Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 3 
 to

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

This Amendment No. 3 to Third Amended and Restated Credit Agreement (the “Amendment”) is dated as of May 30, 2014
and is between Life Time Fitness, Inc., a Minnesota corporation (“Company”), certain of its subsidiaries, U.S. Bank National Association, a national banking association, as administrative agent (“Agent”), and the
below-defined “Lenders”. 
 Company, Agent, and the financial institutions party hereto as “Lenders”
(“Lenders”) are parties to the Third Amended and Restated Credit Agreement dated as of June 30, 2011 (as has been amended and as the same may be amended, restated, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”). Each capitalized term in this Amendment that this Amendment does not define has the meaning the Credit Agreement gives it. 

Company has requested certain amendments to the Credit Agreement and Agent and Lenders have agreed to amend the Credit Agreement pursuant to
this Amendment. 
 Therefore, Company, Agent, the Loan Parties party hereto, and the Lenders agree as follows: 

1. Effect of Amendment; Loan Document Affirmation; Conditions to Effectiveness.  

a. This Amendment amends the Credit Agreement. To the extent the Credit Agreement or any other Loan Document and this Amendment conflict
or are inconsistent, this Amendment controls. Except to the extent this Amendment expressly does so, this Amendment does not, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect Agent’s or the Lenders’
rights and remedies under the Credit Agreement or any other Loan Document, and does not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants, or agreements in the Credit Agreement or any other Loan Document,
all of which Company and each other Loan Party ratifies and affirms in all respects, and all of which shall continue in full force and effect. Each reference in the Credit Agreement and the other Loan Documents to the Credit Agreement or such other
Loan Document refers to the applicable agreement, document or instrument as amended or otherwise modified or affirmed hereby. Each Subsidiary of the Company party hereto agrees and confirms that it is a Guarantor Subsidiary and a Grantor under those
all-asset security agreements constituting Collateral Documents to which Guarantor Subsidiaries are required to be parties. Each Loan Party, by its execution hereof, affirms the terms and conditions of each Loan Document to which it is a party
(including, without limitation, all Liens granted by it to the Agent and all guarantees made by it in favor of the Agent), and acknowledges and agrees that each such Loan Document remains in full force and effect and fully enforceable in accordance
with its terms, subject only to limitations on enforceability that result from bankruptcy, insolvency, moratorium, and other similar laws affecting creditors’ rights generally and subject to limitations on the availability of equitable
remedies. 
 b. This Amendment shall become effective as of May 30, 2014, subject to satisfaction of the following conditions
precedent: 

  
 1 

 1. the Agent shall have received counterparts of this Amendment duly executed by
the Company, the Guarantor Subsidiaries, the Lenders required to execute and deliver this Amendment in order to give effect hereto, and the Agent; 

2. the Agent shall have received the agreements, documents and instruments referenced in Exhibit C hereto, each in form and
substance acceptable to Agent; and 
 3. the Agent shall have received all fees and amounts due and payable on or prior to
May 30, 2014, including, (x) to the Agent, for the benefit of each Lender that executes and delivers its signature page hereto by 3:00 p.m. Chicago time on May 29, 2014 (with delivery being determined by the Agent in its sole
discretion), a fee for each such approving Lender (including Persons becoming Lenders pursuant to this Amendment) as agreed to by the Company and the Agent, and (y) to the extent invoiced, reimbursement or payment of all reasonable
out-of-pocket expenses required to be reimbursed or paid by the Company. 
 2. Amendments. The Credit Agreement is hereby amended, as
of May 30, 2014, as follows: 
 a. The Credit Agreement is amended pursuant to Exhibit A hereto. 

b. Schedules 1.1.a, 1.1.b, 1.1.d, 1.1.e, 1.1.f, 4.7, 4.8, 4.13, 4.18, 4.21, 6.10, 6.11, 6.12, 6.13, 6.18 to the Credit
Agreement are hereby amended pursuant to Exhibit B hereto. 
 3. Representations and Warranties. To induce Agent and Lenders to enter
into this Amendment, each of Company and each other Loan Party represents and warrants to Agent and Lenders as follows: 

a. The signing, delivery, and performance by such Person of this Amendment have been duly authorized by all necessary
organizational action, do not require any approval or consent of, or any registration, qualification or filing with, any government agency or authority or any approval or consent of any other person (including, without limitation, any equityholder)
that has not been obtained, do not and will not conflict with, result in any violation of, or constitute a default under, any provision of such Person’s organizational documents, any material agreement that binds or applies to such Person or
any of its assets, or any law or governmental regulation or court decree or order that binds or applies to such Person or any of its assets, and will not result in the creation or imposition of any security interest or other lien or encumbrance in
or on any of its assets under any agreement that applies to such Person or any of its assets, except under the Credit Agreement and the other Loan Documents. 

b. No events have occurred and no circumstances exist on the date of this Amendment or immediately before and after
giving effect to this Amendment that would give any Loan Party the right to assert a defense, offset, or counterclaim to any claim by Agent or any Lender for the payment of the Obligations or Secured Obligations that now exist or that arise in the
future under the Credit Agreement or any other Loan Document. 

  
 2 

 c. The Credit Agreement, as amended by this Amendment, and each other Loan
Document to which each Loan Party is a party remains in full force and effect and is the legal, valid, and binding obligation of such Loan Party and is enforceable in accordance with its terms, subject only to limitations on enforceability that
result from bankruptcy, insolvency, moratorium, and other similar laws affecting creditors’ rights generally and subject to limitations on the availability of equitable remedies. 

d. No Default or Event of Default exists on the date of this Amendment or immediately before and after giving effect to
this Amendment. 
 4. Costs and Expenses. Company shall reimburse Agent for all reasonable out-of-pocket costs and expenses Agent pays
or incurs in connection with negotiating, preparing, signing, and delivering this Amendment, including the fees and expenses of Sidley Austin LLP, as counsel to Agent. 

5. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES THAT APPLY TO NATIONAL BANKS. 

6. Captions. The captions and headings to this Amendment are for convenience only and in no way define, limit, or describe the scope or
intent of any provision of this Amendment. 
 7. Counterparts. This Amendment may be signed and delivered in any number of separate
counterparts, all of which taken together shall constitute one and the same agreement. The delivery of a copy of signed counterpart of a signature page to this Amendment by email or fax has the same binding effect as the delivery of an original
signed by hand in ink on paper. 
 8. Titles. JPMorgan Chase Bank, N.A. and RBC Capital Markets1 shall constitute Co-Syndication Agents for the Amendment and the Credit Agreement. Bank of America, N.A., BMO Harris Bank National Association, Compass Bank, Union Bank, N.A., and RBS Citizens, N.A.
shall constitute Co-Documentation Agents for the Amendment and the Credit Agreement. Bank of the West shall constitute a Managing Agent for the Amendment and the Credit Agreement. Each of U.S. Bank National Association, J.P. Morgan Securities LLC,
and RBC Capital Markets shall constitute a Joint Lead Arranger and Joint Bookrunner for the Amendment and the Credit Agreement. No Co-Syndication Agent, Co-Documentation Agent, Managing Agent, Joint Lead Arranger or Joint Bookrunner shall have any
right, power, duty, obligation, liability, or responsibility under this Amendment or the Credit Agreement other than, with respect to those Persons that are Lenders, those applicable to all Lenders as such. 

9. CUSIP Numbers. The following are CUSIP Numbers for the facilities evidenced by the Credit Agreement: USD Tranche Commitments —
53217XAB1; Multicurrency Tranche Commitments — 53217XAC9; and Term Loan Commitments — 53217XAD7. 
  

	1 	RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its affiliates. 

  
 3 

 10. Departing Lender. Hua Nan Commercial Bank, Ltd. New York Agency shall not be a Lender
party to the Credit Agreement upon the effectiveness of this Amendment (a “Departing Lender”). Concurrent with the effectiveness of this Amendment, the loans and other extensions of credit of the Departing Lender under the Credit
Agreement shall be repaid in full (accompanied by any accrued and unpaid interest and fees thereon), such Departing Lender’s commitments under the Credit Agreement shall be terminated and such Departing Lender shall not be a Lender under the
Credit Agreement or the agreements, documents and instruments delivered together therewith. 
 Signature Pages Follow 

  
 4 

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

			
	LIFE TIME FITNESS, INC.
	LTF CLUB OPERATIONS COMPANY, INC.
	LTF MANAGEMENT SERVICES, LLC
	LTF OPERATIONS HOLDINGS, INC.
	LTF REAL ESTATE HOLDINGS, LLC
	LTF REAL ESTATE COMPANY, INC.
	LTF REAL ESTATE VOYAGER III (BLOOMINGTON), LLC
	LTF CONSTRUCTION COMPANY, LLC
	LTF TRIATHLON SERIES, LLC
	CREATIVE & PRODUCTION RESOURCES, INC.
	LEADVILLE TRAIL 100 INC.
	LTF YOGA COMPANY, LLC
	LTF CLUB MANAGEMENT COMPANY, LLC
	LTF RESTAURANT COMPANY, LLC
	LTF LEASE COMPANY, LLC
	CEO CHALLENGE, LLC
	THE RED ROCK COMPANY, INC.
	CHEQUAMEGON FAT TIRE FESTIVAL, INC.
	CHRONOTRACK SYSTEMS CORP.
	LTF ARCHITECTURE, LLC
	LTF GROUND LEASE COMPANY, LLC
		
	By:	 	 /s/ Eric Buss

	Name: Eric Buss
	Title: Interim Chief Financial Officer
	
	LTF MINNETONKA RESTAURANT COMPANY, LLC
		
	By:	 	 /s/ Eric Buss

	Name: Eric Buss
	Title: Chief Executive Officer

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	U.S. Bank National Association, individually and as Agent
		
	By:	 	 /s/ Mila Yakovlev

	Name: Mila Yakovlev
	Title: Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	JPMorgan Chase Bank, N.A.
		
	By:	 	 /s/ Olivier Lopez

	Name: Olivier Lopez
	Title: Associate

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Royal Bank of Canada
		
	By:	 	 /s/ Simone G. Vinocour McKeever

	Name: Simone G. Vinocour McKeever
	Title: Authorized Signatory

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Bank of America, N.A.
		
	By:	 	 /s/ A. Quinn Richardson

	Name: A. Quinn Richardson
	Title: Senior Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	BMO Harris Bank National Association
		
	By:	 	 /s/ Barbara Nieland

	Name: Barbara Nieland
	Title: SVP

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Compass Bank
		
	By:	 	 /s/ Jay S. Tweed

	Name: Jay S. Tweed
	Title: Senior Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Union Bank, N.A.
		
	By:	 	 /s/ Thomas Lass

	Name: Thomas Lass
	Title: Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	RBS Citizens, N.A.
		
	By:	 	 /s/ Jeffrey P. Huenig

	Name: Jeffrey P. Huenig
	Title: Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Bank of the West
		
	By:	 	 /s/ Ole Koppang

	Name:	 	Ole Koppang
	Title:	 	Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Fifth Third Bank
		
	By:	 	 /s/ Gary S. Losey

	Name:	 	Gary S. Losey
	Title:	 	VP – Corporate Banking

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	First Tennessee Bank National Association
		
	By:	 	 /s/ Bob Nieman

	Name:	 	Bob Nieman
	Title:	 	Senior Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Associated Bank, National Association
		
	By:	 	 /s/ Aaron Allar

	Name:	 	Aaron Allar
	Title:	 	Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Branch Banking and Trust Company
		
	By:	 	 /s/ Kurt W. Anstaett

	Name:	 	Kurt W. Anstaett
	Title:	 	Senior Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Bank of Texas
		
	By:	 	 /s/ Mattson H. Uihlein

	Name:	 	Mattson H. Uihlein
	Title:	 	Banking Officer

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Bank of Taiwan, New York Branch
		
	By:	 	 /s/ Kevin H. Hsieh

	Name:	 	Kevin H. Hsieh
	Title:	 	VP & General Manager

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Mega International Commercial Bank Co., Ltd. Silicon Valley Branch
		
	By:	 	 /s/ Nian Tzy Yeh

	Name:	 	Nian Tzy Yeh
	Title:	 	VP & General Manager

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Chang Hwa Commercial Bank Ltd.
		
	By:	 	 /s/ Kang Yang

	Name:	 	Kang Yang
	Title:	 	Vice President & General Manager

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Manufacturers Bank
		
	By:	 	 /s/ Charles C. Jou

	Name:	 	Charles C. Jou
	Title:	 	Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Northern Trust Bank
		
	By:	 	 /s/ Steven W. Ryan

	Name:	 	Steven W. Ryan
	Title:	 	Senior Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	First Midwest Bank
		
	By:	 	 /s/ Michael Trunck

	Name:	 	Michael Trunck
	Title:	 	Senior Vice President

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	Taiwan Cooperative Bank
		
	By:	 	 /s/ Li-Hua Huang

	Name:	 	Li-Hua Huang
	Title:	 	VP & General Manager

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 
			
	The undersigned acknowledges and agrees that it
constitutes a “Departing Lender” pursuant to
Amendment No. 3 to the Life Time Fitness Credit
Agreement. As a result, it is no longer a party to
the
Credit Agreement or any of the agreements,
documents or instruments executed in connection
therewith.
	
	Hua Nan Commercial Bank, Ltd. New York Agency, as a Departing Lender
		
	By:	 	 /s/ Sophia Lin

	Name:	 	Shu-Fei (Sophia) Lin
	Title:	 	Vice President & General Manager

  
 Life Time Fitness
Signature Page to 
 Amendment No. 3 

 EXHIBIT A 

TO 
 AMENDMENT NO. 3

 Credit Agreement as amended 

Attached 

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

among 
 LIFE TIME
FITNESS, INC. 
 Certain designated subsidiaries Life Time Fitness, Inc., 

Various Financial Institutions 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Administrative Agent, Left Lead 

Bookrunner, and Left Lead Arranger 

and 
 J.P. MORGAN
SECURITIES LLC, 
 and 

RBC CAPITAL MARKETS, 
 as
Joint Bookrunners 
 and Joint Lead Arrangers 

and 
 RBC CAPITAL
MARKETS, 
 and 

JPMORGAN CHASE BANK, N.A. 

as Syndication Agents 

and 
 BANK OF AMERICA,
N.A. 
 As Documentation Agent 

Dated as of June 30, 2011 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
			
	 1.1.
	 	Defined Terms	  	 	1	  
	 1.2.
	 	Accounting Terms and Calculations	  	 	33	  
	 1.3.
	 	Computation of Time Periods	  	 	34	  
	 1.4.
	 	Other Definitional Terms	  	 	34	  
		
	 ARTICLE II TERMS OF THE CREDIT FACILITIES
	  	 	34	  
			
	 2.1.
	 	Lending Commitments	  	 	34	  
	 2.2.
	 	Determination of U.S. Dollar Amounts; Required Payments; Termination	  	 	35	  
	 2.3.
	 	Method of Selecting Types and Interest Periods for New Advances	  	 	35	  
	 2.4.
	 	Ratable Loans; Types of Advances	  	 	36	  
	 2.5.
	 	Noteless Agreement; Evidence of Indebtedness	  	 	37	  
	 2.6.
	 	Conversions and Continuations	  	 	37	  
	 2.7.
	 	Interest Rates, Interest Payments, and Default Interest	  	 	38	  
	 2.8.
	 	Repayment and Mandatory Prepayment	  	 	39	  
	 2.9.
	 	Reductions in Aggregate Commitment; Optional Prepayments	  	 	39	  
	 2.10.
	 	Letter of Credit Commitment	  	 	40	  
	 2.11.
	 	Procedures for Facility LCs	  	 	41	  
	 2.12.
	 	Terms of Facility LCs	  	 	41	  
	 2.13.
	 	Agreement to Repay Facility LC Drawings	  	 	42	  
	 2.14.
	 	Obligations Absolute	  	 	43	  
	 2.15.
	 	Actions of LC Issuer	  	 	44	  
	 2.16.
	 	Indemnification by Company	  	 	44	  
	 2.17.
	 	Indemnification by Lenders	  	 	45	  
	 2.18.
	 	Swingline Loan Commitment	  	 	45	  
	 2.19.
	 	Fees	  	 	47	  
	 2.20.
	 	Commitment Fee	  	 	48	  
	 2.21.
	 	LC Fees	  	 	48	  
	 2.22.
	 	Computation	  	 	48	  
	 2.23.
	 	Method of Payment	  	 	48	  
	 2.24.
	 	Use of Loan Proceeds	  	 	49	  
	 2.25.
	 	Lending Installations; Mitigation Obligation	  	 	49	  
	 2.26.
	 	Interest Rate Not Ascertainable, Etc.	  	 	49	  
	 2.27.
	 	Yield Protection	  	 	50	  
	 2.28.
	 	Illegality	  	 	51	  
	 2.29.
	 	Changes in Capital Adequacy Regulations	  	 	51	  
	 2.30.
	 	Funding Losses; Eurocurrency Advances	  	 	52	  
	 2.31.
	 	Discretion of Lender as to Manner of Funding	  	 	52	  
	 2.32.
	 	Taxes	  	 	52	  
	 2.33.
	 	Defaulting Lenders	  	 	56	  

							
	 2.34.
	 	Market	  	 	58	  
	 2.35.
	 	Replacement of Lender	  	 	59	  
	 2.36.
	 	Increase Option	  	 	59	  
	 2.37.
	 	Borrowing Subsidiaries	  	 	60	  
	 2.38.
	 	Termination of Borrowing Subsidiaries	  	 	61	  
	 2.39.
	 	Judgment Currency	  	 	61	  
		
	 ARTICLE III CONDITIONS PRECEDENT
	  	 	61	  
			
	 3.1.
	 	Conditions of Closing	  	 	61	  
	 3.2.
	 	Conditions Precedent to all Credit Extensions	  	 	64	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	64	  
			
	 4.1.
	 	Organization, Standing, Etc.	  	 	65	  
	 4.2.
	 	Authorization and Validity	  	 	65	  
	 4.3.
	 	No Conflict; No Default	  	 	65	  
	 4.4.
	 	Government Consent	  	 	65	  
	 4.5.
	 	Material Adverse Change	  	 	66	  
	 4.6.
	 	Financial Statements and Condition	  	 	66	  
	 4.7.
	 	Litigation	  	 	66	  
	 4.8.
	 	Environmental, Health and Safety Laws	  	 	66	  
	 4.9.
	 	ERISA	  	 	66	  
	 4.10.
	 	Federal Reserve Regulations	  	 	67	  
	 4.11.
	 	Title to Property; Leases; Liens; Subordination	  	 	67	  
	 4.12.
	 	Taxes	  	 	67	  
	 4.13.
	 	Trademarks, Patents	  	 	67	  
	 4.14.
	 	Force Majeure	  	 	68	  
	 4.15.
	 	Investment Company Act	  	 	68	  
	 4.16.
	 	[Intentionally Omitted]	  	 	68	  
	 4.17.
	 	Full Disclosure	  	 	68	  
	 4.18.
	 	Subsidiaries; Etc	  	 	68	  
	 4.19.
	 	Labor Matters	  	 	69	  
	 4.20.
	 	Solvency	  	 	69	  
	 4.21.
	 	Insurance	  	 	69	  
	 4.22.
	 	[Intentionally Omitted]	  	 	69	  
	 4.23.
	 	[Intentionally Omitted]	  	 	69	  
	 4.24.
	 	Related Agreements	  	 	69	  
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	69	  
			
	 5.1.
	 	Financial Statements and Reports	  	 	70	  
	 5.2.
	 	Existence	  	 	72	  
	 5.3.
	 	Insurance	  	 	72	  
	 5.4.
	 	Payment of Taxes and Claims	  	 	72	  
	 5.5.
	 	Inspection	  	 	73	  
	 5.6.
	 	Maintenance of Properties	  	 	73	  

							
	 5.7.
	 	Books and Records	  	 	73	  
	 5.8.
	 	Compliance	  	 	73	  
	 5.9.
	 	ERISA	  	 	74	  
	 5.10.
	 	Environmental Matters; Reporting	  	 	74	  
	 5.11.
	 	Further Assurances	  	 	74	  
	 5.12.
	 	[Intentionally Omitted]	  	 	74	  
	 5.13.
	 	Ownership of Real Estate	  	 	74	  
	 5.14.
	 	Mandatory Distributions	  	 	75	  
	 5.15.
	 	Depository Accounts	  	 	75	  
	 5.16.
	 	Designated Guarantor Subsidiaries	  	 	76	  
	 5.17.
	 	Designated Unrestricted Subsidiaries	  	 	76	  
	 5.18.
	 	Subsidiaries that Become Guarantor Subsidiaries after the Effective Date	  	 	76	  
	 5.19.
	 	Pledge of Equity Interests	  	 	77	  
	 5.20.
	 	Most Favored Lender	  	 	77	  
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	78	  
			
	 6.1.
	 	Merger	  	 	78	  
	 6.2.
	 	Disposition of Assets	  	 	78	  
	 6.3.
	 	Plans	  	 	80	  
	 6.4.
	 	Change in Nature of Business	  	 	80	  
	 6.5.
	 	Acquisitions	  	 	80	  
	 6.6.
	 	Negative Pledges	  	 	80	  
	 6.7.
	 	Restricted Payments	  	 	81	  
	 6.8.
	 	Transactions with Affiliates	  	 	82	  
	 6.9.
	 	Accounting Changes	  	 	82	  
	 6.10.
	 	Investments	  	 	82	  
	 6.11.
	 	Indebtedness	  	 	84	  
	 6.12.
	 	Liens	  	 	86	  
	 6.13.
	 	Contingent Liabilities	  	 	87	  
	 6.14.
	 	Fixed Charge Coverage Ratio	  	 	88	  
	 6.15.
	 	Consolidated Leverage Ratio	  	 	88	  
	 6.16.
	 	Unencumbered Asset Coverage Ratio	  	 	88	  
	 6.17.
	 	Loan Proceeds	  	 	88	  
	 6.18.
	 	Sale and Leaseback Transactions	  	 	89	  
	 6.19.
	 	Related Agreements	  	 	89	  
	 6.20.
	 	Fiscal Year	  	 	89	  
	 6.21.
	 	Real Estate Leases	  	 	89	  
	 6.22.
	 	Limitation on Net Worth of Unrestricted Subsidiaries	  	 	90	  
		
	 ARTICLE VII EVENTS OF DEFAULT AND REMEDIES
	  	 	90	  
			
	 7.1.
	 	Events of Default	  	 	90	  
	 7.2.
	 	Remedies	  	 	92	  
	 7.3.
	 	Offset	  	 	92	  

							
	 ARTICLE VIII THE AGENT
	  	 	33	  
			
	 8.1.
	 	Appointment; Nature of Relationship	  	 	93	  
	 8.2.
	 	Powers	  	 	93	  
	 8.3.
	 	General Immunity	  	 	93	  
	 8.4.
	 	No Responsibility for Loans, Recitals, etc.	  	 	93	  
	 8.5.
	 	Action on Instructions of Lenders	  	 	93	  
	 8.6.
	 	Employment of Administrative Agents and Counsel	  	 	94	  
	 8.7.
	 	Reliance on Documents; Counsel	  	 	94	  
	 8.8.
	 	Agent’s Reimbursement and Indemnification	  	 	94	  
	 8.9.
	 	Rights as a Lender	  	 	94	  
	 8.10.
	 	Lender Credit Decision, Legal Representation	  	 	95	  
	 8.11.
	 	Successor Agent	  	 	95	  
	 8.12.
	 	Delegation to Affiliates	  	 	96	  
	 8.13.
	 	Signing and Delivery of Collateral Documents	  	 	96	  
	 8.14.
	 	Collateral Releases	  	 	96	  
	 8.15.
	 	No Advisory or Fiduciary Responsibility	  	 	96	  
	 8.16.
	 	Notices of Event of Default	  	 	97	  
	 8.17.
	 	Payments and Collections	  	 	98	  
	 8.18.
	 	Sharing of Payments	  	 	99	  
	 8.19.
	 	[Intentionally Omitted]	  	 	99	  
		
	 ARTICLE IX GENERAL PROVISIONS
	  	 	99	  
			
	 9.1.
	 	Modifications	  	 	99	  
	 9.2.
	 	Expenses	  	 	100	  
	 9.3.
	 	Waivers, etc.	  	 	100	  
	 9.4.
	 	Notices	  	 	101	  
	 9.5.
	 	Successors and Assigns; Participations; Purchasing Lenders	  	 	101	  
	 9.6.
	 	Confidentiality of Information	  	 	104	  
	 9.7.
	 	Governing Law and Construction	  	 	105	  
	 9.8.
	 	Consent to Jurisdiction	  	 	105	  
	 9.9.
	 	Waiver of Jury Trial	  	 	105	  
	 9.10.
	 	Survival of Agreement	  	 	106	  
	 9.11.
	 	Indemnification	  	 	106	  
	 9.12.
	 	Captions	  	 	106	  
	 9.13.
	 	Entire Agreement	  	 	107	  
	 9.14.
	 	Counterparts; Effectiveness	  	 	107	  
	 9.15.
	 	Borrower Acknowledgements	  	 	107	  
	 9.16.
	 	Interest Rate Limitation	  	 	107	  
	 9.17.
	 	Effect on Existing Credit Agreement	  	 	107	  
	 9.18.
	 	Recitals	  	 	108	  
	 9.19.
	 	Governmental Regulation	  	 	108	  
	 9.20.
	 	Several Obligations; Benefits of this Agreement	  	 	108	  
	 9.21.
	 	Severability of Provisions	  	 	108	  
	 9.22.
	 	Nonliability of Lenders	  	 	108	  
	 9.23.
	 	Nonreliance	  	 	109	  

							
	 9.24.
	 	Disclosure	  	 	109	  
	 9.25.
	 	USA PATRIOT Act Notification	  	 	109	  
	 9.26.
	 	Electronic Signatures on Assignments	  	 	109	  

 Exhibits 
 A – Form
of Compliance Certificate 
 B – Form of Assignment Agreement 

C – Form of Increasing Lender Supplement 
 D – Form of
Augmenting Lender Supplement 
 E – Form of Note 

Schedules 
  

			
	 1.1.a
	  	Collateral Documents
	 1.1.b
	  	Subsidiaries
	 1.1.c
	  	[Intentionally Omitted]
	 1.1.d
	  	Permitted Permanent Loans
	 1.1.e
	  	Related Agreements
	 1.1.f
	  	Lenders and Commitment Amounts
	 2.10
	  	Facility LCs
	 4.7
	  	Litigation
	 4.8
	  	Environmental
	 4.13
	  	Trademarks and Patents
	 4.18
	  	Equity Interests in Persons other than Wholly-Owned Subsidiaries
	 4.21
	  	Insurance
	 6.10
	  	Investments
	 6.11
	  	Indebtedness
	 6.12
	  	Liens
	 6.13
	  	Contingent Liabilities
	 6.18
	  	Sale Leasebacks

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

This Third Amended And Restated Credit Agreement is dated as of June 30, 2011, and is between Life Time Fitness, Inc., a Minnesota
corporation (“Company”); any Subsidiaries of Company that become Borrowing Subsidiaries after the Effective Date; the financial institutions that are the Lenders on the Effective Date or that become Lenders after the Effective Date;
U.S. Bank National Association, a national banking association, as one of the Lenders, as the Swingline Lender, as Agent, as Left Lead Bookrunner, and as Left Lead Arranger; J.P. Morgan Securities LLC, as Joint Bookrunner and Joint Lead
Arranger; and RBC Capital Markets (“RBC”), as Joint Bookrunner and Joint Lead Arranger; RBC and JPMorgan Chase Bank, N.A. as Syndication Agents, and Bank of America, N.A. as Documentation Agent. 

RECITALS 
 A.
Company, Agent, the Joint Bookrunners and Joint Lead Arrangers, and certain of the Lenders are parties to the Second Amended and Restated Credit Agreement dated May 31, 2007 (the “Existing Credit Agreement”). 

B. Company, Agent, the Joint Bookrunners, the Joint Lead Arrangers, the Syndication Agents, the Documentation Agent, and the Lenders
desire to amend and restate the Existing Credit Agreement pursuant to this Agreement. 
 NOW, THEREFORE, in consideration of the
premises and other good and valuable consideration the receipt and adequacy of which is hereby acknowledged, the parties to this Agreement hereby agree to amend and restate the Existing Credit Agreement in the entirety as follows: 

ARTICLE I 
 DEFINITIONS
AND ACCOUNTING TERMS 
 1.1. Defined Terms . As used in this Agreement the following terms have the following respective
meanings (and such meanings apply equally to both the singular and plural form of the terms defined, as the context requires): 

“Acquisition”: any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by
which the Company or any of its Restricted Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm, corporation or limited liability company, or division thereof, whether through purchase of assets,
merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary
voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited
liability company; provided, however, that the following shall not constitute an “Acquisition”: 
 (w) repurchases of
Real Estate or leasehold interests subject to IDA Lease Transactions; 

  
 1 

 (x) the acquisition of fee title to any real estate, improved or unimproved, or a leasehold
estate in real estate, or the Equity Interests of any Person whose assets consist solely of any such real estate or leasehold estate in real estate and related fixtures and personal property, that Company or any Subsidiary or the acquired entity
intends to use, operate, or develop, either wholly or in substantial part, as a Club or a Non-Club Building and otherwise in the ordinary course of the businesses engaged in by Company or its Restricted Subsidiaries on the Effective Date or other
businesses that are similar, ancillary, or complementary lines of business, or are reasonable extensions of such business; 
 (y) the
acquisition of the lessor’s interest in any real estate and related improvements and other assets that Company or any Subsidiary leases under a sale-leaseback transaction permitted by Section 6.18; and 

(z) the acquisition of any Existing Club that Company or any of its Subsidiaries intends to use, operate, or develop as a Club. 

“Additional Term Loan”: As defined in Section 2.36. 

“Adjusted Eurocurrency Rate”: With respect to each Interest Period applicable to a Eurocurrency Advance, the rate
(rounded upward, if necessary, to the next one hundredth of one percent) determined by dividing the Eurocurrency Rate for such Interest Period by 1.00 minus the Eurocurrency Reserve Percentage. 

“Adjusted Net Income”: For any period, Net Income for such period but excluding: (a) non-operating gains and
losses (including extraordinary or unusual gains and losses, gains and losses from discontinuance of operations, gains and losses arising from the sale of assets other than inventory, and other non-recurring gains and losses) during such period; and
(b) losses and income attributable to any Unrestricted Subsidiary other than income that is distributed to Company or a Restricted Subsidiary in cash during such period; and (c) non-cash equity-based compensation. 

“Advance”: A borrowing under this Agreement, (i) made by some or all of the Lenders on the same Borrowing Date,
or (ii) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the several Loans of the same Type and, in the case of Eurocurrency Loans, for the same
Interest Period. An Advance may be a Eurocurrency Advance or a Base Rate Advance. The term “Advance” includes Swingline Loans except where this Agreement expressly provides to the contrary. 

“Affiliate”: With respect to any Person, (a) each other Person that, directly or indirectly, controls, is
controlled by or is under common control with, the Person referred to, (b) each Person that beneficially owns or holds, directly or indirectly, 10% or more of any class of voting Equity Interests of the Person referred to, (c) each Person,
10% or more of the voting Equity Interests (or if such Person is not a corporation, 10% or more of the equity interest) of which is beneficially owned or held, directly or indirectly, by the Person referred to, and (d) each of such
Person’s officers, directors, joint venturers and partners. The term control (including the terms “controlled by” and “under common control with”) means the possession, directly, of the power to direct or cause the direction
of the management and policies of the Person in question. On the Effective 

  
 2 

 
Date, the only Affiliate of Company that is not a Subsidiary of Company is Bloomingdale LIFE TIME Fitness, L.L.C., an Illinois limited liability company. 

“Agent”: U.S. Bank in its capacity as contractual representative of the Lenders under
Article VIII, and not in its individual capacity as a Lender, and any successor Agent appointed under Article VIII; provided that when used with reference to fundings, disbursements, settlements and payments in Canadian Dollars or
any other matter related to Canadian Dollars, “Agent” means U.S. Bank or a Canadian Affiliate of U.S. Bank. 

“Agreed Currencies”: With respect to any Loan or other Obligation, the currency in which such Loan or other Obligation
is denominated. As of the Amendment No. 2 Effective Date, the Agreed Currencies are (a) for USD Tranche Revolving Loans and Swingline Loans, U.S. Dollars; and (b) for Multicurrency Tranche Revolving Loans, U.S. Dollars and
Canadian Dollars. 
 “Agreement”: This Third Amended and Restated Credit Agreement, as it is amended,
supplemented, and otherwise modified and in effect at any relevant time. 
 “Aggregate Commitment Amount”: As
of any date, the sum of the Aggregate USD Tranche Commitment Amount and the Aggregate Multicurrency Tranche Commitment Amount. On the Amendment No. 3 Effective Date, the Aggregate Commitment Amount is U.S.$ 1,100,000,000. 

“Aggregate Multicurrency Tranche Commitment Amount”: As of any date, the sum of the Multicurrency
Tranche Commitment Amounts of all Multicurrency Tranche Lenders. On the Amendment No. 3 Effective Date, the Aggregate Multicurrency Tranche Commitment Amount is U.S.$100,000,000. 

“Aggregate Outstanding Credit Exposure”: As of any time of determination, the sum of (a) Aggregate Outstanding
Multicurrency Tranche Credit Exposure plus (b) Aggregate Outstanding USD Tranche Credit Exposure plus (c) the aggregate principal amount of the Term Loans then outstanding. 

“Aggregate Outstanding Multicurrency Tranche Credit Exposure”: As of any time of determination, the sum of
(a) the aggregate unpaid principal balance of Multicurrency Tranche Revolving Loans outstanding at such time, and (b) the Multicurrency Tranche LC Obligations outstanding at such time. 

“Aggregate Outstanding USD Tranche Credit Exposure”: As of any time of determination, the sum of (a) the
aggregate unpaid principal balance of USD Tranche Revolving Loans outstanding at such time, (b) the USD Tranche LC Obligations outstanding at such time, and (c) the aggregate unpaid principal balance of the Swingline Loans outstanding at
such time. 
 “Aggregate USD Tranche Commitment Amount”: As of any date, the sum of the USD
Tranche Commitment Amounts of all the USD Tranche Lenders. On the Amendment No. 3 Effective Date, the Aggregate USD Tranche Commitment Amount is U.S.$1,000,000,000. 

  
 3 

 “Allocated Clubs/Non-Club Buildings Cash Flow”: With respect to any
Permitted Permanent Loan, the “cash flow” (however defined in the original Related Agreements evidencing or securing such Permitted Permanent Loan) that is allocable (x) to the Clubs operating in the real property and improvements
securing such Permitted Permanent Loan or (y) to the Non-Club Buildings securing such Permitted Permanent Loan. 

“Amendment No. 2”: Amendment No. 2 to Third Amended and Restated Credit Agreement, Amendment No. 1 to
Guaranty, and Omnibus Amendment to Collateral Documents, dated as of July 24, 2013, by and among the Company, certain of its Subsidiaries party thereto, the Lenders party thereto, and the Agent.  

“Amendment No. 2 Effective Date”: July 31, 2013. 

“Amendment No. 3”: Amendment No. 3 to Third Amended and Restated Credit Agreement, dated as of May 30,
2014, by and among the Company, certain of its Subsidiaries party thereto, the Lenders party thereto, and the Agent.  

“Amendment No. 3 Effective Date”: May 30, 2014. 

“Applicable Lending Office”: For each Lender and for each type of Advance, the domestic or foreign office of such
Lender or an Affiliate of such Lender that such Lender specifies at any relevant time by notice given pursuant to Section 9.4 to Agent and Company as the office by which its Advances of such type are to be made and maintained. 

“Applicable Margin”; “Applicable Commitment Fee Rate”: At any time of determination, the percentage
indicated below in accordance with the Consolidated Leverage Ratio at such time: 

  
 4 

													
	 Consolidated
 Leverage
Ratio
	  	Eurocurrency Rate
Advances	 	 	Base Rate
Advances	 	 	Applicable
Commitment Fee
Rate	 
	 Less than or equal to 2.00:1.00
	  	 	1.125	% 	 	 	0.125	% 	 	 	0.20	% 
	 Greater than 2.00:1.00 but less than or equal to 2.50:1.00
	  	 	1.25	% 	 	 	0.25	% 	 	 	0.25	% 
	 Greater than 2.50:1.00 but less than or equal to 3.00:1.00
	  	 	1.50	% 	 	 	0.50	% 	 	 	0.30	% 
	 Greater than 3.00:1.00 but less than or equal to 3.50:1.00
	  	 	1.75	% 	 	 	0.75	% 	 	 	0.35	% 
	 Greater than 3.50:1.00
	  	 	2.00	% 	 	 	1.00	% 	 	 	0.40	% 

 The Applicable Margin on the Amendment No. 3 Effective Date is 0.50% with respect to Base Rate Advances and
1.50% per annum with respect to Eurocurrency Advances, and the Applicable Commitment Fee Rate on the Amendment No. 3 Effective Date is 0.30%, and the Applicable Margin and Applicable Commitment Fee Rate shall continue at those percentages
until changed in accordance with the terms of this definition. The Consolidated Leverage Ratio, the Applicable Margin, and the Applicable Commitment Fee Rate shall be determined at the end of each fiscal quarter, as calculated from the financial
statements and Compliance Certificate delivered by Company pursuant to Sections 5.1.b and c., respectively. Any increase or decrease in: (i) the Applicable Margin shall apply to all then existing or thereafter arising Advances; and
(ii) the Applicable Margin and the Applicable Commitment Fee Rate shall become effective as of the first day of the first month following the date on which Company delivers its financial statements and Compliance Certificate to Agent and the
Lenders in accordance with Section 5.1.b and c., respectively, showing that the Consolidated Leverage Ratio for the Measurement Period coinciding with the end of such fiscal quarter required a change in the Applicable Margin, and shall continue
to be effective until subsequently changed in accordance with this definition; provided that: 
 (i) if the
financial statements required by Section 5.1.b and the Compliance Certificate required by Section 5.1.c are not delivered in the time periods those Sections require, then, until the delivery thereof, the Consolidated Leverage Ratio shall
be deemed to be greater than 3.50 to 1.0; and 
 (ii) if, for any period, the Consolidated Leverage Ratio has been calculated
on fraudulent financial information delivered to Agent by Company and as a result of such calculation, Borrowers have paid interest, the Commitment Fee, or LC Fees based on a lower Applicable Margin than if the Consolidated Leverage Ratio had been
properly calculated, Agent and the Lenders reserve the right to recover additional interest, the Commitment Fee, and LC Fees from Borrowers based on the correct Applicable Margin for the relevant period, and the Lenders’ acceptance of interest,
the Commitment Fee, or LC Fees based on the lower Applicable Margin does not constitute a waiver of the Lenders’ 

  
 5 

 
right to collect such additional interest, the Commitment Fee, and LC Fees and does not relieve, release or discharge any Borrower’s obligation to pay such additional interest, the
Commitment Fee, and LC Fees. 
 “Applicable Share”: With respect to each USD Tranche Lender, its USD Tranche Share,
with respect to each Multicurrency Tranche Lender, its Multicurrency Tranche Share, and with respect to each Term Loan Lender, its Term Loan Share.  

“Approved Fund”: Any Fund that is administered or managed by (a) a Lender, (b) an affiliate of a Lender, or
(c) an entity or an affiliate of an entity that administers or manages a Lender. 
 “Approximate Equivalent
Amount”: Of any currency with respect to any amount of U.S. Dollars means the Equivalent Amount of such currency with respect to such amount of U.S. Dollars on or as of such date, rounded up to the nearest amount of such currency
as determined by Agent from time to time. 
 “Arrangers”: U.S. Bank in its capacity as the left lead
arranger and left lead bookrunner with respect to the Loans, J.P. Morgan Securities LLC, as a joint bookrunner and joint lead arranger with respect to the Loans, and RBC Capital Markets, as a joint bookrunner and a joint lead arranger with
respect to the Loans. 
 “Article”: An article of this Agreement unless another document is specifically
referred to. 
 “Augmenting Lender”: As defined in Section 2.36. 

“Average Available Aggregate Commitment Amount”: With respect to each calendar quarter from the Effective Date through
the Facility Termination Date, the average of the amounts determined as of the close of business on each day during such calendar quarter by subtracting the Aggregate Outstanding Credit Exposure (excluding the principal amount of the Term Loans) on
that day from the Aggregate Commitment Amount on that day. 
 “Base Rate”: For any day, a rate of interest
per annum equal to the highest of: (i) the Prime Rate; (ii) the sum of the Federal Funds Effective Rate for such day plus 0.50% per annum; and (iii) the Eurocurrency Rate (without giving effect to the Applicable Margin) for a
one-month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) for U.S. Dollars plus 1.00% per annum, provided that the Eurocurrency Rate for any day shall be based
on the rate reported by the applicable financial information service at approximately 11:00 am London time on such day. For the purposes of determining any interest rate under this Agreement or under any other Loan Document that is based on the Base
Rate, such interest rate shall change as and when the Base Rate changes. 
 “Base Rate Advance”: An Advance
with respect to which the interest rate is determined by reference to the Base Rate. 
 “Base Rate Loan”: A
Loan that bears interest at the Base Rate. 

  
 6 

 “Borrower” or “Borrowers”: At any relevant time, Company
and the Borrowing Subsidiaries. On the Amendment No. 3 Effective Date, there are no Borrowing Subsidiaries, so Company is the only Borrower. 

“Borrowing Date”: A date on which an Advance is made or a Facility LC is issued. 

“Borrowing Notice”: As defined in Section 2.3. 

“Borrowing Subsidiary”: Any Foreign Subsidiary of Company designated as a Borrowing Subsidiary by Company pursuant to
Section 2.37, unless terminated pursuant to Section 2.38. On the Amendment No. 3 Effective Date, there are no Borrowing Subsidiaries. 

“Borrowing Subsidiary Agreement”: A Borrowing Subsidiary Agreement in the form provided by Agent. 

“Borrowing Subsidiary Commitment”: With respect to any Lender for any Borrowing Subsidiary, the maximum aggregate
U.S. Dollar Equivalent Amount of Loans that such Lender has agrees to make available to such Borrowing Subsidiary. 

“Borrowing Subsidiary Sublimit”: At any time for any Borrowing Subsidiary, the amount established by the Lenders as
the Borrowing Subsidiary Sublimit for such Borrowing Subsidiary, as such amount is amended from time to time in accordance with Section 2.37. 

“Borrowing Subsidiary Termination”: A Borrowing Subsidiary Termination in the form provided by Agent. 

“Business Day”: (i) With respect to any borrowing, payment, or rate selection of Eurocurrency Advances, any day
(other than a Saturday or Sunday) on which banks are generally open in Minneapolis, Minnesota and New York City, for the conduct of substantially all of their commercial lending activities, interbank wire transfers can be made on the Fedwire system
and dealings in U.S. Dollars are carried on in the London interbank market; and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in Minneapolis, Minnesota, for the conduct of
substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system. 

“CAD$” or “Canadian Dollar”: Lawful money of Canada. 

“Capitalized Lease”: A lease of (or other agreement conveying the right to use) real or personal property with respect
to which at least a portion of the rent or other amounts due under it constitute Capitalized Lease Obligations. 

“Capitalized Lease Obligations”: As to any Person, the obligations of such Person to pay rent or other amounts under a
lease of (or other agreement conveying the right to use) real or personal property that are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP (including Statement of Financial Accounting
Standards No. 13 of the Financial Accounting Standards Board) and, for the purposes of this Agreement, the amount of such obligations shall be the capitalized amount of such obligations determined in accordance with GAAP (including such
Statement No. 13). 

  
 7 

 “Cash Taxes”: For any Measurement Period, the aggregate consolidated
amount, without duplication, of federal, state, provincial, and local income taxes actually paid in cash by Company and its Restricted Subsidiaries. 

“CDOR”: The interest rate for extensions of credit made in Canadian Dollars shall be determined using a per annum rate equal
to the average of the annual yield rates applicable to Canadian Dollar bankers’ acceptances at or about 10:00 a.m. (Toronto, Ontario time) two (2) Business Days prior to the commencement of the applicable Interest Period on Bloomberg
Screen ALLX CDOR <GO> Page (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian Dollar bankers’ acceptances as may be designated by the Administrative Agent from time to time) for a
term equivalent to the applicable Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent to the number of months closest to such Interest Period); provided, that if such Canadian Dollar CDOR rate
is unavailable at any time pursuant to the foregoing methodology, the Administrative Agent may select, using its reasonable judgment, an alternative published interest rate in order to determine such rate. 

“Change of Control”: The occurrence after the Effective Date of any single transaction or event or any series of
transactions or events (whether as the most recent transaction in a series of transactions) that, individually or in the aggregate, results in: (a) any Person or two or more Persons acting in concert acquiring beneficial ownership (within the
meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934), directly or indirectly of, or control over, voting securities or other equity securities of Company representing 30% or more of the
combined voting power of all equity interests of Company entitled to vote in the election of directors; or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Company by Persons who were neither
(x) nominated by the board of directors of the Company nor (y) appointed by directors so nominated. 

“Charges”: As defined in Section 9.16. 

“Club”: A health club facility that is owned by a Subsidiary of Company or is leased pursuant to a LTF Lease or a
Third Party Lease, as applicable. 
 “Code”: The Internal Revenue Code of 1986, as amended, reformed, or
otherwise modified at any relevant time. 
 “Collateral”: Any property in which Agent has been granted a Lien
pursuant to any Loan Document. 
 “Collateral Documents”: The Security Agreements, the Pledge Agreements, and
any other agreement, document, or instrument signed and delivered by Company or any Affiliate of Company in favor of Agent and pursuant to which Agent is granted a Lien to secure the Obligations, including without limitation financing statements,
financing statement continuations, and any other document delivered, recorded, or filed to create or perfect any Lien in any Collateral, as it is amended, supplemented, extended, restated or otherwise modified and in effect at any time. The
Collateral Documents that exist on the Effective Date are listed in Schedule 1.1.a. 

  
 8 

 “Commitment Amount”: With respect to each Lender, its Multicurrency
Tranche Commitment Amount and/or its USD Tranche Commitment Amount, as applicable. 
 “Commitment
Fee”: As defined in Section 2.20. 
 “Commitments”: USD Tranche Commitments and
Multicurrency Tranche Commitments. 
 “Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. §1 et
seq.), as amended from time to time, and any successor statute. 
 “Company”: Life Time Fitness, Inc., a Minnesota
corporation, and its successors and assigns. 
 “Consolidated Adjusted Funded Debt”: On any Quarterly
Measurement Date, the sum (without duplication) of: (a) the aggregate outstanding principal amounts of the Revolving Loans, the Term Loans and the Swingline Loans, plus 6 times the Rent Expense (excluding rent paid to a Subsidiary that is used
to make payments on Permitted Permanent Loans included in clause (c) below) for the Measurement Period ending on such Quarterly Measurement Date; plus (b) the LC Obligations; plus (c) to the
extent not included in clauses (a) or (b) above, the aggregate outstanding principal amount of the consolidated Indebtedness of Company and its Restricted Subsidiaries for borrowed money including, without limitation, the balance sheet
amount of Capitalized Lease Obligations, other interest-bearing Indebtedness, and any Seller Financing; plus (d) the consolidated Contingent Obligations of Company and its Restricted Subsidiaries relating to the same type
of Indebtedness as described in clause (c) above. 
 “Consolidated Leverage Ratio”: On any Quarterly
Measurement Date, the ratio of: 
 (a) the Consolidated Adjusted Funded Debt on such Quarterly Measurement Date; to

 (b) EBITDAR for the Measurement Period ending on such Quarterly Measurement Date. 

“Contingent Obligation”: With respect to any Person at the time of any determination, without duplication, any
obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or otherwise: (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any direct or indirect security for such Indebtedness, (b) to purchase property, securities,
Equity Interests or services for the purpose of assuring the owner of such Indebtedness of the payment of such Indebtedness, (c) to maintain working capital, equity capital or other financial statement condition of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or otherwise to protect the owner of such of such Indebtedness against loss with respect to such Indebtedness, or (d) entered into for the purpose of assuring in any manner the owner of such
Indebtedness of the payment of such Indebtedness or to protect the owner against loss with respect to such Indebtedness, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or the obligations of any such
Person as general 

  
 9 

 
partner of a partnership with respect to the liabilities of the partnership; provided that the term “Contingent Obligation” shall not include
endorsements for collection, deposit, or negotiation and warranties of products and services, in each case in the ordinary course of business; provided, further, that “Contingent Obligations” also shall not
include guarantees of leases (other than Capitalized Leases), performance obligations or other obligations not constituting Indebtedness. 

“Conversion/Continuation Notice”: As defined in Section 2.6. 

“Credit Extension”: The making of any Loan or the issuance of a Facility LC. 

“Deemed Dividend Problem”: With respect to any Foreign Subsidiary, any amounts determined under Section 956 of the Code
that are required to be included in the gross income of Company or a Domestic Subsidiary of Company, but only to the extent that such inclusion causes, or would be expected to cause, material adverse tax consequences to Company or a Domestic
Subsidiary of Company, in each case as determined by Company in its commercially reasonable judgment acting in good faith and in consultation with its legal and tax advisors. 

“Default”: Any event that, with the giving of notice (whether such notice is required under Section 7.1, or under
some other provision of this Agreement, or otherwise) or lapse of time, or both, would constitute an Event of Default. 

“Defaulting Lender”: At any time, any Lender that, as determined by Agent, has (a) failed to fund any portion of
its Loans or participations in Facility LCs or Swingline Loans within two Business Days after this Agreement requires it to fund such portion, (b) notified Company, Agent, each LC Issuer, Swingline Lender, or any other Lender in writing that it
does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations (i) under this Agreement or (ii) under other
agreements in which it is obligated to extend credit unless, in the case of this clause (ii), such obligation is the subject of a good faith dispute, (c) failed, within two Business Days after request by Agent, to confirm that it will
comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Facility LCs and Swingline Loans (provided, that it shall no longer constitute a Defaulting Lender under this clause
(c) upon delivery of such confirmation), (d) otherwise failed to pay to Agent or any other Lender any other amount this Agreement obligates it to pay within two Business Days after the date when due, unless the subject of a good faith
dispute, or (e) has, or has a direct or indirect parent company that has, (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or
indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in
any such proceeding or appointment; provided, that a Lender is not a Defaulting Lender solely as the result of (A) the acquisition or maintenance of an ownership interest in such Lender or a Person controlling such
Lender or (B) the exercise of control over a Lender or a Person controlling such Lender, in each case, by a 

  
 10 

 
governmental authority or an instrumentality thereof. Any determination by Agent that a Lender is a Defaulting Lender shall be conclusive and binding absent manifest error, and such Lender
shall be deemed to be a Defaulting Lender upon notification of such determination by Agent to Company, each LC Issuer, Swingline Lender, and the other Lenders. 

“Default Rate”: As defined in Section 2.7.c. 

“Designated Guarantor Subsidiaries”: At any time, all Subsidiaries that Company has designated as Designated Guarantor
Subsidiaries in accordance with Section 5.16. There are no Designated Guarantor Subsidiaries on the Amendment No. 3 Effective Date. 

“Designated Unrestricted Subsidiary”: Each Wholly-Owned Subsidiary that is designated as a Designated Unrestricted
Subsidiary on the Amendment No. 3 Effective Date in Schedule 1.1.b, and each additional Subsidiary of Company that is designated as a Designated Unrestricted Subsidiary in accordance with Section 5.17 after the Amendment
No. 3 Effective Date. 
 “Distributable Net Income Amount”: for any date of determination, 50% of
cumulative Net Income for each fiscal year ending on or prior to such date for which the Agent has received financials under Section 5.1.a. (together with the corresponding compliance certificate under Section 5.1.c.), beginning with the
fiscal year ending December 31, 2014. By way of example, upon receipt of the Company’s annual financials for 2014, the Distributable Net Income Amount would be 50% of Net Income as reported in such financials for such fiscal year, and upon
receipt of the Company’s annual financials for the fiscal year ending December 31, 2015, the Distributable Net Income amount would be 50% of the sum of Net Income for the fiscal year ending December 31, 2014 and the fiscal year ending
December 31, 2015. 
 “Domestic Subsidiary”: A Subsidiary of Company incorporated or organized under the
laws of the United States, any State thereof or the District of Columbia. 
 “EBITDAR”: For any period of
calculation, the sum of: (a) the Adjusted Net Income for such period; plus (b) the sum of the following amounts deducted in arriving at Adjusted Net Income (but without duplication for any item): (i) Interest
Expense; (ii) Rent Expense; (iii) depreciation and amortization expense; and (iv) federal, state, and local income taxes, all calculated for Company and its Restricted Subsidiaries on a consolidated basis. 

“ECP”: an “Eligible Contract Participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any
regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC (collectively, and as now or hereafter in effect, the “ECP Rules”). 

“ECP Rules”: see the definition of “ECP”. 

“Effective Date”: June 30, 2011 or, if all conditions precedent in Section 3.1 are not satisfied or waived
on that date, the date on or after the satisfaction or waiver of such conditions precedent that Company and Agent establish as the Effective Date. 

  
 11 

 “Eligible Assignee”: (i) a Lender or an Affiliate of a Lender;
(ii) an Approved Fund; (iii) a commercial bank organized under the laws of the United States, or any U.S. state, and having total assets in excess of $3,000,000,000, calculated in accordance with the accounting principles prescribed
by the regulatory authority applicable to such bank in its jurisdiction of organization; (iv) a commercial bank organized under the laws of any other country that is a member of the OECD, or a political subdivision of any such country, and
having total assets in excess of $3,000,000,000, calculated in accordance with the accounting principles prescribed by the regulatory authority that applies to such bank in its jurisdiction of organization, so long as such bank is acting through a
branch or agency located in the country in which it is organized or another country that is described in this clause (iv); or (v) the central bank of any country that is a member of the OECD; provided,
however, that neither Company nor an Affiliate of Company shall qualify as an Eligible Assignee. 

“Encumbered Real Estate Subsidiary”: Any Subsidiary that (a) is the obligor on a Permitted Permanent Loan,
including any Related Mezzanine Encumbered Real Estate Subsidiary; or (b) is a Related Encumbered Real Estate Subsidiary. The Encumbered Real Estate Subsidiaries on the Amendment No. 3 Effective Date are listed in Schedule 1.1.b.

 “Environmental Laws”: All federal, state, local, and foreign statutes, laws, judicial decisions, regulations,
ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements, and other governmental restrictions relating to (i) the protection of the environment, (ii) the effect of
the environment on human health, (iii) emissions, discharges, or releases of pollutants, contaminants, hazardous substances, or wastes into surface water, ground water, or land, or (iv) the manufacture, processing, distribution, use,
treatment, storage, disposal, transport, handling, clean-up, or remediation of pollutants, contaminants, hazardous substances, or wastes. 

“Equity Interests”: All shares, interests, participations, or other equivalents, however designated, of or in a
corporation, partnership, or limited liability company, whether or not voting, including but not limited to common stock, member interests, warrants, preferred stock, convertible debentures, and all agreements, instruments and documents convertible,
in whole or in part, into any one or more or all of the foregoing. 
 “Equivalent Amount”: With respect to
any currency at any time, the equivalent in U.S. Dollars of such currency, calculated on the basis of the arithmetic mean of the buy and sell spot rates of exchange of Agent in the London interbank market (or other market where Agent’s
foreign exchange operations with respect to such currency are then being conducted) for such other currency at or about 11:00 a.m. (local time applicable to the transaction in question) on the date on which such amount is to be determined,
rounded up to the nearest amount of such currency as determined by Agent from time to time; provided, however, that if at the time of any such determination, for any reason, no such spot rate is being
quoted, Agent may use any reasonable method it deems appropriate to determine such amount, and such determination shall be conclusive absent manifest error. 

“ERISA”: The Employee Retirement Income Security Act of 1974, as amended, and any rule or regulation issued under
it. 

  
 12 

 “ERISA Affiliate”: Any trade or business (whether or not incorporated)
that, together with Company, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for the purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code. 
 “ERISA Event”: Any of the following: (a) any “reportable
event”, as defined in Section 4043 of ERISA or the regulations issued under it with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) failure of any Plan to satisfy the “minimum funding
standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 303(c) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by Company or any
ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by Company or any of its ERISA Affiliates of any
liability with respect to the withdrawal or partial withdrawal of Company or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by Company or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from Company or any ERISA Affiliate of any notice, concerning the imposition upon Company or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or
in reorganization, within the meaning of Title IV of ERISA. 
 “Eurocurrency Advance”: An Advance with
respect to which the interest rate is determined by reference to the Adjusted Eurocurrency Rate. 
 “Eurocurrency
Loan”: A Loan that, except as otherwise provided in Section 2.7, bears interest that is determined by reference to the Adjusted Eurocurrency Rate. 

“Eurocurrency Rate”: With respect to each Interest Period applicable to a Eurocurrency Advance, the applicable
interest settlement rate for deposits in the applicable Agreed Currency (other than Canadian Dollars) appearing on the LIBOR01 Page for such Agreed Currency as of 11:00 a.m. (London time) two Business Days before the first day of such Interest
Period, and having a maturity equal to such Interest Period, provided that, (i) if the LIBOR01 Page for such Agreed Currency is not available to Agent for any reason, the applicable Eurocurrency Rate for the relevant
Interest Period shall instead be the applicable interest settlement rate for deposits in the applicable Agreed Currency as reported by any other generally recognized financial information service selected by Agent as of 11:00 a.m. (London time)
two business days before the first day of such Interest Period, and having a maturity equal to such Interest Period, provided that, if no such interest settlement rate is available to Agent, the applicable Eurocurrency Rate for
the relevant Interest Period shall instead be the rate determined by Agent to be the rate at which U.S. Bank or one of its Affiliate banks offers to place deposits in U.S. Dollars with first-class banks in the interbank market at
approximately 11:00 a.m. (London time) two Business Days before the first day of such Interest Period, in the approximate amount of U.S. Bank’s relevant Eurocurrency Loan and having a maturity equal to such Interest Period. The
Eurocurrency Rate for Canadian Dollar Loans shall be CDOR. 

  
 13 

 “Eurocurrency Reserve Percentage”: As of any day, that percentage
(expressed as a decimal) that is in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System for determining the maximum reserve requirement (including any basic, supplemental or emergency reserves) for a member bank
of the Federal Reserve System, with deposits comparable in amount to those held by Agent, with respect to “Eurocurrency Liabilities” as that term is defined in Regulation D; provided, that with respect to CDOR, such percentage shall
include any other maximum reserve, liquid asset, fee or similar requirement established by any central bank, monetary authority, or other governmental authority for any category of deposits or liabilities customarily used to fund loans in Canadian
Dollars. The rate of interest applicable to any outstanding Eurocurrency Advances shall be adjusted automatically on and as of the effective date of any change in the Eurocurrency Reserve Percentage. 

“Event of Default”: Any event described in Section 7.1. 

“Exchange Rate”: On any day, for the purposes of determining the U.S. Dollar Amount of any currency other than
U.S. Dollars, the rate at which such other currency may be exchanged into U.S. Dollars at the time of determination on such day on the Reuters WRLD Page for such currency. If such rate does not appear on any Reuters WRLD Page, the Exchange Rate
shall be determined by reference to such other publicly available service for displaying exchange rates that is agreed upon by Agent and Company, or, in the absence of such an agreement, such Exchange Rate shall instead be the arithmetic average of
the spot rates of exchange of Agent in the market where its foreign currency exchange operations with respect to such currency are then being conducted, at or about such time Agent elects after determining that such rates shall be the basis for
determining the Exchange Rate, on such date for the purchase of U.S. Dollars for delivery two Business Days later; provided that if at the time of any such determination, for any reason, no such spot rate is being quoted,
Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be presumed correct absent manifest error. 

“Excluded Swap Obligation”: with respect to any Guarantor Subsidiary, any Swap Obligation if, and to the extent that, all or
a portion of the guarantee of such Guarantor Subsidiary of, or the grant by such Guarantor Subsidiary of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any
rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor Subsidiary’s failure for any reason to constitute an “eligible contract
participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Guarantor Subsidiary or the grant of such security interest becomes or would become effective with respect to such Swap
Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest is or
becomes illegal. 
 “Excluded Taxes”: In the case of each Lender or applicable Lending Installation and Agent,
(i) taxes imposed on its overall net income, and franchise taxes imposed on it, by the jurisdiction under the laws of which such Lender or Agent is incorporated or organized or the jurisdiction in which Agent’s or such Lender’s
principal executive office or such Lender’s applicable Lending Installation is located, (ii) in the case of a Lender or applicable Lending Installation, U.S. federal withholding taxes imposed on amounts payable to or for the account of it

  
 14 

 
with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (a) such Lender or applicable Lending Installation acquires such interest in
the Loan or Commitment or (b) such Lender changes its applicable Lending Installation, except in each case to the extent that, pursuant to Section 2.32, amounts with respect to such taxes were payable either to such Lender’s assignor
immediately before such Lender became a party hereto or to such Lender immediately before it changed its applicable Lending Installation, (iii) any U.S. federal backup withholding taxes, and (iv) any U.S. federal withholding taxes imposed
under FATCA. 
 “Executive Officer”: The chief executive officer, the chief financial officer or any executive vice
president. 
 “Exhibit”: An exhibit to this Agreement, unless another document is specifically referred to. 

“Existing Club”: A health club facility owned by a Person other than Company or any Subsidiary, together with any and
all related improvements and other assets used in the normal course of operation of such facility, including, but not limited to, real estate and equipment. 

“Existing Credit Agreement”: As defined in the Recitals to this Agreement. 

“Facility LC”: As defined in Section 2.10. 

“Facility LC Application”: As defined in Section 2.11. 

“Facility LC Collateral Account”: A deposit account belonging to Agent for the benefit of the Lenders into which this
Agreement requires Borrowers to make deposits; such account shall be under the sole dominion and control of Agent and not subject to withdrawal by any Borrower, and Agent shall hold and apply any amounts in the account to the payment of any
outstanding Facility LCs when drawn upon or applied as specified in Section 2.12 or 8.17. 
 “Facility Termination
Date”: The earliest of (a) May 30, 2019, (b) the date on which the Commitments are terminated pursuant to this Agreement, or (c) the date on which the Commitments are reduced to zero pursuant to this Agreement. 

“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“Federal Funds Effective Rate”: For any day, an interest rate per annum equal to the weighted average of the rates on
overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations at approximately 10:00 a.m. (Minneapolis time) on such day on such transactions received by Agent from
three federal funds brokers of recognized standing selected by Agent in its sole discretion. 

  
 15 

 “Fixed Charge Coverage Ratio”: On any Quarterly Measurement Date, the
ratio of 
 (a) the result of: (i) EBITDAR for the Measurement Period ending on such Quarterly Measurement Date,
minus (ii) Cash Taxes; minus (iii) the Maintenance Capital Expenditures for such Measurement Period; to 

(b) the sum of: (i) the Interest Expense for such Measurement Period; plus (ii) the Rent Expense for such
Measurement Period; plus (iii) the Mandatory Principal Payments for such Measurement Period. 
 “Foreign
Subsidiary”: Any Subsidiary of Company that is not a Domestic Subsidiary. On the Effective Date, the Foreign Subsidiaries are FCA Construction Company Canada Inc., an Ontario corporation; LTF Club Operations Company Canada Inc., an
Ontario corporation; and LTF Real Estate Company Canada Inc., an Ontario corporation. 
 “Fund”: Any Person (other
than a natural person) that is (or will be) engaged in making, purchasing, holding, or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“GAAP”: Generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in other statements by any other entity that is approved by a significant segment of the
accounting profession that apply to the circumstances as of any date of determination, applied in a manner consistent with that used in preparing the financial statements of Company to which this Agreement refers. 

“Guarantor Subsidiaries”: The Required Guarantor Subsidiaries and the Designated Guarantor Subsidiaries. 

“Guaranty”: The Guaranty dated as of the Effective Date signed and delivered by the Guarantor Subsidiaries in favor of
Agent, for the ratable benefit of the Lenders, as it is supplemented, amended, restated, replaced, or otherwise modified at any relevant time, and any additional guaranty signed and delivered by any Guarantor Subsidiary after the Effective Date that
is substantially on the same terms as such Guaranty or is otherwise acceptable to Agent in its reasonable discretion. 
 “IDA
Lease Transaction”: any transaction pursuant to which (i) the Company or a Restricted Subsidiary sells, transfers or assigns Real Estate or a leasehold interest to an industrial development agency or similar governmental
authority; (ii) such governmental authority leases such Real Estate or leasehold interest to the Company or such Restricted Subsidiary; (iii) the Company or such Restricted Subsidiary retains the beneficial interest in such Real Estate or
leasehold interest and a repurchase right, for nominal consideration, in respect of such Real Estate or leasehold interest at the end of the applicable lease’s term; and (iv) the Company or such Restricted Subsidiary receives a tax benefit
from such transaction either because the transaction and related Real Estate or leasehold interest is exempt from certain taxes or rental payments corresponding with the applicable Real Estate or leasehold interest are made in lieu of paying certain
taxes thereon or related thereto. 

  
 16 

 “Immediately Available Funds”: Funds with good value on the day and in
the city in which payment is received. 
 “Indebtedness”: With respect to any Person at the time of any
determination, without duplication, all obligations, contingent or otherwise, of such Person that in accordance with GAAP should be classified upon the balance sheet of such Person as liabilities, but in any event including: (i) all obligations
of such Person for borrowed money, including non-recourse obligations, and including the Obligations, (ii) all obligations of such Person that are evidenced by bonds, debentures, notes, or other similar instruments, (iii) all obligations
of such Person upon which interest charges are customarily paid or accrued, (iv) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person, (v) all obligations
of such Person that are issued or assumed as the deferred purchase price of property or services, (vi) all obligations of others secured by any Lien on property owned or acquired by such Person, whether or not the obligations the Lien secures
have been assumed, (vii) all Capitalized Lease Obligations of such Person, (viii) the net amount of all obligations of such Person with respect to interest rate swap agreements, cap or collar agreements, interest rate futures or option
contracts, currency swap agreements, currency futures or option agreements and other similar contracts, (ix) all obligations of such Person, actual or contingent, as an account party with respect to standby and commercial letters of credit or
bankers’ acceptances, (x) all obligations of any partnership or joint venture as to which such Person is personally liable, and (xi) all Contingent Obligations of such Person for which such Person would reserve in respect of
Indebtedness of the type described in clauses (i) through (x) above. 
 “Intercreditor Agreement”: An
intercreditor agreement between the holder of any Indebtedness of Company or any Subsidiary (other than the Obligations) and Agent, in form and substance satisfactory to Agent in its reasonable business judgment, and pursuant to which Agent and the
holder of such Indebtedness agree that such Indebtedness and any Liens securing such Indebtedness are pari passu with the Obligations. 

“Interest Expense”: For any Measurement Period, the aggregate consolidated amount, without duplication, of interest
expense of Company and its Restricted Subsidiaries determined in accordance with GAAP. 
 “Interest Period”: With
respect to each Eurocurrency Advance, the period commencing on the date of such Advance or on the last day of the immediately preceding Interest Period, if any, applicable to an outstanding Advance and ending one, two, three, or six months
thereafter, as the applicable Borrower elects in the applicable Borrowing Notice or Conversion/Continuation Notice; provided that: 

(a) Any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b) Any Interest Period that begins on the last Business Day of a calendar month (or a day for which there is no numerically
corresponding day in the calendar month 

  
 17 

 
at the end of such Interest Period) shall end on the last Business Day of a calendar month; and 

(c) Any Interest Period applicable to an Advance on a Revolving Loan that would otherwise end after the Facility Termination
Date shall end on the Facility Termination Date. 
 For the purposes of determining an Interest Period, a month means a period starting on one day in
a calendar month and ending on the numerically corresponding day in the next calendar month; provided that, if there is no numerically corresponding day in the month in which such an Interest Period is to end or if such an Interest Period
begins on the last Business Day of a calendar month, then such Interest Period shall end on the last Business Day of the calendar month in which such Interest Period is to end. 

“Investment”: The acquisition, purchase, making, or holding of any Equity Interests or other security, any loan,
advance, contribution to capital, extension of credit (except for trade and customer accounts receivable for inventory sold or services rendered in the ordinary course of business and payable in accordance with customary trade terms), any
acquisitions of real or personal property (other than real and personal property acquired in the ordinary course of business) and any purchase or commitment or option to purchase Equity Interests, securities or other debt of or any interest in
another Person or any integral part of any business or the assets comprising all or a material portion of such business and the formation of, or entry into, any partnership as a limited or general partner or the entry into any joint venture. The
amount of any Investment is the original cost of such Investment plus the cost of all additions to such Investment, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment.

 “LC Fee”: As defined in Section 2.21. 

“LC Issuer”: (i) U.S. Bank (or any subsidiary or affiliate thereof) or (ii) each such other Lender (or
any subsidiary or affiliate thereof) that agrees to act as an LC Issuer hereunder and that is approved by the Company and the Agent, with each such Person acting in its capacity as issuer of Facility LCs under this Agreement, together with any
successor thereto. 
 “LC Obligations”: At any time, either or both the USD Tranche LC Obligations and the
Multicurrency Tranche LC Obligations, as applicable. 
 “LC Participations”: At any time, either or both the USD
Tranche LC Participations or the Multicurrency Tranche LC Participations, as applicable. 
 “LC Payment Date”: As
defined in Section 2.13. 
 “Lease Securitization Provisions”: Provisions customarily required in a
ground lease subject to a Securitized financing that is rated by a nationally recognized ratings agency, including, without limitation, (a) notice and cure rights for a creditor consistent with market standards for cure periods, (b) cr

 editor’s right to encumber the Real Estate Subsidiary’s leasehold interest and the superiority of such Lien to any Lien on a
landlord’s interest in such property; (c) the right for a creditor or its designee to succeed to any Real Estate Subsidiary’s interest in the lease without 

  
 18 

 
landlord’s consent, and the right of any subsequent holder of the applicable financing to succeed to any Real Estate Subsidiary’s interest in the lease without commercially unreasonable
restrictions on the identity of the successor (if other than such creditor or designee), (d) right for such creditor to a new lease with landlord if the lease is terminated prior to the expiration of the term, (e) no amendment,
modification, cancellation or termination of the lease by the landlord or any Real Estate Subsidiary without the consent of creditor, and (f) in the event of damage to the property or the improvements thereon or loss or taking of all or a
portion of the property or improvements thereon due to casualty or condemnation, the casualty insurance proceeds or condemnation proceeds, as the case may be, may be required by creditor to be applied to reduce the balance of its financing, or may
be required by creditor to be used for, and used by the Real Estate Subsidiary under the lease for, restoration of the property or the improvements thereon. 

“Lenders”: The lending institutions who sign and deliver this Agreement as the “Lenders” on the Effective
Date and their successors and assigns. Unless this Agreement specifies otherwise, the term “Lenders” includes the Swingline Lender and each LC Issuer. 

“Lending Installation”: With respect to a Lender or Agent, the office, branch, subsidiary, or affiliate of such Lender
or Agent listed on the signature pages to this Agreement or otherwise selected and identified by such Lender or Agent pursuant to Section 2.25. 

“Lien”: With respect to any Person, any security interest, mortgage, pledge, lien (statutory or other), charge,
encumbrance or preference, hypothecation, assignment, deposit arrangement, title retention agreement, preferential arrangement, or analogous instrument or device (including the interest of each vendor or lessor under any conditional sale,
Capitalized Lease, or other title retention agreement), in, of or on any assets or properties of such Person, now owned or hereafter acquired, whether arising by agreement or operation of law. 

“LIBOR01 Page”: The display designated as “LIBOR01 Page” on the Reuters Service (or such other page as may
replace the LIBOR01 Page on that service or any applicable successor service for the purpose of displaying interest settlement rates for U.S. Dollar deposits). 

“Liquidity”: for any date of determination, the sum of (x) the excess of the Aggregate Commitment Amount
over the Aggregate Outstanding Credit Exposure (excluding the aggregate principal amount of all outstanding Term Loans), plus (y) the aggregate amount of cash held by the Company and the Restricted Subsidiaries that is
unrestricted and free and clear of all Liens other than those in favor of the Agent and the Lenders securing the Secured Obligations. 

“Loan”: A Revolving Loan, a Term Loan or a Swingline Loan. 

“Loan Documents”: This Agreement, any Notes, the Guaranty, the Collateral Documents, and each other document or
agreement, now or in the future, signed by Company or any of its Affiliates for the benefit of Agent or any Lender under or in connection with this Agreement. 

“Loan Party”: Company and each Guarantor Subsidiary. 

“LTF Lease”: A lease agreement between a Real Estate Subsidiary, as lessor, and a Restricted Subsidiary, as lessee,
relating to a Club or a Non-Club Building. 

  
 19 

 “Maintenance Capital Expenditures”: On any Quarterly Measurement Date, the sum
of: (a) $10,000,000; plus (b) the product of: (i) $3.75; times (ii) the gross square feet for each Club or Non-Club Building that is open and that the Company and its Restricted Subsidiaries operate on such Quarterly
Measurement Date as measured from the predominant plane of the exterior walls of such Club or Non-Club Building, as applicable. 

“Majority Lenders”: Lenders having greater than 50% of (x) the Aggregate Commitment Amount or, if the Aggregate
Commitment Amount has been terminated, the Aggregate Outstanding Multicurrency Tranche Credit Exposure plus the Aggregate Outstanding USD Tranche Credit Exposure plus (y) the Term Loan Commitment Amount for the Term Loan Lenders, or, once the
Term Loans have been made, the aggregate principal amount of the Term Loans then outstanding (excluding the Commitment Amounts, Term Loan Commitment Amounts and Aggregate Outstanding Credit Exposure of Defaulting Lenders). 

“Mandatory Principal Payments”: For any Measurement Period, the principal payments (including the portion of any
payment on any Capitalized Lease allocable to principal in accordance with GAAP) regularly scheduled to have been paid by Company or any of its Restricted Subsidiaries during such period on the Permitted Permanent Loans and Company’s and its
Restricted Subsidiaries’ Capitalized Leases and other interest-bearing Indebtedness (including, for avoidance of doubt, the Term Loans) and/or Seller Financing; provided, that the final principal payment (including, without limitation,
any “bullet” maturity payment) in respect of any Indebtedness shall not be included as a Mandatory Principal Payment for purposes hereof. 

“Material Adverse Occurrence”: Any occurrence of whatsoever nature (including, without limitation, any adverse
determination in any litigation, arbitration, or governmental investigation or proceeding) that could reasonably be expected to materially and adversely affect (i) the financial condition or operations of Company and its Restricted Subsidiaries
taken as a whole, (ii) the ability of any Borrower to perform its obligations under the Loan Documents, (iii) the validity or enforceability of the material obligations of any Borrower under the Loan Documents, (iv) the rights and
remedies of the Lenders and Agent under the Loan Documents, or (v) the timely payment of the principal of and interest on the Loans or other amounts payable by Borrowers under this Agreement. 

“Maximum Borrowing Subsidiary Amount: As determined from time to time by the Revolving Lenders at the request of Company.
On the Amendment No. 3 Effective Date, the Maximum Borrowing Subsidiary Amount is $0.00. 
 “Maximum Rate”: As
defined in Section 9.16. 
 “Measurement Period”: On any Quarterly Measurement Date, the four fiscal quarters
ending on such Quarterly Measurement Date. 
 “Modify” and “Modification”: As defined in
Section 2.10. 
 “Multiemployer Plan”: A multiemployer plan, as that term is defined in
Section 4001 (a) (3) of ERISA, that is maintained (on the Effective Date, within the five calendar years before the Effective Date, or at any time after the Effective Date) for employees of Company or any ERISA Affiliate. 

  
 20 

 “Multicurrency Tranche”: the credit facility tranche under which
Multicurrency Tranche Commitments are maintained. 
 “Multicurrency Tranche Commitment”: With respect to each
Multicurrency Tranche Lender, its obligation to make Multicurrency Tranche Revolving Loans to Borrowers and to purchase Multicurrency Tranche LC Participations. 

“Multicurrency Tranche Commitment Amount”: With respect to each Multicurrency Tranche Lender, on the Amendment
No. 3 Effective Date the amount set forth on Schedule 1.1.f as its Multicurrency Tranche Commitment Amount, but as reduced or increased at any time after the Amendment No. 3 Effective Date under this Agreement. 

“Multicurrency Tranche LC”: Each Facility LC in which the Multicurrency Tranche Lenders are obligated to purchase
Multicurrency LC Participations under Section 2.11. 
 “Multicurrency Tranche LC Obligations”: At any time, the
sum, without duplication, of: (a) the aggregate amount available to be drawn on all outstanding Multicurrency Tranche LCs; plus (b) the Reimbursement Obligations that relate to all Multicurrency Tranche LCs. 

“Multicurrency Tranche LC Participation”: As defined in Section 2.11. 

“Multicurrency Tranche Lender”: A Lender that has agreed to make Multicurrency Tranche Revolving Loans and purchase
Multicurrency Tranche LC Participations under the terms of this Agreement. 
 “Multicurrency Tranche Revolving
Loan”: With respect to a Multicurrency Tranche Lender, a loan made by such Lender in U.S. Dollars or Canadian Dollars pursuant to its commitment to lend in Section 2.1(a), and any conversion or continuation of such loan. 

“Multicurrency Tranche Share”: With respect to each Multicurrency Tranche Lender, a portion equal to a fraction, the
numerator of which is the Multicurrency Tranche Commitment Amount of such Lender and the denominator of which is the Aggregate Multicurrency Tranche Commitment Amount, provided, however, if all of the Multicurrency
Tranche Commitments are terminated, then “Multicurrency Tranche Share” means the percentage obtained by dividing (i) such Lender’s Outstanding Multicurrency Tranche Credit Exposure at such time by (ii) the
Aggregate Outstanding Multicurrency Tranche Credit Exposure at such time; and provided, further, that when any Multicurrency Tranche Lender shall be a Defaulting Lender, “Multicurrency Tranche Share” means the percentage
of the Aggregate Multicurrency Tranche Commitment Amount (disregarding any Defaulting Lender’s Multicurrency Tranche Commitment) represented by such Lender’s Multicurrency Tranche Commitment Amount. If all of the
Multicurrency Tranche Commitments have terminated or expired, the Multicurrency Tranche Shares shall be determined based upon the Multicurrency Tranche Commitment Amounts most recently in effect, giving effect to any assignments. 

“Net Income”: For any Measurement Period, consolidated after-tax net income of Company and its Restricted Subsidiaries
for such period determined in accordance with GAAP. 

  
 21 

 “Net Worth”: With respect to any Person or Persons, on any date of
determination, the excess of (a) the net book value of the assets of such Person or Persons at such time, after all appropriate deductions in accordance with GAAP (including, without limitation, reserves for doubtful receivables, obsolescence,
depreciation and amortization), minus (b) the sum of the total Indebtedness of such Person or Persons at such time, all as determined in accordance with GAAP, on an aggregate or consolidated basis with respect to such Person or Persons.

 “Non-Club Building”: any building or improvements owned by Company or a Restricted Subsidiary that is not a Club.

 “Non-U.S. Lender”: As defined in Section 2.32.f. 

“Note”: As defined in Section 2.5. 

“Obligations”: Borrowers’ obligations with respect to the due and punctual payment of principal and interest on
the Loans and the LC Obligations when and as due, whether by acceleration or otherwise, and all fees (including the Commitment Fee), expenses, indemnities, reimbursements and other obligations of Borrowers under this Agreement or any other Loan
Document, to the Lenders or to any Lender, Agent, any LC Issuer, or any indemnified party, in all cases whether now existing or hereafter arising or incurred. 

“Operating Lease”: A lease of (or other agreement conveying the right to use) real or personal property classified as
an operating lease in accordance with GAAP. 
 “Other Taxes”: As defined in Section 2.32.b. 

“Outlot”: A parcel of real property purchased as an incidental part of a larger acquisition where such parcel is not
required for the intended purposes of such acquisition. 
 “Outstanding Credit Exposure: As to each USD Tranche Lender,
its Outstanding USD Tranche Credit Exposure, as to each Multicurrency Tranche Lender, its Outstanding Multicurrency Tranche Credit Exposure, and as to each Term Loan Lender, the principal amount of its Term Loans. 

“Outstanding Multicurrency Tranche Credit Exposure: As to any each Multicurrency Tranche Lender at any time, the sum
of (i) the aggregate principal U.S. Dollar Amount of its Multicurrency Tranche Revolving Loans outstanding at such time, and (ii) its Multicurrency Tranche LC Participations at that time. 

“Outstanding USD Tranche Credit Exposure: As to each USD Tranche Lender at any time, the sum of (i) the aggregate
principal U.S. Dollar Amount of its USD Tranche Revolving Loans outstanding at such time, plus (ii) its USD Tranche Share of the aggregate principal amount of Swingline Loans outstanding at that time, plus (iii) its USD Tranche LC
Participations at that time. 
 “Parity Secured Debt”: Indebtedness other than the Secured Obligations incurred by
Company or a Restricted Subsidiary that is secured by Liens permitted under Section 6.12.k; provided that: (i) at the time of the incurrence of such Parity Secured Debt, the Unencumbered

  
 22 

 
Asset Coverage Ratio as of the Quarterly Measurement Date immediately preceding the date on which the proposed additional Indebtedness is to be incurred would not be more than the ratio permitted
by Section 6.16 determined on a pro forma basis (including a pro forma application of net proceeds from such proposed additional Indebtedness), as if such proposed additional Indebtedness had been incurred at the beginning of the
Measurement Period ending on such Quarterly Measurement Date; (ii) the Related Agreements evidencing or securing such Parity Secured Debt are in form and substance satisfactory to Agent, in its reasonable business judgment, provided that
the default provisions of such Related Agreements may provide for cross-acceleration with respect to the covenant defaults under this Agreement; (iii) the holder of such Parity Secured Debt signs and delivers to Agent, before Company or any
Restricted Subsidiary incurs such Parity Secured Debt, an Intercreditor Agreement; and (iv) reasonably before the incurrence of such Indebtedness, Agent has received drafts that are finalized in all material respects of each material Related
Agreement to be signed and delivered in connection with such transaction. To the extent any such Parity Secured Debt contains financial covenants or event of default provisions that restrict Company or its Restricted Subsidiaries more than do the
financial covenants and event of default provisions of this Agreement, the provisions of Section 5.20 shall apply. 

“Participants”: As defined in Section 9.5.b. 

“PBGC”: The Pension Benefit Guaranty Corporation, established pursuant to Subtitle A of Title IV of ERISA, and
any successor. 
 “Permitted Acquisitions”: With respect to Company and Restricted Subsidiaries, either:
(a) any Acquisition by Company or any of its Restricted Subsidiaries where (i) the business or division acquired are for use, or the Person acquired is engaged, in the businesses engaged in by Company or its Restricted Subsidiaries on the
Effective Date or other businesses that are similar, ancillary, or complementary lines of business, or are reasonable extensions of such business, (ii) the Acquisition is completed on a non-hostile basis; (iii) for each Acquisition in
which the total consideration paid by Company and its Subsidiaries exceeds $20,000,000, Company delivers to Agent, no later than 10 Business Days before the consummation of the Acquisition, pro forma financial statements giving effect to the
Acquisition that demonstrate continued compliance with the financial covenants in this Agreement; (iv) Company or a Restricted Subsidiary is the surviving entity; (v) immediately before and after giving effect to such Acquisition, no Event
of Default exists, (vi) the Consolidated Leverage Ratio on a pro forma basis reflecting the consummation of the Acquisition is less than 3.75 to 1.00; (vii) the sum of the cash held by Company and its Restricted Subsidiaries
(including any cash acquired in the acquisition) but excluding cash in any account subject to a Lien in favor of any Person other than the Lenders plus the amount by which the Aggregate Commitment Amount exceeds the Aggregate Outstanding Credit
Exposure (excluding the principal amount of the Term Loans) is at least $50,000,000 immediately after giving effect to such Acquisition; (viii) for each Acquisition in which the total consideration paid by Company and its Subsidiaries exceeds
$20,000,000, reasonably prior to such Acquisition, Agent has received unexecuted copies of each material document, instrument, and agreement to be signed and delivered in connection with such Acquisition, (ix) for each Acquisition in which the
total consideration paid by Company and its Restricted Subsidiaries exceeds $20,000,000, the related acquisition documents shall not prohibit liens and security interest thereon and collateral assignments thereof to the Administrative Agent for the
benefit of 

  
 23 

 
the Lenders, and (x) if the acquired Person will be a Guarantor Subsidiary, Agent has received a Guaranty and Collateral Documents in accordance with Section 5.17 and 5.19; or
(b) any other Acquisition consented to in writing by the Majority Lenders. For the purposes of this definition, “total consideration” means, without duplication, cash or other consideration paid, the fair market value of property or
stock exchanged (or the face amount, if preferred stock) other than common stock of Company, the total amount of any deferred payments (including the Company’s good faith estimates for earnouts) or purchase money debt, all Seller Financing, and
the total amount of any Indebtedness assumed or undertaken in such transactions. 
 “Permitted Permanent Loan”:
Collectively: 
 (a) the Indebtedness of the Encumbered Real Estate Subsidiaries outstanding on the Amendment No. 3
Effective Date and described on Schedule 1.1.d; and 
 (b) Indebtedness incurred by an Encumbered
Real Estate Subsidiary that is a Wholly-Owned Subsidiary after the Effective Date to finance the real property and improvements relating to one or more Clubs that are then open and operating or Non-Club Buildings being used for their intended
purpose, where: 
 (i) immediately before and after giving effect to such Indebtedness, no Event of Default exists; 

(ii) the Related Agreements for such Indebtedness do not cross-default to, or permit acceleration based on, any default under
or acceleration of any other Indebtedness of Company or any other Subsidiary except other Permitted Permanent Loans that are held by the holder of the Indebtedness then being incurred; provided that any such Indebtedness that is incurred to
an initial holder that, together with any of its Affiliates, are in the business of Securitizing commercial mortgage loans shall be deemed to be held by separate holders, regardless of whether such Indebtedness is actually held by separate holders;

 (iii) the only Persons liable for such Indebtedness are: 

(A) the Encumbered Real Estate Subsidiary that owns all of the relevant Clubs or Non-Club Buildings securing the Indebtedness
then being incurred and such liability is limited to such Encumbered Real Estate Subsidiary’s right, title and interest in and to the collateral securing the Permitted Permanent Loan then being incurred; subject, however, to the imposition of
personal liability for fraud, misrepresentation, misapplication of rents or insurance proceeds, adverse environmental conditions and other exceptions to limited recourse liability that are customarily set forth in limited recourse real estate
financing transactions including, without limitation, indemnities in respect of environmental liabilities, material destruction or abuse of property, prohibited transfers of property or prohibited grants of collateral, insolvency, and failure to pay
taxes or maintain insurance (such limited recourse liabilities being “Limited Recourse Liability”); and 

  
 24 

 (B) Company or any Restricted Subsidiary; provided that the Related
Agreements for such Permitted Permanent Loan: (1) shall not impose any greater liability on Company or any Restricted Subsidiary than the Limited Recourse Liability that is incurred by the relevant Encumbered Real Estate Subsidiary in such
transaction and to its liability as a guarantor of the LTF Lease securing such Permitted Permanent Loan that is permitted by subpart (v) of this definition; and (2) shall otherwise comply with the last paragraph of this definition; 

(iv) (A) the only security for such Indebtedness is: 

(1) the real property and improvements relating to such Clubs or Non-Club Buildings being financed by such Permitted
Permanent Loan; 
 (2) the LTF Lease or any other lease by a Real Estate Subsidiary, acting as lessor, relating to such
Clubs or Non-Club Buildings, 
 (3) if required to be by the original Related Agreements evidencing or securing such
Indebtedness, then: (a) normal and reasonable repair and replacement reserves; and (b) a debt service reserve to be established from the basic rent payable under the original LTF Lease or any other lease by a Real Estate Subsidiary, acting
as lessor, relating to such Clubs or Non-Club Buildings that exceeds the regularly scheduled monthly principal and interest payments on such Indebtedness if the Allocated Clubs/Non-Club Buildings Cash Flow is less than the amount required in the
original Related Agreements evidencing or securing such Indebtedness; provided, however, that, the Encumbered Real Estate Subsidiary’s failure to maintain the required Allocated Clubs/Non-Club Buildings Cash Flow shall not
constitute an event of default (however defined) under the relevant Related Agreements and the sole remedy for such failure shall be the establishment of the debt service reserve; 

(4) if such Indebtedness is Securitized by re-structuring into a senior loan to the borrowing Encumbered Real Estate
Subsidiary and a mezzanine loan to a separate Related Mezzanine Encumbered Real Estate Subsidiary, then such mezzanine loan may be secured by a pledge of the Equity Interests in the borrowing Encumbered Real Estate Subsidiary for such Indebtedness;
and 
 (5) normal and reasonable repair and replacement reserves that are required to be established by the original
Related Agreements evidencing or securing such Indebtedness. None of such security shall secure any other Indebtedness of such Encumbered Real Estate Subsidiary, its Related Mezzanine Encumbered Real Estate Subsidiary, Company or any other
Subsidiary; 
 (v) the Clubs or Non-Club Buildings are leased pursuant to a LTF Lease or any other lease by a Real Estate
Subsidiary, acting as lessor; provided that Company may guaranty a Restricted Subsidiary’s obligations under the relevant LTF Lease; provided, further, that Company’s lease guaranty obligations must not

  
 25 

 
be greater than the obligations of the tenant under the relevant LTF Lease, and the Related Agreements establishing such lease guaranty obligations shall comply with the last paragraph of this
definition; and 
 (vi) reasonably prior to the incurrence of such Indebtedness, Agent has received drafts that are finalized
in all material respects of each material Related Agreement to be signed and delivered in connection with such transaction. 
 For
the purposes of this Agreement, a single Permitted Permanent Loan may be evidenced by separate notes made by one or more of the relevant Encumbered Real Estate Subsidiaries payable to the holder of such Permitted Permanent Loan and such separate
notes may be secured by the real property and improvements relating to the Clubs or Non-Club Buildings respectively owned by such Encumbered Real Estate Subsidiaries then being financed by such Permitted Permanent Loan; provided that the
proceeds of such separate notes are disbursed to the relevant Encumbered Real Estate Subsidiary on the same date as part of an integrated financing for all of such Clubs or Non-Club Buildings. 

If Company or any Restricted Subsidiary incurs any Limited Recourse Liability that is described in subpart (b)(iii) of this definition or
guaranties the payment and performance of a LTF Lease that is described in subpart (b)(v) of this definition, then the applicable Related Agreements shall not: 

(a) (i) cross-default to any other Indebtedness of Company or any other Restricted Subsidiary; and/or (ii) violate
Section 6.6; and/or 
 (b) in the case of any contingent liability, require Company to waive its rights of contribution,
subrogation or other similar rights to succeed to the relevant lender’s rights against the borrowing Encumbered Real Estate Subsidiary or its assets upon Company’s payment and performance in full of its obligations under such Related
Agreements. 
 Each Permitted Permanent Loan shall cause any automatic amendment of this Agreement that applies under the “most favored
lender” provision in Section 5.20. 
 “Person”: Any natural person, corporation, partnership, limited
partnership, limited liability limited partnership, limited liability company, joint venture, firm, association, enterprise, trust, unincorporated organization, government or governmental agency or political subdivision or any other entity or
organization, whether acting in an individual, fiduciary, or other capacity. 
 “Plan”: Each employee benefit plan
(whether in existence on the Effective Date or thereafter instituted), as such term is defined in Section 3 of ERISA, maintained for the benefit of employees, officers or directors of Company or of any ERISA Affiliate. 

“Pledge Agreement” or “Pledge Agreements”: Individually and collectively, (i) the Pledge
Agreement dated June 30, 2011 made by Company in favor of Agent and pursuant to which Company grants a first priority Lien to Agent, for the benefit of the Lenders, to secure the Secured Obligations, in the Equity Interests it owns in its
Restricted Subsidiaries and other “Collateral” it describes, (ii) each Pledge Agreement dated June 30, 2011 made by a Restricted Subsidiary that owns Equity Interests in another Restricted Subsidiary in favor of Agent and
pursuant to which 

  
 26 

 
such Restricted Subsidiary grants a first priority Lien to Agent, for the benefit of the Lenders, to secure the Secured Obligations, in the Equity Interests and other “Collateral” it
describes, but only to the extent that the granting of such Lien does not violate any restriction on such Restricted Subsidiary’s right to grant such Lien set forth in any Related Agreement, as it is amended, supplemented, extended, restated,
or otherwise modified and in effect at any time, and (iii) each additional agreement made after the Effective Date by any Subsidiary of Company in favor Agent and pursuant to which such Subsidiary grants a first priority Lien to Agent, for the
benefit of the Lenders, to secure the Secured Obligations, in the Equity Interests and other “Collateral” it describes, but only to the extent that the granting of such Lien does not violate any restriction on such Subsidiary’s right
to grant such Lien set forth in any Related Agreement, as it is amended, supplemented, extended, restated, or otherwise modified and in effect at any time. 

“Prime Rate”: The per annum rate of interest from time to time publicly announced by U.S. Bank or its parent as
its “Prime Rate” (which is not necessarily the lowest rate charged to any customer) for such day, changing when and as such Prime Rate changes; except that if there is a successor Agent to U.S. Bank by merger, or U.S. Bank
assigns its duties and obligations as “Agent” to an Affiliate pursuant to Section 8.11, then “Prime Rate” means the prime rate, base rate or other analogous rate of the new Agent. 

“Purchase Money Indebtedness”: Any Indebtedness that is incurred at the time of the purchase of the relevant
property. 
 “Purchaser”: As defined in Section 9.5.c. 

“Quarterly Measurement Date”: The last day of each quarter of Company’s fiscal year, commencing on June 30,
2011. 
 “Rate Protection Agreement”: Any interest rate swap, cap or option agreement, or any other agreement
pursuant to which any Loan Party hedges interest rate risk with respect to a portion of the Obligations or any Indebtedness permitted hereunder (other than Permitted Permanent Loans), entered into by the applicable Loan Party with a Rate Protection
Provider. 
 “Rate Protection Obligations”: The liabilities, indebtedness, and obligations of Loan Parties,
if any, to any Rate Protection Provider under a Rate Protection Agreement. 
 “Rate Protection Provider”: Any
Lender, or any Affiliate of any Lender, that is the counterparty of a Loan Party under any Rate Protection Agreement.  

“Real Estate”: Any undivided fee simple interest in land other than an Outlot; the tenant’s interest under a
long-term ground lease of land; buildings and other improvements on such land owned in fee simple or leased under a long-term ground lease; and the right to receive any rents and income from such land owned in fee simple or leased under a long-term
ground lease that have not yet been received. Without limiting the definition in the preceding sentence, “Real Estate” does not include (i) any interest in land that Company has sold and then leased back, either before or after the
Effective Date, or (ii) the tenant’s interest under any lease or other occupancy agreement that is not a long-term ground lease, or any fixtures or improvements owned by the tenant under any lease or other occupancy agreement that is not a
long-term ground lease. 

  
 27 

 “Real Estate Subsidiary”: Either an Encumbered Real Estate Subsidiary or
an Unencumbered Real Estate Subsidiary. 
 “Regulation D”: Regulation D of the Board of Governors of the
Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of the Board of Governors with respect to reserve requirements that apply to member banks of the Federal Reserve System.

 “Regulation U”: Regulation U of the Board of Governors of the Federal Reserve System as from time to time in
effect and any successor or other regulation or official interpretation of the Board of Governors with respect to the extension of credit by banks for the purpose of purchasing or carrying margin stocks that apply to member banks of the Federal
Reserve System. 
 “Reimbursement Obligations”: At any time, the aggregate of all of Borrowers’
obligations then outstanding under Section 2.13 to reimburse each LC Issuer for amounts paid by such LC Issuer with respect to any one or more drawings under Facility LCs issued by it. 

“Related Agreement”: All material documents establishing, evidencing, and/or securing any Permitted Permanent Loan or
any Indebtedness for borrowed money permitted by Section 6.11.c, or additional Indebtedness permitted by Section 6.11.g, or any sale-leaseback transaction permitted by Section 6.18, or any ground lease or other real estate lease
covering any Real Estate underlying, or on which Company and its Subsidiaries intend to develop and operate, a Club or Non-Club Building and related businesses that is permitted by Section 6.21. The Related Agreements in effect on the Amendment
No. 3 Effective Date are respectively described on Schedules 1.1.e, 6.11 and 6.18. 
 “Related Encumbered Real Estate
Subsidiary”: Any Subsidiary whose assets consist solely of the Equity Interests of one or more Encumbered Real Estate Subsidiaries. 

“Related Mezzanine Encumbered Real Estate Subsidiary”: A Subsidiary that has been organized for the sole purpose of
incurring a mezzanine loan made in conjunction with a Securitized Permitted Permanent Loan and whose only material assets are the Equity Interests in the Encumbered Real Estate Subsidiary that is the obligor of the related Permitted Permanent
Loan. 
 “Rent Expense”: For any Measurement Period, the aggregate consolidated rent expense of Company and
its Restricted Subsidiaries as determined in accordance with GAAP. 
 “Required Guarantor Subsidiaries”: At
any time, all Wholly-Owned Subsidiaries except for:  
 (i) Designated Unrestricted Subsidiaries; 

(ii) Foreign Subsidiaries as to which a guarantee of the Obligations would cause a Deemed Dividend Problem; 

(iii) any Subsidiary that is a captive insurance Subsidiary; 

  
 28 

 (iv) any Subsidiary constituting a non-for-profit entity under Section 501(c)(3) of the
Code; and 
 (v) each Encumbered Real Estate Subsidiary that is prohibited, restricted, or otherwise limited by the Related Agreements
for a Permitted Permanent Loan to which it is a party from (a) guaranteeing any Indebtedness other than such Permitted Permanent Loan, (b) granting a Lien on any or all of its assets to secure any Indebtedness other than such Permitted
Permanent Loan, or (c) permitting a Lien on the Equity Interests in such Encumbered Real Estate Subsidiary to secure any Indebtedness other than such Permitted Permanent Loan, but, in each case, only so long as such prohibitions, restrictions,
or limitations apply. 
 The Required Guarantor Subsidiaries on the Amendment No. 3 Effective Date are listed in Schedule 1.1.a.

 “Restricted Payments”: Collectively, (a) all dividends or other distributions in cash with respect to any
Equity Interests in Company, (b) any payment (whether in cash, Equity Interests other than common stock of Company, or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any Equity Interests in Company or any of its Restricted Subsidiaries, and (c) all management fees, consulting fees and other similar amounts payable to any present or former holder of any Equity
Interests in Company or any of its Restricted Subsidiaries. 
 “Restricted Subsidiary”: Each Guarantor Subsidiary
and each other Subsidiary that is not an Unrestricted Subsidiary. 
 “Revolving Loans”: Multicurrency Tranche
Revolving Loans and USD Tranche Revolving Loans. 
 “Schedule”: A specific schedule to this Agreement, unless
another document is specifically referred to. 
 “Section”: A numbered section of this Agreement, unless another
document is specifically referred to. 
 “Secured Obligations”: collectively, the Obligations, the Rate Protection
Obligations, and all cash management, commercial credit card programs and treasury-related obligations owing by the Company or a Restricted Subsidiary to a Lender or an Affiliate of a Lender; provided, however, that the Secured
Obligations of a Restricted Subsidiary shall exclude any Excluded Swap Obligations with respect to such Restricted Subsidiary. 

“Securitized”: A transaction in which all or any portion of a Permitted Permanent Loan and the Related Agreements
evidencing or securing such Permitted Permanent Loan are deposited into a trust (including a REMIC trust) by the holder of such Permitted Permanent Loan and such trust issues certificates to investors, or any similar transaction and the term
“Securitizing” has a meaning correlative to the foregoing. 
 “Security Agreement” or “Security
Agreements”: Individually or collectively, (i) the Security Agreement dated June 30, 2011 made by Company in favor of Agent and pursuant to 

  
 29 

 
which Company grants a first priority Lien to Agent, for the benefit of the Lenders, to secure the Secured Obligations, in the “Collateral” it describes, as it is amended, supplemented,
extended, restated, or otherwise modified and in effect at any time, (ii) the Security Agreement dated June 30, 2011 made by each Guarantor Subsidiary in favor of Agent and pursuant to which each Guarantor Subsidiary grants a first
priority Lien to Agent, for the benefit of the Lenders, to secure the Secured Obligations, in the “Collateral” it describes, to secure the Secured Obligations, as it is amended, supplemented, extended, restated, or otherwise modified and
in effect at any time, and (iii) any additional security agreement that any Subsidiary of Company signs and delivers after the Effective Date to grant a first priority Lien to Agent, for the benefit of the Lenders, to secure the Secured
Obligations, in the collateral it describes, as it is amended, supplemented, extended, restated, or otherwise modified and in effect at any time. 

“Seller Financing”: Indebtedness incurred as seller financing. 

“Subordinated Indebtedness”: Any Indebtedness of a Company or a Restricted Subsidiary that is formally subordinated to
the Secured Obligations on terms that have been approved in writing by Agent. 
 “Subsidiary”: with respect to any
Person, (i) any corporation, partnership, limited partnership, limited liability limited partnership, limited liability company, joint venture, firm, association, enterprise, trust, unincorporated organization, or other business entity the
accounts of which would be consolidated with those of such Person in such Person’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, and (ii) any other corporation,
partnership, limited partnership, limited liability limited partnership, limited liability company, joint venture, firm, association, enterprise, trust, unincorporated organization, or other business entity of which such Person, directly or
indirectly, owns Equity Interests that represent more than 50% of the ordinary voting power, governance rights, or financial rights of such business entity. Except where this Agreement expressly provides to the contrary, all references in this
Agreement to a “Subsidiary” or to “Subsidiaries” refer to a Subsidiary or Subsidiaries of Company. The Subsidiaries on the Amendment No. 3 Effective Date are listed in Schedule 1.1.b. 

“Swap Obligation”: solely for purposes of determining an obligation being guaranteed by a Guarantor Subsidiary in respect of
a “swap”, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Swingline Commitment Amount”: As defined in Section 2.18, but as it is reduced at any time under this Agreement.

 “Swingline Lender”: U.S. Bank or any other Lender that succeeds to its rights and obligations as the
Swingline Lender under this Agreement. 
 “Swingline Loan”: A Loan made to Company by Swingline Lender under
Section 2.18. 
 “Swingline Loan Commitment”: With respect to Swingline Lender, the obligation of Swingline
Lender to make Swingline Loans to Company, as part of the USD Tranche, in an 

  
 30 

 
aggregate principal amount outstanding at any time not to exceed the Swingline Commitment Amount upon the terms and subject to the conditions and limitations of this Agreement. 

“Swingline Loan Date”: The date of the making of any Swingline Loan under this Agreement. 

“Taxes”: All present or future taxes, duties, levies, imposts, deductions, charges or withholdings, and all
liabilities with respect to the foregoing, imposed on or with respect to any payment made by or on account of any obligation of Borrowers under any Loan Document, but excluding Excluded Taxes and Other Taxes. 

“Term Loan”: a term loan (including, without limitation, Additional Term Loans) made to the Company in
U.S. Dollars under this Agreement, and any conversion or continuation of such term loan. 
 “Term
Loan Commitment”: With respect to each Lender, its obligation to make Term Loans to Company, in an aggregate principal amount not to exceed such Lender’s Term Loan Commitment Amount. 

“Term Loan Commitment Amount”: With respect to each Term Loan Lender, on the Amendment No. 3 Effective Date,
the amount set by its name on Schedule 1.1.f as its Term Loan Commitment Amount. The aggregate thereof on the Amendment No. 3 Effective Date is $100,000,000. 

“Term Loan Lender”: each Lender that has agreed to make Term Loans. 

“Term Loan Share”: With respect to each Term Loan Lender, a portion equal to a fraction, the numerator of which is the
outstanding principal amount of such Term Loan Lender’s Term Loan at such time, and the denominator of which is the aggregate outstanding principal amount of all Term Loans at such time provided, that when a Term Loan Lender constitutes
a Defaulting Lender, such Term Loan Lender’s Term Loans shall be disregarded for purposes of determining the Term Loan Share of each Term Loan Lender. 

“Third Party Lease”: a lease agreement between an unaffiliated third party, as lessor, and a Restricted Subsidiary, as
lessee. 
 “Type”: With respect to any Advance, its nature as a Base Rate Advance or a Eurocurrency Advance, and,
with respect to any Loan, its nature as a Base Rate Loan or a Eurocurrency Loan. 
 “Unencumbered Asset Coverage
Ratio”: On any Quarterly Measurement Date, the ratio of: 
 a. the net book value of all Real Estate
owned by Unencumbered Real Estate Subsidiaries on such Quarterly Measurement Date; to 
 b. the sum of
(i) Aggregate Outstanding Credit Exposure; plus (ii) all Parity Secured Debt on such Quarterly Measurement Date. 

  
 31 

 “Unencumbered Real Estate Subsidiary”: A Wholly-Owned Subsidiary
that: (i) owns Real Estate and has no material assets other than Real Estate and/or Equity Interests in other Unencumbered Real Estate Subsidiaries, or, as to LTF Real Estate Company, Inc. and LTF Real Estate Holdings, LLC, Equity
Interests in other Unencumbered Real Estate Subsidiaries and/or Encumbered Real Estate Subsidiaries and the other assets it owns on the Effective Date; provided, however, that no Unencumbered Real Estate Subsidiary (other than LTF Real
Estate Company, Inc. and LTF Real Estate Holdings, LLC in respect of the ground leasehold interests it owned on the Effective Date) shall own any Real Estate that consists of or includes the tenant’s interest under a long-term ground lease if
such Unencumbered Real Estate Subsidiary also owns fee simple title to any Real Estate; (ii) does not engage in any substantial business activity other than acquiring, owning, developing, operating, and leasing Real Estate, and, as to LTF Real
Estate Company, Inc., the other businesses it is engaged in on the Effective Date; (iii) has no Indebtedness other than the Secured Obligations and unsecured Indebtedness owing to a Guarantor Subsidiary that is (A) subordinated to the
payment of the Secured Obligations on terms and conditions acceptable to the Agent, and (B) incurred in the ordinary course of owning and operating its Real Estate, and, as to LTF Real Estate Company, Inc., the other businesses it is engaged in
on the Effective Date; and (iv) is a Guarantor Subsidiary or a Foreign Subsidiary that is a Restricted Subsidiary and that has had at least 65% of its Equity Interests pledged to the Agent to secure the Secured Obligations. The
Unencumbered Real Estate Subsidiaries on the Amendment No. 3 Effective Date are described on Schedule 1.1.b. 

“United States” and “U.S.”: The United States of America. 

“Unrestricted Subsidiary”: Each Designated Unrestricted Subsidiary and each other Subsidiary that is not a
Wholly-Owned Subsidiary (other than a Designated Guarantor Subsidiary). 
 “U.S. Bank”: U.S. Bank National
Association, a national banking association, in its individual capacity, and its successors. 
 “U.S. Dollars”,
“U.S.$” and “$”: The lawful currency of the United States. 
 “U.S. Dollar
Amount”: On any date of determination, (a) with respect to any amount in U.S. Dollars, such amount, and (b) with respect to any amount in an Agreed Currency, the Equivalent Amount in U.S. Dollars of such amount,
determined by Agent pursuant to Section 2.2 using the Exchange Rate with respect to such Agreed Currency at the time in effect. 

“USD Tranche”: the credit facility tranche under which USD Tranche Commitments are maintained. 

“USD Tranche Commitment”: With respect to each USD Tranche Lender, its obligation to make USD Tranche Revolving
Loans to Company, to purchase USD Tranche LC Participations, and to purchase participations in Swingline Loans from Swingline Lender, in an aggregate principal amount outstanding at any time not to exceed such Lender’s USD
Tranche Commitment Amount as it is modified as a result of any assignment that has become effective pursuant to Section 9.5.c or as otherwise modified from time to time pursuant to this Agreement and subject to

  
 32 

 
the conditions and limitations of this Agreement, and with respect to Swingline Lender, its obligation to make Swingline Loans to Company. 

“USD Tranche Commitment Amount”: With respect to each USD Tranche Lender, on the Amendment No. 3 Effective
Date, the amount set by its name in Schedule 1.1.f as its USD Tranche Commitment Amount, but as reduced or increased at any time after the Amendment No. 3 Effective Date under this Agreement. 

“USD Tranche LC”: Each Facility LC in which the USD Tranche Lenders are obligated to purchase USD Tranche LC
Participations under Section 2.11. 
 “USD Tranche LC Obligations”: At any time, the sum, without duplication,
of: (a) the aggregate amount available to be drawn on all outstanding USD Tranche LCs; plus (b) the Reimbursement Obligations that relate to USD Tranche LCs. 

“USD Tranche LC Participation”: As defined in Section 2.11. 

“USD Tranche Lender”: Swingline Lender and each other Lender that has agreed to make USD Tranche Revolving Loans and
purchase USD Tranche LC Participations under the terms of this Agreement. 
 “USD Tranche Revolving Loan”: With
respect to each USD Tranche Lender, a loan made by such Lender in U.S. Dollars pursuant to its commitment to lend in Section 2.1(a), and any conversion or continuation of such loan. 

“USD Tranche Share”: With respect to each USD Tranche Lender, a portion equal to a fraction, the numerator of which is
the USD Tranche Commitment Amount of such Lender and the denominator of which is the Aggregate USD Tranche Commitment Amount, provided, however, if all of the USD Tranche Commitments are terminated, then “USD
Tranche Share” means the percentage obtained by dividing (i) such Lender’s Outstanding USD Tranche Credit Exposure at such time by (ii) the Aggregate Outstanding USD Tranche Credit Exposure at such time; and
provided, further, that when a USD Tranche Lender shall be a Defaulting Lender, “USD Tranche Share” means, with respect to each USD Tranche Lender, the percentage of the Aggregate USD Tranche Commitment Amount
(disregarding any Defaulting Lender’s USD Tranche Commitment) represented by such Lender’s USD Tranche Commitment Amount. If all of the USD Tranche Commitments have terminated or expired, the USD Tranche Shares shall be
determined based upon the USD Tranche Commitment Amounts most recently in effect, giving effect to any assignments. 

“Wholly-Owned Subsidiary”: With respect to any Person, any Subsidiary of which 100% of the Equity Interests are at the
time owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person. All Wholly-Owned Subsidiaries on the Amendment
No. 3 Effective Date are identified as such in Schedule 1.1.b. 
 1.2. Accounting Terms and
Calculations. Except to the extent this Agreement expressly provides to the contrary, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if Company
notifies Agent 

  
 33 

 
that Company requests an amendment to any provision of this Agreement to eliminate the effect of any change occurring after the Amendment No. 2 Effective Date in GAAP or in its application
on the operation of such provision (or if Agent notifies Company that the Majority Lenders request an amendment to any provision of this Agreement for such purpose), regardless of whether any such notice is given before or after such change in GAAP
or in its application, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change becomes effective until such notice is withdrawn or amended in accordance with this Section 1.2; and
further provided that, notwithstanding any other provision of this Agreement, all terms of an accounting or financial nature used in this Agreement shall be construed, and all computations of amounts and ratios referred to in this Agreement
shall be made, without giving effect to any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of Company or any of its Subsidiaries at “fair value”, as such standards define that term. If at any time any change in GAAP would affect
the computation of any financial ratio or requirement in any Loan Document and Company, Agent, or the Majority Lenders so request, Agent, the Lenders and Company shall negotiate in good faith to amend such ratio or requirement to preserve its
original intent in light of such change in GAAP (subject to the approval of the Majority Lenders), provided that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP before such change and Company
shall provide to Agent and the Lenders reconciliation statements showing the difference in such calculation, together with the monthly, quarterly, and annual financial statements this Agreement requires. 

1.3. Computation of Time Periods. In this Agreement, in the computation of a period of time from a specified date to a later
specified date, unless otherwise stated the word “from” means “from and including” and the word “to” or “until” each means “to but excluding”. 

1.4. Other Definitional Terms. The words “include”, “includes” and “including” shall be deemed to
be followed by the phrase “without limitation”. Unless the context in which used in this Agreement otherwise clearly requires, “or” means both “and” and “or”. 

ARTICLE II 
 TERMS OF THE
CREDIT FACILITIES 
 Part A – Terms of Lending 

2.1. Lending Commitments. (a) Revolving Commitments. From the Effective Date until the Facility Termination Date,
subject to the terms and conditions set forth in this Agreement, each USD Tranche Lender severally agrees with the other USD Tranche Lenders to make USD Tranche Revolving Loans to Borrowers in U.S. Dollars and participate in USD Tranche LCs
issued upon the request of Company, and each Multicurrency Tranche Lender severally agrees with the other Multicurrency Tranche Lenders to make Multicurrency Tranche Revolving Loans in U.S. Dollars or Canadian Dollars, and to participate in
Multicurrency Tranche LCs, provided that, after giving effect to the making of each such Loan and the issuance of each such Facility LC: (i) the U.S. Dollar Amount of such Lender’s Outstanding Credit Exposure shall not exceed
its Commitment Amount; (ii) the Aggregate Outstanding USD Tranche Credit Exposure shall not exceed the Aggregate USD Tranche Commitment Amount; (iii) the Aggregate Outstanding Multicurrency Tranche Credit Exposure shall
not exceed the Aggregate Multicurrency 

  
 34 

 
Tranche Commitment Amount; (iv) the Aggregate Outstanding Credit Exposure (excluding the principal amount of the Term Loans) owing by Borrowing Subsidiaries shall not exceed the Maximum
Borrowing Subsidiary Amount; and (v) all Base Rate Loans shall be made in U.S. Dollars. Subject to the terms of this Agreement, Borrowers may borrow, repay, and reborrow at any time before the Facility Termination Date. Each LC Issuer
shall issue Facility LCs on the terms and conditions set forth in Part B of this Article II. Loans may be obtained and maintained, at Company’s election but subject to the limitations of this Agreement, as Base Rate Advances or
Eurocurrency Advances. On the Effective Date, Company, Agent, and the Lenders acknowledge and agree that the aggregate outstanding principal balance of the “Revolving Loans” under the Existing Credit Agreement shall be deemed to be the
initial USD Tranche Revolving Loans under this Agreement. There are no Multicurrency Tranche Revolving Loans on the Effective Date. The Commitments to extend credit under this Agreement expire on the Facility Termination Date. Borrowers shall pay
all Obligations in full on the Facility Termination Date. 
 (b) Term Loan Commitments. Subject to the effectiveness of Amendment
No. 3, each Term Loan Lender shall make a Term Loan to the Company in the amount of its Term Loan Commitment. Such Term Loan shall be made, if at all, on the Amendment No. 3 Effective Date. No amount in respect of a Term Loan may be
reborrowed once repaid. Term Loans may be obtained and maintained, at Company’s election but subject to the limitations of this Agreement, as Base Rate Advances or Eurocurrency Advances. Notwithstanding the foregoing or anything to the contrary
set forth herein, Additional Term Loans shall be made, if at all, pursuant to Section 2.36. 
 2.2. Determination of
U.S. Dollar Amounts; Required Payments; Termination. Agent shall determine the U.S. Dollar Amount of: (a) each Advance as of the date three Business Days before the Borrowing Date for such Advance or, if applicable, the date
such Advance is converted or continued, and (b) all outstanding Advances on and as of the last Business Day of each quarter and on any other Business Day elected by Agent in its discretion. If, at any time, either (a) the U.S. Dollar
Amount of the Aggregate Outstanding Credit Exposure (excluding the principal amount of the Term Loans) exceeds the Aggregate Commitment Amount, or (b) the U.S. Dollar Amount of the Aggregate Outstanding Multicurrency Tranche Credit
Exposure exceeds 105% of the Aggregate Multicurrency Tranche Commitment Amount, Borrowers shall immediately make a payment on the Obligations under the USD Tranche or the Multicurrency Tranche sufficient to eliminate such excess. Borrowers
shall pay the Aggregate Outstanding Credit Exposure and all other unpaid Obligations in full on the Facility Termination Date. 

2.3. Method of Selecting Types and Interest Periods for New Advances. Company shall select the Type of Advance and, in the case
of each Eurocurrency Advance, the Interest Period and Agreed Currency that applies. Each request by Company for Revolving Loans (a “Borrowing Notice”) shall be in writing or by telephone and must be given so as to be received by
Agent not later than 11:00 A.M. (Minneapolis time) three Business Days before the requested Borrowing Date if all or any portion of the Revolving Loans are requested as Eurocurrency Advances and not later than 11:00 A.M. (Minneapolis time)
on the requested Borrowing Date if the Revolving Loans are requested as Base Rate Advances (other than a Swingline Loan). Each request for Revolving Loans shall be irrevocable and shall be deemed a representation by Borrowers that on the requested
Borrowing Date and after giving effect to the requested Revolving Loans the applicable conditions specified in Article III have been and will be satisfied. 

  
 35 

 Each request for any Advance shall specify (a) the requested Borrowing Date, which
shall be a Business Day, of such Advance, (b) the Agreed Currency for each requested Revolving Loan, (c) the aggregate amount of the Advance to be made on such date, which shall be in a minimum amount of $1,000,000 for Base Rate Advances
or $5,000,000 for Eurocurrency Advances, (d) whether such Revolving Loans are to be funded as Base Rate Advances or Eurocurrency Advances (and, if such Revolving Loans are to be made with more than one applicable interest rate choice, specify
the amount to which each interest rate choice applies), and (e) in the case of Eurocurrency Advances, the duration of the initial Interest Period that applies to such Advance; provided that no Revolving Loans shall be funded as
Eurocurrency Advances if an Event of Default exists. Agent may rely on any telephone request by Company for Revolving Loans that it believes in good faith to be genuine. Agent shall promptly notify each other Lender of the receipt of such request,
the matters it specifies, and of such Lender’s ratable share of any requested USD Tranche Revolving Loans and, in the case of a Multicurrency Tranche Lender, such Multicurrency Tranche Lender’s ratable share of any requested Multicurrency
Tranche Revolving Loans. On the specified Borrowing Date, each Lender shall provide its share of the requested Revolving Loans to Agent in Immediately Available Funds not later than 1:00 P.M. (Minneapolis time). 

Unless Agent determines that any applicable condition specified in Article III has not been satisfied, Agent shall make available
to Company at Agent’s principal office in Minneapolis, Minnesota in Immediately Available Funds not later than 2:00 P.M. (Minneapolis time) on the requested Borrowing Date the amount of the requested Revolving Loans. If Agent has made a
Revolving Loan to Company on behalf of a Lender but has not received the amount of such Revolving Loan from such Lender by the time this Agreement requires, such Lender shall pay interest to Agent on the amount so advanced at the overnight Federal
Funds Effective Rate from the date of such Revolving Loan to the date funds are received by Agent from such Lender, such interest to be payable with such remittance from such Lender of the principal amount of such Revolving Loan (provided
that Agent shall not make any Revolving Loan on behalf of a Lender if Agent has received prior notice from such Lender that it will not make such Revolving Loan). If Agent does not receive payment from such Lender by the next Business Day after the
date of any Revolving Loan, Agent shall be entitled to recover such Revolving Loan, with interest thereon at the rate (or rates) then applicable to such Revolving Loan, on demand, from Company, without prejudice to Agent’s and Company’s
rights against such Lender. If such Lender pays Agent the amount this Agreement requires with interest at the overnight Federal Funds Effective Rate before Agent has recovered from Company, such Lender shall be entitled to the interest payable by
Company with respect to the Revolving Loan in question accruing from the date Agent made such Revolving Loan. 
 2.4. Ratable
Loans; Types of Advances. Each Advance other than any Swingline Loan shall consist of (a) USD Tranche Revolving Loans made by the USD Tranche Lenders ratably according to their USD Tranche Shares of the Aggregate USD
Tranche Commitment Amount, (b) in the case of Multicurrency Tranche Revolving Loans, Multicurrency Tranche Revolving Loans made by the Multicurrency Tranche Lenders ratably according to their Multicurrency Tranche Shares of the Aggregate
Multicurrency Tranche Commitment Amount or (c) Term Loans made pursuant to Section 2.1(b). The Advances may be Base Rate Advances or Eurocurrency Advances, or a combination of the two Types, selected by Company in accordance with
Sections 2.3 and 2.6, or Swingline Loans selected by Company in accordance with Part C of this Article II. 

  
 36 

 2.5. Noteless Agreement; Evidence of Indebtedness. Each Lender shall
maintain in accordance with its usual practice so long as any Obligations remain outstanding a current account or accounts evidencing Borrower’s indebtedness to such Lender that results from each Loan made by such Lender, including the amounts
of principal and interest payable and paid to such Lender. Agent shall also maintain accounts in which it records (i) the amount of each Loan, the Agreed Currency and Type of each Loan, and the Interest Period with respect to each Loan,
(ii) the amount of any principal or interest due and payable or to become due and payable from Borrower to each Lender under this Agreement, (iii) the original stated amount of each Facility LC and the amount of LC Obligations outstanding
at any time, and (iv) the amount of any sum received by Agent from Borrower under this Agreement and each Lender’s share of such amount. The entries maintained in the accounts maintained pursuant to this Section 2.5 shall be prima
facie evidence of the existence and amounts of the Obligations recorded in those accounts; provided that the failure of Agent or any Lender to maintain such accounts or any error in such accounts shall not in any manner affect
Borrower’s obligation to repay the Obligations in accordance with the terms of this Agreement. Any Lender has the right to request that its Loans be evidenced by a promissory note or, in the case of Swingline Lender, promissory notes,
representing its Revolving Loans, Term Loans, and/or Swingline Loans, as applicable, substantially in the form of Exhibit E, with appropriate changes for notes evidencing Swingline Loans or Term Loans (each a “Note”). If any
Lender requests that its Loans be evidenced by a Note, Borrower shall prepare, sign, and deliver to such Lender such Note or Notes payable to such Lender in a form supplied by Agent. Thereafter, the Loans evidenced by such Note and interest on such
Loans shall at all times (prior to any assignment pursuant to Section 9.5.c) be represented by one or more Notes payable to the payee named in such Note, except to the extent that any such Lender subsequently returns any such Note for
cancellation and requests that such Loans once again be evidenced as described in the preceding sentences of this Section 2.5. 

2.6. Conversions and Continuations. On the terms and subject to the limitations of this Agreement, Company has the option at any
time to convert all or any portion of the Advances into Base Rate Advances or Eurocurrency Advances, or to continue a Eurocurrency Advance as such; provided that a Eurocurrency Advance may be converted or continued only on the last day of the
Interest Period that applies to such Advance and no Advance may be converted to or continued as a Eurocurrency Advance if an Event of Default exists on the proposed date of continuation or conversion. Advances may be converted to, or continued as,
Eurocurrency Advances only in the aggregate minimum amount of the Advances of all Lenders so converted or continued, of $5,000,000. Company shall give Agent written notice of any continuation or conversion of any Advances and such notice must be
given so as to be received by Agent not later than 11:00 A.M. (Minneapolis time) three Business Days (four Business Days in the case of Agreed Currencies that Agent designates as requiring additional notice) before the requested date of
conversion or continuation in the case of the continuation of, or conversion to, Eurocurrency Advances and on the date of the requested conversion to Base Rate Advances. Each Eurocurrency Advance denominated in an Agreed Currency other than
U.S. Dollars shall automatically continue as a Eurocurrency Advance in the same Agreed Currency with an Interest Period of one month unless (i) such Eurocurrency Advance is or was repaid in accordance with Section 2.9 or
(ii) Company gives Agent a Conversion/Continuation Notice requesting that, at the end of such Interest Period, such Eurocurrency Advance continue as a Eurocurrency Advance for the same or another Interest Period or that such Eurocurrency
Advance be converted to an Advance in U.S. Dollars. Each such notice (a “Conversion/Continuation Notice”) shall specify (a) the amount to be continued or 

  
 37 

 
converted, (b) the date for the continuation or conversion (which must be (1) the last day of the preceding Interest Period for any continuation or conversion of Eurocurrency Advances,
and (2) a Business Day in the case of continuations as or conversions to Eurocurrency Advances and a Business Day in the case of conversions to Base Rate Advances), and (c) in the case of conversions to or continuations as Eurocurrency
Advances, the Interest Period that applies to such Advance. Any notice given by Company under this Section shall be irrevocable. If Company fails to notify Agent of the continuation of any Eurocurrency Advance within the time required by this
Section, at the option of Agent, such Advances shall, on the last day of the Interest Period that applies to such Advance, (A) automatically be continued as Eurocurrency Advances with the same principal amount and the same Interest Period or
(B) automatically be converted into Base Rate Advances with the same principal amount. All conversions and continuation of Advances must be made uniformly and ratably among the Lenders. (For example, when continuing a one-month Eurocurrency
Advance of one Lender to a three-month Eurocurrency Advance, Company must simultaneously continue all one-month Eurocurrency Advances of all Lenders having Interest Periods ending on the date of continuation as three-month Eurocurrency Advances.)

 2.7. Interest Rates, Interest Payments, and Default Interest. Interest shall accrue and be payable on the Revolving Loans
and the Term Loans as follows: 
 a. Subject to paragraph (c) below, each Eurocurrency Advance shall bear
interest on the unpaid principal amount of such Loan during the Interest Period that applies to such Loan at a rate per annum equal to the sum of (A) the Adjusted Eurocurrency Rate for such Interest Period plus (B) the Applicable
Margin. 
 b. Subject to paragraph (c) below, each Base Rate Advance shall bear interest on the unpaid principal
amount of such Loan at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable Margin. 

c. Notwithstanding anything to the contrary in Section 2.3, 2.6, or this Section 2.7, during the existence of
any Event of Default, Agent or the Majority Lenders have the right, at their option, by notice to Company (which notice may be revoked at the option of the party who gave it, notwithstanding the provisions in Section 9.1 that require unanimous
consent of the Lenders to reduce interest rates), to declare that no Advance may be made as, converted into, or continued as a Eurocurrency Advance. During the existence of any Event of Default, at the option of Agent or at the direction of the
Majority Lenders, by notice to Company (which notice may be revoked at the option of the party who gave it, notwithstanding any provision of this Agreement requiring unanimous consent of the Lenders to reduce interest rates), (i) each Advance
in an Agreed Currency other than U.S. Dollars shall be converted to an Advance in the Approximate Equivalent Amount in U.S. Dollars, notwithstanding any Multicurrency Tranche Lender’s Multicurrency Tranche Commitment,
(ii) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (iii) each Base Rate Advance shall bear interest at a
rate per annum equal to the Base Rate in effect from time to time plus 2.00% per annum, and (iv) the LC Fee shall be increased by 2.00% per annum, provided that, during the existence of an Event of Default under
Section 7.1.e or 7.1.f, the interest rates set forth in clauses (ii) and (iii) above and the increase in the LC Fee set forth in clause (iv) above shall apply to all 

  
 38 

 
Credit Extensions without any election or action on the part of Agent or any Lender. After an Event of Default has been cured or waived, the interest rate applicable to Advances and the LC Fee
shall revert to the rates that then apply in the absence of an Event of Default. The interest rate that applies under this Section 2.7.c to each Advance during the existence of an Event of Default is the “Default Rate” with
respect to that Advance. 
 d. Interest is payable (i) with respect to each Eurocurrency Advance having an
Interest Period of three months or less, on the last day of the Interest Period that applies to such Advance; (ii) with respect to any Eurocurrency Advance having an Interest Period greater than three months, on the last day of the Interest
Period that applies to such Advance and on the last day of each three-month interval during such Interest Period; (iii) with respect to any Base Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any
prepayment, whether by acceleration or otherwise (on the amount prepaid); and (v) on the Facility Termination Date; provided that interest under paragraph (c) of this Section is payable on demand. 

2.8. Repayment and Mandatory Prepayment. (a) Payments Generally; Certain Mandatory Prepayments. The unpaid principal
balance of all Loans, together with all accrued and unpaid interest on such Loans, shall be due and payable on the Facility Termination Date. If at any time, (i) the Aggregate Outstanding USD Tranche Credit Exposure exceeds the Aggregate
USD Tranche Commitment Amount, or (ii) (A) other than as a result of fluctuations in Exchange Rates, the Aggregate Outstanding Multicurrency Tranche Credit Exposure exceeds the Aggregate Multicurrency Tranche Commitment
Amount, or (B) solely as a result of fluctuations in Exchange Rates, the Aggregate Outstanding Multicurrency Tranche Credit Exposure exceeds the Aggregate Multicurrency Tranche Commitment Amount by more than 5%, Borrowers shall
immediately repay to Agent for the accounts of the Lenders the amount of such excess. With respect to USD Tranche Revolving Loans, any such payments shall be applied first against Base Rate Advances and then to Eurocurrency Advances in order
starting with the Eurocurrency Advances having the shortest time to the end of the applicable Interest Period. If, after payment of all outstanding Advances (other than the Term Loans), the Aggregate Outstanding Credit Exposure (excluding the
principal amount of outstanding Term Loans) still exceeds the Aggregate Commitment Amount, the remaining amount paid by Borrowers shall be placed in the Facility LC Collateral Account. 

(b) On the last Business Day of each calendar quarter (beginning with the quarter ending September 30, 2014), the Company agrees to make
scheduled principal payments in respect of the Term Loans in an amount equal to $1,250,000 (as adjusted in accordance with the terms hereof to give effect to any prepayments) for each such quarter. To the extent not previously paid, all unpaid
Term Loans shall be paid in full in cash by the Company on the Facility Termination Date. The Term Loans may be prepaid in accordance with Section 2.9. Payments in respect of the Term Loans shall be made to the Agent for ratable
distribution to the Term Loan Lenders in accordance with the terms hereof. 
 2.9. Reductions in Aggregate Commitment; Optional
Prepayments. Company may permanently reduce (a) the Aggregate USD Tranche Commitment Amount in whole, or in part ratably among the USD Tranche Lenders in integral multiples of U.S.$1,000,000 and (b) the Aggregate Multicurrency
Tranche Commitment Amount in part ratably among the Multicurrency Tranche Lenders in integral multiples of the Approximate Equivalent Amount of U.S.$1,000,000 

  
 39 

 
in Canadian Dollars, upon at least 5 Business Days’ written notice to Agent, which notice must specify the amount of any such reduction, provided, however, that Company cannot
reduce (x) the Aggregate Commitment Amount below the Aggregate Outstanding Credit Exposure (excluding the principal amount of the Term Loans), (y) the Aggregate USD Tranche Commitment Amount below the Aggregate Outstanding USD
Tranche Credit Exposure, or (z) the Aggregate Multicurrency Tranche Commitment Amount below the Aggregate Outstanding Multicurrency Tranche Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of
any termination of the obligations of the Lenders to make Credit Extensions. Borrowers may prepay all outstanding Base Rate Advances (other than Swingline Loans), in whole, or in a minimum amount of $1,000,000, at any time, without premium or
penalty. Company may at any time pay, without penalty or premium, all outstanding Swingline Loans, or any portion of the outstanding Swingline Loans in a minimum amount of $1,000,000, with notice to Agent and Swingline Lender by 11:00 a.m.
(Minneapolis time) on the date of repayment. Company may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 2.30, but without penalty or premium, all outstanding Eurocurrency Advances, or,
in a minimum aggregate amount of $1,000,000, any portion of the outstanding Eurocurrency Advances, upon 3 Business Days’ prior written notice to Agent. All partial prepayments of Revolving Loans shall be applied pro rata based on the
unpaid principal balance of the Revolving Loans. All partial prepayments of Term Loans shall be applied on the unpaid principal balance of the Term Loans in such order as the Company may direct (but all Term Loan Lenders shall receive their ratable
shares of any such prepayments). To the extent a Borrower does not designate how a prepayment should be applied, such prepayment shall be applied ratably to all Revolving Loans and Term Loans. Amounts paid (unless following an acceleration or upon
termination of the Commitments in whole) or prepaid on the Revolving Loans under this Section 2.9 may be reborrowed upon the terms and subject to the conditions and limitations of this Agreement. 

Part B-Terms of the Letter of Credit Facility 

2.10. Letter of Credit Commitment. Subject to the terms and conditions of this Agreement, each LC Issuer agrees to issue standby
and commercial letters of credit (each, a “Facility LC”) either (i) as a Multicurrency Tranche LC, denominated in either U.S. Dollars or Canadian Dollars, or (ii) as a USD Tranche LC, denominated in U.S. Dollars,
and to renew, extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action a “Modification”), from time to time on terms reasonably acceptable to such LC Issuer on any Business Day
during the period from the Effective Date and ending on the Facility Termination Date; provided that such LC Issuer has no obligation to issue or Modify any Facility LC if, immediately after giving effect to such issuance or Modification:
(a) the USD Tranche LC Obligations would exceed U.S.$50,000,000; (b) the Multicurrency Tranche LC Obligations would exceed the Approximate Equivalent Amount of U.S.$10,000,000; or (c) the Aggregate Outstanding Credit Exposure
(excluding the principal amount of the Term Loans) would exceed the Aggregate Commitment Amount; and provided further that no LC Issuer has any obligation to issue or Modify any Facility LC if a Default or Event of Default exists. Each LC
Issuer’s obligation to issue any Facility LC terminates on the Facility Termination Date. On the Effective Date, Company, Agent, each LC Issuer, and the Lenders acknowledge and agree that the outstanding Facility LCs issued by such LC Issuer
under the Existing Credit Agreement are set forth on Schedule 2.10 and that such Facility LCs and related applications and agreements are the initial Facility LCs and related applications and agreements under this Agreement. 

  
 40 

 2.11. Procedures for Facility LCs. Company shall make each request for a Facility
LC or a Modification of a Facility LC in writing, by facsimile transmission or electronic mail received by the applicable LC Issuer by 2:00 P.M. (Minneapolis time) on a Business Day that is not less than one Business Day before the requested
date of issuance (which shall also be a Business Day). Each request for a Facility LC shall specify (i) whether such Facility LC is a USD Tranche LC or a Multicurrency Tranche LC, (ii) the date of issuance, amendment, renewal or extension
(which shall be a Business Day), (iii) the date on which such Facility LC is to expire, (iv) the amount of such Facility LC, (v) with respect to Multicurrency Tranche LCs, whether such Facility LC is to be denominated in
U.S. Dollars or Canadian Dollars, (vi) the name and address of the beneficiary, and (vii) any other information that is necessary to prepare, amend, renew, or extend such Facility LC. Each request for a Facility LC shall be deemed a
representation by Company that on the date such Facility LC is issued and after giving effect to such request the applicable conditions in Article III have been and will be satisfied. No LC Issuer has any independent duty to determine whether
the conditions in Article III have been satisfied, but no LC Issuer shall issue a Facility LC if, on or before the proposed date of issuance, such LC Issuer receives notice from Agent or the Majority Lenders that any such condition has not been
satisfied or waived. Each LC Issuer has the right to require that such request be made on any letter of credit application form that such LC Issuer specifies at the applicable time (each, a “Facility LC Application”), along with
satisfactory evidence of the authority and incumbency of the officials of Company making such request. Each LC Issuer shall promptly notify the other Lenders of the receipt of the request and the matters it specifies. On the date of each issuance of
a Facility LC, the applicable LC Issuer shall send notice to the other Lenders of such issuance, and if requested by a Lender, a copy of the Facility LCs so issued. In the event of any conflict between the terms of this Agreement and the terms of
any Facility LC Application, the terms of this Agreement shall control. Concurrently with the issuance or Modification of each Facility LC in accordance with this Agreement, the applicable LC Issuer shall be deemed, without further action or notice
by any party to this Agreement: (a) with respect to each USD Tranche LC, to have unconditionally and irrevocably sold and transferred to each USD Tranche Lender, and each USD Tranche Lender shall be deemed irrevocably and unconditionally to
have purchased and received from the applicable LC Issuer, without recourse or warranty, an undivided participation (a “USD Tranche LC Participation”) in such Facility LC or Modification and the USD Tranche LC Obligations that
relate to that Facility LC or Modification and any security for it in the amount of such Lender’s USD Tranche Share of such USD Tranche LC Obligations; and (b) with respect to each Multicurrency Tranche LC, to have unconditionally and
irrevocably sold and transferred to each Multicurrency Tranche Lender, and each Multicurrency Tranche Lender shall be deemed irrevocably and unconditionally to have purchased and received from the applicable LC Issuer, without recourse or warranty,
an undivided participation (a “Multicurrency Tranche LC Participation”) in such Facility LC or Modification and the Multicurrency Tranche LC Obligations that relate to that Facility LC or Modification and any security for it in the
amount of such Lender’s Multicurrency Tranche Share of such Multicurrency Tranche LC Obligations. Each LC Issuer shall retain its individual LC Participation in the amount of its Applicable Share in each Facility LC issued by it and the LC
Obligations that relate to such Facility LC and any security for it. 
 2.12. Terms of Facility LCs. Facility LCs shall be
issued in support of obligations of any Borrower and its Restricted Subsidiaries. Subject to the following sentence, all Facility LCs must be issued no less than 10 days before the Facility Termination Date and all Facility LCs must expire no
later than 12 months after the Facility Termination Date. Any Facility LC with an expiry 

  
 41 

 
date one year after issuance may provide for the renewal thereof for additional one-year periods, including pursuant to customary automatic renewal provisions agreed upon by the applicable
Borrower and the applicable Issuing Bank, subject to a right on the part of such Issuing Bank to prevent any such renewal from occurring by giving notice to the beneficiary of such Facility LC in advance of any such renewal; provided, that no
Facility LC may extend more than one year beyond the Facility Termination Date, and such Facility LC must be cash collateralized in accordance with the following clause (A). As to each Facility LC that is outstanding as of the Facility Termination
Date, Company shall provide either (A) cash collateral in an amount reasonably satisfactory to Agent and the applicable Issuing Bank (but in no event less than 105% of the stated undrawn amount of each Facility LC) for deposit into the Facility
LC Collateral Account, or (B) one or more irrevocable letters of credit in form and substance, and issued by a bank, reasonably satisfactory to Agent pursuant to which the applicable LC Issuer is entitled to recover the maximum amount at any
time payable under each outstanding Facility LC, plus all costs and fees then or thereafter payable with respect to such Facility LC under the terms of this Agreement, provided further that, if Company fails to provide such cash collateral or
one or more letters of credit satisfactory to Agent, the Lenders shall make Revolving Loans ratably in accordance with their respective Applicable Shares of the aggregate amount of USD Tranche LCs and Multicurrency Tranche LCs, as applicable,
outstanding on the Facility Termination Date, and deposit the proceeds of such Revolving Loans into the Facility LC Collateral Account. Upon Company’s compliance with its obligations under the preceding sentence upon or following the Facility
Termination Date, each Lender’s obligations to fund its LC Participations under Section 2.13 and to indemnify each LC Issuer under Section 2.17 shall terminate. So long as no Event of Default exists, any such cash collateral on
deposit in the Facility LC Collateral Account shall be returned to Company upon the cancellation or expiration of all outstanding Facility LCs and the payment of all amounts due under this Article II with respect to the issuance, signing,
delivery, or transfer of any Facility LC, any drawing on a Facility LC, or the payment or failure to pay any drawing under any Facility LC. 

2.13. Agreement to Repay Facility LC Drawings. Company is irrevocably and unconditionally obligated to reimburse each LC Issuer
on or before the applicable LC Payment Date for (i) the amount of each draft or other request for payment drawn under any Facility LC issued by it (whether drawn before, on or after its stated expiry date), without presentment, demand, protest,
or other formalities of any kind, and (ii) interest on all amounts referred to in clause (i) above from the date of such draw until payment in full at a fluctuating rate per annum at all times equal to the sum of the Base Rate plus the
Applicable Margin plus 2.00%; provided that so long as the conditions precedent set forth in Section 2.1 and Article III are satisfied as of the date of any draw under the applicable Facility LC, the Lenders shall make (and Company
hereby authorizes each Lender to make) Revolving Loans in accordance with Section 2.3 to pay any draw under a Facility LC. Each LC Issuer shall promptly notify Company and each Lender of each demand for payment under a Facility LC issued by it
and of the date on which such payment is to be made (the “LC Payment Date”) and the amount of such Lender’s Revolving Loan to be made under Sections 2.1 and 2.12, if any. 

If Company fails to reimburse an LC Issuer for any drawing on any Facility LC on the date of such drawing through the making of Revolving
Loans or otherwise, then, by not later than 1:00 P.M. (Minneapolis time), on such date, each Lender shall fund its LC Participation in such Facility LC drawing by paying to the applicable LC Issuer, in Immediately Available Funds, such

  
 42 

 
Lender’s Applicable Share of such demand for payment that Company has not paid to the applicable LC Issuer. Each Lender’s obligation to make such amounts available to the applicable LC
Issuer shall be irrevocable and is not subject to any qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances except where Company is not liable to the applicable
LC Issuer for payment of a draw on a Facility LC under Section 2.14. If and to the extent any Lender has not made such amount available to the applicable LC Issuer on any such date, such Lender shall, upon demand, pay interest on such amount to
such LC Issuer for the account of such LC Issuer for each day from and including the date on which such payment was to be made to but excluding the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate from time to
time in effect, based upon a year of 360 days. Any Lender’s failure to make available to the applicable LC Issuer its Applicable Share of any demand for payment under a Facility LC issued by it does not relieve any other Lender of its
obligation to make available to such LC Issuer its Applicable Share of such demand for payment on the date such payment is to be made, but no Lender is responsible for the failure of any other Lender to make available to such LC Issuer such other
Lender’s Applicable Share of any such payment. No Term Loan Lender shall participate in any LC Participation. 
 Whenever, at
any time after an LC Issuer has made a payment under any Facility LC issued by it and has received from another Lender such other Lender’s Applicable Share of the unreimbursed portion of such payment, such LC Issuer receives any reimbursement
on account of such unreimbursed portion or any payment of interest on account of such unreimbursed portion, such LC Issuer shall promptly distribute to such other Lender its pro rata share of such reimbursement in like funds as received in
accordance with Section 8.17; provided that if such LC Issuer is required to return such reimbursement or such payment of interest (as the case may be), such other Lender shall return to such LC Issuer any portion of such reimbursement
previously distributed to it by such LC Issuer in like funds as such reimbursement or payment is required to be returned by such LC Issuer. 

2.14. Obligations Absolute. Company’s obligation under Section 2.13 to repay each LC Issuer for any amount drawn on any
Facility LC issued by it and to repay the Lenders for any Revolving Loans made under Sections 2.12 or 2.13 is absolute, unconditional, and irrevocable and shall continue for so long as any such Facility LC is outstanding notwithstanding any
termination of this Agreement, and shall be paid strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including without limitation the following circumstances: 

a. Any lack of validity or enforceability of any Facility LC; 

b. The existence of any claim, setoff, defense or other right that Company may have or claim at any time against any
beneficiary, transferee or holder of any Facility LC (or any Person for whom any such beneficiary, transferee or holder is acting), any LC Issuer or any Lender or any other Person, whether in connection with a Facility LC, this Agreement, the
transactions this Agreement contemplates, or any unrelated transaction; or 
 c. Any statement or any other document
presented under any Facility LC is forged, fraudulent, invalid, or insufficient in any respect or any statement in such document is untrue or inaccurate in any respect whatsoever. 

  
 43 

 None of Agent, any LC Issuer, any other Lender, or their officers, directors or employees is
liable or responsible for, and the obligations of Company to each LC Issuer and the Lenders are not impaired by: 
 (i) The
use that is made of any Facility LC or for any acts or omissions of any beneficiary, transferee or holder of a Facility LC in connection with the Facility LC; 

(ii) The validity, sufficiency, or genuineness of documents, or of any endorsements on or to them, even if such documents or
endorsements are, in any or all respects, invalid, insufficient, fraudulent, or forged; 
 (iii) any LC Issuer’s
acceptance of documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary; or 

(iv) Any other action of LC Issuer in making or failing to make payment under any Facility LC if in good faith and in
conformity with U.S. or foreign laws, regulations or customs that apply to such Facility LC. 
 Notwithstanding the foregoing, Company
shall have a claim against an LC Issuer, and such LC Issuer shall be liable to Company, to the extent, but only to the extent, of any direct, as opposed to consequential, damages suffered by Company that Company proves were caused by such LC
Issuer’s willful misconduct or gross negligence in determining whether documents presented under any Facility LC issued by it comply with the terms of such Facility LC. 

2.15. Actions of LC Issuer. Each LC Issuer is entitled to rely, and shall be fully protected in relying, upon any Facility LC
issued by it, draft, writing, resolution, notice, consent, certificate, affidavit, letter, facsimile, or electronic mail message, statement, order or other document it believes to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by such LC Issuer. Each LC Issuer is fully justified in failing or refusing to take any action under this Agreement unless
it first receives any advice or concurrence of the Majority Lenders it reasonably deems appropriate or it is first indemnified to its reasonable satisfaction by the Lenders against any and all liability and expense that it may incur by reason of
taking or continuing to take any such action. Notwithstanding any other provision of this Article II, Part B, each LC Issuer is in all cases fully protected in acting, or in refraining from acting, under this Agreement in accordance with a
request of the Majority Lenders, and such request and any action taken or failure to act pursuant to such request is binding upon the Lenders and any future holders of a participation in any Facility LC issued by it. 

2.16. Indemnification by Company. Company shall indemnify and hold harmless each Lender, each LC Issuer and Agent, and their
respective directors, officers, agents and employees from and against any and all claims and damages, losses, liabilities, costs or expenses (including reasonable counsel fees and disbursements) that such Lender, such LC Issuer or Agent incurs (or
that is claimed against such Lender, such LC Issuer, or Agent by any Person whatsoever) by reason of or in connection with the issuance, signing, and delivery or transfer of or payment or failure to pay under any Facility LC issued by it or any
actual or proposed use of any such Facility LC, 

  
 44 

 
including, without limitation, any claims, damages, losses, liabilities, costs or expenses (including reasonable counsel fees and disbursements) that such LC Issuer incurs by reason of or in
connection with (i) the failure of any other Lender to fulfill or comply with its obligations to such LC Issuer under this Agreement (but nothing in this Section 2.16 affects any rights Company has against any Defaulting Lender) or
(ii) by reason of or on account of such LC Issuer issuing any Facility LC issued by it that specifies that the term “Beneficiary” included in such Facility LC includes any successor by operation of law of the named beneficiary, but
that Facility LC does not require that any drawing by any such successor beneficiary be accompanied by a copy of a legal document, satisfactory to such LC Issuer, evidencing the appointment of such successor beneficiary; provided that Company
is not required to indemnify any Lender, any LC Issuer, or Agent for any claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, caused by (a) the willful misconduct or gross negligence of such LC Issuer
in determining whether a request presented under any Facility LC issued by it complied with the terms of such Facility LC or (b) such LC Issuer’s failure to pay under any Facility LC issued by it after the presentation to it of a request
strictly complying with the terms and conditions of such Facility LC. Nothing in this Section 2.16 limits Company’s obligations under any other provision of this Agreement. 

2.17. Indemnification by Lenders. The Lenders severally shall indemnify each LC Issuer acting in its capacity as an issuer of
Facility LCs, and each officer, director, employee, agent and affiliate of such LC Issuer, ratably according to their Applicable Shares with respect to the USD Tranche LC Obligations or the Multicurrency Tranche LC Obligations, as applicable, to the
extent not reimbursed by Company, from and against any and all claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may at any time
(including, without limitation, at any time following the payment of any of the LC Obligations) be imposed on, incurred by or asserted against such LC Issuer in any way relating to or arising out of the issuance of or payment or failure to pay under
a Facility LC issued by it or the use of proceeds of any payment made under such Facility LC; provided that no Lender shall be liable for the payment to an LC Issuer of any portion of such claims, liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever resulting from such LC Issuer’s gross negligence or willful misconduct. All obligations provided for in this Section 2.17 shall survive
the termination of this Agreement. 
 Part C – Terms of the Swingline Loan Facility 

2.18. Swingline Loan Commitment. 

a. Swingline Loan Commitment On the terms and subject to the conditions of this Agreement, Swingline Lender, in its
individual capacity, agrees to make a revolving credit facility available as loans under the USD Tranche (each, a “Swingline Loan” and, collectively, the “Swingline Loans”) to Company on a revolving basis at any
time and from time to time from the Effective Date to the Facility Termination Date, during which period Company may borrow, repay, and reborrow in accordance with the provisions of this Agreement; provided that no Swingline Loan will be made
in any amount that, after giving effect to such Swingline Loan, would cause: (i) the aggregate outstanding principal amount of the Swingline Loans to exceed $75,000,000 (the “Swingline Commitment

  
 45 

 
Amount”); or (ii) the Aggregate Outstanding USD Tranche Credit Exposure to exceed the Aggregate USD Tranche Commitment Amount. Swingline Loans may be obtained and
maintained as Base Rate Advances unless Swingline Lender agrees to different interest rate; provided that: (A) Swingline Lender may not agree to a different rate if an Event of Default exists; and (B) upon the occurrence and during
the existence of any Event of Default, the Swingline Loans shall, at the option of Swingline Lender, bear interest until paid in full at a rate per annum equal to the Default Rate in effect for Base Rate Advances with respect to any Swingline Loan
that has been made as a Base Rate Advance or, if any Swingline Loan accrues interest at a different rate, at a rate per annum equal to the sum of such rate plus 2.00%. Accrued interest on Swingline Loans is payable on the last day of each
calendar month or, if any Event of Default has exists, on demand. On the Effective Date, Company, Agent and Swingline Lender acknowledge and agree that the aggregate outstanding principal balance of the “Swingline Loans” under the Existing
Credit Agreement shall be deemed to be the initial Swingline Loans under this Agreement. 
 b. Procedure for Swingline
Loans. Any request by Company for Swingline Loans must be in writing or by telephone and must be given so as to be received by Swingline Lender not later than 1:00 P.M. (Minneapolis time) on the requested Swingline Loan Date or, if the
requested Swingline Loan will accrue interest at a rate other than the rate applicable to Base Rate Advances, as Swingline Lender requires. Each request for Swingline Loans is irrevocable and is deemed a representation by Company that on the
requested Swingline Loan Date and after giving effect to the requested Swingline Loans the applicable conditions specified in Article III have been and will be satisfied. Each request for Swingline Loans shall specify (i) the requested
Swingline Loan Date, and (ii) the aggregate amount of the Swingline Loans to be made on such date, which must be in a minimum amount of $100,000. Swingline Lender may rely on any telephone request by Company for Swingline Loans that it believes
in good faith to be genuine. On the date of the requested Swingline Loans, Swingline Lender, unless Swingline Lender determines, or has been notified by Agent that Agent has determined, that any applicable condition specified in Article III has
not been satisfied, shall make available to Company at Swingline Lender’s principal office in Minneapolis, Minnesota in Immediately Available Funds not later than 2:00 P.M. (Minneapolis time) on the requested Swingline Loan Date the amount
of the requested Swingline Loans. 
 c. Repayment of Swingline Loans. Each Swingline Loan is due and payable in full
on the earlier of the date selected by Swingline Lender or the Facility Termination Date. Company has the right to prepay all or a portion of any Swingline Loan at any time without premium or penalty. Swingline Lender has the right, at any time, in
its sole discretion, by written notice to Company, Agent, and the Lenders, to demand repayment of its Swingline Loans by way of a USD Tranche Revolving Loan borrowing, in which case Company shall be deemed to have requested a USD Tranche Revolving
Loan borrowing comprised entirely of Base Rate Advances in the amount of such Swingline Loans; provided that, in the following circumstances, any such demand shall also be deemed to have been given one Business Day prior to each of
(i) the Facility Termination Date, (ii) the occurrence of any Event of Default described in Section 7.1.f; (iii) upon acceleration of the Obligations, whether on account of an Event of Default or otherwise, and (iv) the
exercise of remedies in accordance with Section 7.2 (each such USD Tranche 

  
 46 

 
Revolving Loan borrowing made on account of any such deemed request by Company under this Section 2.18.c is a “Mandatory Swingline Borrowing”). 

Each USD Tranche Lender hereby irrevocably agrees to make such USD Tranche Revolving Loans ratably in accordance with its USD
Tranche Share promptly upon any such request or deemed request on account of each Mandatory Swingline Borrowing in the amount and in the manner specified in the preceding sentence and on the same such date notwithstanding (x) the amount
of Mandatory Swingline Borrowing may not comply with the minimum amount for borrowings of USD Tranche Revolving Loans otherwise required under this Agreement, (xi) whether any conditions specified in Section 2.3 are then satisfied,
(xii) whether a Default or an Event of Default then exists, (xiii) failure of any such request or deemed request for Revolving Loans to be made by the time otherwise required in Section 2.3, (xiv) the date of such Mandatory
Swingline Borrowing, or (xv) any reduction in the USD Tranche Commitment Amounts or termination of the USD Tranche Commitments immediately before or at the same time as such Mandatory Swingline Borrowing. 

If any Mandatory Swingline Borrowing cannot for any reason be made on the date otherwise required above (including, without
limitation, as a result of the commencement of a proceeding under the Federal Bankruptcy Code), then each USD Tranche Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Swingline Borrowing would otherwise have
occurred, but adjusted for any payments received from Company on or after such date and prior to such purchase) from Swingline Lender such participations in the outstanding Swingline Loans as is necessary to cause each such USD Tranche Lender
to share in such Swingline Loans ratably based upon its USD Tranche Share (determined before giving effect to any termination of the Commitments pursuant to Section 7.2); provided that (A) all interest payable on the Swingline Loans
is for the account of Swingline Lender until the date as of which the respective participation is purchased, and (B) at the time any purchase of participations pursuant to this sentence is actually made, the purchasing USD Tranche Lender shall
pay to Swingline Lender interest on the principal amount of such participation purchased for each day from and including the day upon which the Mandatory Swingline Borrowing purchase occurs under this Agreement to but excluding the date of payment
for such participation, at the rate equal to the Federal Funds Effective Rate. 
 Part D – General 

2.19. Fees. On or before the Effective Date, Company shall (i) pay to Agent the fees set forth in the separate letter
agreement dated May 25, 2011 between Agent and Company, (ii) pay to RBC the fees set forth in the separate letter agreement dated May 25, 2011 between Company and RBC, and (iii) pay to J.P. Morgan Securities LLC and JPMorgan
Chase Bank, N.A. the fees set for the separate letter agreement dated May 25, 2011 between Company and those two entities. Company shall pay such fees on the Effective Date and at such other times the fee letters require. Agent may separately
agree with any Lender to pay a portion of such fees to such Lender, but is not obligated to pay such portion to such Lender unless and until it is received from Company. 

  
 47 

 2.20. Commitment Fee. Borrowers shall, from the Effective Date through the Facility
Termination Date, pay to Agent, for the account of each USD Tranche Lender according to its USD Tranche Share, and for the account of each Multicurrency Tranche Lender according to its Multicurrency Tranche Share, in arrears on the last day of each
calendar quarter commencing on September 30, 2011, and on the Facility Termination Date, a commitment fee (the “Commitment Fee”) equal to the per annum Applicable Commitment Fee Rate on the Average Available Aggregate
Commitment Amount for such calendar quarter. Swingline Loans shall not count as usage of the Aggregate Commitment for the purpose of calculating the amount of the Commitment Fee Borrower owes, but shall count for the purposes of calculating
Agent’s share of the Commitment Fee. 
 2.21. LC Fees. For each Facility LC issued, Company shall pay to Agent for the
account of the Lenders (other than Term Loan Lenders) ratably in accordance with their Applicable Shares, in arrears, payable on the last day of each calendar quarter, a letter of credit fee (an “LC Fee”) in an amount determined by
applying a per annum rate equal to the Applicable Margin for Eurocurrency Advances in effect on such date to the average daily face amount of such Facility LC during such calendar quarter. In addition to the LC Fee, Company shall pay to Agent, on
demand, all issuance, amendment, drawing and other fees regularly charged by Agent to its letter of credit customers and a fronting fee at the per annum rate separately agreed to by Company and Agent of the face amount of each Facility LC for the
period from the date of issuance to the scheduled expiration date of such Facility LC, and all out-of-pocket expenses incurred by Agent in connection with the issuance, Modification, amendment, administration, or payment of any Facility LC. During
the existence of an Event of Default, the rate used for calculating the LC Fee shall equal the rate that otherwise applies plus 2.00%. 

2.22. Computation. The Commitment Fee, LC Fee, and interest on the Eurocurrency Advances shall be calculated for actual days
elapsed on the basis of a 360-day year, except that Interest at the Base Rate, interest computed using CDOR, or any interest rate that is based on the Prime Rate, shall be calculated for actual days elapsed on the basis of a 365 or 366-day year, as
applicable. 
 2.23. Method of Payment. Each Advance shall be repaid and each payment of interest on such Advance shall be paid
in the currency in which such Advance was made. All payments of the Obligations shall be made without setoff, deduction, or counterclaim in Immediately Available Funds not later than 1:00 P.M. (Minneapolis time) on the date when due to Agent at
its main office in Minneapolis, Minnesota. Funds received after such time shall be deemed to have been received on the next Business Day. Except (i) with respect to repayments of Swingline Loans, (ii) in the case of Reimbursement
Obligations for which an LC Issuer has not been fully indemnified by the Lenders, or (iii) as this Agreement otherwise specifically requires, Agent shall promptly distribute in like funds to each Lender its ratable share of each such payment of
principal, interest and fees received by Agent for the account of the Lenders. Whenever any payment on the Obligations is stated to be due on a day that is not a Business Day, such payment is due on the next succeeding Business Day and such
extension of time, in the case of a payment of principal, shall be included in the computation of any interest on such principal payment; provided that if such extension would cause payment of interest on or principal of a Eurocurrency
Advance to be made in the next following calendar month, such payment is due on the immediately preceding Business Day. Each payment delivered to Agent for the account of any Lender shall be delivered promptly by Agent to 

  
 48 

 
such Lender in the same type of funds that Agent received at its address specified pursuant to this Agreement or at any Lending Installation specified in a notice received by Agent from such
Lender. Company and the Lenders hereby authorize Agent to charge the account of Company maintained with U.S. Bank for each payment of principal, interest, Reimbursement Obligations, and fees as it becomes due. Each reference to Agent in this
Section 2.23 also refers and applies equally to each LC Issuer in the case of payments Company owes to the LC Issuers under Section 2.13. 

Notwithstanding the foregoing provisions of this Section, if, after the making of any Advance in any currency other than
U.S. Dollars, currency control or exchange regulations are imposed in the country that issues such currency with the result that the type of currency in which the Advance was made (the “Original Currency”) no longer exists or
Borrowers are not able to make payment to Agent for the account of the Lenders in such Original Currency, then all payments to be made by Borrowers in such currency shall instead be made when due in U.S. Dollars in an amount equal to the
U.S. Dollar Amount (as of the date of repayment) of such payment due, it being the intention of Borrowers and the Lenders that Borrowers take all risks of the imposition of any such currency control or exchange regulations. 

2.24. Use of Loan Proceeds. Borrowers shall use the proceeds of each Credit Extension and each Facility LC to refinance, but not
to pay, the “Loans” under the Existing Credit Agreement, and for other general corporate purposes subject to the Borrowers’ covenants in this Agreement. 

2.25. Lending Installations; Mitigation Obligation. Each Lender has the right to book its Advances and its LC Participations and
each LC Issuer has the right to book its Facility LCs at any Lending Installation it selects and has the right to change its Lending Installation at any time. All terms of this Agreement apply to each Lending Installation and the Loans, Facility
LCs, LC Participations, and any Notes issued under this Agreement shall be deemed held by each Lender or each LC Issuer for the benefit of any such Lending Installation. Each Lender and each LC Issuer have the right, by written notice to Agent and
Company, to designate replacement or additional Lending Installations through which it will make Loans or issue Facility LCs and for whose account Loan payments or payments with respect to Facility LCs are to be made. To the extent reasonably
possible, each Lender shall designate an alternate Lending Installation with respect to its Eurocurrency Loans to reduce any liability of any Borrower to such Lender under Sections 2.27, 2.29 and 2.32 or to avoid the unavailability of Eurocurrency
Advances under Section 2.26, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender. 

2.26. Interest Rate Not Ascertainable, Etc. If Agent or the Majority Lenders determine that deposits of a type and
maturity appropriate to match fund Eurocurrency Advances are not available to such Lenders in the relevant market or Agent, in consultation with the Lenders, determines that the interest rate applicable to Eurocurrency Advances is not ascertainable
or does not adequately and fairly reflect the cost of making or maintaining Eurocurrency Advances, then Agent shall suspend the availability of Eurocurrency Advances and require any affected Eurocurrency Advances to be repaid or converted to Base
Rate Advances, subject to the payment of any funding indemnification amounts required by Section 2.30. 

  
 49 

 2.27. Yield Protection. If, on or after the Effective Date, any law or any
governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether or not having the force of law) is adopted, or any change is made in its interpretation, promulgation, implementation, or administration by any governmental
or quasi-governmental authority, central bank, or comparable agency charged with interpreting or administering it, including, notwithstanding the foregoing, all requests, rules, guidelines, or directives in connection with the Dodd-Frank Wall Street
Reform and Consumer Protection Act or promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States financial regulatory
authorities, in each case regardless of the date enacted, adopted or issued, or compliance by any Lender or applicable Lending Installation or any LC Issuer with any request or directive (whether or not having the force of law) of any such
authority, central bank, or comparable agency: 
 a. subjects any Lender or any applicable Lending Installation or any
LC Issuer to any taxes, duties, levies, imposts, deductions, charges or withholdings (other than Taxes, Other Taxes or Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto, or 
 b. imposes or increases or deems applicable any reserve,
assessment, insurance charge, special deposit, or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation or any LC Issuer (other than reserves and
assessments taken into account in determining the interest rate that applies to Eurocurrency Advances), or 
 c.
imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending Installation or any LC Issuer of making, funding, or maintaining its Eurocurrency Loans, or of issuing or participating in Facility LCs,
or reduces any amount receivable by any Lender or any applicable Lending Installation or any LC Issuer in connection with its Eurocurrency Loans, Facility LCs or participations therein, or requires any Lender or any applicable Lending Installation
or any LC Issuer to make any payment calculated by reference to the amount of Eurocurrency Loans, Facility LCs or participations therein held or interest or LC Fees received by it, by an amount deemed material by such Lender or such LC Issuer as the
case may be; 
 and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending Installation or such LC Issuer, as the
case may be, of making or maintaining its Loans or Commitment or of issuing or participating in Facility LCs or to reduce the return received by such Lender or applicable Lending Installation or such LC Issuer, as the case may be, in connection with
such Loans or Commitment, Facility LCs, or participations in any of them, then, within 15 days after demand by such Lender or such LC Issuer, as the case may be, Company shall pay such Lender or such LC Issuer, as the case may be, such
additional amount or amounts as will compensate such Lender or such LC Issuer, as the case may be, for such increased cost or reduction in amount received; provided, however, that the Company shall not be required to compensate a
Lender or an LC Issuer pursuant to this Section for any increased costs or reduced return incurred more than 180 days prior to the date that such Lender or such LC Issuer, as the case may be, notifies the Company of the change or other event giving
rise to such increased costs or 

  
 50 

 
reductions and of such Lender’s or such LC Issuer’s intention to claim compensation therefor; provided further that, if the change or other event giving rise to such
increased costs or reduced return is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

2.28. Illegality. If any change after the Effective Date in federal, state, or foreign laws or regulations or the adoption or
making after such date of any interpretations, directives or requests applying to a class of banks including any Lender under any federal, state, or foreign laws or regulations (whether or not having the force of law) by any court or governmental or
monetary authority charged with its interpretation or administration makes it unlawful or impossible for any Lender to make, maintain or fund any Eurocurrency Advances, such Lender shall notify Company and Agent, whereupon the obligation of such
Lender to make or continue, or to convert any Advances to, Eurocurrency Advances, shall be suspended until such Lender notifies Company and Agent that the circumstances giving rise to such suspension no longer exist. Before giving any such notice,
such Lender shall designate a different Applicable Lending Office if such designation will avoid the need for giving such notice and will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. If any Lender determines that
it may not lawfully continue to maintain any Eurocurrency Advances to the end of the applicable Interest Periods, all of the affected Advances shall be automatically converted to Base Rate Advances as of the date of such Lender’s notice, and
upon such conversion Company shall indemnify such Lender in accordance with Section 2.30. 
 2.29. Changes in Capital Adequacy
Regulations. If a Lender or an LC Issuer determines the amount of capital or liquidity required or expected to be maintained by such Lender or such LC Issuer, any Lending Installation of such Lender or such LC Issuer, or any corporation or
holding company controlling such Lender or such LC Issuer is increased as a result of a Change, then, within 30 days after demand by such Lender or such LC Issuer, Company shall pay such Lender or such LC Issuer the amount necessary to
compensate for any shortfall in the rate of return on the portion of such increased capital or liquidity that such Lender or such LC Issuer determines is attributable to this Agreement, its Outstanding Credit Exposure or its Commitment to make Loans
and issue or participate in Facility LCs, as the case may be, hereunder (after taking into account such Lender’s or such LC Issuer’s policies as to capital or liquidity adequacy). If any such Lender or such LC Issuer fails to make demand
for any such amounts within 180 days after it obtains knowledge of an event giving rise to such demand, such Lender shall only be entitled to payment under this Section for costs incurred from and after the date 180 days prior to the date
on which demand for payment under this Section is provided (with the understanding that, if the Change giving rise to such amount is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect
thereof). “Change” means (i) any change after the Effective Date in the Risk-Based Capital Guidelines or (ii) any adoption of or change in any other law, governmental or quasi governmental rule, regulation, policy,
guideline, interpretation, or directive (whether or not having the force of law) or in the interpretation, promulgation, implementation or administration thereof after the date of this Agreement which affects the amount of capital required or
expected to be maintained by any Lender or any LC Issuer or any Lending Installation or any corporation controlling any Lender or any LC Issuer. Notwithstanding the foregoing, for the purposes of this Agreement, all requests, rules, guidelines, or
directives in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act shall be deemed to be a Change regardless of the date enacted, adopted, or issued. All requests, rules, 

  
 51 

 
guidelines, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or
the United States financial regulatory authorities shall be deemed to be a Change regardless of the date adopted, issued, promulgated or implemented. “Risk-Based Capital Guidelines” means (i) the risk-based capital
guidelines in effect in the United States on the Effective Date, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States including transition rules, and any
amendments to such regulations adopted before the Effective Date. 
 2.30. Funding Losses; Eurocurrency Advances. If
(a) any payment of a Eurocurrency Advance occurs on a date that is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, (b) a Eurocurrency Advance is not made on the date specified
by Company for any reason other than default by the Lenders, (c) a Eurocurrency Loan is converted other than on the last day of the Interest Period that applies to it, (d) Company fails to borrow, convert, continue, or prepay any
Eurocurrency Loan on the date specified in any notice delivered pursuant to this Agreement, or (e) any Eurocurrency Loan is assigned other than on the last day of the Interest Period that applies to it as a result of a request by Company
pursuant to Section 2.35, Company shall indemnify each Lender for such Lender’s costs, expenses and Interest Differential (as determined by such Lender) incurred as a result of such prepayment. The term “Interest
Differential” means the sum equal to the greater of zero or the financial loss incurred by the Lender resulting from prepayment, calculated as the difference between the amount of interest such Lender would have earned (from the investments
in money markets as of the Borrowing Date of such Advance) had prepayment not occurred and the interest such Lender will actually earn (from like investments in money markets as of the date of prepayment) as a result of the redeployment of funds
from the prepayment. Because of the short-term nature of this facility, Borrowers agree that any Interest Differential shall not be discounted to its present value. 

2.31. Discretion of Lender as to Manner of Funding. Each Lender is entitled to fund and maintain its funding of Eurocurrency
Advances in any manner it elects, except that, for the purposes of this Agreement, all determinations under this Agreement (including, but not limited to, determinations under Section 2.26) shall be made as if such Lender had actually funded
and maintained each Eurocurrency Advances during the Interest Period for such Advance through the purchase of deposits having a maturity corresponding to the last day of the Interest Period and bearing an interest rate equal to the Eurocurrency Rate
or CDOR, as applicable, for such Interest Period. 
 2.32. Taxes. 

a. All payments by Borrowers to or for the account of any Lender, any LC Issuer, or Agent under this Agreement or under
any Note or Facility LC Application shall be made free and clear of and without deduction for any and all Taxes, except as required by law. If Borrowers are required by law to deduct any Taxes with respect to any sum payable under this Agreement to
any Lender, any LC Issuer or Agent, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.32), such Lender, such LC
Issuer, or Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (b) Borrowers shall make such 

  
 52 

 
deductions, (c) Borrowers shall pay the full amount deducted to the relevant authority in accordance with applicable law and (d) Borrowers shall deliver to Agent the original copy of a
receipt evidencing payment of such Taxes within 30 days after making the payment. 
 b. In addition, Borrowers
shall pay any present or future stamp or documentary taxes and any other excise or property taxes, charges, or similar levies that arise from any payment made under this Agreement or under any Note or Facility LC Application or from the signing or
delivery of, or otherwise with respect to, this Agreement or any Note or Facility LC Application (“Other Taxes”). 

c. Borrowers shall indemnify Agent, each LC Issuer and each Lender for the full amount of Taxes and Other Taxes
(including, without limitation, any Taxes and Other Taxes imposed on amounts payable under this Section 2.32) paid by Agent, such LC Issuer, or such Lender as a result of its Commitment, any Loans by it under this Agreement, or otherwise in
connection with its participation in this Agreement and any liability (including penalties, interest and expenses) arising from or with respect to this Agreement. Borrowers shall make each payment due under this indemnification within 30 days
after Agent, such LC Issuer or such Lender requests it; provided that the Company shall not be required to compensate Agent, any LC Issuer or any Lender pursuant to this Section for any such tax-related amount arising more than 180 days prior
to the date that Agent, such LC Issuer or such Lender, as the case may be, notifies the Company of such amount; provided further that, if tax liability giving rise to such amount is retroactive, then the 180-day period referred to
above shall be extended to include the period of retroactive effect thereof. 
 d. In the case of any payment under
this Agreement or under any Notes by or on behalf of Borrowers through an account or branch outside the United States or by or on behalf of Borrowers by a payor that is not a United States person, if Company determines that no Taxes are payable in
respect of such payment, Company shall furnish or shall cause such payor to furnish, to Agent, at such address, an opinion of counsel acceptable to Agent stating that such payment is exempt from Taxes. For the purposes of this Section 2.32.d,
the terms “United States” and “United States person” have the meanings specified in Section 7701 of the Code. 

e. If any Borrower is required by law or regulation to make any deduction, withholding, or backup withholding of any
taxes, levies, imposts, duties, fees, liabilities or similar charges of the United States, any U.S. possession or territory (including the Commonwealth of Puerto Rico) or any area subject to the jurisdiction of the United States) from any
payments to a Lender pursuant to any Loan Document with respect to the Obligations that are then, or thereafter become, payable to such Lender, Borrowers shall make such withholdings or deductions and pay the full amount withheld or deducted to the
relevant taxation authority or other authority in accordance with applicable law. 
 f. Any Lender that is entitled to
an exemption from or reduction of withholding tax with respect to payments under this Agreement or other Loan Document shall deliver to Company (with a copy to Agent), at the time or times prescribed by applicable law, such properly completed and
signed documentation prescribed by 

  
 53 

 
applicable law as will permit such payments to be made without withholding or at a reduced rate. Without limiting the generality of the foregoing, each Lender that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) shall, on or before the Effective Date, deliver to Company and Agent two duly completed copies of whichever of the following is
applicable: (i) U.S. Internal Revenue Service Form W-8BEN or Form W8ECI, or any subsequent versions or successors, (ii) in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under
Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a Form W-8BEN, or any subsequent versions or successors, and a certificate representing that such Non-U.S. Lender is not a “bank”
for the purposes of Section 881(c) of the Code, is not a 10% percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of Company and is not a controlled foreign corporation related to Company (within the meaning of
Section 864(d)(4) of the Code)), (iii) to the extent a Non-U.S. Lender is not the beneficial owner, executed originals of U.S. Internal Revenue Service Form W-8IMY, accompanied by U.S. Internal Revenue Service Form W-8ECI, U.S. Internal
Revenue Service Form W-8BEN, U.S. Internal Revenue Service Form W-9, and/or other certification documents from each beneficial owner, as applicable, or (iv) any other form prescribed by applicable law as a basis for claiming exemption from or a
reduction in U.S. federal withholding tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Company or Agent to determine the withholding or deduction required to be made, with any of
such foregoing form or documents properly completed and duly signed and delivered by such Non-U.S. Lender and/or each beneficial owner, as applicable, claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on all
payments by Borrowers under this Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a party to this Agreement. In addition, each Non-U.S. Lender shall deliver such forms
promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify Company and Agent at any time it determines that it is no longer in a position to provide any
previously delivered certificate to Company (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this Section 2.32.f, a Non-U.S. Lender is not required to
deliver any form pursuant to this Section 2.32.f that such Non-U.S. Lender is not legally able to deliver. 
 g.
Borrowers are not required to pay any additional amounts with respect to United States federal income tax pursuant to Section 2.32 to any Lender for the account of any Applicable Lending Office of such Lender: 

(i) if the obligation to pay such additional amounts would not have arisen but for a failure by such Lender to comply with its
obligations under Section 2.32.f with respect to such Applicable Lending Office; 
 (ii) if such Lender has delivered to
Company a Form W-8BEN and/or Form W-8ECI (or any subsequent versions or successors) with respect to such Applicable Lending Office pursuant to Section 2.32.f and such Lender is entitled to exemption from deduction or withholding of
United States federal income tax with 

  
 54 

 
respect to payments by Borrowers under this Agreement for the account of such Applicable Lending Office; or 

(iii) if such Lender has delivered to Company a Form W-8 (or any subsequent versions or successors) with respect to such
Applicable Lending Office pursuant to Section 2.32.f and such Lender is not entitled to exemption from deduction or withholding of United States federal income tax with respect to payments by Borrowers under this Agreement for the account of
such Applicable Lending Office for any reason other than a change in United States law or regulations or any applicable tax treaty or regulations or in the official interpretation of any such law, treaty or regulations by any governmental authority
charged with its interpretation or administration (whether or not having the force of law) after the date of delivery of such Form W-8 (or subsequent versions or successors). 

h. Agent and the Lenders agree to use commercially reasonable efforts, upon request by Company and at Borrowers’
sole cost and expense, to assist Borrowers in obtaining a refund that is available to Borrowers of any Taxes paid by Borrowers under this Agreement; provided that (i) Agent or Lender of which such request is made determines in its
reasonable discretion, that such assistance would not be prejudicial and (ii) if any such refund is subsequently disallowed, Borrowers shall indemnify Agent and the Lenders for any liability (including penalties, interest, additions to tax and
expenses) arising from or related to such disallowance. If Agent or any Lender receives a refund or tax credit when computing its tax payable in the jurisdiction in which Agent or such Lender, as the case may be, is organized or maintains an
Applicable Lending Office, with respect to Taxes paid by Borrowers, Agent or such Lender shall, to the extent it can do so without jeopardizing its right to such refund or credit, pay to Borrowers an amount that would leave Agent or such Lender in
the same position as if no such Taxes had been imposed; provided that (i) nothing in this Section 2.32.h shall interfere with the right of Agent or such Lender to arrange its tax affairs in whatever manner it thinks fit, nor require
it to disclose any information relating to its tax affairs or any computations with respect to taxes or to do anything that would prejudice its ability to benefit from any other credits, relief, remissions or repayments to which it may be entitled
and (ii) if any such refund or tax credit is subsequently disallowed, then Borrowers shall within 30 days after receiving notice of any such disallowance from Agent or any Lender, return the amount paid to Borrowers under this
Section 2.32.h to Agent or Lenders and indemnify Agent and Lenders for any liability (including penalties, interest, additions to tax and expenses) arising from or related to such disallowance. 

i. For any period during which a Lender has failed to provide Borrowers with an appropriate form pursuant to
Section 2.32.f (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof by any governmental authority, occurring after a form originally was required to be provided),
such Lender is not entitled to indemnification or additional amounts under this Section 2.32 with respect to any Taxes; provided that, if a Lender that is otherwise exempt from or subject to a reduced rate of withholding tax becomes
subject to Taxes because of 

  
 55 

 
its failure to deliver a form required under Section 2.32.f, Borrowers shall take all steps such Lender reasonably requests to assist such Lender to recover such Taxes. 

j. Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments under this
Agreement or any Note pursuant to the law of any relevant jurisdiction or any treaty shall deliver to Company (with a copy to Agent), at the time or times prescribed by applicable law, such properly completed and signed documentation prescribed by
applicable law as will permit such payments to be made without withholding or at a reduced rate. 
 k. If the
U.S. Internal Revenue Service or any other governmental authority of the United States or any other country or any political subdivision of the United States claims that Agent did not properly withhold tax from amounts paid to or for the
account of any Lender (because the appropriate form was not delivered or properly completed, because such Lender failed to notify Agent of a change in circumstances that made its exemption from withholding ineffective, or for any other reason), such
Lender shall indemnify Agent fully for all amounts paid, directly or indirectly, by Agent as tax, withholding for taxes, or otherwise, including penalties and interest, and including taxes imposed by any jurisdiction on amounts payable to Agent
under this Section 2.32.k, together with all related costs and expenses (including attorney fees and time charges of attorneys for Agent, which attorneys may be employees of Agent). The Lenders’ obligations under this Section 2.32.k
shall survive the payment of the Obligations and termination of this Agreement. 
 l. If a payment made to a Lender
under any Loan Document would be subject to United States federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to Company and Agent at the time or times prescribed by law and at such time or times reasonably requested by Company or Agent such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Company or Agent as may be necessary for Borrowers and Agent to comply with their obligations under FATCA and to determine that
such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.32.l, “FATCA” shall include any amendments made to
FATCA after the date of this Agreement. 
 2.33. Defaulting Lenders. Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then the following provisions apply for so long as such Lender is a Defaulting Lender: 

a. Commitment Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender; 

  
 56 

 b. the Commitment and Outstanding Credit Exposure of such Defaulting
Lender shall not be included in determining whether all Lenders or the Majority Lenders have taken or may take any action under this Agreement; 

c. if any Swingline Loans are outstanding or any LC Obligations exist at the time a Lender becomes a Defaulting Lender
then: 
 (i) all or any part of the unfunded participations in and commitments with respect to such Swingline Loans or
Facility LCs shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Shares (excluding, for the avoidance of doubt, all Term Loan Lenders and Term Loan Shares) but only to the extent (x) the sum of
all non-Defaulting Lenders’ Outstanding Credit Exposure plus such Defaulting Lenders’ Revolving Loans and participations in and commitments with respect to Revolving Loans and Facility LCs does not exceed the total of all non-Defaulting
Lender’s Commitment Amounts (excluding, for the avoidance of doubt, all Term Loan Lenders and Term Loan Commitment Amounts) and (y) the conditions set forth in Article III are satisfied at such time; provided, that the LC Fees
payable to the Lenders shall be determined taking into account such reallocation; 
 (ii) if the reallocation described in
clause (i) above cannot, or can only partially, be effected, Borrowers shall within one Business Day following notice by Agent (A) first, prepay the outstanding Swingline Loans that were not reallocated and (B) second, cash
collateralize such Defaulting Lender’s Applicable Share of the LC Obligations in accordance with the procedures in Section 7.2 for so long as such Facility LC Exposure is outstanding; 

(iii) if Borrowers cash collateralize any portion of such Defaulting Lender’s Facility LC Exposure pursuant to
clause (ii) above, Borrowers are not required to pay any LC Fees to such Defaulting Lender with respect to such Defaulting Lender’s Facility LC Exposure during the period such Defaulting Lender’s Facility LC Exposure is cash
collateralized; and 
 (iv) if any Defaulting Lender’s Facility LC Exposure is not cash collateralized pursuant to
clause (ii) above, then, without prejudice to any rights or remedies of any LC Issuer or any Lender under this Agreement, all LC Fees with respect to such Defaulting Lender’s Facility LC Exposure are payable to the applicable LC Issuer
until such Facility LC Exposure is cash collateralized; 
 d. so long as any Lender is a Defaulting Lender, no LC
Issuer has an obligation to issue or Modify any Facility LC unless it is satisfied that the related exposure will be 100% covered by cash collateral provided by Borrowers in accordance with Section 2.33.c; and 

e. any amount payable to such Defaulting Lender under this Agreement (whether on account of principal, interest, fees or
otherwise, but excluding Section 2.35) shall, instead of being distributed to such Defaulting Lender, be retained by Agent in a 

  
 57 

 
segregated account and, subject to any applicable requirements of law, be applied at such time or times Agent determines (i) first, to the payment of any amounts owing by such Defaulting
Lender to Agent under this Agreement, (ii) second, to the payment of any amounts owing by such Defaulting Lender to each LC Issuer or Swingline Lender under this Agreement, (iii) third, to the funding of any Revolving Loan or the funding
or cash collateralization of any participating interest in any Swingline Loan or Facility LC with respect to which such Defaulting Lender has failed to fund its portion as this Agreement requires, as determined by Agent, (iv) fourth, if so
determined by Agent and Company, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, (v) fifth, to the payment of any amounts owing to Borrowers or the Lenders as a result of any
judgment of a court of competent jurisdiction obtained by Borrowers or any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, and (vi) sixth, if so determined by
Agent, distributed to the Lenders other than the Defaulting Lender until the ratio of the Outstanding Credit Exposure of such Lenders to the Aggregate Outstanding Exposure equals such ratio immediately before the Defaulting Lender’s failure to
fund any portion of any Loans or participations in Facility LCs or Swingline Loans and (vii) seventh, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided, that if such payment is a prepayment
of the principal amount of any Loans or Reimbursement Obligations with respect to draws under Facility LCs for which the applicable LC Issuer has funded its participation obligations, such payment shall be applied solely to prepay the Loans of, and
Reimbursement Obligations owed to, all Lenders that are not Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or Reimbursement Obligations owed to, any Defaulting Lender. 

If each of Agent, Company, each LC Issuer and Swingline Lender agrees that a Defaulting Lender has adequately remedied all matters that caused such
Lender to be a Defaulting Lender, then the “Swingline Exposure” and “Facility LC Exposure”, as the next sentence defines those terms, of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment
(if any) and on such date such Lender shall purchase at par such of the Loans of the other Lenders that Agent determines are necessary in order for such Lender to hold the Revolving Loans in accordance with its Applicable Share thereof. For the
purposes of this Section 2.33, (i) “Swingline Exposure” means, with respect to any Defaulting Lender at any time, such Defaulting Lender’s Applicable Share of the aggregate principal amount of all Swing Line Loans
outstanding at such time and (ii) “Facility LC Exposure” means, with respect to any Defaulting Lender at any time, such Defaulting Lender’s Applicable Share of the LC Obligations at such time. Nothing in this
Section 2.33 waives any of Borrowers’ rights or remedies (whether in equity or law) against any Lender that fails to fund any of its Loans at the time or in the amount this Agreement requires. 

2.34. Market. Notwithstanding the satisfaction of all conditions referred to in Article II and Article III with respect
to any Advance or Facility LC in any Agreed Currency other than U.S. Dollars, if there occurs on or before the date of such Advance or the date such LC Facility is issued any change in national or international financial, political, or economic
conditions or currency exchange rates or exchange controls that would in the reasonable opinion of Agent or the Majority Lenders make it impracticable for the Eurocurrency Advances comprising such Advance or Facility LC to be denominated in the
Agreed Currency specified by Company, then Agent shall promptly give Company and the Lenders notice of such determination, and such Loans or LC 

  
 58 

 
Facility shall not be denominated in such Agreed Currency but shall be made on such Borrowing Date in U.S. Dollars, in an aggregate principal amount equal to the U.S. Dollar Amount of
the aggregate principal amount specified by Company in the related Borrowing Notice or Conversion/Continuation Notice, as Base Rate Loans, unless Company notifies Agent at least one Business Day before that date that (i) it elects not to borrow
on that date or (ii) it elects to borrow on that date in a different Agreed Currency, as the case may be, in which the denomination of such Loans would in the opinion of Agent and the Majority Lenders be practicable and in an aggregate
principal amount equal to the U.S. Dollar Amount of the aggregate principal amount Company specified in the related Borrowing Notice or Conversion/Continuation Notice. 

2.35. Replacement of Lender. If Borrowers are required under Section 2.27, 2.29, 2.30, or 2.32 to make any additional
payment to any Lender or if any Lender’s obligation to make or continue, or to convert Base Rate Advances into Eurocurrency Advances is suspended under Section 2.26 or 2.28 or if any Lender defaults in its obligation to make a Loan, to
reimburse the applicable LC Issuer under Section 2.13, to reimburse Swing Line Lender under Section 2.18.c, or otherwise constitutes a Defaulting Lender, or if any Lender declines to approve an amendment or waiver that is approved by the
Majority Lenders (any Lender so affected is an “Affected Lender”), Company has the right, promptly after written demand for such payment or written notice of such suspension, so long as such amounts continue to be charged or such
suspension is still effective, or, with respect to a Lender that declines to approve an amendment or waiver, promptly after such Lender declines to approve such amendment or waiver, to give Agent written notice that it desires to replace such
Affected Lender with a replacement lender (a “Replacement Lender”) as a Lender under this Agreement, provided that no Event of Default exists either at the time of such notice or at the time of replacement. If Company obtains
a Replacement Lender that is satisfactory to Agent, the Affected Lender shall sell and assign its Advances and Obligations to the Replacement Lender, provided that (i) the Replacement Lender must purchase for cash the Advances and other
Obligations due to the Affected Lender under an assignment acceptable to Agent and the Affected Lender, and the Replacement Lender must become a Lender for all purposes under this Agreement, assume all obligations of the Affected Lender to be
terminated as of such date, and agree to comply with the requirements of this Agreement that apply to assignments, and (ii) Borrowers must pay to such Affected Lender in same day funds on the day of such replacement (A) all interest, fees,
and other amounts then accrued but unpaid to such Affected Lender under this Agreement through the date of termination, including without limitation payments due to such Affected Lender under Sections 2.27, 2.29, or 2.32, and (B) an
amount, if any, equal to the payment that would have been due to such Lender on the day of such replacement under Section 2.30 had the Loans of such Affected Lender been prepaid on such date rather than sold to the replacement Lender. 

2.36. Increase Option. Company may from time to time make one or more requests to increase the Aggregate Commitment Amount and/or
incur additional term loans (“Additional Term Loans”), in each case in minimum increments of $10,000,000 or any lower amount that Company and Agent agree on, so long as, after giving effect to each increase (including any extension
of Additional Term Loans), the aggregate amount of such increases does not exceed $500,000,000. Each Additional Term Loan shall have a maturity date no earlier than the Facility Termination Date, each Additional Term Loan may include amortization,
and each Additional Term Loan may be priced differently than Revolving Loans or previously extended Term Loans. Company may arrange for any such increase to be provided by one or more Lenders (each Lender 

  
 59 

 
so agreeing to an increase in its Commitment or extension of an additional Commitment or an Additional Term Loan, is an “Increasing Lender”), or by one or more new banks,
financial institutions or other entities (each such new bank, financial institution, or other entity, is an “Augmenting Lender”), to increase their existing Commitments, or extend new Commitments or Additional Term Loans, as the
case may be; provided that (i) each Augmenting Lender and each Increasing Lender is subject to the reasonable approval of Company and Agent and (ii) (A) in the case of an Increasing Lender, Company and such Increasing Lender
enter into an agreement substantially in the form of Exhibit C, (B) in the case of an Augmenting Lender, Company and such Augmenting Lender enter into an agreement substantially in the form of Exhibit D, and (C) if any
portion of such increase is an Additional Term Loan, Agent, the Augmenting Lender, and Borrowers enter into an amendment to this Agreement with respect to such Additional Term Loan on terms satisfactory to Agent and Borrowers. No consent of any
Lender (other than the Lenders participating in the increase) is required for any increase in the Commitment Amounts or the Aggregate Commitment Amount under this Section 2.36, or any amendment to this Agreement with respect to an Additional
Term Loan pursuant the preceding sentence. Increases, new Commitments and Additional Term Loans created under this Section 2.36 become effective on the date agreed by Company, Agent and the relevant Increasing Lenders or Augmenting Lenders, and
Agent shall notify each Lender of such dates. Notwithstanding the foregoing, no increase in the Aggregate Commitment Amount (or in the Commitment Amount of any Lender) shall become effective under this Section 2.36 and no Additional Term Loans
shall be made unless, (i) on the proposed date of the effectiveness of such increase or Additional Term Loan, (A) the conditions set forth in Section 3.2 are satisfied or waived by the Majority Lenders and Agent receives a certificate
to that effect dated such date and signed by an authorized officer of Company and (B) Company is in compliance (on a pro forma basis reasonably acceptable to Agent) with its financial covenants in this Agreement, and (ii) Agent has
received documents consistent with those delivered on the Effective Date as to the corporate power and authority of Company to borrow under this Agreement after giving effect to such increase. On the effective date of any increase in the Commitment
Amounts, to the extent such increase is in the form of Revolving Loans, (i) each relevant Increasing Lender and Augmenting Lender shall make available to Agent amounts in immediately available funds that Agent determines, for the benefit of the
other Lenders, are required to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable
Share of the Revolving Loans and LC Participations outstanding on such date, and (ii) Company shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Commitments (with such reborrowing
to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by Company, in accordance Section 2.3). The deemed payments made under clause (ii) of the immediately preceding
sentence must be accompanied by payment of all accrued interest on the amount prepaid and, with respect to each Eurocurrency Advance, are subject to indemnification by Company under Section 2.30 if the deemed payment occurs other than on the
last day of the related Interest Periods. No Lender has any obligation to become an Increasing Lender, and no refusal to become an Increasing Lender shall make such Lender a Defaulting Lender. 

2.37. Borrowing Subsidiaries. Subject to the terms and conditions of this Section 2.37, Company may from time to time
designate any Foreign Subsidiary organized under the laws of Canada as a Borrowing Subsidiary (each being, a “Borrowing Subsidiary”) with the ability to 

  
 60 

 
borrow under this Agreement within the limits of a specified Borrowing Subsidiary Sublimit to be established by the Lenders; provided, that all of the Multicurrency Tranche Lenders shall
first consent to any such designation (which consent shall not be unreasonably withheld or delayed). Upon Agent’s signing and delivery of a Borrowing Subsidiary Agreement that has been signed and delivered by such Subsidiary and Company (and,
in the case of the designation of the initial Borrowing Subsidiary, Agent’s signing and delivery of a separate amendment to this Agreement that has been signed and delivered by the Lenders, such Subsidiary and Company, a legal opinion of
special Canadian counsel to Company and such Borrowing Subsidiary in form and substance acceptable to Agent and such other documents, certificates, and other items Agent requires and establishment of the related Borrowing Subsidiary Sublimit and
Borrowing Subsidiary Commitment(s), such Subsidiary shall be a Borrowing Subsidiary and a party to this Agreement. 
 2.38. Termination
of Borrowing Subsidiaries. Any Subsidiary shall cease to be a Borrowing Subsidiary when (a) no Credit Extension is outstanding to such Subsidiary and (b) such Subsidiary and Company sign and deliver to Agent a Borrowing Subsidiary
Termination. If a Borrowing Subsidiary liquidates, dissolves, or ceases to be a Subsidiary, all Credit Extensions outstanding to such Borrowing Subsidiary shall be due and payable and such Subsidiary shall no longer be entitled to obtain any Credit
Extensions. 
 2.39. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum
due from any Borrower in the currency in which it is payable under this Agreement (the “specified currency”) into another currency, the parties agree, to the fullest extent that they may effectively do so, that the rate of exchange
used shall be that at which in accordance with normal banking procedures Agent could purchase the specified currency with such other currency at Agent’s Minneapolis, Minnesota office on the Business Day preceding that on which final,
non-appealable judgment is given. Each Borrower’s obligations with respect to any sum due to any Lender or Agent under this Agreement shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the
extent that on the Business Day following receipt by such Lender or Agent of any sum adjudged to be so due in such other currency such Lender or Agent is able, in accordance with normal, reasonable banking procedures, to purchase the specified
currency with such other currency. If the amount of the specified currency so purchased is less than the sum originally due to such Lender or Agent in the specified currency, each Borrower agrees, to the fullest extent that it can effectively do so,
as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or Agent, as applicable, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Lender or
Agent in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under Section 8.18, such Lender or Agent shall remit such excess to such
Borrower. 
 ARTICLE III 

CONDITIONS PRECEDENT 

3.1. Conditions of Closing. The effectiveness of this Agreement is conditioned on the satisfaction of the following conditions
precedent on the Effective Date: 
 a. Documents. Agent has received the following in form and substance satisfactory
to Agent: 

  
 61 

 (i) A Note dated as of the Effective Date drawn to the order of each Lender who
requests a Note, drawn to the order of such Lender, signed by a duly authorized officer (or officers) of Company and delivered to each such Lender. 

(ii) The Guaranty signed and delivered by each Guarantor Subsidiary to Agent. 

(iii) The Upstream Distribution Agreement signed and delivered by Company, LTF Club Operations Company, Inc., LTF Real Estate
Holdings, LLC, LTF Real Estate Company, Inc, LTF CMBS Managing Member, Inc., and LTF CMBS I, LLC, a Delaware limited liability company. 

(iv) The Security Agreement signed and delivered by Company. 

(v) The Security Agreement signed and delivered by each Guarantor Subsidiary. 

(vi) A Pledge Agreement signed and delivered by Company and each Restricted Subsidiary that owns Equity Interests in another
Restricted Subsidiary. 
 (vii) A certificate of the secretary or assistant secretary (or other appropriate officer) of
Company dated as of the Effective Date and certifying to the following: 
 (A) A true and accurate copy of the corporate (or
other) resolutions of Company authorizing the signing, delivery, and performance of the Loan Documents to which Company is a party; 

(B) The incumbency, names, titles and signatures of the officers of Company authorized to sign the Loan Documents to which
Company is a party and to request Advances; 
 (C) The Articles of Incorporation (or the equivalent) of Company, including
all amendments, previously delivered by Company to Agent have not been amended, modified or supplement and remain in full force and effect; and 

(D) The bylaws (or other constituent documents) for Company previously delivered by Company to Agent have not been amended,
modified, or supplement and remain in full force and effect. 
 (viii) A certificate of good standing for Company in the
jurisdiction of its incorporation or organization and in the jurisdictions where the character of the properties owned or leased by Company or the business conducted by Company makes such qualification necessary, certified by the appropriate
governmental officials as of a date acceptable to Agent. 

  
 62 

 (ix) A certificate of good standing for each Loan Party in the jurisdiction of
such Loan Party’s incorporation or organization and in the jurisdictions where the character of the properties owned or leased by such Loan Party or the business conducted by such Loan Party makes such qualification necessary, certified by the
appropriate governmental officials as of a date acceptable to Agent. 
 (x) ACORD 27 certificates of insurance with respect
to each of the businesses and real properties of Company in amounts and with carriers that are reasonably acceptable to Agent. 

(xi) A certificate dated the Effective Date of the chief executive officer or chief financial officer of Company certifying as
to the matters set forth in Sections 3.2.a and 3.2.b. 
 b. Opinions. Agent has received written legal opinions
of counsel to Company addressed to the Lenders in form and substance satisfactory to Agent, except that Company shall deliver local opinions of counsel as to Leadville Trail 100, Inc. and Creative & Production Resources, Inc. within 10
Business Days after the Effective Date. 
 c. Compliance. Company has performed and complied with all agreements,
terms and conditions contained in this Agreement required to be performed or complied with by Company before or on the Effective Date. 

d. Collateral Documents. All financing statements and similar documents required to perfect a first priority Lien in the
Collateral have been appropriately filed or recorded to the satisfaction of Agent; all Collateral Documents required to be delivered to Agent have been duly delivered to Agent; and the priority and perfection of the Liens created by the Collateral
Documents have been established to the satisfaction of Agent and its counsel. 
 e. Other Matters. All corporate and
legal proceedings relating to Company and all instruments and agreements in connection with the transactions contemplated by this Agreement are satisfactory in scope, form and substance to Agent, the Lenders and Agent’s counsel, and Agent has
received all information and copies of all documents, including records of corporate proceedings, any Lender or such counsel reasonably requests. Where appropriate such documents must be certified by proper corporate or governmental authorities.

 f. Fees and Expenses. Agent has received for itself and for the account of the Lenders all fees and other amounts
due and payable by Company on or before the Effective Date, including the reasonable fees and expenses of counsel to Agent Company owes under Section 9.2. 

g. Compliance Certificate. Agent has received a Compliance Certificate appropriately completed and duly signed and
delivered by Company showing compliance with Sections 6.14, 6.15, 6.16 and 6.22 as of March 31, 2011. 

  
 63 

 h. No Material Adverse Change. There has not occurred a material adverse
change (i) in the business, property, liabilities (actual and contingent), operations or condition (financial or otherwise), results of operations, or prospects of Company and its Subsidiaries taken as a whole, since December 31, 2010 or
(ii) in the facts and information regarding Company and its Subsidiaries as represented by Company and its Subsidiaries as of the Effective Date. 

i. Financial Projections. Agent has received: (i) Company-prepared financial projections over a 5-year period
giving effect to the Credit Extensions that demonstrate, in Agent’s reasonable judgment, together with all other information then available to Agent, that Company can repay its debts and satisfy its other obligations as and when they become
due, and can comply with the financial covenants in this Agreement, (ii) information Agent reasonably requests to confirm the tax, legal, and business assumptions made in such pro forma financial statements, and (iii) unaudited
consolidated financial statements of Company and its Subsidiaries for the fiscal quarter ended March 31, 2011. 
 j.
Consents. Agent has received all governmental, equity holder, and third party consents and approvals necessary in connection with the contemplated financing and all applicable waiting periods have expired without any action being taken by any
authority that would be reasonably likely to restrain, prevent, or impose any material adverse conditions on Company and its Subsidiaries, taken as a whole, and no law or regulation applies that in Agent’s reasonable judgment could have such
effect. 
 3.2. Conditions Precedent to all Credit Extensions. The effectiveness of this Agreement and the obligations of the
Lenders to make any Credit Extension are subject to the satisfaction of the following conditions precedent on the Effective Date and on the applicable Borrowing Date: 

a. Representations and Warranties. The representations and warranties in Article IV are true and correct in all material
respects, except: (i) to the extent such representations and warranties expressly refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date; and (ii) the representations and
warranties in Section 4.6 as to Company’s financial statements shall be deemed to refer to the financial statements then most recently delivered to the Lenders pursuant to Section 5.1.a or 5.1.b, as the case may be; provided
that the unaudited interim financial statements do not comply with GAAP because of the absence of footnotes and are subject to immaterial year-end audit adjustments. 

b. No Default. There exists no Default or Event of Default, and no Default or Event of Default would result from such
Credit Extension. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

To induce the Lenders to enter into this Agreement and to make Loans under this Agreement and to induce each LC Issuer to issue Facility LCs,
Company and, to the extent applicable, the other Borrowers, represent and warrant to the Lenders and Agent: 

  
 64 

 4.1. Organization, Standing, Etc. Each of Company and its Restricted Subsidiaries
is a corporation or limited liability company duly organized and validly existing and in good standing under the laws of the jurisdiction of its organization. Each of Company and its Restricted Subsidiaries has all requisite power and authority to
carry on its businesses as now conducted, to enter into and perform its obligations under each of the Loan Documents to which it is a party and, in the case of each Borrower, to enter into this Agreement and to issue the Notes and to perform its
obligations under the Loan Documents. Each of Company and its Restricted Subsidiaries: (a) holds all certificates of authority, licenses and permits necessary to carry on its businesses as presently conducted in each jurisdiction in which such
Person is carrying on such business, except where the failure to hold such certificates, licenses or permits would not constitute a Material Adverse Occurrence, and (b) is duly qualified and in good standing as a foreign corporation or limited
liability company in each jurisdiction in which the character of the properties it owns, leases, or operates, or the business it conducts, makes such qualification necessary and the failure so to qualify would permanently preclude such Person from
enforcing its rights with respect to any material assets or could reasonably be expected to constitute a Material Adverse Occurrence. 

4.2. Authorization and Validity. The signing, delivery, and performance by each Loan Party of the Loan Documents to which it is a
party have been duly authorized by all necessary corporate or company action by such Loan Party. Each of the Loan Documents constitutes the legal, valid, and binding obligations of each Loan Party that is a party to such Loan Document, enforceable
against such Loan Party in accordance with its terms, subject to limitations as to enforceability that might result from bankruptcy, insolvency, moratorium, and other similar laws affecting creditors’ rights generally and subject to limitations
on the availability of equitable remedies. 
 4.3. No Conflict; No Default. The signing, delivery, and performance by each Loan
Party of the Loan Documents to which such Loan Party is a party will not (a) violate in any material respect any provision of any law, statute, rule or regulation or any order, writ, judgment, injunction, decree, determination or award of any
court, governmental agency or arbitrator presently in effect having applicability to such Loan Party, (b) violate or contravene any provision of the organizational documents of such Loan Party, or (c) result in a breach of or constitute a
default under any indenture, loan, credit agreement or any Related Agreement or any other material agreement, lease or instrument to which such Loan Party is a party or by which it or any of its properties is bound or result in the creation of any
Lien under any such instrument. Neither Company nor any of its Restricted Subsidiaries is in default under or in violation of any such law, statute, rule or regulation, order, writ, judgment, injunction, decree, determination or award or any such
indenture, loan or credit agreement or other agreement, lease or instrument in any case in which the consequences of such default or violation could reasonably be expected to constitute a Material Adverse Occurrence. 

4.4. Government Consent. No order, consent, approval, license, authorization or validation of, or filing, recording or
registration with, or exemption by, any governmental or public body or authority is required on the part of any Loan Party to authorize, or is required in connection with the signing, delivery and performance of, or the legality, validity, binding
effect or enforceability of, the Loan Documents, except for any necessary filing or recordation of or with respect to any of the Collateral Documents. 

  
 65 

 4.5. Material Adverse Change. Since December 31, 2012, there has been no
change in the business, property, financial condition, or results of operations of Company and its Subsidiaries that could reasonably be expected to be a Material Adverse Occurrence. 

4.6. Financial Statements and Condition. The audited consolidated financial statements for Company and its Subsidiaries as of
December 31, 2012, as delivered to the Lenders before the Amendment No. 2 Effective Date, were prepared in accordance with GAAP on a consistent basis and fairly present in all material respects the consolidated financial condition of
Company and its Subsidiaries as of such date and the results of its consolidated operations and changes in financial position for the period then ended. As of the date of such financial statements, Company did not have any material obligation,
contingent liability, liability for taxes, or long-term lease obligation that is not reflected in such financial statements or in the notes to them. 

4.7. Litigation. Except as set forth on Schedule 4.7, there are no actions, suits or proceedings pending or, to the
knowledge of Borrowers, threatened against or affecting Company or any of its Restricted Subsidiaries or any of its properties before any court or arbitrator, or any governmental department, board, agency or other instrumentality that could
reasonably be expected to constitute a Material Adverse Occurrence, or that seeks to prevent, enjoin, or delay the making of any Credit Extension, and there are no unsatisfied judgments against Company or any of its Restricted Subsidiaries, the
satisfaction or payment of which could reasonably be expected to constitute a Material Adverse Occurrence. 
 4.8. Environmental,
Health and Safety Laws. There does not exist any violation by Company or any of its Restricted Subsidiaries of any applicable U.S. or foreign federal, state, provincial, or local law, rule or regulation or order of any government,
governmental department, board, agency or other instrumentality relating to environmental pollution, health, or safety matters that has, will or threatens to impose a material liability on Company or any of its Restricted Subsidiaries or that has
required or would require a material expenditure by Company or any of its Restricted Subsidiaries to cure in either case, the effect of which could reasonably be expected to constitute a Material Adverse Occurrence. Except as set forth in
Schedule 4.8, neither Company nor any of its Restricted Subsidiaries has received any notice to the effect that any part of such Person’s operations or properties is not in material compliance with any such law, rule, regulation or
order or notice that it or its property is the subject of any governmental investigation evaluating whether any remedial action is needed to respond to any release of any toxic or hazardous waste or substance into the environment that could
reasonably be expected to constitute a Material Adverse Occurrence. Except as set forth in Schedule 4.8, Company does not have knowledge that it, any of its Subsidiaries, or any of their respective property will become subject to
Environmental Laws during the term of this Agreement, compliance with which could reasonably be expected to require significant capital expenditures by Company or its Restricted Subsidiaries or to constitute a Material Adverse Occurrence. 

4.9. ERISA. Each Plan is in substantial compliance with all applicable requirements of ERISA and the Code and with all material
applicable rulings and regulations issued under ERISA and the Code setting forth those requirements. No ERISA Event exists with respect to any Plan. All of the minimum funding standards applicable to such Plans have been satisfied and there exists
no event or condition that would reasonably be expected to result in the institution of proceedings to terminate any Plan under Section 4042 of ERISA. With respect to each Plan subject to Title IV 

  
 66 

 
of ERISA, as of the most recent valuation date for such Plan, the present value (determined on the basis of reasonable assumptions employed by the independent actuary for such Plan and previously
furnished in writing to the Lenders) of such Plan’s projected benefit obligations did not exceed the fair market value of such Plan’s assets. Neither the signing and delivery of this Agreement nor the making of Credit Extensions gives rise
to a “prohibited transaction” as Section 406 of ERISA or Section 4975 of the Code defines that term. 
 4.10.
Federal Reserve Regulations. None of Company or its Restricted Subsidiaries is engaged principally or as one of its important activities in the business of extending credit for the purpose of purchasing or carrying “margin
stock”, as that term is defined in Regulation U. The value of all margin stock owned by Company or any of its Subsidiaries does not constitute more than 25% of the value of the consolidated assets of Company and its Subsidiaries. 

4.11. Title to Property; Leases; Liens; Subordination. Company and each of its Restricted Subsidiaries has (a) good and
marketable title in fee simple to, or valid leasehold interests in, their respective real properties and (b) good and sufficient title to, or valid, subsisting and enforceable leasehold interest in, their respective other properties, including
all other properties and assets, referred to as owned by Company and its Restricted Subsidiaries in the most recent financial statement referred to in Section 5.1 (other than property disposed of since the date of such financial statements in
the ordinary course of business or as otherwise permitted under this Agreement). None of such properties is subject to a Lien, except as allowed under Section 6.12 or Liens to be discharged on the Effective Date. Neither Company nor any of its
Restricted Subsidiaries has subordinated any of its material rights under any obligation owing to it to the rights of any other person. 

4.12. Taxes. Company and its Restricted Subsidiaries have filed all U.S. and foreign federal, state, provincial, and local
tax returns required to be filed and has paid or made provision for the payment of all taxes before they become delinquent pursuant to such returns and pursuant to any assessments made against any such Person or any of its property and all other
taxes, fees and other charges imposed on it or any of its property by any governmental authority (other than taxes, fees or charges the amount or validity of which is currently being contested in good faith by appropriate proceedings and with
respect to which reserves in accordance with GAAP have been provided on the books of Company). No material tax Liens have been filed and no material claims are being asserted with respect to any such taxes, fees or charges. The charges, accruals,
and reserves on the books of Company with respect to taxes and other governmental charges are adequate and Company does not know of any proposed material tax assessment against it or any of its Restricted Subsidiaries or any basis for such an
assessment. 
 4.13. Trademarks, Patents. Each of Company and its Restricted Subsidiaries has licenses to use or otherwise has
the right to use, all intellectual property necessary for the conduct of its business as currently conducted, except to the extent that the absence of such property could not individually, or in the aggregate, reasonably be expected to constitute a
Material Adverse Occurrence. As of the Effective Date, no claim has been asserted or is pending or, to the knowledge of Company, has been threatened against Company or any of its Restricted Subsidiaries by any Person challenging or questioning the
use by Company or any of its Restricted Subsidiaries of any intellectual property in a manner that could, individually or in the aggregate, reasonably be expected to constitute a Material Adverse Occurrence, nor does Company know of

  
 67 

 
any reason to believe that any such claim would be successful if brought. As of the Effective Date, no claim has been asserted or is pending or, to the knowledge of Company, threatened against
Company or any of its Restricted Subsidiaries by any Person challenging or questioning the validity or effectiveness of any intellectual property of Company or any of its Restricted Subsidiaries in a manner that could, individually or in the
aggregate, reasonably be expected to constitute a Material Adverse Occurrence. The use of intellectual property by Company and its Restricted Subsidiaries does not infringe on the rights of any Person in a manner that could, individually or in the
aggregate, reasonably be expected to constitute a Material Adverse Occurrence. As of the Amendment No. 3 Effective Date, Schedule 4.13 is a complete list of all such intellectual property that is owned by Company or any of its
Restricted Subsidiaries and constitutes a patent issued by, or a trademark or service mark registered with, the United States Patent and Trademark Office (or, in either case, applications therefor) or a copyright issued by the United States
Copyright Office (or an application therefor). 
 4.14. Force Majeure. Since the date of the most recent financial statement
referred to in Section 5.1, the business, properties and other assets of Company or any of its Restricted Subsidiaries have not been affected as the result of any fire or other casualty, strike, lockout, or other labor trouble, embargo,
sabotage, confiscation, condemnation, riot, civil disturbance, activity of armed forces or act of God that could reasonably be expected to constitute a Material Adverse Occurrence. 

4.15. Investment Company Act. Neither Company nor any of its Restricted Subsidiaries is an “investment company” or a
company “controlled” by an investment company within the meaning of the Investment Company Act of 1940, as amended. 
 4.16.
[Intentionally Omitted]. 
 4.17. Full Disclosure. Subject to the following sentence, neither the financial
statements referred to in Section 5.1 nor any other certificate, written statement, exhibit or report furnished by or on behalf of Company in connection with or pursuant to this Agreement contains any untrue statement of a material fact or
omits to state any material fact necessary in order to make the statements contained in such financial statements not misleading in light of the circumstances in which made. Certificates or statements furnished by or on behalf of Company to the
Lenders consisting of projections or forecasts of future results or events have been prepared in good faith and based on good faith estimates and assumptions of the management of Company and its Restricted Subsidiaries, and, as of the date of
delivery, Company has no reason to believe that such projections or forecasts are not reasonable; provided that Company can give no assurances that such projections will be attained. 

4.18. Subsidiaries; Etc. As of the Amendment No. 3 Effective Date, neither Company nor any of its Subsidiaries owns,
beneficially or of record, any Equity Interests in any other Person other than (i) the Subsidiaries listed in Schedule 1.1.b, and (ii) Bloomingdale LIFE TIME Fitness, L.L.C., an Illinois limited liability company. With
respect to all Persons in which Company or any of its Subsidiaries owns any Equity Interests, beneficially or of record, Schedule 4.18 sets forth, as of the Amendment No. 3 Effective Date, the number and percentage of the shares of
each class of Equity Interests owned beneficially or of record by Company or its Subsidiaries, and the jurisdiction of organization of each Subsidiary or other issuer of Equity Interests. 

  
 68 

 4.19. Labor Matters. Neither Company nor any Restricted Subsidiary is a party to
any collective bargaining agreement, and, to the knowledge of Company, there are no pending or threatened strikes, lockouts, or slowdowns against Company or any of its Restricted Subsidiaries. Neither Company nor any of its Restricted Subsidiaries
has been or is in violation in any material respect of the Fair Labor Standards Act or any other applicable federal, state, local, or foreign law dealing with such matters that could reasonably be expected to cause a Material Adverse Occurrence. All
payments due from Company or any of its Restricted Subsidiaries on account of wages and employee health and welfare insurance and other benefits (in each case, except for de minimus amounts), have been paid or accrued as a liability on the books of
Company. 
 4.20. Solvency. Immediately after this Agreement becomes effective on the Effective Date, and immediately following
each Credit Extension: (i) the fair value of the assets of Company and its Restricted Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent, or otherwise of Company and its
Restricted Subsidiaries on a consolidated basis; (ii) the present fair saleable value of the property of Company and its Restricted Subsidiaries on a consolidated basis, will be greater than the amount that will be required to pay the probable
liability of the debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, of Company and its Restricted Subsidiaries on a consolidated basis; (iii) Company and its
Restricted Subsidiaries on a consolidated basis, will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) Company and its Restricted Subsidiaries
on a consolidated basis will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is proposed to be conducted following the Effective Date. 

4.21. Insurance. Schedule 4.21 sets forth a summary of the property and casualty insurance program carried by
Company and its Restricted Subsidiaries on the Amendment No. 3 Effective Date, including any self-insurance or risk assumption agreed to by any such Person or imposed upon any such Person by any such insurer. 

4.22. [Intentionally Omitted]. 

4.23. [Intentionally Omitted]. 

4.24. Related Agreements. 

a. Company has furnished to Agent a true and correct copy of all Related Agreements in effect on the Effective Date.

 b. Company, and to Company’s knowledge, each other party to a Related Agreement, has taken all necessary
corporate, company, partnership or other organizational action to authorize the signing, delivery and performance of the Related Agreements and the consummation of the transactions contemplated thereby. 

ARTICLE V 
 AFFIRMATIVE
COVENANTS 

  
 69 

 The Borrowers agree that until any obligation of the Lenders to make any Credit Extension has
expired or been terminated and the Obligations have been paid in full and all outstanding Facility LCs have expired or the liability of the LC Issuers on the outstanding Facility LCs has otherwise been discharged (including by providing cash
collateral or backup letters of credit in accordance with Section 2.12), unless the Majority Lenders otherwise consent in writing: 

5.1. Financial Statements and Reports. Company shall maintain, for itself and each Restricted Subsidiary, a system of accounting
established and administered in accordance with GAAP, and shall deliver to Agent, for the benefit of the Lenders: 

a. As soon as they become available and in any event within 90 days after the end of each fiscal year of Company,
an unqualified (except for qualifications relating to changes in accounting principles or practices reflecting changes in GAAP) audit report, with no going concern modifier, certified by Company’s existing certified public accountants or other
independent certified public accountants of recognized national standing selected by Company and acceptable to Agent, prepared in accordance with GAAP on a consolidated and consolidating basis (consolidating statements need not be certified by such
accountants) for Company and its Subsidiaries, including balance sheets as of the end of such period, related profit and loss and reconciliation of surplus statements, and statements of income, cash flow, and changes in stockholders’ equity,
accompanied by any management letter prepared by the accountants. 
 b. As soon as they become available and in any
event within 45 days after the end of each quarter, unaudited consolidated statements of income and cash flow for Company for such quarter and for the period from the beginning of such fiscal year to the end of such quarter, setting forth in
comparative form to the corresponding period for the preceding fiscal year, a consolidated balance sheet of Company as at the end of such quarter, together with corresponding figures for the prior fiscal year. Company shall also deliver to Agent the
related consolidating financial statements and a certificate signed by the chief financial officer of Company, on behalf of Company, stating that such financial statements present fairly the financial condition of Company and that they were prepared
in accordance with GAAP (except for the absence of footnotes and subject to year-end audit adjustments). 
 c. Within
10 Business Days after filing or delivering financial statements pursuant to Section 5.1.a and 5.1.b, a Compliance Certificate in the form attached to this Agreement as Exhibit A signed by the chief financial officer of
Company demonstrating in reasonable detail compliance (or noncompliance, as the case may be) with Sections 6.14, 6.15, and 6.16, as of the end of such quarter and stating that as of the end of such quarter there did not exist any Default or
Event of Default or, if such Default or Event of Default existed, specifying the nature and period of existence of the Default or Event of Default and what action Company proposes to take. 

d. Upon Agent’s request, but not later than 60 days after the end of each fiscal year, projections by Company for
Company’s immediately following fiscal year consisting of a balance sheet as of the end of such following fiscal year and monthly and year to date income statements together with the assumptions underlying such projections certified by

  
 70 

 
Company’s chief financial officer or treasurer as being based on reasonable estimates, information and assumptions and that such officer has no reason to believe that such projections are
not reasonable (provided that no assurance can be given that such projections will be attained), all in reasonable detail and reasonably satisfactory in scope to Agent. 

e. Promptly upon any Executive Officer of Company becoming aware of any Default or Event of Default, a notice describing
the nature of the Default or Event of Default and what action Company proposes to take to remedy or cure such Default or Event of Default. 

f. Promptly upon any Executive Officer of Company becoming aware of the occurrence, with respect to any Plan, of any
ERISA Event, a notice specifying the nature of the event or transaction and what action Company proposes to take, and, when received, copies of any notice from PBGC of intention to terminate or have a trustee appointed for any Plan. 

g. Promptly upon any Executive Officer of Company becoming aware of any matter that has resulted or could reasonably be
expected to result in a Material Adverse Occurrence, a notice from Company describing the nature of the occurrence and what action Company proposes to take. 

h. Promptly upon any Executive Officer of Company becoming aware of (i) the commencement of any action, suit,
investigation, proceeding or arbitration before any court or arbitrator or any governmental department, board, agency or other instrumentality affecting Company, any of its Restricted Subsidiaries or any property of such Person, or to which Company
or any of its Restricted Subsidiaries is a party (other than litigation where the insurance insures against the damages claimed and the insurer has assumed defense of the litigation without reservation) that could reasonably be expected to result in
a Material Adverse Occurrence; or (ii) any adverse development that occurs in any litigation, arbitration or governmental investigation or proceeding previously disclosed by Company that could reasonably be expected to result in a Material
Adverse Occurrence, a notice from Company describing the nature and status of the development. 
 i. Without
duplication of items otherwise delivered pursuant to this Section 5.1, promptly upon mailing or filing, copies of all financial statements, reports and proxy statements mailed to Company’s shareholders. 

j. Promptly upon receipt by Company or any of its Restricted Subsidiaries, a copy of any notice of default on, or
acceleration of, any Indebtedness of Company or any Restricted Subsidiary in excess of $50,000,000 or waiver of such Person’s noncompliance with the terms of such Indebtedness; or immediately upon Company or any of its Restricted Subsidiaries
becoming aware of the occurrence of any event of default (however defined) on Indebtedness of Company or any Restricted Subsidiary in excess of $50,000,000 or of any event that could, with the giving of notice and/or lapse of time, constitute any
such event of default, a notice describing the nature of the event and what action such Person proposes to take. 

  
 71 

 k. Promptly upon any material change in accounting policies of, or
financial reporting practices by, Company or any Restricted Subsidiary, a notice describing such material change. 

l. Promptly upon any Executive Officer of Company becoming aware of it, a notice describing the occurrence of any ERISA
Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to be a Material Adverse Occurrence. 

m. From time to time, promptly upon request, such other information regarding the business, operation, and financial
condition of Company or any of its Subsidiaries that any Lender reasonably requests. 
 Any financial statement required by Section 5.1.a or 5.1.b or
information required by Section 5.1.i. shall be deemed to have been furnished on the date on which Company has filed such financial statement or other information with the Securities and Exchange Commission and such financial statement or
information is available on the EDGAR website on the Internet at www.sec.gov or any successor government website that is freely and readily available to Agent and the Lenders without charge. Notwithstanding the foregoing, Company shall
deliver paper copies of any such financial statement or other information to Agent upon request. 
 5.2. Existence. Company
shall maintain, and shall cause each of its Restricted Subsidiaries to maintain, its existence as a corporation or other entity, as applicable, in good standing under the laws of its jurisdiction of incorporation or formation and its qualification
to transact business in each jurisdiction where failure so to qualify would permanently preclude such Person from enforcing its rights with respect to any material asset or could reasonably be expected to constitute a Material Adverse Occurrence;
provided that nothing in this Section 5.2 prohibits the merger or liquidation of any Subsidiary allowed under Section 6.1. 

5.3. Insurance. Company shall maintain, and shall cause each of its Restricted Subsidiaries to maintain, with financially sound
and reputable insurance companies such insurance that is required by law, any Loan Document or any Related Agreement and such other insurance in such amounts and against such hazards as is customary in the case of reputable firms engaged in the
same or similar business and similarly situated. 
 5.4. Payment of Taxes and Claims. Company shall file, and shall cause each
of its Restricted Subsidiaries to file, all tax returns and reports that are required by law to be filed by such Person, and shall pay, and shall cause each of its Restricted Subsidiaries to pay, before they become delinquent all taxes, assessments
and governmental charges and levies imposed upon it or its property and all claims or demands of any kind (including but not limited to those of suppliers, mechanics, carriers, warehouses, landlords and other like Persons) which, if unpaid, might
result in the creation of a Lien upon Company’s or any of its Restricted Subsidiaries’ property; provided that: (a) the foregoing items need not be paid if they are being contested in good faith by appropriate proceedings, and
as long as Company’s or any of its Restricted Subsidiaries’ title to its property is not materially adversely affected, its use of such property in the ordinary course of its business is not materially interfered with and adequate reserves
with respect thereto have been set aside on Company’s books in accordance with GAAP; and (b) in all events, Company and its Restricted Subsidiaries shall pay or cause to be paid all such taxes, assessments, charges or levies 

  
 72 

 
forthwith upon the commencement of foreclosure of any Lien on any asset of Company or any Restricted Subsidiary that may have attached as security for such Lien. 

5.5. Inspection. Company shall permit, and shall cause each of its Restricted Subsidiaries to permit, any Person designated by
any Lender or Agent to visit and inspect its books and financial records, to examine and to make copies of its books of accounts and other financial records, and to discuss with and be advised by its officers of the affairs, finances and accounts of
Company or Restricted Subsidiaries at any reasonable times and intervals that any Lender, or Agent designates; provided that so long as no Default or Event of Default exists, each Lender, Agent and their respective representatives shall use
their best efforts to coordinate their inspections so that such inspections occur at the same time. So long as no Event of Default exists at the time of any such visit, inspection or examination or any such inspection or examination does not reveal
significant errors or discrepancies in the most recent financial and operating statements furnished to any Lender or Agent, the expenses of the relevant inspecting Person for such visits, inspections and examinations shall be at the expense of such
inspecting Person; provided that: (a) any such visit, inspection, or examination made while any Event of Default exists or that reveals any such significant error or discrepancy shall be at the expense of Company; and/or
(b) Borrowers agree to pay to Agent, solely for Agent’s account, the costs and expenses incurred by Agent, or its representative, in connection with such Person’s review of Company’s and/or its Restricted Subsidiaries’ real
estate construction procedures; provided further that, so long as no Default or Event of Default exists, Borrowers are not obligated to pay for more than one such review during any 12 month period. 

5.6. Maintenance of Properties. Company shall maintain, and shall cause each of its Restricted Subsidiaries to maintain, such
Person’s properties used or desirable in the conduct of its business in good condition, repair and working order, normal wear and tear excepted, and supplied with all necessary equipment, and make all necessary repairs, renewals, replacements,
betterments and improvements thereto so that the business carried on in connection therewith is properly and advantageously conducted at all times. 

5.7. Books and Records. Company shall keep, and shall cause each of its Subsidiaries to keep, adequate and proper records and
books of account in which full and correct entries shall be made of such Person’s dealings, business, and affairs. 
 5.8.
Compliance. Company shall comply, and shall cause each of its Restricted Subsidiaries to comply, in all material respects with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it is subject,
including, without limitation, all Environmental Laws; provided that the failure so to comply shall not be a breach of this covenant if such failure could not reasonably be expected to result in a Material Adverse Occurrence and, with respect
to any such failure by Company or a Restricted Subsidiary, Company or its Restricted Subsidiary is acting in good faith to cure such non-compliance. Without limiting the foregoing sentence, Company shall ensure that no person who owns a controlling
interest in or otherwise controls Company is (a) listed on the Specially Designated Nationals and Blocked Person List maintained by the Office of Foreign Assets Control (“OFAC”), Department of the Treasury, and/or any other
similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or regulation or (b) a person designated under Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001), any
related enabling legislation or any other similar Executive 

  
 73 

 
Orders, and (c) without limiting clause (a) above, Company shall comply, and shall cause each of its Restricted Subsidiaries to comply, with all applicable Bank Secrecy Act and
anti-money laundering laws and regulations. 
 5.9. ERISA. Company shall maintain, and shall cause each of its ERISA Affiliates
to maintain, each Plan in compliance with all material applicable requirements of ERISA and of the Code and with all applicable rulings and regulations issued under ERISA and of the Code and shall not, and shall not permit any of the ERISA
Affiliates to (a) engage in any transaction in connection with which Company or any of the ERISA Affiliates would be subject to either a civil penalty assessed pursuant to Section 502(i) of ERISA or a tax imposed by Section 4975 of
the Code, in either case in an amount exceeding $100,000, (b) fail to make full payment when due of all amounts that, under the provisions of any Plan, Company or any ERISA Affiliate is required to pay as contributions thereto, or permit any
Plan to fail to satisfy the “minimum funding standard” (as such term is defined in Section 302 of ERISA and Section 412 of the Code), whether or not waived, or (c) fail to make any payments to any Multiemployer Plan that
Company or any of the ERISA Affiliates is required to make under any agreement relating to such Multiemployer Plan or any law pertaining thereto. 

5.10. Environmental Matters; Reporting. Company shall observe and comply with, and shall cause each of its Restricted
Subsidiaries to observe and comply with, all Environmental Laws to the extent non-compliance could result in a material liability or otherwise could reasonably be expected to result in a Material Adverse Occurrence. Company shall give Agent prompt
written notice of any violation as to any environmental matter by Company and of the commencement of any judicial or administrative proceeding relating to health, safety, or environmental matters in which an adverse determination or result could
reasonably be expected to result in a Material Adverse Occurrence. 
 5.11. Further Assurances. Company shall promptly correct
any defect or error that is discovered in any Loan Document or in the signing, acknowledgment, or recordation of any Loan Document. Promptly upon request by Agent or the Majority Lenders, Company also shall execute, acknowledge, deliver, record,
re-record, file, re-file, register and re-register, any and all deeds, conveyances, mortgages, deeds of trust, trust deeds, assignments, estoppel certificates, financing statements and continuations, notices of assignment, transfers, certificates,
assurances and other instruments that Agent or the Majority Lenders reasonably require from time to time in order: (a) to carry out more effectively the purposes of the Loan Documents; (b) to perfect and maintain the validity,
effectiveness and priority of any security interests intended to be created by the Loan Documents; and (c) to better assure, convey, grant, assign, transfer, preserve, protect and confirm unto the Lenders the rights granted now or hereafter
intended to be granted to the Lenders under any Loan Document or under any other instrument signed and delivered in connection with any Loan Document or that Company may be or become bound to convey, mortgage or assign to Agent for the benefit of
the Lenders in order to carry out the intention or facilitate the performance of the provisions of any Loan Document. 
 5.12.
[Intentionally Omitted]. 
 5.13. Ownership of Real Estate. 

  
 74 

 a. All Real Estate owned by Company or any of its Restricted Subsidiaries
must be owned by either: (i) an Unencumbered Real Estate Subsidiary, if such Real Estate is not subject to a Lien encumbering a Permitted Permanent Loan; or (ii) an Encumbered Real Estate Subsidiary if such Real Estate is encumbered by a
Lien securing a Permitted Permanent Loan. 
 b. In accordance with the definition of Unencumbered Real Estate
Subsidiary, no Unencumbered Real Estate Subsidiary (other than LTF Real Estate Company, Inc. or LTF Real Estate Holdings, LLC in respect of the ground leasehold interests it owned on the Effective Date) (i) shall own any Real Estate that
consists of or includes the tenant’s interest under a long-term ground lease if such Unencumbered Real Estate Subsidiary also owns fee simple title to any Real Estate; (ii) shall engage in any substantial business activity other than
acquiring, owning, developing, operating, and leasing Real Estate, and, as to LTF Real Estate Company, Inc., the other businesses it is engaged in on the Effective Date; (iii) shall have any Indebtedness other than the Secured Obligations and
unsecured Indebtedness owing to a Guarantor Subsidiary that is (A) subordinated to the payment of the Secured Obligations on terms and conditions acceptable to the Agent, and (B) incurred in the ordinary course of owning and operating its
Real Estate, and, as to LTF Real Estate Company, Inc., the other businesses it is engaged in on the Effective Date; and (iv) shall fail to be a Guarantor Subsidiary or a Foreign Subsidiary that is a Restricted Subsidiary and that has had at
least 65% of its Equity Interests pledged to the Agent to secure the Secured Obligations. 
 5.14. Mandatory Distributions. The
Company shall cause each Restricted Subsidiary (other than Real Estate Subsidiaries and Foreign Subsidiaries, in each case, which are not Guarantor Subsidiaries) to distribute, not less often than monthly, to the Company or a Guarantor Subsidiary
all cash and cash equivalents that come into the possession of such Restricted Subsidiary that are not required by such Restricted Subsidiary to satisfy (a) its immediate working capital requirements (including, without limitation, its
immediate obligations to contractors and vendors entered into in the ordinary course of business) ; and (b) in the case of such Real Estate Subsidiaries, its obligations under any Permitted Permanent Loan it has borrowed. 

5.15. Depository Accounts. The Company shall cause, and shall direct each Restricted Subsidiary to cause, each of their
respective deposits accounts (other than Excluded Accounts (as defined below)) with an average daily balance (determined for any thirty day period) of at least $1,000,000 to be (a) maintained with a Lender, or (b) subject to a deposit
account control agreement in favor of Agent that is in form and substance reasonably acceptable to Agent; provided, however, that (x) if the average daily balance of all accounts (other than Excluded Accounts) not subject to such
deposit account control agreements equals or exceeds $5,000,000, then the Company shall deliver deposit account control agreements for such accounts as is necessary to reduce such balance below $5,000,000 and (y) the requirements of this
Section 5.15 shall not apply in respect of payroll accounts, accounts dedicated solely to the payment of taxes, and trust accounts where amounts on deposit therein are for Persons other than the Company or the applicable Restricted Subsidiary
(such as escrow accounts or accounts for the benefit of employees) (the accounts referenced in this clause (y), collectively, the “Excluded Accounts”). 

  
 75 

 5.16. Designated Guarantor Subsidiaries. Company has the right, at any time, to
make any Subsidiary that is not a Wholly-Owned Subsidiary, a “Designated Guarantor Subsidiary”, by delivering to Agent, both (i) written notice that such Subsidiary is a Designated Guarantor Subsidiary for the purposes of this
Agreement, and (ii) delivering to Agent the Guaranty and Collateral Documents Section 5.18 requires with respect to such Designated Guarantor Subsidiary. Company also has the right to terminate the Designated Guarantor Subsidiary status of
any Subsidiary by delivering a written notice to Agent that it is terminating the Designated Guarantor Subsidiary status of such Subsidiary, so long as no Default or Event of Default exists or would exist as a result of such termination, and Agent
shall promptly sign and deliver any termination documents Company reasonably requests to terminate the Guaranty and Collateral Documents signed by such Subsidiary. 

5.17. Designated Unrestricted Subsidiaries. Company has the right, by delivering written notice to Agent, to designate any
Wholly-Owned Subsidiary to be an Unrestricted Subsidiary, provided that Company may not make any such designation (i) when an Event of Default exists or (ii) if after giving effect to any such designation, the aggregate Net Worth of
all Subsidiaries that Company has designated as Unrestricted Subsidiaries under this Section 5.17 would exceed 5% of the consolidated Net Worth of Company and its Subsidiaries as of the last day of the immediately preceding fiscal quarter of
Company. If, at any time, the aggregate Net Worth of all Designated Unrestricted Subsidiaries exceeds 5% of the consolidated Net Worth of Company and its Subsidiaries, Company shall (a) within 30 days identify in writing to Agent a
sufficient number of Designated Unrestricted Subsidiaries that shall no longer be so-designated in order to cause the Net Worth of all Designated Unrestricted Subsidiaries (after giving effect to such redesignation) to be not greater than 5% of the
consolidated Net Worth of Company and its Subsidiaries, and (b) shall deliver to Agent those Guaranty and Collateral Documents required under Section 5.18 with respect to each Restricted Subsidiary in order to become a Restricted
Subsidiary, at which time such Subsidiaries’ status as Designated Unrestricted Subsidiaries shall terminate. 
 5.18. Subsidiaries
that Become Guarantor Subsidiaries after the Effective Date. Company shall, with respect to each Subsidiary that becomes a Guarantor Subsidiary after the Effective Date, on or before the date such Subsidiary becomes a Designated Guarantor
Subsidiary, or within 10 Business Days (or such longer period of time as Agent may agree) after such Subsidiary becomes a Required Guarantor Subsidiary, as applicable: (i) cause such Guarantor Subsidiary to sign and deliver to Agent, for the
benefit of the Lenders, either a joinder to the existing Guaranty, or a new Guaranty, guaranteeing the Secured Obligations; (ii) cause such Guarantor Subsidiary to sign and deliver to Agent all Collateral Documents Agent requests in order to
grant to Agent, for the benefit of the Lenders, a perfected first priority security interest in all of the assets, other than Real Estate, of such Guarantor Subsidiary to secure the Secured Obligations, subject to no other Liens, except for Liens
permitted pursuant to Section 6.12; (iii) grant, and cause its Guarantor Subsidiaries to grant, a perfected Lien to Agent, for the benefit of the Lenders, in the Equity Interests Company or any of its Guarantor Subsidiaries owns in each
Guarantor Subsidiary to secure the Secured Obligations, on terms substantially equivalent to the terms of the Pledge Agreements or otherwise on terms acceptable to Agent, in its reasonable discretion, subject to no other Liens except for Liens
permitted pursuant to Section 6.12 and, as to any Guarantor Subsidiary that is not a Wholly-Owned Subsidiary, obtain the consent of all other 

  
 76 

 
owners of Equity Interests in such Guarantor Subsidiary to such Lien and to the exercise of Agent’s rights and remedies pursuant to the relevant Collateral Document. 

5.19. Pledge of Equity Interests. Notwithstanding any other term of this Agreement to the contrary, Company shall grant, and
cause its applicable Restricted Subsidiaries to grant, a continuing perfected Lien to Agent, for the benefit of the Lenders, in the Equity Interests Company or any of its Restricted Subsidiaries owns in each Restricted Subsidiary other than each
Encumbered Real Estate Subsidiary that is prohibited, restricted, or otherwise limited by the Related Agreements for a Permitted Permanent Loan to which it or any of its Subsidiaries is a party from permitting a Lien on the Equity Interests in such
Encumbered Real Estate Subsidiary to secure any Indebtedness other than such Permitted Permanent Loan, but only so long as such prohibitions, restrictions, or limitations apply to the Secured Obligations; provided, that in the case of a
Foreign Subsidiary that is a Restricted Subsidiary where the granting of such Lien would result in a Deemed Dividend Problem, the Lien shall be limited to 65% of the voting Equity Interests and 100% of the non-voting Equity Interests of such
Subsidiary. 
 5.20. Most Favored Lender. 

a. If Company or any Restricted Subsidiary (a) amends, restates, or otherwise modifies any Indebtedness (other than
the Secured Obligations) that exceeds $50,000,000 (a “Material Financing”) or (b) otherwise enters into, assumes, or otherwise becomes bound or obligated under any Material Financing, that contains financial covenants or event
of default provisions that restrict Company more than do the financial covenants and event of default provisions of this Agreement, the terms of this Agreement shall, without any further action on the part of Company, any Restricted Subsidiary, the
Agent, or any Lender, be immediately and automatically amended to include in this Agreement each such more restrictive financial covenant or event of default provision (subject to Section 5.20.b). Company shall give Agent written notice of each
such event to Agent together with a copy of the fully-signed and delivered Related Agreements for such Material Financing within 10 Business Days after such Material Financing becomes binding on Company or any Restricted Subsidiary. Upon the written
request of Company, Agent, or the Majority Lenders, Company and Agent shall promptly sign and deliver at Company’s expense (including Agent’s attorney fees) an amendment to this Agreement in form and substance reasonably satisfactory to
Agent evidencing the amendment of this Agreement to include such more restrictive financial covenants or event of default provisions, provided that the signing and delivery of such an amendment is merely for the convenience of the parties to
this Agreement and is not a precondition to the effectiveness of the automatic amendment of this Agreement under this Section 5.20.a. 

b. If, after this Agreement is amended under Section 5.20.a to include any more restrictive financial covenant or
event of default provision from any Material Financing, any such more-restrictive financial covenant or event of default provision ceases to bind Company or any Restricted Subsidiary or is amended to be less restrictive with respect to Company or
any Restricted Subsidiary, then, upon the written request of any of Company, Agent, or the Majority Lenders, provided that no Default or Event of Default then exists, Agent shall release or similarly amend, as applicable, such
more-restrictive financial covenant or event of default provision. No release or 

  
 77 

 
amendment under this Section 5.20.b shall make the financial covenants and Events of Default in this Agreement less restrictive than they would have been absent the original amendments under
Section 5.20.a that are being terminated or amended to be less restrictive. 
 ARTICLE VI 

NEGATIVE COVENANTS 
 The
Borrowers agree that until any obligation of the Lenders to make any Credit Extension has expired or been terminated, the Obligations have been paid in full, and all outstanding Facility LCs have expired or each LC Issuer’s liability on the
outstanding Facility LCs has otherwise been discharged (including by providing cash collateral or backup letters of credit in accordance with Section 2.12), unless the Majority Lenders otherwise consent in writing: 

6.1. Merger. Company shall not merge or consolidate or enter into any analogous reorganization or transaction with any Person or
liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution) and shall not permit any of its Restricted Subsidiaries to do any of the foregoing; provided that, upon not less than 5 Business Days prior written notice to
Agent, any Wholly-Owned Subsidiary of Company may be merged with or liquidated into Company or any other Wholly-Owned Subsidiary so long as Company or such Wholly-Owned Subsidiary is the surviving corporation or entity and such merger or liquidation
does not violate or result in a violation of any other term of this Agreement. 
 6.2. Disposition of Assets. Company shall not
directly or indirectly, sell, assign, lease, convey, transfer or otherwise dispose of (whether in one transaction or a series of transactions) any property (including accounts and notes receivable, with or without recourse) or enter into any
agreement to do any of the foregoing and shall not permit any of its Restricted Subsidiaries to do any of the foregoing, except, subject to the limitations in Section 6.22: 

a. dispositions of inventory, equipment, or fixtures in the ordinary course of business, including to the extent the
same is obsolete or worn out; 
 b. the sale of equipment to the extent that such equipment is exchanged for credit
against the purchase price of similar replacement equipment, or the proceeds of such sale are applied with reasonable promptness to the purchase price of such replacement equipment; 

c. the sale or transfer of any open and operating Clubs or Non-Club Buildings being used for their intended purposes to
any Encumbered Real Estate Subsidiary made in connection with such Encumbered Real Estate Subsidiary’s incurrence of a Permitted Permanent Loan to be secured by such Clubs or Non-Club Buildings; 

d. the LTF Leases and IDA Lease Transactions; 

e. the sale or transfer of open and operating Clubs or Non-Club Buildings in connection with a sale-leaseback transaction permitted by Section 6.18.b; 

  
 78 

 f. the sale or transfer of any Unrestricted Subsidiary or the property of
any Unrestricted Subsidiary; 
 g. the sale or transfer of Outlots in the ordinary course of Company’s and its
Restricted Subsidiaries’ business; 
 h. sale, transfers and dispositions of assets by any Loan Party to any
other Loan Party; 
 i. the sale, transfer or disposition of any aircraft owned by the Company or any Restricted
Subsidiary for fair market value on an arm’s length basis; 
 j. leases, subleases, licenses or sublicenses of
property (including, without limitation, software or other intellectual property rights): 
 (i) in effect as of the
Amendment No. Effective Date; 
 (ii) leases, subleases, licenses or sublicenses of property (other than Real Estate and
leasehold interests) on customary terms that do not materially interfere with the business of the Company and its Restricted Subsidiaries; 

(iii) leases and subleases of Real Estate and leasehold interests entered into in the ordinary course of business (which, for
purposes hereof, includes businesses that are similar, ancillary or complimentary lines of business or reasonable extensions thereof) and which do not materially interfere with the business of the Company and the Restricted Subsidiaries; and 

(iv) leases and subleases of Real Estate and leasehold interests not otherwise described in the foregoing clauses so long as
the square footage subject thereto does not exceed 15% of the total square footage of all Real Estate and leasehold interests owned or held by the Company and the Restricted Subsidiaries; 

k. sale and leaseback transactions permitted under Section 6.18; 

l. transfers of property subject to any casualty event (which, for purposes hereof, means any event giving rise to the
Company’s or any Restricted Subsidiary’s receipt of insurance proceeds or condemnation awards to, in the case of insurance proceeds, replace, restore or repair the property subject to such casualty event); 

m. Dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection
thereof in the ordinary course of business; and 
 n. other dispositions of property not described in
Section 6.2.a through Section 6.2.m that are not material to the operation of Company or any Restricted Subsidiary, so long as the aggregate net book value of all property disposed of under this Section 6.2.n in any fiscal year is
less than 10% of the net book value of the consolidated assets of Company and its Subsidiaries as of the then most recent fiscal year end. 

  
 79 

 6.3. Plans. Company shall not permit any event to occur or condition to exist that
would permit any Plan to terminate under any circumstances that would cause the Lien provided for in Section 4068 of ERISA to attach to any assets of Company or any of its ERISA Affiliates and shall not permit any of its ERISA Affiliates to do
so; and Company shall not permit, as of the most recent valuation date for any Plan subject to Title IV of ERISA, the present value (determined on the basis of reasonable assumptions employed by the independent actuary for such Plan and
previously furnished in writing to the Lenders) of such Plan’s projected benefit obligations to exceed the fair market value of such Plan’s assets by more than $100,000 and shall not permit any of its ERISA Affiliates to do so. 

6.4. Change in Nature of Business. Company shall not make, and shall not permit any of its Restricted Subsidiaries to make, any
material change in the nature of the business of such Person, as carried on at the Effective Date. 
 6.5. Acquisitions. The
Company will not, nor will it permit any Restricted Subsidiary, to make any Acquisition other than a Permitted Acquisition. Neither the Company nor any Restricted Subsidiary shall permit an Unrestricted Subsidiary to consummate a hostile
Acquisition. 
 6.6. Negative Pledges. Company shall not enter into, and shall not permit any of its Restricted Subsidiaries to
enter into, any agreement, bond, note or other instrument (including, without limitation, any ground lease or other real estate lease described in Section 6.21) with or for the benefit of any Person other than the Lenders that would: 

(a) prohibit the Company or the applicable Restricted Subsidiary from granting or otherwise limit the ability of the Company or such
Restricted Subsidiary to grant to the Agent and the Lenders any Lien on any of the Company’s or such Restricted Subsidiary’s assets or properties; 

(b) prohibit any Restricted Subsidiary from paying distributions or dividends to its equity holders; or 

(c) require Company or any of its Restricted Subsidiaries to grant a Lien to any other Person if such Person grants any Lien to the
Lenders; 
 except for the Related Agreements evidencing or securing: 

(i) in the cases of clauses (a) and (b) above, a Permitted Permanent Loan so long as such restriction applies only to
the Encumbered Real Estate Subsidiaries that are bound by the relevant Related Agreements and terminates upon the payment of such Permitted Permanent Loan; 

(ii) in the case of clause (a) above, Purchase Money Indebtedness (including Capitalized Leases so long as such
prohibition applies only to the granting of additional Liens on the property securing such Purchase Money Indebtedness; or 

(iii) in the cases of clauses (a) and (b) above, Indebtedness permitted under Section 6.11(j) or (l); provided,
that any such prohibition is not more restrictive or limiting than the 

  
 80 

 
restrictions in respect of dividends and distributions set forth in this Agreement or the other Loan Documents; or 

6.7. Restricted Payments. Company shall not make, and shall not permit any Restricted Subsidiary to make any Restricted Payments
or prepay any Indebtedness of Company or any of its Restricted Subsidiaries other than the Obligations, except for the following: 

a. So long as (i) no Default or Event of Default exists either before or immediately following the making of any
such payment and (ii) the Consolidated Leverage Ratio, determined on a pro forma basis giving effect to the applicable payment and all other payments made during the applicable quarter, does not exceed 3.75 to 1.00, Company and its Restricted
Subsidiaries may make Restricted Payments in an aggregate amount from and after the Amendment No. 3 Effective Date that does not exceed (at any time) $300,000,000 plus the Distributable Net Income Amount at such time; 

b. any Wholly-Owned Subsidiary of Company may pay dividends or make distributions to its parent; provided that,
if such Wholly-Owned Subsidiary is indirectly owned by Company through one or more intermediate Subsidiaries, then such Subsidiary may not pay dividends or make distributions to its parent unless all of such intermediate Subsidiaries can pay
dividends or make distributions to their respective parents without any restriction or limitation set forth in any Related Agreement; 

c. LTF Restaurant Company, LLC may make distributions to its members in an amount equal to their federal and state
income tax liability arising from their respective allocable share of that Subsidiary’s taxable income so long as that Subsidiary is a pass-through tax entity under the Code (such distributions being the “Tax Distributions”);
provided that: (i) such members’ federal and state income tax liability shall be computed on the basis of the highest marginal combined tax rate for individuals under the Code and Minnesota law; (ii) Tax Distributions shall be
paid in estimated quarterly installments contemporaneously with an individual’s obligations to pay estimated income taxes based upon FCA Restaurant Company, LLC’s annualized income through the end of its fiscal month immediately preceding
such tax installment’s due date and also contemporaneously with any such members’ filing of its, his or her federal and state income tax returns if the estimated Tax Distributions paid for any of that Subsidiary’s fiscal years are not
sufficient to pay such members’ actual income tax liability arising from its, his or her share of that Subsidiary’s actual taxable income for such fiscal year as disclosed by copies of that Subsidiary’s tax returns and related
Schedules K-1 for such fiscal year delivered to Agent and the Lenders pursuant to this Agreement; and (iii) if the Tax Distributions actually paid with respect to any of such Subsidiary’s fiscal years exceed the Tax Distributions
permitted by this Section based upon such Subsidiary’s actual taxable net income as disclosed by copies of such tax returns and schedules described above, then such Subsidiary shall immediately recover the excess amount from the recipient and
shall not pay any further Tax Distribution to any person until such excess amount is recovered; 
 d. prepayments of
Indebtedness; provided that (A) prepayments of Subordinated Indebtedness shall not occur unless (i) the amount thereof shall not exceed $100,000,000 in the aggregate between the Effective Date and the Facility Termination

  
 81 

 
Date, and (ii) no Default or Event of Default exists either before or immediately following the making of such prepayment; and (B) prepayments of unsecured Indebtedness shall not occur
unless (i) the Consolidated Leverage Ratio, determined on a pro forma basis giving effect to any payment of unsecured Indebtedness, shall not exceed 3.75 to 1.00, (ii) Liquidity, immediately before and after giving pro forma effect to the
applicable payment, shall equal or exceed $100,000,000, and (iii) no Default or Event of Default exists either before or immediately following the making of such prepayment; and 

e. Company may purchase shares of its stock in the open market for the purpose of selling such shares to its employees
pursuant to a qualified employee stock bonus plan described in Section 401 of the Code or an employee stock purchase plan described in Section 422 of the Code that has been adopted by Company. 

6.8. Transactions with Affiliates. The Company will not, nor will it permit any Restricted Subsidiary to, sell, lease or
otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions that (i) are in the
ordinary course of business and (ii) are at prices and on terms and conditions not less favorable to the Company or such Restricted Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties,
(b) transactions between or among Loan Parties not involving any other Affiliate, (c) any transaction otherwise permitted by this Article VI, (d) the payment of reasonable fees to directors of the Company or any Restricted Subsidiary,
and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, current or former officers or employees of the Company or the applicable Restricted Subsidiaries in the ordinary course of business,
(e) any issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by the Company’s board of
directors, and (f) tax sharing arrangements and overhead and other administrative cost allocations between the Company and the Restricted Subsidiaries. 

6.9. Accounting Changes. Company shall not make, and shall not permit any of its Restricted Subsidiaries to make, any significant
change in accounting treatment or reporting practices, except as permitted by GAAP; provided that, for the purposes of this Agreement, any such change is subject to Section 1.2. 

6.10. Investments. Company shall not, and shall not permit any of its Restricted Subsidiaries to, acquire for value, make, have
or hold any Investments, except the following, provided that Company’s right to make any of the following Investments is subject to the limitation in Section 6.22: 

a. Investments described in Schedule 6.10. 

b. Travel-related advances to management personnel and employees in the ordinary course of business. 

  
 82 

 c. Investments in readily marketable United States Government Treasury
notes or bills, or in United States Government Agency Securities, including discount notes that are supported by the full faith and credit of the United States. 

d. Certificates of deposit or bankers’ acceptances issued by any Lender or overnight Eurocurrency deposits issued
by any Lender or any of its Affiliates. 
 e. Commercial paper with an investment grade rating of A1/P1 or A2/P2; 

f. Asset backed securities with a credit rating of AAA. 

g. Repurchase agreements backed by securities listed in Section 6.10.c or Section 6.10.d above;
provided that all such agreements shall require physical delivery of the securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System. 

h. Money market mutual funds having a top short-term rating. 

i. Extensions of credit in the nature of (i) purchase money financing extended to a purchaser of any assets of
Company or its Restricted Subsidiaries, not to exceed $50,000,000 in the aggregate during the term of this Agreement, and (ii) accounts receivable or notes receivable arising from the sale of goods and services in the ordinary course of
business. 
 j. Shares of stock, obligations or other securities received in settlement of claims arising in the
ordinary course of business. 
 k. Investments by Company in a Encumbered Real Estate Subsidiary that are made in
connection with such Encumbered Real Estate Subsidiary’s incurrence of a Permitted Permanent Loan that are required to be made by the applicable Related Agreements; provided that such Investments are made solely by transferring to such
Encumbered Real Estate Subsidiary the real property and improvements of the relevant open and operating Clubs or Non-Club Buildings or of Company’s relevant corporate headquarters office buildings that secure such Permitted Permanent Loan. 

l. the acquisition by the Company or any Restricted Subsidiary of fee title to any real estate, improved or unimproved,
or a leasehold estate in real estate, or the Equity Interests of any Person whose assets consist solely of any such real estate or leasehold estate in real estate and related fixtures and personal property, that Company or such Restricted Subsidiary
or the acquired entity intends to use, operate, or develop, either wholly or in substantial part, as a Club or a Non-Club Building and otherwise in the ordinary course of the businesses engaged in by Company or its Restricted Subsidiaries on the
Effective Date or other businesses that are similar, ancillary, or complementary lines of business, or are reasonable extensions of such business. 

m. Investments by Company in its Restricted Subsidiaries, and investments by Restricted Subsidiaries in other Restricted
Subsidiaries. 

  
 83 

 n. Permitted Acquisitions. 

o. Investments made after the Effective Date in Unrestricted Subsidiaries; provided that the cumulative net
amount of all such Investments, taken in the aggregate, shall not exceed $50,000,000 at any time. 
 p. Investments by
the Company in its captive insurance Subsidiaries; provided, however, that the aggregate amount thereof shall not exceed $30,000,000 at any time. 

q. Repurchases of Real Estate or leasehold interests subject to IDA Lease Transactions. 

r. Additional Investments by Company or Restricted Subsidiaries of types not described in Section 6.10.a through
6.10.q above; provided that the aggregate amount of all such additional Investments described in this Section 6.10.r shall not exceed 10% of the consolidated Net Worth of Company and its Subsidiaries at any time. 

Any Investment under Section 6.10.d, .e, .f., or .g above must mature within one year of the acquisition of such Investment by Company and such
Investment must be maintained in securities accounts maintained with a Lender or, if not with a Lender, then with any securities intermediary that has signed a securities account control agreement with Agent that is reasonably acceptable to Agent.

 6.11. Indebtedness. Company shall not incur, create, issue, assume, or suffer to exist any Indebtedness, and Company shall
not permit any of its Restricted Subsidiaries to do any of the foregoing, except: 
 a. The Obligations. 

b. At any time, current liabilities determined in accordance with GAAP, other than for borrowed money, incurred in the
ordinary course of business, and intercompany Indebtedness between any of Company and its Restricted Subsidiaries. 

c. Indebtedness existing on the Amendment No. 3 Effective Date and disclosed on Schedule 6.11, and any
extension or refinancing of such Indebtedness; provided that the Indebtedness incurred in connection with such extension or refinancing, and the Related Agreements pertaining thereto, do not cross-default to any other Indebtedness of Company
or any of its Subsidiaries except, in the case of: (A) an extension, any cross-default that is contained in the Related Agreements pertaining to such extended Indebtedness at the time of its extension; or (B) a refinancing, any
cross-default to other Indebtedness that is held by the holder of the refinancing Indebtedness. 
 d. Indebtedness
consisting of endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business. 

  
 84 

 e. Permitted Permanent Loans, provided that such Permitted
Permanent Loans shall cause any automatic amendment of this Agreement that applies under the “most favored lender” provision in Section 5.20. 

f. Contingent Obligations in respect of Indebtedness permitted by this Section 6.11, contingent liabilities
permitted by Section 6.13 and sale leaseback transactions permitted by Section 6.18. 
 g. Other unsecured
Indebtedness incurred by Company or any of its Restricted Subsidiaries; provided that: (i) reasonably before the incurrence of such Indebtedness, Agent has received an unexecuted form that is finalized in all material respects of each
material Related Agreement to be signed and delivered in connection with such transaction (with the understanding that this clause (i) shall not apply to Indebtedness between the Company and a Restricted Subsidiary or any two Restricted
Subsidiaries); and (ii) such other unsecured Indebtedness shall cause any automatic amendment of this Agreement that applies under the “most favored lender” provision in Section 5.20. 

h. The Rate Protection Obligations. 

i. The Parity Secured Debt, provided that such other secured Indebtedness shall cause any automatic amendment of
this Agreement that applies under the “most favored lender” provision in Section 5.20. 
 j. Other
recourse Indebtedness secured by Real Estate that is not described in Sections 6.11.a through 6.11.i, in an aggregate amount not to exceed at any time more than 10% of the Net Worth of Company and its Subsidiaries on a consolidated basis as
shown on the consolidated balance sheet of Company then most recently provided to Agent under Section 5.1, provided that (i) the Related Agreements evidencing or securing such Indebtedness are in form and substance satisfactory to
Agent, in its reasonable business judgment, provided that the default provisions in such Related Agreements may provide for cross-acceleration with respect to the covenant defaults under this Agreement, (ii) reasonably before the
incurrence of such Indebtedness, Agent has received drafts that are finalized in all material respects of each material Related Agreement to be signed and delivered in connection with such transaction, and (iii) that such other recourse
Indebtedness shall cause any automatic amendment of this Agreement that applies under the “most favored lender” provision in Section 5.20. 

k. Purchase price adjustments, earnouts and similar obligations incurred or assumed in connection with acquisitions or
dispositions permitted hereunder; provided, that all such obligations shall be unsecured; provided, further, that Seller Financing or other financing from unaffiliated third parties shall not be permitted under this clause k.

 l. Other secured Indebtedness that is not described in Sections 6.11.a through 6.11.k (including, without
limitation, Purchase Money Indebtedness and Capitalized Leases), in an aggregate amount not to exceed at any time more than 10% of the assets of Company and its Subsidiaries on a consolidated basis as shown on the consolidated balance sheet of
Company then most recently provided to Agent under Section 5.1, 

  
 85 

 
provided that such other secured Indebtedness shall cause any automatic amendment of this Agreement that applies under the “most favored lender” provision in Section 5.20.

 Notwithstanding the foregoing, the Indebtedness (other than Permitted Permanent Loans) of Foreign Subsidiaries that are Restricted Subsidiaries but not
Guarantor Subsidiaries that is owing to Persons other than the Company and other Restricted Subsidiaries shall not exceed the Approximate Equivalent Amount of U.S.$15,000,000 at any time. 

6.12. Liens. Company shall not create, incur, assume or suffer to exist any Lien, or enter into, or make any commitment to enter
into, any arrangement for the acquisition of any property through conditional sale, lease-purchase or other title retention agreements, with respect to any property now owned or hereafter acquired by Company and shall not permit any of its
Restricted Subsidiaries to do any of the foregoing with respect to any property now owned or hereafter acquired by such Restricted Subsidiary, except: 

a. Liens granted to Agent and the Lenders under the Collateral Documents to secure the Secured Obligations. 

b. Liens existing on the Amendment No. 3 Effective Date and disclosed on Schedule 6.12. 

c. Deposits or pledges to secure payment of workers’ compensation, unemployment insurance, old age pensions or
other social security obligations, in the ordinary course of business of Company or its Subsidiaries. 
 d. Liens for
taxes, fees, assessments, and governmental charges not delinquent or to the extent that Section 5.4 does not require such Liens to be paid. 

e. Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens arising in the ordinary course of
business, for sums not due or to the extent Section 5.4 does not require such sums to be paid; provided, that Company and its Restricted Subsidiaries shall pay or cause to be paid each such Lien forthwith upon the commencement of
foreclosure of such Lien. 
 f. Liens incurred or deposits or pledges made or given in connection with, or to secure
payment of, indemnity, performance or other similar bonds. 
 g. Liens arising solely by virtue of any statutory or
common law provision relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; provided that (i) such deposit account is not
a dedicated cash collateral account and is not subject to restriction against access by the account holder in excess of those set forth by regulations promulgated by the Board, and (ii) such deposit account is not intended by Company or any of
its Restricted Subsidiaries to provide collateral to the depository institution. 
 h. Encumbrances in the nature of
zoning restrictions, easements and rights or restrictions of record on the use of real property and landlord’s Liens under leases on the 

  
 86 

 
premises rented that do not materially detract from the value of such property or impair its use in the business of Company or its Restricted Subsidiaries. 

i. The interest of any lessor under any Capitalized Lease entered into after the Effective Date or purchase money Liens
on property acquired after the Effective Date; provided that (i) the Indebtedness it secures is permitted by Section 6.11.l and (ii) such Liens are limited to the property acquired and do not secure Indebtedness other than the
related Capitalized Lease Obligations or the purchase price of such property. 
 j. Liens against the real property
and improvements and rights as lessor under leases of an Encumbered Real Estate Subsidiary securing a Permitted Permanent Loan. 

k. Liens against the Collateral securing the Parity Secured Debt, provided that: (i) Agent, or another
Person acceptable to Agent, in its reasonable business judgment, is the collateral agent for the holders of such Parity Secured Debt; and (ii) such Liens are subject to an Intercreditor Agreement. 

l. Liens on Collateral securing the Indebtedness described in Section 6.11.j and 6.11.l. 

m. Liens encumbering Real Estate or leasehold interests subject to IDA Lease Transactions to secure the obligations of
the Company or a Restricted Subsidiary with respect to such IDA Lease Transactions. 
 6.13. Contingent Liabilities. Company
shall not, and shall not permit any of its Restricted Subsidiaries to endorse, guarantee, contingently agree to purchase or to provide funds for the payment of, or otherwise become contingently liable upon, any obligation of any other Person,
except: 
 a. by the endorsement of negotiable instruments for deposit or collection (or similar transactions) in the
ordinary course of business; 
 b. for guarantees of the obligations of Company to the Lenders or any Rate Protection
Provider and for other Contingent Obligations for the benefit of the Lenders or any Rate Protection Provider; 
 c.
Contingent Obligations existing on the Amendment No. 3 Effective Date and described on Schedule 6.13; 

d. contingent liabilities incurred after the Effective Date in connection with Permitted Permanent Loans so long as such
contingent liabilities comply with the conditions set forth in the definition of Permitted Permanent Loan; 
 e.
guaranties of obligations that would otherwise constitute permitted Indebtedness under Section 6.11; and 
 f.
guaranty by the Company or any Restricted Subsidiary of the obligations of any Restricted Subsidiary as the lessee under ground leases, sale leaseback leases, or other 

  
 87 

 
real estate leases covering any real estate that Company or any Restricted Subsidiary intends to use, operate, or develop, either wholly or in substantial part, as a Club or, with respect to any
Non-Club Building, otherwise in the ordinary course of the businesses engaged in by Company or its Restricted Subsidiaries on the Effective Date or other businesses that are similar, ancillary, or complementary lines of business, or are reasonable
extensions of such business (including, without limitation, the lease guaranties existing on the Amendment No. 3 Effective Date and described in Schedule 6.13) so long as: 

(i) the applicable Related Agreements evidencing any lease guaranty issued after the Effective Date shall not: (1) impose
any greater liability on Company than the obligations of the tenant under the relevant lease; (2)(a) cross-default to any other Indebtedness of Company or any other Restricted Subsidiary; and/or (b) violate Section 6.6; and/or
(c) require Company to waive its rights of contribution, subrogation, or other similar rights to succeed to the relevant lender’s rights against the applicable Subsidiary or its assets upon Company’s payment and performance in full of
its obligations under such Related Agreements; and 
 (ii) in the case of a ground lease, such ground lease contains Lease
Securitization Provisions (any guaranty described in this clause (f) shall cause any automatic amendment of this Agreement that applies under the “most favored lender” provision in Section 5.20). 

Notwithstanding the foregoing or anything to the contrary set forth herein, the Company and each Restricted Subsidiary shall be entitled to guaranty lease
obligations (other than Capitalized Lease Obligations) or other obligations of the Company or any Restricted Subsidiary that do not constitute Indebtedness, so long as each such guaranty is entered into in the ordinary course of business. 

6.14. Fixed Charge Coverage Ratio. Commencing with the Quarterly Measurement Date occurring on June 30, 2011, Company shall
not permit the Fixed Charge Coverage Ratio, as of the Quarterly Measurement Date for the Measurement Period ending on that date, to be less than 1.50 to 1.00. 

6.15. Consolidated Leverage Ratio. Commencing with the Quarterly Measurement Date occurring on June 30, 2011, Company shall
not permit the Consolidated Leverage Ratio, as of the Quarterly Measurement Date for the Measurement Period ending on that date, to be more than 4.00 to 1.00. 

6.16. Unencumbered Asset Coverage Ratio. Commencing with the Quarterly Measurement Date occurring on June 30, 2011, Company
shall not permit the Unencumbered Asset Coverage Ratio, as of the Quarterly Measurement Date for the Measurement Period ending on that date, to be less than 1.30 to 1.00. 

6.17. Loan Proceeds. Company shall not use any part of the proceeds of any Loan or Advances directly or indirectly, and whether
immediately, incidentally or ultimately, (a) to purchase or carry “margin stock”, as that term is defined in Regulation U, or to extend credit to 

  
 88 

 
others for the purpose of purchasing or carrying margin stock or to refund Indebtedness originally incurred for such purpose or (b) for any purpose that entails a violation of, or that is
inconsistent with, Regulations U or X. 
 6.18. Sale and Leaseback Transactions. Company shall not enter into, and shall not
permit any of its Restricted Subsidiaries to enter into, any arrangement, directly or indirectly, whereby it sells or transfer any property, real or personal, and thereafter leases the same property for the same or a substantially similar purpose or
purposes as the property sold or transferred, except for: 
 a. Sale-leaseback transactions existing on the Amendment
No. 3 Effective Date and disclosed on Schedule 6.18. 
 b. Sale-leaseback transactions relating to an
open and operating Club or a Non-Club Building being used for its intended purposes that are entered into by Company or any Restricted Subsidiary after the Effective Date; provided that: (i) the Related Agreements do not cross-default to
any other Indebtedness of Company or any of its Subsidiaries except for Indebtedness that is held by the lessor party to such lease; and (ii) reasonably before the consummation of such transaction, Agent has received drafts that are finalized
in all material respects of each material Related Agreement to be signed and delivered in connection with such transaction. 

c. IDA Lease Transactions. 

6.19. Related Agreements. Company shall not, and shall not permit any of its Restricted Subsidiaries to amend, modify, or
supplement any provision of, or waive any other party’s compliance with any of the terms of, any Related Agreement in any manner that: 

a. provides for any cross-default to any Indebtedness of Company or any of its Subsidiaries under this Agreement or any
Loan Document, except that such Related Agreement may cross default among the Indebtedness of Unrestricted Subsidiaries; 

b. could reasonably be expected to result in a Material Adverse Occurrence; or 

c. is materially adverse to the rights and benefits of Agent or the Lenders. 

6.20. Fiscal Year. Company shall not change its fiscal year. 

6.21. Real Estate Leases. Company shall not permit any Real Estate Subsidiary to become the tenant under any ground lease with
any lessor or landlord if the Related Agreements for such ground lease: 
 (i) cross-default to any Indebtedness of Company or any of its
Subsidiaries under this Agreement or any Loan Document; 
 (ii) contain any financial covenants; 

(iii) violates Section 6.6; or 

  
 89 

 (iv) solely with respect to a long-term ground lease, fails to include Lease Securitization
Provisions. 
 6.22. Limitation on Net Worth of Unrestricted Subsidiaries. Notwithstanding anything in this Agreement to the
contrary, Company shall not: (i) permit the aggregate Net Worth of all Unrestricted Subsidiaries to exceed 10% of the consolidated Net Worth of Company and its Subsidiaries as of any Quarterly Measurement Date; or (ii) make, or permit any
Subsidiary to make, any Acquisition, Investment, or disposition, that would cause the aggregate Net Worth of all Unrestricted Subsidiaries to exceed 10% of the consolidated Net Worth of Company and its Subsidiaries immediately after such
Acquisition, Investment, or disposition. 
 ARTICLE VII 

EVENTS OF DEFAULT AND REMEDIES 

7.1. Events of Default. The occurrence of any one or more of the following events constitutes an Event of Default: 

a. (i) Any of the Borrowers fails to pay any principal of any Loan or any Reimbursement Obligation when and as the same
shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise, or (ii) any of the Borrowers fails to pay any interest on any Loan or any fee or any other amount (other than principal or
Reimbursement Obligations) payable under any Loan Document, when and as the same shall become due and payable, and such failure under this clause (ii) shall continue unremedied for a period of five calendar days or more. 

b. Any representation or warranty made by or on behalf of any of the Company or any of its Restricted Subsidiaries in
any Loan Document or by or on behalf of any of Company or any of its Restricted Subsidiaries in any certificate, statement, report, or document delivered to any Lender or Agent pursuant to or in connection with any Loan Document or any Credit
Extension is false or misleading in any material respect on the date as of which the facts set forth are stated or certified. 

c. Any of the Borrowers fails to comply with Sections 5.2 or 5.3 or any Section of Article VI. 

d. Company or any Restricted Subsidiary fails to comply with any other agreement, covenant, condition, provision, or
term in this Agreement (other than those set forth in this Section 7.1) or any other Loan Document on its part to be performed and such failure to comply continues for 30 calendar days after whichever of the following dates is the earliest:
(i) the date Company gives notice of such failure to the Lenders, (ii) the date Company should have given notice of such failure to Agent pursuant to Section 5.1, or (iii) the date Agent or any Lender gives notice of such failure
to Company. 
 e. Borrowers or any of its Restricted Subsidiaries becomes insolvent or generally does not pay its
debts as they mature or applies for, consents to, or acquiesces in the appointment of a custodian, trustee or receiver of Company or any of its Restricted Subsidiaries or for a substantial part of the property of such Restricted Subsidiary or, in
the absence of such application, consent or acquiescence, a custodian, trustee or receiver is 

  
 90 

 
appointed for Company or any of its Restricted Subsidiaries or for a substantial part of its property and is not discharged within 30 days, or Company or any of its Restricted Subsidiaries
makes an assignment for the benefit of creditors. 
 f. Any bankruptcy, reorganization, debt arrangement, or other
proceedings under any bankruptcy or insolvency law is instituted by or against Company, or any of its Restricted Subsidiaries, and, if instituted against such Person, is consented to or acquiesced in by such Person, or remains undismissed for
30 days, or an order for relief is entered against such Person. 
 g. Any dissolution or liquidation proceeding
not permitted by Section 6.1 is instituted by or against Company or any of its Restricted Subsidiaries and, if instituted against such Person, is consented to or acquiesced in by such Person or remains undismissed for 30 days. 

h. A judgment or judgments for the payment of money in excess of $25,000,000 in the aggregate is entered against Company
and/or any of its Restricted Subsidiaries and either (i) the judgment creditor executes on such judgment or (ii) such judgment remains unpaid or undischarged for more than 30 days from the date it is entered or such longer period
during which execution of such judgment is stayed during an appeal from such judgment; provided, that no Event of Default shall occur under this clause (ii) if the applicable judgment is fully covered by independent third-party
insurance. 
 i. The maturity of any Indebtedness of Company or any of its Restricted Subsidiaries (other than
Indebtedness under this Agreement or the other Loan Documents) in excess of the aggregate amount of $50,000,000 for any or all of such Persons is accelerated, or Company or any of its Restricted Subsidiaries fails to pay any such Indebtedness when
due or, in the case of such Indebtedness payable on demand, when demanded, or any event occurs or condition exists and continues for more than the period of grace, if any, that applies and has the effect of causing, or permitting (any required
notice having been given and grace period having expired) the holder of any such Indebtedness or any trustee or other Person acting on behalf of such holder to cause such Indebtedness to become due prior to its stated maturity or to realize upon any
collateral given as security for such Indebtedness. 
 j. Any execution or attachment is issued whereby any
substantial part of the property of Company or any of its Restricted Subsidiaries is taken or attempted to be taken and it is not vacated or stayed within 30 days after its issuance. 

k. Any Loan Document, at any time, ceases to be in full force and effect (except in accordance with its terms or in a
transaction permitted by this Agreement) or is judicially declared null and void, or its validity or enforceability is contested by Company or any other Loan Party, or Agent or the Lenders cease to have a valid and perfected first priority security
interest in any of the collateral it describes (other than by reason of the action or inaction of Agent or any Lender). 

l. Any Change of Control occurs. 

  
 91 

 m. The lessor party to any “material” (as defined below)
Operating Lease on which Company or any of its Restricted Subsidiaries is the lessee party declares an event of default (howsoever defined) under such Operating Lease and terminates such Operating Lease or accelerates Company’s or any of its
Restricted Subsidiaries’ payment obligations under such Operating Lease. For the purposes of this Event of Default, an Operating Lease is “material” if the aggregate rent payable under such Operating Lease and all other Operating
Leases between the original lessor party (without giving effect to any assignment of such original lessor party’s assignment of its rights under such leases), on the one hand, and Company or any of its Restricted Subsidiaries, on the other
hand, are more than $15,000,000 during any fiscal year. 
 n. An ERISA Event occurs that, in Agent’s opinion,
when taken together with all other ERISA Events that have occurred, could reasonably be expected to be a Material Adverse Occurrence. 

7.2. Remedies. If (a) any Event of Default described in Sections 7.1.e, .f or .g occurs with respect to any of the
Borrowers, the Commitments shall automatically terminate and the Obligations shall automatically become immediately due and payable, and Borrowers shall without demand pay into the Facility LC Collateral Account an amount equal to the aggregate face
amount of all outstanding Facility LCs; or (b) any other Event of Default exists, then, upon receipt by Agent of a request in writing from the Majority Lenders, Agent shall take any of the following actions so requested: (i) declare the
Commitments terminated, whereupon the Commitments shall terminate; (ii) declare the outstanding unpaid principal balance of the Loans, the accrued and unpaid interest on each Loan, and all other Obligations to be forthwith due and payable,
whereupon the Loan, all accrued and unpaid interest on the Loans, and all such Obligations shall immediately become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything in this Agreement or in any other Loan Document to the contrary notwithstanding; and (iii) demand that Borrowers pay into the Facility LC Collateral Account an amount equal to the aggregate face amount of all outstanding
Facility LCs. Upon the occurrence of any of the events described in clause (a) of the preceding sentence, or upon the occurrence of any of the events described in clause (b) of the preceding sentence when so requested by the Majority
Lenders, Agent has the right to exercise all rights and remedies under any of the Loan Documents and to enforce all rights and remedies under any applicable law. 

7.3. Offset. In addition to the remedies set forth in Section 7.2, upon the occurrence of any Event of Default and
thereafter while it continues, each Borrower hereby irrevocably authorizes each Lender or any other holder of any Note to offset any and all balances, credits, deposits (general or special, time or demand, provisional or final), accounts (including,
without limitation, any demand deposit, savings or investment account) or monies of such Borrower then or thereafter with such Lender or such other holder, or any obligations of such Lender or such other holder of the Note against the Obligations.
Each Borrower hereby grants to Agent for itself and the pro rata use and benefit of each Lender, each other Note holder and each Rate Protection Provider a Lien in all such balances, credits, deposits, accounts or monies. Each Borrower and each
Lender agree that Agent has perfected its Lien by “control” over each such demand deposit, savings or investment account or monies of each Borrower then or thereafter with such Lender or other holder of any Notes within the meaning of
Article 8 and Article 9 of the Uniform Commercial Code 

  
 92 

 
enacted in the relevant jurisdiction. Each Lender agrees that, as promptly as is reasonably possible after the exercise of any such setoff right, it shall notify such Borrower of its
exercise of such setoff right; provided that the failure of any Lender to provide such notice shall not affect the validity of the exercise of such setoff rights. Nothing in this Agreement shall be deemed a waiver or prohibition of or
restriction on any Lender to all rights of banker’s lien, setoff, and counterclaim available pursuant to law. 
 ARTICLE VIII

 THE AGENT 

The following provisions govern the relationship of Agent with the Lenders. 

8.1. Appointment; Nature of Relationship. Each Lender hereby appoints U.S. Bank as its contractual representative and
irrevocably authorizes U.S. Bank as the “Agent” to act as its contractual representative with the rights and duties the Loan Documents expressly set forth. Agent agrees to act as such contractual representative upon the express
conditions contained in this Article VIII. Each reference in the Loan Documents to U.S. Bank as the “Agent” refers only to U.S. Bank in its capacity as the contractual representative of the Lenders, and notwithstanding the
use of the defined term “Agent,” the Lenders understand and agree that Agent has no fiduciary responsibilities to any Lender by reason of any Loan Document and that Agent is merely acting as the contractual representative of the Lenders
with only those duties the Loan Documents expressly set forth. In its capacity as the Lenders’ contractual representative, Agent (i) does not hereby assume any fiduciary duties to any of the Lenders, (ii) is a
“representative” of the Lenders within the meaning of the term “secured party” as defined in the Minnesota Uniform Commercial Code and (iii) is acting as an independent contractor, the rights and duties of which are limited
to those expressly set forth in the Loan Documents. Each of the Lenders hereby agrees to assert no claim against Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives.

 8.2. Powers. Agent has and has the right to exercise all powers the Loan Documents specifically delegate to Agent, together
with all powers that are reasonably incidental to those express powers. Agent has no implied duty to any Lender or any obligation to any Lender to take any action under any Loan Document except actions the Loan Documents expressly require Agent to
take. 
 8.3. General Immunity. Neither Agent nor any of its directors, officers, agents, or employees shall be liable to any
of the Borrowers or any of the Lenders for any action taken or omitted to be taken by it or them under any Loan Document or in connection with any Loan Document except to the extent such action or inaction is determined in a final non-appealable
judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person. 
 8.4. No
Responsibility for Loans, Recitals, etc. Neither Agent nor any of its directors, officers, agents or employees is responsible for or has any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation
made in connection with any Loan Document or any Advance or Facility LC; (b) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor
to furnish information directly to each Lender; (c) the satisfaction of any condition 

  
 93 

 
specified in Article IV, except receipt of items required to be delivered solely to Agent; (d) the existence or possible existence of any Default or Event of Default; (e) the
validity, enforceability, effectiveness, sufficiency, or genuineness of any Loan Document or any other instrument or writing furnished in connection with any Loan Document; (f) the value, sufficiency, creation, perfection, or priority of any
Lien in any Collateral; or (g) the financial condition of any of the Borrowers or any guarantor of any of the Obligations or of any of Company’s or any such guarantor’s Subsidiaries. 

8.5. Action on Instructions of Lenders. Agent shall in all cases be fully protected in acting, or in refraining from acting,
under any Loan Document in accordance with written instructions signed by the Majority Lenders (or by all Lenders, to the extent Section 9.1 requires the consent of all Lenders), and such instructions and any action taken or failure to act
pursuant to such instructions shall be binding on all of the Lenders. Each Lender hereby acknowledges that Agent has no duty to take any discretionary action any Loan Document permits it to take unless the Majority Lenders (or all Lenders, to the
extent Section 9.1 requires the consent of all Lenders) request it to take such an action. Agent is fully justified in failing or refusing to take any action under any Loan Document unless it is indemnified to its satisfaction by the Lenders
pro rata against any and all liability, cost, and expense it incurs by reason of taking or continuing to take any such action. 

8.6. Employment of Administrative Agents and Counsel. Agent has the right to execute any of its duties as the Agent under
any Loan Document by or through employees, agents, and attorneys-in-fact and is not answerable to the Lenders, except as to money or securities it or its authorized agents receive, for the default or misconduct of any such agents or
attorneys-in-fact it selects with reasonable care. Agent is entitled to advice of counsel concerning the contractual arrangement between Agent and the Lenders and all matters pertaining to Agent’s duties under this any Loan Document. 

8.7. Reliance on Documents; Counsel. Agent is entitled to rely upon any Note, notice, consent, certificate, affidavit, letter,
facsimile, electronic mail message, statement, paper, or document it believes to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by Agent,
which counsel may be employees of Agent. For the purposes of determining compliance with the conditions specified in Sections 3.1 and 3.2, each Lender that has signed this Agreement shall be deemed to have consented to, approved, or accepted or
to be satisfied with, each document or other matter those Sections require to be consented to or approved by or acceptable or satisfactory to a Lender unless Agent has received notice from such Lender before the applicable date specifying its
objection to such matter. 
 8.8. Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify
Agent ratably in proportion to their respective Commitments (or, if the Commitments have been terminated, in proportion to their Commitments immediately prior to such termination) (i) for any amounts not reimbursed by Borrowers for which Agent
is entitled to reimbursement by Borrowers under the Loan Documents, (ii) for any other expenses incurred by Agent on behalf of the Lenders, in connection with the preparation, signing, delivery, administration and enforcement of the Loan
Documents (including, without limitation, for any expenses incurred by Agent in connection with any dispute between Agent and any Lender or 

  
 94 

 
between two or more of the Lenders) and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and
nature whatsoever that are imposed on, incurred by or asserted against Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection with the Loan Documents or the transactions they contemplate
(including, without limitation, for any such amounts incurred by or asserted against Agent in connection with any dispute between Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan
Documents or of any such other documents, provided that (i) no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a
court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of Agent and (ii) any indemnification required pursuant to Section 2.32.k shall, notwithstanding the provisions of this Section 8.8, be
paid by the relevant Lender in accordance with Section 2.32.k. The obligations of the Lenders under this Section 8.8 shall survive payment of the Obligations and termination of this Agreement. 

8.9. Rights as a Lender. At all times when Agent is a Lender, Agent has the same rights and powers under the Loan Documents with
respect to its Commitment and its Loans as any Lender and has the right to exercise those rights and powers as though it were not Agent, and the term “Lender” or “Lenders” shall, at any time when Agent is a Lender, unless the
context otherwise indicates, include Agent in its individual capacity. Agent and its Affiliates have the right to accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those
the Loan Documents contemplate, with Company or any of its Subsidiaries in which Company or such Subsidiary is not restricted by this Agreement from engaging with any other Person. 

8.10. Lender Credit Decision, Legal Representation. 

a. Each Lender acknowledges that it has, independently and without reliance upon Agent, the Arranger or any other Lender
and based on the financial statements prepared by Company and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender also
acknowledges that it will, independently and without reliance upon Agent, the Arranger, or any other Lender and based on such documents and information as it deems appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Loan Documents. Except for any notice, report, document, or other information this Agreement expressly requires Agent or the Arranger to deliver to the Lenders, neither Agent nor the Arranger has any duty or responsibility
(either initially or on a continuing basis) to provide any Lender with any notice, report, document, credit information or other information concerning the affairs, financial condition, or business of Company or any of its Affiliates that comes into
Agent’s or any Arranger’s possession (whether or not in their capacities as the Agent or an Arranger) or any of their Affiliates. 

b. Each Lender further acknowledges that it has had the opportunity to be represented by legal counsel in connection
with its signing and delivery of this Agreement and any other Loan Document, that it has made its own evaluation of all applicable laws and regulations relating to the transactions this Agreement contemplates, and that the

  
 95 

 
counsel to the Agent represents only Agent and not the Lenders in connection with this Agreement and the transactions it contemplates. 

8.11. Successor Agent. Agent has the right to resign at any time by giving written notice of resignation to the Lenders and
Company, and such resignation shall be effective upon the appointment of a successor Agent or, if no successor Agent has been appointed, 45 days after the resigning Agent gives notice of its intention to resign. Upon any such resignation or
removal, the Majority Lenders have the right to appoint, on behalf of Company and the Lenders, a successor Agent. So long as no Event of Default is then outstanding, the appointment of such successor Agent shall be subject to the Company’s
prior consent (such consent not to be unreasonably withheld, conditioned or delayed). If no successor Agent is appointed by the Majority Lenders within 30 days after the resigning Agent gave notice of its intention to resign, then the resigning
Agent has the right to appoint, on behalf of Company and the Lenders, a successor Agent. So long as no Event of Default is then outstanding, the appointment of such successor Agent shall be subject to the Company’s prior consent (such consent
not to be unreasonably withheld, conditioned or delayed). Notwithstanding the previous sentence, Agent has the right at any time without the consent of any of the Borrowers or any Lender to appoint any of its Affiliates that is a commercial bank as
the successor Agent. If Agent resigns and no successor Agent is appointed, the Lenders have the right to perform all the duties of Agent and Borrowers shall make all payments with respect to the Obligations to the applicable Lender and for all other
purposes shall deal directly with the Lenders. No successor Agent shall be deemed to be appointed under this Agreement until such successor Agent accepts the appointment. Any such successor Agent, including any Affiliate that Agent appoints as the
successor Agent, must be a commercial bank having capital and retained earnings of at least $100,000,000. Upon the acceptance of any appointment as the Agent by a successor Agent, such successor Agent shall succeed to and become vested with all of
the rights, powers, privileges, and duties of the resigning Agent. Upon the effectiveness of the resignation of Agent, the resigning Agent shall be discharged from its duties and obligations under the Loan Documents. After the effectiveness of the
resignation of an Agent, this Article VIII shall continue in effect for the benefit of such Agent with respect to any actions it took or omitted to take while it was acting as the Agent. 

8.12. Delegation to Affiliates. Borrowers and the Lenders agree that Agent has the right to delegate any of its duties under this
Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents, and employees) that performs duties in connection with this Agreement is entitled to the same benefits of the indemnification, waiver. and
other protective provisions to which Agent is entitled under this Article VIII and under Article IX. 
 8.13. Signing and
Delivery of Collateral Documents. The Lenders hereby empower and authorize Agent to sign and deliver to Company on their behalf the Collateral Documents and all related financing statements and any financing statements, agreements, documents
or instruments that are necessary or appropriate to effect the purposes of the Collateral Documents. 
 8.14. Collateral
Releases. The Lenders hereby irrevocably authorize the Agent, at its option and in its sole discretion, to release any Liens granted to the Agent by the Loan Parties on any Collateral (i) upon the termination of all the Commitments, and
payment and satisfaction in full in cash of all Obligations, (ii) constituting property being sold or disposed of if the Loan Party disposing of such property certifies to the Agent that the sale or disposition is made in compliance

  
 96 

 
with the terms of this Agreement (and the Agent may rely conclusively on any such certificate, without further inquiry), and to the extent that the property being sold or disposed of constitutes
100% of the Equity Interest of a Subsidiary, the Agent is authorized to release any Guaranty provided by such Subsidiary, (iii) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction
permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Agent and the Lenders pursuant to Article VII hereof. Except as provided in the
preceding sentence, the Agent will not release any Liens on Collateral without the prior written authorization of the Majority Lenders. In addition, unless otherwise permitted under the Loan Documents, the Agent will not subordinate the Liens
granted to it by the Loan Parties without the prior written consent of the Majority Lenders; provided, that Agent shall be permitted to subordinate Liens to those Liens incurred in reliance upon Sections 6.12.h., 6.12.i. and 6.12.m. Any Lien
release shall not in any manner discharge, affect or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the
proceeds of any sale, all of which shall continue to constitute part of the Collateral. Upon request by the Agent at any time, the Lenders will confirm in writing the Agent’s authority to release particular types or items of Collateral pursuant
hereto or to subordinate any or all of its Lien upon the Collateral. Upon any sale or transfer of assets constituting Collateral which is permitted pursuant to the terms of any Loan Document, or consented to in writing by the Majority Lenders or all
of the Lenders, as applicable, and upon at least five Business Days’ prior written request by the Borrowers to the Agent, the Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary or
reasonably requested by the Borrowers to evidence the release of the Liens granted to the Agent for the benefit of the holders of Obligations herein or pursuant hereto upon the Collateral that was sold or transferred; provided, however, that
(i) the Agent shall not be required to execute any such document on terms which, in the Agent’s opinion, would expose the Agent to liability or create any obligation or entail any consequence other than the release of such Liens without
recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the Borrowers or any Subsidiary in respect of) all interests retained by (or sold or
transferred to) any Borrower or any Subsidiary, including (without limitation) the proceeds of the sale, which shall continue to constitute part of the Collateral. 

8.15. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction any Loan Document contemplates
(including in connection with any amendment, waiver, or other modification of any Loan Document), Borrowers acknowledge and agree that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are
arm’s-length commercial transactions between Company and its Affiliates, on the one hand, and the Lenders, on the other hand, (B) each Borrower has consulted its own legal, accounting, regulatory, and tax advisors to the extent it has
deemed appropriate, and (C) each Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions the Loan Documents contemplate; (ii) (A) each of the Lenders is and has been acting
solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent, or fiduciary for Company or any of its Affiliates, or any other Person and (B) no
Lender has any obligation to Company or any of its Affiliates with respect to the transactions the Loan Documents contemplate except those obligations the Loan Documents expressly set forth; and (iii) each of the Lenders and their respective
Affiliates may be 

  
 97 

 
engaged in a broad range of transactions that involve interests that differ from those of Company and its Affiliates, and no Lender has any obligation to disclose any of such interests to Company
or its Affiliates. To the fullest extent permitted by law, Borrowers hereby waive and release any claims that it may have against each of the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any
aspect of any transaction this Agreement contemplates. 
 8.16. Notices of Event of Default. If Agent acquires actual knowledge
of any Event of Default or Default, Agent shall promptly give notice of such Event of Default or Default to the Lenders, provided that, except as expressly set forth in the Loan Documents, Agent has no duty to disclose, and shall not be
liable for the failure to disclose, any information relating to Company or any of its Subsidiaries that is communicated to or obtained Agent or any of its Affiliates in any capacity. Agent shall not be deemed to have knowledge or notice of any
Default or Event of Default, except with respect to actual defaults in the payment of principal, interest and fees required to be paid to Agent for the account of the Lenders, unless Agent has received written notice from a Lender or Company
referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “Notice of Default”. 

8.17. Payments and Collections. All funds received by Agent with respect to any payments made by any Borrower on the Loans, the
Commitment Fee, or LC Fees shall be promptly distributed by Agent among the Lenders, in like currency and funds as received, ratably according to each Lender’s Applicable Share. All funds received by Agent with respect to any payments made by
Company on the Swingline Loan shall be promptly distributed by Agent to Swingline Lender, in like currency and funds as received. After any Event of Default has occurred, all funds received by Agent, whether as payments by Borrowers or as
realization on collateral or on any guaranties, shall (except as may otherwise be required by law) be distributed by Agent in the following order: (a) first to Agent or any Lender that has incurred unreimbursed costs of collection with respect
to any Obligations under this Agreement, ratably to Agent and each Lender in the proportion that the costs incurred by Agent or such Lender bear to the total of all such costs incurred by Agent and all Lenders; (b) next to Agent for the account
of the Lenders for application on the Loans (first to unpaid accrued interest and then to principal) and to pay any Rate Protection Obligations then due and payable, ratably to the Lenders and the holders of such Rate Protection Obligations;
provided that: (i) if no Rate Protection Obligations are then due and payable, each Lender’s ratable share shall be based on its Applicable Share; or (ii) if any Rate Protection Obligations are then due and payable, then:
(A) the denominator used in calculating each Lender’s Applicable Share shall be increased by the amount of such then due and payable Rate Protection Obligations; and (B) each Rate Protection Provider’s ratable share shall be
calculated as the percentage equivalent of a fraction, the numerator of which are the Rate Protection Obligations then due and payable to such Rate Protection Provider and the denominator of which is the sum of the Commitment Amounts and the
principal amount of all Term Loans and Additional Term Loans (if any) then outstanding (or, if the Revolving Credit Commitments have terminated, the Aggregate Outstanding Credit Exposure) of all Lenders and all Rate Protection Obligations then due
and payable; (c) next to Agent for the account of the Lenders (in accordance with their Applicable Shares) for any unpaid Commitment Fee or LC Fees owing by the Borrowers under this Agreement; (d) next to Agent to be held in the Facility
LC Collateral Account to cover any outstanding Facility LCs and upon the termination or expiration to the Facility LCs without a drawing thereon, in the order of application set forth in subparts (a), (b) and

  
 98 

 
(c) above and (e) below; and (e) last to Agent to pay or satisfy all other Secured Obligations then due and payable. 

8.18. Sharing of Payments. If any Lender receives and retains any payment, voluntary or involuntary, whether by setoff,
application of deposit balance or security, or otherwise, with respect to Indebtedness under this Agreement or any Notes in excess of such Lender’s share of such payment as determined under this Agreement, then such Lender shall purchase from
the other Lenders, promptly upon demand, for cash and at face value and without recourse, a portion of the Aggregate Outstanding Credit Exposure held by the other Lenders so that after such purchase each Lender will hold its Applicable Share of the
Aggregate Outstanding Credit Exposure; provided that if all or any part of such excess payment is thereafter recovered from such purchasing Lender, the related purchases from the other Lenders shall be rescinded ratably and the purchase price
restored as to the portion of such excess payment so recovered, but without interest. Subject to the participation purchase obligation above in this Section 8.18, each Lender agrees to exercise any and all rights of setoff, counterclaim or
banker’s lien first fully against any Notes and participations in such Notes held by such Lender, next to any other Indebtedness of any of the Borrowers to such Lender arising under or pursuant to this Agreement and to any participations held
by such Lender in Indebtedness of any of the Borrowers arising under or pursuant to this Agreement, and only then to any other Indebtedness of any of the Borrowers to such Lender. If any Lender, whether in connection with setoff or amounts that
might be subject to setoff or otherwise, receives collateral or other protection for its Secured Obligations or such amounts that may be subject to setoff, such Lender shall, promptly upon demand, take any action required to ensure that all Lenders
share in the benefits of such collateral ratably in proportion to their respective Applicable Shares of the Aggregate Outstanding Credit Exposure. If any such payment is disturbed by legal process or otherwise the Lenders shall make any further
adjustments that are appropriate. 
 8.19. [Intentionally Omitted]. 

ARTICLE IX 
 GENERAL
PROVISIONS 
 9.1. Modifications. Notwithstanding any provision to the contrary in this Agreement, any term of this
Agreement may be amended with the written consent of Company; provided that no amendment, modification, or waiver of any provision of this Agreement or consent to any departure by Company from any provision of this Agreement shall be
effective unless it is in writing and is signed the Majority Lenders or by Agent with the written approval of the Majority Lenders, and then such amendment, modification, waiver, or consent shall be effective only in the specific instance and for
the purpose for which given; provided, that no such amendment, modification, waiver or consent shall: (a) increase Commitment Amounts except as permitted by Section 2.36 or, with respect to any Lender, unless consented to in writing by
such Lender; (b) forgive or extend the maturity of any principal or any installment of principal payable under any Loan or any LC Obligation or extend the expiration date of any Facility LC beyond the latest expiration date for such Facility LC
that this Agreement permits, without the written consent of each Lender directly affected thereby; (c) reduce the rate of interest payable with respect to any Loan or LC Obligation or extend the date any payment is due under such Loan or LC
Obligation without the written consent of each Lender directly affected thereby (provided, however, that the 

  
 99 

 
Majority Lenders may waive the accrual of interest at the default rate); (d) reduce the fees or any other payment obligations of any of the Borrowers under this Agreement or under any other
Loan Document or extend the date of any such payment is due without the written consent of each Lender directly affected thereby; (e) release all or substantially all Collateral or all or substantially all of the Guarantor Subsidiaries from
their guaranty of any of the Obligations except as otherwise expressly permitted by the terms of the Loan Documents or except with the written consent of all of the Lenders; (f) change the definition of Majority Lenders without the consent of
all of the Lenders; or (g) amend, modify, or supplement Section 8.17, Section 8.18 (with the understanding that any extension of maturity in accordance with clause (b) above shall not require the consent of all of the Lenders
under this clause (g)) or this Section 9.1, or grant any waiver or consent with respect to the provisions of Section 8.17 or this Section 9.1 without the written consent of all of the Lenders. Notwithstanding any other provisions of
this Agreement, no amendment, modification, or waiver shall be made with respect to the provisions of any Loan Document that affects the rights and obligations of Agent without the consent of Agent or that affects the rights and obligations of
Swingline Lender without the consent of Swingline Lender. Agent may enter into amendments or modifications of, and grant consents and waivers to departure from the provisions of, those Loan Documents to which the Lenders are not parties without the
Lenders joining in such amendments, modifications, consents, and waivers, provided that Agent has first obtained the separate prior written consent to such amendment, modification, consent or waiver from the Majority Lenders. 

9.2. Expenses. Whether or not the transactions this Agreement contemplates are consummated, Borrowers agree to reimburse Agent
upon demand for all reasonable out-of-pocket expenses paid or incurred by Agent (including filing and recording costs and fees and expenses of Sidley Austin LLP, counsel to Agent) in connection with the due diligence, negotiation, preparation,
approval, review, signing, delivery, syndication, distribution (including, without limitation, by DebtX or any other internet service Agent selects), administration, amendment, modification, and interpretation of the Loan Documents and any related
commitment letters. Borrowers shall also pay or reimburse Agent, the LC Issuers, and the Lenders upon demand for all costs, internal charges, and out-of-pocket expenses, including, without limitation, filing and recording costs and fees, costs of
any environmental review, and consultants’ fees, travel expenses, and reasonable fees, charges and disbursements of outside counsel to Agent, LC Issuers, and the Lenders and the allocated costs of in-house counsel incurred from time to time,
paid or incurred by Agent, any LC Issuer, or any Lender in connection with the collection and enforcement of the Loan Documents. Expenses that this Section obligates the Borrowers to pay or reimburse include, without limitation, audit reports
prepared by Agent and distributed to the Lenders (but Agent has no obligation or duty to prepare or to distribute any such reports to the Lenders concerning the assets of Company and its Subsidiaries. The obligations of Borrowers under this Section
shall survive any termination of this Agreement. 
 9.3. Waivers, etc. No failure by Agent or the holder of any Note to
exercise and no delay in exercising any power or right under any Loan Document waives such power or right; nor does any single or partial exercise of any power or right preclude any other or further exercise of such power or right or the exercise of
any other power or right. The remedies provided in this Agreement and in the other Loan Documents are cumulative and not exclusive of any remedies provided by law; provided that, except for the exercise of rights pursuant to Section 7.3,
no Lender has the right to independently exercise any right or remedy available to it by contract, at law or in equity. 

  
 100 

 9.4. Notices. Except in the case of notices and other communications this Agreement
expressly permits to be given by telephone, and except as this Section 9.4 provides with respect to electronic communications, any notice or other communication to any party in connection with this Agreement must be in writing and must be sent
by manual delivery, facsimile transmission, overnight courier or United States mail (postage prepaid) addressed to such party at the address specified on the signature page of this Agreement, or at such other address such party specifies to the
other parties to this Agreement in writing in accordance with this Section 9.4. All periods of notice shall be measured from the date the notice is delivered if manually delivered, from the date the notice is sent if sent by facsimile
transmission, from the first Business Day after the date of sending if sent by overnight courier, or from four days after the date of mailing if mailed; provided that any notice to Agent or any Lender under Article II shall be deemed to
have been given only when received by Agent or such Lender. Notices and other communications to the Lenders and LC Issuers may be delivered by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures
approved by Agent or as otherwise determined by Agent, provided that the foregoing shall not apply to notices to any Lender or any LC Issuer pursuant to Article II if such Lender or such LC Issuer, as applicable, has notified Agent that
it is incapable of receiving notices under such Article by electronic communication. Agent or Company (for itself and on behalf of the other Borrowers) may, in its discretion, agree to accept notices and other communications to it under this
Agreement by electronic communications pursuant to procedures approved by it or as it otherwise determines, provided that it may limit such determination or approval to particular notices or communications. Unless Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at
the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address to be used. 

9.5. Successors and Assigns; Participations; Purchasing Lenders. 

a. Successors and Assigns. This Agreement binds and inures to the benefit of Borrowers, Agent, the Lenders, all future
holders of any Notes, and their respective successors and assigns, except that (i) no Borrower may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of all Lenders, (ii) any
assignment by any Lender must be made in compliance with Section 9.5.c, and (iii) any transfer by participation must be made in compliance with Section 9.5.b. Any attempted assignment or transfer by any party not made in compliance
with this Section 9.5.a shall be null and void unless it is treated as participation in accordance with the terms of this Agreement. The parties to this Agreement acknowledge that clause (ii) of this Section 9.5.a relates only to
absolute assignments and this Section 9.5.a does not prohibit assignments creating security interests, including, without limitation, (x) any pledge or assignment by any Lender of all or any portion of its rights under this Agreement and
any Note to a Federal Reserve Bank or (y) in the case of a Lender that is a Fund, any pledge or assignment of all or any portion of its rights under this Agreement and any Note 

  
 101 

 
to its trustee in support of its obligations to its trustee; provided, however, that no such pledge or assignment creating a security interest shall release the transferor
Lender from its obligations under this Agreement unless and until the parties to the pledge or assignment comply with Section 9.5.c. Agent has the right to treat the Person that made any Loan or that holds any Note as the owner of such Loan and
Note for all purposes related to this Agreement unless and until such Person complies with Section 9.5.c; provided, however, that Agent has the right in its discretion to (but has no obligation to) follow instructions from the
Person that made any Loan or that holds any Note to direct payments relating to such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound by all the terms and
provisions of the Loan Documents. Any request, authority, or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence
thereof), shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan. 
 b.
Participations. Any Lender has the right, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time to sell to one or more banks or other financial institutions (“Participants”)
participating interests in a minimum amount of $5,000,000 in any Outstanding Credit Exposure owing to such Lender, any Commitment of such Lender, or any other interest of such Lender under the Loan Documents. In the case of any such sale by any
Lender of participating interests to a Participant, (i) such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible for performing its
obligations under this Agreement, (iii) such Lender shall remain the owner of its Outstanding Credit Exposure and the holder of any Note issued to it in evidence of its Outstanding Credit Exposure for all purposes under the Loan Documents,
(iv) all amounts payable by Borrowers under this Agreement shall be determined as if such Lender had not sold such participating interests, (v) Borrowers and Agent shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement, and (vi) the agreement pursuant to which such Participant acquires its participating interest under this Agreement shall provide that such Lender shall retain the sole right
and responsibility to enforce the Obligations, including, without limitation the right to consent or agree to any amendment, modification, consent or waiver with respect to any Loan Document, provided that such agreement may provide that such
Lender will not consent or agree to any such amendment, modification, consent or waiver with respect to the matters set forth in Sections 9.1.a through e without the prior consent of such Participant; and further provided that each
Participant shall be bound by Section 9.6 as if it was a Lender. Borrowers agree that if amounts outstanding under this Agreement, any Notes, and the Loan Documents are due and unpaid, or are declared or become due and payable upon the
occurrence of an Event of Default, each Participant shall be deemed to have, to the extent permitted by applicable law, the right of setoff with respect to its participating interest in amounts owing under this Agreement and any Note or other Loan
Document to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement or any Note or other Loan Document; provided that such right of setoff shall be subject to the obligation of
such Participant to share with the Lenders, and the Lenders agree to share with such Participant, as provided in Section 8.18. Borrowers also agree that each Participant is entitled to the benefits of

  
 102 

 
Sections 2.27, 2.29, 2.30, 2.32, 9.2, and 9.22 (subject to the requirements and limitations therein including the requirements of Section 2.32.f) with respect to its participation
in the Commitments, Swingline Loan Commitment, Revolving Loans and Swingline Loans; provided that no Participant is entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to
receive with respect to the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred; and (ii) any Participant that would be a Non-U.S. Lender agrees to comply with Section 2.32 to
the same extent as if it were a Lender. 
 c. Assignments. Any Lender may at any time assign to one or more
Eligible Assignees (each, a “Purchaser”) all or any part of its rights and obligations under the Loan Documents. Such assignment must be substantially in the form of Exhibit B or in any other form that is reasonably
acceptable to Agent and approved by the parties to this Agreement. Each such assignment with respect to a Purchaser that is not a Lender or an Affiliate of a Lender or an Approved Fund shall either be in an amount equal to the entire Commitment and
Outstanding Credit Exposure of the assigning Lender or (unless each of Company and Agent otherwise consents) be in an aggregate amount not less than $5,000,000. The amount of the assignment must be based on the Commitment or Aggregate Outstanding
Credit Exposure (if the Commitment has been terminated or with respect to an assignment of Term Loans) subject to the assignment, determined as of the date of such assignment or as of the “Trade Date”, if the “Trade Date” is
specified in the assignment. The consent of Company is required for an assignment to be effective unless the Purchaser is a Lender, an Affiliate of a Lender, or an Approved Fund, provided that the consent of Company is not
required if an Event of Default exists; provided further that Company shall be deemed to have consented to any such assignment unless it objects by written notice to Agent within 5 Business Days after receiving notice of the
assignment. Agent’s consent is required for an assignment to be effective unless the Purchaser is a Lender, an Affiliate of a Lender, or an Approved Fund. The consent of each LC Issuer is required for an assignment of a Commitment to be
effective unless the Purchaser is a Lender with a Commitment. Any consent this Section 9.5.c requires shall not be unreasonably withheld, conditioned, or delayed. Upon (i) delivery to Agent of an assignment, together with any consents
required by Sections 9.5.a and 9.5.b, and (ii) payment of a $3,500 fee to Agent for processing such assignment (unless Agent waives such fee), such assignment shall become effective on the effective date specified in such assignment. The
assignment shall contain a representation by the Purchaser that none of the consideration used to make the purchase of the Commitment and Outstanding Credit Exposure under the applicable assignment agreement constitutes “plan assets” as
defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, such Purchaser shall for all purposes be a
Lender party to this Agreement and any other Loan Document signed by or on behalf of the Lenders and have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party to the Loan Documents,
and the transferor Lender shall be released with respect to the Commitment and Outstanding Credit Exposure assigned to such Purchaser without any further consent or action by Borrowers, the Lenders, or Agent. In the case of an assignment of all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a Lender but shall continue to be entitled to the benefits of,  

  
 103 

 
and subject to, those provisions of the Loan Documents that survive payment of the Obligations and termination of the applicable agreement. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this Section 9.5.c shall be treated for the purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 9.5.b.
Upon the consummation of any assignment to a Purchaser pursuant to this Section 9.5.c, the transferor Lender, Agent and Borrowers shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make appropriate
arrangements so that new Notes or, as appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their
respective Commitments, as adjusted pursuant to such assignment. Agent, acting solely for this purpose as an agent of Borrowers, shall maintain at one of its offices in the United States, a copy of each Assignment and Assumption delivered to it and
a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender, and participations of each Lender in Facility LCs, pursuant to the terms of this Agreement
from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and Borrowers, Agent, and the Lenders shall treat each Person whose name is recorded in the Register pursuant to this
Section 9.5.c as a Lender for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Company at any reasonable time and from time to time upon reasonable prior notice.

 d. No Cost to Borrowers. Borrowers are not liable for any costs incurred by any Lender in effecting any
participation or assignment under Section 9.5.b or 9.5.c. 
 e. Dissemination of Information. Borrowers
authorize each Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in
such Lender’s possession concerning the creditworthiness of Company and its Subsidiaries, including without limitation any information contained in any audit reports; provided that each Transferee and prospective Transferee
agrees to be bound by Section 9.6. 
 f. Tax Treatment. If any interest in any Loan Document is
transferred to any Transferee that is not incorporated under the laws of any United States jurisdiction, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with Section 2.32.f.

 9.6. Confidentiality of Information. Agent and each Lender shall use reasonable efforts to assure that information about
Company and its operations, affairs and financial condition that is furnished to or obtained by Agent or such Lender pursuant to the provisions of this Agreement is used only for the purposes of this Agreement and shall not be divulged to any Person
other than the Lenders, their Affiliates and their respective officers, directors, employees and agents, except: (a) to their attorneys, accountants, and other professional advisors, (b) in connection with the enforcement of the rights of
Agent and the Lenders under the Loan Documents or otherwise in connection with applicable litigation, (c) in connection with assignments and 

  
 104 

 
participations and the solicitation of prospective Purchasers and Participants referred to in the immediately preceding Section, (d) if such information is generally available to the public
other than as a result of disclosure by Agent or any Lender, (e) to any direct or indirect contractual counterparty in any hedging arrangement or such contractual counterparty’s professional advisor, (f) to any nationally recognized
rating agency that requires information about any Lender’s investment portfolio in connection with ratings issued with respect to such Lender, and (g) as may otherwise be required or requested by any regulatory authority having
jurisdiction over Agent or any Lender or by any applicable law, rule, regulation or judicial process, the opinion of any Lender’s counsel concerning the making of such disclosure to be binding on the parties to this Agreement. No Lender shall
incur any liability to any of the Borrowers by reason of any disclosure permitted by this Section. 
 9.7. Governing Law and
Construction. THE VALIDITY, CONSTRUCTION, AND ENFORCEABILITY OF THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAWS PRINCIPLES, BUT GIVING EFFECT TO
FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS. Whenever possible, each provision of the Loan Documents and any other statement, instrument or transaction that relates to or is contemplated by any Loan Document shall be interpreted
in such manner as to be effective and valid under such applicable law, but, if any provision of any Loan Documents or any other statement, instrument, or transaction that relates to or is contemplated by any Loan Document shall be held to be
prohibited or invalid under such applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of such Loan Document or
other statement, instrument or transaction. 
 9.8. Consent to Jurisdiction. AT THE OPTION OF AGENT, THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS MAY BE ENFORCED IN ANY FEDERAL COURT OR MINNESOTA STATE COURT SITTING IN HENNEPIN COUNTY; AND EACH BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT
CONVENIENT. IF ANY OF THE BORROWERS COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS AGREEMENT, AGENT, AT ITS OPTION, IS ENTITLED TO HAVE THE
CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES DESCRIBED ABOVE, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE. 

9.9. Waiver of Jury Trial. EACH BORROWER, AGENT, AND EACH LENDER IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR ANY RELATIONSHIP ESTABLISHED UNDER ANY LOAN DOCUMENT. 

  
 105 

 9.10. Survival of Agreement. All representations, warranties,
covenants, and agreements made by Borrowers in the Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to any Loan Document shall be deemed to have been relied upon by the Lenders and
shall survive the making of the Credit Extensions and the signing and delivery to the Lenders by Borrowers of any Notes, regardless of any investigation made by or on behalf of the Lenders, and shall continue in full force and effect as long as any
Obligation is outstanding and unpaid; provided that the obligations of Borrowers under Sections 9.2 and 9.11 shall survive payment in full of the Obligations. 

9.11. Indemnification. Borrowers hereby agree to defend, protect, indemnify and hold harmless Agent, the Arrangers, each Lender,
their respective Affiliates, and each of their directors, officers, employees, attorneys, agents, and advisors (each of the foregoing being an “Indemnitee” and all of the foregoing being collectively the
“Indemnitees”) from and against any and all losses, claims, actions, damages, liabilities, judgments, costs and expenses (including all reasonable fees and disbursements of counsel incurred in the investigation or defense of any
matter) imposed upon, incurred by or asserted against any Indemnitee, whether direct, indirect or consequential and whether based on any federal, state, local, or foreign laws or regulations (including securities laws, Environmental Laws, commercial
laws, and regulations of any United States or Canadian jurisdiction), under common law or on equitable cause, or on contract or otherwise: 

a. by reason of, relating to or in connection with the signing, delivery, performance, or enforcement of any Loan
Document, any commitments relating to any Loan Document, or any transaction contemplated by any Loan Document; or 

b. by reason of, relating to or in connection with any credit extended or used under the Loan Documents, or the exercise
of any rights or remedies under the Loan Documents, including the acquisition of any collateral by the Lenders by way of foreclosure of the Lien on such Collateral, whether by deed or bill of sale in lieu of such foreclosure or otherwise;

 provided that Borrowers shall not be liable to any Indemnitee for any portion of such claims, damages, liabilities and expenses resulting from
such Indemnitee’s gross negligence or willful misconduct. If this indemnity is unenforceable as a matter of law as to a particular matter or consequence referred to in this Agreement, it shall be enforceable to the full extent permitted by
law. 
 This indemnification applies, without limitation, to any act, omission, event or circumstance existing or occurring on or
prior to the date of payment in full of the Obligations, including specifically Obligations arising under clause (b) of this Section. The indemnification provisions set forth above are in addition to any liability that Borrowers otherwise have.
Without prejudice to the survival of any other obligation of Borrowers under this Agreement, the indemnities and obligations of Borrowers in this Section shall survive the payment in full of the Obligations. 

9.12. Captions. The captions and headings to this Agreement and the table of contents to this Agreement are for convenience only
and in no way define, limit or describe the scope or intent of any provision of this Agreement. 

  
 106 

 9.13. Entire Agreement. This Agreement and the other Loan Documents embody the
entire agreement and understanding between Borrowers, Agent, and the Lenders with respect to the subject matter of this Agreement and the other Loan Documents. This Agreement supersedes all prior agreements and understandings relating to the subject
matter of this Agreement. Nothing in this Agreement or in any other Loan Document, expressed or implied, is intended to confer upon any Persons other than the parties to this Agreement any rights, remedies, obligations, or liabilities under this
Agreement or such other Loan Document. 
 9.14. Counterparts; Effectiveness. This Agreement may be signed and delivered in any
number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties to this Agreement may execute this Agreement by signing any such counterpart. Except as provided in Article III, this
Agreement shall become effective when Agent signs it and receives counterparts which, when taken together, bear the signatures of each of the parties to this Agreement. Delivery of a signed counterpart of a signature page of this Agreement by fax,
email, or other electronic transmission has the same binding effect as the delivery of an original manually signed counterpart of this Agreement. 

9.15. Borrower Acknowledgements. Each Borrower hereby acknowledges that (a) it has been advised by counsel in the
negotiation, signing and delivery of the Loan Documents, (b) neither Agent nor any Lender has any fiduciary relationship to any of the Borrowers, the relationship being solely that of debtor and creditor, (c) no joint venture exists
between any of the Borrowers and Agent or any Lender, and (d) neither Agent nor any Lender undertakes any responsibility to any of the Borrowers to review or inform any of the Borrowers of any matter in connection with any phase of the business
or operations of any of the Borrowers and each of the Borrowers shall rely entirely upon its own judgment with respect to its business, and any review, inspection or supervision of, or information supplied to, any of the Borrowers by Agent or any
Lender is for the protection of the Lenders and none of the Borrowers nor any third party is entitled to rely thereon. 
 9.16.
Interest Rate Limitation. Notwithstanding anything in this Agreement to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan
under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in
accordance with applicable law, the rate of interest payable with respect to such Loan, together with all Charges payable with respect to such Loan, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would
have been payable with respect to such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender with respect to other Loans or periods shall be increased (but not
above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, has been received by such Lender. 

9.17. Effect on Existing Credit Agreement. On the Effective Date, the Existing Credit Agreement shall be deemed to be amended,
restated, and replaced in its entirety by this Agreement. Each reference to the “Credit Agreement”, the “Loan Agreement” or words of like 

  
 107 

 
import in each Loan Document to which Company is party is hereby amended to refer to this Agreement. 

9.18. Recitals. The Recitals to this Agreement are incorporated into and constitute an integral part of this Agreement. 

9.19. Governmental Regulation. Notwithstanding anything in this Agreement to the contrary, no Lender is obligated to extend
credit to any of the Borrowers in violation of any limitation or prohibition provided or imposed by any applicable statute or regulation. 

9.20. Several Obligations; Benefits of this Agreement. The obligations of the Lenders under this Agreement are
several and not joint and no Lender is the partner or agent of any other (except to the extent to which Agent is authorized to act as such). The failure of any Lender to perform any of its obligations under this Agreement does not relieve any other
Lender from any of its obligations under this Agreement. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns,
provided, however, that the parties to this Agreement expressly agree that each of J.P. Morgan Securities LLC and RBC Capital Markets, in its capacity as an Arranger, enjoys the benefits of Sections 9.2, 9.11, and 9.22 and
has the right to enforce those Sections on its own behalf and in its own name to the same extent as if it were a party to this Agreement. 

9.21. Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in
any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and
to this end the provisions of all Loan Documents are declared to be severable. 
 9.22. Nonliability of Lenders. The
relationship between Borrowers on the one hand and the Lenders and Agent on the other hand is solely that of borrower and lender. Neither Agent, the Arranger, nor any Lender has any fiduciary responsibilities to any of the Borrowers. Neither Agent,
the Arranger, nor any Lender undertakes any responsibility to any of the Borrowers to review or inform any of the Borrowers of any matter in connection with any phase of Company’s business or operations. Borrowers agree that neither Agent, the
Arranger, nor any Lender has liability to any of the Borrowers (whether sounding in tort, contract or otherwise) for losses any of the Borrowers suffers in connection with, arising out of, or in any way related to, the transactions contemplated and
the relationship established by the Loan Documents, or any act, omission or event occurring in connection with the Loan Documents, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction that such losses
resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither Agent, the Arranger, nor any Lender has any liability with respect to, and each Borrower hereby waives, releases, and agrees not to sue for,
any special, indirect, consequential, or punitive damages suffered by such Borrower in connection with, arising out of, or in any way related to the Loan Documents or the transactions they contemplate. No Arranger, in its capacity as such, has any
duties or responsibilities under any Loan Document. Each Lender acknowledges that it has not relied and will not rely on any Arranger in deciding to enter into this Agreement or any other Loan Document or in taking or not taking any action. 

  
 108 

 9.23. Nonreliance. Each Lender hereby represents that it is not relying on or
looking to any “margin stock”, as that term is defined in Regulation U for the repayment of any of the Obligations. 

9.24. Disclosure. Each Borrower and each Lender hereby acknowledge and agree that U.S. Bank and its Affiliates and each
Lender and its Affiliates from time to time have the right to hold investments in, make other loans to, or have other relationships, with Company and its Affiliates. 

9.25. USA PATRIOT Act Notification. The following notification is provided to each of the Borrowers pursuant to Section 326
of the USA Patriot Act of 2001, 31 U.S.C. Section 5318: 
 Each Lender that is subject to the requirements of the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies each Loan Party that pursuant to the requirements of the Act, it is required to obtain, verify
and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Act. 

9.26. Electronic Signatures on Assignments. The words “execution,” “signed,” “signature,” and words
of like import in any assignment and assumption agreement include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity, or enforceability as a manually-signed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, or any
other state laws based on the Uniform Electronic Transactions Act. 
 Signature Pages Follow 

  
 109 

 The parties hereby sign this Third Amended and Restated Credit Agreement. 

 

					
		 	Life Time Fitness, Inc.
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Address: 
 Life Time
Fitness, Inc. 
 2902 Corporate Place 
 Chanhassen, MN 55317

 Attention: John Heller 

  
 110 

 EXHIBIT B 

TO 
 AMENDMENT NO. 3

 Schedules 1.1.a, 1.1.b, 1.1.d, 1.1.e, 1.1.f, 4.7, 4.8, 4.13, 4.18, 4.21, 6.10, 6.11, 6.12, 6.13, 6.18 to the Credit Agreement as
amended 
 Attached 

  
 111 

 SCHEDULES 
  

	1.1.a	Collateral Documents 

	1.1.b	Subsidiaries 

	1.1.d	Permitted Permanent Loans 

	1.1.e	Related Agreements 

	1.1.f	Lenders and Commitment Amounts 

	4.7	Litigation 

	4.8	Environmental 

	4.13	Trademarks and Patents 

	4.18	Equity Interests in Persons 

	4.21	Insurance 

	6.10	Investments 

	6.11	Indebtedness 

	6.12	Liens 

	6.13	Contingent Liabilities 

	6.18	Sale Leasebacks 

  
 112 

 Schedule 1.1.a 

Collateral Documents 
 Each Security
Agreement made by the following entities in favor of Agent: 
  

	 	1.	Life Time Fitness, Inc. 

  

	 	2.	LTF Club Operations Company, Inc. 

  

	 	3.	LTF Management Services, LLC 

  

	 	4.	LTF Operations Holdings, Inc. 

  

	 	5.	LTF Real Estate Holdings, LLC 

  

	 	6.	LTF Real Estate Company, Inc. 

  

	 	7.	LTF Real Estate Voyager III (Bloomington), LLC 

  

	 	8.	LTF Construction Company, LLC 

  

	 	9.	LTF Triathlon Series, LLC 

  

	 	10.	Creative & Production Resources, Inc. 

  

	 	11.	Leadville Trail 100, Inc. 

  

	 	12.	LTF Yoga Company, LLC 

  

	 	13.	LTF Club Management Company, LLC 

  

	 	14.	LTF Restaurant Company, LLC 

  

	 	15.	LTF Minnetonka Restaurant Company, LLC 

  

	 	16.	LTF Lease Company, LLC 

  

	 	17.	CEO Challenge, LLC 

  

	 	18.	The Red Rock Company, Inc. 

  

	 	19.	Chequamegon Fat Tire Festival, Inc. 

  

	 	20.	ChronoTrack Systems Corp. 

  

	 	21.	LTF Architecture, LLC 

  

	 	22.	LTF Ground Lease Company, LLC 

 Each Pledge Agreement made by the following entities in favor of Agent: 

 

	 	1.	Life Time Fitness, Inc. 

  

	 	2.	LTF Club Operations Company, Inc. 

  

	 	3.	LTF Operations Holdings, Inc. 

  

	 	4.	LTF Real Estate Holdings, LLC 

  

	 	5.	LTF Real Estate Company, Inc. 

  

	 	6.	LTF CMBS Managing Member, Inc. 

  

	 	7.	LTF Triathlon Series, LLC 

  

	 	8.	LTF Restaurant Company, LLC 

  

	 	9.	LTF Real Estate MN-FL Managing Member, Inc. 

  

  
 113 

 Schedule 1.1.b 

Subsidiaries 
 Guarantor Subsidiaries:

  

	 	1.	LTF Club Operations Company, Inc., a Minnesota corporation FEIN 20-3369824 

  

	 	2.	LTF Management Services, LLC, a Delaware limited liability company FEIN 27-0603333 

  

	 	3.	LTF Operations Holdings, Inc., a Minnesota corporation FEIN 20-3369967 

  

	 	4.	LTF Real Estate Holdings, LLC, a Delaware limited liability company FEIN 20-3370029 

  

	 	5.	LTF Real Estate Company, Inc., a Minnesota corporation FEIN 20-3369902 

  

	 	6.	LTF Real Estate Voyager III (Bloomington), LLC, a Delaware limited liability company FEIN 27-0150822 

  

	 	7.	LTF Construction Company, LLC, a Delaware limited liability company FEIN 41-1905748 

  

	 	8.	LTF Triathlon Series, LLC, a Delaware limited liability company FEIN 20-8185939 

  

	 	9.	Creative & Production Resources, Inc., an Illinois corporation FEIN 36-3817013 

  

	 	10.	Leadville Trail 100, Inc., a Colorado corporation FEIN 84-1133718 

  

	 	11.	LTF Yoga Company, LLC, a Delaware limited liability company FEIN None 

  

	 	12.	LTF Club Management Company, LLC, a Delaware limited liability company FEIN 20-2874566 

  

	 	13.	LTF Restaurant Company, LLC, a Delaware limited liability company FEIN 41-1947047 

  

	 	14.	LTF Minnetonka Restaurant Company, LLC, a Delaware limited liability company FEIN 26-2455594 

  

	 	15.	LTF Lease Company, LLC, a Delaware limited liability company FEIN 61-1667401 

  

	 	16.	CEO Challenge, LLC, a Colorado limited liability company FEIN 20-2756899 

  

	 	17.	The Red Rock Company, Inc., a Colorado corporation FEIN 20-4435711 

  

	 	18.	Chequamegon Fat Tire Festival, Inc., a Wisconsin corporation FEIN 39-1577001 

  

	 	19.	ChronoTrack Systems Corp., a Delaware corporation FEIN 90-0815617 

  

	 	20.	LTF Architecture LLC, a Delaware limited liability company FEIN 46-3167127 

  

	 	21.	LTF Ground Lease Company, LLC, a Delaware limited liability company FEIN 80-0798052. 

 Restricted Subsidiaries:
all Guarantor Subsidiaries listed above, plus the following: 
  

	 	1.	LTF Club Operations Company Canada Inc., an Ontario, Canada corporation; no FEIN 

  

	 	2.	LTF CMBS I, LLC, a Delaware limited liability company FEIN 20-2413914 

  

	 	3.	LTF Real Estate Company Canada Inc., an Ontario, Canada corporation no FEIN 

  

	 	4.	LTF CMBS Managing Member, Inc., a Delaware limited liability company FEIN 20-8103047 

  
 114 

	 	5.	LTF Real Estate VRDN I, LLC, a Delaware limited liability company FEIN 71-1050443 

  

	 	6.	LTF Construction Company Canada Inc., an Ontario, Canada corporation no FEIN 

  

	 	7.	LTF Real Estate MN-FL, LLC, a Delaware limited liability company FEIN 45-3724093 

  

	 	8.	LTF Real Estate MN-FL Managing Member, Inc. a Delaware corporation FEIN 45-3723942 

  

	 	9.	ChronoTrack Systems Europe B.V., The Netherlands FEIN 99-0364301 

 Unencumbered Real Estate Subsidiaries: 

 

	 	1.	LTF Real Estate Company, Inc., a Minnesota corporation 

  

	 	2.	LTF Real Estate Company Canada, Inc., an Ontario corporation 

  

	 	3.	LTF Real Estate Holdings, LLC, a Delaware limited liability company 

  

	 	4.	LTF Ground Lease Company, LLC, a Delaware limited liability company 

 Encumbered Real Estate Subsidiaries: 

 

	 	1.	LTF CMBS I, LLC, a Delaware limited liability company 

  

	 	2.	LTF CMBS Managing Member, Inc., a Delaware limited liability company 

  

	 	3.	LTF Real Estate VRDN I, LLC, a Delaware limited liability company 

  

	 	4.	LTF Real Estate Voyager III (Bloomington), LLC, a Delaware limited liability company 

  

	 	5.	LTF Real Estate MP I, LLC, a Delaware limited liability company 

  

	 	6.	LTF Real Estate MN-FL, LLC, a Delaware limited liability company 

  

	 	7.	LTF Real Estate MN-FL Managing Member, Inc., a Delaware corporation 

  

	 	8.	LTF Real Estate MP II, LLC, a Delaware limited liability company 

  

	 	9.	LTF Real Estate CMBS I, LLC, a Delaware limited liability company 

 Unrestricted Subsidiaries: None 

Designated Unrestricted Subsidiaries: None 
 Foreign
Subsidiaries: 
  

	 	1.	LTF Club Operations Company Canada Inc., an Ontario, Canada corporation 

  

	 	2.	LTF Real Estate Company Canada Inc., an Ontario, Canada corporation 

  

	 	3.	LTF Construction Company Canada Inc., an Ontario, Canada corporation 

  

	 	4.	ChronoTrack Systems Europe B.V., The Netherlands 

 Wholly-Owned Subsidiaries: All Subsidiaries listed above

  
 115 

 Schedule 1.1.d 

Permitted Permanent Loans 
 LTF CMBS
I 
  

	 	A.	LTF CMBS I 

 A Promissory Note in the principal amount of $105,000,000 from LTF
CMBS I, LLC to Goldman Sachs Commercial Mortgage Capital, L.P. pursuant to the Loan Agreement related to the following Clubs: Tempe, AZ; Commerce Township, MI; Flower Mound, TX; Garland, TX; Sugarland, TX; and Willowbrook, TX, which is evidenced and
secured by the following Related Agreements dated January 24, 2007: 
  

	 	1.	Loan Agreement (1/24/07) 

  

	 	2.	LTF CMBS I Note 

  

	 	3.	Mortgages (1/24/07) 

 -Tempe Club 

-Commerce Township Club 

-Garland Club 
 -Flower Mound
Club 
 -Willowbrook Club 

-Sugar Land Club 
  

	 	4.	Deposit Account Agreement (1/24/07) 

  

	 	5.	Blocked Account Control Agreement with Lockbox Services (1/24/07)

  

	 	6.	Environmental Indemnity Agreement (1/24/07) 

  

	 	7.	Collateral Assignment of Security Interest (1/24/07) 

  

	 	8.	Mortgage Loan Cooperation Agreement (1/24/07)

  

	 	9.	LTF Leases (1/24/07)

 -Tempe Club 

-Commerce Township Club 

-Garland Club 
 -Flower Mound
Club 
 -Willowbrook Club 

-Sugar Land Club 
 Borrower 

 

	 	1.	Guaranty (1/24/07) 

  

	 	2.	Lease Guaranty (1/24/07) 

  

	 	3.	Environmental Indemnity Agreement (1/24/07) 

  

	 	4.	Mortgage Loan Cooperation Agreement (1/24/07) 

 Operations 

 

	 	1.	Subordination, Non-Disturbance and Attornment Agreements (1/24/07)

 -Tempe Club 

-Commerce Township Club 

-Garland Club 

  
 116 

 -Flower Mound Club 

-Willowbrook Club 
 -Sugar Land
Club 
 LTF CMBS Managing Member, Inc. 
  

	 	1.	Mortgage Loan Cooperation Agreement (1/24/07)

 LTF REAL ESTATE MN-FL 

 

	 	A.	LTF Real Estate MN-FL 

 Assumption of existing mortgage debt in the amount of
$7,100,000 (originally 80,000,000 with U.S. Bank National Association, as Trustee, Successor-in-interest to Bank of America, National Association, as Trustee, successor by merger to LaSalle Bank National Association, as Trustee for the registered
holders of Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mortgage Pass-Through Certificates, Series 2006-PWR14 pursuant to the Related Agreements and amended Related Agreements dated December 30, 2011: 

 

	 	1.	Promissory Note Secured by Deed of Trust 

  

	 	2.	Mortgage and Absolute Assignment (for each respective county) 

  

	 	3.	Cash Management Agreement 

  

	 	4.	Limited Guaranty by Life Time Fitness, Inc. 

  

	 	5.	Assumption and Modification Agreement 

  

	 	6.	First Amendment to Mortgage (for each respective county) 

  

	 	7.	Amended and Restated Subordination Agreement and Non-Disturbance and Attornment Agreement 

  

	 	8.	Assignment and Assumption of Ground Lease 

  

	 	9.	UCC Financing Statement 

  

	 	10.	Amended and Restated SNDA 

  

	 	11.	Lease Agreement 

  

	 	12.	Ground Lease Agreement (Boca Raton parking lot) 

 LTF Real Estate VRDN I 

 

	 	A.	LTF Real Estate VRDN I 

 $34,235,000 million in variable rate demand notes issued
LTF Real Estate VRDN I, LLC with the proceeds financing the corporate headquarters and the Overland Park, KS center which is secured by mortgages held by General Electric Capital Corporation and evidenced by the following Related Agreements dated
June 13, 2008: 
  

	 	1.	Indenture of Trust 

  

	 	2.	Specimen Note 

  

	 	3.	Reimbursement Agreement 

  

	 	4.	Irrevocable Direct Pay Letter of Credit 

  

	 	5.	Remarketing Agreement 

  
 117 

	 	6.	Purchase Agreement 

  

	 	7.	UCC-1 Financing Statement 

  

	 	8.	Mortgage, Security Agreement Assignment of Leases and Rents and Fixture Filing (Chanhassen Property) 

  

	 	9.	Mortgage, Security Agreement Assignment of Leases and Rents and Fixture Filing (Overland Park Property) 

  

	 	10.	Environmental Indemnity Agreement (Chanhassen Corporate Headquarters) 

  

	 	11.	Environmental Indemnity Agreement (Overland Park, Kansas) 

  

	 	12.	Lease between LTF Real Estate VRDN I, LLC and LTF Club Operations Company, Inc. 

  

	 	13.	Lease Guaranty by Life Time Fitness, Inc. 

 LTF Real Estate MP I, LLC 

 

	 	1.	LTF Real Estate MP I, LLC 

 A Promissory Note in the principal amount of
$75,000,000 from LTF Real Estate MP I, LLC to ING Investment Management secured by mortgages on the following Clubs: Westminster, CO; NW San Antonio, TX; Johns Creek, GA; Schaumburg, IL; and Colleyville, TX. This transaction is evidenced by the
following Related Agreements dated February 12, 2013: 
  

	 	1.	Promissory Note 

  

	 	2.	Supplemental Agreement 

  

	 	3.	Environmental Indemnification Agreement 

  

	 	4.	Mortgage, Security Agreement, Financing Statement and Fixture Filing for Schaumburg, IL 

  

	 	5.	Deed of Trust, Assignment of Leases, Security Agreement and Fixture Filing for: Colleyville, TX; San Antonio, TX; and Westminster, CO. 

 

	 	6.	Deed to Secure Debt, Assignment of Leases, Security Agreement and Fixture Filing for Johns Creek, GA 

  

	 	7.	Guaranty of Non-Recourse Carveouts 

  

	 	8.	Lease between LTF Real Estate MP I, LLC and LTF Club Operations Company, Inc. 

  

	 	9.	Lease Guaranty by Life Time Fitness, Inc. 

  

	 	10.	UCC Financing Statement 

 LTF Real Estate Voyager III 

 

	 	A.	LTF Real Estate Voyager III (Bloomington) 

 A note in the principal amount of
$3,000,000 from LTF Real Estate Voyager III (Bloomington), LLC to Voyager Bank pursuant to the Loan Agreement and Term Promissory Note related to the Bloomington Club, which is evidenced and secured by the following Related Agreements dated November
May 12, 2009: 

  
 118 

	 	1.	Loan Agreement 

  

	 	2.	Term Promissory Note 

  

	 	3.	Mortgages and Security Agreement and Fixture Financing Statement 

  

	 	4.	Assignment of Leases and Rents 

  

	 	5.	Lease between LTF Real Estate Voyager III (Bloomington), LLC and LTF Club Operations Company, Inc. 

  

	 	6.	Lease Guaranty by Life Time Fitness, Inc. 

 LTF Real Estate MP II, LLC 

 

	 	A.	LTF Real Estate MP II, LLC 

 A Promissory Note in the principal amount of
$50,000,000 from LTF Real Estate MP II, LLC to ING Investment Management secured by mortgages on the following Clubs: Schaumburg, IL; Colleyville, TX; and Johns Creek, GA. This transaction is evidenced by the following Related Agreements dated
August 23, 2013: 
  

	 	1.	Promissory Note 

  

	 	2.	Mortgage, Assignment of Leases, Security Agreement and Fixture Filing for 900 East Higgins Road, Schaumburg, Illinois 

  

	 	3.	Deed of Trust, Assignment of Leases, Security Agreement and Fixture Filing for: (i) 1221 Church Street, Colleyville, Texas; (ii) 5639 Worth Parkway, San Antonio, Texas; and (iii) 397 W. 148th Avenue, Westminster, Colorado 

  

	 	4.	Deed to Secure Debt, Assignment of Leases, Security Agreement and Fixture Filing for 11555 Johns Creek Parkway, Johns Creek, Georgia 

 

	 	5.	Absolute Assignment of Rents and Leases for: (i) 900 East Higgins Road, Schaumburg, Illinois; (ii) 1221 Church Street, Colleyville, Texas; (iii) 5639 Worth Parkway, San Antonio, Texas; (iv) 397 W.
148th Avenue, Westminster, Colorado; and (v)11555 Johns Creek Parkway, Johns Creek, Georgia (collectively, the “Properties”) 

 

	 	6.	Security Agreement 

  

	 	7.	Guaranty of Non-Recourse Carveouts 

  

	 	8.	State UCC Financing Statements (Personal Property Collateral) for the Borrower filed in the Office of the Delaware Secretary of State 

 

	 	9.	Affidavits of Title for each of the Properties 

  

	 	10.	Environmental Indemnification Agreement from the Borrower and the Guarantor 

  

	 	11.	Tenant Subordination, Non-Disturbance and Attornment Agreements and Estoppels for each of the Properties 

  

	 	12.	Rent Roll Certification 

  

	 	13.	Certificate of Borrower 

  

	 	14.	OFAC and Patriot Act Agreement from the Borrower 

  

	 	15.	Supplemental Agreement 

  

	 	16.	Side Letter from the Lender waiving tax and insurance escrow 

  
 119 

 LTF Real Estate CMBS II, LLC 

 

	 	A.	LTF Real Estate CMBS II, LLC  

 A Promissory Note in the principal amount of
$80,000,000 from LTF Real Estate CMBS II, LLC to Wells Fargo Bank, National Association, pursuant to the Loan Agreement related to the following Clubs: Austin, TX; San Antonio, TX; Centreville, VA; Gilbert, AZ; and Orland Park, IL which is evidenced
and secured by the following Related Agreements dated January 28, 2014: 
  

	 	1.	Loan Agreement dated January 28, 2014 between LTF Real Estate CMBS II, LLC, a Delaware limited liability company (“CMBS II”), and Wells Fargo Bank, National Association (“Wells Fargo”).

  

	 	2.	Promissory Note dated January 28, 2014, payable by CMBS II to the order of Wells Fargo in the original principal amount of $80,000,000. 

 

	 	3.	Guaranty of Recourse Obligations dated January 28, 2014, executed by Life Time Fitness, Inc. (the “Guarantor”) for the benefit of Wells Fargo. 

 

	 	4.	Environmental Indemnity Agreement dated January 28, 2014, executed by CMBS II and the Guarantor for the benefit of Wells Fargo. 

 

	 	5.	Cash Management Agreement dated January 28, 2014 between CMBS II and Wells Fargo. 

  

	 	6.	Deposit Account Control Agreement (Springing Lockbox) dated January 28,2014 among CMBS II, Wells Fargo (as lender) and Wells Fargo (as depository bank). 

 

	 	7.	Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28, 2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Cook County,
Illinois. 

  

	 	8.	Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28, 2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Maricopa County,
Arizona. 

  

	 	9.	Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28,2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Bexar County,
Texas. 

  

	 	10.	Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28, 2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Travis County,
Texas. 

  

	 	11.	Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28, 2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Fairfax County,
Virginia. 

  

	 	12.	Lease Agreement dated January 28, 2014 between CMBS II, as landlord, and LTF Club Operations Company, Inc. (the “Master Tenant”), as tenant. 

 

	 	13.	Lease Guaranty dated January 28, 2014, executed by the Guarantor for the benefit of CMBS II. 

  

	 	14.	Subordination Agreement and Estoppel, Non-Disturbance and Attornment Agreement dated January 28,2014 between the Master Tenant and Wells Fargo. 

  
 120 

 Schedule 1.1.e 

Related Agreements 
 Sale
leasebacks: 
  

	 	1.	Lease Agreement dated May 16, 2001 (the “Woodbury Lease”) between ATR Investments, LLC, as landlord, and Company, as tenant, which was later contributed to LTF Real Estate Company, Inc. relating to the
Club located in Woodbury, Minnesota. 

  

	 	•	 	Lease Agreement 

  

	 	•	 	Sublease Agreement 

  

	 	2.	Lease Agreement dated September 30, 2003 (the “Rochester Hills/Canton Lease”) between LT FITNESS (DE) QRS 15-53, Inc., as landlord, and Company, as original tenant, which was later contributed to LTF Real
Estate Company, Inc. relating to the Clubs located in Rochester Hills, Michigan and Canton, Michigan. 

  

	 	•	 	Lease Agreement 

  

	 	•	 	Sublease Agreement between LTF Real Estate Company, Inc. and LTF Club Operations Company 

  

	 	•	 	Lease Guaranty Agreement 

  

	 	•	 	UCC Financing Statement Amendment 

  

	 	3.	Lease Agreement dated September 26, 2008 (the “Columbia/Scottsdale Lease”) between LTF FIT (AZ-MD), LLC, as landlord, and LTF Real Estate Company, as tenant, relating to the Clubs located in Columbia,
Maryland and Scottsdale, Arizona. 

  

	 	•	 	Lease Agreement 

  

	 	•	 	Sublease Agreement between LTF Real Estate Company, Inc. and LTF Club Operations Company 

  

	 	•	 	Lease Guaranty Agreement 

  

	 	•	 	UCC Financing Statement Amendment 

  

	 	4.	Lease Agreement dated August 21, 2008 (the “Senior Housing Lease”), between SNH LTF Properties, LLC, as landlord, and LTF Real Estate Company, Inc. as tenant, relating to the Clubs located in Alpharetta,
Georgia, Romeoville, Illinois, Allen, Texas, and Omaha, Nebraska. 

  

	 	•	 	Lease Agreement 

  

	 	•	 	Sublease Agreement between LTF Real Estate Company, Inc. and LTF Club 

  

	 	•	 	Operations Company, Inc. 

  

	 	•	 	Lease Guaranty by Life Time Fitness 

 Permitted Permanent Loans: 

LTF CMBS I 

  
 121 

	 	A.	LTF CMBS I 

 A Promissory Note in the principal amount of $105,000,000 from LTF
CMBS I, LLC to Goldman Sachs Commercial Mortgage Capital, L.P. pursuant to the Loan Agreement related to the following Clubs: Tempe, AZ; Commerce Township, MI; Flower Mound, TX; Garland, TX; Sugarland, TX; and Willowbrook, TX, which is evidenced and
secured by the following Related Agreements dated January 24, 2007: 
  

	 	1.	Loan Agreement (1/24/07) 

  

	 	2.	LTF CMBS I Note 

  

	 	3.	Mortgages (1/24/07) 

 -Tempe Club 

-Commerce Township Club 

-Garland Club 
 -Flower Mound
Club 
 -Willowbrook Club 

-Sugar Land Club 
  

	 	4.	Deposit Account Agreement (1/24/07) 

  

	 	5.	Blocked Account Control Agreement with Lockbox Services (1/24/07)

  

	 	6.	Environmental Indemnity Agreement (1/24/07) 

  

	 	7.	Collateral Assignment of Security Interest (1/24/07) 

  

	 	8.	Mortgage Loan Cooperation Agreement (1/24/07)

  

	 	9.	LTF Leases (1/24/07)

 -Tempe Club 

-Commerce Township Club 

-Garland Club 
 -Flower Mound
Club 
 -Willowbrook Club 

-Sugar Land Club 
 Borrower 

 

	 	5.	Guaranty (1/24/07) 

  

	 	6.	Lease Guaranty (1/24/07) 

  

	 	7.	Environmental Indemnity Agreement (1/24/07) 

  

	 	8.	Mortgage Loan Cooperation Agreement (1/24/07) 

 Operations 

 

	 	1.	Subordination, Non-Disturbance and Attornment Agreements (1/24/07)

 -Tempe Club 

-Commerce Township Club 

-Garland Club 
 -Flower Mound
Club 
 -Willowbrook Club 

-Sugar Land Club 

  
 122 

 LTF CMBS Managing Member, Inc. 

 

	 	1.	Mortgage Loan Cooperation Agreement (1/24/07)

 LTF REAL ESTATE MN-FL 

 

	 	A.	LTF Real Estate MN-FL 

 Assumption of existing mortgage debt in the amount of
$7,100,000 (originally 80,000,000 with U.S. Bank National Association, as Trustee, Successor-in-interest to Bank of America, National Association, as Trustee, successor by merger to LaSalle Bank National Association, as Trustee for the registered
holders of Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mortgage Pass-Through Certificates, Series 2006-PWR14 pursuant to the Related Agreements and amended Related Agreements dated December 30, 2011: 

 

	 	1.	Promissory Note Secured by Deed of Trust 

  

	 	2.	Mortgage and Absolute Assignment (for each respective county) 

  

	 	3.	Cash Management Agreement 

  

	 	4.	Limited Guaranty by Life Time Fitness, Inc. 

  

	 	5.	Assumption and Modification Agreement 

  

	 	6.	First Amendment to Mortgage (for each respective county) 

  

	 	7.	Amended and Restated Subordination Agreement and Non-Disturbance and Attornment Agreement 

  

	 	8.	Assignment and Assumption of Ground Lease 

  

	 	9.	UCC Financing Statement 

  

	 	10.	Amended and Restated SNDA 

  

	 	11.	Lease Agreement 

  

	 	12.	Ground Lease Agreement (Boca Raton parking lot) 

 LTF Real Estate VRDN I 

 

	 	A.	LTF Real Estate VRDN I 

 $34,235,000 million in variable rate demand notes issued
LTF Real Estate VRDN I, LLC with the proceeds financing the corporate headquarters and the Overland Park, KS center which is secured by mortgages held by General Electric Capital Corporation and evidenced by the following Related Agreements dated
June 13, 2008: 
  

	 	1.	Indenture of Trust 

  

	 	2.	Specimen Note 

  

	 	3.	Reimbursement Agreement 

  

	 	4.	Irrevocable Direct Pay Letter of Credit 

  

	 	5.	Remarketing Agreement 

  

	 	6.	Purchase Agreement 

  

	 	7.	UCC-1 Financing Statement 

  

	 	8.	Mortgage, Security Agreement Assignment of Leases and Rents and Fixture Filing (Chanhassen Property) 

  
 123 

	 	9.	Mortgage, Security Agreement Assignment of Leases and Rents and Fixture Filing (Overland Park Property) 

  

	 	10.	Environmental Indemnity Agreement (Chanhassen Corporate Headquarters) 

  

	 	11.	Environmental Indemnity Agreement (Overland Park, Kansas) 

  

	 	12.	Lease between LTF Real Estate VRDN I, LLC and LTF Club Operations Company, Inc. 

  

	 	13.	Lease Guaranty by Life Time Fitness, Inc. 

 LTF Real Estate MP I, LLC 

 

	 	A.	LTF Real Estate MP I, LLC 

 A Promissory Note in the principal amount of
$75,000,000 from LTF Real Estate MP I, LLC to ING Investment Management secured by mortgages on the following Clubs: Westminster, CO; NW San Antonio, TX; Johns Creek, GA; Schaumburg, IL; and Colleyville, TX. This transaction is evidenced by the
following Related Agreements dated February 12, 2013: 
  

	 	1.	Promissory Note 

  

	 	2.	Supplemental Agreement 

  

	 	3.	Environmental Indemnification Agreement 

  

	 	4.	Mortgage, Security Agreement, Financing Statement and Fixture Filing for Schaumburg, IL 

  

	 	5.	Deed of Trust, Assignment of Leases, Security Agreement and Fixture Filing for: Colleyville, TX; San Antonio, TX; and Westminster, CO. 

 

	 	6.	Deed to Secure Debt, Assignment of Leases, Security Agreement and Fixture Filing for Johns Creek, GA 

  

	 	7.	Guaranty of Non-Recourse Carveouts 

  

	 	8.	Lease between LTF Real Estate MP I, LLC and LTF Club Operations Company, Inc. 

  

	 	9.	Lease Guaranty by Life Time Fitness, Inc. 

  

	 	10.	UCC Financing Statement 

 LTF Real Estate Voyager III 

 

	 	A.	LTF Real Estate Voyager III (Bloomington) 

 A note in the principal amount of
$3,000,000 from LTF Real Estate Voyager III (Bloomington), LLC to Voyager Bank pursuant to the Loan Agreement and Term Promissory Note related to the Bloomington Club, which is evidenced and secured by the following Related Agreements dated November
May 12, 2009: 
  

	 	1.	Loan Agreement 

  

	 	2.	Term Promissory Note 

  

	 	3.	Mortgages and Security Agreement and Fixture Financing Statement 

  

	 	4.	Assignment of Leases and Rents 

  
 124 

	 	5.	Lease between LTF Real Estate Voyager III (Bloomington), LLC and LTF Club Operations Company, Inc. 

  

	 	6.	Lease Guaranty by Life Time Fitness, Inc. 

 LTF Real Estate MP II, LLC 

 

	 	A.	LTF Real Estate MP II, LLC 

 A Promissory Note in the principal amount of
$50,000,000 from LTF Real Estate MP II, LLC to ING Investment Management secured by mortgages on the following Clubs: Schaumburg, IL; Colleyville, TX; and Johns Creek, GA. This transaction is evidenced by the following Related Agreements dated
August 23, 2013: 
  

	 	1.	Promissory Note 

  

	 	2.	Mortgage, Assignment of Leases, Security Agreement and Fixture Filing for 900 East Higgins Road, Schaumburg, Illinois 

  

	 	3.	Deed of Trust, Assignment of Leases, Security Agreement and Fixture Filing for: (i) 1221 Church Street, Colleyville, Texas; (ii) 5639 Worth Parkway, San Antonio, Texas; and (iii) 397 W. 148th Avenue, Westminster, Colorado 

  

	 	4.	Deed to Secure Debt, Assignment of Leases, Security Agreement and Fixture Filing for 11555 Johns Creek Parkway, Johns Creek, Georgia 

 

	 	5.	Absolute Assignment of Rents and Leases for: (i) 900 East Higgins Road, Schaumburg, Illinois; (ii) 1221 Church Street, Colleyville, Texas; (iii) 5639 Worth Parkway, San Antonio, Texas; (iv) 397 W.
148th Avenue, Westminster, Colorado; and (v)11555 Johns Creek Parkway, Johns Creek, Georgia (collectively, the “Properties”) 

 

	 	6.	Security Agreement 

  

	 	7.	Guaranty of Non-Recourse Carveouts 

  

	 	8.	State UCC Financing Statements (Personal Property Collateral) for the Borrower filed in the Office of the Delaware Secretary of State 

 

	 	9.	Affidavits of Title for each of the Properties 

  

	 	10.	Environmental Indemnification Agreement from the Borrower and the Guarantor 

  

	 	11.	Tenant Subordination, Non-Disturbance and Attornment Agreements and Estoppels for each of the Properties 

  

	 	12.	Rent Roll Certification 

  

	 	13.	Certificate of Borrower 

  

	 	14.	OFAC and Patriot Act Agreement from the Borrower 

  

	 	15.	Supplemental Agreement 

  

	 	16.	Side Letter from the Lender waiving tax and insurance escrow 

 LTF Real Estate CMBS II, LLC 

 

	 	A.	LTF Real Estate CMBS II, LLC  

  
 125 

 Promissory Note in the principal amount of $80,000,000 from LTF Real Estate CMBS II, LLC to Wells
Fargo Bank, National Association, pursuant to the Loan Agreement related to the following Clubs: Austin, TX; San Antonio, TX; Centreville, VA; Gilbert, AZ; and Orland Park, IL which is evidenced and secured by the following Related Agreements dated
January 28, 2014: 
  

	 	1.	Loan Agreement dated January 28, 2014 between LTF Real Estate CMBS II, LLC, a Delaware limited liability company (“CMBS II”), and Wells Fargo Bank, National Association (“Wells Fargo”).

  

	 	2.	Promissory Note dated January 28, 2014, payable by CMBS II to the order of Wells Fargo in the original principal amount of $80,000,000. 

 

	 	3.	Guaranty of Recourse Obligations dated January 28, 2014, executed by Life Time Fitness, Inc. (the “Guarantor”) for the benefit of Wells Fargo. 

 

	 	4.	Environmental Indemnity Agreement dated January 28, 2014, executed by CMBS II and the Guarantor for the benefit of Wells Fargo. 

 

	 	5.	Cash Management Agreement dated January 28, 2014 between CMBS II and Wells Fargo. 

  

	 	6.	Deposit Account Control Agreement (Springing Lockbox) dated January 28,2014 among CMBS II, Wells Fargo (as lender) and Wells Fargo (as depository bank). 

 

	 	7.	Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28, 2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Cook County,
Illinois. 

  

	 	8.	Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28, 2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Maricopa County,
Arizona. 

  

	 	9.	Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28,2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Bexar County,
Texas. 

  

	 	10.	Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28, 2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Travis County,
Texas. 

  

	 	11.	Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 28, 2014, executed by CMBS II for the benefit of Wells Fargo, covering certain property located in Fairfax County,
Virginia. 

  

	 	12.	Lease Agreement dated January 28, 2014 between CMBS II, as landlord, and LTF Club Operations Company, Inc. (the “Master Tenant”), as tenant. 

 

	 	13.	Lease Guaranty dated January 28, 2014, executed by the Guarantor for the benefit of CMBS II. 

  

	 	14.	Subordination Agreement and Estoppel, Non-Disturbance and Attornment Agreement dated January 28,2014 between the Master Tenant and Wells Fargo. 

  
 126 

 Leases and related documents for the Clubs at the following locations: 

Champlin, MN 
 Savage, MN 

Plymouth, MN 
 Columbus, OH 

Loudon County, VA 
 Berkeley
Heights, NJ 
 Syosset, NY 

Mississauga, Ontario 
 Sandy
Springs, GA 
 Laguna Nigel, CA 

Bloomfield Township, MI 

  
 127 

 Schedule 1.1.f 

Lenders and Commitment Amounts 

Lenders and Commitment Amounts 
  

																	
	 Lender
	  	USD Tranche
Commitment
Amount	 	  	Multicurrency
Tranche
Commitment
Amount	 	  	Combined
Commitment
Amount (Revolving
Loans)	 	  	Term Loan
Commitment	 
	 U.S. Bank National Association
	  	$	106,382,474.70	  	  	$	11,867,525.29	  	  	$	118,249,999.99	  	  	$	10,750,000.01	  
	 JPMorgan Chase Bank, N. A.
	  	$	106,382,474.70	  	  	$	11,867,525.29	  	  	$	118,249,999.99	  	  	$	10,750,000.01	  
	 Royal Bank of Canada
	  	$	106,382,474.70	  	  	$	11,867,525.29	  	  	$	118,249,999.99	  	  	$	10,750,000.01	  
	 Bank of America, N.A.
	  	$	77,519,012.57	  	  	$	8,647,654.10	  	  	$	86,166,666.67	  	  	$	7,833,333.33	  
	 BMO Harris Bank National Association
	  	$	77,519,012.57	  	  	$	8,647,654.10	  	  	$	86,166,666.67	  	  	$	7,833,333.33	  
	 Compass Bank
	  	$	77,519,012.57	  	  	$	8,647,654.10	  	  	$	86,166,666.67	  	  	$	7,833,333.33	  
	 Union Bank, N.A.
	  	$	77,519,012.57	  	  	$	8,647,654.10	  	  	$	86,166,666.67	  	  	$	7,833,333.33	  
	 RBS Citizens, N.A.
	  	$	77,519,012.57	  	  	$	8,647,654.10	  	  	$	86,166,666.67	  	  	$	7,833,333.33	  
	 Bank of the West
	  	$	49,480,220.79	  	  	$	5,519,779.21	  	  	$	55,000,000.00	  	  	$	5,000,000.00	  
	 Fifth Third Bank
	  	$	37,110,165.59	  	  	$	4,139,834.41	  	  	$	41,250,000.00	  	  	$	3,750,000.00	  
	 Associated Bank, National Association
	  	$	32,986,813.86	  	  	$	3,679,852.81	  	  	$	36,666,666.67	  	  	$	3,333,333.33	  
	 First Tennessee Bank National Association
	  	$	32,083,333.33	  	  				  	$	32,083,333.33	  	  	$	2,916,666.67	  
	 Branch Banking and Trust Company
	  	$	24,740,110.40	  	  	$	2,759,889.60	  	  	$	27,500,000.00	  	  	$	2,500,000.00	  
	 Bank of Texas
	  	$	24,740,110.40	  	  	$	2,759,889.60	  	  	$	27,500,000.00	  	  	$	2,500,000.00	  
	 Northern Trust Bank
	  	$	20,616,758.67	  	  	$	2,299,908.00	  	  	$	22,916,666.67	  	  	$	2,083,333.33	  
	 Bank of Taiwan, New York Branch
	  	$	13,750,000.00	  	  				  	$	13,750,000.00	  	  	$	1,250,000.00	  
	 Mega International Commercial Bank Co., Ltd.
	  	$	13,750,000.00	  	  				  	$	13,750,000.00	  	  	$	1,250,000.00	  
	 Manufacturers Bank
	  	$	13,750,000.00	  	  				  	$	13,750,000.00	  	  	$	1,250,000.00	  
	 First Midwest Bank
	  	$	13,750,000.00	  	  				  	$	13,750,000.00	  	  	$	1,250,000.00	  
	 Chang Hwa Commercial Bank, Ltd.
	  	$	9,166,666.67	  	  				  	$	9,166,666.67	  	  	$	833,333.33	  
	 Taiwan Cooperative Bank
	  	$	7,333,333.34	  	  				  	$	7,333,333.34	  	  	$	666,666.66	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Totals:
	  	$	1,000,000,000.00	  	  	$	100,000,000.00	  	  	$	1,100,000,000.00	  	  	$	100,000,000.00	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 128 

 Schedule 4.7 

Litigation 
 None. 

  
 129 

 Schedule 4.8 

Environmental 
 None. 

  
 130 

 Schedule 4.13 

Trademarks and Patents 
 Trademarks

  

													
	 Name
	  	 Mark
	  	 Mark Type
	  	 Status
	  	 Registration Date
	  	 Registration
Number
	  	 Owner Name

							
	MYHEALTHCHECK	  	MYHEALTHCHECK	  	 Service

Mark
	  	 Registered/

Active
	  	3/5/2013	  	4298537	  	 LIFE TIME

FITNESS, Inc.

							
	MYHEALTHSCORE	  	MYHEALTHSCORE	  	 Trademark/

Service
 Mark
	  	 Registered/

Active
	  	10/30/2012	  	4234897	  	LIFE TIME FITNESS, Inc.
							
	LIFE TIME ATHLETIC	  	 LIFE TIME

ATHLETIC
	  	 Service

Mark
	  	 Registered/

Active
	  	8/28/2012	  	4198299	  	 LIFE TIME

FITNESS, Inc.

  
 131 

													
							
	 LIFETIME
 FITNESS

TRIATHLON SERIES
	  	

	  	Service Mark	  	 Registered/

Active
	  	10/23/2007	  	3321699	  	 LIFE TIME

FITNESS, Inc.

							
	 TEAM
 TRAINING

EDUCATION
 ACCOUNTABILITY

MOTIVATION
	  	 TEAM

TRAINING

EDUCATION

ACCOUNTABILITY

MOTIVATION
	  	Service Mark	  	 Registered/

Active
	  	1/5/2010	  	3735347	  	 LIFE TIME

FITNESS, Inc.

							
	LIFE LAB	  	LIFE LAB	  	Service Mark	  	 Registered/

Active
	  	12/30/2008	  	3554618	  	 LIFE TIME

FITNESS, Inc.

							
	LEANSOURCE	  	LEANSOURCE	  	Trademark	  	 Registered/

Active
	  	1/6/2004	  	2802101	  	 LIFE TIME

FITNESS, Inc.

							
	 EXPERIENCE
 LIFE
	  	 EXPERIENCE

LIFE
	  	Trademark	  	 Registered/

Active
	  	3/5/2002	  	2544873	  	 LIFE TIME

FITNESS, Inc.

							
	 LIFE TIME
 FITNESS
	  	 LIFE TIME

FITNESS
	  	Service Mark	  	 Registered/

Active
	  	2/18/2003	  	2689399	  	 LIFE TIME

FITNESS, Inc.

							
	 MINNEAPOLIS
 LIFE TIME

ATHLETIC
 CLUB
	  	 MINNEAPOLIS

LIFE TIME

ATHLETIC

CLUB
	  	Service Mark	  	 Registered/

Active
	  	12/12/2000	  	2413208	  	 LIFE TIME

FITNESS, Inc.

							
	 LIFE TIME
 FITNESS
	  	 LIFE TIME

FITNESS
	  	Service Mark	  	 Registered/

Active
	  	3/3/1998	  	2140172	  	 LIFE TIME

FITNESS, Inc.

							
	 LIFE TIME
 FITNESS
	  	

	  	Service Mark	  	 Registered/

Active
	  	9/6/2005	  	2991412	  	 LIFE TIME

FITNESS, Inc.

  
 132 

													
							
	Design (Bicycle)	  	

	  	Service Mark	  	 Registered/

Active
	  	10/1/2002	  	2628260	  	 LIFE TIME

FITNESS, Inc.

							
	Design (Swim)	  	

	  	Service Mark	  	 Registered/

Active
	  	10/1/2002	  	2628259	  	 LIFE TIME

FITNESS, Inc.

							
	Design (Run)	  	

	  	Service Mark	  	 Registered/

Active
	  	10/1/2002	  	2628257	  	 LIFE TIME

FITNESS, Inc.

							
	Design (Sit-up)	  	

	  	Service Mark	  	 Registered/

Active
	  	9/17/2002	  	2621307	  	 LIFE TIME

FITNESS, Inc.

							
	 Design (Distorted
 Triangle)
	  	

	  	Trademark	  	 Registered/

Active
	  	1/27/2004	  	2808049	  	 LIFE TIME

FITNESS, Inc.

  
 133 

													
							
	 Design (Distorted
 Triangle)
	  	

	  	Service Mark	  	 Registered/

Active
	  	9/7/2004	  	2882536	  	 LIFE TIME

FITNESS, Inc.

							
	 LIFE TIME
 FITNESS

TRIATHLON
	  	

	  	Service Mark	  	 Registered/

Active
	  	6/3/2003	  	2722501	  	 LIFE TIME

FITNESS, Inc.

							
	 LEADMAN
 TRIATHLON

(NEVADA
  

STATE MARK)
	  	

	  	Service Mark	  	 Registered/

Active
	  	12/15/2011	  	Entity # E0679202011-0	  	 LIFE TIME

FITNESS, Inc.

	 LEADMAN
 (COLORADO

STATE MARK)
	  	  		  	 Registered/

Active
	  	9/28/2011	  	ID# 20111544804	  	 Leadville Trail

100 Inc.

							
	 CHICAGO
 TRIATHLON
	  	 CHICAGO

TRIATHLON
	  	Service Mark	  	 Registered/

Active
	  	5/13/2003	  	2715173	  	 Creative & Production

Resources Inc. & Creative & Production Resources, Inc.

							
	 CEO
 CHALLENGES
	  	 CEO

Challenges
	  	Service Mark	  	 Registered/

Active
	  	9/30/2008	  	3507339	  	 CEO

Challenge, LLC

							
	 CEO
 CHALLENGES
	  	

	  	Service Mark	  	 Registered/

Active
	  	11/24/2009	  	3714236	  	 CEO

Challenge, LLC

  
 134 

													
							
	 CEO DRIVING

CHALLENGE
	  	 CEO Driving

Challenge
	  	Service Mark	  	 Registered/

Active
	  	7/17/2007	  	3266609	  	 CEO

Challenge, LLC

							
	 CEO FITNESS

CHALLENGE
	  	 CEO Fitness

Challenge
	  	Service Mark	  	 Registered/

Active
	  	11/4/2008	  	3529505	  	 CEO

Challenge, LLC

							
	 CEO GOLF

CHALLENGE
	  	 CEO GOLF

CHALLENGE
	  	Service Mark	  	 Registered/

Active
	  	3/21/2006	  	3072343	  	 CEO

Challenge, LLC

							
	 CEO GOLF

CHALLENGE

SUMMIT SERIES
	  	 CEO Golf

Challenge
 Summit
Series
	  	Service Mark	  	 Registered/

Active
	  	1/16/2007	  	3199963	  	 CEO

Challenge, LLC

							
	 CEO HOCKEY

CHALLENGE
	  	 CEO

HOCKEY

CHALLENGE
	  	Service Mark	  	 Registered/

Active
	  	4/19/2011	  	3949582	  	 CEO

Challenge, LLC

							
	 CEO MARATHON

CHALLENGE
	  	 CEO

MARATHON

CHALLENGE
	  	Service Mark	  	 Registered/

Active
	  	9/20/2005	  	2999347	  	 CEO

Challenge, LLC

							
	 CEO SAILING

CHALLENGE
	  	 CEO Sailing

Challenge
	  	Service Mark	  	 Registered/

Active
	  	6/17/2008	  	3451628	  	 CEO

Challenge, LLC

							
	 CEO SKIING

CHALLENGE
	  	 CEO Skiing

Challenge
	  	Service Mark	  	 Registered/

Active
	  	6/17/2008	  	3451629	  	 CEO

Challenge, LLC

							
	 CEO TENNIS

CHALLENGE
	  	 CEO Tennis

Challenge
	  	Service Mark	  	 Registered/

Active
	  	5/15/2007	  	3243153	  	 CEO

Challenge, LLC

							
	 CEO TRIATHLON

CHALLENGE
	  	 CEO

TRIATHLON

CHALLENGE
	  	Service Mark	  	 Registered/

Active
	  	9/6/2005	  	2993462	  	 CEO

Challenge, LLC

							
	 FITTEST CEO
	  	 FITTEST

CEO
	  	Service Mark	  	 Registered/

Active
	  	5/17/2005	  	2951461	  	 CEO

Challenge, LLC

  
 135 

													
							
	 CEO CYCLING
 CHALLENGE
	  	 CEO Cycling

Challenge
	  	Service Mark	  	 Registered/

Active
	  	7/11/2006	  	3115556	  	 CEO

Challenge, LLC

							
	NYC TRI	  	NYC TRI	  	Service Mark	  	 Registered/

Active
	  	8/31/2010	  	3840979	  	 LTF Triathlon

Series, LLC

							
	 NYC
 TRIATHLON
	  	 NYC

TRIATHLON
	  	Service Mark	  	 Registered/

Active
	  	8/31/2010	  	3840977	  	 LTF Triathlon

Series, LLC

							
	 NEW YORK
 CITY TRIATHLON
	  	 NEW YORK

CITY

TRIATHLON
	  	Service Mark	  	 Registered/

Active
	  	8/31/2010	  	3840976	  	 LTF Triathlon

Series, LLC

							
	 CHRONOTRACK
 SYSTEMS
	  	

	  	 Trademark/

Service Mark
	  	 Registered/

Active
	  	12/29/2009	  	3731128	  	 Chronotrack

Systems Corp.

							
	D-TAG	  	D-TAG	  	Trademark	  	 Registered/

Active
	  	12/8/2009	  	3722001	  	 Chronotrack

Systems Corp.

							
	B-TAG	  	B-TAG	  	Trademark	  	 Registered/

Active
	  	8/3/2010	  	3828184	  	 Chronotrack

Systems Corp.

							
	100 & DESIGN	  	 100 &

DESIGN
	  	Trademark	  	 Registered/

Active
	  	6/24/2008	  	3451978	  	 Leadville Trail

100 Inc.

							
	 LEADVILLE
 TRAIL 100
	  	 LEADVILLE

TRAIL 100
	  	Trademark	  	 Registered/

Active
	  	7/29/2008	  	3474602	  	 Leadville Trail

100 Inc.

							
	 THE RACE
 ACROSS THE SKY
	  	 THE RACE

ACROSS THE
 SKY
	  	Trademark	  	 Registered/

Active
	  	4/15/2008	  	3411384	  	 Leadville Trail

100 Inc.

							
	LIFECAFE	  	LIFECAFE	  	Trademark	  	Application	  	8/15/2013	  	86/039,276	  	 Life Time

Fitness, Inc.

							
	 UTAH SALT
 LAKE CITY

MARATHON
 HALF

MARATHON,
 BIKE TOUR &

5K & Design
	  	

	  	Trademark	  	 Registered/

Active
	  	5/14/2013	  	4333172	  	 LTF Triathlon

Series, LLC

  
 136 

													
							
	 SALT LAKE
 CITY

MARATHON
 AND HALF

MARATHON
	  	 SALT LAKE

CITY
 MARATHON

AND HALF
 MARATHON
	  	Trademark	  	 Registered/

Active
	  	5/7/2013	  	4329739	  	 LTF Triathlon

Series, LLC

							
	 SALT LAKE
 CITY

MARATHON
	  	 SALT LAKE

CITY MARATHON
	  	Trademark	  	 Registered/

Active
	  	5/7/2013	  	4329738	  	 LTF Triathlon

Series, LLC

							
	 SALT LAKE
 CITY HALF

MARATHON
	  	 SALT LAKE

CITY HALF
 MARATHON
	  	Trademark	  	 Registered/

Active
	  	5/7/2013	  	4329737	  	 LTF Triathlon

Series, LLC

							
	 SALT LAKE
 CITY

MARATHON &
 5K & Design
	  	

	  	Trademark	  	 Registered/

Active
	  	12/27/2005	  	3033477	  	 LTF Triathlon

Series, LLC

							
	 WE MAKE
 YOUR

WEEKENDS
 BETTER!
	  	WE MAKE YOUR WEEKENDS BETTER!	  	Trademark	  	 Registered/

Active
	  	2/21/2012	  	4100493	  	 LTF Triathlon

Series, LLC

							
	 MIAMI
 MARATHON

AND HALF
 MARATHON & Design
	  	

	  	Trademark	  	 Registered/

Active
	  	7/18/2006	  	3116813	  	 LTF Triathlon

Series, LLC

							
	 MIAMI HALF
 MARATHON
	  	MIAMI HALF MARATHON	  	Trademark	  	 Registered/

Active
	  	3/20/2012	  	41143343	  	 LTF Triathlon

Series, LLC

							
	 MIAMI HALF
 MARATHON
	  	MIAMI HALF MARATHON	  	Trademark	  	 Registered/

Active
	  	5/30/2006	  	3099544	  	 LTF Triathlon

Series, LLC

							
	 MIAMI
 MARATHON
	  	MIAMI MARATHON	  	Trademark	  	 Registered/

Active
	  	3/20/12	  	4114361	  	 LTF Triathlon

Series, LLC

							
	 MIAMI
 MARATHON
	  	MIAMI MARATHON	  	Trademark	  	 Registered/

Active
	  	4/4/2006	  	3077991	  	 LTF Triathlon

Series, LLC

							
	RUN FAMOUS	  	RUN FAMOUS	  	Trademark	  	 Registered/

Active
	  	2/21/2012	  	4100494	  	 LTF Triathlon

Series, LLC

  
 137 

													
							
	 RUN MIAMI
 FAMOUS
	  	 RUN MIAMI

FAMOUS
	  	Trademark	  	 Registered/

Active
	  	2/21/2012	  	4100496	  	 LTF Triathlon

Series, LLC

							
	 IT ISN’T HALF
 OF ANYTHING
	  	 IT ISN’T

HALF OF
 ANYTHING
	  	Trademark	  	 Registered/

Active
	  	2/21/2012	  	4110492	  	 LTF Triathlon

Series, LLC

							
	 YOU CAN’T
 RUN A FULL

WITHOUT
 FINISHING A

HALF
	  	 YOU CAN’T

RUN A FULL
 WITHOUT

FINISHING A
 HALF
	  	Trademark	  	 Registered/

Active
	  	2/21/2012	  	4100491	  	 LTF Triathlon

Series, LLC

							
	 WHERE THE
 PARTY MEETS

THE PAVEMENT
	  	 WHERE THE

PARTY
 MEETS THE

PAVEMENT
	  	Trademark	  	 Registered/

Active
	  	2/21/2012	  	4100495	  	 LTF Triathlon

Series, LLC

							
	 US ROAD
 SPORTS &

ENTERTAINMENT
 GROUP & Design
	  	

	  	Trademark	  	 Registered/

Active
	  	1/30/2012	  	4092404	  	 LTF Triathlon

Series, LLC

							
	13.1 MARATHON & DESIGN	  	

	  	Trademark	  	 Registered/

Active
	  	12/6/2011	  	4065023	  	 LTF Triathlon

Series, LLC

							
	 THIRTEEN.ONE
 MARATHON
	  	 THIRTEEN.ONE

MARATHON
	  	Trademark	  	 Registered/

Active
	  	5/19/2009	  	3624898	  	 LTF Triathlon

Series, LLC

							
	13.1 MARATHON	  	13.1 MARATHON	  	Trademark	  	 Registered/

Active
	  	5/19/2009	  	3624897	  	 LTF Triathlon

Series, LLC

							
	 MARATHON
 THIRTEEN.ONE
	  	 MARATHON

THIRTEEN.ONE
	  	Trademark	  	 Registered/

Active
	  	5/19/2009	  	3624891	  	 LTF Triathlon

Series, LLC

							
	MARATHON 13.1	  	 MARATHON

13.1
	  	Trademark	  	 Registered/

Active
	  	2/10/2009	  	3574253	  	 LTF Triathlon

Series, LLC

							
	13.1	  	13.1	  	Trademark	  	 Registered/

Active
	  	8/11/2009	  	3667955	  	 LTF Triathlon

Series, LLC

 Patents 

  
 138 

							
	 Name
	  	 Patent Application

Number
	  	Owner	  	Status/Filing Date
	IMPROVED TIMING TAG	  	Utility App. SN 12/553,369	  	ChronoTrack Systems Corp	  	Utility App filed 9/3/09;
Office Action received
6/6/13
				
	IMPROVED RACE TIMING SYSTEM (US)	  	Utility App. SN 13/375,144	  	ChronoTrack Systems Corp	  	NTL PHASE APP FILED
11/29/11; Claim
Amendments filed 2/13/12;
Application published
3/22/12
				
	RACE BIB TIMING DEVICE	  	Utility App. SN 12/856,587	  	ChronoTrack Systems Corp	  	Application published
9/29/11; Appeal Brief filed
6/14/13
				
	MYHEATHCHECK	  	Application No. 13/356,081	  	Life Time Fitness, Inc.	  	Filed on January 23, 2012
				
	METHOD AND APPARATUS FOR ASSOCIATING RFID TAGS WITH PARTICIPANTS IN SPORTING EVENTS	  	13/827,712	  	ChronoTrack Systems Corp	  	Pending
				
	UHF TIMING SYSTEM FOR PARTICIPATORY ATHLETIC EVENTS	  	12/141,838	  	ChronoTrack Systems Corp	  	Issued Patent No 8,179,233

  
 139 

							
				
	UHF TIMING SYSTEM FOR PARTICIPATORY ATHLETIC EVENTS	  	13/424,240	  	ChronoTrack Systems Corp	  	Pending

 Copyrights Borrower claims common law rights in and to various copyrighted materials prepared in the normal
course of business. 

  
 140 

 Schedule 4.18 

Equity Interests in Persons 
 Company has
Equity Interests in the Subsidiaries as shown in the chart below. Each Subsidiary of a Subsidiary is indented and follows the respective Subsidiary in which it is owned. 
  

													
	 Subsidiary
	  	Percentage
owned by
parent	 	 	Shares/Member
Units owned by
parent	 	  	Jurisdiction of
Organization	 
	 1. LTF Club Operations Company, Inc.
	  	 	100	% 	 	 	100	  	  	 	Minnesota	  
	 a. LTF Club Operations Company Canada Inc.
	  	 	100	% 	 	 	100	  	  	 	Ontario, Canada	  
	 b. LTF Management Services, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 2. Bloomingdale LIFE TIME Fitness, L.L.C.*
	  	 	33.3	% 	 	 	400,000 Units	  	  	 	Illinois	  
	 3. LTF Operations Holdings, Inc.
	  	 	100	% 	 	 	100	  	  	 	Minnesota	  
	 a. LTF Construction Company, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 b. LTF Restaurant Company, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 i. LTF Minnetonka Restaurant Company, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 c. LTF Construction Company Canada Inc.
	  	 	100	% 	 	 	100	  	  	 	Ontario, Canada	  
	 d. LTF Triathlon Series, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 i. Creative & Production Resources, Inc.
	  	 	100	% 	 	 	1,000	  	  	 	Illinois	  
	 ii. Leadville Trail 100, Inc.
	  	 	100	% 	 	 	1,000	  	  	 	Colorado	  
	 iii. Chequamegon Fat Tire Festival, Inc.
	  	 	100	% 	 	 	600	  	  	 	Wisconsin	  
	 e. LTF Club Management Company, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 f. LTF Real Estate Holdings, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 i. LTF Real Estate Company, Inc.
	  	 	100	% 	 	 	100	  	  	 	Minnesota	  
	 1) LTF CMBS I, LLC**
	  	 	99	% 	 	 	NA	  	  	 	Delaware	  
	 2) LTF Real Estate Company Canada Inc.
	  	 	100	% 	 	 	100	  	  	 	Ontario, Canada	  
	 3) LTF Ground Lease Company, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 ii. LTF CMBS Managing Member, Inc.
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 1) LTF CMBS I, LLC**
	  	 	1	% 	 	 	NA	  	  	 	Delaware	  
	 iii. LTF Real Estate VRDN I, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 iv. LTF Real Estate Voyager III (Bloomington), LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 v. LTF Real Estate MP I, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 vi. LTF Real Estate MP II, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 vi. LTF Real Estate CMBS II, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 g. LTF Yoga Company, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 h. ChronoTrack Systems Corp.
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 i. LTF Architecture, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 j. The Red Rock Company, Inc.
	  	 	100	% 	 	 	1,128	  	  	 	Colorado	  
	 k. CEO Challenge, LLC
	  	 	100	% 	 	 	NA	  	  	 	Colorado	  
	 l. LTF Lease Company, LLC
	  	 	100	% 	 	 	NA	  	  	 	Delaware	  
	 4. LTF Real Estate MN-FL, LLC***
	  	 	99	% 	 	 	NA	  	  	 	Delaware	  
	 5. LTF Real Estate MN-FL Managing Member, Inc.
	  	 	100	% 	 	 	1,000	  	  	 	Delaware	  
	 a. LTF Real Estate MN-FL, LLC***
	  	 	1	% 	 	 	NA	  	  	 	Delaware	  

  
 141 

	*	Company owns 33.3% of Bloomingdale LIFE TIME Fitness, L.L.C., an Illinois limited liability company. 

	**	LTF CMBS Managing Member, Inc. owns a 1.0% interest in LTF CMBS I, LLC with LTF Real Estate Company, Inc. owning the remaining 99.0% interest. 

	***	LTF MN-FL Managing Member, Inc. owns a 1.0% interest in LTF Real Estate MN-FL, LLC with Life Time Fitness, Inc. owning the remaining 99.0% interest. 

  
 142 

 Schedule 4.21 

Insurance 
 Company maintains the
following insurance coverage for Company, its Restricted Subsidiaries (all of whom are named insureds) and for Bloomingdale LIFE TIME Fitness, L.L.C.: Property, Workers Compensation/Employers Liability, General Liability, Employee Benefits
Liability, Professional Liability, Commercial Automobile, Employed Lawyers Liability, Technology Professional with Network and Privacy Liability, and Excess Coverage. 

  
 143 

 Schedule 6.10 

Investments 
 None. 

  
 144 

 Schedule 6.11 

Indebtedness 
 None. 

  
 145 

 Schedule 6.12 

Liens 
  

	1.	A Lien on Borrower’s Equity Interest in Bloomingdale LIFE TIME Fitness, L.L.C. 

  

	2.	A Lien on Borrower’s and its Subsidiaries’ respective personal property in favor of Paymentech L.P. 

  
 146 

 Schedule 6.13 

Contingent Liabilities 
  

	1.	Guaranty by Company, dated September 19, 1999, in favor of 679 Third Street Investors Company, now in favor of 615 2nd Avenue South-Minneapolis, LLC, in
connection with FCA Restaurant Company, LLC’s lease of restaurant space. 

  

	2.	Guaranty by Company, dated May 27, 2011, to JP Morgan Chase Bank, N.A. in connection with the Bloomingdale LIFE TIME Fitness, L.L.C. Term Loan Promissory Note. 

 

	3.	Operating Agreement of LIFE TIME, BSC Land, DuPage Health Services Fitness Center—Bloomingdale, L.L.C., dated December 1, 1999, by and among Company, Bloomingdale Sports Center Land Company, and Central DuPage
Health. 

  

	4.	Guaranties by, and other contingent liabilities of, Company and CMBS I arising from the CMBS I Related Agreements described on Schedule 1.1(c). 

 

	5.	Guaranty by Company, dated November 22, 2006, to Lincoln Building Associates, L.L.C. in connection with LTF Club Operations Company, Inc.’s lease of office space and the ratification thereof dated
February 1, 2010. 

  

	6.	Guaranty by Company, dated November 22, 2006, to NEA Galtier, LLC in connection with FCA Restaurant Company, LLC’s lease of cafe space. 

 

	7.	Guaranty and Suretyship Agreement by Company, dated July 26, 2006, to Well-Prop (Multi) LLC in connection with LTF Real Estate Company, Inc.’s lease of the Clubs located in Bloomington, Minnesota, Eden
Prairie, Minnesota (2 locations), Fridley, Minnesota, St. Louis Park, Minnesota and Boca Raton, Florida. 

  

	8.	Lease Guaranty by Company, dated July 26, 2006, to Minneapolis Community Development Agency in connection with LTF Real Estate Company, Inc.’s lease of the Club located in Minneapolis, Minnesota.

  

	9.	Guaranty by Company, dated June 20, 2011, to Chase Paymentech Solutions and Paymentech, LLC in connection with the obligations of Company under the credit card processing agreements between Company and Chase
Paymentech Solutions and Paymentech, LLC. 

  

	10.	Guaranty by Company and LTF Yoga Company, LLC, dated on or around June 30, 2011, to 555 Commercial LLC in connection with the obligations of LTF Real Estate Company, Inc. under the lease of the Birmingham, Michigan
yoga center. 

  
 147 

 Schedule 6.18 

Sale Leasebacks 
 1. Lease Agreement dated
May 16, 2001 (the “Woodbury Lease”) between ATR Investments, LLC, as landlord, and Company, as tenant, which was later contributed to LTF Real Estate Company, Inc. relating to the Club located in Woodbury, Minnesota. 

Lease Agreement 
 Sublease
Agreement 
 2. Lease Agreement dated September 30, 2003 (the “Rochester Hills/Canton Lease”) between LT FITNESS (DE) QRS 15-53, Inc., as
landlord, and Company, as original tenant, which was later contributed to LTF Real Estate Company, Inc. relating to the Clubs located in Rochester Hills, Michigan and Canton, Michigan. 

Lease Agreement 
 Sublease
Agreement between LTF Real Estate Company, Inc. and LTF Club 
 Operations Company 

Lease Guaranty Agreement 
 UCC
Financing Statement Amendment 
 3. Lease Agreement dated September 26, 2008 (the “Columbia/Scottsdale Lease”) between LTF FIT (AZ-MD), LLC,
as landlord, and LTF Real Estate Company, as tenant, relating to the Clubs located in Columbia, Maryland and Scottsdale, Arizona. 
 Lease
Agreement 
 Sublease Agreement between LTF Real Estate Company, Inc. and LTF Club 

Operations Company 
 Lease
Guaranty Agreement 
 UCC Financing Statement Amendment 

4. Lease Agreement dated August 21, 2008 (the “Senior Housing Lease”), between SNH LTF Properties, LLC, as landlord, and LTF Real Estate
Company, Inc. as tenant, relating to the Clubs located in Alpharetta, Georgia, Romeoville, Illinois, Allen, Texas, and Omaha, Nebraska. 

Lease Agreement 
 Sublease
Agreement between LTF Real Estate Company, Inc. and LTF Club 
 Operations Company, Inc. 

Lease Guaranty by Life Time Fitness 

  
 148 

 EXHIBIT C 

TO 
 AMENDMENT NO. 3

 List of Closing Documents 
  

	1.	Amendment No. 3 to Credit Agreement. 

  

	 	a.	Exhibit A — Credit Agreement as amended 

	 	b.	Exhibit B — Schedules to Credit Agreement as amended 

	 	c.	Exhibit C — Amendment No. 3 List of Closing Documents 

  

	2.	UCC, tax and judgment lien searches naming each Loan Party as debtor. 

  

	3.	Certificate of a Director, Secretary, Assistant Secretary or other duly appointed and authorized officer of each Loan Party certifying (i) that there have been no changes in the Certificate of Incorporation or
other charter document of such Loan Party, as certified as of a recent date by the Secretary of State (or analogous governmental entity) of the jurisdiction of its incorporation or organization, since the date of the certification thereof by
secretary of state, (ii) the By-Laws or other applicable organizational or constitutional document, as attached thereto, of such Loan Party as in effect on the date of such certification, (iii) resolutions of the Board of Directors or
other governing body of such Loan Party authorizing the execution, delivery and performance of each Credit Document to which it is a party, and (iv) the names and true signatures of the incumbent officers of each Loan Party authorized to sign
the Loan Documents to which it is a party, and (in the case of the Borrower) authorized to request borrowings under the Credit Agreement. 

  

	4.	Good Standing Certificate for each Loan Party of the jurisdiction of its organization. 

  

	5.	Opinion letter of Weil, Gotshal & Manges LLP, special counsel to the Loan Parties, addressed to the Agent and the Lenders, with regard to Delaware law. 

 

	6.	Opinion letter of Lindquist & Vennum PLPP, special counsel to the Loan Parties, addressed to the Agent and the Lenders, with regard to Minnesota law. 

 

	7.	Opinion letter of internal counsel for the Loan Parties. 

  

	8.	Solvency certificate signed by the chief financial officer of Company (giving effect to the Term Loans extended pursuant to Amendment No. 3). 

  
 149EX-4.1

 Exhibit 4.1 

CEDAR FAIR, L.P. 
 CANADA’S
WONDERLAND COMPANY 
 MAGNUM MANAGEMENT CORPORATION 

5.375% SENIOR NOTES DUE 2024 

INDENTURE 
 Dated as of
June 3, 2014 
 THE BANK OF NEW YORK MELLON 

as 
 Trustee 

 CROSS-REFERENCE TABLE 

 

			
	 TIA Section
	  	 Indenture
Section

		
	303	  	1.03
	310 (a)(1)	  	7.10
	       (a)(2)	  	7.10
	       (a)(3)	  	N.A.
	       (a)(4)	  	N.A.
	       (a)(5)	  	7.10
	       (b)	  	7.10
	       (c)	  	N.A.
	311 (a)	  	7.11
	       (b)	  	7.11
	       (c)	  	N.A.
	312 (a)	  	2.05
	       (b)	  	11.03
	       (c)	  	11.03
	313 (a)	  	7.06
	       (b)(1)	  	7.06
	       (b)(2)	  	7.06; 7.07
	       (c)	  	7.06; 11.02
	       (d)	  	7.06
	314 (a)	  	4.03; 11.02
	       (a) (4)	  	4.04; 11.05
	       (b)	  	N.A.
	       (c)(1)	  	11.04
	       (c)(2)	  	11.04
	       (c)(3)	  	N.A.
	       (d)	  	N.A.
	       (e)	  	11.04; 11.05
	       (f)	  	N.A.
	315 (a)	  	7.01(b)
	       (b)	  	7.05; 11.02
	       (c)	  	7.01(a)
	       (d)	  	7.01(c)
	       (e)	  	6.11
	316 (a) (last sentence)	  	2.09
	       (a)(1)(A)	  	6.05
	       (a)(1)(B)	  	6.04
	       (a)(2)	  	N.A.
	       (b)	  	6.07
	       (c)	  	2.13; 9.04
	317 (a)(1)	  	6.08
	       (a)(2)	  	6.09
	       (b)	  	2.04

  
 N.A. means
Not Applicable. 
  

	Note:	This Cross-Reference Table shall not, for any purposes, be deemed to be part hereof. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE 1	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	 SECTION 1.01.
	  	 Definitions.
	  	 	1	  
	 SECTION 1.02.
	  	 Other Definitions.
	  	 	27	  
	 SECTION 1.03.
	  	 Incorporation by Reference of Trust Indenture Act.
	  	 	28	  
	 SECTION 1.04.
	  	 Rules of Construction.
	  	 	29	  
	 SECTION 1.05.
	  	 Acts of Holders; Record Dates.
	  	 	29	  
	
	 ARTICLE 2
  

THE NOTES
	   
 

  

			
	 SECTION 2.01.
	  	 Form and Dating.
	  	 	30	  
	 SECTION 2.02.
	  	 Form of Execution and Authentication.
	  	 	32	  
	 SECTION 2.03.
	  	 Registrar and Paying Agent.
	  	 	34	  
	 SECTION 2.04.
	  	 Paying Agent To Hold Money in Trust.
	  	 	34	  
	 SECTION 2.05.
	  	 Lists of Holders of the Notes.
	  	 	35	  
	 SECTION 2.06.
	  	 Transfer and Exchange.
	  	 	35	  
	 SECTION 2.07.
	  	 Replacement Notes.
	  	 	45	  
	 SECTION 2.08.
	  	 Outstanding Notes.
	  	 	45	  
	 SECTION 2.09.
	  	 Treasury Notes.
	  	 	45	  
	 SECTION 2.10.
	  	 Temporary Notes.
	  	 	46	  
	 SECTION 2.11.
	  	 Cancellation.
	  	 	46	  
	 SECTION 2.12.
	  	 Defaulted Interest.
	  	 	46	  
	 SECTION 2.13.
	  	 Record Date.
	  	 	46	  
	 SECTION 2.14.
	  	 CUSIP Number.
	  	 	46	  
	 SECTION 2.15.
	  	 Joint and Several Obligations.
	  	 	47	  
	
	 ARTICLE 3
  

REDEMPTION
	   
 

  

			
	 SECTION 3.01.
	  	 Notices to Trustee.
	  	 	47	  
	 SECTION 3.02.
	  	 Selection of Notes To Be Redeemed.
	  	 	47	  
	 SECTION 3.03.
	  	 Notice of Redemption.
	  	 	47	  
	 SECTION 3.04.
	  	 Effect of Notice of Redemption.
	  	 	48	  
	 SECTION 3.05.
	  	 Deposit of Redemption Price.
	  	 	48	  
	 SECTION 3.06.
	  	 Notes Redeemed in Part.
	  	 	49	  
	 SECTION 3.07.
	  	 Optional Redemption.
	  	 	49	  
	 SECTION 3.08.
	  	 Excess Proceeds Offer.
	  	 	50	  

  
 -i- 

							
	 	  	 	  	Page	 
	
	 ARTICLE 4
  

COVENANTS
	   
 

  

			
	 SECTION 4.01.
	  	 Payment of Notes.
	  	 	53	  
	 SECTION 4.02.
	  	 Maintenance of Office or Agency.
	  	 	53	  
	 SECTION 4.03.
	  	 Reports.
	  	 	54	  
	 SECTION 4.04.
	  	 Compliance Certificate.
	  	 	55	  
	 SECTION 4.05.
	  	 Taxes.
	  	 	55	  
	 SECTION 4.06.
	  	 Stay, Extension and Usury Laws.
	  	 	55	  
	 SECTION 4.07.
	  	 Limitation on Restricted Payments.
	  	 	56	  
	 SECTION 4.08.
	  	 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.
	  	 	60	  
	 SECTION 4.09.
	  	 Limitation on Incurrence of Indebtedness.
	  	 	62	  
	 SECTION 4.10.
	  	 Limitation on Asset Sales.
	  	 	66	  
	 SECTION 4.11.
	  	 Limitation on Transactions with Affiliates.
	  	 	68	  
	 SECTION 4.12.
	  	 Limitation on Liens.
	  	 	69	  
	 SECTION 4.13.
	  	 Additional Subsidiary Guarantees.
	  	 	69	  
	 SECTION 4.14.
	  	 Organizational Existence.
	  	 	70	  
	 SECTION 4.15.
	  	 Change of Control.
	  	 	70	  
	 SECTION 4.16.
	  	 Suspension of Covenants.
	  	 	71	  
	 SECTION 4.17.
	  	 Additional Amounts.
	  	 	72	  
	
	 ARTICLE 5
  

SUCCESSORS
	   
 

  

			
	 SECTION 5.01.
	  	 Merger, Amalgamation, Consolidation or Sale of Assets.
	  	 	75	  
	 SECTION 5.02.
	  	 Successor Corporation Substituted.
	  	 	77	  
	
	 ARTICLE 6
  

DEFAULTS AND REMEDIES
	   
 

  

			
	 SECTION 6.01.
	  	 Events of Default.
	  	 	77	  
	 SECTION 6.02.
	  	 Acceleration.
	  	 	78	  
	 SECTION 6.03.
	  	 Other Remedies.
	  	 	79	  
	 SECTION 6.04.
	  	 Waiver of Past Defaults.
	  	 	79	  
	 SECTION 6.05.
	  	 Control by Majority.
	  	 	79	  
	 SECTION 6.06.
	  	 Limitation on Suits.
	  	 	80	  
	 SECTION 6.07.
	  	 Rights of Holders of Notes To Receive Payment.
	  	 	80	  
	 SECTION 6.08.
	  	 Collection Suit by Trustee.
	  	 	80	  
	 SECTION 6.09.
	  	 Trustee May File Proofs of Claim.
	  	 	80	  
	 SECTION 6.10.
	  	 Priorities.
	  	 	81	  
	 SECTION 6.11.
	  	 Undertaking for Costs.
	  	 	81	  

  
 -ii- 

							
	 	  	 	  	Page	 
	
	 ARTICLE 7
  

TRUSTEE
	   
 

  

			
	 SECTION 7.01.
	  	 Duties of Trustee.
	  	 	82	  
	 SECTION 7.02.
	  	 Rights of Trustee.
	  	 	83	  
	 SECTION 7.03.
	  	 Individual Rights of Trustee.
	  	 	84	  
	 SECTION 7.04.
	  	 Trustee’s Disclaimer.
	  	 	84	  
	 SECTION 7.05.
	  	 Notice of Defaults.
	  	 	84	  
	 SECTION 7.06.
	  	 Reports by Trustee to Holders of the Notes.
	  	 	85	  
	 SECTION 7.07.
	  	 Compensation and Indemnity.
	  	 	85	  
	 SECTION 7.08.
	  	 Replacement of Trustee.
	  	 	86	  
	 SECTION 7.09.
	  	 Successor Trustee by Merger, Etc.
	  	 	87	  
	 SECTION 7.10.
	  	 Eligibility; Disqualification.
	  	 	87	  
	 SECTION 7.11.
	  	 Preferential Collection of Claims Against Issuers.
	  	 	87	  
	
	 ARTICLE 8
  

DISCHARGE OF INDENTURE; DEFEASANCE
	   
 

  

			
	 SECTION 8.01.
	  	 Termination of the Issuers’ Obligations.
	  	 	87	  
	 SECTION 8.02.
	  	 Option To Effect Legal Defeasance or Covenant Defeasance.
	  	 	88	  
	 SECTION 8.03.
	  	 Legal Defeasance and Covenant Discharge.
	  	 	88	  
	 SECTION 8.04.
	  	 Covenant Defeasance.
	  	 	89	  
	 SECTION 8.05.
	  	 Conditions to Legal or Covenant Defeasance.
	  	 	89	  
	 SECTION 8.06.
	  	 Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions.
	  	 	91	  
	 SECTION 8.07.
	  	 Repayment to Issuers.
	  	 	91	  
	 SECTION 8.08.
	  	 Reinstatement.
	  	 	91	  
	 SECTION 8.09.
	  	 Release of Obligations.
	  	 	92	  
	
	 ARTICLE 9
  

AMENDMENT, SUPPLEMENT AND WAIVER
	   
 

  

			
	 SECTION 9.01.
	  	 Without Consent of Holders of Notes.
	  	 	92	  
	 SECTION 9.02.
	  	 With Consent of Holders of Notes.
	  	 	93	  
	 SECTION 9.03.
	  	 Compliance with Trust Indenture Act.
	  	 	95	  
	 SECTION 9.04.
	  	 Revocation and Effect of Consents.
	  	 	95	  
	 SECTION 9.05.
	  	 Notation on or Exchange of Notes.
	  	 	95	  
	 SECTION 9.06.
	  	 Trustee To Sign Amendments, Etc.
	  	 	96	  

  
 -iii- 

							
	 	  	 	  	Page	 
	
	 ARTICLE 10
  

GUARANTEES
	   
 

  

			
	 SECTION 10.01.
	  	 Guarantee.
	  	 	96	  
	 SECTION 10.02.
	  	 Execution and Delivery of Guarantees.
	  	 	97	  
	 SECTION 10.03.
	  	 Merger, Consolidation or Sale of Assets of Guarantors.
	  	 	98	  
	 SECTION 10.04.
	  	 Successor Corporation Substituted.
	  	 	99	  
	 SECTION 10.05.
	  	 Releases from Guarantees.
	  	 	99	  
	
	 ARTICLE 11
  

MISCELLANEOUS
	   
 

  

			
	 SECTION 11.01.
	  	 Reserved.
	  	 	100	  
	 SECTION 11.02.
	  	 Notices.
	  	 	100	  
	 SECTION 11.03.
	  	 Communication by Holders of Notes with Other Holders of Notes.
	  	 	101	  
	 SECTION 11.04.
	  	 Certificate and Opinion as to Conditions Precedent.
	  	 	101	  
	 SECTION 11.05.
	  	 Statements Required in Certificate or Opinion.
	  	 	101	  
	 SECTION 11.06.
	  	 Rules by Trustee and Agents.
	  	 	102	  
	 SECTION 11.07.
	  	 No Personal Liability of Directors, Owners, Employees, Incorporators and Stockholders.
	  	 	102	  
	 SECTION 11.08.
	  	 Governing Law; Submission to Jurisdiction
	  	 	102	  
	 SECTION 11.09.
	  	 No Adverse Interpretation of Other Agreements.
	  	 	103	  
	 SECTION 11.10.
	  	 Successors.
	  	 	103	  
	 SECTION 11.11.
	  	 Severability.
	  	 	103	  
	 SECTION 11.12.
	  	 Counterpart Originals.
	  	 	103	  
	 SECTION 11.13.
	  	 Table of Contents, Headings, Etc.
	  	 	103	  
	 SECTION 11.14.
	  	 Force Majeure.
	  	 	103	  
	 SECTION 11.15.
	  	 Waiver of Jury Trial.
	  	 	104	  

 EXHIBITS 
  

			
	EXHIBIT A	  	FORM OF NOTE
	EXHIBIT B	  	FORM OF GUARANTEE
	EXHIBIT C	  	FORM OF CERTIFICATE OF TRANSFER
	EXHIBIT D	  	FORM OF CERTIFICATE OF EXCHANGE

  
 -iv- 

 INDENTURE dated as of June 3, 2014 by and among Cedar Fair, L.P., a Delaware limited
partnership (“Cedar Fair”), Canada’s Wonderland Company, a Nova Scotia unlimited liability company (“Cedar Canada”), Magnum Management Corporation, an Ohio corporation (“Magnum” and together
with Cedar Fair and Cedar Canada, the “Issuers”), the Guarantors (as hereinafter defined) and The Bank of New York Mellon, a corporation organized under the laws of the State of New York authorized to conduct a banking business, as
trustee (the “Trustee”). 
 RECITALS 

The Issuers and the Guarantors have duly authorized the execution and delivery hereof to provide for the issuance of the Notes (as hereinafter
defined) and the Guarantees (as hereinafter defined). 
 All things necessary (i) to make the Notes, when executed by the Issuers and
authenticated and delivered hereunder and duly issued by the Issuers and delivered hereunder, the valid and binding obligations of the Issuers, (ii) to make the Guarantees when executed by the Guarantors and delivered hereunder the valid and
binding obligations of the Guarantors, and (iii) to make this Indenture a valid and legally binding agreement of the Issuers and the Guarantors, all in accordance with their respective terms, have been done. 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the Issuers, the Guarantors and the Trustee
agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as hereinafter defined) of the Issuers’ 5.375% Senior Notes due 2024. 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
  

	SECTION 1.01.	Definitions. 

 “144A Global Note” means a global note
substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a
denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 
 “2021 Senior
Notes” means the Issuers’ 5.250% Senior Notes due 2021. 
 “2021 Senior Notes Indenture” means the indenture
dated as of March 6, 2013, governing the 2021 Senior Notes. 
 “Acquired Debt” means, with respect to any specified
Person, Indebtedness, Disqualified Stock or Preferred Equity Interests of any other Person existing at the time such other Person merges or amalgamates with or into or becomes a Subsidiary of such specified Person or is a Subsidiary of such other
Person at the time of such merger, amalgamation or acquisition, or Indebtedness incurred by such Person in connection with the acquisition of assets. 

 “Additional Notes” means additional Notes (other than the Initial Notes
or Exchange Notes issued in exchange for such Initial Notes) issued from time to time under this Indenture in accordance with Section 2.02, it being understood that any Notes issued in exchange for or replacement of any Initial Notes shall not
be Additional Notes. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of
such Person, whether through the ownership of voting securities, by agreement or otherwise. 
 “Agent” means any Registrar,
Paying Agent, co-registrar or authenticating agent. 
 “Applicable Procedures” means, with respect to any transfer
or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 

“Asset Acquisition” means (1) an Investment by Cedar Fair or any Restricted Subsidiary of Cedar Fair in any other Person
pursuant to which such Person shall become a Restricted Subsidiary of Cedar Fair or any Restricted Subsidiary of Cedar Fair, or shall be merged or amalgamated with or into Cedar Fair or any Restricted Subsidiary of Cedar Fair, or (2) the
acquisition by Cedar Fair or any Restricted Subsidiary of Cedar Fair of the assets of any Person (other than a Restricted Subsidiary of Cedar Fair) which constitute all or substantially all of the assets of such Person or comprise any division or
line of business of such Person. 
 “Asset Sale” means any sale, issuance, conveyance, transfer, lease, assignment
or other disposition by Cedar Fair or any Restricted Subsidiary to any Person other than to any Issuer or any Restricted Subsidiary (including by means of a merger, amalgamation or consolidation or through the issuance or sale of Equity Interests of
Restricted Subsidiaries (other than Preferred Equity Interests of Restricted Subsidiaries issued in compliance with Section 4.09 hereof and other than directors’ qualifying shares or shares or interests required to be held by foreign
nationals or third parties to the extent required by applicable law) (collectively, for purposes of this definition, a “transfer”), in one transaction or a series of related transactions, of any assets of Cedar Fair or any of its
Restricted Subsidiaries (other than sales of inventory and other transfers or operating leases in the ordinary course of business). For purposes of this definition, the term “Asset Sale” shall not include: 

(a) transfers of cash or Cash Equivalents; 

(b) transfers of assets of Cedar Fair (including Equity Interests) that are governed by, and made in accordance with
Section 5.01(a) hereof; 
 (c) Permitted Investments and Restricted Payments not prohibited or permitted under
Section 4.07 hereof; 

  
 -2- 

 (d) the creation of or realization on any Lien not prohibited under this
Indenture; 
 (e) transfers of damaged, worn-out or obsolete equipment or assets that, in Cedar Fair’s reasonable
judgment, are no longer used or useful in the business of Cedar Fair or its Restricted Subsidiaries; 
 (f) sales or grants
of licenses or sublicenses to use the patents, trade secrets, know-how and other intellectual property, or abandonment thereof, and licenses, leases or subleases of other assets, of Cedar Fair or any Restricted Subsidiary to the extent not
materially interfering with the business of Cedar Fair and the Restricted Subsidiaries; 
 (g) any transfer or series of
related transfers that, but for this clause, would be Asset Sales, if the aggregate Fair Market Value of the assets transferred in such transaction or series of related transactions does not exceed $20.0 million; 

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

(i) the sale, transfer or other disposition of Hedging Obligations incurred in accordance with this Indenture; 

(j) sales of assets received by Cedar Fair or any of its Restricted Subsidiaries upon the foreclosure on a Lien; 

(k) the sale of any property in a sale-leaseback transaction within six months of the acquisition of such property; 

(l) (i) any loss or destruction of or damage to any property or asset or receipt of insurance proceeds in connection therewith
or (ii) any institution of a proceeding for, or actual condemnation, seizure or taking by exercise of the power of eminent domain or otherwise of such property or asset, or confiscation of such property or asset or the requisition of the use of
such property or asset or settlement in lieu of the foregoing; 
 (m) dispositions of receivables in connection with the
compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(n) any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other
claims of any kind; and 
 (o) any issuance of Capital Stock of Cedar Fair. 

“Bankruptcy Law” means Title 11, the U.S. Code or any similar federal or state law for the relief of debtors. 

  
 -3- 

 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or, except in the context of the definition of
“Change of Control,” a duly authorized committee thereof; 
 (2) with respect to a partnership, the Board of
Directors of the general partner of the partnership; and 
 (3) with respect to any other Person, the board or committee of
such Person serving a similar function. 
 “Business Day” means any day other than a Legal Holiday. 

“Capital Lease Obligations” means, as to any Person, the obligations of such Person under a lease that are required to be
classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at the time any determination thereof is to be made shall be the amount of the liability in respect of a
capital lease that would at such time be so required to be capitalized on a balance sheet in accordance with GAAP; provided, for the avoidance of doubt, that any obligations of the Issuers and their Restricted Subsidiaries either existing on
the Issue Date or created prior to any recharacterization described below (i) that were not included on the consolidated balance sheet of Cedar Fair as capital lease obligations as of such date of determination and (ii) that are
subsequently recharacterized as capital lease obligations due to a change in accounting treatment or otherwise, shall for all purposes of this Indenture not be treated as Capital Lease Obligations. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents, however designated, of
corporate stock or partnership or membership interests, whether common or preferred. 
 “Cash Equivalents” means: 

(a) United States dollars or Canadian dollars; 

(b) Government Securities having maturities of not more than twelve (12) months from the date of acquisition; 

(c) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank or trust company having capital and surplus in excess of $500.0 million; 

(d) repurchase obligations with a term of not more than thirty (30) days for underlying securities of the types described
in clauses (b) and (c) entered into with any financial institution meeting the qualifications specified in clause (c) above or any affiliate thereof; 

  
 -4- 

 (e) commercial paper issued by any issuer bearing at least an “A1”
rating for any short-term rating provided by S&P or “P1” by Moody’s and maturing within two hundred seventy (270) days of the date of acquisition or carrying an equivalent rating by a nationally recognized rating agency if
both of the two named Rating Agencies cease publishing ratings of commercial paper issuers; 
 (f) variable or fixed rate
notes issued by any issuer rated at least AA by S&P (or the equivalent thereof) or at least Aa2 by Moody’s (or the equivalent thereof) and maturing within one (1) year of the date of acquisition; 

(g) money market funds or programs (x) offered by any commercial or investment bank or insurance or mutual fund company
having capital and surplus in excess of $500.0 million or any affiliate thereof at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (f) of this definition, (y) offered by any
other United States or Canadian nationally recognized financial institution (i) at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (f), (ii) are rated AAA and (iii) the
fund is at least $4 billion or (z) registered under the Investment Company Act of 1940, as amended, that are administered by reputable financial institutions having capital and surplus of at least $500.0 million or affiliates thereof and the
portfolios of which are limited to investments of the character described in the foregoing subclauses hereof; and 
 (h) in
addition, in the case of any Foreign Subsidiary, high quality short-term investments which are customarily used for cash management purposes in any country in which such Foreign Subsidiary operates. 

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

(a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Exchange Act and the rules of the Commission thereunder as in effect on the Issue Date) of Equity Interests representing more than 50% (on a fully diluted basis) of the total voting power represented by the issued and outstanding Equity
Interests of Cedar Fair or the general partner of Cedar Fair then entitled to vote in the election of the Board of Directors of Cedar Fair or the General Partner of Cedar Fair generally; or 

(b) there shall be consummated any share exchange, consolidation or merger of Cedar Fair pursuant to which Cedar Fair’s
Equity Interests entitled to vote in the election of the Board of Directors of Cedar Fair generally would be converted into cash, securities or other property, or Cedar Fair sells, assigns, conveys, transfers, leases or otherwise disposes of all or
substantially all of its assets, in each case other than pursuant to a share exchange, consolidation or merger of Cedar Fair in which the holders of Cedar Fair’s Equity Interests entitled to vote in the election of the Board of Directors of
Cedar Fair generally immediately prior to the share exchange, consolidation or merger have, directly or indirectly, at least a majority of the total voting power in the aggregate of all classes of Equity Interests of the continuing or surviving
entity entitled to vote in the election of the Board of Directors of such Person generally immediately after the share exchange, consolidation or merger. 

  
 -5- 

 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if
(1) Cedar Fair becomes a direct or indirect wholly-owned subsidiary (the “Sub Entity”) of a holding company and (2) holders of securities that represented 100% of the voting power of the Equity Interests of Cedar Fair
immediately prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction), other than holders receiving solely cash in lieu of fractional shares, own directly or
indirectly at least a majority of the voting power of the Equity Interests of such holding company (and no Person or group owns, directly or indirectly, a majority of the voting power of the Equity Interests of such holding company); provided
that, upon the consummation of any such transaction, “Change of Control” shall thereafter include any Change of Control of any direct or indirect parent of the Sub Entity. 

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

“Commission” means the Securities and Exchange Commission. 

“Consolidated Cash Flow” means, with respect to any Person for any period, the Consolidated Net Income of such Person for
such period (i) plus, to the extent deducted in computing Consolidated Net Income: 
 (a) provision for taxes based on
income, profits or capital; 
 (b) consolidated interest expense; 

(c) Consolidated Non-Cash Charges; 

(d) any extraordinary, non-recurring or unusual losses or expenses, including, without limitation, (i) salary, benefit and
other direct savings resulting from workforce reductions by such Person implemented during such period, (ii) severance or relocation costs or expenses and fees and restructuring costs of such Person during such period, (iii) costs and
expenses incurred after the Issue Date related to employment of terminated employees incurred by such Person during such period, (iv) costs or charges (other than Consolidated Non-Cash Charges) incurred in connection with any equity offering,
Permitted Investment, acquisition, disposition, recapitalization or incurrence or repayment of Indebtedness permitted under this Indenture, including a refinancing thereof, and including any such costs and charges incurred in connection with the
Transactions (in each case whether or not successful), and any amendment or other modification of the Notes or other Indebtedness, and any additional interest in respect of the Notes, (v) fees, costs or other expenses incurred in connection
with the negotiation of the proposed merger pursuant to the Agreement and Plan of Merger, dated as of December 6, 2009, among Siddur Holdings, Ltd., Cedar Fair and the other parties thereto and the termination of such agreement and
(vi) losses realized in connection with any business disposition or any disposition of assets outside the ordinary course of business or the disposition of securities, in each case to the extent deducted in computing such Consolidated Net
Income and without regard to any limitations of Item 10(e) of Regulation S-K; 

  
 -6- 

 (e) any losses in respect of post-retirement benefits of such Person, as a result
of the application of Financial Accounting Standards Board Statement No. 106, to the extent that such losses were deducted in computing such Consolidated Net Income; and 

(f) any proceeds from business interruption insurance received by such Person during such period, to the extent the associated
losses arising out of the event that resulted in the payment of such business interruption insurance proceeds were included in computing Consolidated Net Income; 

(ii) minus, to the extent not excluded from the calculation of Consolidated Net Income, (x) non-cash gain or income of such Person for such period
(except to the extent representing an accrual for future cash receipts or a reversal of a reserve that, when established, was not eligible to be a Consolidated Non-Cash Charge) and (y) any extraordinary, non-recurring or unusual gains or income
and without regard to any limitations of Item 10(e) of Regulation S-K. 
 “Consolidated Interest Expense” means, with
respect to any Person for any period, consolidated interest expense of such Person for such period, whether paid or accrued, including amortization of original issue discount, non-cash interest payments and the interest component of Capital Lease
Obligations, on a consolidated basis determined in accordance with GAAP, but excluding additional interest in respect of the Notes, amortization or write-off of deferred financing fees and expensing of any other financing fees, and the non-cash
portion of interest expense resulting from the reduction in the carrying value under purchase accounting of outstanding Indebtedness; provided that, for purposes of calculating consolidated interest expense, no effect will be given to the
discount and/or premium resulting from the bifurcation of derivatives in accordance with the Financial Accounting Standards Board Accounting Standards Codification as a result of the terms of the Indebtedness to which such consolidated interest
expense applies; provided, further, that with respect to the calculation of the consolidated interest expense of Cedar Fair, the interest expense of Unrestricted Subsidiaries and any Person that is not a Subsidiary shall be excluded.

 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP, and without reduction for any dividends on Preferred Equity Interests; provided, however, that: 

(a) the Net Income of any Person that is not a Subsidiary or that is accounted for by the equity method of accounting shall be
included only to the extent of the amount of dividends or distributions paid in cash to the referent Person, in the case of a gain, or to the extent of any contributions or other payments by the referent Person, in the case of a loss; 

(b) the Net Income of any Person that is a Subsidiary that is not a Restricted Subsidiary shall be included only to the extent
of the amount of dividends or distributions paid in cash to the referent Person; 

  
 -7- 

 (c) solely for purposes of Section 4.07 hereof, the Net Income of any
Subsidiary of such Person that is not an Issuer or a Guarantor shall be excluded to the extent that the declaration or payment of dividends or similar distributions is not at the time permitted by operation of the terms of its charter or bylaws or
any other agreement, instrument, judgment, decree, order, statute, rule or government regulation to which it is subject; provided that the Consolidated Net Income of such Person will be increased by the amount of dividends or distributions or
other payments actually paid in cash (or converted to cash) by any such Subsidiary to such Person in respect of such period, to the extent not already included therein; 

(d) the cumulative effect of a change in accounting principles shall be excluded; 

(e) any after-tax effect of income (loss) (x) from the early extinguishment of Indebtedness or Hedging Obligations or
other derivative instruments, (y) from sales or dispositions of assets (other than in the ordinary course of business), or (z) that is extraordinary, non-recurring or unusual (without regard to any limitations of Item 10(e) of
Regulation S-K), in each case, shall be excluded; 
 (f) any non-cash compensation expense recorded from grants and periodic
remeasurements of stock appreciation or similar rights, stock options, restricted stock or other rights shall be excluded; 

(g) any non-cash impairment charge or asset write-off, including impairment charges or asset write-offs or write-downs relating
to intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded; 

(h) any fees, expenses and other charges in connection with the Transactions or any acquisition, investment, asset disposition,
issuance or repayment of debt, issuance of Equity Interests, refinancing transaction or amendment or other modification of any debt instrument shall be excluded; 

(i) gains and losses resulting solely from fluctuations in foreign currencies (including hedge agreements for currency exchange
risk) shall be excluded; and 
 (j) any net unrealized gain or loss (after any offset) resulting from Hedging Obligations
shall be excluded. 
 “Consolidated Non-Cash Charges” means, with respect to any Person for any period, the aggregate
depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period), impairment, compensation, rent, other non-cash expenses and write-offs and write-downs of assets
(including non-cash charges, losses or expenses attributable to the movement in the mark-to-market valuation of Hedging Obligations pursuant to Financial Accounting Standards Board Statement No. 133 or in connection with the early
extinguishment of Hedging Obligations) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period 

  
 -8- 

 
on a consolidated basis and otherwise determined in accordance with GAAP, but excluding (i) any such charge which consists of or requires an accrual of, or cash reserve for, anticipated cash
charges for any future period and (ii) the non-cash impact of recording the change in fair value of any embedded derivatives in accordance with the Financial Accounting Standards Board Accounting Standards Codification as a result of the terms
of any agreement or instrument to which such Consolidated Non-Cash Charges relate. 
 “Consolidated Secured Indebtedness Leverage
Ratio” means, as of any date of determination, the ratio of (1) the Total Secured Debt as of such date of determination to (2) Consolidated Cash Flow of Cedar Fair for the period of the most recent four consecutive fiscal quarters
for which internal financial statements are available, with such pro forma and other adjustments to Consolidated Cash Flow as are appropriate and consistent with the pro forma and other adjustment provisions set forth in the definition
of Total Indebtedness to Consolidated Cash Flow Ratio. 
 “Consolidated Total Assets” shall mean, as of any date of
determination for any Person, the total assets of such Person and its Subsidiaries on a consolidated basis, as shown on the most recent balance sheet of such Person immediately preceding such date of determination. 

“continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured
or waived. 
 “Corporate Trust Office of the Trustee” means the office of the Trustee at which at any time its corporate
trust business shall be principally administered, which office at the date hereof is located at 101 Barclay Street, Floor 7 East, New York, New York, Attention: International Corporate Trust, or such other address as the Trustee may designate from
time to time by notice to the Holders and the Issuers, or the corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Issuers). 

“Credit Agreement” means the credit agreement dated March 6, 2013, by and among Cedar Fair and Cedar Canada, as
borrowers, the lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent, and the other parties thereto, together with the related documents thereto (including, without limitation, any guarantee agreements and
security documents) as such agreement or facility may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement or indenture exchanging, extending the maturity of,
refinancing, renewing, replacing, substituting or otherwise restructuring, whether in the bank or debt capital markets (or combination thereof) (including increasing the amount of available borrowings thereunder or adding or removing Subsidiaries as
borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or facility or any successor or replacement agreement or facility. 

“Credit Facilities” means one or more credit agreements or debt facilities to which Cedar Fair and/or one or more of its
Restricted Subsidiaries are party from time to time (including without limitation the Credit Agreement), in each case with banks, investment banks, insurance companies, mutual funds or other lenders or institutional investors providing for revolving
credit 

  
 -9- 

 
loans, term loans, debt securities, bankers acceptances, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such
lenders against such receivables) or letters of credit, in each case as such agreements or facilities may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement or
indenture exchanging, extending the maturity of, refinancing, renewing, replacing, substituting or otherwise restructuring, whether in the bank or debt capital markets (or combination thereof) (including increasing the amount of available borrowings
thereunder or adding or removing Subsidiaries as borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or facility or any successor or replacement agreement or facility. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 “Depositary” means, initially, The Depository Trust Company and any and all successors thereto appointed as depositary
hereunder and having become such pursuant to an applicable provision hereof. 
 “Designated Non-cash Consideration” means
the Fair Market Value of non-cash consideration received by Cedar Fair or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth
the basis of such valuation, executed by the chief financial officer and one additional Officer of Cedar Fair, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash
Consideration. 
 “Designated Preferred Stock” means Preferred Equity Interests of Cedar Fair (other than Disqualified
Stock) that are issued for cash (other than to any of Cedar Fair’s Subsidiaries or an employee stock plan or trust established by Cedar Fair or any of its Subsidiaries) and are so designated as Designated Preferred Stock, pursuant to an
Officers’ Certificate, on the date of issuance thereof, the cash proceeds of which are excluded from the calculation set forth in Section 4.07(a)(3) hereof. 

“Disqualified Stock” means any Capital Stock which, by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or
prior to the date on which the Notes mature; provided, however, that any such Capital Stock may require the issuer of such Capital Stock to make an offer to purchase such Capital Stock upon the occurrence of certain events if the terms
of such Capital Stock provide that such an offer may not be satisfied and the purchase of such Capital Stock may not be consummated until the 91st day after the purchase of the Notes as required under Section 4.15 or Section 3.08 hereof.

  
 -10- 

 “Domestic Subsidiary” means any Subsidiary other than a Foreign Subsidiary and
any Canadian Subsidiary that is not a “controlled foreign corporation” (within the meaning of the Code) or a Subsidiary of such a “controlled foreign corporation.” 

“Eligible Institution” means a commercial banking institution that has combined capital and surplus of not less than $500.0
million or its equivalent in foreign currency, whose debt is rated by at least two nationally recognized statistical rating organizations in one of each such organization’s four highest generic rating categories at the time as of which any
investment or rollover therein is made. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights
to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Notes” means the Notes issued in the Exchange Offer pursuant to Section 2.06(f) hereof. 

“Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Existing Indebtedness” means any Indebtedness (other than Indebtedness under the Credit Agreement, the Notes and the
Guarantees, but including, for the avoidance of doubt, the $500.0 million in aggregate principal amount of 2021 Senior Notes issued on March 6, 2013) of Cedar Fair and its Subsidiaries in existence on the Issue Date after giving effect to the
consummation of the Transactions. 
 “Fair Market Value” means the value (which, for the avoidance of doubt, will take into
account any liabilities associated with related assets) that would be paid by a willing buyer to an unaffiliated willing seller in an arm’s-length transaction not involving distress or compulsion of either party, determined in good faith by the
Board of Directors of Cedar Fair (unless otherwise provided in this Indenture). 
 “Foreign Currency Obligations” means,
with respect to any Person, the obligations of such Person pursuant to any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect Cedar Fair or any Restricted Subsidiary of Cedar Fair against
fluctuations in currency values. 
 “Foreign Subsidiary” means (i) any Subsidiary that is not incorporated, formed or
organized under the laws of the United States, any state thereof or the District of Columbia and (ii) any Subsidiary of a Subsidiary described in the foregoing clause (i). 

“GAAP” means United States generally accepted accounting principles set forth in the opinions and pronouncements of the APB
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board 

  
 -11- 

 
or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are applicable as of the date of
determination; provided that, except as otherwise specifically provided, all calculations made for purposes of determining compliance with the terms of the provisions of this Indenture shall utilize GAAP as in effect on March 6, 2013.

 “Global Note Legend” means the legend set forth in Section 2.01(b) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted
Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto issued in accordance with Section 2.01 or 2.06 hereof. 

“Government Securities” means direct obligations of, or obligations guaranteed or insured by, (i) the United States or
any agency or instrumentality thereof for the payment of which guarantee or obligations the full faith and credit of the United States is pledged or (ii) Canada or any agency or instrumentality thereof for the payment of which guarantee or
obligations the full faith and credit of Canada is pledged. 
 “guarantee” means a guarantee (other than by endorsement of
negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness.

 “Guarantee” means a guarantee by a Guarantor of the Notes. 

“Guarantor” means Cedar Fair’s direct and indirect wholly-owned Restricted Subsidiaries (other than the Issuers) that
execute this Indenture or a supplemental indenture providing for the guaranty of the payment of the Notes, or any successor obligor under any Guarantee pursuant to the terms of this Indenture; provided that upon the release and discharge of
such Restricted Subsidiary or successor obligor from its Guarantee in accordance with this Indenture, such Restricted Subsidiary or successor obligor shall cease to be a Guarantor. 

“Hedging Obligations” means, with respect to any Person, (i) the obligations of such Person pursuant to any arrangement
with any other Person, whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic
payments made by such other Person calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements designed to protect
such Person against fluctuations in interest rates and (ii) any commodity futures contract, commodity swap, commodity option or other similar agreement or arrangement designed to protect against fluctuations in the price of commodities actually
used in the ordinary course of business of Cedar Fair and its Restricted Subsidiaries. 
 “Holder” means, with respect to
any Note, the Person in whose name such Note is registered in the register maintained by the Registrar. 

  
 -12- 

 “Indebtedness” means, with respect to any Person, any indebtedness of such
Person, whether or not contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof, but excluding, in any case, any undrawn letters of
credit or, if and to the extent drawn upon, such drawing is reimbursed no later than the fifth Business Day following payment on the letter of credit) or representing the balance deferred and unpaid of the purchase price of any property, which
purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto (including pursuant to capital leases) or representing any Hedging Obligations or Foreign Currency Obligations, except
any such balance that constitutes an accrued expense or trade payable or earn-out obligations, if and to the extent any of the foregoing (other than Hedging Obligations or Foreign Currency Obligations) would appear as a liability upon a balance
sheet of such Person prepared in accordance with GAAP, and also includes, to the extent not otherwise included, the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or,
with respect to any Restricted Subsidiary of such Person, the liquidation preference with respect to, any Preferred Equity Interests (but excluding, in each case, any accrued dividends) as well as the guarantee of items that would be included within
this definition. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Independent Financial Advisor” means a Person or entity which, in the judgment of the Board of Directors of Cedar Fair, is
independent and otherwise qualified to perform the task for which it is to be engaged. 
 “Indirect Participant” means a
Person who holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the $450,000,000 in
aggregate principal amount of 5.375% Senior Notes due 2024 of the Issuers issued under this Indenture on the Issue Date. 
 “Initial
Purchasers” means, with respect to the Initial Notes, J.P. Morgan Securities LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Fifth Third Securities, Inc. and KeyBanc Capital Markets Inc. 

“Investment Grade” designates a rating of BBB- or higher by S&P or Baa3 or higher by Moody’s or the equivalent of
such ratings by S&P or Moody’s. In the event that Cedar Fair shall select any other Rating Agency, the equivalent of such ratings by such Rating Agency shall be used. 

“Investment Grade Securities” means: 

(a) securities issued or directly and fully guaranteed or insured by the United States or Canadian government or any agency or
instrumentality thereof (other than Cash Equivalents) and in each case with maturities not exceeding two years from the date of acquisition; 

(b) securities that have a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent)
by S&P, or an equivalent rating by any other “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act; 

  
 -13- 

 (c) Investments in any fund that invests at least 95% of its assets in
Investments of the type described in clauses (a) and (b) which fund may also hold immaterial amounts of cash pending investment and/or distribution; and 

(d) corresponding instruments in countries other than the United States customarily utilized for high quality Investments and
in each case with maturities not exceeding two years from the date of acquisition. 
 “Investments” means, with respect to
any Person, all investments by such Person in other Persons (including Affiliates) in the forms of loans (including guarantees), advances or capital contributions, purchases or other acquisitions for consideration of Indebtedness, Equity Interests
or other securities and all other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP (excluding accounts receivable, deposits and prepaid expenses in the ordinary course of business, endorsements
for collection or deposits arising in the ordinary course of business, guarantees and intercompany notes permitted by Section 4.09 hereof, and commission, travel and similar advances to officers and employees made in the ordinary course of
business). For purposes of Section 4.07 hereof, the sale of Equity Interests of a Person that is a Restricted Subsidiary following which such Person ceases to be a Subsidiary shall be deemed to be an Investment by Cedar Fair in an amount equal
to the Fair Market Value of the Equity Interests of such Person held by Cedar Fair and its Restricted Subsidiaries immediately following such sale. 

“Issue Date” means June 3, 2014. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of
payment are authorized by law, regulation or executive order to remain closed. 
 “Letter of Transmittal” means the letter
of transmittal to be prepared by the Issuers and sent to all Holders of Notes for use by such Holders of Notes in connection with an Exchange Offer. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement and any lease in the nature thereof). 

“Make Whole Amount” means, with respect to any Note at any redemption date, the greater of (i) 1.0% of the principal
amount of such Note and (ii) the excess, if any, of (A) an amount equal to the present value of (1) the redemption price of such Note at June 1, 2019 (such redemption price being set forth in the table appearing in
Section 3.07(a)) plus (2) the remaining scheduled interest payments on the Notes to be redeemed (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date) to
June 1, 2019 (other than interest accrued but unpaid to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the then outstanding principal amount of the Notes to be redeemed, as
calculated by the Issuers. 

  
 -14- 

 “Marketable Securities” means: (a) Government Securities; (b) any
certificate of deposit maturing not more than 365 days after the date of acquisition issued by, or time deposit of, an Eligible Institution; (c) commercial paper maturing not more than 365 days after the date of acquisition issued by a
corporation (other than an Affiliate of Cedar Fair) with a rating by at least two nationally recognized statistical rating organizations in one of each such organization’s four highest generic rating categories at the time as of which any
investment therein is made, issued or offered by an Eligible Institution; (d) any bankers’ acceptances or money market deposit accounts issued or offered by an Eligible Institution; and (e) any fund investing exclusively in
investments of the types described in clauses (a) through (d) above. 
 “Moody’s” means Moody’s
Investor Services, Inc. 
 “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined
in accordance with GAAP. 
 “Net Proceeds” means the aggregate cash proceeds received by Cedar Fair or any of its
Restricted Subsidiaries, as the case may be, in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale), net
of the direct costs relating to such Asset Sale (including, without limitation, legal, accounting and investment banking fees, and sales commissions) and any relocation or brokerage expenses incurred as a result thereof, taxes paid or payable as a
result thereof (estimated reasonably and in good faith by Cedar Fair and after taking into account any available tax credits or deductions and any tax sharing arrangements), amounts required to be applied to the repayment of Indebtedness secured by
a Lien on the asset or assets that are the subject of such Asset Sale, any reserve for adjustment in respect of the sale price of such asset or assets and any reserve in accordance with GAAP against any liabilities associated with the asset disposed
of in such Asset Sale and retained by Cedar Fair or any of its Subsidiaries after such Asset Sale, including pension and other post-employment benefit liabilities and liabilities related to environmental matters, or against any indemnification
obligations associated with such Asset Sale. Net Proceeds shall exclude any non-cash proceeds received from any Asset Sale, but shall include such proceeds when and as converted by Cedar Fair or any Restricted Subsidiary to cash. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Notes” means the Initial Notes (including any Exchange Notes issued in exchange therefor) and any other notes issued after
the Issue Date in accordance with the fourth paragraph of Section 2.02 hereof treated as a single class of securities. For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued in
accordance with Section 2.02. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 

  
 -15- 

 “Offering Memorandum” means the offering memorandum, dated May 29,
2014, relating to and used in connection with the initial offering of the Initial Notes. 
 “Officer” means,
with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, Controller, Secretary, Assistant Secretary or any
Vice President of such Person, or any other officer designated by the Board of Directors. 
 “Officers’
Certificate” means a certificate signed on behalf of any Person by two of its Officers or of such Person’s partner or managing member, one of whom must be the principal executive officer, principal financial officer, treasurer or
principal accounting officer of such Person or of such Person’s partner or managing member, that meets the requirements of Section 11.05 hereof; provided, however, that with respect to any reference to an Officers’ Certificate
of the Issuers, collectively, the term “Officers’ Certificate” shall mean a certificate signed by two Officers of each Issuer in accordance with the foregoing.  

“Opinion of Counsel” means an opinion, in writing, satisfactory to the Trustee, from legal counsel, who may be an
employee of or counsel to any of the Issuers or any Subsidiary of the Issuers, that meets the requirements of Section 11.05 hereof. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Participating Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“Permitted Business” means the businesses of Cedar Fair and its Restricted Subsidiaries conducted (or proposed to be
conducted) on the Issue Date and any business reasonably related, ancillary or complementary thereto and any reasonable extension or evolution of any of the foregoing. 

“Permitted Investments” means: 

(a) Investments in Cedar Fair or in a Restricted Subsidiary; 

(b) Investments in cash, Cash Equivalents, Marketable Securities and Investment Grade Securities; 

(c) any guarantee of Obligations of Cedar Fair or a Restricted Subsidiary permitted by Section 4.09 hereof; 

(d) Investments by Cedar Fair or any of its Restricted Subsidiaries in a Person if, as a result of such Investment:
(i) such Person becomes a Restricted Subsidiary or (ii) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, Cedar Fair or a Restricted
Subsidiary; 

  
 -16- 

 (e) Investments received in settlement of debts and owing to Cedar Fair or any of
its Restricted Subsidiaries, in satisfaction of judgments, acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms, in a foreclosure of a Lien, or as payment on a claim made in connection
with any bankruptcy, liquidation, receivership or other insolvency proceeding; 
 (f) any Investment existing on, or made
pursuant to binding commitments existing on, the Issue Date and any Investment consisting of an extension, modification, renewal, replacement, refunding or refinancing of any Investment existing on, or made pursuant to a binding commitment existing
on, the Issue Date; provided that the amount of any such Investment may be increased (i) as required by the terms of such Investment as in existence on the Issue Date or (ii) as otherwise permitted under this Indenture; 

(g) Investments in any Person to the extent such Investment represents the non-cash portion of the consideration received for
an Asset Sale that was made pursuant to and in compliance with Section 4.10 hereof or for an asset disposition that does not constitute an Asset Sale; 

(h) loans or advances or other similar transactions with customers, distributors, clients, developers, suppliers or purchasers
or sellers of goods or services, in each case, in the ordinary course of business, regardless of frequency; 
 (i) other
Investments in an amount not to exceed the greater of (x) $100.0 million and (y) 5.0% of Consolidated Total Assets (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent
changes in value) at any one time outstanding for all Investments made after the Issue Date; provided, however, that if any Investment pursuant to this clause (i) is made in any Person that is not a Restricted Subsidiary of Cedar
Fair at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of Cedar Fair after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (a) above and shall cease to have
been made pursuant to this clause (i) for so long as such Person continues to be a Restricted Subsidiary; 
 (j) any
Investment solely in exchange for, or made with the proceeds of, the issuance of Qualified Capital Stock; 
 (k) any
Investment in connection with Hedging Obligations and Foreign Currency Obligations otherwise permitted under this Indenture; 

(l) any contribution of any Investment in a joint venture or partnership that is not a Restricted Subsidiary to a Person that
is not a Restricted Subsidiary in exchange for an Investment in the Person to whom such contribution is made; 
 (m) any
Investment acquired after the Issue Date as a result of the acquisition by Cedar Fair or any of its Restricted Subsidiaries of another Person, including by way of a merger, amalgamation or consolidation with or into Cedar Fair or any of its
Restricted Subsidiaries in a transaction that is not prohibited by this Indenture after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in
existence on the date of such acquisition, merger, amalgamation or consolidation; 

  
 -17- 

 (n) any Investment consisting of workers’ compensation, performance and
other similar deposits, prepayment and other credits to suppliers or landlords made in the ordinary course of business; 

(o) guaranties made in the ordinary course of business of obligations owed to landlords, suppliers, customers, and licensees of
Cedar Fair or any of its Restricted Subsidiaries; 
 (p) loans and advances to officers, directors and employees for
business-related travel expenses, moving and relocation expenses and other similar expenses, in each case incurred in the ordinary course of business; 

(q) any Investment consisting of the licensing or contribution of intellectual property pursuant to joint marketing
arrangements with other Persons; and 
 (r) any Investment consisting of purchases and acquisitions of inventory, supplies,
materials and equipment or purchases of contract rights or licenses of intellectual property or leases, in each case, in the ordinary course of business. 

“Permitted Liens” means: 

(a) Liens securing the Notes and Liens securing any Guarantee (including the Exchange Notes and related Guarantees thereof
issued in exchange therefor pursuant to the Registration Rights Agreement); 
 (b) Liens securing (x) Indebtedness under
any Credit Facility (and related Hedging Obligations and cash management obligations to the extent such Liens arise under the definitive documentation governing such Indebtedness and the incurrence of such Obligations is not otherwise prohibited by
this Indenture) permitted by Section 4.09(b)(2) and Section 4.09(b)(11) hereof and (y) other Indebtedness permitted under Section 4.09 hereof; provided that in the case of any such Indebtedness described in this subclause
(y), such Indebtedness, when aggregated with the amount of Indebtedness of the Issuers and the Guarantors which is secured by a Lien, does not cause the Consolidated Secured Indebtedness Leverage Ratio to exceed 3.75 to 1.0 as of the last day of the
most recent quarter for which internal financial statements are available on the date such Indebtedness is incurred; provided, further, that at the option of Cedar Fair, Indebtedness under any revolving commitments shall be deemed to
have been incurred in the full amount of the commitments therefor on the date such commitments are outstanding and shall thereafter be deemed to be outstanding at all times thereafter in such amount until such commitments are terminated; 

(c) Liens securing (i) Hedging Obligations and Foreign Currency Obligations permitted to be incurred under
Section 4.09 hereof and (ii) cash management obligations not otherwise prohibited by this Indenture; 

  
 -18- 

 (d) Liens securing (i) Purchase Money Indebtedness permitted under
Section 4.09(b)(6) hereof; provided that such Liens do not extend to any assets of Cedar Fair or its Restricted Subsidiaries other than the assets so acquired, constructed, installed or improved, products and proceeds thereof and
insurance proceeds with respect thereto and (ii) Capital Lease Obligations permitted under Section 4.09(b)(6) hereof; provided that such Liens do not extend to any assets of Cedar Fair or its Restricted Subsidiaries other than the
assets subject to the sale and leaseback transaction, products and proceeds thereof and insurance proceeds with respect thereto; 

(e) Liens on property of a Person existing at the time such Person is merged or amalgamated into or consolidated with Cedar
Fair or any of its Restricted Subsidiaries; provided that such Liens were not incurred in connection with, or in contemplation of, such merger, amalgamation or consolidation and do not apply to any assets other than the assets of the Person
acquired in such merger, amalgamation or consolidation; 
 (f) Liens on property of an Unrestricted Subsidiary at the time
that it is designated as a Restricted Subsidiary pursuant to the definition of “Unrestricted Subsidiary”; provided that such Liens were not incurred in connection with, or contemplation of, such designation; 

(g) Liens on property existing at the time of acquisition thereof by Cedar Fair or any Restricted Subsidiary of Cedar Fair;
provided that such Liens were not incurred in connection with, or in contemplation of, such acquisition and do not extend to any assets of Cedar Fair or any of its Restricted Subsidiaries other than the property so acquired, constructed,
installed or improved, products and proceeds thereof and insurance proceeds with respect thereto; 
 (h) Liens to secure the
performance of statutory obligations, or letters of credit issued in the ordinary course of business, surety or appeal bonds or performance bonds, or landlords’, carriers’, warehousemen’s, mechanics’, suppliers’, 30-day
goods suppliers’, unpaid vendors’, repairer’s, storer’s, materialmen’s or other like Liens, in any case incurred in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good
faith by appropriate process of law, if a reserve or other appropriate provision, if any, as is required by GAAP is made therefor; 

(i) Liens existing on the Issue Date; 

(j) Liens for unpaid wages, vacation pay, pension plan contributions, unfunded pension liabilities, employee and non-resident
withholding taxes, unremitted goods and services and provincial sales taxes, payroll, business, income and other taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by
appropriate proceedings; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP is made therefor; 

  
 -19- 

 (k) Liens securing Indebtedness permitted under Section 4.09(b)(10) hereof;
provided that such Liens shall not extend to assets other than the assets that secure such Indebtedness being refinanced; 

(l) Liens (other than Liens created or imposed under ERISA) incurred or deposits made by Cedar Fair or any of its Restricted
Subsidiaries in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, bids, leases, government
contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 

(m) easements, rights-of-way, covenants, licenses, sewers, electric lines, telegraph and telephone lines and other similar
purposes, restrictions (including zoning restrictions), minor defects or irregularities in title and other similar charges or encumbrances not, in any material respect, impairing the use of the encumbered property for its intended purposes; 

(n) licenses, sublicenses, leases or subleases granted to others not interfering in any material respect with the business of
Cedar Fair or its Restricted Subsidiaries; 
 (o) Liens in favor of customs and revenue authorities arising as a matter of
law to secure payment of customs duties in connection with the importation of goods and Liens deemed to exist in connection with Investments in repurchase agreements that constitute Cash Equivalents; 

(p) normal and customary rights of setoff upon deposits of cash in favor of banks or other depository institutions; 

(q) Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of
collection; 
 (r) Liens not provided for in clauses (a) through (q) above so long as the Notes are secured by the
assets subject to such Liens on an equal and ratable basis or on a basis prior to such Liens; provided that to the extent that such Lien secured Indebtedness that is subordinated to the Notes, such Lien shall be subordinated to and be later
in priority than the Notes on the same basis; 
 (s) Liens securing Indebtedness of any Foreign Subsidiary incurred in
accordance with Section 4.09(b)(14) hereof; 
 (t) Liens in favor of Cedar Fair or any Restricted Subsidiary; 

(u) Liens securing reimbursement obligations with respect to commercial letters of credit which solely encumber goods and/or
documents of title and other property relating to such letters of credit and products and proceeds thereof; 

  
 -20- 

 (v) extensions, renewals or refundings of any Liens referred to in clause (e),
(g) or (i) above; provided that any such extension, renewal or refunding does not extend to any assets or secure any Indebtedness not securing or secured by the Liens being extended, renewed or refinanced; 

(w) other Liens securing Indebtedness that is permitted by the terms of this Indenture to be outstanding having an aggregate
principal amount at any one time outstanding not to exceed $50.0 million; 
 (x) Liens incurred to secure any treasury
management arrangement; 
 (y) Liens on Equity Interests of Unrestricted Subsidiaries; 

(z) judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal
proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired; 

(aa) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by Cedar
Fair and its Restricted Subsidiaries in the ordinary course of business; 
 (bb) any interest or title of a lessor under any
Capital Lease Obligation or operating lease; and 
 (cc) any encumbrance or restriction (including put and call arrangements)
with respect to capital stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust or unincorporated organization (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity, subdivision or business) or any other entity, including any government
or any agency or political subdivision thereof. 
 “Preferred Equity Interest” in any Person, means an Equity
Interest of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over Equity
Interests of any other class in such Person. 
 “Private Placement Legend” means the legend set forth in Section 2.01
hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions hereof. 

  
 -21- 

 “Pro Forma Cost Savings” means, with respect to any period, the reduction
in net costs and expenses and related adjustments that: 
 (i) were directly attributable to an acquisition, merger,
amalgamation, consolidation, disposition or operational change that occurred during the four-quarter reference period or subsequent to the four-quarter reference period and on or prior to the date of determination and calculated on a basis that is
consistent with Regulation S-X under the Securities Act, 
 (ii) were actually implemented by the business that was the
subject of any such acquisition, merger, amalgamation, consolidation, disposition or operational change or by any related business of Cedar Fair or any Restricted Subsidiary with which such business is proposed to be or is being or has been
integrated within 12 months after the date of the acquisition, merger, amalgamation, consolidation, disposition or operational change and prior to the date of determination that are supportable and quantifiable by the underlying accounting records
of any such business, or 
 (iii) relate to the business that is the subject of any such acquisition, merger, consolidation
or disposition or any related business of Cedar Fair or any Restricted Subsidiary with which such business is proposed to be or is being or has been integrated and that are probable in the reasonable judgment of Cedar Fair based upon specifically
identifiable actions to be taken within 12 months of the date of the acquisition, merger, amalgamation, consolidation or disposition, 
 in each case
regardless of whether such reductions and related adjustments could then be reflected in pro forma financial statements in accordance with Regulation S-X under the Securities Act or any other regulation or policy related thereto, as if all
such reductions and related adjustments had been effected as of the beginning of such period. 
 “Purchase Money
Indebtedness” means Indebtedness (including Capital Lease Obligations) incurred (within 365 days of such purchase) to finance or refinance the purchase (including in the case of Capital Lease Obligations the lease), construction,
installation or improvement of any assets used or useful in a Permitted Business (whether through the direct purchase of assets or through the purchase of Capital Stock of any Person owning such assets); provided that the amount of
Indebtedness thereunder does not exceed 100% of the purchase cost of such assets and costs incurred in such construction, installation or improvement. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Capital Stock” means any Capital Stock of Cedar Fair that is not Disqualified Stock. 

“Rating Agencies” means: 

(a) S&P; 

(b) Moody’s; or 

(c) if S&P or Moody’s or both shall not make a rating of the Notes publicly available, a nationally recognized
securities rating agency or agencies, as the case may be, selected by Cedar Fair, which shall be substituted for S&P or Moody’s or both, as the case may be. 

  
 -22- 

 “Registration Rights Agreement” means (i) the Registration Rights Agreement
dated as of the Issue Date among the Issuers, the Guarantors and J.P. Morgan Securities LLC, for itself and as representative of the Initial Purchasers of the Initial Notes, and (ii) with respect to any Additional Notes, one or more similar
registration rights agreements between the Issuers and the other parties thereto relating to rights given by the Issuers to the purchasers of such Additional Notes. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Global Note bearing the Private Placement Legend and deposited with or on behalf of the
Depositary and registered in the name of the Depositary or its nominee, issued in an initial denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office of the
Trustee (or any successor group of the Trustee) charged with the administration of this Indenture or any other officer of the Trustee charged with the administration of this Indenture customarily performing functions similar to those performed by
any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Indenture. 
 “Restricted Definitive Note” means a
Definitive Note bearing the Private Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private
Placement Legend. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means the relevant 40-day distribution compliance period as
defined in Regulation S, which shall commence on June 3, 2014. 
 “Restricted Subsidiary” or “Restricted
Subsidiaries” means any Subsidiary of Cedar Fair, other than Unrestricted Subsidiaries. 
 “Rule 144” means Rule
144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

  
 -23- 

 “S&P” means Standard & Poor’s Rating Services, a division of
The McGraw-Hill Companies, Inc., and its subsidiaries, or any successor to the rating agency business thereof. 
 “Secured
Indebtedness” means any Indebtedness secured by a Lien on any assets of the Issuers or any Domestic Subsidiary that is a Restricted Subsidiary. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement. 

“Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date. 

“Subordinated Indebtedness” means Indebtedness of Cedar Fair or any Restricted Subsidiary that is expressly subordinated in
right of payment to the Notes or the Guarantees, as the case may be. 
 “Subsidiary” or “Subsidiaries”
means, with respect to any Person, any corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof. 

“TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb), as in effect on the
date of this Indenture. 
 “Total Indebtedness to Consolidated Cash Flow Ratio” means, with respect to any Person
for any period, the ratio of: 
 (1) the sum, without duplication, of (x) all Indebtedness of such Person and its
Restricted Subsidiaries on a consolidated basis (but, in the case of revolving credit loans, calculated using (a) for the purposes of determining the Total Indebtedness to Consolidated Cash Flow Ratio pursuant to 4.07(a)(2) hereof, the average
daily outstanding principal amount of revolving credit loans under all Credit Facilities of such Person and its Restricted Subsidiaries during the immediately preceding 12 calendar month period and (b) for all other purposes under this
Indenture, the lowest outstanding principal amount of revolving credit loans under all Credit Facilities of such Person and its Restricted Subsidiaries during the immediately preceding 12 calendar month period) and (y) the liquidation
preference of all Disqualified Stock of such Person and its Restricted Subsidiaries and all Preferred Equity Interests of Restricted Subsidiaries of such Person, in each case, at the time of determination (the “Calculation Date”) on
a consolidated basis, to 
 (2) the Consolidated Cash Flow of such Person for the four most recent full fiscal quarters
ending immediately prior to the date for which internal financial statements are available. 

  
 -24- 

 For purposes of this definition, “Consolidated Cash Flow” shall be calculated after giving effect on a
pro forma basis for the period of such calculation to (x) any Asset Sales or other dispositions or Asset Acquisitions (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of
such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Debt and also including any Consolidated
Cash Flow attributable to the assets which are the subject of the Asset Acquisition or Asset Sale or other disposition during the most recent period of four fiscal quarters ending prior to the Calculation Date (the “Measurement
Period”) or discontinued operations) and (y) operational changes that Cedar Fair or any of its Restricted Subsidiaries have both determined to make and have made, in each case occurring during the Measurement Period or at any time
subsequent to the last day of the Measurement Period and on or prior to the Calculation Date, as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence, assumption or liability for any such Acquired Debt) or
discontinued operations or operational change occurred on the first day of the Measurement Period, in each case giving effect to any Pro Forma Cost Savings. 

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma
calculations shall be made in good faith by a responsible financial or accounting Officer of Cedar Fair as set forth in an Officers’ Certificate delivered by Cedar Fair to the Trustee. 

“Total Secured Debt” means, as of any date of determination, the aggregate principal amount of Secured Indebtedness of the
Issuers and the Guarantors (other than Hedging Obligations and cash management obligations to the extent permitted by this Indenture) outstanding on such date (or deemed outstanding pursuant to clause (b) of the definition of “Permitted
Liens”), determined on a consolidated basis. 
 “Transactions” means the issuance of the Initial Notes on the Issue
Date, including the use of proceeds therefrom to redeem all of the Issuers’ outstanding 9.125% senior notes due 2018 and the other transactions undertaken in connection with the foregoing as to the extent not inconsistent with the Offering
Memorandum. 
 “Treasury Rate” means, at the time of computation, the yield to maturity of United States Treasury
Securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) which has become publicly available at least two Business Days prior to the redemption date or, if such Statistical
Release is no longer published, any publicly available source of similar market data) most nearly equal to the period from the redemption date to June 1, 2019; provided, however, that if the period from the redemption date to
June 1, 2019 is not equal to the constant maturity of a United States Treasury Security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year)
from the weekly average yields of United States Treasury Securities for which such yields are given, except that if the period from 

  
 -25- 

 
the redemption date to June 1, 2019 is less than one year, the weekly average yield on actually traded United States Treasury Securities adjusted to a constant maturity of one year shall be
used. 
 “Trustee” means The Bank of New York Mellon until a successor replaces The Bank of New York Mellon in
accordance with the applicable provisions hereof and thereafter means the successor serving hereunder. 

“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the
Private Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note substantially in the
form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of
the Depositary, representing Notes that do not bear the Private Placement Legend. 
 “Unrestricted
Subsidiary” or “Unrestricted Subsidiaries” means: (A) any Subsidiary designated as an Unrestricted Subsidiary in a resolution of Cedar Fair’s Board of Directors in accordance with the instructions set forth below;
and (B) any Subsidiary of an Unrestricted Subsidiary. 
 Cedar Fair’s Board of Directors may designate any Subsidiary
(including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary so long as: 
 (a) no portion of
the Indebtedness or any other obligation (contingent or otherwise) of such Subsidiary, immediately after such designation: (i) is guaranteed by Cedar Fair or any of its Restricted Subsidiaries; (ii) is recourse to Cedar Fair or any of its
Restricted Subsidiaries; or (iii) subjects any property or asset of Cedar Fair or any of its Restricted Subsidiaries to satisfaction thereof; 

(b) except as otherwise permitted by this Indenture (including by Section 4.11 hereof), neither Cedar Fair nor any other
Subsidiary (other than another Unrestricted Subsidiary) has any contract, agreement, arrangement or understanding with such Subsidiary, written or oral, other than on terms no less favorable to Cedar Fair or such other Subsidiary than those that
might be obtained at the time from Persons who are not Cedar Fair’s Affiliates; and 
 (c) neither Cedar Fair nor any
other Subsidiary (other than another Unrestricted Subsidiary) has any obligation: (i) to subscribe for additional shares of Capital Stock of such Subsidiary or other equity interests therein; or (ii) to maintain or preserve such
Subsidiary’s financial condition or to cause such Subsidiary to achieve certain levels of operating results. 
 If at any time after
the Issue Date Cedar Fair designates an additional Subsidiary as an Unrestricted Subsidiary, Cedar Fair will be deemed to have made a Restricted Investment in an amount equal to the Fair Market Value (as determined in good faith by Cedar Fair’s
Board of Directors evidenced by a resolution of Cedar Fair’s Board of Directors and set forth in an 

  
 -26- 

 
Officers’ Certificate of Cedar Fair delivered to the Trustee no later than ten Business Days following such designation) of such Subsidiary. An Unrestricted Subsidiary may be designated as a
Restricted Subsidiary if, at the time of such designation after giving pro forma effect thereto, no Default or Event of Default shall have occurred or be continuing. 

“U.S. Government Securities” means direct obligations of, or obligations guaranteed or insured by, the United States or any
agency or instrumentality thereof for the payment of which guarantee or obligations the full faith and credit of the United States is pledged. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) under the Securities Act. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing (a) the total of the product obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (b) the then outstanding principal amount of such Indebtedness. 

 

	SECTION 1.02.	Other Definitions. 

  

			
	Term	  	 Defined
 in Section

		
	“Additional Amounts”	  	4.17(a)
	“Affiliate Transaction”	  	4.11
	“Basket Period”	  	4.07
	“Calculation Date”	  	“Total Indebtedness to Consolidated Cash Flow Ratio”
	“Cedar Canada”	  	Preamble
	“Cedar Fair”	  	Preamble
	“Change of Control Offer”	  	4.15
	“Change of Control Payment”	  	4.15
	“Change of Control Payment Date”	  	4.15
	“Covenant Defeasance”	  	8.04
	“Covenant Suspension Event”	  	4.16
	“DTC”	  	2.01(b)
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.10
	“Excess Proceeds Offer”	  	3.08(a)
	“Excess Proceeds Offer Amount”	  	3.08(b)
	“Excess Proceeds Offer Period”	  	3.08(b)
	“Excess Proceeds Purchase Date”	  	3.08(b)
	“Excluded Holder”	  	4.17(a)
	“Global Note Legend	  	2.01(b)

  
 -27- 

			
	“incur”	  	4.09
	“Issuers”	  	Preamble
	“Legal Defeasance”	  	8.03
	“Magnum”	  	Preamble
	“Measurement Period”	  	“Total Indebtedness To Consolidated Cash Flow Ratio”
	“Paying Agent”	  	2.03
	“Payment Default”	  	6.01(e)
	“Private Placement Legend”	  	2.01(c)
	“Refinancing Indebtedness”	  	4.09
	“Registrar”	  	2.03
	“Regulation S Temporary Global Note Legend”	  	2.01(d)
	“Restricted Payments”	  	4.07
	“Reversion Date”	  	4.16
	“Sub Entity”	  	“Change of Control”
	“Suspended Covenants”	  	4.16
	“Suspension Period”	  	4.16
	“Tax Jurisdiction”	  	4.17(a)
	“Taxes”	  	4.17(a)

  

	SECTION 1.03.	Incorporation by Reference of Trust Indenture Act. 

 Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
 The following TIA
terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 

“indenture security holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes and the Guarantees means each of the Issuers and each of the Guarantors, respectively,
and any successor obligor upon the Notes and the Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the
TIA, defined by reference to another statute or defined by the Commission rule under the TIA have the meanings so assigned to them. 

  
 -28- 

	SECTION 1.04.	Rules of Construction. 

 Unless the context otherwise requires, 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive and “including” means “including without limitation”; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) provisions apply to successive events and transactions; and 

(6) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or successor
sections or rules adopted by the Commission from time to time. 
  

	SECTION 1.05.	Acts of Holders; Record Dates. 

 (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders shall be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in Person or by an
agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuers.
Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose hereof and conclusive in favor of the Trustee and the Issuers, if made in the manner provided in this Section 1.05. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such Person the execution thereof. Where such
execution is by a signer acting in a capacity other than such Person’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such Person’s authority. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) The Issuers may, in the circumstances permitted by the TIA, fix any date as the record date for the purpose of determining the Holders
entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other action, or to vote on any action, authorized or permitted to be given or taken by Holders. If not set by the Issuers prior to the first
solicitation of a Holder made by any Person in respect of any such action, or, in the case 

  
 -29- 

 
of any such vote, prior to such vote, the record date for any such action or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant
to Section 2.05 hereof) prior to such first solicitation or vote, as the case may be. With regard to any record date, only the Holders on such date (or their duly designated proxies) shall be entitled to give or take, or vote on, the relevant
action. 
 ARTICLE 2 
 THE NOTES

  

	SECTION 2.01.	Form and Dating. 

 (a) The Notes and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit A hereto, the terms of which are incorporated in and made a part hereof. The Notes may have notations, legends or endorsements approved as to form by the Issuers, and required by
law, stock exchange rule, agreements to which the Issuers are subject or usage. Each Note shall be dated the date of its authentication. The Notes shall be issuable only in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 (b) The Notes shall initially be issued in the form of one or more Global Notes and The Depository Trust Company
(“DTC”), its nominees, and their respective successors, shall act as the Depositary with respect thereto. Each Global Note shall (i) be registered in the name of the Depositary for such Global Note or the nominee of such
Depositary, (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions, and (iii) shall bear a legend (the “Global Note Legend”) in substantially the following form:

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A 

  
 -30- 

 
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 (c) Except as
permitted by Section 2.06(g) hereof, any Note not registered under the Securities Act shall bear the following legend (the “Private Placement Legend”) on the face thereof: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR (OR SUCH LONGER PERIOD AS IS REQUIRED TO COMPLY WITH THE SECURITIES ACT) IN THE CASE OF RULE 144A NOTES, AND 40 DAYS IN THE
CASE OF REGULATION S NOTES AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUERS,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO “NON-U.S. PERSONS” THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION

  
 -31- 

 
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO THE ISSUERS. THIS LEGEND WILL BE REMOVED UPON THE WRITTEN REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 THE HOLDER OF THIS SECURITY WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO ABOVE. 
 The Trustee must refuse to register any transfer of a Note bearing the Private Placement Legend that would violate the
restrictions described in such legend. 
 (d) Any temporary Note that is a Global Note issued pursuant to Regulation S shall bear a
legend (the “Regulation S Temporary Global Note Legend”) in substantially the following form: 
 THE RIGHTS ATTACHING
TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE. THE HOLDER OF THIS NOTE BY ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IF
IT IS A PURCHASER IN A SALE THAT OCCURS OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S OF THE SECURITIES ACT, IT ACKNOWLEDGES THAT, UNTIL EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” WITHIN THE MEANING OF RULE
903 OF REGULATION S, ANY OFFER OR SALE OF THIS NOTE SHALL NOT BE MADE BY IT TO A U.S. PERSON TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON WITHIN THE MEANING OF RULE 902(k) UNDER THE SECURITIES ACT. 

 

	SECTION 2.02.	Form of Execution and Authentication. 

 An Officer of each Issuer shall sign the
Notes for the Issuers by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the
time the Note is authenticated, the Note shall nevertheless be valid. 
 A Note shall not be valid until authenticated by the manual
signature of the Trustee. The signature of the Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture. All Notes shall be dated the date of their authentication. 

The Trustee shall authenticate (i) Initial Notes for original issue on the Issue Date in an aggregate principal amount of
$450.0 million, (ii) Exchange Notes at any time from time to time and (iii) subject to compliance with Section 4.09 hereof, one or more series of Additional Notes for original issue after the Issue Date (such Notes to be
substantially in the form of Exhibit A) in an unlimited amount pursuant to the resolutions of the Board of Directors of each of the Issuers and an Officers’ Certificate establishing the terms and forms of such Notes pursuant to

  
 -32- 

 
authorization of the Board of Directors or an indenture supplementing this Indenture, in each case upon written order of the Issuers in the form of an Officers’ Certificate, which
Officers’ Certificate shall, in the case of any issuance pursuant to clause (iii) above, certify that such issuance is in compliance with Section 4.09 hereof. In addition, each such Officers’ Certificate shall specify the amount
of Notes to be authenticated, the date on which the Notes are to be authenticated, whether the securities are to be Initial Notes, Exchange Notes or Notes issued under clause (iii) of the preceding sentence and the aggregate principal amount of
Notes outstanding on the date of authentication, and shall further specify the amount of such Notes to be issued as Global Notes or Definitive Notes. Such Notes shall initially be in the form of one or more Global Notes, which (i) shall
represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Notes to be issued, (ii) shall be registered in the name of the Depositary or its nominee and (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction. All Notes issued under this Indenture shall vote and consent together on all matters as one class and no series of Notes will have the right to vote or consent as a separate class on any
matter. 
 In authenticating Notes other than the Initial Notes, and accepting the additional responsibilities under this Indenture in
relation to such Notes, the Trustee shall receive and shall be fully protected in relying upon: 
 (a) (i) A copy of the
resolution or resolutions of the Board of Directors of each of the Issuers in or pursuant to which the terms and form of the Notes were established, certified by the Secretary or an Assistant Secretary of each of the Issuers to have been duly
adopted by the Board of Directors of such Issuer and to be in full force and effect as of the date of such certificate, and an Officers’ Certificate setting forth the terms and forms of such Notes pursuant to general authorization of the Board
of Directors or (ii) and executed supplemental indenture, if any; 
 (b) an Officers’ Certificate delivered in
accordance with Section 11.04 hereof; and 
 (c) an Opinion of Counsel which shall state: 

(1) that the form of such Notes has been established by a supplemental indenture or by or pursuant to a resolution of the Board
of Directors and an Officers’ Certificate in accordance with Sections 2.01 and 2.02 of this Indenture and in conformity with the other provisions of this Indenture; 

(2) that the terms of such Notes have been established in accordance with Section 2.01 of this Indenture and in conformity
with the other provisions of this Indenture; 
 (3) that such Notes, when authenticated and delivered by the Trustee and
issued by the Issuers in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuers, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles; and 

(4) that all laws and requirements in respect of the execution and delivery by the Issuers of such Notes have been complied
with. 

  
 -33- 

 The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes.
Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as an Agent to deal with the Issuers or any Affiliate of the Issuers. 
  

	SECTION 2.03.	Registrar and Paying Agent. 

 The Issuers shall maintain (i) an
office or agency where Notes may be presented for registration of transfer or for exchange (including any co-registrar, the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (“Paying
Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any
additional paying agent. The Issuers may change any Paying Agent, Registrar or co-registrar without prior notice to any Holder of a Note. The Issuers shall notify the Trustee in writing and the Trustee shall notify the Holders of the Notes of the
name and address of any Agent not a party to this Indenture. The Issuers may act as Paying Agent, Registrar or co-registrar. The Issuers shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which shall
incorporate the provisions of the TIA. The agreement shall implement the provisions hereof that relate to such Agent. The Issuers shall notify the Trustee in writing of the name and address of any such Agent. If the Issuers fail to maintain a
Registrar or Paying Agent, or fail to give the foregoing notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.07 hereof. 

The Issuers initially appoint the Trustee as Registrar, Paying Agent and agent for service of notices and demands (other than the type
contemplated by Section 11.08) in connection with the Notes. 
  

	SECTION 2.04.	Paying Agent To Hold Money in Trust. 

 The Issuers shall require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders of the Notes or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest on the
Notes, and shall notify the Trustee in writing of any Default by the Issuers in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any time may
require a Paying Agent to pay all money held by such Paying Agent to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuers) shall have no further liability for the money delivered to the Trustee. If any of the
Issuers act as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders of the Notes all money held it them as Paying Agent. 

  
 -34- 

	SECTION 2.05.	Lists of Holders of the Notes. 

 The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of Holders of the Notes and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuers shall furnish to the
Trustee at least two Business Days before each interest payment date and at such other times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of
the Notes, including the aggregate principal amount of the Notes held by each thereof, and the Issuers shall otherwise comply with TIA § 312(a). 
  

	SECTION 2.06.	Transfer and Exchange. 

 (a) Transfer and Exchange of Global Notes. A
Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary. Global Notes will be exchanged by the Issuers for Definitive Notes, subject to any applicable laws, if (i) the Issuers deliver to the Trustee notice from the Depositary that (A) the
Depositary is unwilling or unable to continue to act as Depositary for the Global Notes or (B) the Depositary is no longer a clearing agency registered under the Exchange Act and, in either case, the Issuers fail to appoint a successor
Depositary within 90 days after the date of such notice from the Depositary, (ii) the Issuers in their sole discretion determine that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and deliver a written
notice to such effect to the Trustee or (iii) upon request of the Trustee or Holders of a majority of the aggregate principal amount of outstanding Notes if there shall have occurred and be continuing a Default or Event of Default with respect
to the Notes; provided that in no event shall any temporary Note that is a Global Note issued pursuant to Regulation S be exchanged by the Company for Definitive Notes prior to (A) the expiration of the Restricted Period and (B) the
receipt by the Registrar of any certificate identified by the Issuers and their counsel to be required pursuant to Rule 903 or Rule 904 under the Securities Act. In any such case, the Issuers will notify the Trustee in writing that, upon
surrender by the Participants and Indirect Participants of their interests in such Global Note, Definitive Notes will be issued to each Person that such Participants, Indirect Participants and DTC jointly identify as being the beneficial owner of
the related Notes. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof,
pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this
Section 2.06. However, beneficial interests in a Global Note may be transferred and exchanged as provided in paragraph (b) or (c) below. 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depositary, in accordance with the provisions hereof and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth in
this Indenture to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with the applicable subparagraphs below. 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the
expiration of the Restricted Period, no transfer of beneficial interests in a Regulation S Global Note may be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser) unless permitted by applicable law
and made in compliance with subparagraphs (ii) and (iii) below. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this subparagraph (i) unless specifically stated above. 

  
 -35- 

 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to subparagraph (b)(i) above, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a
Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or, (B) (1) if Definitive Notes
are at such time permitted to be issued pursuant to this Indenture, a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a
Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise
applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to paragraph (h) below. 

(iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of subparagraph (b)(ii) above and the Registrar receives the following: 

(A) if the transferee will take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must
deliver a certificate in the form of Exhibit C hereto, including the certifications in item (1) thereof; and 

(B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (2) thereof. 

  
 -36- 

 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of subparagraph (ii) above, and if: 

(w) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement
and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Participating Broker-Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of any Issuer; 

(x) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (y) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (z) the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in item (1)(a) thereof, or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the applicable certifications in item (4) thereof; 

and, in each such case set forth in subparagraphs (A) and (B), if the Issuers so request or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in this Indenture and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to
subparagraph (x), (y), (z) or (w) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Officers’ Certificate from each Issuer in accordance with Section 2.02
hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (x), (y), (z) or (w) above.

  
 -37- 

 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer and Exchange of
Beneficial Interests for Definitive Notes. 
 (i) Transfer and Exchange of Beneficial Interests in Restricted Global Notes for
Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a
certificate to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof; 
 (C)
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the
certifications in item (2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(a) thereof; or 

(E) if such beneficial interest is being transferred to any Issuer or any of their respective Subsidiaries, a certificate to
the effect set forth in Exhibit C hereto, including the certifications in item (3)(b) thereof; 
 the Trustee shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to paragraph (h) below, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the certificate a Restricted
Definitive Note in the appropriate principal amount. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this paragraph (c) shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Restricted
Definitive Notes to the Persons in whose names such Notes are so registered. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this subparagraph (i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein. 

  
 -38- 

 (ii) Transfer and Exchange of Beneficial Interests in Restricted Global Notes for Unrestricted
Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form
of an Unrestricted Definitive Note only if the Registrar receives the following: 
 (A) if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note a certificate from such holder in the form of Exhibit D hereto, including the certifications in item (1)(b) thereof;
or 
 (B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the applicable certifications in item (4) thereof, 

and, in each such case set forth in subparagraphs (A) and (B), if the Issuers so request or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 (iii) Transfer and Exchange of Beneficial Interests in
Unrestricted Global Notes for Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note, then, upon satisfaction of the conditions set forth in subparagraph (b)(ii) above, the Trustee shall cause the aggregate principal amount of the
applicable Unrestricted Global Note to be reduced accordingly pursuant to paragraph (h) below, and the Issuers shall execute and the Trustee shall authenticate an Unrestricted Definitive Note in the appropriate principal amount. Any
Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this subparagraph (c)(iii) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Unrestricted Definitive Notes to the Persons in whose names such Notes are so registered. Any
Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this subparagraph (c)(iii) shall not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(i) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in Restricted Global Notes. If any Holder of a
Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a
Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such
Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (2)(b) thereof; 

  
 -39- 

 (B) if such Restricted Definitive Note is being transferred to a QIB in the form
of a beneficial interest in a Restricted Global Note in accordance with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof; or 

(C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in the form of a beneficial interest in a
Restricted Global Note in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof, 

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause
(A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above, the Regulation S Global Note. 

(ii) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of a
Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if the Registrar receives the following: 
 (A) if the Holder of such Definitive Notes proposes to exchange
such Notes for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (1)(c) thereof; or 

(B) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the applicable certifications in item (4) thereof; 

and, in each such case set forth in subparagraphs (A) and (B), if any Issuer so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to such Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs
in this subparagraph (d)(ii), the Trustee shall cancel the Restricted Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(iii) Transfer and Exchange of Unrestricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of an
Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted 

  
 -40- 

 
Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or
transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

(iv) If any such exchange or transfer from an Unrestricted Definitive Note or a Restricted Definitive Note, as the case may be, to a
beneficial interest is effected pursuant to subparagraphs (d)(ii) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Officers’ Certificate from the Issuers in
accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Unrestricted Definitive Notes or Restricted Definitive Notes, as the
case may be, so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of
Definitive Notes and such Holder’s compliance with the provisions of this paragraph (e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall
present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or its attorney, duly authorized in writing. In addition,
the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this paragraph (e). 

(i) Transfer of Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be
transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate
in the form of Exhibit C hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be
made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit C hereto, including, if any Issuer so requests, a certification or Opinion of Counsel in form reasonably acceptable to such Issuer to the effect that such transfer is in
compliance with the Securities Act. 

  
 -41- 

 (ii) Transfer and Exchange of Restricted Definitive Notes for Unrestricted
Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the
Registrar receives the following: 
 (A) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes
for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (1)(d) thereof; or 

(B) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the applicable certifications in item (4) thereof; 

and, in each such case set forth in subparagraph (A) and (B), if any Issuer so requests, an Opinion of Counsel in form reasonably
acceptable to such Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act. 
 (iii) Transfer of Unrestricted Definitive Notes to Unrestricted Definitive
Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of
the Exchange Offer in accordance with the Registration Rights Agreement, the Issuers shall issue and, upon receipt of an authentication order in the form of an Officers’ Certificate of the Issuers in accordance with Section 2.02 hereof,
the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount specified by the Issuers of the beneficial interests in the Restricted Global Notes of the same series
tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in a distribution of the Exchange Notes and (z) they are not
affiliates (as defined in Rule 144) of any Issuer, and accepted for exchange in the Exchange Offer and (ii) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes of the
same series tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in a distribution of the Exchange Notes and
(z) they are not affiliates (as defined in Rule 144) of the Issuers, and accepted for exchange in the Exchange Offer. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable
Restricted Global Notes to be reduced accordingly, and the Issuers shall execute and the Trustee shall authenticate and mail to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the applicable
principal amount. Any Notes that remain outstanding after the consummation of the Exchange Offer, and Exchange Notes issued in connection with the Exchange Offer, shall be treated as a single class of securities under this Indenture. 

  
 -42- 

 (g) Legends. The following legends shall appear on the faces of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions hereof. 
 (i)
Private Placement Legend. 
 (A) Except as permitted by subparagraph (g)(i)(B) below, each Global Note (other than an
Unrestricted Global Note) and each Definitive Note (other than an Unrestricted Definitive Note) (and all Notes issued in exchange therefor or substitution thereof) shall bear the Private Placement Legend. 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(ii),
(c)(iii), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(ii) Global Note Legend. Each Global Note shall bear the Global Note Legend. 

(iii) Regulation S Temporary Global Note Legend. Each temporary Note that is a Global Note issued pursuant to Regulation
S shall bear the Regulation S Temporary Global Note Legend. 
 (h) Cancellation and/or Adjustment of Global Notes. At such time as
all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global
Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon the Issuers’ order or at the Registrar’s request. 
 (ii) No service charge shall be made to a holder of a
beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.02, 2.10, 3.06, 3.08 and 9.05 hereof). 

  
 -43- 

 (iii) The Registrar shall not be required to register the transfer of or exchange any Note
selected for redemption in whole or in part, except for the unredeemed portion of any Note being redeemed in part. 
 (iv) All Global Notes
and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits hereof, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange. 
 (v) The Issuers shall not be required (A) to issue, to
register the transfer of or to exchange any Notes during a period beginning at the opening of business on a Business Day 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of
business on the day of selection or (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be
affected by notice to the contrary. 
 (vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the
provisions of Section 2.02 hereof. 
 (viii) [Reserved]. 

(ix) Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any transfer
taxes or securities laws with respect to any restrictions on transfer imposed under this Indenture or under applicable law (including any transfers between or among the Depositary’s Participants, Indirect Participants or beneficial owners in
any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 (j) Global Notes. Neither the Trustee nor any Agent shall
have any responsibility or obligation to any beneficial owner of an interest in a Global Note, Participant, Indirect Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any Participant or
Indirect Participant, with respect to any ownership interest in the Notes or with respect to the delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under
or with respect to such Global Notes to any Participant, Indirect Participant, beneficial owner or other Person (other than the Depositary). All notices and communications to be given to the Holders and all payments to be made to Holders in respect
of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only

  
 -44- 

 
through the Depositary subject to the Applicable Procedures of the Depositary. The Trustee and each Agent may rely and shall be fully protected in relying upon information furnished by the
Depositary with respect to its Participants, Indirect Participants and any beneficial owners. 
  

	SECTION 2.07.	Replacement Notes. 

 If any mutilated Note is surrendered to the Trustee, or the
Issuers and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, the Issuers shall issue and the Trustee, upon receipt of an Officers’ Certificate of the Issuers in accordance with Section 2.02
hereof, shall authenticate a replacement Note if the Trustee’s requirements for replacements of Notes are met. If required by the Trustee or the Issuers, the Holder must supply an indemnity bond sufficient in the judgment of the Trustee and the
Issuers to protect the Issuers, the Trustee, any Agent or any authenticating agent from any loss which any of them may suffer if a Note is replaced. The Issuers and the Trustee may charge for their expenses in replacing a Note. 

Every replacement Note is a joint and several obligation of the Issuers. 

 

	SECTION 2.08.	Outstanding Notes. 

 The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. 

If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it
that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under Section 4.01
hereof, it shall cease to be outstanding and interest on it shall cease to accrue. 
 Subject to Section 2.09 hereof, a Note does not
cease to be outstanding because any Issuer, a Subsidiary of any Issuer or an Affiliate of any Issuer holds the Note. 
  

	SECTION 2.09.	Treasury Notes. 

 In determining whether the Holders of the required principal
amount of Notes have concurred in any direction, waiver or consent, Notes owned by any Issuer, any Subsidiary of any Issuer or any Affiliate of any Issuer shall be considered as though not outstanding, except that for purposes of determining whether
the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Responsible Officer knows to be so owned shall be so considered. Notwithstanding the foregoing, Notes that are to be acquired by any Issuer, any
Subsidiary of any Issuer or an Affiliate of any Issuer pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such Issuer, a Subsidiary of an Issuer or an Affiliate of an Issuer until legal title to such
Notes passes to such Issuer, such Subsidiary or such Affiliate, as the case may be. 

  
 -45- 

	SECTION 2.10.	Temporary Notes. 

 Until permanent Notes are ready for delivery, the Issuers may
prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of permanent Notes but may have variations that the Issuers and the Trustee consider appropriate for temporary Notes. Without unreasonable
delay, the Issuers shall prepare and the Trustee, upon receipt of an Officers’ Certificate from each Issuer, shall authenticate permanent Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same
rights, benefits and privileges as permanent Notes. 
  

	SECTION 2.11.	Cancellation. 

 The Issuers at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall dispose of all canceled Notes in its customary manner (subject to the record retention requirements of the Exchange Act) and certificate of such disposal shall be delivered to the Issuers upon their
request therefor, unless the Issuers direct the Trustee in writing that canceled Notes to be returned to them. The Issuers may not issue new Notes to replace Notes that they have redeemed or paid or that have been delivered to the Trustee for
cancellation. 
  

	SECTION 2.12.	Defaulted Interest. 

 If the Issuers default in a payment of interest on the
Notes, they, jointly and severally, shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders of the Notes on a subsequent special record date, which
date shall be at the earliest practicable date but in all events at least five Business Days prior to the payment date, in each case at the rate provided in the Notes. The Issuers shall fix or cause to be fixed each such special record date and
payment date. At least 15 days before the special record date, the Issuers (or the Trustee, in the name of and at the expense of the Issuers) shall give to Holders of the Notes a notice that states the special record date, the related payment date
and the amount of such interest to be paid. 
  

	SECTION 2.13.	Record Date. 

 The record date for purposes of determining the identity of Holders
of the Notes entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture shall be determined as provided for in TIA § 316(c). 

 

	SECTION 2.14.	CUSIP Number. 

 The Issuers in issuing the Notes may use a “CUSIP”
number and, if they do so, the Trustee shall use the CUSIP number in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of
the CUSIP number printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes and any such redemption shall not be affected by any defect in or omission of such numbers. The
Issuers shall promptly notify the Trustee in writing of any change in the CUSIP number. 

  
 -46- 

	SECTION 2.15.	Joint and Several Obligations. 

 Each Note issued pursuant to this Indenture is a
joint and several obligation of the Issuers. 
 ARTICLE 3 

REDEMPTION 
  

	SECTION 3.01.	Notices to Trustee. 

 If the Issuers elect to redeem Notes pursuant to the
optional redemption provisions of Section 3.07 hereof, they shall furnish to the Trustee, at least 45 days (unless a shorter period is acceptable to the Trustee) but not more than 60 days before a redemption date, an Officers’ Certificate
of Cedar Fair setting forth (i) the redemption date, (ii) the principal amount of Notes to be redeemed and (iii) the redemption price. If the Issuers are required to make the redemption pursuant to Section 3.08 hereof, they shall
furnish the Trustee, at least five but not more than ten Business Days before the applicable purchase date, an Officers’ Certificate of Cedar Fair setting forth (i) the purchase date, (ii) the principal amount of Notes offered to be
purchased and (iii) the purchase price. 
  

	SECTION 3.02.	Selection of Notes To Be Redeemed. 

 (a) If less than all of the Notes are to be
redeemed at any time in accordance with Section 3.07 hereof, the selection of Notes for redemption shall be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are
listed, or if the Notes are not so listed on a pro rata basis or by lot or by such other method as the Trustee deems fair and appropriate or as may be required by the applicable rules of the Depositary; provided that no Notes with a
principal amount of $2,000 or less shall be redeemed in part. 
 (b) The Trustee shall promptly notify the Issuers in writing of the Notes
selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of them selected shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof;
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions hereof that
apply to Notes called for redemption also apply to portions of Notes called for redemption. 
  

	SECTION 3.03.	Notice of Redemption. 

 Subject to the provisions of Section 3.08 hereof, at
least 30 days but not more than 60 days before a redemption date, the Issuers shall give or cause to be given a notice of redemption to each Holder (with a copy to the Trustee) whose Notes are to be redeemed in accordance with Section 11.02.

  
 -47- 

 The notice shall identify the Notes to be redeemed and shall state 

(i) the redemption date; 

(ii) the redemption price; 

(iii) if any Note is being redeemed in part only, the portion of the principal amount of such Note to be redeemed and that,
after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued in the name of the Holder thereof upon cancellation of the original Note; 

(iv) the name and address of the Paying Agent; 

(v) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(vi) that, unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (vii) the paragraph of the Notes and/or Section hereof pursuant to which the
Notes called for redemption are being redeemed; and 
 (viii) that no representation is made as to the correctness or
accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 The Trustee shall give the notice of redemption in
the Issuers’ name and at the Issuer’s expense; provided that the Issuers shall have delivered to the Trustee, at least 10 days (unless a shorter period is acceptable to the Trustee) prior to the date the Issuers wish to have the
notice given, an Officers’ Certificate on behalf of Cedar Fair requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Any notice of redemption pursuant to Section 3.07(b) hereof may be given prior to the sale of Qualified Capital Stock giving rise to such
redemption, and any such redemption or notice of redemption may, at the Issuers’ discretion, be subject to one or more conditions precedent, including but not limited to, completion of an offering of Qualified Capital Stock. 

 

	SECTION 3.04.	Effect of Notice of Redemption. 

 Once notice of redemption is given in accordance
with Section 3.03 hereof, Notes called for redemption become due and payable on the redemption date at the redemption price. 
  

	SECTION 3.05.	Deposit of Redemption Price. 

 At least one Business Day prior to any redemption
date, the Issuers shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest on all Notes to be redeemed on that date. Following the redemption date, the Trustee or the Paying Agent
shall, upon written request of the Issuers, promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes
to be redeemed. 

  
 -48- 

 On and after the redemption date, so long as the Issuers do not default in the payment of the
redemption price, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuers to
comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided
in the Notes. 
  

	SECTION 3.06.	Notes Redeemed in Part. 

 Upon surrender and cancellation of a Note that is
redeemed in part, the Issuers shall issue and the Trustee shall authenticate for the Holder of the Notes at the expense of the Issuers a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

 

	SECTION 3.07.	Optional Redemption. 

 (a) Except as provided in paragraphs (b), (c) and
(d) below, the Notes will not be redeemable at the Issuers’ option prior to June 1, 2019. Thereafter, the Notes will be subject to redemption at the Issuers’ option, in whole or in part, upon not less than 30 nor more than
60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, together with accrued and unpaid interest thereon to the applicable redemption date (subject to the rights of Holders of record of
the Notes on the relevant record date to receive payments of interest on the related interest payment date), if redeemed during the 12-month period beginning on June 1 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2019
	  	 	102.688	% 
	 2020
	  	 	101.792	% 
	 2021
	  	 	100.896	% 
	 2022 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the foregoing, at any time and from time to time prior to June 1, 2017, the Issuers
may redeem up to 35% of the aggregate principal amount of the Notes outstanding (which includes Additional Notes, if any) at a redemption price equal to 105.375% of the principal amount thereof on the redemption date, together with accrued and
unpaid interest and additional interest, if any, to such redemption date (subject to the rights of Holders of record of the Notes on the relevant record date to receive payments of interest on the related interest payment date), with the net cash
proceeds of one or more public or private sales of Qualified Capital Stock, other than proceeds from a sale to Cedar Fair or any of its Subsidiaries or any employee benefit plan in which Cedar Fair or any of its Subsidiaries participates;
provided that (i) at least 65% in aggregate principal amount of the Notes originally issued (calculated after giving effect to any issuance of any Additional Notes) remains outstanding immediately after the occurrence of such redemption
and (ii) such redemption occurs no later than the 180th day following such sale of Qualified Capital Stock. 

  
 -49- 

 (c) In addition, at any time and from time to time prior to June 1, 2019, the Issuers may
redeem all or any portion of the Notes outstanding (which includes Additional Notes, if any) at a redemption price equal to (i) 100% of the aggregate principal amount of the Notes to be redeemed, together with accrued and unpaid interest and
any additional interest, if any, to such redemption date (subject to the rights of Holders of record of the Notes on the relevant record date to receive payments of interest on the related interest payment date), plus (ii) the Make Whole
Amount. 
 (d) The Issuers may at any time redeem, in whole but not in part, the outstanding Notes (upon giving notice in accordance with
this Indenture, which notice shall be irrevocable) at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest to the date of redemption, and all Additional Amounts (if any) then due and which will become due on
the date of redemption as a result of the redemption or otherwise, if on the next date on which any amount would be payable in respect of the Notes, any of the Issuers has become or would become obligated to pay any Additional Amounts in respect of
the Notes, and such Issuer cannot avoid any such payment obligation by taking reasonable measures available to it, as a result of: (i) any change in or amendment to the laws (or regulations promulgated thereunder) of a relevant Tax
Jurisdiction, or (ii) any change in or amendment to any official position of the relevant taxing authority regarding the application or interpretation of such laws or regulations, which change or amendment, in each case of (i) or
(ii) of this Section 3.07(d), is announced and becomes effective after the Issue Date (or, if the applicable relevant Tax Jurisdiction became a Tax Jurisdiction on a date after the Issue Date, such later date); provided that, prior
to the giving of any notice of redemption described in this Section 3.07(d), the Issuers will deliver to the Trustee: (x) an Officers’ Certificate stating that the obligation to pay the Additional Amounts or indemnification payments
cannot be avoided by such Issuer taking reasonable measures available to it; and (y) a written opinion of independent legal counsel to such Issuer of recognized standing to the effect that (subject to customary assumptions and exceptions) such
Issuer has or will become obligated to pay such Additional Amounts or indemnification payments as a result of a change, amendment, official interpretation or application described above. 

 

	SECTION 3.08.	Excess Proceeds Offer. 

 (a) When the cumulative amount of Excess Proceeds exceeds
$25.0 million, the Issuers shall make an offer to all Holders of the Notes (an “Excess Proceeds Offer”) to purchase the maximum principal amount of Notes that may be purchased out of such Excess Proceeds at an offer price in cash in
an amount equal to 100% of the principal amount thereof, together with accrued and unpaid interest to the date fixed for the closing of such offer in accordance with the procedures set forth in this Indenture. To the extent Cedar Fair or a
Restricted Subsidiary is required under the terms of Indebtedness of Cedar Fair or such Restricted Subsidiary (other than Subordinated Indebtedness), the Issuers shall also make a pro rata offer to the holders of such Indebtedness (including
the Notes) with such proceeds. If any Issuer notifies the Trustee in writing that the aggregate principal amount of Notes and other parity Indebtedness surrendered by holders thereof exceeds the amount of such Excess Proceeds, the Trustee shall
select the 

  
 -50- 

 
Notes to be purchased on a pro rata basis or otherwise in accordance with the applicable procedures of the Depositary. To the extent that the principal amount of Notes tendered pursuant to
an Excess Proceeds Offer is less than the amount of such Excess Proceeds, the Issuers may use any remaining Excess Proceeds for general corporate purposes in compliance with the provisions of this Indenture. Upon completion of an Excess Proceeds
Offer, the amount of Excess Proceeds shall be reset at zero. 
 (b) The Excess Proceeds Offer shall remain open for a period of 20 Business
Days following its commencement, except to the extent that a longer period is required by applicable law (the “Excess Proceeds Offer Period”). No later than five Business Days after the termination of the Excess Proceeds Offer
Period (the “Excess Proceeds Purchase Date”), the Issuers shall, to the extent lawful, purchase the maximum principal amount of Notes and pari passu Indebtedness that may be purchased with such Excess Proceeds (which maximum
principal amount of Notes and pari passu Indebtedness shall be the “Excess Proceeds Offer Amount”) or, if less than the Excess Proceeds Offer Amount has been tendered, all Notes tendered in response to the Excess Proceeds
Offer. 
 (c) The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act (or any successor rules) and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the Notes pursuant to an Excess Proceeds Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Section 3.08, the Issuers’ compliance with such laws and regulations shall not in and of itself be deemed to have caused a breach of their obligations under this Section 3.08. 

(d) If the Excess Proceeds Purchase Date is on or after an interest record date and on or before the related interest payment date, any
accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Excess Proceeds Offer.

 (e) Upon the commencement of any Excess Proceeds Offer, the Issuers shall give in accordance with Section 11.02 a notice to each of
the Holders of the Notes, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Excess Proceeds Offer. The notice, which shall govern the terms of the
Excess Proceeds Offer, shall state: 
 (i) that the Excess Proceeds Offer is being made pursuant to this Section 3.08
and the length of time the Excess Proceeds Offer shall remain open; 
 (ii) the Excess Proceeds Offer Amount, the purchase
price and the Excess Proceeds Purchase Date; 
 (iii) that any Note not tendered or accepted for payment shall continue to
accrue interest; 

  
 -51- 

 (iv) that, unless the Issuers default in making such payment, any Note accepted
for payment pursuant to the Excess Proceeds Offer shall cease to accrue interest after the Excess Proceeds Purchase Date; 

(v) that Holders electing to have a Note purchased pursuant to any Excess Proceeds Offer shall be required to surrender the
Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Issuers, the Depositary (if the Notes are Global), or a Paying Agent at the address specified in the notice at least three
Business Days before the Excess Proceeds Purchase Date; 
 (vi) that Holders shall be entitled to withdraw their election if
the Issuers, depositary or Paying Agent, as the case may be, receives, not later than the expiration of the Excess Proceeds Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount
of the Note the Holder delivered for purchase and a statement that such Holder is unconditionally withdrawing his election to have the Note purchased; 

(vii) that, if the aggregate principal amount of Notes surrendered by Holders and other pari passu Indebtedness tendered
by the holders thereof exceeds the Excess Proceeds Offer Amount, the Trustee shall select the Notes and the Issuers shall select the other pari passu Indebtedness to be purchased on a pro rata basis or otherwise in accordance with the
applicable procedures of the Depositary (with such adjustments as may be deemed appropriate by the Issuers so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess thereof, shall be purchased); and 

(viii) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered. 
 (f) On or before the Excess Proceeds Purchase Date, the Issuers shall, to the extent
lawful, accept for payment, on a pro rata basis to the extent necessary, the Excess Proceeds Offer Amount of Notes or portions thereof validly tendered and not properly withdrawn pursuant to the Excess Proceeds Offer, or if less than the
Excess Proceeds Offer Amount has been validly tendered and not properly withdrawn, all Notes or portions thereof validly tendered and not properly withdrawn, in each case, in denominations of $2,000 and integral multiples of $1,000 in excess
thereof, and deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Issuers in accordance with the terms of this Section 3.08. The Issuers or Paying Agent, as the case
may be, shall promptly (but in any case not later than five Business Days after termination of the Excess Proceeds Offer Period) mail or deliver to each tendering Holder of Notes an amount equal to the purchase price of the Notes validly tendered
and not properly withdrawn by such Holder and accepted by the Issuers for purchase, and the Issuers shall promptly issue a new Note, and the Trustee, upon delivery of an Officers’ Certificate, shall authenticate and mail or deliver such new
Note, to such Holder in principal amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note not so
accepted shall be promptly mailed or delivered by the Issuers to the Holder thereof. 
 (g) Other than as specifically provided in this
Section 3.08, any purchase pursuant to this Section 3.08 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

  
 -52- 

 ARTICLE 4 

COVENANTS 
  

	SECTION 4.01.	Payment of Notes. 

 (a) The Issuers, jointly and severally, shall pay or cause to
be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Trustee or the Paying Agent, if other
than any Issuer, holds as of 10:00 a.m. New York Time on the Business Day immediately preceding the due date of immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. If a payment
date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such amount for the intervening period. 

(b) The Issuers shall pay all additional interest, if any, in the same manner on the dates and in the amounts set forth in the Registration
Rights Agreement. In the event the Issuers are required to pay additional interest pursuant to the Registration Rights Agreement, the Issuers will provide written notice to the Trustee of the Issuers’ obligation to pay additional interest
promptly prior to the next interest payment date, which notice shall set forth the amount of additional interest to be paid by the Issuers. The Trustee shall not at any time be under any duty or responsibility to the Issuers or any Holders to
determine whether any additional interest is payable or the amount thereof. 
 (c) The Issuers shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; the Issuers shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

(d) Notwithstanding anything to the contrary contained in this Indenture, the Issuers, the Trustee and any Paying Agent may, to the extent it
is required to do so by law, deduct or withhold income or other similar taxes imposed from principal or interest payments hereunder. The Issuers, the Trustee and the Paying Agent shall reasonably cooperate with each other and shall provide each
other with copies of documents or information reasonably necessary for each of the Issuers, the Trustee and the Paying Agent to comply with any withholding tax or tax information reporting obligations imposed on any of them, including any
obligations imposed pursuant to an agreement with a governmental authority. 
  

	SECTION 4.02.	Maintenance of Office or Agency. 

 (a) The Issuers shall maintain an office or
agency (which may be an office of the Trustee or an Affiliate of the Trustee, Registrar or co-registrar) where notices and demands to or upon the Issuers in respect of the Notes and this Indenture (other than the type contemplated by

  
 -53- 

 
Section 11.08) may be served. The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the
Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 (b) The Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuers of their obligation to maintain an office
or agency for such purposes. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Issuers hereby designate the Corporate Trust Office of the Trustee as one such office or agency of the Issuers in accordance with
Section 2.03 hereof. 
  

	SECTION 4.03.	Reports. 

 (a) Whether or not required by the rules and regulations of the
Commission, so long as any Notes are outstanding, Cedar Fair will furnish to the Holders of Notes all quarterly and annual financial information within 15 days after the times specified for the filing of the information, documents and reports for
large accelerated filers, that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if Cedar Fair was required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report thereon by the independent registered public accounting firm of Cedar Fair; provided, however, that to the extent such reports are filed with
the Commission and publicly available, no additional copies need be provided to Holders of the Notes. The Trustee shall have no obligation to determine if and when any such reports have been filed with the Commission and are publicly available.
Cedar Fair shall either (i) notify the Trustee at such time as Cedar Fair becomes, or ceases to be, a reporting company or (ii) provide the reports to the Trustee for distribution to the Holders in accordance with this Section 4.03.

 (b) Cedar Fair will file the information described in Section 4.03(a) hereof with the Commission to the extent that the Commission
is accepting such filings. In addition, for so long as any Notes remain outstanding during any period when Cedar Fair is not subject to Section 13 or 15(d) of the Exchange Act, Cedar Fair will furnish to the Holders of the Notes and to
prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(c) In addition, following the first full fiscal quarter after the Issue Date beginning with the fiscal quarter ended June 30, 2014, so
long as any Notes are outstanding the Issuers will use commercially reasonable efforts to (A) within 15 Business Days after furnishing the reports required by Section 4.03(a) hereof, hold a conference call to discuss such reports, and
(B) issue a press release prior to the date of such conference call, announcing the time and date and either including information necessary to access the call or directing noteholders, prospective investors,

  
 -54- 

 
broker-dealers and securities analysts to contact the appropriate person at the Issuers to obtain such information; provided that Cedar Fair may satisfy the requirements of this
paragraph by issuing its regular quarterly earnings release and conducting its regular investor conference calls. 
 (d) Subject to
subsection (a) hereof, the Issuers shall provide the Trustee with a sufficient number of copies of all reports and other documents and information that the Trustee may be required to deliver to the Holders of the Notes under this
Section 4.03. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive or actual notice of any information contained therein
or determinable from information contained therein, including the Issuers’ compliance with any of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

 

	SECTION 4.04.	Compliance Certificate. 

 The Issuers shall deliver to the Trustee, within 120
days after the end of each fiscal year beginning with the fiscal year ended December 31, 2014, an Officers’ Certificate stating that a review of the activities of the Issuers and their Subsidiaries during the preceding fiscal year has been
made under the supervision of the signing Officers with a view to determining whether the Issuers and Guarantors have kept, observed, performed and fulfilled their obligations under this Indenture and further stating, as to each such Officer signing
such certificate, that to the best of his or her knowledge each such entity has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms,
provisions and conditions hereof, including, without limitation, a default in the performance or breach of Section 4.07, Section 4.09, Section 4.10 or Section 4.15 hereof (or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which he or she may have knowledge and what action each is taking or proposes to take with respect thereto). 
  

	SECTION 4.05.	Taxes. 

 Cedar Fair shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies except as contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the
Notes. 
  

	SECTION 4.06.	Stay, Extension and Usury Laws. 

 The Issuers covenant (to the extent that they
may lawfully do so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect
the covenants or the performance hereof; and the Issuers (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenants that they shall not, by resort to any such law, hinder, delay or
impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

  
 -55- 

	SECTION 4.07.	Limitation on Restricted Payments. 

 (a) Neither Cedar Fair nor any of its
Restricted Subsidiaries may, directly or indirectly: 
 (i) pay any dividend or make any distribution on account of any
Equity Interests of Cedar Fair other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of Cedar Fair; 

(ii) purchase, redeem or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or scheduled
sinking fund payment, any of Cedar Fair’s Equity Interests or any Subordinated Indebtedness, other than (i) Subordinated Indebtedness within one year of the stated maturity date thereof or in anticipation of satisfying a sinking fund
obligation due within one year and (ii) any such Equity Interests or Subordinated Indebtedness owned by or owed to (x) Cedar Fair or (y) any Restricted Subsidiary; 

(iii) pay any dividend or make any distribution on account of any Equity Interests of any Restricted Subsidiary, other than:

 (A) to Cedar Fair or any Restricted Subsidiary; or 

(B) to all holders of any class or series of Equity Interests of such Restricted Subsidiary on a pro rata basis; or 

(iv) make any Restricted Investment 

(all such prohibited payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default or Event of Default shall have
occurred and be continuing or would occur as a consequence thereof; 
 (2) the Total Indebtedness to Consolidated Cash Flow
Ratio of Cedar Fair at the time of such Restricted Payment is less than or equal to 5.00 to 1.00 determined on a pro forma basis; and 

(3) such Restricted Payment, together with the aggregate of all other Restricted Payments made after the Issue Date, is less
than the sum of: 
 (A) an amount equal to (x) Cedar Fair’s Consolidated Cash Flow for the period from the
beginning of the first fiscal quarter commencing on or after March 29, 2010 to the end of Cedar Fair’s fiscal quarter ended December 31, 2012 less the product of 1.75 times Cedar Fair’s Consolidated Interest Expense for such
period plus (y) Cedar Fair’s Consolidated Cash Flow for the period from January 1, 2013 to the end of the Cedar Fair’s most recently ended fiscal quarter for which internal financial statements are available at the time of such
Restricted Payment (the “Basket Period”) less the product of 1.50 times Cedar Fair’s Consolidated Interest Expense for the Basket Period; plus 

  
 -56- 

 (B) an amount equal to the sum of (x) 100% of the aggregate net cash
proceeds and the Fair Market Value (as determined in good faith by Cedar Fair) of any property or assets received by the Issuers from the issue or sale of Equity Interests (other than Disqualified Stock) of the Issuers (other than Equity Interests
sold to any of their Subsidiaries), following the Issue Date and (y) the aggregate amount by which Indebtedness (other than any Indebtedness owed to Cedar Fair or a Subsidiary) incurred by the Issuers or any Restricted Subsidiary subsequent to
the Issue Date is reduced on Cedar Fair’s balance sheet upon the conversion or exchange into Qualified Capital Stock (less the amount of any cash, or the Fair Market Value (as determined in good faith by Cedar Fair) of assets, distributed by
Cedar Fair or any Restricted Subsidiary upon such conversion or exchange); plus 
 (C) if any Unrestricted Subsidiary
is designated by Cedar Fair as a Restricted Subsidiary, an amount equal to the Fair Market Value (as determined in good faith by Cedar Fair) of the Investment by Cedar Fair or a Restricted Subsidiary in such Subsidiary at the time of such
designation; provided, however, that the foregoing amount shall not exceed the amount of Restricted Investments made by Cedar Fair or any Restricted Subsidiary in any such Unrestricted Subsidiary following the Issue Date which reduced
the amount available for Restricted Payments pursuant to this clause (3) less amounts received by Cedar Fair or any Restricted Subsidiary from such Unrestricted Subsidiary that increased the amount available for Restricted Payments pursuant to
clause (D) below; plus 
 (D) 100% of any cash dividends and other cash distributions and the Fair Market Value
(as determined in good faith by Cedar Fair) of property or assets other than cash received by Cedar Fair and its Restricted Subsidiaries from an Unrestricted Subsidiary since the Issue Date to the extent not included in Consolidated Cash Flow and
100% of the net proceeds received by Cedar Fair or any of its Restricted Subsidiaries from the sale of any Unrestricted Subsidiary; provided, however, that the foregoing amount shall not exceed the amount of Restricted Investments made
by Cedar Fair or any Restricted Subsidiary in any such Unrestricted Subsidiary following the Issue Date which reduced the amount available for Restricted Payments pursuant to this clause (3); plus 

(E) to the extent not included in clauses (A) through (D) above, an amount equal to the net reduction in Restricted
Investments of Cedar Fair and its Restricted Subsidiaries following the Issue Date resulting from payments in cash of interest on Indebtedness, dividends, or repayment of loans or advances, or other transfers of property, in each case, to Cedar Fair
or to a Restricted Subsidiary or from the net cash proceeds from the sale, conveyance, liquidation or other disposition of any such Restricted Investment. 

  
 -57- 

 (b) The foregoing provisions will not prohibit the following (provided that with respect
to clauses (9) and (10) below, no Default or Event of Default shall have occurred and be continuing): 
 (1) the
payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Indenture; 

(2) the redemption, repurchase, retirement or other acquisition of (x) any Equity Interests of Cedar Fair in exchange for,
or out of the net proceeds of the issue or sale within 60 days of, Equity Interests (other than Disqualified Stock) of Cedar Fair (other than Equity Interests (other than Disqualified Stock) issued or sold to any Subsidiary) or (y) Subordinated
Indebtedness of Cedar Fair or any Restricted Subsidiary (a) in exchange for, or out of the proceeds of the issuance and sale within 60 days of, Qualified Capital Stock, (b) in exchange for, or out of the proceeds of the incurrence within
60 days of, Refinancing Indebtedness permitted to be incurred Section 4.09(b)(10) hereof or other Indebtedness permitted to be incurred under Section 4.09 hereof or (c) with the Net Proceeds from an Asset Sale or upon a Change of
Control, in each case, to the extent required by the agreement governing such Subordinated Indebtedness but only if the Issuers shall have previously applied such Net Proceeds to make an Excess Proceeds Offer or made a Change of Control Offer, as
the case may be, in accordance with Section 3.08 or Section 4.15 hereof and purchased all Notes validly tendered pursuant to the relevant offer prior to redeeming or repurchasing such Subordinated Indebtedness; 

(3) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified Stock of Cedar Fair or
a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of Cedar Fair or such Restricted Subsidiary, as the case may be, so long as such refinancing Disqualified Stock is
permitted to be incurred pursuant to Section 4.09 hereof and constitutes Refinancing Indebtedness; 
 (4) the
declaration and payment of dividends to holders of any class or series of Disqualified Stock of Cedar Fair or any of its Restricted Subsidiaries or shares of Preferred Equity Interests of any Restricted Subsidiary issued in accordance with
Section 4.09 hereof; 
 (5) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants
or upon the vesting of restricted stock units if such Equity Interests represent the exercise price of such options or warrants or represent withholding taxes due upon such exercise or vesting; 

(6) the repurchase, retirement or other acquisition for value of Equity Interests of Cedar Fair or any Restricted Subsidiary of
Cedar Fair held by any future, present or former employee, director or consultant of Cedar Fair or any Subsidiary of Cedar Fair (or any such Person’s estates or heirs) pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or other agreement or 

  
 -58- 

 
arrangement; provided that the aggregate amounts paid under this clause (6) do not exceed $5.0 million in any calendar year; provided further that Cedar Fair may carry
forward and make in a subsequent calendar year the amount of such purchases, redemptions or other acquisitions permitted to have been made but not made in any preceding calendar year up to a maximum (without giving effect to the following proviso)
of $5.0 million in any calendar year pursuant to this clause (6); provided further that such amount in any calendar year may be increased by an amount not to exceed the cash proceeds of key man life insurance policies received by the
Issuers or any Restricted Subsidiary after the Issue Date; 
 (7) payments or distributions by Cedar Fair or any of its
Restricted Subsidiaries to dissenting stockholders pursuant to applicable law in connection with any merger, amalgamation or acquisition consummated on or after the Issue Date and not prohibited by this Indenture; 

(8) purchases, redemptions or acquisitions of fractional shares of Equity Interests arising out of stock dividends, splits or
combinations or business combinations; 
 (9) the declaration and payment of dividends or distributions to holders of any
class or series of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; provided, however, that (a) the Total Indebtedness to Consolidated Cash Flow Ratio of Cedar Fair, after giving effect to
such issuance on a pro forma basis, would have been no greater than 5.50 to 1.0 and (b) the aggregate amount of dividends declared and paid pursuant to this clause (9) does not exceed the net cash proceeds actually received
by Cedar Fair and its Restricted Subsidiaries from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; and 

(10) Restricted Payments in an aggregate amount not to exceed $60.0 million in any fiscal year. 

(c) Restricted Payments made pursuant to Section 4.07(a) and clause (1) of Section 4.07(b) and, to the extent made with the
proceeds of the issuance of Qualified Capital Stock, Investments made pursuant to clause (j) of the definition of “Permitted Investments”, shall be included as Restricted Payments in any computation made pursuant to clause (3) of
Section 4.07(a). Restricted Payments made pursuant to clauses (2) through (9) of Section 4.07(b) shall not be included as Restricted Payments in any computation made pursuant to clause (3) of Section 4.07(a). 

If Cedar Fair or any Restricted Subsidiary makes a Restricted Investment and the Person in which such Investment was made subsequently becomes
a Restricted Subsidiary, to the extent such Investment resulted in a reduction in the amounts calculated under clause (3) of Section 4.07(a) or under any other provision of this Section 4.07 (which was not subsequently reversed), then
such amount shall be increased by the amount of such reduction. 

  
 -59- 

	SECTION 4.08.	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

Cedar Fair shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist
or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (a) pay
dividends or make any other distribution to Cedar Fair or any of its Restricted Subsidiaries on its Capital Stock (it being understood that the priority of any Preferred Equity Interests in receiving dividends or liquidating distributions prior to
dividends or liquidating distributions being paid on common equity shall not be deemed a restriction on the ability to make distributions on Capital Stock) or with respect to any other interest or participation in, or measured by, its profits, or
pay any Indebtedness owed to Cedar Fair or any of its Subsidiaries; 
 (b) make loans or advances to Cedar Fair or any of its
Subsidiaries (it being understood that the subordination of loans or advances made to Cedar Fair or any Restricted Subsidiary to other Indebtedness incurred by Cedar Fair or any Restricted Subsidiary shall not be deemed a restriction on the ability
to make loans or advances); or 
 (c) transfer any of its properties or assets to Cedar Fair or any of its Restricted
Subsidiaries; 
 except for such encumbrances or restrictions existing under or by reason of: 

(i) Existing Indebtedness and existing agreements as in effect on the Issue Date (including, without limitation, the Credit
Agreement, this Indenture, the Notes, the Guarantees, the Registration Rights Agreement, the 2021 Senior Notes and the 2021 Senior Notes Indenture); 

(ii) applicable law, rule or regulation; 

(iii) any instrument governing Acquired Debt and any other agreement or instrument of an acquired Person or any of its
Subsidiaries as in effect at the time of acquisition (except to the extent such Indebtedness or other agreement or instrument was incurred in connection with, or in contemplation of, such acquisition), which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired or any of its Subsidiaries; 

(iv) Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Refinancing
Indebtedness are no more restrictive than those contained in the agreements governing the Indebtedness being refinanced; 

(v) this Indenture and the Notes or by Cedar Fair’s other Indebtedness ranking pari passu with the Notes;
provided that except as set forth in clause (vi) below such restrictions are no more restrictive taken as a whole than those imposed by this Indenture and the Notes; 

  
 -60- 

 (vi) any Credit Facility; provided that the restrictions therein are not
(i) materially more restrictive than the agreements governing such Indebtedness as in effect on the Issue Date or (ii) will not affect the Issuers’ ability to make principal or interest payments on the Notes (as determined by Cedar
Fair in good faith); 
 (vii) customary non-assignment provisions in contracts, leases, sub-leases and licenses entered into
in the ordinary course of business; 
 (viii) any agreement for the sale or other disposition of a Restricted Subsidiary or
any of its assets in compliance with the terms of this Indenture that restricts distributions by that Restricted Subsidiary pending such sale or other disposition; 

(ix) provisions limiting the disposition or distribution of assets or property (including cash) in joint venture agreements,
asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted Investment), and customary provisions in joint venture agreements and other
similar agreements applicable to the Equity Interests or Indebtedness of such joint venture, which limitation is applicable only to the assets that are the subject of such agreements; 

(x) Permitted Liens; 

(xi) any agreement for the sale of any Subsidiary or its assets that restricts distributions by that Subsidiary (or sale of
such Subsidiary’s Equity Interests) pending its sale; provided that during the entire period in which such encumbrance or restriction is effective, such sale (together with any other sales pending) would be permitted under the terms of
this Indenture; 
 (xii) secured Indebtedness otherwise permitted to be incurred by this Indenture that limits the right of
the debtor to dispose of the assets securing such Indebtedness; 
 (xiii) Purchase Money Indebtedness that imposes
restrictions of the type described in clause (c) above on the property so acquired; 
 (xiv) provisions in agreements or
instruments which prohibit the payment or making of dividends or other distributions other than on a pro rata basis; 

(xv) restrictions in Investments in Persons that are Restricted Subsidiaries; 

(xvi) any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
of the contracts, instruments or obligations referred to in clauses (i) through (xv) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are,
in Cedar Fair’s good faith judgment, not materially more restrictive as a whole with respect to such encumbrances and restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing; 

  
 -61- 

 (xvii) Indebtedness or other agreements including, without limitation, agreements
described in clause (ix) of this paragraph, of any Restricted Subsidiary that is not an Issuer or a Guarantor that impose restrictions solely on such Restricted Subsidiary and its Subsidiaries; or 

(xviii) any restriction on cash or other deposits or net worth imposed by customers, licensors or lessors or required by
insurance, surety or bonding companies, in each case under contracts entered into in the ordinary course of business. 
  

	SECTION 4.09.	Limitation on Incurrence of Indebtedness. 

 (a) Cedar Fair shall not, and shall
not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to (collectively, “incur”) any Indebtedness (including
Acquired Debt) or permit any of its Restricted Subsidiaries to issue any Preferred Equity Interests; provided, however, that, notwithstanding the foregoing, the Issuers and the Guarantors may incur Indebtedness (including Acquired
Debt) and any Guarantor may issue Preferred Equity Interests, in each case, if the Total Indebtedness to Consolidated Cash Flow Ratio of Cedar Fair at the time of such incurrence or issuance, as the case may be, would have been less than or equal to
5.50 to 1.00 determined on a pro forma basis (including a pro forma application of the net proceeds therefrom). 

(b) The foregoing limitation will not apply to any of the following incurrences of Indebtedness: 

(1) Indebtedness represented by the Notes and the Guarantees in an aggregate principal amount not to exceed $450.0 million
(including the Exchange Notes and related Guarantees thereof issued in exchange therefor pursuant to the Registration Rights Agreement); 

(2) Indebtedness of Cedar Fair or any Restricted Subsidiary under any Credit Facility in an aggregate principal amount at any
time outstanding not to exceed $1,285.0 million; 
 (3) (x) Indebtedness among Cedar Fair and its Restricted Subsidiaries;
provided that any such Indebtedness owed by an Issuer or a Guarantor to any Restricted Subsidiary that is not an Issuer or a Guarantor shall be subordinated to the prior payment in full when due of the Notes or the Guarantees, as applicable,
and (y) Preferred Equity Interests of a Restricted Subsidiary held by Cedar Fair or a Restricted Subsidiary; provided that if such Preferred Equity Interests are issued by an Issuer or a Guarantor, such
Preferred Equity Interests are held by an Issuer or a Guarantor; 
 (4) Acquired Debt of a Person incurred prior to the date
upon which such Person was acquired by Cedar Fair or any Restricted Subsidiary (and not created in contemplation of such acquisition); provided that after giving effect to the incurrence of such Acquired Debt on a pro forma basis
(including a pro forma application of the net proceeds therefrom), if more than $5.0 million of Indebtedness is at any time outstanding under this clause (4), either Cedar Fair could incur $1.00 of Indebtedness pursuant to the

  
 -62- 

 
first paragraph of this covenant or the Total Indebtedness to Consolidated Cash Flow Ratio of Cedar Fair is less than or equal to the Total Indebtedness to Consolidated Cash Flow Ratio of Cedar
Fair immediately prior to such acquisition; 
 (5) Existing Indebtedness (including the 2021 Senior Notes outstanding on the
Issue Date); 
 (6) Indebtedness consisting of Purchase Money Indebtedness and Capital Lease Obligations arising from sale
and leaseback transactions (when aggregated with the amount of Refinancing Indebtedness outstanding under clause (10) below in respect of Indebtedness incurred pursuant to this clause (6) in an aggregate amount not to exceed $200.0 million
outstanding at any time; 
 (7) Hedging Obligations of Cedar Fair or any of its Restricted Subsidiaries covering Indebtedness
of Cedar Fair or such Restricted Subsidiary; provided, however, that such Hedging Obligations are entered into for purposes of managing interest rate exposure or commodity pricing risk of Cedar Fair and its Restricted Subsidiaries and
not for speculative purposes; 
 (8) Foreign Currency Obligations of Cedar Fair or any of its Restricted Subsidiaries entered
into for purposes of managing exposure of Cedar Fair and its Restricted Subsidiaries to fluctuations in currency values and not for speculative purposes; 

(9) the incurrence by Cedar Fair or any of its Restricted Subsidiaries of Indebtedness in respect of letters of credit, bank
guarantees, workers’ compensation claims, health, disability or other employee benefits, property, casualty or liability insurance, self-insurance obligations, bankers’ acceptances, guarantees, performance, surety, statutory, appeal,
completion, export or import, indemnities, customs, revenue bonds or similar instruments in the ordinary course of business, including guarantees or obligations with respect thereto (in each case other than for an obligation for money borrowed);

 (10) the incurrence by Cedar Fair or any Restricted Subsidiary of Indebtedness or Disqualified Stock or Preferred Equity
Interests of a Restricted Subsidiary issued in exchange for, or the proceeds of which are used to extend, refinance, renew, replace, substitute or refund in whole or in part, Indebtedness or Disqualified Stock or Preferred Equity Interests of a
Restricted Subsidiary referred to in paragraph (a) of this Section 4.09 or in clause (1), (4), (5) or (6) above or this clause (10) of this Section 4.09(b) (“Refinancing Indebtedness”); provided,
however, that: 
 (A) the principal amount of such Refinancing Indebtedness shall not exceed the principal amount and
accrued interest of the Indebtedness so exchanged, extended, refinanced, renewed, replaced, substituted or refunded and any premiums payable and reasonable fees, expenses, commissions and costs in connection therewith; 

  
 -63- 

 (B) the Refinancing Indebtedness shall have a final maturity equal to or later
than, and a Weighted Average Life to Maturity equal to or greater than, the earlier of (i) 91 days after the final maturity date of the Notes and (ii) the final maturity and Weighted Average Life to Maturity, respectively, of the
Indebtedness being exchanged, extended, refinanced, renewed, replaced, substituted or refunded; 
 (C) if the Indebtedness
being Refinanced is subordinated in right of payment to the Notes or the Guarantees, such Refinancing Indebtedness is subordinated in right of payment to the Notes or such Guarantee on terms at least as favorable to the Holders of Notes as those
contained in the documentation governing the Indebtedness being exchanged, extended, refinanced, renewed, replaced, substituted or refunded; and 

(D) if the Indebtedness to be exchanged refinanced, renewed, replaced, substituted or refunded was the obligation of an Issuer
or a Guarantor, such Indebtedness shall not be incurred by any of Cedar Fair’s Restricted Subsidiaries other than an Issuer, a Guarantor or any Restricted Subsidiary that was an obligor under the Indebtedness so refinanced; 

(11) additional Indebtedness of Cedar Fair and any of its Restricted Subsidiaries in an aggregate principal amount not to
exceed $100.0 million at any one time outstanding (which may, but need not, be incurred under the Credit Facilities); 
 (12)
the guarantee by an Issuer or any Guarantor of Indebtedness of Cedar Fair or a Restricted Subsidiary that was permitted to be incurred by another provision of this Section 4.09 and the guarantee by any Restricted Subsidiary that is not an
Issuer or a Guarantor of any Indebtedness of any Restricted Subsidiary that is not an Issuer or a Guarantor; 
 (13) the
payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock; 

(14) Indebtedness of Foreign Subsidiaries in an aggregate principal amount not to exceed 5% of Consolidated Total Assets that
are attributable to Restricted Subsidiaries that are Foreign Subsidiaries; 
 (15) overdrafts paid within 10 Business Days;

 (16) customary purchase price adjustments and indemnifications in connection with acquisition or disposition of stock or
assets; 
 (17) guarantees to suppliers, licensors, artists or franchisees (other than guarantees of Indebtedness) in the
ordinary course of business; 
 (18) Indebtedness arising in connection with endorsement of instruments for collection or
deposit in the ordinary course of business; 

  
 -64- 

 (19) Indebtedness consisting of financing of insurance premiums incurred in the
ordinary course of business; 
 (20) Indebtedness, the proceeds of which are applied to defease or discharge the Notes
pursuant to Article 8 hereof; and 
 (21) Indebtedness owed on a short-term basis of no longer than 30 days to banks and
other financial institutions incurred in the ordinary course of business of Cedar Fair and its Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of
Cedar Fair and its Restricted Subsidiaries. 
 (c) For purposes of determining compliance with this Section 4.09, (x) the
outstanding principal amount of any item of Indebtedness shall be counted only once, and any obligation arising under any guarantee, Lien, letter of credit or similar instrument supporting such Indebtedness incurred in compliance with this
Section 4.09 shall be disregarded, and (y) if an item of Indebtedness meets the criteria of more than one of the categories described in clauses (b)(1) through (21) above or is permitted to be incurred pursuant to Section 4.09(a)
hereof and also meets the criteria of one or more of the categories described in clauses (1) through (21) of Section 4.09(b), Cedar Fair shall, in its sole discretion, classify such item of Indebtedness in any manner that complies
with this Section 4.09 and may from time to time reclassify such item of Indebtedness in any manner in which such item could be incurred at the time of such reclassification; provided that Indebtedness outstanding under the Credit
Agreement on the Issue Date (and any Indebtedness secured by a Lien that refinances such Indebtedness) shall be deemed to be outstanding under clause (b)(2) above and may not be reclassified. 

(d) Accrual of interest or dividends on Preferred Equity Interests, the accretion of original issue discount and the payment of interest or
dividends on Preferred Equity Interests in the form of additional Indebtedness or Preferred Equity Interests of the same class shall not be deemed to be an incurrence of Indebtedness for purposes of determining compliance with this
Section 4.09. Any increase in the amount of Indebtedness solely by reason of currency fluctuations shall not be deemed to be an incurrence of Indebtedness for purposes of determining compliance with this Section 4.09. A change in GAAP that
results in an obligation that was existing at the time of such change, and was not previously classified as Indebtedness, becoming classified as Indebtedness will not be deemed to be an incurrence of Indebtedness for purposes of determining
compliance with this Section 4.09. 
 (e) The amount of Indebtedness outstanding as of any date shall be (1) the accreted value
thereof, in the case of any Indebtedness issued with original issue discount, (2) the principal amount thereof, in the case of any other Indebtedness, (3) in the case of the guarantee by the specified Person of any Indebtedness of any
other Person, the maximum liability to which the specified Person may be subject upon the occurrence of the contingency giving rise to the obligation and (4) in the case of Indebtedness of others guaranteed by means of a Lien on any asset of
the specified Person, the lesser of (A) the Fair Market Value of such asset on the date on which Indebtedness is required to be determined pursuant to this Indenture and (B) the amount of the Indebtedness so secured. 

  
 -65- 

 (f) For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the
case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause
the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so
long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the
Issuers may incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if
incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such
refinancing. 
  

	SECTION 4.10.	Limitation on Asset Sales. 

 (a) Cedar Fair shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale unless: 
 (1) Cedar Fair or such Restricted
Subsidiary receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (determined as of the time of contractually agreeing to such Asset Sale) of the assets included in such Asset Sale (such Fair Market Value to be
determined by (i) an executive officer (as defined under Rule 405 under the Securities Act) of Cedar Fair or such Subsidiary if the value is less than $50.0 million or (ii) in all other cases by a resolution of Cedar Fair’s Board of
Directors (or of a committee appointed thereby for such purposes)); and 
 (2) at least 75% of the total consideration in
such Asset Sale consists of cash or Cash Equivalents or Marketable Securities. 
 For purposes of clause (2), the following shall be deemed to be cash: 

(a) the amount (without duplication) of any Indebtedness (other than Subordinated Indebtedness) of Cedar Fair or such
Restricted Subsidiary that is expressly assumed by the transferee in such Asset Sale and with respect to which Cedar Fair or such Restricted Subsidiary, as the case may be, is unconditionally released by the holder of such Indebtedness, 

(b) the amount of any obligations or securities received from such transferee that are within 180 days converted by Cedar Fair
or such Restricted Subsidiary to cash (to the extent of the cash actually so received), 

  
 -66- 

 (c) the Fair Market Value of any assets (other than securities) received by Cedar
Fair or any Restricted Subsidiary to be used by Cedar Fair or any Restricted Subsidiary in a Permitted Business, and 
 (d)
any Designated Non-cash Consideration received by Cedar Fair or any Restricted Subsidiary in an Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause
(d) that is at that time outstanding, not to exceed the greater of 1% of Consolidated Total Assets and $25.0 million at the time of the receipt of such Designated Non-cash Consideration, with the Fair Market Value of each item of Designated
Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value. 
 (b) If Cedar Fair or
any Restricted Subsidiary engages in an Asset Sale, Cedar Fair or such Restricted Subsidiary shall apply all or any of the Net Proceeds therefrom to: 

(1) repay Indebtedness under any Credit Facility, and in the case of any such repayment under any revolving credit facility,
effect a permanent reduction in the availability under such revolving credit facility, or repay Indebtedness (other than Disqualified Stock) of a Restricted Subsidiary that is not an Issuer or a Guarantor (other than Indebtedness owed to the
Issuers); or 
 (2) (A) invest all or any part of the Net Proceeds thereof in capital expenditures or the purchase of assets
to be used by Cedar Fair or any Restricted Subsidiary in a Permitted Business, (B) acquire Equity Interests in a Person that is a Restricted Subsidiary or in a Person engaged primarily in a Permitted Business that shall become a Restricted
Subsidiary immediately upon the consummation of such acquisition or (C) a combination of (A) and (B). 
 (c) Any Net Proceeds from
any Asset Sale that are not applied or invested (or committed pursuant to a written agreement to be applied) as provided in the preceding paragraph within 365 days after the receipt thereof and, in the case of any amount committed to a reinvestment,
which are not actually so applied within 180 days following such 365-day period shall constitute “Excess Proceeds” and shall be applied to an offer to purchase Notes and other senior Indebtedness of Cedar Fair if and when required
under Section 3.08 hereof. Pending the final application of any such Net Proceeds, Cedar Fair or such Restricted Subsidiary may temporarily reduce revolving indebtedness under a Credit Facility, if any, or otherwise invest such Net Proceeds in
any manner not prohibited by this Indenture. 

  
 -67- 

	SECTION 4.11.	Limitation on Transactions with Affiliates. 

 Cedar Fair shall not, and shall not
permit any Restricted Subsidiary to, directly or indirectly, sell, lease, transfer or otherwise dispose of any of Cedar Fair’s or their properties or assets to, or purchase any property or assets from, or enter into any contract, agreement,
understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate (including any Unrestricted Subsidiary) (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $5.0
million, unless: 
 (a) such Affiliate Transaction is on terms that are not materially less favorable, taken as a whole, to
Cedar Fair or such Restricted Subsidiary than those that would have been obtained in a comparable transaction by Cedar Fair or such Restricted Subsidiary with an unrelated Person; provided that such transaction shall be deemed to be at least
as favorable as the terms that could have been obtained in a comparable transaction with an unrelated Person if such transaction is approved by the members of (x) Cedar Fair’s Board of Directors or (y) any duly constituted committee
thereof, in each case including a majority of the disinterested members thereof who meet the independence requirements of the New York Stock Exchange or NASDAQ; and 

(b) if such Affiliate Transaction involves aggregate payments in excess of $50.0 million, Cedar Fair or such Restricted
Subsidiary has obtained the favorable opinion of an Independent Financial Advisor as to the fairness of such Affiliate Transaction to Cedar Fair or the relevant Restricted Subsidiary, as the case may be, from a financial point of view; 

provided, however, that the following shall, in each case, not be deemed Affiliate Transactions: 

(i) the entry into employment agreements and the adoption of compensation or benefit plans for the benefit of, or the payment
of compensation to, directors and management of Cedar Fair and its Restricted Subsidiaries (including, without limitation, salaries, fees, bonuses, equity and incentive arrangements and payments); 

(ii) the payment of reasonable fees or expenses and the provision of indemnification or similar arrangements for current or
former officers, directors, employees, agents or consultants of Cedar Fair or any of its Restricted Subsidiaries pursuant to charter, bylaw, statutory or contractual provisions; 

(iii) transactions between or among Cedar Fair and its Restricted Subsidiaries or between Restricted Subsidiaries; 

(iv) Restricted Payments not prohibited by Section 4.07 hereof; 

(v) any transactions between Cedar Fair or any of its Restricted Subsidiaries and any Affiliate of Cedar Fair the Equity
Interests of which Affiliate are owned solely by Cedar Fair or one of its Restricted Subsidiaries, on the one hand, and by Persons who are not Affiliates of Cedar Fair or its Restricted Subsidiaries, on the other hand; 

(vi) any agreements or arrangements in effect on the Issue Date and described or incorporated by reference in the Offering
Memorandum and any modifications, extensions or renewals thereof that are no less favorable to Cedar Fair or the applicable Restricted Subsidiary in any material respect than such agreement as in effect on the Issue Date; 

(vii) so long as they comply with clause (a) above, transactions with customers, clients, lessors, landlords, suppliers,
contractors, or purchasers or sellers of goods or services that are Affiliates, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture; 

  
 -68- 

 (viii) the Transactions; 

(ix) transactions with Persons who are Affiliates of Cedar Fair solely as a result of Cedar Fair’s or a Restricted
Subsidiary’s Investment in such Person; 
 (x) sales of Equity Interests to Affiliates of Cedar Fair or its Restricted
Subsidiaries not otherwise prohibited by this Indenture and the granting of registration and other customary rights in connection therewith; 

(xi) transactions with an Affiliate where the only consideration paid is Equity Interests of Cedar Fair other than Disqualified
Stock; 
 (xii) transactions in which Cedar Fair or any of its Restricted Subsidiaries, as the case may be, deliver to the
Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to Cedar Fair or such Restricted Subsidiary from a financial point of view or meets the requirements of this covenant; 

(xiii) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business; 

(xiv) loans or advances to employees or consultants in the ordinary course of business of Cedar Fair or its Restricted
Subsidiaries, but in any event not to exceed $5.0 million in the aggregate outstanding at any one time; and 
 (xv)
transactions between Cedar Fair or any of its Restricted Subsidiaries and any Person, a director of which is also a director of Cedar Fair; provided, however, that such director abstains from voting as a director on any matter
involving such other Person. 
  

	SECTION 4.12.	Limitation on Liens. 

 Cedar Fair shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, create, incur or assume any Lien on any asset now owned or hereafter acquired, or on any income or profits therefrom or assign or convey any right to receive income therefrom, except Permitted Liens, without
effectively providing that the Notes and the Guarantees, as applicable, shall be secured equally or ratably with (or prior to in the case of Liens securing subordinated obligations) the obligations so secured for so long as the obligations are so
secured. 
 Any Lien which is granted to secure the Notes or such Guarantee pursuant to this Section 4.12 shall be automatically
released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Notes or such Guarantee. 
  

	SECTION 4.13.	Additional Subsidiary Guarantees. 

 If any of Cedar Fair’s wholly-owned
Domestic Subsidiaries that is not a Guarantor guarantees or becomes otherwise obligated under a Credit Facility incurred under Section 4.09(b)(2) hereof or Indebtedness incurred in reliance on Section 4.09(a) hereof, then in each case such
Guarantor or obligor shall execute and deliver to the Trustee a supplemental 

  
 -69- 

 
indenture in form reasonably satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of the Issuers’ obligations under the Notes and this
Indenture on the terms set forth in this Indenture. Thereafter, such Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture. 
  

	SECTION 4.14.	Organizational Existence. 

 Subject to Article 5 hereof and the proviso to this
Section 4.14, Cedar Fair shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its existence as a limited partnership and, subject to Section 4.10 hereof, the corporate, limited liability
company, partnership or other existence of any Significant Subsidiary, in accordance with the respective organizational documents (as the same may be amended from time to time) of Cedar Fair or any Significant Subsidiary and (ii) subject to
Section 4.10 hereof, the rights (charter and statutory), licenses and franchises of Cedar Fair and its Significant Subsidiaries; provided, however, that Cedar Fair shall not be required to preserve any such right, license or
franchise, or the corporate, partnership or other existence of any Significant Subsidiary if the Board of Directors of Cedar Fair shall determine that the preservation thereof is no longer desirable in the conduct of the business of Cedar Fair and
its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 
  

	SECTION 4.15.	Change of Control. 

 Upon the occurrence of a Change of Control, the Issuers shall
make an offer (a “Change of Control Offer”) to each Holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price equal to 101% of
the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase (subject to the rights of Holders of record of the Notes on the relevant record date to receive payments of interest on the related
interest payment date) (in either case, the “Change of Control Payment”), except to the extent the Issuers have previously or concurrently elected to redeem the Notes pursuant to Section 3.07 hereof. Within 30 days following
any Change of Control, the Issuers shall give a notice to each Holder and the Trustee stating: 
 (1) that the Change of
Control Offer is being made pursuant to this Section 4.15; 
 (2) the purchase price and the purchase date, which shall
be no earlier than 30 days and not later than 60 days after the date such notice is given (the “Change of Control Payment Date”); 

(3) that any Notes not tendered will continue to accrue interest in accordance with the terms hereof; 

(4) that, unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer shall cease to accrue interest on the Change of Control Payment Date; 

  
 -70- 

 (5) that Holders will be entitled to withdraw their election if the Trustee
receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a notice setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such
Holder is unconditionally withdrawing its election to have such Notes purchased; 
 (6) that Holders whose Notes are being
purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof;
and 
 (7) any other information the Issuers determine is material to such Holder’s decision to tender Notes. 

The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws and regulations are applicable in connection with the repurchase of the Notes required in the event of a Change of Control and will not be deemed to have violated this Section 4.15 as a result of such compliance. The
Issuers will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Issuers. The Issuers’ obligations in respect of a Change of Control Offer can be modified with the consent of Holders of a majority of the aggregate principal amount of Notes then outstanding
at any time prior to the occurrence of a Change of Control. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement
is in place for the Change of Control at the time of making of the Change of Control Offer. 
 If the Change of Control Payment Date is on
or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of
business on such record date, and no additional interest will be payable to Holders who tender pursuant to the Change of Control Offer. 
  

	SECTION 4.16.	Suspension of Covenants. 

 (a) During any period of time after the Issue Date that
(i) the Notes are rated Investment Grade by both Rating Agencies and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being
collectively referred to as a “Covenant Suspension Event”), Cedar Fair and its Restricted Subsidiaries will not be subject to the following Sections (the “Suspended Covenants”): 

(1) Section 3.08; 

(2) Section 4.07; 

(3) Section 4.08 

  
 -71- 

 (4) Section 4.09; 

(5) Section 4.10; 

(6) Section 4.11; and 

(7) Section 5.01(a)(iv). 

(b) At such time as Sections 3.08, 4.07, 4.08, 4.09, 4.10, 4.11 and Section 5.01(a)(iv) are suspended (a “Suspension
Period”), Cedar Fair will no longer be permitted to designate any Restricted Subsidiary as an Unrestricted Subsidiary. 
 (c) In
the event that Cedar Fair and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating
Agencies withdraw their Investment Grade rating, or downgrade the rating assigned to the Notes below Investment Grade, then Cedar Fair and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future
events unless and until the Notes subsequently attain an Investment Grade rating by both Rating Agencies and no Default or Event of Default is in existence (in which event the Suspended Covenants shall no longer be in effect for such time that the
Notes maintain such Investment Grade rating and no Default or Event of Default is in existence). 
 (d) On each Reversion Date, all
Indebtedness incurred during the Suspension Period prior to such Reversion Date will be deemed to be Existing Indebtedness. For purposes of calculating the amount available to be made as Restricted Payments under clause (3) of
Section 4.07(a), calculations under such Section shall be made as though such Section had been in effect during the entire period of time after the Issue Date (including the Suspension Period). Restricted Payments made during the
Suspension Period not otherwise permitted pursuant to any of clauses (2) through (9) under Section 4.07(b) will reduce the amount available to be made as Restricted Payments under clause (3) of such Section 4.07(a),
provided that the amount available to be made as Restricted Payments on the Reversion Date shall not be reduced to below zero solely as a result of such Restricted Payments. For purposes of Section 3.08 hereof, on the Reversion Date, the
unutilized amount of Net Proceeds will be reset to zero. Notwithstanding the foregoing, neither (a) the continued existence, after the Reversion Date, of facts and circumstances or obligations that were incurred or otherwise came into existence
during a Suspension Period nor (b) the performance of any such obligations, shall constitute a breach of any covenant set forth herein or cause a Default or Event of Default thereunder. 

(e) The Issuers shall deliver an Officers’ Certificate to the Trustee upon the occurrence of any Suspension Period or any Reversion Date.
The Trustee will have no liability or responsibility with respect to the determination of whether any event or circumstances have or will result in the suspension or reinstatement of the Suspended Covenants. 

 

	SECTION 4.17.	Additional Amounts. 

 (a) All payments made by the Issuers under or with respect
to the Notes or any of the Guarantors with respect to any Guarantee will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, assessment or other

  
 -72- 

 
governmental charge (“Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed
or levied by or on behalf of (1) any jurisdiction in which an Issuer or any Guarantor is organized, engaged in business for tax purposes or resident for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction
from or through which payment is made by or on behalf of an Issuer or any Guarantor (including the jurisdiction of any paying agent) or any political subdivision thereof or therein (each, a “Tax Jurisdiction”) will at any time be
required to be made from any payments made by the Issuers under or with respect to the Notes or any of the Guarantors with respect to any Guarantee, the relevant Issuer or the relevant Guarantor, as applicable, will pay to each Holder of Notes such
additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by such Holder after such withholding or deduction (including in respect of the Additional Amounts) will not be less than the amount such
Holder would have received if such Taxes had not been withheld or deducted; provided that no Additional Amounts will be payable with respect to a payment to a Holder of the Notes (which Holder shall be deemed, to the extent of any Taxes described
below, an “Excluded Holder”): 
 (i) with respect to any Canadian Taxes resulting from the Issuers not
dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with the Holder at the time of making such payment, 

(ii) which is subject to such Taxes by reason of its having a current or former connection, with a relevant Tax Jurisdiction
but excluding a connection resulting from acquiring, owning or disposing of the Notes, receiving payments in respect of such Note or a Guarantee or enforcing its rights thereunder, 

(iii) which, despite being required by law, failed to comply with a timely request of the Issuers to provide information
concerning such Holder’s nationality, residence, entitlement to treaty benefits, identity or connection with a Tax Jurisdiction, if and to the extent that due and timely compliance with such request would have reduced or eliminated any Taxes as
to which Additional Amounts would have otherwise been payable to such Holder but for this clause, 
 (iv) which is a
fiduciary or a partnership or not the sole beneficial owner of the relevant Note, if and to the extent that any beneficial owner of such Note (as the case may be) would not have been entitled to receive Additional Amounts with respect to the payment
in question had such beneficiary, settlor, partner or beneficial owner been the sole beneficial owner of such Note, 
 (v) in
respect of any estate, gift, inheritance, excise, property, transfer or similar tax, 
 (vi) if and to the extent that such
payment could have been made without deduction or withholding of such Taxes had the relevant Note been presented for payment (where presentation is required for payment) within 30 days after the date on which such payment or such Note became due and
payable or the date on which payment thereof was duly provided for, whichever was later (except to the extent that such holder or beneficial owner would have been entitled to Additional Amounts had the Note been presented on the last day of such
30-day period), 

  
 -73- 

 (vii) with respect to U.S. federal withholding Taxes, or 

(viii) any combination of clauses (i), (ii), (iii), (iv), (v), (vi), and (vii) of this Section 4.17(a). 

(b) If any Taxes are required to be withheld or deducted pursuant to Section 4.17(a) hereof, the Issuers or the Guarantors, as applicable,
will also: (i) make such withholding or deduction, and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Issuers or the Guarantors will furnish, within 30 days after the date
the payment of any Taxes are due pursuant to applicable law, to the Trustee on behalf of the applicable Holders of Notes, copies of tax receipts, if any (or other documentation), evidencing the payments of Taxes made by the Issuers, or a Guarantor,
as the case may be, on behalf of the Holders. 
 (c) The Issuers and the Guarantors, jointly and severally, will indemnify and hold harmless
each Holder of Notes (other than an Excluded Holder) and upon written request reimburse each such Holder for the amount of: (i) any Taxes so levied or imposed and paid by such Holder as a result of payments made under or with respect to the
Notes or any Guarantee, (ii) any liability (including penalties, interest and expense) arising therefrom or with respect thereto, and (iii) any Taxes imposed with respect to any reimbursement under clause (i) or (ii) of this
Section 4.17(c). 
 (d) In addition to the foregoing, the Issuers and the Guarantors will also pay and indemnify the Trustee and each
Holder for any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and any other liabilities related thereto) which are
levied by any relevant Tax Jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, this Indenture, any Guarantee or any other document referred to therein, or the receipt of any payments with respect thereto, or
enforcement of, any of the Notes or any Guarantee. 
 (e) At least 30 days prior to each date on which any payment under or with respect to
the Notes is due and payable, if the Issuers or a Guarantor becomes obligated to pay Additional Amounts with respect to such payment, the Issuers or the relevant Guarantor, as applicable, will deliver to the Trustee an Officers’ Certificate
stating that such Additional Amounts will be payable, and the amounts so payable and will set forth such other information as is necessary to enable the Trustee to pay such Additional Amounts to the Holders of the Notes on the payment date. 

(f) Whenever this Indenture refers to, in any context: (i) the payment of principal (and premium, if any), (ii) purchase prices in
connection with a repurchase of Notes, (iii) interest and additional interest, if any, or (iv) any other amount payable on or with respect to any of the Notes or any Guarantee, such reference shall be deemed to include the payment of
Additional Amounts provided for in this Section 4.17 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

  
 -74- 

 (g) The Obligations described in this Section 4.17 will survive any termination,
defeasance or discharge of this Indenture, any transfer by a Holder or beneficial owner of its Notes, the resignation or removal of the Trustee or any Agent and will apply, mutatis mutandis, to any jurisdiction in which any successor Person
to the Issuers or any Guarantor is incorporated, engaged in business for tax purposes or resident for tax purposes or any jurisdiction from or through which such Person makes any payment on the Notes (or any Guarantee) and any department or
political subdivision thereof or therein.  
 ARTICLE 5 

SUCCESSORS 
  

	SECTION 5.01.	Merger, Amalgamation, Consolidation or Sale of Assets. 

 (a) Cedar Fair shall not
consolidate, amalgamate or merge with or into (whether or not Cedar Fair is the surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related
transactions to, another Person unless: 
 (i) Cedar Fair is the surviving Person or the Person formed by or surviving any
such consolidation, amalgamation or merger (if other than Cedar Fair) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, limited partnership or limited liability company
organized or existing under the laws of the United States, any state thereof or the District of Columbia; provided, however, that if the surviving Person is a limited liability company or limited partnership, there shall be a co-issuer
of the Notes that is a corporation; 
 (ii) the Person formed by or surviving any such consolidation, amalgamation or merger
(if other than Cedar Fair) or the Person to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all Cedar Fair’s obligations pursuant to a supplemental indenture in form reasonably
satisfactory to the Trustee, under the Notes and this Indenture; 
 (iii) immediately after such transaction, no Default or
Event of Default exists; 
 (iv) Cedar Fair or the Person formed by or surviving any such consolidation, amalgamation or
merger (if other than Cedar Fair) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made: (A) will have a Total Indebtedness to Consolidated Cash Flow Ratio of Cedar Fair immediately after the
transaction equal to or less than Cedar Fair’s Total Indebtedness to Consolidated Cash Flow Ratio of Cedar Fair immediately preceding the transaction or (B) would, at the time of such transaction after giving pro forma effect
thereto, be permitted to incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(a) hereof; and 
 (v)
Cedar Fair or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than Cedar Fair) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made, has delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the 

  
 -75- 

 
consolidation, amalgamation, merger, sale, assignment, transfer or other disposition complies with the applicable provisions of this Indenture and that all conditions precedent in this Indenture
relating to such transaction have been satisfied. 
 Notwithstanding the foregoing, any Restricted Subsidiary may consolidate, amalgamate or
merge with or into or transfer all or part of its properties and assets to Cedar Fair or another Restricted Subsidiary. 
 Notwithstanding
the foregoing clauses (iii), (iv) and (v), Cedar Fair may merge with a Restricted Subsidiary solely for the purpose of reincorporating in a state of the United States or the District of Columbia so long as the amount of Indebtedness of Cedar
Fair and the Restricted Subsidiaries is not increased thereby. 
 (b) Each Guarantor or Issuer (other than Cedar Fair) other than any
Guarantor or Issuer whose Guarantee or obligation as an Issuer, as the case may be, is to be released in accordance with the terms of this Indenture shall not consolidate, amalgamate or merge with or into (whether or not such Guarantor or Issuer is
the surviving entity) any Person other than an Issuer or a Guarantor (in each case, other than in accordance with Section 4.10 hereof) unless: 

(i) such Guarantor or Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation
or merger (if other than such Guarantor or such Issuer) is a corporation, limited partnership, limited liability company or other entity organized or existing under the laws of the United States, any state thereof or the District of Columbia or the
laws of Canada or any province thereof; 
 (ii) the Person formed by or surviving any such consolidation, amalgamation or
merger (if other than such Guarantor or such Issuer) assumes all the obligations of such Guarantor or such Issuer, pursuant to a supplemental indenture in form reasonably satisfactory to the Trustee, under the Notes, this Indenture and such
Guarantor’s Guarantee, as applicable; 
 (iii) immediately after such transaction, no Default or Event of Default
exists; and 
 (iv) such Guarantor or Issuer or the Person formed by or surviving any such consolidation, amalgamation or
merger (if other than such Guarantor or such Issuer), has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the consolidation, amalgamation or merger complies with the applicable provisions of this
Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied; 
  provided, however,
that clause (iv) will not be applicable to (i) any Issuer consolidating with, merging or amalgamating into or transferring all or part of its properties and assets to any other Issuer and (ii) any Guarantor consolidating with, merging
or amalgamating into or transferring all or part of its properties and assets to any Issuer or any Guarantor. 

  
 -76- 

	SECTION 5.02.	Successor Corporation Substituted. 

 Upon any consolidation or merger, or any
sale, lease, conveyance or other disposition of all or substantially all of the assets of any Issuer or Guarantor in accordance with Section 5.01 hereof, the successor Person formed by such consolidation, amalgamation or into or with which such
Issuer or such Guarantor, as the case may be, is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, amalgamation, merger,
sale, lease, conveyance or other disposition, the provisions hereof referring to such Issuer or such Guarantor, as the case may be, shall refer instead to the successor corporation and not to such Issuer), and may exercise every right and power of,
such Issuer or such Guarantor, as the case may be, under this Indenture with the same effect as if such successor Person has been named as an Issuer or a Guarantor herein. When a successor Person assumes all the obligations of an Issuer or a
Guarantor under the Notes, the Guarantee and this Indenture pursuant to this Article 5, the applicable predecessor shall be released from the obligations so assumed. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

  

	SECTION 6.01.	Events of Default. 

 Each of the following constitutes an “Event of
Default”: 
 (a) default for 30 days in the payment when due of interest or additional interest, if any, on the
Notes; 
 (b) default in payment when due of principal of or premium, if any, on the Notes at maturity, upon repurchase,
redemption or otherwise; 
 (c) failure to comply for 30 days after notice with any obligations under the provisions
described under Sections 3.08, 4.10, 4.15 and 5.01 hereof; 
 (d) subject to the last paragraph of Section 6.02 hereof,
default under any other provision of this Indenture or the Notes, which default remains uncured for 60 days after notice from the Trustee or the Holders of at least 25% of the aggregate principal amount then outstanding of the Notes; 

(e) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by Cedar Fair or any of its Restricted Subsidiaries (or the payment of which is guaranteed by Cedar Fair or any of its Restricted Subsidiaries), which default is caused by a failure to pay the principal
of such Indebtedness at the final stated maturity thereof within the grace period provided in such Indebtedness (a “Payment Default”), and the principal amount of any such Indebtedness, together with the principal amount of any
other such Indebtedness under which there has been a Payment Default, aggregates $35.0 million or more; 

  
 -77- 

 (f) default under any mortgage, indenture or instrument under which there may be
issued or by which there may be secured or evidenced any Indebtedness for money borrowed by Cedar Fair and any of its Restricted Subsidiaries (or the payment of which is guaranteed by Cedar Fair or any of its Restricted Subsidiaries), which default
results in the acceleration of such Indebtedness prior to its express maturity not rescinded or cured within 30 days after such acceleration, and the principal amount of any such Indebtedness, together with the principal amount of any other
such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated and remains undischarged after such 30 day period, aggregates $35.0 million or more; 

(g) failure by Cedar Fair or any of its Restricted Subsidiaries to pay final judgments (other than any judgment as to which a
reputable insurance company has accepted full liability) aggregating $35.0 million or more (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not stayed, discharged or waived
within 60 days after their entry; 
 (h) any Guarantee of a Significant Subsidiary shall be held in a judicial proceeding to
be unenforceable or invalid or shall cease for any reason to be in full force and effect, or any Guarantor that qualifies as a Significant Subsidiary, or any Person acting on behalf of any Guarantor that qualifies as a Significant Subsidiary, shall
deny or disaffirm its obligations under its Guarantee in writing and such Default continues for 10 days; 
 (i) any Issuer or
any Restricted Subsidiary that is a Significant Subsidiary of Cedar Fair pursuant to or within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii) consents to the entry of an order for relief against it in an involuntary
case; (iii) consents to the appointment of a custodian of it or for all or substantially all of its property; or (iv) makes a general assignment for the benefit of its creditors; and 

(j) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against
any Issuer or any Restricted Subsidiary that is a Significant Subsidiary of Cedar Fair in an involuntary case; (ii) appoints a custodian of any Issuer or any Restricted Subsidiary that is a Significant Subsidiary of Cedar Fair or for all or
substantially all of the property of any Issuer or any Restricted Subsidiary that is a Significant Subsidiary of Cedar Fair; or (iii) orders the liquidation of any Issuer or any Restricted Subsidiary that is a Significant Subsidiary of Cedar
Fair, and the order or decree remains unstayed and in effect for 60 consecutive days. 
  

	SECTION 6.02.	Acceleration. 

 If any Event of Default occurs and is continuing, the Trustee by
notice to the Issuers or the Holders of at least 25% of the aggregate principal amount then outstanding of the Notes by written notice to the Issuers and the Trustee, may declare all the Notes to be due and payable immediately. Notwithstanding the
foregoing, in the case of an Event of Default specified in paragraph (i) or (j) of Section 6.01 hereof with respect to any Issuer, all outstanding Notes shall become due and payable without further action or notice. Holders of the
Notes may not enforce this Indenture or the Notes except as provided in this Indenture. The Trustee may withhold from 

  
 -78- 

 
Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding
notice is in such Holders’ interest. 
 Any failure to perform, or breach under Section 4.03 hereof shall not be a Default or an
Event of Default until the 121st day after the Issuers have received the notice referred to in clause (d) of Section 6.01 (at which point, unless cured or waived, such failure to perform or breach shall constitute an Event of
Default). Prior to such 121st day, remedies against the Issuers for any such failure or breach will be limited to additional interest at a rate per year equal to 0.25% of the principal amount of such Notes from the 60th day following such
notice to and including the 121st day following such notice. 
  

	SECTION 6.03.	Other Remedies. 

 If an Event of Default occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes and this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
  

	SECTION 6.04.	Waiver of Past Defaults. 

 Holders of not less than a majority in aggregate
principal amount of Notes then outstanding, by written notice to the Trustee, may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences under this Indenture, except a continuing Default or
Event of Default in the payment of interest or premium on, or principal of, the Notes. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose hereof;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

	SECTION 6.05.	Control by Majority. 

 Subject to Section 7.02(f), Holders of a majority in
principal amount of the then outstanding Notes may direct in writing, the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee
may refuse to follow any direction that conflicts with the law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 

  
 -79- 

	SECTION 6.06.	Limitation on Suits. 

 A Holder of a Note may pursue a remedy with respect to this
Indenture or the Notes only if: 
 (a) the Holder of a Note gives to the Trustee written notice of a continuing Event of
Default; 
 (b) the Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the
Trustee to pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the
Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with
the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 

(e) during such 60-day period the Holders of a majority in principal amount of the then
outstanding Notes do not give the Trustee a direction inconsistent with the request. 
 A Holder of a Note may not use this Indenture to
prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
  

	SECTION 6.07.	Rights of Holders of Notes To Receive Payment. 

 Notwithstanding any other
provision hereof, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the consent of the Holder of the Note. 
  

	SECTION 6.08.	Collection Suit by Trustee. 

 If an Event of Default specified in
Section 6.01(a) or (b) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of, premium, if any, and
interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel. 
  

	SECTION 6.09.	Trustee May File Proofs of Claim. 

 The Trustee is authorized to file such proofs
of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Holders of the Notes allowed in any judicial proceedings relative to the 

  
 -80- 

 
Issuers (or any other obligor upon the Notes), the Issuers’ creditors or the Issuers’ property and shall be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder of a Note to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Holders of the Notes, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties which the Holders of the Notes may be
entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder of a Note any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder of a Note thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Note in any
such proceeding. 
  

	SECTION 6.10.	Priorities. 

 If the Trustee collects any money pursuant to this Article 6, it
shall pay out the money in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under
Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and 

Third: to the Issuers or to such party as a court of competent jurisdiction shall direct in writing. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes. 

 

	SECTION 6.11.	Undertaking for Costs. 

 In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes pursuant to this
Article 6. 

  
 -81- 

 ARTICLE 7 

TRUSTEE 
  

	SECTION 7.01.	Duties of Trustee. 

 (a) If an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in the conduct of his or her own
affairs. 
 (b) Except during the continuance of an Event of Default, 

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; provided, however, that in the case of certificates or opinions specifically
required by any provision of this Indenture to be furnished to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein. 
 (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this paragraph does
not limit the effect of paragraphs (a) or (b) of this Section 7.01; 
 (ii) the Trustee shall not be liable
for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to this Section 7.01. 

  
 -82- 

 (e) No provision hereof shall require the Trustee to expend or risk its own funds or incur any
liability. The Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request of any Holders of Notes, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to the
Trustee against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on or the investment of any money
received by it except as the Trustee may agree in writing with the Issuers. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

 

	SECTION 7.02.	Rights of Trustee. 

 (a) The Trustee may conclusively rely and shall be protected
in acting or refraining from acting upon any document (whether in original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the
document; 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or
both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care; 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers conferred upon it by this Indenture; 
 (e) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from any Issuer shall be sufficient if signed by an Officer of such Issuer and the Trustee may take any action pursuant to the instructions of any single Issuer; 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of the requisite Holders unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance with such request or
direction; 
 (g) Except with respect to Section 4.01 hereof, the Trustee shall have no duty to inquire as to the performance of the
Issuers’ covenants in Article 4 hereof. The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has written notice of any event which is in fact such a default is received by
the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture; 

  
 -83- 

 (h) The rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, each Agent and each agent, custodian and other Person employed to act hereunder; 

(i) The Trustee may request that each of the Issuers deliver an Officers’ Certificate setting forth the names of individuals and/or
titles of Officers authorized at such time to take specified actions pursuant to this Indenture; and 
 (j) In no event shall the Trustee be
responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action. 
  

	SECTION 7.03.	Individual Rights of Trustee. 

 The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of any of the Issuers with the same rights it would have if it were not the Trustee. However, in the event that the Trustee acquires any
conflicting interest it must eliminate such conflict within 90 days, apply to the Commission for permission to continue as Trustee (if any of the Notes are registered pursuant to the Securities Act), or resign. Any Agent may do the same with like
rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
  

	SECTION 7.04.	Trustee’s Disclaimer. 

 (a) The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture, the Notes or the Guarantees, it shall not be accountable for any Issuer’s use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’
direction under any provision hereof, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in
the Notes, the Offering Memorandum or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

(b) The Trustee shall not be bound to make any investigation into facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuers, personally or by agent or attorney at the sole cost of the Issuers. 

 

	SECTION 7.05.	Notice of Defaults. 

 If a Default or Event of Default occurs and is continuing
and if it is known to a Responsible Officer of the Trustee, the Trustee shall give to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or

  
 -84- 

 
Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of the Holders of the Notes. 
  

	SECTION 7.06.	Reports by Trustee to Holders of the Notes. 

 Within 60 days after each
May 15 beginning with May 15, 2015, the Trustee shall give to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has
occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit by mail all reports as required by TIA § 313(c).

 A copy of each report at the time it is given to the Holders of Notes shall be mailed to the Issuers and filed with the Commission and
each stock exchange on which any Notes are listed in accordance with TIA § 313(d). The Issuers shall promptly notify the Trustee in writing when any Notes are listed on any stock exchange or any delisting thereof. 

 

	SECTION 7.07.	Compensation and Indemnity. 

 Each of the Issuers, jointly and severally agrees to
pay to the Trustee from time to time such compensation as shall be agreed upon in writing for its acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuers shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 Each of the Issuers and the Guarantors shall, jointly
and severally, indemnify the Trustee against any and all losses, liabilities, claims, costs, damages or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties or the exercise of its rights under
this Indenture, except any such loss, liability claim, damage, cost or expense as shall be determined to have been caused by the negligence or willful misconduct of the Trustee. The Trustee shall notify the Issuers promptly of any claim of which a
Responsible Officer has received written notice for which it may seek indemnity. Failure by the Trustee to so notify the Issuers shall not relieve the Issuers of their obligations hereunder. The Issuers need not pay for any settlement made without
its consent, which consent shall not be unreasonably withheld. The Issuers need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or
bad faith. 
 The obligations of the Issuers under this Section 7.07 shall survive the satisfaction and discharge of this Indenture,
the payment of the Notes and/or the resignation or removal of the Trustee. 
 To secure the Issuers’ and the Guarantors’ payment
obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive
the satisfaction and discharge of this Indenture, the payment of the Notes and/or the resignation or removal of the Trustee. 

  
 -85- 

 When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(i) or (j) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

The Trustee shall comply with the provisions of the Trust Indenture Act Section 313(b)(2) to the extent applicable. 

 

	SECTION 7.08.	Replacement of Trustee. 

 A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 

The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of at
least a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing. The Issuers may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10 hereof; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (c) a custodian or public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers
or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition at the expense of the Issuers any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee after written request by any Holder of a Note who has been a Holder of a Note for at least six months fails to comply with
Section 7.10 hereof, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to

  
 -86- 

 
Holders of the Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have
been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the obligations of the Issuers and the Guarantors under Section 7.07 hereof shall
continue for the benefit of the retiring Trustee. 
 If a Trustee resigns or is removed all fees and expenses (including, without
limitation, the fees and expenses of its counsel) of the Trustee incurred in the administration of the trust or in the performance of the duties hereunder shall be paid to the Trustee. 

 

	SECTION 7.09.	Successor Trustee by Merger, Etc. 

 If the Trustee consolidates, merges or
converts into, or transfers all or substantially all of its corporate trust business (including this transaction) to, another corporation, the successor corporation without any further act shall be the successor Trustee. 

 

	SECTION 7.10.	Eligibility; Disqualification. 

 There shall at all times be a Trustee hereunder
which shall be a corporation organized and doing business under the laws of the United States of America or of any state thereof authorized under such laws to exercise corporate trustee power, shall be subject to supervision or examination by
federal or state authority and shall have a combined capital and surplus of at least $25 million as set forth in its most recent published annual report of condition. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is
subject to TIA § 310(b). 
  

	SECTION 7.11.	Preferential Collection of Claims Against Issuers. 

 The Trustee is subject to TIA
§ 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

ARTICLE 8 
 DISCHARGE OF
INDENTURE; DEFEASANCE 
  

	SECTION 8.01.	Termination of the Issuers’ Obligations. 

 (a) The Issuers may terminate
their Obligations as to all outstanding Notes, except those obligations referred to in paragraph (b) of this Section 8.01, when 

(1) either: 

(a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or
paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from such trust) have been delivered to the Trustee for cancellation; or

  
 -87- 

 (b) all Notes not theretofore delivered to the Trustee for cancellation have
become due and payable or, within one year will become due and payable or subject to redemption as set forth in Section 3.07 hereof and the Issuers have irrevocably deposited or caused to be deposited with the Trustee U.S. dollars in an amount
sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit (in the case of Notes which have
become due and payable) or the stated maturity or redemption date, as the case may be, together with irrevocable written instructions from all of the Issuers directing the Trustee to apply such funds to the payment thereof at maturity or redemption,
as the case may be; 
 (2) the Issuers have paid all other sums payable under this Indenture by the Issuers; and 

(3) the Issuers have delivered to the Trustee an Officers’ Certificate on behalf of each of the Issuers and an Opinion of
Counsel (subject to customary assumptions and exceptions) stating that all conditions precedent under this Indenture relating to the satisfaction and discharge hereof have been complied with; provided, however, that such counsel may
rely, as to matters of fact, on a certificate or certificates of Officers of the Issuers. 
 (b) Notwithstanding paragraph (a) of this
Section 8.01, the obligations of the Issuers and the Guarantors in Sections 2.03, 2.04, 2.05, 2.06, Article 7, 8.07 and 8.08 hereof shall survive until the Notes are no longer outstanding pursuant to Section 2.08 hereof. After
the Notes are no longer outstanding, the obligations of the Issuers and the Guarantors in Article 7 and Sections 8.07 and 8.08 hereof shall survive such satisfaction and discharge. 

 

	SECTION 8.02.	Option To Effect Legal Defeasance or Covenant Defeasance. 

 The Issuers may, at
the option of their respective Boards of Directors evidenced by a resolution delivered to the Trustee accompanied by Officers’ Certificates from each of the Issuers, at any time, with respect to the Notes, elect to have either Section 8.03
or 8.04 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
  

	SECTION 8.03.	Legal Defeasance and Covenant Discharge. 

 Upon the Issuers’ exercise under
Section 8.02 hereof of the option applicable to this Section 8.03, the Issuers shall be deemed to have been discharged from their obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Issuers shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be
deemed to be “outstanding” only for the purposes of Section 8.06 hereof and the other Sections hereof referred to in clauses (a) and (b) below, and to 

  
 -88- 

 
have satisfied all their other obligations and covenants under such Notes and this Indenture (and the Trustee, on written demand of and at the expense of the Issuers, shall execute instruments
acknowledging the same), except for the following, which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, and
interest on the Notes when such payments are due, or on the redemption date, as the case may be; (b) the Issuers’ obligations with respect to such Notes under Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 2.10, 2.11 and 4.02 hereof;
(c) the rights, powers, trust, immunities and indemnitees of the Trustee hereunder, and the obligations of the Issuers and the Guarantors in connection therewith; and (d) this Section 8.03. Subject to compliance with this Article 8,
the Issuers may exercise their option under this Section 8.03 notwithstanding the prior exercise of their option under Section 8.04 hereof with respect to the Notes. 

 

	SECTION 8.04.	Covenant Defeasance. 

 Upon the Issuers’ exercise under
Section 8.02 hereof of the option applicable to this Section 8.04, the Issuers shall be released from their obligations under the covenants contained in Sections 3.08, 4.03, 4.04, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14 (other than
existence of the Issuers (subject to Section 5.01)), 4.15, 4.17, 5.01 (except clauses 5.01(a)(i) and (ii) and clauses 5.01(b)(i) and (ii)) and 10.03 hereof with respect to the outstanding Notes on and after the date the conditions set
forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for GAAP). For this
purpose, such Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an
Event of Default under Section 6.01(c) hereof, but, except as specified above, the remainder hereof and such Notes shall be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.02 hereof of the option applicable
to this Section 8.04, Sections 6.01(c) through 6.01(g) hereof shall not constitute Events of Default. 
  

	SECTION 8.05.	Conditions to Legal or Covenant Defeasance. 

 The following shall be the
conditions to the application of either Section 8.03 or Section 8.04 hereof to the outstanding Notes: 
 (a) the
Issuers shall irrevocably have deposited with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars, noncallable U.S. Government Securities, or a combination thereof, in such amounts as will be sufficient, in a
written opinion of a nationally recognized firm of independent public accountants selected by the Issuers and delivered to the Trustee, to pay the principal of, premium, if any, and interest on the outstanding Notes on the stated maturity or on the
applicable redemption date, as the case may be; 

  
 -89- 

 (b) in the case of an election under Section 8.03 hereof, the Issuers shall
have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 

(A) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling or 

(B) since the Issue Date, there has been a change in the applicable federal income tax law, 

in each case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Notes will not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance, and will be subject to federal income tax in the same amount, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred; 
 (c) in the case of an election under Section 8.04, the Issuers shall have delivered to the Trustee
an Opinion of Counsel, subject to customary assumptions and exceptions, reasonably acceptable to such Trustee confirming that the Holders of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such
Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (except any Default or
Event of Default resulting from the failure to comply with Section 4.09 hereof as a result of the borrowing of the funds required to effect such deposit and the granting of Liens in connection therewith); 

(e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under,
this Indenture or any other material agreement or instrument to which Cedar Fair or any of its Subsidiaries is a party or by which Cedar Fair or any of its Subsidiaries is bound; 

(f) each of the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the deposit made by the
Issuers pursuant to their election under Sections 8.03 and 8.04 hereof was not made by them with the intent of preferring the Holders of the Notes over any of the Issuers’ other creditors or with the intent of defeating, hindering, delaying or
defrauding any of their other creditors or others; and 
 (g) each of the Issuers shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent provided for or relating to the Legal Defeasance under Section 8.03 hereof or the Covenant Defeasance under Section 8.04 hereof (as the case may be)
relating to the Notes have been complied with as contemplated by this Section 8.05. 

  
 -90- 

	SECTION 8.06.	Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.07 hereof, all money and U.S. Government Securities (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.06, the “Trustee”) pursuant to Section 8.05 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including an Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuers, jointly and severally, agree to pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against
the cash or U.S. Government Securities deposited pursuant to Section 8.05 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes. 
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from
time to time upon the request of the Issuers as directed by Cedar Fair, any money or U.S. Government Securities held by it as provided in Section 8.05 hereof which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.05(a) hereof), are in excess of the amount thereof which would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
  

	SECTION 8.07.	Repayment to Issuers. 

 Any money deposited with the Trustee or any Paying Agent,
or then held by the Issuers, in trust for the payment of the principal of, premium, if any, additional interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, additional interest, if
any, or interest has become due and payable shall be paid to the Issuers on their written request or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter, as a general creditor, look only to
the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustees thereof, shall thereupon cease. 

 

	SECTION 8.08.	Reinstatement. 

 If the Trustee or Paying Agent is unable to apply any United
States Dollars or U.S. Government Securities in accordance with Section 8.03 or 8.04 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Issuers’ obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.03 or 8.04 hereof until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 8.03 or 8.04 hereof, as the case may be; provided, however, 

  
 -91- 

 
that, if the Issuers make any payment of principal of, premium, if any, or interest on any Note following the reinstatement of their obligations, the Issuers shall be subrogated to the rights of
the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  

	SECTION 8.09.	Release of Obligations. 

 The Obligations of an Issuer (other than Cedar Fair)
will be deemed automatically discharged and released in accordance with the terms of this Indenture: 
 (1) in connection
with any direct or indirect sale, conveyance or other disposition of the Capital Stock of that Issuer (other than Cedar Fair), including by way of merger, amalgamation or consolidation, following which such Issuer (other than Cedar Fair) ceases to
be a direct or indirect Subsidiary of Cedar Fair so long as such sale or disposition is made in accordance with Section 4.10 or any sale or other disposition of all or substantially all of the assets of such Issuer (other than Cedar Fair) made
in accordance with Section 5.01; 
 (2) if such Issuer (other than Cedar Fair) is dissolved or liquidated in accordance
with this Indenture; 
 (3) if Cedar Fair designates any such Issuer (other than Cedar Fair) as an Unrestricted Subsidiary in
accordance with this Indenture; or 
 (4) upon the transfer of such Issuer (other than Cedar Fair) in a transaction that
(i) qualifies as a Permitted Investment or as a Restricted Payment that is not prohibited under Section 4.07 if following such transfer such Issuer (other than Cedar Fair) ceases to be a direct or indirect Restricted Subsidiary of Cedar
Fair or (ii) following such transaction, such Issuer (other than Cedar Fair) is a Restricted Subsidiary that is not a guarantor under any Credit Facility incurred under Section 4.09(b)(2) hereof. 

ARTICLE 9 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
  

	SECTION 9.01.	Without Consent of Holders of Notes. 

 Notwithstanding Section 9.02 hereof,
the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Guarantees or any amended or supplemental indenture without the consent of any Holder of a Note: 

(a) to cure any ambiguity, defect or inconsistency; 

(b) to provide for uncertificated Notes or Guarantees in addition to or in place of certificated Notes or Guarantees
(provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code); 

  
 -92- 

 (c) to provide for the assumption of the obligations of an Issuer or any
Guarantor under this Indenture, the Notes or any Guarantee, as applicable, in the case of a merger, amalgamation, consolidation or sale of all or substantially all of such Issuer’s assets or such Guarantor’s assets pursuant to Article 5 or
Article 10 hereof; 
 (d) to make any change that would provide any additional rights or benefits to the Holders of the Notes
or that does not adversely affect the rights hereunder of any Holder of the Notes in any material respect; 
 (e) to provide
for the issuance of Additional Notes in accordance with the provisions set forth in this Indenture; 
 (f) to provide for the
issuance of Exchange Notes; 
 (g) to evidence and provide for the acceptance of an appointment of a successor Trustee; 

(h) to add Guarantees with respect to the Notes; 

(i) to conform this Indenture or the Notes to the “Description of notes” section in the Offering Memorandum; or

 (j) to comply with requirements of the Commission in order to effect or maintain the qualification hereof under the TIA.

 Upon the request of the Issuers accompanied by resolutions of the Boards of Directors of each Issuer and resolutions of the Boards of
Directors of each Guarantor and upon receipt by the Trustee of the documents described in Section 11.04 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or
permitted by the terms hereof and shall make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture which affects its own
rights, duties or immunities under this Indenture or otherwise. 
  

	SECTION 9.02.	With Consent of Holders of Notes. 

 The Issuers, the Guarantors and the Trustee
may amend or supplement this Indenture, the Notes or the Guarantees or any amended or supplemental indenture with the written consent of the Holders of at least a majority of the aggregate principal amount of Notes then outstanding (including
consents obtained in connection with an exchange offer or tender offer for the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or compliance with any provision hereof or the Notes may be waived with the consent of
the Holders of a majority of the aggregate principal amount of Notes then outstanding (including consents obtained in connection with an exchange offer or tender offer for the Notes). Notwithstanding the foregoing, without the consent of each Holder
affected, an amendment or waiver may not (with respect to any Notes held by a non-consenting Holder): 
 (a) reduce the
aggregate principal amount of Notes the Holders of which must consent to an amendment, supplement or waiver; 

  
 -93- 

 (b) reduce the principal of or change the fixed maturity of any Note or alter the
provisions with respect to the redemption of the Notes (other than to change any notice period); 
 (c) reduce the rate of or
change the time for payment of interest on any Note; 
 (d) waive a Default or Event of Default in the payment of principal
of or premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including any Additional Notes) and a waiver of the
payment default that resulted from such acceleration); 
 (e) make any Note payable in a currency other than that stated in
the Notes; 
 (f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of
Holders of Notes to receive payments of principal of or interest on the Notes; 
 (g) waive a redemption payment or mandatory
redemption with respect to any Note (other than as provided in clause (h) below); 
 (h) amend, change or modify in any
material respect the obligation of the Issuers to make and consummate a Change of Control Offer in the event of a Change of Control after such Change of Control has occurred; 

(i) release all or substantially all of the Guarantees of the Guarantors other than in accordance with Article 10; or 

(j) make any change in the foregoing amendment and waiver provisions; 

provided, however, that in the event that consent is obtained from some of the Holders of the Notes but not from
all of the Holders thereof with respect to any amendments or waivers pursuant to clauses (a) through (j) of this paragraph, new Notes with such amendments or waivers will be issued to those consenting Holders. Such new Notes shall have
separate CUSIP numbers and ISINs from those Notes held by nonconsenting Holders. 
 Upon the request of the Issuers accompanied by a
resolution of the Boards of Directors of each Issuer and a resolution of the Boards of Directors of each Guarantor, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and
upon receipt by the Trustee of the documents described in Section 11.04 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 

  
 -94- 

 It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to
approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

Notwithstanding the foregoing, the Issuers’ obligations in respect of a Change of Control Offer can be modified with the consent of the
Holders of a majority in aggregate principal amount of the Notes outstanding at any time prior to the occurrence of a Change of Control. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers shall give to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding may waive compliance in a particular instance by the Issuers with any provision of this Indenture or
of the Notes. 
  

	SECTION 9.03.	Compliance with Trust Indenture Act. 

 Every amendment or supplement to this
Indenture and the Notes shall be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 
  

	SECTION 9.04.	Revocation and Effect of Consents. 

 Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation
of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment
becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder of a Note. 

The Issuers may fix a record date for determining which Holders of the Notes must consent to such amendment, supplement or waiver. If the
Issuers fix a record date, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders of Notes furnished to the Trustee prior to such solicitation
pursuant to Section 2.05 hereof or (ii) such other date as the Issuers shall designate. 
  

	SECTION 9.05.	Notation on or Exchange of Notes. 

 The Trustee may place an appropriate notation
about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 

  
 -95- 

 Failure to make the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment, supplement or waiver. 
  

	SECTION 9.06.	Trustee To Sign Amendments, Etc. 

 In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Trustee shall receive, and shall be fully protected in relying upon, an Opinion of Counsel and
Officers’ Certificates from each Issuer stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 ARTICLE 10 

GUARANTEES 
  

	SECTION 10.01.	Guarantee. 

 Each of the Guarantors, jointly and severally, hereby unconditionally
guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the Obligations of the Issuers
hereunder or thereunder, that: 
 (a) the principal of, premium, if any, and interest on the Notes will be promptly paid in
full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other Obligations of the Issuers to the Holders or the Trustee hereunder or
thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (b) in
case of any extension of time of payment or renewal of any Notes or any of such other Obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, each of the Guarantors, jointly and severally, will be obligated to pay the same immediately. 

Each of the Guarantors, jointly and severally, hereby agrees that its obligations hereunder shall be unconditional, irrespective of the
validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of a Note with respect to any provisions hereof or thereof, the recovery of any judgment
against any Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. 

Each of the Guarantors, jointly and severally, hereby waives diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands 

  
 -96- 

 
whatsoever and covenants that this Guarantee will not be discharged except by complete performance of the Obligations guaranteed hereby. If any Holder or the Trustee is required by any court or
otherwise, or any custodian, Trustee, liquidator or other similar official acting in relation to either the Issuers or any Guarantor, to return to the Issuers or any Guarantor any amount paid by either to the Trustee or such Holder, this Guarantee,
to the extent theretofore discharged, shall be reinstated in full force and effect. 
 Each of the Guarantors, jointly and severally, agrees
that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Obligations guaranteed hereby until payment in full of all Obligations guaranteed hereby. Each of the Guarantors, jointly and severally, further
agrees that, as between such Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such Obligations as provided in Article 6, such
Obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of this Guarantee. Notwithstanding the foregoing, in the event that any Guarantee would constitute or result in a violation of any
applicable fraudulent conveyance or similar law of any relevant jurisdiction, the liability of the applicable Guarantor under its Guarantee shall be reduced to the maximum amount permissible under such fraudulent conveyance or similar law. 

The Guarantors hereby agree as among themselves that each Guarantor that makes a payment or distribution under a Guarantee shall be
entitled to a pro rata contribution from each other Guarantor hereunder based on the net assets of each other Guarantor. The preceding sentence shall in no way affect the rights of the Holders of Notes to the benefits hereof, the Notes or the
Guarantees.  
 Nothing contained in this Section 10.01 or elsewhere in this Indenture, the Notes or the Guarantees shall
impair, as between any Guarantor and the Holder of any Note, the obligation of such Guarantor, which is unconditional and absolute, to pay to the Holder thereof the principal of, premium, if any, and interest on such Notes in accordance with their
terms and the terms of the Guarantee and this Indenture, nor shall anything herein or therein prevent the Trustee or the Holder of any Note from exercising all remedies otherwise permitted by applicable law or hereunder or thereunder upon the
occurrence of an Event of Default. 
  

	SECTION 10.02.	Execution and Delivery of Guarantees. 

 To evidence its Guarantee set forth in
Section 10.01 hereof, each Guarantor hereby agrees that a notation of such Guarantee substantially in the form of Exhibit B hereto shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee
and that this Indenture shall be executed on behalf of such Guarantor by any of its Officers. Any additional Guarantor becoming such after the date of this Indenture shall execute a supplemental indenture and a notation of Guarantee substantially in
the form of Exhibit B hereto. Each of the Guarantors, jointly and severally, hereby agrees that its Guarantee set forth in Section 10.01 hereof shall remain in full force and effect notwithstanding any failure to endorse on each
Note a notation of such Guarantee. If an Officer whose signature is on this 

  
 -97- 

 
Indenture or on the Guarantee of a Guarantor no longer holds that office at the time the Trustee authenticates the Note on which the Guarantee of such Guarantor is endorsed, the Guarantee of such
Guarantor shall be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantees set forth in this Indenture on behalf of the Guarantors. 

 

	SECTION 10.03.	Merger, Consolidation or Sale of Assets of Guarantors. 

 Subject to
Section 10.05 hereof, a Guarantor may not, and the Issuers will not cause or permit any Guarantor to, consolidate or merge with or into (whether or not such Guarantor is the surviving entity), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, another Person other than the Issuers or another Guarantor (in each case other than in accordance with Section 4.10) unless: 

(a) such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than
such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, limited partnership or limited liability company organized or existing under the laws of the United States,
any state thereof, the District of Columbia, the laws of Canada or any province thereof; 
 (b) the Person formed by or
surviving any such consolidation or merger (if other than such Guarantor) or the Person to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of the Guarantor, pursuant to a
supplemental indenture in form reasonably satisfactory to the Trustee, under the Guarantees, the Notes, this Indenture and such Guarantor’s Guarantee, as applicable; 

(c) immediately after such transaction, no Default or Event of Default exists; and 

(d) such Guarantor or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such
Guarantor), has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the consolidation, amalgamation or merger complies with the applicable provisions of this Indenture and that all conditions precedent
in this Indenture related to such transaction have been satisfied. 
 Nothing contained in this Indenture shall prevent any consolidation or
merger of a Guarantor with or into the Issuers or another Guarantor that is a wholly owned Restricted Subsidiary of the Issuers or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to
the Issuers or another Guarantor that is a wholly owned Restricted Subsidiary of the Issuers. Except as set forth in Articles 4 and 5 hereof, nothing contained in this Indenture shall prevent any consolidation or merger of a Guarantor with or into
the Issuers or another Guarantor that is a Restricted Subsidiary of the Issuers or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuers or another Guarantor that is a
Restricted Subsidiary of the Issuers. 

  
 -98- 

	SECTION 10.04.	Successor Corporation Substituted. 

 Upon any consolidation, merger, sale or
conveyance described in paragraphs (a) through (d) of Section 10.03 hereof, and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of
any Guarantee previously signed by the Guarantor and the due and punctual performance of all of the covenants and conditions hereof to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with
the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Guarantees to be issuable hereunder by such Guarantor and delivered to the Trustee. All the Guarantees so issued
shall in all respects have the same legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms hereof as though all of such Guarantees had been issued at the date of the execution of
such Guarantee by such Guarantor. When a successor Person assumes all the obligations of the Issuers under the Notes and this Indenture pursuant to this Article 10, the applicable predecessor shall be released from the obligations so assumed. 

 

	SECTION 10.05.	Releases from Guarantees. 

 If pursuant to any direct or indirect sale,
conveyance or other disposition of the Capital Stock of any Guarantor (including by way of merger, amalgamation or consolidation), following which such Guarantor ceases to be a direct or indirect Subsidiary of Cedar Fair if such sale or disposition
is made in accordance with Section 4.10 or any sale or other disposition of all or substantially all of the assets of such Guarantor, then such Guarantor or the Person acquiring the property (in the event of a sale or other disposition of all
or substantially all of the assets of such a Guarantor) shall be released and relieved of its obligations under its Guarantee or Section 10.03 and Section 10.04 hereof, as the case may be; provided that in the event of an Asset
Sale, the Net Proceeds from such sale or other disposition are applied in accordance with the provisions of Section 4.10 hereof. In addition, a Guarantor shall be released and relieved of its obligations under its Guarantee or
Section 10.03 and Section 10.04 hereof, as the case may be if (1) such Guarantor is dissolved or liquidated in accordance with the provisions hereof; (2) the Issuers designate any such Guarantor as an Unrestricted Subsidiary in
compliance with the terms hereof; (3) upon the transfer of such Guarantor in a transaction that (i) qualifies as a Permitted Investment or as a Restricted Payment that is not prohibited under Section 4.07 if following such transfer
such Guarantor ceases to be a direct or indirect Restricted Subsidiary of Cedar Fair or (ii) following such transaction, such Guarantor is a Restricted Subsidiary that is not a guarantor under any Credit Facility incurred under
Section 4.09(b)(2) or (4) the Issuers effectively discharge such Guarantor’s obligations or defease the Notes in compliance with the terms of Article 8 hereof. Upon delivery by the Issuers to the Trustee of Officers’ Certificates
on behalf of each Issuer and an Opinion of Counsel to the effect that such sale or other disposition was made by the Issuers in accordance with the provisions hereof, including without limitation Section 4.10 hereof, if applicable, the Trustee
shall execute any documents pursuant to written direction of the Issuers in order to evidence the release of any such Guarantor from its obligations under its Guarantee. Any such Guarantor not released from its obligations under its Guarantee shall
remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guarantor under this Indenture as provided in this Article 10. 

  
 -99- 

 ARTICLE 11 

MISCELLANEOUS 
  

	SECTION 11.01.	Reserved. 

  

	SECTION 11.02.	Notices. 

 Any notice or communication by any Issuer, any Guarantor or the Trustee
to the others is duly given if in writing and delivered by hand-delivery, registered first-class mail, next-day air courier, facsimile or email in pdf format: 

If to any Issuer or any Guarantor, to its care of: 

Cedar Fair, L.P. 
 One Cedar Point
Drive 
 Sandusky, Ohio 44870 

Facsimile No.: (419) 609-5725 

Attention: Brian Witherow, Chief Financial Officer and Duffield Milkie, General Counsel 

If to the Trustee: 
 The Bank of
New York Mellon 
 101 Barclay Street 

Floor 7 East 
 New York, New York
10286 
 Facsimile No.: (212) 815-5390 

Attention: International Corporate Trust 

Any Issuer, any Guarantor or the Trustee, by notice to the other, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders of Notes) shall be deemed to have been duly given upon
actual receipt. 
 Any notice or communication to (i) a Holder of a Definitive Note shall be mailed by first class mail to its address
shown on the register kept by the Registrar and (ii) to a Holder of a Global Note shall be delivered to the Depositary in accordance with the Applicable Procedures. Failure to give a notice or communication to a Holder of a Note or any defect
in it shall not affect its sufficiency with respect to other Holders of Notes. 
 If a notice or communication is mailed in the manner
provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

  
 -100- 

 If the Issuers give a notice or communication to Holders of Notes, they shall give a copy to the
Trustee and each Agent at the same time. 
 In respect of this Indenture, the Trustee agrees to accept and act upon notice,
instructions or directions sent by unsecured email, pdf, facsimile transmission or other similar unsecured electronic methods; provided, however, that the Trustee shall not have any duty or obligation to verify or confirm that the
Person sending instructions, directions, reports, notices or other communications or information by unsecured email, pdf, facsimile or other similar unsecured electronic transmission is, in fact, a Person authorized to give such instructions,
directions, reports, notices or other communications or information on behalf of the party purporting to send such unsecured email, pdf, facsimile or other similar unsecured electronic transmission; and the Trustee shall not have any liability for
any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reasonable reliance upon or compliance with such instructions, directions, reports, notices or other communications or information. The Issuers agree
to assume all risks arising out of the use of such electronic methods to submit instructions and directions, reports, notices or other communications or information to the Trustee, including, without limitation, the risk of the Trustee acting on
unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties. 
  

	SECTION 11.03.	Communication by Holders of Notes with Other Holders of Notes. 

 Holders of the
Notes may communicate pursuant to TIA § 312(b) with other Holders of Notes with respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Agents and anyone else shall have the protection of TIA § 312(c). 

 

	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent. 

 Upon any request or
application by any Issuer or Guarantor to the Trustee to take any action under this Indenture (except in connection with the original issuance of the Notes), such Issuer or Guarantor, as applicable, shall furnish to the Trustee: 

(a) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of
the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such
counsel, all such conditions precedent and covenants have been satisfied. 
  

	SECTION 11.05.	Statements Required in Certificate or Opinion. 

 Each certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)), if applicable; shall include substantially: 

(a) a statement that the Person making such certificate or opinion has read such covenant or condition; 

  
 -101- 

 (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement
that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

 

	SECTION 11.06.	Rules by Trustee and Agents. 

 The Trustee may make reasonable rules for action by
or at a meeting of Holders of Notes. The Agents may make reasonable rules and set reasonable requirements for its functions. 
  

	SECTION 11.07.	No Personal Liability of Directors, Owners, Employees, Incorporators and Stockholders. 

No director, owner, officer, employee, incorporator, limited partner or stockholder of any Issuer or any of its Affiliates, as such, shall have
any liability for any obligations of any Issuer or any of its Affiliates under the Notes, the Guarantees or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

	SECTION 11.08.	Governing Law; Submission to Jurisdiction 

 (a) THE INTERNAL LAW OF THE STATE OF
NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTEES. 
 (b) Each of the Issuers, each of the
Guarantors and the Trustee hereby irrevocably consents to the jurisdiction of any court of the State of New York or any United States Federal court sitting, in each case, in the Borough of Manhattan, The City of New York, New York, United States of
America, and any appellate court from any court thereof, and to the courts of its own corporate domicile, in respect of actions brought against such party as a defendant, and waives any immunity from the jurisdiction of such courts over any suit,
action or proceeding that may be brought in connection with this Indenture, the Notes or the Guarantees and any right to which it may be entitled on account of place of residence or domicile. Each of the Issuers, each of the Guarantors and the
Trustee irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action or proceeding that may be brought in connection with this Indenture, the Notes or the Guarantees in such courts on the grounds of venue or on the
ground that any such suit, action or proceeding has been brought in an inconvenient forum. Each of the Issuers, each of the Guarantors and the Trustee agrees that final judgment in any such suit, action or proceeding brought in such court shall be
conclusive and binding upon such party and may be enforced in any court to the jurisdiction of which such party is subject by a suit upon such judgment. Cedar Canada hereby waives personal service of any summons, complaint or other process and
agrees that service thereof may be made by certified or registered mail directed to Cedar Canada at Cedar Canada’s address for purposes of notices hereunder. 

  
 -102- 

	SECTION 11.09.	No Adverse Interpretation of Other Agreements. 

 This Indenture may not be used to
interpret another indenture, loan or debt agreement of the Issuers or any of their respective Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

 

	SECTION 11.10.	Successors. 

 All agreements of the Issuers and the Guarantors in this Indenture
and the Notes and the Guarantees shall bind the successors of the Issuers and the Guarantors, respectively. All agreements of the Trustee in this Indenture shall bind its successor. 

 

	SECTION 11.11.	Severability. 

 In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

	SECTION 11.12.	Counterpart Originals. 

 This Indenture may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Indenture by
telecopy or other electronic imaging means shall be as effective as delivery of a manually executed counterpart of this Indenture. 
  

	SECTION 11.13.	Table of Contents, Headings, Etc. 

 The Table of Contents, Cross-Reference Table
and headings of the Articles and Sections hereof have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

 

	SECTION 11.14.	Force Majeure. 

 In no event shall the Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 -103- 

	SECTION 11.15.	Waiver of Jury Trial. 

 EACH OF THE ISSUERS, EACH OF THE GUARANTORS AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 [Signatures on following page] 

  
 -104- 

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

					
	CEDAR FAIR, L.P.,
	as an Issuer
		
	By:	 	 /s/ Brian C. Witherow

		 	Name:	 	Brian C. Witherow
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	CANADA’S WONDERLAND COMPANY,
	as an Issuer
		
	By:	 	 /s/ Brian C. Witherow

		 	Name:	 	Brian C. Witherow
		 	Title:	 	Secretary
	
	MAGNUM MANAGEMENT CORPORATION,
	as an Issuer
		
	By:	 	 /s/ Brian C. Witherow

		 	Name:	 	Brian C. Witherow
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
					
	 BOECKLING, L.P.
 CEDAR FAIR

CEDAR FAIR SOUTHWEST INC.
 CEDAR POINT, INC.

CEDAR POINT OF MICHIGAN, INC.
 GEAUGA LAKE LLC

KINGS ISLAND COMPANY
 KNOTT’S BERRY FARM

MICHIGAN’S ADVENTURE, INC.
 WESTERN ROW PROPERTIES, INC.

WONDERLAND COMPANY INC.,
 as Guarantors

		
	By:	 	 /s/ Brian C. Witherow

		 	Name:	 	Brian C. Witherow
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
					
	 THE BANK OF NEW YORK MELLON,
 as
Trustee, Paying Agent and Registrar

		
	By:	 	 /s/ Orla Forrester

		 	Name:	 	Orla Forrester
		 	Title:	 	Authorised Signatory

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

[Face of Note] 
  

5.375% Senior Note due 2024 
  

															
	Cert. No.	 		 		 		 		 		 		  	CUSIP No.
								
		 		 		 		 		 		 		  	ISIN No.
								
		 		 		 		 		 		 		  	$        

 Cedar Fair, L.P. 

Canada’s Wonderland Company 

Magnum Management Corporation 
 promises to pay to
[                    ] or its registered assigns the principal sum of          Dollars on
[                    ]. 
 Interest Payment Dates:
June 1 and December 1, commencing December 1, 2014. 
 Record Dates: May 15 and November 15 (whether or not a Business Day). 

  
 A-1 

 IN WITNESS WHEREOF, each of the Issuers has caused this Note to be duly executed. 

Dated: 
  

					
	CEDAR FAIR, L.P.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	CANADA’S WONDERLAND COMPANY
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	MAGNUM MANAGEMENT CORPORATION
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 A-2 

			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory
	
	Dated:

  
 A-3 

 (Back of Note) 

Capitalized terms used herein have the meanings assigned to them in the Indenture (as defined below) unless otherwise indicated. 

(1) Interest. Cedar Fair, L.P., a Delaware limited partnership (“Cedar Fair”), Canada’s Wonderland
Company, a Nova Scotia unlimited liability company (“Cedar Canada”), and Magnum Management Corporation, an Ohio corporation (“Magnum” and together with Cedar Fair and Cedar Canada, the “Issuers”),
jointly and severally, promise to pay interest on the principal amount of this Note at the rate and in the manner specified below. Interest will accrue at 5.375% per annum and will be payable semi-annually in cash on each June 1 and
December 1, commencing December 1, 2014, or if any such day is not a Business Day on the next succeeding Business Day (each, an “Interest Payment Date”) to Holders of record of the Notes at the close of business on the
immediately preceding May 15 and November 15, whether or not a Business Day. Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. Interest shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance. To the extent lawful, the Issuers shall pay
interest on overdue principal at the rate of the then applicable interest rate on the Notes; they shall pay interest on overdue installments of interest (without regard to any applicable grace periods) at the same rate to the extent lawful. 

 (2) Method of Payment. The Issuers shall pay interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the record date next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date. The Holder hereof must surrender
this Note to a Paying Agent to collect principal payments. The Issuers shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Principal of and interest on
the Notes will be payable at the office or agency of the Issuers maintained for such purpose or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders of Notes at their respective addresses set forth in the
register of Holders of Notes. Unless otherwise designated by the Issuers, the Issuers’ office or agency will be the office of the Trustee maintained for such purpose. 

(3) Paying Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Issuers may change any Paying
Agent, Registrar or co-registrar without prior notice to any Holder of a Note. Any Issuer may act in any such capacity. 
 (4)
Indenture. The Issuers issued the Notes under an Indenture, dated as of June 3, 2014 (the “Indenture”), among the Issuers, the Guarantors and the Trustee. This is one of an issue of Notes of the Issuers issued, or to be
issued, under the Indenture. The Issuers shall be entitled to issue Additional Notes pursuant to Section 2.02 of the Indenture. All Notes (including any Exchange Notes issued in exchange therefor) issued under the Indenture shall be treated as
a single class of Notes under the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), as
in effect on the date of the Indenture. The Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and such act for a statement of such terms. The terms of the Indenture shall govern any inconsistencies between the
Indenture and the Notes. The Notes are senior unsecured joint and several obligations of the Issuers. 

  
 A-4 

 (5) Optional Redemption. (a) Except as provided in paragraphs (b),
(c) and (d) below, the Notes will not be redeemable at the Issuers’ option prior to June 1, 2019. Thereafter, the Notes will be subject to redemption at the Issuers’ option, in whole or in part, upon not less than 30 nor
more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, together with accrued and unpaid interest thereon to the applicable redemption date (subject to the rights of Holders of record
of the Notes on the relevant record date to receive payments of interest on the related interest payment date), if redeemed during the 12-month period beginning on June 1 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2019
	  	 	102.688	% 
	 2020
	  	 	101.792	% 
	 2021
	  	 	100.896	% 
	 2022 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the foregoing, at any time and from time to time prior to June 1, 2017, the
Issuers may redeem up to 35% of the aggregate principal amount of the Notes outstanding (which includes Additional Notes, if any) at a redemption price equal to 105.375% of the principal amount thereof on the redemption date, together with accrued
and unpaid interest and additional interest, if any, to such redemption date (subject to the rights of Holders of record of the Notes on the relevant record date to receive payments of interest on the related interest payment date), with the net
cash proceeds of one or more public or private sales of Qualified Capital Stock, other than proceeds from a sale to Cedar Fair or any of its Subsidiaries or any employee benefit plan in which Cedar Fair or any of its Subsidiaries participates;
provided that (i) at least 65% in aggregate principal amount of the Notes originally issued (calculated after giving effect to any issuance of any Additional Notes) remains outstanding immediately after the occurrence of such redemption
and (ii) such redemption occurs no later than the 180th day following such sale of Qualified Capital Stock. 
 (c) In addition,
at any time and from time to time prior to June 1, 2019, the Issuers may redeem all or any portion of the Notes outstanding (which includes Additional Notes, if any) at a redemption price equal to (i) 100% of the aggregate principal amount
of the Notes to be redeemed, together with accrued and unpaid interest and any additional interest, if any, to such redemption date (subject to the rights of Holders of record of the Notes on the relevant record date to receive payments of interest
on the related interest payment date), plus (ii) the Make Whole Amount. 
 “Make Whole Amount” means, with respect to
any Note at any redemption date, the greater of (i) 1.0% of the principal amount of such Note and (ii) the excess, if any, of (A) an amount equal to the present value of (1) the redemption price of such Note at June 1, 2019
(such redemption price being set forth in the table appearing above) plus (2) the remaining scheduled interest payments on the Notes to be redeemed (subject to the right of Holders on the relevant record date to receive interest due on
the relevant interest payment date) to June 1, 2019 (other than interest accrued but unpaid to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the then outstanding principal
amount of the Notes to be redeemed, as calculated by the Issuers. 

  
 A-5 

 “Treasury Rate” means, at the time of computation, the yield to maturity of
United States Treasury Securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) which has become publicly available at least two Business Days prior to the redemption date or, if
such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the period from the redemption date to June 1, 2019; provided, however, that if the period from the
redemption date to June 1, 2019 is not equal to the constant maturity of a United States Treasury Security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest
one-twelfth of a year) from the weekly average yields of United States Treasury Securities for which such yields are given, except that if the period from the redemption date to June 1, 2019 is less than one year, the weekly average yield on
actually traded United States Treasury Securities adjusted to a constant maturity of one year shall be used. 
 (d) Redemption for
Tax Reasons. The Issuers may at any time redeem, in whole but not in part, the outstanding Notes (upon giving notice in accordance with the Indenture, which notice shall be irrevocable) at a redemption price of 100% of the principal amount
thereof, plus accrued and unpaid interest to the date of redemption, and all Additional Amounts (if any) then due and which will become due on the date of redemption as a result of the redemption or otherwise, if on the next date on which any amount
would be payable in respect of the Notes, any of the Issuers has become or would become obligated to pay any Additional Amounts in respect of the Notes, and such Issuer cannot avoid any such payment obligation by taking reasonable measures available
to it, as a result of: (i) any change in or amendment to the laws (or regulations promulgated thereunder) of a relevant Tax Jurisdiction, or (ii) any change in or amendment to any official position of the relevant taxing authority
regarding the application or interpretation of such laws or regulations, which change or amendment, in each case of (i) or (ii) of this clause (d), is announced and becomes effective after the Issue Date (or, if the applicable relevant Tax
Jurisdiction became a Tax Jurisdiction on a date after the Issue Date, such later date); provided that, prior to the giving of any notice of redemption described in this subclause (d), the Issuers will deliver to the Trustee: (x) an
Officers’ Certificate stating that the obligation to pay the Additional Amounts or indemnification payments cannot be avoided by such Issuer taking reasonable measures available to it; and (y) a written opinion of independent legal counsel
to such Issuer of recognized standing to the effect that (subject to customary assumptions and exceptions) such Issuer has or will become obligated to pay such Additional Amounts or indemnification payments as a result of a change, amendment,
official interpretation or application described above. 
 (6) Repurchase at Option of Holder. Upon the occurrence of a
Change of Control, the Issuers shall make an offer to each Holder of Notes to repurchase on the Change of Control Payment Date all or any part of such Holder’s Notes (equal to $2,000 or an integral multiple of $1,000 in excess thereof) at a
purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase (subject to the right of Holders on the relevant record date to receive interest due on the relevant
interest payment date). Holders of Notes that are subject to an offer to purchase will receive a Change of 

  
 A-6 

 
Control Offer from the Issuers prior to any related Change of Control Payment Date and may elect to have such Notes purchased by completing the form entitled “Option of Holder To Elect
Purchase” appearing below. 
 When the cumulative amount of Excess Proceeds exceeds $25.0 million, the Issuers shall make an
offer to all Holders of the Notes (an “Excess Proceeds Offer”) to purchase the maximum principal amount of Notes that may be purchased out of such Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal
amount thereof, together with accrued and unpaid interest to the date fixed for the closing of such offer in accordance with the procedures set forth in the Indenture. To the extent Cedar Fair or a Restricted Subsidiary is required under the terms
of Indebtedness of Cedar Fair or such Restricted Subsidiary (other than Subordinated Indebtedness), the Issuers shall also make a pro rata offer to the holders of such Indebtedness (including the Notes) with such proceeds. If any Issuer
notifies the Trustee in writing that the aggregate principal amount of Notes and other parity Indebtedness surrendered by holders thereof exceeds the amount of such Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro
rata basis or otherwise in accordance with the applicable procedures of the Depositary. To the extent that the principal amount of Notes tendered pursuant to an Excess Proceeds Offer is less than the amount of such Excess Proceeds, the Issuers
may use any remaining Excess Proceeds for general corporate purposes in compliance with the provisions of the Indenture. Upon completion of an Excess Proceeds Offer, the amount of Excess Proceeds shall be reset at zero. Holders of Notes that are
subject to an offer to purchase will receive an Excess Proceeds Offer from the Issuers prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder To Elect Purchase”
attached hereto.  
 (7) Notice of Redemption. Notice of redemption shall be given at least 30 days but not more than
60 days before the redemption date to each Holder whose Notes are to be redeemed. Notes may be redeemed in part but only in amounts of $2,000 or whole multiples of $1,000 that are equal to or in excess of $2,000, unless all of the Notes held by a
Holder of Notes are to be redeemed. On and after the redemption date, interest ceases to accrue on Notes or portions of them called for redemption unless the Issuers fail to redeem such Notes or such portions thereof. 

(8) Suspension of Covenants. During any period of time after the Issue Date that (i) the Notes are rated Investment Grade
by both Rating Agencies and (ii) no Default has occurred and is continuing under the Indenture, Cedar Fair and its Restricted Subsidiaries will not be subject to Sections 3.08 (Excess Proceeds Offer), 4.07 (Limitation on Restricted Payments),
4.08 (Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries, 4.09 (Limitation on Incurrence of Indebtedness), 4.10 (Limitation on Asset Sales), 4.11 (Limitation on Transactions with Affiliates) and
Section 5.01(a)(iv) (Merger, Amalgamation, Consolidation or Sale of Assets). 
 (9) Denominations, Transfer, Exchange.
The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Issuers, the
Registrar and the Trustee may require a Holder of a Note, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required 

  
 A-7 

 
by law or permitted by the Indenture. The Registrar need not exchange or register the transfer of any Note or portion of a Note selected for redemption. Also, it need not exchange or register the
transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed. 
 (10) Persons Deemed Owners. Prior
to due presentment to the Trustee for registration of the transfer of this Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name this Note is registered as its absolute owner for the purpose of receiving payment of
principal of, premium, if any, and interest (subject to the right of the relevant Holder of record on the relevant record date to receive payments of interest on the related Interest Payment Date) on this Note and for all other purposes whatsoever,
whether or not this Note is overdue, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. The registered Holder of a Note shall be treated as its owner for all purposes. 

(11) Amendments, Supplement and Waivers. Subject to certain exceptions, the Indenture, the Notes and the Guarantees or any amended or
supplemental indenture may be amended or supplemented with the written consent of the Holders of at least a majority of the aggregate principal amount of Notes then outstanding (including consents obtained in connection with an exchange offer or
tender offer for the Notes), and any existing Default and its consequences or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority of the aggregate principal amount of Notes then
outstanding (including consents obtained in connection with an exchange offer or tender offer for the Notes). Notwithstanding the foregoing, without the consent of each Holder affected, an amendment or waiver may not (with respect to any Notes held
by a non-consenting Holder of Notes) (a) reduce the aggregate principal amount of Notes the Holders of which must consent to an amendment, supplement or waiver; (b) reduce the principal of or change the fixed maturity of any Note or alter
the provisions with respect to the redemption of the Notes (other than to change any notice period); (c) reduce the rate of or change the time for payment of interest on any Note; (d) waive a Default or Event of Default in the payment of
principal of or premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that
resulted from such acceleration); (e) make any Note payable in money other than that stated in the Notes; (f) make any change in the provisions of the Indenture relating to waivers of past Defaults or the rights of Holders of Notes to
receive payments of principal of or interest on the Notes; (g) waive a redemption payment or mandatory redemption with respect to any Note (other than as provided in clause (h) below); (h) amend, change or modify in any material
respect the obligation of the Issuers to make and consummate a Change of Control Offer in the event of a Change of Control after such Change of Control has occurred; (i) release all or substantially all of the Guarantees of the Guarantors other
than in accordance with Article 10 of the Indenture; or (j) make any change in the foregoing amendment and waiver provisions. Notwithstanding the foregoing, without the consent of any Holder of a Note, the Indenture, the Notes, the Guarantees,
or any amended or supplemental indenture may be amended or supplemented: to cure any ambiguity, defect or inconsistency; to provide for uncertificated Notes or Guarantees in addition to or in place of certificated Notes or Guarantees
(provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code); to provide for
the assumption of the obligations of an Issuer or any Guarantor under the Indenture, the Notes or any Guarantee, as applicable, in the case of a merger, amalgamation, 

  
 A-8 

 
consolidation or sale of all or substantially all of such Issuer’s assets or such Guarantor’s assets pursuant to Article 5 or Article 10 of the Indenture; to make any change that would
provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the rights under the Indenture of any Holder of the Notes in any material respect; to provide for the issuance of Additional Notes in accordance
with the provisions set forth in the Indenture; to provide for the issuance of exchange notes; to evidence and provide for the acceptance of an appointment of a successor Trustee; to add Guarantees with respect to the Notes; to conform the Indenture
or the Notes to the “Description of notes” section in the Offering Memorandum; or to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act. 

(12) Defaults and Remedies. Each of the following constitutes an Event of Default: 

(a) default for 30 days in the payment when due of interest or additional interest, if any, on the Notes; 

(b) default in payment when due of principal of or premium, if any, on the Notes at maturity, upon repurchase, redemption or
otherwise; 
 (c) failure to comply for 30 days after notice with any obligations under the provisions described under
Sections 3.08, 4.10, 4.15 and 5.01 of the Indenture; 
 (d) subject to the last paragraph of Section 6.02 of the
Indenture, default under any other provision of the Indenture or the Notes, which default remains uncured for 60 days after notice from the Trustee or the Holders of at least 25% of the aggregate principal amount then outstanding of the Notes;

 (e) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any Indebtedness for money borrowed by Cedar Fair or any of its Restricted Subsidiaries (or the payment of which is guaranteed by Cedar Fair or any of its Restricted Subsidiaries), which default is caused by a failure to pay the
principal of such Indebtedness at the final stated maturity thereof within the grace period provided in such Indebtedness (a “Payment Default”), and the principal amount of any such Indebtedness, together with the principal amount
of any other such Indebtedness under which there has been a Payment Default, aggregates $35.0 million or more; 
 (f)
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by Cedar Fair and any of its Restricted Subsidiaries (or the payment of which is
guaranteed by Cedar Fair or any of its Restricted Subsidiaries), which default results in the acceleration of such Indebtedness prior to its express maturity not rescinded or cured within 30 days after such acceleration, and the principal
amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated and remains undischarged after such 30 day period,
aggregates $35.0 million or more; 

  
 A-9 

 (g) failure by Cedar Fair or any of its Restricted Subsidiaries to pay final
judgments (other than any judgment as to which a reputable insurance company has accepted full liability) aggregating $35.0 million or more (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers),
which judgments are not stayed, discharged or waived within 60 days after their entry; 
 (h) any Guarantee of a Significant
Subsidiary shall be held in a judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect, or any Guarantor that qualifies as a Significant Subsidiary, or any person acting on behalf of any
Guarantor that qualifies as a Significant Subsidiary, shall deny or disaffirm its obligations under its Guarantee in writing and such Default continues for 10 days; 

(i) any Issuer or any Restricted Subsidiary that is a Significant Subsidiary of the Issuers pursuant to or within the meaning
of Bankruptcy Law (i) commences a voluntary case; (ii) consents to the entry of an order for relief against it in an involuntary case; (iii) consents to the appointment of a custodian of it or for all or substantially all of its
property; or (iv) makes a general assignment for the benefit of its creditors; and 
 (j) a court of competent
jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against any Issuer or any Restricted Subsidiary that is a Significant Subsidiary of the Issuers in an involuntary case; (ii) appoints a custodian of
any Issuer or any Restricted Subsidiary that is a Significant Subsidiary of the Issuers or for all or substantially all of the property of any Issuer or any Restricted Subsidiary that is a Significant Subsidiary of the Issuers; or (iii) orders
the liquidation of any Issuer or any Restricted Subsidiary that is a Significant Subsidiary of the Issuers, and the order or decree remains unstayed and in effect for 60 consecutive days. 

If any Event of Default occurs and is continuing, the Trustee by notice to the Issuers or the Holders of at least 25% of the aggregate
principal amount then outstanding of the Notes by written notice to the Issuers and the Trustee, may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default specified in clauses
(i) or (j) above with respect to an Issuer, all outstanding Notes shall become and shall be immediately due and payable without further action or notice. Holders of the Notes may not enforce the Indenture or the Notes except as provided in
the Indenture. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice
is in such Holders’ interest. 
 Any failure to perform, or breach under Section 4.03 of the Indenture shall not be a Default or
an Event of Default until the 121st day after the Issuers have received the notice referred to in clause (d) above (at which point, unless cured or waived, such failure to perform or breach shall constitute an Event of Default). Prior to
such 121st day, remedies against the Issuers for any such failure or breach will be limited to additional interest at a rate per year equal to 0.25% of the principal amount of such Notes from the 60th day following such notice to and
including the 121st day following such notice. 

  
 A-10 

 The Holders of a majority in aggregate principal amount of the then outstanding Notes by written
notice to the Trustee may on behalf of all the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or
premium that has become due solely because of the acceleration) have been cured or waived. The Holders of a majority in aggregate principal amount of the then outstanding Notes, by written notice to the Trustee, may on behalf of the Holders of all
of the Notes waive any existing Default or Event of Default and its consequences under the Indenture, except a continuing Default or Event of Default in the payment of interest or premium on, or principal of, the Notes. 

Each of the Issuers is required to deliver to the Trustee annually an Officers’ Certificate regarding compliance with the Indenture. 

(13) Trustee Dealings with Issuers. The Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of the Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers with the same rights if would have had if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must
eliminate such conflict within 90 days, apply to the Commission for permission to continue as Trustee (if any of the Notes are registered pursuant to the Securities Act), or resign. 

(14) No Personal Liability of Directors, Owners, Employees, Incorporators and Stockholders. No director, owner, officer,
employee, incorporator, limited partner or stockholder of any Issuer or any of its Affiliates, as such, shall have any liability for any obligations of any Issuer or any of its Affiliates under the Notes, the Guarantees or the Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the
Notes. 
 (15) Guarantees. Payment of principal and interest (including interest on overdue principal and overdue
interest, if lawful) is unconditionally guaranteed, jointly and severally, by each of the Guarantors. 
 (16)
Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

(17) Abbreviations. Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as TEN COM (=
tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

(18) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the
Issuers have caused CUSIP numbers to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders of Notes. No representation is made as to the accuracy of such numbers either as
printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed herein. 

  
 A-11 

 The Issuers will furnish to any Holder of a Note upon written request and without charge a copy
of the Indenture. Requests may be made to: 
 Cedar Fair, L.P. 

Canada’s Wonderland Company 

Magnum Management Corporation 
 One
Cedar Point Drive 
 Sandusky, OH 44870 

Facsimile No.: (409) 609-5725 

Attention: Brian Witherow, Chief Financial Officer and Duffield Milkie, General Counsel 

  
 A-12 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

(Insert assignee’s Soc. Sec. or tax I.D. no.) 
  

 
 (Print or type assignee’s name,
address and Zip code) 
 and irrevocably appoint
                     as agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him or her. 

 

									
	Date:	 	  
	 		 		 	
					
		 		 		 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee. 

  
 A-13 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have all or any part of this Note purchased by the Issuers pursuant to Section 3.08 (Excess Proceeds Offer) or
Section 4.15 (Change of Control) of the Indenture, check the appropriate box: 

 ̈        Section 3.08     
                ̈        Section 4.15 

If you want to have only part of the Note purchased by the Issuers pursuant to Section 3.08 or Section 4.15 of the Indenture, state
the amount you elect to have purchased: 
 $         

 

									
	Date:	 	  
	 		 		 	
					
		 		 		 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee. 

  
 A-14 

 [ATTACHMENT FOR GLOBAL NOTES] 

SCHEDULE OF TRANSFERS AND INCREASES AND DECREASES IN GLOBAL NOTE 

The following exchanges or transfers of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or
exchanges or transfers of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Transfer or

Exchange
	 	 Amount of

Decrease in
 Principal
Amount of
 this Global Note
	 	 Amount of Increase

Principal Amount of
 this
Global Note
	  	Principal Amount
of this Global Note
following such
Decrease (or Increase)	  	Signature of
Authorized Officer
of Trustee or
Note Custodian
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  
 A-15 

 EXHIBIT B 

FORM OF GUARANTEE 

Under the indenture dated as of June 3, 2014 (the “Indenture”), by and among Cedar Fair, L.P. (“Cedar Fair”),
Canada’s Wonderland Company (“Cedar Canada”) and Magnum Management Corporation (“Magnum” and together with Cedar Fair and Cedar Canada, collectively, the “Issuers”),[Name of Guarantor] and the other
guarantors party thereto (the “Guarantors”) and the Bank of New York Mellon, as trustee (the “Trustee”), [Name of Guarantor] and its successors, jointly and severally with any other Guarantors, hereby irrevocably and
unconditionally (i) guarantee the due and punctual payment of the principal of, premium, if any, and interest on the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on the overdue
principal of and interest, if any, on the Notes, to the extent lawful, and the due and punctual performance of all other obligations of the Issuers to the Holders or the Trustee all in accordance with the terms set forth in Article 10 of the
Indenture and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, guarantee that the same will be promptly paid in full when due or performed in accordance with the terms of the extension
or renewal, whether at stated maturity, by acceleration or otherwise. Capitalized terms used herein have the meanings assigned to them in the Indenture unless otherwise indicated.  

No director, owner, officer, employee, incorporator, limited partner or stockholder of any Guarantor or any of its Affiliates, as such, shall
have any liability for any obligations of such Guarantor or any of its Affiliates under this Guarantee by reason of his, her or its status as such. This Guarantee shall be binding upon each Guarantor and its successors and assigns and shall inure to
the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to
and be vested in such transferee or assignee, all subject to the terms and conditions hereof. 
 This Guarantee shall not be valid or
obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized signatories. 

THE TERMS OF ARTICLE 10 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

This Guarantee shall be governed by and construed in accordance with the laws of the State of New York. 

 

			
	[                                    
    ]
	Name of Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-1 

 EXHIBIT C 

[FORM OF CERTIFICATE OF TRANSFER] 
 Cedar Fair,
L.P. 
 Canada’s Wonderland Company 
 Magnum Management
Corporation 
 One Cedar Point Drive 
 Sandusky, OH 44870 

Facsimile No.: (419) 609-5725 
 Attention: Brian Witherow,
Chief Financial Officer and Duffield Milkie, General Counsel 
 The Bank of New York Mellon 

101 Barclay Street, Floor 7 East 
 New York, New York 10286 

Attn: International Corporate Trust 
 Re:
5.375% Senior Notes due 2024 
 Reference is hereby made to the Indenture, dated as of June 3, 2014 (the
“Indenture”), among Cedar Fair, L.P. (“Cedar Fair”), Canada’s Wonderland Company (“Cedar Canada”), Magnum Management Corporation (“Magnum” and together with Cedar Fair and Cedar Canada,
collectively, the “Issuers”), the Guarantors named therein and The Bank of New York Mellon, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

            (the “Transferor”) owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $            in such Note[s] or interests (the “Transfer”), to
            (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 
  

					
	1.	  	 ̈	  	Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the
United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account
is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to

  
 C-1 

					
		  		  	the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act.
			
	2.	  	 ̈	  	Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the
United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore
securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of
Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture and
the Securities Act.
			
	3.	  	 ̈	  	Check and complete if Transferee will take delivery of a beneficial interest in a Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in
compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any
state of the United States, and accordingly the Transferor hereby further certifies that (check one):

  

					
			
	(a)	  	 ̈	  	such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;
			
		  		  	or
			
	(b)	  	 ̈	  	or such Transfer is being effected to the Issuers or a Subsidiary thereof;

  

					
	4.	  	 ̈	  	Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.

  
 C-2 

					
	(a)	  	 ̈	  	Check if Transfer is Pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
			
	(b)	  	 ̈	  	Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
			
	(c)	  	 ̈	  	Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or
Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

  
 C-3 

 This certificate and the statements contained herein are made for your benefit and the benefit of
the Issuers. 
  

									
		 		 		 	  

		 		 		 	[Insert Name of Transferor]
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:
					
	Dated:	 	  
	 		 		 	

  
 C-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)]

  

							
	(a)	  	 ̈	  	a beneficial interest in the:
				
		  	(i)	  	 ̈	  	144A Global Note (CUSIP [            ]), or
				
		  	(ii)	  	 ̈	  	Regulation S Global Note (CUSIP [            ]), or
			
	(b)	  	 ̈	  	a Restricted Definitive Note.

  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

 

							
	(a)	  	 ̈	  	a beneficial interest in the:
				
		  	(i)	  	 ̈	  	144A Global Note (CUSIP [            ]), or
				
		  	(ii)	  	 ̈	  	Regulation S Global Note (CUSIP [            ]), or
				
		  	(iii)	  	 ̈	  	Unrestricted Global Note CUSIP [            ], or
			
	(b)	  	 ̈	  	a Restricted Definitive Note; or
			
	(c)	  	 ̈	  	an Unrestricted Definitive Note,

 in accordance with the terms of the Indenture. 

  
 C-5 

 EXHIBIT D 

[FORM OF CERTIFICATE OF EXCHANGE] 
 Cedar Fair,
L.P. 
 Canada’s Wonderland Company 
 Magnum Management
Corporation 
 One Cedar Point Drive 
 Sandusky, OH 44870 

Facsimile No.: (419) 609-5725 
 Attention: Brian Witherow,
Chief Financial Officer and Duffield Milkie, General Counsel 
 The Bank of New York Mellon 

101 Barclay Street, Floor 7 East 
 New York, New York 10286 

Attn: International Corporate Trust 
 Re:
5.375% Senior Notes due 2024 
 (CUSIP [            ]) 

Reference is hereby made to the Indenture, dated as of June 3, 2014 (the “Indenture”), among Cedar Fair, L.P.
(“Cedar Fair”), Canada’s Wonderland Company (“Cedar Canada”), Magnum Management Corporation (“Magnum” and together with Cedar Fair and Cedar Canada, collectively, the “Issuers”), the Guarantors
named therein and The Bank of New York Mellon, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $            in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1.
Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note. 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United
States. 

  
 D-1 

 (b)  ̈ Check if Exchange is from
beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies
(i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (c)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a
beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(d)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted
Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes. 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the
Indenture and the Securities Act. 
 (b)  ̈ Check if Exchange is from Restricted
Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted 

  
 D-2 

 
Definitive Note for a beneficial interest in the [CHECK ONE] _ 144A Global Note, _ Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers. 

 

									
		 		 		 	  

		 		 		 	[Insert Name of Transferor]
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:
					
	Dated:	 	  
	 		 		 	

  
 D-3 

 ANNEX A TO CERTIFICATE OF EXCHANGE 

 

	1.	The Owner owns and proposes to exchange the following: 

 [CHECK ONE OF (a) OR (b)] 

 

							
	(a)	  	 ̈	  	a beneficial interest in the:
				
		  	(i)	  	 ̈	  	144A Global Note (CUSIP [            ]), or
				
		  	(ii)	  	 ̈	  	Regulation S Global Note (CUSIP [            ]), or
			
	(b)	  	 ̈	  	a Restricted Definitive Note.

  

	2.	After the Exchange the Owner will hold: 

 [CHECK ONE] 

 

							
	(a)	  	 ̈	  	a beneficial interest in the:
				
		  	(i)	  	 ̈	  	144A Global Note (CUSIP [            ]), or
				
		  	(ii)	  	 ̈	  	Regulation S Global Note (CUSIP [            ]), or
				
		  	(iii)	  	 ̈	  	Unrestricted Global Note CUSIP [            ], or
			
	(b)	  	 ̈	  	a Restricted Definitive Note; or
			
	(c)	  	 ̈	  	an Unrestricted Definitive Note,

 in accordance with the terms of the Indenture. 

  
 C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}]]