as 
 Joint Lead
Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 

 

							
	 Section
	 	 	  	Page	 
			
	ARTICLE I.	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
			
	 1.01
	 	 Defined Terms
	  	 	1	  
	 1.02
	 	 Other Interpretive Provisions
	  	 	50	  
	 1.03
	 	 Accounting Terms
	  	 	51	  
	 1.04
	 	 Rounding
	  	 	52	  
	 1.05
	 	 Times of Day
	  	 	52	  
	 1.06
	 	 Letter of Credit Amounts
	  	 	52	  
	 1.07
	 	 Exchange Rates; Currency Equivalents
	  	 	52	  
	 1.08
	 	 Additional Alternative Currencies
	  	 	53	  
	 1.09
	 	 Change of Currency
	  	 	53	  
			
	ARTICLE II.	 	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	54	  
			
	 2.01
	 	 Committed Loans
	  	 	54	  
	 2.02
	 	 Borrowings, Conversions and Continuations of Committed Loans
	  	 	56	  
	 2.03
	 	 Bid Loans
	  	 	58	  
	 2.04
	 	 Letters of Credit
	  	 	61	  
	 2.05
	 	 Swing Line Loans
	  	 	71	  
	 2.06
	 	 Prepayments
	  	 	83	  
	 2.07
	 	 Termination or Reduction of Commitments
	  	 	87	  
	 2.08
	 	 Repayment of Loans
	  	 	87	  
	 2.09
	 	 Interest
	  	 	87	  
	 2.10
	 	 Fees
	  	 	88	  
	 2.11
	 	 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	  	 	90	  
	 2.12
	 	 Evidence of Debt
	  	 	90	  
	 2.13
	 	 Payments Generally; Administrative Agent’s Clawback
	  	 	91	  
	 2.14
	 	 Sharing of Payments by Lenders
	  	 	93	  
	 2.15
	 	 Extension of Maturity Date
	  	 	95	  
	 2.16
	 	 Increase in Commitments
	  	 	95	  
	 2.17
	 	 Cash Collateral
	  	 	97	  
	 2.18
	 	 Defaulting Lenders
	  	 	98	  
	 2.19
	 	 Designated Borrowers
	  	 	100	  
	 2.20
	 	 Reallocation of Commitments
	  	 	101	  
	 2.21
	 	 Supplemental Tranches
	  	 	103	  
	 2.22
	 	 Certain Permitted Amendments
	  	 	104	  
			
	ARTICLE III.	 	 TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	106	  
			
	 3.01
	 	 Taxes
	  	 	106	  
	 3.02
	 	 Illegality
	  	 	110	  
	 3.03
	 	 Inability to Determine Rates
	  	 	110	  
	 3.04
	 	 Increased Costs; Reserves on Eurocurrency Rate Loans
	  	 	111	  
	 3.05
	 	 Compensation for Losses
	  	 	113	  
	 3.06
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	114	  
	 3.07
	 	 Survival
	  	 	114	  

  
 -i-

							
	ARTICLE IV.	 	 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	114	  
			
	 4.01
	 	 Conditions of Initial Credit Extension
	  	 	114	  
	 4.02
	 	 Conditions to all Credit Extensions
	  	 	117	  
			
	ARTICLE V.	 	 REPRESENTATIONS AND WARRANTIES
	  	 	118	  
			
	 5.01
	 	 Status
	  	 	118	  
	 5.02
	 	 Power and Authority
	  	 	118	  
	 5.03
	 	 No Violation
	  	 	118	  
	 5.04
	 	 Governmental Approvals
	  	 	119	  
	 5.05
	 	 Financial Statements; Financial Condition; Undisclosed Liabilities; Projections; etc.
	  	 	119	  
	 5.06
	 	 Litigation
	  	 	120	  
	 5.07
	 	 Disclosure
	  	 	120	  
	 5.08
	 	 Use of Proceeds; Margin Regulations
	  	 	120	  
	 5.09
	 	 Tax Returns and Payments
	  	 	121	  
	 5.10
	 	 Compliance with ERISA
	  	 	121	  
	 5.11
	 	 [Intentionally Omitted]
	  	 	122	  
	 5.12
	 	 Properties
	  	 	122	  
	 5.13
	 	 Subsidiaries
	  	 	122	  
	 5.14
	 	 Compliance with Statutes, etc.
	  	 	123	  
	 5.15
	 	 Investment Company Act
	  	 	123	  
	 5.16
	 	 Environmental Matters
	  	 	123	  
	 5.17
	 	 Labor Relations
	  	 	123	  
	 5.18
	 	 Intellectual Property
	  	 	124	  
	 5.19
	 	 Indebtedness
	  	 	124	  
	 5.20
	 	 Status as REIT
	  	 	124	  
			
	ARTICLE VI.	 	 AFFIRMATIVE COVENANTS
	  	 	124	  
			
	 6.01
	 	 Compliance with Laws, Etc.
	  	 	124	  
	 6.02
	 	 Conduct of Business
	  	 	124	  
	 6.03
	 	 Payment of Taxes, Etc.
	  	 	125	  
	 6.04
	 	 Maintenance of Insurance
	  	 	125	  
	 6.05
	 	 Preservation of Existence, Etc.
	  	 	125	  
	 6.06
	 	 Access; Annual Meetings with Lenders
	  	 	126	  
	 6.07
	 	 Keeping of Books
	  	 	126	  
	 6.08
	 	 Maintenance of Properties, Etc.
	  	 	126	  
	 6.09
	 	 Management Agreements, Operating Leases and Certain Other Contracts
	  	 	126	  
	 6.10
	 	 Application of Proceeds
	  	 	127	  
	 6.11
	 	 Information Covenants
	  	 	127	  
	 6.12
	 	 [Intentionally Omitted]
	  	 	131	  
	 6.13
	 	 Foreign Subsidiaries Guarantee
	  	 	131	  
	 6.14
	 	 Additional Guarantors; Release of Guarantors and Collateral
	  	 	131	  
	 6.15
	 	 End of Fiscal Years; Fiscal Quarters
	  	 	135	  
	 6.16
	 	 Environmental Matters
	  	 	135	  

  
 -ii-

							
	ARTICLE VII.	 	 NEGATIVE COVENANTS
	  	 	136	  
			
	 7.01
	 	 Liens
	  	 	136	  
	 7.02
	 	 Indebtedness
	  	 	136	  
	 7.03
	 	 Limitation on Certain Restrictions on Subsidiaries
	  	 	137	  
	 7.04
	 	 [Intentionally Omitted]
	  	 	137	  
	 7.05
	 	 Modification and Enforcement of Certain Agreements
	  	 	137	  
	 7.06
	 	 Limitation on Creation of Subsidiaries
	  	 	137	  
	 7.07
	 	 Transactions with Affiliates
	  	 	138	  
	 7.08
	 	 Sales of Assets
	  	 	139	  
	 7.09
	 	 Consolidation, Merger, etc.
	  	 	140	  
	 7.10
	 	 Acquisitions; Investments
	  	 	140	  
	 7.11
	 	 Dividends
	  	 	142	  
	 7.12
	 	 Limitation on Payments of Certain Indebtedness; Modifications of Certain Indebtedness; Modifications of Organizational Documents;
etc.
	  	 	144	  
	 7.13
	 	 Business
	  	 	145	  
	 7.14
	 	 Violation of Specified Indenture Covenants
	  	 	145	  
	 7.15
	 	 Maximum Leverage Ratio
	  	 	145	  
	 7.16
	 	 Minimum Unsecured Interest Coverage Ratio
	  	 	145	  
	 7.17
	 	 Minimum Fixed Charge Coverage Ratio
	  	 	145	  
	 7.18
	 	 Additional Financial Covenants and Limitations on Incurrence of Indebtedness
	  	 	145	  
			
	ARTICLE VIII.	 	 EVENTS OF DEFAULT AND REMEDIES
	  	 	146	  
			
	 8.01
	 	 Events of Default
	  	 	146	  
	 8.02
	 	 Remedies Upon Event of Default
	  	 	149	  
	 8.03
	 	 Application of Funds
	  	 	149	  
			
	ARTICLE IX.	 	 ADMINISTRATIVE AGENT AND COLLATERAL AGENT
	  	 	150	  
			
	 9.01
	 	 Appointment and Authority
	  	 	150	  
	 9.02
	 	 Rights as a Lender
	  	 	150	  
	 9.03
	 	 Exculpatory Provisions
	  	 	151	  
	 9.04
	 	 Reliance by Administrative Agent
	  	 	152	  
	 9.05
	 	 Delegation of Duties
	  	 	152	  
	 9.06
	 	 Resignation of Administrative Agent
	  	 	152	  
	 9.07
	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	154	  
	 9.08
	 	 No Other Duties, Etc.
	  	 	154	  
	 9.09
	 	 Administrative Agent May File Proofs of Claim
	  	 	154	  
	 9.10
	 	 Subsidiaries Guaranty and Collateral Matters
	  	 	155	  
			
	ARTICLE X.	 	 MISCELLANEOUS
	  	 	155	  
			
	 10.01
	 	 Amendments, Etc.
	  	 	155	  
	 10.02
	 	 Notices; Effectiveness; Electronic Communication
	  	 	157	  
	 10.03
	 	 No Waiver; Cumulative Remedies; Enforcement
	  	 	160	  
	 10.04
	 	 Expenses; Indemnity; Damage Waiver
	  	 	160	  
	 10.05
	 	 Payments Set Aside
	  	 	163	  
	 10.06
	 	 Successors and Assigns
	  	 	164	  

  
 -iii-

							
	 10.07
	 	 Treatment of Certain Information; Confidentiality
	  	 	168	  
	 10.08
	 	 Right of Setoff
	  	 	169	  
	 10.09
	 	 Interest Rate Limitation
	  	 	170	  
	 10.10
	 	 Counterparts; Integration; Effectiveness
	  	 	170	  
	 10.11
	 	 Survival of Representations and Warranties
	  	 	170	  
	 10.12
	 	 Severability
	  	 	170	  
	 10.13
	 	 Replacement of Lenders
	  	 	171	  
	 10.14
	 	 Governing Law; Jurisdiction; Etc.
	  	 	171	  
	 10.15
	 	 Waiver of Jury Trial
	  	 	172	  
	 10.16
	 	 No Advisory or Fiduciary Responsibility
	  	 	172	  
	 10.17
	 	 Electronic Execution of Assignments and Certain Other Documents
	  	 	173	  
	 10.18
	 	 USA PATRIOT Act
	  	 	173	  
	 10.19
	 	 ENTIRE AGREEMENT
	  	 	174	  
	 10.20
	 	 Judgment Currency
	  	 	174	  
	 SIGNATURES
	  	 	S-1	  
		
	SCHEDULES	  			
			
	 1.01
	 	 Mandatory Cost Formulae
	  			
	 1.01A
	 	 Existing Roll Forward Amounts
	  			
	 2.01
	 	 Commitments and Applicable Percentages
	  			
	 2.20
	 	 Approved Reallocation Lenders
	  			
	 5.13
	 	 Subsidiaries
	  			
	 5.19
	 	 Indebtedness
	  			
	 10.02
	 	 Administrative Agent’s Office; Certain Addresses for Notices
	  			
			
	EXHIBITS	 		  			
			
		 	Form of	  			
			
	 A
	 	 Committed Loan Notice
	  			
	 B-1
	 	 Bid Request
	  			
	 B-2
	 	 Competitive Bid
	  			
	 C-1
	 	 Domestic Swing Line Loan Notice
	  			
	 C-2
	 	 Alternative Currency Swing Line Loan Notice
	  			
	 C-3
	 	 Canadian Dollar Swing Line Loan Notice
	  			
	 D
	 	 Note
	  			
	 E
	 	 Compliance Certificate
	  			
	 F-1
	 	 Assignment and Assumption
	  			
	 F-2
	 	 Administrative Questionnaire
	  			
	 G-1
	 	 Company Guaranty
	  			
	 G-2
	 	 Subsidiaries Guaranty
	  			
	 H
	 	 Pledge and Security Agreement
	  			

  
 -iv-

					
	 I
	 	 Senior Note Indenture, the Twelfth Supplemental Indenture and the Specified Indenture
	  	
	 J
	 	 Form of Corporate Forecast
	  	
	 K
	 	 Form of Solvency Certificate
	  	
	 L
	 	 Designated Borrower Request and Assumption Agreement
	  	
	 M
	 	 Designated Borrower Notice
	  	
	 N
	 	 Supplemental Addendum
	  	
	 O
	 	 Form of Joinder Agreement
	  	

  
 -v-

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of November 22, 2011, among Host Hotels & Resorts,
L.P., a Delaware limited partnership (the “Company”), certain Subsidiaries of the Company party hereto pursuant to Section 2.19 (each a “Designated Borrower” and, together with the Company, the
“Borrowers” and each, a “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as
Administrative Agent, Collateral Agent, Swing Line Lender and an L/C Issuer. 
 The Company has requested that the Lenders
provide a revolving credit facility, and the Lenders are willing to do so on the terms and conditions set forth herein. 
 In
consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 

ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS 
 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “Absolute Rate” means a fixed rate of interest expressed in multiples of 1/100th of one basis point. 
 “Absolute Rate Loan” means a Bid Loan that bears interest at a rate determined with reference to an Absolute Rate. 

“Acceding Lender” has the meaning specified in Section 2.16(c). 

“Accepting Lender” has the meaning specified in Section 2.22(a). 

“Adjusted Funds From Operations” means, for any period, Consolidated Net Income for such period plus (a) the sum of
the following amounts for such period (without duplication) to the extent deducted in the determination of Consolidated Net Income for such period: (i) depreciation expense, (ii) amortization expense and other non-cash charges of HHRI and
its Subsidiaries with respect to their real estate assets for such period, (iii) losses from Asset Sales, losses resulting from restructuring of Indebtedness, and extraordinary losses, (iv) amortization of financing cost, (v) minority
interest expense and (vi) dividends on Qualified Preferred Stock; less (b) the sum of the following amounts to the extent included in the determination of Consolidated Net Income for such period: (i) gains from Asset Sales, gains
resulting from restructuring of Indebtedness, and extraordinary gains, (ii) the applicable share of Consolidated Net Income of HHRI’s Unconsolidated Entities, and (iii) minority partner adjusted funds from operations; plus (without
duplication of any amounts referred to in clause (a) above in this definition) (c) HHRI’s pro rata share of Adjusted Funds From Operations of HHRI’s Unconsolidated Entities based upon HHRI’s percentage
ownership interest in such Unconsolidated Entities. 

  
 -1-

 “Adjusted Total Assets” means the sum of (i) Undepreciated Real Estate
Assets of the Company and its Subsidiaries (or, in the case of any calculation pursuant to Section 2.06(f), of the Company and its Restricted Subsidiaries) and (ii) all other assets (excluding intangibles) of the Company and its
Subsidiaries (or, in the case of any calculation pursuant to Section 2.06(f), of the Company and its Restricted Subsidiaries) determined on a consolidated basis (it being understood that the accounts of Subsidiaries shall be consolidated
with those of the Company only to the extent of the Company’s proportionate interest therein) as of any transaction date, as adjusted to reflect the application of the proceeds of the incurrence of Indebtedness and the issuance of Disqualified
Stock on such transaction date. Adjusted Total Assets, as of any date of determination, means the Adjusted Total Assets as of the end of the most recent fiscal quarter ending on or prior to the date of determination for which financial statements
are required to have been delivered pursuant to Section 6.11 or prior to the first date such financial statements are required to be delivered, the fiscal quarter ended September 9, 2011. 

“Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or
any successor administrative agent. 
 “Administrative Agent’s Office” means, with respect to any
currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02 with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from
time to time notify to the Company and the Lenders. 
 “Administrative Questionnaire” means an Administrative
Questionnaire in substantially the form of Exhibit F-2 or any other form approved by the Administrative Agent. 

“Affected Eurodollar Loans” has the meaning specified in Section 2.06(i). 

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Notwithstanding the foregoing, (i) neither Marriott International nor any of its Subsidiaries shall be considered to be Affiliates of HHRI or any
of its Subsidiaries and (ii) in no event should the Administrative Agent, any Lender or the L/C Issuer be considered to be Affiliates of HHRI or any of its Subsidiaries. 
 “Affiliate Transaction” has the meaning specified in Section 7.07. 
 “Aggregate Alternative Currency Commitments” means the Alternative Currency Commitments of all Lenders. 
 “Aggregate New Zealand Dollar Commitments” means the New Zealand Dollar Commitments of all Lenders. 
 “Aggregate Commitments” means the aggregate Commitments of all Lenders. 
 “Aggregate Currency” has the meaning specified in Section 10.20. 
 “Aggregate Supplemental Tranche Commitments” means the Supplemental Tranche Commitments of all Lenders. 

  
 -2-

 “Aggregate U.S. Dollar Commitments” means the U.S. Dollar
Commitments of all the Lenders. 
 “Agreement” means this Credit Agreement. 

“Alternative Currency” means each of Canadian Dollars, Australian Dollars, New Zealand Dollars, Yen, Euro, Sterling and
each other currency (other than Dollars) that is approved in accordance with Section 1.08. 
 “Alternative
Currency Commitment” means, with respect to each Lender, its obligation (a) to make Alternative Currency Committed Loans to the Borrowers pursuant to Section 2.01(b), (b) to purchase participations in Alternative
Currency L/C Obligations and (c) to purchase participations in Alternative Currency Swing Line Loans and Canadian Dollar Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth
opposite such Lender’s name on Schedule 2.01 under the caption “Alternative Currency Commitment” or in any Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be
adjusted from time to time in accordance with this Agreement. 
 “Alternative Currency Committed Foreign
Currencies” means Canadian Dollars, Yen, Euro, Sterling and Australian Dollars. 
 “Alternative Currency
Committed Loan” has the meaning specified in Section 2.01(b). 
 “Alternative Currency
Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the L/C Issuer, as the case may be, at such
time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars. 
 “Alternative Currency Lender” means any Person that is a Lender hereunder in respect of the Alternative Currency Tranche in its capacity as a Lender in respect of such Tranche.

 “Alternative Currency L/C Obligations” means all L/C Obligations under Letters of Credit issued under the
Alternative Currency Tranche. 
 “Alternative Currency Sublimit” means an amount equal to the lesser of
(i) the Aggregate Commitments and (ii) $500,000,000 less the sum of (x) the amount of the New Zealand Dollar Commitment and plus (y) the amount of the Supplemental Tranche Commitment, in each case, subject to (I) increase
pursuant to Section 2.16 and (II) reallocation pursuant to Section 2.20. The Alternative Currency Sublimit is part of, and not in addition to, the Aggregate Commitments. 

“Alternative Currency Swing Line Borrowing” means a borrowing of an Alternative Currency Swing Line Loan pursuant to
Section 2.05(b). 

  
 -3-

 “Alternative Currency Swing Line Lender” means Bank of America, N.A. Canada
Branch in its capacity as provider of Alternative Currency Swing Line Loans, or any successor Alternative Currency Swing Line Lender hereunder. 
 “Alternative Currency Swing Line Loan” has the meaning specified in Section 2.05(b)(i). 
 “Alternative Currency Swing Line Loan Notice” means a notice of an Alternative Currency Swing Line Borrowing pursuant to Section 2.05(b)(ii), which, if in writing, shall be
substantially in the form of Exhibit C-2. 
 “Alternative Currency Swing Line Sublimit” means an amount
equal to the lesser of (a) the Specified Alternative Currency Swing Line Sublimit and (b) the Aggregate Alternative Currency Commitments. The Alternative Currency Swing Line Sublimit is part of, and not in addition to, the Aggregate
Alternative Currency Commitments. 
 “Alternative Currency Tranche” means, at any time, the aggregate amount of
the Lenders’ Alternative Currency Commitments at such time. 
 “Amended Senior Note Indenture” means the
Senior Note Indenture as in effect on the Closing Date, without giving effect to any covenant amendments pursuant to supplemental indentures other than (a) the amendments set forth in the Specified Indenture or (b) such amendments as may
be approved or otherwise become effective pursuant to the procedures described in the definition of “Covenant Amendment Effective Date.” 
 “Applicable Alternative Currency Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Alternative Currency
Commitments represented by such Lender’s Alternative Currency Commitment at such time, subject to adjustment as provided in Section 2.18. If the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make
L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Alternative Currency Commitments have expired, then the Applicable Alternative Currency Percentage of each Lender shall be determined based on the
Applicable Alternative Currency Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable Alternative Currency Percentage of each Lender is set forth opposite the name of such Lender on
Schedule 2.01 under the caption “Applicable Alternative Currency Percentage” or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 

“Applicable Covenants” means, in connection with any determination required to be made by the Company with respect to
its ability to comply with the Financial Covenants, the covenants set forth therein that are applicable at the time of determination. 
 “Applicable Lender Party” means, with respect to (a) the U.S. Dollar Tranche, a U.S. Dollar Lender, the Domestic Swing Line Lender or the L/C Issuer under the
U.S. Dollar Tranche, (b) the Alternative Currency Tranche, an Alternative Currency Lender, the Alternative Currency Swing Line Lender, the Canadian Dollar Swing Line Lender or the L/C Issuer under the Alternative Currency Tranche,
(c) the New Zealand Dollar Tranche, a New Zealand Dollar Lender and (d) any Supplemental Tranche, the Lenders that hold a Supplemental Tranche Commitment with respect to such Supplemental Tranche. 

  
 -4-

 “Applicable New Zealand Dollar Percentage” means, with respect to any
Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate New Zealand Dollar Commitments represented by such Lender’s New Zealand Dollar Commitment at such time, subject to adjustment as provided in
Section 2.18. If the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate New Zealand Dollar Commitments
have expired, then the Applicable New Zealand Dollar Percentage of each Lender shall be determined based on the Applicable New Zealand Dollar Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The initial
Applicable New Zealand Dollar Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 under the caption “Applicable New Zealand Dollar Percentage” or in the Assignment and Assumption pursuant to
which such Lender becomes a party hereto, as applicable. 
 “Applicable Percentage” means, as applicable, the
Applicable U.S. Dollar Percentage, the Applicable New Zealand Dollar Percentage, the Applicable Alternative Currency Percentage or the Applicable Supplemental Tranche Percentage. 

“Applicable Rate” means (a) at all times prior to the first date on which the Company has Investment Grade Status,
the following percentages per annum, based upon the Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.11(d): 

 

							
	 Pricing
Level
	  	 Leverage Ratio
	  	“Applicable
Rate” for
Base Rate,
Eurocurrency
Rate
Committed
Loans and
L/C
Fees	 
	 I
	  	< 4.00:1.00	  	 	1.75	% 
	 II
	  	3 4.00:1.00 and < 5.00:1.00	  	 	2.00	% 
	 III
	  	3 5.00:1.00 and < 6.00:1.00	  	 	2.25	% 
	 IV
	  	3 6.00:1.00 and < 6.50:1.00	  	 	2.50	% 
	 V
	  	3 6.50:1.00	  	 	2.75	% 

 Any increase or decrease in the Applicable Rate resulting from a change in the Leverage Ratio shall
become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.11(d); provided, however, that if a Compliance Certificate is not delivered when due
in accordance with such Section, then, upon the request of the Required Lenders, Pricing Level V shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in
effect until the date on which such Compliance Certificate is delivered. The Applicable Rate in effect from the Closing Date through the first date following the Closing Date on which a Compliance Certificate is delivered pursuant to
Section 6.11(d) shall be determined based upon Pricing Level III; and 

  
 -5-

 (b) at all times following the first date on which the Company has an Investment Grade
Status, the following percentages per annum, based upon the Debt Rating as set forth below: 
  

											
	 Pricing
Level
	  	 Debt Rating
	  	“Applicable
Rate” for
Base Rate,
Eurocurrency
Rate
Committed
Loans and
L/C
Fees	 	 	“Applicable
Rate” for
Facility Fee	 
	 I
	  	A- or higher from S&P or A3 or higher from Moody’s	  	 	1.00	% 	 	 	0.15	% 
	 II
	  	BBB+ or higher from S&P or Baa1 or higher from Moody’s	  	 	1.05	% 	 	 	0.20	% 
	 III
	  	BBB or higher from S&P or Baa2 or higher from Moody’s	  	 	1.25	% 	 	 	0.25	% 
	 IV
	  	BBB- or higher from S&P or Baa3 or higher from Moody’s	  	 	1.40	% 	 	 	0.35	% 
	 V
	  	Lower than BBB- from S&P or lower than Baa3 from Moody’s	  	 	1.60	% 	 	 	0.40	% 

 “Debt Rating” means, as of any date of determination, the rating as determined by either
S&P or Moody’s (collectively, the “Debt Ratings”) of the Company’s non-credit-enhanced, senior unsecured long-term debt; provided that (a) if the respective Debt Ratings issued by the foregoing rating
agencies differ by one level, then the Pricing Level for the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level I being the highest and the Debt Rating for Pricing Level V being the lowest), (b) if there is a split
in Debt Ratings of more than one level, then the Pricing Level that is one level lower than the Pricing Level of the higher Debt Rating shall apply and (c) if the Company does not have any Debt Rating, then Pricing Level V shall apply.

 Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any
period shall be subject to the provisions of Section 2.11(b). 
 “Applicable Sublimit” means, the
lesser of (i) the Aggregate Commitment and (ii) (a) with respect to U.S. Dollar Committed Loans, $500,000,000, (b) with respect to New Zealand Dollar Committed Loans, $50,000,000, (c) with respect to Alternative
Currency Committed Loans, the Alternative Currency Sublimit and (d) with respect to any Supplemental Tranche Committed Loan of a particular Supplemental Currency, the maximum amount set forth in the applicable Supplemental Addendum relating to
such Supplemental Currency, in each case subject to (x) increase pursuant to Section 2.16 and (y) reallocation pursuant to Section 2.20. 
 “Applicable Supplemental Tranche Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Supplemental Tranche
Commitments represented by such Lender’s Supplemental Tranche Commitment at such time, subject to adjustment as provided in Section 2.18. If the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make
L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Supplemental Tranche Commitments 

  
 -6-

 
have expired, then the Applicable Supplemental Tranche Percentage of each Lender shall be determined based on the Applicable Supplemental Tranche Percentage of such Lender most recently in
effect, giving effect to any subsequent assignments. The initial Applicable Supplemental Tranche Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 under the caption “Applicable Supplemental Tranche
Percentage” or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 

“Applicable Time” means, with respect to any borrowings and payments in any Alternative Currency, the local time in the
place of settlement for such Alternative Currency as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the
place of payment. 
 “Applicable U.S. Dollar Percentage” means, with respect to any Lender at any time,
the percentage (carried out to the ninth decimal place) of the Aggregate U.S. Dollar Commitments represented by such Lender’s U.S. Dollar Commitment at such time, subject to adjustment as provided in Section 2.18. If the
commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate U.S. Dollar Commitments have expired, then the Applicable
U.S. Dollar Percentage of each Lender shall be determined based on the Applicable U.S. Dollar Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable U.S. Dollar
Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 under the caption “Applicable U.S. Dollar Percentage” or in the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable. 
 “Applicant Borrower” has the meaning specified in Section 2.19.

 “Approved Bank” has the meaning specified in the definition of Cash Equivalents. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Approved Lessee”
means (a) a Taxable REIT Subsidiary of the Company or (b) another lessee under an Operating Lease, which lessee must be approved by the Administrative Agent (such approval not to be unreasonably withheld) unless either such Operating Lease
relates to Hotel Properties accounting, individually or with other leases of such lessee, for less than 10% of the Consolidated EBITDA of the Company or such lessee is a Permitted Facility Manager. 

“Approved Reallocation Lender” means each Lender set forth on Schedule 2.20 (which shall set forth the maximum
amount of its Commitment such Lender is willing to allocate to each Tranche) that has agreed in writing in it sole discretion to participate in Reallocations of its unused Commitments in accordance with Section 2.20 without the
requirement of providing a separate approval for each Reallocation. The Administrative Agent may update Schedule 2.20 from time to time upon the addition of any Approved Reallocation Lender and the Administrative Agent shall provide the
updated Schedule 2.20 to the Borrowers and the Lenders. 

  
 -7-

 “Arrangers” mean each of Merrill Lynch, Pierce, Fenner & Smith
Incorporated, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, in each case in its capacity as a joint lead arranger and joint bookrunner. 
 “Asset Sale” means any sale, transfer or other disposition (including by way of merger, consolidation or sale-leaseback transaction) in one transaction or a series of related transactions
by the Company or any of its Subsidiaries to any Person other than the Company or any of its Subsidiaries of (a) all or any of the Capital Stock of any Subsidiary (including by issuance of such Capital Stock), (b) all or substantially all
of the property and assets of an operating unit or business of the Company or any of its Subsidiaries, or (iii) any other property and assets of the Company or any of its Subsidiaries (other than Capital Stock of a Person which is not a
Subsidiary) outside the ordinary course of business of the Company or such Subsidiary and, in each case, that is not governed by Section 7.09; provided that “Asset Sale” shall not include (a) sales or other
dispositions of inventory, receivables and other current assets, (b) sales, transfers or other dispositions of assets with a fair market value not in excess of $10 million in any transaction or series of related transactions, (c) leases of
real estate assets, (d) Investments complying with Section 7.10 and (e) any transactions that, pursuant to clause (b) of Section 7.08, are not deemed not to be an “Asset Sale.” 

“Asset Sale Period” has the meaning specified in Section 2.06(f). 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor. 
 “Assignment and Assumption” means an assignment and assumption
entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit F-1 or any other form approved
by the Administrative Agent. 
 “Audited Financial Statements” means the audited consolidated balance sheet of
the Company and its Subsidiaries for the fiscal year ended December 31, 2010, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Company and its
Subsidiaries, including the notes thereto. 
 “Australian Dollars” and “AUD $” mean lawful
money of Australia. 
 “Authorized Financial Officer” of any Loan Party means any of the Chief Financial
Officer, the Treasurer or the Chief Accounting Officer of such Loan Party or any other officer of such Loan Party designated in writing to the Administrative Agent by any of the foregoing officers of such Loan Party as being authorized to act in
such capacity so long as such other officer is a financial person who works in such Loan Party’s controller’s or accounting office. 
 “Authorizing Lender” has the meaning specified in Section 1.08(a). 
 “Auto-Extension Letter of Credit” has the meaning specified in Section 2.04(b)(iii). 
 “Auto-Reinstatement Letter of Credit” has the meaning specified in Section 2.04(b)(iv). 

  
 -8-

 “Availability Period” means the period from and including the Closing Date
to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.07, and (c) the date of termination of the commitment of each Lender to make Loans and of the
obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02. 
 “Bank of
America” means Bank of America, N.A. and its successors. 
 “Bankruptcy Code” means 11 U.S.C.
Section 101 et seq. and any rules or regulations issued from time to time thereunder. 
 “Base Rate” means
for any day the Eurocurrency Rate for such day if a Eurocurrency Loan with an Interest Period of one month were being made on such day; provided, that, solely for purposes of Section 3.02 and Section 3.03 so
long as the circumstances therein have occurred and are continuing, the Base Rate means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such
day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurocurrency Rate if a Eurocurrency Loan with an Interest Period of one month were being made on such day. The “prime rate” is a
rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above,
or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. Notwithstanding the foregoing, solely for purposes
of Section 3.02 and Section 3.03 so long as the circumstances therein have occurred and are continuing, with respect to Loans denominated in Canadian Dollars, Base Rate means the Canadian Prime Rate. 

“Base Rate Committed Loan” means a Committed Loan that is a Base Rate Loan. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. All Base Rate Loans (other than Canadian
Dollar Swing Line Loans and Canadian Dollar Loans) shall be denominated in Dollars. 
 “BBA LIBOR” has the
meaning specified in the definition of Eurocurrency Rate. 
 “Bid Borrowing” means a borrowing consisting of
simultaneous Bid Loans of the same Type from each of the Lenders whose offer to make one or more Bid Loans as part of such borrowing has been accepted under the auction bidding procedures described in Section 2.03. 

“Bid Loan” has the meaning specified in Section 2.03(a). 

“Bid Loan Lender” means, in respect of any Bid Loan, the Lender making such Bid Loan to a Borrower. 

“Bid Loan Sublimit” means an amount equal to 50% of the Aggregate Commitments. The Bid Loan Sublimit is part of, and not
in addition to, the Aggregate Commitments. 

  
 -9-

 “Bid Request” means a written request for one or more Bid Loans
substantially in the form of Exhibit B-1. 
 “Borrower” and “Borrowers” each has the
meaning specified in the introductory paragraph hereto. 
 “Borrower Materials” has the meaning specified in
Section 6.11. 
 “Borrowing” means a Committed Borrowing, a Bid Borrowing or a Swing Line
Borrowing, as the context may require. 
 “Business Day” means any day other than a Saturday, Sunday or other
day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is located and: 

a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements,
settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day on which dealings in
deposits in Dollars are conducted by and between banks in the London interbank eurodollar market; 
 b) if such day relates to
any interest rate settings as to a Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out pursuant to
this Agreement in respect of any such Eurocurrency Rate Loan, means a TARGET Day; 
 c) if such day relates to any interest rate
settings as to a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore
interbank market for such currency; 
 d) if such day relates to any fundings, disbursements, settlements and payments in a
currency other than Dollars or Euro in respect of a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than Dollars or Euro to be carried out pursuant to this Agreement in respect
of any such Eurocurrency Rate Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency; and 

e) if such day relates to any fundings, disbursements, settlements and payments in respect of an Alternative Currency Swing Line Loan or
any other dealings in an Alternative Currency Swing Line Loan, means any such day on which banks in Toronto, Canada are open for business. 
 “Calculation Period” means the period of four consecutive fiscal quarters last ended before the date of the respective event or incurrence which requires calculations to be made on a
Pro Forma Basis and for which financial information of the kind referred to in Sections 6.11(a) and (b) is available. 

  
 -10-

 “Canadian Borrower” means each of Calgary Charlotte Partnership, HMC
Toronto Air Company, HMC Toronto EC Company and HMC AP Canada Company. 
 “Canadian Dollars” and “Cdn
$” mean lawful money of Canada. 
 “Canadian Dollar Swing Line Borrowing” means a borrowing of a
Canadian Dollar Swing Line Loan pursuant to Section 2.05(c). 
 “Canadian Dollar Swing Line Lender”
means Bank of America, N.A. Canada Branch in its capacity as provider of Canadian Dollar Swing Line Loans, or any successor Canadian Dollar Swing Line Lender hereunder. 
 “Canadian Dollar Swing Line Loan” has the meaning specified in Section 2.05(c)(i). 
 “Canadian Dollar Swing Line Loan Notice” means a notice of a Canadian Dollar Swing Line Borrowing pursuant to Section 2.05(c)(ii), which, if in writing, shall be substantially
in the form of Exhibit C-3. 
 “Canadian Dollar Swing Line Sublimit” means an amount equal to the lesser
of (a) the Specified Alternative Currency Swing Line Sublimit and (b) the Aggregate Alternative Currency Commitments. The Canadian Dollar Swing Line Sublimit is part of, and not in addition to, the Aggregate Alternative Currency
Commitments. 
 “Canadian Insolvency Law” means any of the Bankruptcy and Insolvency Act (Canada), the
Companies’ Creditors Arrangement Act (Canada), and the Winding-Up and Restructuring Act (Canada), each as now and hereafter in effect, and any successors to such statutes and any proceeding under applicable corporate law seeking
an arrangement or compromise of, or stay of proceedings to enforce, some or all of the claims of the corporation’s creditors against it. 
 “Canadian Prime Rate” means for any day a fluctuating rate per annum equal to the highest of (a) 30-day Reuters Canadian Deposit Offering Rate for bankers’ acceptances plus 1/2
of 1%, (b) the rate of interest publicly announced from time to time by Bank of America, N.A. Canada Branch as its reference rate of interest for loans made in Canadian Dollars to Canadian customers and designated as its “prime rate”
and (c) BBA LIBOR for a one month interest period as quoted at approximately 11:00 a.m., London time. The “prime rate” is a rate set by Bank of America, N.A. Canada Branch based upon various factors, including Bank of America. N.A.
Canada Branch’s costs and desired return, general economic conditions and other factors and is used as a reference point for pricing some loans. Any change in the Canadian Prime Rate due to a change in Bank of America, N.A. Canada Branch’s
Canadian Prime Rate shall be effective on the effective date of such change in Bank of America, N.A. Canada Branch’s prime rate. 
 “Canadian Subsidiary” means any Subsidiary of the Borrower organized under the laws of Canada or any province or territory thereof. 

  
 -11-

 “Capital Stock” of any Person means any and all shares, interests, rights
to purchase, warrants, options, and participation or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, any limited or general partnership interest and any limited liability company
membership interest. 
 “Capitalized Lease Obligations” of any Person means all rental obligations which are or
will be required to be capitalized on the books of such Person, in each case taken at the amount thereof accounted for as indebtedness in accordance with GAAP. 
 “Cash Available for Distribution” of any Person for any period means Consolidated EBITDA of such Person less the sum of (a) 5% of Gross Revenues received during such period from all
Hotel Properties, (b) Consolidated Interest Expense for such period, (c) scheduled amortization (other than balloon payments) for such period plus (d) cash Taxes for such period. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
Administrative Agent, L/C Issuer or Swing Line Lender (as applicable) and the Lenders, as collateral for L/C Obligations, Obligations in respect of Swing Line Loans, or obligations of Lenders to fund participations in respect of either thereof (as
the context may require), cash or deposit account balances or, if the L/C Issuer or Swing Line Lender benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and
substance satisfactory to (a) the Administrative Agent and (b) the L/C Issuer or the Swing Line Lender (as applicable). “Cash Collateral” has a meaning correlative to the foregoing and includes the proceeds of such cash
collateral and other credit support. 
 “Cash Equivalents” means (a) securities issued or directly and
fully guaranteed or insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof) having maturities of not more than
one year from the date of acquisition, (b) Dollar denominated time deposits, certificates of deposit and bankers acceptances of (i) any Lender that is a commercial bank or (ii) any bank whose short-term commercial paper rating from
S&P is at least A-2 or the equivalent thereof or from Moody’s is at least P-2 or the equivalent thereof (any such bank or Lender, an “Approved Bank”), in each case with maturities of not more than one year from the date of
acquisition, (c) commercial paper issued by any Approved Bank or by the parent company of any Approved Bank and commercial paper issued by, or guaranteed by, any industrial or financial company with a short-term commercial paper rating of at
least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, or guaranteed by any industrial company with a long term unsecured debt rating of at least A or A2, or the equivalent of each thereof, from
S&P or Moody’s, as the case may be, and in each case maturing within one year after the date of acquisition, (d) marketable direct obligations issued by the District of Columbia or any state of the United States of America or any
political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or
Moody’s and (e) investments in money market funds substantially all the assets of which are comprised of securities of the types described in clauses (a) through (d) above. 

  
 -12-

 “Change in Law” means the occurrence, after the date of this Agreement, of
any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank
for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in
Law”, regardless of the date enacted, adopted or issued. 
 “Change of Control” means the occurrence of
any of the following: (a) HHRI shall at any time cease to own 100% of the general partnership interests of the Company, (b) any Person or group (as such term is defined in Section 13(d)(3) of the Securities Exchange Act) other than an
Excluded Person is or becomes the “beneficial owner,” directly or indirectly, of more than 50% of the total voting power in the aggregate of all classes of Relevant Capital Stock of the Company (or HHRI for so long as HHRI is a parent of
the Company immediately prior to such transaction or series of related transactions) then outstanding normally entitled to vote in elections of directors, managers or trustees, as applicable, (c) during any period of 12 consecutive months after
the Closing Date (for so long as HHRI is a parent of the Company immediately prior to such transaction or series of related transactions), Persons who at the beginning of such 12-month period constituted the board of HHRI (together with any new
Persons whose election was approved by a vote of a majority of the Persons then still comprising the board who were either members of the board at the beginning of such period or whose election, designation or nomination for election was previously
so approved) cease for any reason to constitute a majority of the board of directors of HHRI then in office or (d) any “change of control” or similar event shall occur under any Qualified Preferred Stock, the Senior Notes or any other
Indebtedness (other than Non-Recourse Indebtedness) of HHRI or the Company with an aggregate principal amount of $100,000,000 or more which results in a default under such Indebtedness beyond the period of grace (if any) or a declaration of such
Indebtedness to be due and payable prior to the scheduled maturity thereof. 
 “Closing Date” means the first
date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01. 
 “Code” means the Internal Revenue Code of 1986. 

“Collateral” means all “Collateral” as defined in the Pledge and Security Agreement or any other Security
Document and all cash and Cash Equivalents delivered as collateral pursuant to Section 2.04. 
 “Collateral
Agent” means the Administrative Agent acting as collateral agent for the Secured Creditors pursuant to the Pledge and Security Agreement. All references herein to Administrative Agent shall be deemed to include the Collateral Agent as the
context shall require. 

  
 -13-

 “Commitment” means a U.S. Dollar Commitment, an Alternative Currency
Commitment, a New Zealand Dollar Commitment or a Supplemental Tranche Commitment. 
 “Committed Borrowing”
means a borrowing consisting of simultaneous Committed Loans of the same Type, in the same currency and, in the case of Eurocurrency Rate Committed Loans, having the same Interest Period made by each of the Lenders pursuant to
Section 2.01. 
 “Committed Loan” means a U.S. Dollar Committed Loan, an Alternative Currency
Committed Loan, a New Zealand Dollar Committed Loan or a Supplemental Tranche Committed Loan, as applicable. 

“Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from
one Type to the other, or (c) a continuation of Eurocurrency Rate Committed Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

“Company” has the meaning specified in the introductory paragraph hereto. 

“Company Guaranty” means the Company Guaranty made by the Company in favor of the Administrative Agent, substantially in
the form of Exhibit G-1. 
 “Competitive Bid” means a written offer by a Lender to make one or more Bid
Loans, substantially in the form of Exhibit B-2, duly completed and signed by a Lender. 
 “Compliance
Certificate” means a certificate substantially in the form of Exhibit E. 
 “Consolidated” or
“consolidated” means, with respect to any Person, the consolidation of the accounts of the Subsidiaries of such Person with those of such Person; provided that “consolidation” will not include consolidation of the
accounts of any other Person other than a Subsidiary of such Person with such Person (it being understood that the accounts of such Person’s Consolidated Subsidiaries shall be consolidated only to the extent of such Person’s proportionate
interest therein). The terms “consolidate” and “consolidating” have correlative meanings to the foregoing. 

“Consolidated EBITDA” means, for any Person and for any period on a Pro Forma Basis, the Consolidated Net Income
of such Person for such period adjusted to add thereto (to the extent deducted from net revenues in determining Consolidated Net Income), without duplication, (a) the sum of (i) Consolidated Interest Expense, (ii) provisions for taxes
based on income (to the extent of such Person’s proportionate interest therein), (iii) depreciation and amortization expense (to the extent of such Person’s proportionate interest therein), (iv) any other noncash items reducing
the Consolidated Net Income of such Person for such period (to the extent of such Person’s proportionate interest therein), (v) any dividends or distributions during such period to such Person or a Consolidated Subsidiary of such Person
(to the extent of such Person’s proportionate interest therein) from any other Person which is not a Subsidiary of such Person or which is accounted for by such Person by the equity method of accounting, to the extent that such dividends or
distributions are not included in the Consolidated Net Income of such Person for such period, (vi) any cash receipts of such Person or a Consolidated Subsidiary of such Person (to the extent of such Person’s proportionate interest therein)
during such period that 

  
 -14-

 
represent items included in Consolidated Net Income of such Person for a prior period which were excluded from Consolidated EBITDA of such Person for such prior period by virtue of clause
(b) of this definition and (vii) any break-up fees and lost deposits by such Person in connection with acquisitions that are not pursued by such Person, minus (b) the sum of (i) all non-cash items increasing the Consolidated Net
Income of such Person (to the extent of such Person’s proportionate interest therein) for such period and (ii) any cash expenditures of such Person (to the extent of such Person’s proportionate interest therein) during such period to
the extent such cash expenditures (x) did not reduce the Consolidated Net Income of such Person for such period and (y) were applied against reserves or accruals that constituted noncash items reducing the Consolidated Net Income of such
Person (to the extent of such Person’s proportionate interest therein) when reserved or accrued; all as determined on a consolidated basis for such Person and its Consolidated Subsidiaries (it being understood that the accounts of such
Person’s Consolidated Subsidiaries shall be consolidated only to the extent of such Person’s proportionate interest therein). 
 “Consolidated Fixed Charge Coverage Ratio” means, for any period, the ratio of (x) Consolidated EBITDA for such period, less the sum for such period of (a) 5% of Gross Revenues
received from Hotel Properties and (b) 3% of Gross Revenues received from all other real estate to (y) Consolidated Fixed Charges for such period. 
 “Consolidated Fixed Charges” means, for any period, the sum of (a) Consolidated Interest Expense for such period, (b) preferred stock dividends (or the equivalent thereof)
accrued and/or paid in cash (to the extent not accrued during a prior period) by the Company during such period on a Pro Forma Basis, (c) scheduled amortization payments (other than balloon payments) during such period and
(d) cash taxes on ordinary income for such period. 
 “Consolidated Interest Coverage Ratio” means, for
any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense. 

“Consolidated Interest Expense” of any Person means, for any period on a Pro Forma Basis, the aggregate
amount (without duplication and determined in each case on a consolidated basis) of (a) interest expensed or capitalized, paid (to the extent not accrued during a prior period), accrued, or scheduled to be paid or accrued (including, in
accordance with the following sentence, interest attributable to Capitalized Lease Obligations but excluding (x) the amortization of fees or expenses incurred in order to consummate the sale of the Senior Notes or to establish the credit
facility implemented under this Agreement and (y) amounts attributable to the prepayment of Indebtedness (including prepayment premiums) and acceleration of deferred financing costs), of such Person and its Consolidated Subsidiaries during such
period, including (i) original issue discount and noncash interest payments or accruals on any Indebtedness, (ii) the interest portion of all deferred payment obligations, and (iii) all commissions, discounts and other fees and
charges owed with respect to bankers’ acceptances and letter of credit financings and Interest Rate Protection Agreements and Other Hedging Agreements, in each case to the extent attributable to such period, and (b) dividends accrued or
payable by such Person or any of its Consolidated Subsidiaries in respect of Disqualified Stock (other than by Subsidiaries of such Person to such Person or, to the extent of such Person’s proportionate interest therein, such Person’s
Subsidiaries); provided, however, that any such interest, dividends or other payments or accruals (referenced in clauses (a) or (b)) of a Consolidated Subsidiary that is not a Wholly-Owned

  
 -15-

 
Subsidiary shall be included only to the extent of the proportionate interest of the referent Person in such Consolidated Subsidiary. For purposes of this definition, (x) 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, and (y) interest expense
attributable to any Indebtedness represented by the guaranty by such Person or a Subsidiary of such Person of an obligation of another Person shall be deemed to be the interest expense attributable to the Indebtedness guaranteed. 

“Consolidated Net Income” means, with respect to any Person for any period, the net income (or loss) of such Person and
its Consolidated Subsidiaries for such period, determined on a consolidated basis (it being understood that the net income of Consolidated Subsidiaries shall be consolidated with that of a Person only to the extent of the proportionate interest of
such Person in such Consolidated Subsidiaries); provided that (i) net income (or loss) of any other Person which is not a Subsidiary of such Person, or that is accounted for by such specified Person by the equity method of accounting,
shall be included only to the extent of the amount of dividends or distributions paid to the specified Person or a Subsidiary of such Person, (ii) all gains and losses which are (x) extraordinary (as determined in accordance with GAAP),
(y) unusual or nonrecurring (including any gain from the sale or other disposition of assets or from the issuance or sale of any Capital Stock) or (z) resulting from the prepayment of Indebtedness (including prepayment premiums) and
acceleration of deferred financing costs shall be excluded, and (iii) the net income, if positive, of any of such Person’s Consolidated Subsidiaries other than Consolidated Subsidiaries that are not Guarantors to the extent that the
declaration or payment of dividends or similar distributions is not at the time permitted by operation of the terms of its charter or bylaws or any other agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to such Consolidated Subsidiary shall be excluded; provided, however, in the case of exclusions from Consolidated Net Income set forth in clauses (ii) and (iii), such amounts shall be excluded only to the extent
included in computing such net income (or loss) on a consolidated basis and without duplication; provided, further, that Consolidated Net Income for any period shall be increased by the amount of any insurance proceeds in respect of
any Hotel Property or other Real Property received by the Company or any of its Subsidiaries for business interruption or time element losses for such period to the extent that such insurance proceeds have not already been included in the
computation of such Consolidated Net Income for such period. 
 “Consolidated Total Debt” means, at any time,
the difference, if positive, of (x) the sum of (without duplication) (i) the amount of all Indebtedness of the Company and its Subsidiaries as would be required to be reflected on the liability side of a balance sheet prepared in
accordance with GAAP and determined on a consolidated basis at such time (it being understood that the amounts of Indebtedness of Subsidiaries shall be consolidated with that of the Company only to the extent of the Company’s interest in such
Subsidiaries) and (ii) guarantees of third party debt, letters of credit issued to support third party debt and secured obligations in favor of hotel managers in connection with jointly funded hotel renovations, less (y) the sum of
(i) unrestricted cash on hand (excluding any amounts of cash on hand that have been designated by the Company for application to prepay Indebtedness described in clause (y)(iii)) in excess of $100,000,000 plus (ii) the Leisure Park
Guarantee Exclusion Amount plus (iii) any Indebtedness outstanding on the date of determination in respect of which an irrevocable prepayment notice has been delivered that results in such Indebtedness being due and payable not later
than 30 days 

  
 -16-

 
after such prepayment notice, to the extent the Company either shall have unrestricted cash reserves for such payment or shall have committed cash reserves for such payment pursuant to a deposit
arrangement or otherwise. 
 “Contingent Obligation” means any obligation, contingent or otherwise, of any
Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services (unless such
purchase arrangements are on arm’s-length terms and are entered into in the ordinary course of business), to take-or-pay, or to maintain financial statement conditions or otherwise) or (b) entered into for purposes of assuring in any other
manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term “Contingent Obligation” shall not include endorsements for
collection or deposit in the ordinary course of business or, for all purposes of this Agreement other than determining compliance with Section 7.02(b) or, where applicable, computing the Applicable Rate with respect to any Revolving
Loan, the Leisure Park Guarantee Exclusion Amount; provided, further, that if the Company or a Subsidiary has received a letter of credit or other similar credit support from a bank or a Person with a long term unsecured credit rating
of at least “BBB-” or higher from S&P or “Baa3” or higher from Moody’s (or, if not from a Person that has a rating, a Person that, in the sole discretion of the Required Lenders, is capable of performing and will perform
its obligations under such credit support) or cash collateral in which the Company or such Subsidiary has a first priority perfected security interest and which is immediately available to the Company or such Subsidiary in the event of a payment by
it under the related Contingent Obligation (or cash collateral has been deposited with the obligee (or a trustee for such obligee) under such Contingent Obligation under similar circumstances, including a defeasance trust), the amount of the
Contingent Obligation shall be reduced by the amount payable under such letter of credit or other similar credit support but only so long as such letter of credit or other similar credit support or cash collateral remains in effect and meets such
requirements or such Person providing the credit support satisfies such criteria. 
 “Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto; provided that the right to designate
a member of the board of directors or managers of a Person will not, by itself, be deemed to constitute control. 

“Covenant Amendment Effective Date” means the date specified in a certificate delivered by a Responsible Officer of the
Company to the Administrative Agent as the date on which (a) the amendments in the Company’s Specified Indenture became the most restrictive covenants relating to Indebtedness issued under the Senior Note Indenture and Indebtedness issued
under the New Senior Note Indenture, and (b) as of such specified date no Default or Event of Default 

  
 -17-

 
has occurred and is continuing (other than solely as a result of a breach of covenants to the extent that such breach will no longer exist under this Agreement after giving effect to the
modification of any covenants hereunder (including any such covenants incorporated by reference) resulting from the occurrence of a Covenant Amendment Effective Date). In the event that the Company is not able to make the certification set forth in
clause (a) above as a result of the existence of a New Senior Note Indenture or a supplemental indenture to the Senior Note Indenture delivered subsequent to the date of the Specified Indenture that contains certain covenants that are more
restrictive than covenants included in the Specified Indenture, (i) the Company may, in lieu of making the certification set forth in clause (a) above, deliver a certificate describing such more restrictive covenants in reasonable detail
and certifying that, except for such specified covenants, the covenants contained in the Specified Indenture constitute the most restrictive covenants relating to Indebtedness issued under the Senior Note Indenture and Indebtedness under the New
Senior Note Indenture. In such event, the Required Lenders shall, within 30 days after receipt of the certification, at their election, determine whether the covenants set forth in the Specified Indenture or in such later Senior Note Indenture or
supplemental indenture shall take effect as the Amended Senior Note Indenture. In the event no election is made by the Required Lenders, the Amended Senior Note Indenture, giving effect to the amendments set forth in such more restrictive
supplemental indenture or the New Senior Note Indenture, shall be deemed to be the Senior Note Indenture. 
 “Credit
Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension. 

“Customary Non-Recourse Exclusions” means usual and customary exceptions and non-recourse carve-outs in non-recourse
debt financings of Real Property and other carve-outs appropriate in the good faith determination of the Company to the financing, including, without limitation, exceptions by reason of (a) any fraudulent misrepresentation made by the Company
or any of its Subsidiaries in or pursuant to any document evidencing any Indebtedness, (b) any unlawful act on the part of the Company or any of its Subsidiaries in respect of the Indebtedness or other liabilities of any Subsidiary of the
Company, (c) any waste or misappropriation of funds by the Company or any of its Subsidiaries in contravention of the provisions of the Indebtedness or other liabilities of any Subsidiary, (d) customary environmental indemnities associated
with the Real Property of any Subsidiary of the Company, (e) voluntary bankruptcy, (f) failure of the Company or any of its Subsidiaries to comply with applicable special purpose entity covenants, (g) any failure to maintain insurance
required pursuant to any document evidencing any Indebtedness, or (h) any failure to comply with restrictions on the transfer of Real Property set forth in any document evidencing any Indebtedness, but excluding exceptions by reason of
(i) non-payment of the debt incurred in such non-recourse financing (other than usual and customary exceptions in respect of the first debt service payment), or (ii) the failure of the relevant Subsidiary of the Company to comply with
financial covenants. 
 “Debt Rating” has the meaning set forth in the definition of “Applicable
Rate.” 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, Canadian Insolvency Law and
all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States, Canada or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally. 

  
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 “Decreasing Tranche” has the meaning specified in
Section 2.20(a). 
 “Default” means any event or condition that constitutes an Event of Default or
that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default
Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, Swap Contract Obligations and Treasury Management Obligations, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate,
if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable
Rate and any Mandatory Cost) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. 

“Defaulting Lender” means, subject to Section 2.18(b), any Lender that (a) has failed to perform any of
its funding obligations hereunder, including in respect of its Loans or participations in respect of Letters of Credit or Swing Line Loans, within three Business Days of the date required to be funded by it hereunder unless such Lender notifies the
Administrative Agent and the Company in writing that such failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable
default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Company, or the Administrative Agent or any Lender that it does not intend to comply with its funding obligations or has made a public
statement to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and
states that such position is based on such Lender’s good faith determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in writing or public
statement) cannot be satisfied), (c) has failed, within three Business Days after request by the Administrative Agent, to confirm in a manner satisfactory to the Administrative Agent and the Company that it will comply with its funding
obligations (but only for such time as such Lender has failed to provide such confirmation), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had
a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or
indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct
or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is
a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.18(b)) upon delivery of written
notice of such determination to the Company, the L/C Issuer, the Swing Line Lender and each Lender. 

  
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 “Designated Borrower” has the meaning specified in the introductory
paragraph hereto. 
 “Designated Borrower Notice” has the meaning specified in Section 2.19.

 “Designated Borrower Request and Assumption Agreement” has the meaning specified in
Section 2.19. 
 “Determination Date” has the meaning specified in the definition of
“Pro Forma Basis”. 
 “Disqualified Stock” has the meaning provided in the Governing
Senior Note Indenture. 
 “Dividends” with respect to any Person means that such Person has declared or paid a
dividend or returned any equity capital to its stockholders, partners or members or authorized or made any other distribution, payment or delivery of property (other than common stock or other common equity interests of such Person or Qualified
Preferred Stock of HHRI or the Company) or cash to its stockholders, partners or members in their capacity as such, or redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its
capital stock or any other equity interests outstanding on or after the Closing Date (or any options or warrants issued by such Person with respect to its capital stock or other equity interest), or set aside any funds for any of the foregoing
purposes, or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for consideration any shares of any class of the capital stock or any partnership interests of such Person outstanding on or after the Closing Date (or any
options or warrants issued by such Person with respect to its capital stock or other equity interest). 

“Dollar” and “$” mean lawful money of the United States. 

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the L/C Issuer, as the case may be, at such time on the basis of the Spot Rate
(determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency. 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United
States. 
 “Domestic Swing Line Borrowing” means a borrowing of a Domestic Swing Line Loan pursuant to
Section 2.05(a). 
 “Domestic Swing Line Lender” means Bank of America in its capacity as provider
of Domestic Swing Line Loans, or any successor Domestic Swing Line Lender hereunder. 
 “Domestic Swing Line
Loan” has the meaning specified in Section 2.05(a)(i). 

  
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 “Domestic Swing Line Loan Notice” means a notice of a Domestic Swing Line
Borrowing pursuant to Section 2.05(a)(ii), which, if in writing, shall be substantially in the form of Exhibit C-1. 
 “Domestic Swing Line Sublimit” means an amount equal to the lesser of (a) the Specified Domestic Swing Line Sublimit and (b) the Aggregate U.S. Dollar Commitments. The
Domestic Swing Line Sublimit is part of, and not in addition to, the Aggregate U.S. Dollar Commitments. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 
 “Eligible Pledged Securities” means the Securities (a) of each Domestic Subsidiary that is also a Wholly-Owned Subsidiary and Look-Through Subsidiary and (b) that are not
otherwise prohibited or restricted from being pledged, assigned, transferred or otherwise subject to a Lien in favor of another Person by the terms of (i) any applicable Laws or (ii) any material contract to which the Company or any
Subsidiary of the Company is a party pursuant to a transaction otherwise permitted under this Agreement. 
 “Eligible
Subsidiary Guarantor” has the meaning specified in Section 6.14(a). 
 “EMU” means the
economic and monetary union in accordance with the Treaty of Rome 1957, as amended, by the Single European Act of 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998. 

“EMU Legislation” means the legislative measures of the European Council for the introduction of, changeover to or
operation of a single or unified European currency. 
 “Environmental Claims” shall mean any and all
administrative, regulatory or judicial actions, suits, demands, demand letters, directives, claims, liens, notices of noncompliance or violation, investigations or proceedings arising under any Environmental Law or any permit issued under any
Environmental Law (hereafter, “Claims”), including, without limitation, (a) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant
to any applicable Environmental Law, and (b) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief arising from alleged injury to human health, safety or the
environment due to the presence of Hazardous Materials. 
 “Environmental Laws” means any and all Federal,
state, provincial, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of
the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to water or public sewer systems. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

  
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 “ERISA Affiliate” means any trade or business (whether or not incorporated)
under common control with the Company within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“Euro” and “EUR” mean the lawful currency of the Participating Member States introduced in accordance
with the EMU Legislation. 
 “Eurocurrency Base Rate” has the meaning specified in the definition of
Eurocurrency Rate. 
 “Eurocurrency Bid Margin” means the margin above or below the Eurocurrency Base Rate to
be added to or subtracted from the Eurocurrency Base Rate, which margin shall be expressed in multiples of 1/100th of one basis point. 
 “Eurocurrency Margin Bid Loan” means a Bid Loan that bears interest at a rate based upon the Eurocurrency Base Rate. 

“Eurocurrency Rate” means for any Interest Period with respect to a Eurocurrency Rate Loan, a rate per annum determined
by the Administrative Agent pursuant to the following formula: 
  

							
	Eurocurrency Rate	 	=	  	
            Eurocurrency Base 
Rate            
	  	
	1.00 – Eurocurrency Reserve Percentage	  	

 Where, 
 “Eurocurrency Base Rate” means, for any Interest Period, a rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or
other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London Banking Days prior to the commencement of such Interest Period,
for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period. If such rate is not available at such time for any reason, then the “Eurocurrency Base Rate” for
such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in the relevant currency for delivery on the first day of such Interest Period in same day funds in the approximate amount of
the Eurocurrency Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank Eurocurrency market
at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period. For Eurocurrency Rate Loans relating to a Supplemental Tranche Committed Loan, the Eurocurrency Base Rate shall be
the applicable Screen Rate. 
 “Eurocurrency Reserve Percentage” means, for any day during any Interest Period,
the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the FRB for determining the maximum reserve requirement
(including any emergency, supplemental 

  
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or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurocurrency Rate for each outstanding
Eurocurrency Rate Loan shall be adjusted automatically as of the effective date of any change in the Eurocurrency Reserve Percentage. 
 “Eurocurrency Rate Committed Loan” means a Committed Loan that bears interest at a rate based on the Eurocurrency Rate. Eurocurrency Rate Committed Loans may be denominated in Dollars or
in an Alternative Currency. All Committed Loans denominated in an Alternative Currency must be Eurocurrency Rate Committed Loans. 
 “Eurocurrency Rate Loan” means a Eurocurrency Rate Committed Loan or a Eurocurrency Margin Bid Loan. 
 “Event of Default” has the meaning specified in Section 8.01. 
 “Excess Proceeds” has the meaning specified in Section 2.06(f). 
 “Excluded Person” means, in the case of the Company, HHRI or any Wholly-Owned Subsidiary of HHRI. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any
Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of
which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located or as a result of any other present or former connection (other than a connection arising
from this Agreement or any other Loan Documents) between such recipient and such jurisdiction, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction described in clause
(a) above, (c) any backup withholding tax that is required by the Code to be withheld from amounts payable to a Lender that has failed to comply with clause (A) of Section 3.01(e)(ii), (d) in the case of a Foreign
Lender (other than an assignee pursuant to a request by such Borrower under Section 10.13), any United States withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force
at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with clause (B) of
Section 3.01(e)(ii), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from such Borrower with respect
to such withholding tax pursuant to Section 3.01(a)(ii) or (c), and (e) any withholding taxes imposed by the United States pursuant to FATCA. 
 “Exempted Affiliate Transactions” has the meaning provided in Section 7.07. 
 “Existing Credit Agreement” means that certain Second Amended and Restated Credit Agreement, dated as of May, 25, 2007, among the Company, Host Euro Business Trust, certain Canadian
Subsidiaries of the Company, the various lenders from time to time party thereto and Deutsche Bank AG New York Branch, as administrative agent, as amended by that certain Amendment No. 1, dated as of April 22, 2008 and as further amended
by that certain Amendment No. 2, dated as of February 25, 2011. 

  
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 “Existing Indebtedness” has the meaning specified in
Section 5.19. 
 “Existing Maturity Date” has the meaning specified in Section 2.15(a).

 “Extending Lender” means each Lender who has agreed to extend the Maturity Date pursuant to
Section 2.15. 
 “FASB ASC” means the Accounting Standards Codification of the Financial Accounting
Standards Board. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement or
any amended or successor provision that is substantively comparable and not materially more onerous to comply with, and, in each case, any regulations or official interpretations thereof. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if
such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such
next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the
Administrative Agent. 
 “Fee Letter” means the letter agreement, dated October 6, 2011, among the
Company, the Administrative Agent, the Syndication Agent and the Arrangers or any fee letter between the Company and any L/C Issuer, as applicable. 
 “FF&E” means, with respect to any Hotel Property, any furniture, fixtures and equipment, including any beds, lamps, bedding, tables, chairs, sofas, curtains, carpeting, smoke
detectors, mini bars, paintings, decorations, televisions, telephones, radios, desks, dressers, towels, bathroom equipment, heating, cooling, lighting, laundry, incinerating, loading, swimming pool, landscaping, garage and power equipment,
machinery, engines, vehicles, fire prevention, refrigerating, ventilating and communications apparatus, carts, dollies, elevators, escalators, kitchen appliances, restaurant equipment, computers, reservation systems, software, cash registers,
switchboards, cleaning equipment or other items of furniture, fixtures and equipment typically used in hotel properties (including furniture, fixtures and equipment used in guest rooms, lobbies and common areas (other than those items of furniture,
fixtures and equipment owned by the occupant or tenant in any such room)). 
 “Final Proceeds Application Date”
has the meaning specified in Section 2.06(g). 

  
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 “Financial Condition Test” means, with respect to any acquisition,
Investment or issuance of capital stock, the requirement that at the time of such acquisition, Investment or issuance of capital stock (a) no Specified Default or Event of Default then exists or would result therefrom and (b) based on
calculations made by the Company on a Pro Forma Basis after giving effect to such acquisition, Investment or issuance of capital stock and as if such acquisition, Investment or issuance of capital stock had occurred on the first day of
the respective Calculation Period, no Default or Event of Default will exist in respect of, or would have existed during the Test Period last reported (or required to be reported pursuant to Section 6.11(a) or (b), as the case may
be) prior to the date of the respective acquisition, Investment or issuance of capital stock in respect of, the Financial Covenants. 
 “Financial Covenants” means the covenants set forth in Sections 7.15 to 7.17, inclusive. 
 “Foreign Lender” means, with respect to any Borrower, any Lender that is organized under the Laws of a jurisdiction other than that in which such Borrower is resident for tax purposes
(including such a Lender when acting in the capacity of the L/C Issuer). For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction and Canada and each
province thereof shall be deemed to constitute a single jurisdiction. 
 “Foreign Pension Plan” means any plan,
fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside the United States by the Company or any one or more of its Subsidiaries primarily for the benefit of employees of the Company or
such Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of
employment, and which plan is not subject to ERISA or the Code and which Plan, fund or similar program could result in liability or other obligation or lien to any Company, any Subsidiary of any Company or any ERISA Affiliate. 

“Foreign Subsidiary” means each Subsidiary of the Company other than a Domestic Subsidiary. 

“Franchise Agreements” means all franchise or similar agreements entered into with respect to a Hotel Property.

 “FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such
Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been funded by such Defaulting Lender or has been reallocated to
other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of the participation in any Swing Line Loans other than Swing Line
Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

  
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 “Fund” means any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to
the circumstances as of the date of determination, consistently applied. 
 “Governing Senior Note Indenture”
means (a) initially, the Senior Note Indenture, as amended by the Twelfth Supplemental Indenture, and (b) upon and after the occurrence of a Covenant Amendment Effective Date, the Amended Senior Note Indenture. 

“Governmental Authority” means the government of the United States, Canada or any other nation, or of any political
subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Guarantors” means, collectively, the Company and any Subsidiary Guarantor. 
 “Guaranty” means, each of the Company Guaranty and the Subsidiaries Guaranty. 
 “Guaranty Requirement” means the requirements under Section 6.14 are in effect because the Guaranty Trigger has occurred and the Release Date has not occurred. 

“Guaranty Trigger” means that the Leverage Ratio of the Company is greater than 6.00 to 1.00 for two consecutive fiscal
quarters and the Company does not have an Investment Grade Debt Rating at the end of such second fiscal quarter. 

“Gross Revenues” means all revenues and receipts of every kind derived by the Company and its Consolidated Subsidiaries
from operating a Hotel Property or other real estate and parts thereof (it being understood that the revenues and receipts of Consolidated Subsidiaries shall be included in the Gross Revenues of a Person only to the extent of the proportionate
interest of such Person in such Consolidated Subsidiaries), including, but not limited to: income (from both cash and credit transactions), before commissions and discounts for prompt or cash payments, from rentals or sales of rooms, stores,
offices, meeting space, exhibit space or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires); net income from vending machines; health club membership
fees; food and beverage sales; sales of merchandise (other than proceeds from the sale of FF&E no longer necessary to the operation of such Hotel Property or other real estate); service charges, to the extent not distributed to the employees at
such Hotel Property or other 

  
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real estate as, or in lieu of, gratuities; and proceeds, if any, from business interruption or other loss of income insurance; provided, however, that Gross Revenues shall not
include the following: gratuities to employees of such Hotel Property or other real estate, federal, state or municipal excise, sales, use or similar taxes collected directly from tenants, patrons or guests or included as part of the sales price of
any goods or services; insurance proceeds (other than proceeds from business interruption or other loss of income insurance); condemnation proceeds; or any proceeds from any sale of such Hotel Property or other real estate. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
waste contaminants or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law. 
 “HHRI” shall mean Host Hotels & Resorts, Inc., a
Maryland corporation. 
 “Honor Date” has the meaning specified in Section 2.04(c)(i). 

“Hotel” means any Real Property (including Improvements thereon and any retail, golf, tennis, spa or other resort
amenities appurtenant thereto) comprising an operating facility offering hotel or lodging services. 
 “Hotel
Property” means each Hotel owned or leased by the Company or any of its Subsidiaries (including the furniture, fixture and equipment thereon). 
 “Improvements” means all buildings, structures, fixtures, tenant improvements and other improvements of every kind and description now or hereafter located in or on or attached to any
Real Property, including all building materials, water, sanitary and storm sewers, drainage, electricity, steam, gas, telephone and other utility facilities, parking areas, roads, driveways, walks and other site improvements; and all additions and
betterments thereto and all renewals, substitutions and replacements thereof. 
 “Increase Closing Date” has
the meaning specified in Section 2.16(d). 
 “Increased Commitment Amount” has the meaning
specified in Section 2.20(b). 
 “Increasing Tranche” has the meaning specified in
Section 2.20(a). 
 “Indebtedness” means, as to any Person, without duplication (i) all
liabilities and obligations, contingent or otherwise, of such Person, (a) in respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), (b) evidenced by
bonds, notes, debentures or similar instruments, (c) representing the balance deferred and unpaid of the purchase price of any property or services, except those incurred in the ordinary course of its business that would constitute ordinarily a
trade payable to trade creditors, (d) evidenced by bankers’ acceptances, (e) for the payment of money relating to a Capitalized Lease Obligation, or (f) evidenced by a letter of credit or a reimbursement obligation of such Person
with respect to any letter of credit; (ii) all net obligations of such Person under any Interest Rate Protection Agreement or Other Hedging Agreement or under any similar type 

  
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of agreement or arrangement; and (iii) all liabilities and obligations of others of the kind described in the preceding clause (i) or (ii) that such Person has guaranteed or that
is otherwise its legal liability or which are secured by any assets or property of such Person. 
 “Indemnified
Taxes” means Taxes other than Excluded Taxes. 
 “Indemnitees” has the meaning specified in
Section 10.04(b). 
 “Information” has the meaning specified in Section 10.07.

 “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each
Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest
Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date. 

“Interest Period” means (a) as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency
Rate Loan is disbursed or (in the case of any Eurocurrency Rate Committed Loan) converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the Company in its Committed Loan
Notice or Bid Request, as the case may be or, in the case of Eurocurrency Rate Committed Loans, such other period that is twelve months or less requested by the Company and consented to by all the Lenders; and (b) as to each Absolute Rate Loan,
a period of not less than one day and not more than 360 days as selected by the Company in its Bid Request; provided that: 
 (i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency Rate Loan, such Business
Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 
 (ii) any Interest Period pertaining to a Eurocurrency Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar
month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 
 (iii) no Interest Period shall extend beyond the Maturity Date. 

“Interest Rate Protection Agreement” means any interest rate swap agreement, interest rate cap agreement, interest
collar agreement, interest rate hedging agreement or other similar agreement or arrangement. 
 “Investment”
means, as to any Person, any direct or indirect advance, loan or other extension of credit (including without limitation by way of Contingent Obligation or similar arrangement, but excluding advances to customers in the ordinary course of business
that are, in conformity with GAAP, recorded as accounts receivable on the consolidated balance sheet of the Company and its Subsidiaries) or capital contribution to (by means of any transfer of cash or other property (tangible or intangible) to
others or any payment for property or services solely 

  
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for the account or use of others, or otherwise), or any purchase or acquisition of Capital Stock, bonds, notes, debentures or other similar instruments issued by, such Person. For purposes of
covenant compliance, the amount of any Investment shall be the amount actually invested, net of any return on investment or return of capital with respect to such Investments, without adjustment for subsequent increases or decreases in the value of
such Investment. 
 “Investment Grade Debt Rating” means, the time when the Company shall have a long-term
unsecured debt rating of either (a) at least BBB- or higher from S&P or (b) at least Baa3 or higher from Moody’s . 
 “Investment Grade Status” means a status existing under this Agreement at all times after the date on which the Company (a) shall have an Investment Grade Debt Rating and
(b) shall have delivered written notice to the Administrative Agent electing Investment Grade Status for purposes of this Agreement. For clarity, once elected, the Company shall thereafter have Investment Grade Status for all purposes of this
Agreement notwithstanding any subsequent change in Debt Rating that results in the Company no longer having an Investment Grade Debt Rating. 
 “ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc.
(or such later version thereof as may be in effect at the time of issuance). 
 “Issuer Documents” means, with
respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Company (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of
Credit. 
 “Judgment Currency” has the meaning specified in Section 10.20. 

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

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing
in accordance with its Applicable Percentage. All L/C Advances shall be denominated in Dollars. 
 “L/C
Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Committed Borrowing. All L/C Borrowings shall be denominated in Dollars.

 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the
expiry date thereof, or the increase of the amount thereof. 

  
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 “L/C Issuer” means each of Bank of America, JPMorgan Chase Bank, N.A. and
Wells Fargo Bank, N.A., in each case in its capacity as issuer of Letters of Credit hereunder, any other Lender appointed by the Company and approved by the Administrative Agent (so long as such Lender so appointed agrees in writing to act as such
in accordance with this Agreement) or any successor issuer of Letters of Credit hereunder. 
 “L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available
to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its
terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Leaseholds” of any Person means all the right, title and interest of such Person as lessee or licensee in, to and under
leases or licenses of land, improvements and/or fixtures. 
 “Leisure Park Guarantee” means the Guaranty
Agreement dated as of December 1, 1997 by HHRI in favor of Marine Midland Bank, as trustee, relating to the $14,700,000 Revenue Bonds (Leisure Park Project), Series 1997A. 

“Leisure Park Guarantee Exclusion Amount” means up to $14,700,000 of obligations constituting the Leisure Park Guarantee
to the extent that such obligations are the subject of an undisputed indemnity by Barceló Crestline Corporation in favor of the Company that is backed by an indemnity from Senior Housing Properties Trust (but only for such time as Senior
Housing Properties Trust has a long term unsecured non credit-enhanced rating of at least “Ba2” or higher from Moody’s and “BB” or higher from S&P and the beneficiary of the Leisure Park Guarantee is not entitled to
demand payment thereunder pursuant to the second paragraph of Section 1 thereof). 
 “Lender” has
the meaning specified in the introductory paragraph hereto and, as the context requires, includes the Swing Line Lender. 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Company and the Administrative Agent. 
 “Letter of Credit” means any standby letter of credit issued hereunder. 
 “Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. 

“Letter of Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if
such day is not a Business Day, the next preceding Business Day). 
 “Letter of Credit Fee” has the meaning
specified in Section 2.04(h). 

  
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 “Letter of Credit Sublimit” means an amount equal to $100,000,000;
provided, that the Letter of Credit Sublimit with respect to the U.S. Dollar Tranche is $100,000,000, with respect to the Alternative Currency Tranche is $0, and, with respect to the New Zealand Dollar Tranche is $0, in each case subject
to adjustment as set forth in Section 2.04(l), and the Letter of Credit Sublimit with respect to all other Tranches is $0. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments. 

“Letter of Credit Tranche” means each of the U.S. Dollar Tranche, the Alternative Currency Tranche and the New
Zealand Dollar Tranche. 
 “Leverage Ratio” means, at any time, the ratio of (a) Consolidated Total Debt
at such time to (b) Consolidated EBITDA for the Test Period then last ended (computed as of the end of such Test Period but on a Pro Forma Basis for events occurring after the end of such Test Period and on or prior to the
relevant Determination Date). 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien,
privilege, hypothecation, other encumbrance or charge of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest) upon or with
respect to any property of any kind now owned or hereafter acquired. 
 “Loan” means an extension of credit by
a Lender to a Borrower under Article II in the form of a Committed Loan, a Bid Loan or a Swing Line Loan. 
 “Loan
Documents” means this Agreement, each Designated Borrower Request, each Note, each Issuer Document, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.17 of this Agreement,
each Fee Letter, the Company Guaranty, the Subsidiaries Guaranty, the Pledge and Security Agreement and the other Security Documents. 
 “Loan Modification Agreement” means a Loan Modification Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Company, among the Company, the other
Loan Parties, one or more Accepting Lenders and the Administrative Agent. 
 “Loan Modification Offer” has the
meaning specified in Section 2.22(a). 
 “Loan Parties” means, collectively, the Company, each
Designated Borrower and each Guarantor. 
 “Look-Through Subsidiary” means a Wholly-Owned Subsidiary of the
Company that is not recognized as existing and is treated as part of the Company for federal income tax purposes (such as, but not limited to, a single member limited liability company or a partnership in which the sole partners are the Company
and/or other Look-Through Subsidiaries). 
 “Management Agreements” means all agreements with respect to the
management of a Hotel Property or other Real Property owned or leased by the Company or any of its Subsidiaries. With respect to each Hotel Property acquired after the Closing Date, the terms and conditions of the Management Agreement with respect
thereto shall be generally consistent with 

  
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those contained in Management Agreements as in effect on the Closing Date, with any material inconsistencies which could reasonably be expected to adversely affect the Company’s ability to
repay the Obligations, the rights and remedies of the Lenders under the Loan Documents or, in the Company’s reasonable estimation, the ability to comply with the Financial Covenants, and Section 7.18(b) to be approved by the
Administrative Agent, and the manager thereunder shall be a Permitted Facility Manager. 
 “Mandatory Costs”
means, with respect to any period, the percentage rate per annum determined in accordance with Schedule 1.01. 

“Marriott International” means Marriott International, Inc., a Delaware corporation. 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the
operations, business, properties, liabilities or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole; (b) a material adverse change in, or a material adverse effect upon, the ability of the Company to repay
the Obligations under the Loan Documents; (c) a material adverse effect upon the legality, validity, binding effect or enforceability of the Loan Documents against the Loan Parties taken as a whole; or (d) a material adverse change in any
of the rights and remedies of the Lenders or the Administrative Agent under the Loan Documents. 
 “Maturity
Date” means the later of (a) November 21, 2015 and (b) if the maturity is extended pursuant to Section 2.15 or Section 2.22, as applicable, such extended maturity date determined pursuant to such
Section; provided, however, that if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 
 “Maximum Rate” has the meaning specified in Section 10.09. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 
 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Company or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been obligated to make contributions. 
 “Multiple
Employer Plan” means a Plan which has two or more contributing sponsors (including the Company or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

“Net Cash Proceeds” means (a) with respect to any Asset Sale other than the sale of Capital Stock in a Subsidiary,
the proceeds of such Asset Sale in the form of cash or Cash Equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of
cash or Cash Equivalents (except to the extent such obligations are financed or sold with recourse to the Company or any of its Subsidiaries) and proceeds from the conversion of other property received when converted to cash or Cash Equivalents, net
of (i) brokerage commissions and other fees and expenses (including fees and expenses of counsel and investment bankers) related to such Asset Sale, (ii) provisions for all Taxes (including Taxes of HHRI) actually paid

  
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or payable as a result of such Asset Sale by the Company and its Subsidiaries, taken as a whole, (iii) payments made to repay Indebtedness (other than Indebtedness subordinated in right of
payment to the Obligations, the Company Guaranty or the Subsidiaries Guaranty) or any other obligations (other than the Obligations ) outstanding at the time of such Asset Sale that either (I) is secured by a Lien on the property or assets sold
or (II) is required to be paid as a result of such sale, (iv) amounts reserved by the Company and its Subsidiaries against any liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment
benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, all as determined on a consolidated basis in conformity with GAAP and (v) unless Taxes
thereon are paid by HHRI as set forth in clause (ii) above, amounts required to be distributed as a result of the realization of gains from Asset Sales in order to maintain or preserve HHRI’s status as a REIT (provided,
however, that with respect to an Asset Sale by any Person other than the Company or a Wholly-Owned Subsidiary, Net Cash Proceeds shall be the above amount multiplied by the Company’s direct or indirect percentage ownership interest in
such Person) and (b) with respect to any issuance or sale of any Capital Stock, the proceeds of such issuance or sale in the form of cash or Cash Equivalents, including payments in respect of deferred payment obligations (to the extent
corresponding to the principal, but not interest, component thereof) when received in the form of cash or Cash Equivalents (except to the extent such obligations are financed or sold with recourse to the Company or any of its Subsidiaries) and
proceeds from the conversion of other property received when converted to cash or Cash Equivalents, net of attorney’s fees, accountant’s fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage,
consultant and other fees incurred in connection with such issuance or sale and net of tax paid or payable as a result thereof (provided, however, that with respect to an issuance or sale by any Person other than the Company or a
Wholly-Owned Subsidiary, Net Cash Proceeds shall be the above amount multiplied by the Company’s direct or indirect percentage ownership interest in such Person Notwithstanding the foregoing, Net Cash Proceeds in respect of any Asset Sale shall
be net of any proceeds from such Asset Sale that are designated by the Company to be applied to the voluntary prepayment of Loans, as to which there is a permanent reduction in the Aggregate Commitments 

“New Senior Note Indenture” means any Indenture entered into after the date hereof by the Company and subsidiary
guarantors to be named therein, together with all supplemental indentures, amendments or amendments and restatements relating thereto; provided, that the Company shall have delivered to the Administrative Agent a copy thereof certified by an
Responsible Officer. 
 “New Zealand Dollars” and “NZD” mean lawful money of New Zealand.

 “New Zealand Dollar Commitment” means, with respect to each Lender, its obligation to make New Zealand
Dollar Committed Loans to the Company pursuant to Section 2.01(c) in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth opposite such Lender’s name on Schedule 2.01 under the
caption “New Zealand Dollar Commitment” or in any Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  
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 “New Zealand Dollar Committed Loan” has the meaning specified in
Section 2.01(c). 
 “New Zealand Dollar Lender” means any Person that is a Lender hereunder in
respect of the New Zealand Dollar Tranche in its capacity as a Lender in respect of such Tranche. 
 “New Zealand Dollar
Tranche” means, at any time, the aggregate amount of the Lenders’ New Zealand Dollar Commitments at such time. 

“New Zealand Dollar L/C Obligations” means all L/C Obligations under Letters of Credit issued under the New Zealand
Dollar Tranche. 
 “Non-Accepting Lender” has the meaning specified in Section 2.22(a). 

“Non-Consenting Lender” has the meaning specified in Section 10.01. 

“Non-Extension Notice” has the meaning specified in Section 2.03(a)(iii). 

“Non-Recourse Indebtedness” means Indebtedness with respect to which recourse for payment is limited to specific assets
encumbered by a Lien securing such Indebtedness; provided, however, except with respect to Indebtedness of the Borrower, such Indebtedness may be recourse to the Person or Persons that own the assets encumbered by the Lien securing
such Indebtedness so long as (x) such Person or Persons do not own any assets that are not subject to such Lien (other than assets customarily excluded from an all assets financing), and (y) in the event such Person or Persons directly or
indirectly own Capital Stock in any other Person, all assets of such Person or Persons (other than assets customarily excluded from an all assets financing) are also encumbered by the Lien securing such financing; provided, further,
that personal recourse of a holder of Indebtedness against any obligor with respect thereto for Customary Non-Recourse Exclusions shall not, by itself, prevent any Indebtedness from being characterized as Non-Recourse Indebtedness; provided,
further, that if a personal recourse claim is made in connection therewith, the estimated probable liability in respect of such claim based on the reasonable good faith estimate of the Company based on information provided to the
Administrative Agent (which such information may be provided to the Lenders by the Administrative Agent) shall not constitute Non-Recourse Indebtedness for the purpose of this Agreement (unless objected to by the Required Lenders). 

“Non-Reinstatement Deadline” has the meaning specified in Section 2.03(b)(iv). 

“Note” means a promissory note made by a Borrower in favor of a Lender evidencing Loans made by such Lender to such
Borrower, substantially in the form of Exhibit D. 
 “Obligations” means (a) all advances to,
and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, (b) at any time that the Guaranty Requirement is in effect, obligations of the

  
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Borrowers under any Swap Contract with any Person that at the time it entered into such Swap Contract was a Lender or an Affiliate of a Lender (including, without limitation, all obligations of a
Borrower under any guaranty by it of the obligations of one of its Subsidiaries under a Swap Contract with any Person that at the time it entered into such Swap Contract was a Lender or an Affiliate of a Lender) and (c) obligations of the
Borrowers under any Treasury Management Agreement with a Treasury Management Lender. 
 “Operating Agreements”
means the asset or property management agreements, franchise agreements, lease agreements and other similar agreements between the Company, any of its Restricted Subsidiaries or any Guarantor, on the one hand, and Marriot International, SLC or
another entity engaged in and having pertinent experience with the operation of such similar properties, on the other, relating to the operation of the real estate properties owned by the Company, any of its Restricted Subsidiaries or any Guarantor,
provided that the management of the Company determines in good faith that such arrangements are fair to the Company and to such Restricted Subsidiary or Guarantor, as applicable. 

“Operating Lease” means a lease or sublease involving the Company or any Subsidiary thereof, as lessor, which lease
shall provide for rent payments which in the aggregate with all other existing Operating Leases provide an economic return to the lessor thereunder generally comparable to the economic returns provided to the lessors from the rent payments under the
Operating Leases in existence on the Closing Date. With respect to each Hotel Property acquired after the Closing Date, the terms and conditions of the Operating Lease with respect thereto shall be generally consistent with those contained in
Operating Leases as in effect on the Closing Date, with any material inconsistencies which could reasonably be expected to adversely affect the Company’s ability to repay the Obligations or the rights and remedies of the Lenders under the Loan
Documents or, in the Company’s reasonable estimation, the ability to comply with the Financial Covenants, and Section 7.18(b) to be approved by the Administrative Agent. 

“OP Units” mean the partnership units of the Company. 

“Organization Documents” means (a) with respect to any corporation, the certificate or articles of incorporation
and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction including any unanimous shareholder agreement or declaration relating to the corporation), (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement, and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable
agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or organization of such entity. 
 “Other
Hedging Agreement” means any foreign exchange contracts, currency swap agreements, commodity agreements or other similar agreements or arrangements designed to protect against fluctuations in currency values. 

  
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 “Other Taxes” means all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan
Document including any interest, additions to tax or penalties applicable thereto. 
 “Outstanding Amount”
means (a) with respect to Committed Loans, Bid Loans and Swing Line Loans on any date, the Dollar Equivalent of the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed
Loans, Bid Loans and Swing Line Loans, as the case may be, occurring on such date, and (b) with respect to any L/C Obligations on any date, the Dollar Equivalent of the aggregate outstanding amount of such L/C Obligations on such date after
giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by a Borrower of Unreimbursed Amounts. For the purpose
of determining whether the Financial Covenants shall be applicable, all L/C Obligations that are fully Cash Collateralized in accordance with the terms of this Agreement shall be deemed to be zero. 

“Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of
(i) the Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent, the L/C Issuer, or the Swing Line Lender, as the case may be, in accordance with banking industry rules on interbank compensation, and
(b) with respect to any amount denominated in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount approximately equal to the amount with respect to which such
rate is being determined, would be offered for such day by a branch or Affiliate of Bank of America in the applicable offshore interbank market for such currency to major banks in such interbank market. 

“Participant” has the meaning specified in Section 10.06(d). 

“Participant Register” has the meaning specified in Section 10.06(d). 

“Participating Member State” means each state so described in any EMU Legislation. 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that
is maintained or is contributed to by the Company and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 

“Permit” means any permit, approval, authorization, license, variance, registration, permission or consent required from
a Governmental Authority under an applicable Law. 
 “Permitted Amendment” has the meaning specified in
Section 2.22(c). 

  
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 “Permitted Facility Manager” means, with respect to each Hotel Property,
the following companies and/or their Subsidiaries: Marriott International, Inc.; Starwood Hotels & Resorts Worldwide, Inc.; Hyatt Corporation; Four Seasons Hotel Limited; Swissôtel Management (USA) L.L.C.; Hilton Worldwide, Inc.;
Fairmont Hotels & Resorts Inc.; InterContinental Hotels Group PLC; Interstate Hotels Corporation; Barceló Crestline Corporation; Accor; and Delta Hotels Limited (or, in the case of each of the foregoing, a successor thereto (so long
as such successor remains a first-class nationally recognized hotel management company)), or another first-class hotel management company in good standing, as determined in the sole discretion of the Company, which may include operators of select
service hotels. 
 “Permitted Investments” means any of the following: (a) Investments in Cash
Equivalents, (b) Interest Rate Protection Agreements and Other Hedging Agreements, (c) securities received in connection with an Asset Sale so long as such Asset Sale complied with this Agreement, including Section 7.08,
(d) Permitted Mortgage Investments and (e) securities received from or in connection with the sale of FF&E at a Hotel Property to a Subsidiary of the Company that is an Approved Lessee so long as the Company shall have reasonably
determined in good faith that such sale is necessary in order to avoid the characterization for tax purposes of any portion of the rent payable under the related Operating Lease as rent not attributable to real property (allowing reasonable margins
with respect to applicable limitations). 
 “Permitted Liens” means any of the following: (a) Liens
imposed by governmental authorities for taxes, assessments or other charges where nonpayment thereof is not subject to penalty or which are being contested in good faith and by appropriate proceedings, if adequate reserves with respect thereto are
maintained on the books of the Company in accordance with GAAP, (b) statutory liens of carriers, warehousemen, mechanics, materialmen, landlords, repairmen or other like Liens arising by operation of law in the ordinary course of
business, provided that (i) the underlying obligations are not overdue for a period of more than 30 days, or (ii) such Liens are being contested in good faith and by appropriate proceedings and adequate reserves with
respect thereto are maintained on the books of the Company in accordance with GAAP, (c) Liens securing the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance
bonds and other obligations of a like nature incurred in the ordinary course of business, (d) Liens arising by operation of law in connection with judgments, only to the extent, for an amount and for a period not resulting in an Event of
Default with respect thereto, and (e) pledges or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security legislation.  

“Permitted Mortgage Investment” means an Investment in Indebtedness secured by real estate assets or Capital Stock of
Persons (other than the Company or its Subsidiaries) owning such real estate assets; provided that (a) the Company is able to consolidate the operations of the real estate assets in its GAAP financial statements, (b) such real
estate assets are owned by a partnership, limited liability company or other entity which is controlled by the Company or a Subsidiary thereof as a general partner, managing member or through similar means, or (c) the aggregate amount of such
Permitted Mortgage Investments (excluding those referenced in clauses (a) and (b) above), determined at the time each such Investment was made, does not exceed 10% of Adjusted Total Assets after giving effect to such Investment.

  
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 “Permitted REIT Subsidiary” means a Wholly-Owned Subsidiary of HHRI which
engages in no significant business, has no material liabilities and otherwise has no material assets other than (a) equity interests in other Permitted REIT Subsidiaries, (b) OP Units, (c) de minimis interests in
Subsidiaries of the Company or (d) de minimis equity interests in Persons other than Subsidiaries of HHRI provided that (i) in the case of this clause (d), Investments in such Persons shall only be made for the purpose of
effecting an acquisition by the Company or a Subsidiary thereof permitted under this Agreement and immediately following the consummation of such acquisition the applicable Permitted REIT Subsidiary shall not own any Investment other than those
described in clauses (a) through (c) of this definition and (ii) the aggregate value of all Investments described in clauses (c) and (d) of this definition at any time outstanding (measured by the book value thereof as of
the date each such Investment is made) shall not exceed $10,000,000. 
 “Permitted Sharing Arrangements” means
any contracts, agreements or other arrangements between the Company and/or one or more of its Subsidiaries and HHRI and/or one or more other Subsidiaries of HHRI, pursuant to which such Persons share centralized services, establish joint payroll
arrangements, procure goods or services jointly or otherwise make payments with respect to goods or services on a joint basis, or allocate corporate expenses (other than taxes based on income) (provided that (a) such Permitted Sharing
Arrangements are, in the determination of management of the Company or its Subsidiaries in the best interests of the Company or its Subsidiaries and (b) the liabilities of the Company and its Subsidiaries under such Permitted Sharing
Arrangements are determined in good faith and on a reasonable basis). 
 “Permitted Tax Payments” means payment
of any liability of HHRI, the Company or any of their respective Subsidiaries for all Federal, state, provincial, local and foreign taxes, and other assessments of a similar nature (whether imposed directly or through withholding), including any
interest, additions to tax, or penalties applicable thereto, imposed by any domestic or foreign governmental authority responsible for the administration of any such taxes. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan),
maintained for employees of the Company or any ERISA Affiliate or any such Plan to which the Company or any ERISA Affiliate is required to contribute on behalf of any of its employees. 

“Platform” has the meaning specified in Section 6.11. 

“Pledge and Security Agreement” means the Pledge and Security Agreement substantially in the form of Exhibit H or
if requested by the Company, any other form approved by the Administrative Agent. 
 “Pledge and Security Agreement
Collateral” has the meaning provided in the Pledge and Security Agreement. 

  
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 “Pledge and Security Agreement Requirement” means that each Pledgor shall
have duly authorized, executed and delivered a Pledge and Security Agreement covering all of such Pledgor’s present and future Pledge and Security Agreement Collateral, together with: 

a) proper financing statements (Form UCC-1) for filing under the UCC or other appropriate filing offices of each jurisdiction as may be
necessary or, in the reasonable opinion of the Collateral Agent, desirable to perfect the security interests purported to be created by the Pledge and Security Agreement; 
 b) certified copies of requests for information or copies, or equivalent reports, listing all effective financing statements that name such Pledgor as debtor and that are filed in the jurisdictions
referred to in clause (a) above, together with copies of such other financing statements (Form UCC-1) that name such Pledgor as debtor (none of which shall cover the Pledge and Security Agreement Collateral except to the extent evidencing
Permitted Liens or in respect of which the Collateral Agent shall have received termination statements (Form UCC-3 or such other termination statements as shall be required by local law) for filing); 

c) evidence of the completion of (or the Collateral Agent shall be reasonably satisfied that arrangements are in place to complete) all
other recordings and filings of, or with respect to, the Pledge and Security Agreement as may be necessary to perfect the security interests intended to be created by the Pledge and Security Agreement; and 

d) evidence that all other actions necessary to perfect and protect the security interests purported to be created by the Pledge and
Security Agreement have been taken (or the Collateral Agent shall be reasonably satisfied that arrangements are in place to perfect such security interests). 
 “Pledged Securities” has the meaning provided in the Pledge and Security Agreement. 
 “Pledgor” means the Company and each Domestic Subsidiary of the Company which executes and delivers the Pledge and Security Agreement, or a counterpart thereof, as required by
Section 6.14 or any other provision of this Agreement; provided that the Company or any such Subsidiary shall cease to be a Pledgor at such time, if any, as it is released from the Pledge and Security Agreement in accordance with
the provisions hereof and thereof. 
 “Pro Forma Basis” means, with respect to (a) any incurrence,
acquisition, assumption or repayment of Indebtedness or (b) any acquisition or sale of a Hotel Property or other assets (or the equity interest of the Person or Persons owning such Hotel Property or other assets), the calculation of the
consolidated results of the Company and its Subsidiaries otherwise determined in accordance with this Agreement as if the respective Indebtedness, acquisition or sale (and all other Indebtedness incurred, acquired, assumed or repaid or other such
acquisitions or sales effected during the respective Calculation Period or thereafter and on or prior to the date of determination) (each such date, a “Determination Date”) had been effected on the first day of the respective
Calculation Period; provided that all such calculations shall take into account the following assumptions: 
 (i)
pro forma effect shall be given to (1) any Indebtedness incurred subsequent to the end of the Calculation Period and prior to the Determination Date, (2) any Indebtedness incurred

  
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during such period to the extent such Indebtedness is outstanding at the Determination Date and (3) any Indebtedness to be incurred on the Determination Date, in each case as if such
Indebtedness had been incurred on the first day of such Calculation Period and after giving effect to the application of the proceeds thereof (but excluding normal fluctuations in revolving Indebtedness incurred for working capital purposes and not
to finance any acquisition or Investment); 
 (ii) the Consolidated Interest Expense of a Person attributable to interest on any
Indebtedness or dividends on any Disqualified Stock bearing a floating interest (or dividend) rate (or, in the case that such Person or any of its Subsidiaries is a party to an Interest Rate Protection Agreement or hedging obligation (which Interest
Rate Protection Agreement or hedging obligation is scheduled to remain in effect for not less than the shorter of (x) a 12-month period immediately following the Determination Date or (y) the remaining term of the Indebtedness to which it
relates) that has the effect of causing fixed interest rate Indebtedness to be floating rate interest on the date of computation) shall be computed (other than when computed for the purposes of computing Consolidated EBITDA) on a pro
forma basis as if the average rate in effect from the beginning of the period to the end of the period had been the applicable rate for the entire period, unless in the case of floating rate Indebtedness, such Person or any of its
Subsidiaries is a party to an Interest Rate Protection Agreement or hedging obligation (which shall remain in effect for the 12-month period immediately following the end of the period) that has the effect of fixing the interest rate on the date of
computation, in which case such rate (whether higher or lower) shall be used; 
 (iii) there shall be excluded from interest
expense any interest expense related to any amount of Indebtedness that was outstanding during such Calculation Period or thereafter but that is not outstanding or is to be permanently repaid on the Determination Date; 

(iv) pro forma effect shall be given to all acquisitions and sales of Hotel Properties and other assets (by excluding or
including, as the case may be, the historical financial results for the respective Hotel Properties and/or such other assets) that occur during such Calculation Period or thereafter and on or prior to the Determination Date (including any
Indebtedness assumed or acquired in connection therewith) as if they had occurred on the first day of such Calculation Period, provided that in connection with any such acquisitions, pro forma effect (for periods prior to such
acquisition) shall be given to the management fees payable pursuant to the respective Management Agreement as if such management fees had been payable throughout the Calculation Period; 

(v) any Indebtedness in respect of which an irrevocable prepayment notice has been delivered that results in such Indebtedness being due
and payable not later than 30 days after such prepayment notice, the amount of such Indebtedness (and any interest attributable thereto) shall be excluded from the computation of such covenants to the extent the Company shall have unrestricted cash
reserves for such payment or shall have committed cash reserves for such payment by way of a deposit arrangement or otherwise; and 
 (vi) any Qualified Preferred Stock in respect of which an irrevocable redemption or repurchase notice has been delivered that results in such Qualified Preferred Stock being due and payable not later than
30 days after such notice, the amount of such Qualified Preferred Stock 

  
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shall be excluded from the computation of such covenants to the extent the Company shall have unrestricted cash reserves for such payment or shall have committed cash reserves for such payment by
way of a deposit arrangement or otherwise. 
 In the case of any covenant, other than the Financial Covenants, which require
compliance with the covenants of this Agreement on a Pro Forma Basis, compliance with the Financial Covenants shall be required only to the extent that there are any Outstanding Amounts after giving effect to the event giving rise to
the need for compliance. 
 “Procurement Contracts” means contracts for the procurement of goods and services
entered into in the ordinary course of business and consistent with industry practices. 
 “Projections” has
the meaning specified in Section 5.05(d). 
 “Qualified Preferred Stock” means any preferred stock
or other preference shares of HHRI or the Company, so long as the terms of such preferred stock or other preference shares (a) do not provide any collateral security, (b) do not provide any guaranty or other support by HHRI or any of its
Subsidiaries, (c) do not require any cash dividends or cash distributions (other than dividends or distributions payable when and if declared by the Board of Directors of HHRI or the general partner of the Company) or contain any mandatory put,
redemption, repayment, sinking fund or other similar provision in each case occurring before the Maturity Date (other than any such provision that can be satisfied, at the election of HHRI or the Company, by the issuance of OP Units or common stock
or Qualified Preferred Stock of HHRI), (d) do not contain any covenants other than periodic reporting requirements, (e) do not grant the holders thereof any voting rights except for (x) voting rights required to be granted to such
holders under applicable law or listing requirements and (y) limited customary voting rights on fundamental matters such as mergers, consolidations, sales of all or substantially all of the assets of HHRI, liquidations involving HHRI or
dividend arrearages, and (f) do not provide for the conversion into, or the exchange for (unless at the sole discretion of the issuer thereof), debt securities. 
 “Qualifying Indebtedness” means Indebtedness of the Company under the Senior Note Indenture, the New Senior Note Indenture, and any other Secured Indebtedness of the Company or any of its
Subsidiaries (other than Indebtedness under the Loan Documents). 
 “Reallocation” has the meaning specified in
Section 2.20(a). 
 “Reallocation Agent Notice Deadline” means (a) 12:00 P.M. (New York City
time) on the Reallocation Date if the U.S. Dollar Tranche is the Increasing Tranche or Decreasing Tranche, (b) 12:00 P.M. (London time) on the Reallocation Date if the Alternative Currency Tranche is the Increasing Tranche or Decreasing
Tranche, (c) 12:00 P.M. (Sydney time) on the Reallocation Date if the New Zealand Dollar Tranche is the Increasing Tranche or Decreasing Tranche, and (d) the time set forth in the applicable Supplemental Addendum on the Reallocation Date
if any Supplemental Tranche is the Increasing Tranche or Decreasing Tranche; provided, however, that if, in any case, two different deadlines are implicated, the Reallocation Agent Notice Deadline shall be the later of the two deadlines.

 “Reallocation Commitment Date” has the meaning specified in Section 2.20(b). 

  
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 “Reallocation Date” has the meaning specified in Section 2.20(a)
 
 “Reallocation Notice” has the meaning specified in Section 2.20(a). 

“Reallocation Purchasing Lenders” has the meaning specified in Section 2.20(d). 

“Reallocation Selling Lenders” has the meaning specified in Section 2.20(d). 

“Real Property” of any Person means all the right, title and interest of such Person in and to land, improvements and
fixtures, including Leaseholds. 
 “Register” has the meaning specified in Section 10.06(c).

 “Reinstatement Event” has the meaning specified in Section 6.14(d). 

“Related Businesses” shall mean the businesses conducted by the Company and its Subsidiaries as of the Closing Date and
any and all businesses that in the good faith judgment of the Board of Directors of the general partner of the Company are materially related businesses or real estate related businesses. Without limiting the generality of the foregoing, Related
Business shall include the ownership and operation of lodging properties. 
 “Related Parties” means, with
respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release Date” has the meaning specified in Section 6.14(d). 

“Relevant Capital Stock” means, with respect to any Person, any and all shares, interests, participations, or other
equivalents (however designated, whether voting or non-voting) including partnership interests, whether general or limited, in the equity of such Person, whether outstanding on the Closing Date or issued thereafter, including, without limitation,
all capital stock, preferred stock and limited partnership units of the Company. 
 “Reportable Event” means
any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 
 “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to a Bid Loan, a
Bid Request, (c) with respect to an L/C Credit Extension, a Letter of Credit Application and (d) with respect to a Swing Line Loan, a Swing Line Loan Notice. 
 “Required Lenders” means, as of any date of determination, Lenders having more than 50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the obligation
of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation
and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

  
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 “Requirements of Law” shall mean, as to any Person, the certificate of
incorporation, and by-laws or other organizational or governing documents of such Person, and all foreign, federal, state and local laws, rules and regulations, including, without limitation, Environmental Laws, ERISA, foreign, federal, state or
local securities, antitrust and licensing laws, all food, health and safety laws, and all applicable trade laws and requirements, including, without limitation, all disclosure requirements of Environmental Laws and ERISA and all orders, judgments,
decrees or other determinations of any Governmental Authority or arbitrator, in each case, applicable to and binding upon such Person, its business or any of its property. 
 “Responsible Officer” means the chief executive officer, the president, any Authorized Financial Officer, the assistant treasurer, the controller, or any vice president of a Loan Party
and solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of a Loan Party, or any other officer of such Loan Party which is designated in writing to the
Administrative Agent by any of the foregoing officers of such Loan Party as being authorized to give notices under this Agreement. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Payment” has the meaning given to it in the Governing Senior Note Indenture as in effect on the Closing
Date, except the term “Subordinated Indebtedness” used therein shall refer to Indebtedness of the Company or any Guarantor that is expressly subordinated in right of payment to the Loans (and other Indebtedness under the Loan Documents).

 “Restricted Subsidiary” has the meaning specified in the Governing Senior Note Indenture. 

“Returns” has the meaning specified in Section 5.09. 

“Revaluation Date” means (a) with respect to any Loan, each of the following: (i) each date of a Borrowing of
a Eurocurrency Rate Loan denominated in an Alternative Currency, (ii) each date of a continuation of a Eurocurrency Rate Loan denominated in an Alternative Currency pursuant to Section 2.02; and (iii) if a revaluation has not
occurred pursuant to clause (a)(i) or (a)(ii) during any calendar quarter, March 31, June 30, September 30 or December 31 (or, if such date is not a Business Day, the next Business Day immediately following such date)
of each calendar year relating to the quarter for which no revaluation was made pursuant to clause (a)(i) or (a)(ii), as applicable; (b) with respect to any Letter of Credit, each of the following: (i) each date of issuance of a Letter of
Credit denominated in an Alternative Currency, (ii) each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by the L/C Issuer under any Letter of Credit
denominated in an Alternative Currency, and (iv) the first Business Day of each month of each calendar year; and (c) if required by the Administrative Agent or the Required Lenders of any Tranche, any date on which the Dollar Equivalent of
the Outstanding Amount in respect of any Tranche, as 

  
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recalculated based on the exchange rate therefor quoted in the Wall Street Journal on the respective date of determination pursuant to this exception, would result in an increase in the Dollar
Equivalent of such Outstanding Amount by 10% or more since the most recent prior Revaluation Date. Notwithstanding anything to the contrary contained in this definition, at any time that a Specified Default or Event of Default then exists, the
Administrative Agent may revalue the Dollar Equivalent of any Outstanding Amount denominated in an Alternative Currency at such times as it may determine in its sole discretion. 

“Roll Forward Amount” means, with respect to any covenant that permits an action to be taken in a fiscal year with
reference to Adjusted Total Assets, the sum of (x) the “Roll Forward Amount” as defined in the Existing Credit Agreement through the fiscal year ended December 31, 2010, which amount is set forth on Schedule 1.01A, plus
(y) the cumulative unused Dollar amount relating to such action referred to in such covenant from all prior fiscal years commencing with and including the full fiscal year ending nearest to December 31, 2011 (it being understood that such
unused amounts shall be calculated independently for each covenant that references a Roll Forward Amount, irrespective of any application of such Roll Forward Amount for the purpose of another covenant). For purposes of computing the Roll Forward
Amount attributable to any fiscal year, the unused Dollar amount shall be determined according to the Adjusted Total Assets measured as of the end of such fiscal year. The unused amount for any period during which the limitations in
Section 7.10(a) or 7.11(a) shall not be in effect shall be the unused amount as if the Leverage Ratio had been equal to or greater than 6.00:1:00 at all times from and after the Closing Date. In no event shall the Roll Forward
Amount be negative. 
 “Same Day Funds” means (a) with respect to disbursements and payments in Dollars,
immediately available funds, and (b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, to be customary in the
place of disbursement or payment for the settlement of international banking transactions such Alternative Currency. 

“Screen Rate” means, with respect to each Supplemental Currency, the page or service displaying the applicable
interest rate relating to such Supplemental Currency as set forth in the applicable Supplemental Addendum. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.
and any successor thereto. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions. 
 “Secured Creditors” has the meaning provided in the Pledge and
Security Agreement. 
 “Secured Indebtedness” means any Indebtedness or Disqualified Stock secured by a Lien
(other than any Permitted Lien (as defined in the Governing Senior Note Indenture)) upon the property of the Company or any of its Subsidiaries. 
 “Securities” has the meaning specified in the Pledge and Security Agreement. 
 “Securities Exchange Act” means the Securities Exchange Act of 1934. 

  
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 “Security Documents” means, unless terminated at any time in accordance the
provisions of this Agreement, the Pledge and Security Agreement and any other pledge or similar agreement executed and delivered by a Pledgor after the Closing Date pursuant to Section 6.13 or Section 6.14 or any other
provision of this Agreement or the Pledge and Security Agreement. 
 “Senior Note Documents” means the
Governing Senior Note Indenture, the New Senior Note Indenture, the Senior Notes and each other document or agreement relating to the issuance of the Senior Notes. 
 “Senior Note Indenture” means the Indenture, dated as of August 5, 1998, among the Company (successor to HMH Properties, Inc.), the subsidiary guarantors named therein and Marine
Midland Bank as Trustee, together with all supplemental indentures, amendments or amendments and restatements relating to the Senior Notes but without giving effect to any covenant amendments implemented pursuant to such supplemental indentures,
amendments or amendments and restatements. 
 “Senior Note Indenture Default” means a Default or Event of
Default under the Governing Senior Note Indenture or New Senior Note Indenture, in each case as defined therein. 

“Senior Notes” means each of the Company’s (a) $650,000,000 6 3/8% Series O Senior Notes due March 2015,
(b) $800,000,000 6 3/4% Series Q Senior Notes due June 2016, (c) $500,000,000 6 7/8% Series S Senior Notes due November 2014, (d) $400,000,000 9% Series T Senior Notes due May 2017, (e) $500,000,000 6 % Series V Senior Notes
due November 2020, (f) $500,000,000 5 7/8% Series W Senior Notes due June 2019, (g) $300,000,000 6% Series Y Senior Notes due November 2021, (h) $175,000,000 3 1/4% Exchangeable Senior Debentures due April 2024, (i) $420,986,000
2 5/8% Exchangeable Senior Debentures due April 2027, (j) $400,000,000 2 1/2% Exchangeable Senior Debentures due October 2029, (k) $6,848,000 10% Marriott Corporation Series L Senior Notes due May 2012 and (l) other issues of senior
notes issued pursuant to the Senior Note Indenture or the New Senior Note Indenture. 
 “Significant
Subsidiary” means any Subsidiary which is a “significant subsidiary” of the Company within the meaning of Rule 1-02 of Regulation S-X promulgated by the SEC as in effect on August 5, 1998. 

“Single Employer Plan” has the meaning specified in Section 5.10(a). 

“Special Notice Currency” means at any time an Alternative Currency that is not a currency of a country that is a member
of the Organization for Economic Cooperation and Development at such time located in North America or Europe. 

“Specified Alternative Currency Swing Line Sublimit” means, initially $50,000,000, as such amount may be adjusted from
time to time pursuant to Section 2.05(e). 
 “Specified Default” means any Default or Event of
Default under Sections 8.01(a), 8.01(b) (solely as a result of a failure to comply with Section 6.11(a), 6.11(b) or 6.11(d)), 8.01(f) or 8.01(j). 

  
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 “Specified Domestic Swing Line Sublimit” means, initially $50,000,000, as
such amount may be adjusted from time to time pursuant to Section 2.05(d). 
 “Specified Indenture”
means (i) initially, the Nineteenth Supplemental Indenture dated April 4, 2006, supplementing the Senior Note Indenture, providing for the issuance of the Company’s 6-3/4% Series P Senior Notes due 2016 and 6-3/4% Series Q Senior
Notes due 2016, and (ii) at any time that said Nineteenth Supplemental Indenture is the Governing Senior Note Indenture, the Thirty-Sixth Supplemental Indenture dated October 25, 2010, supplementing the Senior Note Indenture, providing for
the issuance of the Company’s 6% Series U Senior Notes due 2020 and 6% Series V Senior Notes due 2020. 
 “Spot
Rate” for a currency means the rate determined by the Administrative Agent or the L/C Issuer, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with
another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the Administrative Agent or
the L/C Issuer may obtain such spot rate from another financial institution designated by the Administrative Agent or the L/C Issuer if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such
currency and provided further that the L/C Issuer may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency. 

“Sterling” and “£” mean the lawful currency of the United Kingdom. 

“Subsidiaries Guaranty” means the Subsidiaries Guaranty made by the Subsidiary Guarantors in favor of the Administrative
Agent and the Lenders, substantially in the form of Exhibit G-2. 
 “Subsidiary” means, with respect to
any Person, at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of such Person in such Person’s consolidated financial statements if such
financial statements were prepared in accordance with GAAP as of such date. 
 “Subsidiary Guarantor” means any
Subsidiary party from time to time to the Subsidiaries Guaranty. 
 “Subsidiary Indebtedness” means, without
duplication, all Unsecured Indebtedness (including Contingent Obligations (other than Contingent Obligations incurred by Subsidiaries in respect of Secured Indebtedness)) of which a Subsidiary other than a Guarantor is the obligor. Obligations under
this Agreement shall not constitute Subsidiary Indebtedness. A release under the Subsidiaries Guaranty of a Guarantor which remains a Subsidiary shall be deemed to be an incurrence of Subsidiary Indebtedness in amount equal to the Company’s
proportionate interest in the Unsecured Indebtedness of such Guarantor. 
 “Supplemental Addendum” has the
meaning specified in Section 2.21. 

  
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 “Supplemental Borrower” means the applicable Borrower or Borrowers that is
or are designated as the Borrower or Borrowers with respect to a particular Supplemental Tranche in accordance with Section 2.21. 
 “Supplemental Currency” has the meaning specified in Section 2.21. 
 “Supplemental Tranche” has the meaning specified in Section 2.21. 
 “Supplemental Tranche Committed Loan” has the meaning specified in Section 2.01(d). 
 “Supplemental Tranche Commitment” means, with respect to each Lender, its obligation to make Supplemental Tranche Committed Loans to the Borrowers pursuant to Section 2.01(d),
in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Supplemental Tranche Commitments” or in any Assignment and
Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “Supplemental Tranche Effective Date” has the meaning specified in Section 2.21. 
 “Supplemental Tranche Request” has the meaning specified in Section 2.21. 
 “Swap Contract” means (a) any Interest Rate Protection Agreement, (b) any Other Hedging Agreement, (c) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward
bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or
any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (d) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Swap Contract Obligations” means obligations of the Borrowers under any Swap Contract with any Person that at the time
it entered into such Swap Contract was a Lender or an Affiliate of any Lender. 
 “Swing Line Borrowing” means,
as the context may require, an Alternative Currency Swing Line Borrowing, a Canadian Dollar Swing Line Borrowing or a Domestic Swing Line Borrowing. 
 “Swing Line Lender” means, as the context may require, the Alternative Currency Swing Line Lender, the Canadian Dollar Swing Line Lender or the Domestic Swing Line Lender. 

  
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 “Swing Line Loan” means, as the context may require, an Alternative
Currency Swing Line Loan, a Canadian Dollar Swing Line Loan or a Domestic Swing Line Loan. 
 “Swing Line Loan
Notice” means, as the context may require, an Alternative Currency Swing Line Loan Notice, a Canadian Dollar Swing Line Loan Notice or a Domestic Swing Line Loan Notice. 

“Swing Line Repayment Date” has the meaning specified in Section 2.05(a)(iii). 

“Swing Line Sublimit” means, as the context may require, the Alternative Currency Swing Line Sublimit, the Canadian
Dollar Swing Line Sublimit or the Domestic Swing Line Sublimit. 
 “TARGET Day” means any day on which the
Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable
replacement) is open for the settlement of payments in Euro. 
 “Taxable Income” means Real Estate Investment
Trust Taxable Income as defined in Section 857(b) of the Code. 
 “Taxable REIT Subsidiary” means any
Subsidiary of the Company that is a “taxable REIT subsidiary” within the meaning of Section 856(l) of the Code on or after January 1, 2001, or a Subsidiary of such Taxable REIT Subsidiary. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Test Period” means each period of four consecutive fiscal quarters of the Company then last ended (in each case taken as one accounting period). 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 

“Total Reallocation Amount” has the meaning specified in Section 2.20(a). 

“Total Unencumbered Assets” as of any date means the sum of (a) Undepreciated Real Estate Assets not securing any
portion of Secured Indebtedness and (b) all other assets (but excluding intangibles and minority interests in Persons who are obligors with respect to outstanding secured debt) of the Company and its Subsidiaries not securing any portion of
Secured Indebtedness, determined on a consolidated basis (it being understood that the accounts of the Subsidiaries shall be consolidated with those of the Company only to the extent of the Company’s proportionate interest therein). 

“Tranche” means each of the U.S. Dollar Tranche, the Alternative Currency Tranche, the New Zealand Dollar Tranche
and each Supplemental Tranche. 

  
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 “Tranche Required Lenders” means, at any time, with respect to a Tranche,
Lenders under such Tranche owed or holding greater than 50% of the sum of the Outstanding Amount of such Tranche and the aggregate unused Commitments relating to such Tranche at such time. 

“Treasury Management Agreement” means any treasury, depository or cash management arrangements, services or products,
including, without limitation, overdraft services and automated clearinghouse transfers of funds. 
 “Treasury
Management Lender” means any Person that, at the time it enters into a Treasury Management Agreement, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Treasury Management Agreement. 

“Treasury Management Obligations” means the obligations of the Borrowers under any Treasury Management Agreement with a
Treasury Management Lender. 
 “Type” means (a) with respect to a Committed Loan, its character as a Base
Rate Loan or a Eurocurrency Rate Loan, and (b) with respect to a Bid Loan, its character as an Absolute Rate Loan or a Eurocurrency Margin Bid Loan. 
 “Twelfth Supplemental Indenture” means the Amended and Restated Twelfth Supplemental Indenture dated July 28, 2004, to the Senior Note Indenture, as such Amended and Restated Twelfth
Supplemental Indenture is in effect on the Closing Date. 
 “Undepreciated Real Estate Assets” means, as of any
date, the cost (being the original cost to the Company, the Guarantors or any of their Subsidiaries plus capital improvements) of real estate assets of the Company, the Guarantors or any of their Subsidiaries on such date, before depreciation and
amortization of such real estate assets, determined on a consolidated basis (it being understood that the accounts of Subsidiaries shall be consolidated with those of the Company only to the extent of the Company’s proportionate interest
therein). 
 “Unencumbered Consolidated EBITDA” means, for any period, that portion of Consolidated EBITDA for
such period attributable to those assets which are (a) not encumbered by Liens and (b) not owned by Subsidiaries of the Company that have Subsidiary Indebtedness. 
 “Unfunded Current Liability” of any Plan means the amount, if any, by which the actuarial present value of the accumulated plan benefits under such Plan as of the close of its most recent
plan year, determined in accordance with actuarial assumptions at such time consistent with Statement of Financial Accounting Standards No. 87, exceeds the market value of the assets allocable thereto. 

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

“Unreimbursed Amount” has the meaning specified in Section 2.04(c)(i). 

“Unsecured Consolidated Interest Expense” means, for any period, that portion of Consolidated Interest Expense
attributable to Indebtedness that is neither Secured Indebtedness nor Subsidiary Indebtedness. 

  
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 “Unsecured Indebtedness” means any Indebtedness or Disqualified Stock of
the Company or any of its Subsidiaries that is not Secured Indebtedness. 
 “Unsecured Interest Coverage Ratio”
means, for any period, the ratio of (a) Unencumbered Consolidated EBITDA for such period to (b) Unsecured Consolidated Interest Expense for such period. 
 “U.S. Dollar Commitment” means, with respect to each Lender, (a) its obligation to make U.S. Dollar Committed Loans to the Company pursuant to Section 2.01(a) ,
(b) to purchase participations in L/C Obligations and (c) to purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth opposite such Lender’s
name on Schedule 2.01 under the caption “U.S. Dollar Commitment” or in any Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement. 
 “U.S. Dollar Committed Loan” has the meaning specified in Section 2.01(a).

 “U.S. Dollar Lender” means any Person that is a Lender hereunder in respect of the U.S. Dollar Tranche
in its capacity as a Lender in respect of such Tranche. 
 “U.S. Dollar L/C Obligations” means all L/C
Obligations under Letters of Credit issued under the U.S. Dollar Tranche. 
 “U.S. Dollar Tranche” means,
at any time, the aggregate amount of the Lenders’ U.S. Dollar Commitments at such time. 
 “Wholly-Owned
Subsidiary” means, as to any Person, (a) any corporation 100% of whose capital stock (other than director’s qualifying shares) is at the time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person and
(b) any partnership, limited liability company, association, joint venture or other entity in which such Person and/or one or more Wholly-Owned Subsidiaries of such Person has a 100% equity interest at such time. 

“Yen” and “¥” mean lawful money of Japan. 

1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document: 
 a) The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall
be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any 

  
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Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and
“hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and
regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time,
(vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract
rights, (vii) any reference to “L/C Issuer” shall refer to any L/C Issuer, each L/C Issuer, the applicable L/C Issuer or all L/C Issuers as the context may require and (viii) unless the context otherwise requires, any reference
to “Subsidiary” or “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company. 
 b) In the
computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but
excluding;” and the word “through” means “to and including.” 
 c) Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 1.03 Accounting Terms. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (excluding financial ratios and other
financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the
Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any financial covenant or covenant contained herein requiring calculations that are
determined with reference to GAAP, such compliance shall be determined in accordance with GAAP as in effect on the date of this Agreement; provided, however, (1) all computations made under this Agreement (whether or not such
computations specifically reference GAAP) relating to the notional amount of acquired indebtedness or interest expense associated with such indebtedness shall be made without giving effect to any generally accepted accounting principles requiring
that such acquired indebtedness be marked to market, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities will be disregarded, (2) any generally accepted accounting principles requiring (x) any fair value adjustment
that would cause any acquired Indebtedness or contracts to be marked to market, (y) the recording of convertible debt at fair value and (z) acquisition costs that were capitalized prior to the adoption of FASB 141-R (subsequent to the
codification, this standard is now included in FASB ASC 805) to be expensed as incurred shall, in each case, be disregarded, and (3) in the case of any computations made under Sections 2.06(f), 7.10(b) (other than the computation
of the Leverage Ratio), 7.11(b) (other than the computation of the Leverage Ratio) and 7.18 and any other section of this Agreement referring to computations under such sections means generally accepted accounting principles in the
United States of America as in effect as of August 5, 1998 (or such 

  
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other date as may be applicable pursuant to the Governing Senior Note Indenture), including, without limitation, those 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 approved by a significant segment of the accounting
profession in the United States of America. 
 1.04 Rounding. Any financial ratios required to be maintained by the
Company pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up
or down to the nearest number (with a rounding-up if there is no nearest number). 
 1.05 Times of Day. Unless otherwise
specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 

1.06 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to
be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or
more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not
such maximum stated amount is in effect at such time. 
 1.07 Exchange Rates; Currency Equivalents. 

a) The Administrative Agent or the L/C Issuer, as applicable, shall determine the Spot Rates as of each Revaluation Date to be used for
calculating Dollar Equivalents of Credit Extensions and Outstanding Amounts denominated in Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts
between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the
applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent as so determined by the Administrative Agent or the L/C Issuer, as applicable. 

b) Wherever in this Agreement in connection with a Committed Borrowing, conversion, continuation or prepayment of a Eurocurrency Rate
Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Committed Borrowing, Eurocurrency Rate Loan or Letter of Credit is denominated in an
Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative
Agent or the L/C Issuer, as the case may be. 

  
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 1.08 Additional Alternative Currencies. 

a) The Company may from time to time request that Eurocurrency Rate Loans be made and/or Letters of Credit be issued in a currency other
than those specifically listed in the definition of “Alternative Currency;” provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into
Dollars. In the case of any such request with respect to the making of Eurocurrency Rate Loans, such request shall be subject to the approval of the Administrative Agent and the Alternative Currency Lenders, the New Zealand Dollar Lenders or the
Supplemental Lenders depending on the Tranche under which Borrowings in such currency are to be made (the “Authorizing Lenders”); and in the case of any such request with respect to the issuance of Letters of Credit, such request
shall be subject to the approval of the Administrative Agent and the L/C Issuer. 
 b) Any such request shall be made to the
Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other later time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to
Letters of Credit, the L/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Eurocurrency Rate Loans, the Administrative Agent shall promptly notify each Authorizing Lender thereof; and in the case of any such
request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the L/C Issuer thereof. Each Authorizing Lender (in the case of any such request pertaining to Eurocurrency Rate Loans) or the L/C Issuer (in the case of a
request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Rate Loans or the
issuance of Letters of Credit, as the case may be, in such requested currency. 
 c) Any failure by an Authorizing Lender or the
L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Authorizing Lender or the L/C Issuer, as the case may be, to permit Eurocurrency Rate Loans
to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Authorizing Lenders consent to making Eurocurrency Rate Loans in such requested currency, the Administrative Agent shall so notify the
Company, and Borrowings of Eurocurrency Rate Loans in such currency under the applicable Tranche shall thereupon be permitted hereunder; and if the Administrative Agent and the L/C Issuer consent to the issuance of Letters of Credit in such
requested currency, the Administrative Agent shall so notify the Company and issuances of Letters of Credit in such currency shall be permitted hereunder. If the Administrative Agent shall fail to obtain consent to any request for an additional
currency under this Section 1.08, the Administrative Agent shall promptly so notify the Company and Credit Extensions in such requested additional currency shall not be permitted hereunder. 

1.09 Change of Currency. 
 a) Each obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof
shall be redenominated into Euro at the time of such adoption (in accordance with the EMU Legislation). If, in relation to the currency of any such member state, 

  
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the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of
accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Committed
Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Committed Borrowing, at the end of the then current Interest Period. 

b) Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time
to time in consultation with the Company specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro. 

c) Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from
time to time specify in consultation with the Company to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency, 

d) Notwithstanding the foregoing, no change of construction pursuant to this Section 1.09 shall reduce or increase any actual
or contingent liability arising under this Agreement. 
 ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS 

2.01 Committed Loans. 
 a) U.S. Dollar Committed Loans. Each Lender with a U.S. Dollar Commitment severally agrees, on the terms and conditions set forth herein, to make loans (each a “U.S. Dollar
Committed Loan”) in Dollars to the Company from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed such Lender’s U.S. Dollar Commitment at such time; provided,
however, that after giving effect to any Committed Borrowing under this Section 2.01(a), (i) the Total Outstandings shall not exceed the Aggregate Commitments, (ii) the aggregate Outstanding Amount of Committed Loans,
Swing Line Loans and L/C Obligations under the U.S. Dollar Tranche shall not exceed the Applicable Sublimit and (iii) the aggregate Outstanding Amount of the U.S. Dollar Committed Loans of any Lender, plus such Lender’s
Applicable U.S. Dollar Percentage of the Outstanding Amount of all U.S. Dollar L/C Obligations, plus such Lender’s Applicable U.S. Dollar Percentage of the Outstanding Amount of all Domestic Swing Line Loans shall not
exceed such Lender’s U.S. Dollar Commitment. Within the limits of each Lender’s U.S. Dollar Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay
under Section 2.06, and reborrow under this Section 2.01(a). U.S. Dollar Committed Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 

b) Alternative Currency Committed Loans. Each Lender with an Alternative Currency Commitment severally agrees, on the terms and
conditions set forth herein, to make loans (each an “Alternative Currency Committed Loan”) in Dollars or in Alternative Currency Committed Foreign Currencies to the Company or, solely in the case of Canadian Dollars, to the Canadian
Borrowers from time to time on any Business Day during the Availability Period in an 

  
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aggregate amount not to exceed such Lender’s Alternative Currency Commitment at such time; provided, however, that after giving effect to any Committed Borrowing under this
Section 2.01(b), (i) the Total Outstandings shall not exceed the Aggregate Commitments, (ii) the aggregate Outstanding Amount of Committed Loans, Swing Line Loans and L/C Obligations under the Alternative Currency Tranche shall
not exceed the Applicable Sublimit, and (iii) the aggregate Outstanding Amount of the Alternative Currency Committed Loans of any Lender, plus such Lender’s Applicable Alternative Currency Percentage of the Outstanding Amount of all
Alternative Currency L/C Obligations, plus such Lender’s Applicable Alternative Currency Percentage of the Outstanding Amount of all (x) Alternative Currency Swing Line Loans and (y) Canadian Dollar Swing Line Loans, shall not
exceed such Lender’s Alternative Currency Commitment. Within the limits of each Lender’s Alternative Currency Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this
Section 2.01(b), prepay under Section 2.06, and reborrow under this Section 2.01(b). Alternative Currency Committed Loans (other than Alternative Currency Committed Loans in Dollars) shall only be Eurocurrency
Rate Loans, as further provided herein but except as provided in Section 3.02 and Section 3.03. 
 c)
New Zealand Dollar Committed Loans. Each Lender with a New Zealand Dollar Commitment severally agrees, on the terms and conditions set forth herein, to make loans (each a “New Zealand Dollar Committed Loan”) in Dollars,
Alternative Currency Committed Foreign Currencies and New Zealand Dollars to the Company from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed such Lender’s New Zealand Dollar Commitment at
such time; provided, however, that after giving effect to any Committed Borrowing under this Section 2.01(c), (i) the Total Outstandings shall not exceed the Aggregate Commitments, (ii) the aggregate Outstanding
Amount of Committed Loans and L/C Obligations under the New Zealand Dollar Tranche shall not exceed the Applicable Sublimit, and (iii) the aggregate Outstanding Amount of the New Zealand Dollar Committed Loans of any Lender, plus such
Lender’s Applicable New Zealand Dollar Percentage of the Outstanding Amount of all New Zealand L/C Obligations shall not exceed such Lender’s New Zealand Dollar Commitment. Within the limits of each Lender’s New Zealand Dollar
Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.06, and reborrow under this Section 2.01(c). New Zealand Dollar
Committed Loans (other than New Zealand Dollar Committed Loans in Dollars) shall only be Eurocurrency Rate Loans, as further provided herein but except as provided in Section 3.02 and Section 3.03. 

d) Supplemental Tranche Committed Loans. Each Lender with a Supplemental Tranche Commitment severally agrees, on the terms and
conditions set forth herein, to make loans (each an “Supplemental Tranche Committed Loan”) in Dollars, Alternative Currency Committed Foreign Currencies and the applicable Supplemental Currency to the Supplemental Borrowers from
time to time on any Business Day during the period from the Supplemental Tranche Effective Date with respect to such Supplemental Tranche until the end of the Availability Period in an aggregate amount not to exceed such Lender’s Supplemental
Tranche Commitment at such time; provided, however, that after giving effect to any Committed Borrowing under this Section 2.01(d), (i) the Total Outstandings shall not exceed the Aggregate Commitments, (ii) the
aggregate Outstanding Amount of Committed Loans under the Supplemental Tranche shall not exceed the Applicable Sublimit, and (iii) the aggregate Outstanding Amount of the Supplemental Tranche Committed Loans of any Lender shall not

  
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exceed such Lender’s Supplemental Tranche Commitment. Within the limits of each Lender’s Supplemental Tranche Commitment, and subject to the other terms and conditions hereof, the
Borrowers may borrow under this Section 2.01(d), prepay under Section 2.06, and reborrow under this Section 2.01(d). Supplemental Tranche Committed Loans (other than Supplemental Tranche Committed Loans in
Dollars) shall only be Eurocurrency Rate Loans, as further provided herein but except as provided in Section 3.02 and Section 3.03. 
 e) Selection of Tranches. The applicable Borrowers may borrow from one or more Tranches selected by the Company, but each Committed Borrowing within a Tranche shall be made in a currency permitted
under such Tranche of the same Type made simultaneously by all Lenders with a Commitment with respect to such Tranche ratably according to their Commitments with respect to such Tranche. 

2.02 Borrowings, Conversions and Continuations of Committed Loans. 

a) Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurocurrency Rate
Committed Loans shall be made upon the Company’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business
Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurocurrency Rate Committed Loans denominated in Dollars or of any conversion of Eurocurrency Rate Committed Loans denominated in Dollars to Base Rate Committed
Loans, (ii) three Business Days (or four Business Days in the case of Australian Dollars, New Zealand Dollars or Yen and four or five Business Days in the case of any other Special Notice Currency, as determined by the Administrative Agent and
specified to the Company) prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Committed Loans denominated in Alternative Currencies, and (iii) on the requested date of any Borrowing of Base Rate Committed Loans;
provided, however, that if the Company wishes to request Eurocurrency Rate Committed Loans for a Tranche having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest
Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. (i) four Business Days prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Committed Loans
denominated in Dollars, or (ii) four Business Days (or five Business Days in the case of Australian Dollars, New Zealand Dollars or Yen and five or six Business Days in the case of any other Special Notice Currency, as determined by the
Administrative Agent and specified to the Company) prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Committed Loans denominated in Alternative Currencies, whereupon the Administrative Agent shall give
prompt notice to the Lenders of such Tranche of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., (i) three Business Days before the requested date of such Borrowing,
conversion or continuation of Eurocurrency Rate Committed Loans denominated in Dollars, or (ii) three Business Days (or four Business Days in the case of Australian Dollars, New Zealand Dollars or Yen and four or five Business Days in the case
of any other Special Notice Currency, as determined by the Administrative Agent and specified to the Company) prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Committed Loans denominated in Alternative
Currencies, the Administrative Agent shall notify the Company (which notice may be by telephone) whether or not the 

  
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requested Interest Period has been consented to by all the Lenders of such Tranche. Each telephonic notice by the Company pursuant to this Section 2.02(a) must be confirmed promptly
by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Company. Each Borrowing of, conversion to or continuation of Eurocurrency Rate Committed Loans shall be in
a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.04(c) and 2.05(c), each Borrowing of or conversion to Base Rate Committed Loans shall be in a principal amount of
$500,000 or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Company is requesting a Committed Borrowing, a conversion of Committed Loans from one Type to
the other, or a continuation of Eurocurrency Rate Committed Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to
be borrowed, converted or continued, (iv) the Type and Tranche of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto,
(vi) the currency of the Committed Loans to be borrowed and (vii) if applicable, the Designated Borrower. If the Company fails to specify a currency in a Committed Loan Notice requesting a Borrowing, then the Committed Loans so requested
shall be made in Dollars. If the Company fails to specify a Tranche of a Committed Loan in a Committed Loan Notice, then the Committed Loans so requested shall be deemed to be a request for a Committed Borrowing under the U.S. Dollar Tranche if
the request is for a Committed Borrowing in Dollars, the Alternative Currency Tranche if the request is for a Committed Borrowing in an Alternative Currency (other than New Zealand Dollars), the New Zealand Dollar Tranche if the request is for a
Committed Borrowing in New Zealand Dollars and the Supplemental Tranche if the request is for a Committed Borrowing in a Supplemental Currency. If the Company fails to specify a Type of Committed Loan in a Committed Loan Notice or if the Company
fails to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate Loans; provided, however, that in the case of a failure to timely request a continuation
of Committed Loans denominated in an Alternative Currency, such Loans shall be continued as Eurocurrency Rate Committed Loans in their original currency with an Interest Period of one month. Any such automatic conversion to Base Rate Loans shall be
effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Committed Loans. If the Company requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Committed Loans in any
such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. No Committed Loan may be converted into or continued as a Committed Loan denominated in a different currency or
in a different Tranche, but instead must be prepaid in the original currency of such Committed Loan and reborrowed in the other currency or reborrowed in another Tranche to the extent permitted herein. 

b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the applicable Tranche of
the amount (and currency) of its Applicable Percentage of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Company, the Administrative Agent shall notify each Lender of the details of any
automatic conversion to Base Rate Loans or continuation of Committed Loans denominated in an Alternative Currency, in each case as described in the preceding subsection. In the case of a Committed Borrowing, each Lender shall make the

  
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amount of its Committed Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the applicable currency not later than 1:00 p.m., in the case of
any Committed Loan denominated in Dollars, and not later than the Applicable Time specified by the Administrative Agent in the case of any Committed Loan in an Alternative Currency, in each case on the Business Day specified in the applicable
Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received
available to the Company or the other applicable Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the such Borrower on the books of Bank of America with the amount of such funds or
(ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Company; provided, however, that if, on the date the Committed Loan Notice
with respect to such Borrowing denominated in Dollars is given by the Company, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and
second, shall be made available to the applicable Borrower as provided above. 
 c) Except as otherwise provided herein,
a Eurocurrency Rate Committed Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Committed Loan. During the existence of a Default or an Event of Default, no Loans may be requested as, converted
to or continued as, Eurocurrency Rate Committed Loans (whether in Dollars or any Alternative Currency) without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the then outstanding Eurocurrency Rate
Committed Loans denominated in an Alternative Currency be converted into Base Rate Loans in such Alternative Currency on the last day of the then current Interest Period with respect thereto. 

d) The Administrative Agent shall promptly notify the Company and the Lenders of the interest rate applicable to any Interest Period for
Eurocurrency Rate Committed Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Company and the Lenders of any change in Bank of America’s prime rate used
in determining the Base Rate promptly following the public announcement of such change. 
 e) After giving effect to all
Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more than 20 Interest Periods in effect with respect to Committed Loans. 

2.03 Bid Loans. 
 a) General. Subject to the terms and conditions set forth herein, on the first date on which the Company shall have Investment Grade Status and thereafter for so long as the Company has an
Investment Grade Debt Rating, each Lender agrees that the Company may from time to time request the Lenders to submit offers to make loans (each such loan, a “Bid Loan”) to the Borrowers prior to the Maturity Date pursuant to this
Section 2.03; provided, however, that after giving effect to any Bid Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments and (ii) the aggregate Outstanding Amount of all Bid Loans
shall not exceed the Bid Loan Sublimit. There shall not be more than ten different Interest Periods in effect with respect to Bid Loans at any time. For the avoidance of doubt, the Company may not request Bid Loans if it does not have an Investment
Grade Debt Rating. 

  
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 b) Requesting Competitive Bids. The Company may request the submission of Competitive
Bids by delivering a Bid Request to the Administrative Agent not later than 12:00 noon (i) one Business Day prior to the requested date of any Bid Borrowing that is to consist of Absolute Rate Loans, (ii) four Business Days prior to the
requested date of any Bid Borrowing that is to consist of Eurocurrency Margin Bid Loans denominated in Dollars, or (iii) four Business Days (or five Business Days in the case of Australian Dollars, New Zealand Dollars or Yen and five or six
Business Days in the case of any other Special Notice Currency, as determined by the Administrative Agent and specified to the Company) prior to the requested date of any Bid Borrowing that is to consist of Eurocurrency Margin Bid Loans denominated
in Alternative Currencies. Each Bid Request shall specify (i) the requested date of the Bid Borrowing (which shall be a Business Day), (ii) the aggregate principal amount of Bid Loans requested (which must be $10,000,000 or a whole
multiple of $1,000,000 in excess thereof), (iii) the Type of Bid Loans requested, (iv) the currency in which the requested Bid Loans are to be denominated and (v) the duration of the Interest Period with respect thereto, and shall be
signed by a Responsible Officer of the Company. No Bid Request shall contain a request for (i) more than one Type of Bid Loan or (ii) Bid Loans having more than three different Interest Periods. Unless the Administrative Agent otherwise
agrees in its sole discretion, the Company may not submit a Bid Request if it has submitted another Bid Request within the prior five Business Days. 
 c) Submitting Competitive Bids. 
 (i) The Administrative
Agent shall promptly notify each Lender of each Bid Request received by it from the Company and the contents of such Bid Request. 
 (ii) Each Lender may (but shall have no obligation to) submit a Competitive Bid containing an offer to make one or more Bid Loans in response to such Bid Request. Such Competitive Bid must be delivered to
the Administrative Agent not later than 10:30 a.m. (A) on the requested date of any Bid Borrowing that is to consist of Absolute Rate Loans, and (B) three Business Days prior to the requested date of any Bid Borrowing that is to consist of
Eurocurrency Margin Bid Loans, provided, however, that any Competitive Bid submitted by Bank of America in its capacity as a Lender in response to any Bid Request must be submitted to the Administrative Agent not later than 10:15 a.m.
on the date on which Competitive Bids are required to be delivered by the other Lenders in response to such Bid Request. Each Competitive Bid shall specify (A) the proposed date of the Bid Borrowing, (B) the principal amount of each Bid
Loan for which such Competitive Bid is being made, which principal amount (x) may be equal to, greater than or less than the Commitment of the bidding Lender, (y) must be $5,000,000 or a whole multiple of $1,000,000 in excess thereof, and
(z) may not exceed the principal amount of Bid Loans for which Competitive Bids were requested, (C) if the proposed Bid Borrowing is to consist of Absolute Rate Bid Loans, the Absolute Rate offered for each such Bid Loan and the Interest
Period applicable thereto, (D) if the proposed Bid Borrowing is to consist of Eurocurrency Margin Bid Loans, the Eurocurrency Bid Margin with respect to each such Eurocurrency Margin Bid Loan and the Interest Period applicable thereto, and
(E) the identity of the bidding Lender. 

  
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 (iii) Any Competitive Bid shall be disregarded if it (A) is received
after the applicable time specified in clause (ii) above, (B) is not substantially in the form of a Competitive Bid as specified herein, (C) contains qualifying, conditional or similar language, (D) proposes terms other than or
in addition to those set forth in the applicable Bid Request, or (E) is otherwise not responsive to such Bid Request. Any Lender may correct a Competitive Bid containing a manifest error by submitting a corrected Competitive Bid (identified as
such) not later than the applicable time required for submission of Competitive Bids. Any such submission of a corrected Competitive Bid shall constitute a revocation of the Competitive Bid that contained the manifest error. The Administrative Agent
may, but shall not be required to, notify any Lender of any manifest error it detects in such Lender’s Competitive Bid. 
 (iv) Subject only to the provisions of Sections 3.02, 3.03 and 4.02 and clause (iii) above, each Competitive Bid shall be irrevocable. 

d) Notice to Company of Competitive Bids. Not later than 11:00 a.m. (i) on the requested date of any Bid Borrowing that is to
consist of Absolute Rate Loans, or (ii) three Business Days prior to the requested date of any Bid Borrowing that is to consist of Eurocurrency Margin Bid Loans, the Administrative Agent shall notify the Company of the identity of each Lender
that has submitted a Competitive Bid that complies with Section 2.03(c) and of the terms of the offers contained in each such Competitive Bid. 
 e) Acceptance of Competitive Bids. Not later than 11:30 a.m. (i) on the requested date of any Bid Borrowing that is to consist of Absolute Rate Loans, and (ii) three Business Days prior
to the requested date of any Bid Borrowing that is to consist of Eurocurrency Margin Bid Loans, the Company (on behalf of itself or the relevant Borrower) shall notify the Administrative Agent of its acceptance or rejection of the offers notified to
it pursuant to Section 2.03(d). The Company (on behalf of itself or the relevant Borrower) shall be under no obligation to accept any Competitive Bid and may choose to reject all Competitive Bids. In the case of acceptance, such notice
shall specify the aggregate principal amount of Competitive Bids for each Interest Period that is accepted. The Company (on behalf of itself or the relevant Borrower) may accept any Competitive Bid in whole or in part; provided that:

 (i) the aggregate principal amount of each Bid Borrowing may not exceed the applicable amount set forth in the
related Bid Request; 
 (ii) the principal amount of each Bid Loan must be $5,000,000 or a whole multiple of
$1,000,000 in excess thereof; 
 (iii) the acceptance of offers may be made only on the basis of ascending
Absolute Rates or Eurocurrency Bid Margins within each Interest Period; and 
 (iv) the Company may not accept
any offer that is described in Section 2.03(c)(iii) or that otherwise fails to comply with the requirements hereof. 

  
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 f) Procedure for Identical Bids. If two or more Lenders have submitted Competitive
Bids at the same Absolute Rate or Eurocurrency Bid Margin, as the case may be, for the same Interest Period, and the result of accepting all of such Competitive Bids in whole (together with any other Competitive Bids at lower Absolute Rates or
Eurocurrency Bid Margins, as the case may be, accepted for such Interest Period in conformity with the requirements of Section 2.03(e)(iii)) would be to cause the aggregate outstanding principal amount of the applicable Bid Borrowing to
exceed the amount specified therefor in the related Bid Request, then, unless otherwise agreed by the Company, the Administrative Agent and such Lenders, such Competitive Bids shall be accepted as nearly as possible in proportion to the amount
offered by each such Lender in respect of such Interest Period, with such accepted amounts being rounded to the nearest whole multiple of $1,000,000. 
 g) Notice to Lenders of Acceptance or Rejection of Bids. The Administrative Agent shall promptly notify each Lender having submitted a Competitive Bid whether or not its offer has been accepted
and, if its offer has been accepted, of the amount of the Bid Loan or Bid Loans to be made by it on the date of the applicable Bid Borrowing. Any Competitive Bid or portion thereof that is not accepted by the Company by the applicable time specified
in Section 2.03(e) shall be deemed rejected. 
 h) Notice of Eurocurrency Base Rate. If any Bid Borrowing is
to consist of Eurocurrency Margin Loans, the Administrative Agent shall determine the Eurocurrency Base Rate for the relevant Interest Period, and promptly after making such determination, shall notify the Company and the Lenders that will be
participating in such Bid Borrowing of such Eurocurrency Base Rate. 
 i) Funding of Bid Loans. Each Lender that has
received notice pursuant to Section 2.03(g) that all or a portion of its Competitive Bid has been accepted by the Company shall make the amount of its Bid Loan(s) available to the Administrative Agent in immediately available funds at
the Administrative Agent’s Office not later than 1:00 p.m. on the date of the requested Bid Borrowing. Upon satisfaction of the applicable conditions set forth in Section 4.02, the Administrative Agent shall make all funds so
received available to the applicable Borrower in like funds as received by the Administrative Agent. 
 2.04 Letters of
Credit. 
 a) The Letter of Credit Commitment. 

(i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements
of the Lenders set forth in this Section 2.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or one or
more Alternative Currencies for the account of the Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters
of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with
respect to any Letter of Credit, (v) the Total Outstandings 

  
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shall not exceed the Aggregate Commitments, (w) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding
Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, (x) the Outstanding Amount of the L/C Obligations shall not
exceed the Letter of Credit Sublimit and the Outstanding Amount of the L/C Obligations under any Tranche shall not exceed the Letter of Credit Sublimit for such Tranche, (y) in respect of any Tranche, the aggregate Outstanding Amount of the
Committed Loans of any Lender in respect of such Tranche, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations in respect of such Tranche, plus such Lender’s Applicable Percentage of the Outstanding
Amount of all Swing Line Loans in respect of such Tranche shall not exceed such Lender’s Commitment for such Tranche and (z) the aggregate Outstanding Amount of Committed Loans, Swing Line Loans and L/C Obligations under any Tranche shall
not exceed the Applicable Sublimit for such Tranche. Each request by the Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Company that the L/C Credit Extension so requested complies with the
conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Company
may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Each L/C Issuer shall notify the Administrative Agent, of the receipt of any application for a
Letter of Credit, any repayment of any drawing under any Letter of Credit, the stated amount of all Letters of Credit issued by it, the undrawn amount thereof, the amount of any Unreimbursed Amount in respect thereof and any other information
requested from time to time by the Administrative Agent. 
 (ii) The L/C Issuer shall not issue any Letter of
Credit, if: 
 (A) subject to Section 2.04(b)(iii), the expiry date of the requested Letter of Credit
would occur more than twelve months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or 
 (B) the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless the Company provides Cash Collateral in accordance with Section 2.17.

 (iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if: 

(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or
restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall
prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with 

  
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respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall
impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it; 

(B) the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of
credit generally; 
 (C) except as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter
of Credit is in an initial stated amount less than $250,000; 
 (D) such Letter of Credit is to be denominated in
a currency other than Dollars or an Alternative Currency; 
 (E) any Lender is at that time a Defaulting Lender,
unless the L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Company or such Lender to eliminate the L/C Issuer’s actual or potential Fronting
Exposure (after giving effect to Section 2.18(a)(iv)) with respect to such Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which the L/C
Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or 
 (F) such Letter
of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder. 

(iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue
such Letter of Credit in its amended form under the terms hereof. 
 (v) The L/C Issuer shall be under no
obligation to amend any Letter of Credit if the beneficiary of such Letter of Credit does not accept the proposed amendment to the Letter of Credit. 
 (vi) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and
immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents
pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C
Issuer. 
 b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 

  
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 (i) Each Letter of Credit shall be issued or amended, as the case may be,
upon the request of the Company delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Company. Such Letter of Credit
Application must be received by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their
sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to
the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day), (B) the amount and currency thereof (which shall be in Dollars or an Alternative Currency) and the Tranche (which shall be a
Letter of Credit Tranche) under which such Letter of Credit shall be issued, (C) the expiry date thereof, (D) the name and address of the beneficiary thereof, (E) the documents to be presented by such beneficiary in case of any
drawing thereunder, (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, (G) the purpose and nature of the requested Letter of Credit, and (H) such other matters as the L/C Issuer
may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended,
(B) the proposed date of amendment thereof (which shall be a Business Day), (C) the nature of the proposed amendment, and (D) such other matters as the L/C Issuer may reasonably require. Additionally, the Company shall furnish to the
L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may reasonably require.

 (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Company and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless
the L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable
conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue the applicable Letter of Credit for the account of the Company (or the applicable
Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed
to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of
Credit. 
 (iii) If the Company so requests in any applicable Letter of Credit Application, the L/C Issuer may,
in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided 

  
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that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such
Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. The Company
shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the
extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date (or such later date if the Company provides Cash Collateral in accordance with Section 2.17); provided,
however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as
extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.04(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is
seven Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the Company that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case
directing the L/C Issuer not to permit such extension. 
 (iv) If the Company so requests in any applicable
Letter of Credit Application, the L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an
“Auto-Reinstatement Letter of Credit”). Unless otherwise directed by the L/C Issuer, the Company shall not be required to make a specific request to the L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement Letter of
Credit has been issued, except as provided in the following sentence, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the provisions of
such Letter of Credit. Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits the L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice of such
non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”), the L/C Issuer shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on
or before the day that is seven Business Days before the Non-Reinstatement Deadline from the Administrative Agent, any Lender or the Company that one or more of the applicable conditions specified in Section 4.02 is not then satisfied
(treating such reinstatement as an L/C Credit Extension for purposes of this clause) and, in each case, directing the L/C Issuer not to permit such reinstatement. 

(v) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with
respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Company and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

c) Drawings and Reimbursements; Funding of Participations. 

  
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 (i) Upon receipt from the beneficiary of any Letter of Credit of any notice
of a drawing under such Letter of Credit, the L/C Issuer shall notify the Company, the Lenders and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Company shall reimburse the L/C Issuer
in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the L/C Issuer shall notify the Company of the Dollar Equivalent of the amount of the drawing promptly
following the determination thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Company shall reimburse the L/C Issuer through the
Administrative Agent in an amount equal to the amount of such drawing in Dollars. If the Company does not reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the
unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Lender’s
Applicable Percentage thereof. In such event, the Company shall be deemed to have requested a Committed Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and
multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02 (other than the
delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an
immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
 (ii) Each Lender
shall upon any notice pursuant to Section 2.04(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer in Dollars at the Administrative Agent’s
Office for Dollar-denominated payments in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Honor Date, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that
so makes funds available shall be deemed to have made a Base Rate Committed Loan to the Company in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. 

(iii) With respect to any Unreimbursed Amount that is not (x) fully refinanced by a Committed Borrowing of Base Rate
Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason or (y) otherwise reimbursed by the Company on the Honor Date, the Company shall be deemed to have incurred from the L/C Issuer an L/C
Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and, subject to Section 2.09(b), shall bear interest at the Default Rate. In
such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an
L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. 

  
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 (iv) Until each Lender funds its Committed Loan or L/C Advance pursuant to
this Section 2.04(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of the L/C Issuer.

 (v) Each Lender’s obligation to make Committed Loans or L/C Advances to reimburse the L/C Issuer for
amounts drawn under Letters of Credit, as contemplated by this Section 2.04(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other
right which such Lender may have against the L/C Issuer, the Company or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or an Event of Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in
Section 4.02 (other than delivery by the Company of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Company to reimburse the L/C Issuer for the amount of any payment made
by the L/C Issuer under any Letter of Credit, together with interest as provided herein. 
 (vi) If any Lender
fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in
Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for
the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative,
processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included
in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (vi) shall be conclusive absent manifest error. 
 d) Repayment of Participations. 

(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such
Lender’s L/C Advance in respect of such payment in accordance with Section 2.04(c), if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from the Company or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in Dollars and in the same
funds as those received by the Administrative Agent. 

  
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 (ii) If any payment received by the Administrative Agent for the account of
the L/C Issuer, which has been distributed to Lenders, pursuant to Section 2.04(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by
the L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of the L/C Issuer such Lender’s Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of
such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the
Obligations and the termination of this Agreement. 
 e) Obligations Absolute. The obligation of the Company to reimburse
the L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances,
including the following: 
 (i) any lack of validity or enforceability of such Letter of Credit, this Agreement,
or any other Loan Document; 
 (ii) the existence of any claim, counterclaim, setoff, defense or other right that
the Company or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in
connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged,
fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of
Credit; 
 (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or
certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the
benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; 

(v) any adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to the
Company or any Subsidiary or in the relevant currency markets generally; or 
 (vi) any other circumstance or
happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Company or any Subsidiary. 

  
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 The Company shall promptly examine a copy of each Letter of Credit and each amendment
thereto that is delivered to it and, in the event of any claim of noncompliance with the Company’s instructions or other irregularity, the Company will notify the L/C Issuer within five Business Days. The Company shall be conclusively deemed to
have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid. 
 f) Role
of L/C Issuer. Each Lender and the Company agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their
respective Related Parties or any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the
Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any
Letter of Credit or Issuer Document. The Company hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not
intended to, and shall not, preclude the Company’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent, any Lender, any of
their respective Related Parties or any correspondent, participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.04(e); provided,
however, that anything in such clauses to the contrary notwithstanding, the Company may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Company, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by the Company which the Company proves were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit after the
presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear
on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

g) Applicability of ISP. Unless otherwise expressly agreed by the L/C Issuer and the Company when a Letter of Credit is issued,
the rules of the ISP shall apply to each Letter of Credit. 
 h) Letter of Credit Fees. The Company shall pay to the
Administrative Agent for the account of each Lender of a Tranche in accordance with its Applicable Percentage for such Tranche, in Dollars, a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit under such
Tranche equal to the Applicable Rate times the Dollar Equivalent of the daily amount available to be drawn under such Letter of Credit; provided, however, the Company shall not have to pay any Letter of Credit Fees otherwise
payable for the account of a Defaulting Lender 

  
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with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to this Section 2.04, except
(x) to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in their respective Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.18(a)(iv), and
(y) to the extent allocable to the L/C Issuer’s Fronting Exposure in respect of such Defaulting Lender, to the L/C Issuer for its own account. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the
amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing
with the first such date to occur after the issuance of such Letter of Credit, on the Maturity Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter,
the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 

i) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Company shall pay directly to the L/C Issuer for
its own account, in Dollars, a fronting fee with respect to each Letter of Credit issued by it, at the rate per annum specified in the applicable Fee Letter, computed on the Dollar Equivalent of the daily amount available to be drawn under such
Letter of Credit on a quarterly basis in arrears Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December in respect of the most recently-ended quarterly period (or portion
thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount, in Dollars, of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Company shall pay directly to the L/C Issuer for its own account the
customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due
and payable by the Company within 15 days following receipt of a reasonably detailed invoice therefor and are nonrefundable. 

j) Conflict with Issuer Documents. To the extent the terms of any Issuer Document are inconsistent with, or impose additional
material obligations not otherwise set forth herein, the terms of the Loan Documents shall control for such time as the Loan Documents remain in effect. 
 k) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary,
the Company shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Company hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit
of the Company, and that the Company’s business derives substantial benefits from the businesses of such Subsidiaries. 

l) Letters of Credit Issued under Particular Tranche; Changes in the Letter of Credit Sublimit with respect to any Letter of Credit
Tranche. Each Letter of Credit may only be issued 

  
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under a Letter of Credit Tranche. Letters of Credit may not be issued under any other Tranche. Notwithstanding any provision herein to the contrary, the provisions of this
Section 2.04 shall, as to any particular Letter of Credit, be applied only to the Tranche under which it was issued and not under any other Tranche, subject to the provisions of Section 2.14. The Company may from time to time
increase or decrease the Letter of Credit Sublimit with respect to a Letter of Credit Tranche (but not any other Tranche) by giving written notice to the Administrative Agent and the L/C Issuer specifying (i) the revised Letter of Credit
Sublimit for each such Letter of Credit Tranche, which shall be in a whole multiple of $1,000,000, and (ii) the effective date of such change, which shall be a Business Day at least two Business Days after the delivery of such notice, provided,
however, (i) the aggregate Letter of Credit Sublimit for all Letter of Credit Tranches shall not exceed $100,000,000 and (ii) the Letter of Credit Sublimit with respect to any Letter of Credit Tranche shall not exceed the aggregate
Commitments for such Tranche and shall not be less than the then Outstanding Amount of Letters of Credit issued under such Tranche. 
 2.05 Swing Line Loans. 
 a) The Domestic Swing Line. 

(i) The Domestic Swing Line. Subject to the terms and conditions set forth herein, the Domestic Swing Line Lender,
in reliance upon the agreements of the other Lenders set forth in this Section 2.05, agrees to make loans in Dollars (each such loan, a “Domestic Swing Line Loan”) to the Company from time to time on any Business Day
during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Domestic Swing Line Sublimit, notwithstanding the fact that such Domestic Swing Line Loans, when aggregated with the Applicable Percentage
of the Outstanding Amount of U.S. Dollar Committed Loans and U.S. Dollar L/C Obligations of the Lender acting as Domestic Swing Line Lender, may exceed the amount of such Lender’s U.S. Dollar Commitment; provided,
however, that after giving effect to any Domestic Swing Line Loan, (i) the Total Outstandings shall not exceed the Aggregate Commitments, (ii) the aggregate Outstanding Amount of the U.S. Dollar Committed Loans of any Lender,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all U.S. Dollar L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Domestic Swing Line Loans shall not exceed
such Lender’s U.S. Dollar Commitment, (iii) the aggregate Outstanding Amount of the Domestic Swing Line Loans shall not exceed the Domestic Swing Line Sublimit and (iv) the aggregate Outstanding Amount of Committed Loans, Swing
Line Loans and L/C Obligations under the U.S. Dollar Tranche shall not exceed the Applicable Sublimit for the U.S. Dollar Tranche, and provided, further, that the Company shall not use the proceeds of any Swing Line Loan to
refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company may borrow under this Section 2.05(a), prepay under Section 2.06, and reborrow under
this Section 2.05(a). Each Domestic Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Domestic Swing Line Loan, each U.S. Dollar Lender shall be deemed to, and hereby irrevocably and unconditionally agrees
to, purchase from the Domestic Swing Line Lender a risk participation in such Domestic Swing Line Loan in an amount equal to the product of such Lender’s Applicable U.S. Dollar Percentage times the amount of such Domestic Swing Line Loan.

  
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 (ii) Borrowing Procedures. Each Domestic Swing Line Borrowing shall
be made upon the Company’s irrevocable notice to the Domestic Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Domestic Swing Line Lender and the Administrative Agent not
later than 2:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $500,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice
must be confirmed promptly by delivery to the Domestic Swing Line Lender and the Administrative Agent of a written Domestic Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Company. Promptly after receipt by
the Domestic Swing Line Lender of any telephonic Domestic Swing Line Loan Notice, the Domestic Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Domestic
Swing Line Loan Notice and, if not, the Domestic Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Domestic Swing Line Lender has received notice (by telephone or in writing) from
the Administrative Agent (including at the request of any Lender) prior to 3:00 p.m. on the date of the proposed Domestic Swing Line Borrowing (A) directing the Domestic Swing Line Lender not to make such Domestic Swing Line Loan as a result of
the limitations set forth in the first proviso to the first sentence of Section 2.05(a)(i) or (B) that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, then, subject to the terms
and conditions hereof, the Domestic Swing Line Lender will, not later than 4:00 p.m. on the borrowing date specified in such Domestic Swing Line Loan Notice, make the amount of the requested Domestic Swing Line Loan available to the Company
(x) at the Domestic Swing Line Lender’s office by crediting the account of the Company on the books of the Domestic Swing Line Lender in Same Day Funds or (y) by wire transfer of such funds in Same Day Funds, in each case in
accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Company. 
 (iii) Refinancing of Domestic Swing Line Loans. 
 (A) Unless
the Company has repaid any Domestic Swing Line Loan then outstanding by 11 a.m. on the tenth Business Day after such Loan was made (the “Swing Line Repayment Date”), the Domestic Swing Line Lender or the Administrative Agent shall,
no later than 12 noon on the Swing Line Repayment Date, or at any time prior thereto in its sole discretion may, request, on behalf of the Company (which hereby irrevocably authorizes the Domestic Swing Line Lender to so request on its behalf), that
each U.S. Dollar Lender make a Base Rate Committed Loan in Dollars to the Company in an amount equal to such Lender’s Applicable U.S. Dollar Percentage of the amount of Domestic Swing Line Loans then outstanding. Such request shall be
made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the
principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate U.S. Dollar Commitments and the conditions set forth in Section 4.02. The Domestic Swing Line Lender shall furnish the Company with a copy
of the applicable Committed 

  
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Loan Notice promptly after delivering such notice to the Administrative Agent. Each U.S. Dollar Lender shall make an amount equal to its Applicable U.S. Dollar Percentage of the amount
specified in such Committed Loan Notice available to the Administrative Agent in Same Day Funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Domestic Swing Line Loan) for the account of the
Domestic Swing Line Lender at the Administrative Agent’s Office for Dollar-denominated payments, not later than 1:00 p.m. on the Swing Line Repayment Date, whereupon, subject to Section 2.05(a)(iii)(B), each U.S. Dollar
Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the Company in such amount. The Administrative Agent shall remit the funds so received to the Domestic Swing Line Lender. 

(B) If for any reason any Domestic Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with
Section 2.05(a)(iii)(A), the request for Base Rate Committed Loans submitted by the Domestic Swing Line Lender as set forth herein shall be deemed to be a request by the Domestic Swing Line Lender that each of the U.S. Dollar
Lenders fund its risk participation in the relevant Domestic Swing Line Loan and each Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.05(a)(iii)(A) shall be deemed payment
in respect of such participation. 
 (C) If any U.S. Dollar Lender fails to make available to the
Administrative Agent for the account of the Domestic Swing Line Lender any amount required to be paid by such U.S. Dollar Lender pursuant to the foregoing provisions of this Section 2.05(a)(iii) by the time specified in
Section 2.05(a)(iii)(A), the Domestic Swing Line Lender shall be entitled to recover from such U.S. Dollar Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date
such payment is required to the date on which such payment is immediately available to the Domestic Swing Line Lender at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or
similar fees customarily charged by the Domestic Swing Line Lender in connection with the foregoing. If such U.S. Dollar Lender pays such amount (with interest and fees as aforesaid), the amount so paid (other than such interest and fees) shall
constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or funded participation in the relevant Domestic Swing Line Loan, as the case may be, as of the date of such Committed Borrowing or participation. A
certificate of the Domestic Swing Line Lender submitted to any U.S. Dollar Lender (through the Administrative Agent) with respect to any amounts owing under this clause (C) shall be conclusive absent manifest error. 

(D) Each U.S. Dollar Lender’s obligation to make U.S. Dollar Committed Loans or to purchase and fund risk
participations in Domestic Swing Line Loans pursuant to this Section 2.05(a)(iii) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any

  
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setoff, counterclaim, recoupment, defense or other right which such U.S. Dollar Lender may have against the Domestic Swing Line Lender, the Company or any other Person for any reason
whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default, or (iii) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each
U.S. Dollar Lender’s obligation to make U.S. Dollar Committed Loans pursuant to this Section 2.05(a)(iii) is subject to the conditions set forth in Section 4.02. No such funding of risk participations shall
relieve or otherwise impair the obligation of the Company to repay Domestic Swing Line Loans, together with interest as provided herein. 
 (iv) Repayment of Participations. 
 (A) At any time after any
U.S. Dollar Lender has purchased and funded a risk participation in a Domestic Swing Line Loan, if the Domestic Swing Line Lender receives any payment on account of such Domestic Swing Line Loan, the Domestic Swing Line Lender will distribute
to such U.S. Dollar Lender its Applicable U.S. Dollar Percentage thereof in the same funds as those received by the Domestic Swing Line Lender. 
 (B) If any payment received by the Domestic Swing Line Lender, which has been distributed to Lenders, in respect of principal or interest on any Domestic Swing Line Loan is required to be returned by the
Domestic Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the Domestic Swing Line Lender in its discretion), each U.S. Dollar Lender shall pay to the
Domestic Swing Line Lender its Applicable U.S. Dollar Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the applicable
Overnight Rate. The Administrative Agent will make such demand upon the request of the Domestic Swing Line Lender. The obligations of the U.S. Dollar Lenders under this clause shall survive the payment in full of the Obligations and the
termination of this Agreement. 
 (v) Interest for Account of Domestic Swing Line Lender. The Domestic
Swing Line Lender shall be responsible for invoicing the Company for interest on the Domestic Swing Line Loans. Until each U.S. Dollar Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.05(a)
to refinance such Lender’s Applicable U.S. Dollar Percentage of any Domestic Swing Line Loan, interest in respect of such Applicable U.S. Dollar Percentage shall be solely for the account of the Domestic Swing Line Lender. 

(vi) Payments Directly to Domestic Swing Line Lender. The Company shall make all payments of principal and interest
in respect of the Domestic Swing Line Loans directly to the Domestic Swing Line Lender. 
 b) The Alternative Currency Swing
Line. 

  
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 (i) The Alternative Currency Swing Line. Subject to the terms and
conditions set forth herein, the Alternative Currency Swing Line Lender, in reliance upon the agreements of the other Lenders set forth in this Section 2.05, agrees to make loans in Dollars (each such loan, an “Alternative
Currency Swing Line Loan”) to the Company from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Alternative Currency Swing Line Sublimit,
notwithstanding the fact that such Alternative Currency Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Alternative Currency Committed Loans and Alternative Currency L/C Obligations of the Lender acting
as Alternative Currency Swing Line Lender, may exceed the amount of such Lender’s Alternative Currency Commitment; provided, however, that after giving effect to any Alternative Currency Swing Line Loan, (i) the Total
Outstandings shall not exceed the Aggregate Commitments, (ii) the aggregate Outstanding Amount of the Alternative Currency Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all
Alternative Currency L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Canadian Dollar Swing Line Loans and Alternative Currency Swing Line Loans shall not exceed such Lender’s Alternative
Currency Commitment, (iii) the aggregate Outstanding Amount of the Alternative Currency Swing Line Loans and the Canadian Dollar Swing Line Loans shall not exceed the Specified Alternative Currency Swing Line Sublimit and (iv) the
aggregate Outstanding Amount of Committed Loans, Swing Line Loans and L/C Obligations under the Alternative Currency Tranche does not exceed the Alternative Currency Sublimit, and provided, further, that the Company shall not use the
proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company may borrow under this Section 2.05(b), prepay under
Section 2.06, and reborrow under this Section 2.05(b). Each Alternative Currency Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of an Alternative Currency Swing Line Loan, each Alternative Currency
Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Alternative Currency Swing Line Lender a risk participation in such Alternative Currency Swing Line Loan in an amount equal to the product of such
Lender’s Applicable Alternative Currency Percentage times the amount of such Alternative Currency Swing Line Loan. 
 (ii) Borrowing Procedures. Each Alternative Currency Swing Line Borrowing shall be made upon the Company’s irrevocable notice to the Alternative Currency Swing Line Lender and the
Administrative Agent, which may be given by telephone. Each such notice must be received by the Alternative Currency Swing Line Lender and the Administrative Agent not later than 2:00 p.m. on the requested borrowing date, and shall specify
(i) the amount to be borrowed, which shall be a minimum of $500,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Alternative Currency Swing
Line Lender and the Administrative Agent of a written Alternative Currency Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Company. Promptly after receipt by the Alternative Currency Swing Line Lender of
any telephonic Alternative Currency Swing Line Loan Notice, the Alternative Currency Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the 

  
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Administrative Agent has also received such Alternative Currency Swing Line Loan Notice and, if not, the Alternative Currency Swing Line Lender will notify the Administrative Agent (by telephone
or in writing) of the contents thereof. Unless the Alternative Currency Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 3:00 p.m. on the date of the
proposed Alternative Currency Swing Line Borrowing (A) directing the Alternative Currency Swing Line Lender not to make such Alternative Currency Swing Line Loan as a result of the limitations set forth in the first proviso to the first
sentence of Section 2.05(b)(i), or (B) that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, then, subject to the terms and conditions hereof, the Alternative Currency Swing Line
Lender will, not later than 4:00 p.m. on the borrowing date specified in such Alternative Currency Swing Line Loan Notice, make the amount of the requested Alternative Currency Swing Line Loan available to the Company (x) at the Alternative
Currency Swing Line Lender’s office by crediting the account of the Company on the books of the Alternative Currency Swing Line Lender in Same Day Funds or (y) by wire transfer of such funds in Same Day Funds, in each case in accordance
with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Company. 
 (iii)
Refinancing of Alternative Currency Swing Line Loans. 
 (A) Unless the Company has repaid any Alternative
Currency Swing Line Loan then outstanding by 11 a.m. on the Swing Line Repayment Date, the Alternative Currency Swing Line Lender or the Administrative Agent shall, no later than 12 noon on the Swing Line Repayment Date, or at any time prior thereto
in its sole discretion may, request, on behalf of the Company (which hereby irrevocably authorizes the Alternative Currency Swing Line Lender to so request on its behalf), that each Alternative Currency Lender make a Base Rate Committed Loan in
Dollars to the Company in an amount equal to such Lender’s Applicable Alternative Currency Percentage of the amount of Alternative Currency Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be
deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to
the unutilized portion of the Aggregate Alternative Currency Commitments and the conditions set forth in Section 4.02. The Alternative Currency Swing Line Lender shall furnish the Company with a copy of the applicable Committed Loan
Notice promptly after delivering such notice to the Administrative Agent. Each Alternative Currency Lender shall make an amount equal to its Applicable Alternative Currency Percentage of the amount specified in such Committed Loan Notice available
to the Administrative Agent in Same Day Funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Alternative Currency Swing Line Loan) for the account of the Alternative Currency Swing Line Lender at the
Administrative Agent’s Office for Dollar-denominated payments not later than 1:00 p.m. on the Swing Line Repayment Date, whereupon, subject to Section 2.05(b)(iii)(B), each Alternative Currency Lender that so makes funds available

  
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shall be deemed to have made a Base Rate Committed Loan to the Company in such amount. The Administrative Agent shall remit the funds so received to the Alternative Currency Swing Line Lender.

 (B) If for any reason any Alternative Currency Swing Line Loan cannot be refinanced by a Committed Borrowing
in accordance with Section 2.05(b)(iii)(A), the request for Base Rate Committed Loans submitted by the Alternative Currency Swing Line Lender as set forth herein shall be deemed to be a request by the Alternative Currency Swing Line
Lender that each of the Alternative Currency Lenders fund its risk participation in the relevant Alternative Currency Swing Line Loan and each Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to
Section 2.05(b)(iii)(A) shall be deemed payment in respect of such participation. 
 (C) If any
Alternative Currency Lender fails to make available to the Administrative Agent for the account of the Alternative Currency Swing Line Lender any amount required to be paid by such Alternative Currency Lender pursuant to the foregoing provisions of
this Section 2.05(b)(iii) by the time specified in Section 2.05(b)(iii)(A), the Alternative Currency Swing Line Lender shall be entitled to recover from such Alternative Currency Lender (acting through the Administrative
Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Alternative Currency Swing Line Lender at a rate per annum equal to the
applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Alternative Currency Swing Line Lender in connection with the foregoing. If such Alternative Currency Lender pays
such amount (with interest and fees as aforesaid), the amount so paid (other than such interest and fees) shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or funded participation in the relevant
Alternative Currency Swing Line Loan, as the case may be, as of the date of such Committed Borrowing or participation. A certificate of the Alternative Currency Swing Line Lender submitted to any Alternative Currency Lender (through the
Administrative Agent) with respect to any amounts owing under this clause (C) shall be conclusive absent manifest error. 
 (D) Each Alternative Currency Lender’s obligation to make Alternative Currency Committed Loans or to purchase and fund risk participations in Alternative Currency Swing Line Loans pursuant to this
Section 2.05(b)(iii) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right which such Alternative Currency Lender may have
against the Alternative Currency Swing Line Lender, the Company or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default, or (iii) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided, however, that each Alternative Currency Lender’s obligation to make Alternative Currency Committed Loans pursuant to this

  
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Section 2.05(b)(iii) is subject to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the
Company to repay Alternative Currency Swing Line Loans, together with interest as provided herein. 
 (iv)
Repayment of Participations. 
 (A) At any time after any Alternative Currency Lender has purchased and
funded a risk participation in an Alternative Currency Swing Line Loan, if the Alternative Currency Swing Line Lender receives any payment on account of such Alternative Currency Swing Line Loan, the Alternative Currency Swing Line Lender will
distribute to such Alternative Currency Lender its Applicable Alternative Currency Percentage thereof in the same funds as those received by the Alternative Currency Swing Line Lender. 

(B) If any payment received by the Alternative Currency Swing Line Lender, which has been distributed to Lenders, in
respect of principal or interest on any Alternative Currency Swing Line Loan is required to be returned by the Alternative Currency Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any
settlement entered into by the Alternative Currency Swing Line Lender in its discretion), each Alternative Currency Lender shall pay to the Alternative Currency Swing Line Lender its Applicable Alternative Currency Percentage thereof on demand of
the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the
Alternative Currency Swing Line Lender. The obligations of the Alternative Currency Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

(v) Interest for Account of Alternative Currency Swing Line Lender. The Alternative Currency Swing Line Lender
shall be responsible for invoicing the Company for interest on the Alternative Currency Swing Line Loans. Until each Alternative Currency Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.05(b) to
refinance such Lender’s Applicable Alternative Currency Percentage of any Alternative Currency Swing Line Loan, interest in respect of such Applicable Alternative Currency Percentage shall be solely for the account of the Alternative Currency
Swing Line Lender. 
 (vi) Payments Directly to Alternative Currency Swing Line Lender. The Company shall
make all payments of principal and interest in respect of the Alternative Currency Swing Line Loans directly to the Alternative Currency Swing Line Lender. 
 c) The Canadian Dollar Swing Line. 
 (i) The Canadian
Dollar Swing Line. Subject to the terms and conditions set forth herein, the Canadian Dollar Swing Line Lender, in reliance upon the agreements of 

  
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the other Lenders set forth in this Section 2.05, agrees to make loans in Canadian Dollars (each such loan, a “Canadian Dollar Swing Line Loan”) to any Canadian
Borrower from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Canadian Dollar Swing Line Sublimit, notwithstanding the fact that such Canadian Dollar
Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Alternative Currency Committed Loans and Alternative Currency L/C Obligations of the Lender acting as Canadian Dollar Swing Line Lender, may exceed the
amount of such Lender’s Alternative Currency Commitment; provided, however, that after giving effect to any Canadian Dollar Swing Line Loan, (i) the Total Outstandings shall not exceed the Aggregate Commitments, (ii) the
aggregate Outstanding Amount of the Alternative Currency Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Alternative Currency L/C Obligations, plus such Lender’s
Applicable Percentage of the Outstanding Amount of all Canadian Dollar Swing Line Loans and Alternative Currency Swing Line Loans shall not exceed such Lender’s Alternative Currency Commitment, (iii) the aggregate Outstanding Amount of the
Alternative Currency Swing Line Loans and the Canadian Dollar Swing Line Loans shall not exceed the Specified Alternative Currency Swing Line Sublimit, (iv) the aggregate Outstanding Amount of Committed Loans, Swing Line Loans and L/C
Obligations under the Alternative Currency Tranche shall not exceed the Alternative Currency Sublimit and (v) the aggregate Outstanding Amount of Canadian Dollar Swing Line Loans shall not exceed the Canadian Dollar Swing Line Sublimit, and
provided, further, that no Canadian Borrower shall use the proceeds of any Canadian Dollar Swing Line Loan to refinance any outstanding Canadian Dollar Swing Line Loan. Within the foregoing limits, and subject to the other terms and
conditions hereof, the Canadian Borrowers may borrow under this Section 2.05(c), prepay under Section 2.06, and reborrow under this Section 2.05(c). Each Canadian Dollar Swing Line Loan shall be a Base Rate Loan.
Immediately upon the making of a Canadian Dollar Swing Line Loan, each Alternative Currency Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Canadian Dollar Swing Line Lender a risk participation in
such Canadian Dollar Swing Line Loan in an amount equal to the product of such Lender’s Applicable Alternative Currency Percentage times the amount of such Canadian Dollar Swing Line Loan. 

(ii) Borrowing Procedures. Each Canadian Dollar Swing Line Borrowing shall be made upon the Company’s
irrevocable notice to the Canadian Dollar Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Canadian Dollar Swing Line Lender and the Administrative Agent not later than 2:00
p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $500,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be
confirmed promptly by delivery to the Canadian Dollar Swing Line Lender and the Administrative Agent of a written Canadian Dollar Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Company. Promptly after
receipt by the Canadian Dollar Swing Line Lender of any telephonic Canadian Dollar Swing Line Loan Notice, the Canadian Dollar Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the

  
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Administrative Agent has also received such Canadian Dollar Swing Line Loan Notice and, if not, the Canadian Dollar Swing Line Lender will notify the Administrative Agent (by telephone or in
writing) of the contents thereof. Unless the Canadian Dollar Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 3:00 p.m. on the date of the proposed
Canadian Dollar Swing Line Borrowing (A) directing the Canadian Dollar Swing Line Lender not to make such Canadian Dollar Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of
Section 2.05(c)(i) or (B) that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, then, subject to the terms and conditions hereof, the Canadian Dollar Swing Line Lender will, not
later than 4:00 p.m. on the borrowing date specified in such Canadian Dollar Swing Line Loan Notice, make the amount of the requested Canadian Dollar Swing Line Loan available to the applicable Canadian Borrower (x) at the Canadian Dollar Swing
Line Lender’s office by crediting the account of the applicable Canadian Borrower on the books of the Canadian Dollar Swing Line Lender in Same Day Funds or (y) by wire transfer of such funds in Same Day Funds, in each case in accordance
with instructions provided to (and reasonably acceptable to) the Administrative Agent by the applicable Canadian Borrower or as otherwise instructed by such Canadian Borrower. 

(iii) Refinancing of Canadian Dollar Swing Line Loans. 

(A) Unless the Company has repaid any Canadian Dollar Swing Line Loan then outstanding by 11 a.m. on the Swing Line
Repayment Date, the Canadian Dollar Swing Line Lender or the Administrative Agent shall, no later than 12 noon on the Swing Line Repayment Date, or at any time prior thereto in its sole discretion may, request, on behalf of the Company on behalf of
the applicable Canadian Borrower (each of which hereby irrevocably authorizes the Canadian Dollar Swing Line Lender to so request on its behalf), that each Alternative Currency Lender make a Eurocurrency Rate Committed Loan with an Interest Period
of one month to the applicable Canadian Borrower in Canadian Dollars in an amount equal to such Lender’s Applicable Alternative Currency Percentage of the amount of Canadian Dollar Swing Line Loans then outstanding. Such request shall be made
in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal
amount of Eurocurrency Rate Loans, but subject to the unutilized portion of the Aggregate Alternative Currency Commitments and the conditions set forth in Section 4.02. The Canadian Dollar Swing Line Lender shall furnish the Company with
a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Alternative Currency Lender shall make an amount equal to its Applicable Alternative Currency Percentage of the amount specified
in such Committed Loan Notice available to the Administrative Agent in Same Day Funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Canadian Dollar Swing Line Loan) for the account of the Canadian
Dollar Swing Line Lender at the Administrative Agent’s Office for Canadian 

  
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Dollar-denominated payments not later than 1:00 p.m. on the Swing Line Repayment Date, whereupon, subject to Section 2.05(c)(iii)(B), each Alternative Currency Lender that so makes
funds available shall be deemed to have made an Eurocurrency Rate Committed Loan to the applicable Canadian Borrower in such amount. The Administrative Agent shall remit the funds so received to the Canadian Dollar Swing Line Lender. 

(B) If for any reason any Canadian Dollar Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance
with Section 2.05(c)(iii)(A), the request for Eurocurrency Rate Committed Loans submitted by the Canadian Dollar Swing Line Lender as set forth herein shall be deemed to be a request by the Canadian Dollar Swing Line Lender that each of
the Alternative Currency Lenders fund its risk participation in the relevant Canadian Dollar Swing Line Loan and each Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to
Section 2.05(c)(iii)(A) shall be deemed payment in respect of such participation. 
 (C) If any
Alternative Currency Lender fails to make available to the Administrative Agent for the account of the Canadian Dollar Swing Line Lender any amount required to be paid by such Alternative Currency Lender pursuant to the foregoing provisions of this
Section 2.05(c)(iii) by the time specified in Section 2.05(c)(iii)(A), the Canadian Dollar Swing Line Lender shall be entitled to recover from such Alternative Currency Lender (acting through the Administrative Agent), on
demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Canadian Dollar Swing Line Lender at a rate per annum equal to the applicable Overnight
Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Canadian Dollar Swing Line Lender in connection with the foregoing. If such Alternative Currency Lender pays such amount (with interest
and fees as aforesaid), the amount so paid (other than such interest and fees) shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or funded participation in the relevant Canadian Dollar Swing Line Loan,
as the case may be, as of the date of such Committed Borrowing or participation. A certificate of the Canadian Dollar Swing Line Lender submitted to any Alternative Currency Lender (through the Administrative Agent) with respect to any amounts owing
under this clause (C) shall be conclusive absent manifest error. 
 (D) Each Alternative Currency
Lender’s obligation to make Alternative Currency Committed Loans or to purchase and fund risk participations in Canadian Dollar Swing Line Loans pursuant to this Section 2.05(c)(iii) shall be absolute and unconditional and shall not
be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right which such Alternative Currency Lender may have against the Canadian Dollar Swing Line Lender, the Company or any other Person for any
reason whatsoever, (ii) the occurrence or continuance of a Default or Event of Default, or 

  
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(iii) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Alternative Currency Lender’s obligation to make
Alternative Currency Committed Loans pursuant to this Section 2.05(c)(iii) is subject to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the
applicable Canadian Borrower to repay Alternative Currency Swing Line Loans, together with interest as provided herein. 
 (iv) Repayment of Participations. 
 (A) At any time after
any Alternative Currency Lender has purchased and funded a risk participation in a Canadian Dollar Swing Line Loan, if the Canadian Dollar Swing Line Lender receives any payment on account of such Canadian Dollar Swing Line Loan, the Canadian Dollar
Swing Line Lender will distribute to such Alternative Currency Lender its Applicable Alternative Currency Percentage thereof in the same funds as those received by the Canadian Dollar Swing Line Lender. 

(B) If any payment received by the Canadian Dollar Swing Line Lender, which has been distributed to Lenders, in respect of
principal or interest on any Canadian Dollar Swing Line Loan is required to be returned by the Canadian Dollar Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into
by the Canadian Dollar Swing Line Lender in its discretion), each Alternative Currency Lender shall pay to the Canadian Dollar Swing Line Lender its Applicable Alternative Currency Percentage thereof on demand of the Administrative Agent, plus
interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the Canadian Dollar Swing Line Lender.
The obligations of the Alternative Currency Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

(v) Interest for Account of Canadian Dollar Swing Line Lender. The Canadian Dollar Swing Line Lender shall be
responsible for invoicing the applicable Canadian Borrower for interest on the Canadian Dollar Swing Line Loans. Until each Alternative Currency Lender funds its Eurocurrency Rate Committed Loan or risk participation pursuant to this
Section 2.05(c) to fund such Lender’s Applicable Alternative Currency Percentage of any Canadian Dollar Swing Line Loan, interest in respect of such Applicable Alternative Currency Percentage shall be solely for the account of the
Canadian Dollar Swing Line Lender. 
 (vi) Payments Directly to Canadian Dollar Swing Line Lender. The
applicable Canadian Borrower shall make all payments of principal and interest in respect of the Canadian Dollar Swing Line Loans directly to the Canadian Dollar Swing Line Lender. 

  
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 (d) Changes to the Specified Domestic Swing Line Sublimit. The Company may from time
to time increase or decrease the Specified Domestic Swing Line Sublimit by giving written notice to the Administrative Agent and each Swing Line Lender specifying (i) the revised Specified Domestic Swing Line Sublimit, which shall be at least
$1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (ii) the effective date of such change, which shall be a Business Day at least two (2) Business Days after the delivery of such notice, provided, however,
(i) the sum of the Specified Domestic Swing Line Sublimit plus the Alternative Currency Swing Line Sublimit shall not exceed $100,000,000, (ii) the Specified Domestic Swing Line Sublimit shall at no time be greater than the Aggregate
U.S. Dollar Commitments, and (iii) the Specified Domestic Swing Line Sublimit shall at no time be less than the aggregate outstanding principal amount of all Domestic Swing Line Loans. 

(e) Changes to the Specified Alternative Currency Swing Line Sublimit. The Company may from time to time increase or decrease the
Specified Alternative Currency Swing Line Sublimit by giving written notice to the Administrative Agent and each Swing Line Lender specifying (i) the revised Specified Alternative Currency Swing Line Sublimit, which shall be at least $1,000,000
or a whole multiple of $1,000,000 in excess thereof, and (ii) the effective date of such change, which shall be a Business Day at least two (2) Business Days after the delivery of such notice, provided, however, (i) the
sum of the Specified Alternative Currency Swing Line Sublimit plus the Specified Domestic Swing Line Sublimit shall not exceed $100,000,000, (ii) the Specified Alternative Currency Swing Line Sublimit shall at no time be greater than the
Aggregate Alternative Currency Commitments, and (iii) the Specified Alternative Currency Swing Line Sublimit shall at no time be less than the aggregate outstanding principal amount of all Alternative Currency Swing Line Loans and Canadian
Dollar Swing Line Loans. 
 2.06 Prepayments. 
 a) Voluntary Prepayments of Committed Loans and Bid Loans. Each Borrower may, upon notice from the Company to the Administrative Agent, at any time or from time to time voluntarily prepay Committed
Loans and unless otherwise set forth in the Bid Request, Bid Loans, in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) one
(1) Business Day prior to the date of prepayment of Eurocurrency Rate Loans denominated in Dollars, (B) three (3) Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in an Alternative Currency other
than Australian Dollars, New Zealand Dollars or Yen, (C) four (4) Business Days prior to the date of prepayment of Eurocurrency Rate Loans denominated in Australian Dollars, New Zealand Dollars or Yen and (D) on the date of prepayment
of Absolute Rate Loans or Base Rate Committed Loans; (ii) any prepayment of Eurocurrency Rate Loans denominated in Dollars shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof; (iii) any
prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies shall be in minimum amounts of $1,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iv) any prepayment of Absolute Rate Loans or Base Rate Committed
Loans shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such
prepayment and the Type(s) of Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its

  
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receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Company, the applicable Borrower shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any
additional amounts required pursuant to Section 3.05. Subject to Section 2.18, each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages.

 b) [Intentionally Omitted]. 
 c) Voluntary Prepayments of Swing Line Loans. The Company may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay
Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and
(ii) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Company, the Company shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein. 
 d) Excess Usage of
Commitments. If for any reason the Total Outstandings at any time exceed the Aggregate Commitments then in effect, the Borrowers shall promptly, and in any event within one (1) Business Day, prepay the Loans and/or Cash Collateralize the
L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Company shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.06(d) unless after the prepayment
in full of the Loans or of the Loans made under the applicable Tranche, as applicable, such excess remains. 
 e) Currency
Exposure. If the Administrative Agent notifies the Company at any time that the Outstanding Amount as of any Revaluation Date of Committed Loans, Swing Line Loans and L/C Obligations, as applicable, with respect to any Tranche exceeds the
Applicable Sublimit for such Tranche then in effect, the Borrowers shall promptly, and in any event within one (1) Business Day, prepay the Loans made under such Tranche and/or Cash Collateralize the L/C Obligations issued under such Tranche,
if any, in an aggregate amount equal to such excess; provided, however, that the Company shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.06(e) unless after the prepayment in full
of the Loans or of the Loans made under such Tranche, as applicable, such excess remains. 
 f) Asset Sales. In the event
that the aggregate Net Cash Proceeds received by the Company or any of its Restricted Subsidiaries from one or more Asset Sales occurring on or after the Closing Date in any period of 12 consecutive months (such 12 consecutive month period, an
“Asset Sale Period”) (x) exceed 1% of Adjusted Total Assets (determined as of the date closest to the commencement of such Asset Sale Period for which a consolidated balance sheet of the Company and its Subsidiaries has been
filed with the SEC or provided to the Administrative Agent pursuant to Section 6.11) and (y) after giving effect to such Asset Sales, Adjusted Total Assets is less than $10,000,000,000, then during the period commencing 180 days
prior to the commencement of such Asset Sale Period and running through the date that is 12 months after 

  
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the date Net Cash Proceeds so received exceeded 1% of Adjusted Total Assets, an amount equal to the Net Cash Proceeds received during such Asset Sale Period (or, if less, the amount by which
Adjusted Total Assets was less than $10,000,000,000 as of the end of the Asset Sale Period) must have been or must be invested in or committed to be invested in, pursuant to a binding commitment subject only to reasonable, customary closing
conditions, and providing an amount equal to such Net Cash Proceeds are, in fact, so invested, within an additional 180 days pursuant to a transaction otherwise permitted hereunder, (x) fixed assets and property (other than notes, bonds,
obligations and securities) which in the good faith reasonable judgment of the Board of Directors of the general partner of the Company will immediately constitute or be part of a Related Business of the Company or such Restricted Subsidiary (if it
continues to be a Subsidiary of the Company) immediately following such transaction, (y) Permitted Mortgage Investments, or (z) a controlling interest in the Capital Stock of an entity engaged in a Related Business; provided that
concurrently with an Investment specified in clause (z), such entity becomes a Restricted Subsidiary of the Company. Pending the application of any such Net Cash Proceeds as described above, the Company may invest such Net Cash Proceeds in any
manner that is not prohibited hereby. Any Net Cash Proceeds from Asset Sales that are subject to the requirements of this Section 2.06(f) and are not or were not applied or invested as provided in the first sentence of this paragraph
(including any such Net Cash Proceeds which were committed to be invested as provided in such sentence but which are not in fact invested within the time period provided) will be deemed to constitute “Excess Proceeds.” Within 30
days following each date on which the aggregate amount of Excess Proceeds exceeds $25,000,000 (or, if requested by the Company, at any time prior to the end of such period), the Company shall apply an amount equal to such Excess Proceeds as set
forth below. Upon the application of such Excess Proceeds in accordance with Section 2.06(g), the amount of Excess Proceeds shall be reset at zero. 
 g) Application of Asset Sale Excess Proceeds. The amounts required to be applied hereunder shall be applied (after any conversion by the respective Borrower of any amounts received in a currency
other than Dollars in the case of the Company or Canadian Dollars in the case of the Canadian Borrowers into Dollars or Canadian Dollars, respectively) at such time as is designated by the Company, but in no event later than the latest date
permitted pursuant to Section 2.06(f) (the “Final Proceeds Application Date”): 

(i) First, (A) to permanently reduce the Aggregate Commitments by 20% of the Aggregate Commitments then in effect
(whether or not any Loans are outstanding) and (B) to repay any outstanding Loans in the amount that the Aggregate Commitments are reduced pursuant to clause (A) (it being understood that, to the extent that such commitment reduction
exceeds the amount of such outstanding Loans, the proceeds associated with such excess may be retained by the applicable Borrower without any requirement for application pursuant to this Section 2.06(g) to prepay any outstanding Loans),
with such reduction and repayment, if any, to be allocated between Loans denominated in Dollars, Loans denominated in Alternative Currencies and Loans denominated in Supplemental Currencies as the Company shall elect; and 

(ii) Second, to the extent of any remaining Excess Proceeds to be applied under this Section 2.06(g) after
application pursuant to clause (i), to (A) to permanently reduce the Aggregate Commitments, by an amount, if any, equal to the difference between (x) such remaining Excess Proceeds minus (y) the amount of principal payments

  
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made by the Company and its Subsidiaries in respect of Qualifying Indebtedness during the period between the period commencing 180 days prior to the commencement of the Asset Sale Period and
ending on the Final Proceeds Application Date (excluding, however, any principal repayments that constituted scheduled amortization payments or prepayments in respect of Qualifying Indebtedness that was either (1) secured by a Lien on the
property or assets sold in an Asset Sale or (2) required to be paid as a result of an Asset Sale), and (B) repay any outstanding Loans in the amount that the Aggregate Commitments are reduced pursuant to clause (A) (it being
understood that, to the extent that such commitment reduction exceeds the amount of such outstanding Loans, the proceeds associated with such excess may be retained by the applicable Borrower without any requirement for application pursuant to this
Section 2.06(g) to prepay any outstanding Loans), with such reduction and repayment, if any, to be allocated between Loans denominated in Dollars, Loans denominated in Alternative Currencies and Loans denominated in Supplemental
Currencies as the Company shall elect. 
 h) Any reduction to the Aggregate Commitments shall reduce the Applicable Sublimits as
specified by the Company or, if the Company fails to specify the allocation of the reduction, on a pro rata basis. Any reduction to the Aggregate Commitments pursuant to this Section 2.06(g) shall be permanent. 

i) Cash Collateral. Notwithstanding the foregoing provisions of this Section 2.06, if at any time the mandatory
prepayment of Loans pursuant to Section 2.06(d), 2.06(e) or 2.06(f) would result, after giving effect to the procedures set forth above, in any Borrower incurring breakage costs under Section 3.05 as a result of
Loans being prepaid other than on the last day of an Interest Period applicable thereto (the “Affected Eurodollar Loans”), then Company may in its sole discretion initially deposit a portion (up to 100%) of the amounts that
otherwise would have been paid in respect of the Affected Eurodollar Loans with the Administrative Agent (which deposit must be equal in amount to the amount of Affected Eurodollar Loans not immediately prepaid) to be held as security for the
obligations of the Company hereunder pursuant to a cash collateral agreement (which shall permit investments in Cash Equivalents satisfactory to the Administrative Agent) to be entered into in form and substance reasonably satisfactory to the
Administrative Agent (which agreement shall provide for the payment of interest to the Company in respect of such deposit), with such cash collateral to be directly applied upon the first occurrence (or occurrences) thereafter of the last day of an
Interest Period applicable to the relevant Loans (or such earlier date or dates as shall be requested by the Company), to repay an aggregate principal amount of such Revolving Loans equal to the Affected Eurodollar Loans not initially repaid
pursuant to this sentence. Notwithstanding anything to the contrary contained in the immediately preceding sentence, all amounts deposited as cash collateral pursuant to the immediately preceding sentence shall be held for the benefit of the Lenders
whose Loans would otherwise have been immediately repaid with the amounts deposited and upon the taking of any action by the Administrative Agent or the Lenders pursuant to the remedial provisions of Section 8.02, any amounts held as
cash collateral pursuant to this Section 2.06(h) shall, subject to the requirements of applicable law, be immediately applied to the relevant Loans. Until actually applied to the repayment of Loans, interest shall continue to accrue
thereon. 

  
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 2.07 Termination or Reduction of Commitments. The Company may, upon notice to the
Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three
(3) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Company shall not
terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the
Aggregate Commitments, the Alternative Currency Sublimit, the Bid Loan Sublimit, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit shall be automatically reduced by the amount of
such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. The amount of any such Aggregate Commitment reduction shall be applied to the U.S. Dollar
Sublimit, Alternative Currency Sublimit, any other Applicable Sublimit and each of the Letter of Credit Sublimits as specified by the Company. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to
its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. 
 2.08 Repayment of Loans. 
 a) Each Borrower shall repay to the Lenders on
the Maturity Date the aggregate principal amount of Committed Loans made to such Borrower outstanding on such date. 
 b) Each
Borrower shall repay each Bid Loan made to such Borrower on the last day of the Interest Period in respect thereof. 
 c) The
Company shall repay each Swing Line Loan on the earlier to occur of (i) the Swingline Repayment Date applicable to such Loan and (ii) the Maturity Date. 
 2.09 Interest. 
 a) General. Subject to the provisions of subsection
(b) below, (i) each Eurocurrency Rate Committed Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable
Rate; (ii) each Base Rate Committed Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate plus (in the case of a Base Rate
Committed Loan of any Lender which is lent from a Lending Office in the United Kingdom or a Participating Member State) the Mandatory Cost; (iii) each Bid Loan shall bear interest on the outstanding principal amount thereof for the Interest
Period therefor at a rate per annum equal to the Eurocurrency Base Rate for such Interest Period plus (or minus) the Eurocurrency Bid Margin, or at the Absolute Rate for such Interest Period, as the case may be; and (iv) each Swing Line Loan
shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 

  
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 b) Default Interest. 

(i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether
at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) If any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when due
(without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all
times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iii) [Intentionally
Omitted]. 
 (iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall
be due and payable upon demand. 
 c) Interest Payment Date. Interest on each Loan shall be due and payable in arrears on
each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law. 
 d) If any provision of this Agreement or any other Loan Document would require a
Canadian Borrower to make any payment of interest or other amount in an amount or calculated at a rate which would be prohibited by law or would result in payment of “interest” at a “criminal rate” (as such terms are construed
under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so
prohibited by applicable law or so result in payment of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: 

(i) first, by reducing the amount or rate of interest; and 

(ii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which
would constitute interest for purposes of section 347 of the Criminal Code (Canada). 
 2.10 Fees. In
addition to certain fees described in subsections (h) and (i) of Section 2.04: 
 a) Commitment
Fee. At all times prior to the first date on which the Company has Investment Grade Status, the Company shall pay to the Administrative Agent with respect to each Tranche for the account of each Lender in such Tranche in accordance with its
Applicable Percentage for such Tranche, a commitment fee equal to either (i) if during the applicable 

  
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quarter, the average daily Outstanding Amount of Committed Loans under all Tranches and Outstanding Amount of L/C Obligations is less than 50% of the Aggregate Commitments, 0.35% per annum
times the actual daily amount by which the Aggregate Commitments exceed the sum of (A) the Outstanding Amount of Committed Loans under all Tranches and (B) the Outstanding Amount of L/C Obligations or (ii) if during the applicable
quarter, the average daily Outstanding Amount of Committed Loans under all Tranches and Outstanding Amount of L/C Obligations is equal to or greater than 50% of the Aggregate Commitments, 0.25% per annum times the actual daily amount by which
the Aggregate Commitments exceed the sum of (A) the Outstanding Amount of Committed Loans under all Tranches and (B) the Outstanding Amount of L/C Obligations, in each case of clauses (i) and (ii), subject to adjustment as provided in
Section 2.18. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in
arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly in
arrears. 
 b) Facility Fee. At all times following the first date on which the Company has Investment Grade Status, the
Company shall pay to the Administrative Agent with respect to each Tranche for the account of each Lender in such Tranche in accordance with its Applicable Percentage for such Tranche, a facility fee equal to the Applicable Rate set forth in clause
(b) of the definition thereof times the aggregate Commitments for such Tranche (or, if the Aggregate Commitments have terminated, on the Outstanding Amount of all Committed Loans, Swing Line Loans and L/C Obligations in such Tranche),
regardless of usage, subject to adjustment as provided in Section 2.18. The facility fee shall accrue at all times during the Availability Period (and thereafter so long as any Committed Loans, Swing Line Loans or L/C Obligations remain
outstanding in such Tranche), including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December,
commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period (and, if applicable, thereafter on demand). The facility fee shall be calculated quarterly in arrears, and if there is any change in
the Applicable Rate (as set forth in clause (b) of the definition thereof) during any quarter, the aggregate Commitments for the relevant Tranche shall be multiplied by the Applicable Rate (as set forth in clause (b) of the definition
thereof) separately for each period during such quarter that such Applicable Rate (as set forth in clause (b) of the definition thereof) was in effect. 
 c) Other Fees. (i) The Company shall pay to the Arrangers and the Administrative Agent for their own respective accounts, in Dollars, fees in the amounts and at the times specified in the Fee
Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
 (ii)
The Company shall pay to the Lenders, in Dollars, such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever. 

  
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 2.11 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.
(a) All computations of interest for Base Rate Loans when the Base Rate is determined by reference to Bank of America’s prime rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days
elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year), or,
in the case of interest in respect of Committed Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice. Interest shall accrue on each Loan for the day on which the
Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to
Section 2.13(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(b) If, as a result of any restatement of or other adjustment to the financial statements of the Company or for any other reason, the
Company or the Lenders determine that (i) the Leverage Ratio as calculated by the Company as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for such period,
each Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by the Administrative Agent (or, after the
occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under any Debtor Relief Laws of the United States, automatically and without further action by the Administrative Agent, any Lender or the L/C Issuer), an
amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any
Lender or the L/C Issuer, as the case may be, under Section 2.04(c)(iii), 2.04(h) or 2.09(b) or under Article VIII. The Company’s obligations under this paragraph shall survive the termination of the Aggregate
Commitments and the repayment of all other Obligations hereunder. 
 (c) For the purpose of the Interest Act (Canada),
(i) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee
rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed
reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields. 

2.12 Evidence of Debt. 
 a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The
accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so
record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers 

  
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hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the
Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute
and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if
applicable), amount, currency and maturity of its Loans and payments with respect thereto. Promptly following the termination of this Agreement, each Lender shall return to the Borrower each Note issued to it, or in the case of any loss, theft or
destruction of any such Note, a lost note affidavit in customary form. 
 b) In addition to the accounts and records referred to
in subsection (a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the obligations of such Lender in respect of participations in Letters of Credit and Swing Line Loans. In
the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. 
 2.13 Payments Generally; Administrative Agent’s Clawback. 

a) General. All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans denominated in an Alternative Currency or a Supplemental Currency, all payments by the Borrowers hereunder shall be
made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein.
Except as otherwise expressly provided herein, all payments by the Borrowers hereunder with respect to principal and interest on Loans denominated in an Alternative Currency or Supplemental Currency shall be made to the Administrative Agent, for the
amount of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in such Alternative Currency or Supplemental Currency and in Same Day Funds. Without limiting the generality of the foregoing, the
Administrative Agent may require that any payments due under this Agreement be made in the United States. If, for any reason, any Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, such Borrower
shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency or Supplemental Currency payment amount. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as
provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent pursuant to this Agreement or any other Loan Document after 2:00 p.m., in the case of
payments in Dollars or an Alternative Currency or the time specified by the Administrative Agent in writing in the case of payments made in a Supplemental Currency, shall in each case be deemed received on the next succeeding Business Day and any
applicable interest or fee shall continue to accrue. If any payment to be made by such Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be
reflected in computing interest or fees, as the case may be. 

  
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 b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any Committed Borrowing of Eurocurrency Rate Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such
Committed Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with Section 2.02 (or, in the case of a Committed Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon
such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and
the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to such Borrower
to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the applicable Overnight Rate, plus any administrative, processing or similar fees customarily charged by the
Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by such Borrower, the interest rate applicable to Base Rate Loans. If such Borrower and such Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Committed Borrowing to the
Administrative Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing as of the date of such Committed Borrowing. Any payment by such Borrower shall be without prejudice to any claim
such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have
received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that such Borrower will not make such payment, the Administrative Agent may assume
that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if such Borrower has not in fact
made such payment, then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in Same Day Funds with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate. 
 A notice of the Administrative Agent to any Lender or a Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 

  
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 c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the applicable Borrower by the Administrative Agent because the conditions
to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without
interest. 
 d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Committed Loans, to fund
participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Committed Loan, to fund any such participation or to make any
payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its
Committed Loan, to purchase its participation or to make its payment under Section 10.04(c). 
 e) Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner. 
 f) Conversion after Event of Default. Upon the occurrence and during the continuance of
any Event of Default, Loans denominated in Alternative Currencies and Supplemental Currencies will automatically, on the date of such Event of Default, be converted on a notional basis into the Dollar Equivalent thereof solely for the purposes of
making any allocations required under Section 8.03 and Section 2.14(b). 
 2.14 Sharing of Payments
by Lenders. (a) Sharing within Each Tranche. Except as otherwise set forth herein, if, in connection with any particular Tranche, any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in
respect of any principal of or interest on any of the Committed Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such Lender’s receiving payment with respect to such Tranche of a
proportion of the aggregate amount of such Committed Loans or participations and accrued interest thereon greater than its pro rata share thereof with respect to such Tranche as provided herein, then the Lender receiving such greater proportion
shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) from Lenders of such Tranche participations in the Committed Loans of such Tranche and subparticipations in L/C Obligations and Swing Line
Loans of such Tranche of the other Lenders of such Tranche, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders of such Tranche ratably in accordance with the aggregate amount
of principal of and accrued interest on their respective Committed Loans of such Tranche and other amounts owing them in respect of such Tranche, provided that: 

(i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

  
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 (ii) the provisions of this Section shall not be construed to apply to
(x) any payment made by or on behalf of any Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender and as a result of the operation
of Section 10.13), (y) the application of Cash Collateral provided for in Section 2.17, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed
Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than an assignment to a Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply). 

Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount
of such participation. 
 b) Pro Rata Sharing Following Event of Default. Notwithstanding Section 2.14(a),
following the occurrence and during the continuance of any Event of Default and the notional conversion of all Loans denominated in an Alternative Currency or a Supplemental Currency into Dollars pursuant to Section 2.13(f), if any
Lender shall obtain at any time any payment (whether voluntary, involuntary, through the exercise of any right of set off, or otherwise, other than as a result of an assignment pursuant to Section 10.06) (i) on account of
Obligations due and payable to such Lender under the Loan Documents at such time in excess of its ratable share (according to the proportion of (A) the amount of such Obligations due and payable to such Lender at such time to (B) the
aggregate amount of the Obligations due and payable to all Lender under the Loan Documents at such time) of payments obtained by all of the Lenders at such time on account of the Obligations due and payable to all Lenders under the Loan Documents at
such time or (ii) on account of Obligations owing (but not due and payable) to such Lender under the Loan Documents at such time in excess of its ratable share (according to the proportion of (A) the amount of such Obligations owing to
such Lender at such time to (B) the aggregate amount of the Obligations owing (but not due and payable) to all Lenders under the Loan Documents at such time) of payments obtained by all of the Lenders at such time on account of the Obligations
owing (but not due and payable) to all Lenders under the Loan Documents at such time, such Lender shall forthwith purchase from the other Lender such interests or participating interests in the Obligations due and payable or owing to them, as the
case may be, as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing
Lender, such purchase from each other Lender shall be rescinded and such other Lender shall repay to the purchasing Lender the purchase price to the extent of such Lender’s ratable share (according to the proportion of (A) the purchase
price paid to such Lender to (B) the aggregate purchase price paid to all Lenders) of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (A) the amount of such other
Lender’s required repayment to (B) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. 

  
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 Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Borrower in the amount of such participation. 
 2.15 Extension of Maturity Date. The Company may one
time prior to the Maturity Date then in effect hereunder (the “Existing Maturity Date”) extend the Existing Maturity Date to November 21, 2016 subject to the following terms and conditions: (a) not later than 60 days prior to
the Existing Maturity Date, the Company shall deliver a written notice indicating its intention to extend the Existing Maturity Date to the Administrative Agent (which shall promptly notify each of the Lenders), (b) the Company shall pay to the
Lenders an extension fee equal to 0.15% of the Commitments extended on or before the Existing Maturity Date, and (c) the Company shall deliver to the Administrative Agent a certificate dated as of the Existing Maturity Date signed by a
Responsible Officer of the Company certifying that, before and after giving effect to such extension, (1) no Default or Event of Default exists and (2) all representations and warranties contained herein and in the other Loan Documents
shall be true and correct in all material respects with such effect as though such representations and warranties had been made on the initial Maturity Date (it being understood and agreed that any representation or any warranty which by its term is
made as of a specified date shall be required to be true and correct in all material respects as of such specified date). 
 This Section shall
supersede any provisions in Section 10.01 to the contrary. 
 2.16 Increase in Commitments. 

a) Request for Increase. Provided there exists no Default or Event of Default, upon notice to the Administrative Agent (which
shall promptly notify the Lenders), the Company may request an increase in the Aggregate Commitments (which increase may take the form of new revolving or term loan tranches or increasing the size of an existing Tranche and provide for the payment
of commitment or upfront fees in consideration for such increase solely to such Lenders and Acceding Lenders participating in such increase) by an amount (for all such requests) not exceeding $500,000,000; provided that (i) any such
request for an increase shall be in a minimum amount of $25,000,000 (or such smaller amount as the Company and the Administrative Agent shall agree) and (ii) if applicable, the Company shall specify the Tranche or Tranches that shall be
increased and the amount of any such increase. At the time of sending such notice, the Company (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be
less than ten Business Days from the date of delivery of such notice to the Lenders). 
 b) Lender Elections to Increase.
Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase.
Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. 

  
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 c) Notification by Administrative Agent; Additional Lenders. The Administrative Agent
shall promptly notify the Company and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the Administrative Agent (which approval shall not be
unreasonably withheld), the Company may also invite additional Eligible Assignees to become Lenders (an “Acceding Lender”) pursuant to a joinder agreement substantially in the form attached hereto as Exhibit O. 

d) Closing Date and Allocations. If the Aggregate Commitments are increased in accordance with this Section, the Administrative
Agent and the Company shall determine the effective date (the “Increase Closing Date”) and the final allocation of such increase. The Administrative Agent shall promptly notify the Company and the Lenders of the final allocation of
such increase and the Increase Closing Date. 
 e) Conditions to Effectiveness of Increase. As a condition precedent to
such increase, (i) the Company shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Closing Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party
(x) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (y) in the case of the Company, certifying that, before and after giving effect to such increase, (A) the
representations and warranties contained in Article V and the other Loan Documents are true and correct on and as of the Increase Closing Date, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 2.16, the representations and warranties contained in Section 5.05(a) shall be deemed to refer to the most
recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.11, and (B) no Default or Event of Default exists and (ii) to the extent that the increase of the Aggregate Commitments shall take the
form of a term loan tranche, this Agreement shall be amended, in form and substance satisfactory to the Administrative Agent, the Company and the lenders in respect of such term loan tranche, to include such terms as are customary for a term loan
commitment; provided that (I) the terms and conditions applicable to a term loan tranche may be materially different from those of the Loans to the extent such differences are reasonably acceptable to the Administrative Agent and (II)
the interest rates, maturity and amortization schedule applicable to such term loan shall be determined by the Company and the Lenders holding commitments in such term loan tranche. 

f) Amendments to Agreement. The Company and the Administrative Agent may execute such other amendments to this Agreement and the
other Loan Documents as shall be appropriate, in the reasonable judgment of the Administrative Agent, to give effect to such increase, including any amendments to the definition of “Applicable Sublimit” and Schedule 2.01.

 g) Conflicting Provisions. This Section shall supersede any provisions in Section 2.14 or 10.01 to
the contrary. 

  
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 2.17 Cash Collateral. 

a) Certain Credit Support Events. Upon the request of the Administrative Agent or the L/C Issuer (i) if the L/C Issuer has
honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Company
shall in each case promptly Cash Collateralize the then Outstanding Amount of all L/C Obligations in an amount equal to 105% of then Outstanding Amount of such L/C Obligations. At any time that there shall exist a Defaulting Lender, promptly upon
the request of the Administrative Agent, the L/C Issuer or the Swing Line Lender, the Company shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to
Section 2.18(a)(iv) and any Cash Collateral provided by the Defaulting Lender). 
 b) Grant of Security
Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, interest or non-interest bearing (at the Company’s election) deposit accounts at Bank of America. The
Company, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders (including the Swing Line
Lender), and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security
for the obligations to which such Cash Collateral may be applied pursuant to Section 2.17(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the
Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Company or the relevant Defaulting Lender will, promptly upon demand
by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. 
 c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.17 or Sections 2.04, 2.05,
2.06, 2.18 or 8.02 in respect of Letters of Credit or Swing Line Loans shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations to fund participations therein (including, as to
Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein. 

d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall
be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee
following compliance with Section 10.06(b)(vi))) , (ii) the Administrative Agent’s good faith determination (which shall not be unreasonably withheld or delayed) that there exists excess Cash Collateral (including following the
Company’s request); provided, however, (x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event of Default (and following application as provided in this
Section 2.17 may 

  
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be otherwise applied in accordance with Section 8.03), and (y) the Person providing Cash Collateral and the L/C Issuer or Swing Line Lender, as applicable, may agree that Cash
Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations. 

2.18 Defaulting Lenders. (a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any
Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 
 (i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in
Section 10.01. 
 (ii) Reallocation of Payments. Any payment of principal, interest, fees or
other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and including any amounts made available to the Administrative
Agent by that Defaulting Lender pursuant to Section 10.08), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender
to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third, if so determined by the Administrative Agent or
requested by the L/C Issuer or Swing Line Lender, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Swing Line Loan or Letter of Credit; fourth, as the Company may request (so
long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if
so determined by the Administrative Agent and the Company, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the payment
of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or Swing Line Lender against that Defaulting Lender as a result of that
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent
jurisdiction obtained by the Company against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans
or L/C Borrowings were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata
basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post Cash Collateral pursuant to this Section 2.18(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

  
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 (iii) Certain Fees. That Defaulting Lender (x) shall not be
entitled to receive any commitment fee pursuant to Section 2.10(a) for any period during which that Lender is a Defaulting Lender (and the Company shall not be required to pay any such fee that otherwise would have been required to have
been paid to that Defaulting Lender) and shall be entitled to receive any facility fee pursuant to Section 2.10(b) for any period during which that Lender is a Defaulting Lender only to extent allocable to the sum of (1) the
Outstanding Amount of the Committed Loans funded by it and (2) its Applicable Percentage of the stated amount of Letters of Credit and Swing Line Loans for which it has provided Cash Collateral pursuant to Section 2.04,
Section 2.05, Section 2.17, or Section 2.18(a)(ii), as applicable (and the Company shall (A) be required to pay to each of the L/C Issuer and the Swing Line Lender, as applicable, the amount of such fee
allocable to its Fronting Exposure arising from that Defaulting Lender and (B) not be required to pay the remaining amount of such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be
limited in its right to receive Letter of Credit Fees as provided in Section 2.04(h). 
 (iv)
Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.04 and 2.05, the “Applicable Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that
Defaulting Lender; provided that (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate obligation of
each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the
aggregate Outstanding Amount of the Committed Loans of that Lender. 
 b) Defaulting Lender Cure. If the Company, the
Administrative Agent, the Swing Line Lender and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto,
whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that
portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Committed Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to
be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.18(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

  
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 2.19 Designated Borrowers. 

a) Effective as of the date hereof each Canadian Borrower shall be a “Designated Borrower” hereunder and may receive Loans for
its account on the terms and conditions set forth in this Agreement. 
 b) The Company may at any time, upon not less than 15
Business Days’ notice from the Company to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), designate any additional Subsidiary of the Company (an “Applicant
Borrower”) as a Designated Borrower to receive Loans hereunder by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each Lender) a duly executed notice and agreement in substantially the form of
Exhibit L (a “Designated Borrower Request and Assumption Agreement”). The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities provided for herein
the Administrative Agent and the Lenders shall have received such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to the Administrative
Agent, but in any event consistent with supporting resolutions, incumbency certificates, opinions of counsel and other documents or information delivered pursuant to Section 4.01, in each case, as may be reasonably requested by the
Administrative Agent or the Required Lenders, and Notes signed by such new Borrowers to the extent any Lenders so require. Promptly following receipt of all such requested resolutions, incumbency certificates, opinions of counsel and other documents
or information, but in no event earlier than 15 Business Days following the Administrative Agent’s receipt of such Designated Borrower Request and Assumption Agreement and subject to the Administrative Agent’s consent (such consent not to
be unreasonably withheld or delayed) to the Applicant Borrower’s designation as a Designated Borrower, the Administrative Agent shall send a notice in substantially the form of Exhibit M (a “Designated Borrower
Notice”) to the Company and the Lenders specifying the effective date upon which the Applicant Borrower shall constitute a Designated Borrower for purposes hereof, whereupon each of the Lenders shall make Loans to such Designated
Borrower, on the terms and conditions set forth herein, and each of the parties agrees that such Designated Borrower otherwise shall be a Borrower for all purposes of this Agreement. 

c) The Obligations of the Company and each Designated Borrower that is a Domestic Subsidiary shall be joint and several in nature. The
Obligations of all Designated Borrowers that are Foreign Subsidiaries shall be several in nature. 
 d) Each Subsidiary of the
Company that is or becomes a “Designated Borrower” pursuant to this Section 2.19 hereby irrevocably appoints the Company as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including
(i) the giving and receipt of notices, (ii) the execution and delivery of all documents, instruments and certificates contemplated herein and all modifications hereto, and (iii) the receipt of the proceeds of any Loans made by the
Lenders to any such Designated Borrower hereunder. Any acknowledgment, consent, direction, certification or other action which might otherwise be valid 

  
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or effective only if given or taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective if given or taken only by the Company, whether or not any such other Borrower
joins therein. Any notice, demand, consent, acknowledgement, direction, certification or other communication delivered to the Company in accordance with the terms of this Agreement shall be deemed to have been delivered to each Designated Borrower.

 e) The Company may from time to time, upon not less than 15 Business Days’ notice from the Company to the Administrative
Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), terminate a Designated Borrower’s status as such, provided that there are no outstanding Loans payable by such Designated Borrower, or
other amounts payable by such Designated Borrower on account of any Loans made to it, as of the effective date of such termination. The Administrative Agent will promptly notify the Lenders of any such termination of a Designated Borrower’s
status. 
 2.20 Reallocation of Commitments. (a) Without limitation of the Borrowers’ rights under
Section 2.16 or Section 2.21, the Borrowers may, at any time (but not more often than once in any fiscal quarter) during the Availability Period, upon not less than five Business Days’ prior written notice to the
Administrative Agent (the “Reallocation Notice”), reallocate the aggregate amount of unused Commitments among the Tranches (a “Reallocation”) by not less than $5,000,000 to be effective on the date set forth in such
notice (each a “Reallocation Date”) that is at least 90 days prior to the Maturity Date then in effect; provided, however, that (i) in no event shall any Reallocation cause the Commitments of any Tranche to be less than
the lesser of (1) in the case of the U.S. Dollar Tranche, $50,000,000 or (2) the portion of the Outstanding Amount then allocable to such Tranche, (ii) on the Reallocation Date the following statements shall be true and the
Administrative Agent shall have received for the account of each Lender a certificate signed by a duly authorized officer of the Company, dated the Reallocation Date, stating that (x) the representations and warranties contained in Article
V and the other Loan Documents are true and correct in all material respects on and as of the Reallocation Date after giving effect to the Reallocation, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.20, the representations and warranties contained in Section 5.05(a) shall
be deemed to refer to the most recent financial statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.11, and (y) no Default or Event of Default exists or would result from such Reallocation,
(iii) immediately after giving effect to such Reallocation, in no event shall the Outstanding Amount under such Tranche exceed the Commitments in respect of such Tranche at such time. The Reallocation Notice shall (x) specify (1) the
proposed aggregate amount of such Reallocation (the “Total Reallocation Amount”), (2) the Tranche or Tranches being increased (each, an “Increasing Tranche”), (3) the Tranche or Tranches being decreased
(each, a “Decreasing Tranche”), and (4) the proposed Reallocation Date and (y) contain a certification signed by a Responsible Officer of the Company stating that all of the requirements set forth in this
Section 2.20(a) have been satisfied or, as of the Reallocation Date, will be satisfied. 
 b) Upon receipt of any
Reallocation Notice, the Administrative Agent shall promptly deliver a copy of such Reallocation Notice to each L/C Issuer and each affected Lender and notify each affected Lender of its proposed proportionate share of (i) the Decreasing
Tranche, (ii) the Increasing Tranche, (iii) the Total Reallocation Amount, and (iv) the date by which Lenders 

  
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(other than Approved Reallocation Lenders) with increasing Commitments in respect of the Increasing Tranche, if any, resulting from such Reallocation must commit in writing to the increase in
their respective Commitments in the Increasing Tranche (the “Reallocation Commitment Date”). Such determinations shall be made by the Administrative Agent for each Lender based on the ratio of the Commitment of such Lender in
respect of the Decreasing Tranche to the total Commitments of all Lenders in respect of such Tranche; provided that (a) if the Decreasing Tranche is the New Zealand Dollar Tranche, any Lender with a New Zealand Dollar Commitment
on the Closing Date, and (b) with respect to any Tranche, any Lender in the Decreasing Tranche that originally had a Commitment in the Increasing Tranche that was previously reallocated to the Decreasing Tranche, shall restore its prior
Commitments in the Increasing Tranche and no other Lenders shall be offered the option to participate therein. Each Lender (other than an Approved Reallocation Lender) that is willing to participate in such Commitment increase resulting from the
Reallocation shall, in its sole discretion, give written notice to the Administrative Agent on or prior to the Reallocation Commitment Date of the amount by which it is willing to increase its applicable Commitment (an “Increased Commitment
Amount”). If any Lender (other than an Approved Reallocation Lender) shall fail to provide such notice or shall decline, in whole or in part, to commit to its allocable share of the Commitment increase in respect of the Increasing Tranche,
then the Administrative Agent shall (i) promptly allocate to the Approved Reallocation Lenders in the Increasing Tranche such share in accordance with the approved allocation amounts of such Approved Reallocation Lender set forth on Schedule
2.20, and (ii) shall thereafter offer any such remaining share to the other Lenders in the Increasing Tranche that are willing to participate in such Commitment increase on a pro rata basis. For the avoidance of doubt, each
Lender’s sole right to approve or consent to any Reallocation shall be its right to determine whether to participate, or not to participate, in any Commitment increase in its sole discretion as provided in this Section 2.20(b). Any
determinations by the Administrative Agent pursuant to this Section 2.20(b) shall be conclusive absent manifest error. 
 c) [Intentionally Omitted]. 
 d) On the applicable Reallocation Date, (i) the
Reallocation shall be effected by reallocating unused Commitments from the Decreasing Tranche to the Increasing Tranche on a dollar-for-dollar basis (and with respect to any Approved Reallocation Lender, without any further approval from such
Approved Reallocation Lender), and (ii) to the extent Advances then outstanding and owed to any applicable Lender immediately prior to the effectiveness of the Reallocation shall be less than such Lender’s Applicable Percentage (calculated
immediately following the effectiveness of such Reallocation) of all Advances then outstanding that are owed to all Lenders in any affected Tranche (collectively, including any applicable Acceding Lender, the “Reallocation Purchasing
Lenders”), in each case as applicable, then such Reallocation Purchasing Lenders, without executing an Assignment and Acceptance, shall be deemed to have purchased an assignment of a pro rata portion of the Advances then outstanding
and owed to each Lender that is not a Reallocation Purchasing Lender (collectively, the “Reallocation Selling Lenders”), in an amount sufficient such that following the effectiveness of all such assignments the Advances outstanding
and owed to each Lender shall equal such Lender’s Applicable Percentage (calculated immediately following the effectiveness of the Reallocation) of all Loans then outstanding in respect of the applicable Tranche. The Administrative Agent shall
calculate the net amount to be paid by each Reallocation Purchasing Lender and received by each 

  
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Reallocation Selling Lender in connection with the assignments effected hereunder on the Reallocation Date. Each Reallocation Purchasing Lender shall make the amount of its required payment
available to the Administrative Agent, in same day funds, at the office of the Administrative Agent not later than the Reallocation Funding Deadline on the Reallocation Date. The Administrative Agent shall distribute on the Reallocation Date the
proceeds of such amount to each of the Reallocation Selling Lenders entitled to receive such payments at its Applicable Lending Office. 
 e) [Intentionally Omitted]. 
 f) On the Reallocation Date, the applicable Borrower
shall execute and deliver a replacement Note payable to the order of each Lender requesting the same in a principal amount equal to such Lender’s respective Commitment immediately following the effectiveness of the Reallocation. Each Lender
receiving a replacement Note shall promptly return to the applicable Borrower any previously issued Note for which such replacement Note was delivered in exchange, or in the case of any loss, theft or destruction of any previously issued Note, a
lost note affidavit in customary form. 
 g) On the Reallocation Date, the Administrative Agent shall notify the Lenders and the
Borrowers, on or before the Reallocation Agent Notice Deadline, by facsimile, telex or other electronic mail communication, of the occurrence of the Reallocation to be effected on such Reallocation Date and shall promptly distribute to the Lenders
and the Borrowers a copy of Schedule 2.01 hereto revised to reflect such Reallocation. The Administrative Agent shall record in the Register the relevant information with respect to each Lender on such Reallocation Date in accordance with
Section 10.06(c). 
 h) Notwithstanding the foregoing, no Reallocation of any unused Commitment of a Lender shall
cause an increase in the aggregate Commitments of such Lender and its Affiliates under all Tranches. After giving effect to any Reallocation pursuant to this Section 2.20 and without limiting Section 2.16, the maximum
aggregate amount of the Alternative Currency Commitments under the Alternative Currency Tranche may not exceed $500,000,000. 

2.21 Supplemental Tranches. The Company may from time to time request (each such request, a “Supplemental Tranche
Request”) certain Lenders to provide one or more supplemental tranches for Loans in an amount of at least $10,000,000 (or such lesser amount as the Administrative Agent may reasonably agree) per tranche in a currency (a
“Supplemental Currency”) that is not included as an Alternative Currency Committed Foreign Currency at the time of such Supplemental Tranche Request (each such new tranche, a “Supplemental Tranche”), provided that
Lenders providing Supplemental Tranche Commitments with respect to such Tranche shall be obligated to make Committed Loans pursuant to Section 2.01(d) in Dollars, Alternative Currency Committed Foreign Currencies and the Supplemental
Currency. Each Supplemental Tranche Request shall be made in the form of an addendum substantially in the form of Exhibit N (a “Supplemental Addendum”) and sent to the Administrative Agent and shall set forth (i) the
proposed currency of such Supplemental Tranche, (ii) the proposed existing Borrower or Borrowers and/or the proposed Designated Borrower or Designated Borrowers that will be the proposed Supplemental Borrower with respect to such Supplemental
Tranche, (iii) the proposed interest types and rates for such Supplemental Tranche, (iv) the other matters set forth 

  
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on the form of Supplemental Addendum, and (v) any other specific terms of such Supplemental Tranche that the Borrowers deem necessary, provided that the maturity date of any Committed
Loan under any Supplemental Tranche shall not be later than the Maturity Date. As a condition precedent to the addition of a Supplemental Tranche to this Agreement: (i) each Lender providing a Supplemental Tranche Commitment with respect to the
applicable Supplemental Tranche must be able to make Committed Loans in the Supplemental Currency in accordance with applicable laws and regulations; (ii) each Lender providing a Supplemental Tranche Commitment with respect to such Supplemental
Tranche and the Administrative Agent must execute the requested Supplemental Addendum; (iii) each of the proposed Supplemental Borrowers under such Supplemental Tranche shall be an existing Borrower or a Designated Borrower with regard to such
Supplemental Tranche and each such Supplemental Borrower and each other Loan Party shall execute the Supplemental Addendum, and (iv) any other documents or certificates that shall be reasonably requested by the Administrative Agent in
connection with the addition of the Supplemental Tranche shall have been delivered to the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent. Subject to the provisions of Sections 2.16 and
2.20 and this Section 2.21, each Supplemental Tranche shall be committed to by Lenders pursuant to (x) an increase in Commitments pursuant to Section 2.16 or (y) Reallocations of unused Commitments to the
applicable Supplemental Tranche pursuant to Section 2.20. No Lender shall be obligated to make a Supplemental Tranche Commitment and a Lender may agree to do so in its sole discretion. For the avoidance of doubt, each Lender’s sole
right to approve or consent to any Supplemental Tranche Commitment shall be its right to determine whether to participate, or not to participate, in any Supplemental Tranche Commitment in its sole discretion as provided in this
Section 2.21. If a Supplemental Tranche Request is accepted in accordance with this Section 2.21, the Administrative Agent and each applicable Borrower shall determine the effective date of such Supplemental Tranche (the
“Supplemental Tranche Effective Date”), the final allocation of such Supplemental Tranche and any other terms of such Supplemental Tranche. The Administrative Agent shall promptly distribute a revised Schedule 2.01 to each
Lender reflecting such new Supplemental Tranche and notify each Lender of the Supplemental Tranche Effective Date. Promptly after a Supplemental Tranche Request, if the Administrative Agent cannot act as the funding agent therefor, the Company
shall, subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed), appoint the proposed funding agent for the requested Supplemental Tranche. Each such funding agent shall (A) execute the
applicable Supplemental Addendum and (B) administer the applicable Supplemental Tranche and, in connection therewith, shall have authority consistent with the authority of the Administrative Agent hereunder in respect of the Administrative
Agent’s administration of the applicable Tranche or Tranches; provided, however, that no such funding agent shall be authorized to take any enforcement action unless and except to the extent expressly authorized in writing by the
Administrative Agent. Each such funding agent shall be entitled to the benefits of Section 10.04 to the same extent as the Administrative Agent. 
 2.22 Certain Permitted Amendments. 
 a) The Company may, by written notice
to the Administrative Agent from time to time beginning on the date that is 18 months after the Closing Date, but not more than three times during the term of this Agreement (and with no more than one such offer outstanding at any one time), make
one or more offers (each, a “Loan Modification Offer”) to all the Lenders to 

  
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make one or more Permitted Amendments pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Company. Such notice shall set forth (i) the
terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is requested to become effective (which shall not be less than 10 Business Days after the date of such notice, unless otherwise agreed
to by the Administrative Agent). Notwithstanding anything to the contrary in Section 10.01, each Permitted Amendment shall only require the consent of the Company, the Administrative Agent and those Lenders that accept the applicable
Loan Modification Offer (such Lenders, the “Accepting Lenders”), and each Permitted Amendment shall become effective only with respect to the Loans and Commitments of the Accepting Lenders. In connection with any Loan Modification
Offer, the Company may, at its sole option, with respect to one or more of the Lenders that are not Accepting Lenders (each, a “Non-Accepting Lender”) replace such Non-Accepting Lender pursuant to Section 10.13. Upon the
effectiveness of any Permitted Amendment and any assignment of any Non-Accepting Lender’s Commitments pursuant to Section 10.13, subject to the payment of applicable amounts pursuant to Section 3.05 in connection
therewith, the Company shall be deemed to have made such borrowings and repayments of the Loans, and the Lenders shall make such adjustments of outstanding Loans between and among them, as shall be necessary to effect the reallocation of the
Commitments such that, after giving effect thereto, the Loans shall be held by the Lenders (including the Eligible Assignees as the new Lenders) ratably in accordance with their Commitments. 

b) The Company and each Accepting Lender shall execute and deliver to the Administrative Agent a Loan Modification Agreement and such
other documentation as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof. The Administrative Agent shall promptly notify each Lender as to the effectiveness
of each Loan Modification Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Loan Modification Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the
existence and terms of the Permitted Amendment evidenced thereby and only with respect to the Loans and Commitments of the Accepting Lenders, including any amendments necessary to treat the applicable Loans and/or Commitments of the Accepting
Lenders as a new “Class” or “Tranche” of loans and/or commitments hereunder. Notwithstanding the foregoing, no Permitted Amendment shall become effective unless the Administrative Agent, to the extent reasonably requested by the
Administrative Agent, shall have received legal opinions, board resolutions, officer’s and secretary’s certificates and other documentation consistent with those delivered on the Closing Date under this Agreement. 

c) “Permitted Amendments” means any or all of the following: (i) an extension of the Maturity Date applicable
solely to the Loans and/or Commitments of the Accepting Lenders, (ii) an increase in the interest rate with respect to the Loans and/or Commitments of the Accepting Lenders, (iii) the inclusion of additional fees to be payable to the
Accepting Lenders in connection with the Permitted Amendment (including any upfront fees), (iv) such amendments to this Agreement and the other Loan Documents as shall be appropriate, in the reasonable judgment of the Administrative Agent, to
provide the rights and benefits of this Agreement and other Loan Documents to each new “Class” or “Tranche” of loans and/or commitments resulting therefrom, provided that payments of principal and interest on Loans
(including loans of Accepting Lenders) shall continue to be shared pro rata in accordance with 

  
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Section 2.14, except that notwithstanding Section 2.14 the Loans and Commitments of the Non-Accepting Lenders may be repaid and terminated on their applicable Maturity
Date, without any pro rata reduction of the commitments and repayment of loans of Accepting Lenders with a different Maturity Date and (v) such other amendments to this Agreement and the other Loan Documents as shall be appropriate, in the
reasonable judgment of the Administrative Agent, to give effect to the foregoing Permitted Amendments. 
 d) This
Section 2.22 shall supersede any provision in Section 10.01 to the contrary. Notwithstanding any reallocation into extending and non-extending “Classes” or “Tranches” in connection with a Permitted
Amendment, all Loans to the Company under this Agreement shall rank pari-passu in right of payment. 
 ARTICLE III. TAXES,
YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. 

a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on account of
any obligation of the respective Loan Parties hereunder or under any other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws
require any Loan Party or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by such Loan Party or the Administrative Agent, as the case may be, upon the basis of
the information and documentation to be delivered pursuant to subsection (e) below. 
 (ii) If any Loan
Party or the Administrative Agent shall be required by applicable Law to withhold or deduct any Taxes, including both United States Federal backup withholding taxes and withholding taxes imposed by any jurisdiction, from any payment, then
(A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the
Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with applicable Law, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes
or Other Taxes, the sum payable by such Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section) the
Administrative Agent, the applicable Lender or the L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

b) Payment of Other Taxes by the Borrowers. Without limiting the provisions of subsection (a) above, each Loan Party shall
timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. 
 c) Tax
Indemnifications. (i) Without limiting the provisions of subsection (a) or (b) above, each Loan Party shall, and does hereby, indemnify the Administrative Agent, each Lender

  
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and the L/C Issuer, and shall make payment in respect thereof within 30 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or
Other Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by such Loan Party or the Administrative Agent or paid by the Administrative Agent, such Lender or the L/C Issuer, as the case may be, and
any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Each Loan Party
shall also, and does hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within 30 days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the
Administrative Agent as required by clause (ii) of this subsection. A certificate as to the amount of any such payment or liability delivered to a Loan Party by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error. 
 (ii) Without limiting the provisions of subsection (a) or (b) above, each Lender and the L/C Issuer shall, and does hereby, indemnify each Borrower and the Administrative Agent, and shall make
payment in respect thereof within 10 days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the fees, charges and disbursements of any counsel for such
Borrower or the Administrative Agent) incurred by or asserted against such Borrower or the Administrative Agent by any Governmental Authority as a result of the failure by such Lender or the L/C Issuer, as the case may be, to deliver, or as a result
of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender or the L/C Issuer, as the case may be, to such Borrower or the Administrative Agent pursuant to subsection (e). Each Lender and the L/C Issuer
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative
Agent under this clause (ii). The agreements in this clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of
the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations. 
 d) Evidence of
Payments. Upon request by a Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by such Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, such
Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to such Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of
any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to such Borrower or the Administrative Agent, as the case may be. 
 e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the Company and to the Administrative Agent, on or prior to the Closing Date or concurrently with the delivery of an
Assignment and Assumption and otherwise at the time or times prescribed by 

  
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applicable Laws or when reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing
authorities of any jurisdiction and such other reasonably requested information as will permit the Company or the Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document
are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such
Lender by the respective Borrowers pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction. 

(ii) Without limiting the generality of the foregoing, if a Borrower is resident for tax purposes in the United States,

 (A) any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of
the Code shall deliver to the Company and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by the Company on behalf of
such Borrower or the Administrative Agent as will enable such Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and 

(B) each Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of
withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such
Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Company on behalf of such Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever
of the following is applicable: 
 (1) executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for
benefits of an income tax treaty to which the United States is a party, 
 (2) executed originals of Internal Revenue Service
Form W-8ECI, 
 (3) executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation,

 (4) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of such Borrower within the
meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue Service Form W-8BEN, or 

  
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 (5) executed originals of any other form prescribed by applicable Laws as a basis for
claiming exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit such Borrower or the Administrative Agent to determine the withholding
or deduction required to be made. 
 (iii) If a payment made to a Lender under any Loan Document would be subject
to U.S. Federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrower and the Administrative Agent, at the time or times prescribed in law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower or the Administrative Agent to comply with its
obligations under FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this
Section 4.1(h)(iii) and notwithstanding anything to the contrary set forth in the definition of “FATCA” or Section 1.02, “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 (iv) Each Lender shall promptly (A) notify the Company and the Administrative Agent of any change in
circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary
(including the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that any Borrower or the Administrative Agent make any withholding or deduction for Taxes from amounts payable to such Lender.

 f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have
any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C
Issuer, as the case may be. If the Administrative Agent, any Lender or the L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by any Borrower or with respect
to which any Borrower has paid additional amounts pursuant to this Section, it shall pay to such Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this
Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses and net of any loss or gain realized in the conversion of such funds from or to another currency incurred by the
Administrative Agent, such 

  
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Lender or the L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that each
Borrower, upon the request of the Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the
Administrative Agent, such Lender or the L/C Issuer in the event the Administrative Agent, such Lender or the L/C Issuer is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require the
Administrative Agent, any Lender or the L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Borrower or any other Person. 

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that
it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurocurrency Rate, or to determine or charge interest rates based upon the Eurocurrency Rate, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars or any Alternative Currency in the applicable interbank market, then, on notice thereof by such Lender to
the Company through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurocurrency Rate Loans in the affected currency or currencies or, in the case of Eurocurrency Rate Loans in Dollars, to convert Base Rate
Committed Loans to Eurocurrency Rate Committed Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the
Eurocurrency Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate component of
the Base Rate, in each case until such Lender notifies the Administrative Agent and the Company that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrowers shall, upon demand from
such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Loans are denominated in Dollars or such Lender is an Alternative Currency Lender or U.S. Dollar Lender, convert all Eurocurrency Rate Loans of such Lender
to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate component of the Base Rate), either on
the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans and
(y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurocurrency Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate pursuant to the proviso
to the definition of the term “Base Rate” until the Administrative is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurocurrency Rate. Upon any such
prepayment or conversion the Borrowers shall also pay accrued interest on the amount so prepaid or converted. 
 3.03
Inability to Determine Rates. If the Required Lenders determine that for any reason in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof that (a) deposits (whether in Dollars or an
Alternative Currency) are not being offered to banks in the applicable offshore interbank market for such currency for the 

  
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applicable amount and Interest Period of such Eurocurrency Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurocurrency Base Rate for any requested Interest
Period with respect to a proposed Eurocurrency Rate Committed Loan or in connection with an existing or proposed Base Rate Loan, or (c) the Eurocurrency Base Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate
Committed Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Company and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain
Eurocurrency Rate Loans in the affected currency or currencies shall be suspended, and (y) the Base Rate shall be determined as provided in the proviso to the definition of the term “Base Rate”, in each case until the Administrative
Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Committed Loans in the affected
currency or currencies or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein. 

3.04 Increased Costs; Reserves on Eurocurrency Rate Loans. 

a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except (A) any reserve requirement to the extent reflected in the Eurocurrency Rate and (B) the requirements of the
Bank of England and the Financial Services Authority or the European Central Bank reflected in the Mandatory Cost, other than as set forth below) or the L/C Issuer; 

(ii) subject any Lender or the L/C Issuer to any Tax of any kind whatsoever with respect to this Agreement, any Letter of
Credit, any participation in a Letter of Credit or any Eurocurrency Rate Loan made by it, or change the basis of taxation of payments to such Lender or the L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by
Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or the L/C Issuer); 
 (iii) result in the failure of the Mandatory Cost, as calculated hereunder, to represent the cost to any Lender of complying with the requirements of the Bank of England and/or the Financial Services
Authority or the European Central Bank in relation to its making, funding or maintaining Eurocurrency Rate Loans; or 
 (iv) impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency Rate Loans made by such Lender or any Letter of
Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining
any Loan the interest on which is determined by reference to the Eurocurrency Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender 

  
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or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount
of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Company will pay (or cause the applicable Designated Borrower
to pay) to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered. 

b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer
or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s
capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender,
or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy), then from time to time the Company will pay (or cause the applicable Designated
Borrower to pay) to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction suffered.

 c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth in reasonable detail the
amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a), (b) or (e) of this Section and delivered to the Company shall be conclusive absent manifest
error; provided, however, that notwithstanding anything to the contrary in this Section 3.04, in the case of any Change in Law, it shall be a condition to a Lender’s exercise of its rights, if any, under this
Section 3.04 that such Lender shall generally be exercising similar rights with respect to borrowers under similar agreements where available. The Company shall pay (or cause the applicable Designated Borrower to pay) such Lender or the
L/C Issuer, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof. 
 d)
Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to
demand such compensation, provided that no Borrower shall be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 270 days
prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof). 

  
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 e) Additional Reserve Requirements. The Company shall pay (or cause the applicable
Designated Borrower to pay) to each Lender, as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance
of the Commitments or the funding of the Eurocurrency Rate Committed Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) not already paid pursuant to
Section 3.04(a) or (b) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error), which shall be
due and payable on each date on which interest is payable on such Loan, provided the Company shall have received at least 30 days’ prior notice (with a copy to the Administrative Agent) reasonably detailing the calculation of additional
amounts due to such Lender. If a Lender fails to give notice 30 days prior to the relevant Interest Payment Date, such additional costs shall be due and payable 30 days from receipt of such notice. 

3.05 Compensation for Losses. Upon written request (which request shall set forth the basis for compensation and a reasonably
detailed calculation of the amount of such compensation) of any Lender (with a copy to the Administrative Agent) from time to time, the Company shall promptly compensate (or cause the applicable Designated Borrower to compensate) such Lender for and
hold such Lender harmless from any reasonable loss, cost or expense incurred by it as a result of: 
 a) any continuation,
conversion, payment or prepayment of any Loan other than a Base Rate Loan or Absolute Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 b) any failure by any Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow,
continue or convert into any Loan other than a Base Rate Loan or Absolute Rate Loan on the date or in the amount notified by the Company or the applicable Designated Borrower; 
 c) any failure by any Borrower to make payment of any Loan or reimbursement of a drawing under any Letter of Credit (or interest due thereon) denominated in an Alternative Currency in a different
currency; 
 d) any assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a
result of a request by the Company pursuant to Section 10.13; or 
 e) any Reallocation pursuant to
Section 2.20(d) in respect of any Tranche on a day other than the last day of the Interest Period of any Eurocurrency Rate Loan outstanding under such Tranche; 
 excluding any loss of anticipated profits but including any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or
from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract. The Company shall pay any customary administrative fees charged by such Lender in connection with the
foregoing. 

  
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 For purposes of calculating amounts payable by the Company (or the applicable Designated Borrower) to the
Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Committed Loan made by it at the Eurocurrency Base Rate used in determining the Eurocurrency Rate for such Loan by a matching deposit or
other borrowing in the offshore interbank market for such currency for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Committed Loan was in fact so funded. 

3.06 Mitigation Obligations; Replacement of Lenders. 
 a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or any Borrower is required to pay any additional amount to any Lender, the L/C
Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of any Borrower such Lender or the
L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in
the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the
notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender or the L/C Issuer, as the case may be. The Company hereby agrees to pay (or to cause the applicable Designated Borrower to pay) all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation
or assignment. 
 b) Replacement of Lenders. If (x) any Lender requests compensation under Section 3.04,
(y) any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 or (y) any Lender delivers a notice pursuant to
Section 3.02, the Company may replace such Lender in accordance with Section 10.13. 
 3.07
Survival. All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 

ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
 4.01 Conditions of Initial Credit Extension. The obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions
precedent: 
 a) The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies
(followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the
Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders: 

(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent,
each Lender and the Company; 

  
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 (ii) a Note executed by the Borrowers in favor of each Lender requesting a
Note; 
 (iii) executed counterparts of the Company Guaranty Agreement; 

(iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible
Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan
Documents to which such Loan Party is a party; 
 (v) all trust, corporate, partnership, limited liability
company and legal proceedings of the Loan Parties authorizing the transactions contemplated by this Agreement, all Organization Documents of each Loan Party and the other documents in effect on the Closing Date, and all information and copies of all
documents and papers, including records of corporate and partnership proceedings, governmental approvals, good standing certificates and bring-down telegrams, if any, which the Administrative Agent may have reasonably requested in connection
therewith, such documents and papers where appropriate to be certified by proper corporate, partnership or governmental authorities; 
 (vi) a favorable opinion of (A) Hogan Lovells US LLP, special counsel to the Loan Parties and (B) from each of Blake, Cassels & Graydon LLP, and Cox & Palmer, special Canadian
counsel to the Loan Parties, in each case, addressed to the Administrative Agent and each Lender, in form and substance reasonably satisfactory to the Administrative Agent; 

(vii) [Intentionally Omitted.]; 
 (viii) a certificate signed by a Responsible Officer of the Company certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that
there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect, and (C) a calculation of the
Leverage Ratio as of the last day of the fiscal quarter of the Company most recently ended prior to the Closing Date; 
 (ix) a duly completed Compliance Certificate as of the last day of the fiscal quarter of the Company ended on September 9, 2011 signed by a Responsible Officer of the Company; 

(x) [Intentionally Omitted.]; 
 (xi) evidence that the Existing Credit Agreement has been or concurrently with the Closing Date is being terminated (except as to provisions thereof that, by their terms, survive such termination) and all
Liens securing obligations under the Existing Credit Agreement have been or concurrently with the Closing Date are being released; and 

  
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 (xii) such other assurances, certificates, documents or consents as the
Administrative Agent, the L/C Issuer, the Swing Line Lender or the Required Lenders reasonably may require. 
 b) Any fees
required to be paid on or before the Closing Date shall have been paid. 
 c) Unless waived by the Administrative Agent, the
Company shall have paid all reasonable and documented out-of-pocket fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the
Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that
such estimate shall not thereafter preclude a final settling of accounts between the Company and the Administrative Agent). 

d) On the Closing Date, no litigation by any entity (private or governmental) shall be pending or threatened (i) with respect to any
Loan Document or the transactions contemplated thereby or (ii) which the Administrative Agent or the Lenders shall determine could reasonably be expected to have a Material Adverse Effect. 

e) There shall have been delivered to the Administrative Agent: (i) a solvency certificate in the form of Exhibit K,
addressed to the Administrative Agent and each of the Lenders and dated the Closing Date from an Authorized Financial Officer of the Company certifying as to the solvency of the Company and its Subsidiaries taken as a whole and the Company on a
stand-alone basis and (ii) if requested by the Administrative Agent, such information regarding the compliance by the Company with the requirements of Section 6.04 for the business and properties of the Company and its Subsidiaries.

 f) The Administrative Agent shall have received the financial statements and the Projections referred to in
Section 5.05(d). 
 g) The Administrative Agent shall have received a copy of an executed release under the Senior
Notes that releases all guarantees for the Senior Notes pursuant to Section 12.4 of the Governing Senior Notes Indenture. 
 h) (i) Since December 31, 2010, nothing shall have occurred (and neither the Administrative Agent nor any of the Lenders shall have become aware of any facts, conditions or other information not
previously known) which the Administrative Agent or the Required Lenders shall determine has had, or believe could reasonably be expected to have, a Material Adverse Effect. 

(ii) On or prior to the Closing Date, all necessary governmental (domestic and foreign) and material third party approvals
and consents in connection with the transactions contemplated by the Loan Documents to occur on or prior to the Closing Date and otherwise referred to herein or therein shall have been obtained and remain in

  
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effect, and all applicable waiting periods shall have expired without any action being taken by any competent authority which restrains, prevents or imposes materially adverse conditions upon the
transactions contemplated by the Loan Documents. Additionally, there shall not exist any judgment, order, injunction or other restraint issued or filed or a hearing seeking injunctive relief or other restraint pending or notified prohibiting or
imposing materially adverse conditions upon the transactions contemplated by the Loan Documents to occur on or prior to the Closing Date. 
 i) Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this
Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or
acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a
Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurocurrency Rate Committed Loans) is subject to the following conditions precedent: 

a) The representations and warranties of the Company and each other Loan Party contained in Article V or any other Loan Document
shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects only as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in Section 5.05(a) shall be deemed to refer to the most recent financial
statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.11. 
 b) No Default, Event of
Default or Senior Note Indenture Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof. 
 c) The Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. 

d) If the applicable Borrower is a Designated Borrower, then the conditions of Section 2.19 to the designation of such
Borrower as a Designated Borrower shall have been met to the reasonable satisfaction of the Administrative Agent. 
 Each
Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation of Eurocurrency Rate Committed Loans) submitted by the Company shall be deemed to be a
representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 

  
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 ARTICLE V. REPRESENTATIONS AND WARRANTIES 

Each Borrower represents and warrants to the Administrative Agent, the Collateral Agent and the Lenders that: 

5.01 Status. Each of the Company and each of its Subsidiaries (a) is a duly organized and validly existing corporation,
partnership, trust or limited liability company, as the case may be, in good standing (if applicable) under the laws of the jurisdiction of its organization, (b) has the corporate, partnership, trust or limited liability company power and
authority, as the case may be, to own or lease its property and assets and to transact the business in which it is engaged and presently proposes to engage and (c) is duly qualified and is authorized to do business and is in good standing in
each jurisdiction where the conduct of its business requires such qualification except (in the case of clauses (a), (b) and (c)) for failures which, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect. 
 5.02 Power and Authority. Each Loan Party has the corporate, partnership, trust or limited liability
company power and authority, as the case may be, to execute, deliver and perform the terms and provisions of each of the Loan Documents to which it is a party and has taken all necessary corporate, partnership, trust or limited liability company
action, as the case may be, to authorize the execution, delivery and performance by it of each of such Loan Documents. Each Loan Party has duly executed and delivered each of the Loan Documents to which it is a party, and each of such Loan Documents
constitutes the legal, valid and binding obligation of such Loan Party enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, fraudulent conveyance (but
only with respect to any guaranties or security interests given by a Guarantor), reorganization or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at
law). 
 5.03 No Violation. Neither the execution, delivery or performance by any Loan Party of the Loan Documents to
which it is a party, nor compliance by it with the terms and provisions thereof, (a) will contravene any provision of any applicable law, statute, rule or regulation or any applicable order, writ, injunction or decree of any court or
governmental instrumentality, (b) will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or
impose) any Lien (except pursuant to the Security Documents) upon any of the properties or assets of the Company or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any
other material agreement, contract or instrument, to which the Company or any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to which it may be subject, except for violations and defaults that may arise
under contracts of the Company or a Subsidiary thereof otherwise permitted under this Agreement as a result of the sale of, or foreclosure of a lien upon, the Securities (as defined in the Pledge and Security Agreement) of Subsidiaries pledged under
the Pledge and Security Agreement to the extent that the prior consent of other parties to such contracts has not been obtained or other actions specified in such contracts have not been taken in connection with any such sale or foreclosure or
(c) will violate any provision of the certificate of incorporation, partnership agreement, declaration of trust, certificate of partnership, limited liability company agreement or by-laws, as the case may be, of the Company or any of its
Subsidiaries. The Obligations under the Loan Documents constitute indebtedness issued to replace the Credit Facility, as such term is defined in the Governing Senior Note Indenture. 

  
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 5.04 Governmental Approvals. No order, consent, approval, license, authorization or
validation of, or filing, recording or registration with (except as have been obtained or made and which remain in full force and effect), or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to
authorize, or is required in connection with, (a) the execution, delivery and performance of any Loan Document or (b) the legality, validity, binding effect or enforceability of any Loan Document. 

5.05 Financial Statements; Financial Condition; Undisclosed Liabilities; Projections; etc. a) The consolidated balance sheets of
the Company and its Subsidiaries for the fiscal year ended December 31, 2010 and the fiscal quarter ended September 9, 2011, and the related consolidated statements of income, cash flows and shareholders’ equity of such Persons for
the fiscal year and fiscal quarter ended on such dates, as the case may be, copies of which have been furnished to the Lenders on or prior to the Closing Date, (i) present fairly in all material respects the consolidated financial position of
the Company and its Subsidiaries at the date of such balance sheets and the consolidated results of the operations of such Persons for the periods covered thereby and (ii) have been prepared in accordance with GAAP consistently applied
(subject, in the case of the financial statements not relating to a full fiscal year, to normal year-end audit adjustments and the absence of footnotes). Except as, and to the extent, disclosed in the Company’s Form 10-K for the fiscal year
ended December 31, 2010, since December 31, 2010, nothing has occurred that has had, or could reasonably be expected to have, a material adverse change in any of (i) the legality, validity or enforceability of the Loan Documents taken
as a whole, (ii) the ability of the Company and the Designated Borrowers, taken as a whole, to repay the Obligations, or (iii) the rights and remedies of the Lenders or the Agents under the Loan Documents. 

b) On and as of the Closing Date and on the date on which each Loan is made or each Letter of Credit is issued, on a Pro
Forma Basis after giving effect to all Indebtedness (including the Revolving Loans and the Letters of Credit) being incurred or assumed in connection therewith, (x) the sum of the assets, at a fair valuation, of the Company and its
Subsidiaries (taken as a whole) and the Company (on a stand-alone basis) will exceed their respective debts, (y) the Company and its Subsidiaries (taken as a whole) and the Company (on a stand-alone basis) have not incurred and do not intend to
incur, and do not believe that they will incur, debts beyond their ability to pay such debts as such debts mature and (z) the Company and its Subsidiaries (taken as a whole) and the Company (on a stand-alone basis) have sufficient capital with
which to conduct its business. For purposes of this Section 5.05(b) “debt” means any liability on a claim, and “claim” means (i) the right to payment whether or not such a right is reduced to judgment,
liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, secured or unsecured, in each case, to the extent of the reasonably anticipated liability thereof, as determined by the Company in good faith or
(ii) the absolute right to an equitable remedy for breach of performance if such breach gives rise to a payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed,
undisputed, secured or unsecured. 

  
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 c) Except as disclosed in the financial statements (and footnotes applicable thereto)
referred to in Section 5.05(a) or in the Schedules to this Agreement, there were as of the Closing Date no liabilities or obligations with respect to the Company or any of its Subsidiaries (whether absolute, accrued, contingent or
otherwise and whether or not due) of a nature required to be set forth in a balance sheet or footnote thereto prepared in accordance with GAAP which, either individually or in the aggregate, would be material to the Company or the Company and its
Subsidiaries taken as a whole. As of the Closing Date, the Company does not know of any liability or obligation of itself or any of its Subsidiaries of any such nature that is not fully disclosed in the financial statements referred to in
Section 5.05(a) or in the footnotes thereto which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 d) On and as of the Closing Date, the projections previously delivered to the Administrative Agent and the Lenders (the “Projections”), have been prepared in good faith based upon
assumptions believed to be reasonable at the time prepared and made available (it being recognized, however, that projections as to future events are not to be viewed as facts or guaranties of future performance, that actual results during the
period or periods covered by such projections may differ from the projected results and that such differences may be material and that the Company makes no representation that such Projections will be in fact realized). 

5.06 Litigation. There are no actions, suits or proceedings pending or, to the best knowledge of any Company, threatened
(a) which purports to affect the legality, validity or enforceability of any Loan Document or (b) that could reasonably be expected to have a Material Adverse Effect. 

5.07 Disclosure. All factual information (taken as a whole), other than information of a general economic or industry nature,
furnished by or on behalf of the Company or any of its Subsidiaries in writing to the Administrative Agent, the Collateral Agent or any Lender (including, without limitation, all information contained in the Loan Documents) for purposes of or in
connection with or pursuant to this Agreement, the other Loan Documents or any of the other transactions contemplated herein or therein is, and all other such factual information (taken as a whole), other than information of a general economic or
industry nature, hereafter furnished by or on behalf of the Company or any of its Subsidiaries in writing to the Administrative Agent, the Collateral Agent or any Lender will be, true and accurate in all material respects on the date as of which
such information is dated or certified and, to the best of the Company’s knowledge, not incomplete by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light
of the circumstances under which such information is or was provided. 
 5.08 Use of Proceeds; Margin Regulations. a) The
proceeds of all Committed Loans and Bid Loans shall be used by the Company, the Designated Borrowers and their Subsidiaries, subject to the other restrictions set forth in this Agreement, for their working capital and general corporate, partnership,
trust or limited liability company purposes, including without limitation for the consummation of acquisitions. Each new Letter of Credit shall be used in support of any purpose not prohibited by this Agreement or the other Loan Documents.

  
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 b) No part of the proceeds of any Committed Loan or Bid Loan, and no Letter of Credit, will
be used to purchase or carry any Margin Stock or to extend credit for the purpose of purchasing or carrying any Margin Stock. Neither the making of any Committed Loan or Bid Loan nor the use of the proceeds thereof nor the issuance of any Letter of
Credit will violate the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System. 
 5.09
Tax Returns and Payments. Each of the Company and each of its Subsidiaries has timely filed or caused to be timely filed, on the due dates thereof or within applicable grace periods, with the appropriate taxing authority, all Federal, material
state and other material returns, statements, forms and reports for taxes (the “Returns”) required to be filed by or with respect to the income, properties or operations of the Company and/or its Subsidiaries. The Returns accurately
reflect in all material respects all material liability for taxes of the Company and its Subsidiaries for the periods covered thereby except for amounts for which adequate reserves have been established in accordance with GAAP. Each of the Company
and each of its Subsidiaries has paid all material taxes payable by them other than taxes which are not delinquent, and other than those that have been or would be contested in good faith if asserted by the appropriate taxing authority and for which
adequate reserves have been established in accordance with GAAP. There is no action, suit, proceeding, investigation, audit, or claim now pending or, to the best knowledge of the Company, threatened by any authority regarding any taxes relating to
the Company or any of its Subsidiaries which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. As of the Closing Date, the Company and each of its Subsidiaries have properly accrued adequate
reserves in accordance with GAAP for any amount of taxes in dispute for a Return which is the subject of any waiver extending the statute of limitations relating to the payment or collection of taxes of the Company or any of its Subsidiaries.

 5.10 Compliance with ERISA. 
 a) Each Plan that is a single employer plan as defined in Section 4001(a)(15) of ERISA (a “Single Employer Plan”) is in substantial compliance with ERISA and the Code; no Reportable
Event has occurred with respect to a Single Employer Plan; no Single Employer Plan is insolvent or in reorganization; to the best knowledge of the Company, no Multiemployer Plan is insolvent or in reorganization; no Single Employer Plan has an
Unfunded Current Liability; no Single Employer Plan which is subject to Section 412 of the Code or Section 302 of ERISA has an accumulated funding deficiency, within the meaning of such Sections of the Code or ERISA, or has applied for or
received an extension of any amortization period within the meaning of Section 412 of the Code or Section 303 or 304 of ERISA; all contributions required to be made by the Company or any of its Subsidiaries or any ERISA Affiliate with
respect to a Plan and a Foreign Pension Plan have been timely made; neither the Company nor any of its Subsidiaries nor any ERISA Affiliate has incurred any material liability to or on account of a Plan pursuant to Section 409, 502(i), 502(l),
515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 401(a)(29), 4971, 4975 or 4980 of the Code or reasonably expects to incur any material liability (including any indirect, contingent, or secondary liability) under any of the
foregoing Sections with respect to any Plan; no proceedings have been instituted to terminate or appoint a trustee to administer any Single Employer Plan; to the best knowledge of the Company, no proceedings have been instituted to terminate or
appoint a trustee to administer any Multiemployer Plan; no condition exists which presents a substantial risk to the Company or any 

  
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of its Subsidiaries or any ERISA Affiliate of incurring a material liability to or on account of a Single Employer Plan pursuant to the foregoing provisions of ERISA and the Code; to the best
knowledge of the Company, no condition exists which presents a substantial risk to the Company or any of its Subsidiaries or any ERISA Affiliate of incurring any material liability to or on account of a Multiemployer Plan pursuant to the foregoing
provisions of ERISA and the Code; the Company believes that the aggregate liabilities of the Company and its Subsidiaries and its ERISA Affiliates to all Multiemployer Plans in the event of a withdrawal therefrom, as of the close of the most recent
fiscal year of each such Plan ended prior to the date of the incurrence of any Committed Loan or Bid Loan or the issuance of any Letter of Credit, could not reasonably be expected to have a Material Adverse Effect; each group health plan (as defined
in Section 607(1) of ERISA or Section 4980B(g)(2) of the Code) which covers or has covered employees or former employees of HHRI or any of its Subsidiaries or any ERISA Affiliate has at all times been operated in substantial compliance
with the provisions of Part 6 of subtitle B of Title I of ERISA and Section 4980B of the Code; no lien imposed under the Code or ERISA on the assets of the Company or any of its Subsidiaries or any ERISA Affiliate exists or, to the best
knowledge of the Company, is likely to arise on account of any Plan; and HHRI and its Subsidiaries do not maintain or contribute to (A) any employee welfare benefit plan (as defined in Section 3(1) of ERISA) which provides benefits to
retired employees or other former employees (other than as required by Section 601 of ERISA) or (B) any Plan, the obligations with respect to which could reasonably be expected to have a Material Adverse Effect. 

b) Each Foreign Pension Plan has been maintained in substantial compliance with its terms and with the requirements of any and all
applicable laws, statutes, rules, regulations and orders and has been maintained, where required, in good standing with applicable regulatory authorities. Neither the Company nor or any of its Subsidiaries has incurred any material obligation in
connection with the termination of or withdrawal from any Foreign Pension Plan. The present value of the accrued benefit liabilities (whether or not vested) under each Foreign Pension Plan, determined as of the end of the Company’s most
recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, does not exceed the current value of the assets of each Foreign Pension Plan allocable to such benefit liabilities, in the aggregate, by a material
amount. 
 5.11 [Intentionally Omitted]. 
 5.12 Properties. Each of the Company and its Subsidiaries has good and marketable title to all material properties owned by them, including all material property reflected in the balance sheets
referred to in Section 5.05(a) (except as sold or otherwise disposed of since the date of such balance sheets).  
 5.13 Subsidiaries. The Company has no Subsidiaries other than (i) those Subsidiaries listed on Schedule 5.13 and (ii) new Subsidiaries created or acquired in compliance with
Section 7.06. Schedule 5.13 correctly sets forth, as of the Closing Date, the percentage ownership (direct or indirect) of HHRI and the Company in each class of capital stock or other equity of each of the Company’s
Subsidiaries existing on the Closing Date and also identifies the direct owner thereof. As of the Closing Date, all of the Subsidiaries of the Company are Restricted Subsidiaries under the Governing Senior Note Indenture. 

  
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 5.14 Compliance with Statutes, etc. Each of the Company and its Subsidiaries is in
compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all governmental bodies, domestic or foreign, in respect of the conduct of its business and the ownership of its property (including,
without limitation, Environmental Laws, applicable statutes, regulations, orders and restrictions relating to zoning compliance and environmental standards and controls), except such noncompliances as could not, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. 
 5.15 Investment Company Act. Neither the Company
nor any of its Restricted Subsidiaries is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

5.16 Environmental Matters. a) To the best knowledge of the Company, each of the Company and its Subsidiaries has complied with
all applicable Environmental Laws and the requirements of any permits and approvals issued under such Environmental Laws. To the best knowledge of the Company, there are no pending or threatened Environmental Claims against the Company or any of its
Subsidiaries or any Real Property owned, leased or operated by the Company or any of its Subsidiaries. To the best knowledge of each of the Company and its Subsidiaries, there are no facts, circumstances, conditions or occurrences on any Real
Property owned, leased or operated by the Company or any of its Subsidiaries or on any property adjoining any such Real Property that could reasonably be expected (i) to form the basis of an Environmental Claim against the Company or any of its
Subsidiaries or any such Real Property or (ii) to cause any such Real Property to be subject to any restrictions on the ownership, occupancy, use or transferability of such Real Property by the Company or any of its Subsidiaries under any
applicable Environmental Law. 
 b) To the best knowledge of the Company, Hazardous Materials have not at any time been
generated, used, treated or stored on, or transported to or from, or released or discharged on or from, any Real Property owned, leased or operated by the Company or any of its Subsidiaries except in compliance with all applicable Environmental Laws
and reasonably required in connection with the operation, use and maintenance of any such Real Property by the Company or such Subsidiary’s business. 
 c) Notwithstanding anything to the contrary in this Section 5.16, the representations made in this Section 5.16 shall only be untrue if the aggregate effect of all failures and
noncompliance of the types described above could reasonably be expected to have a Material Adverse Effect. 
 5.17 Labor
Relations. Neither the Company nor any of its Subsidiaries has received written notice that it or any Permitted Facility Manager is engaged in any unfair labor practice with respect to any Hotel Property or other Real Property owned or leased by
the Company or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect. To the best knowledge of the Company, there is (a) no unfair labor practice complaint pending or reasonably expected to arise against
the Company or any of its Subsidiaries before the National Labor Relations Board or other labor relations board or Governmental Authority and no significant grievance or significant arbitration proceeding arising out of or under any collective
bargaining agreement is so pending or reasonably expected to arise against the Company or any 

  
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of its Subsidiaries, (b) no strike, labor dispute, slowdown or stoppage that is pending or reasonably expected to arise against the Company or any of its Subsidiaries, and (c) no union
representation question that exists with respect to the employees of the Company or any of its Subsidiaries, in each case with respect to the Hotel Properties and/or other Real Properties owned or leased by the Company or any of its Subsidiaries,
except (with respect to any matter specified in clause (a), (b) or (c) above, either individually or in the aggregate) such as could not reasonably be expected to have a Material Adverse Effect. 

5.18 Intellectual Property. Each of the Company and its Subsidiaries owns or has the right to use all trademarks, permits, service
marks, trade names, licenses and franchises necessary for the conduct of its respective businesses, except such as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

5.19 Indebtedness. Schedule 5.19 sets forth a true and complete list of all Indebtedness of the Company and its
Subsidiaries as of the Closing Date and which is to remain outstanding after giving effect thereto (excluding the Committed Loans, the “Existing Indebtedness”), in each case showing the aggregate principal amount thereof and the
name of the respective entity and any other entity which directly or indirectly guaranteed such debt (it being understood that Schedule 5.19 does not have to set forth immaterial items of Indebtedness that do not otherwise constitute
Indebtedness under clause (a) of the definition of Consolidated Total Debt, although such items of immaterial Indebtedness will still constitute Existing Indebtedness). A true and correct copy of the Senior Note Indenture, the Twelfth
Supplemental Indenture and the Specified Indenture are attached hereto as Exhibit I. 
 5.20 Status as REIT.
HHRI is qualified as a real estate investment trust under the Code and its proposed methods of operation will enable it to continue to be so qualified. 
 ARTICLE VI. AFFIRMATIVE COVENANTS 
 So long as any Lender shall have any
Commitment hereunder, any Loan or other Obligation (other than Swap Contract Obligations and Treasury Management Obligations) hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 

6.01 Compliance with Laws, Etc. The Company shall comply, and shall cause each of its Subsidiaries to comply, in all material
respects with all Requirements of Law, Contractual Obligations, commitments, instruments, licenses, permits and franchises, including, without limitation, all Permits; provided, however, that no Borrower shall be deemed in default of
this Section 6.01 if all such non-compliances in the aggregate could not reasonably be expected to have a Material Adverse Effect. 
 6.02 Conduct of Business. The Company shall (a) conduct, and cause each of its Subsidiaries to conduct, its business in the ordinary course and consistent with past practice, (b) use, and
cause each of its Subsidiaries to use, its reasonable efforts, in the ordinary course and consistent with past practice, to (i) preserve its business and the goodwill and business of the customers, advertisers, suppliers and others having
business relations with the Company or any of its Subsidiaries, and (ii) keep available the services and goodwill of its present employees, (c) preserve, and cause each of its Subsidiaries to preserve, all registered patents, trademarks,

  
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trade names, copyrights and service marks that are used in its business and owned by the Company or its Subsidiaries, and (d) perform and observe, and cause each of its Subsidiaries to
perform and observe, all the terms, covenants and conditions required to be performed and observed by it under its Contractual Obligations (including, without limitation, to pay all rent and other charges payable under any lease and all debts and
other obligations as the same become due), and do, and cause its Subsidiaries to do, all things necessary to preserve and to keep unimpaired its rights under such Contractual Obligations; provided, however, that, in the case of each of
clauses (a) through (d), no Borrower shall be deemed in default of this Section 6.02 if all such failures in the aggregate have no Material Adverse Effect. 
 6.03 Payment of Taxes, Etc. The Company shall pay and discharge, and shall cause each of its Subsidiaries, as appropriate, to pay and discharge, before the same shall become delinquent, all lawful
governmental claims, material taxes, material assessments, material charges and material levies, except where contested in good faith, by proper proceedings, if adequate reserves therefor have been established on the books of the Company or the
appropriate Subsidiary in conformity with GAAP. 
 6.04 Maintenance of Insurance. a) When the Leverage Ratio is equal to
or in excess of 6.00:1.00, the Company and each of its Subsidiaries shall maintain, or shall cause to be maintained, insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks (including,
without limitation, fire, extended coverage, vandalism, malicious mischief, flood, earthquake, public liability, product liability, business interruption and terrorism) (in the case of terrorism, to the extent commercially available) as is usually
carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the Company or such Subsidiary engages in business or owns properties. 

b) When the Leverage Ratio is less than 6.00:1.00, the Company and the Guarantors shall provide, or cause to be provided, for themselves
and each of their Restricted Subsidiaries, insurance (including appropriate self insurance) against loss or damage of the kinds that, in the reasonable, good faith opinion of the Company is adequate and appropriate for the conduct of the business of
the Company, the Guarantors and such Restricted Subsidiaries. 
 c) The Company will furnish to the Lenders from time to time
such information as may be requested as to the insurance maintained pursuant to this Section 6.04. 
 6.05
Preservation of Existence, Etc. Subject to Section 7.09, the Company and the Guarantors will do or cause to be done all things necessary to preserve and keep in full force and effect their respective corporate existence and
the corporate (or other organizational) existence in accordance with their respective organizational documents (as the same may be amended from time to time) and the rights (charter and statutory), and corporate or other organizational and
franchises of the Company and the Guarantors; provided, however, that nothing in this Section 6.05 will prohibit the Company or any Guarantor from engaging in any transactions permitted under this Agreement, including
Section 7.09, and neither the Company nor any Guarantor shall be required to preserve any such right, franchise or existence if the board of directors of the general partner of the Company shall determine that the preservation thereof is
no longer desirable in the conduct of the business of the Company, the Guarantors and their Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Lenders. 

  
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 6.06 Access; Annual Meetings with Lenders. a) Access. The Company
shall, at any reasonable time and from time to time upon reasonable advance notice, permit the Administrative Agent or any of the Lenders, or any agents or representatives thereof, at the expense of the Lenders (but such expense to be reimbursed by
the Company in the event that any of the following reveal a material Default or Event of Default) to, under the guidance of officers of the Company or its Subsidiaries (unless such officers are not made available for such purpose upon reasonable
advance notice), (i) examine and make copies of and abstracts from the records and books of account of the Company and each of its Subsidiaries, (ii) visit the properties of the Company and each of its Subsidiaries, (iii) discuss the
affairs, finances and accounts of the Company and each of its Subsidiaries with any of their respective officers or directors, and (iv) communicate directly with each Company’s independent certified public accountants. 

b) Annual Meetings with Lenders. At the request of the Administrative Agent or the Required Lenders, the Company shall, at least
once during each fiscal year (other than during the fiscal year in effect on the Closing Date) of the Company, hold a meeting (at a mutually agreeable location and time) with all of the Lenders at which meeting the financial results of the previous
fiscal year and the financial condition of the Company and its Subsidiaries and the budgets presented for the current fiscal year of the Company and its Subsidiaries shall be reviewed, with each Lender bearing its own travel, lodging, food and other
costs associated with attending any such meeting. 
 6.07 Keeping of Books. The Company shall keep, and shall cause each
of its Subsidiaries to keep, proper books of record and account, in which proper entries shall be made of all financial transactions and the assets and business of the Company and each such Subsidiary. 

6.08 Maintenance of Properties, Etc. The Company shall maintain and preserve, and shall cause each of its Subsidiaries to
maintain and preserve, (a) all of its properties which are used or useful or necessary in the conduct of its business in good working order and condition (ordinary wear and tear and damage by casualty excepted), and (b) all rights,
permits, licenses, approvals and privileges (including, without limitation, all Permits) which are used or useful or necessary in the conduct of its business; provided, however, that no Borrower shall be deemed in default of this
Section 6.08 if all such failures in the aggregate are not reasonably likely to have a Material Adverse Effect. 

6.09 Management Agreements, Operating Leases and Certain Other Contracts. a) Management of Hotel Properties. Subject to
Section 6.09(c), unless the Required Lenders otherwise agree in writing, the Company will take, and will cause each of its Subsidiaries to take, all action necessary so that (i) each Hotel Property is at all times managed by a
Permitted Facility Manager pursuant to a Management Agreement, and (ii) each Hotel Property that is leased by the Company or any of its Subsidiaries as lessor is at all times leased to an Approved Lessee pursuant to an Operating Lease;
provided, however, that the Company and its Subsidiaries shall not be deemed to be in breach of the covenants set forth in this Section 6.09(a) by virtue of a failure to so maintain a Management Agreement or Operating
Lease, so long as (x) the Company 

  
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or its relevant Subsidiary is diligently pursuing engaging a replacement Permitted Facility Manager or Approved Lessee pursuant to a Management Agreement or Operating Lease, as applicable, and
(y) the failure to have maintained such Management Agreement or Operating Lease could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

b) Enforcement of Certain Contracts. Subject to Section 6.09(c), the Company will, and will cause each of its
Subsidiaries to, (i) enforce the provisions of each Operating Lease, each Management Agreement, each Franchise Agreement and each other material agreement, contract or instrument to which such Approved Lessee is a party or by which such
Approved Lessee is bound and which affects the ownership, leasing, management or operation of any Real Property owned or leased by the Company or any of its Subsidiaries, and (ii) to the extent it has the power or right to do so (whether by
contract or otherwise) cause each Approved Lessee and Facility Manager to, (x) maintain in good standing all material licenses, certifications, accreditations and other approvals applicable to it or to any Hotel Property which it owns, leases,
manages or operates and (y) to comply, in all material respects with all Requirements of Law, Permits, Contractual Obligations, commitments, instruments, licenses, permits and franchises, except to the extent contested in good faith and by
proper proceedings, or as is appropriate and consistent with good business practice; provided, however, that, in the case of each of clause (i) and (ii) of this Section 6.09(b), no Borrower shall be deemed in
default of such clause if all non-compliances with the requirements of such clause, individually or in the aggregate, could not reasonably be expected to have Material Adverse Effect. 

c) Limited Applicability of Section 6.09. The provisions of clauses (a) and (b) of this Section 6.09
shall not apply at the time the Leverage Ratio is less than 6.00:1.00. 
 6.10 Application of Proceeds. Each Borrower
shall use the entire amount of the proceeds of the Committed Loans and Bid Loans as provided in Section 5.08. 

6.11 Information Covenants. The Company will furnish to the Administrative Agent and each of the Lenders: 

a) Quarterly Financial Statements and Reports. Within 60 days (but in no event later than 15 days after the related filing
deadline under SEC rules and regulations) after the close of each of the first three quarterly accounting periods in each fiscal year of the Company, (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such
quarterly accounting period, (ii) the related consolidated statements of income for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly accounting period and (iii) the
related consolidated statements of cash flows for the elapsed portion of the fiscal year ended with the last day of such quarterly accounting period, in each case setting forth comparative figures for the corresponding dates and fiscal periods in
the prior fiscal year, all of which shall be in reasonable detail and certified by an Authorized Financial Officer of the Company that, to the best of such officer’s knowledge after due inquiry, they fairly present, in all material respects,
the financial condition of the Company and its Subsidiaries as of the dates indicated and the results of their operations and changes in their cash flows for the periods indicated, subject to normal year-end audit adjustments. 

  
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 b) Annual Financial Statements. Within 105 days (but in no event later than 15 days
after the related filing deadline under SEC rules and regulations) after the close of each fiscal year of the Company, the consolidated balance sheet of the Company and its Subsidiaries as of the end of such fiscal year and the related consolidated
statements of shareholders’ equity as of the end of such fiscal year and of income and cash flows for such fiscal year setting forth comparative figures as of the end of and for the preceding fiscal year and certified by Ernst & Young,
KPMG, PricewaterhouseCoopers or Deloitte & Touche or such other independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent and accompanied by an opinion of such accountants,
which such opinion shall be unqualified and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit. 

c) Forecasts. No later than 60 days after the first day of each fiscal year of the Company, a corporate forecast substantially in
the form attached hereto as Exhibit J for such fiscal year with respect to the Company and its Subsidiaries, accompanied by a statement of an Authorized Financial Officer of the Company to the effect that such forecast has been prepared
in good faith based upon assumptions believed to be reasonable at the time prepared (it being recognized, however, that projections as to future events are not to be viewed as facts or guaranties of future performance, that actual results during the
period or periods covered by such projections may differ from the projected results and that such differences may be material and that the Company makes no representation that such Projections will be in fact realized). 

d) Officer’s Certificates. At the time of the delivery of the financial statements provided for in Sections 6.11(a)
and (b), a certificate of an Authorized Financial Officer of the Company to the effect that, to the best of such officer’s knowledge, no Default or Event of Default has occurred and is continuing or, if any Default or Event of Default
has occurred and is continuing, specifying the nature and extent thereof, which certificate shall (i) set forth (in reasonable detail) the calculations required to establish whether the Company and its Subsidiaries were in compliance with the
Financial Covenants (including computations showing whether the Company and its Subsidiaries would be in compliance with the Financial Covenants were they to be in effect whether or not they are actually in effect), 7.02, 7.08,
7.10 and 7.11 at the end of such fiscal quarter or year, as the case may be (calculated on a Pro Forma Basis for the covenants required to be so calculated using the end of such fiscal quarter or year, as the case may be,
as the Determination Date) and (ii) set forth (in reasonable detail) the calculations and other determinations required to establish whether the Company and its Subsidiaries were in compliance with the provisions of Section 2.06(f)
during, and for the 12 month period ending on the last day of, such quarterly accounting period or fiscal year, as the case may be. The certificate shall also set forth the Applicable Margin for the current Fiscal Quarter. In addition to the
certificates required pursuant to this Section 6.11(d), the Company shall also deliver an annual compliance certificate relating to the Governing Senior Note Indenture in the form and at the time such certificate is required to be
delivered under the Governing Senior Note Indenture but shall not otherwise be required to demonstrate compliance with Section 7.18. 
 e) Notice of Default or Litigation. Promptly, and in any event within three Business Days after the President, the Chief Executive Officer, any Vice President or any Authorized Financial Officer of
any Loan Party obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default and (ii) any litigation or 

  
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governmental investigation or proceeding pending or threatened (x) against the Company or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect,
(y) with respect to any material Indebtedness of the Company or any of its Subsidiaries or (z) with respect to any Loan Document. 
 f) Management Letters. Promptly after any Loan Party’s receipt thereof, a copy of any “management letter” received by such Loan Party from its certified public accountants and
management’s responses, if any, thereto. 
 g) Other Reports and Filings. Promptly, and without duplication of any
documents or information delivered pursuant to another clause of this Section 6.11, copies of all financial information, proxy materials and other material information and reports, if any, which the Company or any of its Subsidiaries
shall file with the SEC other than those documents, reports or other information that are publicly available through the SEC’s EDGAR system or any successor system thereto, or on the Company’s website on the internet at the website address
listed on Schedule 10.02 and copies of all notices and reports which the Company or any of its Subsidiaries shall deliver to holders of the Senior Notes pursuant to the terms of the documentation governing such Indebtedness (or any trustee,
agent or other representative therefor). 
 h) Environmental Matters. Promptly upon, and in any event within ten Business
Days after the President, the Chief Executive Officer, any Vice President or any Authorized Financial Officer of any Loan Party obtaining knowledge thereof, notice of one or more of the following environmental matters to the extent that any such
environmental matters, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect: 
 (i) any pending or threatened Environmental Claim against the Company or any of its Subsidiaries or any Real Property owned, leased or operated by the Company or any of its Subsidiaries; 

(ii) any condition or occurrence on or arising from any Real Property owned, leased or operated by the Company or any of
its Subsidiaries that (a) results in non-compliance by the Company or any of its Subsidiaries with any applicable Environmental Law or (b) could reasonably be expected to form the basis of an Environmental Claim against the Company or any
of its Subsidiaries or any such Real Property; 
 (iii) any condition or occurrence on any Real Property owned,
leased or operated by the Company or any of its Subsidiaries that could reasonably be expected to cause such Real Property to be subject to any restrictions on the ownership, lease, occupancy, use or transferability by the Company or any of its
Subsidiaries of such Real Property under any Environmental Law; and 
 (iv) the taking of any removal or remedial
action in response to the actual or alleged presence of any Hazardous Material on any Real Property owned, leased or operated by the Company or any of its Subsidiaries as required by any Environmental Law or any governmental or other administrative
agency. 

  
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 All such notices shall describe in reasonable detail the nature of the claim, investigation, condition,
occurrence or removal or remedial action and the Company’s or such Subsidiary’s response or proposed response thereto. 
 i) Other Information. From time to time, such other information or documents (financial or otherwise) with respect to HHRI, the Company and/or any of its Subsidiaries as the Administrative Agent or
any Lender (through the Administrative Agent) may reasonably request. 
 j) ERISA. Within 15 Business Days after the
Company, any Subsidiary of the Company or any ERISA Affiliate knows or has reason to know of the occurrence of any event relating to compliance by the Company or any Subsidiary thereof or any ERISA Affiliate under ERISA has occurred to the extent
that such events, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, a certificate of an Authorized Financial Officer of the Company setting forth details as to such occurrence and the action, if
any, that the Company, such Subsidiary or such ERISA Affiliate is required or proposes to take, together with any notices required or proposed to be given to or filed with or by the Company, such Subsidiary, such ERISA Affiliate, the PBGC, a Plan
participant or the Plan administrator with respect thereto. If requested by the Administrative Agent, the Company will deliver to the Administrative Agent (i) a complete copy of the annual report (Form 5500) of each Single Employer Plan
(including, to the extent required, the related financial and actuarial statements and opinions and other supporting statements, certifications, schedules and information) required to be filed by the Company or any of its Subsidiaries with the
Internal Revenue Service and (ii) copies of any records, documents or other information that must be furnished to the PBGC with respect to any Plan pursuant to Section 4010 of ERISA. In addition to any certificates or notices delivered
pursuant to the first sentence hereof, copies of annual reports and any material notices received by the Company, any Subsidiary of the Company or any ERISA Affiliate with respect to any Plan or Foreign Pension Plan shall be delivered to the
Administrative Agent promptly following any request by the Administrative Agent therefor. 
 k) Designation of Unrestricted
Subsidiary. Notification promptly upon the designation of an Unrestricted Subsidiary under the Governing Senior Note Indenture (or any change in any such designation). 
 l) Financial Information Regarding the Company and Guarantors. As soon as practicable after request from the Administrative Agent at any time that the Guaranty Requirement is in effect (but not,
unless an Event of Default shall have occurred and be continuing, more than twice for each fiscal year) information concerning the Consolidated EBITDA of the Guarantors, and the combined revenues, assets and Consolidated EBITDA of the issuers of
pledged securities included in the Collateral. 
 Each Borrower hereby acknowledges that (a) the Administrative Agent
and/or the Arrangers will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of such Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with
respect to any of the Borrowers or their respective Affiliates, or the respective securities of any of the foregoing, and who may be 

  
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engaged in investment and other market-related activities with respect to such Persons’ securities. Each Borrower hereby agrees that (w) all Borrower Materials that are to be made
available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials
“PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the
Borrowers or their respective securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the
Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” 

6.12 [Intentionally Omitted]. 
 6.13 Foreign Subsidiaries Guarantee. At any time that the Guaranty Requirement is in effect, if following a change in the relevant sections of the Code or the regulations, rules, rulings, notices
or other official pronouncements issued or promulgated thereunder, counsel for the Company reasonably acceptable to the Administrative Agent does not within 30 days after a request from the Administrative Agent or the Required Lenders deliver a
legal opinion, in form and substance mutually satisfactory to the Administrative Agent and the Company, with respect to any Canadian Subsidiary that is a Wholly-Owned Subsidiary, but not a Look-Through Subsidiary, that the entering into by such
Canadian Subsidiary of a guaranty in substantially the form of the Subsidiaries Guaranty, in any such case could reasonably be expected to cause (A) the undistributed earnings of such Canadian Subsidiary as determined for Federal income tax
purposes to be treated as a deemed dividend to such Canadian Subsidiary’s United States parent for Federal income tax purposes or (B) other material adverse Federal income tax consequences to the Loan Parties, then (in each case, subject
to any restrictions described in Section 6.14) such Canadian Subsidiary (to the extent that same is a Wholly-Owned Subsidiary) shall execute and deliver the Subsidiaries Guaranty (or another guaranty in substantially similar form, if
needed), guaranteeing the Obligations of each Borrower under the Loan Documents to the extent that entering into such Subsidiaries Guaranty is permitted by the laws of the applicable Canadian jurisdiction and would be required pursuant to
Section 6.14, and with all documents delivered pursuant to this Section 6.13 to be in form and substance reasonably satisfactory to the Administrative Agent. 

6.14 Additional Guarantors; Release of Guarantors and Collateral. 

a) Guaranty Trigger. (1) If, at any time after the Closing Date, the Guaranty Trigger shall occur, the Company shall cause
each directly or indirectly owned Wholly-Owned Subsidiary of the Company that is (i) a Domestic Subsidiary or a Canadian Subsidiary, (ii) a Look-Through Subsidiary (except under the circumstances contemplated by Section 6.13
with respect to a Canadian Subsidiary, in which case the requirements of this clause (ii) shall not apply to such Canadian Subsidiary) and (iii) not otherwise excluded from the requirements of this Section 6.14 pursuant to
clause (2) below (such Subsidiary, so long as it satisfies each of the 

  
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foregoing criteria, an “Eligible Subsidiary Guarantor”) to become a Guarantor and in the case of an Eligible Subsidiary Guarantor that is a Domestic Subsidiary which owns
Eligible Pledged Securities, to become a Pledgor (and the Company itself shall also become a Pledgor) for the purpose of pledging such Eligible Pledged Securities (subject to the limitations set forth in the Pledge and Security Agreement) in
accordance with the requirements of Section 6.14(c); provided, however, that the requirements to become a Pledgor shall not apply to any Subsidiary so long as such Subsidiary does not own any Eligible Pledged Securities.

 (2) Notwithstanding anything to the contrary contained above in this Section 6.14 or anything else in this
Agreement or in any other Loan Document, no Subsidiary shall be an Eligible Subsidiary Guarantor and required to become a Guarantor and/or Pledgor, as applicable, if any one or more of the following circumstances applies to such Subsidiary:

 (i) such Subsidiary’s only assets consist of $5,000 or less in cash; 

(ii) such Subsidiary, or the direct or indirect parent company or general partner of such Subsidiary whose only
significant asset (in each case) is the equity ownership of such Subsidiary (or the direct or indirect parent company of such Subsidiary), enters into (or is a party to) a material contract pursuant to a transaction otherwise permitted under this
Agreement and the terms of which prohibit or restrict such Subsidiary from executing a counterpart of the Subsidiaries Guaranty and/or the Pledge and Security Agreement (and from becoming a guarantor and/or pledgor under the Senior Notes or other
Indebtedness other than Indebtedness incurred under such material contract); or 
 (iii) the terms of any
applicable Laws prohibit or restrict such Subsidiary from executing a counterpart of the Subsidiaries Guaranty and/or the Pledge and Security Agreement provided, however, that (A) the Company or the applicable Subsidiary shall
have exercised commercially reasonable efforts to provide the guaranty and/or pledge contemplated hereby while complying with such applicable Laws and (B) the failure to comply with such applicable Laws would present a risk of material
forfeiture or liability for the Company or the applicable Subsidiary or personal liability for any director or officer of the Company or the applicable Subsidiary or the Administrative Agent otherwise determines that compliance with such applicable
Laws is advisable and provided, further, however, that this clause (iii) shall not apply to actions by a Domestic Subsidiary. 
 b) Pari Passu Guaranty Requirement; Release. Without limiting the requirements under Section 6.14(c) and notwithstanding anything to the contrary contained in this Agreement, the
Company shall at all times cause each directly or indirectly owned Subsidiary (including any Foreign Subsidiary) that guaranties the obligations of the Company under any of the Senior Notes or other senior unsecured Indebtedness of the Company to
become a Guarantor by executing and delivering a counterpart to the Subsidiaries Guaranty not later than (x) in the case of the Senior Notes, the date that such Subsidiary provides the guaranty of the Senior Notes and (y) in the case of
other senior unsecured Indebtedness of the Company, not later than the earlier of (I) 60 days after the date on which such Subsidiary provides the guaranty of such other senior unsecured Indebtedness of the Company and (II) the date on which
such Subsidiary provides a 

  
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guaranty of any of the Senior Notes. The obligations under any Subsidiaries Guaranty delivered pursuant to this Section 6.14(b) shall (i) at all times rank at least pari
passu in right of payment with all other senior unsecured Indebtedness of the Company and (ii) unless a Default or Event of Default has occurred and is continuing, be released by the Administrative Agent upon the written request of the Company
at such time as the Company certifies that such Subsidiary no longer guaranties any other senior unsecured indebtedness of the Company or is entering into a transaction pursuant to which it will no longer guaranty any senior unsecured indebtedness
of the Company. In connection with the delivery of any guaranty as a result of a guarantee of the Senior Notes pursuant to this Section 6.14(b), unless otherwise waived by the Administrative Agent in its sole discretion, each
Subsidiary required to become a Guarantor shall deliver to the Administrative Agent at the time such Subsidiary is required to become a Guarantor, opinions of counsel of the type described in Section 4.01 as if such Subsidiary were a
Loan Party on the Closing Date. 
 c) Eligible Subsidiary Guarantor Joinder Requirement. Without limiting the
requirements under Section 6.14(b), during any time that the Guaranty Requirement is in effect, but in any event not earlier than the date on which the requirements of Section 6.14(a) are required to be completed following
the occurrence of the Guaranty Trigger, each Subsidiary at any time owned or acquired that becomes an Eligible Subsidiary Guarantor and is not a party to the Subsidiaries Guaranty and/or Pledge and Security Agreement shall be required to become a
Guarantor and in the case of an Eligible Subsidiary Guarantor that is a Domestic Subsidiary which owns Eligible Pledged Securities, a Pledgor (and the Company itself shall also become a Pledgor). Each Subsidiary (or the Company, as applicable)
required to become a Guarantor and/or Pledgor pursuant to this clause (c) or the preceding Section 6.14(a) shall (i) no later than the time of required delivery of the Compliance Certificate pursuant to
Section 6.11(d) relating to the fiscal quarter during which such guaranty and/or pledge requirement became effective (except that in the case of joinder requirements arising under Section 6.14(a) upon the occurrence of the
Guaranty Trigger, such date shall be extended by 15 Business Days), become a Guarantor and/or Pledgor, as applicable, by executing and delivering counterparts to the Subsidiaries Guaranty and/or the Pledge and Security Agreement, as applicable, and
in the case of any Pledgor, satisfy the Pledge and Security Agreement Requirement and (ii) deliver, no later than the time of required delivery of the compliance certificate pursuant to Section 6.11(d) relating to the subsequent
fiscal quarter following the fiscal quarter during which such guaranty and/or pledge requirement became effective (or year end, as applicable) opinions of counsel of the type described in Section 4.01 as if such Subsidiary were a Loan
Party on the Closing Date (it being understood that no opinions shall be required in connection with the delivery of the Security Documents); provided that the Administrative Agent may, in its sole discretion, waive the requirement to deliver an
opinion of counsel with respect to Subsidiaries that are formed or acquired after the occurrence of the Guaranty Trigger or that otherwise become an Eligible Subsidiary Guarantor after the occurrence of the Guaranty Trigger. 

d) Guaranty and Pledge Release. If at any time any Subsidiary Guarantor ceases to constitute an Eligible Subsidiary Guarantor,
upon the written request by the Company to the Administrative Agent, such Subsidiary Guarantor shall be released from the Subsidiaries Guaranty (unless such Subsidiary Guarantor is required to be a party to the Subsidiaries Guaranty pursuant to
Section 6.14(b)), the Pledge and Security Agreement and any other Security Documents to which it is a party, and the Collateral Agent shall release the Collateral 

  
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pledged by such Subsidiary Guarantor from the Liens granted thereunder. In addition, except as otherwise set forth in this Section 6.14(d), upon the written request by the Company to
the Administrative Agent, each of the Subsidiaries Guaranty (but only to the extent as to any Subsidiary Guarantor, such Subsidiary Guarantor is not required to be a party to the Subsidiaries Guaranty pursuant to Section 6.14(b)), Pledge
and Security Agreement and any other Security Documents shall be released, the Collateral Agent shall release the Collateral from the Liens granted thereunder and the requirements of Sections 6.13 and 6.14(a) and (c) shall
cease to be in effect if all of the following conditions have been satisfied on or prior to the date of release (the “Release Date”): (i) as of the end of the two most recent consecutive fiscal quarters of the Company ending prior to
the Release Date but after the occurrence of the most recent Guaranty Trigger, the Leverage Ratio is less than 6:00:1.00 or the Company has an Investment Grade Debt Rating, (ii) no Default or Event of Default shall have occurred on or prior to
and be continuing on the Release Date, (iii) the Company shall have delivered to the Administrative Agent at least 15 Business Days prior to the Release Date a request to release the Subsidiaries Guaranty, the Pledge and Security Agreement, the
other Security Documents and the Liens granted thereunder, which request shall (x) specify the proposed Release Date, (y) if not already provided, provide financial statements pursuant to Section 6.11 for such fiscal quarters,
and (z) contain a certification of an Authorized Financial Officer that the conditions to release of the Subsidiaries Guaranty, the Pledge and Security Agreement, the other Security Documents and the Liens granted thereunder have been satisfied
(and, if applicable, providing a computation of the Leverage Ratio demonstrating such compliance), and (iv) all Guarantors and Pledgors being released shall also be released as guarantors and/or pledgors for the Company’s obligations under
the Governing Senior Note Indenture; provided, however, that in the event the Guaranty Trigger occurs at any time after the Release Date (a “Reinstatement Event”), then the requirements of Sections 6.14(a) and
(c) shall thereafter once again be in effect. The Administrative Agent shall promptly execute such documents and take such other actions as the Company may reasonably request to evidence any release pursuant to this
Section 6.14(d) of Guarantors and/or Pledgors under the Subsidiaries Guaranty, the Pledge and Security Agreement, the other Security Documents and the Liens granted thereunder, including the return of any released Pledge and Security
Agreement Collateral in its possession. Notwithstanding anything to the contrary in this Section 6.14, the Company shall have the option to defer the release of the Subsidiaries Guaranty, the Pledge and Security Agreement, the other Security
Documents and the Liens granted thereunder on the Release Date while causing the provisions of Section 6.13 and Section 6.14(a) and (c) in respect of obligations to cause other Subsidiaries to become Guarantors
and Pledgors to cease to be effective on the Release Date. Upon the release of any Pledgor from the Pledge and Security Agreement, the Collateral consisting of Pledged Securities and other Pledge and Security Agreement Collateral pledged by such
Guarantor shall be released. 
 e) Canadian Borrower Joint and Several Guaranty. All Loans to any Canadian Borrower shall
constitute the several, and not joint or joint and several, obligations of such Canadian Borrower. Notwithstanding the foregoing, with respect to Canadian Borrowers that are not Look-Through Subsidiaries, if after the date hereof any such Canadian
Borrower is no longer party to a material contract that prohibits such Canadian Borrower from providing a joint and several guarantee of the Obligations of each Canadian Borrower under this Agreement, such Canadian Borrower shall enter into and
deliver a joint and several guarantee of each Canadian Borrower’s Obligations under this Agreement (but excluding any Obligations arising under the 

  
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Subsidiaries Guaranty) pursuant to an agreement reasonably satisfactory to the Administrative Agent within 30 days after the termination of such contractual restrictions, together with such legal
opinions and certificates as the Administrative Agent may reasonably request. 
 6.15 End of Fiscal Years; Fiscal
Quarters. The Company will cause (a) each of its, and each of its Subsidiaries’, fiscal years to end on December 31 and (b) each of its, and each of its Subsidiaries’, first three fiscal quarters to end on the last day
of the 12th, 24th and 36th week, respectively, of each fiscal year and the fourth fiscal quarter to end on December 31, it being understood that (x) if any Hotel Property owned or leased by a Subsidiary of HHRI is managed or leased by an
Approved Lessee or a Facility Manager other than Marriott International or any Wholly-Owned Subsidiary of Marriott International, HHRI and the Company shall cause such Subsidiary’s fiscal years and fiscal quarters to end on dates as close as
reasonably practicable to the dates set forth above in this Section 6.15 and (y) HHRI and the Company may elect to change each of its and each of its Subsidiaries’ fiscal quarters to end on
March 31, June 30, September 30 and December 31. 
 6.16 Environmental Matters. a) The
Company shall comply and shall cause each of its Subsidiaries and each property owned or leased by such parties to comply in all material respects with all applicable Environmental Laws currently or hereafter in effect except for such non-compliance
as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and will pay or cause to be paid all costs and expenses incurred in connection with such compliance, and will keep or cause to be kept
all such Real Property free and clear of any Liens imposed pursuant to such Environmental Laws. 
 b) At the written request of
the Administrative Agent or the Required Banks, which request shall specify in reasonable detail the basis therefor, at any time and from time to time after (i) the Administrative Agent receives notice under Section 6.11(h) of any
event for which notice is required to be delivered for any Real Property or (ii) the Company or any of its Subsidiaries are not in compliance with Section 6.16(a) with respect to any Real Property, the Company will provide, at its
sole cost and expense, an environmental site assessment report concerning any such Real Property now or hereafter owned, leased or operated by the Company or any of its Subsidiaries, prepared by an environmental consulting firm reasonably approved
by the Administrative Agent, indicating the presence or absence of Hazardous Materials and the potential cost of any removal or remedial action in connection with any Hazardous Materials on such Real Property. If the Company fails to provide the
same within 90 days after such request was made, the Administrative Agent may order the same, and the Company shall grant and hereby grants, to the Administrative Agent and the Lenders and their agents access to such Real Property and specifically
grants the Administrative Agent and the Lenders an irrevocable non-exclusive license, subject to the rights of tenants, to undertake such an assessment, all at the Company’s expense. 

  
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 ARTICLE VII. NEGATIVE COVENANTS 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than Swap Contract Obligations and
Treasury Management Obligations) hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the Borrowers shall not, nor shall it permit any Subsidiary to, directly or indirectly: 

7.01 Liens. The Company will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist:

 a) any Lien (other than Permitted Liens, to the extent such Permitted Liens secure Indebtedness) upon or with respect to any
property or assets (real or personal, tangible or intangible) of the Company or any of its Subsidiaries, whether now owned or hereafter acquired, if such Lien secures any Indebtedness of the Company or any of its Subsidiaries other than
(x) Secured Indebtedness otherwise permitted to be incurred or to exist hereunder, (y) Indebtedness secured by a Lien under the Security Documents or (z) Indebtedness owed to the Company or any of its Subsidiaries; provided,
that the foregoing shall not permit any Lien on the Collateral except pursuant to the Security Documents; or 
 b) any Lien upon
or with respect to Capital Stock in any Subsidiary of the Company securing Indebtedness of the Company in the event that the Obligations are not secured by Liens under the Pledge and Security Agreement; provided, however, that this
Section 7.01(b) shall not prohibit Liens with respect to the Capital Stock of a Subsidiary that are imposed by a material contract (other than the Senior Note Indenture) entered into by the Company or any Subsidiary pursuant to a
transaction otherwise permitted by this Agreement. 
 7.02 Indebtedness. The Company will not, and will not permit any of
its Subsidiaries to, incur or assume: 
 a) any Indebtedness if (i) either (I) immediately before giving effect to the
incurrence or assumption of such Indebtedness there exists a Default or Event of Default or (II) immediately after giving effect to the incurrence or assumption of such Indebtedness after giving effect to the application of the proceeds thereof,
there exists a Default or Event of Default or (ii) based on calculations made by the Company on a Pro Forma Basis after giving effect to such incurrence or assumption and as if such incurrence or assumption had occurred on the
first day of the respective Calculation Period, a Default or Event of Default would have existed during the Test Period last reported (or required to be reported pursuant to Section 6.11(a) or (b), as the case may be) prior to the
date of the respective incurrence or assumption in respect of, the Financial Covenants; provided that the foregoing provisions of this Section 7.02(a) shall not apply to (x) accrued expenses and current trade accounts
payable incurred in the ordinary course of business (to the extent that any such amounts constitute Indebtedness); (y) Indebtedness under Interest Rate Protection Agreements and Other Hedging Agreements entered into with respect to other
Indebtedness permitted under this Agreement; and (z) accrued and deferred management fees under any Management Agreement (to the extent that any such amounts constitute Indebtedness); or 

b) any Contingent Obligations (excluding Contingent Obligations relating to Customary Non-Recourse Exclusions except to the extent a
personal recourse claim is made in connection therewith) of the Company in respect of Non-Recourse Indebtedness, if the aggregate amount of such Contingent Obligations that are incurred by the Company in respect of Non-Recourse Indebtedness after
the Closing Date and remain outstanding exceeds 3% of the Adjusted Total Assets of the Company. 

  
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 7.03 Limitation on Certain Restrictions on Subsidiaries. The Company will not, and
will not permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any Subsidiary of the Company to (a) pay dividends or make any
other distributions on its capital stock or any other interest or participation in its profits owned by the Company or any of its Subsidiaries, or pay any Indebtedness owed to the Company or any Subsidiary of the Company, (b) make loans or
advances to the Company or any Subsidiary of the Company or (c) transfer any of its properties or assets to the Company or any Subsidiary of the Company, except in each case for such encumbrances or restrictions: 

a) which do not materially adversely affect the Company’s ability to repay the Obligations when due and, in the Company’s
reasonable estimation, the ability to comply with the Applicable Covenants and Section 7.18(b), or 
 b) existing
under or by reason of (A) applicable law, (B) this Agreement and the other Loan Documents, (C) the Senior Note Documents or (D) documents or instruments relating to Secured Indebtedness otherwise permitted hereunder;
provided that in the case of this clause (D), such restrictions relate solely to assets constituting collateral thereunder or cash proceeds from or generated by such assets. 

7.04 [Intentionally Omitted]. 
 7.05 Modification and Enforcement of Certain Agreements. a) At any time that the Leverage Ratio equals or exceeds 6.00:1.00, the Company shall not, and shall not permit any of its Subsidiaries to,
alter, amend, modify, rescind, terminate, supplement or waive any of their respective rights under, or fail to comply in all material respects with, any of its material Contractual Obligations (other than the Governing Senior Note Indenture) except
any of the foregoing which do not materially adversely affect (i) the Company’s ability to repay the Obligations when due or (ii) in the Company’s reasonable estimation, the ability to comply with the Applicable Covenants, and
Section 7.18(b). 
 b) At any time that the Leverage Ratio equals or exceeds 6.00:1.00, the Company shall not, and
shall not permit any of its Subsidiaries to, amend or modify, or permit the amendment or modification of, any provision of any Management Agreement or Operating Lease, other than any amendment or modification thereto which would not violate this
Agreement and the other Loan Documents and so long as the same do not materially adversely affect (i) the Company’s ability to repay the Obligations when due or (ii) in the Company’s reasonable estimation, the ability to comply
with the Applicable Covenants and Section 7.18(b). 
 7.06 Limitation on Creation of Subsidiaries. The
Company will not, and will not permit any of its Subsidiaries to, establish, create or acquire after the Closing Date any Subsidiary unless the same will not materially adversely affect (a) the Company’s ability to repay the Obligations
when due or (b) in the Company’s reasonable estimation, the ability to comply with the Applicable Covenants; provided that the Company shall comply with its obligations under Section 6.14 and the Pledge and Security
Agreement with respect to any such new Subsidiary within the time periods applicable thereto. 

  
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 7.07 Transactions with Affiliates. Neither the Company nor any of its Restricted
Subsidiaries will, directly or indirectly, enter into, renew or extend any transaction or series of transactions (including, without limitation, the purchase, sale, lease or exchange of property or assets, or the rendering of any service) with any
Affiliate of the Company (“Affiliate Transactions”), other than Exempted Affiliate Transactions, except upon fair and reasonable terms no less favorable to the Company or such Restricted Subsidiary than could be obtained, at the
time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing therefor, in a comparable arm’s-length transaction with a Person that is not an Affiliate. 

The foregoing limitation does not limit, and shall not apply to: 

a) except as otherwise required pursuant to the penultimate paragraph of this Section 7.07, transactions approved by a
majority of the Board of Directors of HHRI; 
 b) Affiliate Transactions on terms and conditions which do not materially
adversely affect (i) the Company’s ability to repay the Obligations when due or (ii) in the Company’s reasonable estimation, the ability of the Company to comply with the Applicable Covenants and Section 7.18(b);

 c) the payment of reasonable and customary fees and expenses to members of the Board of Directors of the general partner of
the Company who are not employees of the Company; 
 d) any Dividends permitted to be paid under Section 7.11;

 e) loans made and other transactions entered into by the Company and its Restricted Subsidiaries (and not any other
Affiliate) to the extent permitted by this Article VII; and 
 f) Permitted Sharing Arrangements and payments made
pursuant thereto to the extent that such transactions are not otherwise prohibited or restricted pursuant to this Agreement. 
 Any Affiliate
Transaction or series of related Affiliate Transactions, other than Exempted Affiliate Transactions and other than any transaction or series of related transactions specified in any of clauses (b) through (f) of this
Section 7.07, with an aggregate value in excess of $50 million must first be approved pursuant to a resolution approved by a majority of the Board of Directors (or any authorized committee thereof) of the general partner of the Company
who are disinterested in the subject matter of the transaction. 
 As used herein, the term “Exempted Affiliate Transaction”
means (a) employee compensation arrangements approved by a majority of independent (as to such transactions) members of the Board of Directors of the general partner of the Company, (b) payments of reasonable fees and expenses to the
members of the Board of Directors of HHRI, the general partner of the Company or their Subsidiaries, (c) transactions solely between the Company and any of its Subsidiaries or solely among Subsidiaries of the Company, (d) Permitted Tax
Payments, (e) Procurement Contracts, (f) Operating Agreements, and (g) Investments, Dividends and payments in respect of subordinated indebtedness otherwise permitted under Sections 7.10 and 7.11, as applicable.

  
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 7.08 Sales of Assets. a) The Company will not, and will not permit any of its
Restricted Subsidiaries to, consummate any Asset Sale, unless (i) the consideration received by the Company or such Restricted Subsidiary is at least equal to the fair market value of the assets sold or disposed of as determined by the Board of
Directors of the general partner Company in good faith and (ii) at least 75% of the consideration received consists of cash, Cash Equivalents and/or real estate assets; provided that, with respect to the sale of one or more real estate
properties, up to 75% of the consideration may consist of Indebtedness of the purchaser of such real estate properties so long as such Indebtedness is secured by a first priority Lien on the real estate property or properties sold; and
provided further that, for purposes of this clause (ii) the amount of (A) any Indebtedness (other than Indebtedness subordinated in right of payment to the Obligations) that is required to be repaid or assumed (and is either
repaid or assumed by the transferee of the related assets) by virtue of such Asset Sale and which is secured by a Lien on the property or assets sold and (B) any securities or other obligations received by the Company, or any such Restricted
Subsidiary from such transferee that are immediately converted by the Company or such Restricted Subsidiary into cash (or as to which the Company or such Restricted Subsidiary has received at or prior to the consummation of the Asset Sale a
commitment (which may be subject to customary conditions) from a nationally recognized investment, merchant or commercial bank to convert into cash within 90 days of the consummation of such Asset Sale and which are thereafter actually converted
into cash within such 90-day period) will be deemed to be cash. The Company shall cause the Net Cash Proceeds from any Asset Sale to be applied in the manner required by Section 2.06(f). All Indebtedness secured by the assets sold in the
Asset Sale shall be repaid (or irrevocably defeased) except to the extent such Indebtedness is assumed by the transferee of the related assets or the Company and its Restricted Subsidiaries are released from such Indebtedness. In addition, no Asset
Sale shall be permitted if a Default or Event of Default then exists or would result therefrom or, based on calculations made by the Company on a Pro Forma Basis after giving effect to such Asset Sale and as if such Asset Sale had
occurred on the first day of the respective Calculation Period, a Default or Event of Default will exist in respect of, or would have existed during the Test Period last reported (or required to be reported pursuant to Section 6.11(a) or
(b), as the case may be) prior to the date of the respective Asset Sale in respect of, the Applicable Covenants. 
 b)
Notwithstanding, and without complying with, any of the provisions of the foregoing paragraph (a) or Section 2.06(f): 
 (i) the Company and its Restricted Subsidiaries may, in the ordinary course of business, convey, sell, lease, transfer, assign or otherwise dispose of inventory acquired and held for resale in the
ordinary course of business; 
 (ii) the Company and its Restricted Subsidiaries may convey, sell, lease,
transfer, assign or otherwise dispose of assets pursuant to and in accordance with Section 7.09; 

(iii) the Company and its Restricted Subsidiaries may sell or dispose of damaged, worn out or other obsolete property in
the ordinary course of business so long as such property is no longer necessary for the proper conduct of the business of the Company or such Restricted Subsidiary, as applicable; 

  
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 (iv) the Company and its Restricted Subsidiaries may exchange assets held by
the Company or a Restricted Subsidiary of the Company for one or more real estate properties and/or one or more Related Businesses of any Person or entity owning one or more real estate properties and/or one or more Related Businesses;
provided that the Board of Directors of the general partner of the Company has determined in good faith that the fair market value of the assets received by the Company or any such Restricted Subsidiary are approximately equal to the fair
market value of the assets exchanged by the Company or such Restricted Subsidiary; and 
 (v) no transaction
listed in clause (b) of this Section 7.08 shall be deemed to be an Asset Sale under this Agreement. 
 7.09
Consolidation, Merger, etc. The Company will not, and will not permit any of its Subsidiaries which are Guarantors to, wind up, liquidate or dissolve its affairs or enter into any transaction of merger, amalgamation or consolidation, and the
Company will not sell, convey or transfer or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially as an entirety in one transaction or a series of related transactions) except that: 

a) any Subsidiary of the Company which is a Guarantor may engage in a merger constituting an asset sale or an asset acquisition otherwise
permitted under this Agreement; 
 b) any Subsidiary of the Company (x) that is a Guarantor may be merged or amalgamated
with and into the Company or any other Subsidiary of the Company that is a Guarantor or (y) may be merged with and into the Company so long as in the case of any merger involving the Company, the Company is the surviving Person; 

c) Subsidiary Guarantors may consolidate, amalgamate or merge with or into (whether or not such Subsidiary Guarantor is the surviving
Person) another Person (other than the Company or another Subsidiary Guarantor), so long as (x) the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Guarantor) assumes all the obligations of such
Subsidiary Guarantor under the Subsidiaries Guaranty and otherwise complies with the applicable requirements of Section 6.14; provided, however, that for the purpose of this clause (x), the requirements of
Section 6.14(c)(i) and (ii) shall have been satisfied upon the consummation of such consolidation or merger without regard to any additional time otherwise permitted under Section 6.14(c); and
(y) immediately before and immediately after giving effect to such transaction, no Default or Event of Default shall have occurred or be continuing; and 
 d) Subsidiaries of the Company which are not Guarantors, are otherwise permitted to be dissolved pursuant to Section 6.05, or have no material assets or material liabilities may be dissolved
and liquidated. 
 7.10 Acquisitions; Investments. a) The Company will not, and will not permit its Subsidiaries to:

 (i) at any time that the Leverage Ratio equals or exceeds 6.00:1:00, acquire ownership of Hotel Properties or
other real estate or other assets constituting Related 

  
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Businesses (or all or a portion of the Capital Stock of a Person owning such real estate or Related Businesses (including (in either case) by way of merger)) if, at the time of such acquisition,
the Financial Condition Test is not satisfied; 
 (ii) at any time that the Leverage Ratio equals or exceeds
6.00:1:00, acquire ownership of non-real estate assets (other than Permitted Investments or inventory, materials, equipment and other personal property used in the ordinary course of business) (or all or a portion of the Capital Stock of a Person
owning primarily such non-real estate assets (including by way of merger or Investment)) if (A) at the time of such acquisition, the Financial Condition Test is not satisfied or (B) after giving effect to such acquisition, the aggregate
amount of all such non-real estate assets acquired in the then current fiscal year of the Company pursuant to this Section 7.10(a)(ii) would exceed 1% of the Adjusted Total Assets, determined at the time such acquisition is made
(with any unused Roll Forward Amount from one fiscal year increasing the amount available in subsequent fiscal years); provided that the amount of acquisitions made pursuant to this Section 7.10(a)(ii) shall be calculated net
of reductions of such investments resulting from repayments, dividends or other distributions to the Company or any Subsidiary from such investments; 
 (iii) at any time that the Guaranty Requirement is in effect, in the case of the Company or any Guarantor, subject to the last paragraph of this Section 7.10(a), make any Investment in a
Person that, prior to the consummation of such Investment, is a Subsidiary of the Company that is not a Guarantor if (A) the aggregate amount of all Investments made in the then current fiscal year of the Company pursuant to this
Section 7.10(a)(iii) would exceed 10% of the Adjusted Total Assets, determined at the time such Investment is made (with any unused Roll Forward Amount from one fiscal year increasing the amount available in subsequent fiscal years) or
(B) at the time of such Investment, the Financial Condition Test is not satisfied; provided that the amount of Investments made pursuant to this Section 7.10(a)(iii) shall be calculated net of (x) any payments by
Subsidiaries (other than Guarantors) of obligations owed to the Company or Guarantors, (y) amounts invested in Subsidiaries (other than Guarantors) to provide minimum capital to maintain the existence of Taxable REIT Subsidiaries and
(z) distributions from Subsidiaries (other than Guarantors) to the Company (or Guarantors); and provided, further that the foregoing shall not prevent the Company or any Guarantor from making Investments, directly or indirectly,
in Subsidiaries that are Approved Lessees to the extent necessary, in the reasonable judgment of the Company, to maintain HHRI’s status as a real estate investment trust under the Code; and 

(iv) at any time the Guaranty Requirement is in effect, subject to the last paragraph of this Section 7.10(a),
make any Investment in a Person that, prior to the consummation of such Investment, is not a Subsidiary if (A) the aggregate amount of all Investments made in the then current fiscal year of the Company pursuant to this
Section 7.10(a)(iv) would exceed 10% of the Adjusted Total Assets, determined at the time such Investment is made (with any unused Roll Forward Amount from one fiscal year increasing the amount available in subsequent fiscal years) or
(B) at the time of such Investment, the Financial Condition Test is not satisfied, provided that the amount of Investments made pursuant to this Section 7.10(a)(iv) shall be calculated net of (x) any

  
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payments by any such non-Subsidiary of obligations owed to the Company or Guarantors, and (y) distributions from any such non-Subsidiary to the Company or Guarantors. 

Notwithstanding anything to the contrary in this Section 7.10, for the purposes of determining whether an Investment complies with the
requirements of this Section 7.10(a), (A) compliance shall be tested as of the date that the Company or any Subsidiary of the Company enters into a binding contractual commitment relating to such Investment, (B) an Investment
that takes place in a series of related transactions contemplated by definitive agreements relating to such Investment (such as an Investment in a form similar to a reverse like-kind exchange transaction as contemplated by Rev. Proc. 2000-37, 2000-2
C.B. 308) will be permitted pursuant to this Section 7.10(a) so long as the completion of such series of related transactions (as opposed to the completion of any individual component) would result in an Investment permitted under this
Section 7.10(a), and (C) an Investment otherwise permitted by Sections 7.10(a)(i) and (a)(ii) shall not be subject to the requirements of Sections 7.10(a)(iii) or (a)(iv) if: 

(A) such Investment is in a Person that, following the consummation of such Investment, (x) is a Guarantor or becomes
a Guarantor in accordance with the requirements of Section 6.14, or (y) is not a Guarantor or does not become a Guarantor as described in the preceding clause (x) solely by virtue of the provisions of
Section 6.14(a); 
 (B) such Investment is a Permitted Investment; or 

(C) such Investment is in a Person that is not a Subsidiary, but only to the extent that the consideration paid to acquire
such Investment consists of the equity interests in another Person that is not a Subsidiary. 
 Acquisitions and Investments made (x) in
the case of Section 7.10(a)(ii), during a period when the Leverage Ratio is less than 6.00:1.00, shall, in the event that the Leverage Ratio subsequently exceeds 6.00:1.00, be counted against the basket provided for in
Section 7.10(a)(ii) for purposes of determining basket availability only and (y) in the case of Section 7.10(a)(iii) and 7.10(a)(iv), during a period when the Guaranty Requirement is not in effect, shall, in the
event that the Guaranty Requirement is subsequently in effect, be counted against the baskets provided for in Sections 7.10(a)(iii) and 7.10(a)(iv), as applicable, for purposes of determining basket availability only. 

b) At any time that the Leverage Ratio is less than 6.00:1.00, the Company and the Guarantors shall be permitted to make the Investments
and acquisitions described in Section 7.10(a) so long as (i) such Investments and acquisitions do not, directly or indirectly, constitute a Restricted Payment that is prohibited under the Governing Senior Note Indenture and
(ii) at the time of such Investments or acquisitions, the Financial Condition Test is satisfied. 
 7.11 Dividends.
a) At any time that the Leverage Ratio equals or exceeds 6.00:1.00, the Company will not, and will not permit any of its Subsidiaries to, authorize, declare or pay any Dividends with respect to the Company or any of its Subsidiaries, except that:

 (i) any Subsidiary of the Company may pay cash Dividends to the Company or to a Wholly-Owned Subsidiary of the
Company; 

  
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 (ii) any non-Wholly-Owned Subsidiary of the Company may pay cash Dividends
to its shareholders, members or partners generally so long as the Company or its respective Subsidiary which owns the equity interest or interests in the Subsidiary paying such Dividends receives at least its proportionate share thereof (based upon
its relative holdings of equity interests in the Subsidiary paying such Dividends and taking into account the relative preferences, if any, of the various classes of equity interests in such Subsidiary); provided, however, that this
Section 7.11 shall not limit the redemption or repurchase of equity interests of a shareholder, member or partner of any non-Wholly-Owned Subsidiary of the Company if such redemption or repurchase is permitted pursuant to Section
7.10; 
 (iii) so long as (x) no Specified Default or Event of Default then exists or would exist
immediately after giving effect thereto and (y) HHRI qualifies, or has taken all other actions necessary to qualify, as a “real estate investment trust” under the Code during any fiscal year of HHRI, the Company may pay quarterly cash
Dividends (which may be based on estimates) to HHRI and all other holders of OP Units generally when and to the extent necessary for HHRI to distribute, and HHRI may so distribute, cash Dividends to its shareholders generally in an aggregate amount
not to exceed the greater of (I) the greatest of (A) 100% of Cash Available for Distribution for such fiscal year, (B) 100% of Taxable Income and (C) the minimum amount necessary for HHRI to maintain its tax status as a real
estate investment trust and to satisfy the distributions required to be made by Notice 88-19 under the Code (or Treasury regulations issued pursuant thereto) by reason of HHRI making the election provided for therein and (II) at any time when,
based upon the financial statements delivered pursuant to Section 6.11(a) or (b) and the Company’s estimation of the results of the current fiscal quarter, the Consolidated Interest Coverage Ratio is greater than 2.00:1:00, 85%
of the Adjusted Funds From Operations for the current fiscal year; 
 (iv) so long as no Specified Default or
Event of Default then exists or would result therefrom, the Company may pay cash Dividends to HHRI so long as the proceeds therefrom are promptly used by HHRI to pay (x) any Permitted Tax Payments at the time and to the extent actually due and
payable (but without duplication of any tax payments permitted to be made pursuant to Section 7.11(a)(iii) above to satisfy the distribution required to be made by Notice 88-19 under the Code (or Treasury regulations issued pursuant
thereto)) and (y) any general corporate and other overhead expenses and liabilities incurred by it to the extent not otherwise prohibited by this Agreement; 

(v) so long as no Specified Default or Event of Default then exists or would result therefrom, the Company may pay cash
Dividends to HHRI in an aggregate amount not to exceed $10,000,000 for the Availability Period; and 
 (vi) the
Company may pay cash Dividends to HHRI so long as HHRI promptly thereafter uses the proceeds of such Dividends to repurchase shares of its capital stock, and the Company may repurchase OP Units, in each case so long as (x) no Specified

  
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Default or Event of Default then exits or would result therefrom, (y) the aggregate amount of all repurchases and redemptions made pursuant to this Section 7.11a)(v) in any
fiscal year of HHRI does not exceed an amount equal to 1% of Adjusted Total Assets determined at the time of declaration of the Dividend (with any unused Roll Forward Amount from one fiscal year increasing the amount available to be paid as a
Dividend under this Section 7.11(a)(vi) in subsequent fiscal years). 
 Dividends paid during a period when the Leverage Ratio is
less than 6.00:1.00 shall, in the event that the Leverage Ratio subsequently exceeds 6.00:1.00, be counted against the baskets provided for in this Section 7.11(a) (as applicable) for purposes of determining basket availability only.

 b) At any time that the Leverage Ratio is less than 6.00:1.00, the Company and the Guarantors will not, and will not permit
any of their Restricted Subsidiaries to, directly or indirectly, authorize, declare, or pay any Dividends that would constitute a Restricted Payment that is prohibited under the Governing Senior Note Indenture. 

7.12 Limitation on Payments of Certain Indebtedness; Modifications of Certain Indebtedness; Modifications of Organizational Documents;
etc. The Company will not, and will not permit any of its Subsidiaries to: 
 a) make (or give any notice in respect of) any
voluntary or optional payment or prepayment on or voluntary or optional redemption or acquisition for value of, including, in each case without limitation, by way of depositing with the trustee with respect thereto money or securities before due for
the purpose of paying when due, the Senior Notes, any other pari passu debt, any Non-Recourse Indebtedness or any subordinated debt other than any payment, prepayment, redemption or acquisition for value described in this Section 7.12(a)
which does not materially adversely affect (a) the Company’s ability to repay the Obligations when due or (b) in the Company’s reasonable estimation, the ability to comply with the Applicable Covenants and
Section 7.18(b); provided that the provisions of this clause (a) shall not apply if at the time of taking the action otherwise prohibited by this clause (a) the Leverage Ratio is less than 6.00:1:00, 

b) amend or modify, or permit the amendment or modification of, any Non-Recourse Indebtedness, any subordinated debt, the Senior Notes or
any other pari passu debt or any agreement (including, without limitation, any purchase agreement, indenture or loan agreement) related thereto, other than any amendment or modification thereto which would not violate this Agreement and so long as
the same do not materially adversely affect (i) the Company’s ability to repay the Obligations when due or (ii) in the Company’s reasonable estimation, the ability to comply with the Applicable Covenants and
Section 7.18(b); provided that the provisions of this clause (b) shall not apply if at the time of taking the action otherwise prohibited by this clause (b) the Leverage Ratio is less than 6.00:1:00, or 

c) amend, modify or change its designation of trust, certificate of incorporation (including, without limitation, by the filing or
modification of any certificate of designation), by-laws, certificate of partnership, partnership agreement or any equivalent organizational document, or any agreement entered into by it, with respect to its capital stock or other equity interests,
or enter into any new agreement with respect to its capital stock or other equity 

  
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interests, other than any amendments, modifications or changes described in this Section 7.12(c) or any such new agreements, in each case, which do not materially adversely affect
(i) the Company’s ability to repay the Obligations when due or (ii) in the Company’s reasonable estimation, the ability to comply with the Applicable Covenants and Section 7.18(b). 

Notwithstanding the foregoing, the Company may not take any of the foregoing actions with respect to any subordinated debt if (A) a Default or Event
of Default of the type specified in Section 8.01(a) exists in the payment of principal of or interest on the Committed Loans or Bid Loans or would result therefrom, (B) such action with respect to subordinated debt would violate the
subordination provisions contained therein or (C) such action with respect to subordinated debt would constitute a Restricted Payment that is prohibited under the Governing Senior Note Indenture. 

7.13 Business. The Company will not, and will not permit any of its Subsidiaries to, engage (directly or indirectly) in any
business other than (a) the businesses in which the Company and its Subsidiaries are engaged on the Closing Date including the acquisition, ownership, leasing, operation, and sale of Hotel Properties and other real estate consistent with the
quality of the Company’s and its Subsidiaries’ existing portfolio of Hotel Properties and the acquisition and conduct of Related Businesses, and (b) non-real estate related businesses that the Company and its Subsidiaries may acquire
or in which they may make Investments after the Closing Date to the extent permitted pursuant to Section 7.10(a)(ii) or Section 7.10(b). 
 7.14 Violation of Specified Indenture Covenants. The Company will not, and will not permit any of its Restricted Subsidiaries to, take any action that would result in a violation of
Section 4.11, 4.12 or 4.13 of the Governing Senior Note Indenture. 
 7.15 Maximum Leverage
Ratio. So long as there exists any Outstanding Amounts, the Company will not permit the Leverage Ratio at any time to exceed 7.25:1.00. 
 7.16 Minimum Unsecured Interest Coverage Ratio. So long as there exists any Outstanding Amounts, the Company will not permit the Unsecured Interest Coverage Ratio for any Test Period to be less
than (a) 1.75:1.00, if the Leverage Ratio as of such date is less than 7.00:1.00 and (b) 1.50:1.00, if the Leverage Ratio as of such date is equal to or greater than 7.00:1.00. 

7.17 Minimum Fixed Charge Coverage Ratio. So long as there exists any Outstanding Amounts, the Company will not permit the
Consolidated Fixed Charge Coverage Ratio for any Test Period to be less than 1.25:1.00. 
 7.18 Additional Financial
Covenants and Limitations on Incurrence of Indebtedness. 
 a) Incurrence of Indebtedness. The Company and its
Subsidiaries will not incur any additional Indebtedness in violation of Section 4.7(a) or (b) (after giving effect to any exceptions contained in Section 4.7(d)) of the Governing Senior Note Indenture. 

b) Unencumbered Assets. The Company will maintain at all times Total Unencumbered Assets of not less than 125% of the aggregate
outstanding amount of the 

  
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Unsecured Indebtedness (including amounts of Refinancing Indebtedness outstanding pursuant to Section 4.7(d)(iii) of the Governing Senior Note Indenture) determined on a consolidated
basis (it being understood that the Unsecured Indebtedness of the Restricted Subsidiaries shall be consolidated with that of the Company only to the extent of the Company’s proportionate interest in such Restricted Subsidiaries). This
Section 7.18(b) shall continue to be in effect regardless of the provisions then applicable in the Governing Senior Note Indenture. 
 c) Certain Definitions. For purposes of this Section 7.18 only, all capitalized terms used in this Section 7.18 that are defined in the Governing Senior Note Indenture shall
have the meanings given to them in the Governing Senior Note Indenture, including, without limitation, by making all covenant calculations under this Section 7.18 by taking into account the designation of any Subsidiary as a Restricted
Subsidiary or an Unrestricted Subsidiary under the Governing Senior Note Indenture. 
 ARTICLE VIII. EVENTS OF DEFAULT AND
REMEDIES 
 8.01 Events of Default. Any of the following shall constitute an Event of Default: 

a) Payments. Any Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, and in the
currency required hereunder, any amount of principal of any Loan or any L/C Obligation or (ii) within two Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, any fee due hereunder or any other amount
payable hereunder or under any other Loan Document; or 
 b) Specific Covenants. The Company or any Loan Party fails to
perform or observe any term, covenant or agreement contained in any of Section 6.11(e)(i) or Article VII (it being agreed that the Company and Loan Parties are not required to comply with the Financial Covenants, when there
are no Outstanding Amounts); or 
 c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or
agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after written notice to the Company by the Administrative Agent or the
Required Lenders; or 
 d) Representations and Warranties. Any representation, warranty, certification or statement of
fact made or deemed made by or on behalf of the Company or any other Loan Party herein, in any other Loan Document, or in any certificate delivered in connection herewith or therewith shall prove to be untrue in any material respect on the date when
made or deemed made; or 
 e) Cross-Default. (i) HHRI or any of its Subsidiaries shall default in any payment of all
or any portion of Indebtedness (other than the Obligations) beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created, (ii) any Indebtedness (other than the Obligations) of HHRI or any
of its Subsidiaries shall be declared to be due and payable, or required to be prepaid, as a result of a default or other similar event that would customarily constitute a default prior to the stated maturity thereof or (iii) an Event of
Default under Section 6.1(d) of the Governing Senior Note Indenture shall occur, provided that it shall not be a Default or an Event of Default under clause (i) or (ii) of this Section 8.01(e) unless

  
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the Indebtedness described in such clauses (i) and (ii) at any time constitutes (1) Non-Recourse Indebtedness in an aggregate principal amount in excess of $500,000,000 or
(2) other Indebtedness in aggregate principal amount in excess of $100,000,000 (or the Dollar Equivalent thereof); or 
 f)
Insolvency Proceedings, Etc. HHRI or any of its Subsidiaries shall commence a voluntary case or proceeding concerning itself under any Debtor Relief Law; or an involuntary case or proceeding is commenced against HHRI or any of its
Subsidiaries and the petition is consented to or acquiesced in by HHRI or any of its Subsidiaries, is not controverted within 10 days, or is not dismissed within 60 days, after commencement of the case or proceeding; or a custodian (as defined in
the Bankruptcy Code), monitor or trustee is appointed for, or takes charge of, all or substantially all of the property of HHRI or any of its Subsidiaries; or HHRI or any of its Subsidiaries commences any other proceeding under any bankruptcy,
reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction (including Canadian Insolvency Law) whether now or hereafter in effect relating to HHRI or any of its
Subsidiaries, or there is commenced against HHRI or any of its Subsidiaries any such proceeding which remains undismissed for a period of 60 days, or HHRI or any of its Subsidiaries is adjudicated insolvent or bankrupt; or any order of relief or
other order approving any such case or proceeding is entered and is not vacated or stayed within 60 days; or HHRI or any of its Subsidiaries suffers any appointment of any custodian, receiver, receiver and manager, trustee, monitor or the like for
it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days; or HHRI or any of its Subsidiaries makes a general assignment for the benefit of creditors; or any partnership and/or corporate action is taken
by HHRI or any of its Subsidiaries for the purpose of effecting any of the foregoing (it being understood that the provisions of this Section 8.01(f) shall not apply to any Subsidiary of the Company who is a borrower (i) under
Non-Recourse Indebtedness in aggregate principal amount of less than or equal to $500,000,000 or (ii) under other Indebtedness equal to or less than $100,000,000 (or the Dollar Equivalent thereof) but the provisions of this
Section 8.01(f) shall apply to each Significant Subsidiary; or 
 g) Judgments. One or more judgments or
decrees shall be entered against HHRI or any of its Subsidiaries involving in the aggregate for HHRI and its Subsidiaries a liability (to the extent not paid or not covered by a reputable and solvent insurance company) and such judgments and decrees
either shall be final and non-appealable or shall not be vacated, discharged, unsatisfied or stayed or bonded pending appeal for any period of 60 consecutive days, and the aggregate amount of all such judgments equals or exceeds 0.5% of Adjusted
Total Assets (or the Dollar Equivalent thereof), but excluding judgments associated with Non-Recourse Indebtedness in an aggregate principal amount not in excess of $500,000,000 (or the Dollar Equivalent thereof) unless such judgments are pursuant
to a guaranty of Customary Non-Recourse Exclusions associated with such Non-Recourse Indebtedness); or 
 h) ERISA.
(i) Any Plan shall fail to satisfy the minimum funding standard required for any plan year or part thereof under Section 412 of the Code or Section 302 of ERISA or a waiver of such standard or extension of any amortization period is
sought or granted under Section 412 of the Code or Section 303 or 304 of ERISA, a Reportable Event shall have occurred, a contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan subject to Title IV of ERISA shall
be subject to the advance reporting requirement of PBGC Regulation 

  
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4043.61 (without regard to subparagraph (b)(1) thereof) and an event described in subsection .62, .63, .64., .65, .66, .67 or .68 or PBGC Regulation Section 4043 shall be reasonably expected
to occur with respect to such Plan within the following 30 days, any Plan shall have had or is likely to have a trustee appointed to administer such Plan, any Plan is, shall have been or is likely to be terminated or to be the subject of termination
proceedings under ERISA, any Plan shall have an Unfunded Current Liability, a contribution required to be made by the Company, any Subsidiary of the Company or any ERISA Affiliate to a Plan or a Foreign Pension Plan has not been timely made, the
Company or any of its Subsidiaries or ERISA Affiliates has incurred or is likely to incur a liability to or on account of a Plan under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or
Section 401(a)(29), 4971, 4975 or 4980 of the Code or on account of a group health plan (as defined in Section 607(1) of ERISA or Section 4980B(g)(2) of the Code) under Section 4980B of the Code, or the Company or any of its
Subsidiaries or ERISA Affiliates has incurred or is likely to incur liabilities pursuant to one or more employee welfare benefit plans (as defined in Section 3(1) of ERISA) that provide benefits to retired employees or other former employees
(other than as required by Section 601 of ERISA) or employee pension benefit plans (as defined in Section 3(2) of ERISA) or Foreign Pension Plans; (ii) there shall result from any such event or events the imposition of a lien, the
granting of a security interest, or a liability or a material risk of incurring a liability; and (iii) such lien, security interest or liability, either individually and/or in the aggregate, in the reasonable opinion of the Required Banks, will
have a Material Adverse Effect; or 
 i) Change of Control. There occurs any Change of Control; or 

j) Guaranty. Any Guaranty shall, unless otherwise permitted in this Agreement, cease to be in full force or effect (other than in
accordance with its terms) as to any Guarantor, or any Guarantor or any Person acting by or on behalf of such Guarantor shall deny or disaffirm such Guarantor’s obligations under any Guaranty; or 

k) REIT Status; Cash Proceeds Retained by HHRI. HHRI shall for any reason whether or not within the control of the Company
(i) cease, for any reason, to be a real estate investment trust under Sections 856 through 860 of the Code, (ii) following its receipt of any cash proceeds from any Asset Sale, incurrence of Indebtedness, insurance claim or condemnation
award, sale or issuance of its equity, cash capital contributions or cash dividends received from the Company or a Permitted REIT Subsidiary, fail to (A) apply such cash proceeds to pay a Dividend, to pay its general corporate overhead expenses
and other liabilities or to make an Investment in a Permitted REIT Subsidiary or (B) to the extent not applied pursuant to the immediately preceding clause (A), contribute such cash proceeds as an equity contribution to the capital of the
Company within 15 days thereafter; or (iii) directly or indirectly (other than through the Company or its Subsidiaries) engage in any business activities, have significant assets or liabilities or undertake any activities of the type governed
by Sections 7.01, 7.02, 7.10 and 7.12 except to the extent consistent, in the good faith judgment of the Company, with such activities on the Closing Date; or 

l) General Partner Status. HHRI shall cease at any time to be the sole general partner of the Company. 

  
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 8.02 Remedies Upon Event of Default. If any Event of Default occurs and is
continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, by written notice to the Company, take any or all of the following actions: 

a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be
terminated, whereupon such commitments and obligation shall be terminated; 
 b) declare the unpaid principal amount of all
outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of
which are hereby expressly waived by the Company; 
 c) require that the Company Cash Collateralize the L/C Obligations (in an
amount equal to the then Outstanding Amount thereof); 
 d) exercise on behalf of itself, the Lenders and the L/C Issuer all
rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents; and 
 e) enforce, as Collateral
Agent, all of the Liens and security interests created pursuant to the Security Documents. 
 provided, however, that upon the
occurrence of an actual or deemed entry of an order for relief with respect to the Company under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions
shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Company to Cash Collateralize the L/C
Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 
 8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations
have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.17 and 2.18, be
applied by the Administrative Agent in the following order: 
 First, to payment of that portion of the Obligations
constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than
principal, interest and Letter of Credit Fees) payable to the Lenders and each L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and each L/C Issuer hereunder and amounts payable under Article III),
ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

  
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 Third, to payment of that portion of the Obligations constituting (i) accrued
and unpaid (x) Letter of Credit Fees, (y) fees under Obligations consisting of Treasury Management Obligations and Swap Contract Obligations and (z) interest on the Loans and L/C Borrowings and (ii) scheduled periodic payments
(other than the payment of unpaid principal described in clause Fourth below), and any interest accrued thereon, due under any Swap Contract and other Obligations ratably among the Lenders, the L/C Issuer and counterparties to such Swap Contracts or
Treasury Management Agreements in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, and other
payments in respect Obligations consisting of Swap Contract Obligations or Treasury Management Obligations ratably among the Lenders, the L/C Issuer and counterparties to such Swap Contracts or Treasury Management Agreements in proportion to the
respective amounts described in this clause Fourth held by them; 
 Fifth, to the Administrative Agent for the account of
the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Company pursuant to Sections 2.04 and 2.17; and

 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Company or the
applicable Borrower or as otherwise required by Law. 
 Subject to Sections 2.04(c) and 2.17, amounts used to Cash Collateralize
the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 
 ARTICLE IX. ADMINISTRATIVE AGENT AND COLLATERAL AGENT 
 9.01 Appointment
and Authority. Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent and the Collateral Agent hereunder and under the other Loan Documents and authorizes the
Administrative Agent and the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent and the Collateral Agent by the terms hereof or thereof, together with such actions and powers
as are reasonably incidental thereto. The provisions of this Article (other than Sections 9.06 and 9.10) are solely for the benefit of the Administrative Agent, the Collateral Agent, the Lenders and the L/C Issuer, and no Borrower
shall have rights as a third party beneficiary of any of such provisions. 
 9.02 Rights as a Lender. The Person serving
as the Administrative Agent and/or the Collateral Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent or the Collateral Agent
and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent or the Collateral Agent hereunder in its individual
capacity. Such Person 

  
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and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrowers or
any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent or the Collateral Agent hereunder and without any duty to account therefor to the Lenders. 

9.03 Exculpatory Provisions. The Administrative Agent and the Collateral Agent shall not have any duties or obligations except
those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, neither the Administrative Agent nor the Collateral Agent: 
 a) shall be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing; 

b) shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent or the Collateral Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents), provided that neither the Administrative Agent nor the Collateral Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent or the Collateral Agent to liability or that is contrary to any Loan Document or applicable law; and 
 c)
shall, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, or shall be liable for the failure to disclose, any information relating to any of the Borrowers or any of their respective Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent, the Collateral Agent or any of their respective Affiliates in any capacity. 
 Neither the Administrative Agent nor the Collateral Agent shall be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary, or as the Administrative Agent or the Collateral Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in
the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the
Administrative Agent by the Company, a Lender or the L/C Issuer. 
 The Administrative Agent shall not be responsible for or
have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

  
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 9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to
rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a
Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior
to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for
any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 9.05
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document (in its capacity as Administrative Agent or Collateral Agent) by or through any
one or more sub-agents appointed by the Administrative Agent. The Administrative Agent, the Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and the Collateral Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent and Collateral Agent. 
 9.06 Resignation of Administrative Agent. (a) The Administrative Agent may at any time give 30 days prior written notice of its resignation (as Administrative Agent and/or Collateral Agent) to
the Lenders, the L/C Issuer and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor (and so long as an Event of Default has not occurred and is continuing, with the consent of
the Company (not to be unreasonably withheld or delayed)), which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent (or Collateral Agent, as applicable) gives notice of its resignation, then the retiring Administrative Agent (or Collateral Agent, as
applicable) may on behalf of the Lenders and the L/C Issuer, and so long as an Event of Default has not occurred and is continuing, with the consent of the Company (not to be unreasonably withheld or delayed), appoint a successor Administrative
Agent (or Collateral Agent, as applicable) meeting the qualifications set forth above; provided that if the Administrative Agent (or Collateral Agent, as applicable) shall notify the Company and the Lenders that no qualifying Person has accepted
such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent (or Collateral Agent, as applicable) shall be discharged from its duties and obligations
hereunder and under the other Loan Documents, (2) all payments and communications provided to be made by, to or through 

  
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the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly and (3) all determinations provided to be made by the Administrative Agent (or the Collateral
Agent, as applicable) shall instead be made by the Required Lenders, until such time as the Required Lenders appoint a successor Administrative Agent (or Collateral Agent, as applicable) as provided for above in this Section. Upon the acceptance of
a successor’s appointment as Administrative Agent (or Collateral Agent, as applicable) hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired)
Administrative Agent (or Collateral Agent, as applicable), and the retiring Administrative Agent (or Collateral Agent, as applicable) shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not
already discharged therefrom as provided above in this Section). The fees payable by the Company to a successor Administrative Agent (or Collateral Agent, as applicable) shall be the same as those payable to its predecessor unless otherwise agreed
between the Company and such successor. After the retiring Administrative Agent’s (or Collateral Agent’s, as applicable) resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04
shall continue in effect for the benefit of such retiring Administrative Agent (or Collateral Agent, as applicable), its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the
retiring Administrative Agent (or Collateral Agent, as applicable) was acting as Administrative Agent (or Collateral Agent, as applicable). 
 (b) (i) If at any time Bank of America (x) resigns as Administrative Agent pursuant to Section 9.06(a) or (y) assigns all of its Commitment and Loans pursuant to
Section 10.06(b), Bank of America may, (I) upon 30 days’ notice to the Company and the Lenders, resign as L/C Issuer and/or (II) upon 30 days’ notice to the Company, resign as Swing Line Lender. In the event of any such
resignation by the L/C Issuer or Swing Line Lender, the Company shall be entitled to appoint from among the Lenders a successor L/C Issuer and Swing Line Lender hereunder (which may include any Lender serving as successor Administrative Agent);
provided that the resignation of Bank of America as L/C Issuer or Swing Line Lender, as the case may be, shall not take effect until the appointment and acceptance of such successor L/C Issuer or Swing Line Lender. Upon the acceptance of a
successor L/C Issuer or Swing Line Lender, (x) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender and (y) subject to clause (b)(ii) of
this Section, the retiring L/C Issuer or Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents. 
 (ii) If Bank of America resigns as L/C Issuer, it shall retain all the rights and obligations of the Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of
its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Loans or fund risk participations for unreimbursed amounts of Letters of Credit hereunder. No Letter of Credit issued by
Bank of America shall be required to be canceled, replaced with a Letter of Credit issued by any successor L/C Issuer or otherwise cash collateralized solely on account of Bank of America’s resignation as L/C Issuer, and for all purposes
hereunder, such Letter of Credit shall remain a Letter of Credit issued hereunder. If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made
by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Loans or fund risk participations in outstanding Swing Line Loans hereunder. 

  
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 (c) In addition, the Required Lenders shall have the right, and so long as an Event of
Default has not occurred and is continuing, with the consent of the Company, to remove the Administrative Agent and appoint a successor Administrative Agent, which shall be a bank with an office in the United States, or an Affiliate of any such bank
with an office in the United States, in the event that the Administrative Agent (i) has been grossly negligent or has willfully misconducted itself in performing its functions and duties under this Agreement or any other Loan Document (as
determined by a court of competent jurisdiction in a final and non-appealable decision) or (ii) is a Defaulting Lender. 

9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers or the
Syndication Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Collateral Agent, a
Lender or the L/C Issuer hereunder. 
 9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any
proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 

a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under
Sections 2.04(i) and (j), 2.10 and 10.04) allowed in such judicial proceeding; and 
 b) to collect
and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders
and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent
under Sections 2.10 and 10.04. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent
to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the L/C Issuer to authorize the
Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer in any such proceeding. 
 9.10
Subsidiaries Guaranty and Collateral Matters. The Lenders and the L/C Issuer irrevocably authorize the Administrative Agent and the Collateral Agent, and each of the Administrative Agent and the Collateral Agent hereby agrees, to release
(a) any Subsidiary that is a Guarantor and/or Pledgor from its obligations under the Subsidiaries Guaranty, the Pledge and Security Agreement and the other Security Documents, (b) the Liens on the Collateral owned by such Subsidiary
Guarantor granted thereunder and (c) any Lien on the Capital Stock of any Subsidiary granted under the Pledge and Security Agreement or such other Security Document, (x) if such Person ceases to be a Subsidiary as a result of a transaction
permitted hereunder, including as a result of any sale, transfer or disposition of such Subsidiary permitted by hereunder (so long as the proceeds from such sale, transfer or disposition have been or will be applied in accordance with this
Agreement), and (y) otherwise pursuant to Section 6.14. At the request of the Company, the Collateral Agent shall promptly deliver to the Company any Collateral released pursuant to the foregoing sentence that is in its possession.

 Upon request by the Administrative Agent or the Collateral Agent at any time, the Required Lenders will confirm in writing
the Administrative Agent’s or the Collateral Agent’s authority to release any Subsidiary Guarantor and/or Pledgor from its obligations under the Subsidiaries Guaranty or the Security Documents pursuant to this Section 9.10.

 ARTICLE X. MISCELLANEOUS 
 10.01 Amendments, Etc. Except as otherwise permitted hereunder, including pursuant to Section 2.16, 2.20, 2.21 or 2.22, no amendment or waiver of any provision of
this Agreement or any other Loan Document, and no consent to any departure by the Company or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Company or the applicable Loan Party, as the
case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent
shall: 
 a) waive any condition set forth in Section 4.01(a) without the written consent of each Lender;

  
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 b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 8.02) without the written consent of such Lender; 
 c) postpone any date fixed by this
Agreement or any other Loan Document for any payment (excluding voluntary and mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby; 
 d) reduce the principal of, or the rate of interest specified herein on,
any Loan or L/C Borrowing or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly
affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Company to pay interest or Letter of
Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee
payable hereunder so long as the primary purpose of the amendments thereto was not to reduce the interest or fees payable hereunder; 
 e) change Section 8.03 or Section 2.14(b) in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; 

f) change any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the
number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each affected Lender (except for technical amendments with
respect to additional extensions of credit pursuant to this Agreement which afford the protections to such additional extensions of credit of the type provided to the Commitments on the Closing Date); 

g) release all or substantially all of the value of the Company Guaranty or the Subsidiaries Guaranty without the written consent of each
Lender, except to the extent the release of any Guarantor is permitted pursuant to Section 9.10 or Section 6.14 (in which case such release may be made by the Administrative Agent acting alone); 

h) to the extent such amendment or waiver relates solely to a specific Tranche, modify the rights of the Lenders under such Tranche
without the consent of Tranche Required Lenders; and 
 i) change Section 1.08 without the written consent of each
Lender affected thereby. 
 and, provided further that (i) no amendment, waiver or consent shall, unless in writing and
signed by an L/C Issuer in addition to the Lenders required above, affect the rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment,
waiver or consent shall, unless in writing and signed by a Swing Line Lender in addition to the Lenders required above, affect the rights or duties of such Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall,
unless in writing and signed by the Administrative Agent in addition to the Lenders 

  
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required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (iv) no amendment, waiver or consent shall, unless in writing signed
by the Collateral Agent in addition to the Lenders required above, affect the rights or duties of the Collateral Agent under this Agreement or any other Loan Document; and (v) the Fee Letter may be amended, or rights or privileges thereunder
waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or
consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be
increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other
affected Lenders shall require the consent of such Defaulting Lender. 
 Notwithstanding the foregoing, the Administrative Agent
and the Borrowers (without the consent of any other Lender) may enter into amendments of any Loan Document solely with respect to corrections of formal defects not having any economic impact. 

If, in connection with any proposed change, waiver, discharge or termination with respect to any of the provisions of this Agreement as
contemplated by clauses (b) through (g) of this Section, the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained (each of such other Lenders, a
“Non-Consenting Lender”), then the Company shall have the right to either (A) replace such Non-Consenting Lender pursuant to Section 10.13 or (B) terminate such Non-Consenting Lender’s Commitment and repay
such Non-Consenting Lender’s outstanding Loans; provided that, unless the Commitments are terminated, and Loans repaid, pursuant to the preceding clause (B) are immediately replaced in full at such time through the addition of new
Lenders or the increase of the Commitments and/or outstanding Loans of existing Lenders (who in each case must specifically consent thereto), then in the case of any action pursuant to the preceding clause (B) the Required Lenders (determined
before giving effect to the proposed action) shall specifically consent thereto; provided further that, in any event the Company shall not have the right to replace or terminate a Lender solely as a result of the exercise of such
Lender’s rights in its capacity as L/C Issuer, Swing Line Lender, Collateral Agent or Administrative Agent, as applicable (and the withholding of any required consent by such Lender) pursuant to clauses (i), (ii), (iii) and (iv) of
the proviso in the second preceding paragraph above (it being understood that nothing in this proviso shall restrict the right of the Company to replace a Lender that is a Non-Consenting Lender pursuant to Section 10.13 or terminate such
Lender pursuant to the preceding clause (B), as a result of such Lender’s failure to provide consent its capacity as a Lender). 
 10.02 Notices; Effectiveness; Electronic Communication. 
 a) Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing
(including electronic format such as electronic mail or telecopier) and shall be delivered by hand or overnight courier 

  
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service, mailed by certified or registered mail or sent by telecopier or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by
telephone shall be made to the applicable telephone number, as follows: 
 (i) if to a Borrower, the
Administrative Agent, Collateral Agent, the L/C Issuer or the Swing Line Lender, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 

(ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in
its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public
information relating to the Borrowers). 
 Notices and other communications sent by hand or overnight courier service, or mailed by certified or
registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications shall be effective as provided in such subsection (b). 

b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or
furnished by electronic communication (including electronic mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C
Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. 

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such
notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or
communication is available and identifying the website address therefor. 
 c) The Platform. THE PLATFORM IS PROVIDED
“AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS
FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY 

  
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OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE
BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, any Lender, the L/C Issuer or any other Person for
losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent
that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party;
provided, however, that in no event shall any Agent Party have any liability to any Borrower, any Lender, the L/C Issuer or any other Person for punitive damages. 

d) Change of Address, Etc. Each of the Borrowers, the Administrative Agent, the Collateral Agent, the L/C Issuer and the Swing
Line Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other
communications hereunder by notice to the Company, the Administrative Agent, the Collateral Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the
Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such
Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of
the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to access Borrower Materials that
are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to any Borrower or its securities for purposes of United States Federal or state
securities laws. 
 e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the Collateral
Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) they believe were given by or on behalf of any Borrower even if (i) such notices
were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Subject
to the limitations set forth in Section 10.04(b), the Company shall indemnify the Administrative Agent, the Collateral Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and
liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of any Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such recording. 

  
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 10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C
Issuer, the Administrative Agent or the Collateral Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law. 
 Notwithstanding anything to the contrary contained herein or
in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with
such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall
not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer
or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) the Collateral Agent
from exercising the rights and remedies that inure to its benefit (solely in its capacity as Collateral Agent) hereunder and under the other Loan Documents, (d) any Lender from exercising setoff rights in accordance with
Section 10.08 (subject to the terms of Section 2.14), or (e) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under
any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise
ascribed to the Administrative Agent (or Collateral Agent, as applicable) pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c), (d) and (e) of the preceding proviso and subject to
Section 2.14, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 
 10.04 Expenses; Indemnity; Damage Waiver. 
 a) Costs and Expenses.
The Company shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, including
Willkie Farr & Gallagher LLP and Canadian counsel), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan
Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) to the extent not already paid pursuant to
Section 2.04, all reasonable and documented out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all
reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Lender (following an Event of Default) or the L/C Issuer (including the reasonable and documented out-of-pocket fees, charges and disbursements of any counsel
for the Administrative Agent, any Lender or the L/C Issuer), in 

  
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connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in
connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit; and (iv) pay and hold each
of the Lenders harmless from and against any and all present and future stamp, excise and other similar taxes with respect to the foregoing matters and save each of the Lenders harmless from and against any and all liabilities with respect to or
resulting from any delay in paying or omission (other than to the extent attributable to such Lender) to pay such taxes. It is understood that the provisions of this clause do not include the normal administrative charges of the Administrative
Agent in administering the Loans (which amounts are included in a separate letter with the Administrative Agent). Notwithstanding the foregoing, the obligation to reimburse the Lenders and the L/C Issuer for fees, charges and disbursements of
counsel in connection with the matters described in clause (iii) above shall be limited to (x) one law firm for the Administrative Agent, (y) one other law firm retained by the Required Lenders or an ad hoc group of Lenders and
(z) in the event of a conflict of interest, one additional law firm for another Lender or group of Lenders, together with (in the case of (x), (y) and (z), as applicable) one additional counsel in each applicable jurisdiction. 

b) Indemnification by the Company. The Company shall indemnify the Administrative Agent, the Collateral Agent, any sub-agent of
the Administrative Agent or the Collateral Agent, each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable and documented out-of-pocket fees, charges and disbursements of any counsel or consultants for any Indemnitee), incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by any Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative
Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or
the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not substantially comply with the terms of
such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Borrower or any of its Subsidiaries, or any Environmental Claim related in any way to any Borrower
or any of its Subsidiaries, or (iv) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Company or any other Loan
Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE, but excluding any losses,
liabilities, claims, damages or expenses (x) to the extent incurred by reason of the Indemnitee’s gross negligence or willful misconduct as determined by a final, nonappealable judgment by a court of competent jurisdiction or (y) that

  
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constitute amounts in respect of Excluded Taxes. To the extent that the undertaking to indemnify, pay or hold harmless the Administrative Agent, any Lender or the L/C Issuer set forth in the
preceding sentence may be unenforceable because it is violative of any law or public policy, the Company shall make the maximum contribution to the payment and satisfaction of each of the indemnified liabilities which is permissible under applicable
law. Notwithstanding the foregoing, Company shall not be liable for the fees and expenses of more than one separate firm for all Indemnitees in each relevant jurisdiction (unless there shall exist an actual conflict of interest among the
Indemnitees, in which case, one or more additional firms shall be permitted to the extent necessary to eliminate such conflict). The Company shall be entitled to assume the defense of any matter for which indemnification may be sought under
hereunder with counsel reasonably satisfactory to the Indemnitees seeking indemnification hereunder. Upon assumption by the Company of the defense of any such matter, such Indemnitees shall have the right to participate in such matter and to retain
their own counsel but the Company shall not be liable for any legal expenses of other counsel subsequently incurred by such Indemnitees in connection with the defense thereof unless such Indemnitees shall have been advised by counsel that there are
actual or potential conflicting interests between the Company and the Indemnitees. The Company shall not be liable for any settlement of any such proceeding effected without the Company’s written consent (which consent shall not be unreasonably
withheld, conditioned or delayed), but if settled with such consent or if there shall be a final judgment for the plaintiff, the Company shall indemnify the Indemnitees from and against any loss or liability by reason of such settlement or judgment
subject to the Company’s rights in this paragraph to claim exemption from its indemnity obligations. The Company shall not, without the prior written consent of any Indemnitee (which consent shall not be unreasonably withheld, conditioned or
delayed), effect any settlement of any pending or threatened proceeding in respect of which such Indemnitee is or could have been a party and indemnity could have been sought hereunder by such Indemnitee, unless such settlement (i) includes an
unconditional release of such Indemnitee from all liability or claims that are the subject matter of such proceeding and (ii) does not include a statement as to or an admission of fault, culpability, or a failure to act by or on behalf of any
Indemnitee. In the case of an investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Company, its
equity holders or creditors or an Indemnitee, whether or not an Indemnitee is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. The Company also agrees that no Indemnitee shall have any liability
(whether in contract or tort or otherwise) to the Company or its subsidiaries or affiliates or to the Company’s or their respective equity holders or creditors arising out of, related to or in connection with any aspect of this Agreement, the
other Loan Documents or the transactions contemplated hereby or thereby, except to the extent of damages determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Indemnitee’s gross negligence
or willful misconduct, and no Indemnitee shall be liable under any circumstances for any punitive damages. Notwithstanding any other provision of this Agreement, no Indemnitee shall be liable for any damages arising from the use by others of
information or other materials obtained through electronic telecommunications or other information transmission systems, other than for damages (but not punitive damages) resulting from the gross negligence or willful misconduct of such Indemnitee
as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

  
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 c) Reimbursement by Lenders. To the extent that the Company for any reason fails to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent, the Collateral Agent, any sub-agent of the Administrative Agent or the Collateral Agent, the L/C Issuer or any
Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent, any such sub-agent, the L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case
may be, was incurred by or asserted against the Administrative Agent, the Collateral Agent, any such sub-agent or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent,
Collateral Agent or any such sub-agent or the L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.13(d). To the extent that the
Administrative Agent or the Collateral Agent shall perform any of its duties or obligations hereunder through an Affiliate or sub-agent, then all references to the “Administrative Agent” or the “Collateral Agent” in this
Section 10.04 shall be deemed to include any such Affiliate or sub-agent, as applicable. 
 d) Payments. All
amounts due under this Section shall be payable not later than ten Business Days after demand therefor. 
 e) Survival.
The agreements in this Section shall survive the resignation of the Administrative Agent, the Collateral Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the
repayment, satisfaction or discharge of all the other Obligations. 
 10.05 Payments Set Aside. To the extent that any
payment by or on behalf of any Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or
any part thereof which has been distributed to or shared with the Lenders as required hereby is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the
Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery,
the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally
agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is
made at a rate per annum equal to the Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive
the payment in full of the Obligations and the termination of this Agreement. 

  
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 10.06 Successors and Assigns. 

a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, each
Lender and the L/C Issuer and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of
participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment, or grant of a security interest, subject to the restrictions of subsection (f) of this Section (and any other
attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement. 
 b) Assignments by Lenders. Any Lender may at
any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C
Obligations and in Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 
 (A) in the case of an assignment of the
entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for
this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the
Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an
Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such
minimum amount has been met. 
 (ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations 

  
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under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to rights in respect of Bid Loans or the Swing Line Lender’s
rights and obligations in respect of Swing Line Loans; 
 (iii) Required Consents. No consent shall be
required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment
or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; 
 (B) the consent of
the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; 

(C) the consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and 
 (D) the consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment. 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case
of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 (v) No Assignment to Certain Persons. No such assignment shall be made (A) to the Company or any of the Company’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of
its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B) or (C) to a natural person. 

(vi) Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting
Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate
amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Company and the
Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in

  
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full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any
Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until
such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this
Section, from and after the Closing Date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement and shall for the purposes of the Loan Documents be a Lender, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
(x) entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment, and (y) otherwise subject to the obligations
set forth in Section 10.07. Upon request and following the return of any related Note issued to the assigning Lender, or in the case of any loss, theft or destruction of any such Note, a lost note affidavit from the assigning Lender in
customary form, each Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. Upon request by the Company, the Administrative Agent shall promptly notify the Company
of any transfer by a Lender of its rights or obligations under this Agreement not subject to the Company’s consent in the form of a list of current Lenders, although the failure to give any such information shall not affect any assignments or
result in any liability by the Administrative Agent. 
 To the extent that an assignment of all or any portions of a Lender’s Commitments
and related outstanding Obligations would, at the time of such assignment, result in increased costs or Taxes under Section 3.01, 3.04 or 3.05 from those being charged by the respective assigning Lender prior to such
assignment, then a Borrower shall not be obligated to pay or reimburse such increased costs (although the Company shall be obligated to pay any other increased costs of the type described above resulting from changes after the date of the respective
assignment). 
 c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrowers (and
such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and
the Borrowers, the Administrative Agent and the Lenders may treat 

  
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each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the
Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrowers and any Lender, at any
reasonable time and from time to time upon reasonable prior notice. 
 d) Participations. Any Lender may at any time,
without the consent of, or notice to, any Borrower or the Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender or the Company or any of the Company’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations
and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) the Borrowers, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register
(including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such
disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall
be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the
contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, waiver or other modification described in clauses (b), (c) and (d) of the first proviso to Section 10.01 that affects such Participant. 

e) Limitations upon Participant Rights. In the case of any such participation pursuant to Section 10.06(d), a
Participant shall not have any rights under this Agreement or any of the other Loan Documents (such Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in
favor of the participant relating thereto) and all amounts payable by the Company hereunder shall be determined as if such Lender had not sold such participation. 

  
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 f) Certain Pledges. Any Lender may at any time pledge or assign, or grant of a
security interest in, all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment, or grant of security interest, to secure obligations to a
Federal Reserve Bank; provided that no such pledge or assignment or grant of a security interest shall release such Lender from any of its obligations hereunder or substitute any such pledgee, assignee or grantee for such Lender as a party
hereto and the exercise of remedies, including any foreclosure, by such pledgee, assignee or grantee shall be subject to the requirements of Section 10.06(b). 
 10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Collateral Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of, and not
disclose, all information provided to all or any one of them by or on behalf of the Company and its Subsidiaries in connection with this Agreement and the other Loan Documents, except such information may be disclosed (a) to its Affiliates and
to its and its Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors (legal or otherwise) and representatives who need to know such information in connection with the Credit Agreement and are informed of
the confidential nature of such information (it being understood that the Persons to whom such disclosure is made will either be subject to customary confidentiality obligations of employment or professional practice or agree to be bound by the
terms of this Section 10.07 (or language substantially similar to this Section) (with the Administrative Agent, the Collateral Agent, the applicable Lender or the L/C Issuer, as applicable, responsible for such person’s compliance
with this Section 10.07)), (b) to the extent requested (orally or in writing) by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of
Insurance Commissioners) or to the extent required by applicable laws or regulations or by any subpoena or similar legal process (in which case the Administrative Agent, the Collateral Agent, the applicable Lender or the L/C Issuer, as applicable,
agrees to the extent permitted by law, rule or regulation and reasonably practicable, to inform the Company in advance thereof), (c) to any other party hereto pursuant to the terms of this Agreement, (d) subject to such Person entering
into an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any
Eligible Assignee invited to be a Lender pursuant to Section 2.16(c), (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Company and its obligations or (iii) any
pledgee or assignee or prospective assignee or pledgee of a Lender pursuant to Section 10.06(f), (e) with the consent of the Company, (f) to the extent such information becomes publicly available other than as a result of a
breach of this Section or (g) to ratings agencies. Each of the Administrative Agent, the Collateral Agent, the Lenders and the L/C Issuer acknowledge and agree that, in the event of any breach of this Section by them, any of their respective
Affiliates or their or their respective Affiliates’ partners, directors, officers, employees, agents, trustees, advisors (legal or otherwise) and representatives, the Company and its subsidiaries and affiliates could be irreparably and
immediately harmed and might not be made whole by monetary damages. Accordingly, it is agreed that, in addition to any other remedy to which it may be entitled at law or in equity, the Company shall be entitled to seek an injunction or injunctions
to prevent any breach or threatened breach of this Section or to compel specific performance of the agreements contained in this Section. Notwithstanding anything to the contrary contained herein, the Administrative Agent, the Collateral Agent, the
Lenders and the L/C Issuer and their respective affiliates may 

  
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disclose any information provided hereunder to any governmental agency, regulatory authority or self-regulatory authority (including, without limitation, bank and securities examiners) having or
claiming to have authority to regulate or oversee any aspect of the respective businesses of the Administrative Agent, the Collateral Agent, such Lender, the L/C Issuer or those of their respective affiliates in connection with the exercise of such
authority or claimed authority, in which case the Administrative Agent, the Collateral Agent, such Lender or the L/C Issuer agrees, to the extent permitted by law, rule and regulation and reasonably practicable, to inform the Company promptly in
advance thereof. The provisions of the immediately preceding sentence and clause (b) of this Section relating to the obligation of the Administrative Agent, the Collateral Agent, the Lenders and the L/C Issuer to provide advance notice to the
Company of any disclosures permitted pursuant to this Section shall automatically terminate and be of no further force and effect on and after the date that is two years after the termination of this Agreement. 

Without limiting the foregoing, each of the Administrative Agent, the Collateral Agent, the Lenders and the L/C Issuer acknowledges that
(a) the information may include material non-public information concerning the Company or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it
will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 
 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from
time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency)
at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of any Borrower against any and all of the obligations of such Borrower now or hereafter existing under this Agreement or any other Loan
Document to such Lender or the L/C Issuer, irrespective of whether or not such Lender or the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Borrower may be contingent or
unmatured or are owed to a branch or office of such Lender or the L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such
right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.18 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) such Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable
detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agree to notify the Company and the Administrative Agent promptly after any such setoff and application,
provided that the failure to give such notice shall not affect the validity of such setoff and application. 

  
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 10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in
any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any
Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Company. In determining whether the interest
contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium
rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder. 
 10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, and the other Loan Documents constitute the entire contract
among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof. Except as provided in Section 4.01,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties
hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 

10.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document
or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative
Agent, the Collateral Agent and each Lender, regardless of any investigation made by the Administrative Agent, the Collateral Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent, the Collateral Agent or any
Lender may have had notice or knowledge of any Default or Event of Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or
any Letter of Credit shall remain outstanding. 
 10.12 Severability. If any provision of this Agreement or the other
Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the
parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that
the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, then such
provisions shall be deemed to be in effect only to the extent not so limited. 

  
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 10.13 Replacement of Lenders. If (a) any Lender requests compensation under
Section 3.04, (b) any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, (c) any Lender delivers a notice pursuant
to Section 3.02, (d) any Lender is a Defaulting Lender, Non-Accepting Lender or a Non-Consenting Lender or (e) any other circumstance exists hereunder that gives the Company the right to replace a Lender as a party hereto, then
the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment), provided that: 
 a) the Company shall have paid (or caused a Designated Borrower to pay) to the
Administrative Agent the assignment fee specified in Section 10.06(b)(iv); 
 b) such Lender shall have received
payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Sections 3.01, 3.04 and 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company or applicable Designated Borrower (in the case of all other amounts); 

c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be
made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 
 d) such assignment does not conflict with applicable Laws. 
 A Lender shall not be required to
make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 

10.14 Governing Law; Jurisdiction; Etc. 
 a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 b) SUBMISSION TO JURISDICTION. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN
NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR
RECOGNITION 

  
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OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN
SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 c) WAIVER OF VENUE. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE
OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 d)
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY APPLICABLE LAW. 
 10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. 
 10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or 

  
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other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging
and other services regarding this Agreement provided by the Administrative Agent, the Collateral Agent and the Arrangers are arm’s-length commercial transactions between such Borrower and its Affiliates, on the one hand, and the Administrative
Agent, the Collateral Agent and the Arrangers, on the other hand, (B) such Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) such Borrower is capable of
evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Collateral Agent and the Arrangers each is and has
been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for such Borrower, any other Loan Party or any of its Affiliates, or
any other Person and (B) neither the Administrative Agent, the Collateral Agent nor any of the Arrangers has any obligation to such Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations
expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Collateral Agent and the Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of such Borrower and its Affiliates, and neither the Administrative Agent, the Collateral Agent nor any Arranger has any obligation to disclose any of such interests to such Borrower or its Affiliates. To the fullest extent
permitted by law, each of the Borrowers hereby waives and releases any claims that it may have against the Administrative Agent, the Collateral Agent and the Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby. 
 10.17 Electronic Execution of Assignments and Certain
Other Documents. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be
deemed to include electronic signatures or 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 or the use of a paper-based recordkeeping system, as
the case may be, to the 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 Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act. 
 10.18 USA PATRIOT Act. Each Lender that is subject to the Act (as
hereinafter defined), and the Administrative Agent (for itself and not on behalf of any Lender), hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of each Borrower and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify such Borrower in accordance with the Act. Each Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the
Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

  
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 10.19 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE
FINAL AGREEMENT AMONG THE PARTIES AS TO THE SUBJECT MATTER SET FORTH HEREIN AND THEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES AS TO SUCH SUBJECT MATTER. 
 10.20 Judgment Currency. If, for the purposes of obtaining judgment in any court,
it is necessary to convert a sum due hereunder or under any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could
purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it to the Administrative Agent, the Collateral Agent, any
Lender or the L/C Issuer hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable
provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent, the Collateral Agent, such Lender or the L/C Issuer, as the case may
be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent, the Collateral Agent, such Lender or the L/C Issuer, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with
the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent, the Collateral Agent, any Lender or the L/C Issuer from any Borrower in the Agreement Currency, such
Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent, the Collateral Agent, such Lender or the L/C Issuer, as the case may be, against such loss. If the amount of the Agreement
Currency so purchased is greater than the sum originally due to the Administrative Agent, the Collateral Agent, any Lender or the L/C Issuer in such currency, the Administrative Agent, the Collateral Agent, such Lender or the L/C Issuer, as the case
may be, agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable law). The agreement in this Section 10.20 shall survive the termination of the Aggregate Commitments
and the repayment, satisfaction or discharge of all other Obligations. 

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

			
	HOST HOTELS & RESORTS, L.P.,
	By:	 	Host Hotels & Resorts, Inc., its General Partner
		
	By:	 	 /s/ Larry K. Harvey

	Name: Larry K. Harvey
	Title: Executive Vice President and Chief Financial Officer
	
	CALGARY CHARLOTTE PARTNERSHIP
	
	By: HMC Charlotte (Calgary) Company and HMC Grace (Calgary) Company, its General Partners
	
	HMC TORONTO AIR COMPANY
	
	HMC TORONTO EC COMPANY
	
	HMC AP CANADA COMPANY
		
	By:	 	 /s/ Larry K. Harvey

	Name: Larry K. Harvey
	Title: President

  
 S-1

 
			
	BANK OF AMERICA, N.A., as Administrative Agent and as Collateral Agent
		
	By:	 	 /s/ Lesa J. Butler

	
	Name: Lesa J. Butler
	
	Title: Senior Vice President

  
 S-2

 
			
	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
		
	By:	 	 /s/ Lesa J. Butler

	
	Name: Lesa J. Butler
	
	Title: Senior Vice President

  
 S-3

 
			
	BANK OF AMERICA, N.A., CANADA BRANCH, as Canadian Dollar Swing Line Lender and Alternative Currency Swing Line Lender
		
	By:	 	 /s/ Medina Sales de
Andrade

 
			
		
	Name:	 	 Medina Sales de Andrade

			
		
	Title:	 	 Vice President

  
 S-4

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ Bill O’Daly

			
		
	Name:	 	 Bill O’Daly

			
		
	Title:	 	 Director

			
		
	By:	 	 /s/ Sanja Gazahi

			
		
	Name:	 	 Sanja Gazahi

			
		
	Title:	 	 Associate

  
 S-5

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender and L/C Issuer
		
	By:	 	 /s/ Brendan M Poe

			
		
	Name:	 	 Brendan M Poe

			
		
	Title:	 	 Vice President

  
 S-6

 
			
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	 /s/ Michael King

			
		
	Name:	 	 Michael King

			
		
	Title:	 	 Authorized Signatory

  
 S-7

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and L/C Issuer
		
	By:	 	 /s/ Mark F. Monahan

			
		
	Name:	 	 Mark F. Monahan

			
		
	Title:	 	 Senior Vice President

  
 S-8

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ J.T. Johnston Coe

			
		
	Name:	 	 J.T. Johnston Coe

			
		
	Title:	 	 Managing Director

			
		
	By:	 	 /s/ Perry Forman

			
		
	Name:	 	 Perry Forman

			
		
	Title:	 	 Director

  
 S-9

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ Mark Walton

			
		
	Name:	 	 Mark Walton

			
		
	Title:	 	 Authorized Signatory

  
 S-10

 
			
	REGIONS BANK, as a Lender
		
	By:	 	 /s/ Lee Surtees

			
		
	Name:	 	 Lee Surtees

			
		
	Title:	 	 Vice President

  
 S-11

 
			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	 /s/ Ajit Goswami

			
		
	Name:	 	 Ajit Goswami

			
		
	Title:	 	 Director

  
 S-12

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ J.E. Spedden, Jr.

			
		
	Name:	 	 J.E. Spedden, Jr.

			
		
	Title:	 	 S.V.P.

  
 S-13

 
			
	THE BANK OF NEW YORK MELLON, as a Lender
		
	By:	 	 /s/ Carol Murray

			
		
	Name:	 	 Carol Murray

			
		
	Title:	 	 Managing Director

  
 S-14

 
			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
		
	By:	 	 /s/ Joseph A. Asciolla

			
		
	Name:	 	 Joseph A. Asciolla

			
		
	Title:	 	 Managing Director

			
		
	By:	 	 /s/ David Bowers

			
		
	Name:	 	 David Bowers

			
		
	Title:	 	 Managing Director

  
 S-15

 
			
	COMPASS BANK, as a Lender
		
	By:	 	 /s/ Don Byerly

			
		
	Name:	 	 Don Byerly

			
		
	Title:	 	 Senior Vice President

  
 S-16

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Dan LePage

			
		
	Name:	 	 Dan LePage

			
		
	Title:	 	 Authorized Signatory

  
 S-17

 SCHEDULE 1.01 

MANDATORY COST FORMULAE 
  

	1.	The Mandatory Cost (to the extent applicable) is an addition to the interest rate to compensate Lenders for the cost of compliance with: 

 

	 	(a)	the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions); or

  

	 	(b)	the requirements of the European Central Bank. 

  

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Administrative Agent shall calculate, as a percentage rate, a rate (the
“Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Administrative Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted
in proportion to the percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. The Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or such
Lender as the case may be, a statement setting forth the calculation of any Mandatory Cost. 

  

	3.	The Additional Cost Rate for any Lender lending from a Lending Office in a Participating Member State will be the percentage notified by that Lender to the
Administrative Agent. This percentage will be certified by such Lender in its notice to the Administrative Agent to be its reasonable determination of the cost (expressed as a percentage of such Lender’s participation in all Loans made from
such Lending Office) of complying with the minimum reserve requirements of the European Central Bank in respect of Loans made from that Lending Office. 

  

	4.	The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom will be calculated by the Administrative Agent as follows:

  

	 	(a)	in relation to any Loan in Sterling: 

  

							
		 	 AB+C(B-D)+E x 0.01
	 	per cent per annum	  	
		 	100 - (A+C)	 	  

  

	 	(b)	in relation to any Loan in any currency other than Sterling: 

  

							
		 	 E x 0.01
	 	per cent per annum	  	
		 	300	 	  

 Where: 
  

	 	“A”	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an
interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements. 

	 	“B”	is the percentage rate of interest (excluding the Applicable Rate, the Mandatory Cost and any interest charged on overdue amounts pursuant to the first sentence of
Section 2.08(b) and, in the case of interest (other than on overdue amounts) charged at the Default Rate, without counting any increase in interest rate effected by the charging of the Default Rate) payable for the relevant Interest
Period of such Loan. 

  

	 	“C”	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of
England. 

  

	 	“D”	is the percentage rate per annum payable by the Bank of England to the Administrative Agent on interest bearing Special Deposits. 

 

	 	“E”	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Administrative Agent as being the average of the most recent rates
of charge supplied by the Lenders to the Administrative Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	 	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of
England Act 1998 or (as may be appropriate) by the Bank of England; 

  

	 	(b)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to
time in respect of the payment of fees for the acceptance of deposits; 

  

	 	(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero
rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate); and 

  

	 	(d)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

 

	6.	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5% will be included in the formula as 5 and not as
0.05). A negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7.	 If requested by the Administrative Agent or the Company, each Lender with a Lending Office in the United Kingdom or a Participating Member State shall,
as soon as practicable after publication by the Financial Services Authority, supply to the 

	 	
Administrative Agent and the Company, the rate of charge payable by such Lender to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the
Financial Services Authority (calculated for this purpose by such Lender as being the average of the Fee Tariffs applicable to such Lender for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of such Lender.

  

	8.	Each Lender shall supply any information required by the Administrative Agent for the purpose of calculating its Additional Cost Rate. In particular, but without
limitation, each Lender shall supply the following information in writing on or prior to the date on which it becomes a Lender: 

  

	 	(a)	the jurisdiction of the Lending Office out of which it is making available its participation in the relevant Loan; and 

 

	 	(b)	any other information that the Administrative Agent may reasonably require for such purpose. 

 Each Lender shall promptly notify the Administrative Agent in writing of any change to the information provided by it pursuant to this paragraph. 

 

	9.	The percentages of each Lender for the purpose of A and C above and the rates of charge of each Lender for the purpose of E above shall be determined by the
Administrative Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Administrative Agent to the contrary, each Lender’s obligations in
relation to cash ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a lending office in the same jurisdiction as its Lending Office. 

 

	10.	The Administrative Agent shall have no liability to any Person if such determination results in an Additional Cost Rate which over- or under-compensates any Lender and
shall be entitled to assume that the information provided by any Lender pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

 

	11.	The Administrative Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for
each Lender based on the information provided by each Lender pursuant to paragraphs 3, 7 and 8 above. 

  

	12.	Any determination by the Administrative Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a
Lender shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

 The
Administrative Agent may from time to time, after consultation with the Company and the Lenders, determine and notify to all parties any amendments which are required to be made to this Schedule in order to comply with any change in law, regulation
or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall,
in the absence of manifest error, be conclusive and binding on all parties hereto. 

 SCHEDULE 1.01A 

EXISTING ROLL FORWARD AMOUNTS 
  

							
	As of December 31, 2010	  
			
	 	  	 	  	(in thousands)	 
	 Section 7.10(a) Acquisitions; Investments
	  			
	 (ii)
	  	 Net Acquisitions of non-real estate assets
	  	$	1,032,077	  
	 (iii)
	  	 Net Investments in (Distributions from) a Subsidiary that is not a Guarantor
	  	$	1,081,839	  
	 (iv)
	  	 Net Investments in (Distributions from) a Non-Subsidiary
	  	$	1,863,671	  
		
	 Section 7.11(a) Dividends
	  			
	 (vi)
	  	 Cash Dividends to HHRI to repurchase its capital stock and OP Units
	  	$	932,077	  

 SCHEDULE 2.01 

COMMITMENTS 

AND APPLICABLE PERCENTAGES 
  

									
	U.S. DOLLAR COMMITMENTS AND APPLICABLE PERCENTAGES	  
			
	 Lender
	  	U.S. Dollar Commitment	 	  	Applicable U.S. Dollar
Percentage	 
			
	 Bank of America, N.A.
	  	$	 50,000,000	  	  	 	10.00	% 
			
	 JPMorgan Chase Bank, N.A.
	  	$	 50,000,000	  	  	 	10.00	% 
			
	 Wells Fargo Bank, National Association
	  	$	 50,000,000	  	  	 	10.00	% 
			
	 Deutsche Bank AG New York Branch
	  	$	 50,000,000	  	  	 	10.00	% 
			
	 The Bank of Nova Scotia
	  	$	 37,500,000	  	  	 	7.50	% 
			
	 The Bank of New York Mellon
	  	$	 37,500,000	  	  	 	7.50	% 
			
	 Goldman Sachs Bank USA
	  	$	 37,500,000	  	  	 	7.50	% 
			
	 Compass Bank
	  	$	 27,500,000	  	  	 	5.50	% 
			
	 Credit Agricole Corporate and Investment Bank
	  	$	 27,500,000	  	  	 	5.50	% 
			
	 Credit Suisse AG, Cayman Islands Branch
	  	$	 27,500,000	  	  	 	5.50	% 
			
	 Royal Bank of Canada
	  	$	 27,500,000	  	  	 	5.50	% 
			
	 Morgan Stanley Bank, N.A.
	  	$	 27,500,000	  	  	 	5.50	% 
			
	 PNC Bank, National Association
	  	$	 25,000,000	  	  	 	5.00	% 
			
	 Regions Bank
	  	$	 25,000,000	  	  	 	5.00	% 
		  	  
	  
	 	  	  
	  
	 
			
	 Total
	  	$	500,000,000	  	  	 	100.000000	% 
		  	  
	  
	 	  	  
	  
	 

									
	ALTERNATIVE CURRENCY COMMITMENTS AND APPLICABLE PERCENTAGES	  
			
	 Lender
	  	Alternative Currency
Commitment	 	  	Applicable Alternative
Currency Percentage	 
			
	 Bank of America, N.A.
	  	$	 41,735,537	  	  	 	9.274563777777780	% 
			
	 JPMorgan Chase Bank, N.A.
	  	$	 41,735,537	  	  	 	9.274563777777780	% 
			
	 Wells Fargo Bank, National Association
	  	$	 41,735,537	  	  	 	9.274563777777780	% 
			
	 Deutsche Bank AG New York Branch
	  	$	 41,735,537	  	  	 	9.274563777777780	% 
			
	 The Bank of Nova Scotia
	  	$	 31,301,653	  	  	 	6.955922888888890	% 
			
	 The Bank of New York Mellon
	  	$	 31,301,653	  	  	 	6.955922888888890	% 
			
	 Goldman Sachs Bank USA
	  	$	 37,500,000	  	  	 	8.333333333333330	% 
			
	 Compass Bank
	  	$	 27,500,000	  	  	 	6.111111111111110	% 
			
	 Credit Agricole Corporate and Investment Bank
	  	$	 22,954,546	  	  	 	5.101010222222220	% 
			
	 Credit Suisse AG, Cayman Islands Branch
	  	$	 27,500,000	  	  	 	6.111111111111110	% 
			
	 Royal Bank of Canada
	  	$	 27,500,000	  	  	 	6.111111111111110	% 
			
	 Morgan Stanley Bank, N.A.
	  	$	 27,500,000	  	  	 	6.111111111111110	% 
			
	 PNC Bank, National Association
	  	$	 25,000,000	  	  	 	5.555555555555560	% 
			
	 Regions Bank
	  	$	 25,000,000	  	  	 	5.555555555555560	% 
		  	  
	  
	 	  	  
	  
	 
			
	 Total
	  	$	450,000,000	  	  	 	100.000000000	% 
		  	  
	  
	 	  	  
	  
	 

									
	NEW ZEALAND DOLLAR COMMITMENTS AND APPLICABLE PERCENTAGES	  
			
	 Lender
	  	New Zealand Dollar
Commitment	 	  	Applicable New Zealand
Dollar Percentage	 
			
	 Bank of America, N.A.
	  	$	 8,264,463	  	  	 	16.5289260	% 
			
	 JPMorgan Chase Bank, N.A.
	  	$	 8,264,463	  	  	 	16.5289260	% 
			
	 Wells Fargo Bank, National Association
	  	$	 8,264,463	  	  	 	16.5289260	% 
			
	 Deutsche Bank AG New York Branch
	  	$	 8,264,463	  	  	 	16.5289260	% 
			
	 The Bank of Nova Scotia
	  	$	 6,198,347	  	  	 	12.3966940	% 
			
	 The Bank of New York Mellon
	  	$	 6,198,347	  	  	 	12.3966940	% 
			
	 Credit Agricole Corporate and Investment Bank
	  	$	 4,545,454	  	  	 	9.0909080	% 
		  	  
	  
	 	  	  
	  
	 
			
	 Total
	  	$	50,000,000	  	  	 	100.000000000	% 
		  	  
	  
	 	  	  
	  
	 

									
	[SUPPLEMENTAL
TRANCHE]1 COMMITMENTS AND APPLICABLE
PERCENTAGES	  
			
	 Lender
	  	[Supplemental
Tranche] Commitment	 	  	Applicable [Supplemental
Tranche] Percentage	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	    	  	  	 	100.000000000	% 
		  	  
	  
	 	  	  
	  
	 

  

	1 	 Insert the particular currency. 

 SCHEDULE 2.20 

APPROVED REALLOCATION LENDERS 
  

					
	 Lender
	  	Approved Amount Available for
Reallocation to the Alternative 
Currency
Tranche	 
		
	 Bank of America, N.A.
	  	$	 8,264,463	  
		
	 JPMorgan Chase Bank, N.A.
	  	$	 8,264,463	  
		
	 Wells Fargo Bank, National Association
	  	$	 8,264,463	  
		
	 Deutsche Bank AG New York Branch
	  	$	 8,264,463	  
		
	 The Bank of Nova Scotia
	  	$	 6,198,347	  
		
	 The Bank of New York Mellon
	  	$	 6,198,347	  
		
	 Credit Agricole Corporate and Investment Bank
	  	$	 4,545,454	  
		  	  
	  
	 
		
	 Total
	  	$	50,000,000	  
		  	  
	  
	 

 SCHEDULE 5.13 

SUBSIDIARIES 
  

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	Airport Hotels Houston LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Airport Hotels LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Ameliatel LP	  	U.S. Borrower (99.9% LP), HMC Amelia II LLC (.1% GP)	  	Delaware	  	100	  	0
	Beachfront Properties, Inc.	  	Rockledge Hotel Properties, Inc.	  	Virgin Islands	  	100	  	0
	Benjamin Franklin Hotel, Inc.	  	HST II LLC	  	Washington	  	100	  	0
	BRE/Swiss LP	  	U.S. Borrower (99.9% LP), Host Swiss GP LLC (.1% GP)	  	Delaware	  	100	  	0
	Calgary Charlotte Holdings Company	  	HMC Charlotte (Calgary) Company	  	Nova Scotia	  	100	  	0
	Calgary Charlotte Partnership	  	HMC Charlotte (Calgary) Company (80% GP), HMC Grace (Calgary) Company (20% GP)	  	Alberta, CN	  	100	  	0
	CB Realty Sales, Inc.	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	CCES Chicago LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCFH Maui LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCFS Atlanta LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCFS Philadelphia LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCHH Atlanta LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCHH Burlingame LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCHH Cambridge LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCHH GHDC LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	CCHH Host Capitol Hill LLC	  	HST Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCHH Maui LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCHH Reston LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCHI Singer Island LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Atlanta Marquis LLC	  	HMT Lessee Sub (Atlanta) LLC	  	Delaware	  	100	  	0
	CCMH Atlanta Suites LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Chicago CY LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Copley LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Coronado LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Costa Mesa Suites LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH DC LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Denver Tech LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Denver West LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Diversified LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Downer’s Grove Suites LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Dulles AP LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	CCMH Fin Center LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Fisherman’s Wharf LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Gaithersburg LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Houston AP LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Houston Galleria LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH IHP LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Kansas City AP LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Key Bridge LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Lenox LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Manhattan Beach LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Marina LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH McDowell LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Memphis LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Metro Center LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Minneapolis LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Moscone LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Nashua LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Newark LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Newport Beach LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Newport Beach Suites LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH O’Hare AP LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH O’Hare Suites LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Orlando LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Palm Desert LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Park Ridge LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Pentagon RI LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Perimeter LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Philadelphia AP LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Philadelphia Mkt LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Portland LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Potomac LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Properties II LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Quorum LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Riverwalk LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Rocky Hill LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH San Diego LLC	  	HMT Lessee Sub (SDM Hotel) LLC	  	Delaware	  	100	  	0
	CCMH San Fran AP LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH Santa Clara LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCMH Scottsdale Suites LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCMH South Bend LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	CCMH Tampa AP LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Tampa Waterside LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	CCMH Times Square LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCMH Westfields LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCRC Amelia Island LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCRC Buckhead/Naples LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCRC Dearborn LLC	  	HMT Lessee Sub II LLC	  	Delaware	  	100	  	0
	CCRC Marina LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCRC Naples Golf LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCRC Phoenix LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCRC San Francisco LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	CCRC Tysons LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCSH Atlanta LLC	  	HMT Lessee Sub IV LLC	  	Delaware	  	100	  	0
	CCSH Chicago LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	Chesapeake Hotel Limited Partnership	  	HMC PLP LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	Cincinnati Plaza LLC	  	HST I LLC	  	Delaware	  	100	  	0
	City Center Hotel Limited Partnership	  	Host City Center GP LLC (1% GP), U.S. Borrower (99% LP)	  	Minnesota	  	100	  	0
	CLDH Meadowvale Inc.	  	HMT Lessee Sub II LLC	  	Ontario	  	100	  	0
	CLMH Airport Inc.	  	HMT Lessee Sub I LLC	  	Ontario	  	100	  	0
	CLMH Calgary Inc.	  	HMT Lessee Sub I LLC	  	Ontario	  	100	  	0
	CLMH Eaton Centre Inc.	  	HMT Lessee Sub I LLC	  	Ontario	  	100	  	0
	DS Hotel LLC	  	HMC DSM LLC	  	Delaware	  	99.99	  	.01
	Durbin LLC	  	Host Holding Business Trust	  	Delaware	  	100	  	0
	East Side Hotel Associates, L.P.	  	HMC East Side LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	Elcrisa S.A. De C.V.	  	Marriott Mexico City Partnership, G.P Aeropuerto Shareholder, Inc. (unaffiliated) (45.1% Preferred), HMC Airport, Inc. (54.9% Preferred)	  	Mexico	  	100 Common

54.9% Preferred
	  	0
	Euro JV Manager B.V.	  	Euro JV Manager LLC	  	Netherlands	  	100	  	0
	Euro JV Manager LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Farrell’s Ice Cream Parlour Restaurants LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Fernwood Atlanta Corporation	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	GLIC, LLC	  	Rockledge Hotel Properties, Inc.	  	Hawaii	  	100	  	0
	Harbor-Cal S.D.	  	Harbor-Cal S.D. Partner LLC (0.1%) U.S. Borrower (99.9%)	  	California	  	100	  	0
	Harbor-Cal S.D. Partner LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR 42 Associates GP LLC	  	Host Hotels & Resorts, L.P.	  	Delaware	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	HHR 42 Associates, L.P.	  	HHR 42 Associates GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HHR Assets LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR Auckland Limited	  	HHR New Zealand Holdings Limited	  	New Zealand	  	100	  	0
	HHR Capital Wellington NTL Limited	  	HHR New Zealand Holdings Limited	  	New Zealand	  	100	  	0
	HHR Christchurch IB Limited	  	HHR New Zealand Holdings Limited	  	New Zealand	  	100	  	0
	HHR Christchurch NTL Limited	  	HHR New Zealand Holdings Limited	  	New Zealand	  	100	  	0
	HHR Conventions Pty Ltd.	  	 HHR Holdings Pty Ltd.
 (Plenary
Group (unaffiliated) owns 25% indirectly)
	  	Australia	  	75	  	0
	HHR Euro II GP B.V.	  	HHR Investment II Coöperatief U.A.	  	Netherlands	  	100	  	0
	HHR Fourth Avenue GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR Fourth Avenue Limited Partnership	  	 HHR Fourth Avenue GP LLC (.1% GP),
 U.S. Borrower (99.9%)
	  	Delaware	  	100	  	0
	HHR GHDC GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR GHDC Limited Partnership	  	HHR GHDC GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HHR Harbor Beach LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR Holdings Coöperatief U.A.	  	U.S. Borrower (99.9% LP), HHR Assets LLC (.1% GP)	  	Netherlands	  	100	  	0
	HHR Holdings Pty Ltd.	  	 HHR Melbourne Hotel Pty Ltd. (75%)
 Plenary Group No. 3 Pty Ltd. (15%) (unaffiliated)
 Plenary Group Pty. Ltd. (10%)
(unaffiliated)
	  	Australia	  	75	  	0
	HHR Hotel Services Pty Ltd	  	 HHR Holdings Pty Ltd.
 (Plenary
Group (unaffiliated) owns 25% indirectly)
	  	Australia	  	75	  	0
	HHR Investment II Coöperatief U.A.	  	HHR Member II LLC (1% GP), U.S. Borrower (1% LP)	  	Netherlands	  	100	  	0
	HHR JW Rio de Janeiro Investimentos Hoteleiros Ltda.	  	HHR Rio Holdings LLC (99.9%), HHR Assets LLC (0.1%)	  	Brazil	  	100	  	0
	HHR Lauderdale Beach Limited Partnership	  	HHR Harbor Beach LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	HHR MB Holdings, L.P.	  	HHR MB LLC (.1% GP), U.S. Borrower 99.9% LP)	  	Delaware	  	100	  	0
	HHR MB LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR Member II LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR Naples Golf LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR Naples LLC	  	HMC OP BN LP	  	Delaware	  	100	  	0
	HHR New Zealand Holdings Limited	  	U.S. Borrower	  	New Zealand	  	100	  	0
	HHR Newport Beach LLC	  	U.S. Borrower	  	Delaware	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	HHR Queenstown Limited	  	HHR New Zealand Holdings Limited	  	New Zealand	  	100	  	0
	HHR Rio Holdings LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR Singer Island GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR Singer Island Limited Partnership	  	U.S. Borrower (99.9% LP), HHR Singer Island GP LLC (.1% GP)	  	Delaware	  	100	  	0
	HHR Union Square Ventures LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HHR Wellington IB Limited	  	HHR New Zealand Holdings Limited	  	New Zealand	  	100	  	0
	HHR WRN GP LLC	  	Host Harbor Island Corporation (50%) Host California Corporation (50%)	  	Delaware	  	100	  	0
	HHR WRN Limited Partnership	  	Host Harbor Island Corporation (49.95% LP), Host California Corporation (49.95% LP), HHR WRN GP LLC (0.1% GP)	  	Delaware	  	100	  	0
	HMA Realty Limited Partnership	  	Ivy Street Hotel Limited Partnership (99%), HMA-GP LLC (1% GP)	  	Delaware	  	99.982	  	.018
	HMA-GP LLC	  	Ivy Street Hotel Limited Partnership (99%), HMC Host Atlanta, Inc. (1%)	  	Delaware	  	98.992	  	1.008
	HMC Airport, Inc.	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HMC Amelia II LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC AP Canada Company	  	HMC AP LP	  	Nova Scotia	  	100	  	0
	HMC AP GP LLC	  	U.S. Borrower (1%), HMC AP GP, Inc. (99%)	  	Delaware	  	100	  	0
	HMC AP LP	  	U.S. Borrower (99.99% LP), HMC AP GP LLC (.01% GP)	  	Delaware	  	100	  	0
	HMC Atlanta LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Burlingame Hotel L.P.	  	HMC Burlingame LLC (.1% GP), U.S. Borrower (99.9% LP)	  	California	  	100	  	0
	HMC Burlingame LLC	  	U.S Borrower	  	Delaware	  	100	  	0
	HMC Cambridge LP	  	Host Cambridge GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC Capital Resources LP	  	U.S. Borrower (99.9% LP), Host NY Downtown GP LLC (.1% GP)	  	Delaware	  	100	  	0
	HMC Charlotte (Calgary) Company	  	HMC Charlotte LP	  	Nova Scotia	  	100	  	0
	HMC Charlotte GP LLC	  	U.S. Borrower (99% non managing; 1% managing)	  	Delaware	  	100	  	0
	HMC Charlotte LP	  	U.S. Borrower (99.99% LP), HMC Charlotte GP LLC (.01% GP)	  	Delaware	  	100	  	0
	HMC Chicago Lakefront LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Chicago LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Copley LP	  	Host Copley GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC Desert LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Diversified American Hotels, L.P. 	  	HMC Diversified LLC ( 1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	HMC Diversified LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC DSM LLC	  	Host DSM Limited Partnership	  	Delaware	  	99.99	  	.01
	HMC East Side LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Gateway LP	  	U.S. Borrower (99.9%), S.D. Hotels LLC (.1%)	  	Delaware	  	100	  	0
	HMC Grace (Calgary) Company	  	HMC Charlotte (Calgary) Company	  	Nova Scotia	  	100	  	0
	HMC Grand LP	  	Host Grand GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC Headhouse Funding LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Host Restaurants LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Hotel Development LP	  	Host Tampa GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC Hotel Properties II Limited Partnership	  	U.S. Borrower (99% LP), HMC MHP II LLC (1% GP)	  	Delaware	  	99.99	  	.01
	HMC Hotel Properties Limited Partnership	  	HMC Properties I LLC ( 1% GP), U.S. Borrower (1% LP)	  	Delaware	  	99.99	  	.01
	HMC HT LP	  	Host GH Atlanta GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC JWDC GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Kea Lani LP	  	Host Kea Lani GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC Lenox LP	  	Host Lenox Land GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC Manhattan Beach LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Market Street LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Maui LP	  	Host Maui GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC McDowell LP	  	Host McDowell GP LLC (.1% GP), U.S. Borrower (99.9% (LP)	  	Delaware	  	100	  	0
	HMC Mexpark LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC MHP II LLC	  	U.S. Borrower (99%), HMC MHP II, Inc. (1%)	  	Delaware	  	99	  	1
	HMC Naples Golf, Inc.	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HMC NGL LP	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC O’Hare Suites Ground LP	  	HHR Naples Golf LLC (1% GP), U.S. Borrower (99% (LP)	  	Delaware	  	100	  	0
	HMC OLS I L.P.	  	HMC OLS I LLC (0.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC OLS I LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC OLS II L.P.	  	HMC OLS I L.P. (99.9% LP), HMC OLS I LLC (0.1% GP)	  	Delaware	  	100	  	0
	HMC OP BN LP	  	U.S. Borrower (99.9), Host OP BN LLC (.1)	  	Delaware	  	100	  	0
	HMC Palm Desert LLC	  	U.S. Borrower	  	Delaware	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	HMC Partnership Properties LLC	  	U.S. Borrower (99% managing member), Host Hotels & Resorts, Inc. (1% non-managing member)	  	Delaware	  	99	  	1
	HMC PLP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Polanco LLC	  	HMC Mexpark LLC	  	Delaware	  	100	  	0
	HMC Potomac LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Properties I LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Property Leasing LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Reston LP	  	Host Reston GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC Retirement Properties L.P.	  	 Host Holding Business Trust (99% LP)
 Durbin LLC (1% GP)
	  	Delaware	  	100	  	0
	HMC Seattle LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC SFO LP	  	Host SFO GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMC Suites Limited Partnership	  	HMC Suites LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	HMC Suites LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Times Square Hotel, L.P.	  	Host Times Square LP (91.8% LP), Timeport, Ltd. (2.5% LP), Timewell Group, Ltd. (3.6% LP), Times Square GP LLC (.1% GP), U.S. Borrower (2% LP)	  	New York	  	99.99939	  	.00061
	HMC Times Square Partner LLC	  	U.S. Borrower (99%), MHP Acquisition Corp. (1%)	  	Delaware	  	99	  	1
	HMC Toronto Air Company	  	HMC Toronto Airport LP	  	Nova Scotia	  	100	  	0
	HMC Toronto Airport GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Toronto Airport LP	  	U.S. Borrower (99.99%), HMC Toronto Airport GP LLC (.01%)	  	Delaware	  	100	  	0
	HMC Toronto EC Company	  	HMC Toronto EC LP	  	Nova Scotia	  	100	  	0
	HMC Toronto EC GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMC Toronto EC LP	  	U.S. Borrower (99.99%), HMC Toronto EC GP LLC	  	Delaware	  	100	  	0
	HMC/Interstate Manhattan Beach, L.P. 	  	HMC Manhattan Beach LLC (1% GP) U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	HMH General Partner Holdings LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMH HPT CBM LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMH HPT RIBM LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMH Marina LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMH Pentagon LP	  	Host Pentagon GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMH Restaurants LP	  	Host Restaurants GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	HMH Rivers LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMH Rivers, L.P.	  	HMH Rivers LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	HMH WTC LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HMT Lessee Sub (Atlanta) LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	HMT Lessee Sub (Palm Desert) LLC	  	HMT Lessee Sub III LLC	  	Delaware	  	100	  	0
	HMT Lessee Sub (SDM Hotel) LLC	  	HMT Lessee Sub I LLC	  	Delaware	  	100	  	0
	HMT Lessee Sub I LLC	  	Rockledge HMT LLC	  	Delaware	  	100	  	0
	HMT Lessee Sub II LLC	  	Rockledge HMT LLC	  	Delaware	  	100	  	0
	HMT Lessee Sub III LLC	  	Rockledge HMT LLC	  	Delaware	  	100	  	0
	HMT Lessee Sub IV LLC	  	Rockledge HMT LLC	  	Delaware	  	100	  	0
	HMT SPE (Atlanta) Corporation	  	Rockledge HMT LLC	  	Delaware	  	100	  	0
	HMT SPE (Palm Desert) Corporation	  	Rockledge HMT LLC	  	Delaware	  	100	  	0
	Hopewell Associates L.P. 	  	U.S. Borrower (98% LP), HMC Partnership Properties LLC (1% LP), Ivy Street Hopewell LLC 1% GP	  	Delaware	  	99.99	  	.0001
	Host Atlanta II LP	  	U.S. Borrower (98%), HMC Atlanta LLC (1% GP), HMC Partnership Properties LLC (1% LP)	  	Delaware	  	99.99	  	.01
	Host Atlanta Perimeter Ground GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Atlanta Perimeter Ground LP	  	Host Atlanta Perimeter Ground GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	Host CAD Business Trust	  	U.S. Borrower	  	Maryland	  	100	  	0
	Host California Corporation	  	Host Holding Business Trust	  	Delaware	  	100	  	0
	Host Cambridge GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Capitol Hill LLC	  	Host Holding Business Trust	  	Delaware	  	100	  	0
	Host Cincinnati Hotel LLC	  	Host Cincinnati II LLC	  	Delaware	  	100	  	0
	Host Cincinnati II LLC	  	Cincinnati Plaza	  	Delaware	  	100	  	0
	Host City Center GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host CLP Business Trust	  	U.S. Borrower	  	Maryland	  	100% Common
Stock & 28%
preferred stock	  	0
	Host CLP LLC	  	Host CLP Business Trust	  	Delaware	  	100	  	0
	Host Copley GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Dallas Quorum Ground GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Dallas Quorum Ground LP	  	Host Dallas Quorum Ground GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	Host Denver Hotel Company	  	HST II LLC	  	Delaware	  	100	  	0
	Host Denver LLC	  	Host Denver Hotel Company	  	Delaware	  	100	  	0
	Host DSM Limited Partnership	  	HMC Desert LLC (98% LP, 1% GP), HMC Partnership Properties LLC (1% LP)	  	Delaware	  	99.99	  	.01

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	Host Financing LLC	  	Host Holding Business Trust	  	Delaware	  	100	  	0
	Host FJD Business Trust	  	U.S. Borrower	  	Maryland	  	100	  	0
	Host Fourth Avenue LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host GH Atlanta GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Grand GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Harbor Island Corporation	  	Host Holding Business Trust	  	Delaware	  	100%	  	0
	Host Holding Business Trust	  	HST LT LLC	  	Maryland	  	100% Common
Stock & 28%
preferred stock	  	0
	Host Hotels Empreendimentos Hoteleiros Ltda.	  	HHR Assets LLC (1% GP), HHR Rio Holdings LLC (99% LP)	  	Brazil	  	100	  	0
	Host Hotels Limited	  	Euro JV Manager LLC	  	United Kingdom	  	100	  	0
	Host Houston Briar Oaks, L.P. 	  	 Host Financing LLC (1% GP)

Host Holding Business Trust (99% LP)
	  	Delaware	  	100	  	0
	Host Indianapolis GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Indianapolis Hotel Member LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Indianapolis I LP	  	Host Indianapolis GP LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	Host Indianapolis LP	  	 Host Indianapolis Hotel Member LLC (1% GP)
 U.S. Borrower (99% LP)
	  	Delaware	  		  	
	Host Kea Lani GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Kierland GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Kierland LP	  	Host Kierland GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	Host La Jolla LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Lenox Land GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Los Angeles GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Los Angeles LP	  	Host Los Angeles GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	Host Maui GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Maui Vacation Ownership LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Host McDowell GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Melbourne LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Mission Hills Hotel LP	  	Host Mission Hills II LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	Host Mission Hills II LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Moscone GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Needham Hotel LP	  	Host Needham II LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	Host Needham II LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host NY Downtown GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	Host O’Hare Suites Ground GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host of Boston, Ltd.	  	Airport Hotels LLC (1% GP), U.S. Borrower (99% LP)	  	Massachusetts	  	100	  	0
	Host of Houston 1979 LP	  	U.S. Borrower (99% LP), Host of Houston, Ltd. (1% GP)	  	Delaware	  	100	  	0
	Host of Houston, Ltd.	  	 Airport Hotels Houston LLC (1% GP)
 U.S. Borrower (99% LP)
	  	Texas	  	100	  	0
	Host OP BN GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Park Ridge LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Pentagon GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host PLN Business Trust	  	U.S. Borrower	  	Maryland	  	100	  	0
	Host Realty Hotel LLC	  	Host Realty LLC	  	Delaware	  	100	  	0
	Host Realty LLC	  	Host Holding Business Trust	  	Delaware	  	100	  	0
	Host Realty Partnership, L.P.	  	 HST I LLC (.1% GP)
 U.S.
Borrower (99.9% LP)
	  	Delaware	  	100	  	0
	Host Restaurants GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Reston GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host San Diego Hotel LLC	  	Host San Diego LLC	  	Delaware	  	100	  	0
	Host San Diego LLC	  	Harbor-Cal S.D.	  	Delaware	  	100	  	0
	Host SFO GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host SH Boston Corporation	  	Host Holding Business Trust	  	Massachusetts	  	100	  	0
	Host South Coast GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Swiss GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Tampa GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Times Square GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Host Times Square LP	  	Host Times Square GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	Host UK Business Trust	  	U.S. Borrower	  	Maryland	  	100	  	0
	Host Waltham Hotel LP	  	Host Waltham II LLC (.1% GP), Host Holding Business Trust (99.9% LP)	  	Delaware	  	100	  	0
	Host Waltham II LLC	  	Host Holding Business Trust	  	Delaware	  	100	  	0
	Host WNY GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Hotelera Host San Cristobal Limited	  	Host CLP Business Trust (4%), RHP Foreign Lessee LLC (96%)	  	Chile	  	100	  	0
	Hotels Union Square LLC	  	HHR Union Square Ventures LLC	  	Delaware	  	100	  	0
	HST Asia/Australia Asset Manager LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Asia/Australia LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HST EBT Euro Holdings B.V.	  	Host Holding Business Trust	  	Netherlands	  	100	  	0
	HST Euro II LP B.V.	  	HHR Investment II Coöperatief U.A.	  	Netherlands	  	100	  	0
	HST GP Euro B.V.	  	HST EBT Euro Holdings B.V.	  	Netherlands	  	100	  	0
	HST GP LAX LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST GP Mission Hills LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST GP San Diego LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	HST GP South Coast LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST GP SR Houston LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Grand Central LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST I LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HST II LLC	  	Host Holding Business Trust	  	Delaware	  	100	  	0
	HST III LLC	  	Host Holding Business Trust	  	Delaware	  	100	  	0
	HST Kierland LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee Boston LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee Cincinnati LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee CMBS LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee Denver LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee Indianapolis LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee Keystone LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee LAX LP	  	 HST GP LAX LLC (1% GP)

Rockledge Hotel Properties, Inc. (99% LP)
	  	Delaware	  	100	  	0
	HST Lessee Mission Hills LP	  	 HST GP Mission Hills LLC (1% GP)

Rockledge Hotel Properties, Inc. (99% LP)
	  	Delaware	  	100	  	0
	HST Lessee Needham LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee San Diego LP	  	 HST GP San Diego LLC (1% GP)

Rockledge Hotel Properties, Inc. (99% LP)
	  	Delaware	  	100	  	0
	HST Lessee SNYT LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee South Coast LP	  	 HST GP South Coast LLC (1% GP)

Rockledge Hotel Properties, Inc. (99% LP)
	  	Delaware	  	100	  	0
	HST Lessee SR Houston LP	  	 HST GP SR Houston LLC (1% GP)

Rockledge Hotel Properties, Inc. (99% LP)
	  	Delaware	  	100	  	0
	HST Lessee Waltham LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee West Seattle LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Lessee WNY LLC	  	Rockledge Hotel Properties, inc.	  	Delaware	  	100	  	0
	HST Lessee WSeattle LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST LP Euro B.V.	  	HST EBT Euro Holdings B.V.	  	Netherlands	  	100	  	0
	HST LT LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	HST RHP LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST San Diego HH Lessee GP LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST San Diego HH LP	  	HST San Diego HH Lessee GP LLC (1% GP), Rockledge Hotel Properties, Inc. (99%)	  	Delaware	  	100	  	0
	HST Sub-Owner LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	HST Union Square LLC	  	HHR Union Square Ventures LLC	  	Delaware	  	100	  	0
	HST WRN LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	IHP Holdings Partnership, L.P.	  	 HMH General Partner Holdings LLC (1% GP)
 U.S. Borrower (99% LP)
	  	Pennsylvania	  	100	  	0

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	Inversiones y Hotelera Host San Cristobal Limitada	  	 Host CLP Business Trust (1% GP),

Host CLP LLC (1% LP)
	  	Chile	  	100	  	0
	Ivy Street Hopewell LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Ivy Street Hotel Limited Partnership	  	U.S. Borrower (14.8% LP), Ivy Street LLC (.01% GP), Host Atlanta II LP (80% GP), Hopewell Associates LP (5.1% LP)	  	Georgia	  	99.992	  	.008
	Ivy Street LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	JWDC Limited Partnership	  	HMC JWDC GP LLC (.1% GP), JWDC LP Holdings Limited Partnership (99.9%)	  	Delaware	  	100	  	0
	JWDC LP Holdings Limited Partnership	  	 HMC JWDC GP LLC (.1% GP),
 U.S.
Borrower (99.9% LP)
	  	Delaware	  	100	  	0
	Lauderdale Beach Association	  	HHR Lauderdale Beach Limited Partnership (49.9% GP), RV/C Association (unaffiliated) (50.1% GP)	  	Florida	  	49.9	  	0
	Manchester Grand Resorts, Inc.	  	Rockledge Hotel Properties, Inc.	  	California	  	100	  	0
	Manchester Grand Resorts, L.P.	  	 U.S. Borrower (99% LP)

Manchester Grand Resorts, Inc.
	  	California	  	100	  	0
	Market Street Host LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Marriott Mexico City Partnership	  	HMC Airport, Inc. (52.4% GP) Aeropuerto Shareholder, Inc. (unaffiliated) (47.6%)	  	Delaware	  	52.4	  	0
	MDSM Finance LLC	  	HMC Palm Desert LLC	  	Delaware	  	100	  	0
	MFI Liquidating Agent LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Mutual Benefit Chicago Suite Hotel Partners, L.P.	  	HMC Chicago LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	New Market Street LP	  	U.S. Borrower (99.9% LP), HMC Market Street LLC (0.1% GP)	  	Delaware	  	100	  	0
	Pacific Gateway, Ltd.	  	S.D. Hotels LLC (.1% GP), HMC Gateway LP (99.9% LP)	  	California	  	100	  	0
	Pacifica Partners Private Limited	  	HST Sub-Owner LLC	  	Singapore	  	100	  	0
	Philadelphia Airport Hotel Limited Partnership	  	Philadelphia Airport Hotel LLC (0.1% GP), U.S. Borrower (88.9% capital, 98.9% profits LP), Philadelphia Airport Hotel Corporation (1% profit, 11% capital LP)	  	Pennsylvania	  	89	  	11
	Philadelphia Airport Hotel LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Philadelphia Market Street HMC Hotel Limited Partnership	  	New Market Street LP (0.1% GP, 62.9% capital, 72.9% profits Class B LP and 12.75% Class C LP), U.S. Borrower (11% Class B LP), Philadelphia Market Street Hotel Corporation (1%
profit, 11% capital Class B LP), Synterra Partners, L.P. (unaffiliated) (2.25% Class A LP)	  	Delaware	  	86.75	  	11

									
	 Entity
	  	 Direct Owner(s)
	  	Jurisdiction of
Formation	  	% Owned by
U.S. Borrower
(indirectly or
directly)	  	% Owned by
Host Hotels &
Resorts, Inc.
(indirectly or
directly)
other
than
through U.S.
Borrower
	Philadelphia Market Street Marriott Hotel II Limited Partnership	  	Market Street Host LLC (.5% GP), Marriott Market Street Hotel, Inc. (unaffiliated) (99% LP), Philadelphia Market Street HMC Hotel Limited Partnership (.5% LP)	  	Delaware	  	1	  	0
	PM Financial LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	PM Financial LP	  	PM Financial LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	Potomac Hotel Limited Partnership	  	HMC Potomac LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	RHP Foreign Lessee LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Rockledge HMC BN LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Rockledge HMT LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Rockledge Hotel LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Rockledge Hotel Properties, Inc	  	Rockledge Hotel LLC	  	Delaware	  	100	  	0
	Rockledge Insurance Company (Cayman) Ltd.	  	U.S Borrower	  	Cayman
Islands	  	100	  	0
	Rockledge Manhattan Beach LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Rockledge Minnesota LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Rockledge NY Times Square LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Rockledge Potomac LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Rockledge Riverwalk LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	Rockledge Square 254 LLC	  	Rockledge Hotel Properties, Inc.	  	Delaware	  	100	  	0
	S.D. Hotels LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Santa Clara Host Hotel Limited Partnership	  	Host Santa Clara GP LLC (1%), U.S Borrower (99% LP)	  	Delaware	  	99.985	  	.015
	Seattle Host Hotel Company LLC	  	Benjamin Franklin Hotel, Inc. (50% Member) W&S Realty Corporation of Delaware (50% Member)	  	Delaware	  	100	  	0
	SNYT LLC	  	Host Holding Business Trust	  	Delaware	  	100	  	0
	South Coast Host Hotel LP	  	Host South Coast GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	Starlex LP	  	Host WNY GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0
	Tiburon Golf Ventures Limited Partnership	  	HHR Naples Golf LLC (1% GP), U.S. Borrower (99% LP)	  	Delaware	  	100	  	0
	Timeport, L.P.	  	HMC Times Square Partner LLC (1% GP), Host Times Square LP (99% LP)	  	Georgia	  	99.99	  	.01
	Times Square GP LLC	  	U.S. Borrower	  	Delaware	  	100	  	0
	Timewell Group, Ltd.	  	HMC Times Square Partner LLC (1% GP), Host Times Square LP (99% LP)	  	Georgia	  	99.99	  	.01

									
	 Entity
	  	 Direct Owner(s)
	  	 Jurisdiction of
Formation
	  	% Owned by
U.S. 
Borrower
(indirectly or
directly	  	% Owned by
Host Hotels 
&
Resorts, Inc.
(indirectly or
directly)
other than
through U.S.
Borrower
	W&S Realty Corporation of Delaware	  	HST III LLC	  	Delaware	  	100	  	0
	Wellsford-Park Ridge HMC Hotel Limited Partnership	  	Host Park Ridge LLC (1% GP, 98% LP), HMC Capital Resources LP (1% LP)	  	Delaware	  	100	  	0
	YBG Associates LP	  	Host Moscone GP LLC (.1% GP), U.S. Borrower (99.9% LP)	  	Delaware	  	100	  	0

 SCHEDULE 5.19 

INDEBTEDNESS 
  

							
	 Borrower
	  	 Description
	  	Balance as
of
11/18/11	 
	 	  	 	  	(in thousands)	 
			
		  	Senior Notes	  			
			
	 Host Hotels & Resorts, L.P.
	  	 Series O Senior Notes due 2015
	  	$	650,000	  
			
	 Host Hotels & Resorts, L.P.
	  	 Series Q Senior Notes due 2016
	  	$	800,000	  
			
	 Host Hotels & Resorts, L.P.
	  	 Series S Senior Notes due 2014
	  	$	500,000	  
			
	 Host Hotels & Resorts, L.P. -
	  	 Series T Senior Notes due 2017
	  	$	400,000	  
			
	 Host Hotels & Resorts, L.P.
	  	 Series V Senior Notes due 2020
	  	$	500,000	  
			
	 Host Hotels & Resorts, L.P.
	  	 Series W Senior Notes due 2019
	  	$	500,000	  
			
	 Host Hotels & Resorts, L.P.
	  	 Series Y Senior Notes due 2021
	  	$	300,000	  
			
		  	Old Marriott Corporation Senior Notes	  			
			
	 Host Hotels & Resorts, L.P.
	  	 Series L Senior Notes due 2012
	  	$	6,848	  
			
		  	Exchangeable Debentures	  			
			
	 Host Hotels & Resorts, L.P.
	  	 3.250% Exchangeable Debentures
	  	$	175,000	  
			
	 Host Hotels & Resorts, LP.
	  	 2.625% Exchangeable Debentures
	  	$	420,986	  
			
	 Host Hotels & Resorts, LP.
	  	 2.5% Exchangeable Debentures
	  	$	400,000	  

							
		  	Mortgage Debt	  			
			
	 JWDC Limited Partnership
	  	 JW Marriott-Washington, DC Mortgage
	  	$	114,250	  
			
	 HMC Hotel Properties Limited Partnership
	  	 MHP - Orlando Mortgage
	  	$	246,000	  
			
	 Lauderdale Beach Association
	  	 Harbor Beach Mortgage
	  	$	134,000	  
			
	 HHR Naples LLC & HHR Newport Beach LLC
	  	 Ritz Naples & Newport Beach Mortgage
	  	$	300,000	  
			
	 HHR New Zealand Holdings Limited
	  	 New Zealand Mortgage
	  	NZD	105,000	  
			
	 HHR Conventions PTY Limited
	  	 Melbourne Mortgage
	  	AUD	80,000	  
			
	 Host Denver LLC
	  	 Westin Denver Tabor Center Mortgage
	  	$	35,614	  
			
		  	Other Debt	  			
			
	 Host Hotels & Resorts, L.P.
	  	 Newark Airport
	  	$	32,300	  
			
	 Host Hotels & Resorts, L.P.
	  	 Dulles Airport
	  	$	11,500	  
			
	 Philadelphia Airport Hotel Limited Partnership
	  	 Philadelphia Airport
	  	$	40,000	  
			
	 Philadelphia Market Street HMC Hotel LP
	  	 Philadelphia Convention Center Land Note
	  	$	1,015	  
			
	 Various
	  	 Capital Lease Obligations
	  	$	1,079	  
			
	 Hotels Union Square LLC
	  	 Contingent Obligation
	  	$	10,750	  

  
 -2-

 SCHEDULE 10.02 

ADMINISTRATIVE AGENT’S OFFICE; 
 CERTAIN ADDRESSES FOR NOTICES 
 HOST HOTELS & RESORTS, L.P.: 

6903 Rockledge Drive, Suite 1500 
 Bethesda,
Maryland 20817 
 Attention: General Counsel, Department 923 
 Telephone: (240) 744-5167 
 Telecopier: (240) 744-5154 

Electronic Mail: Bill.Kelso@hosthotels.com 

Website Address:         www.hosthotels.com 
 U.S. Taxpayer Identification Number: 52-2095412 
 ADMINISTRATIVE AGENT: 

Administrative Agent’s Office 

(for payments and Requests for Credit Extensions): 
 Bank of America, N.A. 
 Street Address: 901 MAIN ST 

Mail Code: TX1-492-14-14 
 City, State ZIP Code:
DALLAS, TX 75202 
 Attention: TRACY MACKIE 
 Telephone: 214.209.2154 
 Telecopier: 214.290.9425 

Electronic Mail: tracy.f.mackie@bankofamerica.com 
 Account No. (for Dollars): 
 BANK OF AMERICA NA 

ABA: 026009593 

ACCT: 1292000883 

ATTN: CREDIT SERVICES 
 RE: Host Hotels & Resorts 
 Account No. (for Euro): 

BANK OF AMERICA. LONDON 
 SWIFT: BOFAGB22 
 ACCT: 65280019 

ATTN: CREDIT SERVICES 
 RE: Host Hotels & Resorts 

  
 1 

 Account No. (for Sterling): 
 BANK OF AMERICA. LONDON 
 SORT CODE: 16-50-50 

SWIFT: BOFAGB22 

ACCT: 65280027 

ATTN: CREDIT SERVICES 
 RE: Host Hotels & Resorts 
 Account No. (for Yen): 

BANK OF AMERICA, TOKYO 
 SWIFT: BOFAJPJX 
 ACCT: 606490661046 

ATTN: CREDIT SERVICES 
 RE: Host Hotels & Resorts 
 Account No. (for New Zealand Dollars): 

ANZ NATIONAL BANK 

SWIFT: ANZBNZ22 

ACCT: 201038NZD00001 
 ATTN: CREDIT SERVICES 
 RE: Host Hotels & Resorts 

Account No. (for Canadian Dollars): 
 BANK OF AMERICA, CANADA 
 SWIFT: BOFACATT 

ACCT: 711465003220 
 ATTN: CREDIT SERVICES 
 RE: Host Hotels & Resorts 

Other Notices as Administrative Agent: 
 Bank of America, N.A. 
 Agency Management 

901 Main Street, 14th Floor 
 Mail
Code: TX1-492-14-11 
 Dallas, TX 75202 

Attention: Sheri Starbuck 
 Telephone: 214
209-3758 
 Telecopier: 214 290-8392 

Electronic Mail: sheri.starbuck@baml.com 

  
 2 

 L/C ISSUERS: 
 Bank of America, NA 
 PA6-580-33-02-30 
 1 Fleet Way 
 Scranton, PA 18507 
 Attention: Brian Gibbons 
 Telephone: 570-330-4801 

Fax: 570-330-4187 

Email: scranton_standby_lc@bankofamerica.com 
 Wells Fargo Bank, N.A. 
 1750 H. St. NW, Suite 550 

Washington, DC 20006 
 Attention: Tom Gateau

 Phone: 202.303.3006 
 Fax:
202.429.2589 
 Email: thomas.j.gateau@wellsfargo.com 
 JPMorgan Chase Bank, N.A. 
 500 Stanton Christiana Road, Floor 3 

Newark, DE 19713 
 Attention: Nicole Mangiaracina

 Telephone: 302-634-2022 
 Fax:
201-244-3885 
 Email: Nicole.f.mangiaracina@jpmorgan.com 
 SWING LINE LENDERS: 
 Domestic Swing Line Lender: 

Bank of America, N.A. 
 Street Address: 901 MAIN
ST 
 Mail Code: TX1-492-14-14 
 City,
State ZIP Code: DALLAS, TX 75202 
 Attention: TRACY MACKIE 
 Telephone: 214.209.2154 
 Telecopier: 214.290.9425 

Electronic Mail: tracy.f.mackie@bankofamerica.com 
 BANK OF AMERICA NA 
 ABA: 026009593 

ACCT: 1292000883 

ATTN: CREDIT SERVICES 
 RE: Host Hotels & Resorts 

  
 3 

 Canadian Dollar Swing Line Lender: 
 Bank of America NA, Canada Branch 
 200 Front Street West, Toronto, Ontario 

Attention: Marian D’Souza 
 Telephone:
416.369.2832 
 Telecopier: 312.453.4041 

Electronic Mail: marian.d’souza@baml.com 
 Swift Code: BOFACATT 
 A/C # 90083255 

Attn: Loans Department 
 Transit #: 024156792 
 Ref: HMC TORONTO EC COMPANY 

Alternative Currency Swing Line Lender: 

BankAmerica International New York 
 335 Madison
Avenue, New York, New York 10017 
 Swift Code: BOFAUS3N        ABA# 026009593

 For the Account of: Bank of America, N.A., Canada Branch 

Account # 65502-01805 
 Swift Code: BOFACATT 
 Ref: HMC TORONTO EC COMPANY 

COLLATERAL AGENT: 
 Bank of America, N.A.

 Agency Management 

901 Main Street, 14th Floor 
 Mail
Code: TX1-492-14-11 
 Dallas, TX 75202 

Attention: Sheri Starbuck 
 Telephone: 214
209-3758 
 Telecopier: 214 290-8392 

Electronic Mail: sheri.starbuck@baml.com 

  
 4 

 EXHIBIT A 
 FORM OF COMMITTED LOAN NOTICE 
 Date:
                    ,          

 

	To:	Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Host Hotels & Resorts, L.P., a Delaware limited partnership (the
“Company”), the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender.

 The Company hereby requests, on behalf of itself or, if applicable, the Designated Borrower referenced in item 7 below
(select one): 
  

							
	 ̈	  	A Borrowing of Committed Loans	  	 ̈	  	A conversion of Committed Loans
				
	 ̈	  	A continuation of Eurocurrency Rate Committed Loans	  		  	

 Under the (select one): 
      U.S. Dollar Tranche      Alternative Currency Tranche 
      New Zealand Dollar Tranche [     Supplemental Tranche] 
 2. On                      (a Business Day). 

3. In the amount of $        . 

4. Comprised of             . 

     [Type and Tranche of Committed Loan requested, converted or continued] 

5. For Eurocurrency Rate Loans: with an Interest Period of          months. 

6. In the following currency:
                    . 
 7.
On behalf of                      [insert name of applicable Designated Borrower] 

  
 A-1

 The Committed Borrowing, if any, requested herein complies with Section 2.02 of
the Agreement. 
  

			
	HOST HOTELS & RESORTS, L.P.
	  By:	 	 Host Hotels & Resorts, Inc.,
 its general partner

 
			
		
		 	  

	Name:	 	  

	Title:	 	  

  
 A-2

 EXHIBIT B-1 
 FORM OF BID REQUEST 
  

	To:	Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Host Hotels & Resorts, L.P., a Delaware limited partnership (the
“Company”), the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender. 

The Lenders are invited to make Bid Loans: 
 1. On                      (a Business Day). 

2. In an aggregate amount not exceeding $          (with any sublimits set forth below).

 3. Comprised of (select one): 
  

							
	 ̈	  	Bid Loans based on an Absolute	  	 ̈	  	Bid Loans based on Eurocurrency Rate Base Rate

  

									
	Bid Loan
No.	  	Interest Period requested	  	 Maximum principal

amount requested
	 	  	Currency
	 1
	  	          days/mos
	  	$	            	  	  	
	 2
	  	          days/mos
	  	$	            	  	  	
	 3
	  	          days/mos
	  	$	            	  	  	

 4. On behalf of
                     [insert name of applicable Designated Borrower] 
 The Bid Borrowing requested herein complies with the requirements of the proviso to the first sentence of Section 2.03(a) of the Agreement. 

  
 B-1-1

 The Company authorizes the Administrative Agent to deliver this Bid Request to the Lenders.
Responses by the Lenders must be in substantially the form of Exhibit B-2 to the Agreement and must be received by the Administrative Agent by the time specified in Section 2.03 of the Agreement for submitting Competitive Bids.

  

			
	HOST HOTELS & RESORTS, L.P.,
	  By:	 	Host Hotels & Resorts, Inc., its
		 	general partner

 
			
		
		 	  

	Name:	 	  

	Title:	 	  

  
 B-1-2

 EXHIBIT B-2 
 FORM OF COMPETITIVE BID 

                    ,
         
  

	To:	Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Host Hotels & Resorts, L.P., a Delaware limited partnership, (the
“Company”), the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender. 

In response to the Bid Request dated
                    ,         , the undersigned offers to make the following Bid Loan(s): 

 

	 	1.	Borrowing date:                    (a Business Day).

  

	 	2.	In an aggregate amount not exceeding $        (with any sublimits set forth below). 

 

	 	3.	Comprised of: 

  

											
	 Bid Loan
No.
	  	 Interest Period offered
	  	Bid Maximum	  	Absolute Rate
Bid
or
Eurocurrency
Margin Bid*	 	 	Currency
	 1
	  	         days/mos
	  	$            	  	 	(- +)            	% 	 	
	 2
	  	         days/mos
	  	$            	  	 	(- +)            	% 	 	
	 3
	  	         days/mos
	  	$            	  	 	(- +)            	% 	 	

  

	*	Expressed in multiples of 1/100th of a basis point. 

  
 B-2-1

 Contact Person:
                                 Telephone:
                                     

 

			
	[LENDER]
		
	 By:
	 	  

			
	 Name:
	 	  

			
	 Title:
	 	  

 ****************************************************************************** 

THIS SECTION IS TO BE COMPLETED BY THE COMPANY IF IT WISHES TO ACCEPT ANY OFFERS CONTAINED IN THIS COMPETITIVE BID: 

The offers made above are hereby accepted in the amounts set forth below: 

 

							
	 Bid Loan No.
	  	Principal Amount Accepted	 	  	Currency
		  	$	            	  	  	
		  	$	            	  	  	
		  	$	            	  	  	

  

			
	HOST HOTELS & RESORTS, L.P.
	  By:	 	Host Hotels & Resorts, Inc.,
		 	is general partner

			
		
		 	  

	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 B-2-2

 EXHIBIT C-1 
 FORM OF DOMESTIC SWING LINE LOAN NOTICE 
 Date:
                    ,          

 

	To:	Bank of America, N.A., as Swing Line Lender 

 Bank of America, N.A., as Administrative Agent 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Host Hotels & Resorts, L.P. (the “Company”), the Designated Borrowers
from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender. 

The undersigned hereby requests a Domestic Swing Line Loan: 

 

	 	1.	On
                            (a Business Day). 

 

	 	2.	In the amount of $        . 

 The Swing Line Borrowing requested herein complies with the requirements of the provisos to the first sentence of Section 2.05(a)(i) of the Agreement. 

 

			
	HOST HOTELS & RESORTS, L.P.
	  By:	 	Host Hotels & Resorts, Inc.

 
			
		
		 	  

	Name:	 	  

	Title:	 	  

  
 C-1

 EXHIBIT C-2 
 FORM OF ALTERNATIVE CURRENCY SWING LINE LOAN NOTICE 
 Date:
                    ,          

 

	To:	Bank of America, N.A. Canada Branch, as Swing Line Lender 

 Bank of America, N.A., as Administrative Agent 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Host Hotels & Resorts, L.P. (the “Company”), the Designated Borrowers
from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender. 

The undersigned hereby requests an Alternative Currency Swing Line Loan: 

 

	 	1.	On
                            (a Business Day). 

 

	 	2.	In the amount of $        . 

 The Swing Line Borrowing requested herein complies with the requirements of the provisos to the first sentence of Section 2.05(b)(i) of the Agreement. 

 

			
	HOST HOTELS & RESORTS, L.P.
	  By:	 	Host Hotels & Resorts, Inc.

 
			
		
		 	  

	Name:	 	  

	Title:	 	  

  
 C-2

 EXHIBIT C-3 
 FORM OF CANADIAN DOLLAR SWING LINE LOAN NOTICE 
 Date:
                    ,          

 

	To:	Bank of America, N.A. Canada Branch, as Swing Line Lender 

 Bank of America, N.A., as Administrative Agent 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Host Hotels & Resorts, L.P. (the “Company”), the Designated Borrowers
from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender. 

The undersigned hereby requests a Canadian Dollar Swing Line Loan: 

 

	 	1.	On
                            (a Business Day). 

 

	 	2.	In the amount of Cdn$        . 

 The Swing Line Borrowing requested herein complies with the requirements of the provisos to the first sentence of Section 2.05(c)(i) of the Agreement. 

 

			
	HOST HOTELS & RESORTS, L.P.
	  By:	 	Host Hotels & Resorts, Inc.

 
			
		
		 	  

	Name:	 	  

	Title:	 	  

  
 C-3

 EXHIBIT D 
 FORM OF NOTE 
 
                     
 FOR
VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to the order of                      or registered assigns
(the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of
November 22, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Host Hotels &
Resorts, L.P., the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender. 

The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount
is paid in full, at such interest rates and at such times as provided in the Agreement. Except as otherwise provided in Section 2.05 of the Agreement with respect to Swing Line Loans, all payments of principal and interest shall be made
to the Administrative Agent for the account of the Lender in the currency in which such Loan was denominated and in Same Day Funds at the Administrative Agent’s Office for such currency. If any amount is not paid in full when due hereunder,
such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part
subject to the terms and conditions provided therein. This Note is also entitled to the benefits of the Company Guaranty, the Subsidiaries Guaranty and the Security Documents. Upon the occurrence and continuation of one or more of the Events of
Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. Loans made by the Lender shall be evidenced by one or more loan
accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date, amount, currency and maturity of its Loans and payments with respect thereto.

 The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of
protest, demand, dishonor and non-payment of this Note. 

  
 D-1

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
  

			
	 [BORROWER]

		
		 	
 

 
			
	 Name:
	 	
 

 
			
	 Title:
	 	  

  
 D-2

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	 Date
	  	 Type of
Loan Made
	  	 Currency

and
Amount of
Loan Made
	  	 End of
Interest
Period
	  	 Amount of
Principal or

Interest
Paid This
Date
	  	 Outstanding
Principal
Balance
This
Date
	  	 Notation
Made By

		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	

  
 D-3

 EXHIBIT E 
 FORM OF COMPLIANCE CERTIFICATE 
 [The form of this Compliance Certificate has been
prepared for convenience only, and is not to affect, or to be taken into consideration in interpreting, the terms of the Credit Agreement referred to below. The obligations of Company and its Subsidiaries under the Credit Agreement are as set forth
in the Credit Agreement, and nothing in this Compliance Certificate, or the form hereof, shall modify such obligations or constitute a waiver of compliance therewith in accordance with the terms of the Credit Agreement. In the event of any conflict
between the terms of this Compliance Certificate and the terms of the Credit Agreement, the terms of the Credit Agreement shall govern and control, and the terms of this Compliance Certificate are to be modified accordingly.] 

RE: $1,000,000,000 Credit Agreement among Host Hotels and Resorts, L.P. (the “Company”), the Designated Borrowers from time to time party
thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender dated as of November 22, 2011. Capitalized terms used herein without definition shall
have the same meanings assigned to such terms in the Credit Agreement. 
 I,
[                    ], do hereby certify that I am the
[                    ] of Host Hotels & Resorts, Inc., a Maryland corporation (“HHRI”) and the sole general partner of the
Company, and in my capacity as such and not in any individual capacity, further certify, to the best of my knowledge and belief: 
  

	 	A.	no Default or Event of Default has occurred and is continuing, as such terms are defined in the Credit Agreement; and 

 

	 	B.	that the enclosed calculations establish that the Company and its Subsidiaries were in compliance with the provisions of Sections 7.02, 7.08, 7.10, 7.11, 7.15, 7.16,
and 7.17 of the Credit Agreement at the end of the quarter ended [                    ] . 

 

	 	C.	that the attached financial reports for the [quarter] [year] ended
[                    ] fairly present, in all material respects, the financial condition of the Company and its Subsidiaries as of the dates
indicated and the results of their operations and changes in their cash flows for the periods indicated. 

 IN
WITNESS WHEREOF, I have hereunto set my hand, in my capacity as an officer of HHRI and not in any individual capacity, as of the date first written above. 
  

					
	  
	 		 	[Date]
	Name:	 		 	
	Title:	 		 	

  
 E-1

 HOST HOTELS AND RESORTS, L.P. 

Compliance Certificate dated [            ] for Test Period Ended
[            ] 
 $1,000,000,000 Credit Agreement dated
November 22, 2011 
 (in thousands) 

 

											
	 a.
	  	 Section 7.02 — Indebtedness
	  		  			
		  	 (a)
	  	 Indebtedness Incurred during the Last Twelve Months ended
[            ]
	  			
		  		  	 [    ]
	  		  	 	[    	] 
		  		  		  		  	  
	  
	 
					
		  		  		  		  	$	[    	] 
			
	 Indebtedness is not permitted if the incurrence of such Indebtedness will result or would have resulted in a
Default or Event of Default.
	  		  			
		  	 (b)
	  	 Contingent Obligations
	  		  			
				
		  		  	 Total Contingent Obligations Incurred after 11/22/2011
	  	$	[    	] 
		  		  	 Maximum permitted is equal to 3% of the Adjusted Total Assets 
	  	$	[    	] 
				
	 b.
	  	 Section 7.08 — Sale of Assets
	  		  			
		  	 (a)
	  	 Asset Sales for at least 75% cash during the Last Twelve Months ended
[            ]
	  	 	[    	] 
		  		  		  		  	 	[    	] 
		  		  		  		  	  
	  
	 
		  		  		  		  	$	[    	] 
					
		  		  	 Asset sales shall be permitted so long as the incurrence of such Asset Sale would not result in a Default or Event of
Default. Asset Sales must be for FMV and at least 75% cash.
	  		  			
					
		  		  	 Net cash Proceeds from any Assets Sale during the current Asset Sale Period in excess of 1% of Adjusted Total Assets
($[            ]) are to be applied as required by Section 2.06(f).
	  	 Net Cash Proceeds during the current

Asset Sale Period
	  	$	[    	] 
		  		  		  	[            ]	  	 	[    	] 
		  		  		  	[            ]	  	 	[    	] 
		  		  		  	[            ]	  	 	[    	] 
		  		  		  	[            ]	  	 	[    	] 
		  		  		  	[            ]	  	 	[    	] 
		  		  		  	Other Capital Expenditures	  	 	[    	] 
		  		  		  		  	  
	  
	 
		  		  		  	Total Capital Expenditures	  	$	[    	] 
				
		  		  		  	As of [                    ], total capital
expenditures for the period beginning 180 days before the current Asset Sale Period and continuing to the Determination Date exceed Net Cash Proceeds from Asset Sales during the current Asset Sale Period.	       

  
 E-2

 HOST HOTELS AND RESORTS, L.P. 

Compliance Certificate dated [            ] for Test Period Ended
[            ] 
 $1,000,000,000 Credit Agreement dated
November 22, 2011 
 (in thousands) 

 

											
	 c.
	  	Section 7.10 — Acquisitions; Investments	  		  			
		  	 (i)
	  	 Acquisitions of Hotel Properties, other real estate or other assets constituting a Related Business during the Last Twelve Months
ended [            ]
	  		  			
		  		  	 [            ]
	  		  	 	[    	] 
		  		  	 [            ]
	  		  	 	[    	] 
		  		  	 [            ]
	  		  	 	[    	] 
		  		  	 [            ]
	  		  	 	[    	] 
		  		  	 [            ]
	  		  	 	[    	] 
		  		  		  		  	  
	  
	 
		  		  		  		  	$	[    	] 
					
		  		  	 While the Leverage Ratio is greater than or equal to 6.00:1.00, Acquisitions and Investments are not permitted if the
occurrence of such will result or would have resulted in the Financial Condition Test not being met (e.g., a Default or Event of Default in respect to calculating Sections 7.15 through 7.17).
	  		  			
		  	(ii)	  	 Net Acquisitions of non-real estate assets in the current fiscal year
	  		  	$	—  	  
		  		  	 If the Leverage Ratio is greater than or equal to 6.00:1.00, the Maximum permitted shall not exceed 1% of the Adjusted Total
Assets.
	  	 Roll Forward Amount
 1% of Adjusted Total Assets
	  			
		  		  		  		  	  
	  
	 
		  		  	 While the Leverage Ratio is greater than or equal to 6.00:1.00, Acquisitions and Investments are not permitted if the
occurrence of such will result or would have resulted in the Financial Condition Test not being met (e.g., a Default or Event of Default in respect to calculating Sections 7.15 through 7.17).
	  	Total Limit	  	$	 	  
		  	(iii)	  	 Net Investments in (Distributions from) a Subsidiary that is not a Guarantor in the current fiscal year
	  		  	$	 	  
		  		  	 If the Guaranty Requirement is in effect, the Maximum permitted shall not exceed 10% of the Adjusted Total
Assets.
	  	 Roll Forward Amount
 10% of Adjusted Total Assets
	  			
		  		  		  		  	  
	  
	 
		  		  	 While the Guaranty Requirement is in effect, Acquisitions and Investments are not permitted if the occurrence of such will
result or would have resulted in the Financial Condition Test not being met (e.g., a Default or Event of Default in respect to calculating Sections 7.15 through 7.17).
	  	Total Limit	  	$	 	  
		  	(iv)	  	 Net Investments in (Distributions from) a Non-Subsidiary in the current fiscal year
	  		  	$	 	  
		  		  	 If the Guaranty Requirement is in effect, the Maximum permitted shall not exceed 10% of the Adjusted Total
Assets.
	  	 Roll Forward Amount
 10% of Adjusted Total Assets
	  			
		  		  		  		  	  
	  
	 
		  		  	 While the Guaranty Requirement is in effect, Acquisitions and Investments are not permitted if the occurrence of such will
result or would have resulted in the Financial Condition Test not being met (e.g., a Default or Event of Default in respect to calculating Sections 7.15 through 7.17).
	  	Total Limit	  	$	 	  

  
 E-3

 HOST HOTELS AND RESORTS, L.P. 

Compliance Certificate dated [            ] for Test Period Ended
[            ] 
 $1,000,000,000 Credit Agreement dated
November 22, 2011 
 (in thousands) 

 

											
	 d.
	  	Section 7.11 — Dividends	  		  			
		  	 Actual cash dividends declared
	  		  	$	[    	] 
		  	 Consolidated EBITDA *
	  		  	$	 [    	] 
		  	 Consolidated Interest Expense *
	  		  	$	 [    	] 
		  	 Consolidated Interest Coverage Ratio
	  		  	 	[    	] 
		  	 Adjusted Funds From Operations - 85% (YTD)
	  		  	$	 [    	] 
		  	 Maximum permitted while the Leverage Ratio is greater than or equal to 6.00:1.00
	  		  			
		  	 The greater of i) the greatest of a) 100% of Cash Available for Distribution b) 100% of Taxable Income and c)
the minimum amount necessary to maintain tax status us a REIT (90% of taxable income) and ii) 85% of Adjusted FF0 for such fiscal year, when the Consolidated Interest Coverage Ratio is greater than 2.00:1.00.
	  		  			
		  	 Cash Dividends to HHRI not to exceed $10M for the term of the Facility.
	  		  			
		  	 Cash Dividends to HHRI to repurchase its’ capital stock and OP Units of up to 1% of Adjusted
Total
	  		  			
		  	 Assets per fiscal year plus Roll Forward Amount.
	  		  			
		  		  		  	Roll Forward Amount	  			
		  		  		  	1% of Adjusted Total Assets	  			
		  		  		  		  	  
	  
	 
		  		  		  	Total Limit	  	$	 	  
	 e.
	  	Section 7.15 — Maximum Leverage Ratio	  		  			
		  	 Consolidated Total Debt *
	  		  	$	 [    	] 
		  	 Consolidated EBITDA *
	  		  	$	 [    	] 
		  	 Leverage Ratio
	  		  	 	[    	] 
		  	 Maximum permitted
	  		  	 	7.25:1.00	  
				
	 f.
	  	Section 7.16 — Minimum Unsecured Interest Coverage Ratio	  		  			
		  	 Unencumbered Consolidated EBITDA •
	  	$	 [    	] 
		  	 Unsecured Consolidated Interest Expense •
	  		  	$	 [    	] 
		  	 Unsecured Interest Coverage Ratio
	  		  	 	[    	] 
		  	Minimum permitted	  	if Leverage Ratio < 7.00:1.00	  	 	1.75:1.00	  
		  		  		  	if Leverage Ratio 3 7.00:1.00	  	 	1.50:1.00	  
				
	 g.
	  	Section 7.17 — Minimum Fixed Charge Coverage Ratio	  		  			
		  	 Consolidated EBITDA
	  		  	$	 [    	] 
		  	 Less: 5% of Hotel Property Gross Revenues
	  	 	[    	] 
		  	 Less: 3% of All Other Real Estate Gross Revenues
	  	 	[    	] 
		  		  		  		  	  
	  
	 
		  	 Adjusted Consolidated EBITDA
	  		  	$	 [    	] 
		  	 Fixed Charges
	  		  			

  
 E-4

 HOST HOTELS AND RESORTS, L.P. 

Compliance Certificate dated [            ] for Test Period Ended
[            ] 
 $1,000,000,000 Credit Agreement dated
November 22, 2011 
 (in thousands) 

 

							
		  	 Consolidated Interest Expense *
	  	$	[    	] 
		  	 Preferred Stock Dividends accrued and/or paid
	  	 	[    	] 
		  	 Scheduled Amortization Payments
	  	 	[    	] 
		  	 Cash Taxes on Ordinary Income
	  	 	[    	] 
		  		  	  
	  
	 
		  	 Total Fixed Charges
	  	$	[    	] 
		  	 Consolidated Fixed Charge Coverage Ratio
	  	 	[    	] 
		  	 Minimum permitted
	  	 	1.25:1.00	  
			
	 h.
	  	 Applicable Rate Calculation
	  			
		  	 If no Investment Grade Status:
	  	$	[    	] 
			
		  	 Consolidated Total Debt
	  			
		  	 Consolidated Total Debt without Leisure Park Exclusion
	  	$	[    	] 
		  	 Consolidated EBITDA *
	  	$	[    	] 
		  	 Leverage Ratio
	  	 	[    	] 
		  	 Applicable Rate
	  	 	[    	] 
			
		  	 If Investment Grade Status:
	  			
			
		  	 Debt Rating(s)
	  	 	[    	] 
		  	 Applicable Rate
	  	 	[    	] 

  
 E-5

 Supporting Calculations for Compliance Certificate dated
[            ] 
 For Test Period ended
[            ] 
 (in millions) 

 

			
	 Consolidated EBITDA (Pro Forma for Last Twelve Months ended
[             ] )
	 	
	 Net income
	 	
	 Interest expense
	 	
	 Depreciation and amortization
	 	
	 Income taxes
	 	
	 Interest expense, depreciation and income taxes for discontinued operations
	 	
		 	  

		
	 Gains and losses on dispositions
	 	
	 Amortization of deferred gains and other property transactions
	 	
	 Acquisition Costs (including break-up fees and lost deposits for acquisitions not pursued)
	 	
	 Litigation Loss
	 	
	 Impairment charges
	 	
	 Equity investment adjustments:
	 	
	 Equity in earnings/losses of affiliates
	 	
	 Distributions from equity investments
	 	
	 Consolidated partnership adjustments:
	 	
	 Pro Rata EBITDA of minority owners
	 	
		 	  

	 Adjusted EBITDA of Host LP
	 	
	 Plus: Non-cash Adjustments
	 	
	 Plus: Pro Forma Adjustments
	 	
		 	  

	 Consolidated EBITDA (Pro Forma for Last Twelve Months ended
                    )
	 	
		 	  

	 Unencumbered EBITDA (Pro Forma for Last Twelve Months ended
                    )
	 	
	 Full Service EBITDA
	 	
	 Limited Service EBITDA
	 	
	 Unencumbered EBITDA related to outside partners
	 	
	 EBITDA from Subsidiaries with Unsecured Debt
	 	
	 Unencumbered Other EBITDA
	 	
		 	  

		 	
		 	  

	 Consolidated Total Debt as of
                    
	 	
	 Total Debt as of
                    
	 	
	 Less: Disc Adj. (FSP 14-1) on Exchangeable Debentures
	 	
	 Plus: W Union Square Contingent Obligation
	 	
	 Less: Net (Premiums) on Assumed Debt
	 	
	 Less: Debt related to outside partners
	 	
	 Less: Unrestricted Cash over $100,000
	 	
		 	  

		 	
		 	  

	 Adjusted Funds From Operations for the Twelve Weeks ended
                    
	 	
	 Net Income (loss)
	 	
	 Preferred Dividend
	 	
	 Net income (loss) available to common stockholders
	 	
	 Adjustments:
	 	
	 Gain on dispositions, net of taxes
	 	
	 Depreciation and amortization
	 	
	 Partnership adjustments
	 	
	 Impairments
	 	
	 Litigation Loss
	 	
	 Acquisition Costs
	 	
	 Extinguishment of debt and other
	 	
	 Impact of APB 14-1
	 	
	 2004 Debentures dilution
	 	
	 2009 Debentures dilution
	 	
		 	  

  
 E-6

 Supporting Calculations for Compliance Certificate dated
[            ] 
 For Test Period ended
[            ] 
 (in millions) 

 

			
	 Adjusted Funds From Operations for the Last Twelve Months ended
[            ]
	  	
	 Net income (loss)
	  	
	 Preferred Dividend
	  	
		  	  

	 Net income (loss) available to common stockholders
	  	
	 Adjustments:
	  	
	 Gain on dispositions, net of taxes
	  	
	 Depreciation and amortization
	  	
	 Partnership adjustments
	  	
	 Impairments
	  	
	 Litigation Loss
	  	
	 Acquisition Costs
	  	
	 Extinguishment of debt and other
	  	
	 Impact of APB 14-1
	  	
	 Debentures dilution
	  	
		  	  

		  	
		  	  

	 Consolidated Interest Expense (Pro Forma for Last Twelve Months ended September
[            ])
	  	
		  	  

	 Pro Forma Interest Expense for Last Twelve Months ended
[            ]
	  	
	 Unsecured Interest Expense (Pro Forma for Last Twelve Months
ended[            ])
	  	
	 [            ]
	  	
		
	 Pro Forma Interest on All Other unsecured debt
	  	
		  	  

	 Pro Forma Unsecured Interest Expense for last Twelve Months ended
[            ]
	  	
		  	  

  
 E-7

 EXHIBIT F-1 
 ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (this
“Assignment and Assumption”) is dated as of the Closing Date set forth below and is entered into by and between [the][each]2 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]3 Assignee identified in item 2 below ([the][each, an]
“Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]4 hereunder are several and not joint.]5 Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from
[the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Closing Date inserted by the Administrative Agent as contemplated below, (i) all of [the
Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including, without limitation, the Letters
of Credit and the Swing Line Loans included in such facilities6) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective
Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and
obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor 

 

	2 	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If
the assignment is from multiple Assignors, choose the second bracketed language. 

	3 	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If
the assignment is to multiple Assignees, choose the second bracketed language. 

	4 	Select as appropriate. 

	5 	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

	6 	 Include all applicable subfacilities. 

  
 F-1-1

 
to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is
without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 
 1. Assignor[s]:
                                 

                                 

2. Assignee[s]:
                                 

                                 

[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]] 
 3. Borrower(s): 
 4. Administrative Agent: Bank of America, N.A., as the
administrative agent under the Credit Agreement 
 5. Credit Agreement: Credit Agreement, dated as of November 22,
2011 among Host Hotels & Resorts, L.P., the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer, and Swing
Line Lender 

  
 F-1-2

 6. Assigned Interest[s]: 

 

																	
	 Assignor[s]7
	  	Assignee[s]8	  	Aggregate Amount
of
Commitment/Loans
for all Lenders9	 	  	Amount of
Commitment
/Loans
Assigned	 	  	Percentage
Assigned of
Commitment/
Loans10	 	 	CUSIP
Number
		  		  	$	            	  	  	$	            	  	  	 	    	% 	 	
		  		  	$	            	  	  	$	            	  	  	 	    	% 	 	
		  		  	$	            	  	  	$	            	  	  	 	    	% 	 	

 [7. Trade Date:
                    
]11 

Closing Date:                     ,
20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE CLOSING DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE

  

	7 	 List each Assignor, as appropriate. 

	8 	 List each Assignor, as appropriate. 

	9 	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments
made between the Trade Date and the Closing Date. 

	10 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all lenders thereunder. 

	11 	 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

  
 F-1-3

 
			
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

			
	[Consented to and]12 Accepted:
	
	 BANK OF AMERICA, N.A., as Administrative Agent

		
	By:	 	  

		 	Title:
	
	[Consented to:]13
	Host Hotels & Resorts, L.P.
	By:	 	 Host Hotels & Resorts, Inc.,
its general partner

		
		 	  

		 	Title:

  

	12 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	13 	 To be added only if the consent of the Company and/or other parties (e.g. Swing Line Lender, L/C Issuer) is required by the terms of the Credit
Agreement 

  
 F-1-4

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties. 

1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of
[the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Company, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document. 
 1.2. Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has
full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the
requirements to be an assignee under Section 10.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of the Credit Agreement),
(iii) from and after the Closing Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is
experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements referred to in Section 5.05
thereof or delivered pursuant to Section 6.11 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of
the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

  
 F-1-5

 2. Payments. From and after the Closing Date, the Administrative Agent shall make all
payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Closing Date and to [the][the relevant]
Assignee for amounts which have accrued from and after the Closing Date. 
 3. General Provisions. This Assignment and
Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be governed by, and construed in accordance with, the law of the State of New York. 

  
 F-1-6

 EXHIBIT F-2 
 FORM OF ADMINISTRATIVE QUESTIONNAIRE 
 Administrative Details Reply Form 

 
 FAX ALONG WITH COMMITMENT LETTER TO: SHERI
STARBUCK, FAX#:214.290.8392 AND MARVIN SENSABAUGH, FAX#: 704.719.8705 
  

			
	I. Borrower Name	  	Host Hotels & Resorts, L.P.
		  	$1,000,000,000 Senior Unsecured Revolving Credit Facility

			
		
	II. Legal Name of Lender for Signature Page:	  	  

		
	III. Name of Lender for any eventual tombstone:	  	
		
	IV. Domestic Address:	  	V. Eurodollar Address:
		
	  
	  	  

		
	  
	  	  

 VI. Contact Information 
  

							
	 	  	 Credit Contact
	  	 Operations Contact
	  	 Legal Counsel

	Name:	  	  
	  	  
	  	  

	Title:	  	  
	  	  
	  	  

	Address:	  	  
	  	  
	  	  

		  	  
	  	  
	  	  

		  	  
	  	  
	  	  

	Telephone:	  	  
	  	  
	  	  

	Facsimile:	  	  
	  	  
	  	  

	E Mail Address:	  	  
	  	  
	  	  

				
	 	  	 Bid Contact
	  	 L/C Contact
	  	 Draft Documentation

Contact

	Name:	  	  
	  	  
	  	  

	Title:	  	  
	  	  
	  	  

	Address:	  	  
	  	  
	  	  

		  	  
	  	  
	  	  

		  	  
	  	  
	  	  

	Telephone:	  	  
	  	  
	  	  

	Facsimile:	  	  
	  	  
	  	  

	E Mail Address:	  	  
	  	  
	  	  

  
 F-2-1

 VII. Lender’s Fed Wire Payment Instructions 

 

					
	Pay to:	  	  

		  	(Name of Lender)	  	
		  	  

		  	(ABA#)	  	(City/State)
		  	  

		  	(Account #)	  	(Account Name)
		  	  

		  	(Attention)	  	

 VIII. Organizational Structure: 
  

			
	Foreign Br., organized under which laws, etc.	  	  

		
	Lender’s Tax ID:	  	  

Tax withholding Form Attached (For Foreign Buyers) 
  

			
	 [    ]
	  	Form W-9
	 [    ]
	  	Form W-8
	 [    ]
	  	Form 4224 effective:                     
	 [    ]
	  	Form 1001
	 [    ]
	  	W/Hold     % Effective
                    
	 [    ]
	  	Form 4224 on file with Bank of America from previous current years transaction

 IX. Bank of America Payment Instructions: 

 

			
	Servicing Site:	  	Dallas, Texas
		
	Pay to:	  	 Bank of America’s Wiring Instructions for Credit Services Dallas:
 BANK OF AMERICA, N.A.
 New York, NY

ACCT.# 1292000883
 ABA#
026009593
 ATTN: Credit Services
 REF: Host Hotels & Resorts, L.P.

  
 F-2-2

			
	X. Name of Authorized Officer:	 	  

	Name:	 	  

	Signature:	 	  

	Date:	 	  

  
 F-2-3

 EXHIBIT G-1 
 FORM OF COMPANY GUARANTY 
 This COMPANY GUARANTY AGREEMENT (this
“Guaranty”) is entered into as of November 22, 2011, between Host Hotels & Resorts, L.P. (the “Guarantor”) and Bank of America, N.A., as Administrative Agent, on behalf of itself and the Lenders.

 Reference is hereby made to that certain Credit Agreement, dated as of the date hereof (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Host Hotels & Resorts, L.P., as a Borrower, the Designated Borrowers from time to time party thereto (collectively, the
“Borrowers”), the various Lenders from time to time party thereto (the “Lenders”) and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender. Capitalized terms used in
this Guaranty and not otherwise defined herein have the meanings specified in the Credit Agreement. 
 The Lenders and the L/C Issuers have
agreed to extend credit to the Designated Borrowers identified on Schedule A hereto, as amended or supplemented or deemed amended or supplemented from time to time in accordance with Paragraph 18 below, subject to the terms and conditions set forth
in the Credit Agreement. The obligations of the Lenders and the L/C Issuers to extend such credit are conditioned upon, among other things, the execution and delivery of this Guaranty. Accordingly, for value received, the sufficient of which is
hereby acknowledged, the parties hereto agree as follows: 
 1. Guaranty. The Guarantor hereby absolutely, irrevocably
and unconditionally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all
times thereafter, the Obligations of each Designated Borrower (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Administrative Agent, the
Collateral Agent the Lenders and/or the L/C Issuers in connection with the collection or enforcement thereof in accordance with Section 10.04 of the Credit Agreement), and whether recovery upon such Obligations may be or hereafter
becomes unenforceable or shall be an allowed or disallowed claim under any proceeding or case commenced by or against the Guarantor or any Designated Borrower under the Bankruptcy Code (Title 11, United States Code), and Canadian Insolvency Law, any
successor statute or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States, Canada or
other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally (collectively, “Debtor Relief Laws”), and including interest that accrues after the commencement by or against any Designated
Borrower of any proceeding under any Debtor Relief Laws (collectively, the “Guaranteed Obligations”). The Administrative Agent’s books and records showing the amount of the Guaranteed Obligations shall be admissible in evidence
in any action or proceeding, and shall be binding upon the Guarantor and conclusive for the purpose of establishing the amount of the Guaranteed Obligations absent manifest error. This 

  
 G-1-1

 
Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by
the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of the
Guarantor under this Guaranty, and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing. 

2. No Setoff or Deductions; Taxes; Payments. The Guarantor represents and warrants that it is organized in the United States of
America. The Guarantor shall make all payments hereunder without setoff or counterclaim and subject to, and in accordance with, Section 3.01 of the Credit Agreement, free and clear of and without deduction for any Taxes. The obligations of the
Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. All payments under this Guaranty shall be made in accordance with Section 2.13(a) of the Credit Agreement.
The obligations hereunder shall not be affected by any acts of any legislative body or governmental authority affecting any Designated Borrower, including, but not limited to, any restrictions on the conversion of currency or repatriation or control
of funds or any total or partial expropriation of any Designated Borrower’s property, or by economic, political, regulatory or other events in the countries where any Designated Borrower is located. 

3. Rights of Administrative Agent. Subject to the terms of the Credit Agreement, the Guarantor consents and agrees that the
Administrative Agent, on behalf of itself and the Lenders, and the Lenders, may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew,
compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of, or
impair any Lien on, any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent in its sole discretion may determine; and
(d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing, the Guarantor consents to the taking of, or failure to take, any action which
might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor. 
 4. Certain Waivers. The Guarantor waives (a) any defense arising by reason of any disability or other defense of any Designated Borrower or any other guarantor, or the cessation from any cause
whatsoever (including any act or omission of the Administrative Agent, the Collateral Agent, any Lender or any L/C Issuer) of the liability of any Designated Borrower; (b) any defense based on any claim that the Guarantor’s obligations
exceed or are more burdensome than those of any Designated Borrower; (c) the benefit of any statute of limitations affecting the Guarantor’s liability hereunder; (d) any right to require the Administrative Agent, the Collateral Agent,
any Lender or any L/C Issuer to proceed against any Designated Borrower, proceed against or exhaust any security for the Guaranteed Obligations, or pursue any other remedy in the Administrative Agent’s, the Collateral Agent’s, any
Lender’s or any L/C Issuer’s power whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held 

  
 G-1-2

 
by the Administrative Agent, the Collateral Agent or any Lender; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded
by applicable law limiting the liability of or exonerating guarantors or sureties. 
 The Guarantor expressly waives all setoffs and
counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the
Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations. 
 5. Obligations Independent. The obligations of the Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations
of any other guarantor, and a separate action may be brought against the Guarantor to enforce this Guaranty whether or not any Designated Borrower or any other person or entity is joined as a party. 

6. Subrogation. The Guarantor shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar
rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full (other than contingent indemnification obligations
that have not yet been asserted) and any commitments of the Lenders or facilities provided by the Lenders or any L/C Issuer with respect to the Guaranteed Obligations are terminated. If any amounts are paid to the Guarantor in violation of the
foregoing limitation, then such amounts shall be held in trust for the benefit of the Lenders and the L/C Issuers and shall forthwith be paid to the Administrative Agent, on behalf of itself, the L/C Issuers and the Lenders, to reduce the amount of
the Guaranteed Obligations, whether matured or unmatured. 
 7. Termination; Reinstatement. This Guaranty is a
continuing, absolute and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations and any other amounts payable under this Guaranty are indefeasibly paid
in full in cash (other than contingent indemnification obligations that have not yet been asserted) and any commitments of the Lenders and L/C Issuers or facilities provided by the Lenders and L/C Issuers with respect to the Guaranteed Obligations
are terminated. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Designated Borrower or the Guarantor is made, or the Administrative Agent,
any Lender or the L/C Issuer exercises its right of setoff, in respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required (including pursuant to any settlement entered into by the Administrative Agent, such Lender or the L/C Issuer in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any
Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Administrative Agent, such Lender or the L/C Issuer is in possession of or has released this Guaranty and regardless of
any prior revocation, rescission, termination or reduction. The obligations of the Guarantor under this paragraph shall survive termination of this Guaranty. 

  
 G-1-3

 8. Subordination. The Guarantor hereby subordinates the payment of all obligations
and indebtedness of the Designated Borrowers owing to the Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of the Designated Borrowers to the Guarantor as subrogee of the Administrative Agent, the
Lenders or the L/C Issuers or resulting from the Guarantor’s performance under this Guaranty, to the indefeasible payment in full in cash of all Guaranteed Obligations. Notwithstanding anything to the contrary set forth herein and to the extent
permitted under the Credit Agreement, the Designated Borrowers may make any payment to the Guarantor in respect of such obligations and indebtedness. If the Administrative Agent so requests at any time following the occurrence and during the
continuance of any Event of Default, any such obligation or indebtedness of the Designated Borrowers to the Guarantor shall be enforced and performance received by the Guarantor as trustee for the Administrative Agent, the Lenders and the L/C
Issuers and the proceeds thereof shall be paid over to the Administrative Agent, for itself, the Lenders and the L/C Issuer, on account of the Guaranteed Obligations, but without reducing or affecting in any manner the liability of the Guarantor
under this Guaranty. 
 9. Stay of Acceleration. In the event that acceleration of the time for payment of any of the
Guaranteed Obligations is stayed, in connection with any case commenced by or against the Guarantor or any Designated Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantor immediately
upon written demand by the Administrative Agent. 
 10. [Intentionally Omitted]. 

11. Miscellaneous. Subject to the terms of the Credit Agreement, no provision of this Guaranty may be waived, amended,
supplemented or modified, except by a written instrument executed by the Administrative Agent and the Guarantor. No failure by the Administrative Agent to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein. Unless otherwise agreed by the Administrative
Agent and the Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by the Guarantor for the benefit of the Administrative Agent, any Lender or any L/C Issuer or any term or
provision thereof. 
 12. Condition of Designated Borrowers. The Guarantor acknowledges and agrees that it has the sole
responsibility for, and has adequate means of, obtaining from each Designated Borrower and any other guarantor such information concerning the financial condition, business and operations of such Designated Borrower and any such other guarantor as
the Guarantor requires, and that the Administrative Agent and the Lenders have no duty, and the Guarantor is not relying on the Administrative Agent or any Lender at any time, to disclose to the Guarantor any information relating to the business,
operations or financial condition of any Designated Borrower or any other guarantor (the Guarantor waiving any duty on the part of the Administrative Agent or any Lender to disclose such information and any defense relating to the failure to provide
the same). 

  
 G-1-4

 13. Setoff. If and to the extent any payment is not made when due hereunder and
subject to Section 10.08 of the Credit Agreement, the Administrative Agent or any Lender may, at any time following the occurrence and during the continuance of Event of Default, set off and charge from time to time any amount so due against
any or all of the Guarantor’s accounts or deposits with the Administrative Agent or such Lender, respectively. 
 14.
[Intentionally Omitted]. 
 15. [Intentionally Omitted]. 

16. GOVERNING LAW; Assignment; Jurisdiction; Notices. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK. Subject to the terms of the Credit Agreement, this Guaranty shall (a) bind the Guarantor and its successors and assigns, provided that the Guarantor may not assign its rights or obligations under this
Guaranty without the prior written consent of the Administrative Agent and the Lenders (and any attempted assignment without such consent shall be void), and (b) inure to the benefit of the Administrative Agent, the Lenders and their respective
successors and assigns and the Administrative Agent and the Lenders may, without notice to the Guarantor and without affecting the Guarantor’s obligations hereunder, assign, sell or grant participations in the Guaranteed Obligations and this
Guaranty, in whole or in part, in each case, to the extent permitted under the Credit Agreement. The Guarantor hereby irrevocably (i) submits to the non-exclusive jurisdiction of any United States Federal or State court sitting in New York, New
York in any action or proceeding arising out of or relating to this Guaranty, and (ii) waives to the fullest extent permitted by law any defense asserting an inconvenient forum in connection therewith and any objection to the venue of any such
action or proceeding. Service of process by the Administrative Agent in connection with such action or proceeding shall be binding on the Guarantor if sent to the Guarantor by registered or certified mail at its address specified below or such other
address as from time to time notified by the Guarantor. The Guarantor agrees that the Administrative Agent or any Lender may disclose, to the extent permitted by Section 10.07 of the Credit Agreement, to any assignee of or participant in, or
any prospective assignee of or participant in, any of its rights or obligations of all or part of the Guaranteed Obligations any and all information in the Administrative Agent’s or such Lender’s possession concerning the Guarantor, this
Guaranty and any security for this Guaranty. All notices and other communications to the Guarantor under this Guaranty shall be in writing and shall be delivered in accordance with the Credit Agreement. 

17. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE GUARANTOR AND THE ADMINISTRATIVE AGENT
EACH IRREVOCABLY WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON, ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE GUARANTEED OBLIGATIONS. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT
TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES WITH RESPECT TO SUCH SUBJECT MATTER. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

  
 G-1-5

 18. Amending Schedule A. From time to time the Guarantor and the Administrative Agent
may amend or supplement Schedule A hereto to add or delete Designated Borrowers or to change other information thereon by a written instrument executed by the Administrative Agent and the Guarantor. Any such amended Schedule A shall be deemed to
replace or supplement, as applicable, the prior Schedule A without further action by any party hereto; provided that (i) Schedule A shall be automatically deemed amended to add or remove Designated Borrowers that are added or removed
pursuant to the terms of the Credit Agreement, (ii) no such amendment shall terminate this Guaranty as to Guaranteed Obligations which remain outstanding or to extensions of credit made pursuant to existing commitments which would have been
Guaranteed Obligations but for such amendment (including, in each case, all renewals, compromises, extensions and modifications of such Guaranteed Obligations), (iii) no amendment shall limit the rights of the Administrative Agent under
paragraph 3 hereof, (iv) no amendment shall in itself be deemed a commitment by the Administrative Agent, any Lender or any L/C Issuer to extend any credit and (v) each amendment shall be made in compliance with the terms of the Credit
Agreement. 
 19. [Intentionally Omitted]. 
 20. Foreign Currency. If any claim arising under or related to this Guaranty is reduced to judgment denominated in a currency (the “Judgment Currency”) other than the currencies in
which the Guaranteed Obligations are denominated or the currencies payable hereunder (collectively the “Obligations Currency”), the judgment shall be for the equivalent in the Judgment Currency of the amount of the claim denominated
in the Obligations Currency included in the judgment, determined as of the date of judgment. The equivalent of any Obligations Currency amount in any Judgment Currency shall be calculated at the Spot Rate. The Guarantor shall indemnify in accordance
with Section 10.20 of the Credit Agreement the Administrative Agent and the Lenders and hold the Administrative Agent and the Lenders harmless from and against all loss or damage resulting from any change in exchange rates between the date any
claim is reduced to judgment and the date of payment thereof by the Guarantor or any failure of the amount of any such judgment to be calculated as provided in this paragraph. 
 [Signature Pages Follow] 

  
 G-1-6

 IN WITNESS WHEREOF, the parties hereto have duly executed this Company Guaranty
Agreement as of the day and year first above written. 
  

			
	HOST HOTELS & RESORTS, L.P.
		
		 	  By: Host Hotels & Resorts, Inc.,
		 	  its general partner
		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

  
 G-1-7

 
			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

  
 G-1-8

 SCHEDULE A TO 
 COMPANY GUARANTY AGREEMENT 
 Subject to Paragraph 18 of the Company Guaranty Agreement to which
this Schedule is or will be attached, all Obligations of the following entities under the Credit Agreement, shall constitute Guaranteed Obligations guaranteed pursuant to the Company Guaranty Agreement: 

Designated Borrowers 
  

					
		 	  
	 	
		 	  
	 	
		 	  
	 	

  
 G-1-9

 EXHIBIT G-2 
 FORM OF SUBSIDIARIES GUARANTY 
 This SUBSIDIARIES GUARANTY AGREEMENT (this
“Guaranty”) is entered into as of [                    ] [    ], 20    , among the
undersigned, any other Person which may become a party hereto pursuant to a duly executed instrument of accession in the form attached as Exhibit A hereto (each a “Guarantor” and collectively, the
“Guarantors”) and Bank of America, N.A., as Administrative Agent, on behalf of itself and the Lenders. 

Reference is hereby made to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Host Hotels & Resorts, L.P. (the “Company”), the Designated Borrowers from time to time party thereto
(collectively with the Company, the “Borrowers”), the various Lenders from time to time party thereto (the “Lenders”) and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing
Line Lender. Capitalized terms used in this Guaranty and not otherwise defined herein have the meanings specified in the Credit Agreement. 
 The Lenders and the L/C Issuers have agreed to extend credit to the Borrowers subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders and the L/C Issuers to
extend such credit are conditioned upon, among other things, the execution and delivery of this Guaranty. Each Guarantor is an Affiliate of the Borrowers, will derive substantial benefits from the extension of credit to the Borrowers pursuant to the
Credit Agreement and is willing to execute and deliver this Guaranty in order to induce the Lenders and the L/C Issuers to extend such credit. Accordingly, for value received, the sufficient of which is hereby acknowledged, the parties hereto agree
as follows: 
 1. Guaranty. Except for any release of any Guarantor pursuant to Section 9.10 of the Credit
Agreement, each Guarantor hereby absolutely, irrevocably and unconditionally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required
prepayment, upon acceleration, demand or otherwise, and at all times thereafter, the Obligations (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred
by the Administrative Agent, the Collateral Agent, the Lenders and/or the L/C Issuers in connection with the collection or enforcement thereof in accordance with Section 10.04 of the Credit Agreement), and whether recovery upon such
Obligations may be or hereafter becomes unenforceable or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any Guarantor or any Borrower under the Bankruptcy Code (Title 11, United States Code), any
Canadian Insolvency Law, any successor statute or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the
United States, Canada or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally (collectively, “Debtor Relief Laws”), and including interest that accrues after the commencement by
or against such Borrower of any proceeding under any Debtor Relief Laws (collectively, the “Guaranteed Obligations”). The Administrative Agent’s books and records showing the amount of the Guaranteed

  
 G-2-1

 
Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor and conclusive for the purpose of establishing the amount of the Guaranteed
Obligations absent manifest error. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the
existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of a Guarantor
under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing. Anything contained herein to the contrary notwithstanding, the obligations of
each Guarantor hereunder (other than any Guarantor which is incorporated under the laws of Canada or any province or territory thereof) at any time shall be limited to an aggregate amount equal to the largest amount that would not render its
obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code (Title 11, United States Code) or any comparable provisions of any similar federal or state law. 

2. No Setoff or Deductions; Taxes; Payments. Each Guarantor represents and warrants that it is organized in the United States of
America or Canada. Each Guarantor shall make all payments hereunder without setoff or counterclaim and subject to, and in accordance with, Section 3.01 of the Credit Agreement, free and clear of and without deduction for any Taxes. The
obligations of each Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. All payments under this Guaranty shall be made in accordance with Section 2.13(a) of the
Credit Agreement. The obligations hereunder shall not be affected by any acts of any legislative body or governmental authority affecting any Borrower, including, but not limited to, any restrictions on the conversion of currency or repatriation or
control of funds or any total or partial expropriation of such Borrower’s property, or by economic, political, regulatory or other events in the countries where such Borrower is located. 

3. Rights of Administrative Agent. Subject to the terms of the Credit Agreement, each Guarantor consents and agrees that the
Administrative Agent, on behalf of itself and the Lenders, and the Lenders, may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew,
compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of, or
impair any Lien on, any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent in its sole discretion may determine; and
(d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which
might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor. 
 4. Certain Waivers. Each Guarantor waives (a) any defense arising by reason of any disability or other defense of any Borrower or any other guarantor, or the cessation from any cause
whatsoever (including any act or omission of the Administrative Agent, the Collateral 

  
 G-2-2

 
Agent, any Lender or any L/C Issuer) of the liability of any Borrower; (b) any defense based on any claim that such Guarantor’s obligations exceed or are more burdensome than those of
any of the Borrowers; (c) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder; (d) any right to require the Administrative Agent, the Collateral Agent, any Lender or any L/C Issuer to proceed
against a Borrower, proceed against or exhaust any security for the Guaranteed Obligations, or pursue any other remedy in the Administrative Agent’s, the Collateral Agent’s any Lender’s or any L/C Issuer’s power whatsoever;
(e) any benefit of and any right to participate in any security now or hereafter held by the Administrative Agent, on behalf of itself, the L/C Issuer and the Lenders; and (f) to the fullest extent permitted by law, any and all other
defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or
performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of
this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations. 
 5. Obligations
Independent. The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought
against such Guarantor to enforce this Guaranty whether or not any Borrower or any other person or entity is joined as a party. 

6. Subrogation. No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights
with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full (other than contingent indemnification obligations that
have not yet been asserted) and any commitments of the Lenders or facilities provided by the Lenders or any L/C Issuer with respect to the Guaranteed Obligations are terminated. If any amounts are paid to a Guarantor in violation of the foregoing
limitation, then such amounts shall be held in trust for the benefit of the Lenders and the L/C Issuers and shall forthwith be paid to the Administrative Agent, for itself, the L/C Issuer and the Lenders, to reduce the amount of the Guaranteed
Obligations, whether matured or unmatured. 
 7. Termination; Reinstatement. Except for any release of a Guarantor
pursuant to Section 9.10 of the Credit Agreement, this Guaranty is a continuing, absolute and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed
Obligations and any other amounts payable under this Guaranty are indefeasibly paid in full in cash (other than contingent indemnification obligations that have not yet been asserted) and any commitments of the Lenders and the L/C Issuers or
facilities provided by the Lenders and the L/C Issuers with respect to the Guaranteed Obligations are terminated. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment
by or on behalf of any Borrower or a Guarantor is made, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, in respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part
thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C 

  
 G-2-3

 
Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such
payment had not been made or such setoff had not occurred and whether or not the Administrative Agent, the L/C Issuer or such Lender is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or
reduction. The obligations of each Guarantor under this paragraph shall survive termination of this Guaranty. 
 8.
Subordination. Each Guarantor hereby subordinates the payment of all obligations and indebtedness of any Borrower owing to such Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of any Borrower to
such Guarantor as subrogee of the Administrative Agent, the Lenders or the L/C Issuer or resulting from such Guarantor’s performance under this Guaranty, to the indefeasible payment in full in cash of all Guaranteed Obligations. Notwithstanding
anything to the contrary set forth herein and to the extent permitted under the Credit Agreement, the Borrowers may make any payment to such Guarantor in respect of such obligations and indebtedness. If the Administrative Agent so requests at any
time following the occurrence and during the continuance of any Event of Default, any such obligation or indebtedness of such Borrower to such Guarantor shall be enforced and performance received by such Guarantor as trustee for the Administrative
Agent, the Lenders and the L/C Issuer and the proceeds thereof shall be paid over to the Administrative Agent, for the benefit of itself, the L/C Issuer and the Lenders, on account of the Guaranteed Obligations, but without reducing or affecting in
any manner the liability of such Guarantor under this Guaranty. 
 9. Stay of Acceleration. In the event that
acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against any Guarantor or any Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be
payable by the Guarantors immediately upon written demand by the Administrative Agent. 
 10. Expenses. Each Guarantor
shall pay all reasonable and documented out-of-pocket expenses of the Administrative Agent, the L/C Issuer and the Lenders in accordance with Section 10.04 of the Credit Agreement. The obligations of each Guarantor under this paragraph
shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. 
 11. Miscellaneous.
Subject to the terms of the Credit Agreement, no provision of this Guaranty may be waived, amended, supplemented or modified, except by a written instrument executed by the Administrative Agent and each Guarantor. No failure by the Administrative
Agent to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or
the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the
enforceability or validity of any other provision herein. Unless otherwise agreed by the Administrative Agent and each Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by
any Guarantor for the benefit of the Administrative Agent, any Lender or any L/C Issuer or any term or provision thereof. The Administrative Agent and the Borrower may agree to changes to this Guaranty with respect to foreign guarantors as may be
required by local law. 

  
 G-2-4

 12. Condition of Borrowers. Each Guarantor acknowledges and agrees that it has the
sole responsibility for, and has adequate means of, obtaining from the Borrowers and any other guarantor such information concerning the financial condition, business and operations of the Borrowers and any such other guarantor as such Guarantor
requires, and that the Administrative Agent has and the Lenders have no duty, and such Guarantor is not relying on the Administrative Agent at any time, to disclose to such Guarantor any information relating to the business, operations or financial
condition of any Borrower or any other guarantor (each Guarantor waiving any duty on the part of the Administrative Agent or any Lender to disclose such information and any defense relating to the failure to provide the same). 

13. Setoff. If and to the extent any payment is not made when due hereunder and subject to Section 10.08 of the Credit
Agreement, the Administrative Agent or any Lender may, at any time following the occurrence and during the continuance of Event of Default, set off and charge from time to time any amount so due against any or all of a Guarantor’s accounts or
deposits with the Administrative Agent or such Lender, respectively. 
 14. Representations and Warranties. Each
Guarantor represents and warrants that (a) it is duly organized and in good standing (if applicable) under the laws of the jurisdiction of its organization except for where the failure to do so, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect and has the corporate, partnership, trust or limited liability company power and authority, as the case may be, to execute, deliver and perform this Guaranty, and has taken all necessary
corporate, partnership, trust or limited liability company action, as the case may be, to authorize the execution, delivery and performance by it of this Guaranty; (b) this Guaranty constitutes its legal, valid and binding obligation
enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization or other similar laws generally affecting creditors’
rights and by equitable principles (regardless of whether enforcement is sought in equity or at law); (c) the making and performance of this Guaranty does not and will not violate the provisions of any applicable law, regulation or order, and
does not and will not result in the breach of, or constitute a default or require any consent under, any material agreement, instrument, or document to which it is a party or by which it or any of its property may be bound or affected; and
(d) all consents, approvals, licenses and authorizations of, and filings and registrations with, any governmental authority required under applicable law and regulations for the making and performance of this Guaranty have been obtained or made
and are in full force and effect. 
 15. Indemnification and Survival. Without limitation on any other obligations of
each Guarantor or remedies of the Administrative Agent under this Guaranty, each Guarantor shall, in accordance with Section 10.04 of the Credit Agreement (as if such Guarantor were the indemnifying party under the Credit Agreement) and
to the fullest extent permitted by law, indemnify, defend and save and hold harmless the Administrative Agent and the Lenders from and against, and shall pay on demand, any and all damages, losses, liabilities and expenses (including reasonable and
documented out-of-pocket attorneys’ fees and expenses) that may be suffered or incurred by the Administrative Agent or any Lender in connection with or as a result 

  
 G-2-5

 
of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of any Borrower enforceable against such Borrower in accordance with their terms. The obligations of
each Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. 
 16. GOVERNING LAW; Assignment; Jurisdiction; Notices. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. Subject to the terms of the
Credit Agreement, this Guaranty shall (a) bind each Guarantor and its successors and assigns, provided that no Guarantor may assign its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent and
the Lenders (and any attempted assignment without such consent shall be void), and (b) inure to the benefit of the Administrative Agent, the Lenders, and their respective successors and assigns and the Administrative Agent and the Lenders may,
without notice to any Guarantor and without affecting any Guarantor’s obligations hereunder, assign, sell or grant participations in the Guaranteed Obligations and this Guaranty, in whole or in part, in each case, to the extent permitted under
the Credit Agreement. Each Guarantor hereby irrevocably (i) submits to the non-exclusive jurisdiction of any United States Federal or State court sitting in New York, New York in any action or proceeding arising out of or relating to this
Guaranty, and (ii) waives to the fullest extent permitted by law any defense asserting an inconvenient forum in connection therewith and any objection to the venue of any such action or proceeding. Service of process by the Administrative Agent
in connection with such action or proceeding shall be binding on a Guarantor if sent to such Guarantor by registered or certified mail at its address specified below or such other address as from time to time notified by such Guarantor. Each
Guarantor agrees that the Administrative Agent or any Lender may disclose, to the extent permitted by Section 10.07 of the Credit Agreement, to any assignee of or participant in, or any prospective assignee of or participant in, any of its
rights or obligations of all or part of the Guaranteed Obligations any and all information in the Administrative Agent’s or such Lender’s possession concerning such Guarantor, this Guaranty and any security for this Guaranty. All notices
and other communications to any Guarantor under this Guaranty shall be in accordance with the Credit Agreement. 
 17. WAIVER
OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, EACH GUARANTOR AND THE ADMINISTRATIVE AGENT EACH IRREVOCABLY WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON, ARISING OUT OF OR RELATING TO
THIS GUARANTY OR THE GUARANTEED OBLIGATIONS. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
BETWEEN THE PARTIES WITH RESPECT TO SUCH SUBJECT MATTER. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 18.
[Intentionally Omitted]. 
 19. Foreign Currency. If any claim arising under or related to this Guaranty is reduced
to judgment denominated in a currency (the “Judgment Currency”) other than the 

  
 G-2-6

 
currencies in which the Guaranteed Obligations are denominated or the currencies payable hereunder (collectively the “Obligations Currency”), the judgment shall be for the equivalent in
the Judgment Currency of the amount of the claim denominated in the Obligations Currency included in the judgment, determined as of the date of judgment. The equivalent of any Obligations Currency amount in any Judgment Currency shall be calculated
at the Spot Rate. Each Guarantor shall indemnify in accordance with Section 10.20 of the Credit Agreement (as if such Guarantor were the indemnifying party under the Credit Agreement) the Administrative Agent and the Lenders and hold the
Administrative Agent and the Lenders harmless from and against all loss or damage resulting from any change in exchange rates between the date any claim is reduced to judgment and the date of payment thereof by such Guarantor or any failure of the
amount of any such judgment to be calculated as provided in this paragraph. 
 20. Concerning Joint and Several Liability of
the Guarantors. Each Guarantor accepts joint and several liability for the Guaranteed Obligations hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by the Administrative Agent, the L/C
Issuers and the Lenders under the Credit Agreement, for the mutual benefit, directly and indirectly, of each Guarantor and in consideration of the undertakings of each other Guarantor to accept joint and several liability for the Guaranteed
Obligations. 
 Each Guarantor, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety
but also as a co-debtor, joint and several liability with the other Guarantors with respect to the payment of all of the Guaranteed Obligations without preferences or distinction among them. 

The obligations of each Guarantor under the provisions of this Guaranty constitute full recourse obligations of each Guarantor
enforceable against such Guarantor to the full extent of its properties and assets, irrespective of the validity, regularity, genuineness or enforceability of the Credit Agreement or any other Loan Documents or any other circumstance whatsoever.

 21. Release. In the event of any release of a Guarantor from its obligations hereunder pursuant to
Section 9.10 of the Credit Agreement or a termination as described in paragraph 7 hereof, this Guaranty shall, as to such Guarantor or Guarantors, terminate, and have no further force or effect, and the Administrative Agent, at the
request and expense of the Company, will promptly execute and deliver to such Guarantor or Guarantors and the Company a proper instrument or instruments acknowledging such release. 

22. Additional Guarantors. Each Subsidiary of the Company that is required to become a party to this Guaranty pursuant to
Section 6.14 of the Credit Agreement shall become a Guarantor for all purposes of this Guaranty upon execution and delivery by such Subsidiary of a duly executed instrument of accession in the form attached as Exhibit A hereto.

 [Signature Pages Follow] 

  
 G-2-7

 IN WITNESS WHEREOF, the parties hereto have duly executed this Subsidiaries Guaranty
Agreement as of the day and year first above written. 
  

			
	[NAME OF THE GUARANTOR]
		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

 

			
		
	Address:	 	  

	  

  
 G-2-8

 
			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

  
 G-2-9

 EXHIBIT A 
 FORM OF SUBSIDIARIES GUARANTY JOINDER AGREEMENT 
 as of
                         , 20     
 To: The Administrative Agent (as defined in the Credit Agreement referenced below), the L/C Issuers and the Lenders who are party to the Credit Agreement (as such terms are defined below): 

Reference is hereby made to the Subsidiaries Guaranty Agreement (the “Guaranty”) dated as of
[                    ] [    ], 20    , by and among the Guarantors party thereto (and as defined therein),
any other Guarantors that became a Guarantor thereunder pursuant to a duly executed instrument of accession in the form of Exhibit A attached thereto and Bank of America, N.A., as Administrative Agent, on behalf of itself, the L/C Issuer and
the Lenders, delivered pursuant to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among
Host Hotels & Resorts, L.P. (the “Company”), the Designated Borrowers from time to time party thereto (collectively with the Company, the “Borrowers”), the various Lenders from time to time party thereto
(the “Lenders”) and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender. Capitalized terms used herein and not otherwise defined herein have the meanings specified in the Credit
Agreement, as applicable. 
 The undersigned acknowledges, and represents and warrants, the following: (1) the undersigned
is a [corporation incorporated] [a general/limited partnership formed] [an entity constituted] on or prior to the date hereof; (2) the financial success of the undersigned is expected to depend in whole or in part upon the financial success of
the Company and the other Borrowers; (3) the undersigned will receive substantial direct and indirect benefits from the L/C Issuer’s and the Lenders’ extensions of credit to the Borrowers pursuant to the Credit Agreement; and
(4) the undersigned wishes to become party to the Guaranty and to guarantee the full and prompt payment of the Guaranteed Obligations. 
 In consideration of the foregoing and for other valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned by its execution of this Subsidiaries Guaranty Joinder
Agreement hereby joins the Guaranty and becomes a Guarantor party thereto for all purposes thereof. The undersigned further covenants and agrees that by its execution hereof it makes each of the representations and warranties made by a Guarantor
thereunder and it shall be bound by and shall comply with all terms and conditions of the Guaranty and that it is jointly and severally liable with all of the Guarantors for the payment of all the Guaranteed Obligations. 

[Signature Page Follows] 

  
 G-2-10

 
			
	Very truly yours,
	
	[NAME]
		
	By:	 	  

 

			
	Name:	 	  

 

			
	Title:	 	  

  
 G-2-11

 EXHIBIT H 
 FORM OF PLEDGE AND SECURITY AGREEMENT 
 among 

The Pledgors Named Herein 
 and 
 BANK OF AMERICA, N.A., 

as Collateral Agent 
 dated as of                      

 Table of Contents 

 

					
	 	  	Page	 
		
	 1. SECURITY FOR OBLIGATIONS
	  	 	2	  
	 2. DEFINITION OF STOCK, LIMITED LIABILITY COMPANY INTERESTS, PARTNERSHIP INTERESTS, SECURITIES, ETC
	  	 	4	  
	 3. PLEDGE OF SECURITIES, ETC
	  	 	5	  
	 4. RESERVED.
	  	 	7	  
	 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT
	  	 	8	  
	 6. DIVIDENDS AND OTHER DISTRIBUTIONS
	  	 	8	  
	 7. REMEDIES IN CASE OF EVENT OF DEFAULT
	  	 	8	  
	 8. REMEDIES, ETC., CUMULATIVE
	  	 	9	  
	 9. APPLICATION OF PROCEEDS
	  	 	10	  
	 10. PURCHASERS OF COLLATERAL
	  	 	12	  
	 11. RESERVED.
	  	 	12	  
	 12. FURTHER ASSURANCES; POWER OF ATTORNEY
	  	 	12	  
	 13. THE PLEDGEE AS AGENT
	  	 	12	  
	 14. RESERVED.
	  	 	12	  
	 15. REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGORS
	  	 	13	  
	 16. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC
	  	 	15	  
	 17. REGISTRATION, ETC
	  	 	15	  
	 18. TERMINATION, RELEASE
	  	 	16	  
	 19. NOTICES, ETC
	  	 	17	  
	 20. WAIVER; AMENDMENT
	  	 	17	  
	 21. RELEASE OF PLEDGORS
	  	 	18	  
	 22. ADDITIONAL PLEDGORS
	  	 	18	  
	 23. RECOURSE
	  	 	18	  
	 24. SECURED CREDITORS NOT BOUND
	  	 	19	  
	 25. CONTINUING PLEDGORS
	  	 	19	  

  
 i 

					
	 26. NO FRAUDULENT CONVEYANCE
	  	 	19	  
	 27. CANADIAN BORROWERS
	  	 	19	  
	 28. MISCELLANEOUS
	  	 	20	  
	 29. WAIVER OF TRIAL BY JURY
	  	 	20	  
	 30. SEVERABILITY
	  	 	20	  

 Annex A - List of Pledged Stock 
 Annex B - List of Pledged Limited Liability Company Interests 
 Annex C - List of Pledged
Partnership Interests 
 Annex D - Reserved 
 Annex E - Reserved 
 Annex F - Jurisdiction of Formation and Organizational ID Number 

Annex G - The Pledgee 
 Annex H-1 - Form of
Supplement to Pledge and Security Agreement 
 Annex H-2 - Form of New Pledgor Supplement 

  
 ii 

 PLEDGE AND SECURITY AGREEMENT 

PLEDGE AND SECURITY AGREEMENT, dated as of
                     (as amended, modified or supplemented from time to time, this “Agreement”), made by each of the undersigned
pledgors (each a “Pledgor”, and together with any entity that becomes a party hereto pursuant to Section 22 hereof, the “Pledgors”), in favor of BANK OF AMERICA, N.A., as Collateral Agent, for the benefit of
the Secured Creditors (as defined in Section 1 below) (in such capacity, the “Pledgee”). (Except as otherwise defined herein, terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as
therein defined.) 
 W I T N E S S E T H :

 WHEREAS, Host Hotels & Resorts, L.P. (the “Company), the Designated Borrowers from time to time party
thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), Collateral Agent, an L/C Issuer and Swing Line Lender (the Pledgee, the
Lenders, the Administrative Agent, the L/C Issuers, the Swing Line Lender and their respective successors and assigns being herein referred to as the “Lender Creditors”), have entered into a Credit Agreement dated as of
November 22, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), providing for the making of Loans and other extensions of credit to the Company and
the Designated Borrowers from time to time party thereto as contemplated therein; 
 WHEREAS, any Borrower may from time to time
be party to (or guaranty the obligations of one or more of its Subsidiaries under) one or more Swap Contracts or Treasury Management Agreements (each such Swap Contract or Treasury Management Agreement, an “Other Secured Agreement”)
with a Person that at the time such Other Secured Agreement is entered into is a Lender Creditor or an affiliate of a Lender Creditor (each such Lender Creditor or affiliate, even if the respective Lender Creditor subsequently ceases to be a Lender
under the Credit Agreement for any reason, together with such Lender Creditor’s or affiliate’s successors and assigns, collectively, the “Other Creditors”); 

WHEREAS, pursuant to the Subsidiaries Guaranty, each Guarantor that is a party thereto has jointly and severally guaranteed to the Lender
Creditors and the Other Creditors the payment when due of all obligations and liabilities of the Borrowers under or with respect to (x) the Loan Documents (the term “Loan Documents” shall include any documentation executed and
delivered in connection with any replacement or refinancing of the Credit Agreement) and (y) each Other Secured Agreement with one or more of the Other Creditors; 
 WHEREAS, the Company is party to the Senior Note Indenture or New Senior Note Indenture pursuant to which the Senior Notes are issued (with the holders from time to time of such Senior Notes being herein
called the “Senior Noteholders”), including Senior Notes that may be issued after the date hereof not in violation of the Credit Agreement, it being conclusively determined for purposes hereof that such Senior Notes issued after the
date hereof were issued in compliance with the Credit Agreement if prior to the issuance thereof the Company shall have delivered to the Pledgee a certificate of an Authorized Officer certifying that the Senior Notes specified in such Certificate
have been issued in compliance with the Credit Agreement; 

 WHEREAS, on the date hereof, the following Senior Notes are outstanding:
[                                        ];

 WHEREAS, any Guarantor may from time to time enter into, joint and several guarantees of the payment when due of all of the
obligations and liabilities of the Company under or with respect to the Senior Notes, the New Senior Note Indenture and the Senior Note Indenture (with any such guarantees, together with the Senior Notes, the New Senior Note Indenture and Senior
Note Indenture, being herein collectively called “Senior Note Documents”); and 
 WHEREAS, pursuant to
Section 6.14 of the Credit Agreement, each Pledgor is required to execute and deliver this Agreement in favor of the Collateral Agent; 
 NOW, THEREFORE, in consideration of the benefits accruing to each Pledgor, the receipt and sufficiency of which are hereby acknowledged, each Pledgor hereby agrees as follows: 

1. SECURITY FOR OBLIGATIONS. (a) This Agreement is made by each Pledgor in favor of the Pledgee for the benefit of the Lender
Creditors, the Other Creditors, the Senior Noteholders, and any trustee, agent or other similar representative of any such creditors or holders (collectively, together with the Pledgee, the “Secured Creditors”), to secure on an
equal and ratable basis: 
 (i) the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities (including, without limitation, indemnities, fees and interest
thereon) of such Pledgor (as obligor or guarantor, as the case may be) and each Borrower to the Lender Creditors, whether now existing or hereafter incurred under, arising out of or in connection with the Credit Agreement and all other Loan
Documents to which it or any Borrower is at any time a party (including, without limitation, all such obligations and liabilities of such Pledgor under the Credit Agreement (if a party thereto) and under any guaranty by it of the obligations under
the Credit Agreement) and the due performance and compliance by such Pledgor and any Borrower with the terms of each such Loan Document (all such obligations and liabilities under this clause (i) being herein collectively called the
“Loan Document Obligations”); 
 (ii) the full and prompt payment when due (whether at the
stated maturity, by acceleration or otherwise) of all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities of such Pledgor (as obligor or guarantor,
as the case may be) and each Borrower to the Other Creditors, whether now existing or hereafter incurred under, arising out of or in connection with any Other Secured Agreement (including, without limitation, all such obligations and liabilities of
such Pledgor under any guaranty by it of the obligations under any Other Secured Agreement) and the due performance and compliance by such Pledgor and any Borrower with the terms of each such Other Secured Agreement (all such obligations and
liabilities under this clause (ii) being herein collectively called the “Other Obligations”); Agreement (all such obligations and liabilities under this clause (ii) being herein collectively called the “Other
Obligations”); 

  
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 (iii) the full and prompt payment when due (whether at the stated maturity,
by acceleration or otherwise) of all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities (including, without limitation, indemnities, fees and
interest thereon) of such Pledgor (as obligor or guarantor, as the case may be) and the Company to the Senior Noteholders, whether now existing or hereafter incurred under, arising out of or in connection with the Senior Note Documents to which such
Pledgor or the Company is at any time a party (including, without limitation, all such obligations and liabilities of such Pledgor (x) under the Senior Note Indenture and the New Senior Note Indenture or (y) under any joint and several
guaranty by it of the obligations of the Company and each Guarantor under the Senior Note Indenture and the New Senior Note Indenture) and the due performance and compliance by such Pledgor and the Company with all of the terms, conditions and
agreements on its part contained in each such Senior Note Document (all such obligations and liabilities under this clause (iii) being herein collectively called the “Senior Note Obligations”); 

(iv) any and all sums advanced by the Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its
security interest in the Collateral; 
 (v) in the event of any proceeding for the collection or enforcement of
any indebtedness, obligations, or liabilities referred to in clauses (i) through (iv) above after an Event of Default (such term, as used in this Agreement, shall mean any “Event of Default” at any time under, and as
defined in, any of the Credit Agreement and the Senior Note Documents) shall have occurred and be continuing, the reasonable and documented out-of-pocket expenses of the Pledgee in connection with the retaking, holding, preparing for sale or lease,
selling or otherwise disposing or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with reasonable and documented out-of-pocket attorneys’ fees and court costs of the Pledgee; and 

(vi) all amounts paid by any Secured Creditor as to which such Secured Creditor has the right to reimbursement under
Section 11 of this Agreement; 
 all such obligations, liabilities, sums and expenses set forth in clauses (i) through (vi) of
this Section 1, subject to the provisions of following clause (b), being herein collectively called the “Obligations,” it being acknowledged and agreed that the “Obligations” shall include extensions of credit
of the type described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement. 
 (b) The Company will give written notice prior to issuance to the Pledgee of any Senior Notes issued after the date hereof (each, a “Notice of Pledge Agreement Entitlement”) as follows:

 Such written notice from the Company (i) shall state that it is a “Notice of Pledge Agreement
Entitlement”, (ii) shall be delivered to the Pledgee, (iii) shall describe the new Senior Note Obligations 

  
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to be secured hereby, (iv) shall state that it is delivered pursuant to Section 1(b) of this Agreement, (v) shall reference the aggregate principal amount of such new Indebtedness,
and (vi) shall state that such new Indebtedness and the incurrence thereof does not violate, and may be incurred and secured hereunder in accordance with, the applicable provisions of Section 7.02 of the Credit Agreement and
Section 4.7 of the Senior Note Indenture or the corresponding Sections of the New Senior Note Indenture. 
 Delivery of a
Notice of Pledge Agreement Entitlement, including all of the required information above, prior to the issuance of any Senior Notes issued after the date hereof shall satisfy the certification requirement in the fourth WHEREAS clause of this
Agreement. Promptly following receipt of such Notice of Pledge Agreement Entitlement, the Pledgee shall deliver to the Company written acknowledgement of receipt thereof; provided that the failure to deliver such acknowledgement shall not
exclude the obligations under such Senior Notes from constituting Senior Note Obligations. 
 2. DEFINITION OF STOCK, LIMITED
LIABILITY COMPANY INTERESTS, PARTNERSHIP INTERESTS, SECURITIES, ETC. (vii) As used herein: (i) the term “Stock” means with respect to corporations incorporated under the laws of the United States or any State thereof (each
such corporation to the extent an interest therein is required to be pledged pursuant to the Credit Agreement, a “Domestic Corporation”), all of the issued and outstanding shares of capital stock of such Domestic Corporation;
(ii) the term “Limited Liability Company Interest” shall mean the entire limited liability company interests or membership interests in any limited liability company formed under the laws of the United States or any State
thereof (each such limited liability company to the extent an interest therein is required to be pledged pursuant to the Credit Agreement, a “Pledged Limited Liability Company”); (iii) the term “Partnership
Interest” shall mean the entire partnership interests (whether general and/or limited partnership interests) in any partnership formed under the laws of the United States or any State thereof (whether a general or limited partnership) (each
such partnership, to the extent an interest therein is required to be pledged pursuant to the Credit Agreement, a “Pledged Partnership”); (iv) the term “Securities” shall mean all of the Stock, Limited
Liability Company Interests and Partnership Interests; and (v) the term “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York. 

(b) All Stock constituting Eligible Pledged Securities at any time pledged or required to be pledged hereunder and under
the Credit Agreement is hereinafter called the “Pledged Stock,” all Limited Liability Company Interests constituting Eligible Pledged Securities at any time pledged or required to be pledged hereunder and under the Credit Agreement
are hereinafter called the “Pledged Limited Liability Company Interests,” all Partnership Interests constituting Eligible Pledged Securities at any time pledged or required to be pledged hereunder and under the Credit Agreement are
hereinafter called the “Pledged Partnership Interests,” and all of the Pledged Stock, Pledged Limited Liability Company Interests and Pledged Partnership Interests together are hereinafter called the “Pledged
Securities,” which together with the following (collectively, the “Ancillary Collateral”): (i) all proceeds thereof, including any securities and moneys received and at the time held by the Pledgee hereunder,
(ii) the entries on the 

  
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books of any securities intermediary pertaining to the Pledged Stock, Pledged Limited Liability Company Interests and Pledged Partnership Interests, (iii) all dividends, cash, warrants,
rights, instruments and other property or proceeds from time to time received, receivable or otherwise distributed or distributable in respect of or in exchange for any or all of the Pledged Stock, Pledged Limited Liability Company Interests and
Pledged Partnership Interests and (iv) all rights under Sections 3.1(a)(iv) and (v) hereof, are hereinafter called the “Collateral”. 
 (c) Notwithstanding anything to the contrary contained in this Agreement, no Pledgor shall be required to pledge hereunder, the security interests granted hereunder shall not extend to, and the Collateral
shall not include, (i) the Securities of any Person that is not, or at any time ceases to be, Eligible Pledged Securities and (ii) any Ancillary Collateral in respect of such Securities (collectively, the “Excluded
Collateral”). 
 (d) Notwithstanding anything to the contrary contained in this Agreement, the Pledgors
make no representations or warranties hereunder, and the covenants hereunder shall not apply, in respect of any Excluded Collateral. 
 3. PLEDGE OF SECURITIES, ETC. 
 3.1 Pledge. (viii) To secure all
Obligations of such Pledgor and for the purposes set forth in Section 1 hereof, each Pledgor hereby: (i) grants to the Pledgee for the benefit of the Secured Creditors a first priority security interest in all of the Collateral owned by
such Pledgor; (ii) collaterally assigns to the Pledgee for the benefit of the Secured Creditors all of such Pledgor’s Pledged Limited Liability Company Interests and all of such Pledgor’s right, title and interest in each Pledged
Limited Liability Company, whether now existing or hereafter acquired, including, without limitation: 
 (A) all
the capital thereof and its interest in all profits, losses, Limited Liability Company Assets (as defined below) and other distributions to which such Pledgor shall at any time be entitled in respect of such Pledged Limited Liability Company
Interests; 
 (B) all other payments due or to become due such Pledgor in respect of Pledged Limited Liability
Company Interests, whether under any limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
 (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited liability company agreement or operating agreement, or at law or
otherwise in respect of such Pledged Limited Liability Company Interests (except any rights as managing member of a limited liability company which is not a Wholly-Owned Subsidiary, to the extent the applicable limited liability company agreement or
operating agreement contains an enforceable prohibition against the creation of a security interest in such rights); 
 (D) all
present and future claims, if any, of such Pledgor against any Pledged Limited Liability Company for moneys loaned or advanced, for services rendered or otherwise; 

  
 Page 5

 (E) subject to Section 5 hereof, all of such Pledgor’s rights under any limited
liability company agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to any Pledged Limited Liability Company Interest (except any rights as
managing member of a limited liability company which is not a Wholly-Owned Subsidiary, to the extent the applicable limited liability company agreement or operating agreement contains an enforceable prohibition against the creation of a security
interest in such rights), including any power to terminate, cancel or modify any limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor
in respect of such Pledged Limited Liability Company Interest and any Pledged Limited Liability Company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any
notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Limited Liability Company Assets, to enforce or execute any checks, or other
instruments or orders, to file any claims and to take any action in connection with any of the foregoing; 
 (F) all other
property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any
time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing; and 
 (G) to the extent not otherwise included, all proceeds of any or all of the foregoing; 
 and
(ii) transfers and assigns to the Pledgee for the benefit of the Secured Creditors such Pledgor’s Pledged Partnership Interests and all of such Pledgor’s right, title and interest in each Pledged Partnership including, without
limitation: 
 (A) all of the capital thereof and its interest in all profits, losses, Partnership Assets (as defined below) and
other distributions to which such Pledgor shall at any time be entitled in respect of any such Pledged Partnership Interests; 

(B) all other payments due or to become due such Pledgor in respect of any such Pledged Partnership Interests, whether under any
partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
 (C) all of
its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any partnership or other agreement or at law or otherwise in respect of any such Pledged Partnership Interests (except any rights as
general partner of a limited partnership which is not a Wholly-Owned Subsidiary, to the extent the applicable partnership agreement contains an enforceable prohibition against the creation of a security interest in such rights); 

(D) all present and future claims, if any, of such Pledgor against any Pledged Partnership for moneys loaned or advanced, for services
rendered or otherwise; 

  
 Page 6

 (E) subject to Section 5 hereof, all of such Pledgor’s rights under any
partnership agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to any Pledged Partnership Interest (except any rights as general partner of a limited partnership which is
not a Wholly-Owned Subsidiary, to the extent the applicable partnership agreement contains an enforceable prohibition against the creation of a security interest in such rights), including any power, if any, to terminate, cancel or modify any
general or limited partnership agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Pledged Partnership Interest and any Pledged Partnership, to make
determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce,
collect or receipt for any of the foregoing or for any Partnership Assets, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; 

(F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments
representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed or distributable in respect of or in exchange for
any or all thereof; and 
 (G) to the extent not otherwise included, all proceeds of any or all of the foregoing. 

(b) As used herein, the term “Limited Liability Company Assets” shall mean all assets, whether tangible or intangible
and whether real, personal or mixed (including, without limitation, all limited liability company capital and interests in other limited liability companies), at any time owned by any Pledged Limited Liability Company. 

(c) As used herein, the term “Partnership Assets” shall mean all assets, whether tangible or intangible and whether
real, personal or mixed (including, without limitation, all partnership capital and interests in other partnerships), at any time owned by any Pledged Partnership. 
 3.2 Subsequently Acquired Securities. Subject to Section 2(c) hereof, if any Pledgor shall acquire (by purchase, stock dividend or otherwise) any additional Pledged Securities at any time or
from time to time after the date hereof, such Securities shall automatically (and without any further action being required to be taken) be subject to the pledge and security interests created pursuant to Section 3.1(a) hereof. 

3.3 Uncertificated Securities. If any Pledged Securities (whether now owned or hereafter acquired) are uncertificated securities,
the respective Pledgor shall within the time periods set forth in Section 6.14(c) of the Credit Agreement and Section 15(d) of this Agreement take all actions required to perfect the security interest of the Pledgee granted hereby under
applicable law. 
 4. RESERVED. 

  
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 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. For greater certainty, unless and until an Event
of Default shall have occurred and be continuing, each Pledgor shall be entitled to (i) exercise any and all voting and other consensual rights pertaining to the Pledged Stock and to give all consents, waivers or ratifications in respect
thereof and (ii) exercise any and all voting, consent, administration, management and other rights and remedies under (x) any limited liability company agreement or operating agreement or otherwise with respect to the Pledged Limited
Liability Company Interests of such Pledgor and (y) any partnership agreement or otherwise with respect to the Pledged Partnership Interests of such Pledgor, in each case together with all other rights assigned pursuant to Sections
3.1(a)(iv)(E) and 3.1(a)(v)(E) hereof; provided that no vote shall be cast or any consent, waiver or ratification given or any other action taken which would violate or be inconsistent with any of the terms of this Agreement or any other
Secured Debt Agreement (as defined in Section 7 hereof). All such rights of such Pledgor to vote and to give consents, waivers and ratifications shall cease in case an Event of Default shall occur and be continuing, and Section 7 hereof
shall become applicable. 
 6. DIVIDENDS AND OTHER DISTRIBUTIONS. For greater certainty, unless an Event of Default shall have
occurred and be continuing and subject to the terms of the Secured Debt Agreements, all cash dividends and other cash distributions payable in respect of the Pledged Securities shall be paid to the respective Pledgor. 

All dividends, distributions or other payments which are received by the Pledgor contrary to the provisions of this Section 6 and Section 7
below shall be received in trust for the benefit of the Pledgee for the benefit of the Secured Creditors, shall be segregated from other property or funds of the Pledgor and shall be promptly paid over to the Pledgee as Collateral in the same form
as so received (with any necessary endorsement). 
 7. REMEDIES IN CASE OF EVENT OF DEFAULT. In case an Event of Default shall
have occurred and be continuing, the Pledgee shall be entitled upon written notice to the Company to exercise all of its rights, powers and remedies (whether vested in it by this Agreement, by any other Loan Document, by any Senior Note Document or,
to the extent then in effect and secured hereby, by any Other Secured Agreement (with all of the documents listed above being herein collectively called the “Secured Debt Agreements”) or by law) for the protection and enforcement of
its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the UCC and also shall be entitled, without limitation, to exercise the following rights, which each Pledgor
hereby agrees to be commercially reasonable: 
 (i) following written request by the Pledgee, to receive all
amounts payable in respect of the Collateral otherwise payable to such Pledgor under Section 6 hereof; 

(ii) to transfer all or any part of the Pledged Securities into the Pledgee’s name or the name of its nominee or
nominees; 
 (iii) to vote all or any part of the Pledged Stock, Pledged Limited Liability Company Interests or
Pledged Partnership Interests (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner
thereof; and 

  
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 (iv) at any time or from time to time to sell, assign and deliver, or grant
options to purchase, all or any part of the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or notice of intention to sell or of the time or place of sale or adjournment thereof or to
redeem or otherwise (all of which are hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption by any Secured Creditor of any credit risk, and for such price or prices and on
such terms as the Pledgee in its absolute discretion may determine; provided, that at least 10 Business Days’ notice of the time and place of any such sale shall be given to such Pledgor. Every aspect of the disposition of the
Collateral, including the method, manner, time, place and other terms must be commercially reasonable, it being agreed that to the extent such matters are addressed by provisions of this Agreement such provisions are commercially reasonable. Each
Pledgor hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other
security for the Obligations or otherwise. At any such sale, unless prohibited by applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of
redemption. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives (to the extent permitted by law) all rights of redemption, stay and/or
appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Pledgee may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives any claims against the Pledgee arising by reason of the fact that the price at which any Collateral may have
been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Pledgee accepts the first offer received and does not offer such Collateral to more than one offeree. If the proceeds of any sale
or other disposition of the Collateral are insufficient to pay all the Obligations, the Pledgors shall be liable for the deficiency and the fees of any attorneys employed by the Pledgee to collect such deficiency. Neither the Pledgee nor any other
Secured Creditor shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto. 

8. REMEDIES, ETC., CUMULATIVE. Each right, power and remedy of the Pledgee provided for in this Agreement or in any other Secured Debt
Agreement or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the Pledgee or any other
Secured Creditor of any one or more of the rights, powers or remedies provided for in this Agreement or in any other Secured Debt Agreement or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the
simultaneous or later exercise by the Pledgee or any other Secured Creditor of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any other Secured Creditor to exercise any such right, power or remedy
shall operate as a waiver thereof. The Secured Creditors agree that this Agreement may be enforced only by the Pledgee acting upon the instructions of the Required Secured Creditors (as defined in Section 4 of Annex G

  
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hereto) and that no other Secured Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being
understood and agreed that such rights and remedies may be exercised by the Pledgee for the benefit of the Secured Creditors upon the terms of this Agreement. 
 9. APPLICATION OF PROCEEDS. (ix) All moneys collected by the Pledgee upon any sale or other disposition of the Collateral of each Pledgor, together with all other moneys received by the Pledgee
hereunder, shall be applied as follows: 
 (i) first, to the payment of all Obligations owing to the Pledgee and
the other Secured Creditors of the type provided in clauses (v) and (vi) of the definition of Obligations in Section 1 hereof; 
 (ii) second, to the extent proceeds remain after the application pursuant to the preceding clause (i), an amount equal to the outstanding Primary Obligations (as defined in Section 9(b) below) shall
be paid to the Secured Creditors as provided in Section 9(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding Primary Obligations of such Pledgor or, if the proceeds are insufficient to pay in full all such
Primary Obligations, its Pro Rata Share (as hereinafter defined) of the amount remaining to be distributed; 

(iii) third, to the extent proceeds remain after the application pursuant to the preceding clauses (i) and (ii), an
amount equal to the outstanding Secondary Obligations (as defined in Section 9(b) below) shall be paid to the Secured Creditors as provided in Section 9(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding
Secondary Obligations of such Pledgor or, if the proceeds are insufficient to pay in full all such Secondary Obligations, its Pro Rata Share of the amount remaining to be distributed; and 

(iv) fourth, to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iii),
inclusive, and following the termination of this Agreement pursuant to Section 18 hereof, to the relevant Pledgor or to whomever may be lawfully entitled to receive such surplus. 

(b) For purposes of this Agreement (x) “Pro Rata Share” shall mean, when calculating a Secured
Creditor’s portion of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Secured Creditor’s Primary Obligations or Secondary Obligations, as the
case may be, and the denominator of which is the then aggregate outstanding amount of all Primary Obligations or Secondary Obligations, as the case may be, (y) “Primary Obligations” shall mean (i) in the case of the Loan
Document Obligations, all Obligations arising out of or in connection with (including, without limitation, as obligor or guarantor, as the case may be) the principal of, and interest on, all Loans, all unreimbursed drawings or payments in respect of
any letters of credit (together with all interest accrued thereon), and the aggregate stated amounts of all letters of credit issued under the Credit Agreement, and all regularly accruing fees, (ii) in the case of the Senior Note Obligations,
all Obligations secured hereby arising out of or in connection with (including, without limitation, as obligor or guarantor, as the case may be) the principal of, and interest on, the 

  
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Senior Notes, and all regularly accruing fees, and (iii) in the case of the Other Obligations, all Obligations arising out of or in connection with (including, without limitation, as a
direct obligor or a guarantor, as the case may be) Other Secured Agreements secured hereby (in each case as set forth in clauses (i) through (iii) above, other than indemnities, fees (including, without limitation, attorneys’ fees)
and similar obligations and liabilities), and (z) “Secondary Obligations” shall mean all Obligations of such Pledgor secured hereby other than Primary Obligations. 

(c) When payments to Secured Creditors are based upon their respective Pro Rata Shares, the amounts received by such
Secured Creditors hereunder shall be deemed to be applied (for purposes of making determinations under this Section 9 only) (i) first, to the Primary Obligations and (ii) second, to the Secondary Obligations. 

(d) If the Lender Creditors are to receive a distribution in accordance with the procedures set forth above in this
Section 9 on account of undrawn amounts with respect to letters of credit issued under the Credit Agreement, such amounts shall be paid to the Administrative Agent under the Credit Agreement and held by it, for the equal and ratable benefit of
the Lender Creditors as such. If any amounts are held as cash security pursuant to the immediately preceding sentence, then upon the termination of any outstanding letter of credit, and after the application of all such cash security to the
repayment of all Obligations owing to the Lender Creditors after giving effect to the termination of such letter of credit, if there remains any excess cash, such excess cash shall be returned by the Administrative Agent to the Pledgee for
distribution in accordance with Section 9(a) hereof. 
 (e) Except as set forth in Section 9(d) hereof,
all payments required to be made hereunder shall be made (i) if to the Lender Creditors, to the Administrative Agent under the Credit Agreement for the account of the Lender Creditors, and (ii) if to any other Secured Creditors (other than
the Pledgee), to the trustee, paying agent or other similar representative (each a “Representative”) for such Secured Creditors or, in the absence of such a Representative, directly to the other Secured Creditors. 

(f) For purposes of applying payments received in accordance with this Section 9, the Pledgee shall be entitled to
rely upon (i) the Administrative Agent under the Credit Agreement and (ii) the Representative for any other Secured Creditors or, in the absence of such a Representative, upon the respective Secured Creditors for a determination (which the
Administrative Agent, each Representative for any other Secured Creditors and the Secured Creditors agree (or shall agree) to provide upon request of the Pledgee) of the outstanding Primary Obligations and Secondary Obligations owed to the Secured
Creditors. Unless it has actual knowledge (including by way of written notice from a Representative for any Secured Creditor or directly from a Secured Creditor) to the contrary, the Pledgee, in acting hereunder, shall be entitled to assume that no
Other Secured Agreements are in existence. 
 (g) It is understood and agreed that each Pledgor shall remain
liable to the extent of any deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of the Obligations of such Pledgor. 

  
 Page 11

 10. PURCHASERS OF COLLATERAL. Upon any sale of the Collateral by the Pledgee hereunder
(whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making such sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold,
and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any way for the misapplication or nonapplication thereof. 

11. RESERVED. 

12. FURTHER ASSURANCES; POWER OF ATTORNEY. (a) Each Pledgor agrees that it will join with the Pledgee in executing and, at such
Pledgor’s own expense, file and refile under the applicable UCC or such other law such financing statements, continuation statements and other similar documents in such offices as the Pledgee may reasonably deem necessary and wherever required
or permitted by law in order to perfect and preserve the Pledgee’s security interest hereunder in the Collateral and hereby authorizes the Pledgee to file financing statements and amendments thereto relative to all or any part of the Collateral
without the signature of such Pledgor where permitted by law (it being understood that the only perfection obligations of the Pledgors hereunder with respect to the Collateral shall be the filing of UCC financing statements as described in this
Section 12(a)). 
 (b) Each Pledgor hereby appoints the Pledgee such Pledgor’s attorney-in-fact, with
full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, to act from time to time after the occurrence and during the continuance of an Event of Default in the Pledgee’s reasonable discretion to take
any action and to execute any instrument which the Pledgee may deem necessary or advisable to accomplish the purposes of this Section 12. Such appointment is coupled with an interest and is irrevocable. 

13. THE PLEDGEE AS AGENT. The Pledgee will hold in accordance with this Agreement all items of the Collateral at any time received under
this Agreement. It is expressly understood and agreed that the obligations of the Pledgee as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set
forth in this Agreement. The Pledgee shall act hereunder on the terms and conditions set forth herein and in Annex G hereto, the terms of which shall be deemed incorporated herein by reference as fully as if same were set forth herein in
their entirety. 
 14. RESERVED. 

  
 Page 12

 15. REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGORS. (a) From and after the date
determined under Section 6.14 of the Credit Agreement that this Agreement is required to be delivered, each Pledgor represents, warrants as of the date that the Pledge and Security Agreement Requirement is satisfied following the initial date
upon which this Agreement is required to be delivered or upon a Reinstatement Event, as applicable (after giving effect to any amendments or supplements to the Annexes hereto in connection therewith), and, from and after such date, covenants that:

 (i) it is the legal, record and beneficial owner of, and has good title to, all Pledged Securities purported
to be owned by such Pledgor (including as shown on Annexes A, B and C hereto), subject to no Lien, except the Liens created by this Agreement or permitted under the Credit Agreement; 

(ii) it has full power, authority and legal right to pledge all the Pledged Securities; 

(iii) this Agreement has been duly authorized, executed and delivered by such Pledgor and constitutes the legal, valid and
binding obligation of such Pledgor enforceable in accordance with its terms, except to the extent that the enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally and by equitable principles (regardless of whether enforcement is sought in equity or at law); 
 (iv) no consent of any other party (including, without limitation, any stockholder or creditor of such Pledgor or any of its Subsidiaries and any other partners or members of such Pledgor’s
partnerships or limited liability companies) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing (except any filings required under the UCC) or declaration with, any governmental
authority is required to be obtained by such Pledgor in connection with the execution, delivery or performance of this Agreement, in each case except (w) those which have been obtained or made, (x) as may be required by laws affecting the
offer and sale of securities generally in connection with the exercise by the Pledgee of certain of its remedies hereunder, (y) as may be required to be obtained or made in order to comply with the terms of or avoid defaults under any contract
of the Company or a Subsidiary of the Company otherwise permitted under the Credit Agreement that imposes restrictions upon the sale of, or foreclosure of liens upon, any Securities of a Subsidiary pledged hereunder in connection with the exercise
by the Pledgee of its remedies hereunder, and (z) where the failure to do so could not reasonably be expected to have a Material Adverse Effect; 
 (v) the execution, delivery and performance of this Agreement by such Pledgor does not violate any provision of any applicable law or regulation or of any order, judgment, writ, award or decree of any
court, arbitrator or governmental authority, domestic or foreign, or of the certificate of incorporation or by-laws (or analogous constitution or organizational documents) of such Pledgor or of any securities issued by such Pledgor or any of its
Subsidiaries, or of any mortgage, indenture, lease, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument to which such Pledgor or any of its Subsidiaries is a party or which purports to be
binding upon such Pledgor or any of its Subsidiaries or upon any of their respective 

  
 Page 13

 
assets and will not result in the creation or imposition (or the obligation to create or impose) of any Lien on any of the assets of such Pledgor or any of its Subsidiaries; in each case except
(x) as contemplated in this Agreement, (y) for violations and defaults that may arise under contracts of the Company or a Subsidiary thereof otherwise permitted under the Credit Agreement as a result of the sale of, or foreclosure of a
Lien upon, the Securities of Subsidiaries pledged hereunder to the extent that the prior consent of other parties to such contracts have not been obtained or other actions specified in such contracts have not been taken in connection with any such
sale or foreclosure, and (z) for such violations, liens or encumbrances, the occurrence of which could not reasonably be expected to have a Material Adverse Effect; 

(vi) [intentionally omitted]; and 
 (vii) this Agreement creates a valid security interest in favor of the Pledgee, for the benefit of the Secured Creditors, in the Collateral of such Pledgor and, when properly perfected by filing in the
appropriate offices against such Pledgor, shall constitute a valid and perfected security interest in such Collateral, to the extent such security interest can be perfected by filing under the UCC. 

Each Pledgor further represents and warrants that, on the date hereof, (i) the Pledged Stock held by such Pledgor consists of the
number and type of shares of the stock of the corporations as described in Annex A hereto; (ii) such Pledged Stock constitutes that percentage of the issued and outstanding capital stock of the issuing corporation as is set forth in
Annex A hereto; (iii) the Pledged Limited Liability Company Interests held by such Pledgor constitute that percentage of the issued and outstanding equity interests of the respective issuing Pledged Limited Liability Company as is set
forth in Annex B hereto; and (iv) the Pledged Partnership Interests held by such Pledgor constitute that percentage of the entire Partnership Interests of the respective Pledged Partnership as is set forth in Annex C hereto.

 Each Pledgor covenants and agrees that it will defend the Pledgee’s and the other Secured Creditors’ right, title
and security interest in and to the Collateral and the proceeds thereof against the claims and demands of all persons whomsoever; and such Pledgor covenants and agrees that it will have like title to and right to pledge any other property at any
time hereafter pledged to the Pledgee as Collateral hereunder and will likewise defend the right thereto and security interest therein of the Pledgee and the other Secured Creditors. 

(b) Each Pledgor hereby further represents and warrants as of the date hereof (after giving effect to any amendments or
supplements to the Annexes hereto in connection with the associated Reinstatement Event), and covenants from and after the date hereof, that the jurisdiction of formation of such Pledgor and its organizational ID number (as contemplated for use
under Article 9 of the UCC) is as indicated on Annex F hereto for such Pledgor. Such Pledgor will not change its jurisdiction of organization (by merger or otherwise) except to such new location as such Pledgor may establish in accordance
with the last sentence of this Section 15(b). No Pledgor shall change its jurisdiction of organization until with respect to such new location, it shall have taken all action necessary to maintain all security interests of the Pledgee in the
Collateral intended to be granted hereby at all times fully perfected on a first priority basis and in full force and effect. 

  
 Page 14

 (c) Without in any way limiting Section 3.2 hereof, at any time and
from time to time that any Pledgor acquires any additional Securities which have not already been pledged hereunder and reflected on Annexes A through C, as appropriate, such Pledgor shall, no later than the time of required delivery
of the Compliance Certificate pursuant to Section 6.11(d) of the Credit Agreement relating to the fiscal quarter during which such acquisition occurred, deliver a supplement to this Agreement, substantially in the form of Annex H-1
hereto (each a “Pledge and Security Agreement Supplement”) adding such Securities to Annexes A through C hereto, as appropriate. The execution and delivery of any such supplement shall not require the consent of any
Pledgor hereunder. It is understood and agreed that the pledge and security interests granted hereunder shall apply to all Collateral as provided in Section 3.1 hereof regardless of the failure of any Pledgor to deliver, or any inaccurate
information stated in, any Pledge and Security Agreement Supplement as otherwise provided above. 
 16. PLEDGORS’
OBLIGATIONS ABSOLUTE, ETC. Except as otherwise provided in Section 18 hereof, the obligations of each Pledgor under this Agreement shall be absolute and unconditional and shall remain in full force and effect without regard to, and shall
not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including, without limitation: (a) any renewal, extension, amendment or modification of or addition or supplement to or
deletion from any Secured Debt Agreement or any other instrument or agreement referred to therein, or any assignment or transfer of any thereof; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of
any such agreement or instrument or this Agreement; (c) any furnishing of any additional security to the Pledgee or its assignee or any acceptance thereof or any release of any security by the Pledgee or its assignee; (d) any limitation on
any party’s liability or obligations under any such instrument or agreement or any invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; (e) any limitation on any other Pledgor’s
liability or obligations under this Agreement or under any other Secured Debt Agreement or any invalidity or unenforceability, in whole or in part, of this Agreement or any other Secured Debt Agreement or any term thereof; or (f) any
bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to such Pledgor or any Subsidiary of such Pledgor, or any action taken with respect to this Agreement by any trustee or
receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or knowledge of any of the foregoing. 
 17. REGISTRATION, ETC. If at any time when the Pledgee shall determine to exercise its right to sell all or any part of the Pledged Securities pursuant to Section 7 hereof, such Pledged Securities or
the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act, as then in effect, the Pledgee may, in its sole and absolute discretion, sell such Pledged Securities or part thereof by private
sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in order that such sale may legally be effected without such registration; provided that at least 10 Business Days’ notice of the time and
place of any such sale shall be given to such Pledgor. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and absolute discretion: (a) may proceed to make such private sale notwithstanding that a
registration statement for the purpose of registering such Pledged Securities or part thereof shall have been filed under such Securities Act; (b) may approach and negotiate with a single possible purchaser to effect such

  
 Page 15

 
sale; and (c) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the
distribution or sale of such Pledged Securities or part thereof. In the event of any such sale, the Pledgee shall incur no responsibility or liability for selling all or any part of the Pledged Securities at a price which the Pledgee, in its sole
and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until after registration as aforesaid so long as such
disposition is otherwise commercially reasonable. 
 18. TERMINATION, RELEASE. (x) After the Termination Date (as defined
below), this Agreement shall automatically terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof shall survive any such termination) and the Lien of the Pledgee granted hereunder shall
automatically be released, and the Pledgee, at the request and expense of the respective Pledgor, will promptly execute and deliver to such Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement,
and will duly assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the Pledgee, if any. As used in this Agreement, “Termination
Date” shall mean the earliest of (i) the date upon which the Commitments have been terminated, and all Loan Document Obligations (excluding (x) normal continuing indemnity obligations which survive in accordance with their terms,
so long as no amounts are then due and payable in respect thereof, and (y) Letters of Credit that have been Cash Collateralized or for which a back-to-back letter of credit has been provided) have been indefeasibly paid in full, (ii) the
Release Date as defined in Section 6.14(d) of the Credit Agreement (but subject to any deferral requested by the Company pursuant to the next to last sentence of Section 6.14(d) of the Credit Agreement and the applicable provisions
hereof), (iii) the date upon which the Collateral Agent releases the Collateral in accordance with the Credit Agreement and (iv) the date upon which the Loan Documents are amended to release all Collateral subject to this Agreement.

 (b) In the event that any part of the Collateral (i) is sold (other than to any Loan Party) in connection
with a sale permitted by the Secured Debt Agreements, (ii) is otherwise released in accordance with the terms of Section 6.14(a)(2), 6.14(d) or 9.10 of the Credit Agreement or at the direction of the Required Secured Creditors or
(iii) ceases to be Eligible Pledged Securities (including, without limitation, as a result of the enactment of any Law or the entering into a material contract by the Company or one of its Subsidiaries at any time (including after such
Collateral was pledged hereunder) that has the effect of prohibiting or restricting such Collateral from being pledged, assigned, transferred or otherwise subject to a Lien in favor of another Person), such Collateral shall automatically be released
from the Lien of the Pledgee granted hereunder, and the Pledgee, at the request and expense of such Pledgor will promptly execute and deliver to such Pledgor (or authorize such Pledgor to file, as applicable) a proper instrument or instruments
acknowledging such release (including any UCC termination statements and any Pledge and Security Supplement that may be appropriate to evidence such release), and will duly assign, transfer and deliver to such Pledgor (without recourse to and
without any representation or warranty by, any Secured Creditor) such of the Collateral as is then being (or has been) so sold, distributed or released and as may be in possession of the Pledgee, if any, and has not theretofore been released
pursuant to this Agreement. Any proceeds of 

  
 Page 16

 
Collateral sold as contemplated by the immediately preceding sentence shall be applied in accordance with, and to the extent required by, the requirements of the applicable Secured Debt
Agreements. 
 (c) At any time that a Pledgor desires that Collateral be released as provided in the foregoing
Section 18(a) or (b), it shall deliver to the Pledgee a certificate signed by an Authorized Officer of such Pledgor stating that the release of the respective Collateral is permitted pursuant to Section 18(a) or (b) hereof and does
not violate the terms of any Secured Debt Agreement then in effect, and the Pledgee shall be entitled (but not required) to conclusively rely thereon. 
 19. NOTICES, ETC. Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties hereto shall be deemed to have been given or made when
delivered to the party to which such notice, request, demand or other communication is required or permitted to be given or made under this Agreement, addressed as follows: 

(a) if to any Pledgor c/o the Company at the address of the Company specified under Section 10.02 of the Credit
Agreement; 
 (b) if to the Pledgee, at the address of the Administrative Agent determined under
Section 10.02 of the Credit Agreement; 
 (c) if to any Lender Creditor (other than the Pledgee),
(x) to the Administrative Agent, at the address of the Administrative Agent specified in the Credit Agreement or (y) at such address as such Lender Creditor shall have specified in the Credit Agreement; 

(d) if to any other Secured Creditor, (x) to the Representative for such Secured Creditor or (y) if there is no
such Representative, at such address as such Secured Creditor shall have specified in writing to each Pledgor and the Pledgee; 
 or at such
other address as shall have been furnished in writing by any Person described above to the party required to give notice hereunder. 
 20. WAIVER; AMENDMENT. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by each Pledgor directly
affected thereby (it being understood that additional Pledgors may be added as parties hereto from time to time in accordance with Section 22 hereof, the Collateral may be modified as contemplated by Section 6.14(a)(2) and
Section 6.14(d) of the Credit Agreement and Section 18 hereof, and Pledgors may be released as parties hereto in accordance with Sections 18 and 21 hereof and that no consent of any other Pledgor or of the Secured Creditors shall be
required in connection therewith) and the Pledgee (with the written consent of the Required Lenders (or all the Lenders if required by Section 10.01 of the Credit Agreement) at all times prior to the Termination Date; provided
that the Company certifies that any such change, waiver, modification or variance is otherwise permitted by the terms of the respective Secured Debt Agreements or, if not so permitted, that the requisite consents therefor have been obtained.
Notwithstanding anything to the contrary contained above, it is understood 

  
 Page 17

 
and agreed that the Required Lenders may agree to modifications to this Agreement for the purpose, among other things, of securing additional extensions of credit (including, without limitation,
pursuant to the Credit Agreement or any refinancing or extension thereof) and that the Pledgors and the Pledgee may take any actions necessary to implement the recreation of this Agreement and the pledge hereunder without the consent of the Required
Lenders or any other Secured Creditor under the circumstances contemplated by Section 6.14 of the Credit Agreement, with such changes and recreation not being subject to the proviso to the immediately preceding sentence. Furthermore, the
proviso to the first sentence of this Section 20 shall not apply to any release of Collateral effected in accordance with the requirements of Section 18 of this Agreement, or any other release of Collateral or termination of this Agreement
so long as the Company certifies that such actions will not violate the terms of any Secured Debt Agreement then in effect. 

21. RELEASE OF PLEDGORS. In the event that at any time after a Person becomes a Pledgor hereunder (a) such Pledgor does not own any
Eligible Pledged Securities (including, without limitation, as a result of the enactment of any Law or the entering into a material contract by the Company or one of its Subsidiaries at any time that has the effect of prohibiting or restricting
Collateral owned by such Pledgor from being pledged, assigned, transferred or otherwise subject to a Lien in favor of another Person), (b) one of the circumstances described in Section 6.14(a)(2) of the Credit Agreement applies to such
Pledgor, or (c) such Pledgor is otherwise permitted to be released pursuant to Section 6.14(d) or 9.10 of the Credit Agreement, such Pledgor shall be automatically released from this Agreement and this Agreement shall, as to such Pledgor
only, automatically have no further force or effect. At the request of the Company or such Pledgor, the Pledgee will promptly execute and deliver to such Pledgor a proper instrument or instruments acknowledging such release, and will duly assign,
transfer and deliver to such Pledgor (without recourse and without any representation or warranty) the Collateral of such Pledgor that is in Pledgee’s possession, if any. 
 22. ADDITIONAL PLEDGORS. Pursuant to Section 6.14 of the Credit Agreement, certain Subsidiaries of the Company may after the date hereof be required to enter into this Agreement as a Pledgor. Upon
execution and delivery, after the date hereof, by the Pledgee and such Subsidiary of a New Pledgor Supplement in the form of Annex H-2 hereto (a “New Pledgor Supplement”), such Subsidiary shall become a Pledgor hereunder with
the same force and effect as if originally named as a Pledgor hereunder. Each Subsidiary which is required to become a party to this Agreement shall so execute and deliver a copy of the New Pledgor Supplement to the Pledgee and, at such time, shall
execute a Supplement to the Pledge and Security Agreement in the form of Annex H-1 hereto with respect to all Collateral of such Pledgor required to be pledged hereunder. The execution and delivery of any such instrument shall not require the
consent of any other Pledgor hereunder. Upon the execution and delivery by the Pledgee and such Subsidiary of a New Pledgor Supplement, it is understood and agreed that the pledge and security interests hereunder shall apply to all Collateral of
such additional Pledgor as provided in Section 3.1 hereof regardless of any failure of any additional Pledgor to deliver, or any inaccurate information stated in, the Pledge and Security Agreement Supplement. 

23. RECOURSE. This Agreement is made with full recourse to the Pledgors and pursuant to and upon all representations, warranties,
covenants and agreements on the part of the Pledgors contained herein and otherwise in writing in connection herewith. 

  
 Page 18

 24. SECURED CREDITORS NOT BOUND. (a) Nothing herein shall be construed to make the
Pledgee or any other Secured Creditor liable as a member of any limited liability company or a partner of any partnership and the Pledgee or any other Secured Creditor by virtue of this Agreement or otherwise (except as referred to in the following
sentence) shall not have any of the duties, obligations or liabilities of a member of any limited liability company or partner of any partnership. The parties hereto expressly agree that, unless the Pledgee shall become the absolute owner of the
respective Pledged Limited Liability Company Interest or Pledged Partnership Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other Secured Creditor and/or any Pledgor.

 (b) Except as provided in the last sentence of paragraph (a) of this Section 24, the Pledgee, by
accepting this Agreement, and the other Secured Creditors did not intend to become a member of any limited liability company or partner of any partnership or otherwise be deemed to be a co-venturer with respect to any Pledgor or any limited
liability company or partnership either before or after an Event of Default shall have occurred. The Pledgee shall have only those powers set forth herein and the Secured Creditors shall assume none of the duties, obligations or liabilities of a
member of any limited liability company or partnership or any Pledgor. 
 (c) The Pledgee and the other Secured
Creditors shall not be obligated to perform or discharge any obligation of any Pledgor as a result of the collateral assignment hereby effected. 
 (d) The acceptance by the Pledgee of this Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any event obligate the Pledgee or any other Secured
Creditor to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any expenses or perform or discharge any obligation, duty
or liability under the Collateral. 
 25. CONTINUING PLEDGORS. The rights and obligations of each Pledgor (other than the
respective released Pledgor in the case of following clause (b)) hereunder shall remain in full force and effect notwithstanding (a) the addition of any new Pledgor as a party to this Agreement as contemplated by Section 22 hereof or
otherwise and/or (b) the release of any Pledgor under this Agreement as contemplated by Section 21 hereof or otherwise. 
 26. NO FRAUDULENT CONVEYANCE. Each Pledgor hereby confirms that it is its intention that this Agreement not constitute a fraudulent transfer or conveyance for purposes of any bankruptcy, insolvency or
similar law, the Uniform Fraudulent Conveyance Act or any similar Federal, state or foreign law. To effectuate the foregoing intention, each Pledgor hereby irrevocably agrees that its obligations and liabilities hereunder shall be limited to the
maximum amount as will, after giving effect to such maximum amount and all other (contingent or otherwise) liabilities of such Pledgor that are relevant under such laws, result in the obligations and liabilities of such Pledgor hereunder in respect
of such maximum amount not constituting a fraudulent transfer or conveyance. 
 27. CANADIAN BORROWERS. The Pledgors hereby
acknowledge that pursuant to the terms of the Credit Agreement various Canadian Borrowers may become a party 

  
 Page 19

 
to the Credit Agreement from time to time and incur Loans thereunder. The Pledgors further acknowledge and agree that all obligations and liabilities of any Canadian Borrower under the Credit
Agreement shall be fully secured hereunder and no consent of the Pledgors is required to effect the same. 
 28. MISCELLANEOUS.
This Agreement shall be binding upon the successors and assigns of each Pledgor and shall inure to the benefit of the Secured Creditors and their respective successors and assigns and be enforceable by the Pledgee and its successors and assigns;
provided that no Pledgor may assign any of its rights or obligations hereunder without the prior written consent of the Pledgee (with the consent of the Required Lenders and, if required by Section 10.01 of the Credit Agreement, all Lenders)
and any such assignment without such consent shall be null and void. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS). Each
Pledgor hereby irrevocably (i) submits to the non-exclusive jurisdiction of any United States Federal or State court sitting in New York, New York in any action or proceeding arising out of or relating to this Agreement, and (ii) waives to
the fullest extent permitted by law any defense asserting an inconvenient forum in connection therewith and any objection to the venue of any such action or proceeding. The headings in this Agreement are for purposes of reference only and shall not
limit or define the meaning hereof. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. 

29. WAIVER OF TRIAL BY JURY. EACH PLEDGOR AND EACH SECURED CREDITOR (BY ITS ACCEPTANCE OF THE BENEFITS OF THIS AGREEMENT)
HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS TO WHICH SUCH PLEDGOR IS A PARTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY. 
 30. SEVERABILITY. Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

*    *    * 

  
 Page 20

 IN WITNESS WHEREOF, each Pledgor has caused this Agreement to be duly executed and delivered
by its duly authorized officer on the date first above written. 
  

			
	THE PLEDGORS SET FORTH ON SCHEDULE 1 HERETO
	
	  

	By:	 	
	Title:	 	

 [Signature Page to Pledge and Security Agreement] 

					
	Accepted and Agreed to:
	
	 BANK OF AMERICA, N.A.,
 as Collateral Agent and Pledgee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [Signature Page to Pledge and Security Agreement] 

 SCHEDULE 1 
 TO 
 PLEDGE AND SECURITY AGREEMENT 

PLEDGORS: 

							
		  		  		  	 ANNEX A
 to 

PLEDGE AND SECURITY AGREEMENT

 LIST OF PLEDGED STOCK OF CORPORATIONS 

All of the following Pledged Stock constitutes Collateral under this Agreement. 

 

					
	 Pledgor
	  	 Pledged Stock
	  	 Percentage Owned

		  		  	

							
		  		  		  	 ANNEX B
 to 

PLEDGE AND SECURITY AGREEMENT

 LIST OF PLEDGED LIMITED LIABILITY COMPANY INTERESTS 

All of the following Pledged Limited Liability Company Interests constitute Collateral under this Agreement. 

 

					
	 Pledgor
	  	
Pledged Limited
Liability Company
Interests
	  	 Percentage Owned

		  		  	
		  		  	
		  		  	

							
		  		  		  	 ANNEX C
 to

PLEDGE AND SECURITY AGREEMENT

 LIST OF PLEDGED PARTNERSHIP INTERESTS 

All of the following Pledged Partnership Interests constitute Collateral under this Agreement. 

 

					
	 Pledged Partnership Interest
	  	 Pledgor
	  	 Pledged Partnership
Percentage

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

 Annex C 
 Page 2 
  

					
	 Pledged Partnership Interest
	  	 Pledgor
	  	 Pledged Partnership
Percentage

		  		  	
		  		  	

							
		  		  		  	 ANNEX D
 to

PLEDGE AND SECURITY AGREEMENT

 RESERVED 

							
		  		  		  	 ANNEX E
 to

PLEDGE AND SECURITY AGREEMENT

 RESERVED 

							
		  		  		  	 ANNEX F
 to

PLEDGE AND SECURITY AGREEMENT

 JURISDICTION OF FORMATION AND ORGANIZATIONAL ID NUMBER 

 

					
	 Entity
	  	
Jurisdiction of Organization
(Organized in Delaware unless
indicated)
	  	 ID Numbers

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

							
		  		  		  	 ANNEX G
 to

PLEDGE AND SECURITY AGREEMENT

 THE PLEDGEE 
 1. Appointment. The Secured Creditors, by their acceptance of the benefits of the Pledge and Security Agreement to which this Annex G is attached (the “Pledge Agreement”)
hereby irrevocably designate Bank of America, N.A. (and any successor Pledgee) to act as specified therein and to be bound by the terms of this Annex G. Unless otherwise defined herein, all capitalized terms used herein (a) and defined
in the Pledge Agreement, are used herein as therein defined and (b) not defined in the Pledge Agreement, are used herein as defined in the Credit Agreement referenced in the Pledge Agreement. Each Secured Creditor hereby irrevocably authorizes,
and each holder of any Obligation by the acceptance of such Obligation and by the acceptance of the benefits of the Pledge Agreement shall be deemed irrevocably to authorize, the Pledgee to take such action on its behalf under the provisions of the
Pledge Agreement and any instruments and agreements referred to therein and to exercise such powers and to perform such duties thereunder as are specifically delegated to or required of the Pledge Agreement by the terms thereof and such other powers
as are reasonably incidental thereto. The Pledgee may perform any of its duties thereunder by or through its authorized agents, sub-agents or employees. 
 2. Nature of Duties. (a) The Pledgee shall have no duties or responsibilities except those expressly set forth herein or in the Pledge Agreement. The duties of the Pledgee shall be mechanical
and administrative in nature; the Pledgee shall not have by reason of the Pledge Agreement or any other Secured Debt Agreement a fiduciary relationship in respect of any Secured Creditor; and nothing in the Pledge Agreement or any other Secured Debt
Agreement, expressed or implied, is intended to or shall be so construed as to impose upon the Pledgee any obligations in respect of the Pledge Agreement except as expressly set forth herein and therein. 

(b) The Pledgee shall not be responsible for insuring the Collateral or for the payment of taxes, charges or assessments or discharging
of Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 
 (c) The Pledgee shall not be required to
ascertain or inquire as to the performance by any Pledgor of any of the covenants or agreements contained in the Pledge Agreement or any other Secured Debt Agreement. 
 (d) The Pledgee shall be under no obligation or duty to take any action under, or with respect to, the Pledge Agreement if taking such action (i) would subject the Pledgee to a tax in any
jurisdiction where it is not then subject to a tax or (ii) would require the Pledgee to qualify to do business, or obtain any license, in any jurisdiction where it is not then so qualified or licensed or (iii) would subject the Pledgee to
in personam jurisdiction in any locations where it is not then so subject. 
 (e) Notwithstanding any other provision of this
Annex G, neither the Pledgee nor any of its officers, directors, employees, affiliates or agents shall, in its individual capacity, be personally liable for any action taken or omitted to be taken by it in accordance with, or pursuant to this Annex
G or the Pledge Agreement except for its own gross negligence or willful misconduct. 

 ANNEX G 
 Page 2 
  

 3. Lack of Reliance on the Pledgee. Independently and without reliance upon the
Pledgee, each Secured Creditor, to the extent it deems appropriate, has made and shall continue to make (a) its own independent investigation of the financial condition and affairs of each Pledgor and its Subsidiaries in connection with the
making and the continuance of the Obligations and the taking or not taking of any action in connection therewith, and (b) its own appraisal of the creditworthiness of each Pledgor and its Subsidiaries, and the Pledgee shall have no duty or
responsibility, either initially or on a continuing basis, to provide any Secured Creditor with any credit or other information with respect thereto, whether coming into its possession before the extension of any Obligations or the purchase of any
notes or at any time or times thereafter. The Pledgee shall not be responsible in any manner whatsoever to any Secured Creditor for the correctness of any recitals, statements, information, representations or warranties herein or in any document,
certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of the Pledge Agreement or the security interests granted
hereunder or the financial condition of any Pledgor or any Subsidiary of any Pledgor or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of the Pledge Agreement, or the
financial condition of any Pledgor or any Subsidiary of any Pledgor, or the existence or possible existence of any Default or Event of Default. The Pledgee makes no representations as to the value or condition of the Collateral or any part thereof,
or as to the title of any Pledgor thereto or as to the security afforded by the Pledge Agreement. 
 4. Certain Rights of the
Pledgee. (a) No Secured Creditor shall have the right to cause the Pledgee to take any action with respect to the Collateral, with only the Required Secured Creditors (or all of the Secured Creditors in the case of the release of all or
substantially all of the Collateral) having the right to direct the Pledgee to take any such action. If the Pledgee shall request instructions from the Required Secured Creditors, with respect to any act or action (including failure to act) in
connection with the Pledge Agreement, the Pledgee shall be entitled to refrain from such act or taking such action unless and until it shall have received instructions from the Required Secured Creditors and to the extent requested, appropriate
indemnification in respect of actions to be taken, and the Pledgee shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Secured Creditor shall have any right of action whatsoever against the Pledgee
as a result of the Pledgee acting or refraining from acting hereunder in accordance with the instructions of the Required Secured Creditors. As used herein, the term “Required Secured Creditors” shall mean, the holders of at least a
majority of the then outstanding Loan Document Obligations. 
 (b) Notwithstanding anything to the contrary contained herein,
the Pledgee is authorized, but not obligated, (i) to take any action reasonably required to perfect or continue the perfection of the liens on the Collateral for the benefit of the Secured Creditors and (ii) when instructions from the
Required Secured Creditors have been requested by the Pledgee but have not yet been received, to take any action which the Pledgee, in good faith, believes to be reasonably required to promote and protect the interests of the Secured Creditors in
the Collateral; provided that once instructions have been received, the actions of the Pledgee shall be governed thereby and the Pledgee shall not take any further action which would be contrary thereto. 

 ANNEX G 
 Page 3 
  

 (c) Notwithstanding anything to the contrary contained herein or in the Pledge
Agreement, the Pledgee shall not be required to take any action that exposes or, in the good faith judgment of the Pledgee may expose, the Pledgee or its officers, directors, agents or employees to personal liability, unless the Pledgee shall be
adequately indemnified as provided herein, or that is, or in the good faith judgment of the Pledgee may be, contrary to the Pledge Agreement, any Secured Debt Agreement or applicable law. 

5. Reliance. The Pledgee shall be entitled to rely, and shall be fully protected in relying, upon, any note, writing, resolution,
notice, statement, certificate, telex, teletype or telescopes message, cablegram, radiogram, order or other document or telephone message signed, sent or made by the proper Person or entity, and, with respect to all legal matters pertaining hereto
or to the Pledge Agreement and its duties thereunder and hereunder, upon advice of counsel selected by it. 
 6.
Indemnification. To the extent the Pledgee is not reimbursed and indemnified by the Pledgors under the Pledge Agreement, the Secured Creditors (other than the Senior Noteholders) will reimburse and indemnify the Pledgee, in proportion to
their respective outstanding principal amounts (including, for this purpose, any unpaid Primary Obligations in respect of Other Secured Agreements, as outstanding principal) of Obligations, for and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Pledgee in performing its duties hereunder, or in any way relating
to or arising out of its actions as Pledgee in respect of the Pledge Agreement except for those resulting solely from the Pledgee’s own gross negligence or willful misconduct. The indemnities set forth in this Section 6 shall survive the
repayment of all Obligations, with the respective indemnification at such time to be based upon the outstanding principal amounts (determined as described above) of Obligations at the time of the respective occurrence upon which the claim against
the Pledgee is based or, if the same is not reasonably determinable, based upon the outstanding principal amounts (determined as described above) of Obligations as in effect immediately prior to the termination of the Pledge Agreement. The
indemnities set forth in this Section 6 are in addition to any indemnities provided by the Lenders to the Pledgee pursuant to the Credit Agreement, with the effect being that the Lenders shall be responsible for indemnifying the Pledgee to the
extent the Pledgee does not receive payments pursuant to this Section 6 from the Secured Creditors (although in such event, and upon the payment in full of all such amounts owing to the Pledgee by the Lenders, the Lenders shall be subrogated to
the rights of the Pledgee to receive payment from the Secured Creditors). 
 7. The Pledgee in its Individual Capacity.
With respect to its obligations as a lender under the Credit Agreement and any other Loan Documents to which the Pledgee is a party, and to act as agent under one or more of such Loan Documents, the Person serving as Pledgee shall have the rights
and powers specified therein and herein for a “Lender”, or the “Administrative Agent”, as the case may be, and may exercise the same rights and powers as though it were not performing the duties specified herein; and the terms
“Lenders,” “Required Lenders,” “holders of Notes,” or any similar terms shall, unless the context clearly otherwise indicates, include the Person serving as Pledgee in its individual capacity. The Person serving as
Pledgee and its affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, investment banking, trust or other business with, any Pledgor or any Affiliate or Subsidiary of

 ANNEX G 
 Page 4 
  

 
any Pledgor as if it were not performing the duties specified herein or in the other Loan Documents, and may accept fees and other consideration from the Pledgors for services in connection with
the Credit Agreement, the other Loan Documents and otherwise without having to account for the same to the Secured Creditors. 

8. Holders. The Pledgee may deem and treat the payee of any note as the owner thereof for all purposes hereof unless and until
written notice of the assignment, transfer or endorsement thereof, as the case may be, shall have been filed with the Pledgee. Any request, authority or consent of any person or entity who, at the time of making such request or giving such authority
or consent, is the holder of any note, shall be final and conclusive and binding on any subsequent holder, transferee, assignee or endorsee, as the case may be, of such note or of any note or notes issued in exchange therefor. 

9. Resignation by the Pledgee. (a) The Pledgee may resign from the performance of all of its functions and duties hereunder
and under the Pledge Agreement at any time by giving 30 days’ prior written notice to the Company, the Lenders and the Representatives for the other Secured Creditors or, if there is no such Representative, directly to such Secured Creditors.
Such resignation shall take effect upon the appointment of a successor Pledgee pursuant to clause (b) or (c) below. 

(b) Upon any notice of resignation by the Pledgee, the Required Secured Creditors shall appoint a successor Pledgee in accordance with
Section 9.06 of the Credit Agreement, with the consent of the Company, which consent shall not be unreasonably withheld or delayed. If a successor Pledgee shall not have been appointed within said 30 day period by the Required Secured
Creditors, the Pledgee, with the consent of the Company, which consent shall not be unreasonably withheld or delayed, shall then appoint a successor Pledgee who shall serve as Pledgee hereunder or thereunder until such time, if any, as the Required
Secured Creditors appoint a successor Pledgee as provided above. 
 (c) If no successor Pledgee has been
appointed pursuant to clause (b) above by the 45th
day after the date of such notice of resignation was given by the Pledgee, as a result of a failure by the Company to consent to the appointment of such a successor Pledgee, the Required Secured Creditors shall then appoint a successor Pledgee who
shall serve as Pledgee hereunder or thereunder (provided that all determinations to be made by such Pledgee shall instead be made by the Required Lenders) until such time, if any, as the Required Secured Creditors appoint a successor Pledgee
as provided in clause (b) above. 

			
		  	 ANNEX H-1
 to
 PLEDGE AND SECURITY AGREEMENT

 FORM OF 
 SUPPLEMENT 
 to 

PLEDGE AND SECURITY AGREEMENT 
 SUPPLEMENT No.         to PLEDGE AND SECURITY AGREEMENT, dated as of
                     (this “Supplement”), made by
                     , a
                     (the “Pledgor”), in favor of BANK OF AMERICA, N.A., as pledgee and as collateral agent (in such
capacities, the “Pledgee”) for the Secured Creditors (such term and each other capitalized term used but not defined having the meaning given in the Pledge Agreement (hereinafter defined)). 

1. Reference is hereby made to that certain Pledge and Security Agreement, dated as of
                     (as amended, supplemented or otherwise modified as of the date hereof, the “Pledge Agreement”), made by the
Pledgors party thereto in favor of the Pledgee for the benefit of the Secured Creditors described therein. 
 2. The Pledgor
hereby confirms and reaffirms the security interest in the Collateral granted to the Pledgee for the benefit of the Secured Creditors under the Pledge Agreement, and, as additional collateral security for the prompt and complete payment when due
(whether at stated maturity, by acceleration or otherwise) of the Obligations and in order to induce the Secured Creditors to make and continue or maintain loans and other extensions of credit constituting Obligations, the Pledgor hereby grants to
the Pledgee, for the benefit of the Secured Creditors, a first priority security interest in [(a) all of the issued and outstanding shares of capital stock listed in Schedule I hereto, together with all stock certificates, options, or rights of any
nature whatsoever which may be issued or granted in respect of such stock while the Pledge Agreement, as supplemented hereby, is in force (the “Additional Pledged Stock”; as used in the Pledge Agreement as supplemented by this
Supplement, “Pledged Stock” shall be deemed to include the Additional Pledged Stock)], [and][(b) all limited liability company interests listed on Schedule II hereto (the “Additional Pledged Limited Liability Company
Interests”; as used in the Pledge Agreement as supplemented by this Supplement, “Pledged Limited Liability Company Interests” shall be deemed to include the Additional Pledged Limited Liability Company Interests)],
[and][(c) all partnership interests listed on Schedule III hereto (the “Additional Pledged Partnership Interests”; as used in the Pledge Agreement as supplemented by this Supplement, “Pledged Partnership Interests”
shall be deemed to include Additional Pledged Partnership Interests)], as the case may be, and all proceeds thereof. 
 3. The
Pledgor hereby represents and warrants that the representations and warranties contained in Section 15 of the Pledge Agreement are true and correct on the date of this Supplement [with references therein to the “Pledged Stock”
to include the Additional Pledged Stock,] [with references therein to the “Pledged Partnership Interests” to include the Additional Pledged Partnership Interests,] [with references therein to the “Pledged Limited Liability
Company Interests” to include the Additional Pledged Limited Liability Company Interests,] and with references therein to the “Pledge Agreement” to mean the Pledge Agreement as supplemented by this Supplement. 

 ANNEX H-1 
 Page 2 
  

 4. The Pledgor hereby represents and warrants that, as of the date hereof, the
jurisdiction of formation of the Pledgor is as indicated on Schedule IV hereto. 
 5. This Supplement is supplemental to the
Pledge Agreement, forms a part thereof and is subject to the terms thereof and the Pledge Agreement is hereby supplemented as provided herein. Without limiting the foregoing, (a) Annex A to the Pledge Agreement shall hereby be deemed to include
each item listed on Schedule I to this Supplement, (b) Annex B to the Pledge Agreement shall hereby be deemed to include each item listed on Schedule II to this Supplement, (c) Annex C to the Pledge Agreement shall hereby be deemed to
include each term listed on Schedule III to this Supplement, and (d) Annex F to the Pledge Agreement shall be deemed to include the jurisdiction of formation listed on Schedule IV to this Supplement. 

6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

*    *    * 

 ANNEX H-1 
 Page 3 
  

 IN WITNESS WHEREOF, the Pledgor and the Pledgee have caused this Supplement to be duly
executed and delivered on the date first set forth above. 
  

			
	[PLEDGOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	BANK OF AMERICA, N.A., as Pledgee
		
	By:	 	  

		 	Name:
		 	Title:

			
		  	 SCHEDULE I
 to
 SUPPLEMENT to PLEDGE AND SECURITY

AGREEMENT

 PLEDGED STOCK 
 All of the following Pledged Stock constitutes Collateral under this Agreement. 
  

					
	 Pledgor
	  	 Pledged Stock
	  	 Percentage Owned

		  		  	
		  		  	
		  		  	

			
		  	 SCHEDULE II
 to
 SUPPLEMENT to PLEDGE AND SECURITY

AGREEMENT

 PLEDGED LIMITED LIABILITY COMPANY INTERESTS 

All of the following Pledged Limited Liability Interests constitute Collateral under this Agreement. 

 

					
	 Pledgor
	  	
Pledged Limited
Liability Company
Interests
	  	 Percentage Owned

		  		  	
		  		  	
		  		  	

			
		  	 SCHEDULE III
 to
 SUPPLEMENT to PLEDGE AND SECURITY

AGREEMENT

 PLEDGED PARTNERSHIP INTERESTS 

All of the following Pledged Partnership Interests constitute Collateral under this Agreement. 

 

					
	 Pledged Partnership Interest
	  	 Pledgor
	  	 Percentage Owned

		  		  	
		  		  	
		  		  	

			
		  	 SCHEDULE IV
 to
 SUPPLEMENT to PLEDGE AND SECURITY

AGREEMENT

 JURISDICTION OF FORMATION AND ORGANIZATIONAL ID NUMBER 

			
		  	 ANNEX H-2
 to
 PLEDGE AND SECURITY AGREEMENT

 FORM OF 
 NEW PLEDGOR SUPPLEMENT 
 SUPPLEMENT NO. dated as of
                    , to the Pledge and Security Agreement dated as of
                     (as amended, supplemented or otherwise modified as of the date hereof, the “Pledge Agreement”), among the
Pledgors party thereto (immediately before giving effect to this Supplement) and BANK OF AMERICA, N.A., as collateral agent and as pledgee (in such capacities, the “Pledgee”) for the Secured Creditors (such term and each other
capitalized term used but not defined having the meaning given it in the Pledge Agreement or the Credit Agreement). 
 A. The
Pledgors have entered into the Pledge Agreement in order to induce the Secured Creditors to make loans and other extensions of credit constituting Obligations as defined in the Pledge Agreement. Pursuant to Section 6.14 of the Credit Agreement,
certain Domestic Subsidiaries of the Company are, after the date of the Pledge Agreement, required to enter into the Pledge Agreement as a Pledgor. Section 22 of the Pledge Agreement provides that additional Subsidiaries may become Pledgors
under the Pledge Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned (the “New Pledgor”) is a Domestic Subsidiary of the Company and is executing this Supplement in accordance with
the requirements of the Credit Agreement and/or the Pledge Agreement to become a Pledgor under the Pledge Agreement in order to induce the Secured Creditors to extend, or maintain, Obligations. 

Accordingly, the Pledgee and the New Pledgor agree as follows: 
 SECTION 1. The New Pledgor by its signature below becomes a Pledgor under the Pledge Agreement with the same force and effect as if originally named therein as a Pledgor and the New Pledgor hereby agrees
to all the terms and provisions of the Pledge Agreement applicable to it as a Pledgor thereunder. Each reference to a “Pledgor” in the Pledge Agreement shall be deemed to include the New Pledgor. The Pledge Agreement is hereby
incorporated herein by reference. 
 SECTION 2. The New Pledgor represents and warrants to the Secured Creditors that this
Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to the effects of applicable bankruptcy, insolvency or similar
laws affecting creditors’ rights generally and equitable principles of general applicability and that the representations and warranties in the Pledge Agreement applicable to each Pledgor are true and correct as to the New Pledgor on the date
hereof. 
 SECTION 3. This Supplement may be executed in two or more counterparts, each of which shall constitute an original,
but all of which, when taken together, shall constitute but one 

 
instrument. This Supplement shall become effective when the Pledgee shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Pledgor and the
Pledgee. 
 SECTION 4. Except as expressly supplemented hereby, the Pledge Agreement shall remain in full force and effect.

 SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or
unenforceable in any respect, neither party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining
provisions contained herein and in the Pledge Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 7.
All communications and notices hereunder shall be in writing and given as provided in the Pledge Agreement. All communications and notices hereunder to the New Pledgor shall be given to it at the address set forth under its signature, with a copy to
the Company. 
 *    *    * 

 IN WITNESS WHEREOF, the New Pledgor and the Pledgee have duly executed this Supplement to
the Pledge Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW PLEDGOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address:
	
	 BANK OF AMERICA, N.A.,
as Pledgee

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT I 
 SENIOR NOTE INDENTURE, THE TWELFTH SUPPLEMENTAL 
 INDENTURE AND THE
SPECIFIED INDENTURE 

  
 I-1

 EXHIBIT J 
 FORM OF CORPORATE FORECAST 
 Executive Summary 

 

					
	 	  	[Year]	 
	 Change in RevPAR
	  	 	[    	]% 
	 Change in EBITDA Margin
	  	 	[    	]% 
	 Performance
	  			
	 Adjusted EBITDA - Host LP (including add back for acquisition cost)
	  	 	[    	] 
	 Cash Interest Expense
	  	 	[    	] 
	 FFO – Diluted
	  	 	[    	] 
		  	  
	  
	 
	 Dividend/Share
	  	$	 [    	] 
		  	  
	  
	 
	 Balance Sheet Detail
	  			
	 Debt
	  			
	 Mortgage Debt
	  	 	[    	] 
	 Bond Debt
	  	 	[    	] 
	 Line Debt
	  	 	[    	] 
	 Other Debt
	  	 	[    	] 
		  	  
	  
	 
	 Total Debt
	  	 	[    	] 
		  	  
	  
	 
	 Cash & Cash Equivalents
	  	 	[    	] 
	 Common Equity Market Cap
	  	 	[    	] 
		  	  
	  
	 
	 TEV
	  	 	[    	] 
		  	  
	  
	 
	 Credit Facility Tests (pro forma, pro rata)
	  			
	 Leverage Ratio (net)
	  	 	[    	] 
	 Unsecured Interest Coverage Ratio
	  	 	[    	] 
	 Fixed Charge Ratio
	  	 	[    	] 
		
	 HST Corporate Model - CONFIDENTIAL
	  	All Amounts $	000s	  

  
 J-1

 Cash Analysis 

 

					
	 	  	[Year]	 
	 Cash Balance
	  	 	[    	] 
	 Cash Flow
	  			
	 Adjusted EBITDA - Host LP (Adjusted for non-cash items)
	  	 	[    	] 
	 FF&E
	  	 	[    	] 
	 Cash Interest
	  	 	[    	] 
	 Annual Tax Payments
	  	 	[    	] 
	 Amortization of Mortgage / Other Debt
	  	 	[    	] 
	 Other
	  	 	[    	] 
	 Common/OP Unit Dividend
	  	 	[    	] 
	 Outside Unit Holder Distribution
	  	 	[    	] 
		  	  
	  
	 
	 Free Cash Flow
	  	 	[    	] 
		  	  
	  
	 
		
	 Sources
	  			
	 New Mortgage / Other Debt
	  	 	[    	] 
	 Issuance of Common Stock/OP Units
	  	 	[    	] 
	 Revolver Draws / (Repayments)
	  	 	[    	] 
	 MI Settlement Proceeds
	  	 	[    	] 
	 Asset Sales, net
	  	 	[    	] 
		  	  
	  
	 
	 Total Sources
	  	 	[    	] 
		  	  
	  
	 
		
	 Uses
	  			
	 Financing, Common Stock and Acquisition Costs
	  	 	[    	] 
	 Premiums on Sr. Note Repurchase/Exch Deb. Redemption
	  	 	[    	] 
	 Other Investment
	  	 	[    	] 
	 Investment in European/Asia JV
	  	 	[    	] 
	 Acquisitions
	  	 	[    	] 
	 Repayment of Mortgage / Other Debt
	  	 	[    	] 
	 Other Liabilities
	  	 	[    	] 
	 ROI, Repositioning & Additional Capex
	  	 	[    	] 
		  	  
	  
	 
	 Total Uses
	  	 	[    	] 
		  	  
	  
	 
	 Cash Available
	  	 	[    	] 
		  	  
	  
	 
		
	 HST Corporate Model - CONFIDENTIAL
	  	All Amounts $	000s	  

  
 J-2

 FFO Summary 
  

					
	 	  	[Year]	 
	 Total Hotel Revenues
	  	 	[    	] 
	 Total Hotel EBITDA
	  	 	[    	] 
	 EBITDA from non-consolidated Partnerships
	  	 	[    	] 
	 EBITDA to/Pro-rata share of Minority Partners
	  	 	[    	] 
	 Pro-rata share of EBITDA from European & Asian JV
	  	 	[    	] 
	 Asset Management Fees from JV, net
	  	 	[    	] 
	 Interest Income
	  	 	[    	] 
	 Corporate Expenses
	  	 	[    	] 
	 Restricted Stock Award & Other
	  	 	[    	] 
	 Other Non-cash adjustments
	  	 	[    	] 
	 Other Real Estate
	  	 	[    	] 
	 Other Operating Expense
	  	 	[    	] 
		  	  
	  
	 
	 Adjusted EBITDA - Host LP
	  	 	[    	] 
		  	  
	  
	 
	 Distributions to Minority Partners of Host LP
	  	 	[    	] 
		  	  
	  
	 
	 Adjusted EBITDA - Host Corp
	  	 	[    	] 
		  	  
	  
	 
	 Adjustments
	  			
	 GAAP Interest Expense
	  	 	[    	] 
	 GAAP Int Exp - Prem & amort of def fin cost on Sr. Notes
	  	 	[    	] 
	 Exchangeable Debentures - phantom interest expense
	  	 	[    	] 
	 Current Income Tax Provision
	  	 	[    	] 
	 FFO of Minority Owners
	  	 	[    	] 
	 FFO of Other Non-Consolidated Subsidiaries
	  	 	[    	] 
	 FFO of European, Asian & Other JV
	  	 	[    	] 
	 Distributions to Minority Owners (including OP)
	  	 	[    	] 
	 Distributions from non-consolidated Partnerships (Euro & Asia JV)
	  	 	[    	] 
	 Other (Non-Cash Adjustments - including Depreciation)
	  	 	[    	] 
		  	  
	  
	 
	 Funds From Operations
	  	 	[    	] 
		  	  
	  
	 
	 Plus Minority Owner Conversion Adjustment
	  	 	[    	] 
		  	  
	  
	 
	 Funds From Operations of Host REIT
	  	 	[    	] 
		  	  
	  
	 
	 Plus Dilutive Items
	  	 	[    	] 
		  	  
	  
	 
	 Fully Diluted Funds From Operations
	  	 	[    	] 
		  	  
	  
	 
		
	 HST Corporate Model - CONFIDENTIAL
	  	All Amounts $	000s	  

  
 J-3

 EXHIBIT K 
 FORM OF SOLVENCY CERTIFICATE 

                    
    , 20     
 I, the undersigned, an Authorized Financial Officer of Host
Hotels & Resorts, Inc., a Maryland corporation (“HHRI”), the sole general partner of Host Hotels & Resorts, L.P., a Delaware limited partnership (the “Company”), DO HEREBY CERTIFY, in my capacity
as an Authorized Financial Officer of HHRI and not in any individual capacity, as of the date hereof that: 
 1. This
Certificate is furnished pursuant to Section 4.01(e) of that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit
Agreement”), among the Company, the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line
Lender. Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 2. On a
Pro Forma Basis after giving effect to all Indebtedness (including the Loans) being incurred or assumed, (x) the sum of the assets, at a fair valuation, of the Company and its Subsidiaries (taken as a whole) and the Company (on a stand-alone
basis) will exceed their respective debts, (y) the Company and its Subsidiaries (taken as a whole) and the Company (on a stand-alone basis) have not incurred and do not intend to incur, and do not believe that they will incur, debts beyond
their ability to pay such debts as they mature and (z) the Company and its Subsidiaries (taken as a whole) and the Company (on a stand-alone basis) have sufficient capital with which to conduct their respective business. For purpose of this
Certificate, “debt” means any liability on a claim, and “claim” means (i) the right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,
undisputed, legal, secured or unsecured, in each case, to the extent of the reasonably anticipated liability thereof, as determined by the Company in good faith or (ii) the absolute right to an equitable remedy for breach of performance if such
breach gives rise to a payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. 

[Signature page to follow] 

  
 K-1

 IN WITNESS WHEREOF, I have hereunto set my hand, in my capacity as an officer of HHRI and
not in any individual capacity, as of the date first written above. 
  

	
	  

	Name:
	Title:

  
 K-2

 EXHIBIT L 
 FORM OF DESIGNATED BORROWER 
 REQUEST AND ASSUMPTION AGREEMENT

 Date:
                    ,              

 

	To:	Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 
 This Designated Borrower
Request and Assumption Agreement is made and delivered pursuant to Section 2.19 of that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time
to time, the “Credit Agreement”), among Host Hotels & Resorts, L.P., a Delaware limited partnership (the “Company”), the Designated Borrowers from time to time party thereto, the Lenders from time to time
party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender, and reference is made thereto for full particulars of the matters described therein. All capitalized terms used in this
Designated Borrower Request and Assumption Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 Each of                     (the “Designated Borrower”) and the Company hereby
confirms, represents and warrants to the Administrative Agent and the Lenders that the Designated Borrower is a Subsidiary of the Company. 

The documents required to be delivered to the Administrative Agent under Section 2.19 of the Credit Agreement will be furnished to the
Administrative Agent in accordance with the requirements of the Credit Agreement. 
 Complete if the Designated Borrower is a Domestic
Subsidiary: The true and correct U.S. taxpayer identification number of the Designated Borrower is                     . 

Complete if the Designated Borrower is a Foreign Subsidiary: The true and correct unique identification number that has been issued to the
Designated Borrower by its jurisdiction of organization and the name of such jurisdiction are set forth below: 
  

			
	 Identification Number
	  	 Jurisdiction of Organization

		  	
		  	

 The parties hereto hereby confirm that with effect from the date of the Designated Borrower Notice for the Designated
Borrower, the Designated Borrower shall have obligations, duties and liabilities toward each of the other parties to the Credit Agreement identical to those which the Designated Borrower would have had if the Designated Borrower had been an original
party to the Credit Agreement as a Borrower. Effective as of the date of the Designated Borrower Notice 

  
 L-1

 
for the Designated Borrower, the Designated Borrower confirms its acceptance of, and consents to, all representations and warranties, covenants, and other terms and provisions of the Credit
Agreement. 
 The parties hereto hereby request that the Designated Borrower be entitled to receive Loans under the Credit Agreement, and
understand, acknowledge and agree that neither the Designated Borrower nor the Company on its behalf shall have any right to request any Loans for the Designated Borrower’s account until the effective date designated by the Administrative Agent
in a Designated Borrower Notice delivered to the Company and the Lenders pursuant to Section 2.19 of the Credit Agreement. 
 This
Designated Borrower Request and Assumption Agreement shall constitute a Loan Document under the Credit Agreement. 
 THIS DESIGNATED BORROWER
REQUEST AND ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 IN WITNESS
WHEREOF, the parties hereto have caused this Designated Borrower Request and Assumption Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. 

 

			
	[DESIGNATED BORROWER]
		
	By:	 	  

 

			
	Title:	 	  

  

			
	[COMPANY]
		
	By:	 	  

	Title:	 	  

  
 L-2

 EXHIBIT M 
 FORM OF DESIGNATED BORROWER NOTICE 
 Date:
                    ,              

 

	To:	Host Hotels & Resorts, L.P. 

The Lenders party to the Credit Agreement referred to below 
 Ladies and Gentlemen: 
 This Designated Borrower Notice is made and delivered
pursuant to Section 2.19 of that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”),
among Host Hotels & Resorts, L.P., a Delaware limited partnership (the “Company”), the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as
Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender, and reference is made thereto for full particulars of the matters described therein. All capitalized terms used in this Designated Borrower Notice and not otherwise defined
herein shall have the meanings assigned to them in the Credit Agreement. 
 The Administrative Agent hereby notifies Company and
the Lenders that effective as of the date hereof [                    ] shall be a Designated Borrower and may receive Loans for its account on the
terms and conditions set forth in the Credit Agreement. 
 This Designated Borrower Notice shall constitute a Loan Document
under the Credit Agreement. 
  

			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	  

 

			
	Title:	 	  

  
 M-1

 EXHIBIT N 
 FORM OF SUPPLEMENTAL ADDENDUM 
 To: Lenders under the Supplemental Tranche (as defined
below) 
 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement, dated as of November 22, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among Host Hotels & Resorts, L.P., a Delaware limited partnership (the “Company”), the Designated Borrowers from time to time
party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender. 
 Pursuant to Section 2.21 of the Credit Agreement, the Company hereby requests a Supplemental Tranche (the “Supplemental Tranche”) on the terms and conditions set forth below:

 1. A Supplemental Tranche with aggregate Supplemental Tranche Commitments in the amount of
                     in the Supplemental Currency indicated below. 
 2. The Supplemental Currency shall be                     . 

3. The existing Borrower(s) or the Designated Borrower(s) that will be the Supplemental Borrower(s) with respect to the Supplemental
Tranche:                     . 
 4. The Supplemental Tranche shall bear interest as follows (including, if applicable, the Screen Rate for the Supplemental Tranche): 

 

			
	  

	  
	 	.

 5. The Applicable Lending Office of each Lender with a Supplemental Tranche Commitment in respect of the
Supplemental Tranche and such Supplemental Tranche Commitments is as follows: 
  

			
	  

	  
	  	.

 6. Certain deadlines in the Credit Agreement as they relate to the Supplemental Tranche shall be as
follows: 
  

							
	(a)	  	Notice of Borrowing Deadline:	 	  
	  	
	(b)	  	Interest Period Notice Deadline:	 	  
	  	

  
 N-1

							
	(c)	  	Funding Deadline:	 	  
	  	
	(d)	  	Reallocation Agent Notice Deadline:	 	  
	  	
	(e)	  	Reallocation Funding Deadline:	 	  
	  	

 7. Other terms and provisions relating to the Supplemental Tranche: 

 

			
	  

	  
	  	.

 The Company confirm that the conditions to the creation of the Supplemental Tranche set forth in
Section 2.21 of the Credit Agreement have been satisfied. 
 This Supplemental Addendum supplements the Credit Agreement.
To the extent of any inconsistency between the terms of this Supplemental Addendum and the terms of the Credit Agreement, the terms of this Supplemental Addendum shall prevail and govern to the extent of such inconsistency. 

This Supplemental Addendum shall constitute a Loan Document under the Credit Agreement and shall be governed by the law of the State of
New York. 

  
 N-2

 
			
	Very truly yours,
	
	[NAME OF SUPPLEMENTAL
	BORROWER]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Approved and agreed as of the Supplemental Tranche Effective Date (as defined below):
	
	[INSERT SIGNATURE BLOCK FOR EACH OTHER LOAN PARTY]
	
	Approved and agreed this      day of
                    ,              (the “Supplemental Tranche Effective
Date”)
	
	 BANK OF AMERICA, N.A.,
 as Administrative Agent

		
	By	 	  

		 	Name:
		 	Title:
	
	[INSERT SIGNATURE BLOCK FOR EACH LENDER MAKING A SUPPLEMENTAL TRANCHE COMMITMENT WITH RESPECT TO THE APPLICABLE SUPPLEMENTAL TRANCHE]

  
 N-3

 EXHIBIT O 
 FORM OF JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (this “Joinder
Agreement”), by and among the parties set forth on the signature pages hereto, is dated as of                     ,
20    . 
 Reference is made to that certain Credit Agreement, dated as of November 22, 2011 (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Host Hotels & Resorts, L.P. (the “Company”), the Designated Borrowers from time
to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Collateral Agent, an L/C Issuer and Swing Line Lender. Capitalized terms not defined herein shall have the meanings assigned to
such terms in the Credit Agreement. 
 The undersigned Acceding Lender has indicated its desire to become a Lender pursuant to
Section 2.16 of the Credit Agreement. Accordingly, Acceding Lender hereby agrees with the Company, Administrative Agent, and the Lenders as follows: 
 Acceding Lender hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, it will be deemed to be a party to the Credit Agreement and a Lender for all purposes of the
Credit Agreement and the other Loan Documents, and shall have all of the obligations of a Lender thereunder as if it had executed the Credit Agreement and the other Loan Documents. Acceding Lender hereby ratifies, as of the date hereof, and agrees
to be bound by, all of the terms, provisions and conditions contained in the Loan Documents applicable to a Lender. The Commitment of Acceding Lender shall be the amount set forth next to its signature hereto, as modified pursuant to the terms of
the Credit Agreement. 
 Acceding Lender: (a) confirms that it has received a copy of the Credit Agreement and the other Loan Documents,
together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Agreement; (b) represents and warrants that it meets all requirements to be an Eligible
Assignee under the Credit Agreement; (c) confirms that all approvals and authorizations required to permit the execution, delivery, performance and consummation of this Joinder Agreement, and the performance by Acceding Lender as a Lender under
the Credit Agreement, have been obtained; (d) agrees that it will, independently and without reliance upon Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the Credit Agreement or any other Loan Document; (e) appoints and authorizes Administrative Agent to take such action as agent on its behalf and to exercise such powers under
the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent by the terms thereof together with such powers as are reasonably incidental thereto; and (f) if Acceding Lender is organized under the laws of a
jurisdiction outside the United States, attaches (or has delivered to Administrative Agent) completed and signed copies of any forms that may be required by the United States 

  
 O-1

 
Internal Revenue Service in order to certify Acceding Lender’s exemption from United States withholding taxes with respect to any payments or distributions made or to be made to it in
respect of the Loans or under the Credit Agreement or such other documents as are necessary to indicate that all such payments or distributions are subject to such taxes at a rate reduced by an applicable tax treaty. 

Following the execution of this Joinder Agreement, it will be delivered to Administrative Agent, and Administrative Agent shall notify the Company and
the other Lenders of the same. The effective date (“Effective Date”) of this Joinder Agreement shall be the date indicated in the preamble above. 
 Upon the execution and delivery of this Joinder Agreement, as of the Effective Date, Acceding Lender shall be a party to the Credit Agreement and the other Loan Documents and, to the extent provided in
this Joinder Agreement, shall have the rights and obligations of a Lender thereunder. 
 Acceding Lender represents and warrants that, upon the
Effective Date, each of the Credit Agreement and the other Loan Documents constitutes Acceding Lender’s duly authorized, legal, valid, binding and enforceable obligation. 
 Upon such execution and delivery, from and after the Effective Date, Administrative Agent shall, to the extent received from any Borrower, make all payments under the Credit Agreement in respect of the
interest of Acceding Lender acquired pursuant to this Joinder Agreement (including, without limitation, all payments of principal and interest with respect thereto) to Acceding Lender as a Lender under the Credit Agreement. 

Any notice, demand, request or other communication to be delivered to Acceding Lender under or with respect to the Credit Agreement or any other Loan
Document shall be addressed to Acceding Lender in care of Administrative Agent, in accordance with Section 10.02 of the Credit Agreement. Acceding Lender agrees that Administrative Agent may rely on Acceding Lender’s address,
facsimile number, telephone number, and the name of a contact person, all as set forth below the signature of Acceding Lender on the signature page hereof, until Acceding Lender provides Administrative Agent with a written notice designating a
different address, facsimile number, telephone number or contact person. 
 Pursuant to Section 5-1401 of the New York General
Obligations Law, the substantive laws of the State of New York, without regard to the choice of law principles that might otherwise apply, and the applicable federal laws of the United States of America, shall govern the validity, construction,
enforcement and interpretation of this Joinder Agreement. The parties hereto consent to the personal jurisdiction of the courts of the State of New York in connection with any claim or dispute arising in connection with this Joinder Agreement and
waive any objection as to venue in the Borough of Manhattan, State of New York. This choice of venue is made pursuant to New York General Obligation Law Section 5- 1402. 
 This Joinder Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Joinder Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Joinder Agreement. 

  
 O-2

 The parties hereto agree that this Joinder Agreement shall be one of the Loan Documents. 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK. 
 SIGNATURE PAGES FOLLOW. 

  
 O-3

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

							
	Commitment: $[    ]	 		 	 [            ],

as Acceding Lender

				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	 [INSERT ADDRESS, TELEPHONE, FAX AND
 CONTACT PERSON HERE]

			
	ACCEPTED AND APPROVED:
	
	ADMINISTRATIVE AGENT:
	
	BANK OF AMERICA, N.A.
		
	By:	 	  

		 	Name:
		 	Title:

					
	ACCEPTED AND APPROVED:
	
	COMPANY:
	
	HOST HOTELS & RESORTS, L.P.,
		
	By:	 	HOST HOTELS & RESORTS, INC.,
		 	its general partner
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:Exhibit 10.1

 Exhibit 10.1 

 
  
  

$180,000,000 REVOLVING CREDIT FACILITY 
 CREDIT AGREEMENT 
 by and among 

UNDER ARMOUR, INC., 
 THE LENDERS PARTY HERETO, 
 PNC BANK, NATIONAL ASSOCIATION, as Administrative
Agent, 
 SUNTRUST BANK, as Syndication Agent 
 and 
 COMPASS BANK, as Documentation Agent 

Dated as of January 28, 2009 
  

 
  
  

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	 1.
	  	CERTAIN DEFINITIONS	  	 	1	  
		  	1.1	  	Certain Definitions.	  	 	1	  
		  	1.2	  	Construction.	  	 	18	  
		  	1.3	  	Accounting Principles.	  	 	19	  
			
	 2.
	  	REVOLVING CREDIT AND SWING LOAN FACILITIES	  	 	19	  
		  	2.1	  	Revolving Credit Commitments.	  	 	19	  
		  	2.2	  	Nature of Lenders’ Obligations with Respect to Revolving Credit Loans.	  	 	20	  
		  	2.3	  	Commitment Fees.	  	 	20	  
		  	2.4	  	Increase in Revolving Credit Commitments.	  	 	20	  
		  	2.5	  	Revolving Credit Loan Requests; Swing Loan Requests.	  	 	22	  
		  	2.6	  	Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing Loans.	  	 	23	  
		  	2.7	  	Notes.	  	 	24	  
		  	2.8	  	Use of Proceeds.	  	 	24	  
		  	2.9	  	Letter of Credit Subfacility.	  	 	24	  
			
	 3.
	  	INTEREST RATES	  	 	29	  
		  	3.1	  	Interest Rate Options.	  	 	29	  
		  	3.2	  	Interest Periods.	  	 	30	  
		  	3.3	  	Interest After Default.	  	 	30	  
		  	3.4	  	LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available.	  	 	31	  
		  	3.5	  	Selection of Interest Rate Options.	  	 	32	  
			
	 4.
	  	PAYMENTS	  	 	32	  
		  	4.1	  	Payments.	  	 	32	  
		  	4.2	  	Pro Rata Treatment of Lenders.	  	 	32	  
		  	4.3	  	Sharing of Payments by Lenders.	  	 	32	  
		  	4.4	  	Presumptions by Administrative Agent.	  	 	33	  
		  	4.5	  	Interest Payment Dates.	  	 	33	  
		  	4.6	  	Voluntary Prepayments.	  	 	33	  
		  	4.7	  	Mandatory Prepayments.	  	 	34	  
		  	4.8	  	Receipt and Application of Payment.	  	 	35	  
		  	4.9	  	Collections; Administrative Agent’s Right to Notify Account Receivable Debtors.	  	 	35	  
		  	4.10	  	Increased Costs.	  	 	35	  
		  	4.11	  	Taxes.	  	 	37	  
		  	4.12	  	Indemnity.	  	 	38	  
		  	4.13	  	Settlement Date Procedures.	  	 	39	  

  
 i 

									
	 5.
	  	REPRESENTATIONS AND WARRANTIES	  	 	39	  
		  	5.1	  	Representations and Warranties.	  	 	39	  
		  	5.2	  	Updates to Schedules Upon Borrowing.	  	 	42	  
			
	 6.
	  	CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT	  	 	42	  
		  	6.1	  	First Loans and Letters of Credit.	  	 	43	  
		  	6.2	  	Each Loan or Letter of Credit.	  	 	44	  
			
	 7.
	  	COVENANTS	  	 	44	  
		  	7.1	  	Affirmative Covenants.	  	 	44	  
		  	7.2	  	Negative Covenants.	  	 	46	  
		  	7.3	  	Reporting Requirements.	  	 	48	  
			
	 8.
	  	DEFAULT	  	 	50	  
		  	8.1	  	Events of Default.	  	 	50	  
		  	8.2	  	Consequences of Event of Default.	  	 	51	  
			
	 9.
	  	THE ADMINISTRATIVE AGENT	  	 	53	  
		  	9.1	  	Appointment and Authority.	  	 	53	  
		  	9.2	  	Rights as a Lender.	  	 	53	  
		  	9.3	  	Exculpatory Provisions.	  	 	53	  
		  	9.4	  	Reliance by Administrative Agent.	  	 	54	  
		  	9.5	  	Delegation of Duties.	  	 	54	  
		  	9.6	  	Resignation of Administrative Agent.	  	 	55	  
		  	9.7	  	Non-Reliance on Administrative Agent and Other Lenders.	  	 	55	  
		  	9.8	  	No Other Duties, etc.	  	 	56	  
		  	9.9	  	Administrative Agent’s Fee.	  	 	56	  
		  	9.10	  	Authorization to Release Collateral and Guarantors.	  	 	56	  
		  	9.11	  	No Reliance on Administrative Agent’s Customer Identification Program.	  	 	56	  
			
	 10.
	  	MISCELLANEOUS	  	 	56	  
		  	10.1	  	Modifications, Amendments or Waivers.	  	 	56	  
		  	10.2	  	No Implied Waivers; Cumulative Remedies.	  	 	57	  
		  	10.3	  	Expenses; Indemnity; Damage Waiver.	  	 	57	  
		  	10.4	  	Holidays.	  	 	58	  
		  	10.5	  	Notices; Effectiveness; Electronic Communication.	  	 	59	  
		  	10.6	  	Severability.	  	 	59	  
		  	10.7	  	Duration; Survival.	  	 	59	  
		  	10.8	  	Successors and Assigns.	  	 	60	  
		  	10.9	  	Confidentiality.	  	 	62	  
		  	10.10	  	Counterparts; Integration; Effectiveness.	  	 	63	  
		  	10.11	  	CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL.	  	 	63	  
		  	10.12	  	USA Patriot Act Notice.	  	 	64	  

  
 ii 

 LIST OF SCHEDULES AND EXHIBITS 

 

					
	 SCHEDULES
	  		  	
			
	 SCHEDULE 1.1(A)
	  	-	  	PRICING GRID
	 SCHEDULE 1.1(B)
	  	-	  	COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
	 SCHEDULE 1.1(C)
	  	-	  	QUALIFIED ACCOUNTS RECEIVABLE
	 SCHEDULE 1.1(D)
	  	-	  	QUALIFIED INVENTORY
	 SCHEDULE 1.1(P)
	  	-	  	PERMITTED LIENS
	 SCHEDULE 5.1.1
	  	-	  	QUALIFICATIONS TO DO BUSINESS
	 SCHEDULE 5.1.2
	  	-	  	EXISTING SUBSIDIARIES
	 SCHEDULE 5.1.5
	  	-	  	LITIGATION
	 SCHEDULE 5.1.10
	  	-	  	PATENTS, TRADEMARKS, COPYRIGHTS, LICENSES, ETC.
	 SCHEDULE 5.1.14
	  	-	  	ENVIRONMENTAL DISCLOSURES
	 SCHEDULE 6.1.1
	  	-	  	OPINION OF COUNSEL
	 SCHEDULE 7.1.3
	  	-	  	INSURANCE REQUIREMENTS RELATING TO COLLATERAL
	 SCHEDULE 7.2.1
	  	-	  	PERMITTED INDEBTEDNESS
	 SCHEDULE 7.1.11
	  	-	  	POST-CLOSING LANDLORD’S WAIVERS
			
	 EXHIBITS
	  		  	
			
	 EXHIBIT 1.1(A)
	  	-	  	ASSIGNMENT AND ASSUMPTION AGREEMENT
	 EXHIBIT 1.1(G)(1)
	  	-	  	GUARANTOR JOINDER
	 EXHIBIT 1.1(G)(2)
	  	-	  	GUARANTY AGREEMENT
	 EXHIBIT 1.1(I)(1)
	  	-	  	INDEMNITY AGREEMENT
	 EXHIBIT 1.1(I)(2)
	  	-	  	INTERCOMPANY SUBORDINATION AGREEMENT
	 EXHIBIT 1.1(L)
	  	-	  	LOCKBOX AGREEMENT
	 EXHIBIT 1.1(N)(1)
	  	-	  	REVOLVING CREDIT NOTE
	 EXHIBIT 1.1(N)(2)
	  	-	  	SWING LOAN NOTE
	 EXHIBIT 1.1(P)(2)
	  	-	  	PLEDGE AGREEMENT
	 EXHIBIT 1.1(S)
	  	-	  	SECURITY AGREEMENT
	 EXHIBIT 2.4
	  	-	  	LENDER JOINDER
	 EXHIBIT 2.5
	  	-	  	LOAN REQUEST
	 EXHIBIT 2.5.2
	  	-	  	SWING LOAN REQUEST
	 EXHIBIT 6.1.1(i)
	  	-	  	BORROWING BASE CERTIFICATE
	 EXHIBIT 6.1.1(xiii)
	  	-	  	LANDLORD’S WAIVER
	 EXHIBIT 7.3.4
	  	-	  	QUARTERLY COMPLIANCE CERTIFICATE

  
 iii

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT (as hereafter amended, the “Agreement”) is dated as of January 28, 2009 and is made by and among
UNDER ARMOUR, INC., a Maryland corporation (the “Borrower”), each of the GUARANTORS (as hereinafter defined), the LENDERS (as hereinafter defined), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders
under this Agreement (hereinafter referred to in such capacity as the “Administrative Agent”), SUNTRUST BANK, as Syndication Agent, and COMPASS BANK, as Documentation Agent. 

The Borrower has requested the Lenders to provide a revolving credit facility to the Borrower in an aggregate principal amount not to
exceed $180,000,000. In consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto covenant and agree as follows: 

1. CERTAIN DEFINITIONS 
 1.1 Certain Definitions. In addition to words and terms defined elsewhere in this Agreement, the following words and terms shall have the following meanings, respectively, unless the context hereof
clearly requires otherwise: 
 Account Receivable shall mean, individually, a Domestic Account Receivable, a Domestic
Credit Card Account Receivable or a Domestic Royalty Account Receivable, as applicable. All Accounts Receivable, whether Qualified Accounts Receivable or not, shall be subject to the Lenders’ Prior Security Interest, subject to Permitted Liens,
if any. 
 Account Receivable Debtor shall mean any Person who is or who may become obligated to a Loan Party
under, with respect to, or on account of, an Account Receivable. 
 Administrative Agent shall mean PNC Bank, National
Association, and its successors and assigns. 
 Administrative Agent’s Fee shall have the meaning specified in
Section 9.9 [Administrative Agent’s Fee]. 
 Administrative Agent’s Letter shall have the meaning
specified in Section 9.9 [Administrative Agent’s Fee]. 
 Affiliate as to any Person any other Person
(i) which directly or indirectly controls, is controlled by, or is under common control with such Person, (ii) which beneficially owns or holds 10% or more of any class of the voting or other equity interests of such Person, or
(iii) 10% or more of any class of voting interests or other equity interests of which is beneficially owned or held, directly or indirectly, by such Person. Notwithstanding anything to the contrary herein, with respect to the Borrower, the term
“Affiliate” shall not include any party identified as beneficially owning or controlling more than 5% of any class of the voting shares of the Borrower or any Person that directly or indirectly controls, is controlled by, or is under
common control with such Person; provided, however, that Kevin A. Plank and J. Scott Plank shall constitute Affiliates of the Borrower. 
 Anti-Terrorism Laws shall mean any Laws relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot Act, the Laws comprising or implementing the Bank
Secrecy Act, and the Laws administered by the United States Treasury Department’s Office of Foreign Asset Control (as any of the foregoing Laws may from time to time be amended, renewed, extended, or replaced). 

Applicable Commitment Fee Rate shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to
the pricing grid on Schedule 1.1(A) below the heading “Commitment Fee”. 

 Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based
on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee”. 
 Applicable Margin shall mean, as applicable: 
 (A) the percentage spread to
be added to the Base Rate applicable to Revolving Credit Loans under the Base Rate Option based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Revolving Credit Base Rate
Spread”, or 
 (B) the percentage spread to be added to the LIBOR Rate applicable to Revolving Credit Loans under the LIBOR
Rate Option based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Revolving Credit LIBOR Rate Spread”. 

Approved Fund shall mean any fund that is engaged in making, purchasing, holding or investing in bank loans and similar extensions
of credit in the ordinary course of business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

Assignment and Assumption means an assignment and assumption entered into by a Lender and an assignee permitted under
Section 10.8 [Successors and Assigns], in substantially the form of Exhibit 1.1(A). 
 Authorized
Officer shall mean, with respect to any Loan Party, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Treasurer or Assistant Treasurer of such Loan Party or such other individuals, designated by written notice to the
Administrative Agent from the Borrower, authorized to execute notices, reports and other documents on behalf of the Loan Parties required hereunder. The Borrower may amend such list of individuals from time to time by giving written notice of such
amendment to the Administrative Agent. 
 Base Rate shall mean, for any day, a fluctuating per annum rate of interest
equal to the highest of (a) the Federal Funds Open Rate plus 50 basis points (0.5%), (b) the Prime Rate, (c) the Daily LIBOR Rate plus 100 basis points (1.0%), and (iv) 225 basis points (2.25%). Any change in the
Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs. Interest on Loans at the Base Rate shall be calculated based on a year of 360 days and actual days elapsed. 

Base Rate Option shall mean the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in
Section 3.1.1(i) [Revolving Credit Base Rate Option]. 
 Borrowing Base shall mean at any time the sum of
(i) 80% of Qualified Accounts Receivable (“Accounts Portion”), plus (ii) 50% of Qualified Inventory (“Inventory Portion”), but in no event shall the Inventory Portion exceed 50% of the Borrowing Base.
Notwithstanding anything to the contrary herein, upon the occurrence and during the existence of any Material Adverse Change, the Required Lenders may, in their sole discretion, at any time hereafter, decrease the advance percentage for Qualified
Accounts Receivable and Qualified Inventory, or increase the level of any reserves or ineligibles, or define or maintain such other reserves or ineligibles, as the Required Lenders may deem necessary or appropriate. Any such change shall become
effective immediately upon written notice from the Administrative Agent to the Borrower for the purpose of calculating the Borrowing Base hereunder. 
 Borrowing Base Certificate shall mean a certificate in substantially the form of Exhibit 6.1.1(i). 
 Borrower shall mean Under Armour, Inc., a corporation organized and existing under the laws of the State of Maryland. 

  

- 2 - 

 Borrowing Date shall mean, with respect to any Loan, the date for the making thereof
or the renewal or conversion thereof at or to the same or a different Interest Rate Option, which shall be a Business Day. 

Borrowing Tranche shall mean specified portions of Loans outstanding as follows: (i) any Loans to which a LIBOR Rate Option
applies which become subject to the same Interest Rate Option under the same Loan Request by the Borrower and which have the same Interest Period shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate Option applies
shall constitute one Borrowing Tranche. 
 Business Day shall mean any day other than a Saturday or Sunday or a legal
holiday on which commercial banks are authorized or required to be closed for business in Pittsburgh, Pennsylvania and if the applicable Business Day relates to any Loan to which the LIBOR Rate Option applies, such day must also be a day on which
dealings are carried on in the London interbank market. 
 Cash Collateral Account shall have the meaning assigned to
that term in Section 4.8. 
 Change in Law shall mean the occurrence, after the date of this Agreement, of any of
the following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation or application thereof by any Official Body or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of Law) by any Official Body. 
 Change of Control shall mean the occurrence
of any of the following: (a) the failure of Kevin Plank and/or any of the Kevin Plank Family Entities, at any time, to own and control, directly or indirectly, of record and beneficially, voting securities or other interests constituting at
least fifty-one percent (51%) of the votes entitled to be cast for the election of directors of the Borrower; or (b) within a period of twelve (12) consecutive calendar months, individuals who were directors of the Borrower on the
first day of such period shall cease to constitute a majority of the board of directors of the Borrower unless such new directors were selected by the then-incumbent directors. 

Closing Date shall mean the Business Day on which the first Loan may be made, which shall be January 28, 2009. 

Code shall mean the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor
statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 
 Collateral shall
mean the collateral under the (i) Security Agreement and (ii) Pledge Agreement. 
 Commitment shall mean as to
any Lender the aggregate of its Revolving Credit Commitment and, in the case of the Agent, its Swing Loan Commitment, and Commitments shall mean the aggregate of the Revolving Credit Commitments and Swing Loan Commitment of all of the
Lenders. 
 Commitment Fee shall have the meaning specified in Section 2.3 [Commitment Fees]. 

Compliance Certificate shall have the meaning specified in Section 7.3.4 [Certificate of the Borrower]. 

Complying Lender shall mean any Lender which is not a Non-Complying Lender. 

Consolidated EBITDA for any period of determination shall mean (a) the sum of (i) net income (excluding extraordinary
items), (ii) depreciation expense, (iii) amortization expense, (iv) all other non-cash charges to net income, (v) taxes and (vi) interest expense minus (b) non-cash credits to net income, in each case of the
Borrower and its Subsidiaries for such period determined and consolidated in accordance with GAAP. 

  

- 3 - 

 Copyrights shall mean all of the Loan Parties’ present and hereafter acquired
copyrights, copyright registrations, recordings, applications, designs, styles, licenses, marks, prints and labels bearing any of the foregoing, all reissues and renewals thereof, all licenses thereof, all other general intangible, intellectual
property and other rights pertaining to any of the foregoing, together with the goodwill associated therewith, and all income, royalties and other proceeds of any of the foregoing. 

Daily LIBOR Rate shall mean, for any day, the rate per annum determined by the Administrative Agent by dividing (x) the
Published Rate by (y) a number equal to 1.00 minus the LIBOR Reserve Percentage on such day. 
 Depository
shall have the meaning assigned to that term in Section 4.8. 
 Dollar, Dollars, U.S. Dollars and the symbol
$ shall mean lawful money of the United States of America. 
 Domestic Account Receivable shall mean any account,
contract right, general intangible, chattel paper, instrument or document representing any right to payment for goods sold or services rendered, whether or not earned by performance and whether or not evidenced by a contract, instrument or document,
which is now owned or hereafter acquired by a Loan Party. All Domestic Accounts Receivable, whether Qualified Accounts Receivable or not, shall be subject to the Lenders’ Prior Security Interest, subject to Permitted Liens, if any.

 Domestic Credit Card Account Receivable shall mean any amounts due to any of the Loan Parties from Amex, MasterCard,
Discover and Visa, in relation to purchases made by customers using credit cards. All Domestic Credit Card Accounts Receivable, whether Qualified Accounts Receivable or not, shall be subject to the Lenders’ Prior Security Interest, subject to
Permitted Liens, if any. 
 Domestic Royalty Account Receivable shall mean any account receivable of any of the
Loan Parties arising from the licensing by the Loan Parties of any Trademarks owned by any of the Loan Parties. All Domestic Royalty Accounts Receivable, whether Qualified Accounts Receivable or not, shall be subject to the Lenders’ Prior
Security Interest, subject to Permitted Liens, if any. 
 Drawing Date shall have the meaning specified in
Section 2.9.3 [Disbursements, Reimbursement]. 
 Environmental Laws shall mean all applicable federal, state, local,
tribal, territorial and foreign Laws (including common law), constitutions, statutes, treaties, regulations, rules, ordinances and codes and any consent decrees, settlement agreements, judgments, orders, directives, policies or programs issued by or
entered into with a governmental authority pertaining or relating to: (i) pollution or pollution control; (ii) protection of human health or the environment from exposure to regulated substances; (iii) protection of the environment
and/or natural resources; (iv) the presence, use, management, generation, manufacture, processing, extraction, treatment, recycling, refining, reclamation, labeling, packaging, sale, transport, storage, collection, distribution, disposal or
release or threat of release of regulated substances; (v) the presence of contamination; (vi) the protection of endangered or threatened species; and (vii) the protection of environmentally sensitive areas. 

ERISA shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to
time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 

ERISA Affiliate shall mean, at any time, any trade or business (whether or not incorporated) under common control with the
Borrower and are treated as a single employer under Section 414 of the Code. 

  

- 4 - 

 ERISA Event means (a) a reportable event (under Section 4043 of ERISA and
regulations thereunder) with respect to a Pension Plan; (b) a withdrawal by Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in
Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Borrower or any ERISA Affiliate from a Multiemployer Plan or
notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the
PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or
Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Borrower or any ERISA Affiliate. 

ERISA Group shall mean, at any time, the Borrower and all members of a controlled group of corporations and all trades or
businesses (whether or not incorporated) under common control and all other entities which, together with the Borrower, are treated as a single employer under Section 414 of the Internal Revenue Code. 

Event of Default shall mean any of the events described in Section 8.1 [Events of Default] and referred to therein as an
“Event of Default.” 
 Excluded Taxes shall mean, with respect to the Administrative Agent, any Lender, the
Issuing Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it
(in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending
office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender, any withholding tax that
is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a
Change in Law) to comply with Section 4.11.5 [Taxes – Status of Lenders], except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding tax pursuant to Section 4.11.1 [Taxes – Payment Free of Taxes]. 
 Executive Order No. 13224 shall mean the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed,
extended, amended or replaced. 
 Existing Credit Agreement shall mean the Third Amended and Restated Financing Agreement
among CIT Group/Commercial Services, Inc., as Agent, Wachovia Bank, National Association, as Documentation Agent, SunTrust Bank, as Syndication Agent and the Lenders that are party thereto and the Borrower dated December 22, 2006. 

Existing Credit Obligations shall mean “Obligations” as such term is defined under the Existing Credit Agreement.

 Expiration Date shall mean, with respect to the Revolving Credit Commitments, January 28, 2012. 

Federal Funds Effective Rate for any day shall mean the rate per annum (based on a year of 360 days and actual days elapsed and
rounded upward to the nearest 1/100 of 1%) announced by the 

  

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Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the
previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds
Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds
Effective Rate for the last day on which such rate was announced. 
 Federal Funds Open Rate shall mean, for any day, the
rate per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption
“OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by the Administrative Agent (an
“Alternate Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM
(or any substitute screen) or any Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error); provided, however, that if such day
is not a Business Day, the Federal Funds Open Rate for such day shall be the “open” rate on the immediately preceding Business Day. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Federal
Funds Open Rate without notice to the Borrower. 
 Fixed Charge Coverage Ratio shall mean the ratio of
(A) Consolidated EBITDA to (B) Fixed Charges (i) for the four fiscal quarters then ending if such date is a fiscal quarter end or (ii) for the four fiscal quarters most recently ended if such date is not a fiscal quarter end.

 Fixed Charges shall mean for any period of determination the sum of interest expense, income taxes, scheduled
principal installments on Indebtedness, dividends, unfinanced capital expenditures and payments under capitalized leases, in each case of the Borrower and its Subsidiaries for such period determined and consolidated in accordance with GAAP.

 Foreign Lender shall mean any Lender that is organized under the Laws of a jurisdiction other than that in which the
Borrower is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

Foreign Subsidiary shall mean, with respect to any Person, a Subsidiary of such Person, which Subsidiary is not incorporated or
otherwise organized under the laws of a state of the United States of America or the District of Columbia. 
 GAAP shall
mean generally accepted accounting principles as are in effect from time to time, subject to the provisions of Section 1.3 [Accounting Principles], and applied on a consistent basis both as to classification of items and amounts. 

Guarantor shall mean each of the parties to this Agreement which is designated as a “Guarantor” on the signature page
hereof and each other Person which joins this Agreement as a Guarantor after the date hereof. 
 Guarantor Joinder shall
mean a joinder by a Person as a Guarantor under the Loan Documents in the form of Exhibit 1.1(G)(1). 

Guaranty of any Person shall mean any obligation of such Person guaranteeing or in effect guaranteeing any liability or obligation
of any other Person in any manner, whether directly or indirectly, including any agreement to indemnify or hold harmless any other Person, any performance 

  

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bond or other suretyship arrangement and any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the ordinary course of
business. 
 Guaranty Agreement shall mean the Continuing Agreement of Guaranty and Suretyship in substantially the form
of Exhibit 1.1(G)(2) executed and delivered by each of the Guarantors. 
 Increasing Lender shall have the meaning
assigned to that term in Section 2.4(i). 
 Indebtedness shall mean, as to any Person at any time, any and all
indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (i) borrowed money; (ii) amounts
raised under or liabilities in respect of any note purchase or acceptance credit facility; (iii) reimbursement obligations (contingent or otherwise) under any currency swap agreement, interest rate swap, cap, collar or floor agreement or other
interest rate management device; (iv) Letter of Credit Obligations; (v) any other transaction (including forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect of a borrowing
of money entered into by such Person to finance its operations or capital requirements (but not including trade payables and accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other
evidence of indebtedness and which are not more than sixty (60) days past due); or (vi) any Guaranty of Indebtedness for borrowed money. 
 Indemnified Taxes shall mean Taxes other than Excluded Taxes. 

Indemnitee shall have the meaning specified in Section 10.3.2 [Indemnification by the Borrower]. 

Indemnity shall mean the Indemnity Agreement in the form of Exhibit 1.1(I)(1) relating to possible environmental
liabilities associated with any of the owned or leased real property of the Loan Parties or their Subsidiaries. 

Information shall mean all information made available to the Administrative Agent or Lenders relating to the Loan Parties or any
of such Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the Issuing Lender on a non-confidential basis prior to disclosure by the Loan Parties or any of
their Subsidiaries, provided that, in the case of information received from the Loan Parties or any of their Subsidiaries after the date of this Agreement, such information is clearly identified at the time of delivery as confidential.

 Insolvency Proceeding shall mean, with respect to any Person, (a) a case, action or proceeding with respect to
such Person (i) before any court or any other Official Body under any bankruptcy, insolvency, reorganization or other similar Law now or hereafter in effect, or (ii) for the appointment of a receiver, liquidator, assignee, custodian,
trustee, sequestrator, conservator (or similar official) of any Loan Party or otherwise relating to the liquidation, dissolution, winding-up or relief of such Person, or (b) any general assignment for the benefit of creditors, composition,
marshaling of assets for creditors, or other, similar arrangement in respect of such Person’s creditors generally or any substantial portion of its creditors; undertaken under any Law. 

Intercompany Subordination Agreement shall mean a Subordination Agreement among the Loan Parties in the form attached hereto as
Exhibit 1.1(I)(2). 
 Interest Period shall mean the period of time selected by the Borrower in connection with
(and to apply to) any election permitted hereunder by the Borrower to have Revolving Credit Loans bear interest under the LIBOR Rate Option. Subject to the last sentence of this definition, such period shall be one, two, three or six Months. Such
Interest Period shall commence on the effective date of such Interest Rate Option, which shall be (i) the Borrowing Date if the Borrower is requesting new Loans, or (ii) the date of renewal of or conversion to the LIBOR Rate Option if the
Borrower is renewing or converting to 

  

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the LIBOR Rate Option applicable to outstanding Loans. Notwithstanding the second sentence hereof: (A) any Interest Period which would otherwise end on a date which is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (B) the Borrower shall not select, convert to
or renew an Interest Period for any portion of the Loans that would end after the Expiration Date. 
 Interest Rate Hedge
shall mean an interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or similar agreements entered into by the Loan Parties or their Subsidiaries in order to provide protection to, or minimize the impact upon,
the Borrower, the Guarantor and/or their Subsidiaries of increasing floating rates of interest applicable to Indebtedness. 

Interest Rate Option shall mean any LIBOR Rate Option or Base Rate Option. 

Inventory shall mean any and all goods, merchandise and other personal property, including, without limitation, goods in transit,
wheresoever located and whether now owned or hereafter acquired by any Loan Party which are or may at any time be held as raw materials, finished goods, work-in-process, supplies or materials used or consumed in the such Loan Party’s business
or held for sale or lease, including, without limitation, (a) all such property the sale or other disposition of which has given rise to Accounts Receivable and which has been returned to or repossessed or stopped in transit by such Loan Party,
and (b) all packing, shipping and advertising materials relating to all or any such property. All Inventory, whether Qualified Inventory or not, shall be subject to the Lenders’ Prior Security Interest, subject to Permitted Liens, if any.

 IRS shall mean the Internal Revenue Service. 
 Issuing Lender means PNC Bank, in its individual capacity as issuer of Letters of Credit hereunder, and any other Lender that Borrower, Administrative Agent and such other Lender may agree may from
time to time issue Letters of Credit hereunder. 
 Joint Venture shall mean a corporation, partnership, limited liability
company or other entities in which any Person other than the Loan Parties and their Subsidiaries holds, directly or indirectly, an equity interest. 
 Kevin Plank Family Entity shall mean (i) any not-for-profit corporation controlled by Kevin Plank, his wife or children, or any combination thereof, (ii) any other corporation if at least
66% of the value and voting power of its outstanding equity is owned by Kevin Plank, his wife or children, or any combination thereof; (iii) any partnership if at least 66% of the value and voting power of its partnership interests are owned by
Kevin Plank, his wife or children, or any combination thereof; (iv) any limited liability or similar company if at least 66% of the value and voting power of the company and its membership interests are owned by Kevin Plank, his wife or
children; or (v) any trust the primary beneficiaries of which are Kevin Plank, his wife, children and/or charitable organizations, which if the trust is a wholly charitable trust, at least 66% of the trustees of such trust are appointed by
Kevin Plank or his wife. 
 Law shall mean any law (including common law), constitution, statute, treaty, regulation,
rule, ordinance, opinion, release, ruling, order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award by or settlement agreement with any Official Body. 

Lender Provided Interest Rate Hedge shall mean an Interest Rate Hedge which is provided by any Lender or its Affiliate and with
respect to which the Administrative Agent confirms: (i) is documented in a standard International Swap Dealer Association Agreement, (ii) provides for the method of calculating the reimbursable amount of the provider’s credit exposure
in a reasonable and customary manner, and (iii) is entered into for hedging (rather than speculative) purposes. The Administrative Agent agrees to review these promptly to determine whether (i) applies. 

  

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 Lenders shall mean the financial institutions named on Schedule 1.1(B) and
their respective successors and assigns as permitted hereunder, each of which is referred to herein as a Lender. For the purpose of any Loan Document which provides for the granting of a security interest or other Lien to the Lenders or to the
Administrative Agent for the benefit of the Lenders as security for the Obligations, “Lenders” shall include any Affiliate of a Lender to which such Obligation is owed. 

Letter of Credit shall have the meaning specified in Section 2.9.1 [Issuance of Letters of Credit]. 

Letter of Credit Borrowing shall have the meaning specified in Section 2.9.3 [Disbursements, Reimbursement]. 

Letter of Credit Fee shall have the meaning specified in Section 2.9.2 [Letter of Credit Fees]. 

Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all
outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate
Reimbursement Obligations and Letter of Credit Borrowings on such date. 
 Letter of Credit Sublimit shall have the
meaning specified in Section 2.9.1 [Letter of Credit Subfacility]. 
 Leverage Ratio shall mean, as of the end of
any date of determination, the ratio of (A) Total Debt on such date to (B) Consolidated EBITDA (i) for the four fiscal quarters then ending if such date is a fiscal quarter end or (ii) for the four fiscal quarters most recently
ended if such date is not a fiscal quarter end. 
 LIBOR Rate shall mean, with respect to the Loans comprising any
Borrowing Tranche to which the LIBOR Rate Option applies for any Interest Period, the interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of
1% per annum) (i) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which US dollar deposits are offered by leading banks in the London interbank deposit market), or the
rate which is quoted by another source selected by the Administrative Agent which has been approved by the British Bankers’ Association as an authorized information vendor for the purpose of displaying rates at which US dollar deposits are
offered by leading banks in the London interbank deposit market (an “Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London interbank offered
rate for U.S. Dollars for an amount comparable to such Borrowing Tranche and having a borrowing date and a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any
substitute page) or any Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error)), by (ii) a number equal to 1.00 minus the LIBOR
Reserve Percentage. LIBOR may also be expressed by the following formula: 
  

			
	Average of London interbank offered rates quoted      
	by Bloomberg or appropriate successor as shown on
		
	LIBOR =	 	Bloomberg Page BBAM1
		 	1.00 - LIBOR Reserve Percentage      

 provided, that in no event shall the LIBOR Rate be less than 125 basis points (1.25%). 

The LIBOR Rate shall be adjusted with respect to any Loan to which the LIBOR Rate Option applies that is outstanding on the effective
date of any change in the LIBOR Reserve Percentage 

  

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as of such effective date. The Administrative Agent shall give prompt notice to the Borrower of the LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be
conclusive absent manifest error. 
 LIBOR Rate Option shall mean the option of the Borrower to have Loans bear interest
at the rate and under the terms set forth in Section 3.1.1(ii) [Revolving Credit LIBOR Rate Option]. 
 LIBOR Reserve
Percentage shall mean as of any day the maximum percentage in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal
and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”). 
 Lien shall mean any mortgage, deed of trust, pledge, lien, security interest, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily
given, including any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether
or not a lien or other encumbrance is created or exists at the time of the filing). 
 Loan Documents shall mean this
Agreement, the Administrative Agent’s Letter, the Guaranty Agreement, the Indemnity, the Intercompany Subordination Agreement, the Notes, the Pledge Agreement, the Security Agreement, and any other instruments, certificates or documents
delivered in connection herewith or therewith. 
 Loan Parties shall mean the Borrower and the Guarantors. 

Loan Request shall have the meaning specified in Section 2.5 [Revolving Credit Loan Requests]. 

Loans shall mean collectively and Loan shall mean separately all Revolving Credit Loans and Swing Loans or any Revolving
Credit Loan or Swing Loan. 
 Lockbox Agreement shall mean the Lockbox Agreement in substantially the form attached
hereto as Exhibit 1.1(L) executed and delivered by the applicable Loan Parties to the Administrative Agent. 

Material Adverse Change shall mean any set of circumstances or events which (a) has or could reasonably be expected to have
any material adverse effect whatsoever upon the validity or enforceability of this Agreement or any other Loan Document, (b) is or could reasonably be expected to be material and adverse to the business, properties, assets, financial condition
or results of operations of the Loan Parties taken as a whole, (c) impairs materially or could reasonably be expected to impair materially the ability of the Loan Parties taken as a whole to duly and punctually pay or perform its Indebtedness,
or (d) impairs materially or could reasonably be expected to impair materially the ability of the Administrative Agent or any of the Lenders, to the extent permitted, to enforce their legal remedies pursuant to this Agreement or any other Loan
Document. 
 Month, with respect to an Interest Period under the LIBOR Rate Option, shall mean the interval between the
days in consecutive calendar months numerically corresponding to the first day of such Interest Period. If any LIBOR Rate Interest Period begins on a day of a calendar month for which there is no numerically corresponding day in the month in which
such Interest Period is to end, the final month of such Interest Period shall be deemed to end on the last Business Day of such final month. 
 Multiemployer Plan shall mean any employee benefit plan which is a “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA and to which the Borrower or any member of
the ERISA Group is then making or accruing an obligation to make contributions or, within the preceding five Plan years, has made or had an obligation to make such contributions. 

  

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 New Lender shall have the meaning assigned to that term in Section 2.4(i).

 Non-Complying Lender shall mean any Lender which has failed to fund any Loan which it is required to fund, or pay any
other amount which it is required to pay to the Administrative Agent or any other Lender pursuant to the Loan Documents, within one (1) Business Day of the due date therefor. 

Non-Consenting Lender shall have the meaning specified in Section 10.1 [Modifications, Amendments or Waivers]. 

Notes shall mean, collectively, the promissory notes in the form of Exhibit 1.1(N)(1) evidencing the Revolving Credit Loans
and in the form of Exhibit 1.1(N)(2) evidencing the Swing Loan. 
 Notices shall have the meaning specified in
Section 10.5 [Notices; Effectiveness; Electronic Communication]. 
 Obligation shall mean any obligation or
liability of any of the Loan Parties, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under or in connection with (i) this Agreement, the Notes,
the Letters of Credit, the Administrative Agent’s Letter or any other Loan Document whether to the Administrative Agent, any of the Lenders or their Affiliates or other persons provided for under such Loan Documents, (ii) any Lender
Provided Interest Rate Hedge and (iii) any Other Lender Provided Financial Service Product. 
 Official Body shall
mean the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

Other Lender Provided Financial Service Product shall mean agreements or other arrangements under which any Lender or Affiliate of
a Lender provides any of the following products or services to any of the Loan Parties: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH Transactions, (f) cash
management, including controlled disbursement, accounts or services, or (g) foreign currency exchange. 
 Other
Taxes shall mean all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or
enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 
 Participant has the meaning
specified in Section 10.8.4 [Participations]. 
 Participation Advance shall have the meaning specified in
Section 2.9.3 [Disbursements, Reimbursement]. 
 Patents shall mean all of the Loan Parties’ present and
hereafter acquired patents, patent applications, registrations, all reissues and renewals thereof, all licenses thereof, all inventions and improvements claimed thereunder, all general intangible, intellectual property and other rights of any Loan
Party with respect thereto, and all income, royalties and other proceeds of the foregoing. 
 Payment Date shall mean the
first day of each calendar quarter after the date hereof and on the Expiration Date or upon acceleration of the Notes. 

Payment In Full shall mean payment in full in cash of the Loans and other Obligations hereunder, termination of the Commitments
and expiration or termination of all Letters of Credit. 
 PBGC shall mean the Pension Benefit Guaranty Corporation
established pursuant to Subtitle A of Title IV of ERISA or any successor. 

  

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 Pension Plan means any “employee pension benefit plan” (as such term is
defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by Borrower or any ERISA Affiliate or to which Borrower or any ERISA Affiliate contributes or has an
obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any times during the immediately preceding five plan years. 

Permitted Indebtedness shall mean: 
 (i) Indebtedness under the Loan Documents; 
 (ii) Existing Indebtedness as of the
Closing Date as set forth on Schedule 7.2.1 (including any extensions or renewals thereof); provided there is no increase in the amount thereof or other significant change in the terms thereof unless otherwise specified on Schedule
7.2.1; 
 (iii) Capitalized leases and Indebtedness secured by Purchase Money Security Interests not exceeding $35,000,000
in the aggregate; 
 (iv) Indebtedness of a Loan Party to another Loan Party or to a Subsidiary of a Loan Party; 

(v) Any (i) Lender Provided Interest Rate Hedge, (ii) other Interest Rate Hedge approved by the Administrative Agent or
(iii) Indebtedness under any Other Lender Provided Financial Services Product; 
 (vi) Guarantee obligations of a Loan
Party or any Subsidiary of a Loan Party for any Indebtedness otherwise permitted by this Agreement; 
 (vii) Indebtedness of the
Borrower or any of its Subsidiaries arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn by the Borrower or such Subsidiary in the ordinary course of business against
insufficient funds, in the maximum amount outstanding from time to time of $50,000, so long as such Indebtedness is repaid within five (5) Business Days of the creation of such condition; 

(viii) Additional Indebtedness of the Borrower or any of its Subsidiaries in an aggregate principal amount (for the Borrower and all
Subsidiaries) not to exceed $2,500,000 at any one time outstanding; 
 (ix) Indebtedness of the Borrower or any of its
Subsidiaries in respect of workers’ compensation claims, property casualty or liability insurance, take-or-pay obligations in supply arrangements, self-insurance obligations, performance, bid and surety bonds and completion guaranties, in each
case in the ordinary course of business; and 
 (x) Indebtedness of any Loan Party or Subsidiary for refinancings, replacements,
modifications, refundings, renewals or extensions of Indebtedness that constitutes Permitted Indebtedness, provided that (i) there is no increase in the principal amount (or accrued value) thereof (excluding accrued interest, fees, discounts,
premiums and expenses), (ii) the weighted average life to maturity of such Indebtedness is greater than or equal to the shorter of (A) the weighted average life to maturity of the Indebtedness being refinanced and (B) the weighted
average life to maturity that would result if all payments of principal on the Indebtedness being refinanced that were due on or after the date that is one year following the Expiration Date were instead due one year following the Expiration Date,
(iii) if the Indebtedness being refinanced, refunded, modified, renewed or extended is subordinated in right of payment to the Obligations, such refinancing, refunding, modification, renewal or extension is subordinated in right of payment to
the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being refinanced, refunded, modified, renewed or extended, (iv) the terms and conditions (including, if applicable,
as to collateral) of any such 

  

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refinanced, refunded, modified, renewed or extended Indebtedness are not materially less favorable to the Lenders than the terms and conditions of the Indebtedness being modified, refinanced,
refunded, renewed or extended, (v) no Event of Default shall have occurred and be continuing or no Event of Default or Potential Default would result from any such refinancing, refunding, modification, renewal or extension and (vi) with
respect to any such Indebtedness that is secured, no Loan Party shall be an obligor or guarantor of any such refinancings, replacements, refundings, renewals or extensions except to the extent that such Person was such an obligor or guarantor in
respect of the applicable Indebtedness on the date hereof. 
 Permitted Investments shall mean: 

(i) marketable direct obligations issued or unconditionally guaranteed by the United States Government or any state or municipality
thereof or the District of Columbia having maturities of not more than twelve (12) months from the date of acquisition, and certificates of deposit and time deposits having maturities of not more than twelve (12) months from the date of
acquisition, banker’s acceptances having maturities of not more than twelve (12) months from the date of acquisition and overnight bank deposits which at the time of acquisition are rated A–1 or better by S&P or P–1 or better
by Moody’s, or by a Lender; 
 (ii) investments in negotiable instruments acquired in the ordinary course of business for
collection; 
 (iii) investments received in settlement of Accounts Receivable arising in the ordinary course of business or
owing to a Loan Party as a result of any dispute with customers or suppliers or upon the foreclosure or enforcement of any lien in favor of a Loan Party as security for an Account Receivable, and investments made in exchange for Accounts Receivable
arising in the ordinary course of business which have not been collected for 120 days and which are, in the good faith judgment of the Loan Parties, substantially uncollectible, in each case for so long as any instrument evidencing such investment
is, promptly upon receipt, duly endorsed to the order of and delivered to the Administrative Agent to be held as security for the Obligations; 
 (iv) trade credit extended on usual and customary terms in the ordinary course of business; 
 (v) advances to employees to meet reasonable expenses incurred by such employees in the ordinary course of business; 
 (vi) reasonable loans or advances (including, without limitation, to employees or suppliers) so long as the aggregate amount of such loans and advances outstanding by the Loan Party and their Subsidiaries
does not exceed the sum of $2,000,000 at any time; 
 (vii) loans, advances, capital contributions or investments in other Loan
Parties or their Subsidiaries; 
 (viii) loans or equity investments not exceeding $10,000,000 in the aggregate to joint
ventures formed by a Loan Party or any Subsidiary to develop, enhance, research, manufacture or market any new technology or to develop, enhance or research any new product, process or technology; 

(ix) investments in Subsidiaries permitted to be formed by Section 7.2.8 hereof; 

(x) any money market or similar fund the assets of which are comprised exclusively of any of the items specified in clause (i) above
and as to which withdrawals are permitted daily; 
 (xi) repurchase obligations with a term of not more than thirty
(30) days for underlying securities of the types described in clause (i) above entered into with any financial institution meeting the qualifications specified in clause (i); and 

  

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 (xii) commercial paper having at the time of investment therein or a contractual commitment
to invest therein a rating of A–1 or better by S&P or P–1 or better by Moody’s, and having a maturity within six (6) months after the date of acquisition thereof. 

Permitted Liens shall mean: 
 (i) Liens for taxes, assessments, or similar charges, incurred in the ordinary course of business and which are not yet due and payable; 

(ii) Pledges or deposits made in the ordinary course of business to secure payment of workmen’s compensation, or to participate in
any fund in connection with workmen’s compensation, unemployment insurance, old-age pensions or other social security programs; 
 (iii) Liens of mechanics, materialmen, warehousemen, carriers, or other like Liens, securing obligations incurred in the ordinary course of business that are not yet due and payable and Liens of landlords
securing obligations to pay lease payments that are not yet due and payable or in default; 
 (iv) Good-faith pledges or
deposits made in the ordinary course of business to secure performance of bids, tenders, contracts (other than for the repayment of borrowed money) or leases, not in excess of the aggregate amount due thereunder, or to secure statutory obligations,
or surety, appeal, indemnity, performance or other similar bonds required in the ordinary course of business; 
 (v)
Encumbrances consisting of zoning restrictions, easements or other restrictions on the use of real property, none of which materially impairs the use of such property or the value thereof, and none of which is violated in any material respect by
existing or proposed structures or land use; 
 (vi) Liens, security interests and mortgages in favor of the Administrative
Agent for the benefit of the Lenders and their Affiliates securing the Obligations including Other Lender Provided Financial Services Obligations; 
 (vii) Liens on property leased by any Loan Party or Subsidiary of a Loan Party under capital leases permitted as Permitted Indebtedness securing obligations of such Loan Party or Subsidiary to the lessor
under such leases and precautionary Uniform Commercial Code financing statements in respect thereof; 
 (viii) Any Lien existing
on the date of this Agreement and described on Schedule 1.1(P), provided that the principal amount secured thereby is not hereafter increased, and no additional assets become subject to such Lien; 

(ix) Purchase Money Security Interests permitted in clause (iii) of the definition of Permitted Indebtedness; 

(x) The following, (A) if the validity or amount thereof is being contested in good faith by appropriate and lawful proceedings
diligently conducted so long as levy and execution thereon have been stayed and continue to be stayed or (B) if a final judgment is entered and such judgment is discharged within thirty (30) days of entry, and in either case they do not
adversely affect the Collateral or, in the aggregate, materially impair the ability of any Loan Party to perform its Obligations hereunder or under the other Loan Documents: 
 (1) Claims or Liens for taxes, assessments or charges due and payable and subject to interest or penalty; provided that the applicable Loan Party maintains such reserves or other appropriate
provisions as shall be required by GAAP and pays all such taxes, assessments or charges forthwith upon the commencement of proceedings to foreclose any such Lien; 
 (2) Claims, Liens or encumbrances upon, and defects of title to, real or personal property other than the Collateral, including any attachment of personal or real property or other legal process prior to
adjudication of a dispute on the merits; 

  

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 (3) Claims or Liens of mechanics, materialmen, warehousemen, carriers, or other statutory
nonconsensual Liens; or 
 (4) Liens resulting from final judgments or orders described in Section 8.1.6 [Final Judgments
or Orders]; 
 (xi) liens or rights of setoff against credit balances of a Loan Party with any credit card issuers or processors
or amounts owing by credit card issuers or processors to a Loan Party in the ordinary course of business to secure the obligations of such Loan Party to such credit card issuer or processor as a result of any fees and chargebacks; and 

(xii) liens or rights of setoff of any bank to secure fees and charges in connection with returned items or fees and charges in
connection with any deposit account maintained by any Loan Party at such bank up to an aggregate, at any one time, of $50,000; 

(xiii) licenses of Trademarks, Patents and Copyrights in the ordinary course of business; 

(xiv) any liens or rights of setoff of any bank or securities intermediary to secure fees, charges and commissions in connections with
any investment account maintained by the Loan Parties or their respective subsidiaries up to an aggregate, at any one time, of $50,000; and 
 (xv) other liens (except liens securing Taxes) securing indebtedness or obligations not to exceed $500,000 outstanding at any one time. 

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

Plan shall mean at any time an “employee pension benefit plan” as such term is defined in Section 3(2) of ERISA
(including a multiple employer or other plan described in Section 4064 of ERISA, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either
(i) is maintained by any member of the ERISA Group for employees of any member of the ERISA Group or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the ERISA Group for
employees of any entity which was at such time a member of the ERISA Group. 
 Pledge Agreement shall mean the Pledge
Agreement in substantially the form of Exhibit 1.1(P)(2) executed and delivered by each of the Borrower and its Subsidiaries pledging 65% of the Subsidiary Equity Interests of each Foreign Subsidiary held by the Borrower and such Subsidiaries
to the Administrative Agent for the benefit of the Lenders. 
 PNC Bank shall mean PNC Bank, National Association, its
successors and assigns. 
 Potential Default shall mean any event or condition which with notice or passage of time, or
both, would constitute an Event of Default. 
 Prime Rate shall mean the interest rate per annum announced from time to
time by the Administrative Agent at its Principal Office as its then prime rate, which rate may not be the lowest rate then being charged commercial borrowers by the Administrative Agent. 

Principal Office shall mean the main banking office of the Administrative Agent in Pittsburgh, Pennsylvania. 

Prior Security Interest shall mean a valid and enforceable perfected first-priority security interest under the Uniform Commercial
Code in the Collateral which is subject only to statutory Liens for taxes not yet due and payable or Purchase Money Security Interests. 

  

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 Published Rate shall mean the rate of interest published each Business Day in The
Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the eurodollar rate
for a one month period as published in another publication selected by the Administrative Agent, and the identity of which the Administrative Agent shall notify Borrower within a reasonable time thereafter). 

Purchase Money Security Interest shall mean Liens upon tangible personal property securing loans to any Loan Party or Subsidiary
of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property. 

Qualified Accounts Receivable shall mean any Accounts Receivable, which the Administrative Agent in its sole discretion determines
to have met all of the minimum requirements set forth on Schedule 1.1(C), but shall specifically exclude Reserves for Sales Returns for Domestic Accounts Receivable. 
 Qualified Inventory shall mean any Inventory which the Administrative Agent in its sole discretion determines to have met all of the minimum requirements set forth on Schedule 1.1(D), but
shall specifically exclude (i) all raw materials, (ii) all work-in-progress Inventory and (iii) all Inventory subject to reserves, including reserves for obsolescence. 

Ratable Share shall mean the proportion that a Lender’s Commitment (excluding the Swing Loan Commitment) bears to the
Commitments (excluding the Swing Loan Commitment) of all of the Lenders. If the Commitments have terminated or expired, the Ratable Shares shall be determined based upon the Commitments (excluding the Swing Loan Commitment) most recently in effect,
giving effect to any assignments. 
 Reimbursement Obligation shall have the meaning specified in Section 2.9.3
[Disbursements, Reimbursement]. 
 Related Parties shall mean, with respect to any Person, such Person’s Affiliates
and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 

Relief Proceeding shall mean any proceeding seeking a decree or order for relief in respect of any Loan Party or Subsidiary of a
Loan Party in a voluntary or involuntary case under any applicable bankruptcy, insolvency, reorganization or other similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator,
conservator (or similar official) of any Loan Party or Subsidiary of a Loan Party for any substantial part of its property, or for the winding-up or liquidation of its affairs, or an assignment for the benefit of its creditors. 

Requested Increase shall have the meaning assigned to that term in Section 2.4(i). 

Required Lenders shall mean (i) if there are no Loans, Reimbursement Obligations or Letter of Credit Borrowings outstanding,
Complying Lenders whose Commitments (excluding the Swing Loan Commitments) aggregate at least 51% of the Commitments (excluding the Swing Loan Commitments) of all of the Complying Lenders, or (ii) if there are Loans, Reimbursement Obligations,
or Letter of Credit Borrowings outstanding, any group of Complying Lenders if the sum of the Loans (excluding the Swing Loans), Reimbursement Obligations and Letter of Credit Borrowings of such Lenders then outstanding aggregates at least 51% of the
total principal amount of all of the Loans (excluding the Swing Loans), Reimbursement Obligations and Letter of Credit Borrowings of all of the Complying Lenders then outstanding. 

Required Share shall have the meaning assigned to such term in Section 4.13. 

  

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 Reserves for Sales Returns for Domestic Accounts Receivable shall mean the amount
estimated by the Borrower from time to time in a manner consistent with the disclosures contained in the Borrower’s Forms 10-K and 10-Q as the portion of Accounts Receivable which may be expected to not be collected as a consequence of the
goods represented therein being returned by the Accounts Receivable Debtor to the Loan Parties. 
 Revolving Credit
Commitment shall mean, as to any Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(B) in the column labeled “Amount of Commitment for Revolving Credit Loans,” as such Commitment is thereafter
assigned or modified and Revolving Credit Commitments shall mean the aggregate Revolving Credit Commitments of all of the Lenders. 
 Revolving Credit Loans shall mean collectively and Revolving Credit Loan shall mean separately all Revolving Credit Loans or any Revolving Credit Loan made by the Lenders or one of the
Lenders to the Borrower pursuant to Section 2.1 [Revolving Credit Commitments] or 2.9.3 [Disbursements, Reimbursement]. 

Revolving Facility Usage shall mean at any time the sum of (i) the outstanding Revolving Credit Loans, (ii) the
outstanding Swing Loans and (iii) the Letter of Credit Obligations. 
 Schedule of Accounts Receivable shall mean an
aged trial balance summary report by account debtor of all then existing Accounts Receivable in form and substance reasonably satisfactory to Administrative Agent, specifying in each case the names of, amounts due from, each Account Receivable
Debtor obligated on an Account Receivable so listed and, if requested by the Administrative Agent, copies of proof of delivery and customer statements and the original copy of all documents, including, without limitation, repayment histories and
present status reports, and such other matters and information relating to the status of the Accounts Receivable and/or the Account Receivable Debtors so scheduled as the Administrative Agent may from time to time reasonably request. 

Schedule of Inventory shall mean a current schedule of Inventory in form and substance reasonably satisfactory to the
Administrative Agent, itemizing and describing the kind, type, quality and quantity of Inventory, as derived from physical counts, the Loan Parties’ costs therefor and selling price thereof. 

Security Agreement shall mean the Security Agreement in substantially the form of Exhibit 1.1(S) executed and delivered by
each of the Loan Parties to the Administrative Agent for the benefit of the Lenders. 
 Settlement Date shall mean any
Business Day on which the Agent elects to effect settlement pursuant to Section 4.13. 
 Significant Subsidiary
shall mean a Subsidiary of a Loan Party with total assets, determined as of the end of the immediately preceding fiscal year, of more than $1,000,000. 
 Solvent shall mean, with respect to any Person on a particular date, that on such date (i) the fair value of the property of such Person is greater than the total amount of liabilities,
including, without limitation, contingent liabilities, of such Person, (ii) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts
as they become absolute and matured, (iii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (iv) such
Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature, and (v) such Person is not engaged in business or a transaction, and is not
about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged. In computing
the 

  

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amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability. 
 Standard &
Poor’s shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

Statements shall have the meaning specified in Section 5.1.6(i) [Historical Statements]. 

Subsidiary of any Person at any time shall mean any corporation, trust, partnership, any limited liability company or other
business entity (i) of which 50% or more of the outstanding voting securities or other interests normally entitled to vote for the election of one or more directors or trustees (regardless of any contingency which does or may suspend or dilute
the voting rights) is at such time owned directly or indirectly by such Person or one or more of such Person’s Subsidiaries, or (ii) which is controlled or capable of being controlled by such Person or one or more of such Person’s
Subsidiaries. 
 Subsidiary Equity Interests shall have the meaning specified in Section 5.1.2 [Subsidiaries and
Owners; Investment Companies]. 
 Swing Loan Commitment shall mean PNC Bank’s commitment to make Swing Loans to the
Borrower pursuant to Section 2.1.2 hereof in an aggregate principal amount up to $10,000,000. 
 Swing Loan Note
shall mean the Swing Loan Note of the Borrower in the form of Exhibit [1.1(N)(2)] evidencing the Swing Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part.

 Swing Loan Request shall mean a request for Swing Loans made in accordance with Section 2.5.2 hereof. 

Swing Loans shall mean collectively and Swing Loan shall mean separately all Swing Loans or any Swing Loan made by PNC Bank
to the Borrower pursuant to Section [2.1.2] hereof. 
 Taxes shall mean all present or future taxes, levies, imposts,
duties, deductions, withholdings, assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. 
 Total Debt for the fiscal quarter then ending shall mean all Indebtedness of the Borrower and its Subsidiaries (other than inter-company guarantees). 

Trademarks shall mean all of the Loan Parties’ present and hereafter acquired trademarks, trademark registrations,
recordings, applications, tradenames, trade styles, corporate names, business names, service marks, logos and any other designs or sources of business identities, prints and labels (on which any of the foregoing may appear), all reissues and
renewals thereof, all licenses thereof, all other general intangible, intellectual property and other rights pertaining to any of the foregoing, together with the goodwill associated therewith, and all income, royalties and other proceeds of any of
the foregoing. 
 USA Patriot Act shall mean the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 
 1.2 Construction. Unless the context of this Agreement otherwise clearly requires, the following rules of construction shall apply to this Agreement and each of the other Loan Documents:
(i) references to the plural include the singular, the plural, the part and the whole and the words “include,” 

  

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“includes” and “including” shall be deemed to be followed by the phrase “without limitation”; (ii) the words “hereof,” “herein,”
“hereunder,” “hereto” and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document as a whole; (iii) article, section, subsection, clause, schedule and exhibit references
are to this Agreement or other Loan Document, as the case may be, unless otherwise specified; (iv) reference to any Person includes such Person’s successors and assigns; (v) reference to any agreement, including this Agreement and any
other Loan Document together with the schedules and exhibits hereto or thereto, document or instrument means such agreement, document or instrument as amended, modified, replaced, substituted for, superseded or restated; (vi) relative to the
determination of any period of time, “from” means “from and including,” “to” means “to but excluding,” and “through” means “through and including”; (vii) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights,
(viii) section headings herein and in each other Loan Document are included for convenience and shall not affect the interpretation of this Agreement or such Loan Document, and (ix) unless otherwise specified, all references herein to
times of day shall be references to Eastern Standard Time. 
 1.3 Accounting Principles. Except as otherwise
provided in this Agreement, all computations and determinations as to accounting or financial matters and all financial statements to be delivered pursuant to this Agreement shall be made and prepared in accordance with GAAP (including principles of
consolidation where appropriate), and all accounting or financial terms shall have the meanings ascribed to such terms by GAAP; provided, however, that all accounting terms used in Section 7.2 [Negative Covenants] (and all defined
terms used in the definition of any accounting term used in Section 7.2 [Negative Covenants] shall have the meaning given to such terms (and defined terms) under GAAP as in effect on the date hereof applied on a basis consistent with those used
in preparing Statements referred to in Section 5.1.6(i) [Historical Statements]. In the event of any change after the date hereof in GAAP, and if such change would affect the computation of any of the financial covenants set forth in
Section 7.2 [Negative Covenants], then the parties hereto agree to endeavor, in good faith, to agree upon an amendment to this Agreement that would adjust such financial covenants in a manner that would preserve the original intent thereof, but
would allow compliance therewith to be determined in accordance with the Borrower’s financial statements at that time, provided that, until so amended such financial covenants shall continue to be computed in accordance with GAAP
prior to such change therein. 
 2. REVOLVING CREDIT AND SWING LOAN FACILITIES 

2.1 Revolving Credit Commitments. 
 2.1.1 Revolving Credit Loans. 
 Subject to the terms and conditions hereof
and relying upon the representations and warranties herein set forth, each Lender severally agrees to make Revolving Credit Loans to the Borrower at any time or from time to time on or after the date hereof to the Expiration Date; provided
that after giving effect to such Loan (i) the aggregate amount of Loans from such Lender shall not exceed such Lender’s Revolving Credit Commitment minus such Lender’s Ratable Share of the Letter of Credit Obligations and
(ii) the Revolving Facility Usage shall not exceed the lesser of the Revolving Credit Commitments or the Borrowing Base. Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay
and reborrow pursuant to this Section 2.1. 
 2.1.2 Swing Loan Commitment. 

Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, and in order to
facilitate loans and repayments between Settlement Dates, PNC Bank may, at its option, cancelable at any time for any reason whatsoever, make swing loans (the “Swing Loans”) to the Borrower at any time or from time to time after the date
hereof to, but not 

  

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including, the Expiration Date, in an aggregate principal amount up to but not in excess of $10,000,000 (the “Swing Loan Commitment”), provided that the Revolving Facility Usage shall
not exceed the lesser of the Revolving Credit Commitments or the Borrowing Base. Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this
Section 2.1.2. 
 2.2 Nature of Lenders’ Obligations with Respect to Revolving Credit Loans. Each Lender shall
be obligated to participate in each request for Revolving Credit Loans pursuant to Section 2.5 [Revolving Credit Loan Requests] in accordance with its Ratable Share. The aggregate of each Lender’s Revolving Credit Loans outstanding
hereunder to the Borrower at any time shall never exceed its Revolving Credit Commitment minus its Ratable Share of the Letter of Credit Obligations. The obligations of each Lender hereunder are several. The failure of any Lender to perform its
obligations hereunder shall not affect the Obligations of the Borrower to any other party nor shall any other party be liable for the failure of such Lender to perform its obligations hereunder. The Lenders shall have no obligation to make Revolving
Credit Loans hereunder on or after the Expiration Date. 
 2.3 Commitment Fees. Accruing from the date hereof until the
Expiration Date, the Borrower agrees to pay to the Administrative Agent for the account of each Lender according to its Ratable Share, a nonrefundable commitment fee (the “Commitment Fee”) equal to the Applicable Commitment Fee Rate
(computed on the basis of a year of 360 days and actual days elapsed) times the average daily difference between the amount of (i) the Revolving Credit Commitments (for purposes of this computation, PNC Bank’s Swing Loans shall be deemed
to be borrowed amounts under its Revolving Credit Commitment, but only to the extent any Swing Loans are then outstanding) and the (ii) the Revolving Facility Usage. All Commitment Fees shall be payable in arrears on each Payment Date.

 2.4 Increase in Revolving Credit Commitments. 

(i) Increasing Lenders. The Borrower may, at any time after the Closing Date, request that the current Lenders increase their
Revolving Credit Commitments by providing written notice to the Administrative Agent (the “Requested Increase”). Each Lender shall have the right at any time within the fifteen (15) day period following receipt by the Agent of such
written request to increase its Revolving Credit Commitment by its Ratable Share of the Requested Increase (any current Lender which elects to increase its Revolving Credit Commitment shall be referred to as an “Increasing Lender”). If
Lenders elect to increase their Revolving Credit Commitment within the 15-day period specified in the preceding sentence but such increases, in the aggregate, do not equal the Requested Increase, then the Administrative Agent shall, immediately
after the expiration of such period, send written notice to the Increasing Lenders. Each Increasing Lender shall have the right to increase its Revolving Credit Commitment by all or any part of the balance of the Requested Increase. In the event
there are two or more such Increasing Lenders that choose to so increase their Revolving Credit Commitment, the balance of the Requested Increase shall be allocated to such Increasing Lenders pro rata based on their Ratable Share. Each Lender
acknowledges and agrees that up to $20,000,000 may be loaned by an additional Lender within sixty (60) Days of the Closing Date (the “Post-Closing Loan”). The terms and conditions set forth in this Section 2.4, including, without
limitation, Section 2.4(iii), shall not apply to the Post-Closing Loan, except that the Borrower shall execute and deliver to such Lender a revolving credit Note reflecting the amount of such Lender’s Revolving Credit Commitment and such
Lender shall execute a lender joinder in substantially the form of Exhibit 2.4 pursuant to which such Lender shall join and become a party as a “Lender” to this Agreement and the other Loan Documents with a Revolving Credit
Commitment in the amount set forth in such lender joinder. 
 (ii) New Lenders. If there is a balance of the Requested
Increase remaining after completion of the process set forth in Section 2.4(i) above, one or more new lenders (each a “New 

  

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Lender”) shall have the right to join this Agreement and provide a Revolving Credit Commitment hereunder. 
 (iii) Terms and Conditions Any increases by Increasing Lenders or new Revolving Credit Commitments by New Lenders, as applicable, are subject to the following terms and conditions: 

(a) No Obligation to Increase. No current Lender shall be obligated to increase its Revolving Credit Commitment and any increase
in the Revolving Credit Commitment by any current Lender shall be in the sole discretion of such current Lender. 
 (b)
Defaults. There shall exist no Events of Default or Potential Default on the effective date of such increase after giving effect to such increase. 
 (c) Aggregate Revolving Credit Commitments. After giving effect to such increase, the total Revolving Credit Commitments shall not exceed $250,000,000. 

(d) Minimum Revolving Credit Commitments. After giving effect to such increase, the amount of the Revolving Credit Commitments
provided by each of the New Lenders shall be at least $5,000,000. 
 (e) Resolutions; Opinion. The Loan Parties shall
deliver to the Administrative Agent on or before the effective date of such increase the following documents in a form reasonably acceptable to the Administrative Agent: (1) certifications of their corporate secretaries with attached
resolutions certifying that the increase in the Revolving Credit Commitment has been approved by such Loan Parties; and (2) an opinion of counsel addressed to the Administrative Agent and the Lenders addressing the authorization and execution
of the Loan Documents by, and enforceability of the Loan Documents against, the Loan Parties. 
 (f) Notes. The Borrower
shall execute and deliver (1) to each Increasing Lender a replacement revolving credit Note reflecting the new amount of such Increasing Lender’s Revolving Credit Commitment after giving effect to the increase (and the prior Note issued to
such Increasing Lender shall be deemed to be terminated and the original thereof shall be returned by such Increasing Lender to the Borrower) and (2) to each New Lender a revolving credit Note reflecting the amount of such New Lender’s
Revolving Credit Commitment. 
 (g) Approval of New Lenders. Any New Lender shall be subject to the approval of the
Borrower and the Administrative Agent. 
 (h) Increasing Lenders. Each Increasing Lender shall confirm its agreement to
increase its Revolving Credit Commitment pursuant to an acknowledgement in a form reasonably acceptable to the Administrative Agent, signed by it and the Borrower and delivered to the Administrative Agent at least five (5) days before the
effective date of such increase. 
 (i) New Lenders–Joinder. Each New Lender shall execute a lender joinder in
substantially the form of Exhibit 2.4 pursuant to which such New Lender shall join and become a party as a “Lender” to this Agreement and the other Loan Documents with a Revolving Credit Commitment in the amount set forth in
such lender joinder. 

  

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 (iv) Treatment of Outstanding Loans and Letters of Credit.  

(a) Repayment of Outstanding Loans; Borrowing of New Loans. On the effective date of such increase, the Borrower shall repay all
Loans then outstanding, subject to the Borrower’s indemnity obligations under Section 4.12 [Indemnity]; provided that it may borrow new Loans to satisfy in full all Loans outstanding with such new Loans having a Borrowing Date on
such date. Each of the Lenders shall participate in any new Loans made on or after such date in accordance with their respective Ratable Shares after giving effect to the increase in Revolving Credit Commitments contemplated by this
Section 2.4. 
 (b) Outstanding Letters of Credit; Repayment of Outstanding Loans; Borrowing of New Loans. On the
effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation
of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire, (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share
of all outstanding Participation Advances. 
 2.5 Revolving Credit Loan Requests; Swing Loan Requests. 

2.5.1 Revolving Credit Loan Requests. 
 Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request the Lenders to make Revolving Credit Loans, or renew or convert the Interest Rate Option
applicable to existing Revolving Credit Loans, by delivering to the Administrative Agent, not later than 10:00 a.m., (i) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Revolving Credit Loans to
which the LIBOR Rate Option applies or the conversion to or the renewal of the LIBOR Rate Option for any Loans; and (ii) on the Borrowing Date with respect to the making of a Revolving Credit Loan to which the Base Rate Option applies or the
last day of the preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, of a duly completed request therefor substantially in the form of Exhibit 2.5 or a request by telephone or electronic mail
immediately confirmed in writing by letter, facsimile or telex in the case of a request by telephone in such form (each, a “Loan Request”), it being understood that the Administrative Agent may rely on the authority of any individual
making such a telephonic request without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify the aggregate amount of the proposed Loans comprising each Borrowing Tranche, and, if
applicable, the Interest Period, which amounts shall be in integral multiples of $500,000 and not less than $1,000,000 for each Borrowing Tranche under the LIBOR Rate Option and shall be in integral multiples of $100,000 and not less than $500,000
for each Borrowing Tranche under the Base Rate Option. 
 2.5.2 Swing Loan Requests. 

Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request PNC Bank to make Swing
Loans by delivery to PNC Bank not later than 12.00 p.m. Pittsburgh time on the proposed Borrowing Date of a duly completed request therefor substantially in the form of Exhibit 2.5.2 hereto or a request by telephone immediately confirmed in
writing by letter, electronic mail, facsimile or telex (each, a “Swing Loan Request”), it being understood that the Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such
written confirmation. Each Swing Loan Request shall be irrevocable and shall specify the proposed Borrowing Date and the principal amount of such Swing Loan, which shall be in integral multiples of $100,000 and not less than $100,000. 

  

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 2.6 Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative
Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing Loans. 
 2.6.1 Making Revolving Credit Loans.
The Administrative Agent shall, promptly after receipt by it of a Loan Request pursuant to Section 2.5 [Revolving Credit Loan Requests], notify the Lenders of its receipt of such Loan Request specifying the information provided by the Borrower
and the apportionment among the Lenders of the requested Revolving Credit Loans as determined by the Administrative Agent in accordance with Section 2.2 [Nature of Lenders’ Obligations with Respect to Revolving Credit Loans]. Each Lender
shall remit the principal amount of each Revolving Credit Loan to the Administrative Agent such that the Administrative Agent is able to, and the Administrative Agent shall, to the extent the Lenders have made funds available to it for such purpose
and subject to Section 6.2 [Each Loan or Letter of Credit], fund such Revolving Credit Loans to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m., on the applicable Borrowing Date;
provided that if any Lender fails to remit such funds to the Administrative Agent in a timely manner, the Administrative Agent may elect in its sole discretion to fund with its own funds the Revolving Credit Loans of such Lender on such
Borrowing Date, and such Lender shall be subject to the repayment obligation in Section 2.6.2 [Presumptions by the Administrative Agent]. 
 2.6.2 Presumptions by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Loan that such Lender will not make
available to the Administrative Agent such Lender’s share of such Loan, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.6.1 [Making Revolving Credit Loans] and
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Loan available to the Administrative Agent, then the applicable Lender and the
Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of
payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Loans under the Base Rate Option. If such Lender pays its share of the applicable Loan to the Administrative Agent, then the
amount so paid shall constitute such Lender’s Loan. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

2.6.3 Making Swing Loans. 
 So long as PNC Bank elects to make Swing Loans, PNC Bank shall, after receipt by it of a Swing Loan Request pursuant to Section 2.5.2, fund such Swing Loan to the Borrower in U.S. Dollars and
immediately available funds at the Principal Office prior to 2:00 p.m. Pittsburgh time on the Borrowing Date. 
 2.6.4
Repayment of Revolving Credit Loans. The Borrower shall repay the Revolving Credit Loans together with all outstanding interest thereon on the Expiration Date. 
 2.6.5 Borrowings to Repay Swing Loans. 
 PNC Bank may, at its option,
exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding
Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment. Revolving

  

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Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5.1 without
regard to any of the requirements of that provision. PNC Bank shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.5
and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.5.1 are then satisfied) by the time PNC Bank so requests,
which shall not be earlier than 3:00 p.m. Pittsburgh time on the Business Day next after the date the Lenders receive such notice from PNC Bank. 
 2.7 Notes. The Obligation of the Borrower to repay the aggregate unpaid principal amount of the Revolving Credit Loans and Swing Loans made to it by each Lender, together with interest thereon,
shall be evidenced by a revolving credit Note and a swing Note, dated the Closing Date payable to the order of such Lender in a face amount equal to the Revolving Credit Commitment or Swing Loan Commitment, as applicable, of such Lender. 

2.8 Use of Proceeds. The proceeds of the Loans shall be used to refinance the Existing Credit Obligations, payment of fees, costs
and expenses in connection with this Agreement and the financing of Borrower’s working capital and for other general corporate purposes. 
 2.9 Letter of Credit Subfacility. 
 2.9.1 Issuance of Letters of
Credit. Borrower may at any time prior to the Expiration Date request the issuance of a standby letter of credit (each a “Letter of Credit”) on behalf of itself or another Loan Party, or the amendment or extension of an existing Letter
of Credit, by delivering or having such other Loan Party deliver to the Issuing Lender (with a copy to the Administrative Agent) a completed application and agreement for letters of credit, or request for such amendment or extension, as applicable,
in such form as the Issuing Lender may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by the Issuing Lender, in advance of the proposed date of issuance.
Promptly after receipt of any letter of credit application, the Issuing Lender shall confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit application and if
not, such Issuing Lender will provide Administrative Agent with a copy thereof. Unless the Issuing Lender has received notice from any Lender, Administrative Agent or any Loan Party, at least one day prior to the requested date of issuance,
amendment or extension of the applicable Letter of Credit, that one or more applicable conditions in Section 6 [Conditions of Lending and Issuance of Letters of Credit] is not satisfied, then, subject to the terms and conditions hereof and in
reliance on the agreements of the other Lenders set forth in this Section 2.9, the Issuing Lender or any of the Issuing Lender’s Affiliates will issue a Letter of Credit or agree to such amendment or extension, provided that each Letter of
Credit shall (A) have a maximum maturity of twelve (12) months from the date of issuance, and (B) in no event expire later than the Expiration Date and provided further that in no event shall (i) the Letter of Credit Obligations
exceed, at any one time, $5,000,000 (the “Letter of Credit Sublimit”) or (ii) the Revolving Facility Usage exceed, at any one time, the Revolving Credit Commitments. Each request by the Borrower for the issuance, amendment or
extension of a Letter of Credit shall be deemed to be a representation by the Borrower that it shall be in compliance with the preceding sentence and with Section 6 [Conditions of Lending and Issuance of Letters of Credit] after giving effect
to the requested issuance, amendment or extension of such Letter of Credit. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to the beneficiary thereof, the applicable Issuing Lender will also deliver to
Borrower and Administrative Agent a true and complete copy of such Letter of Credit or amendment. 
 2.9.2 Letter of Credit
Fees. The Borrower shall pay (i) to the Administrative Agent for the ratable account of the Lenders a fee (the “Letter of Credit Fee”) equal to the Applicable Letter of 

  

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Credit Fee Rate, and (ii) to the Issuing Lender for its own account a fronting fee equal to 0.25% per annum (in each case computed on the basis of a year of 360 days and actual days
elapsed), which fees shall be computed on the daily average Letter of Credit Obligations and shall be payable quarterly in arrears on each Payment Date following issuance of each Letter of Credit. The Borrower shall also pay to the Issuing Lender
for the Issuing Lender’s sole account the Issuing Lender’s then in effect customary fees and administrative expenses payable with respect to the Letters of Credit as the Issuing Lender may generally charge or incur from time to time in
connection with the issuance, maintenance, amendment (if any), assignment or transfer (if any), negotiation, and administration of Letters of Credit. 
 2.9.3 Disbursements, Reimbursement. Immediately upon the Issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the
Issuing Lender a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Lender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing,
respectively. 
 2.9.3.1 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee
thereof, the Issuing Lender will promptly notify the Borrower and the Administrative Agent thereof. Provided that it shall have received such notice, the Borrower shall reimburse (such obligation to reimburse the Issuing Lender shall sometimes be
referred to as a “Reimbursement Obligation”) the Issuing Lender prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Lender under any Letter of Credit (each such date, a “Drawing Date”) by
paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the amount so paid by the Issuing Lender. In the event the Borrower fails to reimburse the Issuing Lender (through the Administrative Agent) for the full
amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Lender thereof, and the Borrower shall be deemed to have requested that Revolving Credit Loans
be made by the Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in
Section 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or Issuing Lender pursuant to this Section 2.9.3.1 may be oral if immediately confirmed in writing; provided that
the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
 2.9.3.2
Each Lender shall upon any notice pursuant to Section 2.9.3.1 make available to the Administrative Agent for the account of the Issuing Lender an amount in immediately available funds equal to its Ratable Share of the amount of the drawing,
whereupon the participating Lenders shall (subject to Section 2.9.3 [Disbursement; Reimbursement]) each be deemed to have made a Revolving Credit Loan under the Base Rate Option to the Borrower in that amount. If any Lender so notified fails to
make available to the Administrative Agent for the account of the Issuing Lender the amount of such Lender’s Ratable Share of such amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such
Lender’s obligation to make such payment, from the Drawing Date to the date on which such Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the
Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Lender will promptly
give notice (as described in Section 2.9.3.1 above) of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Lender to give any such notice on the Drawing Date or in sufficient time to enable any Lender to
effect such payment on such date shall not relieve such Lender from its obligation under this Section 2.9.3.2. 
 2.9.3.3
With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans under the Base Rate Option to the Borrower in whole or in part as 

  

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contemplated by Section 2.9.3.1, because of the Borrower’s failure to satisfy the conditions set forth in Section 6.2 [Each Additional Loan] other than any notice requirements, or
for any other reason, the Borrower shall be deemed to have incurred from the Issuing Lender a borrowing (each a “Letter of Credit Borrowing”) in the amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand
(together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Lender’s payment to the Administrative Agent for the account of the Issuing Lender pursuant to
Section 2.9.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing (each a “Participation Advance”) from such Lender in satisfaction of its participation
obligation under this Section 2.9.3. 
 2.9.4 Repayment of Participation Advances. 

2.9.4.1 Upon (and only upon) receipt by the Administrative Agent for the account of the Issuing Lender of immediately available funds
from the Borrower (i) in reimbursement of any payment made by the Issuing Lender under the Letter of Credit with respect to which any Lender has made a Participation Advance to the Administrative Agent, or (ii) in payment of interest on
such a payment made by the Issuing Lender under such a Letter of Credit, the Administrative Agent on behalf of the Issuing Lender will pay to each Lender, in the same funds as those received by the Administrative Agent, the amount of such
Lender’s Ratable Share of such funds, except the Administrative Agent shall retain for the account of the Issuing Lender the amount of the Ratable Share of such funds of any Lender that did not make a Participation Advance in respect of such
payment by the Issuing Lender. 
 2.9.4.2 If the Administrative Agent is required at any time to return to any Loan Party, or
to a trustee, receiver, liquidator, custodian, or any official in any Insolvency Proceeding, any portion of any payment made by any Loan Party to the Administrative Agent for the account of the Issuing Lender pursuant to this Section in
reimbursement of a payment made under the Letter of Credit or interest or fee thereon, each Lender shall, on demand of the Administrative Agent, forthwith return to the Administrative Agent for the account of the Issuing Lender the amount of its
Ratable Share of any amounts so returned by the Administrative Agent plus interest thereon from the date such demand is made to the date such amounts are returned by such Lender to the Administrative Agent, at a rate per annum equal to the Federal
Funds Effective Rate in effect from time to time. 
 2.9.5 Documentation. Each Loan Party agrees to be bound by the terms
of the Issuing Lender’s application and agreement for letters of credit and the Issuing Lender’s written regulations and customary practices relating to letters of credit, though such interpretation may be different from such Loan
Party’s own. In the event of a conflict between such application or agreement and this Agreement, this Agreement shall govern. It is understood and agreed that, except in the case of gross negligence or willful misconduct, the Issuing Lender
shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following any Loan Party’s instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.

 2.9.6 Determinations to Honor Drawing Requests. In determining whether to honor any request for drawing under any
Letter of Credit by the beneficiary thereof, the Issuing Lender shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face
with the requirements of such Letter of Credit. 
 2.9.7 Nature of Participation and Reimbursement Obligations. Each
Lender’s obligation in accordance with this Agreement to make the Revolving Credit Loans or Participation Advances, as contemplated by Section 2.9.3 [Disbursements, Reimbursement], as a result of a drawing under a Letter of Credit, and the
Obligations of the Borrower to reimburse the Issuing Lender upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed 

  

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strictly in accordance with the terms of this Section 2.9 under all circumstances, including the following circumstances: 

(i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Issuing Lender or any of its
Affiliates, the Borrower or any other Person for any reason whatsoever, or which any Loan Party may have against the Issuing Lender or any of its Affiliates, any Lender or any other Person for any reason whatsoever; 

(ii) the failure of any Loan Party or any other Person to comply, in connection with a Letter of Credit Borrowing, with the conditions
set forth in Section 2.1 [Revolving Credit Commitments], 2.5 [Revolving Credit Loan Requests], 2.6 [Making Revolving Credit Loans] or 6.2 [Each Additional Loan] or as otherwise set forth in this Agreement for the making of a Revolving Credit
Loan, it being acknowledged that such conditions are not required for the making of a Letter of Credit Borrowing and the obligation of the Lenders to make Participation Advances under Section 2.9.3 [Disbursements, Reimbursement]; 

(iii) any lack of validity or enforceability of any Letter of Credit; 

(iv) any claim of breach of warranty that might be made by any Loan Party or any Lender against any beneficiary of a Letter of Credit,
or the existence of any claim, set-off, recoupment, counterclaim, crossclaim, defense or other right which any Loan Party or any Lender may have at any time against a beneficiary, successor beneficiary any transferee or assignee of any Letter of
Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), the Issuing Lender or its Affiliates or any Lender or any other Person, whether in connection with this Agreement, the transactions contemplated herein or
any unrelated transaction (including any underlying transaction between any Loan Party or Subsidiaries of a Loan Party and the beneficiary for which any Letter of Credit was procured); 

(v) the lack of power or authority of any signer of (or any defect in or forgery of any signature or endorsement on) or the form of or
lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document presented under or in connection with any Letter of Credit, or any fraud or alleged fraud in connection with any
Letter of Credit, or the transport of any property or provision of services relating to a Letter of Credit, in each case even if the Issuing Lender or any of its Affiliates has been notified thereof; 

(vi) payment by the Issuing Lender or any of its Affiliates under any Letter of Credit against presentation of a demand, draft or
certificate or other document which does not comply with the terms of such Letter of Credit; 
 (vii) the solvency of, or any
acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic
of any property or services relating to a Letter of Credit; 
 (viii) any failure by the Issuing Lender or any of its
Affiliates to issue any Letter of Credit in the form requested by any Loan Party, unless the Issuing Lender has received written notice from such Loan Party of such failure within three Business Days after the Issuing Lender shall have furnished
such Loan Party and the Administrative Agent a copy of such Letter of Credit and such error is material and no drawing has been made thereon prior to receipt of such notice; 
 (ix) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any Loan Party or Subsidiaries of a Loan Party; 

(x) any breach of this Agreement or any other Loan Document by any party thereto; 

  

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 (xi) the occurrence or continuance of an Insolvency Proceeding with respect to any Loan
Party; 
 (xii) the fact that an Event of Default or a Potential Default shall have occurred and be continuing beyond any
applicable grace or cure period; 
 (xiii) the fact that the Expiration Date shall have passed or this Agreement or the
Commitments hereunder shall have been terminated; and 
 (xiv) any other circumstance or happening whatsoever, whether or not
similar to any of the foregoing. 
 2.9.8 Indemnity. The Borrower hereby agrees to protect, indemnify, pay and save
harmless the Issuing Lender and any of its Affiliates that has issued a Letter of Credit from and against any and all claims, demands, liabilities, damages, taxes, penalties, interest, judgments, losses, costs, charges and expenses (including
reasonable fees, expenses and disbursements of counsel and allocated costs of internal counsel) which the Issuing Lender or any of its Affiliates may incur or be subject to as a consequence, direct or indirect, of the issuance of any Letter of
Credit, other than as a result of (A) the gross negligence or willful misconduct of the Issuing Lender as determined by a final non-appealable judgment of a court of competent jurisdiction or (B) the wrongful dishonor by the Issuing Lender
or any of Issuing Lender’s Affiliates of a proper demand for payment made under any Letter of Credit, except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto
government or governmental authority. 
 2.9.9 Liability for Acts and Omissions. As between any Loan Party and the
Issuing Lender, or the Issuing Lender’s Affiliates, such Loan Party assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in
limitation of the foregoing, the Issuing Lender shall not be responsible for any of the following, including any losses or damages to any Loan Party or other Person or property relating therefrom: (i) the form, validity, sufficiency, accuracy,
genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate,
fraudulent or forged (even if the Issuing Lender or its Affiliates shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or
the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter
of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim of any Loan Party against any beneficiary of such Letter of Credit, or any such transferee, or any dispute
between or among any Loan Party and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise,
whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the
proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Lender
or the its Affiliates, as applicable, including any act or omission of any governmental authority, and none of the above shall affect or impair, or prevent the vesting of, any of the Issuing Lender’s or its Affiliates rights or powers
hereunder. Nothing in the preceding sentence shall relieve the Issuing Lender from liability for the Issuing Lender’s gross negligence or willful misconduct in connection with actions or omissions described in such clauses (i) through
(viii) of such sentence. In no event shall the Issuing Lender or its Affiliates be liable to any Loan Party for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without 

  

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limitation attorneys’ fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit. 

Without limiting the generality of the foregoing, the Issuing Lender and each of its Affiliates: (i) may rely on any oral or other
communication believed in good faith by the Issuing Lender or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit; (ii) may honor any presentation if the documents presented appear on their
face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit (unless such dishonor was pursuant to a court order), to settle or
compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by the Issuing Lender or its Affiliate;
(iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately), and
shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or
practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on the Issuing Lender or its Affiliate in any way related to any order issued at the applicant’s request to an air carrier, a letter
of guarantee or of indemnity issued to a carrier or any similar document (each an “Order”) and honor any drawing in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other documents
presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit. 
 In furtherance and
extension and not in limitation of the specific provisions set forth above, any action taken or omitted by the Issuing Lender or its Affiliates under or in connection with the Letters of Credit issued by it or any documents and certificates
delivered thereunder, if taken or omitted in good faith, shall not put the Issuing Lender or its Affiliates under any resulting liability to the Borrower or any Lender. 
 2.9.10 Issuing Lender Reporting Requirements. Each Issuing Lender shall, on the first business day of each month, provide to Administrative Agent and Borrower a schedule of the Letters of Credit
issued by it, in form and substance satisfactory to Administrative Agent, showing the date of issuance of each Letter of Credit, the account party, the original face amount (if any), and the expiration date of any Letter of Credit outstanding at any
time during the preceding month, and any other information relating to such Letter of Credit that the Administrative Agent may request. 
 3. INTEREST RATES 
 3.1 Interest Rate Options. The Borrower shall
pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this
Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect
to all or any portion of the Loans comprising any Borrowing Tranche; provided that there shall not be at any one time outstanding more than six (6) Borrowing Tranches in the aggregate among all of the Loans; provided
further that if an Event of Default or Potential Default exists and is continuing beyond any applicable cure period, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand
that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 4.12 [Indemnity] in
connection with such conversion. If at any time the 

  

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designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s
highest lawful rate. 
 3.1.1 Revolving Credit Interest Rate Options; Swing Line Interest Rate. The Borrower shall have
the right to select from the following Interest Rate Options applicable to the Revolving Credit Loans: 
 (i) Revolving
Credit Base Rate Option: A fluctuating rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective
as of the effective date of each change in the Base Rate; or 
 (ii) Revolving Credit LIBOR Rate Option: A rate per
annum (computed on the basis of a year of 360 days and actual days elapsed) equal to the LIBOR Rate plus the Applicable Margin. 
 Subject to
Section 3.3, only the Base Rate Option applicable to Revolving Credit Loans shall apply to the Swing Loans. 
 3.1.2
Rate Quotations. The Borrower may call the Administrative Agent on or before the date on which a Loan Request is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be
binding on the Administrative Agent or the Lenders nor affect the rate of interest which thereafter is actually in effect when the election is made. 
 3.2 Interest Periods. At any time when the Borrower shall select, convert to or renew a LIBOR Rate Option, the Borrower shall notify the Administrative Agent thereof at least three
(3) Business Days prior to the effective date of such LIBOR Rate Option by delivering a Loan Request. The notice shall specify an Interest Period during which such Interest Rate Option shall apply. Notwithstanding the preceding sentence, the
following provisions shall apply to any selection of, renewal of, or conversion to a LIBOR Rate Option: 
 3.2.1 Amount of
Borrowing Tranche. Each Borrowing Tranche of Loans under the LIBOR Rate Option shall be in integral multiples of $500,000 and not less than $1,000,000; and 
 3.2.2 Renewals. In the case of the renewal of a LIBOR Rate Option at the end of an Interest Period, the first day of the new Interest Period shall be the last day of the preceding Interest Period,
without duplication in payment of interest for such day. For the elimination of any doubt, in the case of the renewal of a LIBOR Rate Option at the end of an Interest Period, interest shall be deemed to accrue for the last day of the preceding
Interest Period only, and shall not be deemed to accrue for the first day of the new Interest Period. 
 3.3 Interest After
Default. To the extent permitted by Law, upon the occurrence of an Event of Default and until such time such Event of Default shall have been cured or waived: 
 3.3.1 Letter of Credit Fees, Interest Rate. The Letter of Credit Fees and the rate of interest for each Loan otherwise applicable pursuant to Section 2.9.2 [Letter of Credit Fees] or
Section 3.1 [Interest Rate Options], respectively, shall be increased by 2.0% per annum; 
 3.3.2 Other
Obligations. Each other Obligation hereunder if not paid when due shall bear interest at a rate per annum equal to the sum of the rate of interest applicable under the Revolving Credit Base Rate Option plus an additional 2.0% per annum from
the time such Obligation becomes due and payable and until it is paid in full; and 
 3.3.3 Acknowledgment. The Borrower
acknowledges that the increase in rates referred to in this Section 3.3 reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are
entitled to additional 

  

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compensation for such risk; and all such interest shall be payable by Borrower upon demand by Administrative Agent. 
 3.4 LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available. 
 3.4.1 Unascertainable. If on any date on which a LIBOR Rate would otherwise be determined, the Administrative Agent shall have reasonably determined that: 

(i) adequate and reasonable means do not exist for ascertaining such LIBOR Rate, or 

(ii) a contingency has occurred which materially and adversely affects the London interbank eurodollar market relating to the LIBOR
Rate, 
 then the Administrative Agent shall have the rights specified in Section 3.4.3 [Administrative Agent’s and Lender’s
Rights]. 
 3.4.2 Illegality; Increased Costs; Deposits Not Available. If at any time any Lender shall have reasonably
determined that: 
 (i) the making, maintenance or funding of any Loan to which a LIBOR Rate Option applies has been made
impracticable or unlawful by compliance by such Lender in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law),
or 
 (ii) such LIBOR Rate Option will not adequately and fairly reflect the cost to such Lender of the establishment or
maintenance of any such Loan, or 
 (iii) after making all reasonable efforts, deposits of the relevant amount in Dollars for
the relevant Interest Period for a Loan, or to banks generally, to which a LIBOR Rate Option applies, respectively, are not available to such Lender with respect to such Loan, or to banks generally, in the interbank eurodollar market, 

then the Administrative Agent shall have the rights specified in Section 3.4.3 [Administrative Agent’s and Lender’s Rights]. 

3.4.3 Administrative Agent’s and Lender’s Rights. In the case of any event specified in Section 3.4.1
[Unascertainable] above, the Administrative Agent shall promptly so notify the Lenders and the Borrower thereof, and in the case of an event specified in Section 3.4.2 [Illegality; Increased Costs; Deposits Not Available] above, such Lender
shall promptly so notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrative Agent shall promptly send copies of such notice and certificate to the other Lenders
and the Borrower. Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (A) the Lenders, in the case of such notice given by the Administrative Agent, or
(B) such Lender, in the case of such notice given by such Lender, to allow the Borrower to select, convert to or renew a LIBOR Rate Option shall be suspended until the Administrative Agent shall have later notified the Borrower, or such Lender
shall have later notified the Administrative Agent, of the Administrative Agent’s or such Lender’s, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist. If at any time the
Administrative Agent makes a determination under Section 3.4.1 [Unascertainable] and the Borrower has previously notified the Administrative Agent of its selection of, conversion to or renewal of a LIBOR Rate Option and such Interest Rate
Option has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans. If any Lender notifies the Administrative Agent of a
determination under Section 3.4.2 [Illegality; Increased Costs; Deposits Not Available], the Borrower shall, subject to the Borrower’s indemnification Obligations under Section 4.12 [Indemnity], as to any Loan of the Lender to which a
LIBOR Rate Option 

  

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applies, on the date specified in such notice either convert such Loan to the Base Rate Option otherwise available with respect to such Loan or prepay such Loan in accordance with
Section 4.6 [Voluntary Prepayments]. Absent due notice from the Borrower of conversion or prepayment, such Loan shall automatically be converted to the Base Rate Option otherwise available with respect to such Loan upon such specified date.

 3.5 Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any
Borrowing Tranche of Loans under the LIBOR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 3.2 [Interest Periods], the Borrower shall be deemed to
have converted such Borrowing Tranche to the Revolving Credit Base Rate Option commencing upon the last day of the existing Interest Period. 
 4. PAYMENTS 
 4.1 Payments. All payments and prepayments to be made
in respect of principal, interest, Commitment Fees, Letter of Credit Fees, Administrative Agent’s Fee or other fees or amounts due from the Borrower hereunder shall be payable prior to 11:00 a.m. on the date when due without presentment,
demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrower, and without set-off, counterclaim or other deduction of any nature, and an action therefor shall immediately accrue. Such payments shall be made to the
Administrative Agent at the Principal Office for the account of PNC Bank with respect to the Swing Loans and for the ratable accounts of the Lenders with respect to the Revolving Credit Loans in U.S. Dollars and in immediately available funds, and
the Administrative Agent shall promptly distribute such amounts to the Lenders in immediately available funds; provided that in the event payments are received by 11:00 a.m. by the Administrative Agent with respect to the Loans and such
payments are not distributed to the Lenders on the same day received by the Administrative Agent, the Administrative Agent shall pay the Lenders the Federal Funds Effective Rate with respect to the amount of such payments for each day held by the
Administrative Agent and not distributed to the Lenders. The Administrative Agent’s and each Lender’s statement of account, ledger or other relevant record shall, in the absence of manifest error, be conclusive as the statement of the
amount of principal of and interest on the Loans and other amounts owing under this Agreement and shall be deemed an “account stated.” 
 4.2 Pro Rata Treatment of Lenders. Each borrowing shall be allocated to each Lender according to its Ratable Share, and each selection of, conversion of or renewal of any Interest Rate Option and
each payment or prepayment by the Borrower with respect to principal, interest, Commitment Fees, Letter of Credit Fees, or other fees (except for the Administrative Agent’s Fee) or amounts due from the Borrower hereunder to the Lenders with
respect to the Loans, shall (except as provided in Section 3.4.3 [Administrative Agent’s and Lender’s Rights] in the case of an event specified in Section 3.4 [LIBOR Rate Unascertainable; Etc.] or 4.6.2 [Replacement of a Lender]
or 4.10 [Increased Costs; Indemnity]) be made in proportion to the applicable Loans outstanding from each Lender and, if no such Loans are then outstanding, in proportion to the Ratable Share of each Lender. Notwithstanding any of the foregoing,
each borrowing or payment or prepayment by the Borrower of principal, interest, fees or other amounts from the Borrower with respect to Swing Loans shall be made by or to PNC Bank according to Section 2.6.5. 

4.3 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff, counterclaim or banker’s lien, by
receipt of voluntary payment, by realization upon security, or by any other non-pro rata source, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving
payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its Ratable Share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify
the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans 

  

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and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that: 
 (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the
extent of such recovery, together with interest or other amounts, if any, required by Law (including court order) to be paid by the Lender or the holder making such purchase; and 

(ii) the provisions of this Section 4.3 shall not be construed to apply to (x) any payment made by the Loan Parties
pursuant to and in accordance with the express terms of the Loan Documents or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or Participation Advances to any assignee
or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 4.3 shall apply). 
 Each
Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Loan Party in the amount of such participation. 
 4.4 Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for
the account of the Lenders or the Issuing Lender hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees
to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of
payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

4.5 Interest Payment Dates. Interest on Loans to which the Base Rate Option applies shall be due and payable in arrears on each
Payment Date. Interest on Loans to which the LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period for those Loans and, if such Interest Period is longer than three (3) Months, also on the 90th day of such
Interest Period. Interest on mandatory prepayments of principal under Section 4.7 [Mandatory Prepayments] shall be due on the date such mandatory prepayment is due. Interest on the principal amount of each Loan or other monetary Obligation
shall be due and payable on demand after such principal amount or other monetary Obligation becomes due and payable (whether on the stated Expiration Date, upon acceleration or otherwise). 

4.6 Voluntary Prepayments. 
 4.6.1 Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 4.6.2
[Replacement of a Lender] below, in Section 4.10 [Increased Costs] and Section 4.12 [Indemnity]). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m.
at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or no later than 12:00 noon, Pittsburgh time, on the date of prepayment of Swing Loans, setting forth the following information: 

  

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 (x) the date, which shall be a Business Day, on which the proposed prepayment is to be
made; 
 (y) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans; and

 (z) the total principal amount of such prepayment, which shall not be less than $100,000 for any Swing Loan or $500,000 for
any Revolving Credit Loan. 
 All prepayment notices shall be irrevocable. The principal amount of the Loans for which a
prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the
proposed prepayment is to be made. Except as provided in Section 3.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is
prepaying, the prepayment shall be applied first to Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the
Lenders under Section 4.12 [Indemnity]. 
 4.6.2 Replacement of a Lender. In the event (a) PNC Bank resigns as
Administrative Agent pursuant to Section 9.6 [Resignation of Administrative Agent] or (b) any Lender (i) gives notice under Section 3.4 [LIBOR Rate Unascertainable, Etc.], (ii) requests compensation under Section 4.10
[Increased Costs], or requires the Borrower to pay any additional amount to any Lender or any Official Body for the account of any Lender pursuant to Section 4.11 [Taxes], (iii) is a Non-Complying Lender or otherwise, (iv) becomes
subject to the control of an Official Body (other than normal and customary supervision), or (v) is a Non-Consenting Lender referred to in Section 10.1 [Modifications, Amendments or Waivers] then in any such event the Borrower may, at its
sole expense, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by,
Section 10.8[Successors and Assigns]), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment), provided that: 
 (i) the Borrower shall have paid to the Administrative Agent the assignment fee
specified in Section 10.8 [Successors and Assigns]; 
 (ii) such Lender shall have received payment of an amount equal
to the outstanding principal of its Loans and Participation Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 4.12 [Indemnity])
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 
 (iii) in the case of any such assignment resulting from a claim for compensation under Section 4.10.1 [Increased Costs Generally] or payments required to be made pursuant to Section 4.11
[Taxes], such assignment will result in a reduction in such compensation or payments thereafter; and 
 (iv) such
assignment does not conflict with applicable Law. 
 Except in the case of an assignment required by Section 9.6 [Resignation of
Administrative Agent], a Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and
delegation cease to apply. 
 4.7 Mandatory Prepayments. Whenever the outstanding principal balance of Revolving Credit
Loans by the Lenders plus the aggregate undrawn face amount of outstanding Letters of Credit 

  

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issued pursuant to Section 2.9 plus the outstanding principal balance of the Swing Loans exceed the Borrowing Base, the Borrower shall make, within one (1) Business Day after the
Borrower learns of such excess and whether or not the Administrative Agent has given notice to such effect, a mandatory prepayment of principal equal to the excess of the outstanding principal balance of the Revolving Credit Loans plus the aggregate
undrawn face amount of outstanding Letters of Credit plus the outstanding principal balance of the Swing Loans over the Borrowing Base, together with accrued interest on such principal amounts. 

4.8 Receipt and Application of Payment. If an Event of Default shall have occurred and be continuing beyond any applicable grace
or cure period, and upon three (3) Business Days prior written notice to the Borrower from the Administrative Agent, the Borrower shall notify all Account Receivable Debtors to make all payments due from them to the Borrower directly to a
lockbox for collection pursuant to the Lockbox Agreement (the “Cash Collateral Account”). In the event the Borrower (or any of its Affiliates, shareholders, directors, officers, employees, Administrative Agents or those Person acting for
or in concert with the Borrower) shall receive any cash, checks, notes, drafts or other similar items of payment relating to or constituting the Collateral (or proceeds thereof), no later than the first Business Day following receipt thereof, the
Borrower shall (i) deposit or cause the same to be deposited, in kind, in the Cash Collateral Account established by the Borrower with the Administrative Agent or such other depository as may be designated in writing by the Administrative Agent
(the “Depository”), from which account the Administrative Agent alone shall have sole power of withdrawal, and with respect to which the Depository shall waive any rights of set off, and (ii) forward to the Administrative Agent on a
daily basis, a collection report in form and substance reasonably satisfactory to the Administrative Agent and, at the Administrative Agent’s request, copies of all such items and deposit slips related thereto. All cash, notes, checks, drafts
or similar items of payment by or for the account of the Borrower shall be the sole and exclusive property of the Lenders immediately upon the earlier of the receipt of such items by the Administrative Agent or the Depository or the receipt of such
items by the Borrower; provided, however, that for the purpose of computing interest hereunder such items shall be deemed to have been collected and shall be applied by the Administrative Agent on account of the Loans one
(1) Business Day after receipt by the Administrative Agent (subject to correction for any items subsequently dishonored for any reason whatsoever). All funds in the Cash Collateral Account, including all payments made by or on behalf of and all
credits due the Borrower, may be applied and reapplied in whole or in part to any of the Loans to the extent and in the manner the Administrative Agent deems advisable. 
 4.9 Collections; Administrative Agent’s Right to Notify Account Receivable Debtors. The Borrower hereby authorizes the Administrative Agent, now and at any time or times hereafter, to
(i) after the occurrence and during the continuation of any Event of Default and beyond any applicable grace or cure period, notify any or all Account Receivable Debtors that the Accounts Receivable have been assigned to the Lenders and that
the Lenders have a security interest therein, and (ii) direct such Account Receivable Debtors to make all payments due from them to the Borrower upon the Accounts Receivable directly to the Administrative Agent or to a lockbox designated by the
Administrative Agent. The Administrative Agent shall promptly furnish the Borrower with a copy of any such notice sent. Any such notice, in the Administrative Agent’s sole discretion, may be sent on the Borrower’s stationery, in which
event the Borrower shall co-sign such notice with the Administrative Agent. To the extent that any Law or custom or any contract or agreement with any Account Receivable Debtor requires notice to or the approval of the Account Receivable Debtor in
order to perfect such assignment of a security interest in Accounts Receivable, the Borrower agrees to give such notice or use commercially reasonable efforts to obtain such approval. 

4.10 Increased Costs. 
 4.10.1 Increased Costs Generally. If any Change in Law shall: 

  

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

(ii) subject any Lender or the Issuing Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit,
any participation in a Letter of Credit or any Loan under the LIBOR Rate Option made by it, or change the basis of taxation of payments to such Lender or the Issuing Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by
Section 4.11 [Taxes] and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or the Issuing Lender); or 
 (iii) impose on any Lender or the Issuing Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Loan under the LIBOR Rate Option made by such Lender or any
Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Loan under the LIBOR Rate Option (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the Issuing Lender of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the Issuing Lender hereunder (whether of principal, interest or any other amount) in each
case, in an amount deemed to be material by such Lender or Issuing Lender, then, upon request of such Lender or the Issuing Lender, the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as
will compensate such Lender or the Issuing Lender, as the case may be, for such additional costs incurred or reduction suffered. 
 4.10.2 Capital Requirements. If any Lender or the Issuing Lender reasonably determines that any Change in Law affecting such Lender or the Issuing Lender or any lending office of such Lender or
such Lender’s or the Issuing Lender’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such
Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued
by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or
the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding company with respect to capital adequacy), in each case, in an amount deemed to be material by such Lender or Issuing Lender, then from
time to time the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company
for any such reduction suffered. 
 4.10.3 Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New
Loans. A certificate of a Lender or the Issuing Lender reasonably setting forth in sufficient detail for calculation the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as
specified in Sections 4.10.1 [Increased Costs Generally] or 4.10.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. In determining such amounts, a Lender or Issuing Lender may use reasonable averaging
or attribution methods. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

4.10.4 Delay in Requests. Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s or 

  

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the Issuing Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any
increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or the Issuing Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or the Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred to
above shall be extended to include the period of retroactive effect thereof). 
 4.11 Taxes. 

4.11.1 Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any
other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required by applicable Law to deduct any Indemnified Taxes (including
any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent,
each Lender or Issuing Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall timely pay the full
amount deducted to the relevant Official Body in accordance with applicable Law. 
 4.11.2 Payment of Other Taxes by the
Borrower. Without limiting the provisions of Section 4.11.1 [Payments Free of Taxes] above, the Borrower shall timely pay any Other Taxes to the relevant Official Body in accordance with applicable Law. 

4.11.3 Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Lender,
within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the
Administrative Agent, such Lender or the Issuing Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability and reasonably describing the basis for such determination delivered to the Borrower by a Lender or the Issuing Lender (with a
copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Lender, shall be conclusive absent manifest error. 
 4.11.4 Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Official Body, the Borrower shall deliver to the Administrative Agent
the original or a certified copy of a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

4.11.5 Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the Law
of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall deliver to the Borrower (with a duplicate original
or copy as requested by the Administrative Agent), at the time or times prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Law
as will permit such payments to be made without withholding or at a reduced rate of withholding. Notwithstanding the submission of a such documentation claiming a reduced rate of or exemption from U.S. withholding tax, the Administrative Agent shall
be entitled to withhold United States federal income taxes at the full 30% withholding rate if in its reasonable judgment 

  

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it is required to do so under the due diligence requirements imposed upon a withholding agent under § 1.1441-7(b) of the United States Income Tax Regulations. Further, the Administrative
Agent is indemnified under § 1.1461-1(e) of the United States Income Tax Regulations against any claims and demands of any Lender or assignee or participant of a Lender for the amount of any tax it deducts and withholds in accordance with
regulations under § 1441 of the Internal Revenue Code. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the
Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. 

Without limiting the generality of the foregoing, in the event that the Borrower is resident for tax purposes in the United States of
America, any Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of originals or copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 

(i) duly completed copies of IRS Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States of
America is a party, 
 (ii) duly completed copies of IRS Form W-8ECI, 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code,
(x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section
881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of IRS Form W-8BEN, or 

(iv) any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in United States Federal
withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower to determine the withholding or deduction required to be made. 

4.12 Indemnity. In addition to the compensation or payments required by Section 4.10 [Increased Costs] or Section 4.11
[Taxes], the Borrower shall indemnify each Lender against all liabilities, losses or expenses (including loss of margin, any loss or expense incurred in liquidating or employing deposits from third parties and any loss or expense incurred in
connection with funds acquired by a Lender to fund or maintain Loans subject to a LIBOR Rate Option) which such Lender sustains or incurs as a consequence of any: 
 (i) payment, prepayment, conversion or renewal of any Loan to which a LIBOR Rate Option applies on a day other than the last day of the corresponding Interest Period (whether or not such payment or
prepayment is mandatory, voluntary or automatic and whether or not such payment or prepayment is then due), 
 (ii) attempt by
the Borrower to revoke (expressly, by later inconsistent notices or otherwise) in whole or part any Loan Requests under Section 2.5 [Revolving Credit Loan Requests] or Section 3.2 [Interest Periods] or notice relating to prepayments under
Section 4.6 [Voluntary Prepayments], or 
 (iii) default by the Borrower in the performance or observance of any covenant
or condition contained in this Agreement or any other Loan Document, including any failure of the Borrower 

  

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to pay when due (by acceleration or otherwise) any principal, interest, Commitment Fee or any other amount due hereunder. 
 If any Lender sustains or incurs any such loss or expense, it shall from time to time notify the Borrower of the amount determined in good faith by such Lender (which determination may include such
assumptions, allocations of costs and expenses and averaging or attribution methods as such Lender shall deem reasonable) to be necessary to indemnify such Lender for such loss or expense. Such notice shall set forth in reasonable detail the basis
for such determination and shall be conclusive and binding absent manifest error. Such amount shall be due and payable by the Borrower to such Lender ten (10) Business Days after such notice is given. 

4.13 Settlement Date Procedures. In order to minimize the transfer of funds between the Lenders and the Agent, the Borrower may
borrow, repay and reborrow Swing Loans and PNC Bank may make Swing Loans as provided in Section 2.1.2 hereof during the period between Settlement Dates. Not later than 1:00 p.m. on each Settlement Date, the Agent shall notify each Lender of its
Ratable Share of the total of the Revolving Credit Loans and the Swing Loans (each a “Required Share”). Prior to 2:00 p.m., Pittsburgh time, on such Settlement Date, each Lender shall pay to the Agent the amount equal to the difference
between its Required Share and its Revolving Credit Loans, and the Agent shall pay to each Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans. The Administrative Agent
shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and on dates of repayment pursuant to Section 4.7 [Mandatory Prepayments] and may at its option effect settlement
on any other Business Day. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 4.13 shall relieve the Lender of their obligations to fund Revolving Credit Loans on
dates other than a Settlement Date pursuant to Section 2.1.2. The Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Agent such Lender’s Ratable Share of the outstanding Revolving
Credit Loans and each Lender may at any time require the Agent to pay immediately to such Lender its Ratable Share of all payments made by the borrower to the Agent with respect to the Revolving Credit Loans. 

5. REPRESENTATIONS AND WARRANTIES 
 5.1 Representations and Warranties. The Loan Parties, jointly and severally, represent and warrant to the Administrative Agent and each of the Lenders as follows: 

5.1.1 Organization and Qualification; Power and Authority; Compliance With Laws; Title to Properties; Event of Default. Each Loan
Party and each Subsidiary of each Loan Party (i) is a corporation, partnership or limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (ii) has the lawful power
to own or lease its properties and to engage in the business it presently conducts or proposes to conduct, (iii) is duly licensed or qualified and in good standing in each jurisdiction listed on Schedule 5.1.1 and in all other
jurisdictions where the property owned or leased by it or the nature of the business transacted by it or both makes such licensing or qualification necessary, (iv) has full power to enter into, execute, deliver and carry out this Agreement and
the other Loan Documents to which it is a party, to incur the Indebtedness contemplated by the Loan Documents and to perform its Obligations under the Loan Documents to which it is a party, and all such actions have been duly authorized by all
necessary proceedings on its part, (v) is in compliance in all material respects with all applicable Laws (other than Environmental Laws which are specifically addressed in Section 5.1.14 [Environmental Matters]) in all jurisdictions in
which any Loan Party or Subsidiary of any Loan Party is presently or will be doing business except where the failure to do so would not constitute a Material Adverse Change, and (vi) has good and marketable title to or valid leasehold interest
in all properties, assets and other rights which it purports to own or lease or which are 

  

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reflected as owned or leased on its books and records, free and clear of all Liens and encumbrances except Permitted Liens. No Event of Default or Potential Default exists or is continuing.

 5.1.2 Subsidiaries and Owners; Investment Companies. Schedule 5.1.2 states (i) the name of each of the
Borrower’s Subsidiaries, its jurisdiction of organization and the amount, percentage and type of equity interests in such Subsidiary (the “Subsidiary Equity Interests”), and (ii) any options, warrants or other rights outstanding
to purchase any such equity interests referred to in clause (i). The Borrower and each Subsidiary of the Borrower has good and marketable title to all of the Subsidiary Equity Interests it purports to own, free and clear in each case of any Lien and
all such Subsidiary Equity Interests been validly issued, fully paid and nonassessable. None of the Loan Parties or Subsidiaries of any Loan Party is an “investment company” registered or required to be registered under the Investment
Company Act of 1940 or under the “control” of an “investment company” as such terms are defined in the Investment Company Act of 1940 and shall not become such an “investment company” or under such “control.”

 5.1.3 Validity and Binding Effect. This Agreement and each of the other Loan Documents (i) has been duly and
validly executed and delivered by each Loan Party, and (ii) constitutes, or will constitute, legal, valid and binding obligations of each Loan Party which is or will be a party thereto, enforceable against such Loan Party in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is
sought by proceedings in equity or at law) and the implied covenants of good faith and fair dealing. 
 5.1.4 No Conflict;
Material Agreements; Consents. Neither the execution and delivery of this Agreement or the other Loan Documents by any Loan Party nor the consummation of the transactions herein or therein contemplated or compliance with the terms and provisions
hereof or thereof by any of them will conflict with, constitute a default under or result in any breach of (i) the terms and conditions of the certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement,
certificate of formation, limited liability company agreement or other organizational documents of any Loan Party or (ii) any Law or any material agreement or instrument or order, writ, judgment, injunction or decree to which any Loan Party or
any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound or to which it is subject, or result in the creation or enforcement of any Lien, charge or encumbrance whatsoever upon any property (now or hereafter acquired) of
any Loan Party or any of its Subsidiaries (other than Liens granted under the Loan Documents). There is no default under such material agreement (referred to above) and none of the Loan Parties or their Subsidiaries is bound by any contractual
obligation, or subject to any restriction in any organization document, or any requirement of Law which could result in a Material Adverse Change. No consent, approval, exemption, order or authorization of, or a registration or filing with, any
Official Body or any other Person is required by any Law or any agreement in connection with the execution, delivery and carrying out of this Agreement and the other Loan Documents. 

5.1.5 Litigation. Except as set forth in Schedule 5.1.5, there are no actions, suits, proceedings or investigations pending
or, to the actual knowledge of any Loan Party, threatened in writing against such Loan Party or any Subsidiary of such Loan Party at law or in equity before any Official Body which individually or in the aggregate may reasonably be expected to
result in any Material Adverse Change. None of the Loan Parties or any Subsidiaries of any Loan Party is in violation of any order, writ, injunction or any decree of any Official Body which may reasonably be expected to result in any Material
Adverse Change. 
 5.1.6 Financial Statements. 
 (i) Historical Statements. The Borrower has delivered to the Administrative Agent copies of its audited consolidated year-end financial statements for and as of the end of the three
(3)

  

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fiscal years ended December 31, 2007. In addition, the Borrower has delivered to the Administrative Agent copies of its unaudited consolidated interim financial statements for the fiscal
year to date and as of the end of the fiscal quarter ended September 30, 2008 (all such annual and interim statements being collectively referred to as the “Statements”). The Statements were compiled from the books and records
maintained by the Borrower’s management, are correct and complete and fairly represent, in all material respects, the consolidated financial condition of the Borrower and its Subsidiaries as of the respective dates thereof and the results of
operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the interim statements) to normal year-end audit adjustments. 

(ii) Accuracy of Financial Statements. Neither the Borrower nor any Subsidiary of the Borrower has any liabilities, contingent or
otherwise, or forward or long-term commitments that are not disclosed in the Statements or in the notes thereto, and except as disclosed therein there are no unrealized or anticipated losses from any commitments of the Borrower or any Subsidiary of
the Borrower which may cause a Material Adverse Change. Since December 31, 2007, no Material Adverse Change has occurred. 

5.1.7 Margin Stock. None of the Loan Parties or any Subsidiaries of any Loan Party engages or intends to engage principally, or as
one of its important activities, in the business of extending credit for the purpose, immediately, incidentally or ultimately, of purchasing or carrying margin stock (within the meaning of Regulation U, T or X as promulgated by the Board of
Governors of the Federal Reserve System). No part of the proceeds of any Loan has been or will be used, immediately, incidentally or ultimately, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or
carrying any margin stock or which is inconsistent with the provisions of the regulations of the Board of Governors of the Federal Reserve System. None of the Loan Parties or any Subsidiary of any Loan Party holds or intends to hold margin stock in
such amounts that more than 25% of the reasonable value of the assets of any Loan Party or Subsidiary of any Loan Party are or will be represented by margin stock. 
 5.1.8 Full Disclosure. Neither this Agreement nor any other Loan Document, nor any certificate, statement, agreement or other documents furnished to the Administrative Agent or any Lender in
connection herewith or therewith, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein, in light of the circumstances under which they were made,
not misleading. 
 5.1.9 Taxes. All federal, state, local and other tax returns required to have been filed with respect
to each Loan Party and each Subsidiary of each Loan Party have been filed, and payment or adequate provision has been made for the payment of all taxes, fees, assessments and other governmental charges which have or may become due pursuant to said
returns or to assessments received, except to the extent that such taxes, fees, assessments and other charges are being contested in good faith by appropriate proceedings diligently conducted and for which such reserves or other appropriate
provisions, if any, as shall be required by GAAP shall have been made. 
 5.1.10 Patents, Trademarks, Copyrights, Licenses,
Etc. Except as disclosed on Schedule 5.1.10, each Loan Party and each Subsidiary of each Loan Party owns or possesses all the material Patents, Trademarks, service marks, trade names, Copyrights, licenses, registrations, franchises,
permits and rights necessary to own and operate its properties and to carry on its business as presently conducted and planned to be conducted by such Loan Party or Subsidiary, without actually known possible, alleged or actual material conflict
with the rights of others. 
 5.1.11 Liens in the Collateral. Except to the extent disclosed on Schedule 1.1(P)
and subject to Permitted Liens, the Liens in the Collateral granted to the Administrative Agent for the benefit of the Lenders pursuant to the Pledge Agreement and the Security Agreement (collectively, the 

  

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“Collateral Documents”) constitute and will continue to constitute first priority perfected Liens. All filing fees and other expenses in connection with the perfection of such Liens
have been or will be paid by the Borrower. 
 5.1.12 Insurance. The properties of each Loan Party and each of its
Subsidiaries are insured pursuant to policies and other bonds which are valid and in full force and effect and which provide adequate coverage from reputable and financially sound insurers in amounts sufficient to insure the assets and risks of each
such Loan Party and Subsidiary in accordance with prudent business practice in the industry of such Loan Parties and Subsidiaries. 
 5.1.13 ERISA Compliance. (i) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state Laws. Each Plan that is intended to
qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of Borrower, nothing
has occurred which would prevent, or cause the loss of, such qualification. Borrower and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an
extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan. 
 (ii) No
ERISA Event has occurred or is reasonably expected to occur; (a) no Pension Plan has any unfunded pension liability (i.e. excess of benefit liabilities over the current value of that Pension Plan’s assets, determined in accordance with the
assumptions used for funding the Pension Plan for the applicable plan year); (b) neither Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan
(other than premiums due and not delinquent under Section 4007 of ERISA); (c) neither Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice
under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (d) neither Borrower nor any ERISA Affiliate has engaged in a transaction that could be
subject to Sections 4069 or 4212(c) of ERISA. 
 5.1.14 Environmental Matters. Each Loan Party is and, to the actual
knowledge of each respective Loan Party, each of its Subsidiaries is and has been in compliance in all material respects with applicable Environmental Laws except as disclosed on Schedule 5.1.14; provided that such matters so disclosed
could not in the aggregate result in a Material Adverse Change. 
 5.2 Updates to Schedules Upon Borrowing. Should any of
the information or disclosures provided on any of the Schedules attached hereto become outdated or incorrect in any material respect, the Borrower shall provide the Administrative Agent in writing with such revisions or updates to such Schedule as
may be reasonably necessary or appropriate to update or correct same together with any request for a Revolving Credit Loan, a request for a Swing Line Loan, a request for a Letter of Credit or the delivery of any Compliance Certificate;
provided, however, that no Schedule shall be deemed to have been amended, modified or superseded by any such correction or update, nor shall any breach of warranty or representation resulting from the inaccuracy or incompleteness of
any such Schedule be deemed to have been cured thereby, unless and until the Required Lenders, in their reasonable discretion, shall have accepted in writing such revisions or updates to such Schedule. 

6. CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT 
 The obligation of each Lender to make Loans and of the Issuing Lender to issue Letters of Credit hereunder is subject to the performance by each of the Loan Parties of its Obligations to be performed
hereunder at or prior to the making of any such Loans or issuance of such Letters of Credit and to the satisfaction of the following further conditions: 

  

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 6.1 First Loans and Letters of Credit. 

6.1.1 Deliveries. On the Closing Date, the Administrative Agent shall have received each of the following in form and substance
satisfactory to the Administrative Agent: 
 (i) A Borrowing Base Certificate prepared as of the last Business Day of the month
immediately preceding the Closing Date, showing total unused availability under the Revolving Credit Commitments, after giving effect to the Loans to be made on the Closing Date and consummation of the transactions contemplated hereby. 

(ii) A certificate of each of the Loan Parties signed by an Authorized Officer, dated the Closing Date stating that: (a) the
representations and warranties hereunder are true and correct in all material respects; (b) the Loan Parties are in compliance with each of the covenants and conditions hereunder; (c) no Event of Default or Potential Default exists; and
(d) no Material Adverse Change has occurred since the date of the last audited financial statements of the Borrower delivered to the Administrative Agent. 
 (iii) A certificate dated the Closing Date and signed by the Secretary or an Assistant Secretary of each of the Loan Parties, certifying as appropriate as to: (a) all action taken by each Loan Party
in connection with this Agreement and the other Loan Documents; (b) the names of the Authorized Officers authorized to sign the Loan Documents and their true signatures; and (c) copies of its organizational documents as in effect on the
Closing Date certified by the appropriate state official where such documents are filed in a state office together with certificates from the appropriate state officials as to the continued existence and good standing of each Loan Party in each
state where organized or qualified to do business. 
 (iv) This Agreement and each of the other Loan Documents signed by an
Authorized Officer and all appropriate financing statements and appropriate stock powers and certificates evidencing the pledged Collateral. 
 (v) A written opinion of counsel for the Loan Parties, dated the Closing Date and as to the matters set forth in Schedule 6.1.1. 

(vi) Evidence that adequate insurance required to be maintained under this Agreement is in full force and effect, with additional
insured, mortgagee and lender loss payable special endorsements attached thereto in form and substance satisfactory to the Administrative Agent and its counsel naming the Administrative Agent as additional insured, mortgagee and lender loss payee.

 (vii) A duly completed Compliance Certificate as of the last day of the fiscal quarter of Borrower most recently ended prior
to the Closing Date, signed by an Authorized Officer of Borrower. 
 (viii) Evidence that (a) the Existing Credit
Agreement has been terminated, (b) all Existing Credit Obligations have been paid and (c) all Liens securing such Existing Credit Obligations have been released. 
 (ix) All fees and expenses of the Lenders and the Agent required to be paid by the Loan Parties, including, without limitation, those fees set forth in the Administrative Agent’s Letter. 

(x) Certification that no claim, litigation, suit or other proceeding has been made in writing against Borrower which, in the opinion of
the Borrower is in an amount in excess of $2,000,000 other than as previously disclosed to the Administrative Agent. 
 (xi)
Evidence in form and substance satisfactory to the Administrative Agent and its counsel as to the amount and nature of all Tax, ERISA, employee retirement benefit and other contingent liabilities to which the Borrower and its Subsidiaries may be
subject. 

  

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 (xii) Financial projections in form and substance reasonably satisfactory to the
Administrative Agent for the period beginning January 1, 2009 and ending on the Expiration Date. 
 (xiii) An executed
Landlord’s Waiver in substantially the form of Exhibit 6.1.1(xiii) from the lessor for each leased Collateral location required under the Security Agreement. 
 (xiv) Such other documents in connection with such transactions as the Administrative Agent or its counsel may reasonably request. 
 6.1.2 Payment of Fees. The Borrower shall have paid all fees payable on or before the Closing Date. 
 6.2 Each Loan or Letter of Credit. At the time of making any Loans or issuing any Letters of Credit and after giving effect to the proposed extensions of credit the Administrative Agent shall have
received each of the following: 
 (i) A Borrowing Base Certificate, in form and substance satisfactory to the Administrative
Agent, prepared as of the last Business Day of the month immediately preceding the month in which the request is made, showing total unused availability under the Revolving Credit Commitments, after giving effect to the Loans to be made or the
Letters of Credit to be issued. 
 (ii) Satisfaction of the conditions set forth in Section 6.1.1(ii), (ix), (x) and
(xi). 
 (iii) The making of the Loans or issuance of such Letter of Credit shall not contravene any Law applicable to any Loan
Party or Subsidiary of any Loan Party or any of the Lenders. 
 (iv) A duly executed and completed Loan Request or to the
Issuing Lender an application for a Letter of Credit, as the case may be, each in a form and substance satisfactory to the Administrative Agent. 
 (v) Any update to Schedules required by Section 5.2 [Updates to Schedules Upon Borrowing]. 
 7. COVENANTS 
 The Loan Parties, jointly and severally, covenant and agree
that until Payment in Full, the Loan Parties shall comply at all times with the following covenants: 
 7.1 Affirmative
Covenants. 
 7.1.1 Preservation of Existence, Etc. Subject to Schedule 7.2.8, each Loan Party shall, and
shall cause each of its Significant Subsidiaries to, maintain its legal existence as a corporation, limited partnership or limited liability company and its license or qualification and good standing in each jurisdiction in which its ownership or
lease of property or the nature of its business makes such license or qualification necessary, except as otherwise expressly permitted in Section 7.2.5 [Liquidations, Mergers, Etc.]. 

7.1.2 Payment of Liabilities, Including Taxes, Etc. Each Loan Party shall, and shall cause each of its Subsidiaries to, duly pay
and discharge all liabilities to which it is subject or which are asserted against it, promptly as and when the same shall become due and payable, including all taxes, assessments and governmental charges upon it or any of its properties, assets,
income or profits, prior to the date on which penalties attach thereto, except to the extent that such liabilities, including taxes, assessments or charges, are being contested in good faith and by appropriate and lawful proceedings diligently
conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made. 
 7.1.3 Maintenance of Insurance. Each Loan Party shall, and shall cause each of its Subsidiaries to, insure its properties and assets against loss or damage by fire and such other insurable

  

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hazards as such assets are commonly insured (including fire, extended coverage, property damage, workers’ compensation, public liability and business interruption insurance) and against
other risks in such amounts as such party reasonably deems appropriate with reputable and financially sound insurers, including self-insurance to the extent customary, all subject to the reasonable discretion of the Administrative Agent. The Loan
Parties shall comply with the covenants and provide the endorsement set forth on Schedule 7.1.3 relating to property and related insurance policies covering the Collateral. 

7.1.4 Maintenance of Properties and Leases. Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good
repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such
Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof. 
 7.1.5 Visitation
Rights. Each Loan Party shall, and shall cause each of its Subsidiaries to, permit any of the officers or authorized employees or representatives of the Administrative Agent or any of the Lenders to visit and inspect any of its properties and to
examine and make excerpts from its books and records and discuss its business affairs, finances and accounts with its officers, all in such detail and at such times during customary business hours and as often as any of the Lenders may reasonably
request, provided that each Lender shall provide the Borrower and the Administrative Agent with reasonable notice prior to any visit or inspection. In the event any Lender desires to conduct an audit of any Loan Party, such Lender shall make
a reasonable effort to conduct such audit contemporaneously with any audit to be performed by the Administrative Agent. 
 7.1.6
Keeping of Records and Books of Account. The Borrower shall, and shall cause each Subsidiary of the Borrower to, maintain and keep proper books of record and account which enable the Borrower and its Subsidiaries to issue financial statements
in accordance with GAAP and as otherwise required by applicable Laws of any Official Body having jurisdiction over the Borrower or any Subsidiary of the Borrower, and in which full, true and correct entries shall be made in all material respects of
all its dealings and business and financial affairs. 
 7.1.7 Compliance with Laws; Use of Proceeds. Each Loan Party
shall, and shall cause each of its Subsidiaries to, comply with all applicable Laws, including all Environmental Laws, in all material respects; provided that it shall not be deemed to be a violation of this Section 7.1.7 if any failure
to comply with any Law would not result in fines, penalties, remediation costs, other similar liabilities or injunctive relief which in the aggregate would constitute a Material Adverse Change. The Loan Parties will use the Letters of Credit and the
proceeds of the Loans only in accordance with Section 2.8 [Use of Proceeds] and as permitted by applicable Law. 
 7.1.8
Further Assurances. Each Loan Party shall, from time to time, at its expense, faithfully preserve and protect the Administrative Agent’s Lien on and Prior Security Interest, subject to Permitted Liens, if any, in the Collateral whether
now owned or hereafter acquired as a continuing first priority perfected Lien, subject only to Permitted Liens, and shall do such other acts and things as the Administrative Agent in its sole discretion may deem necessary or advisable from time to
time in order to preserve, perfect and protect the Liens granted under the Loan Documents and to exercise and enforce its rights and remedies thereunder with respect to the Collateral. 

7.1.9 Anti-Terrorism Laws. None of the Loan Parties is or shall be (i) a Person with whom any Lender is restricted from doing
business under Executive Order No. 13224 or any other Anti-Terrorism Law, (ii) engaged in any business involved in making or receiving any contribution of funds, goods or services to or for the benefit of such a Person or in any
transaction that evades or avoids, or has the purpose of evading or avoiding, the prohibitions set forth in any Anti-Terrorism Law, or (iii) otherwise in violation of any Anti-Terrorism Law. The Loan Parties shall provide to the Lenders any

  

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certifications or information that a Lender reasonably requests to confirm compliance by the Loan Parties with Anti-Terrorism Laws. 

7.1.10 Pledge of equity Interest in Under Armour Europe BV and Under Armour France S.a.r.l. Within [thirty (30) days] of the
Closing Date, the Borrower shall cause sixty-five percent (65%) of the issued and outstanding equity interests, whether capital stock, shares, securities, member interests or partnership interests, of each of Under Armour Europe BV and Under
Armour France S.a.r.l to be pledged to the Administrative Agent for the benefit of the Lenders to secure the Obligations. 

7.1.11 Landlord’s Waiver. Within [thirty (30) days] of the Closing Date, the Borrower shall deliver, or cause to be
delivered, to the Administrative Agent, a Landlord’s Waiver for each of the leased locations set forth on Schedule 7.1.11. 

7.2 Negative Covenants. 
 7.2.1 Indebtedness. Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, at any time create, incur, assume or suffer to exist any Indebtedness, except Permitted
Indebtedness. 
 7.2.2 Liens. Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, at any
time create, incur, assume or suffer to exist any Lien on any of its property or assets, tangible or intangible, now owned or hereafter acquired, or agree or become liable to do so (specifically including, for the avoidance of doubt, all of the
Trademarks of the Loan Parties), except Permitted Liens. 
 7.2.3 Guaranties. Each of the Loan Parties shall not, and
shall not permit any of its Subsidiaries to, at any time, directly or indirectly, become or be liable in respect of any Guaranty, or assume, guarantee, become surety for, endorse or otherwise agree, become or remain directly or contingently liable
upon or with respect to any obligation or liability of any other Person, except for (i) Guaranties of Indebtedness of the Loan Parties permitted hereunder and (ii) guarantees of indebtedness or other obligations of any other Loan Parties
or Subsidiaries of Loan Parties otherwise permitted hereunder. 
 7.2.4 Loans and Investments. Each of the Loan Parties
shall not, and shall not permit any of its Subsidiaries to, at any time make or suffer to remain outstanding any loan or advance to, or purchase, acquire or own any stock, bonds, notes or securities of, or any partnership interest (whether general
or limited) or limited liability company interest in, or any other investment or interest in, or make any capital contribution to, any other Person, or agree, become or remain liable to do any of the foregoing, except Permitted Investments.

 7.2.5 Liquidations, Mergers, Consolidations, Acquisitions. Each of the Loan Parties shall not, and shall not permit
any of its Subsidiaries to, dissolve, liquidate or wind-up its affairs, or become a party to any merger or consolidation, or acquire by purchase, lease or otherwise all or substantially all of the assets or capital stock of any other Person;
provided that any Loan Party other than the Borrower may consolidate or merge into another Loan Party which is wholly-owned by one or more of the other Loan Parties. By way of clarification, a Loan Party may merge with and into the Borrower.

 7.2.6 Dispositions of Assets or Subsidiaries. Each of the Loan Parties shall not, and shall not permit any of its
Subsidiaries to, sell, convey, assign, lease, abandon or otherwise transfer or dispose of, voluntarily or involuntarily, any of its properties or assets, tangible or intangible (including sale, assignment, discount or other disposition of accounts,
contract rights, chattel paper, equipment or general intangibles with or without recourse or of capital stock, shares of beneficial interest, partnership interests or limited liability company interests of a Subsidiary of such Loan Party), except:

 (i) transactions involving the sale or other disposition of inventory in the ordinary course of business; 

  

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 (ii) any sale, transfer, lease, or other disposition of assets in the ordinary course of
business which are no longer necessary or required in the conduct of such Loan Party’s or such Subsidiary’s business; 
 (iii) any sale, transfer or lease of assets by any wholly owned Subsidiary of such Loan Party to another Loan Party; provided that the documents necessary to grant and perfect Prior Security
Interests, subject to Permitted Liens, if any, to the Administrative Agent for the benefit of the Lenders in the equity interests of, and Collateral held by, such wholly owned Subsidiary are executed by the Loan Party to whom the assets are being
transferred; 
 (iv) any sale, transfer or lease of assets in the ordinary course of business which are replaced by substitute
assets acquired or leased within the parameters of Permitted Indebtedness; provided such substitute assets are subject to the Lenders’ Prior Security Interest, subject to Permitted Liens, if any; or 

(v) provided no Potential Default or Event of Default exists, transfers to one or more Foreign Subsidiaries of a Loan Party of those
Trademarks of the Loan Parties solely used in connection with sales of such Foreign Subsidiaries outside of the United States of America; provided, that simultaneously with such transfer, the Loan Parties shall cause the applicable Foreign
Subsidiaries to grant to the Administrative Agent, for the benefit of the Lenders, a license to use the transferred Trademarks on the same basis as set forth in Section 8.2.4. 

7.2.7 Affiliate Transactions. Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, enter into or
carry out any transaction (including purchasing property or services from or selling property or services to any Affiliate of any Loan Party or other Person) with an Affiliate of such Person unless such transaction is not otherwise prohibited by
this Agreement, is entered into in the ordinary course of business upon fair and reasonable arm’s-length terms and conditions and is in accordance with all applicable Law. 

7.2.8 Subsidiaries. Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to own or create directly or
indirectly any Subsidiaries other than (i) any Subsidiary which has joined this Agreement as Guarantor on the Closing Date; (ii) any Subsidiary formed after the Closing Date which, within thirty (30) days of formation, joins this
Agreement as a Guarantor by delivering to the Administrative Agent (A) a signed Guarantor Joinder; (B) documents in the forms described in Section 6.1 [First Loans] modified as appropriate; and (C) documents necessary to grant
and perfect Prior Security Interests, subject to Permitted Liens, if any, to the Administrative Agent for the benefit of the Lenders in the equity interests of, and Collateral held by, such Subsidiary, and (iii) subsidiaries not formed under
the state or federal laws of the United States, 65% of whose Subsidiary Equity Interests are pledged to the Administrative Agent for the benefit of the Lenders within thirty (30) days of its formation pursuant to the Pledge Agreement.

 7.2.9 Continuation of or Change in Business. Each of the Loan Parties shall not, and shall not permit any of its
Subsidiaries to, engage in any business other than the design, development, marketing, sale and distribution of branded performance products and related businesses, substantially as conducted and operated by such Loan Party or Subsidiary during the
present fiscal year, and such Loan Party or Subsidiary shall not permit any material change in such business. 
 7.2.10
Fiscal Year. The Borrower shall not, and shall not permit any Subsidiary of the Borrower to, change its fiscal year from the twelve-month period beginning January 1 and ending December 31; provided, however, that any
Subsidiary formed pursuant to Section 7.2.8 may, if permitted by applicable Law, extend its first taxable year beyond December 31 of the year in which it was formed and into the next year, so long as its fiscal year shall end on
December 31 of the next succeeding year and every year thereafter. 

  

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 7.2.11 Changes in Organizational Documents. Each of the Loan Parties shall not, and
shall not permit any of its Subsidiaries to, amend in any respect its certificate of incorporation (including any provisions or resolutions relating to capital stock), by-laws, certificate of limited partnership, partnership agreement, certificate
of formation, limited liability company agreement or other organizational documents in any way that would be adverse to the Lenders as determined by the Administrative Agent in its reasonable discretion without obtaining the prior written consent of
the Administrative Agent; provided, however, that a change of the name of a Loan Party or a Subsidiary shall not be considered adverse to the Lenders hereunder unless and until such Loan Party or Subsidiary fails to give notice thereof
to the Administrative Agent within ten (10) Business Days of any such change. 
 7.2.12 Minimum Fixed Charge Coverage
Ratio. The Loan Parties shall not permit the Fixed Charge Coverage Ratio, calculated as of the end of each fiscal quarter for the fiscal quarter then ended, to be less than 1.25 to 1.0. 

7.2.13 Maximum Leverage Ratio. The Loan Parties shall not at any time permit the Leverage Ratio to exceed 2.5 to 1.0. 

7.3 Reporting Requirements. The Loan Parties will furnish or cause to be furnished to the Administrative Agent and each of the
Lenders. 
 7.3.1 Borrowing Base Certificates, Schedules of Accounts Receivable and Inventory. 

Within twenty (20) calendar days after the end of each calendar month so long as any Loan is outstanding or each fiscal quarter if no Loan is
outstanding, (a) a Borrowing Base Certificate as of the last day of the immediately preceding month in the form of Exhibit 6.1.1(i) hereto, appropriately completed, executed and delivered by an Authorized Officer; (b) a Schedule of
Accounts Receivable and Schedule of Inventory as of the end of the immediately preceding month; and (c) the Schedule of Payables. 
 7.3.2 Quarterly Financial Statements. As soon as available and in any event within forty-five (45) calendar days after the end of each of the first three fiscal quarters in each fiscal year,
financial statements of the Borrower, consisting of a consolidated and consolidating balance sheet as of the end of such fiscal quarter and related consolidated and consolidating statements of income, stockholders’ equity and cash flows for the
fiscal quarter then ended and the fiscal year through that date, all in reasonable detail and certified (subject to normal year-end audit adjustments) by any of the Chief Executive Officer, Chief Operating Officer or Chief Financial Officer of the
Borrower as having been prepared in accordance with GAAP, consistently applied, and setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal year. 

7.3.3 Annual Financial Statements. As soon as available and in any event within ninety (90) days after the end of each fiscal
year of the Borrower, financial statements of the Borrower consisting of a consolidated and consolidating balance sheet as of the end of such fiscal year (which consolidating balance sheets are unaudited but derived from the audited consolidated
statements), and related consolidated and consolidating statements of income, stockholders’ equity and cash flows for the fiscal year then ended (which consolidating statements of income, stockholders’ equity and cash flows are unaudited
but derived from the audited consolidated statements), all in reasonable detail and setting forth in comparative form the financial statements as of the end of and for the preceding fiscal year, and, in the case of consolidated statements only,
certified by independent certified public accountants of nationally recognized standing satisfactory to the Administrative Agent. The certificate or report of accountants shall include any management letters submitted to the Borrower by such
independent accountants in connection with the audit and shall be free of qualifications (other than any consistency qualification that may result from a change in the method used to prepare the financial statements as to which such accountants
concur) and shall not indicate the occurrence or existence of any event, condition or contingency which would materially impair the prospect of payment or performance of any covenant, agreement or duty of any Loan Party under any of the Loan
Documents. 

  

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 7.3.4 Certificate of the Borrower. Concurrently with the financial statements of the
Borrower furnished to the Administrative Agent and to the Lenders pursuant to Sections 7.3.2 [Quarterly Financial Statements] and 7.3.3 [Annual Financial Statements], a certificate (each a “Compliance Certificate”) of the Borrower
signed by any of the Chief Executive Officer, Chief Operating Officer or Chief Financial Officer of the Borrower, in the form of Exhibit 7.3.4. 
 7.3.5 Notices 
 7.3.5.1 Default. Promptly after any officer of any
Loan Party has learned of the occurrence of an Event of Default or Potential Default, a certificate signed by an Authorized Officer setting forth the details of such Event of Default or Potential Default and the action which such Loan Party proposes
to take with respect thereto. 
 7.3.5.2 Litigation. Promptly after the commencement thereof, written notice of all
actions, suits, proceedings or investigations before or by any Official Body or any other Person against any Loan Party or Subsidiary of any Loan Party which relate to the Collateral, involve a claim or series of claims in excess of $5,000,000 or
which if adversely determined would constitute a Material Adverse Change. 
 7.3.5.3 Organizational Documents. Within
ten (10) Business Days of any amendment to the organizational documents of any Loan Party. 
 7.3.5.4 Erroneous
Financial Information. Immediately in the event that the Borrower or its accountants conclude or advise that any previously issued financial statement, audit report or interim review should no longer be relied upon or that disclosure should be
made or action should be taken to prevent future reliance. 
 7.3.5.5 ERISA Event. Immediately upon the occurrence of
any ERISA Event. 
 7.3.5.6 Qualified Accounts Receivable. Promptly after any Accounts Receivable have been determined
by the Administrative Agent not to meet the requirements set forth on Schedule 1.1(C)(ii)(d), the Borrower shall provide to each of the Lenders the Schedule of Accounts Receivable and other documentation providing the basis for such
determination and the anticipated concentration level of the Accounts Receivable owed by such individual Account Debtor for the six (6) months following the date of such determination. 

7.3.5.7 Other Reports. Promptly upon their becoming available to the Borrower: 

(i) Annual Budget. The annual budget and any forecasts or projections of the Borrower, to be supplied not later than thirty
(30) days prior to commencement of the fiscal year to which any of the foregoing may be applicable; 
 (ii) Management
Letters. Any reports including management letters submitted to the Borrower by independent accountants in connection with any annual, interim or special audit; 
 (iii) SEC Reports; Shareholder Communications. Reports, including Forms 10-K, 10-Q and 8-K, registration statements and prospectuses and other shareholder communications, filed by the Borrower with
the Securities and Exchange Commission; and 
 (iv) Other Information. Such other reports and information as any of the
Lenders may from time to time reasonably request. 

  

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 8. DEFAULT 
 8.1 Events of Default. An Event of Default shall mean the occurrence or existence of any one or more of the following events or conditions (whatever the reason therefor and whether voluntary,
involuntary or effected by operation of Law): 
 8.1.1 Payments Under Loan Documents. The Borrower shall fail to pay any
principal of any Loan (including scheduled installments, mandatory prepayments or the payment due at maturity), Reimbursement Obligation or Letter of Credit or Obligation or any interest on any Loan , Reimbursement Obligation or Letter of Credit
Obligation or any other amount owing hereunder or under the other Loan Documents within five (5) Business Days of the date on which such principal, interest or other amount becomes due in accordance with the terms hereof or thereof; 

8.1.2 Breach of Warranty. Any representation or warranty made at any time by any of the Loan Parties herein or by any of the Loan
Parties in any other Loan Document, or in any certificate, other instrument or statement furnished pursuant to the provisions hereof or thereof, shall prove to have been false or misleading in any material respect as of the time it was made or
furnished; 
 8.1.3 Breach of Negative Covenants. Any of the Loan Parties shall default in the observance or performance
of any covenant contained in Section 7.2 [Negative Covenants]; 
 8.1.4 Breach of Other Covenants. Any of the Loan
Parties shall default in the observance or performance of any other covenant, condition or provision hereof or of any other Loan Document and such default shall continue unremedied for a period of thirty (30) days beyond written notice of same
by the Administrative Agent; 
 8.1.5 Defaults in Other Agreements or Indebtedness. A material default or event of
default shall occur at any time under the terms of any other agreement involving borrowed money or the extension of credit or any other Indebtedness under which any Loan Party or Subsidiary of any Loan Party may be obligated as a borrower or
guarantor in excess of $2,000,000 in the aggregate, and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto, whether waived or not) any Indebtedness when due (whether at
stated maturity, by acceleration or otherwise) or such breach or default permits or causes the acceleration of any Indebtedness or the termination of any commitment to lend; 
 8.1.6 Final Judgments or Orders. Any final judgments or orders for the payment of money in excess of $5,000,000 in the aggregate (other than a judgment which is covered by effective insurance)
shall be entered against any Loan Party by a court having jurisdiction in the premises, which judgment is not discharged, vacated, bonded or stayed pending appeal within a period of thirty (30) days from the date of entry (or, if stayed pending
appeal, shall not have been discharged within thirty (30) days after the entry of a final order of affirmance on appeal); 

8.1.7 Loan Document Unenforceable. Any of the Loan Documents shall cease to be legal, valid and binding agreements enforceable
against the party executing the same or such party’s successors and assigns (as permitted under the Loan Documents) in accordance with the respective terms thereof or shall in any way be terminated (except in accordance with its terms) or
become or be declared ineffective or inoperative or shall in any way be challenged or contested or cease to give or provide the respective Liens, security interests, rights, titles, interests, remedies, powers or privileges intended to be created
thereby, provided, however, that this Section 8.1.7 shall not apply if such Loan Document ceases to be legal, valid and binding due to action of an Official Body of general application; 

8.1.8 Uninsured Losses; Proceedings Against Assets. There shall occur any material uninsured damage to or loss, theft or
destruction (other than in the ordinary course of business or the write down or write off of assets, inventory or accounts receivable in the ordinary course of business) of any of the Collateral in excess of $5,000,000 or the Collateral or any other
of the Loan Parties’ or any of their 

  

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Subsidiaries’ material assets are attached, seized, levied upon or subjected to a writ or distress warrant; or such come within the possession of any receiver, trustee, custodian or assignee
for the benefit of creditors and the same is not cured within thirty (30) days thereafter; 
 8.1.9 Events Relating to
Plans and Benefit Arrangements. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of Borrower under Title IV of ERISA to the Pension Plan,
Multiemployer Plan or the PBGC in an aggregate amount in excess of $1,000,000, or (ii) Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its
withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $1,000,000, and such condition remains uncured for a period of thirty (30) days from the date of occurrence; 

8.1.10 Change of Control. A Change of Control shall have occurred; and 

8.1.11 Relief Proceedings. 
 (i) A Relief Proceeding shall have been instituted against any Loan Party or Subsidiary of a Loan Party and such Relief Proceeding shall remain undismissed or unstayed and in effect for a period of thirty
(30) consecutive days or such court shall enter a decree or order granting any of the relief sought in such Relief Proceeding, (ii) any Loan Party or Subsidiary of a Loan Party institutes, or takes any action in furtherance of, a Relief
Proceeding, or (iii) any Loan Party or any Significant Subsidiary of a Loan Party ceases to be Solvent or admits in writing its inability to pay its debts as they mature. 
 8.2 Consequences of Event of Default. 
 8.2.1 Events of Default Other
Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Sections 8.1.1 through 8.1.10 shall occur and be continuing beyond any applicable grace or cure period, the Lenders and the Administrative
Agent shall be under no further obligation to make Loans and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders, shall (i) by written notice
to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith due and payable,
and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and
(ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount
currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest
in, all such cash as security for such Obligations; and 
 8.2.2 Bankruptcy, Insolvency or Reorganization Proceedings. If
an Event of Default specified under Section 8.1.11 [Relief Proceedings] shall occur and continue beyond any applicable grace or cure period, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall
be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder
shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and 
 8.2.3 Set-off. If an Event of Default shall have occurred and be continuing beyond any applicable grace or cure period, each Lender, the Issuing Lender, and each of their respective Affiliates

  

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and any participant of such Lender or Affiliate which has agreed in writing to be bound by the provisions of Section 4.3 [Sharing of Payments] is hereby authorized at any time and from time
to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at
any time owing by such Lender, the Issuing Lender or any such Affiliate or participant to or for the credit or the account of any Loan Party against any and all of the Obligations of such Loan Party now or hereafter existing under this Agreement or
any other Loan Document to such Lender, the Issuing Lender, Affiliate or participant, irrespective of whether or not such Lender, Issuing Lender, Affiliate or participant shall have made any demand under this Agreement or any other Loan Document and
although such Obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the Issuing Lender different from the branch or office holding such deposit or obligated on such
Indebtedness. The rights of each Lender, the Issuing Lender and their respective Affiliates and participants under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Lender or
their respective Affiliates and participants may have. Each Lender and the Issuing Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice
shall not affect the validity of such setoff and application; and 
 8.2.4 Limited License. Regardless of whether
the Administrative Agent’s security interests in any of the Patents and Copyrights have attached or are perfected, each of the Loan Parties hereby irrevocably grants to the Administrative Agent, for the benefit of the Lenders, for use solely by
the Administrative Agent (and its agents and representatives) during the existence and continuation of any Event of Default beyond any applicable grace or cure period, or during the existence and continuation of any subsequent Event(s) of Default
beyond any applicable grace or cure period, a limited royalty-free, non-exclusive license to use such Loan Party’s Trademarks, Copyrights, Patents and other proprietary and intellectual property rights, solely in connection with the
(i) advertisement for sale, and the sale or other disposition of, any finished goods Inventory by the Administrative Agent in accordance with the provisions of Section 8 of this Agreement, and (ii) the manufacture, assembly,
completion and preparation for sale of any unfinished Inventory by the Administrative Agent in accordance with this Agreement. Notwithstanding the foregoing, the limited license granted pursuant to this Section 8.2.4 shall not be transferable
or sub-licensable by the Administrative Agent; provided that the Administrative Agent may sublicense such limited license to any contractor for the sole purpose of performing the actions permitted to be performed by the Administrative Agent pursuant
to clauses (i) and (ii) above. In exercising its rights pursuant to the foregoing clause (ii), the Administrative Agent shall use commercially reasonable efforts to ensure that the quality of the Inventory that is finished by the
Administrative Agent is commensurate with the quality of the other Inventory of the Loan Parties. Any improvement or changes to such Trademarks, Copyrights, Patents or other proprietary and intellectual property rights resulting from actions taken
by Administrative Agent pursuant to subsections (i) and (ii) of this Section shall inure to the benefit of the respective Loan Party holding title to the impacted right. 

8.2.5 Application of Proceeds. From and after the date on which the Administrative Agent has taken any action pursuant to this
Section 8.2 and until all Obligations of the Loan Parties have been paid in full, any and all proceeds received by the Administrative Agent for the ratable account of the Lenders and other holders of the Obligations from any sale or other
disposition of the Collateral, or any part thereof, or the exercise of any other remedy by the Administrative Agent, shall be applied as follows: 
 (i) first, to reimburse the Administrative Agent and the Lenders for out-of-pocket costs, expenses and disbursements, including reasonable attorneys’ and paralegals’ fees and legal expenses,
incurred by the Administrative Agent or the Lenders in connection with realizing on the Collateral or collection of any Obligations of any of the Loan Parties under any of the Loan Documents, including advances made by the Lenders or any one of them
or the Administrative Agent for the 

  

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reasonable maintenance, preservation, protection or enforcement of, or realization upon, the Collateral, including advances for taxes, insurance, repairs and the like and reasonable expenses
incurred to sell or otherwise realize on, or prepare for sale or other realization on, any of the Collateral; 
 (ii) second,
to the payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and other Obligations, in such manner as the Administrative Agent may determine in its discretion; 

(iii) third, to the payment of that portion of the Obligations constituting unpaid principal of the Loans; 

(iv) fourth, to the payment of that portion of the Obligations constituting accrued and unpaid fees and expenses; 

(v) fifth, to the Administrative Agent for the account of the Issuing Lender to cash collateralize that portion of the Letter of Credit
Obligations, if any, comprised of the aggregate undrawn amount of Letters of Credit; 
 (vi) sixth, to the repayment of all
Obligations then due and unpaid incurred under Other Lender Provided Financial Service Products or any Lender Provided Interest Rate Hedge, in such manner as the Administrative Agent may determine in its discretion; and 

(vii) the balance, if any, as required by Law. 
 9. THE ADMINISTRATIVE AGENT 
 9.1 Appointment and Authority. Each of
the Lenders and the Issuing Lender hereby irrevocably appoints PNC Bank to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Section 9 are solely for the benefit of the
Administrative Agent, the Lenders and the Issuing Lender, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 

9.2 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

9.3 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
 (a) shall
not be subject to any fiduciary or other implied duties, regardless of whether a Potential Default or Event of Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that
the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the
Administrative Agent shall not be required to 

  

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take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; and 

(c) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.1 [Modifications,
Amendments or Waivers] and 8.2 [Consequences of Event of Default]) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Potential Default or Event of
Default unless and until notice describing such Potential Default or Event of Default is given to the Administrative Agent by the Borrower, a Lender or the Issuing Lender. 
 The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any
other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth herein or therein or the occurrence of any Potential Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document or (v) the satisfaction of any condition set forth in Section 6 [Conditions of Lending and Issuance of Letters of Credit] or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent. 
 9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a
Lender or the Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing
Lender prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not
be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.5 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. The exculpatory provisions of this Section 9 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

  

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 9.6 Resignation of Administrative Agent. The Administrative Agent may at any time
give notice of its resignation to the Lenders, the Issuing Lender and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with approval from the Borrower (so long as no Event of Default has
occurred and is continuing), to appoint a successor, such approval not to be unreasonably withheld or delayed. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty
(30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications
set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such
notice and (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of
the Lenders or the Issuing Lender under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments,
communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Issuing Lender directly, until such time as the Required Lenders appoint a successor Administrative
Agent as provided for above in this Section 9.6. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of
the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in
this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s
resignation hereunder and under the other Loan Documents, the provisions of this Section 9 and Section 10.3 [Expenses; Indemnity; Damage Waiver] shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents
and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

If PNC Bank resigns as Administrative Agent under this Section 9.6, PNC Bank shall also resign as an Issuing Lender, [subject to PNC
Bank’s satisfaction of the requirements of Section 4.6.2 [Replacement of a Lender], for which Borrower is deemed to have provided such notice hereby.] Upon the appointment of a successor Administrative Agent hereunder, such successor shall
(i) succeed to all of the rights, powers, privileges and duties of PNC Bank as the retiring Issuing Lender and Administrative Agent and PNC Bank shall be discharged from all of its respective duties and obligations as Issuing Lender and
Administrative Agent under the Loan Documents, and (ii) issue letters of credit in substitution for the Letters of Credit issued by PNC Bank, if any, outstanding at the time of such succession or make other arrangement satisfactory to PNC Bank
to effectively assume the obligations of PNC Bank with respect to such Letters of Credit. 
 9.7 Non-Reliance on
Administrative Agent and Other Lenders. Each Lender and the Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent
or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any
other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

  

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 9.8 No Other Duties, etc. Anything herein to the contrary notwithstanding, neither
the Lenders, the Administrative Agent, the Syndication Agent nor the Documentation Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in their
capacity, as applicable, as the Administrative Agent, the Syndication Agent, the Documentation Agent, a Lender or the Issuing Lender hereunder. 
 9.9 Administrative Agent’s Fee. The Borrower shall pay to the Administrative Agent a nonrefundable fee (the “Administrative Agent’s Fee”) under the terms of a letter (the
“Administrative Agent’s Letter”) between the Borrower and Administrative Agent, as amended from time to time. 

9.10 Authorization to Release Collateral and Guarantors. The Lenders and Issuing Lenders authorize the Administrative Agent to
release (i) any Collateral consisting of assets or equity interests sold or otherwise disposed of in a sale or other disposition or transfer permitted under Section 7.2.6 [Disposition of Assets or Subsidiaries] or 7.2.5 [Liquidations,
Mergers, Consolidations, Acquisitions], and (ii) any Guarantor from its obligations under the Guaranty Agreement if the ownership interests in such Guarantor are sold or otherwise disposed of or transferred to persons other than Loan Parties or
Subsidiaries of the Loan Parties in a transaction permitted under Section 7.2.6 [Disposition of Assets or Subsidiaries] or 7.2.5 [Liquidations, Mergers, Consolidations, Acquisitions]. 

9.11 No Reliance on Administrative Agent’s Customer Identification Program. Each Lender acknowledges and agrees that neither
such Lender, nor any of its Affiliates, participants or assignees, may rely on the Administrative Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or other obligations
required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law,
including any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (i) any identity
verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices or (v) other procedures required under the CIP Regulations or such other Laws. 

10. MISCELLANEOUS 
 10.1 Modifications, Amendments or Waivers. With the written consent of the Required Lenders, the Administrative Agent, acting on behalf of all the Lenders, and the Borrower, on behalf of the Loan
Parties, may from time to time enter into written agreements amending or changing any provision of this Agreement or any other Loan Document or the rights of the Lenders or the Loan Parties hereunder or thereunder, or may grant written waivers or
consents hereunder or thereunder. Any such agreement, waiver or consent made with such written consent shall be effective to bind all the Lenders and the Loan Parties; provided, that no such agreement, waiver or consent may be made which
will: 
 10.1.1 Increase of Commitment. Increase the amount of the Revolving Credit Commitment of any Lender hereunder
without the consent of such Lender; 
 10.1.2 Extension of Payment; Reduction of Principal Interest or Fees; Modification of
Terms of Payment. Whether or not any Loans are outstanding, extend the Expiration Date or the time for payment of principal or interest of any Loan (excluding the due date of any mandatory prepayment of a Loan), the Commitment Fee or any other
fee payable to any Lender, or reduce the principal amount of or the rate of interest borne by any Loan or reduce the Commitment Fee or any other fee payable to any Lender, the Commitment Fee or any other fee payable to any Lender, without the
consent of each Lender directly affected thereby; 
 10.1.3 Release of Collateral or Guarantor. Except for sales of
assets permitted by Section 7.2.6 [Disposition of Assets or Subsidiaries], release any of the Collateral or any Guarantor from its Obligations under the Guaranty Agreement without the consent of all Complying Lenders; or 

  

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 10.1.4 Miscellaneous. (i) Amend (A) the definition of “Borrowing Base”
or the definitions or calculations contained therein in a manner that results in an increase to the Borrowing Base, (B) the definition of “Non-Complying Lender”, (C) the definition of “Complying Lender”,
(D) Section 4.2 [Pro Rata Treatment of Lenders], (E) Section 9.3 [Exculpatory Provisions, Etc.], (F) Section 4.3 [Sharing of Payments by Lenders] or (G) this Section 10.1, (ii) alter any provision
regarding the pro rata treatment of the Lenders or requiring all Lenders to authorize the taking of any action or (iii) reduce any percentage specified in the definition of Required Lenders, in each case without the consent of all of the
Complying Lenders; 
 provided that no agreement, waiver or consent which would modify the interests, rights or obligations of the
Administrative Agent or the Issuing Lender without the written consent of such Administrative Agent or Issuing Lender, as applicable, and provided, further, that, if in connection with any proposed waiver, amendment or modification
referred to in Sections 10.1.1 through 10.1.4 above, the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained (each a “Non-Consenting Lender”), then the
Borrower shall have the right to replace any such Non-Consenting Lender with one or more replacement Lenders pursuant to Section 4.6.2 [Replacement of a Lender]. 
 10.2 No Implied Waivers; Cumulative Remedies. No course of dealing and no delay or failure of the Administrative Agent or any Lender in exercising any right, power, remedy or privilege under this
Agreement or any other Loan Document shall affect any other or future exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any further exercise thereof or of any other right, power, remedy or
privilege. The rights and remedies of the Administrative Agent and the Lenders under this Agreement and any other Loan Documents are cumulative and not exclusive of any rights or remedies which they would otherwise have. 

10.3 Expenses; Indemnity; Damage Waiver. 
 10.3.1 Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including all accounting, appraisal,
environmental, audit, and professional search services fees and the reasonable fees, charges and disbursements of counsel for the Administrative Agent), and shall pay all reasonable fees and reasonable time charges and reasonable disbursements for
attorneys who may be employees of the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan
Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing
Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent, any Lender or the Issuing
Lender (including the reasonable fees, reasonable charges and reasonable disbursements of any counsel for the Administrative Agent, any Lender or the Issuing Lender), and shall pay all reasonable fees and reasonable time charges for attorneys who
may be employees of the Administrative Agent, any Lender or the Issuing Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this
Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit, and
(iv) all reasonable out-of-pocket expenses of the Administrative Agent’s regular employees and agents engaged periodically to perform audits of the Loan Parties’ books, records and business properties. 

10.3.2 Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each
Lender and the Issuing Lender, and each Related 

  

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Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (including the reasonable fees, reasonable charges and reasonable disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all reasonable fees and reasonable time
charges and reasonable disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection
with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or
thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment
under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) breach of representations, warranties or covenants of the Borrower under the Loan
Documents, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, including any such items or losses relating to or arising under Environmental Laws or pertaining to environmental
matters, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as
to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan
Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 10.3.3 Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under Sections 10.3.1 [Costs and Expenses] or 10.3.2 [Indemnification
by the Borrower] to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender or any Related Party of any of the foregoing, each Lender severally agrees (without limiting the Borrower’s obligation to do so) to pay
to the Administrative Agent (or any such sub-agent), the Issuing Lender or such Related Party, as the case may be, such Lender’s Ratable Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the
Issuing Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or Issuing Lender in connection with such capacity. 

10.3.4 Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, the Borrower shall not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any
other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. 

10.3.5 Payments. All amounts due under this Section shall be payable not later than ten (10) days after demand therefor.

 10.4 Holidays. Whenever payment of a Loan to be made or taken hereunder shall be due on a day which is not a Business
Day such payment shall be due on the next Business Day (except as provided in Section 3.2 [Interest Periods]) and such extension of time shall be included in computing interest and 

  

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fees, except that the Loans shall be due on the Business Day preceding the Expiration Date if the Expiration Date is not a Business Day. Whenever any payment or action to be made or taken
hereunder (other than payment of the Loans) shall be stated to be due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business Day, and such extension of time shall not be included in
computing interest or fees, if any, in connection with such payment or action. 
 10.5 Notices; Effectiveness; Electronic
Communication. 
 10.5.1 Notices Generally. Except in the case of notices and other communications expressly
permitted to be given by telephone (and except as provided in Section 10.5.2 [Electronic Communications]), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopier (i) if to a Lender, to it at its address set forth in its administrative questionnaire, or (ii) if to any other Person, to it at its address set forth on Schedule 1.1(B).

 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been
given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next
Business Day for the recipient). Notices delivered through electronic communications to the extent provided in Section 10.5.2 [Electronic Communications], shall be effective as provided in such Section. 

10.5.2 Electronic Communications. Notices and other communications to the Lenders and the Issuing Lender
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to
any Lender or the Issuing Lender if such Lender or the Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the
Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular
notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended
recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of
the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

10.5.3 Change of Address, Etc. Any party hereto may change its address or telecopier number for notices and other communications
hereunder by notice to the other parties hereto. 
 10.6 Severability. The provisions of this Agreement are intended to
be severable. If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability
without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction. 
 10.7 Duration; Survival. All representations and warranties of the Loan Parties contained herein or made in connection herewith shall survive the execution and delivery of this Agreement, the
completion of the transactions hereunder and Payment In Full. All covenants and agreements of the Borrower contained herein relating to the payment of principal, interest, premiums, additional

  

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compensation or expenses and indemnification, including those set forth in the Notes, Section 4 [Payments] and Section 10.3 [Expenses; Indemnity; Damage Waiver], shall survive Payment
in Full. All other covenants and agreements of the Loan Parties shall continue in full force and effect from and after the date hereof and until Payment in Full. 
 10.8 Successors and Assigns. 
 10.8.1 Successors and Assigns
Generally. The provisions of this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except
(i) to an assignee in accordance with the provisions of Section 10.8.2 [Assignments by Lenders], (ii) by way of participation in accordance with the provisions of Section 10.8.4 [Participations], or (iii) by way of pledge or
assignment of a security interest subject to the restrictions of Section 10.8.6 [Certain Pledges; Successors and Assigns Generally] (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.8.4 [Participations] and,
to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

10.8.2 Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of
a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in clause (i)(A) of this
Section 10.8.2, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender
subject to each such assignment (determined as of the date the Assignment and Assumption Agreement with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption
Agreement, as of the Trade Date) shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Credit Commitment of the assigning Lender, unless each of the Administrative Agent and, so long as no Event of Default has
occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned. 
 (iii)
Required Consents. No consent shall be required for any assignment except for the consent of the Administrative Agent (which shall not be unreasonably withheld or delayed) and: 

  

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 (A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed)
shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; 

(B) the consent of the Issuing Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment
that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding). 
 (iv) Assignment and Assumption Agreement. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption Agreement, together with a processing and
recordation fee of $3,500, and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an administrative questionnaire provided by the Administrative Agent. 

(v) No Assignment to Borrower. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates or
Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a natural person.

 Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 10.8.3 [Register], from and after the
effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption Agreement, have the rights and obligations
of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment
and Assumption Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.4 [LIBOR Rate
Unascertainable; Illegality; Increased Costs; Deposits Not Available], 4.10 [Increased Costs] and 10.3 [Expenses, Indemnity; Damage Waiver] with respect to facts and circumstances occurring prior to the effective date of such assignment. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.8.2 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with Section 10.8.4 [Participations]. 
 10.8.3 Register. The Administrative Agent, acting
solely for this purpose as an agent of the Borrower, shall maintain a record of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time.
Such register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is in such register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. Such register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

10.8.4 Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent,
sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the 

  

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Lenders, Issuing Lender shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, modification or waiver with respect to Sections 10.1.1 [Increase of Commitment, Etc.], 10.1.2 [Extension of Payment, Etc.], or 10.1.3 [Release of Collateral or Guarantor]). Subject to Section 10.8.5 [Limitations
upon Participant Rights Successors and Assigns Generally], the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available] and 4.10
[Increased Costs] to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.8.2 [Assignments by Lenders]. To the extent permitted by Law, each Participant also shall be entitled to the benefits
of Section 8.2.3 [Setoff] as though it were a Lender; provided such Participant agrees to be subject to Section 4.3 [Sharing of Payments by Lenders] as though it were a Lender. 

10.8.5 Limitations upon Participant Rights Successors and Assigns Generally. A Participant shall not be entitled to receive any
greater payment under Sections 4.10 [Increased Costs], 4.11 [Taxes] or 10.3 [ Expenses; Indemnity; Damage Waiver] than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 4.11 [Taxes] unless the
Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 4.11.5 [Status of Lenders] as though it were a Lender. 

10.8.6 Certain Pledges; Successors and Assigns Generally. Any Lender may at any time pledge or assign a security interest in all
or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 10.9
Confidentiality. 
 10.9.1 General. Each of the Administrative Agent, the Lenders and the Issuing Lender agrees to
maintain the confidentiality of the Information, except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory
authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable Laws or regulations or by any subpoena or
similar legal process, provided, however, that the recipient of such process shall immediately notify the Borrower of such process and provide Borrower and its Affiliates with reasonable support should such party choose to contest such
process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the consent of the Borrower or
(viii) to 

  

- 62 - 

 
the extent such Information (Y) becomes publicly available other than as a result of a breach of this Section or (Z) becomes available to the Administrative Agent, any Lender, the
Issuing Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or the other Loan Parties. Any Person required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

10.9.2 Sharing Information With Affiliates of the Lenders. Each Loan Party acknowledges that from time to time financial advisory
and other services may be offered or provided to the Borrower or one or more of its Affiliates in connection with this Agreement by any Lender or by one or more Subsidiaries or Affiliates of such Lender and each of the Loan Parties hereby authorizes
each Lender to share for such purpose any information delivered to such Lender by such Loan Party and its Subsidiaries pursuant to this Agreement to any such Subsidiary or Affiliate subject to the provisions of Section 10.9.1 [General].

 10.10 Counterparts; Integration; Effectiveness. 

10.10.1 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees
payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof
including any prior confidentiality agreements and commitments. Except as provided in Section 6 [Conditions Of Lending And Issuance Of Letters Of Credit], this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy or via electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement. 
 10.11 CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL. 
 10.11.1 Governing Law This Agreement shall be deemed to be a contract under the Laws of the Commonwealth of Pennsylvania without regard to its conflict of laws principles. Each standby Letter of
Credit issued under this Agreement shall be subject either to the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce (the “ICC”) at the time of issuance
(“UCP”) or the rules of the International Standby Practices (ICC Publication Number 590) (“ISP98”), as determined by the Issuing Lender, and each trade Letter of Credit shall be subject to UCP, and in each case to the extent not
inconsistent therewith, the Laws of the Commonwealth of Pennsylvania without regard to is conflict of laws principles. 

10.11.2 SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND
ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF MARYLAND SITTING IN BALTIMORE COUNTY AND OF THE NORTHERN DIVISION OF THE UNITED STATES DISTRICT COURT FOR THE STATE OF MARYLAND LOCATED IN BALTIMORE CITY, AND ANY APPELLATE
COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT 

  

- 63 - 

 
ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH MARYLAND STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH
OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY
OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE ISSUING LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER
LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 10.11.3 WAIVER OF VENUE. THE BORROWER AND EACH OTHER
LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION 10.11. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT AND AGREES NOT ASSERT ANY SUCH DEFENSE. 
 10.11.4 SERVICE OF PROCESS. EACH PARTY HERETO
IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.5 [NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION]. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW. 
 10.11.5 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, ADMINISTRATIVE AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 10.12 USA Patriot Act Notice. Each Lender that is subject to the USA
Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Loan Parties that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the
Loan Parties, which information includes the name and address of Loan Parties and other information that will allow such Lender or Administrative Agent, as applicable, to identify the Loan Parties in accordance with the USA Patriot Act. 

The remainder of this page is left blank intentionally. 
 Signatures follow on next page. 

  

- 64 - 

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

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

							
	 ATTEST:
	 		  	UNDER ARMOUR, INC.,
 a Maryland
corporation

				
	 /s/ John P. Stanton
	 		  	By:	 	 /s/ Brad Dickerson

				
		 		  	Printed:	 	 Brad Dickerson

				
		 		  	Title:	 	 CFO

			
		 		  	UNDER ARMOUR MANUFACTURING, LLC,
		 		  	a Maryland limited liability company
			
		 		  	By: Under Armour, Inc., a Maryland corporation, its sole member
				
	 /s/ John P. Stanton
	 		  	By:	 	 /s/ Brad Dickerson

				
		 		  	Printed:	 	 Brad Dickerson

				
		 		  	Title:	 	 CFO

			
		 		  	UNDER ARMOUR RETAIL, INC., 
		 		  	a Maryland corporation
				
	 /s/ John P. Stanton
	 		  	By:	 	 /s/ Brad Dickerson

				
		 		  	Printed:	 	 Brad Dickerson

				
		 		  	Title:	 	 Treasurer

			
		 		  	UNDER ARMOUR HOLDINGS, INC.,
		 		  	a Maryland corporation
				
	 /s/ John P. Stanton
	 		  	By:	 	 /s/ Brad Dickerson

				
		 		  	Printed:	 	 Brad Dickerson

				
		 		  	Title:	 	 Vice President

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

 

									
	 ATTEST:
	  		 	UNDER ARMOUR RETAIL OF MARYLAND, L.L.C.	 		 	
		  		 	UNDER ARMOUR RETAIL OF FLORIDA, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF OHIO, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF CALIFORNIA, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF TEXAS, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF WISCONSIN, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF MASSACHUSETTS, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF PENNSYLVANIA, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF DELAWARE, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF GEORGIA, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF NEW YORK, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF NEW JERSEY, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF DC, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF CONNECTICUT, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF ILLINOIS, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF SOUTH CAROLINA, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF MICHIGAN, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF MAINE, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF TENNESSEE, LLC	 		 	
		  		 	UNDER ARMOUR RETAIL OF VIRGINIA, LLC,	 		 	
		  		 	each a limited liability company	 		 	
					
		  		 	By: Under Armour Retail, Inc., its sole member	 		 	

									
					
	 /s/ John P. Stanton
	  		 	 By:	 	/s/ Brad Dickerson	 	

									
					
		  		 	Printed:	 	Brad Dickerson	  	

									
					
		  		 	Title:	 	Treasurer	 	

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

 

	
	 PNC BANK, NATIONAL ASSOCIATION,

individually and as Administrative Agent

 
			
		
	 By:
	 	 /s/John E. Hehir

 
	
	
	 Printed: John E. Hehir

 
	
	
	 Title: Senior Vice President, Corporate Banking

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

 

	
	 SUNTRUST BANK,

individually and as Syndication Agent

 
			
		
	 By:
	 	 /s/ Gregory A. Farno

 
	
	
	 Printed: Gregory A. Farno

 
	
	
	 Title: Senior Vice President

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

 

	
	 COMPASS BANK,

individually and as Documentation Agent

 
			
		
	 By:
	 	 /s/ Mike Williams

 
	
	
	 Printed: Mike Williams

 
	
	
	 Title: Vice President

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

 

	
	 BRANCH BANKING & TRUST COMPANY

 
			
		
	 By:
	 	 /s/ James E. Davis

 
	
	
	 Printed: James E. Davis

 
	
	
	 Title: Senior Vice President

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

 

	
	 BANK OF AMERICA, N.A.

 
			
		
	 By:
	 	 /s/ Mary Giermek

 
	
	
	 Printed: Mary Giermek

 
	
	
	 Title: Senior Vice President

 SCHEDULE 1.1(A) 

PRICING GRID– 
 VARIABLE PRICING AND FEES BASED ON LEVERAGE RATIO 
 (PRICING EXPRESSED IN
BASIS POINTS) 
  

											
	 Level
	  	 Leverage Ratio
	  	 Commitment

        Fee       
 
	  	 Letter of

Credit Fee
	  	 Revolving Credit
Base Rate Spread
	  	 Revolving
 Credit LIBOR

  Rate Spread  

	 I
	  	 Less than or
 equal to 1.0 to 1.0
	  	37.5	  	200	  	Base Rate + 100	  	LIBOR + 200
						
	 II
	  	 Greater than 1.0
 to 1.0 but less
 than or equal to

2.0 to 1.0
	  	45	  	225	  	Base Rate + 125	  	LIBOR + 225
						
	 III
	  	 Greater than 2.0
 to 1.0
	  	50	  	250	  	Base Rate + 150	  	LIBOR + 250

 For purposes of determining the Applicable Margin, the Applicable Commitment Fee Rate and the Applicable
Letter of Credit Fee Rate: 
 (a) The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit
Fee Rate to be determined on the Closing Date shall be based on the Leverage Ratio computed on such date pursuant to a Compliance Certificate to be delivered on the Closing Date. 

(b) The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate shall be recomputed as of the
end of each fiscal quarter ending after the Closing Date based on the Leverage Ratio as of such quarter end. Any increase or decrease in the Applicable Margin, the Applicable Commitment Fee Rate or the Applicable Letter of Credit Fee Rate computed
as of a quarter end shall be effective on the date on which the Compliance Certificate evidencing such computation is due to be delivered under Section 7.3.4 [Compliance Certificate]. 

(c) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the
Borrower or the Lenders determine that (i) the Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for such period,
the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the Issuing Lender), an amount equal to the excess of the amount of
interest and fees that should have been paid for such 

  
 SCHEDULE
1.1(A) - 1 

 
period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender or the Issuing Lender, as the case may
be, under Section 2.9 [Letter of Credit Subfacility] or 3.3 [Interest After Default] or 8 [Default]. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other
Obligations hereunder. 

  
 SCHEDULE
1.1(A) - 2 

 SCHEDULE 1.1(B) 

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES 
 Page 1 of 2 
 Part 1 - Commitments of Lenders and Addresses for Notices to
Lenders 
  

									
	 Lender
	  	Amount
of
Commitment for
Revolving 
Credit
Loans	 	  	Ratable Share	 
	 Name: PNC Bank, National Association

Address: The PNC Financial Services Group

2 Hopkins Plaza, 21st Floor

Baltimore, MD 21201

Attention: John E. Hehir

Telephone:        (410) 237 4573

Telecopy:          (410) 237 5700

E-Mail:
             John.Hehir@PNC.com
	  	$	50,000,000	  	  	 	27.777777778%	  
			
	 Name: SunTrust Bank

Address: 120 East Baltimore St., 25th Fl.
 Baltimore, MD 21202
 Attention: Gregory A.
Farno
 Telephone:        (410) 986-1673

Telecopy:          (410)986-1920

E-Mail:
             gregory.farno@suntrust.com
	  	$	40,000,000	  	  	 	22.222222222%	  
			
	 Name: Compass Bank

Address: 1340 Smith Avenue, Suite 200

Baltimore, MD 21209

Attention: Mike Williams

Telephone:        (410) 779-1215

Telecopy:          (410) 779-1310

E-Mail:
             mike.williams@compassbank.com
	  	$	40,000,000	  	  	 	22.222222222%	  
			
	 Name: Bank of America, N.A.

Address: 100 S. Charles Street

Baltimore, MD 21201

Attention: Mary Giermek

Telephone:        (410) 547-4262

Telecopy:          (410) 539-1454

E-Mail:
             mary.giermek@bankofamerica.com
	  	$	25,000,000	  	  	 	13.888888889%	  

  
 SCHEDULE
1.1(B) - 1 

									
	 Name: Branch Banking & Trust Company

Address: 8200 Greensboro Dr., Suite 800

McLean, VA 22102
 Attention: James E. Davis

Telephone:        (703) 442-5561

Telecopy:          (703) 442-5544

E-Mail:
             JEDavis@bbandt.com
	  	$	25,000,000	  	  	 	13.888888889	% 
			
	 Total
	  	$	180,000,000	  	  	 	100	% 

  
 SCHEDULE
1.1(B) - 2 

 SCHEDULE 1.1(B) 

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES 
 Page 2 of 2 
 Part 2 - Addresses for Notices to Borrower, Guarantors and Administrative Agent:

 ADMINISTRATIVE AGENT 

Name: PNC Bank, National Association 
 Agency
Services 
 Mail Stop: P7-PFSC-04-I 

Address: 500 First Avenue 
 Pittsburgh, PA 15219

 Telephone:        (412) 762-6442 
 Telecopy:          (412) 762-8672 
 and

 Name: PNC Bank, National Association 

Address: The PNC Financial Services Group 
 2
Hopkins Plaza, 21st Floor 
 Baltimore, MD 21201 
 Attention: John E. Hehir 
 Telephone:        (410) 237 4573

 Telecopy:          (410) 237 5700 
 E-Mail:              John.Hehir@PNC.com 
 BORROWER: 
 Name: Under Armour, Inc. 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

GUARANTORS: 
 Name: Under Armour
Manufacturing, LLC 
 Address: 1020 Hull Street 
 Baltimore, MD 21230 
 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

 Name: Under Armour Retail, Inc. 
 Address: 1020 Hull Street 
 Baltimore, MD 21230 

Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Holdings, Inc. 
 Address:
1020 Hull Street 
 Baltimore, MD 21230 

Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Texas, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Ohio, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Maryland, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Florida, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

 Name: Under Armour Retail of Virginia, LLC 
 Address: 1020 Hull Street 
 Baltimore, MD 21230 

Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of California, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Wisconsin, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Massachusetts, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of New York, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of New Jersey, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

 Name: Under Armour Retail of Georgia, LLC 
 Address: 1020 Hull Street 
 Baltimore, MD 21230 

Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Pennsylvania, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of DC, LLC 
 Address:
1020 Hull Street 
 Baltimore, MD 21230 

Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Delaware, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Connecticut, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Illinois, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

 Name: Under Armour Retail of South Carolina, LLC 
 Address: 1020 Hull Street 
 Baltimore, MD 21230 

Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Michigan, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Maine, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

Name: Under Armour Retail of Tennessee, LLC 

Address: 1020 Hull Street 
 Baltimore, MD 21230

 Attention: Chief Financial Officer 

Telephone:        (410) 454-6653 
 Telecopy:          (410) 234-1911 

E-Mail:              bdickerson@underarmour.com 

 SCHEDULE 1.1(C) 

QUALIFIED ACCOUNTS RECEIVABLE 
 Upon delivery to the Administrative Agent of each Schedule of Accounts Receivable, the Administrative Agent shall make a determination, in its sole discretion, as to which Accounts Receivable listed
thereon shall be deemed Qualified Accounts Receivable. An Account Receivable of any Loan Party shall not be considered a Qualified Account Receivable unless the Administrative Agent determines, in its sole discretion, that such Account Receivable
has met the following minimum requirements: 
 (i) the Account Receivable represents a complete bona fide
transaction for goods sold and delivered or services rendered (but excluding any amounts in the nature of a service charge added to the amount due on an invoice because the invoice has not been paid when due) which requires no further act under any
circumstances on the part of such Loan Party to make such Account Receivable payable by the Account Receivable Debtor; the Account Receivable arises from an arm’s-length transaction in the ordinary course of such Loan Party’s business
between such Loan Party and an Account Receivable Debtor which is not an Affiliate of any Loan Party or an executive officer of the Borrower or any Affiliate of any Loan Party, or a member of the immediate family of an executive officer of any Loan
Party or any Affiliate of any Loan Party; 
 (ii) the Account Receivable shall (a) have been outstanding for
less than one hundred twenty (120) days from the invoice date, (b) have been outstanding for less than sixty (60) days of its due date, (c) be payable by an Account Receivable Debtor for whom no more than 35% of their Accounts
Receivable have been outstanding for more than one hundred twenty (120) days from the invoice date or have been outstanding for less than sixty (60) days of its due date, and (d) include only up to and including, (1) in the case
of each of Dick’s Sporting Goods, Inc. and The Sports Authority, Inc., 40% of the difference between the aggregate amount of all outstanding Accounts Receivable and the sum of (a) and (b) above, and (2) in the case of all other
Account Receivable Debtors, 20% of the difference between the aggregate amount of all outstanding Accounts Receivable and the sum of (a) and (b) above; 

(iii) the goods the sale of which gave rise to the Account Receivable were shipped or delivered or provided to the
Account Receivable Debtor on an absolute sale basis and not on a bill and hold sale basis, a consignment sale basis, a guaranteed sale basis, a sale or return basis, or on the basis of any other similar understanding, and no part of such goods has
been returned or rejected; 
 (iv) the Account Receivable is not evidenced by chattel paper or an instrument of
any kind; 
 (v) the Account Receivable Debtor with respect to the Account Receivable (a) is Solvent or has
taken no action to give public notice that it is not Solvent, and (b) is not the subject of any bankruptcy or insolvency proceedings of any kind or of any other proceeding or action, threatened in writing or pending, which could reasonably be
expected to have a materially adverse effect on its business; 
 (vi) (a) the Account Receivable Debtor is not
located outside of the United States of America or (b) if the Account Receivable Debtor is located outside of the 

 
United States, the Account Receivable is supported by a letter of credit or FICA insurance reasonably deemed adequate and acceptable by the Administrative Agent; 

(vii)(a) the Account Receivable Debtor is not the government of the United States of America, or any department, agency or
instrumentality thereof, or (b) if the Account Receivable Debtor is an entity mentioned in clause (vii)(a), the Federal Assignment of Claims Act (or applicable similar legislation) has been fully complied with so as to validly perfect the
Lenders’ Prior Security Interest, subject to Permitted Liens, if any, to the Administrative Agent’s satisfaction; 
 (viii) the Account Receivable is a valid, binding and legally enforceable obligation of the Account Receivable Debtor with respect thereto and is not subject to any dispute, condition, contingency,
offset, recoupment, reduction, claim for credit, allowance, adjustment, counterclaim or defense on the part of such Account Receivable Debtor, and no facts exist which may provide a basis for any of the foregoing in the present or future;

 (ix) the Account Receivable is subject to the Administrative Agent’s and the Lenders’ Prior Security
Interest, subject to Permitted Liens, if any, and is not subject to any other Lien, claim, encumbrance or security interest whatsoever; 
 (x) the Account Receivable is evidenced by an invoice or other documentation and arises from a contract which is in form and substance reasonably satisfactory to the Administrative Agent; 

(xi) the Loan Parties have observed and complied in all material respects with all laws of the state in which the Account
Receivable Debtor or the Account Receivable is located which, if not materially observed and complied with, would deny to the Loan Parties access to the courts of such state; 

(xii) the Account Receivable is not subject to any provision prohibiting its assignment or requiring notice of or consent
to such assignment; 
 (xiii) the goods giving rise to the Account Receivable were not, at the time of sale
thereof, subject to any Lien or encumbrance except the Administrative Agent and the Lenders’ Prior Security Interest or any Permitted Lien; 
 (xiv) the Account Receivable is payable in freely transferable United States Dollars; and 
 (xv) the Account Receivable is not, or should not be, disqualified for any other reason generally accepted and reasonable in the commercial finance business. 

In addition to the foregoing requirements, Accounts Receivable of any Account Receivable Debtor which are otherwise Qualified Accounts Receivable shall
be reduced to the extent of any accounts payable by any of the Loan Parties to such Account Receivable Debtor; provided that the Administrative Agent in its sole discretion may determine that none of the Accounts Receivable in respect to such
an Account Receivable Debtor shall be Qualified Accounts Receivable in the event there exists payables owing to such Account Receivable Debtor in excess of 25% of the corresponding Account Receivables balance. 

 SCHEDULE 1.1(D) 

QUALIFIED INVENTORY 
 Upon delivery to the Administrative Agent of each Schedule of Inventory, the Administrative Agent shall make a determination, in its sole discretion, as to which Inventory listed thereon shall be deemed
Qualified Inventory. Inventory held by any Loan Party shall not be considered Qualified Inventory unless the Administrative Agent determines, in its sole discretion, that such Inventory has met the following minimum requirements: 

(i) the Inventory is finished goods, but excluding any goods which have been shipped, delivered, sold by, purchased by or
provided to such Loan Party on a bill and hold, consignment sale, guaranteed sale, or sale or return basis, or any other similar basis or understanding other than an absolute sale; 

(ii) the Inventory is new, of good and merchantable quality; 

(iii) the Inventory is located on premises listed on Schedule A to the Security Agreement and, with respect to
inventory locations at facilities leased to any of the Loan Parties, the Administrative Agent has received a Landlord’s Waiver in favor of the Administrative Agent substantially in the form of Exhibit 6.1.1(xiii) hereto, or is Inventory
which is in transit and is so identified on the relevant Schedule of Inventory; 
 (iv) the Inventory is not
stored with a bailee, warehouseman, consignee or similar party unless the Administrative Agent has given its prior written consent and such Loan Party has caused such bailee, warehouseman, consignee or similar party to issue and deliver to the
Administrative Agent, in form and substance acceptable to the Administrative Agent, warehouse receipts or similar type documentation therefor in the Administrative Agent’s name; 

(v) the Inventory is subject to the Administrative Agent’s and the Lenders’ Prior Security Interest, subject to
Permitted Liens, if any, and is not subject to any other Lien; 
 (vi) the Inventory has not been manufactured in
violation of any applicable federal minimum wage or overtime laws, including, without limitation, the Fair Labor Standards Act, 29 U.S.C. § 215(a)(1); and 

(vii) the Inventory is not, and should not be, disqualified for any other reason generally accepted in the commercial
finance business. 

 SCHEDULE 1.1(P) 

PERMITTED LIENS/LIENS IN THE COLLATERAL 
 All liens existing pursuant to that certain Third Amended and Restated Financing Agreement among CIT Group/Commercial Services, Inc., as Agent, Wachovia Bank, National Association, as Documentation Agent,
SunTrust Bank, as Syndication Agent and the Lenders that are party thereto and Under Armour, Inc., dated December 22, 2006. 
 All liens
existing pursuant to that certain Loan and Security Agreement, dated as of March 22, 2005, by and between SunTrust Leasing Corporation and Under Armour, Inc. 
 All liens existing pursuant to that certain Loan and Security Agreement, dated as of March 22, 2005, by and between SunTrust Leasing Corporation and Under Armour, Inc. and its associated Equipment
Lease Agreement, dated as of March 15, 2005, by and between Sun Trust Leasing Corporation and KP Sports, Inc. (the former name of the Borrower). 
 All liens existing pursuant to that certain Loan and Security Agreement, dated as of May 12, 2008, by and between PNC Equipment Finance, LLC and Under Armour, Inc. and its associated Master Lease
Agreement, dated as of May 12, 2008, by and between PNC Equipment Finance, LLC and Under Armour, Inc. 
 All liens existing under statute
with respect to taxes not yet due and payable. 
 All liens securing Permitted Indebtedness. 

All liens existing of record in any real property leased by any Loan Party and any Subsidiary of any Loan Party. 

All liens set forth on the following tables: 

 DEBTOR: Under Armour, Inc. 
 JURISDICTION: Maryland Department of Assessments and Taxation 
  

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc.	  	6/21/2001	  	0000000181087661	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. All of the following, whether now
owned or existing or hereafter created, acquired or arising and wheresoever located: (a) accounts created by or arising form Debtor’s sales of goods or rendition of services...(“Accounts”); and all instruments, documents, contract
rights, chattel paper, general intangibles, and all forms of obligations owing to Debtor; (b) all of Debtor’s present and future monies, securities and other property now or hereafter held or received by or in transit to Secured Party...; (c)
all of Debtor’s present and future deposits, balances, sums and credits in our possession or control, and all of Debtor’s present and future claims against Secured Party; (d) all of Debtor’s present and future liens, security
interests, rights, remedies, title and interest in, to and in respect of all present and future Accounts, including without limitation: (i) rights and remedies under or relating to guaranties, contracts of suretyship, letters of credit, credit
insurance, or other types of credit enhancements, (ii) rescission, replevin, repossession, reclamation and other rights and remedies of an unpaid vendor, lienor or secured party (iii) goods described in invoices, documents, contracts or instruments
with respect to, or otherwise representing or evidencing Accounts, including returned, repossessed and reclaimed goods, and (iv) deposits by and property of Customers or other persons securing the obligations of Debtor’s Customers; (e) all of
Debtor’s books of account of every kind or nature, purchase and sale agreements, invoices, ledger cards, computer programs, bills of lading and other shipping evidence, statements, correspondence, memoranda, credit files and other data...;
and (f) all proceeds and products of the foregoing... List of definitions described on Schedule A attached to UCC-1.	  	 7/10/2002 – AMENDMENT (1000361987239369) Changing Debtor Name

 
 3/31/2005 – AMENDMENT (1000361991150032) Changing Debtor Name

 
 10/03/2005 – AMENDMENT (1000361991964564) restating certain collateral from the
collateral description as follows:
  
 All accounts sold from time to time by
the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles, including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property
acquired with such proceeds; (iii) all of the debtor’s rights to any

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	 merchandise which are represented thereby; and (iv) all of the Debtor’s right, title, security, guaranties, supporting
obligations and letter of credit rights with respect to such account, including all rights to reclamation and stoppage in transit.
  

2/10/2006 - CONTINUATION

					
	Banc of America Leasing & Capital, LLC	  	3/01/2004	  	0000000181182692	  	This financing statement covers all of the following property and interest in property of the Debtor, whether now owned or existing or acquired or arising in the future, or in
which the Debtor now has or in the future acquires any rights, and wherever located: (i) See Exhibit “A” attached hereto and made a part hereof (the “Units”); (ii) all attachments, accessories and accessions to, substitutions and
replacements for, and products of, the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units (including claims for rent upon any lese of the
Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing; and (vii) all books and records regarding the foregoing. Exhibit A specific
Equipment Description attached to UCC-1 Financing Statement.	  	4/13/2005 – AMENDMENT – Changing Debtor Name
					
	Charter One Vendor Finance, LLC	  	3/12/2004	  	0000000181183153	  	All equipment and other personal property and all modifications and additions thereto and replacements and substitutions therefor, in whole or in part, now or hereafter covered
by the certain Equipment Schedule No. 04 to the Master Lease dated 3/26/2002 between U.S. Bancorp Oliver-Allen Technology Leasing, as Lessor, and KP Sports, Inc., as Lessee. Said equipment includes but is not limited to property of the following
type: Computer Equipment. Secured Party and Debtor have entered into a valid lessor-lessee relationship, and this is a precautionary filing only. Any receipt of proceeds of Collateral by	  	 7/12/2004 – AMENDMENT (1000361990099347) adding certain collateral description as follows:

 
 Amended to include Collateral more fully described on Exhibit A
to

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	another secured party violates the right of Secured Party.	  	 Equipment Schedule No. 04 to Master Lease dated 3/26/2002 attached hereto and made a part hereof. Exhibit A Specific Equipment listing
attached to UCC-1 Financing Statement.
  
 7/30/2004 – ASSIGNMENT
(1000361990165023)
  
 2/21/2007 AMENDMENT (1000361994355612) Changing Debtor
Name

					
	Banc of America Leasing & Capital, LLC	  	3/12/2004	  	0000000181183987	  	This financing statement covers all of the following property and interest in the property of the Debtor, whether now owned or existing or acquired or arising in the future, or in
which the Debtor now has or in the future acquires any rights and wherever located: (i) See Exhibit “A” attached hereto and made a part hereof (the “Units”); (ii) all attachments, accessories and accessions to, substitutions and
replacements for, and products of, the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units (including claims for rent upon any lease of the
units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing, and (vii) all books and records regarding the foregoing. Exhibit A Specific
Equipment Listing attached to UCC-1 Financing Statement.	  	4/13/2005 – AMENDMENT (1000361991209770) Changing Debtor Name
					
	Banc of America Leasing & Capital, LLC	  	3/31/2004	  	0000000181185830	  	This financing statement covers all of the following property and interest in the property of the Debtor, whether now owned or existing or acquired or arising in the future, or in
which the Debtor now has or in the future acquires any rights and wherever located: (i) See Exhibit “A” attached hereto and made a part hereof (the “Units”); (ii) all attachments, accessories and accessions to, substitutions
and	  	4/13/2005 – AMENDMENT (1000361991210901) Changing Debtor Name

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	replacements for, and products of, the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with
respect to the Units (including claims for rent upon any lease of the units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing, and
(vii) all books and records regarding the foregoing. Exhibit A Specific Equipment Listing attached to UCC-1 Financing Statement.	  	
					
	Banc of America Leasing & Capital, LLC	  	4/01/2004	  	0000000181186111	  	This financing statement covers all of the following property and interest in the property of the Debtor, whether now owned or existing or acquired or arising in the future, or
in which the Debtor now has or in the future acquires any rights and wherever located: (i) The racking and other equipment, inventory, or other goods or fixtures from time to time subject to that Lease Intended As Security number 03992-00030 dated
August 26, 2002, between Debtor as lessee and Secured Party, as lessor , and any and all Schedules entered into thereunder, as such documents may be amended, restated or replaced from time to time (the “Units”); (ii) all attachments,
accessories and accessions to, substitutions and replacements for, and products of, the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units
(including claims for rent upon any lease of the units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing, and (vii) all books and
records regarding the foregoing. Exhibit A Specific Equipment Listing attached to UCC-1 Financing Statement.	  	 7/06/2004 – AMENDMENT (100036199085171) restating certain collateral description as follows:

 
 This financing statement covers all of the following property and interest in the
property of the Debtor, whether now owned or existing or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights, and wherever located: (i) One (1) Low and Medium Velocity Racking System from DPI (the
“Units”); (ii) all attachments, accessories and accessions to, substitutions and replacements for, and products of, the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty
and

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	 other claims against third parties with respect to the Units (including claims for rent upon any lease of the Units); (v) all proceeds
of the foregoing, and (vii) all books and records regarding the foregoing.
  

4/13/2005 – AMENDMENT (1000361991211487) Changing Debtor Name

					
	Banc of America Leasing & Capital, LLC	  	4/06/2004	  	0000000181186566	  	See Exhibit “A” attached hereto and made a part hereof. Exhibit A – This financing statement covers all of the following property and interest in property
of the Debtor, whether now owned or existing or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights, and wherever located...See Financing Statement for Specific Equipment Listing...(the
“Units”); (ii) all attachments, accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against
third parties with respect to the Units (including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the
foregoing; and (vii) all books and records regarding the foregoing; The transactions that are the subject of this financing statement may be intended by the parties to be true leases, in which event this is intended as a precautionary
filing.	  	4/14/2005 – AMENDMENT (1000361991224613) Changing Debtor Name (Note: Amendment Not Provided)
					
	Banc of America Leasing & Capital	  	4/06/2004	  	0000000181186605	  	See Exhibit “A” attached hereto and made a part hereof. Exhibit A – This financing statement covers all of the following property and interest in property
of the Debtor, whether now owned or existing or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights , and wherever located...See Financing Statement for Specific Equipment Listing...(the
“Units”); (ii) all	  	4/14/2005 – AMENDMENT (1000361991224464) Changing Debtor Name

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	attachments, accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all
insurance, warranty and other claims against third parties with respect to the Units (including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all
proceeds (including insurance proceeds) of the foregoing; and (vii) all books and records regarding the foregoing; The transactions that are the subject of this financing statement may be intended by the parties to be true leases, in which event
this is intended as a precautionary filing.	  	
					
	Banc of America Leasing & Capital, LLC	  	4/06/2004	  	0000000181186642	  	See Exhibit “A” attached hereto and made a part hereof. Exhibit A – This financing statement covers all of the following property and interest in property
of the Debtor, whether now owned or existing or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights , and wherever located...See Financing Statement for Specific Equipment Listing...(the
“Units”); (ii) all attachments, accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against
third parties with respect to the Units (including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the
foregoing; and (vii) all books and records regarding the foregoing; The transactions that are the subject of this financing statement may be intended by the parties to be true leases, in which event this is intended as a precautionary
filing.	  	4/14/2005 – AMENDMENT (1000361991217666) Changing Debtor Name
					
	Banc of America Leasing & Capital, LLC	  	4/06/2004	  	0000000181186672	  	See Exhibit “A” attached hereto and made a part hereof. Exhibit A – This financing statement covers all of the following property and interest in property
of the Debtor, whether now owned or existing or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights , and wherever located...See Financing Statement for Specific Equipment Listing...(the
“Units”); (ii) all attachments, accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel	  	4/14/2005 – AMENDMENT (1000361991219720) Changing Debtor Name

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units (including claims for rent upon any lease of the
Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing; and (vii) all books and records regarding the foregoing; The transactions that
are the subject of this financing statement may be intended by the parties to be true leases, in which event this is intended as a precautionary filing.	  	
					
	Banc of America Leasing & Capital, LLC	  	4/06/2004	  	0000000181186818	  	See Exhibit “A” attached hereto and made a part hereof. Exhibit A – This financing statement covers all of the following property and interest in property
of the Debtor, whether now owned or existing or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights , and wherever located...See Financing Statement for Specific Equipment Listing...(the
“Units”); (ii) all attachments, accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against
third parties with respect to the Units (including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the
foregoing; and (vii) all books and records regarding the foregoing; The transactions that are the subject of this financing statement may be intended by the parties to be true leases, in which event this is intended as a precautionary
filing.	  	4/14/2005 – AMENDMENT (1000361991219779) Changing Debtor Name
					
	Banc of America Leasing & Capital, LLC	  	4/21/2004	  	0000000181188257	  	This financing statement covers all of the following property and interest in property of the Debtor, whether now owned or existing or acquired or arising in the future, or in
which the Debtor now has or in the future acquires any rights, and wherever located: (i)The conveyor system and other equipment, inventory, or other goods or fixtures from time to time subject to that L3ease intended as Security number 03992-00030
dated 8/26/2002 between Debtor as lessee, and Secured Party, as lessor, and any and all Schedules entered into thereunder, as such documents may be amended, restated or replaced from time to time (the “Units”); and (ii) all attachments,
accessories and accessions	  	 3/22/2005 – AMENDMENT (1000361991103601) restating certain collateral description as follows:

 
 ...(i) One (1) Investonica Cutter, LineA Spreader and 2 Air Floatation Tables with
serial numbers

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	 to, substitutions and replacements for, and products of, the Units; (iii) all rights to chattel paper arising form the Units; (iv)
all insurance, warranty and other claims against third parties with respect to the units (including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi)
all proceeds (including insurance proceeds) of the foregoing; and (vii) all books and records regarding the foregoing.
  
	  	 CB31032101E1, S4QO017202E7, L5544, AB35010301W%. 8259644, and 1259674197 (the “Units”)...

 
 4/07/2005 – AMENDMENT (1000361991195672) Changing Debtor
Name

	Banc of America Leasing & Capital, LLC	  	5/03/2004	  	0000000181189801	  	 This financing statement covers all of the following property and interest in the property of the Debtor, whether now owned or
existing or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights and wherever located: (i) See Exhibit “A” attached hereto and made a part hereof (the “Units”); (ii) all
attachments, accessories and accessions to, substitutions and replacements for, and products of, the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to
the Units (including claims for rent upon any lease of the units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing, and (vii) all books
and records regarding the foregoing. Exhibit A Specific Equipment Listing attached to UCC-1 Financing Statement.
  
	  	 4/13/2005 – AMENDMENT (1000361991209796) Changing Debtor Name
  

	Banc of America Leasing & Capital, LLC	  	5/17/2004	  	0000000181191388	  	This financing statement covers all of the following property and interest in property of the Debtor, whether now owned or existing or acquired or arising in the future, or in
which the Debtor now has or in the future acquires any rights, and wherever located (i) The miscellaneous information technology equipment and general office furniture and equipment and other equipment, inventory, or other goods or fixtures from
time to time subject to that Lease Intended As Security number 03992-00030 dated 8/26/2002 between Debtor, as lessee, and Secured Party, as lessor, and any and all Schedules entered into thereunder, as such documents may be amended, restated or
replaced from time to time (the “Units”); (ii) all attachments, accessories and accessions to, substitutions and replacements for, and	  	 10/29/2004 – AMENDMENT (1000361990524062) restating certain collateral description as follows:

 
 ...(i) Security System to include: fourteen (14) access doors, fifteen (15) motion
detectors, three (3) door load bells, forty-one (41) overhead doors,

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units
(including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing; and (vii) all books and
records regarding the foregoing;	  	 twenty-one (21) door alarms, seven (7) prop door alarms with timers and horns, twenty-three (23) overhead door alarms with strobes,
four (4) intercoms with door openers, one (1) key pad for security system, one (1) modem and software for security system, five (5) LED lights in office area to show the system is armed, one (1) motion detector (the “Units”)...

 
 4/13/2005 – AMENDMENT (1000361991210976) Changing Debtor Name

 

					
	Banc of America Leasing & Capital, LLC	  	5/18/2004	  	0000000181191512	  	 This financing statement covers all of the following property and interest in property of the Debtor, whether now owned or existing
or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights , and wherever located...See Financing Statement for Specific Equipment Listing...(the “Units”); (ii) all attachments,
accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units
(including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing; and (vii) all books and
records regarding the foregoing.
  
	  	4/13/2005 – AMENDMENT (1000361991211438) Changing Debtor Name
	Banc of America Leasing & Capital, LLC	  	6/17/2004	  	0000000181195163	  	This financing statement covers all of the following property and interest in property of the Debtor, whether now owned or existing or acquired or arising in the future, or in
which the Debtor now has or in	  	4/13/2005 – AMENDMENT (1000361991211024)

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	 the future acquires any rights , and wherever locatedSee Exhibit “A” attached hereto and made a part hereof (the
“Units”); (ii) all attachments, accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against
third parties with respect to the Units (including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the
foregoing; and (vii) all books and records regarding the foregoing.
  
	  	Changing Debtor Name
	Banc of America Leasing & Capital, LLC	  	6/17/2004	  	0000000181195247	  	 This financing statement covers all of the following property and interest in property of the Debtor, whether now owned or existing
or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights , and wherever located...See Financing Statement for Specific Equipment Listing...(the “Units”); (ii) all attachments,
accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units
(including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing; and (vii) all books and
records regarding the foregoing.
  
	  	4/13/2005 – AMENDMENT (1000361991205430) Changing Debtor Name
	Banc of America Leasing & Capital, LLC	  	7/06/2004	  	0000000181197103	  	This financing statement covers all of the following property and interest in property of the Debtor, whether now owned or existing or acquired or arising in the future, or in
which the Debtor now has or in the future acquires any rights , and wherever located...See Exhibit “A” attached hereto and made a part hereof (the “Units”); (ii) all attachments, accessories and accessions to, substitutions
and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units (including claims for rent upon any lease of the
Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing; and (vii) all books and records regarding the foregoing.	  	 9/23/2004 – AMENDMENT (1000361990386280) deleting certain collateral description as follows:

 
 Delete the following equipment from the Original UCC-1 Financing Statement, One (1)
Werres Gravity Conveyor for Receiving with EG Converter.

									
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	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	 4/13/2005 – AMENDMENT (1000361991209804) Changing Debtor Name
  

	Banc of America Leasing & Capital, LLC	  	7/06/2004	  	0000000181197277	  	 This financing statement covers all of the following property and interest in property of the Debtor, whether now owned or existing
or acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights , and wherever located...See Exhibit “A” attached hereto and made a part hereof (the “Units”); (ii) all attachments,
accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units
(including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing; and (vii) all books and
records regarding the foregoing.
  
	  	4/13/2005 – AMENDMENT (1000361991205463) Changing Debtor Name
	Banc of America Leasing & Capital, LLC	  	8/05/2004	  	0000000181200832	  	 This financing statement covers all of the following property and interest in property of the Debtor, whether now owned or existing or
acquired or arising in the future, or in which the Debtor now has or in the future acquires any rights , and wherever located...See Exhibit “A” attached hereto and made a part hereof (the “Units”); (ii) all attachments,
accessories and accessions to, substitutions and replacements for, and products of the Units; (iii) all rights to chattel paper arising from the Units; (iv) all insurance, warranty and other claims against third parties with respect to the Units
(including claims for rent upon any lease of the Units); (v) all software and other intellectual property rights used or useful in connection therewith; (vi) all proceeds (including insurance proceeds) of the foregoing; and (vii) all books and
records regarding the foregoing.
  
	  	4/13/2005 – AMENDMENT (1000361991215306) Changing Debtor Name
	Banc of America Leasing & Capital, LLC	  	8/5/2004	  	0000000181201136	  	...(i) One (1) ....Floor Scrubber... One (1) ...Sewing Machine...(ii) all attachments, accessories and accessions to...(the “Units); (iii) all rights to
chattel paper arising from the Units...(iv) all insurance, warranty and other claims against third parties with respect to the	  	4/13/2005 - AMENDMENT (1000361991205489) - Changed name of Debtor

									
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	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	Units...; (v) all software and other intellectual property rights ...with respect to the Units; (vi) all proceeds (including insurance proceeds)...; (vii) all books and records
regarding the foregoing.	  	from KP Sports, Inc. to Under Armour, Inc.
					
	Banc of America Leasing & Capital, LLC	  	10/29/2004	  	0000000181209517	  	 ...(i) One (1) ...Trash Belt Conveyor.. and Nine (9) Bays of Kingway Pallet Racks (the “Units”); ii) all attachments,
accessories and accessions to...(the “Units); (iii) all rights to chattel paper arising from the Units...(iv) all insurance, warranty and other claims against third parties with respect to the Units...; (v) all software and other
intellectual property rights ...with respect to the Units; (vi) all proceeds (including insurance proceeds)...; (vii) all books and records regarding the foregoing.
  
	  	4/13/2005 - AMENDMENT (1000361991204870) - Changed name of Debtor from K.P. Sports, Inc. to Under Armour, Inc.
					
	Banc of America Leasing & Capital, LLC	  	11/1/2004	  	0000000181209617	  	...(i) The security system and other equipment, inventory, or other goods or fixtures...subject to that Lease....dated 8/26/02 between Debtor.. and Secured Party...and
any and all Schedules entered into thereunder...(the “Units”); ...(ii) all attachments, accessories and accessions to...(the “Units); (iii) all rights to chattel paper arising from the Units...(iv) all insurance, warranty
and other claims against third parties with respect to the Units...; (v) all software and other intellectual property rights ...with respect to the Units; (vi) all proceeds (including insurance proceeds)...; (vii) all books and records
regarding the foregoing.	  	 3/22/2005 - AMENDMENT (1000361991114541) - Changed name of Debtor from K.P. Sports, Inc. to Under Armour, Inc.

 
 7/25/2005 - AMENDMENT (1000361991674411) - Restated collateral.

 
 ...(i) Thirty three (33) Security Cameras...Nine (9) Extra Camera housings for
Outside Cameras; Two (2) Digital Video Recorders.. Five (5) Camera Monitors...(the “Units”); ...(ii) all attachments, accessories and accessions to...(the “Units); (iii) all rights
to

									
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	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	 chattel paper arising from the Units...(iv) all insurance, warranty and other claims against third parties with respect to the Units...;
(v) all software and other intellectual property rights ...with respect to the Units; (vi) all proceeds (including insurance proceeds)...; (vii) all books and records regarding the foregoing

 

	M & T Credit Services, LLC	  	2/8/2005	  	0000000181219691	  	 Vendor: DPI Material Handling.. Fourth Progress Payment...The design, engineering and installation of a conveyor system.. in.. new
distribution facility.. Equipment Location: 1010 Swan Creek Drive, Curtis Bay, Maryland 21226....including all replacements, parts, substitutions, modifications...Now affixed thereto.. or intended to be used in connection therewith or
hereafter installed.
  
	  	8/15/2005 - AMENDMENT (1000361991765920) - Change name of Debtor from K P Sports, Inc. to Under Armour, Inc.
	M & T Credit Services, LLC	  	2/8/2005	  	0000000181219693	  	 Vendor: Tate Engineering Systems.. Piping Labor.. Compressor Parts... Transair Misc. (Piping)...Compressor T & M Service
Labor...Compressor Parts Misc. ... Transair Piping.. Mileage.. Sales Tax... Equipment Location: 1010 Swan Creek Drive, Curtis Bay, Maryland 21226; including all replacements, parts, substitutions, modifications.... Now affixed thereto..
or intended to be used in connection therewith or hereafter installed.
  
	  	8/15/2005 - AMENDMENT (1000361991760954) - Change name of Debtor from K P Sports, Inc. to Under Armour, Inc
	M & T Credit Services, LLC	  	2/9/2005	  	0000000181219758	  	 Vendor: Cormark, Inc....Mini Gravity Logo, tooling, UA Gravity Logo, Branded Sign Holders, Adjustable Transformer Asian, Mens
Underwear-Asian...4ft Wall Header w/slat/grid....Equipment Location: 1200 Hull Street, Baltimore, Maryland 21230; including all replacements, parts, substitutions, modifications.... Now affixed thereto.. or intended to be used in connection
therewith or hereafter installed.
  
	  	8/15/2005 - AMENDMENT (1000361991772546) - Change name of Debtor from K P Sports, Inc. to Under Armour, Inc
	M & T Credit Services, LLC	  	2/9/2005	  	0000000181219781	  	Vendor: DPI Material Handling; Inv#...Design, engineering and installation of a Pick Module; System for use in the new distribution	  	8/15/2005 - AMENDMENT

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	Facility...Equipment Location: 1010 Swan Creed Drive, Curtis Bay, Maryland 21226; including all replacements, parts, substitutions, modifications.... Now affixed thereto.. or
intended to be used in connection therewith or hereafter installed.	  	(1000361991765946) - Change name of Debtor from K P Sports, Inc. to Under Armour, Inc
					
	M & T Credit Services, LLC	  	2/9/2005	  	0000000181219787	  	Vendor: Tate Engineering Systems; Inv#1-50250-0; (see Schedule A for description of work and parts); Equipment Location: 1010 Swan Creek Drive, Curtis Bay, Maryland 21226;
including all replacements, parts, substitutions, modifications.... Now affixed thereto.. or intended to be used in connection therewith or hereafter installed	  	8/15/2005 - AMENDMENT (1000361991766241) - Change name of Debtor from K P Sports, Inc. to Under Armour, Inc
					
	M & T Credit Services, LLC	  	2/9/2005	  	0000000181219831	  	Vendor: DPI Material Handling; Inv#31212R-1, 31212R-4, 31212R-2, 31212C-1, 31212C-2, 31212C-3; (see Schedule A for description of work and parts); Equipment Location: 1010 Swan
Creek Drive, Curtis Bay, Maryland 21226; including all replacements, parts, substitutions, modifications.... Now affixed thereto.. or intended to be used in connection therewith or hereafter installed	  	8/15/2005 - AMENDMENT (1000361991760947) - Change name of Debtor from K P Sports, Inc. to Under Armour, Inc
					
	M & T Credit Services, LLC	  	2/9/2005	  	0000000181219833	  	Vendors: Bar Code Trader, Inc. - Inv# 50-2311; Automatic Data Processing - Inv# 872540; The Signature Group - Inv#140056 and 140057 and 140058; (see Schedule A for description of
work and equipment); Equipment Location: 1010 Swan Creek Drive, Curtis Bay, Maryland 21226; including all replacements, parts, substitutions, modifications.... Now affixed thereto.. or intended to be used in connection therewith or hereafter
installed	  	8/15/2005 - AMENDMENT (1000361991766324) - Change name of Debtor from K P Sports, Inc. to Under Armour, Inc
					
	M & T Credit Services, LLC	  	2/14/2005	  	0000000181220288	  	Base System - Phase II (September Installation); (see Schedule A for itemized list of equipment and parts regarding Carton Flow Selection Line, Pick-to-Light System, Warehouse
Control System (WCS), and Conveyor System, and Under Armour Responsibilities....;including all replacements, parts, substitutions, modifications.... Now affixed thereto.. or intended to be used in connection therewith or hereafter
installed	  	8/15/2005 - AMENDMENT (1000361991772256) - Change name of Debtor from K P Sports, Inc. to Under Armour, Inc
					
	SunTrust Leasing Corporation	  	3/25/2005	  	0000000181224264	  	1. The equipment more fully described below, together with all replacements, substitutions and alternatives....; 2. All proceeds (cash and non-cash), including the proceeds of
all insurance policies.... Equipment: Production costs - Womens underwear display production costs - adjustable transformer production costs - 4 ft wall header	  	

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	production costs - branded sign holder production costs - mens underwear display adjustable transformer mens underwear display branded sign holder womens underwear display
gravity....(see financing statement for complete list of equipment)	  	
					
	SunTrust Leasing Corporation	  	4/8/2005	  	0000000181226207	  	The equipment more fully described below, together with all replacements... All proceeds...Equipment: (750) ladies showcase transformer (1) Ladies transformer tooling;
...(see financing statement for complete list of equipment)	  	
					
	SunTrust Leasing Corporation	  	5/25/2005	  	0000000181231125	  	1. The equipment more fully described below, together with all replacements, substitutions and alternatives....; 2. All proceeds (cash and non-cash), including the proceeds of
all insurance policies....Two (2) Loveshaw models CF-40S & CF-40T Case Former (carton erector) Two (2) Auto Central Lube System Two(2) Caser System...batteries...charger...Raymond Walkie One......(see financing statement for
complete list of equipment)	  	
					
	M & T Credit Services, LLC	  	8/23/2005	  	0000000181240787	  	Vendor: Tate Engineering Systems Inv#1-75275-0 - Compressor T & M Service Labor, Compressor Parts Misc, Transair Piping Parts; DPI Material Handling Inv#31212C-6, The design,
engineering and installation of a conveyor system for use in the Under Armour new distribution facility. Equipment Location: 1010 Swan Creek Drive, Curtis Bay, Maryland 21226....;including all replacements, parts, substitutions,
modifications.... Now affixed thereto.. or intended to be used in connection therewith or hereafter installed	  	
					
	The CIT Group/Commercial Services, Inc., as Agent	  	9/8/2005	  	0000000181242350	  	The collateral covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the
Debtor’s present and future: (a) Accounts; (b) Equipment; (c) Inventory and other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. (See Schedule A for definitions
of capitalized terms.)	  	11/29/2005 - AMENDMENT (1000361992214134) - Collateral deleted. The Secured Party releases its lien and security interest in all “Trademarks” of the Debtor, as such term
is defined below. The Secured Party retains its lien and security interest in all other collateral described in the

									
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	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	Financing Statement identified above. (see definition of “Trademarks” on UCC Financing Statement Amendment.)
					
	Suntrust Leasing Corporation and Provident Lease Corp., Inc.	  	10/27/2005	  	0000000181247564	  	The equipment more fully described on the schedule attached to the financing statement together with all replacements, substitutions and alternatives therefore and thereof and
accessions thereto. All proceeds (cash and non-cash), including the proceeds of all insurance policies, thereof (but w/o power of sale)	  	
					
	SunTrust Leasing Corporation and Provident Lease Corp., Inc.	  	2/10/2006	  	0000000181258478	  	The equipment more fully described on the financing statement together with all replacements, substitutions and alternatives therefore and thereof and accessions thereto. All
proceeds (cash and non-cash), including the proceeds of all insurance policies, thereof (but w/o power of sale)	  	
					
	M&T Credit Services, LLC	  	2/16/2006	  	0000000181258818	  	All right title and interest of Debtor in, to and under Promissory Note No. 30264-003 executed pursuant to that loan and security agreement no. 03264, each between SunTrust Leasing
Corporation as lender and under armour , inc. as borrower and the equipment financed thereunder together with all replacements, substitutions and alternatives therefore and thereof and accessions thereto. All proceeds (cash and non-cash) including
the proceeds of all insurance policies, thereof more fully described on attachment A to Financing Statement.	  	
					
	Smurfit-Stone Container Enterprises, Inc.	  	2/24/2006	  	0000000181259559	  	Maren model 72-48-312 wide mouth auto tie baler, stock# 3724, s/n#990336	  	
					
	IOS Capital	  	10/18/2006	  	0000000181285148	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement....Product Schedule No./ Agreement No. 1013658A2, Master
Agreement/Lease No. 1013658.	  	
					
	IBM Credit LLC	  	1/12/2007	  	0000000181293702	  	All of the equipment together with all related software more fully described on Financing Statement.	  	
					
	Smurfit-Stone Container Enterprises, Inc.	  	1/25/2007	  	0000000181295038	  	Tramrail Model 3400HD Density, Super Duty Stroke Baler s/n 065085, stock#4214	  	
					
	Sensomatic Electronics Corporation	  	2/21/2007	  	0000000181297532	  	All equipment related components and other goods of any type or description more fully described on Financing Statement	  	
					
	SunTrust Leasing	  	4/2/2007	  	000000018130832	  	All equipment more fully described on Financing Statement	  	

									
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	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	Corporation	  		  		  		  	
					
	IOS Capital	  	5/1/2007	  	0000000181305141	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A18, Master
Agreement/Lease No. 1013658.	  	
					
	IOS Capital	  	5/1/2007	  	0000000181305146	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A17, Master
Agreement/Lease No. 1013658.	  	
					
	IOS Capital	  	5/21/2007	  	0000000181307134	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A20, Master
Agreement/Lease No. 1013658.	  	
					
	IOS Capital	  	5/21/2007	  	0000000181307211	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A19, Master
Agreement/Lease No. 1013658.	  	
					
	IOS Capital	  	5/21/2007	  	0000000181307418	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A21, Master
Agreement/Lease No. 1013658.	  	
					
	IKON Financial Services	  	7/19/2007	  	0000000181313617	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A23, Master
Agreement/Lease No. 1013658.	  	
					
	IKON Financial Services	  	7/19/2007	  	0000000181313659	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A22, Master
Agreement/Lease No. 1013658.	  	
					
	IKON Financial Services	  	10/03/2007	  	0000000181321393	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A25, Master
Agreement/Lease No. 1013658.	  	
					
	IKON Financial Services	  	10/11/2007	  	0000000181321995	  	Customer: 1287010 RIMPC3500 L8967120180.	  	
					
	SunTrust Leasing Corporation	  	11/01/2007	  	0000000181324184	  	All equipment more fully described on Financing Statement	  	
					
	IKON Financial Services	  	11/07/2007	  	0000000181324899	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A27, Master
Agreement/Lease No. 1013658.	  	
					
	IKON Financial Services	  	11/13/2007	  	0000000181325145	  	All equipment in connection with that certain Master Agreement No. more fully described on Financing Statement...Product Schedule No./ Agreement No. 1013658A28, Master
Agreement/Lease No. 1013658.	  	

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	IKON Financial Svcs	  	12/5/2007	  	0000000181327661	  	The terms “Debtor” and “Secured Party” shall mean “Lessor” and “Lessee” respectively. This financing statement covers the following types (or
items) of property: All equipment now or hereafter leased in an equipment leasing transaction in connection with that certain Master Agreement No. see below Product Schedule No./Agreement No. see below (“Lease”), as amended from time to
time, between IOS Capital, LLC as lessor, and the above referenced Lessee/Debtor, including.....all additions, improvements, attachments, accessories, accessions, upgrades and replacements related thereto, and any and all substitutions or
exchanges... This statement is filed in connection with a lease transaction and is filed for precautionary purposes only.....Product Schedule No./Agreement No. 1013658A29, Master Agreement/Lease No. 1013658...	  	
					
	IKON Financial Svcs	  	12/6/2007	  	0000000181327292	  	The terms “Debtor” and “Secured Party” shall mean “Lessor” and “Lessee” respectively. This financing statement covers the following types (or
items) of property: All equipment now or hereafter leased in an equipment leasing transaction in connection with that certain Master Agreement No. see below Product Schedule No./Agreement No. see below (“Lease”), as amended from time to
time, between IOS Capital, LLC as lessor, and the above referenced Lessee/Debtor, including.....all additions, improvements, attachments, accessories, accessions, upgrades and replacements related thereto, and any and all substitutions or
exchanges... This statement is filed in connection with a lease transaction and is filed for precautionary purposes only.....Product Schedule No./Agreement No. 1013658A32, Master Agreement/Lease No. 1013658...	  	
					
	IKON Financial Svcs	  	12/6/2007	  	0000000181327293	  	The terms “Debtor” and “Secured Party” shall mean “Lessor” and “Lessee” respectively. This financing statement covers the following types (or
items) of property: All equipment now or hereafter leased in an equipment leasing transaction in connection with that certain Master Agreement No. see below Product Schedule No./Agreement No. see below (“Lease”), as amended from time to
time, between IOS Capital, LLC as lessor, and the above referenced Lessee/Debtor, including.....all additions, improvements, attachments, accessories, accessions, upgrades and replacements related thereto, and any and all substitutions or
exchanges... This statement is filed in connection with	  	

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	a lease transaction and is filed for precautionary purposes only.....Product Schedule No./Agreement No. 1013658A30, Master Agreement/Lease No. 1013658...	  	
					
	IKON Financial Svcs	  	12/6/2007	  	0000000181327328	  	The terms “Debtor” and “Secured Party” shall mean “Lessor” and “Lessee” respectively. This financing statement covers the following types (or
items) of property: All equipment now or hereafter leased in an equipment leasing transaction in connection with that certain Master Agreement No. see below Product Schedule No./Agreement No. see below (“Lease”), as amended from time to
time, between IOS Capital, LLC as lessor, and the above referenced Lessee/Debtor, including.....all additions, improvements, attachments, accessories, accessions, upgrades and replacements related thereto, and any and all substitutions or
exchanges... This statement is filed in connection with a lease transaction and is filed for precautionary purposes only.....Product Schedule No./Agreement No. 1013658A31, Master Agreement/Lease No. 1013658...	  	
					
	IKON Financial Svcs	  	12/6/2007	  	0000000181327349	  	The terms “Debtor” and “Secured Party” shall mean “Lessor” and “Lessee” respectively. This financing statement covers the following types (or
items) of property: All equipment now or hereafter leased in an equipment leasing transaction in connection with that certain Master Agreement No. see below Product Schedule No./Agreement No. see below (“Lease”), as amended from time to
time, between IOS Capital, LLC as lessor, and the above referenced Lessee/Debtor, including.....all additions, improvements, attachments, accessories, accessions, upgrades and replacements related thereto, and any and all substitutions or
exchanges... This statement is filed in connection with a lease transaction and is filed for precautionary purposes only.....Product Schedule No./Agreement No. 1013658A33, Master Agreement/Lease No. 1013658...	  	
					
	IKON Financial Svcs	  	12/12/2007	  	0000000181327996	  	The terms “Debtor” and “Secured Party” shall mean “Lessor” and “Lessee” respectively. This financing statement covers the following types (or
items) of property: All equipment now or hereafter leased in an equipment leasing transaction in connection with that certain Master Agreement No. see below Product Schedule No./Agreement No. see below (“Lease”), as amended from time to
time, between IOS Capital, LLC as lessor, and the above referenced Lessee/Debtor,	  	

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	including......all additions, improvements, attachments, accessories, accessions, upgrades and replacements related thereto, and any and all substitutions or exchanges... This
statement is filed in connection with a lease transaction and is filed for precautionary purposes only.....Product Schedule No./Agreement No. 1013658A34, Master Agreement/Lease No. 1013658...	  	
					
	SunTrust Leasing Corporation	  	12/24/2007	  	0000000181329500	  	The equipment more fully described below, together with all replacements, substitutions and alternatives therefore and thereof and accessions thereto. All proceeds (cash and
non-cash), ...Moving Services Design Services FF&E consisting of Chairs, Carpet, Closed Office and Systems Furniture Computer Hardware consisting of: Smartups 1000VA RM2U 120V USB Ser Lin....(see financing statement for complete
list)...Work Performed: Demoed 3rd floor low voltage
from ceiling, Labor Voice & Data, Power & Light, Labor Removal of old flooring in new space Painting Construction Alarm System - Installation Charges...(see financing statement for complete list). Office Equipment — Cisco Stackwise
1M Stacking Cable	  	
					
	SunTrust Leasing Corporation	  	12/24/2007	  	0000000181329501	  	The equipment more fully described below, together with all replacements, substitutions and alternatives therefore and thereof and accessions thereto. All proceeds (cash and
non-cash), ...Computer Software (Double Take for Windows-Serve) Computer Equipment and Hardware: Disk Enclosure..(see financing statement for complete list)...Computer Software License Consulting, Travel Expenses and Software
License	  	
					
	SunTrust Equipment Finance & Leasing Corp.	  	3/31/2008	  	0000000181337941	  	The equipment more fully described on the attached schedules, together with all replacements, substitutions and alternatives therefore an d thereof and accessions thereto. All
proceeds (cash and non-cash), including the proceeds of all insurance policies..(list of vendors, invoice numbers, and comments on Attachment to UCC-1.)	  	
					
	 M & T Credit Services, LLC
 Assignor Secured Party: SunTrust Equipment Finance & Leasing Corp.
	  	5/8/2008	  	0000000181341563	  	All right, title and interest of debtor in, to and under: Promissory Note No. 30264-010 executed pursuant to that certain Loan & Security Agreement No. 03264, each between
SunTrust Leasing Corporation, as Lender, and under Armour, Inc., as Borrower; and the equipment financed thereunder, together with all accessions, substitutions and replacements therefore, and proceeds (both cash and non cash,	  	

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	including insurance proceeds) thereof; more fully described on the Attachment A. (see Collateral Schedule to Promissory Note which includes Vendor Name & Invoice No. and
description, including computer software, equipment and soft costs; computer equipment and hardware, consulting and travel expense; Windows; Oracle Database, computer software licenses...)	  	
					
	 M & T Credit Services, LLC
 Assignor Secured Party: SunTrust Equipment Finance & Leasing Corp.
	  	5/8/2008	  	0000000181341884	  	All right, title and interest of Debtor in, to and under: Promissory Note No. 30264-011 executed pursuant to that certain Loan & Security Agreement No. 03264, each between
SunTrust Leasing Corporation, as Lender, and under Armour, Inc., as Borrower; and the equipment financed thereunder, together with all accessions, substitutions and replacements therefore, and proceeds (both cash and non cash, including insurance
proceeds) thereof; more fully described on the Attachment A. (see Collateral Schedule to Promissory Note which includes Vendor Name & Invoice No. and description, including moving services, design services, computer hardware, various CAT5e patch
cables, work performed: demoed 3rd floor low voltage from
ceiling, labor, removal of old flooring in new space, painting, construction, alarm system, office equipment...)	  	
					
	SunTrust Leasing Corporation	  	6/2/2008	  	0000000181344252	  	The equipment more fully described on the attached schedules, together with all replacements, substitutions and alternatives therefore and thereof and accessions thereto. All
proceeds (cash and non-cash), including the proceed of all insurance policies, thereof....(see Attachment to UCC-1 for vendors, invoice numbers, and comments — vendors: Haymaker Technologies for labor, material for cable install; Integration
Services Group for consulting; Manhattan Associates for consulting, software design support; Infor Global Systems for consulting, Inner Harbor Solutions for consulting, license fee)	  	
					
	PNC Equipment Finance LLC	  	6/9/2008	  	0000001181344936	  	Secured Party and Debtor have entered into Loan& Security Agreement No. 4920 & related documents under which Secured Party will finance Debtors items of equipment that
are described from time to time in such agreements and documents. This Financing Statement covers all of Debtor’s right, title and interest in and to such equipment and all leases thereof, all general intangibles (including payment
intangibles), accounts, chattel paper (including electronic chattel paper), documents, instruments, investment property, software and	  	

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	goods relating to, arising from or embedded in any of such equipment and leases, all supporting obligations of all of the foregoing, and all cash and non-cash proceeds and
products...., and all additions and accessions thereto, substitutions....	  	
					
	SunTrust Equipment Finance & Leasing Corp.	  	6/30/2008	  	0000000181346691	  	The equipment more fully described on the attached schedule, together with all replacements, substitutions and alternatives therefore and thereof and accessions thereto. All
proceeds (cash and non-cash), including the proceeds of all insurance policies, thereof (but without power of sale)..(see Collateral Schedule to Promissory Note No. 014 attached to UCC for vendors, invoice numbers and summary — vendors: Carlson
Group for various fixtures and transformers, Cormark for fixture, transformer, men’s underwear, freight..., Lifestyle forms for mannequins)	  	
					
	IBM Credit LLC	  	7/1/2008	  	0000000181346752	  	All of the following equipment together with all related software, whether now owned or hereafter acquired and wherever located (all as more fully described on IBM Credit LLC
Supplement(s) # F50465 including one or more of the following: 2005-16B (IBM)....all additions, attachments, accessories, accessions and upgrades thereto and any and all substitutions, replacements or exchanges for any such item of equipment or
software and any and all proceeds of any of the foregoing, including, without limitations, payments under insurance or any indemnity or warranty relating to loss or damage to such equipment and software. IBM Credit LLC files this notice as a
precautionary filing. See UCC 9-505. UCC Log Number: CPD00F50465 0524065.	  	
					
	Cisco Systems Capital Corporation	  	8/4/2008	  	0000000181349733	  	The collateral described in Attachment “A” attached hereto and made part hereof, including all additions, attachments, accessions, substitutions, replacements and
proceeds of such collateral pertaining to this application number TFV28316. (see Attachment A to UCC for list of equipment)	  	
					
	IKON Financial Svcs	  	10/16/2008	  	0000000181355484	  	The terms “Debtor” and “Secured Party” shall mean “Lessor” and “Lessee” respectively. This financing statement covers the following types
(or items) of property: All equipment now or hereafter leased in an equipment leasing transaction in connection with that certain Master Agreement No. see below Product Schedule No./Agreement	  	

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  	No. see below (“Lease”), as amended from time to time, between IOS Capital, LLC as lessors and the above referenced Lessee/Debtor, including without limit, the
equipment listed below, and all additions, improvements, attachments, accessories, accessions, upgrades and replacements related thereto, and any and all substitutions or exchanges, and any and all products, insurance and/or other proceeds upgrades
and replacements related thereto, and any and all substitutions or exchanges, and any and all products, insurance and/or other proceeds (cash or non-cash) there from: The equipment location is as identified in the Lease. This is intended to be a
true lease transaction. Neither the execution nor filing of this financing statement shall in any manner imply that the relationship between the parties to which this document applies is other than lessor and lessee, respectively. This financing
statement is filed solely to protect the interests of the parties in the event of unwarranted assertions by any third party. This statement is filed in connection with a lease transaction and is filed for precautionary purposes only. Product
Schedule No./Agreement No. 1013658A38, Master Agreement/Lease No. 1013658....	  	
					
	Hewlett-Packard Financial Services Company	  	11/5/2008	  	0000000181356805	  	All equipment and software now or hereafter acquired, which Secured Party has leased to or financed for Debtor, including, but not limited to, computer, printing, imaging,
copying, scanning, projection and storage equipment, any and all related peripherals, attachments, accessions, additions, general intangibles, substitutions, supplies, replacements, and any right, title or interest in any license for any software
used to operate or otherwise installed in any of the foregoing, and products and proceeds of all of the foregoing (including insurance proceeds).	  	

 DEBTOR: Under Armour Retail of Ohio, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc.	  	4/18/2006	  	0000000181263481	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit. Schedule A - The collateral covered by
the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future (a) Accounts; (b) Equipment; (c) Inventory and other Goods;
(d) Documents and Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc., as Agent	  	4/18/2006	  	0000000181264601	  	For a description of the collateral covered by this financing statement, See Schedule A attached hereto and incorporated herein by reference. Schedule A - The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	 6/07/2006 – AMENDMENT deleting certain collateral from the collateral description as follows:

 
 For the avoidance of doubt, the Secured Party hereby acknowledges that the
“General Intangibles” covered by the Financing Statement referenced above (and as defined in Schedule A attached thereto) do not include any of the Debtor’s present and hereafter acquired trademarks, trademark registrations,
recordings,

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	applications, tradenames, trade styles, corporate names, business names, service marks, logos and any other designs or sources of business identities, prints and labels (on which
any of the foregoing may appear), all reissues and renewals thereof, all licenses thereof, all other general intangible, intellectual property and other rights pertaining to any of the foregoing, together with the goodwill associated therewith, and
all income, royalties and other proceeds of any of the foregoing.

 DEBTOR: Under Armour Retail of California, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	COMMENTS
	The CIT Group/Commercial Services, Inc., as Agent	  	6/7/2006	  	0000000181270620	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The
collateral covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c)
Inventory and other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	6/7/2006	  	0000000181270630	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of Texas, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	COMMENTS
	The CIT Group/Commercial Services, Inc., as Agent	  	6/7/2006	  	0000000181270624	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The
collateral covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c)
Inventory and other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	6/7/2006	  	0000000181270632	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of Wisconsin, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	COMMENTS
	The CIT Group/Commercial Services, Inc., as Agent	  	6/7/2006	  	0000000181270622	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The
collateral covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c)
Inventory and other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	6/7/2006	  	0000000181270631	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of Massachusetts, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	COMMENTS
	The CIT Group/Commercial Services, Inc., as Agent	  	6/7/2006	  	0000000181270627	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The
collateral covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c)
Inventory and other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	6/7/2006	  	0000000181270635	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of Pennsylvania, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	12/18/2006	  	0000000181290301	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The
collateral covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c)
Inventory and other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	12/20/2006	  	0000000181291347	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of Delaware, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	12/18/2006	  	0000000181290297	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The
collateral covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c)
Inventory and other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	12/20/2006	  	0000000181291344	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of Georgia, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	12/18/2006	  	0000000181290299	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	12/20/2006	  	0000000181291339	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles (including
all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all of the
Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of New York, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	12/18/2006	  	0000000181290300	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The
collateral covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c)
Inventory and other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	12/20/2006	  	0000000181291338	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of New Jersey, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	12/18/2006	  	0000000181290298	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	12/20/2006	  	0000000181291341	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles (including
all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all of the
Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of DC, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	12/18/2006	  	0000000181290296	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	12/20/2006	  	0000000181291337	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles (including
all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all of the
Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of Virginia, LLC 

JURISDICTION: Virginia State Corporations Commission 

 

									
	 SECURED PARTY
	  	 FILING
DATE
	  	 FILE NO.
	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	9/8/2005	  	050908 7207-9	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	 11/30/2005 – AMENDMENT (051130 7027-9) deleting certain collateral from the collateral description as follows:

 
 The Secured Party releases its lien and security interest in all
“Trademarks” of the debtor, as such term is defined below. The Secured party retains its lien and security interest in all other collateral described in the Financing Statement identified above. “Trademarks” shall mean all of the
Debtor’s present and hereafter acquired trademarks, trademark registrations, recordings, applications, tradenames, trade styles, corporate names, business names, service marks, logos and any other designs or sources of business identities,
prints and labels (on which any of the foregoing may appear), all reissues thereof, all licenses thereof, all other general intangible, intellectual property and other rights pertaining to any of the foregoing, together with the goodwill associated
therewith, and all income,

									
	 SECURED PARTY
	  	 FILING
DATE
	  	 FILE NO.
	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	royalties and other proceeds of any of the foregoing.
					
	The CIT Group/Commercial Services, Inc.	  	10/4/2005	  	051004 7034-7	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles (including
all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all of the
Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of Florida, LLC 

JURISDICTION: Florida Department of State 
  

													
	 SECURED PARTY
	  	FILING
DATE	 	  	FILE NO.	 	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	 	10/14/2005	  	  	 	200500935511	  	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	 11/29/2005 – AMENDMENT (200501282287) deleting certain collateral from the collateral description as follows:

 
 The Secured Party releases its lien and security interest in all
“Trademarks” of the debtor, as such term is defined below. The Secured party retains its lien and security interest in all other collateral described in the Financing Statement identified above. “Trademarks” shall mean all of the
Debtor’s present and hereafter acquired trademarks, trademark registrations, recordings, applications, tradenames, trade styles, corporate names, business names, service marks, logos and any other designs or sources of business identities,
prints and labels (on which any of the foregoing may appear), all reissues thereof, all licenses thereof, all other general intangible, intellectual property and other rights pertaining to any of the foregoing, together with the goodwill associated
therewith, and all income,

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	royalties and other proceeds of any of the foregoing.
					
	The CIT Group/Commercial Services, Inc.	  	10/31/2005	  	200501053539	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles (including
all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all of the
Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail of Maryland, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	9/8/2005	  	0000000181242343	  	For a description of the collateral covered by this Financing Statement, see Schedule A attached hereto and incorporated herein by reference. Schedule A – The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future: (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	 9/26/2005 – AMENDMENT (1000361991930490) - Changed Debtor’s name from Under Armour Retail of Maryland, Inc. to Under Armour
Retail of Maryland, L.L.C.
  
 11/29/2005 - AMENDMENT (1000361992214118) -
The Secured Party releases its lien and security interest in all “Trademarks” of the debtor, as such term is defined below. The Secured party retains its lien and security interest in all other collateral described in the Financing
Statement identified above. “Trademarks” shall mean all of the Debtor’s present and hereafter acquired trademarks, trademark registrations, recordings, applications, tradenames, trade styles, corporate names, business names, service
marks, logos and any other designs or sources of business identities, prints and labels (on which any of the foregoing may appear), all reissues thereof, all licenses thereof, all other general intangible, intellectual
property

									
	 SECURED PARTY
	  	FILING
DATE	  	FILE NO.	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	and other rights pertaining to any of the foregoing, together with the goodwill associated therewith, and all income, royalties and other proceeds of any of the
foregoing.
					
	The CIT Group/Commercial Services, Inc.	  	10/3/2005	  	0000000181244770	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles (including
all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all of the
Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Retail, Inc. 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	 FILING
DATE
	  	 FILE NO.
	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	9/8/2005	  	0000000181242341	  	For a description of the collateral covered by this financing statement, See Schedule A attached hereto and incorporated herein by reference. Schedule A - The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	 11/29/2005 – AMENDMENT (1000361992214092) deleting certain collateral from the collateral description as follows:

 
 The Secured Party releases its lien and security interest in all
“Trademarks” of the debtor, as such term is defined below. The Secured party retains its lien and security interest in all other collateral described in the Financing Statement identified above. “Trademarks” shall mean all of the
Debtor’s present and hereafter acquired trademarks, trademark registrations, recordings, applications, tradenames, trade styles, corporate names, business names, service marks, logos and any other designs or sources of business identities,
prints and labels (on which any of the foregoing may appear), all reissues thereof, all licenses

									
	 SECURED PARTY
	  	 FILING
DATE
	  	 FILE NO.
	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	thereof, all other general intangible, intellectual property and other rights pertaining to any of the foregoing, together with the goodwill associated therewith, and all income,
royalties and other proceeds of any of the foregoing.
					
	The CIT Group/Commercial Services, Inc.	  	10/3/2005	  	0000000181244771	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 DEBTOR: Under Armour Manufacturing, LLC 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	 FILING
DATE
	  	 FILE NO.
	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	9/8/2005	  	0000000181242351	  	For a description of the collateral covered by this financing statement, See Schedule A attached hereto and incorporated herein by reference. Schedule A - The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	 11/29/2005 – AMENDMENT (1000361992214159) deleting certain collateral from the collateral description as follows:

 
 The Secured Party releases its lien and security interest in all
“Trademarks” of the debtor, as such term is defined below. The Secured party retains its lien and security interest in all other collateral described in the Financing Statement identified above. “Trademarks” shall mean all of the
Debtor’s present and hereafter acquired trademarks, trademark registrations, recordings, applications, tradenames, trade styles, corporate names, business names, service marks, logos and any other designs or sources of business identities,
prints and labels (on which any of the foregoing may appear), all reissues thereof, all licenses

									
	 SECURED PARTY
	  	 FILING
DATE
	  	 FILE NO.
	  	 COLLATERAL
	  	 COMMENTS

		  		  		  		  	 thereof, all other general intangible, intellectual property and other rights pertaining to any of the foregoing, together with the
goodwill associated therewith, and all income, royalties and other proceeds of any of the foregoing.
  
 8/23/2006 - AMENDMENT
 (1000361993570765) - Changed Debtor’s name from Under Armour Hong Kong,
LLC to Under Armour Manufacturing, LLC

					
	The CIT Group/Commercial Services, Inc.	  	10/3/2005	  	0000000181244772	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles (including
all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all of the
Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	8/23/2006 - AMENDMENT (100361993570716) - Changed Debtor’s name from Under Armour Hong Kong, LLC to Under Armour Manufacturing, LLC

 DEBTOR: Under Armour Direct, Inc. 

JURISDICTION: Maryland Department of Assessments and Taxation 

 

									
	 SECURED PARTY
	  	 FILING
DATE
	  	 FILE NO.
	  	 COLLATERAL
	  	 COMMENTS

	The CIT Group/Commercial Services, Inc., as Agent	  	6/7/2006	  	0000000181270628	  	For a description of the collateral covered by this financing statement, See Schedule A attached hereto and incorporated herein by reference. Schedule A - The collateral
covered by the financing statement to which this Schedule A is attached consists of all of the assets of the Debtor, including, without limitation, all of the Debtor’s present and future (a) Accounts; (b) Equipment; (c) Inventory and
other Goods; (d) Documents of Title; (e) General Intangibles; (f) Investment Property; (g) Real Estate; and (h) Other Collateral. List of definitions described on Schedule A attached to UCC-1.	  	
					
	The CIT Group/Commercial Services, Inc.	  	6/7/2006	  	0000000181270633	  	All accounts sold from time to time by the Debtor to the Secured Party, together with (i) all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); (ii) all proceeds thereof, including all property acquired with such proceeds; (iii) all of the Debtor’s rights to any merchandise which are represented thereby; and (iv) all
of the Debtor’s right, title, security, guaranties, supporting obligations and letter of credit rights with respect to each such account, including all rights to reclamation and stoppage in transit.	  	

 SCHEDULE 5.1.1 

QUALIFICATIONS TO DO BUSINESS 
  

					
	 Entity
	  	State	  	Registration #
	 Under Armour, Inc.
	  	California	  	3047972
	 Under Armour, Inc.
	  	Colorado	  	20041414517
	 Under Armour, Inc.
	  	Florida	  	F07000005395
	 Under Armour, Inc.
	  	Hawaii	  	39057
	 Under Armour, Inc.
	  	Massachusetts	  	000990111
	 Under Armour, Inc.
	  	Michigan	  	587791
	 Under Armour, Inc.
	  	Minnesota	  	3076662-2
	 Under Armour, Inc.
	  	Missouri	  	F00936022
	 Under Armour, Inc.
	  	Oregon	  	475871-91
	 Under Armour, Inc.
	  	South Dakota	  	FB033041
	 Under Armour, Inc.
	  	Texas	  	800871073
	 Under Armour, Inc.
	  	West Virginia	  	95311
	 Under Armour Retail, Inc.
	  	California	  	C2886851
	 Under Armour Retail, Inc.
	  	Connecticut	  	0938462
	 Under Armour Retail, Inc.
	  	Delaware	  	4356755
	 Under Armour Retail, Inc.
	  	Georgia	  	07055794
	 Under Armour Retail, Inc.
	  	Illinois	  	6616-360-1
	 Under Armour Retail, Inc.
	  	Massachusetts	  	000924849
	 Under Armour Retail, Inc.
	  	Maine	  	2081551500054
	 Under Armour Retail, Inc.
	  	Michigan	  	60192Q
	 Under Armour Retail, Inc.
	  	New Jersey	  	0400180825
	 Under Armour Retail, Inc.
	  	New York	  	070718000279
	 Under Armour Retail, Inc.
	  	Ohio	  	200823901636
	 Under Armour Retail, Inc.
	  	Pennsylvania	  	3699388
	 Under Armour Retail, Inc.
	  	South
 Carolina
	  	080714-0042
	 Under Armour Retail, Inc.
	  	Tennessee	  	Applied for

1/12/09

	 Under Armour Retail, Inc.
	  	Texas	  	800658790
	 Under Armour Retail, Inc.
	  	Virginia	  	F172130-9
	 Under Armour Retail, Inc.
	  	Wisconsin	  	U017433
	 Under Armour Retail of California, LLC
	  	California	  	200615610047
	 Under Armour Retail of Connecticut, LLC
	  	Connecticut	  	0938473
	 Under Armour Retail of Delaware, LLC
	  	Delaware	  	4356797
	 Under Armour Retail of Georgia, LLC
	  	Georgia	  	07055781
	 Under Armour Retail of Illinois, LLC
	  	Illinois	  	0254-205-6
	 Under Armour Retail of Massachusetts, LLC
	  	Massachusetts	  	204844982
	 Under Armour Retail of Maine, LLC
	  	Maine	  	2081551500056
	 Under Armour Retail of Michigan, LLC
	  	Michigan	  	D90085

					
	 Entity
	  	State	  	Registration #
	 Under Armour Retail of New Jersey, LLC
	  	New Jersey	  	0400181222
	 Under Armour Retail of New York, LLC
	  	New York	  	070806000381
	 Under Armour Retail of Ohio, LLC
	  	Ohio	  	1607198
	 Under Armour Retail of Pennsylvania, LLC
	  	Pennsylvania	  	3712001
	 Under Armour Retail of South Carolina,

LLC
	  	South
Carolina	  	080708-0154
	 Under Armour Retail of Tennessee, LLC
	  	Tennessee	  	Applied for
1/12/09
	 Under Armour Retail of Texas, LLC
	  	Texas	  	800658784
	 Under Armour Retail of Wisconsin, LLC
	  	Wisconsin	  	U017431

 SCHEDULE 5.1.2 

EXISTING SUBSIDIARIES 
  

					
	 Subsidiary
	  	 Jurisdiction of

Organization
	  	 Amount, Percentage and Type of Equity

Interests

	 Under Armour Manufacturing, LLC
	  	Maryland	  	Wholly owned by the Borrower
	 Under Armour Canada, Inc.
	  	Canada	  	Wholly owned by the Borrower
	 Under Armour Retail, Inc.
	  	Maryland	  	Wholly owned by the Borrower
	 Under Armour Europe BV
	  	 Dutch Chamber
 of
Commerce
	  	Wholly owned by the Borrower
	 Under Armour Asia Limited
	  	 Hong Kong
 Limited
Company
	  	Wholly owned by Under Armour Europe BV
	 Under Armour France S.a.r.l
	  	 French Limited

Company
	  	Wholly owned by Under Armour Europe BV
	 Under Armour Direct, Inc. (to be renamed

“Under Armour Holdings, Inc.”)
	  	Maryland	  	Wholly owned by the Borrower
	 Under Armour Retail of Texas, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Ohio, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Maryland, L.L.C.
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc..
	 Under Armour Retail of Florida, LLC
	  	Florida	  	Wholly owned by Under Armour Retail, Inc..
	 Under Armour Retail of Virginia, LLC
	  	Virginia	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of California, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Wisconsin, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Massachusetts, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of New York, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of New Jersey, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Georgia, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Pennsylvania, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of DC, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Delaware, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Connecticut, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Illinois, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of South Carolina, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Michigan, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Maine, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.
	 Under Armour Retail of Tennessee, LLC
	  	Maryland	  	Wholly owned by Under Armour Retail, Inc.

 There are no options, warrants or other rights to purchase Subsidiary Equity Interests. 

 SCHEDULE 5.1.5 

LITIGATION 
 Borrower has
a License and Distribution Agreement with an effective date of October 14, 2005 (“License Agreement”) with JR286, Inc. (“JR286”) whereby JR286 manufactures, markets and sells certain accessory products (primarily hats, bags and
protective gear) bearing Borrower’s trademarks and pays Borrower a certain royalty on its net revenues from the sales of such accessory products. As required by the License Agreement, Borrower provided written notice to JR286 of its decision
not to enter into a new agreement after the term of the current License Agreement expires on December 31, 2010. The License Agreement expressly provides that JR286’s license rights expire at the end of the term if Borrower elects not to enter
into a new contract. JR286 nevertheless rejected Borrower’s notice in a letter to Borrower dated November 6, 2008 and has claimed that Borrower and JR286 agreed that JR286’s license rights would continue after the expiration of the current
License Agreement. On November 17, 2008, Borrower initiated mediation pursuant to the dispute resolution clause of the Agreement. Mediation is currently scheduled for February 2, 2009 in Baltimore, Maryland. 

Plaintiffs William G. Cummings and Jay G. Levine own a patent entitled “Stabilizer Athletic Shoes,” which was reissued on April 8, 2008. On
November 14, 2008, Plaintiffs filed a patent infringement action in the U.S. District Court for the S.D. of N.Y against Borrower and several other footwear companies entitled William G. Cummings and Jay G. Levine v. Adidas USA et al.
Plaintiffs allege that Borrower’s UA Proto Power training shoe infringes their stabilizer patent. Consistent with the other named defendants, Borrower has sought an extension of time to file its answer. 

In a letter to Borrower dated December 22, 2008, Fila Luxembourg S.A.R.L claims that Borrower’s “So Flo” football cleat features a design
element similar to the arrow-shaped design mark Fila features on its footwear. Borrower denied Fila’s claims in a letter dated January 6, 2009. 
 On January 22, 2209, Chicago National League Ball Club, LLC v. Under Armour, Inc. was filed in the United States District Court for the Northern District of Illinois, Eastern District. Borrower has
not yet completed its assessment of this suit. 

 SCHEDULE 5.1.10 

PATENTS, TRADEMARKS, COPYRIGHTS, LICENSES, ETC. 
 Plaintiffs William G. Cummings and Jay G. Levine own a patent entitled “Stabilizer Athletic Shoes,” which was reissued on April 8, 2008. On November 14, 2008, Plaintiffs filed a patent
infringement action in the U.S. District Court for the S.D. of N.Y against Borrower and several other footwear companies entitled William G. Cummings and Jay G. Levine v. Adidas USA et al. Plaintiffs allege that Borrower’s UA
Proto Power training shoe infringes their stabilizer patent. Consistent with the other named defendants, Borrower has sought an extension of time to file its answer. 
 In a letter to Borrower dated December 22, 2008, Fila Luxembourg S.A.R.L claims that Borrower’s “So Flo” football cleat features a design element similar to the arrow-shaped design mark
Fila features on its footwear. Borrower denied Fila’s claims in a letter dated January 6, 2009. 

 SCHEDULE 5.1.14 

ENVIRONMENTAL DISCLOSURES 
 None. 

 SCHEDULE 6.1.1 

OPINION OF COUNSEL 
 (to be attached) 

			
		  	ATLANTA, GA BALTIMORE, MD

BETHESDA, MD
 DENVER, CO

LAS VEGAS, NV

LOS ANGELES, CA

PHILADELPHIA, PA
 PHOENIX, AZ

SALT LAKE CITY, UT
 VOORHEES,
NJ
 WASHINGTON, DC
 WILMINGTON,
DE

 January 28, 2009 
 PNC Bank, National Association 
 Commercial Loan Service Center/DCC 

500 First Avenue 
 Pittsburgh, Pennsylvania 15219

  

	 	Re:	$180,000,000 Revolving Credit Facility (the “Transaction”) from the Lenders (as listed in Schedule I attached hereto) to Under Armour, Inc., a
corporation organized and existing under the laws of the State of Maryland (the “Borrower”) 

 Ladies and
Gentlemen: 
 We have acted as counsel to the Borrower and the Guarantors (as listed in Schedule II attached hereto) in
connection with the Transaction contemplated by the Credit Agreement (the “Agreement”) by and among the Lenders, the Borrower, the Guarantors and PNC Bank, National Association (“PNC” and in its capacity as
Administrative Agent, the “Administrative Agent”). This letter is furnished to satisfy the condition set forth in Section 6.1.1(v) of the Agreement. All capitalized terms used in this letter that are not otherwise defined
herein shall have the meanings assigned to them in the Transaction Documents (as defined below). 
  

	I.	Documents Reviewed and Matters Considered 

 In our capacity as counsel to the Borrower and the Guarantors and for purposes of this opinion, we have examined the documents listed in Schedule III attached hereto (all of which are collectively called
the “Documents”), including the Agreement, those certain Revolving Credit Notes by the Borrower in favor of the Lenders (collectively, the “Revolving Credit Notes”), that certain Swing Loan Note by the Borrower in
favor of PNC (the “Swing Loan Note”), that certain Pledge Agreement among the Pledgors and the Administrative Agent (the “Pledge Agreement”), that certain Continuing Agreement of Guaranty and Suretyship among the
Guarantors and Administrative Agent (the “Guaranty”), that certain Environmental Indemnity Agreement among the Borrower, the Guarantors, and the Administrative Agent (the “Indemnity”), that certain Intercompany
Subordination Agreement among the Borrower, the Guarantors, and the Administrative Agent (the “Subordination Agreement”), and that certain Security Agreement among the Borrower, the Guarantors, and the Administrative Agent (the
“Security Agreement”, and, collectively with the Agreement, the Revolving Credit Notes, the Swing Loan Note, the Pledge Agreement, the Guaranty, the Indemnity and the Subordination Agreement, the “Transaction
Documents”). 

 PNC Bank, National Association 
 January 28, 2009 
 Page 2 

 

	II.	Definition of “Knowledge” 

 In basing the opinions and other matters set forth herein on “our knowledge,” the words “our knowledge” and similar language used herein signify that, in the course of our
representation of the Borrower and the Guarantors in matters with respect to which we have been engaged by the Borrower and the Guarantors as counsel, no information has come to our attention that would give us actual knowledge or actual notice that
any such opinions or other matters are not accurate or that any of the foregoing documents, certificates, reports, and information on which we have relied are not accurate and complete. Except as otherwise stated herein, we have undertaken no
independent investigation or verification of such matters. The words “our knowledge” and similar language used herein are limited to the knowledge of the lawyers within our firm who are involved in the Transaction or who have worked on
matters on behalf of the Borrower and the Guarantors within the prior twelve months and are presently at the firm. 
  

	III.	Assumptions 

 In
reaching the opinions set forth below, we have assumed, and to our knowledge there are no facts inconsistent with, the following: 
 (a) Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so. 

(b) Each individual executing any of the Documents on behalf of a party (other than the Borrower and the Guarantors) is duly authorized
to do so. 
 (c) All Documents submitted to us as originals are authentic. All Documents submitted to us as certified or
photostatic copies conform to the original documents. All Documents upon which we have relied are accurate and complete. All public records reviewed or relied upon by us or on our behalf are true and complete and remain so as of the date of this
letter. 
 (d) The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant
to this opinion from the form and content of such Transaction Documents as executed and delivered. 
 (e) All representations,
warranties, statements and information contained in the Transaction Documents are accurate and complete. 
 (f) All signatures
on all Transaction Documents and any other Documents submitted to us for examination are genuine. 
 (g) There has been no oral
or written modification of or amendment to any of the Documents, and there has been no waiver of any of provision of any of the Documents, by actions or omission of the parties or otherwise. 

 PNC Bank, National Association 
 January 28, 2009 
 Page 3 

 

 (h) Each individual executing a certificate is authorized to do so and has knowledge
about all matters stated therein. The contents of each such certificate is accurate and complete and remain so as of the date of this letter. 
 (i) Each of the parties (other than the Borrower and the Guarantors) executing any of the Transaction Documents has duly and validly executed and delivered each of the Transaction Documents to which such
party is a signatory, and such party’s obligations set forth therein are legal, valid, and binding and are enforceable in accordance with all stated terms. 
 (j) The Lenders and/or the Administrative Agent and their successors and assigns will comply with all requirements of applicable procedural and substantive law in exercising any rights or enforcing any
remedies under the Transaction Documents. 
 (k) The exercise by the Lenders and/or the Administrative Agent of any rights or
enforcement of any remedies under the Transaction Documents would not be unconscionable, result in a breach of the peace or otherwise be contrary to public policy. 
 (l) The Transaction Documents accurately reflect the complete understanding of the parties with respect to the transactions contemplated thereby and the rights and obligations of the parties thereunder.

 (m) The Lenders and/or the Administrative Agent and their successors and assigns will act in good faith and in a commercially
reasonable manner in the exercise of any of its rights or enforcement of any of its remedies under the Transaction Documents and will not engage in any conduct in the exercise of any of their rights or enforcement of any of its remedies that would
constitute other than fair dealing. 
 (n) The Borrower and the Guarantors are not subject to any federal, state, or local
governmental programs that require governmental consent prior to the Borrower and the Guarantors entering into commercial loan transactions. 
 (o) The Borrower and the Guarantors are not engaged in an industry or business activity that is specially regulated by any federal, state, or local governmental entity or agency that requires its consent
prior to the Borrower and the Guarantors entering into commercial loan transactions. 
 (p) The Borrower and the Guarantors
currently have rights within the meaning of the Uniform Commercial Code in effect in the State of Maryland (the “Maryland UCC”) in all of the Pledged Collateral (as defined in the Pledge Agreement), including stock certificates
listed on Schedule IV attached hereto (the “Pledged Stock”) and the uncertificated membership interests listed on Schedule V attached hereto (the “Pledged Membership Interests”; together with the Pledged
Stock, collectively, the “Pledged Collateral”). 
 (q) The Borrower and Guarantors currently have rights within
the meaning of the Uniform Commercial Code in effect in the Commonwealth of Pennsylvania (the “Pennsylvania 

 PNC Bank, National Association 
 January 28, 2009 
 Page 4 

 

 
UCC”; and, collectively with the Maryland UCC and the Uniform Commercial Code in effect in the Commonwealth of Virginia [the “Virginia UCC”], the
“UCC”)1 in all of the collateral of the
Borrower and Guarantors in which a security interest is granted to Lenders pursuant to the Security Agreement (the “Collateral”). 
 (r) All descriptions of the real property, personal property or other items or interests, including, but not limited to, those subject to the UCC, in which a security interest or lien is created under the
Transaction Documents, as contained in the Transaction Documents and in all Financing Statements (as defined in Schedule III), reasonably identify the personal property or other items or interests described or intended to be described.

 (s) There is no agreement among the Lenders, the Administrative Agent, the Borrower and the Guarantors postponing the time of
attachment of any security interest granted under the Transaction Documents. 
 (t) Value has been given for all security
interests and liens created under the Transaction Documents. 
 (u) The proper place for filing to perfect a security interest
in the Collateral is to be determined under the UCC. 
 (v) Neither the Borrower nor any of the Guarantors are a
“transmitting utility” (as defined in Section 9-102 of the UCC). 
 (w) None of the Pledged Membership Interests
are certificated securities as defined in Section 8-102 of the UCC. 
  

	1	For ease of reference in this letter, citations to the UCC shall be based on the conventions used in the Uniform Commercial Code as promulgated by the American Law
Institute and the National Conference of Commissioners on Uniform State Laws. Therefore, (a) a reference to an “Article” of the UCC shall mean and include a reference to the corresponding Title of the Commercial Law Article of the
Annotated Code of Maryland, corresponding Division of Title 13 of the Pennsylvania Consolidated Statutes, and/or corresponding Title among Titles 8.1A through 8.9A of the Code of Virginia, as applicable, and (b) a reference to a
“Section” of the UCC shall mean and include the corresponding section of the UCC as adopted in the respective states, as applicable. For example, (i) a reference to “Article 9 of the UCC” shall mean and include
Title 9 of the Commercial Law Article of the Annotated Code of Maryland, Division 9 of Title 13 of the Pennsylvania Consolidated Statutes, and/or Title 8.9A of the Code of Virginia, as applicable, and (ii) a reference to
“Section 9-102 of the UCC” shall mean and include Md. Code Ann., Com. Law § 9-102, 13 Pa. C.S. § 9102, and/or Va. Code Ann. § 8.9A-102, as applicable. 

 PNC Bank, National Association 
 January 28, 2009 
 Page 5 

 

	IV.	Opinions 

 Based on
our review of the foregoing and subject to the assumptions, qualifications, and limitations set forth herein, it is our opinion, as of the date of this letter, that: 
 1. The Borrower is a corporation validly existing and in good standing under the laws of the State of Maryland. 
 2. The Guarantors listed in Paragraphs (1) and (4) through (21) of Schedule II are limited liability companies validly existing and in good standing under the laws of the State of
Maryland, and the Guarantors listed in Paragraphs (2) and (3) of Schedule II are corporations validly existing and in good standing under the laws of the State of Maryland. 

3. Under Armour Retail of Virginia, LLC (“UA Virginia”) is a limited liability company validly existing and in good
standing under the laws of the Commonwealth of Virginia. 
 4. Based solely on the Certificate of Good Standing issued by the
Secretary of State of the State of Florida dated January 17, 2009, Under Armour Retail of Florida, LLC (“UA Florida”) is an active limited liability company organized under the laws of the State of Florida. 

5. The Borrower and each of the Guarantors (other than UA Florida) has the corporate power or limited liability company power, as
applicable, to enter into and perform its obligations under the Transaction Documents to which it is a party. 
 6. All
necessary corporate or limited liability company action, as applicable, has been taken to authorize the execution, delivery, and performance of the Transaction Documents by the Borrower and each of the Guarantors (other than UA Florida) with respect
to the respective Transaction Documents to which it is a party. 
 7. The Transaction Documents constitute the valid and binding
obligations of the Borrower and each of the Guarantors to which such entity is a party, enforceable against the Borrower and each of the Guarantors in accordance with their respective terms. 

8. The execution and delivery of the Transaction Documents, the performance of the Borrower’s and each of the Guarantors’
obligations under the Transaction Documents to which it is a party, and the borrowing of the Loan, will not: 
  

	 	(i)	conflict with the charter, bylaws, articles of organization, certificates of formation or operating agreements, as applicable, of the Borrower or the Guarantors;

  

	 	(ii)	to our actual knowledge based on those matters with respect to which we have been engaged by the Borrower and the Guarantors within the prior twelve months and without
any independent investigation or verification and relying upon the UA Officer’s Certificate (as defined in Schedule III), constitute a material breach or default under any contract, mortgage, agreement or other document or instrument to which
the Borrower is a party; and 

 PNC Bank, National Association 
 January 28, 2009 
 Page 6 

 

	 	(iii)	to our knowledge (and without having ordered or reviewed any judgment, lien or other searches, either in the public domain or of the Borrower or its properties) and
relying on the UA Officer’s Certificate, conflict with or result in a material breach or default under any judgment, order, writ or decree of any court or governmental authority binding on the Borrower or to which the Borrower is subject and
which is of specific application to the Borrower. 

 9. To our knowledge, no consent, approval, authorization, or
other action by, or filing with, any governmental authority is required for the execution and delivery by the Borrower and each of the Guarantors (other than UA Florida) of the Transaction Documents to which it is a party, or, if required, the
requisite consent, approval, or authorization has been obtained, the requisite filing has been accomplished, or the requisite action has been taken. 
 10. The Transaction Documents, exclusive of the Pledge Agreement, are effective to create in favor of the Lenders and/or the Administrative Agent, as applicable, as security for the obligations under such
Transaction Documents, a security interest (the “Article 9 Security Interest”) in the Collateral described in such Transaction Documents in which a security interest may be created under Article 9 of the Pennsylvania UCC (the
“Article 9 Collateral”). 
 11. Upon the filing of the Collateral Financing Statements (as defined in
Schedule III) with the Maryland State Department of Assessments and Taxation (“SDAT”) for the Borrower and the Guarantors listed in Paragraphs (1) through (21) of Schedule II and with the Virginia State
Corporation Commission for UA Virginia, the Article 9 Security Interest in that portion of the Article 9 Collateral in which a security interest may be perfected by the filing of a financing statement under the UCC (other than any security
interest in any Article 9 Collateral of UA Florida) will be perfected. 
 12. We have reviewed Chapter 679 of the 2008
Florida Statutes as published by the Florida Legislature (“Article 9 of the Florida UCC”) and have relied solely upon this review in forming the opinion set forth in this paragraph. Upon the filing of the Collateral Financing
Statements (as defined in Schedule III) with the Florida Secured Transaction Registry for UA Florida, the Article 9 Security Interest in that portion of the Article 9 Collateral of UA Florida in which a security interest may
be perfected by the filing of a financing statement under Article 9 of the Florida UCC will be perfected. 
 13. The Pledge
Agreement is effective to create in favor of the Administrative Agent, as security for the obligations under the Pledge Agreement, a security interest in the Pledged Collateral in which a security interest may be created under the Maryland UCC.

 14. Upon the delivery in the State of Maryland to the Administrative Agent of the Pledged Stock and the related stock powers
pursuant to the Pledge Agreement and assuming that the Administrative Agent had no notice of an adverse claim (within the meaning of Section 8-105 of the Maryland UCC) with respect to the Pledged Stock at the time the Pledged Stock is delivered
to the Administrative Agent, the security interest in the Pledged Stock created in favor of the Administrative Agent under the Pledge Agreement will constitute a perfected security 

 PNC Bank, National Association 
 January 28, 2009 
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interest in the Pledged Stock, free of any “adverse claim” (as defined in Section 8-102 of the Maryland UCC). 

15. Upon the filing of the Pledged Collateral Financing Statements (as defined in Schedule III) with SDAT, the security interest in
that portion of the Pledged Collateral in which a security interest may be perfected by the filing of a financing statement under the Maryland UCC will be perfected. 
 16. To our knowledge, there are no actions, suits, proceedings or investigations pending or to the actual knowledge of Borrower or any Guarantor, threatened in writing, against the Borrower or any
Guarantor, which individually or in the aggregate may reasonably be expected to result in any Material Adverse Change, except for the matters described on Schedule 5.1.5 of the Agreement. 

 

	V.	Qualifications 

 In
addition to the other matters set forth in this letter, the opinions set forth herein are also subject to the following qualifications: 
 (i) Our opinion in Paragraph IV.7 regarding enforceability is subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, marshalling, and other laws affecting the
rights of creditors generally. 
 (ii) Our opinion in Paragraph IV.7 regarding enforceability is subject to the exercise of
judicial discretion in accordance with general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 (iii) Enforceability may be limited to the extent that remedies are sought with respect to a breach that a court concludes is not material or does not adversely affect the Lenders and/or the
Administrative Agent. 
 (iv) Enforceability may be limited by any unconscionable or inequitable conduct on the Lender’s
and/or the Administrative Agent’s part, defenses arising from the Lender’s and/or the Administrative Agent’s failure to act in accordance with the terms and conditions of the Transaction Documents, defenses arising as a consequence of
the passage of time, or defenses arising as a result of the Lender’s and/or the Administrative Agent’s failure to act reasonably or in good faith. 
 (v) The provisions regarding the remedies available to the Lenders and/or the Administrative Agent on default as set forth in the Transaction Documents are subject to certain procedural requirements,
which, with regard to several of the remedies, are not reflected in the Transaction Documents. These procedural requirements affect and may restrict rights and remedies stated to be available to the Lenders and Administrative Agent. 

(vi) We express no opinion on the enforceability of the self-help, non-judicial remedies provided to the Lenders and/or the
Administrative Agent in certain of the Transaction 

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Documents. We express no opinion on the enforceability of any provision of the Transaction Documents that purports to grant Lenders and/or the Administrative Agent a power-of-attorney.

 (vii) We express no opinion on the enforceability of any provisions of the Transaction Documents that entitle the Lenders
and/or the Administrative Agent, as a matter of right, to the appointment of a receiver after the occurrence of a default. 

(viii) We express no opinion on the enforceability of any provisions of the Transaction Documents imposing increased interest rates
and/or late payment charges upon delinquency in payment or the occurrence of a default, liquidated damages, or prepayment premiums, to the extent they are deemed to be penalties or forfeitures. 

(ix) We express no opinion on the enforceability of any provisions requiring the Borrower or Guarantors to waive procedural, judicial, or
substantive rights, such as rights to notice, service of process, right to a jury trial, right to object to jurisdiction or venue, right to claim damages, any provisions of Article 9 of the UCC that may not be waived, statutes of limitations,
appraisal or valuation rights, and marshaling of assets. 
 (x) We express no opinion on the enforceability of any provisions
requiring the Borrower or Guarantors to indemnify or make contribution to the Lenders and/or the Administrative Agent or their agents, officers, or directors or of any provisions exculpating or limiting the Lenders and/or the Administrative Agent
from liability for its actions or inaction to the extent such indemnification, contribution, exculpation, or limitation is contrary to public policy or law. 
 (xi) We express no opinion on the enforceability of any provisions permitting modifications of the Transaction Documents only if in writing. We express no opinion on the enforceability of any provision
that purports to require that waivers must be in writing to the extent that an oral agreement or implied agreement by trade practice or course of conduct modifying provisions of the Transaction Documents has been made. 

(xii) We express no opinion on the enforceability of any provision stating that the provisions of the Transaction Documents are
severable. 
 (xiii) Unless otherwise expressly stated in the opinion, we express no opinion with respect to the laws and
regulations relating to health and safety, labor, employment, employee benefits, or land use and subdivision; Federal Reserve Board margin regulations; anti-trust laws of the United States or any state; securities laws of the United States
(including the Trust Indenture Act) or any state; or the tax laws of the United States or any state. 
 (xiv) We express no
opinion as to the enforceability of the choice of law provision or the extent to which a court of competent jurisdiction would apply the law selected by the parties to any issue before it. 

(xv) We express no opinion with respect to any documents defined or referred to in the Transaction Documents, other than the Transaction
Documents themselves. 

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 (xvi) The opinions expressed herein are subject to the effect of any judicial decision
that may permit the introduction of parol evidence to modify the terms or the interpretation of agreements. 
 (xvii) Certain
rights of debtors and of other obligors and certain duties of secured parties referred to in Sections 1-102(3), 9-602 and Section 9-624 of the UCC may not be waived, released, varied or disclaimed by agreement except, in certain instances,
following a default. 
 (xviii) We express no opinion as to any consent, approval, authorization, or other action or filing
necessary or required for the ongoing operation of the Borrower’s or Guarantors’ businesses. 
 (xix) We express no
opinion as to any consent, approval, authorization, or other action by, or filing with any county, city, or other municipality or any local government agency. 
 (xx) Our opinion in Paragraph IV.9 regarding consents and approvals is based upon our consideration of only those consents, approvals, authorizations, orders, registrations, declarations or filings
required under those statutes, rules or regulations of the State of Maryland, Commonwealth of Virginia or Commonwealth of Pennsylvania, if any, that, in our experience, are reasonably applicable to transactions of the type contemplated under the
Transaction Documents. 
 (xxi) We express no opinion with respect to (a) the title to or the rights or interests of the
Borrower and Guarantors in the Collateral, (b) the adequacy of the description of the Collateral, or (c) except as explicitly set forth herein, the creation, attachment, perfection or priority of any liens thereon and/or security interests
therein. Opinions as to creation, attachment and perfection are given only to the extent set forth in opinion Paragraphs IV.10 through IV.15 and are subject to the additional assumptions, qualifications and limitations applicable to such
opinions set forth in this letter. 
 (xxii) We express no opinion as to any provisions of the Transaction Documents that
purport to create or perfect a security interest in and to either (a) any policy of insurance or the proceeds thereof or (b) any governmental permits or licenses. 
 (xxiii) The opinions given above as to the creation and perfection of security interests do not cover real property and other property transactions excluded from the coverage of the UCC pursuant to
Section 9-109 of the UCC. 
 (xxiv) We express no opinion as to the perfection of or priority of security interests in
property of the Borrower or Guarantors acquired after the date of this letter. In the case of property as to which the security interest attaches after the date hereof, Section 552 of the Federal Bankruptcy Code limits the extent to which
property acquired by a debtor after the commencement of a case under the Federal Bankruptcy Code may be subject to a security interest arising from a security agreement entered into by the debtor before the commencement of such case. 

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 (xxv) We express no opinion with respect to any security interest created under the
Transaction Documents that purports to secure any present or future obligations or liabilities of the Borrower or Guarantors to the Lenders and/or the Administrative Agent (other than the obligations and liabilities of the Borrower and Guarantors to
the Lenders and/or the Administrative Agent created or arising under the Transaction Documents) that are determined, in the case of obligations or liabilities of the Borrower and Guarantors to the Lenders and/or the Administrative Agent created in
the future, not to constitute “future advances” within the meaning of Section 9-204(c) of the UCC, are determined not to have been within the contemplation of the Borrower, Guarantors, Lenders and/or the Administrative Agent at the
time the Transaction Documents were executed, or are determined not to be of the same character or class as the obligations and liabilities of the Borrower and Guarantors to the Lenders and/or the Administrative Agent created or arising under the
Transaction Documents. 
 (xxvi) We express no opinion as to personal property affixed to real property in such a manner so as
to become a fixture. 
 (xxvii) We express no opinion as to the enforceability of the security interests under the Transaction
Documents as against the competing interests of those third parties who would, in accordance with the provisions of the UCC or other applicable law, take free of any such security interest notwithstanding perfection thereof. 

(xxviii) We express no opinion as to the perfection of the security interest of the Administrative Agent in any portion of the Pledged
Stock, the continuous possession of which is not maintained by the Administrative Agent in the State of Maryland. In addition, we call to your attention that perfection (and the effect of perfection and non-perfection) of the security interest of
the Administrative Agent in the Pledged Stock may be governed by laws other than those of the Maryland UCC to the extent the Pledged Stock become located in a jurisdiction other than the State of Maryland. 

(xxix) We call to your attention that in the case of the issuance of additional shares or other distributions in respect of the Pledged
Stock, the security interests of the Administrative Agent therein will be perfected only if possession thereof is obtained or other action appropriate to the nature of the distribution is taken, in either case, in accordance with the provisions of
the Maryland UCC and other applicable law. 
 (xxx) We express no opinion regarding any security or other interests of the
Borrower and Guarantors in property of another that secures the other’s obligations to the Borrower. 
 (xxxi) We express
no opinion as to whether (a) the Borrower has the right to transfer rights in the Article 9 Collateral, the Pledged Stock, or the Pledged Membership Interests to the Lenders and/or the Administrative Agent, or (b) provisions in the
Transaction Documents granting an absolute assignment of rights or interests will be construed as effecting an absolute assignment rattier than a collateral assignment or security interest. 

(xxxii) The assignment of any contract, lease, license, or permit may require the approval of the issuer thereof or the other parties
thereto. 

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 (xxxiii) Except to the limited extent an Article 9 Security Interest, the security
interest in the Pledged Stock, or the security interest in the Pledged Membership Interests may be created therein, we express no opinion with respect to any security interest in any accounts, chattel paper, documents, instruments or general
intangibles with respect to which the account debtor or obligor is the United States, any state, county, city, municipality or other governmental body, or any department, agency or instrumentality thereof. 

(xxxiv) Under the provisions of Section 9-108(c) of the UCC, to the extent any provision of the Transaction Documents purports to
create a security interest in property described as “all assets,” “all personal property” or otherwise in a supergeneric manner, such provision does not reasonably identify the Collateral, the Pledged Stock, and/or the Pledged
Membership Interests and is not sufficient to create a security interest in any Collateral, the Pledged Stock, and/or the Pledged Membership Interests so described. 
 (xxxv) We point out that: 
 (a) With regard to the UCC,
(A) Section 9-301(1) of the UCC provides that, generally, the local law of the jurisdiction where a debtor is located governs perfection, the effect of perfection and non-perfection, and priority of a security interest in Collateral (as defined
in the UCC) and (B) Section 9-307(e) of the UCC provides that a registered organization (as that term is defined in Section 9-102(71) of the UCC) that is organized under the laws of a state is located in that state, but 

(b) the UCC elsewhere provides that (A) with respect to possessory security interests, the local law of jurisdiction
where Collateral (as defined in the UCC) is located governs, among other things, perfection, (B) the local law of the depository bank’s jurisdiction governs perfection in deposit accounts, (C) the local law (if a state) where a
security certificate is located governs, among other things, perfection other than perfection by the filing of a financing statement, (D) the local law (if a state) of an issuer’s jurisdiction governs, among other things, perfection in
uncertificated securities other than perfection by the filing of a financing statement and the local law (if a state) of securities intermediary’s jurisdiction governs perfection in a securities entitlement or securities account other than
perfection by the filing of a financing statement, (E) except for security interests in letter-of-credit rights perfected only by Section 9-308(d) of the UCC, the local law (if a state) of a issuer’s or nominee’s jurisdiction
governs perfection in letter-of-credit rights, (F) with respect to goods that become fixtures, perfection and other matters are covered by the law of jurisdiction where the real estate is located, and (G) with respect to goods that are
covered by a certificate of title, perfection and other matters are governed by the law of the jurisdiction issuing such certificate of title. 
 (c) Lenders’ and Administrative Agent’s security interest in the Collateral will terminate upon a disposition authorized by Administrative Agent as to such disposed property. 

(xxxvi) Our opinions regarding the creation and perfection of security interests are subject to the effect of (a) the limitations on
the existence and perfection of security interests in proceeds resulting from the operation of Sections 9-203(f) and 9-315 of the UCC; (b) the limitations in 

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favor of buyers imposed by Sections 9-320 and 9-330 of the UCC and in favor of licensees imposed by Section 9-321 of the UCC; (c) the limitations with respect to documents, instruments
and securities imposed by Section 9-331 and Section 8-303 of the UCC; (d) laws, other than the UCC, that determine whether the Borrower’s rights in Collateral (as defined in the UCC) may be voluntarily or involuntarily
transferred; (e) other rights of persons in possession of goods, instruments, money, tangible chattel paper or investment property; and (f) other rights of persons in control of investment property, deposit accounts, letter-of-credit
rights and electronic chattel paper. 
 (xxxvii) We also note the following: (a) rights to money or funds contained in a
deposit account are subject to the rights of transferees under Section 9-327 of the UCC; (b) security interests in goods are subject to rights of holders of possessory liens under Section 9-333 of the UCC; (c) Security interests
in deposit accounts are subject to the rights of the depositary bank under Section 9-340 of the UCC; (d) security interests in Collateral (as defined in the UCC) consisting of proceeds will be limited as provided in Sections 9-315 and
9-322(c) of the UCC; (e) security interests in goods that are installed in, or attached or affixed to any other goods may be subject to the provisions of Section 9-335 of the UCC, and may be subject to the provisions of Section 9-336
of the UCC to the extent that such goods form part of a larger product or mass. 
 (xxxviii) We express no opinion as to the
Lenders’ and/or Administrative Agent’s rights in the Collateral, the Pledged Stock, and/or the Pledged Membership Interests to the extent that the Lender has knowledge that its security interest in the Collateral, the Pledged Stock, or the
Pledged Membership Interests violates the rights of another secured party. 
 (xxxix) With respect to our opinion as to the
perfection of the security interest, we offer no opinion as to the continued perfection of that security interest. Without implying any limitation on the foregoing, we point out that the continued perfection of any security interest in any of the
Collateral, Pledged Stock, or Pledged Membership Interests (a) may be affected by the removal of such Collateral or Pledged Stock to another jurisdiction or upon the change of the name or the state of organization of any debtor, or
(b) that is perfected by the filing of a financing statement, may be affected by the failure to file a timely continuation statement. 
 (xl) We draw to your attention the provisions of Section 911(b) of the Pennsylvania Crimes Code (the “Crimes Code”), 18 Pa. C.S. § 911(b), in connection with the fact that the
Loans bear floating rates of interest. Section 911(b) of the Crimes Codes makes it unlawful to use or invest income derived from a pattern of “racketeering activity” in the establishment or operation of any enterprise.
“Racketeering activity,” as defined in the Crimes Code, includes the collection of money or other property in full or partial satisfaction of a debt which arose as the result of the lending of money or other property at a rate of interest
exceeding 25% per annum where not otherwise authorized by law. 
 (xli) We express no opinion on any provision of the
Transaction Documents which purports to authorize Administrative Agent, any Lender and each of their Affiliates to set off and apply any deposits at any time held, and any other indebtedness at any time owing, by such Lender or Affiliate to or for
the account of Borrower or Guarantors or which purports to provide that any purchaser of a participation from any Lender may exercise setoff or similar rights with respect to such participation. 

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	VI.	Limitations 

 (A)
We express no opinion as to the laws of any jurisdiction other than 
 (i) the laws of the State of Maryland only
with respect to our opinions in Paragraphs IV.1, IV.2, IV.13, IV.14, and IV.15; 
 (ii) the laws of the State of
Maryland and the Commonwealth of Virginia only with respect to our opinions in Paragraphs IV.5, IV.6, IV.8 and IV.9; 
 (iii) the laws of the State of Maryland and the Commonwealth of Pennsylvania only with respect to our opinion in Paragraph IV.7; 

(iv) the laws of the Commonwealth of Pennsylvania only with respect to our opinion in Paragraph IV. 10; 

(v) the laws of the State of Maryland, the Commonwealth of Pennsylvania, and the Commonwealth of Virginia only with
respect to our opinion in Paragraph IV.11; and 
 (vi) the laws with respect to the Commonwealth of Virginia
only with regard to our opinion in Paragraph IV.3. 
 (B) We express no opinion as to the principles of conflict of laws of any
jurisdiction, including the laws of the State of Maryland, the Commonwealth of Pennsylvania, and the Commonwealth of Virginia. 

(C) Our opinion in Paragraph IV.4 is based on and limited solely to review of the certificate of active status of Under Armour Retail of
Florida, LLC dated January 17, 2009. Our opinion in Paragraph IV.12 is based on and limited solely to review of Article 9 of the Florida UCC as published by the Florida Legislature , without reference to any administrative or judicial
interpretations thereof or consultation with counsel admitted to the practice of law in the State of Florida. 
 (D) We assume
no obligation to supplement our opinions if any applicable law changes after the date of this letter or if we become aware of any facts that might change the opinions expressed in this letter after the date of this letter. 

(E) The opinions expressed in this letter are limited to the matters set forth in this letter, and no other opinions shall be implied or
inferred beyond the matters expressly stated. 
 (F) The opinions expressed in this letter are solely for the use of the Lenders
and the Administrative Agent, subsequent holders of the Revolving Credit Loans, and their counsel, and these opinions may not be relied on by any other persons without our prior written approval. 

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 Subsequent holders of the Revolving Credit Loans may only rely on these opinions to the
extent such reliance is actual and reasonable and is not based on different or changing facts or circumstances. 
  

	VII.	Reference to Report 

This letter is to be interpreted in accordance with the 2007 Report on Lawyers’ Opinions in Business Transactions by the Special
Joint Committee of the Section of Business Law and the Section of Real Property, Planning and Zoning of the Maryland State Bar Association, Inc. 
 Very truly yours, 

  
 Ballard Spahr Andrews
& Ingersoll, LLP Opinion 

 SCHEDULE I 
 Lenders 
 1. PNC 

2. SunTrust Bank 
 3. Compass Bank 
 4. Bank of America, N.A. 

5. Branch Banking & Trust Company 

 SCHEDULE II 
 Guarantors 
 1. Under Armour Manufacturing, LLC, a Maryland limited
liability company 
 2. Under Armour Retail, Inc., a Maryland corporation 

3. Under Armour Holdings, Inc., a Maryland corporation 
 4. Under Armour Retail of Texas, LLC, a Maryland limited liability company 
 5.
Under Armour Retail of Ohio, LLC, a Maryland limited liability company 
 6. Under Armour Retail of Maryland, L.L.C., a Maryland
limited liability company 
 7. Under Armour Retail of California, LLC, a Maryland limited liability company 

8. Under Armour Retail of Wisconsin, LLC, a Maryland limited liability company 

9. Under Armour Retail of Massachusetts, LLC, a Maryland limited liability company 

10. Under Armour Retail of New York, LLC, a Maryland limited liability company 

11. Under Armour Retail of New Jersey, LLC, a Maryland limited liability company 

12. Under Armour Retail of Georgia, LLC, a Maryland limited liability company 

13. Under Armour Retail of Pennsylvania, LLC, a Maryland limited liability company 

14. Under Armour Retail of DC, LLC, a Maryland limited liability company 

15. Under Armour Retail of Delaware, LLC, a Maryland limited liability company 

16. Under Armour Retail of Connecticut, LLC, a Maryland limited liability company 

17. Under Armour Retail of Illinois, LLC, a Maryland limited liability company 

18. Under Armour Retail of South Carolina, LLC, a Maryland limited liability company 

19. Under Armour Retail of Michigan, LLC, a Maryland limited liability company 

20. Under Armour Retail of Maine, LLC, a Maryland limited liability company 

21. Under Armour Retail of Tennessee, LLC, a Maryland limited liability company 

 22. Under Armour Retail of Florida, LLC, a Florida limited liability company 

23. Under Armour Retail of Virginia, LLC, a Virginia limited liability company 

 SCHEDULE III 
 Documents 
 (i) Credit Agreement; 

(ii) Revolving Credit Notes; 
 (iii) Swing Loan Note; 
 (iv) Pledge Agreement; 

(v) Security Agreement; 
 (vi) Guaranty Agreement; 
 (vii) Indemnity Agreement; 

(viii) Subordination Agreement; 
 (ix) The following UCC-1 Financing Statements (collectively, the “Collateral Financing Statements”): 
 (a) UCC-1 Financing Statement for filing with the SDAT (the “Maryland Financing Statement”) naming Borrower as debtor and Administrative Agent as secured party; 

(b) Maryland Financing Statement naming Under Armour Manufacturing, LLC as debtor and Administrative Agent as secured party; 

(c) Maryland Financing Statement naming Under Armour Holdings, Inc. as debtor and Administrative Agent as secured party; 

(d) Maryland Financing Statement naming Under Armour Retail, Inc. as debtor and Administrative Agent as secured party; 

(e) Maryland Financing Statement naming Under Armour Retail of Texas, LLC as debtor and Administrative Agent as secured party; 

(f) Maryland Financing Statement naming Under Armour Retail of Ohio, LLC as debtor and Administrative Agent as secured party; 

(g) UCC-1 Financing Statement for filing with the Virginia State Corporation Commission naming UA Virginia as debtor and Administrative
Agent as secured party; 
 (h) UCC-1 Financing Statement for filing with the Florida Secured Transaction Registry naming UA
Florida as debtor and Administrative Agent as secured party; 

 (i) Maryland Financing Statement naming Under Armour Retail of California, LLC as debtor and
Administrative Agent as secured party; 
 (j) Maryland Financing Statement naming Under Armour Retail of Massachusetts, LLC as
debtor and Administrative Agent as secured party; 
 (k) Maryland Financing Statement naming Under Armour Retail of New York, LLC
as debtor and Administrative Agent as secured party; 
 (l) Maryland Financing Statement naming Under Armour Retail of New
Jersey, LLC as debtor and Administrative Agent as secured party; 
 (m) Maryland Financing Statement naming Under Armour Retail
of Pennsylvania, LLC as debtor and Administrative Agent as secured party; 
 (n) Maryland Financing Statement naming Under Armour
Retail of DC, LLC as debtor and Administrative Agent as secured party; 
 (o) Maryland Financing Statement naming Under Armour
Retail of Delaware, LLC as debtor and Administrative Agent as secured party; 
 (p) Maryland Financing Statement naming Under
Armour Retail of Connecticut, LLC as debtor and Administrative Agent as secured party; 
 (q) Maryland Financing Statement naming
Under Armour Retail of Illinois, LLC as debtor and Administrative Agent as secured party; 
 (r) Maryland Financing Statement
naming Under Armour Retail of South Carolina, LLC as debtor and Administrative Agent as secured party; 
 (s) Maryland Financing
Statement naming Under Armour Retail of Michigan, LLC as debtor and Administrative Agent as secured party; 
 (t) Maryland
Financing Statement naming Under Armour Retail of Tennessee, LLC as debtor and Administrative Agent as secured party; 
 (u)
Maryland Financing Statement naming Under Armour Retail of Georgia, LLC as debtor and Administrative Agent as secured party; 

(v) Maryland Financing Statement naming Under Armour Retail of Wisconsin, LLC as debtor and Administrative Agent as secured party;

 (w) Maryland Financing Statement naming Under Armour Retail of Maryland, L.L.C. as debtor and Administrative Agent as secured
party; and 
 (x) Maryland Financing Statement naming Under Armour Retail of Maine, LLC as debtor and Administrative Agent as
secured party; 

 (x) The following UCC-1 Financing Statements (collectively, the “Pledged Collateral
Financing Statements”; together with the Collateral Financing Statements, collectively, the “Financing Statements”): 
 (a) Maryland Financing Statement naming Borrower as debtor and Administrative Agent as secured party; and 
 (b) Maryland Financing Statement naming Under Armour Retail, Inc. as debtor and Administrative Agent as secured party; 
 (xi) Second Amended and Restated Bylaws of Under Armour, Inc. in effect from at least March 15, 2006, Articles of Amendment and Restatement of Under Armour, Inc. dated November 17, 2005 and
filed with the State Department of Assessments and Taxation of Maryland (the “Department”) on November 17, 2005, Resolutions of Under Armour, Inc. dated January 28, 2009, Certificate of Officers of Under Armour, Inc. dated
January 28, 2009 (the “UA Officer’s Certificate”) and Certificate of Good Standing in the State of Maryland (“Maryland Certificate of Good Standing”) of Under Armour, Inc. dated January 17, 2009;

 (xii) Bylaws of Under Armour Retail, Inc. dated July 5, 2005, Articles of Incorporation of Under Armour Retail, Inc.
dated June 3, 2005 and filed with the Department on June 3, 2005, Resolutions of Under Armour Retail, Inc. dated January 28, 2009, Certificate of Officers of Under Armour Retail, Inc. dated January 28, 2009 and Maryland
Certificate of Good Standing of Under Armour Retail, Inc. dated January 17, 2009; 
 (xiii) Limited Liability Company
Agreement of Under Armour Manufacturing, LLC (formerly known as Under Armour Hong Kong, LLC) dated December 10, 2004, Articles of Organization of Under Armour Hong Kong, LLC and filed with the Department on December 14, 2004, Articles of
Amendment (changing name to Under Armour Manufacturing, LLC) dated July 31, 2006 and filed with the Department on August 14, 2006, and Maryland Certificate of Good Standing of Under Armour Manufacturing, LLC dated January 17, 2009;

 (xiv) Bylaws of Under Armour Holdings, Inc. (formerly known as Under Armour Direct, Inc.) dated May 30, 2006, Articles
of Incorporation of Under Amour Direct, Inc. dated May 8, 2006 and filed with the Department on May 8, 2006, Articles of Amendment (changing name to Under Armour Holdings, Inc.) dated January 16, 2009 and filed with the Department on
January 22, 2009, Resolutions of Under Armour Holdings, Inc. dated January 28, 2009, Certificate of Officers of Under Armour Holdings, Inc. dated January 28, 2009, and Maryland Certificate of Good Standing of Under Armour Holdings,
Inc. dated January 23, 2009; 
 (xv) Limited Liability Company Agreement of Under Armour Retail of Texas, LLC, dated
May 8, 2006, Articles of Organization of Under Armour Retail of Texas, LLC, dated May 8, 2006 and filed with the Department on May 8, 2006, and Maryland Certificate of Good Standing of Under Armour Retail of Texas, LLC, dated
January 17, 2009; 
 (xvi) Limited Liability Company Agreement of Under Armour Retail of Ohio, LLC, dated March 3,
2006, Articles of Organization of Under Armour Retail of Ohio, LLC, dated March 3, 2006 and filed with the Department on March 3, 2006, and Maryland Certificate of Good Standing of Under Armour Retail of Ohio, LLC, dated January 17,
2009; 

 (xvii) Limited Liability Company Agreement of Under Armour Retail of Maryland, L.L.C., dated
September 27, 2005, Articles of Organization of Under Armour Retail of Maryland, L.L.C., dated September 14, 2005 and filed with the Department on September 14, 2005, and Maryland Certificate of Good Standing of Under Armour Retail of
Maryland, L.L.C., dated January 17, 2009; 
 (xviii) Limited Liability Company Agreement of Under Armour Retail of
California, LLC, dated May 8, 2006, Articles of Organization of Under Armour Retail of California, LLC, dated May 8, 2006 and filed with the Department on May 8, 2006, and Maryland Certificate of Good Standing of Under Armour Retail
of California, LLC, dated January 17, 2009; 
 (xix) Limited Liability Company Agreement of Under Armour Retail of
Wisconsin, LLC, dated May 8, 2006, Articles of Organization of Under Armour Retail of Wisconsin, LLC, dated May 8, 2006 and filed with the Department on May 8, 2006, and Maryland Certificate of Good Standing of Under Armour Retail of
Wisconsin, LLC, dated January 20, 2009; 
 (xx) Limited Liability Company Agreement of Under Armour Retail of
Massachusetts, LLC, dated May 8, 2006, Articles of Organization of Under Armour Retail of Massachusetts, LLC, dated May 8, 2006 and filed with the Department on May 8, 2006, and Maryland Certificate of Good Standing of Under Armour
Retail of Massachusetts, LLC, dated January 17, 2009; 
 (xxi) Limited Liability Company Agreement of Under Armour Retail
of New York, LLC, dated December 7, 2006, Articles of Organization of Under Armour Retail of New York, LLC, dated December 6, 2006 and filed with the Department on December 7, 2006, and Maryland Certificate of Good Standing of Under
Armour Retail of New York, LLC, dated January 17, 2009; 
 (xxii) Limited Liability Company Agreement of Under Armour
Retail of New Jersey, LLC, dated December 7, 2006, Articles of Organization of Under Armour Retail of New Jersey, LLC, dated December 6, 2006 and filed with the Department on December 7, 2006, and Maryland Certificate of Good Standing
of Under Armour Retail of New Jersey, LLC, dated January 17, 2009; 
 (xxiii) Limited Liability Company Agreement of Under
Armour Retail of Georgia, LLC, dated December 7, 2006, Articles of Organization of Under Armour Retail of Georgia, LLC, dated December 6, 2006 and filed with the Department on December 7, 2006, and Maryland Certificate of Good
Standing of Under Armour Retail of Georgia, LLC, dated January 17, 2009; 
 (xxiv) Limited Liability Company Agreement of
Under Armour Retail of Pennsylvania, LLC, dated November 27, 2006, Articles of Organization of Under Armour Retail of Pennsylvania, LLC, dated November 22, 2006 and filed with the Department on November 27, 2006, and Maryland
Certificate of Good Standing of Under Armour Retail of Pennsylvania, LLC, dated January 17, 2009; 
 (xxv) Limited
Liability Company Agreement of Under Armour Retail of DC, LLC, dated December 7, 2006, Articles of Organization of Under Armour Retail of DC, LLC, dated 

 
December 6, 2006 and filed with the Department on December 7, 2006, and Maryland Certificate of Good Standing of Under Armour Retail of DC, LLC, dated January 17, 2009; 

(xxvi) Limited Liability Company Agreement of Under Armour Retail of Delaware, LLC, dated December 7, 2006, Articles of Organization
of Under Armour Retail of Delaware, LLC, dated December 6, 2006 and filed with the Department on December 7, 2006, and Maryland Certificate of Good Standing of Under Armour Retail of Delaware, LLC, dated January 20, 2009; 

(xxvii) Limited Liability Company Agreement of Under Armour Retail of Connecticut, LLC, dated February 14, 2008, Articles of
Organization of Under Armour Retail of Connecticut, LLC, dated February 14, 2008 and filed with the Department on February 14, 2008, and Maryland Certificate of Good Standing of Under Armour Retail of Connecticut, LLC, dated
January 17, 2009; 
 (xxviii) Limited Liability Company Agreement of Under Armour Retail of Illinois, LLC, dated
February 14, 2008, Articles of Organization of Under Armour Retail of Illinois, LLC, dated February 14, 2008 and filed with the Department on February 14, 2008, and Maryland Certificate of Good Standing of Under Armour Retail of
Illinois, LLC, dated January 17, 2009; 
 (xxix) Limited Liability Company Agreement of Under Armour Retail of South
Carolina, LLC, dated April 18, 2008, Articles of Organization of Under Armour Retail of South Carolina, LLC, dated April 18, 2008 and filed with the Department on April 18, 2008, and Maryland Certificate of Good Standing of Under
Armour Retail of South Carolina, LLC, dated January 17, 2009; 
 (xxx) Limited Liability Company Agreement of Under Armour
Retail of Michigan, LLC, dated April 18, 2008, Articles of Organization of Under Armour Retail of Michigan, LLC, dated April 18, 2008 and filed with the Department on April 18, 2008, and Maryland Certificate of Good Standing of Under
Armour Retail of Michigan, LLC, dated January 17, 2009; 
 (xxxi) Limited Liability Company Agreement of Under Armour
Retail of Maine, LLC, dated March 24, 2008, Articles of Organization of Under Armour Retail of Maine, LLC, dated March 24, 2008 and filed with the Department on March 24, 2008, and Maryland Certificate of Good Standing of Under Armour
Retail of Maine, LLC, dated January 20, 2009; 
 (xxxii) Limited Liability Company Agreement of Under Armour Retail of
Tennessee, LLC, dated December 10, 2008, Articles of Organization of Under Armour Retail of Tennessee, LLC, dated December 10, 2008 and filed with the Department on December 10, 2008, and Maryland Certificate of Good Standing of Under
Armour Retail of Tennessee, LLC, dated January 20, 2009; 
 (xxxiii) Limited Liability Company Agreement of Under Armour
Retail of Florida, LLC, dated September 27, 2005, Articles of Organization of Under Armour Retail of Florida, LLC, filed with the Florida Department of State on September 15, 2005, and Certificate of Status in the State of Florida of Under
Armour Retail of Florida, LLC, dated January 17, 2009; 

 (xxxiv) Limited Liability Company Agreement of Under Armour Retail of Virginia, LLC, dated
March 15, 2005, Articles of Organization of Under Armour Retail of Virginia, LLC, dated March 21, 2005 and filed with the Virginia State Corporation Commission on March 21, 2005, and Certificate of Fact in the Commonwealth of Virginia
of Under Armour Retail of Virginia, LLC, dated January 20, 2009; and 
 (xxxv) such other documents and matters as we have
deemed necessary and appropriate to render the opinions set forth in this letter, subject to the assumptions, qualifications, and limitations noted above. 

 SCHEDULE IV 
 Pledged Stock 
  

					
	 Pledgor
	  	 Name of Company
	  	
Description of Pledged Interests

	 Under Armour, Inc.
	  	Under Armour Retail, Inc.	  	1,000 shares of common stock evidenced by Certificate Number 1
			
	 Under Armour, Inc.
	  	Under Armour Holdings, Inc. (formerly known as Under Armour Direct, Inc.)	  	1,000 shares of common stock evidenced by Certificate Number 1

 SCHEDULE V 
 Pledged Interests 
  

					
	 Pledgor
	  	 Name of Company
	  	 Description of Pledged Interests

			
	 Under Armour, Inc.
	  	Under Armour Manufacturing, LLC	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	Under Armour Retail of Texas, LLC	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	Under Armour Retail of Ohio, LLC	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of

Maryland, L.L.C.
	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of

California, LLC
	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of

Wisconsin, LLC
	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of

Massachusetts, LLC
	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of
 New
York, LLC
	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of
 New
Jersey, LLC
	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of

Georgia, LLC
	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of

Pennsylvania, LLC
	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of DC,

LLC
	  	 100% interest in such limited

liability company

			
	 Under Armour Retail, Inc.
	  	 Under Armour Retail of

Delaware, LLC
	  	 100% interest in such limited

liability company

					
	 Pledgor
	  	 Name of Company
	  	 Description of Pledged Interests

			
	Under Armour Retail, Inc.	  	 Under Armour Retail of

Connecticut, LLC
	  	 100% interest in such limited

liability company

			
	Under Armour Retail, Inc.	  	 Under Armour Retail of

Illinois, LLC
	  	 100% interest in such limited

liability company

			
	Under Armour Retail, Inc.	  	 Under Armour Retail of South

Carolina, LLC
	  	 100% interest in such limited

liability company

			
	Under Armour Retail, Inc.	  	 Under Armour Retail of

Michigan, LLC
	  	 100% interest in such limited

liability company

			
	Under Armour Retail, Inc.	  	 Under Armour Retail of

Maine, LLC
	  	 100% interest in such limited

liability company

			
	Under Armour Retail, Inc.	  	 Under Armour Retail of

Tennessee, LLC
	  	 100% interest in such limited

liability company

			
	Under Armour Retail, Inc.	  	 Under Armour Retail of

Florida, LLC
	  	 100% interest in such limited

liability company

			
	Under Armour Retail, Inc.	  	 Under Armour Retail of

Virginia, LLC
	  	 100% interest in such limited

liability company

 SCHEDULE 7.1.3 
 INSURANCE REQUIREMENTS RELATING TO THE COLLATERAL 
 COVENANTS: 

At the request of the Administrative Agent, the Loan Parties shall deliver to the Administrative Agent and each of the Lenders (x) on the Closing
Date and annually thereafter an original certificate of insurance signed by the Loan Parties’ independent insurance broker describing and certifying as to the existence of the insurance on the Collateral required to be maintained by this
Agreement and the other Loan Documents, together with a copy of the endorsement described in the next sentence attached to such certificate and (y) from time to time a summary schedule indicating all insurance on the Collateral then in force
with respect to each of the Loan Parties. Such policies of insurance shall contain special endorsements, in form and substance reasonably acceptable to the Administrative Agent, which shall include the provisions set forth below. The applicable Loan
Parties shall notify the Administrative Agent promptly of any occurrence causing a material loss or decline in value of the Collateral and the estimated (or actual, if available) amount of such loss or decline. Any monies received by the
Administrative Agent constituting insurance proceeds or condemnation proceeds may, at the option of the Administrative Agent, (i) be applied by the Administrative Agent to the payment of the Loans in such manner as the Administrative Agent may
reasonably determine, or (ii) be disbursed to the applicable Loan Parties on such terms as are deemed appropriate by the Administrative Agent for the repair, restoration and/or replacement of property in respect of which such proceeds were
received. 
 ENDORSEMENT: 
 (i) specify
the Administrative Agent as an , mortgagee and lender loss payee as its interests may appear, with the understanding that any obligation imposed upon the insured (including the liability to pay premiums) shall be the sole obligation of the
applicable Loan Parties, 
 (ii) provide that the applicable Loan Parties may waive subrogation against any party provided that the waiver of
subrogation is in writing and executed prior to the occurrence of any loss and evidence of this being permitted by the insurers shall be provided to the Administrative Agent, 
 (iii) provide, except in the case of public liability insurance and workmen’s compensation insurance, that all insurance proceeds for losses of less than $5,000,000 shall be adjusted with and payable
to the applicable Loan Parties and that all insurance proceeds for losses of $5,000,000 or more shall be adjusted with the applicable Loan Parties and payable to the Administrative Agent, and 
 (iv) provide that no cancellation of such policies for any reason ( except for non-payment of premium) shall be effective until at least thirty (30) days after receipt by the Administrative Agent of
written notice of such cancellation. 

 SCHEDULE 7.2.1 
 PERMITTED INDEBTEDNESS 
 1) Amended and Restated Credit Approved Receivables Purchasing
Agreement by and between CIT Group/Commercial Services, Inc. and the Borrower dated September 30, 2005, which will be terminated as of the Closing. 
 2) Third Amended and Restated Financing Agreement among CIT Group/Commercial Services, Inc., as Agent, Wachovia Bank, National Association, as Documentation Agent, SunTrust Bank, as Syndication Agent and
the Lenders that are party thereto and the Borrower dated December 22, 2006, which will be terminated as of the Closing. 
 3) All
Indebtedness secured by Permitted Liens, including, without limitation, as described in Schedule 1.1(P). 
  

	4)	Agreement among the Borrower and SunTrust Equipment Finance and Leasing Corporation 

Purpose: To finance the acquisition or lease of up to $37,000,000 in qualifying capital investments. 

 

													
	 Loan

Number
	  	 Date
	  	Amount	 	  	 Term

(in months)
	  	Outstanding
12/31/2008	 
	 103
	  	May-05	  	 	$                431,310          
  	  	  	60	  	$	136,069	  
	 106
	  	Mar-06	  	 	1,202,123            	  	  	36	  	 	73,812	  
	 107
	  	Jul-06	  	 	917,430            	  	  	36	  	 	168,140	  
	 108
	  	Apr-07	  	 	1,117,098            	  	  	60	  	 	766,492	  
	 109
	  	Nov-07	  	 	6,296,051            	  	  	60	  	 	4,995,022	  
	 110
	  	Jan-08	  	 	3,651,813            	  	  	36	  	 	2,512,308	  
	 111
	  	Jan-08	  	 	776,106            	  	  	60	  	 	640,273	  
	 112
	  	Apr-08	  	 	5,893,984            	  	  	36	  	 	4,499,244	  
	 113
	  	Jun-08	  	 	325,031            	  	  	36	  	 	266,469	  
	 114
	  	Jul-08	  	 	3,286,832            	  	  	36	  	 	2,775,838	  
		  		  				  		  	  
	  
	 
		  		  				  	Total	  	$	16,833,667	  
		  		  				  		  	  
	  
	 

  

	4)	Agreement among the Borrower and PNC Equipment Finance, LLC 

 Purpose: To finance the acquisition or lease of up to $40,000,000 in qualifying capital investments. 
  

													
	 Loan

Number
	  	 Date
	  	Amount	 	  	 Term

(in months)
	  	Outstanding
12/31/2008	 
	 01
	  	Jul-08	  	$	                484,836          
  	  	  	36	  	$	408,723	  
	 02
	  	Jul-08	  	 	405,611            	  	  	60	  	 	370,174	  
	 03
	  	Jul-08	  	 	759,859            	  	  	60	  	 	693,472	  
	 04
	  	Jul-08	  	 	535,807            	  	  	60	  	 	488,995	  
	 05
	  	Jul-08	  	 	755,069            	  	  	36	  	 	637,152	  
	 06
	  	Jul-08	  	 	767,568            	  	  	60	  	 	700,508	  
		  		  				  		  	  
	  
	 
		  		  				  	Total	  	$	3,299,024	  
		  		  				  		  	  
	  
	 

	5)	M&T Bank Capital Leases 

  

													
	 Lease

Number
	  	 Date
	  	Amount	 	  	 Term

(in months)
	  	Outstanding
12/31/2008	 
	 101
	  	Jan-05	  	$	                137,898          
  	  	  	60	  	$	33,548	  
	 104
	  	Jul-05	  	 	598,104            	  	  	60	  	 	210,699	  
		  		  				  		  	  
	  
	 
		  		  				  	Total	  	$	244,247	  
		  		  				  		  	  
	  
	 

  

	6)	Bank of America Capital Leases 

  

													
	 Lease

Number
	  	 Date
	  	Amount	 	  	 Term

(in months)
	  	Outstanding
12/31/2008	 
	 017
	  	Feb-04	  	$	                16,143          
  	  	  	60	  	$	625	  
	 104
	  	Jul-04	  	 	235,994            	  	  	60	  	 	31,268	  
	 105
	  	Apr-05	  	 	181,913            	  	  	60	  	 	54,526	  
	 106
	  	May-04	  	 	140,544            	  	  	60	  	 	13,327	  
	 110
	  	Jul-04	  	 	227,619            	  	  	60	  	 	30,151	  
	 114
	  	Oct-04	  	 	405,405            	  	  	60	  	 	75,785	  
	 116
	  	Aug-04	  	 	24,739            	  	  	60	  	 	3,733	  
	 117
	  	Nov-04	  	 	19,484            	  	  	60	  	 	4,000	  
		  		  				  		  	  
	  
	 
		  		  				  	Total	  	$	213,415	  
		  		  				  		  	  
	  
	 

  

	7)	 Foreign Currency Forward Contracts1 

  

											
	 Contract

Number
	  	 Counterparty
	  	 Contract
	  	 Settlement Date
	  	Receivable
(Payable)
12/31/2008	 
	 1764659
	  	SunTrust	  	CAD Forward	  	1/27/2009	  	$	 160,664	  
	 1764660
	  	SunTrust	  	CAD Forward	  	2/27/2009	  	 	160,645	  
	 1811598
	  	SunTrust	  	CAD Forward	  	4/27/2009	  	 	356,295	  
	 1811605
	  	SunTrust	  	CAD Forward	  	5/27/2009	  	 	312,740	  
	 1811606
	  	SunTrust	  	CAD Forward	  	6/26/2009	  	 	253,263	  
	 942079
	  	Wells Fargo	  	EUR Rolling Forward	  	2/3/2009	  	 	—  	  
	 942111
	  	Wells Fargo	  	CAD Rolling Forward	  	2/2/2009	  	 	—  	  
		  		  		  		  	  
	  
	 
		  		  		  		  	$	1,243,607	  
		  		  		  		  	  
	  
	 

  
  

	1 	 Foreign currency forward contracts with Wells Fargo noted above may be replaced one (1) time only for a period of not more than thirty
(30) days. 

 SCHEDULE 7.1.11 

POST-CLOSING LANDLORD’S WAIVER 
 Within thirty (30) days of the Closing Date, the Borrower shall deliver, or cause to be delivered, to the Administrative Agent, a Landlord’s Waiver for the following leased location: 

1040 Swan Creek Drive, Glen Burnie, Maryland 
 In
addition, within thirty (30) days of the Closing Date, the Borrower shall undertake commercially reasonable efforts to obtain a Landlord’s Waiver for the following leased locations: 

 

							
	 Store
	 	 Street
	 	 Suite
	 	 City, State, Zip

				
	 Swan Creek, MD
	 	1010 Swan Creek Dr.	 	Suite B	 	Curtis Bay, MD 21226
				
	 Hagerstown, MD
	 	365 Prime Outlets Blvd.	 		 	Hagerstown, MD 21740
				
	 Leesburg, VA
	 	241 Fort Evans Road N.E.	 	Suite 369	 	Leesburg, VA 20176
				
	 Williamsburg, VA
	 	5707-3 Richmond Rd.	 		 	Williamsburg, VA 23188
				
	 Wrentham, MA
	 	One Premium Outlets Blvd.	 	Suite 305	 	Wrentham, MA 02093
				
	 Tannersville, PA
	 	1000 Rte. 611 North	 	Suite C-12	 	Tannersville, PA 18372
				
	 Riverhead, NY
	 	1513 Tanger Mall Dr.	 	Suite 1513	 	Riverhead, NY 11901
				
	 Rehoboth Beach, DE
	 	36698 Bayside Outlet Drive	 	Suite 210	 	Rehoboth Beach, DE 19971
				
	 Jackson, NJ
	 	537 Monmouth Road	 	Suite 0128	 	Jackson, NJ 08527
				
	 Limerick, PA
	 	18 Light Cap Road	 	Suite 1073	 	Limerick, PA 19464
				
	 Clinton, CT
	 	20 Killingworth Turnpike	 	Suite 204	 	Clinton, CT 06413
				
	 Waterloo, NY
	 	655 Route 318	 	Suite A003	 	Waterloo, NY 13165
				
	 Kittery, ME
	 	336 US Route 1	 	Suite 220 #6	 	Kittery, ME 03904
				
	 Woodbury, NY
	 	350 Red Apple Court	 	Suite 350	 	Central Valley, NY 10917
				
	 Tinton Falls, NJ
	 	4001 Route 66	 	Suite 101	 	Tinton Falls, NJ 07753
				
	 Ellenton, FL
	 	5111 Factory Shops Blvd.	 		 	Ellenton, FL 34222
				
	 Jeffersonville, OH
	 	8740 Factory Shops Blvd.	 		 	Jeffersonville, OH 43128
				
	 Destin, FL
	 	10676 Emerald Coast Parkway West	 	Suite 135	 	Destin, FL 32550
				
	 San Marcos, TX
	 	3939 IH-35 South	 	Suite 610	 	San Marcos, TX 78666
				
	 Pleasant Prairie, WI
	 	11211 120th Ave.	 	Suite 504	 	Pleasant Prairie, WI 53158
				
	 Dawsonville, GA
	 	800 Highway 400 South	 	Suite 1052	 	Dawsonville, GA 30534
				
	 Orlando, FL
	 	4975 International Dr.	 	Suite 3C01	 	Orlando, FL 32819
				
	 Houston, TX
	 	29300 Hempstead Road	 	Suite 849	 	Houston, TX 77433
				
	 Myrtle Beach, SC
	 	10843 Kings Road (Hwy 17)	 	Suite 685	 	Myrtle Beach, SC 29572
				
	 Birch Run, MI
	 	12150 Beyer Road	 	Suite F70	 	Birch Run, MI 48415
				
	 Annapolis, MD
	 	2575 Annapolis Mall	 		 	Annapolis, MD 21401
				
	 Fox Valley, IL
	 	2308 Fox Valley Center	 	A-6	 	Aurora, IL 60504

							
	 Store
	 	 Street
	 	 Suite
	 	 City, State, Zip

				
	 Natick, MA
	 	1245 Worcester Street	 	2068	 	Natick MA 017604
				
	 Montgomey Mall, MD
	 	7101 Democracy Blvd.	 		 	Bethesda, MD 20617

 EXHIBIT 1.1(A) 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION
AGREEMENT (the “Assignment”) is dated as of the Effective Date set forth below and is entered into by and between ____________________________________________________ (the “Assignor”) and
________________________________________________ (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by each Assignee. The Standard Terms and Conditions set forth in Annex 1 are hereby agreed to and incorporated herein by reference and made a part of this Assignment as if set
forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to each Assignee, and
each Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated
below, the interest in and to all of the Assignor’s rights and obligations under the Credit Agreement and any other documents or instruments delivered pursuant thereto that represents the amount and percentage interests identified below each
Assignee’s name on the signature pages hereto, of all of the Assignor’s outstanding rights and obligations under the respective facilities identified on the signature pages hereto (including, to the extent included in any such facilities,
letters of credit and swingline loans) (each an “Assigned Interest” and collectively the “Assigned Interests”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this
Assignment, without representation or warranty by the Assignor. 
  

							
	1.	  	Assignor:	  	 	  	
				
	2.	  	Assignee:	  	 	  	
		  		  	[and is an Affiliate/Approved Fund of [identify Lender]1]	  	
			
	3.	  	Borrower:	  	Under Armour, Inc.
			
	4.	  	Administrative Agent:	  	PNC Bank, National Association, as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Credit Agreement dated March 29, 2011 by and among Under Armour Inc., the Lenders parties thereto, PNC Bank, National Association, as Administrative Agent,
SunTrust Bank, as Syndication Agent, Bank of America, N.A., as Documentation Agent, and the Guarantors now or hereafter party thereto, as the same may be amended, restated or supplemented from time to time.

  

	1 	 Select as applicable. 

					
	6.	  	Assigned Interest:	  	

  

															
	 Facility Assigned
	  	Aggregate
Amount of
Commitment/
Loans for all
Lenders	 	  	Amount of
Commitment/
Loans
Assigned	 	  	Percentage
Assigned of
Commitment/
Loans2
	 	  	CUSIP
Number
	 Revolving Credit Commitment
	  	$	 	  	  	$	 	  	  	 	%	  	  	
					
	 Term Loan Commitment
	  	$	 	  	  	$	 	  	  	 	%	  	  	 

  

					
	7.	  	[Trade Date:	  	                             
                                         
  ]3
			
	8.	  	Effective Date:	  	                            ,
20         [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE

 EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]4 

 
  

[SIGNATURE PAGES FOLLOW] 
  

 
  
  

 
  
  

 
  

 

	2 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	3 	 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

	4 	 Assignor shall pay a fee of $3,500 to the Administrative Agent in connection with the Assignment and Assumption. 

  
 170

 [SIGNATURE PAGE—ASSIGNMENT AND ASSUMPTION AGREEMENT] 

The terms set forth in this Assignment are hereby agreed to: 

ASSIGNOR 
 [NAME OF ASSIGNOR] 
 By:
                                         
                                         
           
 Name:
                                         
                                         
      
 Title:
                                         
                                         
       
 ASSIGNEE 

[NAME OF ASSIGNEE] 
 By:
                                         
                                         
           
 Name:
                                         
                                         
      
 Title:
                                         
                                         
       
 Consented to and Accepted: 
 PNC BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 

By:
                                         
                                         
           
 Name:
                                         
                                         
      
 Title:
                                         
                                         
       
  

 [Consented to:]5 

BORROWER 
 UNDER ARMOUR, INC.

 By:
                                         
                                         
           
 Name:
                                         
                                         
     
 Title:
                                         
                                         
       
  
 GUARANTORS

 [NAME] 
 By:
                                         
                                         
           
 Name:
                                         
                                         
     
 Title:
                                         
                                         
       
  
  
 By:
                                         
                                         
           
 Name:
                                         
                                         
     
 Title:
                                         
                                         
       
  
  

 
  
  

 
  

 

	5 	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

 

  
 2 

 ANNEX 1 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 

1. Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interests, (ii) the Assigned Interests are free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in connection with any Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit
Agreement or any other instrument or document delivered pursuant thereto, other than this Assignment (herein collectively the “Loan Documents”), or any collateral thereunder, (iii) the financial condition of the Borrower, any
of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document. 
 1.2 Assignee. Each Assignee severally (a) represents and warrants that
(i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all
requirements, if any, of an eligible assignee under the Credit Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement and, to the extent of its Assigned Interests, shall have the
obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.1.6 and Section 6.1.1 thereof, as applicable, and
such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and to purchase its Assigned Interests on the basis of which it has made such analysis and decision, and
(v) if such Assignee is not incorporated or organized under the laws of the United States of America or any State thereof, attached to the Assignment is any documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by such Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the
Administrative Agent shall make all payments in respect of each Assignee’s Assigned Interests (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to

  
 3 

 
but excluding the Effective Date and to the respective Assignee for amounts which have accrued from and after the Effective Date. 

3. General Provisions. This Assignment shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment by telecopy shall be effective as
delivery of a manually executed counterpart of this Assignment. This Assignment shall be governed by, and construed in accordance with, the laws of the State of Maryland. 

  
 4 

 EXHIBIT 1.1(G)(1) 

FORM OF GUARANTOR JOINDER AND ASSUMPTION AGREEMENT 
 THIS GUARANTOR JOINDER AND ASSUMPTION AGREEMENT is made as of
[                        ], 20[    ], by
[                                        ], a
[                    ] [corporation/partnership/limited liability company] (the “New Guarantor”). 

Background 
 Reference is
made to the (i) Credit Agreement dated as January 28, 2009, as the same may be modified, supplemented, or amended (the “Credit Agreement”) by and among Under Armour, Inc., a Maryland corporation (the “Borrower”), the
Guarantors party thereto, PNC Bank, National Association, in its capacity as administrative agent for the Lenders party thereto (the “Administrative Agent”), Lenders party thereto, SunTrust Bank, as Syndication Agent, and Compass Bank, as
Documentation Agent, (ii) the Continuing Agreement of Guaranty and Suretyship dated as of January 28, 2009 (the “Guaranty”) of Guarantors issued to the Lenders and the Administrative Agent, as the same may be modified,
supplemented, or amended, and (iii) the other Loan Documents referred to in the Credit Agreement, as the same may be modified, supplemented, or amended. 
 Agreement 
 Capitalized terms defined in the Credit Agreement are used
herein as defined therein. In consideration of the New Guarantor becoming a Guarantor under the terms of the Credit Agreement and in consideration of the value of the synergistic benefits received by New Guarantor as a result of becoming affiliated
with or being formed by the Borrower and the Guarantors, the New Guarantor hereby agrees that effective as of the date hereof it hereby is, and shall be deemed to be, a Guarantor under the Credit Agreement, the Guaranty and each of the other Loan
Documents to which the Guarantors are a party and agrees that from the date hereof and so long as any Loan or any Commitment of any Lender shall remain outstanding and until the payment in full of the Obligations, New Guarantor has assumed the
obligations of a “Guarantor” under, and New Guarantor shall perform, comply with and be subject to and bound by, jointly and severally, each of the terms, provisions and waivers of the Credit Agreement and the Guaranty and each of the
other Loan Documents which are stated to apply to or are made by a “Guarantor”. Without limiting the generality of the foregoing, the New Guarantor hereby represents and warrants that (i) each of the representations and warranties set
forth in Section 5 of the Credit Agreement applicable to New Guarantor as a Guarantor is true and correct as to New Guarantor on and as of the date hereof, and (ii) New Guarantor has heretofore received a true and correct copy of the
Agreement, the Guaranty, and each of the other Loan Documents (including any modifications thereof or supplements or waivers thereto) in effect on the date hereof. 
 New Guarantor hereby makes, affirms, and ratifies in favor of the Lenders and the Administrative Agent the Credit Agreement, the Guaranty and each of the other Loan Documents given by the Guarantors to
Administrative Agent and any of the Lenders. 

 New Guarantor is simultaneously delivering to the Administrative Agent the following
documents together with the Guarantor Joinder required under Section 7.2.8 [Subsidiaries, Partnerships and Joint Ventures]: 
 Updated Schedules to Credit Agreement. [Note: 
 updates to schedules do not cure
any breach of 
 warranties]. 
  

							
	 Schedule No. and Description
	  	Delivered	  	Not
Delivered
	 Schedule 5.1.1 –
	 	 Qualifications To Do Business
	  	 ̈	  	 ̈
				
	 Schedule 5.1.2 –
	 	 Existing Subsidiaries
	  	 ̈	  	 ̈
				
	 Schedule 5.1.5 –
	 	 Litigation
	  	 ̈	  	 ̈
				
	 Schedule 5.1.10 –
	 	 Patents, Trademarks, Copyrights, Licenses, Etc.
	  	 ̈	  	 ̈
				
	 Schedule 5.1.11 –
	 	 Liens in the Collateral
	  	 ̈	  	 ̈
				
	 Schedule 5.1.14 –
	 	 Environmental Disclosures
	  	 ̈	  	 ̈
				
	 Schedule 6.1.1 –
	 	 Opinion of Counsel
	  	 ̈	  	 ̈
			
	 Any other Schedules to Credit Agreement that necessitate updates after giving effect to this Guarantor Joinder and
Assumption Agreement
	  	 ̈	  	 ̈

 In furtherance of the foregoing, New Guarantor shall execute and deliver or cause to be executed and
delivered at any time and from time to time such further instruments and documents and do or cause to be done such further acts as may be reasonably necessary in the reasonable opinion of Administrative Agent to carry out more effectively the
provisions and purposes of this Guarantor Joinder and Assumption Agreement. 
 The remainder of this page is left blank
intentionally. 
 Signatures follow on next page. 

  
 2 

 [SIGNATURE PAGE TO GUARANTOR JOINDER AND ASSUMPTION AGREEMENT] 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the New Guarantor has duly executed this Guarantor Joinder and Assumption
Agreement and delivered the same to the Administrative Agent for the benefit of the Lenders, as of the date and year first above written. 
  

					
	[	 	  
	 	]

  

					
	By	 	  
	 	(SEAL)
	Name:	 	  

	Title:	 	  

  

			
	Acknowledged and accepted:
	
	 PNC BANK, NATIONAL ASSOCIATION, as
 Administrative Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 3 

 EXHIBIT 1.1 (G)(2) 

CONTINUING AGREEMENT OF GUARANTY AND SURETYSHIP 
 THIS CONTINUING AGREEMENT OF GUARANTY AND SURETYSHIP (this “Guaranty”), dated as of this 28th day of January, 2009, is jointly and severally given by each of the undersigned and each of the
other Persons which become Guarantors hereunder from time to time (each a “Guarantor” and collectively the “Guarantors”) in favor of PNC Bank, National Association, in its capacity as administrative agent (the “Agent”)
for the Lenders (as hereinafter defined) in connection with that Credit Agreement, dated as of the date hereof, by and among Under Armour, Inc., a Maryland corporation (the “Borrower”), the Guarantors now or hereafter party thereto, the
Agent, the Lenders now or hereafter party thereto (the “Lenders”), SunTrust Bank, as Syndication Agent, and Compass Bank, as Documentation Agent (as amended, restated, modified, or supplemented from time to time hereafter, the “Credit
Agreement”). Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the Credit Agreement and the rules of construction set forth in Section 1.2 [Construction] of the Credit Agreement shall
apply to this Guaranty. 
 1. Guarantied Obligations. To induce the Agent and the Lenders to make loans and grant other
financial accommodations to the Borrower under the Credit Agreement, each Guarantor hereby jointly and severally unconditionally, and irrevocably, guaranties to the Agent, each Lender and any Lender Provided Interest Rate Hedge (an “IRH
Provider”); and becomes surety, as though it was a primary obligor for, the full and punctual payment and performance when due (whether on demand, at stated maturity, by acceleration, or otherwise and including any amounts which would become
due but for the operation of an automatic stay under the federal bankruptcy code of the United States or any similar laws of any country or jurisdiction) of all Obligations of the Borrower or any other Guarantor to the Agent or any of the Lenders or
any Affiliate of any Lender under or in connection with the Credit Agreement or any other Loan Document, whether for principal, interest, fees, indemnities, expenses, or otherwise, and all refinancings or refundings thereof, whether such
obligations, liabilities, or indebtedness are direct or indirect, secured or unsecured, joint or several, absolute or contingent, due or to become due, whether for payment or performance, now existing or hereafter arising (and including obligations,
liabilities, and indebtedness arising or accruing after the commencement of any bankruptcy, insolvency, reorganization, or similar proceeding with respect to the Borrower or any Guarantor or which would have arisen or accrued but for the
commencement of such proceeding, even if the claim for such obligation, liability, or indebtedness is not enforceable or allowable in such proceeding, and including all Obligations, regardless of whether any such extensions of credit are in excess
of the amount committed under or contemplated by the Loan Documents or are made in circumstances in which any condition to extension of credit is not satisfied) (all of the foregoing obligations, liabilities and indebtedness are referred to herein
collectively as the “Guarantied Obligations” and each as a “Guarantied Obligation”). Without limitation of the foregoing, any of the Guarantied Obligations shall be and remain Guarantied Obligations entitled to the benefit of
this Guaranty if the Agent or any of the Lenders (or any one or more assignees or transferees thereof) from time to time assign or otherwise transfer all or any portion of their respective rights and obligations under the Loan Documents, or any
other Guarantied Obligations, to any other Person in accordance with the terms of the Credit Agreement. In furtherance of the foregoing, each Guarantor jointly and severally agrees as follows. 

 2. Guaranty. Each Guarantor hereby promises to pay and perform all such Guarantied
Obligations immediately upon demand of the Agent and the Lenders or any one or more of them. All payments made hereunder shall be made by each Guarantor in immediately available funds in United States Dollars and shall be made without setoff,
counterclaim, withholding, or other deduction of any nature. 
 3. Obligations Absolute. The obligations of the
Guarantors hereunder shall not be discharged or impaired or otherwise diminished by the failure, default, omission, or delay, willful or otherwise, by any Lender, the Agent, or any Borrower or any other obligor on any of the Guarantied 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.
Each of the Guarantors agrees that the Guarantied Obligations will be paid and performed strictly in accordance with the terms of the Loan Documents. Without limiting the generality of the foregoing, each Guarantor hereby consents to, at any time
and from time to time, and the joint and several obligations of each Guarantor hereunder shall not be diminished, terminated, or otherwise similarly affected by any of the following: 

(a) any lack of genuineness, legality, validity, enforceability or allowability (in a bankruptcy, insolvency, reorganization or similar
proceeding, or otherwise), or any avoidance or subordination, in whole or in part, of any Loan Document or any of the Guarantied Obligations and regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any
of the Guarantied Obligations, any of the terms of the Loan Documents, or any rights of the Agent or the Lenders or any other Person with respect thereto; 
 (b) any increase, decrease, or change in the amount, nature, type or purpose of any of, or any release, surrender, exchange, compromise or settlement of any of the Guarantied Obligations (whether or not
contemplated by the Loan Documents as presently constituted); any change in the time, manner, method, or place of payment or performance of, or in any other term of, any of the Guarantied Obligations; any execution or delivery of any additional Loan
Documents; or any amendment, modification or supplement to, or refinancing or refunding of, any Loan Document or any of the Guarantied Obligations; 
 (c) any failure to assert any breach of or default under any Loan Document or any of the Guarantied Obligations; any extensions of credit in excess of the amount committed under or contemplated by the
Loan Documents, or in circumstances in which any condition to such extensions of credit has not been satisfied; any other exercise or non-exercise, or any other failure, omission, breach, default, delay, or wrongful action in connection with any
exercise or non-exercise, of any right or remedy against the Borrower or any other Person under or in connection with any Loan Document or any of the Guarantied Obligations; any refusal of payment or performance of any of the Guarantied Obligations,
whether or not with any reservation of rights against any Guarantor; or any application of collections (including but not limited to collections resulting from realization upon any direct or indirect security for the Guarantied Obligations) to other
obligations, if any, not entitled to the benefits of this Guaranty, in preference to Guarantied Obligations entitled to the benefits of this Guaranty, or if any 

  
 - 2 -

 
collections are applied to Guarantied Obligations, any application to particular Guarantied Obligations; 
 (d) any taking, exchange, amendment, modification, waiver, supplement, termination, subordination, compromise, release, surrender, loss, or impairment of, or any failure to protect, perfect, or preserve
the value of, or any enforcement of, realization upon, or exercise of rights, or remedies under or in connection with, or any failure, omission, breach, default, delay, or wrongful action by the Agent or the Lenders, or any of them, or any other
Person in connection with the enforcement of, realization upon, or exercise of rights or remedies under or in connection with, or, any other action or inaction by any of the Agent or the Lenders, or any of them, or any other Person in respect of,
any direct or indirect security for any of the Guarantied Obligations. As used in this Guaranty, “direct or indirect security” for the Guarantied Obligations, and similar phrases, includes any collateral security, guaranty, suretyship,
letter of credit, capital maintenance agreement, put option, subordination agreement, or other right or arrangement of any nature providing direct or indirect assurance of payment or performance of any of the Guarantied Obligations, made by or on
behalf of any Person; 
 (e) any merger, consolidation, liquidation, dissolution, winding-up, charter revocation, or forfeiture,
or other change in, restructuring or termination of the corporate structure or existence of, the Borrower or any other Person; any bankruptcy, insolvency, reorganization or similar proceeding with respect to the Borrower or any other Person; or any
action taken or election made by the Agent or the Lenders, or any of them (including but not limited to any election under Section 1111(b)(2) of the United States Bankruptcy Code), the Borrower, or any other Person in connection with any such
proceeding; 
 (f) any defense, setoff, or counterclaim which may at any time be available to or be asserted by the Borrower or
any other person with respect to any Loan Document or any of the Guarantied Obligations; or any discharge by operation of law or release of the Borrower or any other Person from the performance or observance of any Loan Document or any of the
Guarantied Obligations; or 
 (g) any other event or circumstance, whether similar or dissimilar to the foregoing, and whether
known or unknown, which might otherwise constitute a defense available to, or limit the liability of, any Guarantor, a guarantor or a surety, excepting only full, strict, and indefeasible payment and performance of the Guarantied Obligations in
full. 
 Each Guarantor acknowledges, consents, and agrees that new Guarantors may join in this Guaranty pursuant to
Section 7.2.8 of the Credit Agreement and each Guarantor affirms that its obligations shall continue hereunder undiminished. 
 4. Waivers, etc. Each of the Guarantors hereby waives any defense to, or limitation on, its obligations under this Guaranty arising out of or based on any event or circumstance referred to in
Section 3 hereof. Without limitation and to the fullest extent permitted by applicable law, each Guarantor waives each of the following: 

  
 - 3 -

 (a) all notices, disclosures and demand of any nature which otherwise might be required from
time to time to preserve intact any rights against any Guarantor, including the following: any notice of any event or circumstance described in Section 3 hereof; any notice required by any law, regulation or order now or hereafter in effect in
any jurisdiction; any notice of nonpayment, nonperformance, dishonor, or protest under any Loan Document or any of the Guarantied Obligations; any notice of the incurrence of any Guarantied Obligation; any notice of any default or any failure on the
part of the Borrower or any other Person to comply with any Loan Document or any of the Guarantied Obligations or any direct or indirect security for any of the Guarantied Obligations; and any notice of any information pertaining to the business,
operations, condition (financial or otherwise) or prospects of the Borrower or any other Person; 
 (b) any right to any
marshalling of assets, to the filing of any claim against the Borrower or any other Person in the event of any bankruptcy, insolvency, reorganization or similar proceeding, or to the exercise against the Borrower or any other Person of any other
right or remedy under or in connection with any Loan Document or any of the Guarantied Obligations or any direct or indirect security for any of the Guarantied Obligations; any requirement of promptness or diligence on the part of the Agent or the
Lenders, or any of them, or any other Person; any requirement to exhaust any remedies under or in connection with, or to mitigate the damages resulting from default under, any Loan Document or any of the Guarantied Obligations or any direct or
indirect security for any of the Guarantied Obligations; any benefit of any statute of limitations; and any requirement of acceptance of this Guaranty or any other Loan Document, and any requirement that any Guarantor receive notice of any such
acceptance; 
 (c) any defense or other right arising by reason of any law now or hereafter in effect in any jurisdiction
pertaining to election of remedies (including but not limited to anti-deficiency laws, “one action” laws or the like), or by reason of any election of remedies or other action or inaction by the Agent or the Lenders, or any of them
(including but not limited to commencement or completion of any judicial proceeding or nonjudicial sale or other action in respect of collateral security for any of the Guarantied Obligations), which results in denial or impairment of the right of
the Agent or the Lenders, or any of them, to seek a deficiency against the Borrower or any other Person or which otherwise discharges or impairs any of the Guarantied Obligations; and 

(d) any and all defenses it may now or hereafter have based on principles of suretyship, impairment of collateral, or the like.

 5. Reinstatement. This Guaranty is a continuing obligation of the Guarantors and shall remain in full force and effect
notwithstanding that no Guarantied Obligations may be outstanding from time to time and notwithstanding any other event or circumstance. Upon termination of all Commitments, the expiration of all Letters of Credit and indefeasible payment in full of
all Guarantied Obligations, this Guaranty shall terminate; provided, however, that this Guaranty shall continue to be effective or be reinstated, as the case may be, any time any payment of any of the Guarantied Obligations is
rescinded, recouped, avoided, or must otherwise be returned or released by any Lender or Agent upon or during the insolvency, bankruptcy, or reorganization of, or any similar proceeding affecting, the Borrower or for any other reason whatsoever, all
as though such payment had not been made and was due and owing. 

  
 - 4 -

 6. Subrogation. Each Guarantor waives and agrees it will not exercise any rights
against Borrower or any other Guarantor arising in connection with, or any Collateral securing, the Guarantied Obligations (including rights of subrogation, contribution, and the like) until the Guarantied Obligations have been indefeasibly paid in
full, and all Commitments have been terminated and all Letters of Credit have expired. If any amount shall be paid to any Guarantor by or on behalf of the Borrower or any other Guarantor by virtue of any right of subrogation, contribution, or the
like, such amount shall be deemed to have been paid to such Guarantor for the benefit of, and shall be held in trust for the benefit of, the Agent and the Lenders and shall forthwith be paid to the Agent to be credited and applied upon the
Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement. 
 7. No
Stay. Without limitation of any other provision of this Guaranty, if any declaration of default or acceleration or other exercise or condition to exercise of rights or remedies under or with respect to any Guarantied Obligation shall at any time
be stayed, enjoined, or prevented for any reason (including but not limited to stay or injunction resulting from the pendency against the Borrower or any other Person of a bankruptcy, insolvency, reorganization or similar proceeding), the Guarantors
agree that, for the purposes of this Guaranty and their obligations hereunder, the Guarantied Obligations shall be deemed to have been declared in default or accelerated, and such other exercise or conditions to exercise shall be deemed to have been
taken or met. 
 8. Taxes. 
 (a) No Deductions. All payments made by any Guarantor under any of the Loan Documents shall be made free and clear of and without deduction for any present or future taxes, levies, imposts,
deductions, charges, or withholdings, and all liabilities with respect thereto, excluding taxes imposed on the net income of any Lender and all income and franchise taxes of the United States applicable to any Lender (all such non-excluded taxes,
levies, imposts, deductions, charges, withholdings, and liabilities being hereinafter referred to as “Taxes”). If any Guarantor shall be required by law to deduct any Taxes from or in respect of any sum payable under any of the Loan
Documents, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Subsection (a) such Lender receives an amount equal
to the sum it would have received had no such deductions been made, (ii) such Guarantor shall make such deductions and (iii) such Guarantor shall timely pay the full amount deducted to the relevant tax authority or other authority in
accordance with applicable law. 
 (b) Stamp Taxes. In addition, each Guarantor agrees to pay any present or future stamp
or documentary taxes or any other excise or property taxes, charges, or similar levies which arise from any payment made hereunder or from the execution, delivery, or registration of, or otherwise with respect to, any of the Loan Documents
(hereinafter referred to as “Other Taxes”). 
 (c) Indemnification for Taxes Paid by any Lender. Each Guarantor
shall indemnify each Lender for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Subsection)

  
 - 5 -

 
paid by any Lender and any liability (including penalties, interest, and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally
asserted. This indemnification shall be made within thirty (30) days from the date a Lender makes written demand therefor. 

(d) Certificate. Within thirty (30) days after the date of any payment of any Taxes by any Guarantor, such Guarantor shall
furnish to each Lender, the original or a certified copy of a receipt evidencing payment thereof. If no Taxes are payable in respect of any payment by such Guarantor, such Guarantor shall, if so requested by a Lender, provide a certificate of an
officer of such Guarantor to that effect. 
 9. [Reserved]. 

10. Notices. Each Guarantor agrees that all notices, statements, requests, demands and other communications under this Guaranty
shall be given to such Guarantor at the address set forth on a Schedule to, or in a Guarantor Joinder and Assumption Agreement given under, the Credit Agreement and in the manner provided in Section 10.5 of the Credit Agreement. The Agent and
the Lenders may rely on any notice (whether or not made in a manner contemplated by this Guaranty) purportedly made by or on behalf of a Guarantor, and the Agent and the Lenders shall have no duty to verify the identity or authority of the Person
giving such notice. 
 11. Counterparts; Telecopy Signatures. This Guaranty may be executed in any number of
counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. Each Guarantor acknowledges and agrees that a telecopy transmission to Agent or any Lender of
signature pages hereof purporting to be signed on behalf of any Guarantor shall constitute effective and binding execution and delivery hereof by such Guarantor. 
 12. Setoff, Default Payments by Borrower. 
 (a) In the event that at any
time any obligation of the Guarantors now or hereafter existing under this Guaranty shall have become due and payable, the Agent and the Lenders, or any of them, shall have the right from time to time, without notice to any Guarantor, to set off
against and apply to such due and payable amount any obligation of any nature of any Lender or the Agent, or any subsidiary or affiliate of any Lender or Agent, to any Guarantor, including but not limited to all deposits (whether time or demand,
general or special, provisionally credited or finally credited, however evidenced) now or hereafter maintained by any Guarantor with the Agent or any Lender or any IRH Provider. Such right shall be absolute and unconditional in all circumstances
and, without limitation, shall exist whether or not the Agent or the Lenders, or any of them, shall have given any notice or made any demand under this Guaranty or under such obligation to the Guarantor, whether such obligation to the Guarantor is
absolute or contingent, matured or unmatured (it being agreed that the Agent and the Lenders, or any of them, may deem such obligation to be then due and payable at the time of such setoff), and regardless of the existence or adequacy of any
collateral, guaranty, or other direct or indirect security or right or remedy available to the Agent or any of the Lenders. The rights of the Agent and the Lenders under this Section are in addition to such other rights and remedies (including,
without 

  
 - 6 -

 
limitation, other rights of setoff and banker’s lien) which the Agent and the Lenders, or any of them, may have, and nothing in this Guaranty or in any other Loan Document shall be deemed a
waiver of or restriction on the right of setoff or banker’s lien of the Agent and the Lenders, or any of them. Each of the Guarantors hereby agrees that, to the fullest extent permitted by law, any affiliate or subsidiary of the Agent or any of
the Lenders and any holder of a participation in any obligation of any Guarantor under this Guaranty, shall have the same rights of setoff as the Agent and the Lenders as provided in this Section (regardless of whether such affiliate or participant
otherwise would be deemed a creditor of the Guarantor). 
 (b) Upon the occurrence and during the continuation beyond any
applicable cure period of any default under any Guarantied Obligation, if any amount shall be paid to any Guarantor by or for the account of Borrower, such amount shall be held in trust for the benefit of each Lender and Agent and shall forthwith be
paid to the Agent to be credited and applied to the Guarantied Obligations when due and payable. 
 13. Construction. The
section and other headings contained in this Guaranty are for reference purposes only and shall not affect interpretation of this Guaranty in any respect. This Guaranty has been fully negotiated between the applicable parties, each party having the
benefit of legal counsel, and accordingly neither any doctrine of construction of guaranties or suretyships in favor of the guarantor or surety, nor any doctrine of construction of ambiguities in agreement or instruments against the party
controlling the drafting thereof, shall apply to this Guaranty. 
 14. Successors and Assigns. This Guaranty shall be
binding upon each Guarantor, its successors and assigns, and shall inure to the benefit of and be enforceable by the Agent and the Lenders, or any of them, and their successors and permitted assigns provided, however, that no Guarantor may assign or
transfer any of its rights or obligations hereunder or any interest herein and any such purported assignment or transfer shall be null and void. Without limitation of the foregoing, the Agent and the Lenders, or any of them (and any successive
assignee or transferee), from time to time may assign or otherwise transfer all or any portion of its rights or obligations under the Loan Documents (including all or any portion of any commitment to extend credit), or any other Guarantied
Obligations, to any other person and such Guarantied Obligations (including any Guarantied Obligations resulting from extension of credit by such other Person under or in connection with the Loan Documents) shall be and remain Guarantied Obligations
entitled to the benefit of this Guaranty, and to the extent of its interest in such Guarantied Obligations such other Person shall be vested with all the benefits in respect thereof granted to the Agent and the Lenders in this Guaranty or otherwise.

 15. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) Governing Law. This Guaranty shall be governed by, construed, and enforced in accordance with the internal laws of the
Commonwealth of Pennsylvania, without regard to conflict of laws principles. 
 (b) Certain Waivers. Each Guarantor
hereby irrevocably: 

  
 - 7 -

 (i) Certain Waivers; Submission to Jurisdiction. Each Guarantor hereby irrevocably
submits to the nonexclusive jurisdiction of the Court of Common Pleas of Allegheny County and the United States District Court for the Western District of Pennsylvania, and waives personal service of any and all process upon it and consents that all
such service of process be made by certified or registered mail directed to the Borrower at the address provided for in the Credit Agreement and service so made shall be deemed to be completed upon actual receipt thereof. Each Guarantor waives any
objection to jurisdiction and venue of any action instituted against it as provided herein and agrees not to assert any defense based on lack of jurisdiction or venue. 
 Each Guarantor hereby appoints a process agent, Corporation Service Company, as its agent to receive on behalf of such party and its respective property, service of copies of the summons and complaint and
any other process which may be served in any action or proceeding. Such service may be made by mailing or delivering a copy of such process to any of the Guarantors in care of the Process Agent at the Process Agent’s address, and each of the
Guarantors hereby authorizes and directs the Process Agent to receive such service on its behalf. Each Guarantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions (or any
political subdivision thereof) by suit on the judgment or in any other manner provided by law. Each Guarantor further agrees that it shall, for so long as any Commitment, Letter of Credit or any Obligation of any Loan Party to the Lender remains
outstanding, continue to retain Process Agent for the purposes set forth in this Section 15. The Process Agent hereby accepts the appointment of Process Agent by the Guarantors and agrees to act as Process Agent on behalf of the Guarantors. The
Process Agent has an address of, on the date hereof, 2711 Centerville Road, Suite 400, Wilmington, DE 19808. 
 (ii) Waives any
objection to jurisdiction and venue of any action instituted against it as provided herein and agrees not to assert any defense based on lack of jurisdiction or venue. 
 (iii) WAIVES TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE CREDIT AGREEMENT, OR ANY OTHER LOAN DOCUMENT TO THE FULLEST EXTENT
PERMITTED BY LAW. 
 16. Severability; Modification to Conform to Law. 

(a) It is the intention of the parties that this Guaranty be enforceable to the fullest extent permissible under applicable law, but that
the unenforceability (or modification to conform to such law) of any provision or provisions hereof shall not render unenforceable, or impair, the remainder hereof. If any provision in this Guaranty shall be held invalid or unenforceable in whole or
in part in any jurisdiction, this Guaranty shall, as to such jurisdiction, be deemed amended to modify or delete, as necessary, the offending provision or provisions and to alter the bounds thereof in order to render it or them valid and enforceable
to the maximum extent permitted by applicable law, without in any manner affecting the validity or enforceability of such provision or provisions in any other jurisdiction or the remaining provisions hereof in any jurisdiction. 

  
 - 8 -

 (b) Without limitation of the preceding subsection (a), to the extent that applicable law
(including applicable laws pertaining to fraudulent conveyance or fraudulent or preferential transfer) otherwise would render the full amount of the Guarantor’s obligations hereunder invalid, voidable, or unenforceable on account of the amount
of a Guarantor’s aggregate liability under this Guaranty, then, notwithstanding any other provision of this Guaranty to the contrary, the aggregate amount of such liability shall, without any further action by the Agent or any of the Lenders or
such Guarantor or any other Person, be automatically limited and reduced to the highest amount which is valid and enforceable as determined in such action or proceeding, which (without limiting the generality of the foregoing) may be an amount which
is equal to the greater of: 
 (i) the fair consideration actually received by such Guarantor under the terms and as a result of
the Loan Documents and the value of the benefits described in Section 16(b) hereof, including (and to the extent not inconsistent with applicable federal and state laws affecting the enforceability of guaranties) distributions, commitments, and
advances made to or for the benefit of such Guarantor with the proceeds of any credit extended under the Loan Documents; or 

(ii) the excess of (1) the amount of the fair value of the assets of such Guarantor as of the date of this Guaranty as determined in
accordance with applicable federal and state laws governing determinations of the insolvency of debtors as in effect on the date hereof, over (2) the amount of all liabilities of such Guarantor as of the date of this Guaranty, also as
determined on the basis of applicable federal and state laws governing the insolvency of debtors as in effect on the date hereof. 
 (c) Notwithstanding anything to the contrary in this Section or elsewhere in this Guaranty, this Guaranty shall be presumptively valid and enforceable to its full extent in accordance with its terms, as
if this Section (and references elsewhere in this Guaranty to enforceability to the fullest extent permitted by law) were not a part of this Guaranty, and in any related litigation the burden of proof shall be on the party asserting the invalidity
or unenforceability of any provision hereof or asserting any limitation on any Guarantor’s obligations hereunder as to each element of such assertion. 
 17. Additional Guarantors. At any time after the initial execution and delivery of this Guaranty to the Agent and the Lenders, additional Persons may become parties to this Guaranty and thereby
acquire the duties and rights of being Guarantors hereunder by executing and delivering to the Agent and the Lenders a Guarantor Joinder and Assumption Agreement pursuant to the Credit Agreement. No notice of the addition of any Guarantor shall be
required to be given to any pre-existing Guarantor and each Guarantor hereby consents thereto. 
 18. Joint and Several
Obligations. The obligations and additional liabilities of the Guarantors under this Agreement are joint and several obligations of the Guarantors, and each Guarantor hereby waives to the full extent permitted by law any defense it may otherwise
have to the payment and performance of the Obligations that its liability hereunder is limited and not joint and several. Each Guarantor acknowledges and agrees that the foregoing waivers and those set forth below serve as a material inducement to
the agreement of the Agent and the Lenders to 

  
 - 9 -

 
make the Loans, and that the Agent and the Lenders are relying on each specific waiver and all such waivers in entering into this Guaranty. The undertakings of each Guarantor hereunder secure the
obligations of itself and the other Guarantors. The Agent and the Lenders, or any of them, may, in their sole discretion, elect to enforce this Guaranty against any Guarantor without any duty or responsibility to pursue any other Guarantor and such
an election by the Agent and the Lenders, or any of them, shall not be a defense to any action the Agent and the Lenders, or any of them, may elect to take against any Guarantor. Each of the Lenders and Agent hereby reserve all rights against each
Guarantor. 
 19. Receipt of Credit Agreement, Other Loan Documents, Benefits. 

(a) Each Guarantor hereby acknowledges that it has received a copy of the Credit Agreement and the other Loan Documents and each Guarantor
certifies that the representations and warranties made therein with respect to such Guarantor are true and correct. Further, each Guarantor acknowledges and agrees to perform, comply with, and be bound by all of the provisions of the Credit
Agreement and the other Loan Documents. 
 (b) Each Guarantor hereby acknowledges, represents, and warrants that it receives
synergistic benefits by virtue of its affiliation with Borrower and the other Guarantors and that it will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that such benefits, together with
the rights of contribution and subrogation that may arise in connection herewith are a reasonably equivalent exchange of value in return for providing this Guaranty. 
 20. Miscellaneous. 
 (a) Generality of Certain Terms. As used in this
Guaranty, the terms “hereof,” “herein,” and terms of similar import refer to this Guaranty as a whole and not to any particular term or provision; the term “including,” as used herein, is not a term of limitation and
means “including, without limitation.” 
 (b) Amendments, Waivers. No amendment to or waiver of any provision
of this Guaranty, and no consent to any departure by any Guarantor herefrom, shall in any event be effective unless in a writing manually signed by or on behalf of the Agent and the Lenders. Any such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. No delay or failure of the Agent or the Lenders, or any of them, in exercising any right or remedy under this Guaranty shall operate as a waiver thereof; nor shall any single or partial
exercise of any such right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies of the Agent and the Lenders under this Guaranty are cumulative and not exclusive of any other
rights or remedies available hereunder, under any other agreement or instrument, by law, or otherwise. 
 (c)
Telecommunications. Each Lender and Agent shall be entitled to rely on the authority of any individual making any telecopy or telephonic notice, request, or signature without the necessity of receipt of any verification thereof. 

  
 - 10 -

 (d) Expenses. Each Guarantor unconditionally agrees to pay all costs and expenses,
including reasonable attorneys’ fees incurred by the Agent or any of the Lenders in enforcing this Guaranty against any Guarantor and each Guarantor shall pay and indemnify each Lender and Agent for, and hold it harmless from and against, any
and all obligations, liabilities, losses, damages, costs, expenses (including disbursements and reasonable legal fees of counsel to any Lender or Agent), penalties, judgments, suits, actions, claims, and disbursements imposed on, asserted against,
or incurred by any Lender or Agent (A) relating to the preparation, negotiation, execution, administration, or enforcement of or collection under this Guaranty or any document, instrument, or agreement relating to any of the Obligations,
including in any bankruptcy, insolvency, or similar proceeding in any jurisdiction or political subdivision thereof; (B) relating to any amendment, modification, waiver, or consent hereunder or relating to any telecopy or telephonic
transmission purporting to be by any Guarantor or Borrower; (C) in any way relating to or arising out of this Guaranty, or any document, instrument, or agreement relating to any of the Guarantied Obligations, or any action taken or omitted to
be taken by any Lender or Agent hereunder, and including those arising directly or indirectly from the violation or asserted violation by any Guarantor or Borrower or Agent or any Lender of any law, rule, regulation, judgment, order, or the like of
any jurisdiction or political subdivision thereof (including those relating to environmental protection, health, labor, importing, exporting, or safety) and regardless whether asserted by any governmental entity or any other Person. 

(e) Prior Understandings. This Guaranty and the Credit Agreement constitute the entire agreement of the parties hereto with
respect to the subject matter hereof and supersede any and all other prior and contemporaneous understandings and agreements. 

(f) Survival. All representations and warranties of the Guarantors made in connection with this Guaranty shall survive, and shall
not be waived by, the execution and delivery of this Guaranty, any investigation by or knowledge of the Agent and the Lenders, or any of them, any extension of credit, or any other event or circumstance whatsoever. 

The remainder of this page is left blank intentionally. 
 Signatures follow on next page. 

  
 - 11 -

 [SIGNATURE PAGE TO CONTINUING AGREEMENT OF GUARANTY AND SURETYSHIP] 

IN WITNESS WHEREOF, each Guarantor intending to be legally bound, has executed this Guaranty as of the date first above written with the
intention that this Guaranty shall constitute a sealed instrument. 
  

			
	UNDER ARMOUR MANUFACTURING, LLC,
	a Maryland limited liability company
	
	By: Under Armour, Inc., a Maryland corporation, its sole member
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	 UNDER ARMOUR RETAIL, INC.,
 a Maryland corporation

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	 UNDER ARMOUR HOLDINGS, INC.,
 a Maryland corporation

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

 [SIGNATURE PAGE TO CONTINUING AGREEMENT OF GUARANTY AND SURETYSHIP] 

 

							
		 		 	UNDER ARMOUR RETAIL OF MARYLAND, L.L.C.
		 		 	UNDER ARMOUR RETAIL OF FLORIDA, LLC
		 		 	UNDER ARMOUR RETAIL OF OHIO, LLC
		 		 	UNDER ARMOUR RETAIL OF CALIFORNIA, LLC
		 		 	UNDER ARMOUR RETAIL OF TEXAS, LLC
		 		 	UNDER ARMOUR RETAIL OF WISCONSIN, LLC
		 		 	UNDER ARMOUR RETAIL OF MASSACHUSETTS, LLC
		 		 	UNDER ARMOUR RETAIL OF PENNSYLVANIA, LLC
		 		 	UNDER ARMOUR RETAIL OF DELAWARE, LLC
		 		 	UNDER ARMOUR RETAIL OF GEORGIA, LLC
		 		 	UNDER ARMOUR RETAIL OF NEW YORK, LLC
		 		 	UNDER ARMOUR RETAIL OF NEW JERSEY, LLC
		 		 	UNDER ARMOUR RETAIL OF DC, LLC
		 		 	UNDER ARMOUR RETAIL OF CONNECTICUT, LLC
		 		 	UNDER ARMOUR RETAIL OF ILLINOIS, LLC
		 		 	UNDER ARMOUR RETAIL OF SOUTH CAROLINA, LLC
		 		 	UNDER ARMOUR RETAIL OF MICHIGAN, LLC
		 		 	UNDER ARMOUR RETAIL OF MAINE, LLC
		 		 	UNDER ARMOUR RETAIL OF TENNESSEE, LLC
		 		 	UNDER ARMOUR RETAIL OF VIRGINIA, LLC,
		 		 	each a limited liability company
			
		 		 	By: Under Armour Retail, Inc., its sole member
				
		 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

 EXHIBIT 1.1 (I)(1) 

Indemnity Agreement 
 THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of the 28th day of January, 2009 by UNDER ARMOUR, INC., the Guarantors listed on Exhibit A hereto, jointly and
severally (each, an “Indemnitor” and collectively, the “Indemnitors”), in favor of PNC BANK, NATIONAL ASSOCIATION (the “Bank”) in its capacity as Administrative Agent pursuant to that certain
Credit Agreement (amended, restated, supplemented or modified from time to time, the “Credit Agreement”) dated as of January 28, 2009, by and among the Indemnitors, the Lenders party thereto (the “Lenders”), the Bank
as the Administrative Agent (the “Administrative Agent”), SunTrust Bank, as Syndication Agent, and Compass Bank, as Documentation Agent. 
 A. The Lenders are prepared to make a loan, enter into a swap, derivative or other interest rate hedging product and/or to issue a letter of credit in the aggregate amount of up to $180,000,000
(the “Loan”) secured by, among other things, Collateral contained on the premises subject to the leases on the locations as set forth on Exhibit B attached hereto (said lease or other similar instrument, together with all
amendments, modifications, replacements or supplements thereof being herein collectively called the “Lease,” and the said leased real property, together with all improvements, equipment and other property now or hereafter located
therein or thereon, being hereinafter collectively called the “Property”); 
 B. To induce the Lenders
to agree to make the Loan, each Indemnitor has agreed to enter into this Agreement. 
 NOW, THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, each Indemnitor hereby covenants, warrants, represents and agrees as follows: 

1. Administrative Agent Rights Under the Agreement. The Administrative Agent’s rights and remedies under this
Agreement shall be in addition to and not in limitation of all rights and remedies of the Administrative Agent under the Credit Agreement or any of the other Loan Documents. Payments, if any, by the Indemnitors as required under this Agreement shall
not reduce the Indemnitors’ obligations and liabilities under any of the Loan Documents. Any default by an Indemnitor under this Agreement (including any breach of any representation or warranty made by each Indemnitor) shall, at the
Administrative Agent’s option, constitute a default and an Event of Default (“Event of Default”) under the Credit Agreement, the Note and/or any of the other Loan Documents after the expiration of any applicable cure period.

 2. Definitions. Terms which are defined in the Credit Agreement and not otherwise defined herein are used
herein as defined therein and the rules of Construction set forth in Section 1.2 of the Credit Agreement shall apply to this Agreement. For purposes of this Agreement, the following terms shall have the following meanings: 

(a) “Environmental Laws” means all applicable federal, state, local, tribal, territorial and foreign Laws (including
common law), constitutions, statutes, treaties, regulations, 

 
rules, ordinances and codes and any consent decrees, settlement agreements, judgments, orders, directives, policies or programs issued by or entered into by any indemnitor with a governmental
authority pertaining or relating to: (i) pollution or pollution control; (ii) protection of human health or the environment from exposure to regulated substances; (iii) protection of the environment and/or natural resources;
(iv) the presence, use, management, generation, manufacture, processing, extraction, treatment, recycling, refining, reclamation, labeling, packaging, sale, transport, storage, collection, distribution, disposal or release or threat of release
of regulated substances; (v) the presence of contamination; (vi) the protection of endangered or threatened species; and (vii) the protection of environmentally sensitive areas. 

(b) “Hazardous Substances” includes any substances, chemicals, materials, or elements in any physical state (liquid,
solid, gaseous/vapor, etc.) that are prohibited, limited or regulated by the Environmental Laws, or any other substances, chemicals, materials, or elements that are defined as “hazardous” or “toxic,” or otherwise regulated, under
the Environmental Laws, or that are known or considered to be harmful, hazardous or injurious to the health or safety of occupants or users of the Property. The term Hazardous Substances shall also include any substance, chemical, material, or
element in any physical state (liquid, solid, gaseous/vapor, etc.) (i) defined as a “hazardous substance” under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”) (42 U.S.C.
§§ 9601, et seq.), as amended by the Superfund Amendments and Reauthorization Act of 1986, and as further amended from time to time, and regulations promulgated thereunder; (ii) defined as a “regulated substance” within the
meaning of Subtitle I of the Resource Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i), as amended from time to time, and regulations promulgated thereunder; (iii) designated as a “hazardous substance” pursuant to
Section 311 of the Clean Water Act (33 U.S.C. § 1321), as amended from time to time, and the regulations promulgated thereunder, or listed pursuant to Section 307 of the Clean Water Act (33 U.S.C. § 1317), as amended from time to
time, and the regulations promulgated thereunder; (iv) defined as “hazardous”, “toxic”, or otherwise regulated, under any Environmental Laws adopted by the state in which the Property is located, or its agencies or political
subdivisions; (v) which is petroleum, petroleum products, ethanol, methyl tertiary butyl ether or derivatives or constituents of or vapors from any of the foregoing; (vi) which is asbestos or asbestos-containing materials; (vii) the
presence of which requires notification, investigation or remediation under any Environmental Laws or common law; (viii) the presence of which on the Property causes or threatens to cause a nuisance upon the Property or to adjacent properties
or poses or threatens to pose a hazard to the health or safety of persons on or about the Property; (ix) the presence of which on adjacent properties would constitute a trespass by the Indemnitor; (x) which is urea formaldehyde foam
insulation or urea formaldehyde foam insulation-containing materials; (xi) which is lead base paint or lead base paint-containing materials; (xii) which are polychlorinated biphenyls or polychlorinated biphenyl-containing materials;
(xiii) which is radon or radon-containing or producing materials; (xiv) which is or contains excessive moisture, mildew, mold, microbial contamination, microbial growth or other fungi, or biological agents that can or are known to produce
mycotoxins or other bioaerosols, such as antigens, bacteria, amoebae and microbial organic compounds or other similar matter, in each case that poses a risk to human health or the environment, or negatively impacts the value of the Property (herein
referred to as “toxic mold”); (xv) which is a vapor from volatile chemicals or any other toxic or hazardous materials, including petroleum hydrocarbons, from a subsurface soil, groundwater or other source; or (xvi) which by any
laws of any 

  
 -2-

 
applicable governmental authority requires special handling in its collection, storage, treatment, or disposal; and 
 (c) “Contamination” means the seeping, spilling, leaking, pumping, pouring, emitting, using, emptying, discharging, injecting, escaping, leaching, dumping, disposing, releasing,
migrating, vaporizing or the presence of Hazardous Substances at, under or upon the Property or into the environment, or arising from the Property or migrating or vaporizing to or from the Property, whether or not the presence of such Hazardous
Substances or the Contamination may require notification, treatment, response or removal action or remediation under any Environmental Laws. 
 3. Representations and Warranties. Each Indemnitor hereby represents and warrants that, except as is otherwise set forth on Schedule 5.1.14 to the Credit Agreement, each Indemnitor is and
has been, and, to the actual knowledge of each respective Indemnitor, each of its Subsidiaries is and has been, in compliance in all material respects with applicable Environmental Laws; provided that such matters so disclosed could not in
the aggregate result in a Material Adverse Change. 
 4. Environmental Covenants. Each Indemnitor hereby covenants
and agrees as follows: 
 (a) to cause all activities at the Property during the term of the Loan to be conducted in compliance
with all Environmental Laws in all material respects; 
 (b) to provide the Administrative Agent with copies of all:
(i) correspondence, notices of violation, summons, orders, complaints or other documents received by the Indemnitor, its sublessees, occupants or assigns, pertaining to compliance with any Environmental Laws and/or the presence or potential
presence of Contamination; (ii) reports of or information from previous environmental investigations undertaken at the Property which the Indemnitor knows of, or has or can obtain possession without unreasonable effort or expense;
(iii) any reports of or information from environmental investigations undertaken at the Property by any person or entity after the date of this Agreement to which an Indemnitor has access; (iv) licenses, certificates and permits required
by the Environmental Laws; and (v) any other information that the Administrative Agent may reasonably request from time to time; 
 (c) not to generate, manufacture, refine, transport, transfer, produce, store, use, process, treat, dispose of, handle, permit to exist, or in any manner deal with, any Hazardous Substances on any part of
the Property, nor permit others to engage in any such activity on the Property, except for (i) those Hazardous Substances which are used or present in the ordinary course of the Indemnitors’ business in compliance with all Environmental
Laws and have not been released into the environment in such a manner as to constitute Contamination hereunder; and (ii) those Hazardous Substances which are naturally occurring on the Property, but only in such naturally occurring form and
only in such quantities that are known not to be harmful, hazardous or injurious to the health or safety of occupants or users of the Property; 

  
 -3-

 (d) not to cause or permit, as a result of any intentional or unintentional act or omission
on the part of the Indemnitor or any tenant, subtenant, occupant or assigns, the presence of Hazardous Substances or Contamination on the Property, except for (i) those Hazardous Substances which are used or present in the ordinary course of
the Indemnitors’ business in compliance with all Environmental Laws and have not been released into the environment in such a manner as to constitute Contamination hereunder; and (ii) those Hazardous Substances which are naturally
occurring on the Property, but only in such naturally occurring form and only in such quantities that are known not to be harmful, hazardous or injurious to the health or safety of occupants or users of the Property; 

(e) to give notice and a full description to the Administrative Agent immediately upon the Indemnitors’ acquiring actual knowledge
of (i) any and all enforcement, clean-up, removal or other regulatory actions threatened, instituted or completed by any governmental authority with respect to the Indemnitor or the Property; (ii) all claims made or threatened in writing
by any third party against the Indemnitor or the Property relating to damage, contribution, compensation, loss or injury resulting from any Hazardous Substances or Contamination; (iii) any complaint made or threatened in writing by any third
party against the Indemnitor or the Property relating to damage, contribution, compensation, loss or injury resulting from any Hazardous Substances or Contamination; (iv) the presence of any Contamination on, under, from or affecting the
Property; (v) any Contamination or other release or discharge of Hazardous Substances on or from the Property that must be reported to any governmental entity under applicable Environmental Laws; (vi) Indemnitors’ violation of any
Environmental Laws in any material respect or any allegation of same in writing from any other person; (vii) the imposition, attachment or recording of any lien, deed restriction, activity and use limitations, environmental covenant,
institutional control or encumbrance under Environmental Laws against the Property and/or any personal or other real property owned by Indemnitor; (viii) the inability to obtain or renew any Environmental Permit or a written notice from a
governmental authority that it has revoked or suspended, or otherwise intends to revoke or suspend, whether in whole or in part, any permit for the Property, which permit relates, in any way, to any Environmental Law; and (ix) any matters
relating to Hazardous Substances, Contamination or Environmental Laws that would give a reasonably prudent lender cause to be concerned that the value of their security interest in the Collateral contained on the Property may be reduced or
threatened or that may impair or threaten to impair the Indemnitors’ ability to perform any of its obligations under this Agreement or the Loan Documents; 
 (f) to timely comply in all material respects with any Environmental Laws requiring the removal, treatment, storage, processing, handling, transportation or disposal of Hazardous Substances or
Contamination and provide the Administrative Agent with satisfactory evidence of such compliance; 
 (g) to conduct and complete
all investigations, studies, sampling and testing, as well as all remedial, removal and other actions necessary to clean up and remove all Contamination on, under, from or affecting the Property, all in accordance with the Environmental Laws;

  
 -4-

 (h) to continue to have all necessary licenses, certificates and permits required under the
Environmental Laws relating to the Indemnitor and its leased Property, facilities, assets and business; 
 (i) to remediate or
cause to be remediated, at its sole cost and expense, any substance which is or contains toxic mold; and 
 (j) to investigate,
and as necessary, remediate or cause to be remediated, at its sole cost and expense, any vapor intrusion conditions from volatile chemicals or other toxic or hazardous materials, including petroleum hydrocarbons. 

5. Administrative Agent’s Right to Conduct an Investigation. 

(a) The Administrative Agent may, at any time and with reasonable cause, commission an investigation into the presence of Hazardous
Substances or Contamination on, from or affecting the Property, or the compliance with Environmental Laws at, or relating to, the Property, subject to the rights of the owner of the Property. Such an investigation performed by the Administrative
Agent shall be at the Indemnitors’ expense if the performance of the investigation is commenced (i) upon the occurrence of a default hereunder or of a default or “Event of Default” under any of the Loan Documents; or
(ii) because the Administrative Agent has a reasonable belief that the Indemnitor has violated any provision of this Agreement (including any representation, warranty or covenant). All other investigations performed by the Administrative Agent
shall be at the Administrative Agent’s expense. In connection with any investigation under this paragraph, the Indemnitor, its subtenants, occupants and assigns, shall comply with all reasonable requests for information made by the
Administrative Agent or its agents and the Indemnitor represents and warrants that all responses to any such requests for information will be correct and complete. The Indemnitor shall provide the Administrative Agent and its agents with rights of
access to all areas of the Property and permit the Administrative Agent and its agents to perform testing (including any invasive testing) necessary or appropriate, in the Administrative Agent’s reasonable judgment, to perform such
investigation, subject to the rights of the owner of the Property. 
 (b) The Administrative Agent is under no duty, however, to
conduct such investigations of the Property and any such investigations by the Administrative Agent shall be solely for the purposes of protecting the Administrative Agent’s security interest in the Collateral located on the Property and
preserving its rights under the Loan Documents. No site visit, observation, or testing by the Administrative Agent shall constitute a waiver of any default of the Indemnitor or be characterized as a representation regarding the presence or absence
of Hazardous Substances or Contamination at the Property. The Administrative Agent owes no duty of care to protect the Indemnitor or any third party from the presence of Hazardous Substances, Contamination or any other adverse condition affecting
the Property nor shall the Administrative Agent be obligated to disclose to the Indemnitor or any third party any report or findings made in connection with any investigation done on behalf of the Administrative Agent, unless otherwise required by
law. 

  
 -5-

 6. Indemnification. 

(a) Each Indemnitor covenants and agrees, at its sole cost and expense, to indemnify, defend, protect, save and hold harmless the
Administrative Agent (including the Administrative Agent, should the Administrative Agent ever become a lessee in possession, or as successor in interest to any Indemnitor) and all of its officers, directors, employees and agents, any participant in
the Loan, and their respective successors and assigns, against and from any and all Environmental Damages (as defined in subsection (b) below), which may at any time be imposed upon, threatened against, incurred by or asserted or awarded
against the Administrative Agent (whether before or after the release, satisfaction or extinguishment of the Lease) and arising from or out of: 
 (i) the Indemnitors’ failure to comply with any of the provisions of this Agreement, including the Indemnitors’ breach of any covenant, representation or warranty contained in this Agreement;

 (ii) any Contamination, or threatened release of any Hazardous Substances or Contamination, on, in, under, affecting or
migrating or threatening to migrate to or from all or any portion of the Property, any surrounding areas or other property or any persons; 
 (iii) any violation of, or noncompliance with, or alleged violation of, or noncompliance with, Environmental Laws (and/or any permit relating to any Environmental Laws) by the Property or the Indemnitor,
or its agents, employees, contractors, and the like, including, without limitation, reasonable costs and fees of lawyers, environmental consultants and the like incurred to remove any environmentally related lien imposed upon the Property;

 (iv) the willful misconduct, error or omission or negligent act or omission of the Indemnitor, or its agents, employees,
contractors, and the like; 
 (v) any judgment, lien, order, complaint, notice, citation, action, proceeding or investigation
pending or threatened by or before any governmental authority or any private party litigant, including any environmental regulatory body, or before any court of law (including any private civil litigation) with respect to the Indemnitors’
business, assets, property or facilities, or the Property, in connection with any Hazardous Substances, Contamination or any Environmental Laws (including the assertion that any lien existing or arising pursuant to any Environmental Laws takes
priority over the lien created in the Loan Documents); or 
 (vi) the enforcement of this Agreement or the assertion by the
Indemnitor of any defense to its obligations hereunder. 
 The Indemnitors’ indemnification obligations set forth in this Section 6
shall be in effect and enforceable regardless of whether any such indemnification obligations arise before or after termination of the Lease or other taking of possession to all or any portion of the Property by the Administrative Agent or any
affiliate of the Administrative Agent, and whether the underlying 

  
 - 6 -

 
basis of any claim arose from events prior to the Indemnitor acquiring possession of the Property. 
 (b) For the purposes of this Agreement, “Environmental Damages” shall mean all claims, judgments, damages, losses, penalties, fines, liabilities (including strict liability),
encumbrances, liens, reasonable costs and expenses of investigation and defense of any claim, whether or not such claim is ultimately defeated, and of any good faith settlement, of whatever kind or nature, contingent or otherwise, matured or
unmatured, foreseeable or unforeseeable, including reasonable attorneys’ fees and disbursements and consultants’ fees, any of which are incurred at any time, and including: 

(i) damages, losses or costs for personal injury, or injury to property or natural resources (including costs of assessment), occurring
upon or off of the Property, including lost profits, consequential damages, punitive damages, the cost of demolition and rebuilding of any improvements on real property, interest and penalties; 

(ii) reasonable fees incurred for the services of attorneys, consultants, contractors, experts, laboratories and all other costs and
expenses incurred in connection with investigation, removal, remediation or post-remediation monitoring, operation and maintenance, of any Hazardous Substances or Contamination or violation of any Environmental Laws including the preparation of any
feasibility studies or reports or the performance of any cleanup, remediation, removal, response, abatement, contaminant, closure, restoration, treatment, investigation work or monitoring work required by any Environmental Laws, or reasonably
necessary to make full economic use of the Collateral located on the Property or any other property or otherwise expended in connection with such conditions, including any and all Corrective Work under Section 7, and further including any
reasonable attorneys’ fees, costs and expenses incurred in enforcing this Agreement or collecting any sums due hereunder; 

(iii) any additional costs required to take necessary precautions to protect against a release of Hazardous Substances or Contamination
on, in, under or affecting the Property into the air, any body of water, any other public domain or any surrounding or adjoining areas; 
 (iv) any costs incurred to comply, in connection with all or any portion of the Property or any area surrounding or adjoining the Property, with all Environmental Laws; 

(v) liability to any third persons or governmental agency for costs expended in connection with the items referenced in clause
(ii) above; and 
 (vi) diminution in the value of the Collateral located on the Property. 

(c) Promptly after the receipt by the Administrative Agent of written notice of any demand or claim or the commencement of any action,
suit or proceeding concerning the Indemnitor or the Administrative Agent in connection with the Property, the Administrative Agent shall notify the Indemnitor thereof in writing. The failure by the Administrative Agent promptly to give such notice
shall not relieve the Indemnitor of any liability to the 

  
 -7-

 
Administrative Agent hereunder, unless such failure results in additional Environmental Damage. 
 7. Indemnitors’ Obligation to Perform Corrective Work. 
 (a) The
Indemnitor shall have the obligation to promptly commence and perform any corrective work required to address any Environmental Damages or Contamination, including any actions required by the Indemnitor under Section 6 (“Corrective
Work”) after the occurrence of any of the following: (i) the Indemnitor obtains actual knowledge of any Contamination on, in, under, affecting, or migrating to or from the Property or any surrounding areas; or (ii) an event occurs
for which the Administrative Agent can seek indemnification from the Indemnitor pursuant to Section 6. 
 (b) The
Indemnitor shall provide to the Administrative Agent written notification at least twenty (20) days prior to the commencement of any such Corrective Work, and shall give the Administrative Agent a monthly report, during the performance of such
Corrective Work, on the Indemnitors’ progress with respect thereto, and shall promptly give the Administrative Agent such other information with respect thereto as the Administrative Agent shall reasonably request from time to time. Such
written notice shall contain the name of the person or entity performing such Corrective Work and shall be accompanied by: (i) written evidence, satisfactory in form and content to the Administrative Agent, showing that such person or entity is
fully insured against any and all injury and damages caused by or resulting from the performance of such Corrective Work; and (ii) copies of the plans for such Corrective Work, approved in writing by the appropriate governmental authorities.

 (c) Any Corrective Work conducted by the Indemnitor shall be diligently performed to completion and shall comply with all
Environmental Laws and all other applicable laws to correct, contain, clean up, treat, remove, resolve, dispose of or minimize the impact of all Hazardous Substances or Contamination. 

(d) Any failure by the Administrative Agent to object to any actions taken by the Indemnitor shall not be construed to be an approval by
the Administrative Agent of such actions. This Agreement shall not be construed as creating any obligation for the Administrative Agent to initiate any contests or to perform or review the Indemnitors’ or any other party’s performance of,
any Corrective Work, or disburse any funds for any contests or the performance of any Corrective Work. 
 8.
Administrative Agent’s Right to Select Engineers, Consultants and Attorneys. Without limiting the other provisions hereof, in the event any claim (whether or not a judicial or administrative action is involved) is asserted against
the Administrative Agent with respect to Hazardous Substances, Environmental Laws or Contamination, the Administrative Agent shall have the right to select the engineers, other consultants and attorneys for the Administrative Agent’s defense or
guidance, determine the appropriate legal strategy for such defense, and compromise or settle such claim, all in the Administrative Agent’s sole discretion, and the Indemnitor shall be liable to the Administrative Agent in accordance with the
terms 

  
 -8-

 
hereof for liabilities, costs and reasonable expenses incurred by the Administrative Agent in this regard. 
 9. Indemnitors’ Obligation to Deliver Property. The Indemnitor agrees that, in the event the Administrative Agent assumes the Lease, the Indemnitor shall, subject to the terms of the
Lease, deliver the Property to the Administrative Agent free of any and all Hazardous Substances, (except for (a) those Hazardous Substances which are used or present in the ordinary course of the Indemnitors’ business in compliance with
all Environmental Laws and have not been released into the environment in such a manner as to constitute Contamination hereunder, and (b) those Hazardous Substances which are naturally occurring on the Property, but only in such naturally
occurring form and only in such quantities that are known not to be harmful, hazardous or injurious to the health or safety of occupants or users of the Property) or Contamination in a condition such that the Property conforms in all material
respects with all Environmental Laws and such that no remedial or removal action or other Corrective Work will be required with respect to the Property. The Indemnitors’ obligations as set forth in this Section are strictly for the benefit of
the Administrative Agent and the other Lenders as holders of any portion of the Loan and shall not in any way impair or affect the Administrative Agent’s right to assume the Lease. 

10. Administrative Agent’s Right to Cure. In addition to the other remedies provided to the Administrative Agent in
the Credit Agreement and the other Loan Documents, should the Indemnitor fail to abide by any provisions of this Agreement, subject to the terms of the Lease, the Administrative Agent may, should it elect to do so, perform any Corrective Work and
any other such actions as it, in its sole discretion, deems necessary to repair, respond to and remedy any damage to the Property caused by Hazardous Substances or Contamination or any such Corrective Work. In such event, all funds expended by the
Administrative Agent in connection with the performance of any Corrective Work, including all contractor charges, reasonable attorneys’ fees, engineering fees, consultant fees and similar charges, shall become a part of the obligation secured
by the Credit Agreement and other Loan Documents and shall be due and payable by the Indemnitor on demand. Each disbursement made by the Administrative Agent pursuant to this provision shall bear interest at the lower of the rate of interest after
default (as contained in Section 3.3.1 of the Credit Agreement) or the highest rate allowable under applicable laws from the date the Indemnitor shall have received written notice that the funds have been advanced by the Administrative Agent
until paid in full. 
 11. Scope of Liability. The liability under this Agreement shall in no way be limited or
impaired by: (a) any extension of time for performance required by any of the Loan Documents; (b) any assignment of the Credit Agreement or Loan Documents; (c) the discharge of the Credit Agreement or other Loan Documents;
(d) any exculpatory provisions in any of the Loan Documents limiting the Administrative Agent’s recourse; (e) the accuracy or inaccuracy of the representations and warranties made by the Indemnitor, or any other obligor under any of
the Loan Documents; (f) the release of the Indemnitor or any guarantor or any other person from performance or observance of any of the agreements, covenants, terms or conditions contained in any of the Loan Documents by operation of law, the
Administrative Agent’s voluntary act or otherwise; (g) the release or substitution, in whole or in part, of any security for the Note or other obligations; or (h) the Administrative Agent’s failure to file any UCC financing
statements (or 

  
 -9-

 
the Administrative Agent’s improper recording or filing of any thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the Credit
Agreement or other obligations; and, in any such case, whether with or without notice to the Indemnitor or any guarantor or other person or entity and with or without consideration. 

12. Notices. All notices, demands, requests, consents, approvals and other communications required or permitted hereunder
(“Notices”) must be in writing and will be effective upon receipt. Notices may be given in any manner to which the parties may separately agree, including electronic mail. Without limiting the foregoing, first class mail, facsimile
transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. Regardless of the manner in which provided, Notices may be sent to a party’s address as set forth above or to such other address any
party may give to the other for such purpose in accordance with this section. 
 13. Preservation of Rights. No
delay or omission on the Administrative Agent’s part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the Administrative Agent’s action or
inaction impair any such right or power. The Administrative Agent’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Administrative Agent may have under other agreements, at law or in
equity. Any representations, warranties, covenants or indemnification liabilities for breach thereof contained in this Agreement shall not be affected by any knowledge of, or investigations performed by, the Administrative Agent. Any one or more
persons or entities comprising the Indemnitor, or any other party liable upon or in respect of this Agreement or the Loan, may be released without affecting the liability of any party not so released. 

14. Illegality. If any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, it
shall not affect or impair the validity, legality and enforceability of the remaining provisions of this Agreement. 
 15.
Changes in Writing. No modification, amendment or waiver of, or consent to any departure by the Indemnitor from, any provision of this Agreement will be effective unless made in a writing signed by the Administrative Agent, 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 the Indemnitor will entitle the Indemnitor to any other or further notice or demand in the same, similar or other
circumstance. 
 16. Successors and Assigns; Survival. This Agreement will be binding upon the Indemnitor and its
heirs, administrators, successors and assigns, and will inure to the benefit of the Administrative Agent and its successors and assigns as well as any persons or entities who acquire possession of the Property from, or through action by, the
Administrative Agent; provided, however, that the Indemnitor may not assign this Agreement in whole or in part without the Administrative Agent’s prior written consent and the Administrative Agent at any time may assign this
Agreement in whole or in part to any Person who succeeds the Administrative Agent under the Loan Documents or who acts on behalf of the Administrative Agent in connection with the exercise of its rights pursuant to Section 8.2 of the Credit

  
 -10-

 
Agreement. The Indemnitors’ obligations under this Agreement shall survive any transfer of possession of the Property by the Indemnitor or the Administrative Agent and payment of the Loan in
full. 
 17. Interpretation. In this Agreement, unless the Administrative Agent and the Indemnitor otherwise agree
in writing, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the
statute referred to; the word “or” shall be deemed to include “and/or”, the words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”;
references to articles, sections (or subdivisions of sections) or exhibits are to those of this Agreement; and references to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other modifications to
such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Agreement. Section headings in this Agreement are included for convenience of reference only and shall not constitute a part of
this Agreement for any other purpose. If this Agreement is executed by more than one party as Indemnitor, the obligations of such persons or entities will be joint and several. 

18. Governing Law and Jurisdiction. This Agreement has been delivered to and accepted by the Administrative Agent and will
be deemed to be made in the State of Pennsylvania. THIS AGREEMENT WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF PENNSYLVANIA, EXCLUDING ITS CONFLICT OF LAWS RULES.
The Indemnitor hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Administrative Agent’s office indicated above is located; provided that nothing contained in
this Agreement will prevent the Administrative Agent from bringing any action, enforcing any award or judgment or exercising any rights against the Indemnitor individually, against any security or against any property of the Indemnitor within any
other county, state or other foreign or domestic jurisdiction. The Administrative Agent and the Indemnitor agree that the venue provided above is the most convenient forum for both the Administrative Agent and the Indemnitor. The Indemnitor waives
any objection to venue and any objection based on a more convenient forum in any action instituted under this Agreement. 

19. Further Assurances. Indemnitor will, at the cost of Indemnitor, upon the Administrative Agent’s request, execute,
acknowledge and deliver to the Administrative Agent such further documents and statements and do or cause to be done such acts or things as the Administrative Agent may deem necessary or appropriate to effect the transactions contemplated hereby or
to confirm the assumption of and agreement to pay, perform and discharge the liabilities and obligations hereby assumed and agreed to be paid, performed or discharged, or intended so to be. 

20. WAIVER OF JURY TRIAL. THE INDEMNITOR IRREVOCABLY WAIVES ANY AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS 

  
 -11-

 
AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE INDEMNITOR ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 

The Indemnitor acknowledges that it has read and understood all the provisions of this Agreement, including the waiver of jury trial, and has been
advised by counsel as necessary or appropriate. 
 The remainder of this page is left blank intentionally. 

Signatures follow on next page. 

  
 -12-

 [SIGNATURE PAGE TO INDEMNITY AGREEMENT] 

WITNESS the due execution hereof as a document under seal, as of the date first written above. 

 

							
	ATTEST:	 		 	UNDER ARMOUR, INC.,
		 		 	a Maryland corporation
				
	  
	 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

			
		 		 	UNDER ARMOUR MANUFACTURING, LLC,
		 		 	a Maryland limited liability company
			
		 		 	 By: Under Armour, Inc., a Maryland corporation, its sole
 member

				
	  
	 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

			
		 		 	UNDER ARMOUR RETAIL, INC.,
		 		 	a Maryland corporation
				
	  
	 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

			
		 		 	UNDER ARMOUR HOLDINGS, INC.,
		 		 	a Maryland corporation
				
	  
	 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

 [SIGNATURE PAGE TO INDEMNITY AGREEMENT] 

 

							
	ATTEST:	 		 	UNDER ARMOUR RETAIL OF MARYLAND, L.L.C.
		 		 	UNDER ARMOUR RETAIL OF FLORIDA, LLC
		 		 	UNDER ARMOUR RETAIL OF OHIO, LLC
		 		 	UNDER ARMOUR RETAIL OF CALIFORNIA, LLC
		 		 	UNDER ARMOUR RETAIL OF TEXAS, LLC
		 		 	UNDER ARMOUR RETAIL OF WISCONSIN, LLC
		 		 	UNDER ARMOUR RETAIL OF MASSACHUSETTS, LLC
		 		 	UNDER ARMOUR RETAIL OF PENNSYLVANIA, LLC
		 		 	UNDER ARMOUR RETAIL OF DELAWARE, LLC
		 		 	UNDER ARMOUR RETAIL OF GEORGIA, LLC
		 		 	UNDER ARMOUR RETAIL OF NEW YORK, LLC
		 		 	UNDER ARMOUR RETAIL OF NEW JERSEY, LLC
		 		 	UNDER ARMOUR RETAIL OF DC, LLC
		 		 	UNDER ARMOUR RETAIL OF CONNECTICUT, LLC
		 		 	UNDER ARMOUR RETAIL OF ILLINOIS, LLC
		 		 	UNDER ARMOUR RETAIL OF SOUTH CAROLINA, LLC
		 		 	UNDER ARMOUR RETAIL OF MICHIGAN, LLC
		 		 	UNDER ARMOUR RETAIL OF MAINE, LLC
		 		 	UNDER ARMOUR RETAIL OF TENNESSEE, LLC
		 		 	UNDER ARMOUR RETAIL OF VIRGINIA, LLC,
		 		 	each a limited liability company
			
	  
	 		 	By: Under Armour Retail, Inc., its sole member
				
		 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

 [SIGNATURE PAGE TO INDEMNITY AGREEMENT] 

 

							
		 		 	 PNC BANK, NATIONAL ASSOCIATION,
 individually and as Administrative Agent

				
		 		 	By:	 	  

		 		 	Printed:	 	John E. Hehir
		 		 	Title:	 	Senior Vice President, Corporate Banking

 EXHIBIT A 
 Guarantors 
  

			
	1.	  	Under Armour Manufacturing, LLC
	2.	  	Under Armour Retail, Inc.
	3.	  	Under Armour Holdings, Inc.
	4.	  	Under Armour Retail of Texas, LLC
	5.	  	Under Armour Retail of Ohio, LLC
	6.	  	Under Armour Retail of Maryland, L.L.C.
	7.	  	Under Armour Retail of Florida, LLC
	8.	  	Under Armour Retail of Virginia, LLC
	9.	  	Under Armour Retail of California, LLC
	10.	  	Under Armour Retail of Wisconsin, LLC
	11.	  	Under Armour Retail of Massachusetts, LLC
	12.	  	Under Armour Retail of New York, LLC
	13.	  	Under Armour Retail of New Jersey, LLC
	14.	  	Under Armour Retail of Georgia, LLC
	15.	  	Under Armour Retail of Pennsylvania, LLC
	16.	  	Under Armour Retail of DC, LLC
	17.	  	Under Armour Retail of Delaware, LLC
	18.	  	Under Armour Retail of Connecticut, LLC
	19.	  	Under Armour Retail of Illinois, LLC
	20.	  	Under Armour Retail of South Carolina, LLC
	21.	  	Under Armour Retail of Michigan, LLC
	22.	  	Under Armour Retail of Maine, LLC
	23.	  	Under Armour Retail of Tennessee, LLC

 EXHIBIT B 
 Location of Leases 
  

							
	 Store
	  	 Street
	  	 Suite
	  	 City, State, Zip

	Glen Burnie, MD	  	1040 Swan Creek Dr.	  		  	Glen Burnie, MD 21226
	Swan Creek, MD	  	1010 Swan Creek Dr.	  	Suite B	  	Curtis Bay, MD 21226
	Hagerstown, MD	  	365 Prime Outlets Blvd.	  		  	Hagerstown, MD 21740
	Leesburg, VA	  	241 Fort Evans Road N.E.	  	Suite 369	  	Leesburg, VA 20176
	Williamsburg, VA	  	5707-3 Richmond Rd.	  		  	Williamsburg, VA 23188
	Wrentham, MA	  	One Premium Outlets Blvd.	  	Suite 305	  	Wrentham, MA 02093
	Tannersville, PA	  	1000 Rte. 611 North	  	Suite C-12	  	Tannersville, PA 18372
	Riverhead, NY	  	1513 Tanger Mall Dr.	  	Suite 1513	  	Riverhead, NY 11901
	Rehoboth Beach, DE	  	36698 Bayside Outlet Drive	  	Suite 210	  	Rehoboth Beach, DE 19971
	Jackson, NJ	  	537 Monmouth Road	  	Suite 0128	  	Jackson, NJ 08527
	Limerick, PA	  	18 Light Cap Road	  	Suite 1073	  	Limerick, PA 19464
	Clinton, CT	  	20 Killingworth Turnpike	  	Suite 204	  	Clinton, CT 06413
	Waterloo, NY	  	655 Route 318	  	Suite A003	  	Waterloo, NY 13165
	Kittery, ME	  	336 US Route 1	  	Suite 220 #6	  	Kittery, ME 03904
	Woodbury, NY	  	350 Red Apple Court	  	Suite 350	  	Central Valley, NY 10917
	Tinton Falls, NJ	  	4001 Route 66	  	Suite 101	  	Tinton Falls, NJ 07753
	Ellenton, FL	  	5111 Factory Shops Blvd.	  		  	Ellenton, FL 34222
	Jeffersonville, OH	  	8740 Factory Shops Blvd.	  		  	Jeffersonville, OH 43128
	Destin, FL	  	10676 Emerald Coast Parkway West	  	Suite 135	  	Destin, FL 32550
	San Marcos, TX	  	3939 IH-35 South	  	Suite 610	  	San Marcos, TX 78666
	Pleasant Prairie, WI	  	11211 120th Ave.	  	Suite 504	  	Pleasant Prairie, WI 53158
	Dawsonville, GA	  	800 Highway 400 South	  	Suite 1052	  	Dawsonville, GA 30534
	Orlando, FL	  	4975 International Dr.	  	Suite 3C01	  	Orlando, FL 32819
	Houston, TX	  	29300 Hempstead Road	  	Suite 849	  	Houston, TX 77433
	Myrtle Beach, SC	  	10843 Kings Road (Hwy 17)	  	Suite 685	  	Myrtle Beach, SC 29572
	Birch Run, MI	  	12150 Beyer Road	  	Suite F70	  	Birch Run, MI 48415
	Annapolis, MD	  	2575 Annapolis Mall	  		  	Annapolis, MD 21401
	Fox Valley, IL	  	2308 Fox Valley Center	  	A-6	  	Aurora, IL 60504
	Natick, MA	  	1245 Worcester Street	  	2068	  	Natick MA 017604
	Montgomery Mall, MD	  	7101 Democracy Blvd.	  		  	Bethesda, MD 20617

 EXHIBIT 1.1 (I)(2) 

INTERCOMPANY SUBORDINATION AGREEMENT 
 THIS INTERCOMPANY SUBORDINATION AGREEMENT (this “Agreement”) is dated as of January 28, 2009 and is made by and among the entities listed on the signature page hereto and each Person who
hereafter becomes a Guarantor under the Credit Agreement (as defined below) (subsequently joining this Agreement) (each being individually referred to herein as a “Company” and collectively as the “Companies”). 

WITNESSETH THAT: 

WHEREAS, each capitalized term used herein shall, unless otherwise defined herein, have the meaning specified in that certain Credit
Agreement dated as of even date herewith (as it may be hereafter amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Under Armour, Inc., a Maryland corporation (the
“Borrower”), the Guarantors now or hereafter party thereto, the Lenders now or hereafter party thereto (the “Lenders”) PNC Bank, National Association, as Administrative Agent (the “Agent”) for the Lenders, SunTrust
Bank, as Syndication Agent, and Compass Bank, as Documentation Agent; and 
 WHEREAS, pursuant to the Credit Agreement and the
other Loan Documents referred to and defined in the Credit Agreement, the Lenders intend to make Loans to the Borrower; and 

WHEREAS, the Companies are or may become indebted to each other (the Indebtedness of each of the Companies to any other Company, now
existing or hereafter incurred (whether created directly or acquired by assignment or otherwise), and interest and premiums, if any, thereon and other amounts payable in respect thereof are hereinafter collectively referred to as the
“Intercompany Indebtedness”); and 
 WHEREAS, the obligations of the Lenders to maintain the Commitments and make
Loans to the Borrower from time to time are subject to the condition, among others, that the Companies subordinate the Intercompany Indebtedness to the Obligations of the Borrower or any other Company to the Agent or the Lenders pursuant to the
Credit Agreement, the other Loan Documents or any Lender Provided Interest Rate Hedge (collectively, the “Senior Debt”) in the manner set forth herein. 
 NOW, THEREFORE, intending to be legally bound hereby, the parties hereto covenant and agree as follows: 
 1. Intercompany Indebtedness Subordinated to Senior Debt. The recitals set forth above are hereby incorporated by reference. All Intercompany Indebtedness shall be subordinate and subject in right
of payment to the prior indefeasible payment in full of all Senior Debt pursuant to the provisions contained herein. 

 2. Payment Over of Proceeds Upon Dissolution, Etc. Upon any distribution of assets of
any Company in the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to any such Company or to its creditors, as
such, or to its assets, or (b) any liquidation, dissolution or other winding up of any such Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c) any assignment for the benefit of creditors
or any marshalling of assets and liabilities of any such Company (a Company distributing assets as set forth herein being referred to in such capacity as a “Distributing Company”), then and in any such event, the Agent shall be entitled to
receive, for the benefit of the Agent and the Lenders as their respective interests may appear, indefeasible payment in full of all amounts due or to become due (whether or not an Event of Default has occurred under the terms of the Loan Documents
or the Senior Debt has been declared due and payable prior to the date on which it would otherwise have become due and payable) on or in respect of any and all Senior Debt before the holder of any Intercompany Indebtedness owed by the Distributing
Company is entitled to receive any payment on account of the principal of or interest on such Intercompany Indebtedness, and to that end, the Agent shall be entitled to receive, for application to the payment of the Senior Debt, any payment or
distribution of any kind or character, whether in cash, property or securities, which may be payable or deliverable in respect of the Intercompany Indebtedness owed by the Distributing Company in any such case, proceeding, dissolution, liquidation
or other winding up event. 
 3. No Commencement of Any Proceeding. Each Company agrees that, so long as the Senior Debt
shall remain unpaid, it will not commence, or join with any creditor other than the Lenders and the Agent in commencing, any proceeding referred to in Section 2 herein against any other Company which owes it any Intercompany Indebtedness.

 4. Prior Payment of Senior Debt Upon Acceleration of Intercompany Indebtedness. If any portion of the Intercompany
Indebtedness owed by any Company becomes or is declared due and payable before its stated maturity, then and in such event the Agent and the Lenders shall be entitled to receive indefeasible payment in full of all amounts due and to become due on or
in respect of the Senior Debt (whether or not an Event of Default has occurred under the terms of the Credit Agreement or the other Loan Documents, or the Senior Debt has been declared due and payable prior to the date on which it would otherwise
have become due and payable) before the holder of any such Intercompany Indebtedness is entitled to receive any payment thereon. 
 5. No Payment When Senior Debt in Default. If any Event of Default shall have occurred and be continuing, or such an Event of Default or Potential Default would result from or exist after giving
effect to a payment with respect to any portion of the Intercompany Indebtedness, unless the Required Lenders shall have consented to or waived the same, so long as any of the Senior Debt shall remain outstanding, no payment shall be made by any
Company owing such Intercompany Indebtedness on account of principal or interest on any portion of the Intercompany Indebtedness. 
 6. Payment Permitted if No Default. Nothing contained in this Agreement shall prevent any of the Companies, at any time except during the pendency of any of the conditions

  
 - 2 -

 
described in Sections 2, 4 and 5, from making payments at any time of principal of or interest on any portion of the Intercompany Indebtedness, or the retention thereof by any of the
Companies of any money deposited with them for the payment of or on account of the principal of or interest on the Intercompany Indebtedness. 
 7. Receipt of Prohibited Payments. If, notwithstanding the foregoing provisions of Sections 2, 4, 5 and 6, a Company which is owed Intercompany Indebtedness by a Distributing Company shall have
received any payment or distribution of assets from the Distributing Company of any kind or character, whether in cash, property or securities, then and in such event such payment or distribution shall be held in trust for the benefit of the Agent
and the Lenders as their respective interests may appear, shall be segregated from other funds and property held by such Company, and shall be forthwith paid over to the Agent in the same form as so received (with any necessary endorsement) to be
applied (in the case of cash) to or held as collateral (in the case of noncash property or securities) for the payment or prepayment of the Senior Debt in accordance with the terms of the Credit Agreement. 

8. Rights of Subrogation. Each Company agrees that no payment or distribution to the Agent or the Lenders pursuant to the
provisions of this Agreement shall entitle it to exercise any rights of subrogation in respect thereof until the Senior Debt shall have been indefeasibly paid in full and the Commitments shall have terminated and the Letters of Credit have expired.

 9. Instruments Evidencing Intercompany Indebtedness. Each Company shall cause each instrument which now or hereafter
evidences all or a portion of the Intercompany Indebtedness to be conspicuously marked as follows: 
 “This
instrument is subject to the terms of an Intercompany Subordination Agreement dated as of January 28, 2009 in favor of PNC Bank, National Association, as Agent for the Lenders referred to therein, which Intercompany Subordination Agreement is
incorporated herein by reference. Notwithstanding any contrary statement contained in this instrument, no payment on account of the principal thereof or interest thereon shall become due or payable except in accordance with the express terms of said
Intercompany Subordination Agreement.” 
 Each Company will further mark its books of account in such a manner as shall be effective to
give proper notice of the effect of this Agreement. 
 10. Agreement Solely to Define Relative Rights. The purpose of
this Agreement is solely to define the relative rights of the Companies, on the one hand, and the Agent and the Lenders, on the other hand. Nothing contained in this Agreement is intended to or shall impair, as between any of the Companies and their
creditors other than the Agent and the Lenders, the obligation of the Companies to each other to pay the principal of and interest on the Intercompany Indebtedness as and when the same shall become due and payable in accordance with its terms, or is
intended to or shall affect the relative rights among the Companies and their 

  
 - 3 -

 
creditors other than the Agent and the Lenders, nor shall anything herein prevent any of the Companies from exercising all remedies otherwise permitted by applicable Law upon default under any
agreement pursuant to which the Intercompany Indebtedness is created, subject to the rights, if any, under this Agreement of the Agent and the Lenders to receive cash, property or securities otherwise payable or deliverable with respect to the
Intercompany Indebtedness. 
 11. No Implied Waivers of Subordination. No right of the Agent or any Lender to enforce
subordination, as herein provided, shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Company or by any act or failure to act by the Agent or any Lender, or by any non-compliance by any Company
with the terms, provisions and covenants of any agreement pursuant to which the Intercompany Indebtedness is created, regardless of any knowledge thereof with which the Agent or any Lender may have or be otherwise charged. Each Company by its
acceptance hereof shall agree that, so long as there is Senior Debt outstanding or Commitments in effect under the Credit Agreement, such Company shall not agree to sell, assign, pledge, encumber or otherwise dispose of, or agree to compromise, the
obligations of the other Companies with respect to their Intercompany Indebtedness, other than by means of payment of such Intercompany Indebtedness according to its terms, without the prior written consent of the Agent. 

Without in any way limiting the generality of the foregoing paragraph, the Agent or any of the Lenders may, at any time and from time to
time, without the consent of or notice to the Companies, without incurring responsibility to the Companies and without impairing or releasing the subordination provided in this Agreement or the obligations hereunder of the Companies to the Agent and
the Lenders, do any one or more of the following: (i) change the manner, place or terms of payment, or extend the time of payment, renew or alter the Senior Debt or otherwise amend or supplement the Senior Debt or the Loan Documents;
(ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing the Senior Debt; (iii) release any person liable in any manner for the payment or collection of the Senior Debt; and
(iv) exercise or refrain from exercising any rights against any of the Companies and any other person. 
 12. Additional
Subsidiaries. The Companies covenant and agree that they shall cause Subsidiaries created or acquired after the date of this Agreement, and any other Subsidiaries required to join this Agreement pursuant to Section 7.2.8 [Subsidiaries] or
otherwise under the Credit Agreement, to execute a Guarantor Joinder in substantially the form of Exhibit 1.1(G)(1) to the Credit Agreement, whereby such Subsidiary joins this Agreement and subordinates all Indebtedness owed to any such
Subsidiary by any of the Companies or other Subsidiaries hereafter created or acquired to the Senior Debt. 
 13. Continuing
Force and Effect. This Agreement shall continue in force for so long as any portion of the Senior Debt remains unpaid and any Commitments or Letters of Credit under the Credit Agreement remain outstanding, it being contemplated that this
Agreement be of a continuing nature. 

  
 - 4 -

 14. Modification, Amendments or Waivers. Any and all agreements amending or changing
any provision of this Agreement or the rights of the Agent or the Lenders hereunder, and any and all waivers or consents to Events of Default or other departures from the due performance of the Companies hereunder, shall be made only by written
agreement, waiver or consent signed by the Agent, acting on behalf of all the Lenders, with the written consent of the Required Lenders, any such agreement, waiver or consent made with such written consent being effective to bind all the Lenders.

 15. Expenses. The Companies unconditionally and jointly and severally agree upon demand to pay to the Agent and the
Lenders the amount of any and all out-of-pocket costs, expenses and disbursements, including fees and expenses of counsel (including the allocated costs of staff counsel) for which reimbursement is customarily obtained, which the Agent or any of the
Lenders may incur in connection with (a) the administration of this Agreement, (b) the exercise or enforcement of any of the rights of the Agent or the Lenders hereunder, or (c) the failure by the Companies to perform or observe any
of the provisions hereof. 
 16. Severability. The provisions of this Agreement are intended to be severable. If any
provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner
affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction. 
 17. Governing Law. This Agreement shall be a contract under the internal laws of the Commonwealth of Pennsylvania and for all purposes shall be construed in accordance with the internal laws of the
Commonwealth of Pennsylvania without giving effect to its principles of conflict of laws. 
 18. Successors and Assigns.
This Agreement shall inure to the benefit of the Agent and the Lenders and their respective successors and assigns, and the obligations of the Companies shall be binding upon their respective successors and permitted assigns, provided, that no
company may assign or transfer its rights or obligations hereunder or any interest herein and any such purported assignment or transfer shall be null and void. The duties and obligations of the Companies may not be delegated or transferred by the
Companies without the written consent of the Required Lenders and any such delegation or transfer without such consent shall be null and void. Except to the extent otherwise required by the context of this Agreement, the word “Lenders”
when used herein shall include, without limitation, any holder of a Note or an assignment of rights therein originally issued to a Lender under the Credit Agreement, and each such holder of a Note or assignment shall have the benefits of this
Agreement to the same extent as if such holder had originally been a Lender under the Credit Agreement. 
 19. Joint and
Several Obligations. Each of the obligations of each and every Company under this Agreement is joint and several. The Agent and the Lenders, or any of them, may, in their sole discretion, elect to enforce this Agreement against any Company
without any duty or responsibility to pursue any other Company and such an election by the Agent and the Lenders, or any of them, shall not be a defense to any action the Agent and the Lenders, or any of

  
 - 5 -

 
them, may elect to take against any Company. Each of the Lenders and Agent hereby reserve all rights against each Company. 

20. Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate
counterparts, each of which, when executed and delivered, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. 
 21. Attorneys-in-Fact. Each of the Companies hereby authorizes and empowers the Agent, at its election and in the name of either itself, for the benefit of the Agent and the Lenders as their
respective interests may appear, or in the name of each such Company as is owed Intercompany Indebtedness, to execute and file proofs and documents and take any other action the Agent may deem advisable to completely protect the Agent’s and the
Lenders’ interests in the Intercompany Indebtedness and their right of enforcement thereof, and to that end each of the Companies hereby irrevocably makes, constitutes and appoints the Agent, its officers, employees and agents, or any of them,
with full power of substitution, as the true and lawful attorney-in-fact and agent of such Company, and with full power for such Company, and in the name, place and stead of such Company for the purpose of carrying out the provisions of this
Agreement, and taking any action and executing, delivering, filing and recording any instruments which the Agent may deem necessary or advisable to accomplish the purposes hereof, which power of attorney, being given for security, is coupled with an
interest and is irrevocable. Each Company hereby ratifies and confirms, and agrees to ratify and confirm, all action taken by the Agent, its officers, employees or agents pursuant to the foregoing power of attorney. 

22. Application of Payments. In the event any payments are received by the Agent under the terms of this Agreement for application
to the Senior Debt at any time when the Senior Debt has not been declared due and payable and prior to the date on which it would otherwise become due and payable, such payment shall constitute a voluntary prepayment of the Senior Debt for all
purposes under the Credit Agreement. 
 23. Remedies. In the event of a breach by any of the Companies in the performance
of any of the terms of this Agreement, the Agent, on behalf of the Lenders, may demand specific performance of this Agreement and seek injunctive relief and may exercise any other remedy available at law or in equity, it being recognized that the
remedies of the Agent on behalf of the Lenders at law may not fully compensate the Agent on behalf of the Lenders for the damages they may suffer in the event of a breach hereof. 

24. Consent to Jurisdiction; Waiver of Jury Trial. Each of the Companies hereby irrevocably consents to the non-exclusive
jurisdiction of any Pennsylvania State or Federal Court sitting in Pittsburgh, Pennsylvania, waives personal service of any and all process upon it and consents that all such service of process be made by certified or registered mail directed to the
Companies at the addresses set forth or referred to in Section 24 hereof and service so made shall be deemed to be completed upon actual receipt thereof. Each of the Companies waives any objection to jurisdiction and venue of any action
instituted against it as provided herein and agrees not to assert any defense based on lack of jurisdiction or venue, AND EACH OF THE 

  
 - 6 -

 
COMPANIES WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT TO THE FULL EXTENT PERMITTED BY LAW. 

Each Company hereby appoints a process agent, Corporation Service Company, (the “Process Agent”) as its agent to receive on
behalf of such party and its respective property, service of copies of the summons and complaint and any other process which may be served in any action or proceeding. Such service may be made by mailing or delivering a copy of such process to any
of the Companies in care of the Process Agent at the Process Agent’s address, and each of the Companies hereby authorizes and directs the Process Agent to receive such service on its behalf. Each Company agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions (or any political subdivision thereof) by suit on the judgment or in any other manner provided by law. Each Company further agrees that it shall, for so long as any
Commitment, Letter of Credit or any obligation of any Loan Party to the Lender remains outstanding, continue to retain Process Agent for the purposes set forth in this Section 24. The Process Agent hereby accepts the appointment of Process
Agent by the Companies and agrees to act as Process Agent on behalf of the Companies. The Process Agent has an address of, on the date hereof, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, United States. 

25. EXCEPT AS PROHIBITED BY LAW, EACH COMPANY, THE AGENT AND THE LENDERS HEREBY WAIVE TRIAL BY A JURY IN ANY ACTION, SUIT, PROCEEDING OR
COUNTERCLAIM OF ANY KIND ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE COLLATERAL TO THE FULLEST EXTENT PERMITTED BY LAW. 
 26. Notices. All notices, statements, requests and demands and other communications given to or made upon the Companies, the Agent or the Lenders in accordance with the provisions of this Agreement
shall be given or made as provided in Section 10.5 [Notices] of the Credit Agreement. 
 27. Rules of Construction.
The rules of construction set forth in Section 1.2 [Construction] of the Credit Agreement shall apply to this Agreement. 

The remainder of this page is left blank intentionally. 
 Signatures follow on next page. 

  
 - 7 -

 [SIGNATURE PAGE TO 

INTERCOMPANY SUBORDINATION AGREEMENT] 
 WITNESS the due execution hereof as of the day and year first above written. 
  

			
	UNDER ARMOUR, INC.,
	a Maryland corporation
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	 UNDER ARMOUR MANUFACTURING, LLC,
 a Maryland limited liability company

	
	By: Under Armour, Inc., a Maryland corporation, its sole member
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	 UNDER ARMOUR RETAIL, INC.,
 a Maryland corporation

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

 [SIGNATURE PAGE TO 

INTERCOMPANY SUBORDINATION AGREEMENT] 

 

			
	UNDER ARMOUR HOLDINGS, INC.,
	a Maryland corporation
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	UNDER ARMOUR RETAIL OF MARYLAND, L.L.C.
	UNDER ARMOUR RETAIL OF FLORIDA, LLC
	UNDER ARMOUR RETAIL OF OHIO, LLC
	UNDER ARMOUR RETAIL OF CALIFORNIA, LLC
	UNDER ARMOUR RETAIL OF TEXAS, LLC
	UNDER ARMOUR RETAIL OF WISCONSIN, LLC
	UNDER ARMOUR RETAIL OF MASSACHUSETTS, LLC
	UNDER ARMOUR RETAIL OF PENNSYLVANIA, LLC
	UNDER ARMOUR RETAIL OF DELAWARE, LLC
	UNDER ARMOUR RETAIL OF GEORGIA, LLC
	UNDER ARMOUR RETAIL OF NEW YORK, LLC
	UNDER ARMOUR RETAIL OF NEW JERSEY, LLC
	UNDER ARMOUR RETAIL OF DC, LLC
	UNDER ARMOUR RETAIL OF CONNECTICUT, LLC
	UNDER ARMOUR RETAIL OF ILLINOIS, LLC
	UNDER ARMOUR RETAIL OF SOUTH CAROLINA, LLC
	UNDER ARMOUR RETAIL OF MICHIGAN, LLC
	UNDER ARMOUR RETAIL OF MAINE, LLC
	UNDER ARMOUR RETAIL OF TENNESSEE, LLC
	 UNDER ARMOUR RETAIL OF VIRGINIA, LLC,

each a limited liability company

	
	By: Under Armour Retail, Inc., its sole member
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

 EXHIBIT 1.1 (L) 

LOCKBOX AGREEMENT 

                    , 20    

  

					
	  
	 		 	
	  
	 		 	
	  
	 		 	

 Attention:
                     
 Ladies and Gentlemen:

 Reference is made to account number
                                 (the “Blocked Account”) at
                             (the “the Depositary Bank”), into which certain monies, instruments
and other properties are deposited on behalf of Under Armour, Inc., a Maryland corporation (the “Customer”). PNC Bank, National Association (the “Agent”) hereby advises the the Depositary Bank that pursuant to that certain Credit
Agreement by and among the Customer, the Lenders party thereto, the Guarantors party thereto, the Agent, as Administrative Agent, SunTrust Bank, as Syndication Agent, and Compass Bank, as Documentation Agent, and the other documents executed and
delivered in connection therewith (collectively, the “Loan Documents”), the Customer has granted to the Agent, for the benefit of the Lenders, a security interest in, among other things, the Blocked Account and all proceeds thereof. All
capitalized terms used in this letter that are not otherwise defined herein shall have the meanings assigned to them in the Loan Documents. 

By signing this letter agreement (this “Lockbox Agreement”), the Depositary Bank: (i) acknowledges the above notice from the Agent of the
security interest granted to the Agent, for the benefit of the Lenders, in the Blocked Account; (ii) confirms that the Depositary Bank has received no currently effective notice of any pledge or assignment of the Blocked Account (other than
pursuant to this Lockbox Agreement); and (iii) agrees that, to the extent of the obligations of the Customer incurred, or to be incurred, under the Loan Documents and until this Lockbox Agreement is terminated, the Depositary Bank shall have no
security interest or rights in or claims to the funds in the Blocked Account except as set forth herein. Further, it is hereby agreed that: 
  

	(a)	Prior to the date hereof, the Blocked Account was maintained solely for the benefit of, and under the sole dominion and control, of the Customer, its designated
employees and agents and was entitled “                                .” As of
the date hereof: (i) the Blocked Account will be maintained solely for the benefit of the Agent and will be under the sole dominion and control of the Agent, except as set forth in paragraph (d) below; (ii) the name of the Blocked
Account will be changed to “Customer for the benefit of Agent”; and (iii) the Blocked Account will be subject to written instructions from an officer of the Agent. 

 

	(b)	All expenses for the maintenance of the Blocked Account and all expenses arising under this Lockbox Agreement are the responsibility of the Customer.

  

	(c)	 Unless the Agent directs the Depositary Bank in writing to the contrary, and subject to the Depositary Bank’s right to place holds for uncollected
funds pursuant to Federal Reserve Regulation CC and the Depositary Bank’s customary procedures, the Depositary Bank agrees to 

	 	
wire transfer the funds in the Blocked Account, on a daily basis and in same day funds, to such account as the Agent may direct in writing. 

 

	(d)	Notwithstanding the foregoing, the Depositary Bank shall have the right at any time to set-off against and withdraw funds from the Blocked Account for: (i) items
credited to the Blocked Account in error or which were unpaid for any reason; (ii) any amounts deposited therein in error or as necessary to correct processing errors; (iii) the Depositary Bank’s fees and expenses owed by Customer and
Agent for the maintenance of the Blocked Account and for the Depositary Bank’s services under this Lockbox Agreement; and (iv) reasonable attorney’s fees of the Depositary Bank’s counsel for the review, negotiation and
enforcement of this Lockbox Agreement, which attorney’s fees Customer hereby agrees to pay. Except as set forth in this paragraph, all transfers referred to in paragraph (c) above shall be made by the Depositary Bank irrespective of, and
without deduction for, any counterclaim, defense, recoupment or set-off. 

  

	(e)	The Customer agrees that the Agent shall have full and irrevocable right, power and authority to take any action which Agent deems reasonably necessary or appropriate
to preserve or protect its interest in the Blocked Account consistent with this Lockbox Agreement and the Loan Documents. 

  

	(f)	The Depositary Bank will follow its customary procedures for determining whether or not to honor any checks, drafts or other payment requests drawn on or with respect
to the Blocked Account. Any electronic funds transfers (wire, automated clearing house, etc.) to or from the Blocked Account will be subject to the terms and conditions of the Depositary Bank’s standard agreements for such services, as in
effect and as amended from time to time. In the event of any conflict between the terms and conditions of such agreements and those of this Lockbox Agreement, then this Lockbox Agreement shall control. 

 

	(g)	The Depositary Bank will not modify or alter the Depositary Bank’s arrangements with the Customer concerning the Blocked Account without the Agent’s prior
written consent. 

  

	(h)	The Depositary Bank may rely, and shall be protected in acting or refraining from acting, upon any notice (including, without limitation, to electronically confirmed
facsimiles of such notice) believed by the Depositary Bank to be genuine and to have been given by the proper party or parties. 

  

	(i)	This Lockbox Agreement shall not be effective until signed by the Agent, the Customer and the Depositary Bank and shall then be binding upon the parties hereto and
their respective successors and assigns. In the absence of fraud or abuse on the part of the Customer or any of its subsidiaries, the Depositary Bank may not terminate this Lockbox Agreement or the Blocked Account without giving thirty
(30) days’ prior written notice thereof to both the Customer and the Agent. Upon such termination, the Depositary Bank shall close the Blocked Account and transfer all funds therein and any future instruments deposited in the Blocked
Account to the Agent. 

  

	(j)	 The Customer and the Agent agree to indemnify, defend and hold harmless the Depositary Bank and its affiliates, directors, officers, employees, agents,
successors and assigns (each a “Bank Indemnitee”) from and against any and all liabilities, losses, claims, damages, demands, costs and expenses of every kind (including, without limitation, costs incurred as a result of items being
deposited in the Blocked Account and being unpaid for any reason, reasonable attorney’s fees 

  
 2 

	 	
and the reasonable charges of the Depositary Bank’s in-house counsel) incurred or sustained by any Bank Indemnitee arising out of the Depositary Bank’s performance of the services
contemplated by this Lockbox Agreement, except to the extent such liabilities, losses, claims, damages, demands, costs and expenses are the direct result of the Depositary Bank’s gross negligence or willful misconduct. Compliance by the
Depositary Bank with its standard procedures for the services provided hereunder shall be deemed to be the exercise of ordinary care by the Depositary Bank. The Depositary Bank shall have no obligation to review or confirm that any actions taken
pursuant to this Lockbox Agreement comply with the Loan Documents or any other agreement or document. The provisions of this paragraph shall survive termination of this Lockbox Agreement. 

 

	(k)	The Depositary Bank will not be liable to the Customer or the Agent for any expense, claim, loss, damage or cost (“Damages”) arising out of or relating to its
performance under this Lockbox Agreement other than Damages which result directly from its acts or omissions constituting gross negligence or willful misconduct. In no event will the Depositary Bank be liable for any punitive, special, indirect, or
consequential damages, including, without limitation, lost profits, even if advised of the possibility or likelihood of such damages. 

  

	(l)	The Customer and the Depositary Bank agree to indemnify, defend and hold harmless the Agent and its affiliates, directors, officers, employees, agents, successors and
assigns (each an “Agent Indemnitee”) from and against any and all liabilities, losses, claims, damages, demands, costs and expenses of every kind (including, without limitation, costs incurred as a result of items being deposited in the
Blocked Account and being unpaid for any reason, reasonable attorney’s fees and the reasonable charges of the Agent’s in-house counsel) incurred or sustained by any Agent Indemnitee arising out of the Agent’s performance of the
services contemplated by this Lockbox Agreement, except to the extent such liabilities, losses, claims, damages, demands, costs and expenses are the direct result of the Agent’s gross negligence or willful misconduct. Compliance by the Agent
with its standard procedures for the services provided hereunder shall be deemed to be the exercise of ordinary care by the Agent. The Agent shall have no obligation to review or confirm that any actions taken pursuant to this Lockbox Agreement
comply with the Loan Documents or any other agreement or document. The provisions of this paragraph shall survive termination of this Lockbox Agreement. 

  

	(m)	The Agent will not be liable to the Customer or the Depositary Bank for any Damages arising out of or relating to its performance under this Lockbox Agreement other
than Damages which result directly from its acts or omissions constituting gross negligence. In no event will the Agent be liable for any punitive, special, indirect, or consequential damages, including, without limitation, lost profits, even if
advised of the possibility or likelihood of such damages. 

  

	(n)	 If the Customer becomes subject to a voluntary or involuntary proceeding under the United States Bankruptcy Code, or if the Depositary Bank is
otherwise served with legal process or becomes aware of facts or circumstances which the Depositary Bank in good faith believes affects its ability to carry out the terms of this Agreement or the disposition of funds deposited in the Blocked
Account, the Depositary Bank shall have the right: (a) to place a hold on funds deposited in the Blocked Account until such time as the Depositary Bank receives an appropriate order from a court of competent jurisdiction or other assurances
satisfactory to the Depositary Bank establishing that this Agreement may be effectuated and/or funds may continue to be disbursed according to the instructions contained in this Lockbox Agreement; or (b) to commence, at the Customer’s
expense, an interpleader action in any court of competent 

  
 3 

	 	
jurisdiction and to take no further action except in accordance with joint instructions from the Customer and the Agent or in accordance with the final order of court in such action.

  

	(o)	This Lockbox Agreement may be executed by one or more of the parties hereto on any number of separate counterparts, each of which when so executed shall be an original,
but all of which shall together constitute one and the same instrument. 

  

	(p)	This Lockbox Agreement shall be governed by and construed in accordance with the laws of the State of Pennsylvania. 

 

			
	Very truly yours,
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Acknowledged and agreed to this      day of
            , 20        . 
  

			
	[DEPOSITARY BANK]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Customer hereby agrees and consents to all of the terms and conditions of the foregoing Lockbox Agreement and
authorizes and directs the Depositary Bank to take any and all action required or requested by the Agent or otherwise necessary to implement and maintain compliance with such terms and conditions. 

 

			
	[CUSTOMER]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 4 

 EXHIBIT 1.1 (N)(1) 

REVOLVING CREDIT NOTE 
  

							
	[US $                    ]	 		  		  	Pittsburgh, Pennsylvania
		 		  		  	    [                    ], 2009

 FOR VALUE RECEIVED, the undersigned, UNDER ARMOUR, INC., a Maryland corporation (herein called the
“Borrower”), hereby promises to pay to the order of [                    ] (the “Lender”), the lesser of (i) the principal
sum of [                     (US
$                    )] [LENDER’S REVOLVING CREDIT COMMITMENT], or (ii) the aggregate unpaid principal balance of all revolving
credit loans made by the Lender to the Borrower pursuant to the Credit Agreement (the “Revolving Credit Loans”), dated as of
[                    , 2009], among each of the Borrower, the Guarantors now or hereafter party thereto, the Lenders now or hereafter party thereto,
and PNC Bank, National Association, as Agent (hereinafter referred to in such capacity as the “Agent”) (as amended, restated, modified, or supplemented from time to time, the “Credit Agreement”), payable by 11:00 am on the
Expiration Date, together with interest on the unpaid principal balance hereof from time to time outstanding from the date hereof at the rate or rates per annum specified by the Borrower pursuant to, or as otherwise provided in, the Credit
Agreement. 
 All capitalized terms used herein shall, unless otherwise defined herein, have the same meanings given to such
terms in the Credit Agreement. 
 Interest on the unpaid principal balance hereof from time to time outstanding from the date
hereof will be payable at the times provided for in the Credit Agreement. Upon the occurrence and during the continuation of an Event of Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Revolving Credit
Loans evidenced by this Revolving Credit Note (this “Note”) and all other obligations due and payable to the Lender pursuant to the Credit Agreement and the other Loan Documents at a rate per annum as set forth in Section 3.3 of the
Credit Agreement. Such interest rate will accrue before and after any judgment has been entered. 
 Subject to the provisions of
the Credit Agreement, payments of both principal and interest shall be made without setoff, counterclaim, or other deduction of any nature at the office of the Agent located at The PNC Financial Services Group, 2 Hopkins Plaza, 21st Floor,
Baltimore, Maryland 21201, Attention: Mr. John E. Hehir, Senior Vice President, Corporate Banking, unless otherwise directed in writing by the holder hereof, in lawful money of the United States of America in immediately available funds.

 This Note is one of the Revolving Credit Notes referred to in, and is entitled to the benefits of, the Credit Agreement and
other Loan Documents, including the representations, warranties, covenants, conditions, security interests, and Liens contained or granted therein. The Credit Agreement among other things contains provisions for acceleration of the maturity hereof
upon the happening of certain stated events and also for prepayment, in certain circumstances, on 

 
account of principal hereof prior to maturity upon the terms and conditions therein specified. The Borrower waives presentment, demand, notice, protest and all other demands and notices in
connection with the delivery, acceptance, performance, default or enforcement of this Note and the Credit Agreement. 
 This
Note shall bind the Borrower and its successors and assigns, and the benefits hereof shall inure to the benefit of the Lender and its successors and assigns. All references herein to the “Borrower” and the “Lender” shall be
deemed to apply to the Borrower and the Lender, respectively, and their respective successors and assigns as permitted under the Credit Agreement. 
 This Note and any other documents delivered in connection herewith and the rights and obligations of the parties hereto and thereto shall for all purposes be governed by and construed and enforced in
accordance with the internal laws of the Commonwealth of Pennsylvania without giving effect to its conflicts of law principles. 

The remainder of this page is left blank intentionally. 
 Signatures follow on next page. 

  
 - 2 -

 [SIGNATURE PAGE TO REVOLVING CREDIT NOTE] 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has executed this Note by its duly authorized officer with
the intention that it constitute a sealed instrument. 
  

			
	UNDER ARMOUR, INC.,
	a Maryland corporation
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

 EXHIBIT 1.1 (N)(2) 

SWING LOAN NOTE 
  

			
	 US $10,000,000
	  	Pittsburgh, Pennsylvania
		  	January 28, 2009

 FOR VALUE RECEIVED, the undersigned, UNDER ARMOUR, INC., a Maryland corporation (herein called the
“Borrower”), hereby unconditionally promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Lender”), the lesser of (i) the principal sum of Ten Million Dollars (US $10,000,000), or (ii) the aggregate
unpaid principal balance of all Swing Loans made by the Lender to the Borrower pursuant to that Credit Agreement, dated as of January 28, 2009, among each of the Borrower, the Guarantors now or hereafter party thereto, the Lenders now or
hereafter party thereto, the Lender, as administrative agent for the other Lenders party thereto (hereinafter referred to in such capacity as the “Agent”), SunTrust Bank, as Syndication Agent, and Compass Bank, as Documentation Agent (as
amended, restated, modified, or supplemented from time to time, the “Credit Agreement”), payable with respect to each Swing Loan evidenced hereby on the earlier of (i) demand by the Lender or (ii) by 11:00 a.m. Pittsburgh time on
the Expiration Date, or at such other time specified in the Credit Agreement. 
 All capitalized terms used herein shall, unless
otherwise defined herein, have the same meanings given to such terms in the Credit Agreement. 
 The Borrower shall pay interest
on the unpaid principal balance of each Swing Loan from time to time outstanding hereunder from the date hereof at the rate per annum and on the date(s) provided in the Credit Agreement. Upon the occurrence and during the continuation of an Event of
Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Swing Loans evidenced by this Swing Loan Note (this “Note”) at a rate per annum as set forth in Section 3.3 of the Credit Agreement. Such
interest rate will accrue before and after any judgment has been entered. 
 Subject to the provisions of the Credit Agreement,
payments of both principal and interest shall be made without setoff, counterclaim or other deduction of any nature at the office of the Agent located at The PNC Financial Services Group, 2 Hopkins Plaza, 21st Floor, Baltimore, Maryland 21201,
Attention: Mr. John E. Hehir, Senior Vice President, Corporate Banking, unless otherwise directed in writing by the Agent, in lawful money of the United States of America in immediately available funds. 

This Note is the Swing Loan Note referred to in, and is entitled to the benefits of, the Credit Agreement and the other Loan Documents,
including the representations, warranties, covenants, conditions and liens contained or granted therein. The Credit Agreement among other things contains provisions for acceleration of the maturity hereof upon the happening of certain stated events
and also for prepayment, in certain circumstances, on demand or otherwise, on account of principal hereof prior to maturity upon the terms and conditions therein specified. The Borrower waives presentment, demand, notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Credit Agreement. 

 The Borrower acknowledges and agrees that the Lender may at any time and in its sole
discretion demand payment of all amounts outstanding under this Note without prior notice to the Borrower. 
 This Note shall
bind the Borrower and its successors and assigns, and the benefits hereof shall inure to the benefit of the Lender and its successors and assigns. All references herein to the “Borrower”, the “Agent” and the “Lender”
shall be deemed to apply to the Borrower, the Agent and the Lender, respectively, and their respective successors and assigns. 

This Note and any other documents delivered in connection herewith and the rights and obligations of the parties hereto and thereto shall
for all purposes be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania without giving effect to its conflict of laws principles. 

The remainder of this page is left blank intentionally. 
 Signatures follow on next page. 

  
 2 

 [SIGNATURE PAGE TO SWING LOAN NOTE] 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has executed this Swing Loan Note by its duly authorized
officers with the intention that it constitute a sealed instrument. 
  

			
	UNDER ARMOUR, INC.,
	a Maryland corporation
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

 EXHIBIT 1.1 (P)(2) 

PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT, dated as of January 28, 2009 (as amended, restated, supplemented or modified from time to time, this “Agreement”), is given, made and entered into by EACH
OF THE PERSONS LISTED ON THE SIGNATURE PAGES HERETO AND EACH OF THE OTHER PERSONS WHICH BECOME PLEDGORS HEREUNDER FROM TIME TO TIME, (each, a “Pledgor” and collectively, the “Pledgors”), a Pledgor of the corporations, limited
liability companies, partnerships or other entities as set forth on Schedule A hereto (each a “Company” and collectively the “Companies”), and PNC BANK, NATIONAL ASSOCIATION, as the administrative agent for itself
and the other Lenders under the Credit Agreement described below (the “Administrative Agent”). 
 WHEREAS, pursuant to
that certain Credit Agreement (amended, restated, supplemented or modified from time to time, the “Credit Agreement”) dated as of January 28, 2009, by and among Under Armour, Inc., a Maryland corporation (the “Borrower”),
each of the Guarantors party thereto, the Lenders party thereto, the Administrative Agent, SunTrust Bank as Syndication Agent, and Compass Bank, as Documentation Agent, the Administrative Agent and the Lenders have agreed to provide certain loans
and other financial accommodations to the Borrower; and 
 WHEREAS, pursuant to and in consideration of the Credit Agreement,
certain of the issued and outstanding capital stock, shares, securities, member interests, partnership interests and other ownership interests of each of the Companies is to be pledged to the Administrative Agent in accordance herewith; and

 WHEREAS, each Pledgor owns the outstanding capital stock, shares, securities, member interests, partnership interests and
other ownership interests of the Companies as set forth on Schedule A hereto. 
 NOW, THEREFORE, intending to be
legally bound hereby, the parties hereto hereby agree as follows: 
 1. Defined Terms. 

(a) Except as otherwise expressly provided herein, capitalized terms used in this Agreement shall have the respective meanings assigned to
them in the Credit Agreement. Where applicable and except as otherwise expressly provided herein, terms used herein (whether or not capitalized) shall have the respective meanings assigned to them in the Uniform Commercial Code as enacted in the
State of Maryland, as amended from time to time (the “Code”). 
 (b) “Pledged Collateral” shall mean and
include all of each Pledgor’s present and future right, title and interest in and to the following: (i) all investment property, capital stock, shares, securities, member interests, partnership interests, warrants, options, put rights,
call rights, similar rights, and all other ownership or participation interests in any entity or business or in the revenue, income, or profits thereof; (ii) all property of each Pledgor in the Administrative Agent’s possession or in
transit to or from, under the custody or control of, or on deposit with, the Administrative Agent or any Affiliate thereof, including deposit and other accounts; (iii) cash and cash equivalents (collectively referred to herein as
“Investments”, including all Investments listed on Schedule A attached hereto and made a part hereof, and all 

 
rights and privileges pertaining thereto, including, without limitation, all present and future Investments receivable in respect of or in exchange for any Investments, and all rights under
shareholder, member, partnership agreements and other similar agreements relating to any Investments, all rights to subscribe for Investments, whether or not incidental to or arising from ownership of any Investments; (iv) all Investments
hereafter pledged by any Pledgor to Administrative Agent to secure the Secured Obligations; (v) together with all cash, interest, stock and other dividends or distributions paid or payable on any of the foregoing, and all books and records
(whether paper, electronic or any other medium) pertaining to the foregoing, including, without limitation, all stock record and transfer books, and together with whatever is received when any of the foregoing is sold, exchanged, replaced or
otherwise disposed of, including all proceeds, as such term is defined in the Code, and all other investment property and similar assets of any Pledgor; and (vi) all cash and non-cash proceeds (including, without limitation, insurance proceeds)
of any of the foregoing property, all products thereof, and all additions and accessions thereto, substitutions therefor and replacements. 
 (c) “Company” and “Companies” shall mean one or more of the entities issuing any of the Collateral which is or should be (in accordance with Section 5(g) hereto) described on
Schedule A hereto. 
 (d) “Secured Obligations” shall mean and include the following: (i) all now existing
and hereafter arising Obligations of each and every Pledgor to the Administrative Agent, the Lenders, or any provider of a Lender Provided Interest Rate Hedge or an Other Lender Provided Financial Service Product (an “IRH Provider”) under
the Credit Agreement or any of the other Loan Documents, including all obligations, liabilities, and indebtedness, whether for principal, interest, fees, expenses or otherwise, of each and every Pledgor to the Administrative Agent, the Lenders, or
any IRH Provider, now existing or hereafter incurred under the Credit Agreement or the Notes or the Guaranty Agreement or any of the other Loan Documents as any of the same or any one or more of them may from time to time be amended, restated,
modified, or supplemented, together with any and all extensions, renewals, refinancings, and refundings thereof in whole or in part (and including obligations, liabilities, and indebtedness arising or accruing after the commencement of any
bankruptcy, insolvency, reorganization, or similar proceeding with respect to the Borrower or which would have arisen or accrued but for the commencement of such proceeding, even if the claim for such obligation, liability or indebtedness is not
enforceable or allowable in such proceeding, and including all obligations, liabilities and indebtedness arising from any extensions of credit under or in connection with the Loan Documents from time to time, regardless whether any such extensions
of credit are in excess of the amount committed under or contemplated by the Loan Documents or are made in circumstances in which any condition to extension of credit is not satisfied); (ii) all reimbursement obligations of each and every
Pledgor with respect to any one or more Letters of Credit issued by Administrative Agent or any Lender; (iii) all indebtedness, loans, obligations, expenses and liabilities of each and every Pledgor to the Administrative Agent, any of the
Lenders, or any IRH Provider, arising out of any Lender Provided Interest Rate Hedge or any Other Lender Provided Financial Service Products; and (iv) any sums advanced by the Administrative Agent or the Lenders or which may otherwise become
due pursuant to the provisions of the Credit Agreement, the Notes, this Agreement, or any other Loan Documents or pursuant to any other document or instrument at any time delivered to the Administrative Agent in connection therewith, including
commitment, letter of credit, agent or other fees and charges, 

  
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and indemnification obligations under any such document or instrument, together with all interest payable on any of the foregoing, whether such sums are advanced or otherwise become due before or
after the entry of any judgment for foreclosure or any judgment on any Loan Document or with respect to any default under any of the Secured Obligations. 
 2. Grant of Security Interests. 
 (a) To secure on a first priority
perfected basis the payment and performance of all Secured Obligations in full, each Pledgor hereby grants to the Administrative Agent a continuing first priority security interest under the Code in and hereby pledges to Administrative Agent, in
each case for the benefit of each of the Lenders and Administrative Agent and any provider of Lender Provided Interest Rate Hedge or any Other Lender Provided Financial Service Products, all of such Pledgor’s now existing and hereafter acquired
or arising right, title and interest in, to, and under the Pledged Collateral whether now or hereafter existing and wherever located. 
 (b) Upon the execution and delivery of this Agreement, each Pledgor shall deliver to and deposit with the Administrative Agent in pledge, all of such Pledgor’s certificates, instruments or other
documents comprising or evidencing the Pledged Collateral, together with undated stock powers, instruments or other documents signed in blank by such Pledgor. In the event that any Pledgor should ever acquire or receive certificates, securities,
instruments or other documents evidencing the Pledged Collateral, such Pledgor shall deliver to and deposit with the Administrative Agent in pledge, all such certificates, securities, instruments or other documents which evidence the Pledged
Collateral. 
 (c) Notwithstanding anything to the contrary contained in this Agreement, the Pledged Collateral with respect to
any one Company not incorporated or otherwise organized under the laws of a state of the United States of America or the District of Columbia shall not exceed sixty-five percent (65%) of the total combined voting power of all classes of capital
stock, shares, securities, member interests, partnership interests and other ownership interests entitled to vote of such Company, and this Agreement shall not apply to any such stock, shares, securities, member interests, partnership interests or
ownership interests which are in excess of such sixty-five percent (65%) limitation. To the extent the Administrative Agent receives more than sixty-five percent (65%) of the total combined voting power of all classes of capital stock,
shares, securities, member interests, partnership interests and other ownership interests entitled to vote of any Company, Administrative Agent shall return such excess stock, shares, securities, member interests, partnership interests and other
ownership interests upon the request of a Pledgor. 
 3. Further Assurances. 

Prior to or concurrently with the execution of this Agreement, and thereafter at any time and from time to time upon reasonable request of
the Administrative Agent, each Pledgor shall execute and deliver to the Administrative Agent all financing statements, continuation financing statements, assignments, certificates and documents of title, affidavits, reports, notices, schedules of
account, letters of authority, further pledges, powers of attorney and all other documents (collectively, the “Security Documents”) which the Administrative Agent may reasonably request, in form reasonably satisfactory to the
Administrative Agent, and take such other action 

  
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which the Administrative Agent may reasonably request, to perfect and continue perfected and to create and maintain the first priority status of the Administrative Agent’s security interest
in the Pledged Collateral and to fully consummate the transactions contemplated under this Agreement. Each Pledgor hereby irrevocably makes, constitutes and appoints the Administrative Agent (and any of the Administrative Agent’s officers or
employees or agents designated by the Administrative Agent) as such Pledgor’s true and lawful attorney with power to sign the name of such Pledgor on all or any of the Security Documents which the Administrative Agent determines must be
executed, filed, recorded or sent in order to perfect or continue perfected the Administrative Agent’s security interest in the Pledged Collateral in any jurisdiction. Such power, being coupled with an interest, is irrevocable until all of the
Secured Obligations have been indefeasibly paid in full and the Commitments have terminated. 
 4. Representations and
Warranties. 
 Each Pledgor hereby jointly and severally represents and warrants to the Administrative Agent as follows:

 (a) Such Pledgor, has and will continue to have (or, in the case of after-acquired Pledged Collateral, at the time such
Pledgor acquires rights in such Pledged Collateral, will have and will continue to have), title to its Pledged Collateral, free and clear of all Liens other than Permitted Liens and those in favor of the Administrative Agent for the Lenders and the
Administrative Agent; 
 (b) The capital stock shares, securities, member interests, partnership interests and other ownership
interests constituting the Pledged Collateral have been duly authorized and validly issued to such Pledgor (as set forth on Schedule A hereto), are fully paid and nonassessable and constitute the following: (i) one hundred percent
(100%) of the issued and outstanding capital stock, member interests, and partnership interests of each Company organized under the laws of the United States of America or the District of Columbia, and (ii) in the case of each Company not
incorporated or otherwise organized under the laws of a state of the United States of America or the District of Columbia, sixty-five percent (65%) of the issued and outstanding capital stock, shares, securities, member interests and
partnership interests of each of such Company; 
 (c) The security interests in the Pledged Collateral granted hereunder are
valid, perfected and of first priority, subject to the Lien of no other Person other than Permitted Liens; 
 (d) There are no
restrictions upon the transfer of the Pledged Collateral and such Pledgor has the power and authority and right to transfer the Pledged Collateral owned by such Pledgor free of any encumbrances and without obtaining the consent of any other Person;

 (e) Such Pledgor has all necessary power to execute, deliver and perform this Agreement; 

(f) There are no actions, suits, or proceedings pending or, to such Pledgor’s best knowledge after due inquiry, threatened against
or affecting such Pledgor with respect to the Pledged Collateral, at law or in equity or before or by any Official Body, and such Pledgor is not 

  
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in default with respect to any judgment, writ, injunction, decree, rule or regulation which could adversely affect such Pledgor’s performance hereunder; 

(g) This Agreement has been duly executed and delivered and constitutes the valid and legally binding obligation of such Pledgor,
enforceable in accordance with its terms, except to the extent that enforceability of this Agreement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforceability of
creditors’ rights generally or limiting the right of specific performance; 
 (h) Neither the execution and delivery by
such Pledgor of this Agreement, nor the compliance with the terms and provisions hereof, will violate any provision of any Law or conflict with or result in a breach of any of the terms, conditions or provisions of any judgment, order, injunction,
decree or ruling of any Official Body to which such Pledgor is subject or any provision of any agreement, understanding or arrangement to which Pledgor is a party or by which such Pledgor is bound; 

(i) Such Pledgor’s exact legal name is as set forth on the signature page hereto; 

(j) The state of incorporation, formation or organization as applicable, of such Pledgor is as set forth on Schedule A hereto;

 (k) Such Pledgor’s chief executive office is as set forth on Schedule A to the Security Agreement; and 

(l) All rights of such Pledgor in connection with its ownership of each of the Companies are evidenced and governed solely by the stock
certificates, instruments or other documents evidencing ownership and organizational documents of each of the Companies and no shareholder or other similar agreements are applicable to any of the Pledged Collateral, and no such certificate,
instrument or other document provides that any member interest, or partnership interest or other intangible ownership interest, constituting Pledged Collateral, is a “Security” within the meaning of and subject to Article 8 of the Code;
and, the organizational documents of each Company contain no restrictions on the rights of shareholders, members or partners other than those that normally would apply to a company organized under the laws of the jurisdiction of organization of each
of the Companies. 
 5. General Covenants. 
 Each Pledgor hereby covenants and agrees as follows: 
 (a) Such Pledgor shall do
all reasonable acts that may be necessary and appropriate to maintain, preserve and protect the Pledged Collateral; such Pledgor shall be responsible for the risk of loss of, damage to, or destruction of the Pledged Collateral owned by such Pledgor,
unless such loss is the result of the gross negligence or willful misconduct of the Administrative Agent. 
 (b) Such Pledgor
shall appear in and defend any action or proceeding of which such Pledgor is aware which could reasonably be expected to affect such Pledgor’s title to, or the Administrative Agent’s interest in, the Pledged Collateral or the proceeds
thereof; provided, 

  
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however, that with the consent of the Administrative Agent such Pledgor may settle such actions or proceedings with respect to the Pledged Collateral; 

(c) Such Pledgor shall, and shall cause each of the Companies to, keep separate, accurate and complete records of the Pledged Collateral,
disclosing the Administrative Agent’s security interest hereunder; 
 (d) Such Pledgor shall comply with all Laws
applicable to the Pledged Collateral unless any noncompliance would not individually or in the aggregate materially impair the use or value of the Pledged Collateral or the Administrative Agent’s rights hereunder; 

(e) Such Pledgor shall pay any and all taxes, duties, fees or imposts of any nature imposed by any Official Body on any of the Pledged
Collateral, except to the extent contested in good faith by appropriate proceedings; 
 (f) Such Pledgor shall permit the
Administrative Agent, its officers, employees and agents to inspect, audit, and verify all books and records related to the Pledged Collateral, including reviewing all of such Pledgor’s books and records and copying and making excerpts
therefrom, provided that prior to an Event of Default or a Potential Default, the same is done with reasonable advance notice during normal business hours to the extent access to such Pledgor’s premises is required; 

(g) Subject to Section 2(c) hereof, to the extent, following the date hereof, such Pledgor acquires capital stock, shares
securities, member interests, partnership interests and other ownership interests of any of the Companies or any of the rights, property or securities, shares, capital stock, member interests, partnership interests or any other ownership interests
described in the definition of Pledged Collateral with respect to any of the Companies, such ownership interests shall be subject to the terms hereof and, upon such acquisition, shall be deemed to be hereby pledged to the Administrative Agent; and,
such Pledgor thereupon shall deliver all such securities, shares, capital stock, member interests, partnership interests and other ownership interests[, if any,] together with an updated Schedule A hereto, to the Administrative Agent
together with all such control agreements, financing statements, and any other documents necessary to implement the provisions and purposes of this Agreement as the Administrative Agent may request; 

(h) Except as permitted by the Credit Agreement, during the term of this Agreement, such Pledgor shall not sell, assign, replace, retire,
transfer or otherwise dispose of its Pledged Collateral; 
 (i) Such Pledgor will not change its state of incorporation,
formation or organization, as applicable, without providing thirty (30) days prior written notice to the Administrative Agent; 
 (j) Such Pledgor will not change its name without providing thirty (30) days prior written notice to the Administrative Agent; 

(k) Such Pledgor shall preserve its existence as a corporation or a limited liability company, as applicable, and except as permitted by
the Credit Agreement, shall not (i) in one, or 

  
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a series of related transactions, merge into or consolidate with any other entity, the survivor of which is not such Pledgor, or (ii) sell all or substantially all of its assets; and

 (l) During the term of this Agreement, such Pledgor shall not permit any Company to treat any uncertificated ownership
interests as securities which are subject to Article 8 of the Code. 
 6. Other Rights With Respect to Pledged
Collateral. 
 In addition to the other rights with respect to the Pledged Collateral granted to the Administrative Agent
hereunder, at any time and from time to time, after and during the continuation of an Event of Default and following acceleration of the Obligations pursuant to Section 8.2 of the Credit Agreement, the Administrative Agent, at its option and at
the expense of the Pledgors, may: (a) transfer into its own name, or into the name of its nominee, all or any part of the Pledged Collateral, thereafter receiving all dividends, income or other distributions upon the Pledged Collateral;
(b) take control of and manage all or any of the Pledged Collateral; (c) apply to the payment of any of the Secured Obligations, whether any be due and payable or not, any moneys, including cash dividends and income from any Pledged
Collateral, now or hereafter in the hands of the Administrative Agent or provider of Lender Provided Interest Rate Hedge or any Other Lender Provided Financial Service Products, on deposit or otherwise, belonging to any Pledgor, as the
Administrative Agent in its sole discretion shall determine; and (d) do anything which any Pledgor is required but fails to do hereunder. 
 7. Additional Remedies Upon Event of Default. 
 Upon the occurrence of any
Event of Default and while such Event of Default shall be continuing and following acceleration of the Obligations pursuant to Section 8.2 of the Credit Agreement, the Administrative Agent shall have, in addition to all rights and remedies of a
secured party under the Code or other applicable Law, and in addition to its rights under Section 6 above and under the other Loan Documents, the following rights and remedies: 

(a) The Administrative Agent may, after ten (10) days’ advance notice to the a Pledgor, sell, assign, give an option or options
to purchase or otherwise dispose of such Pledgor’s Pledged Collateral or any part thereof at public or private sale, at any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other
terms as the Administrative Agent may deem commercially reasonable. Each Pledgor agrees that ten (10) days’ advance notice of the time and place of any public sale or the time after which any private sale is to be made shall constitute
reasonable notification. The Administrative Agent shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor recognizes that the Administrative Agent may be compelled to resort to one or more
private sales of the Pledged Collateral to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities, shares, capital stock, member interests, partnership interests or ownership interests for their
own account for investment and not with a view to the distribution 

  
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or resale thereof. The Administrative Agent shall complete all sales, assignments, options or other dispositions in compliance with all applicable securities laws. 

(b) The proceeds of any collection, sale or other disposition of the Pledged Collateral, or any part thereof, shall, after the
Administrative Agent has made all deductions of expenses, including, without limitation, reasonable attorneys’ fees and other expenses incurred in connection with repossession, collection, sale or disposition of such Pledged Collateral or in
connection with the enforcement of the Administrative Agent’s rights with respect to the Pledged Collateral, including in any insolvency, bankruptcy or reorganization proceedings, be applied against the Secured Obligations, whether or not all
the same be then due and payable, as set forth in Section 8.2.5 of the Credit Agreement [Application of Proceeds]. 
 8.
Administrative Agent’s Duties. 
 The powers conferred on the Administrative Agent hereunder are solely to protect
its interest in the Pledged Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Collateral in its possession and the accounting for moneys actually received by it hereunder, the
Administrative Agent shall have no duty as to any Pledged Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged Collateral. 

9. Additional Pledgors. 
 It is anticipated that additional persons will from time to time become Subsidiaries of the Borrower or a Guarantor and will own equity interests in a Subsidiary. In such instance, each Subsidiary will be
required to join this Pledge Agreement. It is acknowledged and agreed that such Subsidiaries of the Borrower or of a Guarantor will become Pledgors hereunder and will be bound hereby simply by executing and delivering to Administrative Agent a
Guarantor Joinder in the form of Exhibit 1.1(G)(1) to the Credit Agreement. In addition, a new Schedule A hereto shall be provided to Administrative Agent showing the pledge of such equity interests owned by the new Subsidiary.

 10. No Waiver; Cumulative Remedies. 
 No failure to exercise, and no delay in exercising, on the part of the Administrative Agent, any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, power or privilege hereunder preclude any further exercise thereof or the exercise of any other right, power or privilege. The remedies herein provided are cumulative and not exclusive of any remedies provided under the other
Loan Documents or by Law. Each Pledgor waives any right to require the Administrative Agent to proceed against any other Person or to exhaust any of the Pledged Collateral or other security for the Secured Obligations or to pursue any remedy in the
Administrative Agent’s power. 
 11. No Discharge Until Indefeasible Payment of the Secured Obligations. 

The pledge, security interests, and other Liens and the obligations of each Pledgor hereunder shall not be discharged or impaired or
otherwise diminished by any failure, default, omission, or delay, willful or otherwise, by Administrative Agent, or any other obligor on any of 

  
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the Secured 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 such Pledgor or which
would otherwise operate as a discharge of such Pledgor as a matter of law or equity. Without limiting the generality of the foregoing, each Pledgor hereby consents to, and the pledge, security interests, and other Liens given by such Pledgor
hereunder shall not be diminished, terminated, or otherwise similarly affected by any of the following at any time and from time to time: 
 (a) any lack of genuineness, legality, validity, enforceability, or allowability (in a bankruptcy, insolvency, reorganization or similar proceeding, or otherwise), or any avoidance or subordination, in
whole or in part, of any Loan Document, any obligations in connection with any Lender Provided Interest Rate Hedge or any Other Lender Provided Financial Service Products or any of the Secured Obligations and regardless of any law, regulation, or
order now or hereafter in effect in any jurisdiction affecting any of the Secured Obligations, any of the terms of the Loan Documents, or any rights of the Administrative Agent or any other Person with respect thereto; 

(b) any increase, decrease, or change in the amount, nature, type or purpose of any of or any release, surrender, exchange, compromise or
settlement of any of the Secured Obligations (whether or not contemplated by the Loan Documents as presently constituted); any change in the time, manner, method, or place of payment or performance of, or in any other term of, any of the Secured
Obligations; any execution or delivery of any additional Loan Documents; or any amendment, modification or supplement to, or refinancing or refunding of, any Loan Document, any Lender Provided Interest Rate Hedge or any Other Lender Provided
Financial Service Products or any of the Secured Obligations; 
 (c) any failure to assert any breach of or default under any
Loan Document, any Lender Provided Interest Rate Hedge or any Other Lender Provided Financial Service Products or any of the Secured Obligations; any extensions of credit in excess of the amount committed under or contemplated by the Loan Documents
or any Lender Provided Interest Rate Hedge or any Other Lender Provided Financial Service Products, or in circumstances in which any condition to such extensions of credit has not been satisfied; any other exercise or non-exercise, or any other
failure, omission, breach, default, delay, or wrongful action in connection with any exercise or non-exercise, of any right or remedy against such Pledgor or any other Person under or in connection with any Loan Document or any Lender Provided
Interest Rate Hedge or any Other Lender Provided Financial Service Products or any of the Secured Obligations; any refusal of payment or performance of any of the Secured Obligations, whether or not with any reservation of rights against any
Pledgor; or any application of collections (including collections resulting from realization upon any direct or indirect security for the Secured Obligations) to other obligations, if any, not entitled to the benefits of this Agreement, in
preference to Secured Obligations or, if any collections are applied to Secured Obligations, any application to particular Secured Obligations; 
 (d) any taking, exchange, amendment, modification, supplement, termination, subordination, release, loss, or impairment of, or any failure to protect, perfect, or preserve the value of, or any enforcement
of, realization upon, or exercise of rights or remedies under or in connection with, or any failure, omission, breach, default, delay, or wrongful action by the Administrative Agent or any other Person in connection with the enforcement of,
realization 

  
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upon, or exercise of rights or remedies under or in connection with, or, any other action or inaction by Administrative Agent or any other Person in respect of, any direct or indirect security
for any of the Secured Obligations (including the Pledged Collateral). As used in this Agreement, “direct or indirect security” for the Secured Obligations, and similar phrases, includes any collateral security, guaranty, suretyship,
letter of credit, capital maintenance agreement, put option, subordination agreement, or other right or arrangement of any nature providing direct or indirect assurance of payment or performance of any of the Secured Obligations, made by or on
behalf of any Person; 
 (e) any merger, consolidation, liquidation, dissolution, winding-up, charter revocation, or forfeiture,
or other change in, restructuring or termination of the corporate structure or existence of, any Pledgor or the Borrower or any other Person; any bankruptcy, insolvency, reorganization or similar proceeding with respect to any Pledgor or the
Borrower or any other Person; or any action taken or election (including any election under Section 1111(b)(2) of the United States Bankruptcy Code or any comparable law of any jurisdiction) made by Administrative Agent or any Pledgor or the
Borrower or by any other Person in connection with any such proceeding; 
 (f) any defense, setoff, or counterclaim which may at
any time be available to or be asserted by any Pledgor or the Borrower or any other Person with respect to any Loan Document or any of the Secured Obligations; or any discharge by operation of law or release of any Pledgor or the Borrower or any
other Person from the performance or observance of any Loan Document or any of the Secured Obligations; or 
 (g) any other
event or circumstance, whether similar or dissimilar to the foregoing, and whether known or unknown, which might otherwise constitute a defense available to, or limit the liability of a guarantor or a surety, including any Pledgor, excepting only
full, strict, and indefeasible payment and performance of the Secured Obligations in full. 
 12. Taxes. 

(a) No Deductions. All payments and collections made by or from any Pledgor under this Agreement shall be made or received free and
clear of and without deduction for any present or future taxes, levies, imposts, deductions, charges, or withholdings, and all liabilities with respect thereto, excluding taxes imposed on the net income of Administrative Agent and all income and
franchise taxes of the United States applicable to Administrative Agent (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings, and liabilities being hereinafter referred to as “Taxes”). If any Pledgor shall be
required by law to deduct any Taxes from or in respect of any sum payable or any collection made under this Agreement, (i) the sum payable or collectable shall be increased as may be necessary so that after making all required deductions
(including deductions applicable to additional sums payable or collectable under this Subsection) Administrative Agent receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Pledgor shall make
such deductions and (iii) such Pledgor shall timely pay the full amount deducted to the relevant tax authority or other authority in accordance with applicable law. 

  
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 (b) Stamp Taxes. In addition, each Pledgor acknowledges that the Pledged Collateral
secures payment of all present and future stamp or documentary taxes and any other excise or property taxes, charges, or similar levies which arise from any payment or collection made hereunder or from the execution, delivery, or registration of, or
otherwise with respect to, this Agreement (hereinafter referred to as “Other Taxes”). 
 (c) Indemnification for
Taxes Paid by Administrative Agent. Each Pledgor acknowledges that the Pledged Collateral secures the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable
under this Section 12) paid by Administrative Agent and any liability (including penalties, interest, and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted.

 (d) Certificate. In the event any Pledgor pays any Taxes or Other Taxes, within 30 days after the date of any such
payment, such Pledgor shall furnish to Administrative Agent, the original or a certified copy of a receipt evidencing payment thereof. 
 (e) Survival. Without prejudice to the survival of any other agreement of any Pledgor hereunder, the agreements and obligations of each Pledgor contained in Clauses (a) through
(d) directly above shall survive the payment in full of principal and interest under any Note and the termination of the Credit Agreement. 
 13. Waivers. 
 Each Pledgor hereby waives any and all defenses which any
Pledgor may now or hereafter have based on principles of suretyship, impairment of collateral, or the like and each Pledgor hereby waives any defense to or limitation on its obligations under this Agreement arising out of or based on any event or
circumstance referred to in the immediately preceding section hereof. Without limiting the generality of the foregoing and to the fullest extent permitted by applicable law, each Pledgor hereby further waives each of the following: 

(a) all notices, disclosures and demands of any nature which otherwise might be required from time to time to preserve intact any rights
against such Pledgor, including the following: any notice of any event or circumstance described in the immediately preceding section hereof; any notice required by any law, regulation or order now or hereafter in effect in any jurisdiction; any
notice of nonpayment, nonperformance, dishonor, or protest under any Loan Document or any Lender Provided Interest Rate Hedge or any Other Lender Provided Financial Service Products or any of the Secured Obligations; any notice of the incurrence of
any Secured Obligations; any notice of any default or any failure on the part of such Pledgor or the Borrower or any other Person to comply with any Loan Document or any Lender Provided Interest Rate Hedge or any Other Lender Provided Financial
Service Products or any of the Secured Obligations or any requirement pertaining to any direct or indirect security for any of the Secured Obligations; and any notice or other information pertaining to the business, operations, condition (financial
or otherwise), or prospects of the Borrower or any other Person; 
 (b) any right to any marshalling of assets, to the filing of
any claim against such Pledgor or the Borrower or any other Person in the event of any bankruptcy, insolvency, 

  
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reorganization, or similar proceeding, or to the exercise against such Pledgor or the Borrower, or any other Person of any other right or remedy under or in connection with any Loan Document, any
Lender Provided Interest Rate Hedge or any Other Lender Provided Financial Service Products, or any of the Secured Obligations or any direct or indirect security for any of the Secured Obligations; any requirement of promptness or diligence on the
part of the Administrative Agent or any other Person; any requirement to exhaust any remedies under or in connection with, or to mitigate the damages resulting from default under, any Loan Document or any of the Secured Obligations or any direct or
indirect security for any of the Secured Obligations; any benefit of any statute of limitations; and any requirement of acceptance of this Agreement or any other Loan Document, and any requirement that any Pledgor receive notice of any such
acceptance; and 
 (c) any defense or other right arising by reason of any Law now or hereafter in effect in any jurisdiction
pertaining to election of remedies (including anti-deficiency laws, “one action” laws, or the like), or by reason of any election of remedies or other action or inaction by the Administrative Agent (including commencement or completion of
any judicial proceeding or nonjudicial sale or other action in respect of collateral security for any of the Secured Obligations), which results in denial or impairment of the right of the Administrative Agent to seek a deficiency against the
Borrower or any other Person or which otherwise discharges or impairs any of the Secured Obligations. 
 14. Assignment.

 All rights of the Administrative Agent under this Agreement shall inure to the benefit of its successors and assigns. All
obligations of each Pledgor shall bind its successors and assigns; provided, however, no Pledgor may assign or transfer any of its rights and obligations hereunder or any interest herein, and any such purported assignment or transfer
shall be null and void. 
 15. Severability. 
 Any provision of this Agreement which shall be held invalid or unenforceable shall be ineffective without invalidating the remaining provisions hereof. 

16. Governing Law. 
 This Agreement shall be construed in accordance with and governed by the internal laws of the State of Maryland without regard to its conflicts of law principles, except to the extent the validity or
perfection of the security interests or the remedies hereunder in respect of any Pledged Collateral are governed by the law of a jurisdiction other than the State of Maryland. 
 17. Notices. 
 All notices, requests, demands, directions and other
communications (collectively, “notices”) given to or made upon any party hereto under the provisions of this Agreement shall be as set forth in Section 10.5 [Notices; Effectiveness; Electronic Communication] of the Credit Agreement.

  
 - 12 -

 18. Specific Performance. 

Each Pledgor acknowledges and agrees that, in addition to the other rights of the Administrative Agent hereunder and under the other Loan
Documents, because the Administrative Agent’s remedies at law for failure of such Pledgor to comply with the provisions hereof relating to the Administrative Agent’s rights (i) to inspect the books and records related to the Pledged
Collateral, (ii) to receive the various notifications such Pledgor is required to deliver hereunder, (iii) to obtain copies of agreements and documents as provided herein with respect to the Pledged Collateral, (iv) to enforce the
provisions hereof pursuant to which the such Pledgor has appointed the Administrative Agent its attorney-in-fact, and (v) to enforce the Administrative Agent’s remedies hereunder, would be inadequate and that any such failure would not be
adequately compensable in damages, such Pledgor agrees that each such provision hereof may be specifically enforced. 
 19.
Voting Rights in Respect of the Pledged Collateral. 
 So long as no Event of Default shall occur and be continuing under
the Credit Agreement, each Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement or the other Loan Documents;
provided, however, that such Pledgor will not exercise or will refrain from exercising any such voting and other consensual right pertaining to the Pledged Collateral, as the case may be, if such action would have a material adverse
effect on the value of any Pledged Collateral. Without limiting the generality of the foregoing and in addition thereto, the Pledgors shall not vote to enable, or take any other action to permit, any of the Companies to issue any stock, member
interests, partnership interests or other equity securities, member interests, partnership interests or other ownership interests of any nature or to issue any other securities, shares, capital stock, member interests, partnership interests or other
ownership interests convertible into or granting the right to purchase or exchange for any stock, member interests, partnership interests or other equity securities, member interests, partnership interests or other ownership interests of any nature
of any such Company or to enter into any agreement or undertaking restricting the right or ability of the Pledgor or the Administrative Agent to sell, assign or transfer any of the Pledged Collateral. 

20. Consent to Jurisdiction. 
 Each Pledgor and each of the Companies hereby irrevocably submits to the nonexclusive jurisdiction of any Maryland State or Federal Court sitting in Baltimore County, in any action or proceeding arising
out of or relating to this Agreement, and Pledgors and each of the Companies hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such Maryland State or Federal court. Each Pledgor and each
of the Companies hereby waives to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any such action or proceeding. Each Pledgor and each of the Companies hereby appoints the process agent
identified below (the “Process Agent”) as its agent to receive on behalf of such party and its respective property service of copies of the summons and complaint and any other process which may be served in any action or proceeding. Such
service may be made by mailing or delivering a copy of such process to any of the Pledgors or the 

  
 - 13 -

 
Companies in care of the Process Agent at the Process Agent’s address, and each of the Pledgors and the Companies hereby authorizes and directs the Process Agent to receive such service on
its behalf. Each Pledgor and each of the Companies agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions (or any political subdivision thereof) by suit on the judgment or in any
other manner provided by law. Each Pledgor and each of the Companies further agrees that it shall, for so long as any Commitment or any obligation of any Loan Party to the Lender remains outstanding, continue to retain Process Agent for the purposes
set forth in this Section 20. The Process Agent is Corporation Service Company, with an office on the date hereof at 2711 Centerville Road, Suite 400, Wilmington, DE 19808, United States. Each Pledgor and each of the Companies shall produce to
Administrative Agent evidence of the acceptance by Process Agent of such appointment. 
 21. Waiver of Jury Trial.

 EXCEPT AS PROHIBITED BY LAW, EACH PLEDGOR AND EACH OF THE COMPANIES HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY A JURY
IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENTS OR TRANSACTIONS RELATING THERETO. 
 22. Entire Agreement; Amendments. 
 This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements relating to a grant of a security interest in the Pledged Collateral by any Pledgor. This Agreement may not be amended or supplemented except
by a writing signed by the Administrative Agent and the Pledgors. 
 23. Counterparts; Telecopy Signatures. 

This Agreement may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which,
when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same instrument. Each Pledgor acknowledges and agrees that a telecopy or other electronic transmission to the Administrative Agent or any Lender of
the signature pages hereof purporting to be signed on behalf of any Pledgor shall constitute effective and binding execution and delivery hereof by such Pledgor. 
 24. Construction. 
 The rules of construction contained in Section 1.2
of the Credit Agreement apply to this Agreement. 
 The remainder of this page is left blank intentionally. 

Signatures follow on next page. 

  
 - 14 -

 [SIGNATURE PAGE TO PLEDGE AGREEMENT] 

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

			
	ADMINISTRATIVE AGENT:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	  

	Printed:	 	John E. Hehir
	Title:	 	Senior Vice President, Corporate Banking

 [SIGNATURE PAGE TO PLEDGE AGREEMENT] 

 

			
	PLEDGORS:
	
	 UNDER ARMOUR, INC.,
 a Maryland corporation

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	 UNDER ARMOUR RETAIL, INC.,
 a Maryland corporation

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	UNDER ARMOUR EUROPE BV
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

 ACKNOWLEDGEMENT AND CONSENT 

Each of the undersigned hereby acknowledges receipt of a copy of the Pledge Agreement, dated as of January 28, 2009, made by Under
Armour, Inc., Under Armour Retail, Inc., and Under Armour Europe BV for the benefit of PNC Bank, National Association, as Administrative Agent (the “Pledge Agreement”). Each of the undersigned, intending to be legally bound hereby, agrees
for the benefit of the Administrative Agent and the Lenders as follows: 
 1. Each of the undersigned will be bound by the terms
of the Pledge Agreement and will comply with such terms insofar as such terms are applicable to the undersigned, including without limiting the generality of the foregoing, those terms in Sections 20 and 21 of the Pledge Agreement. 

2. Each of the undersigned will notify the Administrative Agent promptly in writing of the occurrence of any of the events described in
Section 5(g) of the Pledge Agreement. 
 3. The terms of Section 3 of the Pledge Agreement shall apply to it,
mutatis mutandis, with respect to all actions that may facilitate, in the reasonable judgment of the Administrative Agent, the carrying out of Section 3 of the Pledge Agreement. 

4. To the extent that any of undersigned has or hereafter may acquire any immunity from the jurisdiction of any court or from any legal
process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution, or otherwise) with respect to itself or its property, each of undersigned hereby irrevocably waives such immunity in respect of its
obligations under the Pledge Agreement and any other document or agreement executed in connection therewith, and each of undersigned agrees that it will not raise or claim any such immunity at or in respect of any such action or proceeding.

 5. Each of the undersigned acknowledges and agrees that any notices sent to the Pledgor regarding any of the Pledged
Collateral shall also be sent to the Administrative Agent in the manner and at the address of Administrative Agent as indicated in Section 17 of the Pledge Agreement. 
 6. During the term of this Agreement, each of the undersigned shall not treat any uncertificated ownership interests as securities which are subject to Article 8 of the Code. 

The remainder of this page is left blank intentionally. 
 Signatures follow on next page. 

 [SIGNATURE PAGE TO ACKNOWLEDGMENT AND CONSENT TO PLEDGE AGREEMENT] 

 

			
	UNDER ARMOUR MANUFACTURING, LLC,
	a Maryland limited liability company
	
	 By: Under Armour, Inc., a Maryland corporation,
 its sole member

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	 UNDER ARMOUR CANADA, INC.,
 a Canadian corporation

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	 UNDER ARMOUR RETAIL, INC.,
 a Maryland corporation

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	 UNDER ARMOUR HOLDINGS, INC.,
 a Maryland corporation

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

 [SIGNATURE PAGE TO ACKNOWLEDGMENT AND CONSENT TO 

PLEDGE AGREEMENT] 
  

			
	UNDER ARMOUR EUROPE BV
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

	
	 UNDER ARMOUR FRANCE,
 a French limited company

		
	By:	 	  

	Printed:	 	  

	Title:	 	  

 [SIGNATURE PAGE TO ACKNOWLEDGMENT AND CONSENT TO 

PLEDGE AGREEMENT] 
  

			
	 UNDER ARMOUR RETAIL OF MARYLAND, L.L.C.

UNDER ARMOUR RETAIL OF FLORIDA, LLC

UNDER ARMOUR RETAIL OF OHIO, LLC

UNDER ARMOUR RETAIL OF CALIFORNIA, LLC
 UNDER ARMOUR RETAIL OF TEXAS, LLC

UNDER ARMOUR RETAIL OF WISCONSIN, LLC
 UNDER ARMOUR RETAIL OF MASSACHUSETTS, LLC

UNDER ARMOUR RETAIL OF PENNSYLVANIA, LLC
 UNDER ARMOUR RETAIL OF DELAWARE, LLC

UNDER ARMOUR RETAIL OF GEORGIA, LLC
 UNDER ARMOUR RETAIL OF NEW YORK, LLC

UNDER ARMOUR RETAIL OF NEW JERSEY, LLC
 UNDER ARMOUR RETAIL OF DC, LLC

UNDER ARMOUR RETAIL OF CONNECTICUT, LLC
 UNDER ARMOUR RETAIL OF ILLINOIS, LLC

UNDER ARMOUR RETAIL OF SOUTH CAROLINA, LLC
 UNDER ARMOUR RETAIL OF MICHIGAN, LLC
 UNDER ARMOUR RETAIL OF
MAINE, LLC
 UNDER ARMOUR RETAIL OF TENNESSEE, LLC
 UNDER ARMOUR RETAIL OF VIRGINIA, LLC,
 each a limited liability
company

	
	By: Under Armour Retail, Inc., its sole member
		
	By:	 	  

	Printed:	 	  

	Title:	 	  

  

	
	Address for Notices:
	
	1020 Hull Street
	Baltimore, Maryland 21230
	
	Fax: (410) 234-1911

 SCHEDULE A 
 TO 
 PLEDGE AGREEMENT 

Description of Pledged Collateral 
  

	A.	Corporations 

  

					
	 Pledgor and Pledgor’s

jurisdiction of formation
	  	 Pledged Shares
	  	 Type and Amount of

Ownership

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  

  

	B.	Limited Liability Companies 

  

					
	 Pledgor and Pledgor’s

jurisdiction of formation
	  	 Pledged limited liability

company interests
	  	 Type and Amount of

Ownership

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  

  

	C.	Partnerships 

  

					
	 Pledgor and Pledgor’s

jurisdiction of formation
	  	 Pledged Partnership Interests
	  	 Type and Amount of

Ownership

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  

 EXHIBIT 1.1 (S) 

SECURITY AGREEMENT 
 THIS SECURITY AGREEMENT (this “Agreement”), dated as of January 28, 2009, is made by and among UNDER ARMOUR, INC., a Maryland corporation (the “Borrower”), each of the GUARANTORS
(as hereinafter defined) (the “Guarantors” and the Borrower, each a “Debtor” and collectively the “Debtors”), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders (as hereinafter
defined) (the “Agent”). 
 WITNESSETH THAT: 
 WHEREAS, the Debtors are (or will be with respect to after-acquired property) the legal and beneficial owners and the holders of the Collateral (as defined in Section 1 hereof); and 

WHEREAS, pursuant to that certain Credit Agreement (as it may hereafter from time to time be restated, amended, modified or supplemented,
the “Credit Agreement”) of even date herewith by and among the Agent, the Lenders now or hereafter party thereto (the “Lenders”) the Guarantors now or hereafter party thereto (the “Guarantors”), the Borrower, SunTrust
Bank as Syndication Agent, and Compass Bank, as Documentation Agent, the Agent and the Lenders have agreed to make certain loans to the Borrower; and 
 WHEREAS, the obligation of the Agent and the Lenders to make loans under the Credit Agreement is subject to the condition, among others, that the Debtors secure their obligations and the obligations of
the Loan Parties to the Agent and the Lenders under the Credit Agreement, the other Loan Documents and otherwise as more fully described herein in the manner set forth herein. 
 NOW, THEREFORE, intending to be legally bound hereby, the parties hereto covenant and agree as follows: 
 1. Terms which are defined in the Credit Agreement and not otherwise defined herein are used herein as defined therein and the rules of Construction set forth in Section 1.2 of the Credit Agreement
shall apply to this Agreement. The following words and terms shall have the following meanings, respectively, unless the context hereof otherwise clearly requires: 
 (a) “Code” means the Uniform Commercial Code as in effect in the Commonwealth of Pennsylvania on the date hereof and as amended from time to time except to the extent that the conflict of law
rules of such Uniform Commercial Code shall apply the Uniform Commercial Code as in effect from time to time in any other state to specific property or other matters. 
 (b) “Collateral” means all of any Debtor’s right, title and interest in, to and under the following described property of such Debtor (each capitalized term used in this Section 1(b)
shall have in this Agreement the meaning given to it by the Code): 
 (i) all now existing and hereafter acquired or arising
Account Receivables, Goods, Health Care Insurance Receivables, General Intangibles, Payment Intangibles, Deposit 

 
Accounts, Chattel Paper (including, without limitation, Electronic Chattel Paper), Documents, Instruments, Software, Investment Property (other than thirty-five percent (35%) of the equity
interests of Foreign Subsidiaries (as defined in the Credit Agreement)), Letters of Credit, Letter of Credit Rights, advices of credit, money, Commercial Tort Claims as listed on Schedule B hereto (as such Schedule is amended or supplemented
from time to time), Equipment, and Inventory, Fixtures, and Supporting Obligations, together with all products of and Accessions to any of the foregoing and all Proceeds of any of the foregoing (including, without limitation, all insurance policies
and proceeds thereof); 
 (ii) to the extent, if any, not included in clause (i) above, each and every other item of
personal property and fixtures, whether now existing or hereafter arising or acquired, including, without limitation, all licenses, contracts and agreements, and all collateral for the payment or performance of any contract or agreement, together
with all products and Proceeds (including all insurance policies and proceeds) of any Accessions to any of the foregoing; and 

(iii) all present and future business records and information, including computer tapes and other storage media containing the same and
computer programs and software (including, without limitation, source code, object code and related manuals and documentation and all licenses to use such software) for accessing and manipulating such information. 

Notwithstanding the foregoing, “Collateral’ shall specifically exclude the Trademarks (as defined in the Credit Agreement) of
each of the Debtors. 
 (c) “Secured Obligations” shall mean and include the following: (i) all now existing and
hereafter arising Obligations of each and every Debtor to the Agent, the Lenders, or any provider of a Lender Provided Interest Rate Hedge or an Other Lender Provided Financial Services Product (an “IRH Provider”) under the Credit
Agreement or any of the other Loan Documents, including all obligations, liabilities, and indebtedness, whether for principal, interest, fees, expenses or otherwise, of each and every Debtor to the Agent, the Lenders, or any IRH Provider, now
existing or hereafter incurred under the Credit Agreement or the Notes or the Guaranty Agreement or any of the other Loan Documents as any of the same or any one or more of them may from time to time be amended, restated, modified, or supplemented,
together with any and all extensions, renewals, refinancings, and refundings thereof in whole or in part (and including obligations, liabilities, and indebtedness arising or accruing after the commencement of any bankruptcy, insolvency,
reorganization, or similar proceeding with respect to the Borrower or which would have arisen or accrued but for the commencement of such proceeding, even if the claim for such obligation, liability or indebtedness is not enforceable or allowable in
such proceeding, and including all obligations, liabilities and indebtedness arising from any extensions of credit under or in connection with the Loan Documents from time to time, regardless whether any such extensions of credit are in excess of
the amount committed under or contemplated by the Loan Documents or are made in circumstances in which any condition to extension of credit is not satisfied); (ii) all reimbursement obligations of each and every Debtor with respect to any one
or more Letters of Credit issued by Agent or any Lender; (iii) all indebtedness, loans, obligations, expenses and liabilities of each and every Debtor to the Agent, any of the Lenders, or any IRH Provider, arising out of any Lender Provided
Interest Rate Hedge or any Other Lender 

  
 - 2 -

 
Provided Financial Services Products; and (iv) any sums advanced by the Agent or the Lenders or which may otherwise become due pursuant to the provisions of the Credit Agreement, the Notes,
this Agreement, or any other Loan Documents or pursuant to any other document or instrument at any time delivered to the Agent in connection therewith, including commitment, letter of credit, agent or other fees and charges, and indemnification
obligations under any such document or instrument, together with all interest payable on any of the foregoing, whether such sums are advanced or otherwise become due before or after the entry of any judgment for foreclosure or any judgment on any
Loan Document or with respect to any default under any of the Secured Obligations. 
 (d) “Receivables” means all of
the Collateral except Equipment and Inventory. 
 2. As security for the due and punctual payment and performance of the Secured
Obligations in full, each Debtor hereby agrees that the Agent and the Lenders and any IRH Provider shall have, and each Debtor hereby grants to and creates in favor of the Agent for the benefit of itself, the Lenders and any IRH Provider, a
continuing first priority lien on and security interest under the Code in and to the Collateral subject only to Permitted Liens. Without limiting the generality of Section 4 below, each Debtor further agrees that with respect to each item of
Collateral as to which (i) the creation of a valid and enforceable security interest is not governed exclusively by the Code or (ii) the perfection of a valid and enforceable first priority security interest therein under the Code cannot
be accomplished either by the Agent taking possession thereof or by the filing in appropriate locations of appropriate Code financing statements executed by such Debtor, such Debtor will at its expense execute and deliver to the Agent and hereby
does authorize the Agent to execute and file such documents, agreements, notices, assignments and instruments and take such further actions as may be requested by the Agent from time to time for the purpose of creating a valid and perfected first
priority Lien on such item, subject only to Permitted Liens, enforceable against such Debtor and all third parties to secure the Secured Obligations. 
 3. Each Debtor represents and warrants to the Agent and the Lenders that: (a) subject to Permitted Liens, such Debtor has good and marketable title to its Collateral; (b) except for the security
interest granted to and created in favor of the Agent for the benefit of itself and the Lenders hereunder and Permitted Liens, all the Collateral is free and clear of any Lien; (c) each Debtor will defend the Collateral against all claims and
demands of all persons at any time claiming the same or any interest therein; (d) each Account Receivable is genuine and enforceable in accordance with its terms and such Debtor will defend the same against all claims, demands, recoupment,
setoffs, and counterclaims at any time asserted; (e) at the time any Account Receivable becomes subject to this Agreement, each such Account Receivable will be a good and valid Account Receivable representing a bona fide sale of goods or
services by such Debtor and such goods will have been shipped to the respective account debtors or the services will have been performed for the respective account debtors, (or for those on behalf of whom the account debtors are obligated on the
Account Receivables) and no such Account Receivable will at such time be subject to any claim for credit, allowance, setoff, recoupment, defense, counterclaim or adjustment by any account debtor or otherwise, except to the extent permitted by
Schedule 1.1(C) of the Credit Agreement; (f) the exact legal name of each Debtor is as set forth 

  
 - 3 -

 
on the signature page hereto; and (g) the state of incorporation, formation or organization, as applicable, of such Debtor is as set forth on Schedule A hereto. 

4. Each Debtor will faithfully preserve and protect the Agent’s security interest in the Collateral as a prior perfected security
interest under the Code, superior and prior to the rights of all third Persons, except for holders of Permitted Liens, and will do all such other acts and things and will, upon request therefor by the Agent, execute, deliver, file and record, and
each Debtor hereby authorizes the Agent to so file, all such other documents and instruments, including, without limitation, financing statements, security agreements, assignments and documents and powers of attorney with respect to the Collateral,
and pay all filing fees and taxes related thereto, as the Agent, in its reasonable discretion, may deem necessary or advisable from time to time in order to attach, continue, preserve, perfect, and protect said security interest (including the
filing at any time or times after the date hereof of financing statements under, and in the locations advisable pursuant to, the Code); and, each Debtor hereby irrevocably appoints the Agent, its officers, employees and agents, or any of them, as
attorneys-in-fact for such Debtor to execute, deliver, file and record such items for such Debtor and in such Debtor’s name, place and stead. This power of attorney, being coupled with an interest, shall be irrevocable for the life of this
Agreement. 
 5. Each Debtor jointly and severally covenants and agrees that: 

(a) it will defend the Agent’s and the Lenders’ right, title and lien on and security interest in and to the Collateral and the
proceeds thereof against the claims and demands of all Persons whomsoever, other than the holders of Permitted Liens, other than any Person claiming a right in the Collateral pursuant to an agreement between such Person and the Agent; 

(b) it will not suffer or permit to exist on any Collateral any Lien except for Permitted Liens; 

(c) it will not take or omit to take any action, the taking or the omission of which might result in a material alteration (except as
permitted by the Credit Agreement) or impairment of the Collateral or of the Agent’s rights under this Agreement; 
 (d) it
will not sell, assign or otherwise dispose of any portion of the Collateral except as permitted in Section 7.2.6 [Disposition of Assets or Subsidiaries] of the Credit Agreement; 

(e) it will (i) except for such Collateral delivered to the Agent pursuant to this Section or otherwise now or hereafter under the
control of the Agent, obtain and maintain sole and exclusive possession of the Collateral, (ii) maintain its chief executive office and keep the Collateral and all records pertaining thereto at the locations specified on the Security Interest
Data Summary attached as Schedule A hereto, unless it shall have given the Agent prior notice and taken any action reasonably requested by the Agent to maintain its security interest therein, (iii) notify the Agent if an Account
Receivable becomes evidenced or secured by an Instrument or Chattel Paper and deliver to the Agent upon the Agent’s request therefor all Collateral consisting of Instruments and Chattel Paper immediately upon such Debtor’s receipt of a
request 

  
 - 4 -

 
therefor, (iv) deliver to the Agent possession of all Collateral the possession of which is required to perfect the Agent’s lien thereon or security interest therein or the possession
of which grants priority over a Person filing a financing statement with respect thereto, (v) if required by the Credit Agreement, execute control agreements and cause other Persons to execute acknowledgments in form and substance satisfactory
to the agent evidencing the Agent’s control with respect to all Collateral the control or acknowledgment of which perfects the Agent’s security interest therein, including Letters of Credit, Letter of Credit Rights, Electronic Chattel
Paper, Deposit Accounts and Investment Property, and (vi) keep materially accurate and complete books and records concerning the Collateral and such other books and records as the Agent may from time to time reasonably require; 

(f) it will promptly furnish to the Agent such information and documents relating to the Collateral as the Agent may reasonably request,
including, without limitation, all invoices, Documents, contracts, Chattel Paper, Instruments and other writings pertaining to such Debtor’s contracts or the performance thereof, all of the foregoing to be certified upon request of the Agent by
an authorized officer of such Debtor; 
 (g) it shall immediately notify the Agent if any Account Receivable arises out of
contracts with the United States or any department, agency or instrumentality thereof or any one or more of the states of the United States or any department, agency, or instrumentality thereof, and will execute any instruments and take any steps
required by the Agent so that all monies due and to become due under such contract shall be assigned to the Agent and notice of the assignment given to and acknowledged by the appropriate government agency or authority under the Federal Assignment
of Claims Act; 
 (h) it will not change its state of incorporation, formation or organization, as applicable without providing
thirty (30) days prior written notice the Agent; 
 (i) it will not change its name without providing thirty (30) days
prior written notice to the Agent; 
 (j) it shall preserve its corporate existence and shall not (i) in one, or a series
of related transactions, merge into or consolidate with any other entity, the survivor of which is not such Debtor, or (ii) sell all or substantially all or its assets except, in each case, to the extent permitted by the Credit Agreement;

 (k) if it shall at any time acquire a commercial tort claim, as defined in the Code, such Debtor shall immediately notify the
Agent in a writing signed by such Debtor of the details thereof and grant to the Agent for the benefit of the Lenders in such writing a security interest therein and in the proceeds thereof, with such writing to be in form and substance satisfactory
to the Agent and such writing shall constitute a supplement to Schedule B hereto; 
 (l) it hereby authorizes the Agent
to, at any time and from time to time, file in any one or more jurisdictions financing statements that describe the Collateral, together with continuation statements thereof and amendments thereto, without the signature of such Debtor and which
contain any information required by the Code or any other applicable statute 

  
 - 5 -

 
applicable to such jurisdiction for the sufficiency or filing office acceptance of any financing statements, continuation statements, or amendments. Each Debtor agrees to furnish any such
information to the Agent promptly upon request. Any such financing statements, continuation statements, or amendments may be signed by Agent on behalf of such Debtor if the Agent so elects and may be filed at any time in any jurisdiction; and

 (m) it shall at any time and from time to time take such steps as the Agent may reasonably request as are necessary for the
Agent to insure the continued perfection of the Agent’s and the Lenders’ security interest in the Collateral with the same priority required hereby and the preservation of its rights therein. 

6. Each Debtor assumes full responsibility for taking any and all necessary steps to preserve the Agent’s and the Lenders’
rights with respect to the Collateral against all Persons other than anyone asserting rights in respect of a Permitted Lien. The Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its
possession if the Agent takes such action for that purpose as such Debtor shall request in writing, provided that such requested action will not, in the judgment of the Agent, impair the security interest in the Collateral created hereby or
the Agent’s and the Lenders’ rights in, or the value of, the Collateral, and provided further that such written request is received by the Agent in sufficient time to permit the Agent to take the requested action. 

7. No Discharge Until Indefeasible Payment of the Secured Obligations. 

The pledge, security interests, and other Liens and the obligations of each Debtor hereunder shall not be discharged or impaired or
otherwise diminished by any failure, default, omission, or delay, willful or otherwise, by Agent, or any other obligor on any of the Secured 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 such Debtor or which would otherwise operate as a discharge of such Debtor as a matter of law or equity. Without limiting the generality of the foregoing, each Debtor hereby consents to, and the
pledge, security interests, and other Liens given by such Debtor hereunder shall not be diminished, terminated, or otherwise similarly affected by any of the following at any time and from time to time: 

(a) any lack of genuineness, legality, validity, enforceability, or allowability (in a bankruptcy, insolvency, reorganization or similar
proceeding, or otherwise), or any avoidance or subordination, in whole or in part, of any Loan Document or any of the Secured Obligations and regardless of any law, regulation, or order now or hereafter in effect in any jurisdiction affecting any of
the Secured Obligations, any of the terms of the Loan Documents, or any rights of the Agent or any other Person with respect thereto; 
 (b) any increase, decrease, or change in the amount, nature, type or purpose of any of the Secured Obligations (whether or not contemplated by the Loan Documents as presently constituted); any change in
the time, manner, method, or place of payment or performance of, or in any other term of, any of the Secured Obligations; any execution or delivery of any additional Loan Documents; or any amendment, modification or supplement to, or refinancing or
refunding of, any Loan Document or any of the Secured Obligations; 

  
 - 6 -

 (c) any failure to assert any breach of or default under any Loan Document or any of the
Secured Obligations; any extensions of credit in excess of the amount committed under or contemplated by the Loan Documents, or in circumstances in which any condition to such extensions of credit has not been satisfied; any other exercise or
non-exercise, or any other failure, omission, breach, default, delay, or wrongful action in connection with any exercise or non-exercise, of any right or remedy against such Debtor or any other Person under or in connection with any Loan Document or
any of the Secured Obligations; any refusal of payment or performance of any of the Secured Obligations, whether or not with any reservation of rights against any Debtor; or any application of collections (including collections resulting from
realization upon any direct or indirect security for the Secured Obligations) to other obligations, if any, not entitled to the benefits of this Agreement, in preference to Secured Obligations or, if any collections are applied to Secured
Obligations, any application to particular Secured Obligations; 
 (d) any taking, exchange, amendment, modification,
supplement, termination, subordination, release, loss, or impairment of, or any failure to protect, perfect, or preserve the value of, or any enforcement of, realization upon, or exercise of rights or remedies under or in connection with, or any
failure, omission, breach, default, delay, or wrongful action by the Agent or any other Person in connection with the enforcement of, realization upon, or exercise of rights or remedies under or in connection with, or, any other action or inaction
by Agent or any other Person in respect of, any direct or indirect security for any of the Secured Obligations (including the Collateral). As used in this Agreement, “direct or indirect security” for the Secured Obligations, and similar
phrases, includes any collateral security, guaranty, suretyship, letter of credit, capital maintenance agreement, put option, subordination agreement, or other right or arrangement of any nature providing direct or indirect assurance of payment or
performance of any of the Secured Obligations, made by or on behalf of any Person; 
 (e) any merger, consolidation,
liquidation, dissolution, winding-up, charter revocation, or forfeiture, or other change in, restructuring or termination of the corporate structure or existence of, any Debtor or any other Person; any bankruptcy, insolvency, reorganization or
similar proceeding with respect to any Debtor or any other Person; or any action taken or election (including any election under Section 1111(b)(2) of the United States Bankruptcy Code or any comparable law of any jurisdiction) made by Agent or
any Debtor or by any other Person in connection with any such proceeding; 
 (f) any defense, setoff, or counterclaim which may
at any time be available to or be asserted by any Debtor or any other Person with respect to any Loan Document or any of the Secured Obligations; or any discharge by operation of law or release of any Debtor or any other Person from the performance
or observance of any Loan Document or any of the Secured Obligations; or 
 (g) any other event or circumstance, whether similar
or dissimilar to the foregoing, and whether known or unknown, which might otherwise constitute a defense available to, or limit the liability of a guarantor or a surety, including any Debtor, excepting only full, strict, and indefeasible payment and
performance of the Secured Obligations in full. 

  
 - 7 -

 8. Waivers. 
 Each Debtor hereby waives any and all defenses which any Debtor may now or hereafter have based on principles of suretyship, impairment of collateral, or the like and each Debtor hereby waives any defense
to or limitation on its obligations under this Agreement arising out of or based on any event or circumstance referred to in the immediately preceding section hereof. Without limiting the generality of the foregoing and to the fullest extent
permitted by applicable law, each Debtor hereby further waives each of the following: 
 (a) all notices, disclosures and demands
of any nature which otherwise might be required from time to time to preserve intact any rights against such Debtor, including the following: any notice of any event or circumstance described in the immediately preceding section hereof; any notice
required by any law, regulation or order now or hereafter in effect in any jurisdiction; any notice of nonpayment, nonperformance, dishonor, or protest under any Loan Document or any of the Secured Obligations; any notice of the incurrence of any
Secured Obligations; any notice of any default or any failure on the part of such Debtor or any other Person to comply with any Loan Document or any of the Secured Obligations or any requirement pertaining to any direct or indirect security for any
of the Secured Obligations; and any notice or other information pertaining to the business, operations, condition (financial or otherwise), or prospects of the Borrower or any other Person; 

(b) any right to any marshalling of assets, to the filing of any claim against such Debtor or any other Person in the event of any
bankruptcy, insolvency, reorganization, or similar proceeding, or to the exercise against such Debtor or any other Person of any other right or remedy under or in connection with any Loan Document or any of the Secured Obligations or any direct or
indirect security for any of the Secured Obligations; any requirement of promptness or diligence on the part of the Agent or any other Person; any requirement to exhaust any remedies under or in connection with, or to mitigate the damages resulting
from default under, any Loan Document or any of the Secured Obligations or any direct or indirect security for any of the Secured Obligations; any benefit of any statute of limitations; and any requirement of acceptance of this Agreement or any
other Loan Document, and any requirement that any Debtor receive notice of any such acceptance; and 
 (c) any defense or other
right arising by reason of any Law now or hereafter in effect in any jurisdiction pertaining to election of remedies (including anti-deficiency laws, “one action” laws, or the like), or by reason of any election of remedies or other action
or inaction by the Agent (including commencement or completion of any judicial proceeding or nonjudicial sale or other action in respect of collateral security for any of the Secured Obligations), which results in denial or impairment of the right
of the Agent to seek a deficiency against the Borrower or any other Person or which otherwise discharges or impairs any of the Secured Obligations. 
 9. The Obligations and additional liabilities of the Debtors under this Agreement are joint and several obligations of the Debtors, and each Debtor hereby waives to the full extent permitted by law any
defense it may otherwise have to the payment and performance of the Obligations that its liability hereunder is limited and not joint and several. Each Debtor acknowledges and agrees that the foregoing waivers serve as a material inducement to the

  
 - 8 -

 
agreement of the Agent and the Lenders to make the Loans, and that the Agent and the Lenders are relying on each specific waiver and all such waivers in entering into this Agreement. The
undertakings of each Debtor hereunder secure the obligations of itself and the other Debtors. The Agent and the Lenders, or any of them, may, in their sole discretion, elect to enforce this Agreement against any Debtor without any duty or
responsibility to pursue any other Debtor and such an election by the agent and the Lenders, or any of them, shall not be a defense to any action the Agent and the Lenders, or any of them, may elect to take against any Debtor. Each of the Lenders
and Agent hereby reserve all right against each Debtor. 
 10. (a) At any time and from time to time whether or not an Event of
Default then exists and without prior notice to or consent of any Debtor, the Agent may at its option take such actions as the Agent deems appropriate (i) to attach, perfect, continue, preserve and protect the Agent’s and the Lenders’
first priority security interest in or lien on the Collateral, and/or (ii) to inspect, audit and verify the Collateral, including reviewing all of such Debtor’s books and records and copying and making excerpts therefrom, provided
that prior to an Event of Default or a Potential Default, the same is done with reasonable advance notice during normal business hours to the extent access to such Debtor’s premises is required, and (iii) to add all liabilities,
obligations, costs and expenses reasonably incurred in connection with the foregoing clauses (i) and (ii) to the Secured Obligations, to be paid by the Debtors to the Agent for the benefit of the Agent and the Lenders upon demand.

 (b) At any time and from time to time after an Event of Default exists and is continuing and without prior notice to or
consent of any Debtor, the Agent may at its option take such action as the Agent deems appropriate (i) to maintain, repair, protect and insure the Collateral, and/or (ii) to perform, keep, observe and render true and correct any and all
covenants, agreements, representations and warranties of any Debtor hereunder, and (iii) to add all liabilities, obligations, costs and expenses reasonably incurred in connection with the foregoing clauses (i) and (ii) to the Secured
Obligations, to be paid by any Debtor to the Agent for the benefit of the Agent and the Lenders upon demand. 
 11. After there
exists any Event of Default under the Credit Agreement and following acceleration pursuant to Section 8.2 of the Credit Agreement: 
 (a) The Agent shall have and may exercise all the rights and remedies available to a secured party under the Code in effect at the time, and such other rights and remedies as may be provided by Law and as
set forth below, including, without limitation, to take over and collect all of any Debtor’s Account Receivables and all other Collateral, and to this end each Debtor hereby appoints the Agent, its officers, employees and agents, as its
irrevocable, true and lawful attorneys-in-fact with all necessary power and authority to: (i) take possession immediately, with or without notice, demand, or legal process, of any of or all of the Collateral wherever found, and for such
purposes, enter upon any premises upon which the Collateral may be found and remove the Collateral therefrom; (ii) require any Debtor to assemble the Collateral and deliver it to the Agent or to any place designated by the Agent at such
Debtor’s expense; (iii) receive, open and dispose of all mail addressed to any Debtor and notify postal authorities to change the address for delivery thereof to such address as the Agent may designate; (iv) demand payment of the
Account Receivables; (v) enforce payment of the Account Receivables by legal 

  
 - 9 -

 
proceedings or otherwise; (vi) exercise all of any Debtor’s rights and remedies with respect to the collection of the Account Receivables; (vii) settle, adjust, compromise, extend
or renew the Account Receivables; (viii) settle, adjust or compromise any legal proceedings brought to collect the Account Receivables; (ix) to the extent permitted by applicable Law, sell or assign the Account Receivables upon such terms,
for such amounts and at such time or times as the Agent deems advisable; (x) discharge and release the Account Receivables; (xi) take control, in any manner, of any item of payment or proceeds from any account debtor; (xii) prepare,
file and sign any Debtor’s name on any Proof of Claim in Bankruptcy or similar document against any account debtor; (xiii) prepare, file and sign any Debtor’s name on any notice of Lien, assignment or satisfaction of Lien or similar
document in connection with the Account Receivables; (xiv) do all acts and things necessary, in the Agent’s sole discretion, to fulfill any Debtor’s obligations to the Agent or the Lenders under the Credit Agreement, Loan Documents or
otherwise; (xv) endorse the name of any Debtor upon any check, Chattel Paper, Document, Instrument, invoice, freight bill, bill of lading or similar document or agreement relating to the Account Receivables or Inventory; (xvi) use any
Debtor’s stationery and sign such Debtor’s name to verifications of the Account Receivables and notices thereof to account debtors; (xvii) access and use the information recorded on or contained in any data processing equipment or
computer hardware or software relating to the Account Receivables, Inventory, or other Collateral or proceeds thereof to which any Debtor has access; (xviii) demand, sue for, collect, compromise and give acquittances for any and all Collateral;
(xix) prosecute, defend or compromise any action, claim or proceeding with respect to any of the Collateral; and (xx) take such other action as the Agent may deem appropriate, including extending or modifying the terms of payment of any
Debtor’s debtors. This power of attorney, being coupled with an interest, shall be irrevocable for the life of this Agreement. To the extent permitted by Law, each Debtor hereby waives all claims of damages due to or arising from or connected
with any of the rights or remedies exercised by the Agent pursuant to this Agreement, except claims for physical damage to the Collateral arising from gross negligence or willful misconduct by the Agent. 

(b) The Agent shall have the right to lease, sell or otherwise dispose of all or any of the Collateral at public or private sale or sales
for cash, credit (which shall be applied against the Obligations) or any combination thereof, with such notice as may be required by Law (it being agreed by each Debtor that, in the absence of any contrary requirement of Law, ten
(10) days’ prior notice of a public or private sale of Collateral shall be deemed reasonable notice), in lots or in bulk, for cash or on credit (which shall be applied against the Obligations), all as the Agent, in its sole discretion, may
deem advisable. Such sales may be adjourned from time to time with or without notice. The Agent shall have the right to conduct such sales on any Debtor’s premises or elsewhere and shall have the right to use any Debtor’s premises without
charge for such sales for such time or times as the Agent may see fit. The Agent may purchase all or any part of the Collateral at public or, if permitted by Law, private sale and, in lieu of actual payment of such purchase price, may set off the
amount of such price against the Secured Obligations. 
 (c) Each Debtor, at its cost and expense (including the cost and
expense of any of the following referenced consents, approvals, etc.) will promptly execute and deliver or cause the execution and delivery of all applications, certificates, instruments, registration statements, and all other documents and papers
the Agent may request in connection with the 

  
 - 10 -

 
obtaining of any consent, approval, registration, qualification, permit, license, accreditation, or authorization of any other Official Body or other Person necessary or appropriate for the
effective exercise of any rights hereunder or under the other Loan Documents. Without limiting the generality of the foregoing, each Debtor agrees that in the event the Agent on behalf of itself and/or the Lenders shall exercise its rights hereunder
or pursuant to the other Loan Documents, to sell, transfer, or otherwise dispose of, or vote, consent, operate, or take any other action in connection with any of the Collateral, such Debtor shall execute and deliver (or cause to be executed and
delivered) all applications, certificates, assignments and other documents that the Agent requests to facilitate such actions and shall otherwise promptly, fully, and diligently cooperate with the Agent and any other Persons in making any
application for the prior consent or approval of any Official Body or any other Person to the exercise by the Agent on behalf of itself and/or the Lenders or any such rights relating to all or any of the Collateral. Furthermore, because each Debtor
agrees that the remedies at law, of the Agent on behalf of itself and/or the Lenders, for failure of such Debtor to comply with this Subsection (c) would be inadequate, and that any such failure would not be adequately compensable in damages,
each Debtor agrees that this Subsection (c) may be specifically enforced. 
 (d) The Agent may request, without limiting
the rights and remedies of the Agent on behalf of itself and the Lenders otherwise provided hereunder and under the other Loan Documents, that each Debtor do any of the following: (i) give the Agent on behalf of itself and the Lenders specific
assignments of the accounts receivable of such Debtor after such accounts receivable come into existence, and schedules of such accounts receivable, the form and content of such assignment and schedules to be satisfactory to Agent; and (ii) in
order to better secure the Agent on behalf of itself and the Lenders, to the extent permitted by Law, enter into such lockbox agreements and establish such lockbox accounts as the agent may require, all at the sole expense of such Debtor and shall
direct all payments from all payors due to such Debtor, to such lockbox accounts. 
 12. The lien on and security interest in
each Debtor’s Collateral granted to and created in favor of the Agent by this Agreement shall be for the benefit of the Agent and the Lenders and any IRH Provider. Each of the rights, privileges, and remedies provided to the Agent hereunder or
otherwise by Law with respect to any Debtor’s Collateral shall be exercised by the Agent only for its own benefit and the benefit of the Lenders, and any of such Debtor’s Collateral or proceeds thereof held or realized upon at any time by
the Agent shall be applied as set forth in Section 8.2.5 [Application of Proceeds] of the Credit Agreement. Each Debtor shall remain liable to the Agent and the Lenders and any IRH Provider for and shall pay to the Agent for the benefit of
itself and the Lenders and any IRH Provider any deficiency which may remain after such sale or collection. 
 13. If the Agent
repossesses or seeks to repossess any of the Collateral pursuant to the terms hereof because of the occurrence of an Event of Default, then to the extent it is commercially reasonable for the Agent to store any Collateral on any of any Debtor’s
premises, each Debtor hereby agrees to lease to the Agent on a month-to-month tenancy for a period not to exceed [ninety (90)] days at the Agent’s election, at a rental of One Dollar ($1.00) per month, the premises on which the Collateral is
located, provided it is located on premises owned or leased by such Debtor. 

  
 - 11 -

 14. Upon indefeasible payment in full of the Secured Obligations, the expiration of all
Commitments and Letters of Credit, and termination of the Credit Agreement, this Agreement shall terminate and be of no further force and effect, and the Agent shall thereupon promptly return to a Debtor such of the Collateral and such other
documents delivered by such Debtor hereunder as may then be in the Agent’s possession, subject to the rights of third parties. Until such time, however, this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns. 
 15. No failure or delay on the part of the Agent in exercising any right,
remedy, power or privilege hereunder shall operate as a waiver thereof or of any other right, remedy, power or privilege of the Agent hereunder; nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. No waiver of a single Event of Default shall be deemed a waiver of a subsequent Event of Default. All waivers under this Agreement must be in writing.
The rights and remedies of the Agent under this Agreement are cumulative and in addition to any rights or remedies which it may otherwise have, and the Agent may enforce any one or more remedies hereunder successively or concurrently at its option.

 16. All notices, statements, requests and demands given to or made upon either party hereto in accordance with the provisions
of this Agreement shall be given or made as provided in Section 10.5 [Notices; Effectiveness; Electronic Communication] of the Credit Agreement. 
 17. Each Debtor agrees that as of the date hereof, all information contained on the Security Interest Data Schedule attached hereto as Schedule A is accurate and complete and contains no omission
or misrepresentation. Each Debtor shall promptly notify the Agent of any changes in the information set forth thereon. 
 18.
Each Debtor acknowledges that the provisions hereof giving the Agent rights of access to books, records and information concerning the Collateral and such Debtor’s operations and providing the Agent access, at reasonable times and upon one
(1) day prior notice, to such Debtor’s premises are intended to afford the Agent with immediate access to current information concerning such Debtor and its activities, including, without limitation, the value, nature and location of the
Collateral so that the Agent can, among other things, make an appropriate determination after the occurrence of an Event of Default, whether and when to exercise its other remedies hereunder and at Law, including, without limitation, instituting a
replevin action should any Debtor refuse to turn over any Collateral to the Agent. Each Debtor further acknowledges that should such Debtor at any time fail to promptly provide such information and access to the Agent, each Debtor acknowledges that
the Agent would have no adequate remedy at Law to promptly obtain the same. Each Debtor agrees that the provisions hereof may be specifically enforced by the Agent and waives any claim or defense in any such action or proceeding that the Agent has
an adequate remedy at Law. 
 19. This Agreement shall be binding upon and inure to the benefit of the Agent, the Lenders and
their respective successors and assigns, and each Debtor and each of its respective successors and assigns, except that no debtor may assign or transfer such Debtor’s obligations hereunder or any interest herein. 

  
 - 12 -

 20. This Agreement shall be deemed to be a contract under the laws of the Commonwealth of
Pennsylvania and for all purposes shall be governed by and construed in accordance with the laws of said Commonwealth excluding its rules relating to conflicts of law. 
 21. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 22. Each Debtor hereby
irrevocably submits to the nonexclusive jurisdiction of any Pennsylvania State or Federal Court sitting in Pittsburgh, Pennsylvania, in any action or proceeding arising out of or relating to this Agreement, and Debtors hereby irrevocably agree that
all claims in respect of such action or proceeding may be heard and determined in such Pennsylvania State or Federal court. Each Debtor hereby waives to the fullest extent it may effectively do so, the defense of an inconvenient forum to the
maintenance of any such action or proceeding. Each Debtor hereby appoints the process agent identified below (the “Process Agent”) as its agent to receive on behalf of such party and its respective property service of copies of the summons
and complaint and any other process which may be served in any action or proceeding. Such service may be made by mailing or delivering a copy of such process to any of the Debtors in care of the Process Agent at the Process Agent’s address, and
each of the Debtors hereby authorizes and directs the Process Agent to receive such service on its behalf. Each Debtor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions (or
any political subdivision thereof) by suit on the judgment or in any other manner provided by law. Each Debtor further agrees that it shall, for so long as any Commitment or any obligation of any Loan Party to the Lender remains outstanding,
continue to retain Process Agent for the purposes set forth in this Section 22. The Process Agent is Corporation Service Company, with an office on the date hereof at 2711 Centerville Road, Suite 400, Wilmington, DE 19808, United States. Each
Debtor shall produce to the Agent evidence of the acceptance by Process Agent of such appointment. 
 23. EXCEPT AS PROHIBITED
BY LAW, EACH DEBTOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY A JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENTS OR TRANSACTIONS RELATING THERETO.

 24. This Agreement may be executed in any number of counterparts, and by different parties hereto in separate counterparts,
each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same instrument. Each Debtor acknowledges and agrees that a telecopy or other electronic transmission to the Agent or any Lender of
the signature pages hereof purporting to be signed on behalf of any Debtor shall constitute effective and binding execution and delivery hereof by such Debtor. 
 The remainder of this page is left blank intentionally. 
 Signatures
follow on next page. 

  
 - 13 -

 [SIGNATURE PAGE TO SECURITY AGREEMENT] 

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed and delivered this Agreement as of the
day and year first above set forth. 
  

							
	ATTEST:	 		 	UNDER ARMOUR, INC.,
		 		 	a Maryland corporation
				
	  
	 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

			
		 		 	 UNDER ARMOUR MANUFACTURING, LLC,
 a Maryland limited liability company

			
		 		 	By: Under Armour, Inc., a Maryland corporation, its sole member
				
	  
	 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

			
		 		 	 UNDER ARMOUR RETAIL, INC.,
 a Maryland corporation

				
	  
	 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

			
		 		 	 UNDER ARMOUR HOLDINGS, INC.,
 a Maryland corporation

				
	  
	 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

 [SIGNATURE PAGE TO SECURITY AGREEMENT] 

 

							
	 ATTEST:
	 		 	UNDER ARMOUR RETAIL OF MARYLAND, L.L.C.
		 		 	UNDER ARMOUR RETAIL OF FLORIDA, LLC
		 		 	UNDER ARMOUR RETAIL OF OHIO, LLC
		 		 	UNDER ARMOUR RETAIL OF CALIFORNIA, LLC
		 		 	UNDER ARMOUR RETAIL OF TEXAS, LLC
		 		 	UNDER ARMOUR RETAIL OF WISCONSIN, LLC
		 		 	UNDER ARMOUR RETAIL OF MASSACHUSETTS, LLC
		 		 	UNDER ARMOUR RETAIL OF PENNSYLVANIA, LLC
		 		 	UNDER ARMOUR RETAIL OF DELAWARE, LLC
		 		 	UNDER ARMOUR RETAIL OF GEORGIA, LLC
		 		 	UNDER ARMOUR RETAIL OF NEW YORK, LLC
		 		 	UNDER ARMOUR RETAIL OF NEW JERSEY, LLC
		 		 	UNDER ARMOUR RETAIL OF DC, LLC
		 		 	UNDER ARMOUR RETAIL OF CONNECTICUT, LLC
		 		 	UNDER ARMOUR RETAIL OF ILLINOIS, LLC
		 		 	UNDER ARMOUR RETAIL OF SOUTH CAROLINA, LLC
		 		 	UNDER ARMOUR RETAIL OF MICHIGAN, LLC
		 		 	UNDER ARMOUR RETAIL OF MAINE, LLC
		 		 	UNDER ARMOUR RETAIL OF TENNESSEE, LLC
		 		 	UNDER ARMOUR RETAIL OF VIRGINIA, LLC,
		 		 	each a limited liability company
			
		 		 	By: Under Armour Retail, Inc., its sole member
				
	  
	 		 	By:	 	  

		 		 	Printed:	 	  

		 		 	Title:	 	  

 [SIGNATURE PAGE TO SECURITY AGREEMENT] 

 

			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	  

	Printed:	 	John E. Hehir
	Title:	 	Senior Vice President, Corporate Banking

 SCHEDULE A 
 TO 
 SECURITY AGREEMENT 

SECURITY INTEREST DATA SUMMARY 
 1. The chief executive office of                      (each a “Debtor”) is located at:

  

					
		 	  
	  	
		 	  
	  	
		 	  
	  	
		 	                         County	  	

 2. Each Debtor’s true and full name is as follows:
                    . Each Debtor uses no trade names or fictitious names. 
 3. Each Debtor’s form of organization is as follows: 
 4. Each Debtor’s
state of organization is as follows: 
 5. Each Debtor’s EIN # is as follows: 

6. Each Debtor’s organization ID # is (if any exists) is as follows: 

7. All of each Debtor’s personal property which has not been delivered to the Agent pursuant to the terms of this Agreement or the
Credit Agreement is now, and will be at all future times, located at such Debtor’s chief executive office as described in Paragraph 1 above, except as specified below: 

8. All of each Debtor’s books and records, including those relating to accounts payable and accounts receivable, are kept at such
Debtor’s chief executive office as described in Paragraph 1 above, except as specified below: 

 SCHEDULE B 
 TO 
 SECURITY AGREEMENT 

COMMERCIAL TORT CLAIMS 
 [None] 

 EXHIBIT 2.4 
 FORM OF 
 LENDER JOINDER AND ASSUMPTION AGREEMENT 

THIS LENDER JOINDER AND ASSUMPTION AGREEMENT (this “Joinder”) is made as of
                    , 20     (the “Effective Date”) by
                                        , (the
“New Lender”). 
 Background 
 Reference is made to the Credit Agreement dated as of January 28, 2009 among Under Armour, Inc., a Maryland corporation (the “Borrower”), each of the Guarantors party thereto, the Lenders
party thereto, PNC Bank, National Association, as administrative agent (the “Administrative Agent”), SunTrust Bank, as Syndication Agent, and Compass Bank, as Documentation Agent (as the same has been and may hereafter be modified,
supplemented, amended or restated from time to time, the “Credit Agreement”). Capitalized terms defined in the Credit Agreement are used herein as defined therein. 
 Agreement 
 In consideration of the Lenders’ permitting the New Lender
to become a Lender under the Credit Agreement, the New Lender agrees that effective as of the Effective Date hereof it shall become, and shall be deemed to be, a Lender under the Credit Agreement and each of the other Loan Documents and agrees that
from the Effective Date hereof and so long as the New Lender remains a party to the Credit Agreement, such New Lender shall assume the obligations of a Lender under and perform, comply with and be bound by each of the provisions of the Credit
Agreement which are stated to apply to a Lender and shall be entitled to the benefits, rights and remedies set forth therein and in each of the other Loan Documents. The New Lender hereby acknowledges that it has heretofore received a true and
correct copy of the Credit Agreement (including any modifications thereof or supplements or waivers thereto) as in effect on the Effective Date hereof and the executed original of its Note dated the Effective Date hereof issued by the Borrower under
the Credit Agreement in the face amount of $                    . 
 The Commitments and Ratable Shares of the New Lender and each of the other Lenders are as set forth on Schedule 1.1(B) to the Credit Agreement. Schedule 1.1(B) to the Credit Agreement is
being amended and restated effective as of the Effective Date hereof to read as set forth on Schedule 1.1(B) hereto. Schedule 1 hereto lists as of the date hereof the amount of Loans under each outstanding Borrowing Tranche.
Notwithstanding the foregoing, on the date hereof, the Borrower shall repay all outstanding Loans to which either the Base Rate Option or the LIBOR Rate Option applies and simultaneously reborrow a like amount of Loans under each such Interest Rate
Option from the Lenders (including the New Lender) according to the Ratable Shares set forth on attached Schedule 1.1(B) and shall be subject to breakage fees and other indemnities provided in Section 4.12 [Indemnity]. 

 The New Lender is executing and delivering this Joinder as of the Effective Date and
acknowledges that it shall: (A) share ratably in all Loans subject to the Base Rate Option borrowed by the Borrower on and after the Effective Date hereof; and (B) participate in all new Loans subject to the LIBOR Rate Option borrowed by
the Borrower on and after the Effective Date hereof according to its Ratable Share. 
 The remainder of this page is left
blank intentionally. 
 Signatures follow on next page. 

  
 - 2 -

 [SIGNATURE PAGE TO LENDER JOINDER AND ASSUMPTION AGREEMENT] 

IN WITNESS WHEREOF, the New Lender has duly executed and delivered this Joinder as of the Effective Date hereof. 

 

			
	[NEW LENDER]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [ACKNOWLEDGEMENT PAGE TO LENDER JOINDER AND ASSUMPTION AGREEMENT] 

ACKNOWLEDGED: 
  

					
	PNC BANK, NATIONAL ASSOCIATION,
	as Administrative Agent
			
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	
	
	UNDER ARMOUR, INC., as Borrower
			
	By:	 	  
	 	(SEAL)
	Name:	 		 	
	Title:	 		 	

 SCHEDULE 1.1(B) 

COMMITMENTS OF LENDERS 
 Revised Schedule 1.1(B) to Credit Agreement attached. 

 SCHEDULE 1 
 TO 
 LENDER JOINDER AND ASSUMPTION AGREEMENT 

OUTSTANDING TRANCHES 

 EXHIBIT 2.5 
 FORM OF LOAN REQUEST 
  

					
	TO:	  	PNC Bank, National Association
		  	Agency Services
		  	Mail Stop: P7-PFSC-04-I
		  	500 First Avenue
		  	Pittsburgh, PA 15219
		  	Attention: Rini Davis
		  	Telephone:	  	(412) 762-7638
		  	Telecopy:	  	(412) 762-8672
		
	CC:	  	PNC Bank, National Association
		  	The PNC Financial Services Group
		  	2 Hopkins Plaza, 21st Floor
		  	Baltimore, MD 21201
		  	Attention: John E. Hehir
		  	Telephone:	  	(410) 237 4573
		  	Telecopy:	  	(410) 237 5700
		
	FROM:	  	Under Armour, Inc.
		
	RE:	  	Credit Agreement (as it may be amended, restated, modified or supplemented, the “Credit Agreement”) dated as of January 28, 2009 by and among Under Armour,
Inc., the Guarantors party thereto, the Lenders party thereto, PNC Bank, National Association, as Administrative Agent for the Lenders (the “Administrative Agent”), SunTrust Bank, as Syndication Agent, and Compass Bank, as Documentation
Agent.

 Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the Credit
Agreement. 
  

	A.	Pursuant to Section 2.5.1 of the Credit Agreement, the undersigned Borrower irrevocably requests [check one line under 1(a) below and fill in blank space
next to the line as appropriate]: 

  

					
	1.(a)	 	—	 	A new Revolving Credit Loan OR
		 	—	 	A new Letter of Credit OR

					
		 	—	 	Renewal of the LIBOR Rate Option applicable to an outstanding
                                        
[specify type of Loan — Revolving Credit Loan or Letter of Credit], originally made on                     , 20    
OR
		 	—	 	Conversion of the Base Rate Option applicable to an outstanding
                                        
[specify type of Loan — Revolving Credit Loan or Letter of Credit] originally made on
                                         to a
Loan to which the LIBOR Rate Option applies, OR
		 	—	 	Conversion of the LIBOR Rate Option applicable to an outstanding
                                        
[specify type of Loan — Revolving Credit Loan or Letter of Credit] originally made on                     , 20     to
a Loan to which the Base Rate Option applies.

 SUCH NEW, RENEWED OR CONVERTED LOAN SHALL BEAR INTEREST: 

[Check one line under 1(b) below and fill in blank spaces in line next to line]: 

 

					
			
	1.(b)(i)	 	—	 	Under the Base Rate Option. Such Loan shall have a Borrowing Date of
                    , 20     (which date shall be (i) be the same Business Day as the Business Day of receipt by the
Administrative Agent by 10:00 a.m. of this Loan Request for making a new Revolving Credit Loan to which the Base Rate Option applies, or (ii) the last day of the preceding Interest Period if a Loan to which the LIBOR Rate Option applies is
being converted to a Loan to which the Base Rate Option applies).
			
		 		 	 OR

			
	(ii)	 	—	 	Under the LIBOR Rate Option. Such Loan shall have a Borrowing Date of
                                         (which
date shall be (i) three (3) Business Days subsequent to the Business Day of receipt by the Agent by 10:00 a.m. of this Loan Request for making a new Revolving Credit Loan to which the LIBOR Rate Option applies, renewing a Loan to
which the LIBOR Rate Option applies, or converting a Loan to which the Base Rate Option applies to a Loan to which the LIBOR Rate Option applies, or (ii) the same Business Day as the last day of the preceding Interest Period if a Loan to which
the LIBOR Rate Option applies is being convert to a Loan to which the Base Rate Option applies).
			
	2.	 		 	Such Loan is in the principal amount of US $                     or the
principal amount to be renewed or converted is US $                    
		 		 	[in increments of $500,000 and not less than $1,000,000 for each Borrowing Tranche to which the LIBOR Rate Option applies and in increments of $100,000 and not less than
$500,000 for each Borrowing Tranche to which the Base Rate Option applies]

  
 2 

					
			
	3.	 		 	[Complete blank below if the Borrower is selecting the LIBOR Rate Option]:
		 		 	Such Loan shall have an Interest Period of one [one, two, three, or six] Months.

							
		 		 	  
	 	

  

	B.	As of the date hereof and the date of making of the above-requested Loan (and after giving effect thereto): the Loan Parties have performed and complied with all
covenants and conditions of the Credit Agreement and the other Loan Documents; all of the representations and warranties contained in Section 5 of the Credit Agreement are true and correct in all material respects; no Event of Default or
Potential Default has occurred and is continuing or exists; the making of such Loan shall not contravene any Law applicable to the Borrower, any other Loan Party, any Subsidiary of the Borrower or of any other Loan Party, or any Lender; and the
aggregate principal amount of Swing Loans and the Revolving Credit Loans of all the Lenders does not exceed the Revolving Credit Commitments. 

  

	C.	The undersigned hereby irrevocably requests [check one line under 1.(a) below and fill in blank space next to the line as appropriate]: 

 

					
	1.(a)	 	—	 	Funds to be deposited into PNC bank account per our current standing instructions. Complete amount of deposit if not full loan advance amount:
$                    .
			
		 	—	 	Funds to be wired per the following wire instructions:
		 		 	US $                     Amount of Wire Transfer

											
		 		 	  Bank Name:	 	  
	 		 	

											
		 		 	ABA:	 	  
	 		 	

											
		 		 	    Account Number:	 	  
	 		 	

											
		 		 	    Account Name:	 	  
	 		 	

											
		 		 	Reference:	 	  
	 		 	

					
			
		 	—	 	Funds to be wired per the attached Funds Flow (multiple wire transfers)

 The remainder of this page is left blank intentionally. 

Signatures follow on next page. 

  
 3 

 [SIGNATURE PAGE TO LOAN REQUEST] 

The undersigned certifies to the Administrative Agent for the benefit of the Lenders as to the accuracy of the foregoing on
January 28, 2009. 
  

			
	UNDER ARMOUR, INC.,
	a Maryland corporation

 
			
	  
	 	(SEAL)

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT 2.5.2 
 FORM OF SWING LOAN REQUEST 
  

					
	TO:	  	PNC Bank, National Association
		  	Agency Services
		  	Mail Stop: P7-PFSC-04-I
		  	500 First Avenue
		  	Pittsburgh, PA 15219
		  	Telephone:	  	(412) 762-6442
		  	Telecopy:	  	(412) 762-8672
		
	CC:	  	PNC Bank, National Association
		  	The PNC Financial Services Group
		  	2 Hopkins Plaza, 21st Floor
		  	Baltimore, MD 21201
		  	Attention: John E. Hehir
		  	Telephone:	  	(410) 237 4573
		  	Telecopy:	  	(410) 237 5700
		
	FROM:	  	Under Armour, Inc., a Maryland corporation (the “Borrower”)
		
	RE:	  	Credit Agreement (as it may be amended, restated, modified or supplemented, the “Credit Agreement”), dated as January 28, 2009, by and among the Borrower,
the Guarantors party thereto, the Lenders party thereto, PNC Bank, National Association, as administrative agent for the Lenders (the “Administrative Agent”), SunTrust Bank, as Syndication Agent, and Compass Bank, as Documentation
Agent.

 Capitalized terms not otherwise defined herein shall have the respective meanings given to them by the
Credit Agreement. 
 Pursuant to Section 2.5.2 of the Credit Agreement, the Borrower hereby makes, irrevocably, the
following Swing Loan Request: 
  

					
	1.	 	Aggregate principal amount of such Swing Loan (in integral multiples of $100,000 and not less than $100,000)	  	US $                     
			
	2.	 	 Proposed Borrowing Date
 (which
date shall be on or after the date on which the Administrative Agent receives this Swing Loan Request, with such Swing Loan Request to be received no later than 12:00 p.m. E.D.T. on the Proposed Borrowing Date)
	  	                    , 20    

	 	3.	The undersigned hereby irrevocably requests [check one line below and fill in blank spaces next to the line as appropriate]: 

a. — Funds to be deposited into a PNC Bank bank account per our current standing instructions. Complete amount of deposit if not full
loan advance amount: US $                    . 
 b. — Funds to be wired per the following wire instructions: 
  

					
		 	US $                      Amount of Wire Transfer

							
		 	  Bank Name:	 	  
	 	

							
		 	 ABA:	 	  
	 	

							
		 	  Account Number:	 	  
	 	

							
		 	  Account Name:	 	  
	 	

							
		 	 Reference:	 	  
	 	.

 c. — Funds to be wired per the attached Funds Flow (multiple wire transfers) 

 

	 	4.	As of the date hereof and the date of making the above-requested Swing Loan (and after giving effect thereto): the Loan Parties have performed and complied with all
covenants and conditions of the Credit Agreement and the other Loan Documents; all of the representations and warranties contained in Section 5 of the Credit Agreement and in the other Loan Documents are true and correct in all material
respects; no Event of Default or Potential Default has occurred and is continuing or exists; the making of such Swing Loan shall not contravene any Law applicable to the Borrower, any other Loan Party, any Subsidiary of the Borrower or of any other
Loan Party, or any Lender; and the aggregate principal amount of Swing Loans and the Revolving Credit Loans of all the Lenders does not exceed the Revolving Credit Commitments of all of the Lenders. 

The remainder of this page is left blank intentionally. 
 Signatures follow on next page. 

  
 - 2 -

 [SIGNATURE PAGE TO SWING LOAN REQUEST] 

The Borrower certifies to the Administrative Agent for the benefit of the Lenders as to the accuracy of the foregoing on
                    , 20    . 

 

			
	 UNDER ARMOUR, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 EXHIBIT 6.1.1 (i) 

 

					
		 	BORROWING BASE CERTIFICATE	  	PNCBANK

 THIS BORROWING BASE CERTIFICATE, dated as of January 28, 2009 is executed and delivered by
the undersigned borrower (the “Borrower”) in favor of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), pursuant to a Credit Agreement dated as of January 28, 2009 (as amended or otherwise
modified from time to time, the “Credit Agreement”). All initially capitalized terms used in this Certificate not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. To induce the Bank to make
loans and other financial accommodations available to the Borrower under the Credit Agreement, the Borrower hereby certifies, represents and warrants to the Bank, as of the date hereof, that (a) the person signing below is an Authorized Officer
of the Borrower; (b) the statements on Schedule 1 hereto concerning the Collateral securing the Obligations are true and complete; (c) the eligible Collateral described on Schedule 1 hereto represents only Qualified Accounts
and Qualified Inventory; (d) the Borrower is in compliance with all of the terms and provisions of the Credit Agreement and the other Loan Documents; (e) all of the Borrower’s representations and warranties in the Credit Agreement and
the other Loan Documents are true and correct in all material respects; (f) the Loan Parties are in compliance with each of the covenants and conditions contained in the Credit Agreement; and (g) no Event of Default or Potential Default
has occurred and is continuing or exists. 

  
 - 1 -

 [SIGNATURE PAGE TO BORROWING BASE CERTIFICATE] 

WITNESS the due execution hereof as a document under seal, as of the date first written above. 

 

			
	UNDER ARMOUR, INC.,
	a Maryland corporation
		
	By:	 	  

		 	(SEAL)

 
			
	Print Name:	 	  

 
			
	Title:	 	  

 Certificate No.: Certificate Number:
             

 EXHIBIT 6.1.1 (xiii) 

LANDLORD’S WAIVER 
 THIS LANDLORD’S WAIVER (this “Agreement”) is made as of this          day of
                    , 20     by [INSERT LANDLORD’S NAME] (the “Landlord”) to PNC BANK,
NATIONAL ASSOCIATION (the “Agent”) in its capacity as Administrative Agent for the Lenders (as defined in a certain Credit Agreement by and among UNDER ARMOUR, INC., a Maryland corporation, as the Borrower thereunder, the Guarantors from
time to time party thereto, the Lenders from time to time party thereto and the Agent) (the “Credit Agreement”). 

WITNESSETH: 
 [INSERT TENANT’S NAME] (as the “Tenant”) is or may become indebted to the Agent and the Lenders for certain credit facilities (the “Loans”). Pursuant to the
provisions of the Credit Agreement, the Loans are or may become secured by security interests and liens in all of the tangible and intangible personal property of the Tenant (collectively, the “Collateral”). Under the provisions of a
certain lease (the “Lease”) dated [INSERT DATE OF LEASE], between the Landlord and the Tenant, the Landlord has leased approximately [INSERT SQUARE FEET] square feet situated on the property described as
[INSERT STREET ADDRESS, CITY, STATE POSTAL CODE] (the “Premises”). Since part of the Collateral may be located on or affixed to the Premises, the Agent and the Lenders have required, as a condition to making the Loans,
the execution and delivery of this Agreement by the Landlord. 
 NOW, THEREFORE, to induce the Agent and the Lenders to make the
Loans and other financial accommodations available to the Borrower and the Tenant, the Landlord, intending to be legally bound hereby covenants and agrees with the Agent and the Lenders as follows: 

1. The Landlord hereby consents to the security interests and liens of the Lenders and their respective successors and assigns in the
Collateral located on, at or about the Premises. This waiver shall apply to any of the Collateral which is already located on, at or about or affixed to the Premises or may hereafter be located on, at or about or affixed to the Premises. 

2. The Landlord hereby waives and releases in favor of the Agent and the Lenders and agrees that the Agent’s and the Lenders’
liens and security interests in the Collateral shall be prior and superior to (a) any and all rights of distraint, levy and execution, and marshalling of assets which the Landlord may now or hereafter have against the Collateral, (b) any
and all liens and security interests which the Landlord may now or hereafter have on the Collateral, and (c) and any and all other claims of every nature whatsoever which the Landlord may now or hereafter have on or against the Collateral for
any rent or other sums due or to become due to the Landlord by the Tenant under the provisions of the Lease or otherwise. 
 3.
The Agent and the Lenders may remove the Collateral from the Premises whenever the Agent and the Lenders deem it necessary to do so to protect their interest, and without liability or accountability, with the exception of actual damages caused by
Agent or its subcontractors, representatives, designees or agents during the removal of any Collateral, to the Landlord therefor, and the Landlord hereby irrevocably grants to the Agent and the Lenders the

  
 - 1 -

 
right of entry to the Premises to remove any of the Collateral at any reasonable time or times and upon [        ] days prior notice. 

4. In the event the Tenant defaults under the Lease and is evicted by the Landlord or in the event that the Tenant abandons the Premises,
the Landlord shall send written notice to the Agent as provided in Section 5 below. Following receipt of such notice, the Agent and the Lenders shall have the right, by sending notice to the Landlord, to keep and store any portion of the
Collateral located at the Premises at or about the date the Tenant loses possession of the Premises on the Premises for a period, determined by the Agent and the Lenders, of up to ninety (90) days, counting from the date the Tenant loses
possession of the Premises on a month to month basis, provided the Agent and the Lenders pay rent to the Landlord for each month at the monthly rent provided for in the Lease. The Agent and the Lenders may conduct one or more auction sales of the
Collateral at the Premises at any time during which the Tenant is in possession of the Premises or during the period the Agent or the Lenders are using the Premises for storage of the Collateral. 

5. The Landlord shall use commercially reasonable efforts to notify the Agent in writing of any default by the Tenant under the
provisions of the Lease. Any such notice shall be sent to the Agent at the attention of
[                                        ], PNC
Bank, National Association,
[                                         
                   ]. 
 6. The
Landlord shall notify any purchaser of the Premises and any mortgagee or any other holder of any lien, security interest or encumbrance on the Premises of the existence of this Agreement. 

7. The Landlord hereby certifies that the Landlord has full power and authority to execute this Agreement and that it has legal title to
the Premises. 
 8. This Agreement shall continue in effect during the term of the Credit Agreement and any extensions,
renewals, refinancings or modifications thereof and any substitutions therefor, shall be binding upon the successors, assigns and transferees of the Landlord, and shall inure to the benefit of the Agent and the Lenders and their respective
successors and assigns. The Landlord hereby waives notice of the Agent’s and the Lenders’ acceptance of and reliance on this Agreement. 
 The remainder of this page is left blank intentionally. 
 Signatures
follow on next page. 

  
 - 2 -

 [SIGNATURE PAGE TO LANDLORD’S WAIVER] 

IN WITNESS WHEREOF, the Landlord has caused this Agreement to be executed, sealed and delivered on the day and year first written above.

  

									
		 		 	LANDLORD:	 	
				
	WITNESS/ATTEST:	 		 	[INSERT LANDLORD NAME]	 	
					
	  
	 		 	By:	 	  
	 	(Seal)
		 		 	Name:	 	  

		 		 	Title:	 	  

		 		 	Address:	 	  

		 		 		 	  

		 		 		 	  

 ACKNOWLEDGEMENT TO LANDLORD’S WAIVER 

TO BE MADE BY LANDLORD 
  

					
	STATE OF:	  	COUNTY OF:	  	TO WIT:

 I HEREBY CERTIFY that on this          day of
                    , 20    , before me, a Notary Public for the state and county aforesaid, personally appeared
                                        , known
to me or satisfactorily proven to be the person whose name is subscribed to the foregoing instrument, who acknowledged that he/she is the
                                         of
                                        , that
he/she has been duly authorized to execute, and has executed, the foregoing instrument on behalf of the said entity for the purposes therein set forth, and that the same is its act and deed. 

IN WITNESS WHEREOF, I have hereunto set my hand and Notarial Seal, the day and year first above written. 

 

			
	[SEAL]	 	  

		 	Notary Public

 My commission expires on
                                        

 CONSENT TO LANDLORD’S WAIVER 

The undersigned Tenant hereby consents to the terms and conditions of this Landlord’s Waiver as set forth above. 

 

							
	ATTEST:	 		 	[INSERT NAME OF TENANT]
				
	  
	 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 EXHIBIT 7.3.4 
 FORM OF COMPLIANCE CERTIFICATE 
 THIS COMPLIANCE CERTIFICATE (this
“Certificate”) is delivered pursuant to Section 7.3.4 of that certain Credit Agreement dated as of                     ,
20     (the “Credit Agreement”) by and among Under Armour, Inc., a Maryland corporation (the “Borrower”), the Guarantors from time to time party thereto (the “Guarantors”), the Lenders from time to
time party thereto (the “Lenders”), PNC Bank, National Association, as administrative agent for the Lenders (the “Administrative Agent”), SunTrust Bank, as Syndication Agent, and Compass Bank, as Documentation Agent. Unless
otherwise defined herein, terms defined in the Credit Agreement are used herein with the same meanings. 
 The undersigned,
                                        , the
                                         [Chief
Executive Officer/Chief Operating Officer/Chief Financial Officer], is authorized to execute and deliver this Compliance Certificate on behalf of the Borrower and makes the following certifications in his/her capacity as such officer and not
individually (the “Authorized Officer”). The Authorized Officer (i) is familiar with the provisions of the Loan Documents and the transactions contemplated thereby, (ii) has reviewed the Loan Documents, (iii) had certain
discussions with the Borrower’s management and employees as he/she deemed sufficient to provide the certifications contain herein, (iv) has done such other investigation as necessary to support the statements made below, and (v) does
hereby certify as of the quarter/year ended                     , 20     (the “Report Date”), as follows: 

 

	(1)	Financial Covenants. 

  

	 	(A)	Minimum Fixed Charge Coverage Ratio. As of the Report Date, the Fixed Charge Coverage Ratio is
             to             , which is not less than 1.25 to 1.0. 

 

	 	(B)	Maximum Leverage Ratio. As of the Report Date, the Leverage Ratio is              to
            , which does not exceed 2.5 to 1.0. 

  

	(2)	Indebtedness (Section 7.2.1). 

  

	 	(A)	As of the Report Date, the aggregate amount of Indebtedness secured by capitalized leases and Purchase Money Security Interests incurred by each of the Loan Parties and
each of their respective Subsidiaries is US $                     other than Indebtedness permitted by clause (ii) of the definition of
Permitted Indebtedness, which amount does not exceed US $35,000,000, as required by Section 7.2.1 of the Credit Agreement. 

  

	 	(B)	As of the Report Date, each of the Loan Parties and each of their respective Subsidiaries has entered into the following Interest Rate Hedges and each of the following
has been approved by the Administrative Agent: 

					
		  	  
	  	
		  	  
	  	
		  	  
	  	

  

	(3)	Representations, Warranties and Covenants. The representations and warranties contained in Section 5 of the Credit Agreement and in the other Loan Documents
are true and correct on and as of the date of this certificate with the same effect as though such representations and warranties had been made on the date hereof, and each of the Borrower and the other Loan Parties has performed and complied with
all covenants and conditions of the Credit Agreement and the other Loan Documents. 

  

	(4)	Event of Default or Potential Default. No Event of Default or Potential Default has occurred and is continuing or exists as of the date hereof.

 The remainder of this page is left blank intentionally. 

Signatures follow on next page. 

  
 - 2 -

 [SIGNATURE PAGE TO COMPLIANCE CERTIFICATE] 

IN WITNESS WHEREOF, the undersigned has executed this Certificate this 28th day of January, 2009. 

 

			
	UNDER ARMOUR, INC.,
	a Maryland corporation
		
	By:	 	  

	Printed:	 	  

	Title:

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