Document:

EX-10.2

 Exhibit 10.2 

SUBSIDIARIES GUARANTY 

SUBSIDIARIES GUARANTY, dated as of November 15, 2013 (as amended, modified or supplemented from time to time, this
“Guaranty”), made by each of the undersigned guarantors (each a “Guarantor” and, together with any other entity that becomes a guarantor hereunder pursuant to Section 25 hereof, the
“Guarantors”). Except as otherwise defined herein, capitalized 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, TSI Holdings II, LLC, Town Sports International, LLC (the “Borrower”), the lenders from time to time party thereto (the
“Lenders”) and Deutsche Bank AG New York Branch, as administrative agent (together with any successor administrative agent, the “Administrative Agent”), have entered into a Credit Agreement, dated as of
November 15, 2013 (as amended, modified, restated, extended, restructured and/or supplemented from time to time, together with any agreement refinancing in full the Indebtedness under such agreement or successor agreements to the extent such
agreement provides that it is to be the “Credit Agreement” hereunder, the “Credit Agreement”), providing for the making of Loans to, and the issuance of, and participation in, Letters of Credit for the account of, the
Borrower as contemplated therein (the Lenders, the Collateral Agent, the Issuing Lenders and the Administrative Agent are herein called the “Lender Creditors”); 

WHEREAS, the Borrower and/or one or more of its Subsidiaries may at any time and from time to time enter into one or more Interest Rate
Protection Agreements or Other Hedging Agreements with one or more Lenders or any affiliate thereof (each such Lender or affiliate, even if the respective Lender subsequently ceases to be a Lender under the Credit Agreement for any reason, together
with such Lender’s or affiliate’s successors and assigns, if any, collectively, the “Other Creditors” and, together with the Lender Creditors, the “Secured Creditors”); 

WHEREAS, each Guarantor is a direct or indirect Wholly-Owned Domestic Subsidiary of the Borrower; 

WHEREAS, it is a condition precedent to the making of Loans to the Borrower, and the issuance of, and participation in, Letters of Credit for
the account of the Borrower under the Credit Agreement and to the Other Creditors entering into Interest Rate Protection Agreements and Other Hedging Agreements that each Guarantor shall have executed and delivered to the Administrative Agent this
Guaranty; and 
 WHEREAS, each Guarantor will obtain benefits from the incurrence of Loans to the Borrower, and the issuance of, and
participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and the entering into by the Borrower and/or one or more 

 
of its Subsidiaries of Interest Rate Protection Agreements or Other Hedging Agreements and, accordingly, desires to execute this Guaranty in order to satisfy the condition described in the
preceding paragraph; 
 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each Guarantor, the receipt and
sufficiency of which are hereby acknowledged, each Guarantor hereby makes the following representations and warranties to the Secured Creditors and hereby covenants and agrees with each Secured Creditor as follows: 

1. Each Guarantor, jointly and severally, irrevocably, absolutely and unconditionally guarantees as a primary obligor and not merely as a
surety: (i) to the Lender Creditors the full and prompt payment when due (whether at the stated maturity, by required prepayment, declaration, acceleration, demand or otherwise) of (x) the principal of, premium, if any, and interest on the
Notes issued by, and the Loans made to, the Borrower under the Credit Agreement, and all reimbursement obligations and Unpaid Drawings with respect to Letters of Credit and (y) all other obligations (including, without limitation, obligations
which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due), liabilities and indebtedness owing by the Borrower to the Lender Creditors under the Credit Agreement and each other Credit Document (as defined
in the Credit Agreement, as any such document may be amended, modified, restated and/or supplemented from time to time in connection with the Credit Agreement) to which the Borrower is a party (including, without limitation, indemnities, Fees and
interest thereon (including, without limitation, any interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar proceeding at the rate provided for in the Credit Agreement, whether or not such interest is an
allowed claim in any such proceeding), whether now existing or hereafter incurred under, arising out of or in connection with the Credit Agreement and any such other Credit Document and the due performance and compliance by the Borrower with all of
the terms, conditions, covenants and agreements contained in all such Credit Documents (all such principal, premium, interest, liabilities, indebtedness and obligations under this clause (i), except to the extent consisting of obligations or
liabilities with respect to Interest Rate Protection Agreements and Other Hedging Agreements, and, for the avoidance of doubt, any Excluded Swap Obligations, being herein collectively called the “Credit Document Obligations”); and
(ii) to each Other Creditor the full and prompt payment when due (whether at the stated maturity, by required prepayment, declaration, acceleration, demand or otherwise) of all obligations (including, without limitation, obligations which, but
for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due), liabilities and indebtedness (including, without limitation, any interest accruing after the commencement of any bankruptcy, insolvency, receivership or
similar proceeding at the rate provided for in the respective Interest Rate Protection Agreements or Other Hedging Agreements, whether or not such interest is an allowed claim in any such proceeding) owing by the Borrower and/or one or more of its
Subsidiaries under any Interest Rate Protection Agreement or Other Hedging Agreement, whether now in existence or hereafter arising, and the due performance and compliance by the Borrower and such Subsidiaries with all of the terms, conditions,
covenants and agreements contained in each Interest Rate Protection Agreement and Other Hedging Agreement to which it is a party (all such obligations, liabilities and indebtedness (but excluding, for the avoidance of doubt, any Excluded Swap
Obligations) being herein collectively called the “Other Obligations” and, together with the Credit Document 

  
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Obligations, the “Guaranteed Obligations”). As used herein, the term “Guaranteed Party” shall mean the Borrower and each Subsidiary thereof party to any Interest
Rate Protection Agreement or Other Hedging Agreement with an Other Creditor. Each Guarantor understands, agrees and confirms that the Secured Creditors may enforce this Guaranty up to the full amount of the Guaranteed Obligations against such
Guarantor without proceeding against any other Guarantor, the Borrower, any other Guaranteed Party, against any security for the Guaranteed Obligations, or under any other guaranty covering all or a portion of the Guaranteed Obligations. 

2. Additionally, each Guarantor, jointly and severally, unconditionally, absolutely and irrevocably, guarantees the payment of any and all
Guaranteed Obligations upon the occurrence in respect of the Borrower or any other Guaranteed Party of any of the events specified in Section 11.05 of the Credit Agreement, and unconditionally, absolutely and irrevocably, jointly and severally,
promises to pay such Guaranteed Obligations to the Secured Creditors, or order, on demand. This Guaranty shall constitute a guaranty of payment and performance, and not of collection. 

3. The liability of each Guarantor hereunder is primary, absolute, joint and several, and unconditional and is exclusive and independent of
any security for or other guaranty of the indebtedness of the Borrower or any other Guaranteed Party whether executed by such Guarantor, any other Guarantor, any other guarantor or by any other party, and the liability of each Guarantor hereunder
shall not be affected or impaired by any circumstance or occurrence whatsoever, including, without limitation: (a) any direction as to application of payment by the Borrower or any other Guaranteed Party or by any other party, (b) any
other continuing or other guaranty, undertaking or maximum liability of a Guarantor or of any other party as to the Guaranteed Obligations, (c) any payment on or in reduction of any such other guaranty or undertaking, (d) any dissolution,
termination or increase, decrease or change in personnel by the Borrower or any other Guaranteed Party, (e) the failure of a Guarantor to receive any benefit from or as a result of its execution, delivery and performance of this Guaranty,
(f) any payment made to any Secured Creditor on the indebtedness which any Secured Creditor repays the Borrower or any other Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor
relief proceeding, and each Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (g) any action or inaction by the Secured Creditors as contemplated in Section 6
hereof or (h) any invalidity, rescission, irregularity or unenforceability of all or any part of the Guaranteed Obligations or of any security therefor. 

4. The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor, any other guarantor, the Borrower or
any other Guaranteed Party, and a separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor, any other guarantor, the Borrower or any other Guaranteed Party and
whether or not any other Guarantor, any other guarantor, the Borrower or any other Guaranteed Party be joined in any such action or actions. Each Guarantor waives, to the fullest extent permitted by applicable law, the benefits of any statute of
limitations affecting its liability hereunder or the enforcement thereof. Any payment by the Borrower or any other Guaranteed Party or other circumstance which operates to toll any statute of limitations as to the Borrower or any other Guaranteed
Party shall operate to toll the statute of limitations as to each Guarantor. 

  
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 5. Each Guarantor hereby waives (to the fullest extent permitted by applicable law) notice of
acceptance of this Guaranty and notice of the existence, creation or incurrence of any new or additional liability to which it may apply, and waives promptness, diligence, presentment, demand of payment, demand for performance, protest, notice of
dishonor or nonpayment of any such liabilities, suit or taking of other action by the Administrative Agent or any other Secured Creditor against, and any other notice to, any party liable thereon (including such Guarantor, any other Guarantor, any
other guarantor, the Borrower or any other Guaranteed Party) and each Guarantor further hereby waives any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice or proof of reliance by any
Secured Creditor upon this Guaranty, and the Guaranteed Obligations shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended, modified, supplemented or waived, in reliance upon this Guaranty. 

6. Subject to the terms of the Credit Agreement, any Secured Creditor may (except as shall be required by applicable statute and cannot be
waived) at any time and from time to time without the consent of, or notice to, any Guarantor, without incurring responsibility to such Guarantor, without impairing or releasing the obligations or liabilities of such Guarantor hereunder, upon or
without any terms or conditions and in whole or in part: 
 (a) change the manner, place or terms of payment of, and/or change, increase or
extend the time of payment of, renew, increase, accelerate or alter, any of the Guaranteed Obligations (including, without limitation, any increase or decrease in the rate of interest thereon or the principal amount thereof), any security therefor,
or any liability incurred directly or indirectly in respect thereof, and the guaranty herein made shall apply to the Guaranteed Obligations as so changed, extended, increased, accelerated, renewed or altered; 

(b) take and hold security for the payment of the Guaranteed Obligations and sell, exchange, release, surrender, impair, realize upon or
otherwise deal with in any manner and in any order any property or other collateral by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder)
incurred directly or indirectly in respect thereof or hereof, and/or any offset there against; 
 (c) exercise or refrain from exercising
any rights against the Borrower, any other Guaranteed Party, any other Credit Party, any Subsidiary thereof, any other guarantor of the Guaranteed Obligations or others or otherwise act or refrain from acting; 

(d) release or substitute any one or more endorsers, Guarantors, other guarantors, the Borrower, any other Guaranteed Party, or other
obligors; 
 (e) settle or compromise any of the Guaranteed Obligations, any security therefor or any liability (including any of those
hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrower or any other Guaranteed Party to creditors of
the Borrower or such other Guaranteed Party other than the Secured Creditors; 

  
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 (f) apply any sums by whomsoever paid or howsoever realized to any liability or liabilities of
the Borrower or any other Guaranteed Party to the Secured Creditors regardless of what liabilities of the Borrower or such other Guaranteed Party remain unpaid; 

(g) consent to or waive any breach of, or any act, omission or default under, any of the Interest Rate Protection Agreements or Other Hedging
Agreements, the Credit Documents or any of the instruments or agreements referred to therein, or otherwise amend, modify or supplement any of the Interest Rate Protection Agreements or Other Hedging Agreements, the Credit Documents or any of such
other instruments or agreements; 
 (h) act or fail to act in any manner referred to in this Guaranty which may deprive such Guarantor of
its right to subrogation against the Borrower or any other Guaranteed Party to recover full indemnity for any payments made pursuant to this Guaranty; and/or 

(i) take any other action or omit to take any other action which would, under otherwise applicable principles of common law, give rise to a
legal or equitable discharge of such Guarantor from its liabilities under this Guaranty. 
 No invalidity, illegality, irregularity or
unenforceability of all or any part of the Guaranteed Obligations, the Credit Documents, the Interest Rate Protection Agreements and Other Hedging Agreements or any other agreement or instrument relating to the Guaranteed Obligations or of any
security or guarantee therefor shall affect, impair or be a defense to this Guaranty, and this Guaranty shall be primary, absolute and unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might
constitute a legal or equitable discharge of a surety or guarantor except payment in full in cash of the Guaranteed Obligations. 
 7. This
Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon. No failure or delay on the part of any Secured Creditor in exercising
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 other or further exercise thereof or the exercise of any other right, power
or privilege. The rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies which any Secured Creditor would otherwise have. No notice to or demand on any Guarantor in any case shall entitle such
Guarantor to any other further notice or demand in similar or other circumstances or constitute a waiver of the rights of any Secured Creditor to any other or further action in any circumstances without notice or demand. It is not necessary for any
Secured Creditor to inquire into the capacity or powers of the Borrower or any other Guaranteed Party or the officers, directors, partners or agents acting or purporting to act on its or their behalf, and any indebtedness made or created in reliance
upon the professed exercise of such powers shall be guaranteed hereunder. 
 8. Any indebtedness of the Borrower or any other Guaranteed
Party now or hereafter held by any Guarantor is hereby subordinated to the indebtedness of the Borrower or such other Guaranteed Party to the Secured Creditors, and such indebtedness of the Borrower or such other Guaranteed Party to any Guarantor,
if the Administrative Agent or the Collateral Agent, after the occurrence and during the continuance of an Event of Default, so requests, shall 

  
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be collected, enforced and received by such Guarantor as trustee for the Secured Creditors and be paid over to the Secured Creditors on account of the indebtedness of the Borrower or the other
Guaranteed Parties to the Secured Creditors then due and owing or payable, if any, but without otherwise affecting or impairing in any manner the liability of such Guarantor under the other provisions of this Guaranty. Without limiting the
generality of the foregoing, each Guarantor hereby agrees with the Secured Creditors that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509
of the Bankruptcy Code or otherwise) until all Guaranteed Obligations have been irrevocably paid in full in cash (other than contingent indemnification obligations that are not then due and payable); provided, that if any amount shall be paid
to such Guarantor on account of such subrogation rights at any time prior to the irrevocable payment in full in cash of all the Guaranteed Obligations, such amount shall be held in trust for the benefit of the Secured Creditors and shall forthwith
be paid to the Secured Creditors to be credited and applied upon the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the Credit Documents or, if the Credit Documents do not provide for the application of such
amount, to be held by the Secured Creditors as collateral security for any Guaranteed Obligations thereafter existing. 
 9. (a) Each
Guarantor waives any right (except as shall be required by applicable law and cannot be waived) to require the Secured Creditors to: (i) proceed against the Borrower, any other Guaranteed Party, any other Guarantor, any other guarantor of the
Guaranteed Obligations or any other party; (ii) proceed against or exhaust any security held from the Borrower, any other Guaranteed Party, any other Guarantor, any other guarantor of the Guaranteed Obligations or any other party; or
(iii) pursue any other remedy in the Secured Creditors’ power whatsoever. Each Guarantor waives any defense based on or arising out of any defense of the Borrower, any other Guaranteed Party, any other Guarantor, any other guarantor of the
Guaranteed Obligations or any other party other than payment in full in cash of the Guaranteed Obligations in accordance with the terms thereof, including, without limitation, any defense based on or arising out of the disability of the Borrower,
any other Guaranteed Party, any other Guarantor, any other guarantor of the Guaranteed Obligations or any other party, or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the
liability of the Borrower or any other Guaranteed Party other than payment in full of the Guaranteed Obligations in cash. Upon the occurrence and during the continuation of any Event of Default, and subject to Section 11 of the Credit
Agreement, any or all of the Collateral under the Credit Documents may be foreclosed upon in one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable, and the Secured Creditors may exercise
any other right or remedy the Secured Creditors may have against the Borrower, any other Guaranteed Party or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent
the Guaranteed Obligations have been paid in full in cash in accordance with the terms thereof. Upon the occurrence and during the continuation of any Event of Default, and subject to Section 11 of the Credit Agreement, each Guarantor waives
any defense arising out of any such election by the Secured Creditors, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Borrower, any other
Guaranteed Party or any other party or any security. 

  
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 (b) Each Guarantor waives all presentments, demands for performance, protests and notices,
including, without limitation, notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or incurring of new or additional indebtedness. Each Guarantor assumes
all responsibility for being and keeping itself informed of the Borrower’s and each other Guaranteed Party’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations
and the nature, scope and extent of the risks which such Guarantor assumes and incurs hereunder, and agrees that the Secured Creditors shall have no duty to advise any Guarantor of information known to them regarding such circumstances or risks.
Each Guarantor acknowledges and agrees that (x) the Secured Creditors shall have no obligation to investigate the financial condition or affairs of the Borrower, any other Guaranteed Party or any other Guarantor for the benefit of such
Guarantor nor to advise such Guarantor of any fact respecting, or any change in, the financial condition, assets or affairs of the Borrower, any other Guaranteed Party or any other Guarantor that might become known to any Secured Creditor at any
time, whether or not such Secured Creditor knows or believes or has reason to know or believe that any such fact or change is unknown to such Guarantor, or might (or does) increase the risk of such Guarantor as guarantor hereunder, or might (or
would) affect the willingness of such Guarantor to continue as a guarantor of the Guaranteed Obligations hereunder and (y) the Secured Creditors shall have no duty to advise any Guarantor of information known to them regarding any of the
aforementioned circumstances or risks. 
 (c) Each Guarantor hereby acknowledges and agrees that no Secured Creditor nor any other Person
shall be under any obligation (a) to marshal any assets in favor of such Guarantor or in payment of any or all of the liabilities of any Guaranteed Party under the Credit Documents or the obligation of such Guarantor hereunder or (b) to
pursue any other remedy that such Guarantor may or may not be able to pursue itself any right to which such Guarantor hereby waives. 
 (d)
Each Guarantor warrants and agrees that each of the waivers set forth in Section 3 hereof and in this Section 9 is made with full knowledge of its significance and consequences and that if any of such waivers are determined to be contrary
to any applicable law or public policy, such waivers shall be effective only to the maximum extent permitted by applicable law. 
 10.
Notwithstanding anything to the contrary contained elsewhere in this Guaranty, the Secured Creditors agree that this Guaranty may be enforced only by the action of the Administrative Agent or the Collateral Agent, in each case acting upon the
instructions of the Required Lenders pursuant to the terms of the Credit Agreement and that no other Secured Creditors shall have any right individually to seek to enforce or to enforce this Guaranty or to realize upon the security to be granted by
the Security Documents, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent or the Collateral Agent for the benefit of the Secured Creditors upon the terms of this Guaranty, the Security
Documents and the Credit Agreement. The Secured Creditors further agree that this Guaranty may not be enforced against any director, officer, employee, partner, member or stockholder of any Guarantor (except to the extent such partner, member or
stockholder is also a Guarantor hereunder). Subject to the Credit Agreement, it is understood and agreed that the agreement in this Section 10 is among and solely for the benefit of the Secured Creditors and that, if the Required Lenders
so agree (without requiring the consent of any Guarantor), this Guaranty may be directly enforced by any Secured Creditor. 

  
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 11. In order to induce the Lenders to make Loans to, and issue Letters of Credit for the account
of, the Borrower pursuant to the Credit Agreement, and in order to induce the Other Creditors to execute, deliver and perform the Interest Rate Protection Agreements and Other Hedging Agreements, each Guarantor represents, warrants and covenants
that: 
 (a) Such Guarantor (i) is a duly organized and validly existing corporation, partnership or limited liability company, as the
case may be, in good standing under the laws of the jurisdiction of its organization, (ii) has the corporate, partnership or limited liability company power and authority, as the case may be, to own its property and assets and to transact the
business in which it is engaged and presently proposes to engage and (iii) is duly qualified and is authorized to do business and is in good standing in each jurisdiction where the nature of its business requires such qualification except
(x) in the case of preceding clauses (i) and (ii), for Immaterial Subsidiaries, and (y) in the case of preceding clause (iii), for failures to be so qualified which, either individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. 
 (b) Such Guarantor has the corporate, partnership or limited liability company power and
authority, as the case may be, to execute, deliver and perform the terms and provisions of this Guaranty and each other Credit Document to which it is a party and has taken all necessary corporate, partnership or limited liability company action, as
the case may be, to authorize the execution, delivery and performance by it of this Guaranty and each such other Credit Document. Such Guarantor has duly executed and delivered this Guaranty and each other Credit Document to which it is a party, and
this Guaranty and each such other Credit Document constitutes the legal, valid and binding obligation of such Guarantor enforceable in accordance with its terms, except to the extent that the enforceability hereof or thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 

(c) Neither the execution, delivery or performance by such Guarantor of this Guaranty or any other Credit Document to which it is a party, nor
compliance by it with the terms and provisions hereof and thereof, will (i) contravene in any material respect any provision of any applicable law, statute, rule or regulation or any applicable order, writ, injunction or decree of any court or
governmental instrumentality, (ii) 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 property or assets of such Guarantor or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, credit agreement, or any
other material agreement, contract or instrument to which such Guarantor 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 or (iii) violate any provision of the
certificate or articles of incorporation, by-laws, partnership agreement or limited liability company agreement (or equivalent organizational documents), as the case may be, of such Guarantor or any of its Subsidiaries. 

  
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 (d) 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 for, (i) the
execution, delivery and performance of this Guaranty by such Guarantor or any other Credit Document to which such Guarantor is a party or (ii) the legality, validity, binding effect or enforceability of this Guaranty or any other Credit
Document to which such Guarantor is a party. 
 (e) There are no actions, suits or proceedings pending or, to such Guarantor’s
knowledge, threatened (i) with respect to this Guaranty or any other Credit Document to which such Guarantor is a party or (ii) with respect to such Guarantor or any of its Subsidiaries that, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. 
 12. The Guarantors hereby jointly and severally agree to pay all reasonable and
documented out-of-pocket costs and expenses of the Administrative Agent in connection with the enforcement of this Guaranty and of the Administrative Agent in connection with any amendment, waiver or consent relating hereto (including, in each case,
without limitation, the reasonable and documented fees and disbursements of counsel employed by the Administrative Agent). 
 13. This
Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the Secured Creditors and their successors and assigns. 

14. Except as permitted by the Credit Agreement, neither this Guaranty nor any provision hereof may be changed, waived, discharged or
terminated except with the written consent of each Guarantor directly affected thereby and with the written consent of the Required Lenders (or, to the extent required by Section 13.12 of the Credit Agreement, with the written consent of each
Lender) at all times prior to the time on which all Credit Document Obligations have been paid in full (other than contingent indemnification obligations that are not then due and payable); provided, that any change, waiver, modification or
variance affecting the rights and benefits of a single Class (as defined below) of Secured Creditors (and not all Secured Creditors in a like or similar manner) shall also require the written consent of the Requisite Creditors (as defined below) of
such Class of Secured Creditors (it being understood that the addition or release of any Guarantor hereunder in accordance with the terms hereof or the Credit Agreement shall not constitute a change, waiver, discharge or termination affecting any
Guarantor other than the Guarantor so added or released and shall not require the consent of any Secured Creditor other than the Administrative Agent). For the purpose of this Guaranty, the term “Class” shall mean each class of
Secured Creditors, i.e., whether (x) the Lender Creditors as holders of the Credit Document Obligations or (y) the Other Creditors as the holders of the Other Obligations. For the purpose of this Guaranty, the term
“Requisite Creditors” of any Class shall mean (x) with respect to the Credit Document Obligations, the Required Lenders (or, to the extent required by Section 13.12 of the Credit Agreement, each Lender) and (y) with
respect to the Other Obligations, the holders of at least a majority of all obligations outstanding from time to time under the Interest Rate Protection Agreements and Other Hedging Agreements. 

  
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 15. Each Guarantor acknowledges that an executed (or conformed) copy of each of the Credit
Documents and, if any, the Interest Rate Protection Agreements or Other Hedging Agreements has been made available to a senior officer of such Guarantor and such officer is familiar with the contents thereof. 

16. Subject to the terms of the Credit Agreement, in addition to any rights and remedies now or hereafter granted under applicable law
(including, without limitation, Section 151 of the New York Debtor and Secured Creditor Law), the Security Documents or otherwise, and not by way of limitation of any such rights or remedies, upon any Guaranteed Obligation becoming due and
payable by the Borrower (whether at the stated maturity, by acceleration or otherwise), each Secured Creditor is hereby authorized, at any time or from time to time, without notice to any Guarantor or to any other Person, any such notice being
expressly waived, to set off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by such Secured Creditor (including, without limitation, by branches and agencies of such
Secured Creditor wherever located) to or for the credit or the account of such Guarantor, against and on account of the obligations and liabilities of such Guarantor to such Secured Creditor under this Guaranty, irrespective of whether or not such
Secured Creditor shall have made any demand hereunder and although said obligations, liabilities, deposits or claims, or any of them, shall be contingent or unmatured. 

17. Except as otherwise provided herein, all notices, requests, demands or other communications to or upon the respective parties hereto shall
be sent or delivered by mail, telecopy or courier service and all such notices and communications shall, when mailed, telecopied, or sent by overnight courier, be effective when deposited in the mails, delivered to the overnight courier, as the case
may be, or sent by telecopier, except that notices and communications to the Administrative Agent or any Guarantor shall not be effective until received by the Administrative Agent or such Guarantor, as the case may be. All notices and other
communications shall be in writing and addressed to such party at (i) in the case of any Lender Creditor, as provided in the Credit Agreement, (ii) in the case of any Guarantor, at its address set forth opposite its signature page below,
and (iii) in the case of any Other Creditor, at such address as such Other Creditor shall have specified in writing to the Borrower; or in any case at such other address as any of the Persons listed above may hereafter notify the others in
writing. 
 18. If any claim is ever made upon any Secured Creditor for repayment or recovery of any amount or amounts received in payment
or on account of any of the Guaranteed Obligations and any of the aforesaid payees repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any
of its property or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including, without limitation, the Borrower or any other Guaranteed Party) then and in such event each Guarantor agrees that
any such judgment, decree, order, settlement or compromise shall be binding upon such Guarantor, notwithstanding any revocation hereof or the cancellation of any Note, any Interest Rate Protection Agreement, any Other Hedging Agreement or any other
instrument evidencing any liability of the Borrower or any other Guaranteed Party, and such Guarantor shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never
originally been received by any such payee. 

  
 Page 10 

 19. (a) THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE SECURED CREDITORS AND OF THE
UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. Any legal action or proceeding with respect to this Guaranty or any other Credit Document to which any Guarantor is a party shall be
brought in the courts of the State of New York or of the United States of America for the Southern District of New York in each case which are located in the County of New York, Borough of Manhattan, and, by execution and delivery of this Guaranty,
each Guarantor hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. Each Guarantor hereby further irrevocably waives any claim that any such court
lacks personal jurisdiction over such Guarantor, and agrees not to plead or claim in any legal action or proceeding with respect to this Guaranty or any other Credit Document to which such Guarantor is a party brought in any of the aforesaid courts
that any such court lacks personal jurisdiction over such Guarantor. Each Guarantor further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by
registered or certified mail, postage prepaid, to such Guarantor at its address set forth opposite its signature below, such service to become effective 30 days after such mailing. Each Guarantor hereby irrevocably waives any objection to such
service of process and further irrevocably waives and agrees not to plead or claim in any action or proceeding commenced hereunder or under any other Credit Document to which such Guarantor is a party that such service of process was in any way
invalid or ineffective. Nothing herein, however, shall affect the right of any of the Secured Creditors to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against each Guarantor in any other
jurisdiction. 
 (b) Each Guarantor hereby irrevocably waives (to the fullest extent permitted by applicable law) any objection which it may
now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Guaranty or any other Credit Document to which such Guarantor is a party brought in the courts referred to in
clause (a) above and hereby further irrevocably waives and agrees not to plead or claim in any such court that such action or proceeding brought in any such court has been brought in an inconvenient forum. 

(c) EACH GUARANTOR AND EACH SECURED CREDITOR (BY ITS ACCEPTANCE OF THE BENEFITS OF THIS GUARANTY) HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, THE OTHER CREDIT DOCUMENTS TO WHICH SUCH GUARANTOR IS A PARTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

20. In the event that all of the Equity Interests of one or more Guarantors is sold or otherwise disposed of or liquidated in compliance with
the requirements of Section 10.02 of the Credit Agreement (or such sale, other disposition or liquidation has been approved in writing by the Required Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement)) and
the proceeds of such sale, disposition or liquidation are applied in accordance with the provisions of the Credit Agreement, to the extent applicable, such Guarantor shall upon consummation of such sale or other disposition (except to the extent
that such sale or disposition 

  
 Page 11 

 
is to Holdings or another Credit Party) be released from this Guaranty automatically and without further action and this Guaranty shall, as to each such Guarantor or Guarantors, terminate, and
have no further force or effect (it being understood and agreed that the sale of one or more Persons that own, directly or indirectly, all of the Equity Interests of any Guarantor shall be deemed to be a sale of such Guarantor for the purposes of
this Section 20). 
 21. At any time a payment in respect of the Guaranteed Obligations is made under this Guaranty, the right
of contribution of each Guarantor against each other Guarantor shall be determined as provided in the immediately following sentence, with the right of contribution of each Guarantor to be revised and restated as of each date on which a payment (a
“Relevant Payment”) is made on the Guaranteed Obligations under this Guaranty. At any time that a Relevant Payment is made by a Guarantor that results in the aggregate payments made by such Guarantor in respect of the Guaranteed
Obligations to and including the date of the Relevant Payment exceeding such Guarantor’s Contribution Percentage (as defined below) of the aggregate payments made by all Guarantors in respect of the Guaranteed Obligations to and including the
date of the Relevant Payment (such excess, the “Aggregate Excess Amount”), each such Guarantor shall have a right of contribution against each other Guarantor who has made payments in respect of the Guaranteed Obligations to and
including the date of the Relevant Payment in an aggregate amount less than such other Guarantor’s Contribution Percentage of the aggregate payments made to and including the date of the Relevant Payment by all Guarantors in respect of the
Guaranteed Obligations (the aggregate amount of such deficit, the “Aggregate Deficit Amount”) in an amount equal to (x) a fraction the numerator of which is the Aggregate Excess Amount of such Guarantor and the denominator of
which is the Aggregate Excess Amount of all Guarantors multiplied by (y) the Aggregate Deficit Amount of such other Guarantor. A Guarantor’s right of contribution pursuant to the preceding sentences shall arise at the time of each
computation, subject to adjustment to the time of each computation; provided that no Guarantor may take any action to enforce such right until the Guaranteed Obligations have been irrevocably paid in full in cash and the Total Commitment and
all Letters of Credit have been terminated, it being expressly recognized and agreed by all parties hereto that any Guarantor’s right of contribution arising pursuant to this Section 21 against any other Guarantor shall be expressly
junior and subordinate to such other Guarantor’s obligations and liabilities in respect of the Guaranteed Obligations and any other obligations owing under this Guaranty. As used in this Section 21: (i) each Guarantor’s
“Contribution Percentage” shall mean the percentage obtained by dividing (x) the Adjusted Net Worth (as defined below) of such Guarantor by (y) the aggregate Adjusted Net Worth of all Guarantors; (ii) the
“Adjusted Net Worth” of each Guarantor shall mean the greater of (x) the Net Worth (as defined below) of such Guarantor and (y) zero; and (iii) the “Net Worth” of each Guarantor shall mean the amount
by which the fair saleable value of such Guarantor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including contingent liabilities, but without giving effect to any Guaranteed Obligations arising
under this Guaranty) on such date. Notwithstanding anything to the contrary contained above, any Guarantor that is released from this Guaranty pursuant to Section 20 hereof shall thereafter have no contribution obligations, or rights,
pursuant to this Section 21, and at the time of any such release, if the released Guarantor had an Aggregate Excess Amount or an Aggregate Deficit Amount, same shall be deemed reduced to $0, and the contribution rights and obligations of
the remaining Guarantors shall be recalculated on the respective date of release (as otherwise provided above) based on the payments made hereunder by the remaining Guarantors. All parties hereto recognize and agree that, except for

  
 Page 12 

 
any right of contribution arising pursuant to this Section 21, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have no right of contribution or
subrogation against any other Guarantor in respect of such payment until all of the Guaranteed Obligations have been irrevocably paid in full in cash (other than contingent indemnification obligations that are not then due and payable). Each of the
Guarantors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution. In this connection, each Guarantor has the right to waive its contribution right
against any Guarantor to the extent that after giving effect to such waiver such Guarantor would remain solvent, in the reasonable determination of the Required Lenders. 

22. Each Guarantor and each Secured Creditor (by its acceptance of the benefits of this Guaranty) hereby confirms that it is its intention
that this Guaranty not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act of any similar Federal or state law. To effectuate the foregoing intention, each Guarantor and each
Secured Creditor (by its acceptance of the benefits of this Guaranty) hereby irrevocably agrees that the Guaranteed Obligations guaranteed by such Guarantor shall be limited to such amount as will, after giving effect to such maximum amount and all
other (contingent or otherwise) liabilities of such Guarantor that are relevant under such laws and after giving effect to any rights to contribution pursuant to any agreement providing for an equitable contribution among such Guarantor and the
other Guarantors, result in the Guaranteed Obligations of such Guarantor in respect of such maximum amount not constituting a fraudulent transfer or conveyance. 

23. This Guaranty may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which
when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with the Borrower and the Administrative Agent.
Delivery of an executed counterpart hereof by facsimile or other electronic transmission shall be as effective as delivery of any original executed counterpart hereof. 

24. All payments made by any Guarantor hereunder will be made without setoff, counterclaim or other defense and on the same basis as payments
are made by the Borrower under Sections 5.03 and 5.04 of the Credit Agreement. 
 25. It is understood and agreed that any Wholly-Owned
Domestic Subsidiary of the Borrower that is required to execute a counterpart of this Guaranty after the date hereof pursuant to the Credit Agreement shall become a Guarantor hereunder by (x) executing and delivering a counterpart hereof (or a
Joinder Agreement) to the Administrative Agent and (y) taking all actions as specified in this Guaranty as would have been taken by such Guarantor had it been an original party to this Guaranty, in each case with all documents and actions
required to be taken above to be taken to the reasonable satisfaction of the Administrative Agent. 
 26. Each Qualified ECP Guarantor
hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Guarantor to honor all of its obligations under this Guaranty in respect of
Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 26 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 26,
or 

  
 Page 13 

 
otherwise under this Guaranty, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP
Guarantor under this Section 26 shall remain in full force and effect until a discharge of Guaranteed Obligations. Each Qualified ECP Guarantor intends that this Section 26 constitute, and this Section 26 shall be deemed to
constitute, a “keepwell, support, or other agreement” for the benefit of each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

*        *        * 

  
 Page 14 

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered as of
the date first above written. 
  

									
	 Address:
 c/o Town Sports
International, LLC
 5 Penn Plaza, 4th Floor

New York, NY 10001
 Attention: Dan Gallagher

Tel. No.: (212) 246-6700
 Fax No.: (212) 246-8422
	 	 BFX WEST 65TH STREET, LLC

BOUTIQUE FITNESS, LLC
 TSI 217 BROADWAY, LLC

TSI ALEXANDRIA, LLC
 TSI ALEXANDRIA WEST, LLC

TSI ALLSTON, LLC
 TSI ANDOVER, LLC

TSI ARDMORE, LLC
 TSI ARTHRO-FITNESS SERVICES, LLC

TSI ASTORIA, LLC
 TSI AVENUE A, LLC

TSI BACK BAY, LLC
 TSI BATTERY PARK, LLC

TSI BAY RIDGE 86TH STREET, LLC
 TSI BAYONNE, LLC

TSI BAYRIDGE, LLC
 TSI BEACON STREET, LLC

TSI BENSONHURST, LLC
 TSI BETHESDA, LLC

TSI BOYLSTON, LLC
 TSI BROADWAY, LLC

TSI BROOKLYN BELT, LLC
 TSI BRUNSWICK, LLC

TSI BULFINCH, LLC
 TSI BUTLER, LLC

TSI CANTON, LLC
 TSI CARMEL, LLC

TSI CASH MANAGEMENT, LLC
 TSI CENTRAL SQUARE, LLC

TSI CHERRY HILL, LLC
 TSI CHEVY CHASE, LLC

TSI CLARENDON, LLC
 TSI CLARENDON STREET, LLC

TSI CLIFTON, LLC
 TSI COBBLE HILL, LLC

TSI COLONIA, LLC
 TSI COLUMBIA HEIGHTS, LLC,

each as a Guarantor

				
		 		 	By:	 	/s/ Daniel Gallagher
		 		 		 	Name:	 	Daniel Gallagher
		 		 		 	Title:	 	Senior Vice President-Chief Financial Officer

  
 Page 15 

									
		 		 	 TSI COMMACK, LLC
 TSI CONNECTICUT
AVENUE, LLC
 TSI COURT STREET, LLC
 TSI CROTON, LLC

TSI DANBURY, LLC
 TSI DAVIS SQUARE, LLC

TSI DEER PARK, LLC
 TSI DOBBS FERRY, LLC

TSI DORCHESTER, LLC
 TSI DOWNTOWN CROSSING, LLC

TSI DUPONT CIRCLE, INC.
 TSI DUPONT II, INC.

TSI EAST 23, LLC
 TSI EAST 31, LLC

TSI EAST 34, LLC
 TSI EAST 36, LLC

TSI EAST 41, LLC
 TSI EAST 48, LLC

TSI EAST 51, LLC
 TSI EAST 59, LLC

TSI EAST 76, LLC
 TSI EAST 86, LLC

TSI EAST 91, LLC
 TSI EAST BRUNSWICK, LLC

TSI EAST MEADOW, LLC
 TSI ENGLEWOOD, LLC

TSI F STREET, LLC
 TSI FAIRFAX, LLC

TSI FENWAY, LLC
 TSI FIRST AVENUE, LLC

TSI FIT ACQUISITION, LLC
 TSI FOREST HILLS, LLC

TSI FORT LEE, LLC
 TSI FRAMINGHAM, LLC

TSI FRANKLIN (MA), LLC
 TSI FRANKLIN PARK, LLC

TSI FREEHOLD, LLC
 TSI GALLERY PLACE, LLC

TSI GARDEN CITY, LLC
 TSI GARNERVILLE, LLC

TSI GEORGETOWN, LLC,

		 		 		 	each as a Guarantor
				
		 		 	By:	 	/s/ Daniel Gallagher
		 		 		 	Name:	 	Daniel Gallagher
		 		 		 	Title:	 	Senior Vice President-Chief Financial Officer

  
 Page 16 

									
		 		 	 TSI GERMANTOWN, LLC
 TSI GLENDALE,
LLC
 TSI GLOVER, LLC
 TSI GRAND CENTRAL, LLC

TSI GREAT NECK, LLC
 TSI GREENPOINT, LLC

TSI GREENWICH, LLC
 TSI HARTSDALE, LLC

TSI HAWTHORNE, LLC
 TSI HERALD, LLC

TSI HICKSVILLE, LLC
 TSI HIGHPOINT, LLC

TSI HOBOKEN, LLC
 TSI HOBOKEN NORTH, LLC

TSI HOLDINGS (CIP), LLC
 TSI HOLDINGS (DC), LLC

TSI HOLDINGS (IP), LLC
 TSI HOLDINGS (MA), LLC

TSI HOLDINGS (MD), LLC
 TSI HOLDINGS (NJ), LLC

TSI HOLDINGS (PA), LLC
 TSI HOLDINGS (VA), LLC

TSI HUNTINGTON, LLC
 TSI INTERNATIONAL, INC.

TSI IRVING PLACE, LLC
 TSI JAMAICA ESTATES, LLC

TSI JERSEY CITY, LLC
 TSI K STREET, LLC

TSI LARCHMONT, LLC
 TSI LEXINGTON (MA), LLC

TSI LINCOLN, LLC
 TSI LIVINGSTON, LLC

TSI LONG BEACH, LLC
 TSI LYNNFIELD, LLC

TSI M STREET, LLC
 TSI MAHWAH, LLC

TSI MAMARONECK, LLC
 TSI MARKET STREET, LLC

TSI MARLBORO, LLC
 TSI MATAWAN, LLC

TSI MERCER STREET, LLC,

		 		 		 	each as a Guarantor
				
		 		 	By:	 	/s/ Daniel Gallagher
		 		 		 	Name:	 	Daniel Gallagher
		 		 		 	Title:	 	Senior Vice President-Chief Financial Officer

  
 Page 17 

									
		 		 	 TSI MIDWOOD, LLC
 TSI MONTCLAIR,
LLC
 TSI MORRIS PARK, LLC
 TSI MURRAY HILL, LLC

TSI NANUET, LLC
 TSI NATICK, LLC

TSI NEW ROCHELLE, LLC
 TSI NEWARK, LLC

TSI NEWBURY STREET, LLC
 TSI NEWTON, LLC

TSI NO SWEAT, LLC
 TSI NORTH BETHESDA, LLC

TSI NORWALK, LLC
 TSI OCEANSIDE, LLC

TSI OLD BRIDGE, LLC
 TSI PARSIPPANY, LLC

TSI PLAINSBORO, LLC
 TSI PORT JEFFERSON, LLC

TSI PRINCETON, LLC
 TSI PRINCETON NORTH, LLC

TSI PROVIDENCE DOWNTOWN, LLC
 TSI PROVIDENCE EASTSIDE, LLC

TSI RADNOR, LLC
 TSI RAMSEY, LLC

TSI READE STREET, LLC
 TSI REGO PARK, LLC

TSI RIDGEWOOD, LLC
 TSI RODIN PLACE, LLC

TSI SCARSDALE, LLC
 TSI SEAPORT, LLC

TSI SHERIDAN, LLC
 TSI SILVER SPRING, LLC

TSI SMITHTOWN, LLC
 TSI SOCIETY HILL, LLC

TSI SOHO, LLC
 TSI SOMERS, LLC

TSI SOMERSET, LLC
 TSI SOUTH BETHESDA, LLC

TSI SOUTH END, LLC
 TSI SOUTH PARK SLOPE, LLC

TSI SOUTH STATION, LLC,

		 		 		 	each as a Guarantor
				
		 		 	By:	 	/s/ Daniel Gallagher
		 		 		 	Name:	 	Daniel Gallagher
		 		 		 	Title:	 	Senior Vice President-Chief Financial Officer

  
 Page 18 

									
		 		 	 TSI SPRINGFIELD, LLC
 TSI STAMFORD
DOWNTOWN, LLC
 TSI STAMFORD POST, LLC
 TSI STAMFORD RINKS,
LLC
 TSI STATEN ISLAND, LLC
 TSI STERLING, LLC

TSI SUMMER STREET, LLC
 TSI SUNNYSIDE, LLC

TSI SYOSSET, LLC
 TSI UNIVERSITY MANAGEMENT, LLC

TSI VARICK STREET, LLC
 TSI WALL STREET, LLC

TSI WALTHAM, LLC
 TSI WASHINGTON, INC.

TSI WATER STREET, LLC
 TSI WATERTOWN, LLC

TSI WAYLAND, LLC
 TSI WELLESLEY, LLC

TSI WELLINGTON CIRCLE, LLC
 TSI WEST 14, LLC

TSI WEST 16, LLC
 TSI WEST 23, LLC

TSI WEST 38, LLC
 TSI WEST 41, LLC

TSI WEST 44, LLC
 TSI WEST 48, LLC

TSI WEST 52, LLC
 TSI WEST 73, LLC

TSI WEST 76, LLC
 TSI WEST 80, LLC

TSI WEST 94, LLC
 TSI WEST 115TH STREET, LLC

TSI WEST 125, LLC
 TSI WEST 145TH STREET, LLC

TSI WEST CALDWELL, LLC
 TSI WEST END, LLC

TSI WEST HARTFORD, LLC
 TSI WEST NEWTON, LLC

TSI WEST NYACK, LLC
 TSI WEST SPRINGFIELD, LLC

TSI WESTBOROUGH, LLC,

		 		 		 	each as a Guarantor
				
		 		 	By:	 	/s/ Daniel Gallagher
		 		 		 	Name:	 	Daniel Gallagher
		 		 		 	Title:	 	Senior Vice President-Chief Financial Officer

  
 Page 19 

									
		 		 	 TSI WESTPORT, LLC
 TSI WESTWOOD,
LLC
 TSI WEYMOUTH, LLC
 TSI WHITE PLAINS, LLC

TSI WHITE PLAINS CITY CENTER, LLC
 TSI WHITESTONE, LLC

TSI WILLIAMSBURG, LLC
 TSI WOBURN, LLC

TSI WOODMERE, LLC,

		 		 		 	each as a Guarantor
				
		 		 	By:	 	/s/ Daniel Gallagher
		 		 		 	Name:	 	Daniel Gallagher
		 		 		 	Title:	 	Senior Vice President-Chief Financial Officer

  
 Page 20 

					
	Accepted and Agreed to:
	
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Administrative Agent

		
	By:	 	 /s/ Mary Kay Coyle

		 	Name:	 	Mary Kay Coyle
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Kirk L. Tashjian

		 	Name:	 	Kirk L. Tashjian
		 	Title:	 	Vice President

  
 Page 21EX-10.3

 Exhibit 10.3 
  

 
  

PLEDGE AGREEMENT 
 among 

TSI HOLDINGS II, LLC, 
 TOWN
SPORTS INTERNATIONAL, LLC, 
 VARIOUS OTHER SUBSIDIARIES OF TSI HOLDINGS II, LLC 

and 
 DEUTSCHE BANK AG NEW YORK
BRANCH, 
 as COLLATERAL AGENT 

Dated as of November 15, 2013 
  

 
  

 PLEDGE AGREEMENT 

PLEDGE AGREEMENT (as amended, modified or supplemented from time to time, this “Agreement”), dated as of November 15,
2013, among each of the undersigned pledgors (each, a “Pledgor” and, together with any other entity that becomes a pledgor hereunder pursuant to Section 29 hereof, the “Pledgors”) and Deutsche Bank AG
New York Branch, as collateral agent (together with any successor collateral agent, the “Pledgee”), for the benefit of the Secured Creditors (as defined below). Except as otherwise defined herein, all capitalized 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, TSI Holdings II, LLC (“Holdings”), Town Sports
International, LLC (the “Borrower”), the lenders from time to time party thereto (the “Lenders”) and Deutsche Bank AG New York Branch, as administrative agent (together with any successor administrative agent,
the “Administrative Agent”), have entered into a Credit Agreement, dated as of November 15, 2013 (as amended, modified, restated, extended, restructured and/or supplemented from time to time, together with any agreement
refinancing in full the Indebtedness under such agreement or successor agreements to the extent such agreement provides that it is to be the “Credit Agreement” hereunder, the “Credit Agreement”), providing for the making
of Loans to, and the issuance of, and participation in, Letters of Credit for the account, of the Borrower, all as contemplated therein (the Lenders, each Issuing Lender, the Administrative Agent and the Pledgee are herein called the “Lender
Creditors”); 
 WHEREAS, pursuant to the Credit Agreement Party Guaranty, each Credit Agreement Party has guaranteed to the Secured
Creditors the payment when due of all Guaranteed Obligations as described (and defined) therein; 
 WHEREAS, pursuant to the Subsidiaries
Guaranty, each Pledgor (other than Holdings and the Borrower) has jointly and severally guaranteed the payment and performance when due of all Guaranteed Obligations as described (and defined) therein; 

WHEREAS, the Borrower and/or one or more of its Subsidiaries may at any time and from time to time enter into one or more Interest Rate
Protection Agreements or Other Hedging Agreements with one or more Lender Creditors or any affiliate thereof (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, if any, collectively, the “Other Creditors” and, together with the Lender Creditors, the “Secured
Creditors”); 
 WHEREAS, it is a condition precedent to the making of Loans to the Borrower and the issuance of, and participation
in, Letters of Credit for the account of the Borrower under the Credit Agreement that each Pledgor shall have executed and delivered to the Pledgee this Agreement; and 

 WHEREAS, each Pledgor will obtain benefits from the incurrence of Loans by the Borrower and the
issuance of, and participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and, if applicable, the entering into by the Borrower and/or one or more of its Subsidiaries of Interest Rate Protection Agreements or
Other Hedging Agreements and, accordingly, desires to enter into this Agreement in order to satisfy the conditions described in the preceding recital and to induce the Lenders to make Loans to the Borrower and issue, and/or participate in, Letters
of Credit for the account of the Borrower and the Other Creditors to enter into Interest Rate Protection Agreements or Other Hedging Agreements with the Borrower and/or one or more of its Subsidiaries; 

NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each Pledgor, the receipt and sufficiency of which are hereby
acknowledged, each Pledgor hereby makes the following representations and warranties to the Pledgee for the benefit of the Secured Creditors and hereby covenants and agrees with the Pledgee for the benefit of the Secured Creditors as follows: 

1. SECURITY FOR OBLIGATIONS. This Agreement is made by each Pledgor for the benefit of the Secured Creditors to secure: 

(i) the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations,
liabilities and indebtedness (including, without limitation, principal, premium, interest, reimbursement obligations (both actual and contingent) under Letters of Credit, fees, costs, and indemnities (including in each case, without limitation, all
interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor or any Subsidiary thereof at the rate provided for in the respective
documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) of such Pledgor to the Lender Creditors, whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit
Agreement and the other Credit Documents to which such Pledgor is a party (including, in the case of each Pledgor that is a Guarantor, all such obligations, liabilities and indebtedness of such Pledgor under its Guaranty) and the due performance and
compliance by such Pledgor with all of the terms, conditions and agreements contained in the Credit Agreement and in such other Credit Documents but shall exclude any Excluded Swap Obligations (all such obligations, liabilities and indebtedness
under this clause (i), except to the extent consisting of obligations, liabilities or indebtedness with respect to Interest Rate Protection Agreements or Other Hedging Agreements, being herein collectively called the “Credit Document
Obligations”); 
 (ii) the full and prompt payment when due (whether at the stated maturity, by acceleration or
otherwise) of all obligations, liabilities and indebtedness (including, in each case, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization
or similar proceeding of any Pledgor or any of its Subsidiaries at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing by such Pledgor to the Other
Creditors under, or with respect to (including, in the case of each Pledgor that is a Guarantor, all such obligations, 

  
 Page 2 

 
liabilities and indebtedness of such Pledgor under its Guaranty), each Interest Rate Protection Agreement and Other Hedging Agreement, whether such Interest Rate Protection Agreement or Other
Hedging Agreement is now in existence or hereafter arising and the due performance and compliance by such Pledgor with all of the terms, conditions and agreements contained therein but shall exclude any Excluded Swap Obligations (all such
obligations, liabilities and indebtedness described in this clause (ii) being herein collectively called the “Other Obligations”); 

(iii) 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; 
 (iv) in the event of any proceeding for the collection or enforcement of any
indebtedness, obligations or liabilities of such Pledgor referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease,
selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys’ fees and court costs; and 

(v) 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, indebtedness, sums and expenses set forth in clauses (i) through
(v) of this Section 1 being herein collectively called the “Obligations,” it being acknowledged and agreed that the “Obligations” shall include extensions of credit of the types described above, whether
outstanding on the date of this Agreement or extended from time to time after the date of this Agreement but shall exclude, for the avoidance of doubt, any Excluded Swap Obligations. 

2. DEFINITIONS. (a) Reference to singular terms shall include the plural and vice versa. 

(b) The following capitalized terms used herein shall have the definitions specified below: 

“Administrative Agent” shall have the meaning set forth in the recitals hereto. 

“Adverse Claim” shall have the meaning given such term in Section 8-102(a)(1) of the UCC. 

“Agreement” shall have the meaning set forth in the first paragraph hereof. 

“Borrower” shall have the meaning set forth in the recitals hereto. 

“Certificated Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC. 

“Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC. 

  
 Page 3 

 “Collateral” shall have the meaning set forth in Section 3.1 hereof
and shall exclude any Excluded Collateral (as defined in the Security Agreement). 
 “Collateral Accounts” shall mean any
and all accounts established and maintained by the Pledgee in the name of any Pledgor at any time while an Event of Default shall have occurred and be continuing to which Collateral may be credited after the occurrence and during the continuance of
an Event of Default. 
 “Credit Agreement” shall have the meaning set forth in the recitals hereto. 

“Credit Document Obligations” shall have the meaning set forth in Section 1(i) hereof. 

“Credit Documents” shall have the meaning provided in the Credit Agreement, as such documents may be amended, modified,
restated and/or supplemented from time to time in connection with the Credit Agreement. 
 “Equity Interest” of any Person
shall mean any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interest in (however designated) equity of such Person, including, without limitation, any common stock, preferred stock, any
limited or general partnership interest and any limited liability company membership interest. 
 “Event of Default” shall
mean any Event of Default under, and as defined in, the Credit Agreement. 
 “Excluded Swap Obligations” shall have the
meaning provided in the Credit Agreement. 
 “Exempted Foreign Entity” shall mean any Foreign Subsidiary of the Borrower
that is treated as a corporation or an association taxable as a corporation for U.S. Federal income tax purposes. 
 “Financial
Asset” shall have the meaning given such term in Section 8-102(a)(9) of the UCC. 
 “Foreign Subsidiary”
shall have the meaning given such term the Credit Agreement. 
 “Holdings” shall have the meaning set forth in the recitals
hereto. 
 “Indemnitees” shall have the meaning set forth in Section 11 hereof. 

“Instrument” shall have the meaning given such term in Section 9-102(a)(47) of the UCC. 

“Investment Property” shall have the meaning given such term in Section 9-102(a)(49) of the UCC. 

  
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 “Lender Creditors” shall have the meaning set forth in the recitals hereto. 

“Lenders” shall have the meaning set forth in the recitals hereto. 

“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 interest in other limited liability companies), at any time owned by any Pledgor or represented by any Limited Liability Company Interest. 

“Limited Liability Company Interests” shall mean the entire limited liability company membership interest at any time owned
by any Pledgor in any limited liability company. 
 “Non-Voting Equity Interests” shall mean all Equity Interests of any
Foreign Subsidiary of the Borrower which are not Voting Equity Interests. 
 “Notes” shall mean (x) all intercompany
notes at any time issued to each Pledgor and (y) all other promissory notes from time to time issued to, or held by, each Pledgor. 

“Obligations” shall have the meaning set forth in Section 1 hereof. 

“Other Creditors” shall have the meaning set forth in the recitals hereto. 

“Other Hedging Agreements” shall have the meaning given such term the Credit Agreement. 

“Other Obligations” shall have the meaning set forth in Section 1(ii) hereof. 

“Partnership Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including,
without limitation, all partnership capital and interest in other partnerships), at any time owned or represented by any Partnership Interest. 

“Partnership Interest” shall mean the entire general partnership interest or limited partnership interest at any time owned
by any Pledgor in any general partnership or limited partnership. 
 “Person” shall have the meaning given such term the
Credit Agreement. 
 “Pledged Notes” shall have the meaning set forth in Section 3.5 hereof. 

“Pledgee” shall have the meaning set forth in the first paragraph hereof. 

“Pledgor” shall have the meaning set forth in the first paragraph hereof. 

“Proceeds” shall have the meaning given such term in Section 9-102(a)(64) of the UCC and, in any event, shall also
include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Pledgee or any Pledgor from time to time with respect to any of the Collateral, (ii) any and all payments (in any
form whatsoever) 

  
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made or due and payable to any Pledgor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any
governmental authority (or any Person acting under color of governmental authority), and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 

“Registered Organization” shall mean a “registered organization” as such term is defined in Section 9-102
(a) (70) of the UCC. 
 “Required Lenders” shall have the meaning given such term in the Credit Agreement. 

“Required Secured Creditors” shall have the meaning given such term in the Security Agreement. 

“Secured Creditors” shall have the meaning set forth in the recitals hereto. 

“Secured Debt Agreements” shall mean and include (x) this Agreement, (y) the other Credit Documents, and
(z) the Interest Rate Protection Agreements and Other Hedging Agreements entered into with any Other Creditor. 
 “Securities
Account” shall have the meaning given such term in Section 8-501(a) of the UCC. 
 “Securities Act” shall
mean the Securities Act of 1933, as amended, as in effect from time to time. 
 “Securities Intermediary” shall have the
meaning given such term in Section 8-102(14) of the UCC. 
 “Security” and “Securities” shall have
the meaning given such term in Section 8-102(a)(15) of the UCC and shall in any event also include all Stock and all Notes. 

“Security Entitlement” shall have the meaning given such term in Section 8-102(a)(17) of the UCC. 

“Stock” shall mean all of the issued and outstanding shares of capital stock at any time owned by any Pledgor of any
corporation. 
 “Subsidiary” shall have the meaning given such term in the Credit Agreement. 

“Termination Date” shall have the meaning set forth in the Security Agreement. 

“Transmitting Utility” shall mean a “transmitting utility” as such term is defined in Section 9-102(a)(80) of
the UCC. 
 “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York from time to time;
provided that all references herein to specific sections or subsections of the UCC are references to such sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of New York on the date hereof.

  
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 “Uncertificated Security” shall have the meaning given such term in
Section 8-102(a)(18) of the UCC. 
 “Voting Equity Interests” of any Foreign Subsidiary of the Borrower shall mean all
classes of Equity Interests of such Foreign Subsidiary entitled to vote. 
 3. PLEDGE OF SECURITIES, ETC. 

3.1 Pledge. To secure the Obligations now or hereafter owed or to be performed by such Pledgor, each Pledgor does hereby grant,
pledge and assign to the Pledgee for the benefit of the Secured Creditors, and does hereby create a continuing security interest in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest in and to the
following, whether now existing or hereafter from time to time acquired (collectively, the “Collateral”): 
 (a) each of
the Collateral Accounts, including any and all assets of whatever type or kind deposited by such Pledgor in each such Collateral Account, whether now owned or hereafter acquired, existing or arising, including, without limitation, all Financial
Assets, Investment Property, monies, checks, drafts, Instruments, Securities or interests therein of any type or nature deposited or required by the Credit Agreement or any other Secured Debt Agreement to be deposited in each such Collateral
Account, and all investments and all certificates and other Instruments (including depository receipts, if any) from time to time representing or evidencing the same, and all dividends, interest, distributions, cash and other property from time to
time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing; 
 (b) all Securities owned
or held by such Pledgor from time to time and all options and warrants owned by such Pledgor from time to time to purchase Securities; 

(c) all Limited Liability Company Interests owned by such Pledgor from time to time and all of its right, title and interest in each limited
liability company to which each such Limited Liability Company Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and
agreements governing such Limited Liability Company Interests and applicable law: 
 (A) all the capital thereof and its
interest in all profits, income, surpluses, losses, Limited Liability Company Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests; 

(B) all other payments due or to become due to such Pledgor in respect of Limited Liability Company Interests, whether under
any limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 

  
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 (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 Limited Liability Company Interests; 

(D) all present and future claims, if any, of such Pledgor against any such limited liability company for monies loaned or
advanced, for services rendered or otherwise; 
 (E) 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 such Limited Liability Company Interests, including any power to terminate, cancel or modify
any such 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 any of such Pledgor in respect of such Limited Liability Company Interests and any
such 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 Asset, 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; and 
 (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 thereof; 
 (d) all Partnership Interests owned by such Pledgor from time to time and all of its
right, title and interest in each partnership to which each such Partnership Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents
and agreements governing such Partnership Interests and applicable law: 
 (A) all the capital thereof and its interest in
all profits, income, surpluses, losses, Partnership Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Partnership Interests; 

(B) all other payments due or to become due to such Pledgor in respect of Partnership Interests, whether under any partnership
agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 

  
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 (C) all of its claims, rights, powers, privileges, authority, options, security
interests, liens and remedies, if any, under any partnership agreement or operating agreement, or at law or otherwise in respect of such Partnership Interests; 

(D) all present and future claims, if any, of such Pledgor against any such partnership for monies loaned or advanced, for
services rendered or otherwise; 
 (E) all of such Pledgor’s rights under any partnership agreement or operating
agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Partnership Interests, including any power to terminate, cancel or modify any partnership agreement or operating
agreement, to execute any instruments and to take any and all other action on behalf of and in the name of any of such Pledgor in respect of such Partnership Interests and any such 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 Asset, 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; and 

(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 thereof; 
 (e) all Security Entitlements owned by such Pledgor from time to time in any and all of the foregoing; 

(f) all Financial Assets and Investment Property owned by such Pledgor from time to time; and 

(g) all Proceeds of any and all of the foregoing; 

provided that (A)(x) until a change in the relevant sections of the Code or the regulations, rules, rulings, notices or other official pronouncements
issued or promulgated thereunder (in which case this clause (x) shall no longer be applicable), no Pledgor shall be required at any time to pledge hereunder more than 65% of the total combined voting power of all classes of Voting Equity
Interests of any Exempted Foreign Entity, and (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor, which
Non-Voting Equity Interests shall not be subject to the limitations described in preceding clause (x) and (B) no Pledgor shall be required to grant a security interest hereunder in any Excluded Collateral. 

  
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 Notwithstanding anything to the contrary contained in this Agreement, the Pledgors shall not be
required to take any actions to perfect the Collateral Agent’s security interest hereunder except to the extent that a security interest in such types of Collateral can be perfected (i) by the filings of a UCC-1 (or similar) financing
statement under the applicable UCC, (ii) possession of certificated Securities evidencing Equity Interests, (iii) possession of Instruments constituting Notes, (iv) as provided in Section 3.2(a)(ii) hereof and (v) as
provided in Section 3.2(a)(v) hereof and the representations, warranties and covenants contained in this Agreement with respect to a perfected security interest in such Collateral shall be qualified to the extent provided in this
paragraph. 
 3.2 Procedures. (a) To the extent that any Pledgor at any time or from time to time owns, acquires or obtains any
right, title or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by the respective Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, the
respective Pledgor shall (to the extent provided below) take the following actions as set forth below (as promptly as practicable and, in any event, within 10 Business Days after it obtains such Collateral (as such period may be extended by the
Collateral Agent in its sole discretion)) for the benefit of the Pledgee and the other Secured Creditors: 
 (i) with respect
to a Certificated Security representing an Equity Interest (other than a Certificated Security credited on the books of a Clearing Corporation or Securities Intermediary), the respective Pledgor shall physically deliver such Certificated Security to
the Pledgee, endorsed to the Pledgee or endorsed in blank; 
 (ii) with respect to an Uncertificated Security (other than an
Uncertificated Security credited on the books of a Clearing Corporation or Securities Intermediary), the respective Pledgor shall cause the issuer of such Uncertificated Security (unless the issuer of such Uncertificated Security is not a Subsidiary
of such Pledgor) to duly authorize and execute, and deliver to the Pledgee, an agreement for the benefit of the Pledgee and the other Secured Creditors substantially in the form of Annex H hereto (appropriately completed to the reasonable
satisfaction of the Pledgee and with such modifications, if any, as shall be reasonably satisfactory to the Pledgee) pursuant to which such issuer agrees to comply with any and all instructions originated by the Pledgee without further consent by
the registered owner and not to comply with instructions regarding such Uncertificated Security (and any Partnership Interests and Limited Liability Company Interests issued by such issuer) originated by any other Person other than a court of
competent jurisdiction; 
 (iii) with respect to a Partnership Interest or a Limited Liability Company Interest (other than a
Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), if such Partnership Interest or Limited Liability Company Interest is represented by a certificate and is a
Security for purposes of the UCC, the procedure set forth in Section 3.2(a)(i) hereof; 
 (iv) with respect to
any Intercompany Note and any other Note in a principal amount in excess of $1,000,000, physical delivery of such Note to the Pledgee, endorsed to the Pledgee or endorsed in blank; and 

(v) with respect to cash proceeds from any of the Collateral described in Section 3.1 hereof which the Pledgee is
entitled to retain pursuant to the terms of this Agreement, establishment by the Pledgee of a Collateral Account. 

  
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 In addition to the foregoing, in the event that any Partnership Interests or Limited Liability Company Interests
of any Pledgor which were not previously Securities become (A) Certificated Securities, such Pledgor shall follow the procedure set forth in Section 3.2(a)(i), or (B) Uncertificated Securities, such Pledgor shall follow the
procedure set forth in Section 3.2(a)(ii), in either case, within 10 Business Days after the date that such Partnership Interests or Limited Liability Company Interests become Securities (as such period may be extended by the Collateral
Agent in its sole discretion). 
 (b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each
Pledgor shall from time to time cause appropriate financing statements (on Form UCC-1 or other appropriate form) under the Uniform Commercial Code as in effect in the various relevant States, covering all Collateral hereunder (with the form of such
financing statements to be satisfactory to the Pledgee), to be filed in the relevant filing offices so that at all times the Pledgee has a security interest in all Investment Property and other Collateral which is perfected by the filing of such
financing statements (in each case to the maximum extent perfection by filing may be obtained under the laws of the relevant States, including, without limitation, Section 9-312(a) of the UCC). 

3.3 Subsequently Acquired Collateral. If any Pledgor shall acquire (by purchase, stock dividend or similar distribution or
otherwise) any additional Collateral at any time or from time to time after the date hereof, such Collateral 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 hereof and, furthermore, the respective Pledgor will promptly thereafter take (or cause to be taken) all action with respect to such Collateral in accordance with the procedures set forth in
Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee such supplements to Annexes A through G hereto as are reasonably necessary to cause such annexes to be complete and accurate at such time. Without
limiting the foregoing, to the extent not constituting Excluded Collateral, each Pledgor shall be required to pledge hereunder the Equity Interests of any Exempted Foreign Entity at any time and from time to time after the date hereof acquired by
such Pledgor, provided that (x) a change in the relevant sections of the Code or the regulations, rules, rulings, notices or other official pronouncements issued or promulgated thereunder, no Pledgor shall be required at any time to
pledge hereunder more than 65% of the total combined voting power of all classes of Voting Equity Interests of any Exempted Foreign Entity and (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of
each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor. 
 3.4 Transfer Taxes. Each pledge of
Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by any transfer tax stamps required in connection with the pledge of such Collateral. 

3.5 Definition of Pledged Notes. All Notes at any time pledged or required to be pledged hereunder are hereinafter called the
“Pledged Notes.” 

  
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 3.6 Certain Representations and Warranties Regarding the Collateral. Each Pledgor
represents and warrants that on the date hereof: (i) the exact legal name of such Pledgor, the type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of organization of such Pledgor, the
organizational identification number (if any) of such Pledgor, and whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto; (ii) each Subsidiary of such Pledgor, and the direct ownership thereof, is listed in
Annex B hereto; (iii) the Stock (and any warrants or options to purchase Stock) held by such Pledgor consists of the number and type of shares of the stock (or warrants or options to purchase any stock) of the corporations as described
in Annex C hereto; (iv) such Stock constitutes that percentage of the issued and outstanding capital stock of the issuing corporation as is set forth in Annex C hereto; (v) the Notes held by such Pledgor consist of the
promissory notes described in Annex D hereto where such Pledgor is listed as the lender; (vi) the Limited Liability Company Interests held by such Pledgor consist of the number and type of interests of the Persons described in Annex
E hereto; (vii) each such Limited Liability Company Interest constitutes that percentage of the issued and outstanding equity interest of the issuing Person as set forth in Annex E hereto; (viii) the Partnership Interests held
by such Pledgor consist of the number and type of interests of the Persons described in Annex F hereto; (ix) each such Partnership Interest constitutes that percentage or portion of the entire partnership interest of the Partnership as
set forth in Annex F hereto; (x) the exact address of the chief executive office of such Pledgor is listed on Annex G hereto; (xi) the Pledgor has complied with the respective procedure set forth in Section 3.2(a)
hereof with respect to each item of Collateral described in Annexes B through F hereto; and (xi) on the date hereof, such Pledgor owns no other Securities, Stock, Notes, Limited Liability Company Interests or Partnership
Interests. 
 4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. If and to the extent necessary to enable the Pledgee to perfect its security
interest in any of the Collateral or to exercise any of its remedies hereunder, the Pledgee shall have the right to appoint one or more sub-agents for the purpose of retaining physical possession of the Collateral, which may be held (in the
discretion of the Pledgee) in the name of the relevant Pledgor, endorsed or assigned in blank or in favor of the Pledgee or any nominee or nominees of the Pledgee or a sub-agent appointed by the Pledgee. 

5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. Each Pledgor shall be entitled to exercise any and all voting and other consensual rights
pertaining to the Collateral owned by it, and to give consents, waivers or ratifications in respect thereof; provided that, except to the extent otherwise expressly permitted under the Credit Agreement, in each case, no vote shall be cast or
any consent, waiver or ratification given or any action taken or omitted to be taken which would violate, result in a breach of any covenant contained in, or be inconsistent with any of the terms of any Secured Debt Agreement, or which could
reasonably be expected to have the effect of impairing the value of the Collateral or any part thereof or the position or interests of the Pledgee or any other Secured Creditor in the Collateral, unless expressly permitted by the terms of the
Secured Debt Agreements. Notwithstanding the foregoing, all such rights of each Pledgor to vote and to give consents, waivers and ratifications shall cease in case either (x) an Event of Default under Section 11.05 of the Credit Agreement
has occurred and is continuing or (y) any other Event of Default has occurred and is continuing and the Pledgee has otherwise notified Holdings or the Borrower, and Section 7 hereof shall become applicable. 

  
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 6. DIVIDENDS AND OTHER DISTRIBUTIONS. Unless and until there shall have occurred and be
continuing either (x) an Event of Default under Section 11.05 of the Credit Agreement or (y) any other Event of Default and the Pledgee has otherwise notified Holdings or the Borrower, all cash dividends, cash distributions, cash
Proceeds and other cash amounts payable in respect of the Collateral shall be paid to the respective Pledgor. The Pledgee shall be entitled to receive directly, and to retain as part of the Collateral: 

(i) all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments
or other securities or property (including, but not limited to, cash dividends other than as set forth above) paid or distributed by way of dividend or otherwise in respect of the Collateral; 

(ii) all other or additional stock, notes, certificates, limited liability company interests, partnership interests,
instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the respective Pledgor so long as no Event of Default then exists)) paid or distributed in respect of the Collateral by way
of stock-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement; and 
 (iii) all other
or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (including, but not limited to, cash but only if an Event of Default then exists) which may be paid in
respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate or other reorganization. 

Nothing contained in this Section 6 shall limit or restrict in any way the Pledgee’s right to receive the
proceeds of the Collateral in any form in accordance with Section 3 of this Agreement. All dividends, distributions or other payments which are received by any Pledgor contrary to the provisions of this Section 6 or
Section 7 hereof shall be received in trust for the benefit of the Pledgee, shall be segregated from other property or funds of such Pledgor and shall be forthwith paid over to the Pledgee as Collateral in the same form as so received
(with any necessary endorsement). 
 7. REMEDIES IN CASE OF AN EVENT OF DEFAULT. If there shall have occurred and be continuing an Event of
Default, then and in every such case, the Pledgee shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement, any other Secured Debt Agreement 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 as in effect in any relevant jurisdiction and also shall be entitled, without limitation, to exercise the
following rights, which each Pledgor hereby agrees to be commercially reasonable: 
 (i) to receive all amounts payable in
respect of the Collateral otherwise payable under Section 6 hereof to the respective Pledgor; 
 (ii) to transfer
all or any part of the Collateral into the Pledgee’s name or the name of its nominee or nominees; 

  
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 (iii) to accelerate any Pledged Note which may be accelerated in accordance with
its terms, and take any other lawful action to collect upon any Pledged Note (including, without limitation, to make any demand for payment thereon); 

(iv) to vote (and exercise all rights and powers in respect of voting) all or any part of the Collateral (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 (each Pledgor hereby irrevocably constituting
and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so); 
 (v)
at any time and 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 purchase or dispose (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 of 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 days’ written notice of the time and place of any such sale shall be
given to the respective Pledgor. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. 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 or 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. 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; and 

(vi) to set-off any and all Collateral against any and all Obligations, and to withdraw any and all cash or other Collateral
from any and all Collateral Accounts and to apply such cash and other Collateral to the payment of any and all Obligations. 
 8. REMEDIES,
CUMULATIVE, ETC. Each and every 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 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. No notice to or demand on any Pledgor in any case shall entitle it to any other or further
notice or demand in 

  
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similar or other circumstances or constitute a waiver of any of the rights of the Pledgee or any other Secured Creditor to any other or further action in any circumstances without notice or
demand. The Secured Creditors agree that this Agreement may be enforced only by the action of the Pledgee, in each case, acting upon the instructions of the Required Secured Creditors, 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, the Security Agreement and the Credit Agreement. 
 9. APPLICATION OF PROCEEDS. (a) All monies
collected by the Pledgee upon any sale or other disposition of the Collateral pursuant to the terms of this Agreement, together with all other monies received by the Pledgee hereunder, shall be applied in the manner provided in the Security
Agreement. 
 (b) It is understood and agreed that each Pledgor shall remain jointly and severally liable with respect to its Obligations to
the extent of any deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of such Obligations. 

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. INDEMNITY. Each Pledgor jointly and severally agrees (i) to indemnify and hold harmless the Pledgee and each other Secured Creditor
(in their capacity as such) and their respective successors, assigns, employees, advisors, agents and affiliates (as to any Indemnitee, its “Related Parties”) (individually an “Indemnitee”, and collectively, the
“Indemnitees”) from and against any and all obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) of whatsoever kind or nature, and
(ii) to reimburse each Indemnitee for all reasonable and documented costs, expenses and disbursements, including reasonable and documented attorneys’ fees and expenses (limited, in the case of any Event of Default, to one counsel to the
Administrative Agent, one additional counsel for all Issuing Lenders and Lenders, taken as a whole, one local counsel for the Administrative Agent and the Lenders, taken as a whole, in each relevant jurisdiction, and, solely in the case of an actual
or perceived conflict of interests, one additional counsel in each relevant jurisdiction to each group of affected Lenders similarly situated, taken as a whole), in each case arising out of or resulting from this Agreement or the exercise by any
Indemnitee of any right or remedy granted to it hereunder (but excluding any obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) or expenses of
whatever kind or nature to the extent incurred or arising by reason of gross negligence or willful misconduct of such Indemnitee or its Related Parties (as determined by a court of competent jurisdiction in a final

  
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and non-appealable decision)). In no event shall the Pledgee hereunder be liable, in the absence of gross negligence or willful misconduct on its part (as determined by a court of competent
jurisdiction in a final and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies or other property actually received by it in accordance with the terms hereof. If and to the extent that
the obligations of any Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable
law. The indemnity obligations of each Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full payment of all the Notes issued under the Credit Agreement, the termination of all Interest Rate
Protection Agreements and Other Hedging Agreements and Letters of Credit, and the payment of all other Obligations and notwithstanding the discharge thereof. 

12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER. (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 as a partner of any partnership and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or otherwise (except as referred to in the following sentence)
shall have any of the duties, obligations or liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the Pledgee shall become the absolute owner of Collateral
consisting of a Limited Liability Company Interest or a Partnership Interest pursuant hereto and is admitted as a member or partner of the respective Limited Liability Company or Partnership, this Agreement shall not be construed as creating a
partnership or joint venture among the Pledgee, any other Secured Creditor, any Pledgor and/or any other Person. 
 (b) Except as provided
in the last sentence of paragraph (a) of this Section 12, the Pledgee, by accepting this Agreement, did not intend to become a member of any limited liability company or a partner of any partnership or otherwise be deemed to be a
co-venturer with respect to any Pledgor, any limited liability company, partnership and/or any other Person 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 as a partner of any partnership or any Pledgor except as provided in the last sentence of paragraph (a) of this
Section 12. 
 (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 pledge 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. 

13. 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 UCC or other applicable law such financing statements, continuation statements 

  
 Page 16 

 
and other documents, in form reasonably acceptable to the Pledgee, in such offices as the Pledgee (acting on its own or on the instructions of the Required Secured Creditors) may deem reasonably
necessary or appropriate and wherever required or permitted by law in order to perfect and preserve the Pledgee’s security interest in the Collateral hereunder and hereby authorizes the Pledgee to file financing statements and amendments
thereto relative to all or any part of the Collateral (including, without limitation, financing statements which list the Collateral specifically and/or “all assets” as collateral) without the signature of such Pledgor where permitted by
law, and agrees to do such further acts and things and to execute and deliver to the Pledgee such additional conveyances, assignments, agreements and instruments as the Pledgee may reasonably require or deem reasonably necessary to carry into effect
the purposes of this Agreement or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder or thereunder. 

(b) Each Pledgor hereby constitutes and appoints the Pledgee its true and lawful attorney-in-fact, irrevocably, with full authority in the
place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time solely after the occurrence and during the continuance of an Event of Default, in the Pledgee’s reasonable discretion, to act, require, demand,
receive and give acquittance for any and all monies and claims for monies due or to become due to such Pledgor under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any
claims or take any action or institute any proceedings and to execute any instrument which the Pledgee may deem necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorney is coupled with an interest. 

14. THE PLEDGEE AS COLLATERAL 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, acknowledged and agreed by each Secured Creditor that by accepting the benefits of this Agreement, each such Secured Creditor acknowledges and agrees 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 and in Section 12 of the Credit Agreement. The Pledgee shall act
hereunder on the terms and conditions set forth herein and in Section 12 of the Credit Agreement. 
 15. TRANSFER BY THE PLEDGORS. No
Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein, except as permitted by the Credit Agreement. 

16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) Each Pledgor represents, warrants and covenants as to itself and each
of its Subsidiaries that: 
 (i) it is the legal, beneficial and record owner of, and has good title to, all of its
Collateral consisting of one or more Securities, Partnership Interests and Limited Liability Company Interests and that it has sufficient interest in all of its Collateral in which a security interest is purported to be created hereunder for such
security interest to attach (subject, in each case, to no pledge, lien, mortgage, hypothecation, security 

  
 Page 17 

 
interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens and security interests created by this Agreement and Liens permitted by Section 10.01(i),
(x) or (xvii) of the Credit Agreement); 
 (ii) it has full power, authority and legal right to pledge all the
Collateral pledged by it pursuant to this Agreement; 
 (iii) this Agreement has been duly authorized, executed and delivered
by such Pledgor and constitutes a legal, valid and binding obligation of such Pledgor enforceable against such Pledgor 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 generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law); 

(iv) except to the extent already obtained or made, no consent of any other party (including, without limitation, any
stockholder, partner, member or creditor of such Pledgor or any of its Subsidiaries) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental
authority is required to be obtained by such Pledgor in connection with (a) the execution, delivery or performance of this Agreement by such Pledgor, (b) the validity or enforceability of this Agreement against such Pledgor (except as set
forth in clause (iii) above), (c) the perfection or enforceability of the Pledgee’s security interest in such Pledgor’s Collateral, or (d) except for compliance with or as may be required by applicable securities laws, the
exercise by the Pledgee of any of its rights or remedies provided herein; 
 (v) neither the execution, delivery or
performance by such Pledgor of this Agreement, nor compliance by it with the terms and provisions hereof nor the consummation of the transactions contemplated herein: (i) will contravene any provision of any applicable law, statute, rule or
regulation, or any applicable order, writ, injunction or decree of any court, arbitrator or governmental instrumentality, domestic or foreign, applicable to such Pledgor; (ii) will conflict or be inconsistent 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 such Pledgor or any of its Subsidiaries pursuant to the terms of any indenture, lease, mortgage, deed of trust, credit agreement, loan agreement or any other material agreement, contract or other instrument to which such Pledgor or any
of its Subsidiaries is a party or is otherwise bound, or by which it or any of its properties or assets is bound or to which it may be subject; or (iii) will violate any provision of the certificate of incorporation, by-laws, certificate of
partnership, partnership agreement, certificate of formation or limited liability company agreement (or equivalent organizational documents), as the case may be, of such Pledgor or any of its Subsidiaries; 

(vi) all of such Pledgor’s Collateral (consisting of Securities, Limited Liability Company Interests or Partnership
Interests) has been duly and validly issued and acquired, is fully paid and non-assessable and is subject to no options to purchase or similar rights, except pursuant to a transaction permitted by the Credit Agreement; 

  
 Page 18 

 (vii) each of such Pledgor’s Pledged Notes constitutes, or when executed by
the obligor thereof will constitute, the legal, valid and binding obligation of such obligor, enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law); 

(viii) the pledge, collateral assignment and delivery to the Pledgee of such Pledgor’s Collateral consisting of
Certificated Securities and Pledged Notes pursuant to this Agreement creates a valid and perfected first priority security interest in such Certificated Securities and Pledged Notes, and the proceeds thereof, subject to no prior Lien or encumbrance
or to any agreement purporting to grant to any third party a Lien or encumbrance on the property or assets of such Pledgor which would include the Securities and the Pledgee is entitled to all the rights, priorities and benefits afforded by the UCC
or other relevant law as enacted in any relevant jurisdiction to perfect security interests in respect of such Collateral; and 

(ix) to the extent required by Section 3.2 hereof, “control” (as defined in Section 8-106 of the
UCC) has been obtained by the Pledgee over all of such Pledgor’s Collateral consisting of Securities (including, without limitation, Notes which are Securities) with respect to which such “control” may be obtained pursuant to
Section 8-106 of the UCC except to the extent that the obligation of the applicable Pledgor to provide the Pledgee with “control” of such Collateral has not yet arisen under this Agreement. 

(b) Each Pledgor covenants and agrees that it will defend the Pledgee’s right, title and security interest in and to such Pledgor’s
Collateral and the proceeds thereof against the claims and demands of all persons whomsoever; and each 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
by such Pledgor as Collateral hereunder and will likewise defend the right thereto and security interest therein of the Pledgee and the other Secured Creditors. 

17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION;
ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. The exact legal name of each Pledgor, the type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of organization of such Pledgor,
the organizational identification number (if any) of such Pledgor, and whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto for such Pledgor. Except as expressly permitted by the Credit Agreement, no Pledgor
shall change its legal name, its type of organization (including without limitation its status as (x) a Registered Organization, in the case of each Registered Organization or (y) a Transmitting Utility or a Person which is not a
Transmitting Utility, as the case may be), its jurisdiction of organization, or its organizational identification number (if any) from that listed on Annex A hereto for such 

  
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Pledgor or those that may have been established after the date of this Agreement in accordance with the immediately succeeding sentence of this Section 17. No Pledgor shall change its
legal name, its type of organization, its status as a Registered Organization (in the case of a Registered Organization), its status as a Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction
of organization, or its organizational identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Secured Debt Agreements and so long as same do not involve
(x) a Registered Organization ceasing to constitute same or (y) any Pledgor changing its jurisdiction of organization from the United States or a State thereof to a jurisdiction of organization outside the United States or a State thereof)
if (i) it shall have given to the Pledgee not less than 10 days’ prior written notice of each change to the information listed on Annex A (or such shorter or other notice as is acceptable to the Pledgee) (as adjusted for any
subsequent changes thereto previously made in accordance with this sentence), together with a supplement to Annex A which shall correct the applicable information contained therein for the respective Pledgor, and (ii) in connection with
such respective change or changes, it shall have taken all action reasonably requested by the Pledgee to maintain the security interests of the Pledgee in the Collateral intended to be granted hereby at all times fully perfected and in full force
and effect. In addition, to the extent that any Pledgor does not have an organizational identification number on the date hereof and later obtains one, such Pledgor shall promptly thereafter notify the Pledgee of such organizational identification
number and shall take all actions reasonably satisfactory to the Pledgee to the extent necessary to maintain the security interest of the Pledgee in the Collateral intended to be granted hereby fully perfected and in full force and effect. 

18. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. Prior to the Termination Date, 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:
(i) 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 (except to
the extent that any such modification expressly and directly relates to such Pledgor’s obligations under this Agreement); (ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement
or instrument including, without limitation, this Agreement; (iii) 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; (iv) 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; or (v) any bankruptcy,
insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to any Pledgor or any Subsidiary of any 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. 
 19. TERMINATION;
RELEASE. (a) After the Termination Date, this Agreement and the security interest created hereby shall automatically terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof shall
survive 

  
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any such termination), and the Pledgee, at the request and expense of such Pledgor, will execute and deliver to such Pledgor a proper instrument or instruments (including UCC termination
statements) acknowledging the satisfaction and termination of this Agreement (including, without limitation, UCC termination statements and instruments of satisfaction, discharge and/or reconveyance), and will duly release from the security interest
created hereby and, 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 and as has not theretofore been sold or
otherwise applied or released pursuant to this Agreement, together with any moneys at the time held by the Pledgee or any of its sub-agents hereunder and, with respect to any Collateral consisting of an Uncertificated Security, a Partnership
Interest or a Limited Liability Company Interest (other than an Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), a termination of the
agreement relating thereto executed and delivered by the issuer of such Uncertificated Security pursuant to Section 3.2(a)(ii) or by the respective partnership or limited liability company pursuant to Section 3.2(a)(iv)(2).

 (b) In the event that any part of the Collateral is sold or otherwise disposed of (to a Person other than a Credit Party in accordance
with the Credit Agreement) or any other transaction expressly permitted by the Credit Agreement requires a release of the relevant Collateral (x) at any time prior to the time at which all Credit Document Obligations have been paid in full and
all Commitments and Letters of Credit under the Credit Agreement have been terminated, in connection with a sale or other disposition permitted by Section 10.02 of the Credit Agreement or is otherwise released at the direction of the Required
Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement) or (y) at any time thereafter, to the extent permitted by the other Secured Debt Agreements, and in the case of preceding clauses (x) and (y), the
proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or such other Secured Debt Agreement, as the case may be, to the extent required to be so applied, the Pledgee, at the
request and expense of such Pledgor, will duly release from the security interest created hereby (and will execute and deliver such documentation, including termination or partial release statements and the like in connection therewith) and assign,
transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold or released and as may be in the possession of the Pledgee (or, in the case of
Collateral held by any sub-agent designated pursuant to Section 4 hereto, such sub-agent) and has not theretofore been released pursuant to this Agreement. 

(c) At any time that any Pledgor desires that Collateral be released as provided in the foregoing Section 19(a) or (b), it
shall deliver to the Pledgee (and the relevant sub-agent, if any, designated pursuant to Section 4 hereof) a certificate signed by an authorized officer of such Pledgor stating that the release of the respective Collateral is permitted
pursuant to Section 19(a) or (b) hereof. 
 (d) The Pledgee shall have no liability whatsoever to any other Secured
Creditor as the result of any release of Collateral by it in accordance with (or which the Collateral Agent in good faith believes to be in accordance with) this Section 19. 

  
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 20. NOTICES, ETC. All notices and communications hereunder shall be in writing and sent or
delivered by mail, telecopy or overnight courier service and all such notices and communications shall, when mailed, telecopied or sent by overnight courier, be effective when deposited in the mails, delivered to the overnight courier or sent by
telecopier, except that notices and communications to the Pledgee or any Pledgor shall not be effective until received by the Pledgee or such Pledgor, as the case may be. All such notices and other communications shall be in writing and addressed as
follows: 
 (a) if to any Pledgor, at: 

c/o Town Sports International, LLC 

5 Penn Plaza 
 4th Floor 
 New York, New York 10001 

Attention: Dan Gallagher 

Telephone No.: (212) 246-6700 

Telecopier No.: 
 (b) if to the
Pledgee, at: 
 60 Wall Street 

New York, NY 10005 
 Attn:
MaryKay Coyle 
 Tel: 
 Fax:

 e-mail: 
 (c) if to any
Lender Creditor, at such address as such Lender Creditor shall have specified in the Credit Agreement; 
 (d) if to any Other Creditor, at
such address as such Other Creditor shall have specified in writing to the Borrower and the Pledgee; 
 or at such other address or addressed to such other
individual as shall have been furnished in writing by any Person described above to the party required to give notice hereunder. 
 21.
WAIVER; AMENDMENT. Except as provided in Sections 29 and 31 hereof, none of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever except in accordance with the requirements
specified in Section 10.2 of the Security Agreement. 
 22. MISCELLANEOUS. This Agreement shall and shall be binding upon the parties
hereto and their respective successors and assigns and shall inure to the benefit of and be enforceable by each of the parties hereto and their respective 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 prior written consent of the Required Secured Creditors). All agreements, statements, representations and warranties made by each Pledgor herein or in any certificate
or other instrument delivered by such Pledgor or on its behalf under this Agreement 

  
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shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this Agreement and the other Secured Debt Agreements regardless of any
investigation made by the Secured Creditors or on their behalf. 
 23. HEADINGS DESCRIPTIVE. The headings of the several Sections of this
Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 

24. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT SHALL BE BROUGHT IN THE COURTS OF THE STATE OF
NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, BOROUGH OF MANHATTAN, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PLEDGOR HEREBY IRREVOCABLY ACCEPTS FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH PLEDGOR, AND
AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER SUCH PLEDGOR. EACH PLEDGOR FURTHER
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ANY SUCH PLEDGOR AT ITS ADDRESS FOR NOTICES
AS PROVIDED IN SECTION 20 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN
ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN, HOWEVER, SHALL AFFECT THE RIGHT OF THE PLEDGEE UNDER THIS AGREEMENT, OR ANY SECURED
CREDITOR, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PLEDGOR IN ANY OTHER JURISDICTION. 

(b) EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID
ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY 

  
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FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 25.
PLEDGOR’S DUTIES. It is expressly agreed, anything herein contained to the contrary notwithstanding, that each Pledgor shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the Pledgee
shall not have any obligations or liabilities with respect to any Collateral by reason of or arising out of this Agreement, nor shall the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of any Pledgor
under or with respect to any Collateral. 
 26. COUNTERPARTS. This Agreement may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto
shall be lodged with each Pledgor and the Pledgee. Delivery of an executed counterpart hereof by facsimile or other electronic transmission shall be as effective as delivery of any original executed counterpart hereof. 

27. SEVERABILITY. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating 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. 
 28. RECOURSE. This Agreement is made with full recourse to each Pledgor and pursuant to and upon all the
representations, warranties, covenants and agreements on the part of such Pledgor contained herein and in the other Secured Debt Agreements and otherwise in writing in connection herewith or therewith. 

29. ADDITIONAL PLEDGORS. It is understood and agreed that any Wholly-Owned Domestic Subsidiary of Holdings that is required to execute a
counterpart of this Agreement after the date hereof pursuant to the Credit Agreement or any other Credit Document shall become a Pledgor hereunder by (x) executing a counterpart hereof or a Joinder Agreement and delivering the same to the
Pledgee, (y) delivering supplements to Annexes A through G hereto as are necessary to cause such annexes to be complete and accurate with respect to such additional Pledgor on such date and (z) taking all actions as specified
in this Agreement as would have been taken by such Pledgor had it been an original party to this Agreement, in each case with all documents required above to be delivered to the Pledgee and with all documents and actions required above to be taken
to the reasonable satisfaction of the Pledgee. 

  
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 30. LIMITED OBLIGATIONS. It is the desire and intent of each Pledgor and the Secured Creditors
that this Agreement shall be enforced against each Pledgor to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is sought. Notwithstanding anything to the contrary contained herein, in furtherance of the
foregoing, it is noted that the obligations of each Pledgor constituting a Subsidiary Guarantor have been limited as provided in the Subsidiaries Guaranty. 

31. RELEASE OF PLEDGORS. If at any time all of the Equity Interests of any Pledgor owned by the Borrower or any of its Subsidiaries are sold
to a Person other than a Credit Party in a transaction permitted pursuant to the Credit Agreement (and which does not violate the terms of any other Secured Debt Agreement then in effect), then, such Pledgor shall be released as a Pledgor pursuant
to this Agreement without any further action hereunder (it being understood that the sale of all of the Equity Interests in any Person that owns, directly or indirectly, all of the Equity Interests in any Pledgor shall be deemed to be a sale of all
of the Equity Interests in such Pledgor for purposes of this Section), and the Pledgee is authorized and directed to execute and deliver such instruments of release as are reasonably satisfactory to it. At any time that the Borrower desires that a
Pledgor be released from this Agreement as provided in this Section 31, the Borrower shall deliver to the Pledgee a certificate signed by a principal executive officer of the Borrower stating that the release of such Pledgor is permitted
pursuant to this Section 31. If requested by Pledgee (although the Pledgee shall have no obligation to make any such request), the Borrower shall furnish legal opinions (from counsel reasonably acceptable to the Pledgee) to the effect
set forth in the immediately preceding sentence. The Pledgee shall have no liability whatsoever to any other Secured Creditor as a result of the release of any Pledgor by it in accordance with, or which it believes to be in accordance with, this
Section 31. 
 * * * * 

  
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 IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this Agreement to be executed by
their duly elected officers duly authorized as of the date first above written. 
  

			
	TOWN SPORTS INTERNATIONAL, LLC,
		 	as a Pledgor
		
	By:	 	 /s/ Daniel Gallagher

		 	Name: Daniel Gallagher
		 	Title: Chief Financial Officer
	
	TSI HOLDINGS II, LLC,
		 	as a Pledgor
		
	By:	 	 /s/ Daniel Gallagher

		 	 Name: Daniel Gallagher

		 	 Title: Chief Financial Officer

	
	BFX WEST 65TH STREET, LLC
	BOUTIQUE FITNESS, LLC
	TSI 217 BROADWAY, LLC
	 TSI ALEXANDRIA, LLC
 TSI ALEXANDRIA
WEST, LLC

	TSI ALLSTON, LLC
	TSI ANDOVER, LLC
	TSI ARDMORE, LLC
	TSI ARTHRO-FITNESS SERVICES, LLC
	TSI ASTORIA, LLC
	TSI AVENUE A, LLC
	TSI BACK BAY, LLC
	TSI BATTERY PARK, LLC
	TSI BAY RIDGE 86TH STREET, LLC
	TSI BAYONNE, LLC
	TSI BAYRIDGE, LLC
	TSI BEACON STREET, LLC
	TSI BENSONHURST, LLC
	TSI BETHESDA, LLC
	TSI BOYLSTON, LLC,
		 	each as a Pledgor
		
	By:	 	 /s/ Daniel Gallagher

		 	Name: Daniel Gallagher
		 	Title: Senior Vice President - Chief Financial Officer

  
 Page 26 

 
			
	TSI BROADWAY, LLC
	TSI BROOKLYN BELT, LLC
	TSI BRUNSWICK, LLC
	TSI BULFINCH, LLC
	TSI BUTLER, LLC
	TSI CANTON, LLC
	TSI CARMEL, LLC
	TSI CASH MANAGEMENT, LLC
	TSI CENTRAL SQUARE, LLC
	TSI CHERRY HILL, LLC
	TSI CHEVY CHASE, LLC
	TSI CLARENDON, LLC
	TSI CLARENDON STREET, LLC
	TSI CLIFTON, LLC
	TSI COBBLE HILL, LLC
	TSI COLONIA, LLC
	TSI COLUMBIA HEIGHTS, LLC
	TSI COMMACK, LLC
	TSI CONNECTICUT AVENUE, LLC
	TSI COURT STREET, LLC
	TSI CROTON, LLC
	TSI DANBURY, LLC
	TSI DAVIS SQUARE, LLC
	TSI DEER PARK, LLC
	TSI DOBBS FERRY, LLC
	TSI DORCHESTER, LLC
	TSI DOWNTOWN CROSSING, LLC
	TSI DUPONT CIRCLE, INC.
	TSI DUPONT II, INC.
	TSI EAST 23, LLC
	TSI EAST 31, LLC
	TSI EAST 34, LLC
	TSI EAST 36, LLC
	 TSI EAST 41, LLC
 TSI EAST 48,
LLC

	TSI EAST 51, LLC
	TSI EAST 59, LLC
	TSI EAST 76, LLC
	TSI EAST 86, LLC
	TSI EAST 91, LLC
	TSI EAST BRUNSWICK, LLC,
		 	each as a Pledgor
		
	By:	 	 /s/ Daniel Gallagher

		 	 Name: Daniel Gallagher

		 	 Title: Senior Vice President - Chief Financial Officer

  
 Page 27 

 
			
	TSI EAST MEADOW, LLC
	TSI ENGLEWOOD, LLC
	TSI F STREET, LLC
	TSI FAIRFAX, LLC
	TSI FENWAY, LLC
	TSI FIRST AVENUE, LLC
	TSI FIT ACQUISITION, LLC
	TSI FOREST HILLS, LLC
	TSI FORT LEE, LLC
	TSI FRAMINGHAM, LLC
	TSI FRANKLIN (MA), LLC
	TSI FRANKLIN PARK, LLC
	TSI FREEHOLD, LLC
	TSI GALLERY PLACE, LLC
	TSI GARDEN CITY, LLC
	TSI GARNERVILLE, LLC
	TSI GEORGETOWN, LLC
	TSI GERMANTOWN, LLC
	TSI GLENDALE, LLC
	TSI GLOVER, LLC
	TSI GRAND CENTRAL, LLC
	TSI GREAT NECK, LLC
	TSI GREENPOINT, LLC
	TSI GREENWICH, LLC
	TSI HARTSDALE, LLC
	TSI HAWTHORNE, LLC
	TSI HERALD, LLC
	TSI HICKSVILLE, LLC
	TSI HIGHPOINT, LLC
	TSI HOBOKEN, LLC
	TSI HOBOKEN NORTH, LLC
	TSI HOLDINGS (CIP), LLC
	TSI HOLDINGS (DC), LLC
	TSI HOLDINGS (IP), LLC
	TSI HOLDINGS (MA), LLC
	TSI HOLDINGS (MD), LLC
	TSI HOLDINGS (NJ), LLC
	TSI HOLDINGS (PA), LLC
	TSI HOLDINGS (VA), LLC
	TSI HUNTINGTON, LLC
	TSI INTERNATIONAL, INC. ,
		 	each as a Pledgor
		
	By:	 	 /s/ Daniel Gallagher

		 	 Name: Daniel Gallagher

		 	 Title: Senior Vice President - Chief Financial Officer

  
 Page 28 

 
			
	TSI IRVING PLACE, LLC
	TSI JAMAICA ESTATES, LLC
	TSI JERSEY CITY, LLC
	TSI K STREET, LLC
	TSI LARCHMONT, LLC
	TSI LEXINGTON (MA), LLC
	TSI LINCOLN, LLC
	TSI LIVINGSTON, LLC
	TSI LONG BEACH, LLC
	TSI LYNNFIELD, LLC
	TSI M STREET, LLC
	TSI MAHWAH, LLC
	TSI MAMARONECK, LLC
	TSI MARKET STREET, LLC
	TSI MARLBORO, LLC
	TSI MATAWAN, LLC
	TSI MERCER STREET, LLC
	TSI MIDWOOD, LLC
	TSI MONTCLAIR, LLC
	TSI MORRIS PARK, LLC
	TSI MURRAY HILL, LLC
	TSI NANUET, LLC
	TSI NATICK, LLC
	TSI NEW ROCHELLE, LLC
	TSI NEWARK, LLC
	TSI NEWBURY STREET, LLC
	TSI NEWTON, LLC
	TSI NO SWEAT, LLC
	TSI NORTH BETHESDA, LLC
	TSI NORWALK, LLC
	TSI OCEANSIDE, LLC
	TSI OLD BRIDGE, LLC
	TSI PARSIPPANY, LLC
	TSI PLAINSBORO, LLC
	TSI PORT JEFFERSON, LLC
	 TSI PRINCETON, LLC
 TSI PRINCETON
NORTH, LLC

	 TSI PROVIDENCE DOWNTOWN, LLC
 TSI
PROVIDENCE EASTSIDE, LLC

	TSI RADNOR, LLC
	TSI RAMSEY, LLC,
		 	each as a Pledgor
		
	By:	 	 /s/ Daniel Gallagher

		 	 Name: Daniel Gallagher

		 	 Title: Senior Vice President - Chief Financial Officer

  
 Page 29 

 
			
	TSI READE STREET, LLC
	TSI REGO PARK, LLC
	TSI RIDGEWOOD, LLC
	TSI RODIN PLACE, LLC
	TSI SCARSDALE, LLC
	TSI SEAPORT, LLC
	TSI SHERIDAN, LLC
	TSI SILVER SPRING, LLC
	TSI SMITHTOWN, LLC
	TSI SOCIETY HILL, LLC
	TSI SOHO, LLC
	TSI SOMERS, LLC
	TSI SOMERSET, LLC
	TSI SOUTH BETHESDA, LLC
	TSI SOUTH END, LLC
	TSI SOUTH PARK SLOPE, LLC
	TSI SOUTH STATION, LLC
	TSI SPRINGFIELD, LLC
	TSI STAMFORD DOWNTOWN, LLC
	TSI STAMFORD POST, LLC
	TSI STAMFORD RINKS, LLC
	TSI STATEN ISLAND, LLC
	TSI STERLING, LLC
	TSI SUMMER STREET, LLC
	TSI SUNNYSIDE, LLC
	TSI SYOSSET, LLC
	TSI UNIVERSITY MANAGEMENT, LLC
	TSI VARICK STREET, LLC
	TSI WALL STREET, LLC
	TSI WALTHAM, LLC
	TSI WASHINGTON, INC.
	TSI WATER STREET, LLC
	TSI WATERTOWN, LLC
	TSI WAYLAND, LLC
	TSI WELLESLEY, LLC
	TSI WELLINGTON CIRCLE, LLC
	TSI WEST 14, LLC
	TSI WEST 16, LLC
	TSI WEST 23, LLC,
		 	each as a Pledgor
		
	By:	 	 /s/ Daniel Gallagher

		 	 Name: Daniel Gallagher

		 	 Title: Senior Vice President - Chief Financial Officer

  
 Page 30 

 
			
	TSI WEST 38, LLC
	TSI WEST 41, LLC
	TSI WEST 44, LLC
	TSI WEST 48, LLC
	TSI WEST 52, LLC
	TSI WEST 73, LLC
	TSI WEST 76, LLC
	TSI WEST 80, LLC
	TSI WEST 94, LLC
	TSI WEST 115TH STREET, LLC
	TSI WEST 125, LLC
	TSI WEST 145TH STREET, LLC
	TSI WEST CALDWELL, LLC
	TSI WEST END, LLC
	TSI WEST HARTFORD, LLC
	TSI WEST NEWTON, LLC
	TSI WEST NYACK, LLC
	TSI WEST SPRINGFIELD, LLC
	TSI WESTBOROUGH, LLC
	TSI WESTPORT, LLC
	TSI WESTWOOD, LLC
	TSI WEYMOUTH, LLC
	TSI WHITE PLAINS, LLC
	TSI WHITE PLAINS CITY CENTER, LLC
	TSI WHITESTONE, LLC
	TSI WILLIAMSBURG, LLC
	TSI WOBURN, LLC
	TSI WOODMERE, LLC
		 	each as a Pledgor
		
	By:	 	 /s/ Daniel Gallagher

		 	 Name: Daniel Gallagher

		 	 Title: Senior Vice President - Chief Financial Officer

  
 Page 31 

 Accepted and Agreed to: 
  

					
	DEUTSCHE BANK AG NEW YORK BRANCH,
		 	as Collateral Agent
		
	By:	 	 /s/ Mary Kay Coyle

		 	Name:	 	Mary Kay Coyle
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Kirk L. Tashjian

		 	Name:	 	Kirk L. Tashjian
		 	Title:	 	Vice President

  
 Page 32 

 Table of Contents 

 

					
	 	  	Page	 
		
	 1. SECURITY FOR OBLIGATIONS
	  	 	2	  
		
	 2. DEFINITIONS
	  	 	3	  
		
	 3. PLEDGE OF SECURITIES, ETC
	  	 	7	  
		
	 3.1 Pledge
	  	 	7	  
		
	 3.2 Procedures
	  	 	10	  
		
	 3.3 Subsequently Acquired Collateral
	  	 	11	  
		
	 3.4 Transfer Taxes
	  	 	11	  
		
	 3.5 Definition of Pledged Notes
	  	 	11	  
		
	 3.6 Certain Representations and Warranties Regarding the Collateral
	  	 	12	  
		
	 4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC
	  	 	12	  
		
	 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT
	  	 	12	  
		
	 6. DIVIDENDS AND OTHER DISTRIBUTIONS
	  	 	13	  
		
	 7. REMEDIES IN CASE OF AN EVENT OF DEFAULT
	  	 	13	  
		
	 8. REMEDIES, CUMULATIVE, ETC
	  	 	14	  
		
	 9. APPLICATION OF PROCEEDS
	  	 	15	  
		
	 10. PURCHASERS OF COLLATERAL
	  	 	15	  
		
	 11. INDEMNITY
	  	 	15	  
		
	 12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER
	  	 	16	  
		
	 13. FURTHER ASSURANCES; POWER-OF-ATTORNEY
	  	 	16	  
		
	 14. THE PLEDGEE AS COLLATERAL AGENT
	  	 	17	  
		
	 15. TRANSFER BY THE PLEDGORS
	  	 	17	  
		
	 16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS
	  	 	17	  
		
	 17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF
ORGANIZATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC
	  	 	19	  
		
	 18. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC
	  	 	20	  

  
 (i) 

 Table of Contents 

(continued) 
  

					
	 	  	Page	 
		
	 19. TERMINATION; RELEASE
	  	 	20	  
		
	 20. NOTICES, ETC
	  	 	22	  
		
	 21. WAIVER; AMENDMENT
	  	 	22	  
		
	 22. MISCELLANEOUS
	  	 	22	  
		
	 23. HEADINGS DESCRIPTIVE
	  	 	23	  
		
	 24. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
	  	 	23	  
		
	 25. PLEDGOR’S DUTIES
	  	 	24	  
		
	 26. COUNTERPARTS
	  	 	24	  
		
	 27. SEVERABILITY
	  	 	24	  
		
	 28. RECOURSE
	  	 	24	  
		
	 29. ADDITIONAL PLEDGORS
	  	 	24	  
		
	 30. LIMITED OBLIGATIONS
	  	 	25	  
		
	 31. RELEASE OF PLEDGORS
	  	 	25	  

  

					
	ANNEX A	 	-	 	SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION, JURISDICTION OF ORGANIZATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS
	ANNEX B	 	-	 	SCHEDULE OF SUBSIDIARIES
	ANNEX C	 	-	 	SCHEDULE OF STOCK
	ANNEX D	 	-	 	SCHEDULE OF NOTES
	ANNEX E	 	-	 	SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS
	ANNEX F	 	-	 	SCHEDULE OF PARTNERSHIP INTERESTS
	ANNEX G	 	-	 	SCHEDULE OF CHIEF EXECUTIVE OFFICES
	ANNEX H	 	-	 	FORM OF AGREEMENT REGARDING UNCERTIFICATED SECURITIES, LIMITED LIABILITY COMPANY INTERESTS AND PARTNERSHIP INTERESTS

  
 (ii) 

 ANNEX A 

to 
 PLEDGE AGREEMENT 

SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION 

(AND WHETHER A REGISTERED ORGANIZATION AND/OR 

A TRANSMITTING UTILITY), JURISDICTION OF ORGANIZATION, 

LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS 
  

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 BFX West 65th Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 Boutique Fitness, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 Town Sports International, LLC
	  	Limited Liability Company	  	Yes	  	New York	  	New York	  		  	No
							
	 TSI 217 Broadway, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Alexandria, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Alexandria West, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Allston, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Andover, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Ardmore, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Arthro-Fitness Services, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Astoria, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Avenue A, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Back Bay, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Battery Park, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Bay Ridge 86th Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Bayonne, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Bayridge, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Beacon Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Bensonhurst, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Bethesda, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Boylston, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Broadway, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Brooklyn Belt, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Brunswick, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Bulfinch, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Butler, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Canton, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Carmel, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Cash Management, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Central Square, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Cherry Hill, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Chevy Chase, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Clarendon, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Clarendon Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Clifton, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Cobble Hill, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Colonia, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Columbia Heights, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Commack, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Connecticut Avenue, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Court Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Croton, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Danbury, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Davis Square, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Deer Park, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Dobbs Ferry, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Dorchester, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Downtown Crossing, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Dupont Circle, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Dupont II, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 23, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 31, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 34, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 36, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 41, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 48, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 51, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 59, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 76, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 86, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East 91, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI East Brunswick, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI East Meadow, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Englewood, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI F Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Fairfax, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Fenway, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI First Avenue, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Fit Acquisition, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Forest Hills, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Fort Lee, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Framingham, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Franklin (MA), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Franklin Park, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Freehold, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Gallery Place, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Garden City, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Garnerville, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Georgetown, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Germantown, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Glendale, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Glover, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Grand Central, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Great Neck, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Greenpoint, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Greenwich, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Hartsdale, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Hawthorne, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Herald, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Hicksville, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Highpoint, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Hoboken, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Hoboken North, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Holdings II, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Holdings (CIP), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Holdings (DC), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Holdings (IP), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Holdings (MA), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Holdings (MD), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Holdings (NJ), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Holdings (PA), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Holdings (VA), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Huntington, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI International, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Irving Place, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Jamaica Estates, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Jersey City, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI K Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Larchmont, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Lexington (MA), LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Lincoln, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Livingston, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Long Beach, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Lynnfield, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI M Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Mahwah, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Mamaroneck, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Market Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Marlboro, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Matawan, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Mercer Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Midwood, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Montclair, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Morris Park, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Murray Hill, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Nanuet, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Natick, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI New Rochelle, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Newark, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Newbury Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Newton, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI No Sweat, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI North Bethesda, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Norwalk, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Oceanside, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Old Bridge, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Parsippany, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Plainsboro, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Port Jefferson, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Princeton, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Princeton North, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Providence Downtown, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Providence Eastside, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Radnor, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Ramsey, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Reade Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Rego Park, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Ridgewood, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Rodin Place, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Scarsdale, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Seaport, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Sheridan, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Silver Spring, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Smithtown, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Society Hill, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Soho, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Somers, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Somerset, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI South Bethesda, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI South End, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI South Park Slope, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI South Station, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Springfield, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Stamford Downtown, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Stamford Post, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Stamford Rinks, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Staten Island, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Sterling, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Summer Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Sunnyside, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Syosset, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI University Management, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Varick Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Wall Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Waltham, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Washington, Inc.
	  	Corporation	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Water Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Watertown, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Wayland, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Wellesley, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Wellington Circle, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 14, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 16, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 23, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 38, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI West 41, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 44, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 48, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 52, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 73, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 76, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 80, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 94, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 115th Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 125, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West 145th Street, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI West Caldwell, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West End, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West Hartford, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West Newton, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West Nyack, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI West Springfield, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Westborough, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Westport, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Westwood, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Weymouth, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI White Plains City Center, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI White Plains, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Whitestone, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX A 

to 
 PLEDGE AGREEMENT 

 

													
	 Exact Legal Name of Each Entity
	  	 Type of

Organization
 (or, if the

Entity is an
 Individual,

so indicate)
	  	 Registered
Organization?

(Yes/No)
	  	 Jurisdiction
of
Organization
	  	 Entity’s Location
(for purposes of
NY UCC
§ 9-307)
	  	 Entity’s
Organization
Identification
Number

(or, if none,
so indicate)
	  	 Transmitting
Utility?

(Yes/No)

							
	 TSI Williamsburg, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Woburn, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No
							
	 TSI Woodmere, LLC
	  	Limited Liability Company	  	Yes	  	Delaware	  	Delaware	  		  	No

 ANNEX B 

to 
 PLEDGE AGREEMENT 

SCHEDULE OF SUBSIDIARIES 
  

							
	 Legal Entity Name
	  	 Owner
	  	Percentage of
Ownership	 
			
	 Town Sports International, LLC
	  	TSI Holdings II, LLC	  	 	100	% 
	 Town Sports AG
	  	TSI International, Inc.	  	 	100	% 
	 BFX West 65th Street, LLC
	  	Boutique Fitness, LLC	  	 	100	% 
	 Boutique Fitness, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI 217 Broadway, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Alexandria, LLC
	  	TSI Holdings (VA), LLC	  	 	100	% 
	 TSI Alexandria West, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Allston, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Andover, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Ardmore, LLC
	  	TSI Holdings (PA), LLC	  	 	100	% 
	 TSI Arthro-Fitness Services, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Astoria, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Avenue A, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Back Bay, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Battery Park, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Bay Ridge 86th Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Bayonne, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Bayridge, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Beacon Street, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Bensonhurst, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Bethesda, LLC
	  	TSI Holdings (MD), LLC	  	 	100	% 
	 TSI Boylston, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Broadway, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Brooklyn Belt, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Brunswick, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Bulfinch, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Butler, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Canton, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Carmel, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Cash Management, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Central Square, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Cherry Hill, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 

 ANNEX B 

to 
 PLEDGE AGREEMENT 

 

							
	 TSI Chevy Chase, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Clarendon, LLC
	  	TSI Holdings (VA), LLC	  	 	100	% 
	 TSI Clarendon Street, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Clifton, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Cobble Hill, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Colonia, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Columbia Heights, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Commack, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Connecticut Avenue, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Court Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Croton, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Danbury, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Davis Square, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Deer Park, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Dobbs Ferry, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Dorchester, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Downtown Crossing, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Dupont Circle, Inc.
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Dupont II, Inc.
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI East 23, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 31, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 34, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 36, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 41, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 48, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 51, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 59, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 76, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 86, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East 91, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East Brunswick, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI East Meadow, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Englewood, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI F Street, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Fairfax, LLC
	  	TSI Holdings (VA), LLC	  	 	100	% 
	 TSI Fenway, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI First Avenue, LLC
	  	Town Sports International, LLC	  	 	100	% 

 ANNEX B 

to 
 PLEDGE AGREEMENT 

 

							
	 TSI Fit Acquisition, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Forest Hills, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Fort Lee, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Framingham, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Franklin (MA), LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Franklin Park, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Freehold, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Gallery Place, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Garden City, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Garnerville, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Georgetown, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Germantown, LLC
	  	TSI Holdings (MD), LLC	  	 	100	% 
	 TSI Glendale, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Glover, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Grand Central, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Great Neck, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Greenpoint, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Greenwich, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Hartsdale, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Hawthorne, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Herald, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Hicksville, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Highpoint, LLC
	  	TSI Holdings (PA), LLC	  	 	100	% 
	 TSI Hoboken, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Hoboken North, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Holdings (CIP), LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Holdings (DC), LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Holdings (IP), LLC
	  	Town Sports Insurance, Inc.	  	 	100	% 
	 TSI Holdings (MA), LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Holdings (MD), LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Holdings (NJ), LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Holdings (PA), LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Holdings (VA), LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Huntington, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Insurance, Inc.
	  	Town Sports International, LLC	  	 	100	% 
	 TSI International, Inc.
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Irving Place, LLC
	  	Town Sports International, LLC	  	 	100	% 

 ANNEX B 

to 
 PLEDGE AGREEMENT 

 

							
	 TSI Jamaica Estates, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Jersey City, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI K Street, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Larchmont, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Lexington (MA), LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Lincoln, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Livingston, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Long Beach, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Lynnfield, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI M Street, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Mahwah, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Mamaroneck, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Market Street, LLC
	  	TSI Holdings (PA), LLC	  	 	100	% 
	 TSI Marlboro, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Matawan, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Mercer Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Midwood, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Montclair, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Morris Park, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Murray Hill, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Nanuet, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Natick, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI New Rochelle, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Newark, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Newbury Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Newton, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI No Sweat, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI North Bethesda, LLC
	  	TSI Holdings (MD), LLC	  	 	100	% 
	 TSI Norwalk, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Oceanside, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Old Bridge, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Parsippany, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Plainsboro, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Port Jefferson, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Princeton, LLC
	  	TSI Brunswick, LLC	  	 	100	% 
	 TSI Princeton North, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Providence Downtown, LLC
	  	Town Sports International, LLC	  	 	100	% 

 ANNEX B 

to 
 PLEDGE AGREEMENT 

 

							
	 TSI Providence Eastside, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Radnor, LLC
	  	TSI Holdings (PA), LLC	  	 	100	% 
	 TSI Ramsey, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Reade Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Rego Park, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Ridgewood, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Rodin Place, LLC
	  	TSI Holdings (PA), LLC	  	 	100	% 
	 TSI Scarsdale, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Seaport, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Sheridan, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Silver Spring, LLC
	  	TSI Holdings (MD), LLC	  	 	100	% 
	 TSI Smithtown, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Society Hill, LLC
	  	TSI Holdings (PA), LLC	  	 	100	% 
	 TSI Soho, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Somers, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Somerset, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI South Bethesda, LLC
	  	TSI Holdings (MD), LLC	  	 	100	% 
	 TSI South End, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI South Park Slope, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI South Station, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Springfield, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Stamford Downtown, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Stamford Post, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Stamford Rinks, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Staten Island, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Sterling, LLC
	  	TSI Holdings (VA), LLC	  	 	100	% 
	 TSI Summer Street, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Sunnyside, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Syosset, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI University Management, LLC
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Varick Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Wall Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Waltham, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Washington, Inc.
	  	TSI Holdings (DC), LLC	  	 	100	% 
	 TSI Water Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Watertown, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Wayland, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 

 ANNEX B 

to 
 PLEDGE AGREEMENT 

 

							
	 TSI Wellesley, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Wellington Circle, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI West 14, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 16, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 23, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 38, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 41, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 44, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 48, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 52, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 73, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 76, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 80, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 94, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 115th Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 125, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West 145th Street, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West Caldwell, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI West End, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West Hartford, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West Newton, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West Nyack, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI West Springfield, LLC
	  	TSI Holdings (VA), LLC	  	 	100	% 
	 TSI Westborough, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Westport, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Westwood, LLC
	  	TSI Holdings (NJ), LLC	  	 	100	% 
	 TSI Weymouth, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI White Plains City Center, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI White Plains, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Whitestone, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Williamsburg, LLC
	  	Town Sports International, LLC	  	 	100	% 
	 TSI Woburn, LLC
	  	TSI Holdings (MA), LLC	  	 	100	% 
	 TSI Woodmere, LLC
	  	Town Sports International, LLC	  	 	100	% 

 ANNEX C 

to 
 PLEDGE AGREEMENT 

SCHEDULE OF STOCK 
  

	1.	Town Sports International, LLC 

  

													
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
						
	 TSI Insurance, Inc.
	  	Common	  	100,000	  	2	  	 	100	% 	 	3.2(a)(i)
	 TSI International, Inc.
	  	Common	  	100	  	2	  	 	100	% 	 	3.2(a)(i)

  

	2.	TSI Holdings (DC), LLC 

  

													
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
						
	 TSI Dupont Circle, Inc.
	  	Common	  	100	  	3	  	 	100	% 	 	3.2(a)(i)
	 TSI Dupont II, Inc.
	  	Common	  	100	  	2	  	 	100	% 	 	3.2(a)(i)
	 TSI Washington, Inc.
	  	Common	  	100	  	3	  	 	100	% 	 	3.2(a)(i)

  

	3.	TSI International, Inc. 

  

													
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
						
	 Town Sports AG
	  	Common	  	1298	  	7	  	 	65	% 	 	3.2(a)(i)

 ANNEX D 

to 
 PLEDGE AGREEMENT 

SCHEDULE OF NOTES 
 None. 

 ANNEX E 

to 
 PLEDGE AGREEMENT 

SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS 
  

	1.	TSI Holdings II, LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	Type of Interest	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 Town Sports International, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

  

	2.	Town Sports International, LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	Type of Interest	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 Boutique Fitness, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI 217 Broadway, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Alexandria West, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Allston, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Arthro-Fitness Services, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Astoria, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Avenue A, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Battery Park, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Bay Ridge 86th Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Bayridge, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Bensonhurst, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Boylston, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

									
	 Name of Issuing Limited Liability Company
	  	Type of Interest	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 TSI Broadway, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Brooklyn Belt, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Brunswick, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Bulfinch, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Carmel, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Cash Management, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Central Square, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Cobble Hill, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Commack, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Court Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Croton, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Danbury, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Deer Park, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Dobbs Ferry, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Downtown Crossing, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 23, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 31, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 34, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 36, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 41, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 48, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

									
	 Name of Issuing Limited Liability Company
	  	Type of Interest	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 TSI East 51, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 59, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 76, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 86, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East 91, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East Brunswick, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI East Meadow, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Fenway, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI First Avenue, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Forest Hills, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Garden City, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Garnerville, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Glendale, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Grand Central, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Great Neck, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Greenpoint, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Greenwich, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Hartsdale, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Hawthorne, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Herald, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

									
	 Name of Issuing Limited Liability Company
	  	Type of Interest	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 TSI Hicksville, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Holdings (CIP), LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Holdings (DC), LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Holdings (MA), LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Holdings (MD), LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Holdings (NJ), LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Holdings (PA), LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Holdings (VA), LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Huntington, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Irving Place, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Jamaica Estates, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Larchmont, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Lincoln, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Long Beach, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Mamaroneck, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Mercer Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Midwood, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Morris Park, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Murray Hill, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Nanuet, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Natick, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

									
	 Name of Issuing Limited Liability Company
	  	Type of Interest	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 TSI New Rochelle, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Newbury Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Norwalk, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Oceanside, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Port Jefferson, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Providence Downtown, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Providence Eastside, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Reade Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Rego Park, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Scarsdale, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Seaport, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Sheridan, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Smithtown, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Soho, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Somers, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI South Park Slope, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Stamford Downtown, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Stamford Post, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Stamford Rinks, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Staten Island, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

									
	 Name of Issuing Limited Liability Company
	  	Type of Interest	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 TSI Sunnyside, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Syosset, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Varick Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Wall Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Water Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 14, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 16, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 23, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 38, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 41, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 44, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 48, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 52, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 73, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 76, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 80, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 94, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 115th Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 125, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West 145th Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West End, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 TSI West Hartford, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West Newton, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West Nyack, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Westborough, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Westport, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Weymouth, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI White Plains City Center, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI White Plains, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Whitestone, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Williamsburg, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Woodmere, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

  

	3.	TSI Holdings (MD), LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 TSI Bethesda, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Germantown, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI North Bethesda, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Silver Spring, LLC

TSI South Bethesda, LLC
	  	 Limited Liability Company
 Limited Liability
Company
	  	 
  
	100
 100
	% 
 % 
	 	3.2(a)(ii)
 3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

	4.	TSI Holdings (VA), LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 TSI Alexandria, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Clarendon, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Fairfax, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Sterling, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West Springfield, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

  

	5.	TSI Holdings (PA), LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 TSI Ardmore, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Highpoint, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Market Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Radnor, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Rodin Place, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Society Hill, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

	6.	TSI Holdings (NJ), LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 TSI Bayonne, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Butler, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Cherry Hill, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Clifton, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Colonia, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Englewood, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Fort Lee, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Franklin Park, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Freehold, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Hoboken, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Hoboken North, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Jersey City, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Livingston, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Mahwah, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Marlboro, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Matawan, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Montclair, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Newark, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI No Sweat, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Old Bridge, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 TSI Parsippany, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Plainsboro, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Princeton North LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Ramsey, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Ridgewood, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Somerset, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Springfield, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI West Caldwell, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Westwood, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

  

	7.	TSI Holdings (MA), LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 TSI Andover, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Back Bay, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Beacon Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Canton, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Clarendon Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Davis Square, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Dorchester, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

									
	 TSI Fit Acquisition, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Framingham, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Franklin (MA), LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Lexington (MA), LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Lynnfield, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Newton, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI South End, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI South Station, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Summer Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Waltham, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Watertown, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Wayland, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Wellesley, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Wellington Circle, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Woburn, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

  

	8.	TSI Brunswick, LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 TSI Princeton, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

  

	9.	Boutique Fitness, LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 BFX West 65th Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX E 

to 
 PLEDGE AGREEMENT 

 

	10.	TSI Holdings (DC), LLC 

  

									
	 Name of Issuing Limited Liability Company
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 TSI Chevy Chase, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Columbia Heights, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Connecticut Avenue, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI F Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Gallery Place, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Georgetown, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI Glover, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI K Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI M Street, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)
	 TSI University Management, LLC
	  	Limited Liability Company	  	 	100	% 	 	3.2(a)(ii)

 ANNEX F 

to 
 PLEDGE AGREEMENT 

SCHEDULE OF PARTNERSHIP INTERESTS 
  

	1.	TSI Dupont, Inc. 

  

									
	 Name of Issuing Partnership
	  	 Type of Interest
	  	Percentage
Owned1	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 Kalorama Sports Management Associates
	  	Partnership Interest	  	 	45	% 	 	3.2(a)(ii)

  

	2.	TSI Washington, Inc. 

  

									
	 Name of Issuing Partnership
	  	 Type of Interest
	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
				
	 Capitol Hill Squash Club Associates
	  	Limited Partnership Interest	  	 	20	% 	 	3.2(a)(ii)

  

	1 	Percentage is reflective of the estimated profit sharing percentage related to these Limited Partnership Investments. 

 ANNEX G 

to 
 PLEDGE AGREEMENT 

SCHEDULE OF CHIEF EXECUTIVE OFFICES 
  

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Holdings II, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	Town Sports International, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	BFX West 65th Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	Boutique Fitness, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI 217 Broadway, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Alexandria, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Alexandria West, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Allston, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Andover, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Ardmore, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Arthro-Fitness Services, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Astoria, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Avenue A, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Back Bay, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Battery Park, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Bay Ridge 86th Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Bayonne, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Bayridge, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Beacon Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Bensonhurst, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Bethesda, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Boylston, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Broadway, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Brooklyn Belt, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Brunswick, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Bulfinch, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Butler, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Canton, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Carmel, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Cash Management, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Central Square, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Cherry Hill, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Chevy Chase, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Clarendon, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Clarendon Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Clifton, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Cobble Hill, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Colonia, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Columbia Heights, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Commack, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Connecticut Avenue, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Court Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Croton, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Danbury, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Davis Square, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Deer Park, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Dobbs Ferry, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Dorchester, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Downtown Crossing, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Dupont Circle, Inc.	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Dupont II, Inc.	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East Brunswick, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI East Meadow, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 23, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 31, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 34, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 36, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 41, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 48, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 51, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 59, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 76, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 86, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI East 91, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Englewood, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI F Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Fairfax, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Fenway, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI First Avenue, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Fit Acquisition, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Forest Hills, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Fort Lee, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Framingham, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Franklin (MA), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Franklin Park, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Freehold, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Gallery Place, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Garden City, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Garnerville, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Georgetown, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Germantown, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Glendale, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Glover, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Grand Central, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Great Neck, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Greenpoint, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Greenwich, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Hartsdale, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Hawthorne, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Herald, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Hicksville, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Highpoint, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Hoboken, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Hoboken North, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Holdings (CIP), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Holdings (DC), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Holdings (IP), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Holdings (MA), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Holdings (MD), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Holdings (NJ), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Holdings (PA), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Holdings (VA), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Huntington, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI International, Inc.	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Irving Place, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Jamaica Estates, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Jersey City, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI K Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Larchmont, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Lexington (MA), LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Lincoln, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Livingston, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Long Beach, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Lynnfield, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI M Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Mahwah, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Mamaroneck, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Market Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Marlboro, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Matawan, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Mercer Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Midwood, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Montclair, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Morris Park, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Murray Hill, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Nanuet, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Natick, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI New Rochelle, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Newark, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Newbury Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Newton, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI No Sweat, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI North Bethesda, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Norwalk, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Oceanside, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Old Bridge, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Parsippany, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Plainsboro, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Port Jefferson, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Princeton, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Princeton North, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Providence Downtown, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Providence Eastside, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Radnor, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Ramsey, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Reade Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Rego Park, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Ridgewood, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Rodin Place, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Scarsdale, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Seaport, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Sheridan, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Silver Spring, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Smithtown, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Society Hill, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Soho, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Somers, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Somerset, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI South Bethesda, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI South End, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI South Park Slope, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI South Station, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Springfield, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Stamford Downtown, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Stamford Post, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Stamford Rinks, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Staten Island, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Sterling, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Summer Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Sunnyside, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Syosset, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI University Management, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Varick Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Wall Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Waltham, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Washington, Inc.	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Water Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Watertown, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Wayland, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Wellesley, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Wellington Circle, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West Caldwell, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West Hartford, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West Newton, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West Nyack, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West Springfield, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 14, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 16, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 23, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 38, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 41, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 44, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI West 48, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 52, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 73, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 76, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 80, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 94, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 115th Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 125, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West 145th Street, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI West End, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Westborough, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Westport, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Westwood, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Weymouth, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI White Plains City Center, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI White Plains, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Whitestone, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX G 

to 
 PLEDGE AGREEMENT 

 

			
	 Name of Pledgor
	  	 Address(es) of Chief Executive Office

		
	TSI Williamsburg, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Woburn, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

	TSI Woodmere, LLC	  	 5 Penn Plaza, 4th Floor
 New York, NY
10001

 ANNEX H 

to 
 PLEDGE AGREEMENT

 Form of Agreement Regarding Uncertificated Securities, Limited Liability 

Company Interests and Partnership Interests 

AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”), dated as of
                    , among the undersigned pledgor (the “Pledgor”), Deutsche Bank AG New York Branch, not in its individual
capacity but solely as Collateral Agent (the “Pledgee”), and                     , as the issuer of the [Uncertificated Securities]
[Limited Liability Company Interests] [Partnership Interests] (defined below) (the “Issuer”). 
 W I T
N E S S E T H : 
 WHEREAS, the Pledgor, certain of its affiliates and the Pledgee have
entered into a Pledge Agreement, dated as of November 15, 2013 (as amended, modified, restated and/or supplemented from time to time, the “Pledge Agreement”), under which, among other things, in order to secure the payment of
the Obligations (as defined in the Pledge Agreement), the Pledgor has or will pledge to the Pledgee for the benefit of the Secured Creditors (as defined in the Pledge Agreement), and grant a security interest in favor of the Pledgee for the benefit
of the Secured Creditors in, all of the right, title and interest of the Pledgor in and to any and [all “uncertificated securities” (as defined in Section 8-102(a)(18) of the Uniform Commercial Code, as adopted in the State of New
York) (“Uncertificated Securities”)] [Partnership Interests (as defined in the Pledge Agreement)] [Limited Liability Company Interests (as defined in the Pledge Agreement)] issued from time to time by the Issuer, whether now
existing or hereafter from time to time acquired by the Pledgor (with all of such [Uncertificated Securities] [Partnership Interests] [Limited Liability Company Interests] being herein collectively called the “Issuer Pledged
Interests”); and 
 WHEREAS, the Pledgor desires the Issuer to enter into this Agreement in order to protect and perfect the
security interest of the Pledgee under the Pledge Agreement in the Issuer Pledged Interests, to vest in the Pledgee control of the Issuer Pledged Interests and to provide for the rights of the parties under this Agreement; 

NOW THEREFORE, in consideration of the premises and the mutual promises and agreements contained herein, and for other valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. The Pledgor hereby
irrevocably authorizes and directs the Issuer, and the Issuer hereby agrees, to comply with any and all instructions and orders originated by the Pledgee (and its permitted successors and assigns) regarding any and all of the Issuer Pledged
Interests without the further consent by the registered owner (including the Pledgor), and, after receiving a notice from the Pledgee stating that an “Event of Default” has occurred and is 

  
 (i) 

 
continuing, not to comply with any instructions or orders regarding any or all of the Issuer Pledged Interests originated by any person or entity other than the Pledgee (and its permitted
successors and assigns) or a court of competent jurisdiction. 
 2. The Issuer hereby certifies that (i) no notice of any security
interest, lien or other encumbrance or claim affecting the Issuer Pledged Interests (other than the security interest of the Pledgee) has been received by it, and (ii) the security interest of the Pledgee in the Issuer Pledged Interests has
been registered in the books and records of the Issuer. 
 3. The Issuer hereby represents and warrants that (i) the pledge by the
Pledgor of, and the granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Pledgee, for the benefit of the Secured Creditors, does not violate the charter, by-laws, partnership agreement, membership agreement or any
other agreement governing the Issuer or the Issuer Pledged Interests, and (ii) the Issuer Pledged Interests fully paid and nonassessable. 

4. All notices, statements of accounts, reports, prospectuses, financial statements and other communications to be sent to the Pledgor by the
Issuer in respect of the Issuer will also be sent to the Pledgee at the following address: 
 60 Wall Street 

New York, NY 10005 
 Attn:
MaryKay Coyle 
 Tel: 
 Fax:

 e-mail: 
 5. Until the
Pledgee shall have delivered written notice to the Issuer that all of the Obligations have been paid in full (other than contingent indemnification obligations which are not then due and payable) and this Agreement is terminated, the Issuer will,
upon receiving notice from the Pledgee stating that an “Event of Default” has occurred and is continuing, send any and all redemptions, distributions, interest or other payments in respect of the Issuer Pledged Interests from the Issuer
for the account of the Pledgor only by wire transfers to such account as the Pledgee shall instruct. 

  
 (ii) 

 6. Except as expressly provided otherwise in Sections 4 and 5 above, all notices, instructions,
orders and communications hereunder shall be sent or delivered by mail, telegraph, telex, telecopy, cable or overnight courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by
overnight courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Pledgee, the
Pledgor or the Issuer shall not be effective until received by the Pledgee, the Pledgor or the Issuer, as the case may be. All notices and other communications shall be in writing and addressed as follows: 

 

									
	(a)	  	if to the Pledgor, at:	  		  	
				
		  	  
	  		  	
		  	  
	  		  	
		  	  
	  		  	
		  	  
	  		  	
		  	Attention:	  	  
	  		  	
		  	Telephone No.:	  		  	
		  	 Telecopier No.:
  
	  		  	
	(b)	  	if to the Pledgee, at:	  		  	
		  	  
 60 Wall Street
	  		  	
		  	New York, NY 10005	  		  	
		  	Attn: MaryKay Coyle	  		  	
		  	Tel:	  		  	
		  	Fax:	  		  	
		  	 e-mail:
  
	  		  	
	(c)	  	if to the Issuer, at:	  		  	
			
		  	  
	  	
		  	  
	  	
		  	  
	  	

 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. As used in this Section 6, “Business Day” means any day other than a Saturday, Sunday, or other day in which banks in New York are authorized to remain closed. 

7. This Agreement shall be binding upon the successors and assigns of the Pledgor and the Issuer and shall inure to the benefit of and be
enforceable by the Pledgee and its successors and assigns. 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. Delivery of an executed counterpart hereof
by facsimile or other electronic transmission shall be as effective as delivery of any original executed counterpart hereof. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed
to be severable from the other provisions of this Agreement which shall remain binding on all parties hereto. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in the manner whatsoever except in writing
signed by the Pledgee, the Issuer and the Pledgor. 
 8. This Agreement shall be governed by and construed in accordance with the laws of
the State of New York. 

  
 (iii) 

 IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have caused this Agreement to be
executed by their duly elected officers duly authorized as of the date first above written. 
  

					
	[                                    
     ],
		 	as Pledgor
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	DEUTSCHE BANK AG NEW YORK BRANCH,
		 	not in its individual capacity but solely as Collateral Agent and Pledgee
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	[                                    
    ],
		 	as Issuer
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

  
 (iv)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]