Document:

Amended and Restated Guarantee and Pledge Agreement

 Exhibit 10.2 
 EXECUTION COPY 
 AMENDED AND RESTATED GUARANTEE AND PLEDGE AGREEMENT 
 dated as of 
 March 24, 2009, 

among 
 CB RICHARD ELLIS SERVICES, INC.,

 CB RICHARD ELLIS GROUP, INC., 
 the Subsidiaries of CB RICHARD ELLIS SERVICES, INC., 
 from time to time party hereto 
 and 
 CREDIT SUISSE, 
 as Collateral Agent 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I
	
	Definitions
			
	 SECTION 1.01.
	  	Credit Agreement	  	2
	 SECTION 1.02.
	  	Other Defined Terms	  	2
	
	ARTICLE II
	
	Guarantee
			
	 SECTION 2.01.
	  	Guarantee	  	6
	 SECTION 2.02.
	  	Guarantee of Payment	  	6
	 SECTION 2.03.
	  	No Limitations, Etc.	  	7
	 SECTION 2.04.
	  	Reinstatement	  	8
	 SECTION 2.05.
	  	Agreement To Pay; Subrogation	  	8
	 SECTION 2.06.
	  	Information	  	8
	
	ARTICLE III
	
	Pledge of Securities
			
	 SECTION 3.01.
	  	Pledge	  	8
	 SECTION 3.02.
	  	Delivery of the Pledged Collateral	  	9
	 SECTION 3.03.
	  	Representations, Warranties and Covenants	  	9
	 SECTION 3.04.
	  	Limited Liability Company Interests and Limited Partnership Interests	  	11
	 SECTION 3.05.
	  	Registration in Nominee Name; Denominations	  	11
	 SECTION 3.06.
	  	Voting Rights; Dividends and Interest, etc.	  	11
	
	ARTICLE IV
	
	Security Interests in Personal Property
			
	 SECTION 4.01.
	  	Security Interest	  	13
	 SECTION 4.02.
	  	Representations and Warranties	  	15
	 SECTION 4.03.
	  	Covenants	  	17
	 SECTION 4.04.
	  	Other Actions	  	18
	 SECTION 4.05.
	  	Covenants Regarding Patent, Trademark and Copyright Collateral	  	19

  

 i 

					
	ARTICLE V
	
	Remedies
			
	 SECTION 5.01.
	  	Remedies Upon Default	  	20
	 SECTION 5.02.
	  	Application of Proceeds	  	22
	 SECTION 5.03.
	  	Grant of License to Use Intellectual Property	  	23
	 SECTION 5.04.
	  	Securities Act, etc.	  	23
	
	ARTICLE VI
	
	Indemnity, Subrogation and Subordination
			
	 SECTION 6.01.
	  	Indemnity and Subrogation	  	24
	 SECTION 6.02.
	  	Contribution and Subrogation	  	24
	 SECTION 6.03.
	  	Subordination	  	24
	
	ARTICLE VII
	
	Miscellaneous
			
	 SECTION 7.01.
	  	Notices	  	25
	 SECTION 7.02.
	  	Security Interest Absolute	  	25
	 SECTION 7.03.
	  	Survival of Agreement	  	25
	 SECTION 7.04.
	  	Binding Effect; Several Agreement	  	25
	 SECTION 7.05.
	  	Successors and Assigns	  	26
	 SECTION 7.06.
	  	Collateral Agent’s Fees and Expenses; Indemnification	  	26
	 SECTION 7.07.
	  	Collateral Agent Appointed Attorney-in-Fact	  	27
	 SECTION 7.08.
	  	Applicable Law	  	28
	 SECTION 7.09.
	  	Waivers; Amendment	  	28
	 SECTION 7.10.
	  	WAIVER OF JURY TRIAL	  	28
	 SECTION 7.11.
	  	Severability	  	28
	 SECTION 7.12.
	  	Counterparts	  	29
	 SECTION 7.13.
	  	Headings	  	29
	 SECTION 7.14.
	  	Jurisdiction; Consent to Service of Process	  	29
	 SECTION 7.15.
	  	Termination or Release	  	29
	 SECTION 7.16.
	  	Additional Subsidiaries	  	30
	 SECTION 7.17.
	  	Reaffirmation	  	30
	 SECTION 7.18.
	  	No Novation	  	31

  

			
	Schedules
		
	 Schedule I
	  	Subsidiary Guarantors
	 Schedule II
	  	Equity Interests; Pledged Debt Securities
	 Schedule III
	  	Intellectual Property
	 Schedule IV
	  	Commercial Tort Claims
	
	Exhibits
		
	 Exhibit A
	  	Form of Supplement
	 Exhibit B
	  	Form of Perfection Certificate

  

 ii 

			
		 	 AMENDED AND RESTATED GUARANTEE AND PLEDGE AGREEMENT dated as of March 24, 2009 (this “Agreement”), among CB RICHARD ELLIS SERVICES,
INC., a Delaware corporation (the “U.S. Borrower”), CB RICHARD ELLIS GROUP, INC., a Delaware corporation (“Holdings”), the Subsidiaries of the U.S. Borrower from time to time party hereto and CREDIT
SUISSE (“Credit Suisse”), as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties (as defined herein).

 PRELIMINARY STATEMENT 
 Reference is made to (a) the Amended and Restated Credit Agreement dated as of December 20, 2006 (as amended, supplemented or otherwise
modified prior to the date hereof, the “Existing Credit Agreement”), among the U.S. Borrower, CB Richard Ellis Limited, a limited company organized under the laws of England and Wales (the “U.K.
Borrower”), CB Richard Ellis Limited, a corporation organized under the laws of the province of New Brunswick (the “Canadian Borrower”), CB Richard Ellis Pty Ltd, a company organized under the laws of Australia
and registered in New South Wales (the “Australian Borrower”), CB Richard Ellis Limited, a company organized under the laws of New Zealand (the “New Zealand Borrower”), Holdings, the lenders
from time to time party thereto (the “Lenders”) and Credit Suisse, as administrative agent (in such capacity, the “Administrative Agent”) and Collateral Agent, and (b) the Guarantee and Pledge
Agreement dated as of June 26, 2006 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Guarantee and Pledge Agreement”), among the U.S. Borrower, Holdings, the Subsidiaries of the
U.S. Borrower from time to time party thereto and the Collateral Agent. 
 The Lenders and the Issuing Bank (such term and each other
capitalized term used but not defined in this preliminary statement having the meaning given or ascribed to it in Article I) have extended and have agreed to extend credit to the Borrowers, subject to the terms and conditions set forth in the
Existing Credit Agreement. Concurrent with the execution and delivery of this Agreement, the Existing Credit Agreement will be amended and restated (such amended and restated agreement, as the same may be further amended, supplemented or otherwise
modified from time to time being referred to herein as the “Credit Agreement”). The effectiveness of the Credit Agreement is conditioned upon, among other things, the execution and delivery of this Agreement. Holdings and the
Subsidiary Guarantors are affiliates of the Borrowers, have derived substantial benefits from the extension of credit to the Borrowers pursuant to the Existing Credit Agreement, will derive substantial benefits from the extension of credit to the
Borrowers pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in consideration therefor and in order to induce the Lenders and the Issuing Bank to continue to extend such credit. 
 Holdings, the Borrowers and the Subsidiary Guarantors desire to amend and restate the Existing Guarantee and Pledge Agreement in the form hereof to,
among other things, reaffirm their obligations under the Existing Guarantee and Pledge Agreement, to add certain Collateral and to make certain amendments thereto. 

 Accordingly, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 

 SECTION 1.01. Credit Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein
have the meanings specified in the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement have the meanings specified therein. All references to the term “instrument” shall have the
meaning specified in Article 9 of the New York UCC. 
 (b) The rules of construction specified in Section 1.02 of the Credit
Agreement also apply to this Agreement. 
 SECTION 1.02. Other Defined Terms. As used in this Agreement, the following
terms have the meanings specified below: 
 “Account Debtor” means any person who is or who may become obligated to
any Grantor under, with respect to or on account of an Account. 
 “Article 9 Collateral” has the meaning assigned to
such term in Section 4.01. 
 “Borrowers” means, collectively, the U.S. Borrower, the Australian Borrower,
the Canadian Borrower, the New Zealand Borrower and the UK Borrower and any other wholly owned Subsidiary of the U.S. Borrower that becomes a party to the Credit Agreement as a Borrower pursuant to Section 9.18 of the Credit Agreement.

 “Cash Management Services” means treasury management services (including controlled disbursements, zero balance
arrangements, cash sweeps, automated clearinghouse transactions, return items, overdrafts, temporary advances, interest and fees and interstate depository network services or similar transactions) provided to any Loan Party. 
 “Collateral” means Article 9 Collateral and Pledged Collateral. 
 “Copyright License” means any written agreement, now or hereafter in effect, granting any right to any third person under any
copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any copyright now or hereafter owned by any third person, and all rights of such Grantor under any
such agreement. 
 “Copyrights” means all of the following now owned or hereafter acquired by any Grantor:
(a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such
copyright in the United States or any other country, including registrations, supplemental registrations and pending applications for registration in the United States Copyright Office (or any successor office or any similar office in any other
country), including those United States applications and registrations listed on Schedule III. 
  

 2 

 “Domestic Obligations” means all the Obligations that are obligations of
Holdings, the U.S. Borrower or any other Domestic Subsidiary. 
 “Excluded Equity Interests” means (a) any
Equity Interest in any Immaterial Subsidiary, (b) any Equity Interest in any Investment Subsidiary other than CB Richard Ellis Investors, LLC and CB Richard Ellis Investors, Inc., and (c) any Equity Interests in any person other than a
wholly-owned Subsidiary where the assignment or pledge thereof, or grant of a security interest therein, requires, pursuant to the organizational documents of such person or any related joint venture, shareholder or like agreement binding on any
shareholder, partner or member of such person, the consent of any shareholder, partner or member of such person that is not an Affiliate of Holdings. 
 “Federal Securities Laws” has the meaning assigned to such term in Section 5.04. 
 “Foreign Obligations” means all the Obligations that are obligations of any Foreign Subsidiary. 
 “General Intangibles” means all choses in action and causes of action and all other intangible personal property of every kind and nature (other than Accounts) now owned or hereafter acquired by any Grantor,
including corporate or other business records, indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Hedging Agreements and other agreements), Intellectual Property, goodwill,
registrations, franchises, tax refund claims and any letter of credit, guarantee, claim, security interest or other security held by or granted to any Grantor to secure payment by an Account Debtor of any of the Accounts. 
 “Grantors” means Holdings, the U.S. Borrower and the Subsidiary Guarantors (other than Melody and any Subsidiary Guarantor that
is an Investment Subsidiary). 
 “Guarantors” means Holdings, the Subsidiary Guarantors and, to the extent the U.S.
Borrower is not otherwise liable with respect to any Obligations, the U.S. Borrower. 
 “Intellectual Property” means
all intellectual and similar property of any Grantor of every kind and nature now owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, confidential or proprietary
technical and business information, know-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises, and all additions, improvements and accessions to,
and books and records describing or used in connection with, any of the foregoing. 
 “License” means any Patent
License, Trademark License, Copyright License or other license or sublicense agreement relating to Intellectual Property to which any Grantor is a party, including those licenses of registered U.S. Intellectual Property from third parties to any
Grantor listed on Schedule III. 
  

 3 

 “Loan Document Obligations” means (a) the due and punctual payment of
(i) the principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as
due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by any Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including
payments in respect of reimbursement of disbursements, interest thereon and obligations to provide cash collateral, and (iii) all other monetary obligations of any Borrower to any of the Secured Parties under the Credit Agreement and each of
the other Loan Documents, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other obligations of each Borrower under or pursuant to the Credit Agreement and each of the other Loan
Documents, and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to this Agreement and each of the other Loan Documents. 
 “New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Obligations” means (a) the Loan Document Obligations, (b) the due and punctual payment and performance of all
obligations of each Loan Party under each Hedging Agreement that (i) is in effect on the Second Restatement Date with a counterparty that is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender as of the
Second Restatement Date or (ii) is entered into after the Second Restatement Date with any counterparty that is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender at the time such Hedging Agreement is
entered into and (c) the Secured Cash Management Services Obligations. 
 “Patent License” means any written
agreement, now or hereafter in effect, granting to any third party any right to make, use or sell any invention on which a patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, is in existence, or
granting to any Grantor any right to make, use or sell any invention on which a patent, now or hereafter owned by any third party, is in existence, and all rights of any Grantor under any such agreement. 
 “Patents” means all of the following now owned or hereafter acquired by any Grantor: (a) all letters patent of the United
States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other country, including registrations and pending
applications in the United States Patent and Trademark Office or any similar offices in any other country, including those United States patents and patent applications listed on Schedule III, and (b) all reissues, continuations, divisions,
continuations-in-part, renewals or extensions thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 
  

 4 

 “Perfection Certificate” means a certificate substantially in the form of Exhibit
B, completed and supplemented with the schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of Holdings. 
 “Pledged Collateral” has the meaning assigned to such term in Section 3.01. 
 “Pledged Debt
Securities” has the meaning assigned to such term in Section 3.01. 
 “Pledged Securities” means
any promissory notes, stock certificates or other securities now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 
 “Pledged Stock” has the meaning assigned to such term in Section 3.01. 
 “Secured Cash Management Services Obligations” means the due and punctual payment of any and all obligations of the Loan Parties
in connection with Cash Management Services that are (a) owed on the Second Restatement Date to a person that is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender as of the Second Restatement Date or
(b) owed to a person that is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender at the time such obligations are incurred. 
 “Secured Parties” means (a) the Lenders, (b) the Administrative Agent, (c) the Collateral Agent, (d) the Issuing Bank, (e) each counterparty to any Hedging Agreement
with a Loan Party that either (i) is in effect on the Second Restatement Date if such counterparty is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender as of the Second Restatement Date or (ii) is
entered into after the Second Restatement Date if such counterparty is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender at the time such Hedging Agreement is entered into, (f) the beneficiaries of
each indemnification obligation undertaken by any Grantor under any Loan Document, (g) each person to whom any Secured Cash Management Services Obligations are owed and (h) the successors and assigns of each of the foregoing. 

“Security Interest” has the meaning assigned to such term in Section 4.01. 
 “Significant Subsidiary” means (a) each Subsidiary (i) that has consolidated total assets of more than $5,000,000 and
(ii) of which securities or other ownership interests representing more than 80% of the equity or more than 80% of the ordinary voting power or more than 80% of the general partnership interests are, at the time any determination is being made,
owned, Controlled or held, directly or indirectly, by the U.S. Borrower and (b) each Subsidiary in which Holdings and the U.S. Borrower have invested $25,000,000 or more. 
 “Subsidiary Guarantors” means (a) the Subsidiaries identified on Schedule I and (b) each other Subsidiary that becomes
a party to this Agreement as contemplated by Section 7.16. 
 “Trademark License” means any written agreement,
now or hereafter in effect, granting to any third party any right to use any trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any trademark now or
hereafter owned by any third party, and all rights of any Grantor under any such agreement. 
  

 5 

 “Trademarks” means all of the following now owned or hereafter acquired by any
Grantor: (a) all trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like
nature, now existing or hereafter adopted or acquired, all registrations thereof, and all registration and applications filed in connection therewith, including registrations and applications for registration in the United States Patent and
Trademark Office or any similar offices in any State of the United States or any other country or any political subdivision thereof, and all extensions or renewals thereof, including those United States registrations and applications listed on
Schedule III, (b) all goodwill associated therewith or symbolized thereby and (c) all other assets, rights and interests that uniquely reflect or embody such goodwill. 
 “Unfunded Advances/Participations” means (a) with respect to the Administrative Agent, the aggregate amount, if any
(i) made available to the Borrowers on the assumption that each Lender has made its portion of the applicable Borrowing available to the Administrative Agent as contemplated by Section 2.02(d) of the Credit Agreement and (ii) with
respect to which a corresponding amount shall not in fact have been returned to the Administrative Agent by the Borrowers or made available to the Administrative Agent by any such Lender, (b) with respect to any Swingline Lender, the aggregate
amount, if any, of participations in respect of any outstanding Swingline Loan that shall not have been funded by the Revolving Credit Lenders in accordance with Section 2.22(e) of the Credit Agreement and (c) with respect to any Issuing
Bank, the aggregate amount, if any, of participations in respect of any outstanding L/C Disbursement that shall not have been funded by the Revolving Credit Lenders in accordance with Sections 2.23(d) and 2.02(f) of the Credit Agreement.

 ARTICLE II 
 Guarantee 
 SECTION 2.01. Guarantee. Each Guarantor unconditionally guarantees,
jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Obligations. Each of the Guarantors further agrees that the Obligations may be extended or renewed,
in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. Each of the Guarantors waives presentment to, demand of payment from and
protest to any Borrower or any other Loan Party of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. 
 SECTION 2.02. Guarantee of Payment. Each of the Guarantors further agrees that its guarantee hereunder constitutes a guarantee of payment when due and not of collection, and waives any right to
require that any resort be had by the Collateral Agent or any other Secured Party to any security held for the payment of the Obligations or to any balance of any deposit account or credit on the books of the Collateral Agent or any other Secured
Party in favor of any Borrower or any other person. 
  

 6 

 SECTION 2.03. No Limitations, Etc. (a) Except for termination of a
Guarantor’s obligations hereunder as expressly provided in Section 7.15, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of
waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise.
Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by (i) the failure of the Collateral Agent or any other Secured Party to assert any claim or
demand or to enforce any right or remedy under the provisions of any Loan Document or otherwise; (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, any Loan Document or any other
agreement, including with respect to any other Guarantor under this Agreement; (iii) the release of, or any impairment of or failure to perfect any Lien on or security interest in, any security held by the Collateral Agent or any other Secured
Party for the Obligations or any of them; (iv) any default, failure or delay, wilful or otherwise, in the performance of the Obligations; (v) any law, regulation, decree or order of any jurisdiction or any other event, to the extent such
Guarantor can lawfully waive application thereof; or (vi) any other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or
equity (other than the indefeasible payment in full in cash of all the Obligations). Each Guarantor expressly authorizes the Secured Parties to take and hold security for the payment and performance of the Obligations, to exchange, waive or release
any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole discretion or to release or substitute any one or more other guarantors or obligors upon or
in respect of the Obligations, all without affecting the obligations of any Guarantor hereunder. 
 (b) To the fullest extent permitted by
applicable law, each Guarantor waives any defense based on or arising out of any defense of any Borrower or any other Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the
liability of any Borrower or any other Loan Party, other than the indefeasible payment in full in cash of all the Obligations. The Collateral Agent and the other Secured Parties may, at their election, foreclose on any security held by one or more
of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with any Borrower or any other Loan Party or
exercise any other right or remedy available to them against any Borrower or any other Loan Party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations have been fully and
indefeasibly paid in full in cash. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any
right of reimbursement or subrogation or other right or remedy of such Guarantor against any Borrower or any other Loan Party, as the case may be, or any security. 
  

 7 

 SECTION 2.04. Reinstatement. Each of the Guarantors agrees that its guarantee
hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Collateral Agent or any other Secured Party upon the
bankruptcy or reorganization of any Borrower, any other Loan Party or otherwise. 
 SECTION 2.05. Agreement To Pay;
Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Collateral Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of any Borrower or
any other Loan Party to pay any Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the
Collateral Agent for distribution to the applicable Secured Parties in cash the amount of such unpaid Obligation. Upon payment by any Guarantor of any sums to the Collateral Agent as provided above, all rights of such Guarantor against any Borrower
or any other Guarantor arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article VI. 
 SECTION 2.06. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of each Borrower’s
and each other Loan Party’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder,
and agrees that neither the Collateral Agent nor any other Secured Party will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 
 ARTICLE III 
 Pledge of
Securities 
 SECTION 3.01. Pledge. As security for the payment or performance, as the case may be, in full of
the Obligations, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the
Secured Parties, a security interest in, all of such Grantor’s right, title and interest in, to and under (a) the shares of capital stock and other Equity Interests owned by such Grantor on the date hereof and listed on Schedule II and any
other Equity Interests in a Significant Subsidiary or another Subsidiary which is a Guarantor hereunder obtained in the future by such Grantor and the certificates representing all such Equity Interests (collectively referred to herein as the
“Pledged Stock”); provided that the Pledged Stock shall not include (i) insofar as they secure Domestic Obligations, more than 65% of the issued and outstanding voting Equity Interests of any Foreign Subsidiary
(it being understood and agreed that such limitation shall not apply insofar as any such Pledged Stock secures Foreign Obligations) and (ii) the Excluded Equity Interests; (b) (i) the debt securities held by such Grantor on the date hereof
(including all such debt securities listed opposite the name of such Grantor on Schedule II), (ii) any debt securities in the future issued to such Grantor and (iii) to the extent evidenced thereby the promissory notes and any other
instruments 

  

 8 

 
evidencing such debt securities (all the foregoing collectively referred to herein as the “Pledged Debt Securities”); (c) all
other property that may be delivered to and held by the Collateral Agent pursuant to the terms of this Section 3.01; (d) subject to Section 3.06, all dividends, interest, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses (a), (b) and (c) above; (e) subject to
Section 3.06, all rights and privileges of such Grantor with respect to the securities and other property referred to in clauses (a), (b) and (c) above; and (f) all Proceeds of any of the foregoing (the items referred to in
clauses (a) through (f) above being collectively referred to as the “Pledged Collateral”). 
 TO HAVE AND
TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties,
forever; subject, however, to the terms, covenants and conditions hereinafter set forth. 
 SECTION 3.02. Delivery
of the Pledged Collateral. (a) Each Grantor agrees promptly to deliver or cause to be delivered to the Collateral Agent any and all Pledged Securities that are represented in physical form; provided, however, that a
Grantor shall not be required to deliver, or cause to be delivered, to the Collateral Agent such Pledged Securities that are represented in physical form in any Subsidiary if such Grantor’s ownership of the Equity Interests in such Subsidiary
is 1% or less of the issued and outstanding Equity Interests in such Subsidiary. 
 (b) Each Grantor will cause any Indebtedness for borrowed
money in an aggregate principal amount in excess of $1,000,000 owed to such Grantor by any person to be evidenced by a duly executed promissory note that is pledged and delivered to the Collateral Agent pursuant to the terms hereof. 
 (c) Upon delivery to the Collateral Agent, any certificate representing Pledged Securities shall be accompanied by undated stock powers duly executed in
blank and such other instruments or documents as the Collateral Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached hereto as Schedule II
and made a part hereof; provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered.

 SECTION 3.03. Representations, Warranties and Covenants. The Grantors jointly and severally represent, warrant and
covenant to and with the Collateral Agent, for the benefit of the Secured Parties, that: 
 (a) Schedule II correctly sets
forth the percentage of the issued and outstanding shares of each class of the Equity Interests of the issuer thereof represented by such Pledged Stock and includes all Equity Interests required to be pledged hereunder; 
 (b) the Pledged Stock is fully paid and nonassessable; 
  

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 (c) except for the security interests granted hereunder, each of the Grantors (i) is
and will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule II as owned by such Grantor, (ii) holds the same free and clear of all Liens, (iii) will make no assignment, pledge,
hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than pursuant hereto, and (iv) subject to Section 3.06, will cause any and all Pledged Collateral, whether
for value paid by the Grantor or otherwise, to be forthwith deposited with the Collateral Agent and pledged or assigned hereunder; 
 (d) except for restrictions and limitations imposed by the Loan Documents or securities laws generally, the Pledged Collateral is and will continue to be freely transferable and assignable, and none of the Pledged Collateral is or will be
subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder, the
sale or disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and remedies hereunder; 
 (e)
each of the Grantors (i) has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or contemplated and (ii) will defend its title or interest thereto or therein against any and all Liens
(other than the Lien created by this Agreement and other than Liens expressly permitted pursuant to Section 6.02 of the Credit Agreement), however arising, of all persons whomsoever; 
 (f) no consent or approval of any Governmental Authority, any securities exchange or any other person was or is necessary to the validity
of the pledge effected hereby (other than such as have been obtained and are in full force and effect); 
 (g) by virtue of
the execution and delivery by the Grantors of this Agreement, when any Pledged Securities are delivered to the Collateral Agent in accordance with this Agreement, the Collateral Agent will obtain a legal, valid and perfected first-priority lien upon
and security interest in such Pledged Security as security for the payment and performance of the Obligations; 
 (h) the
pledge effected hereby is effective to vest in the Collateral Agent, for the benefit of the Secured Parties, the rights of the Collateral Agent in the Pledged Collateral as set forth herein; 
 (i) the Perfection Certificate has been duly prepared, completed and executed and the information set forth therein is correct and
complete in all material respects. The Perfection Certificate accurately sets forth the complete legal name of each Grantor. Properly completed Uniform Commercial Code financing statements have been delivered to the Collateral Agent for filing in
each governmental office specified in Schedule 5 to the Perfection Certificate; and 
 (j) each Grantor agrees, at its
own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, 

  

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preserve, protect and perfect the security interest in the Pledged Collateral and the rights and remedies created hereby, including the payment of any fees
and taxes required in connection with the execution and delivery of this Agreement, the granting of such security interest and the filing of any financing statements or other documents in connection herewith or therewith. 
 SECTION 3.04. Limited Liability Company Interests and Limited Partnership Interests. Each Grantor acknowledges and agrees that
(i) each interest in any limited liability company or limited partnership controlled by such Grantor, pledged hereunder and not represented by a certificate, shall not be for purposes of this Agreement and the other Loan Documents a
“security” within the meaning of Article 8 of the New York UCC and shall not be governed by Article 8 of the New York UCC, and (ii) such Grantor shall at no time elect to treat any such interest as a “security”
within the meaning of Article 8 of the New York UCC or issue any certificate representing such interest, unless such Grantor provides prior written notification to the Collateral Agent of such election and promptly delivers any such certificate
to the Collateral Agent pursuant to the terms hereof. 
 SECTION 3.05. Registration in Nominee Name; Denominations. The
Collateral Agent, on behalf of the Secured Parties, shall have the right (in its sole and absolute discretion when an Event of Default has occurred and is continuing) to hold the Pledged Securities in its own name as pledgee, the name of its nominee
(as pledgee or as sub-agent) or the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Collateral Agent. Each Grantor will promptly give to the Collateral Agent copies of any notices or other communications received by
it with respect to Pledged Securities registered in the name of such Grantor that is the owner thereof. The Collateral Agent shall at all times have the right to exchange the certificates representing Pledged Securities for certificates of smaller
or larger denominations for any purpose consistent with this Agreement. 
 SECTION 3.06. Voting Rights; Dividends and Interest,
etc. (a) Unless and until an Event of Default shall have occurred and be continuing and the Collateral Agent shall have notified the Grantors that their rights under this Section are being suspended (which notice shall be deemed to have
been given immediately upon the occurrence of an Event of Default under paragraph (g) or (h) of Article VII of the Credit Agreement): 
 (i) Each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of any Pledged Security or any part thereof for any purpose consistent with the terms of
this Agreement, the Credit Agreement and the other Loan Documents; provided that such rights and powers shall not be exercised in any manner that could materially and adversely affect the rights inuring to a holder of any Pledged Security or
the rights and remedies of any of the Collateral Agent or the other Secured Parties under this Agreement or the Credit Agreement or any other Loan Document or the ability of the Secured Parties to exercise the same. 
 (ii) Each Grantor shall be entitled to receive and retain any and all interest, dividends and other distributions paid on or distributed
in respect of the Pledged Securities to the extent and only to the extent that such interest, dividends and 

  

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other distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan
Documents and applicable laws; provided that any noncash interest, dividends or other distributions that would constitute Pledged Stock or Pledged Debt Securities, whether resulting from a subdivision, combination or reclassification of the
outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets
to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall not be commingled by such Grantor with any of its other funds or property but shall be held separate and
apart therefrom, shall be held in trust for the benefit of the Collateral Agent and shall be forthwith delivered to the Collateral Agent in the same form as so received (with any necessary endorsement). 
 (b) Upon the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have notified (or shall be deemed to have
notified pursuant to Section 3.06(a)) the Grantors of the suspension of their rights under paragraph (a)(ii) of this Section 3.06, then all rights of any Grantor to interest, dividends or other distributions that such Grantor is authorized
to receive pursuant to paragraph (a)(ii) of this Section 3.06 shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to receive and retain such
interest, dividends or other distributions. All interest, dividends or other distributions received by any Grantor contrary to the provisions of this Section 3.06 shall be held in trust for the benefit of the Collateral Agent, shall be
segregated from other property or funds of such Grantor and shall be forthwith delivered to the Collateral Agent upon demand in the same form as so received (with any necessary endorsement). Any and all money and other property paid over to or
received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon receipt of such money or other property and shall be
applied in accordance with the provisions of Section 5.02. After all Events of Default have been cured or waived, the Collateral Agent shall, within five Business Days after all such Events of Default have been cured or waived, repay to each
applicable Grantor (without interest) all interest, dividends or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(ii) of this Section 3.06 and that remain in such account.

 (c) Upon the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have notified (or shall be
deemed to have notified pursuant to Section 3.06(a)) the Grantors of the suspension of their rights under paragraph (a)(i) of this Section 3.06, then all rights of any Grantor to exercise the voting and consensual rights and powers it is
entitled to exercise pursuant to paragraph (a)(i) of this Section 3.06 shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to exercise such
voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Collateral Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the
Grantors to exercise such rights. 
  

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 (d) Any notice given by the Collateral Agent to the Grantors suspending their rights under
paragraph (a) of this Section 3.06 (i) may be given by telephone if promptly confirmed in writing, (ii) may be given to one or more of the Grantors at the same or different times and (iii) may suspend the rights of the
Grantors under paragraph (a)(i) or paragraph (a)(ii) in part without suspending all such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Collateral Agent’s rights
to give additional notices from time to time suspending other rights so long as an Event of Default has occurred and is continuing. 
 ARTICLE IV 
 Security Interests in Personal Property 
 SECTION 4.01. Security Interest. (a) As security for the payment or performance, as the case may be, in full of the
Obligations, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the ratable benefit
of the Secured Parties, a security interest (the “Security Interest”) in all right, title or interest now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future
may acquire any right, title or interest in the following (collectively, the “Article 9 Collateral”): 
 (i) all Accounts; 
 (ii) all Chattel Paper; 
 (iii) all cash and Deposit Accounts; 
 (iv) all Documents; 
 (v) all Equipment; 
 (vi) all General Intangibles; 
 (vii) all Instruments; 
 (viii) all Inventory; 
 (ix) all Investment Property; 
 (x) all Letter-of-Credit Rights; 
 (xi) all Commercial Tort Claims described on Schedule IV;

 (xii) all books and records pertaining to the Article 9 Collateral; and 
  

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 (xiii) to the extent not otherwise included, all Proceeds and products of any and all of
the foregoing and all collateral security and guarantees given by any person with respect to any of the foregoing. 
 provided, however,
notwithstanding the foregoing, no security interest granted under this Section 4.01(a) shall attach to: (A) the Excluded Equity Interests; (B) insofar as the Pledged Stock secures Domestic Obligations, more than 65% of the issued and
outstanding voting Equity Interests of any Foreign Subsidiary (it being understood and agreed that such limitation shall not apply insofar as any such Pledged Stock secures Foreign Obligations); (C) any governmental license, permit,
registration or other authorization of any Grantor or any of its rights or interests thereunder, if and for so long as the grant of such security interest is not permitted by or is ineffective under any law or shall constitute or result in
(x) the unenforceability of any right of such Grantor therein or (y) a breach or termination pursuant to the terms of, or a default under, any such authorization (other than to the extent any such law or term would be rendered ineffective
pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the New York UCC or any other applicable law or principles of equity); provided, further, that such security interest shall attach immediately at such time as the condition causing
such unenforceability shall be remedied and, to the extent severable, shall attach immediately to any portion of such authorization that does not result in any of the consequences specified in clause (x) or (y) above, including any
Proceeds of such authorization; (D) any contract or agreement to which any Grantor is a party or any of its rights or interests thereunder, if and for so long as the grant of such security interest shall constitute or result in (x) the
unenforceability of any right of such Grantor therein or (y) a breach or termination pursuant to the terms of, or a default under, any such contract or agreement (other than to the extent that any such term would be rendered ineffective
pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the New York UCC or any other applicable law or principles of equity); provided, further, that such security interest shall attach immediately at such time as the condition causing
such unenforceability shall be remedied and, to the extent severable, shall attach immediately to any portion of such contract or agreement that does not result in any of the consequences specified in clause (x) or (y) above, including any
Proceeds of such contract or agreement; and (E) any intent-to-use Trademark application pending in the United States Patent and Trademark Office unless and until acceptable evidence of use of the applicable Trademark has been filed with and
accepted by such office pursuant to the Lanham Act, to the extent that granting a security interest in such Trademark application prior to such filing would adversely affect the enforceability or validity or result in cancellation of such Trademark
application. 
 (b) Each Grantor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant
jurisdiction any initial financing statements with respect to Article 9 Collateral or any part thereof and amendments thereto that (i) indicate the Article 9 Collateral as “all assets” of such Grantor or words of similar effect, and
(ii) contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment, including (a) whether such Grantor is an organization, the type of
organization and any organizational identification number issued to such Grantor and (b) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such Article 9 Collateral relates,
it being understood, however, that no fixture filings will be required to be made. The Grantor agrees to provide such information to the Collateral Agent promptly upon request. 
  

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 Each Grantor also ratifies its authorization for the Collateral Agent to file in any relevant
jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. 
 The Collateral Agent is further
authorized to file with the United States Patent and Trademark Office and the United States Copyright Office (or any successor office) such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing
or protecting the Security Interest granted by each Grantor to the Collateral Agent in Intellectual Property included in the Article 9 Collateral, and naming any Grantor or the Grantors as debtors and the Collateral Agent as secured party.

 (c) The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any
way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Article 9 Collateral. 
 SECTION
4.02. Representations and Warranties. The Grantors jointly and severally represent and warrant to the Collateral Agent and the Secured Parties that: 
 (a) Each Grantor has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to grant a Security Interest hereunder except for minor defects in title that do not interfere
in any material respect with its ability to conduct its business as currently conducted or to utilize such properties and assets for such intended purposes and has full power and authority to grant to the Collateral Agent the Security Interest in
such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other person other than any consent or approval that has been
obtained. 
 (b) The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein (including
(x) the exact legal name of each Grantor and (y) the jurisdiction of organization of each Grantor) is correct and complete as of the Second Restatement Date. Uniform Commercial Code financing statements or other appropriate filings,
recordings or registrations containing a description of the Article 9 Collateral have been prepared by the Collateral Agent based upon the information provided to the Administrative Agent and the Secured Parties in the Perfection Certificate
for filing in each governmental, municipal or other office specified in Section 2 of the Perfection Certificate (or specified by notice from the Borrower to the Administrative Agent after the Second Restatement Date in the case of filings,
recordings or registrations required by Sections 5.06 or 5.09 of the Credit Agreement), which are all the filings, recordings and registrations that are necessary to publish notice of and protect the validity of and to establish a legal, valid
and perfected security interest in favor of the Collateral Agent (for the ratable benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the
United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided
under applicable law with respect to the filing of continuation statements; provided that, with respect to Intellectual Property included in the Article 9 Collateral, the Grantors make such representation and warranty solely with respect to
Trademarks, Copyrights and Patents registered in the United 

  

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States, subject to the timely filing with the United States Patent and Trademark Office and/or the United States Copyright Office of documents evidencing
such security interest. Each Grantor agrees that a fully executed agreement in the form hereof (or a fully executed short form agreement in form and substance reasonably satisfactory to the Collateral Agent) and containing a description of all
United States Patents, United States registered Trademarks, Trademarks for which United States applications for registration are pending (but excluding any intent-to-use Trademark application unless and until acceptable evidence of use of the
Trademark has been filed with and accepted by the United States Patent and Trademark Office pursuant to the Lanham Act), and United States registered Copyrights included in the Article 9 Collateral will be delivered to the Collateral Agent for
recording by the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. §261, 15 U.S.C. §1060 or 17 U.S.C. §205 and the regulations thereunder, as applicable, to
protect the validity of and to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the ratable benefit of the Secured Parties) with respect to such Article 9 Collateral, and no further or subsequent
actions are necessary to perfect such Security Interest, except for actions that may be required with respect to any such Article 9 Collateral acquired or developed after the date hereof. 
 (c) The Security Interest (i) constitutes a legal and valid security interest in all the Article 9 Collateral securing the payment and performance
of the Obligations, (ii) upon completion of the filings and other actions described in Section 4.02(b), will constitute a perfected security interest in all Article 9 Collateral in which a security interest may be perfected in the United
States by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code or other applicable law in
such jurisdictions and (iii) upon completion of the filings and other actions described in Section 4.02(b), will constitute a perfected security interest in all Article 9 Collateral in which a security interest may be perfected in the
United States upon the timely receipt and recording of this Agreement or short form agreement(s) with the United States Patent and Trademark Office and the United States Copyright Office, as applicable. The Security Interest is and shall be prior to
any other Lien on any of the Article 9 Collateral, other than Liens expressly permitted pursuant to Section 6.02 of the Credit Agreement. 
 (d) The Article 9 Collateral is owned by the Grantors free and clear of any Lien, except for Liens expressly permitted pursuant to Section 6.02 of the Credit Agreement. None of the Grantors has filed or consented to the filing of
(i) any financing statement or analogous document under the Uniform Commercial Code or any other applicable laws covering any Article 9 Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security
agreement or similar instrument covering any Article 9 Collateral with the United States Patent and Trademark Office or the United States Copyright Office or (iii) any assignment in which any Grantor assigns any Article 9 Collateral or any
security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in
effect, except, in each case, for Liens expressly permitted pursuant to Section 6.02 of the Credit Agreement. None of the Grantors hold any Commercial Tort Claim with potential value in excess of $1,000,000 except as indicated on the Perfection
Certificate. 
  

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 SECTION 4.03. Covenants. (a) Each Grantor agrees promptly to notify the
Collateral Agent in writing of any change in (i) its legal name, (ii) its identity or type of organization or corporate structure, (iii) its Federal Taxpayer Identification Number or organizational identification number or
(iv) its jurisdiction of organization. Each Grantor agrees promptly to provide the Collateral Agent with certified organizational documents reflecting any of the changes described in the first sentence of this paragraph. Holdings and the U.S.
Borrower agree not to effect or permit any change referred to in the first sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times
following such change to have a valid, legal and perfected security interest in all the Article 9 Collateral; provided, however, that the Collateral Agent shall not unreasonably delay, or refrain from making, any such filing. Each
Grantor agrees promptly to notify the Collateral Agent if any material portion of the Article 9 Collateral owned or held by such Grantor is damaged or destroyed. 
 (b) Each Grantor shall, at its own expense, take any and all actions reasonably necessary to defend title to the Article 9 Collateral against all persons, except with respect to Intellectual Property that such Grantor
determines in its reasonable business judgment is no longer necessary or beneficial to the conduct of such Grantor’s business, and to defend the Security Interest of the Collateral Agent in the Article 9 Collateral and the priority thereof
against any Lien not expressly permitted pursuant to Section 6.02 of the Credit Agreement, subject to the rights of such Grantor under the Loan Documents to dispose of Collateral. 
 (c) Each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and
take all such actions as the Collateral Agent may from time to time reasonably request to preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the filing of any financing statements or other
documents in connection herewith or therewith. 
 (d) Without limiting the generality of the foregoing, each Grantor hereby authorizes the
Collateral Agent, with prompt written notice thereof to the Grantors, to supplement this Agreement by supplementing Schedule III or adding additional schedules hereto to specifically identify any additional asset or item that may constitute
Copyrights, Patents or Trademarks owned by any Grantor or license of registered U.S. Intellectual Property from a third party to any Grantor that is not listed on Schedule III, as supplemented pursuant to Section 5.06(b) of the Credit
Agreement; provided, however, that any Grantor shall have the right, exercisable within 30 days after it has been notified by the Collateral Agent of the specific identification of such Article 9 Collateral, to advise the Collateral
Agent in writing of any inaccuracy of the representations and warranties set forth in Section 4.02 made by such Grantor hereunder with respect to such Article 9 Collateral. Each Grantor agrees that it will use its reasonable best efforts to
take such action as shall be necessary in order that all representations and warranties set forth in Section 4.02 be true and correct with respect to such Article 9 Collateral within 30 days after the date it has been notified by the
Collateral Agent of the specific identification of such Article 9 Collateral. 
 (e) At its option, the Collateral Agent may discharge past
due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 6.02 of the Credit 

  

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Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Grantor fails to do so as required by the Credit
Agreement or this Agreement, and each Grantor jointly and severally agrees to reimburse the Collateral Agent on demand for any payment made or any expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided,
however, that nothing in this paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any
Grantor with respect to taxes, assessments, charges, fees, liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 
 (f) Each Grantor shall remain liable to observe and perform all the conditions and obligations to be observed and performed by it under
each contract, agreement or instrument relating to the Article 9 Collateral, all in accordance with the terms and conditions thereof, except to the extent that such Grantor determines in its reasonable business judgment that any non-observance of,
or non-performance under, such contract, agreement or instrument is beneficial to the conduct of such Grantor’s business, and each Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties
from and against any and all liability for such performance. 
 (g) None of the Grantors shall make or permit to be made an
assignment, pledge or hypothecation of the Article 9 Collateral or shall grant any other Lien in respect of the Article 9 Collateral, except as expressly permitted by Section 6.02 of the Credit Agreement. None of the Grantors shall make or
permit to be made any transfer of the Article 9 Collateral and each Grantor shall remain at all times in possession of the Article 9 Collateral owned by it, except as permitted by the Credit Agreement. 
 SECTION 4.04. Other Actions. In order to further insure the attachment, perfection and priority of, and the ability of the
Collateral Agent to enforce, the Collateral Agent’s Security Interest, each Grantor agrees, in each case at such Grantor’s own expense, to take the following actions with respect to the following Article 9 Collateral: 
 (i) Instruments and Tangible Chattel Paper. If any Grantor shall at any time hold or acquire any Instruments or Tangible Chattel
Paper with a value in excess of $1,000,000 (other than checks to be deposited in the ordinary course of business), such Grantor shall forthwith endorse, assign and deliver the same to the Collateral Agent, accompanied by such instruments of transfer
or assignment duly executed in blank as the Collateral Agent may from time to time specify. 
 (ii) Letter-of-Credit
Rights. If any Grantor is at any time a beneficiary under a letter of credit with an aggregate face amount in excess of $1,000,000 now or hereafter issued in favor of such Grantor that is not a Supporting Obligation with respect to any of the
Collateral, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent,
either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for 

  

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the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any
drawing under the letter of credit are to be paid to Grantor unless an Event of Default has occurred or is continuing. 
 (iii) Commercial Tort Claims. If any Grantor shall at any time hold or acquire a Commercial Tort Claim with potential value in excess of $1,000,000, the Grantor shall promptly notify the Collateral Agent thereof in a writing signed
by such Grantor including a summary description of such claim and grant to the Collateral Agent in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and
substance reasonably satisfactory to the Collateral Agent. 
 SECTION 4.05. Covenants Regarding Patent, Trademark and Copyright
Collateral. (a) Each Grantor agrees that it will not, and will not permit any of its licensees to, do any act, or omit to do any act, whereby any Patent that is material to the conduct of such Grantor’s business may become
invalidated or dedicated to the public, and agrees that it shall continue to mark any products covered by such Patent with the relevant patent number as required by applicable law to establish and preserve its maximum rights under such Patent.

 (b) Each Grantor (either itself or through its licensees) will, for each Trademark material to the conduct of such Grantor’s
business, (i) maintain such Trademark in full force free from any claim of abandonment or invalidity for non-use, (ii) maintain the quality of products and services offered under such Trademark, (iii) display such Trademark with
notice of Federal or foreign registration to the extent required by applicable law to establish and preserve its maximum rights under such Trademark and (iv) not knowingly use or knowingly permit the use of such Trademark in violation of any
third party rights in any material respect, except, in the case of clauses (i) through (iii) above, to the extent that such Grantor determines in its reasonable business judgment that such Trademark is no longer necessary or beneficial to
the conduct of such Grantor’s business. 
 (c) Each Grantor (either itself or through its licensees) will, for each work covered by a
Copyright material to the conduct of such Grantor’s business, continue to publish, reproduce, display, adopt and distribute the work with appropriate copyright notice as required under applicable copyright laws to establish and preserve its
maximum rights under such Copyright, except to the extent that such Grantor determines in its reasonable business judgment that such Copyright is no longer necessary or beneficial to the conduct of such Grantor’s business. 
 (d) Each Grantor shall notify the Collateral Agent promptly if it knows or has reason to know that any Patent, Trademark or Copyright material to the
conduct of its business may become abandoned, lost or dedicated to the public, or of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and
Trademark Office, United States Copyright Office or any court or similar office of any country, other than non-final actions of any Intellectual Property office in connection with the prosecution of an application for registration) regarding such
Grantor’s ownership of its right to register, or its right to keep and maintain the same. 
  

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 (e) Whenever any Grantor, either itself or through any agent, employee, licensee or designee, files an
application to register any Patent, Trademark or Copyright material to the conduct of its business with the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United
States or in any other country or any political subdivision thereof, such Grantor shall promptly inform the Collateral Agent by including relevant application information in the annual Schedule III certificate required by Section 5.06(b) of the
Credit Agreement, and upon the request of the Collateral Agent, such Grantor shall execute and deliver any and all agreements, instruments, documents and papers as the Collateral Agent may request to evidence the Collateral Agent’s security
interest in such Patent, Trademark or Copyright. 
 (f) Each Grantor will take all reasonably necessary steps that are consistent with its
prior practice in any proceeding before the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United States or in any other country or any political subdivision
thereof, to maintain and pursue each material application relating to Patents, Trademarks and Copyrights (and to obtain the relevant registration) and to maintain each issued Patent and each registration of Trademarks and Copyrights that is material
to the conduct of any Grantor’s business, including timely filings of applications for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees, and, if consistent with good business judgment, to initiate
opposition, interference and cancellation proceedings against third parties, except to the extent that such Grantor determines in its reasonable business judgment that the maintenance or pursuit of such registration or application is no longer
necessary or beneficial to the conduct of such Grantor’s business. 
 (g) In the event that any Grantor has reason to believe that any
Patent, Trademark or Copyright included in the Article 9 Collateral and material to the conduct of any Grantor’s business has been or is about to be infringed, misappropriated or diluted in any material respect by a third party, such Grantor
shall, if consistent with Grantor’s reasonable business judgment, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, and take such other actions as
are reasonably appropriate under the circumstances to protect such Article 9 Collateral. 
 (h) Upon and during the continuance of an Event
of Default, each Grantor shall use its reasonable best efforts to obtain all requisite consents or approvals by the licensor of each Copyright License, Patent License or Trademark License to effect the assignment of all such Grantor’s right,
title and interest thereunder to the Collateral Agent or its designee. 
 ARTICLE V 
 Remedies 
 SECTION 5.01.
Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, each Grantor agrees to deliver each item of Collateral to the Collateral Agent on demand, and it is agreed that the Collateral Agent shall
have the right to take 

  

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any of or all the following actions at the same or different times: (a) with respect to any Collateral consisting of Intellectual Property, on demand,
to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Collateral by the applicable Grantors to the Collateral Agent, or to license or sublicense, whether general, special or otherwise, and whether on
an exclusive or nonexclusive basis, any such Collateral throughout the world on such terms and conditions and in such manner as the Collateral Agent shall determine (other than in violation of any then-existing licensing arrangements to the extent
that waivers cannot be obtained), and (b) with or without legal process and with or without prior notice or demand for performance, to take possession of the Collateral and without liability for trespass to enter any premises where the
Collateral may be located for the purpose of taking possession of or removing the Collateral and, generally, to exercise any and all rights afforded to a secured party under the Uniform Commercial Code or other applicable law. Without limiting the
generality of the foregoing, each Grantor agrees that the Collateral Agent shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral, at public or private sale or
at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized at any such sale (if it deems it advisable to do so) to
restrict the prospective bidders or purchasers to persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any
such sale the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any
claim or right on the part of any Grantor, and the Grantors hereby waive (to the extent permitted by law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any rule of law or statute
now existing or hereafter enacted. 
 The Collateral Agent shall give the applicable Grantors 10 days’ written notice (which each
Grantor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a
public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or
portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice
(if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent
shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any
public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any
sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall
not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, 

  

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in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made
pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and released
to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from any Grantor as a credit against the purchase price, and
such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion
thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding
the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the
Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a
proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 5.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its
equivalent in other jurisdictions. 
 SECTION 5.02. Application of Proceeds. The Collateral Agent shall apply the
proceeds of any collection, sale, foreclosure or other realization upon any Collateral, including any Collateral consisting of cash, as follows: 
 FIRST, to the payment of all costs and expenses incurred by the Administrative Agent or the Collateral Agent (in their respective capacities as such hereunder or under any other Loan Document) in connection with such
collection, sale, foreclosure or realization or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the
repayment of all advances made by the Collateral Agent or the Administrative Agent hereunder or under any other Loan Document on behalf of any Grantor and any other costs or expenses incurred in connection with the exercise of any right or remedy
hereunder or under any other Loan Document; 
 SECOND, to the payment in full of Unfunded Advances/Participations (the amounts
so applied to be distributed between or among the Administrative Agent, any Swingline Lender and any Issuing Bank pro rata in accordance with the amounts of Unfunded Advances/Participations owed to them on the date of any such distribution);

 THIRD, to the payment in full of all other Obligations (the amounts so applied to be distributed (subject to the first
proviso to Section 3.01 and clause (B) of the first proviso to Section 4.01(a)) among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and 

 

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 FOURTH, to the Grantors, their successors or assigns, or as a court of competent
jurisdiction may otherwise direct. 
 The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or
balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making
the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent
or such officer or be answerable in any way for the misapplication thereof. 
 SECTION 5.03. Grant of License to Use
Intellectual Property. For the purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement upon the occurrence and during the continuance of an Event of Default, each Grantor hereby grants to the Collateral
Agent an irrevocable, nonexclusive license (exercisable upon the occurrence of an Event of Default, without payment of royalty or other compensation to the Grantors) to use, license or sublicense any Intellectual Property included in the Article 9
Collateral now owned or hereafter acquired by such Grantor, wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and
programs used for the compilation or printout thereof. Such license to the Collateral Agent may be exercised, at the option of the Collateral Agent, solely following the occurrence and during the continuance of an Event of Default; provided
that any license, sublicense or other transaction entered into by the Collateral Agent in accordance herewith shall be binding upon the Grantors notwithstanding any subsequent cure of an Event of Default. 
 SECTION 5.04. Securities Act, etc. In view of the position of the Grantors in relation to the Collateral, or because of other
current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to
time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each Grantor understands that compliance with the Federal Securities Laws might very
strictly limit the course of conduct of the Collateral Agent if the Collateral Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which any subsequent transferee
of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Collateral Agent in any attempt to dispose of all or part of the Pledged Collateral under applicable “blue
sky” or other state securities laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light of such restrictions and limitations the Collateral Agent may, with respect to any sale of the Pledged Collateral, limit
the purchasers to those who will agree, among other things, to acquire such Pledged Collateral for their own account, for investment, and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that in light of
such restrictions and limitations, the Collateral Agent, in its sole and absolute discretion (a) may proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof
shall have been filed under the Federal Securities Laws and (b) may approach and 

  

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negotiate with a limited number of potential purchasers (including a single potential purchaser) to effect such sale. Each Grantor acknowledges and agrees
that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Collateral Agent shall incur no responsibility or liability for
selling all or any part of the Pledged Collateral at a price that the Collateral Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price
might have been realized if the sale were deferred until after registration as aforesaid or if more than a limited number of purchasers (or a single purchaser) were approached. The provisions of this Section 5.04 will apply notwithstanding the
existence of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the Collateral Agent sells. 
 ARTICLE VI 
 Indemnity, Subrogation and Subordination 
 SECTION 6.01. Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the Guarantors may have
under applicable law (but subject to Section 6.03), each Borrower agrees that (a) in the event a payment shall be made by any Guarantor under this Agreement, the applicable Borrower shall indemnify such Guarantor for the full amount of
such payment and such Guarantor shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment and (b) in the event any assets of any Guarantor shall be sold pursuant to this Agreement or
any other Security Document to satisfy in whole or in part a claim of any Secured Party, the applicable Borrower shall indemnify such Guarantor in an amount equal to the greater of the book value or the fair market value of the assets so sold.

 SECTION 6.02. Contribution and Subrogation. Each Guarantor (a “Contributing Guarantor”)
agrees (subject to Section 6.03) that, in the event a payment shall be made by any other Guarantor on account of its guarantee under this Agreement or assets of any other Guarantor shall be sold pursuant to any Security Document to satisfy any
Obligation owed to any Secured Party and such other Guarantor (the “Claiming Guarantor”) shall not have been fully indemnified by the applicable Borrower as provided in Section 6.01, the Contributing Guarantor shall
indemnify the Claiming Guarantor in an amount equal to (i) the amount of such payment or (ii) the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the
numerator shall be the net worth of the Contributing Guarantor on the date hereof and the denominator shall be the aggregate net worth of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to
Section 7.16, the date of the supplement hereto executed and delivered by such Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section 6.02 shall be subrogated to the rights of such
Claiming Guarantor under Section 6.01 to the extent of such payment. 
 SECTION 6.03. Subordination.
Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors under Sections 6.01 and 6.02 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully

  

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subordinated to the indefeasible payment in full in cash of the Obligations. No failure on the part of any Borrower or any Guarantor to make the payments
required by Sections 6.01 and 6.02 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Guarantor with respect to its obligations hereunder, and each Guarantor
shall remain liable for the full amount of the obligations of such Guarantor hereunder. 
 ARTICLE VII 
 Miscellaneous 
 SECTION
7.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 9.01 of the Credit Agreement. All communications and notices
hereunder to any Guarantor shall be given to it in care of the U.S. Borrower as provided in Section 9.01 of the Credit Agreement. 
 SECTION 7.02. Security Interest Absolute. All rights of the Collateral Agent hereunder, the grant of a security interest in the Collateral and all obligations of each Guarantor and Grantor hereunder shall be absolute
and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the
foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document
or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of
the Obligations, or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Guarantor or Grantor in respect of the Obligations or this Agreement. 
 SECTION 7.03. Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan
Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Secured Parties and shall survive the
execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any Secured Party or on its behalf and notwithstanding that the Collateral Agent, the Issuing
Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any
accrued interest on any Loan or any fee or any other amount payable under any Loan Document is outstanding and unpaid or the aggregate L/C Exposure does not equal zero and so long as the Commitments have not expired or terminated. 
 SECTION 7.04. Binding Effect; Several Agreement. This Agreement shall become effective as to any Loan Party when a counterpart
hereof executed on behalf of such Loan Party shall have been delivered to the Collateral Agent and a counterpart hereof shall have 

  

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been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such Loan Party and the Collateral Agent and their respective permitted
successors and assigns, and shall inure to the benefit of such Loan Party, the Collateral Agent and the other Secured Parties and their respective successors and assigns, except that no Loan Party shall have the right to assign or transfer its
rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed as a
separate agreement with respect to each Loan Party and may be amended, modified, supplemented, waived or released with respect to any Loan Party without the approval of any other Loan Party and without affecting the obligations of any other Loan
Party hereunder. 
 SECTION 7.05. Successors and Assigns. Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor, any Grantor or the Collateral Agent that are contained in this
Agreement shall bind and inure to the benefit of their respective successors and assigns. 
 SECTION 7.06. Collateral
Agent’s Fees and Expenses; Indemnification. (a) Each Guarantor and Grantor jointly and severally agrees to pay upon demand to the Collateral Agent the amount of any and all reasonable expenses, including the reasonable fees,
disbursements and other charges of its counsel and of any experts or agents, which the Collateral Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody or preservation of, or the sale of, collection
from or other realization upon any of the Collateral, (iii) the exercise, enforcement or protection of any of the rights of the Collateral Agent hereunder or (iv) the failure of any Guarantor or Grantor to perform or observe any of the
provisions hereof. 
 (b) Without limitation of its indemnification obligations under the other Loan Documents, each Guarantor and Grantor
jointly and severally agrees to indemnify the Collateral Agent and the other Indemnitees (as defined in Section 9.05 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses, including the reasonable fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of, the execution, delivery or performance of this Agreement or any
agreement or instrument contemplated hereby or any claim, litigation, investigation or proceeding relating to any of the foregoing or to the Collateral, whether or not any Indemnitee is a party thereto (and regardless of whether such matter is
initiated by a third party or by a Borrower, any other Loan Party or any of their respective Affiliates); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee or (y) result from a claim brought by a
Borrower or any of its Subsidiaries against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such Borrower or such Subsidiary has obtained a final and nonappealable judgment
in its favor on such claim as determined by a court of competent jurisdiction. To the extent permitted by law, no Guarantor or Grantor shall assert, and each Guarantor and Grantor hereby waives any claim against any Indemnitee, on any 

  

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theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or
as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of proceeds thereof. 
 (c) Any such amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Security Documents. The provisions of this Section 7.06 shall remain operative and in full force
and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of
this Agreement or any other Loan Document, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under this Section 7.06 shall be payable on written demand therefor. 
 SECTION 7.07. Collateral Agent Appointed Attorney-in-Fact. Each Guarantor hereby appoints the Collateral Agent the attorney-in-fact
of such Guarantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is
irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Collateral Agent shall have the right, upon the occurrence and during the continuance of an Event of Default after notice to the relevant Guarantor, with
full power of substitution either in the Collateral Agent’s name or in the name of such Guarantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment
relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Guarantor on any invoice or bill of
lading relating to any of the Collateral; (d) to send verifications of Accounts to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to
collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the
Collateral; (g) to notify, or to require any Guarantor to notify, Account Debtors to make payment directly to the Collateral Agent and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with
all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes;
provided, however, that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral
Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other
Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Guarantor for
any act or failure to act hereunder, except for their own gross negligence or wilful misconduct. 
  

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 SECTION 7.08. Applicable Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 7.09. Waivers; Amendment. (a) No failure or
delay by the Collateral Agent, the Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver hereof or thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Collateral Agent,
the Administrative Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or
consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 7.09, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the Collateral Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 9.08 of the Credit Agreement. 
 SECTION 7.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 7.11.
Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).
The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions. 
  

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 SECTION 7.12. Counterparts. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 7.04. Delivery of an
executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 7.13. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement. 
 SECTION 7.14. Jurisdiction; Consent to
Service of Process. (a) Each of Loan Parties hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America
sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties
hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall
affect any right that the Collateral Agent, the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against the Borrowers, Holdings or their
respective properties in the courts of any jurisdiction. 
 (b) Each of the Loan Parties hereby irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court
referred to in paragraph (a) of this Section 7.14. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court. 
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 7.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 7.15. Termination or Release. (a) This Agreement, the Guarantees, the security interest in the Collateral and all other
security interests granted hereby shall terminate when all the Loan Document Obligations have been indefeasibly paid in full and the Lenders have no further commitment to lend under the Credit Agreement, the aggregate L/C Exposure has been reduced
to zero and the Issuing Bank has no further obligations to issue Letters of Credit under the Credit Agreement. 
  

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 (b) A Subsidiary Guarantor shall automatically be released from its obligations hereunder and the
security interest in the Collateral of such Subsidiary Guarantor shall be automatically released, in the event that all the Equity Interests of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed of to a person that is not
Holdings, the U.S. Borrower or an Affiliate of any of the foregoing in accordance with the terms of the Credit Agreement; provided that the Required Lenders shall have consented to such sale, transfer or other disposition (to the extent
required by the Credit Agreement) and the terms of such consent did not provide otherwise. 
 (c) Upon any sale or other transfer by any
Grantor of any Collateral that is permitted under the Credit Agreement to any person that is not Holdings, the U.S. Borrower or an Affiliate of any of the foregoing, or, upon the effectiveness of any written consent to the release of the security
interest granted hereby in any Collateral pursuant to Section 9.08 of the Credit Agreement, the security interest in such Collateral shall be automatically released without any action on the part of the Collateral Agent. 
 (d) Upon any sale or other transfer by any Grantor of any Receivable pursuant to a Permitted Receivables Securitization, the security interest in any
such Receivable shall be automatically released without any action on the part of the Collateral Agent. 
 (e) A Subsidiary Guarantor shall
automatically be released from its Guarantee hereunder to the extent required by Section 5.09(a) of the Credit Agreement. 
 (f) In
connection with any termination or release pursuant to the preceding paragraphs of this Section, the Collateral Agent shall execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably
request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section 7.15 shall be without recourse to or representation or warranty by the Collateral Agent or any Secured Party. 
 SECTION 7.16. Additional Subsidiaries. Pursuant to Section 5.09(a) of the Credit Agreement, certain Subsidiaries not originally
party hereto may be required from time to time to enter into this Agreement. Upon execution and delivery by the Collateral Agent and a Subsidiary of a supplement in the form of Exhibit A hereto, such Subsidiary shall become a Subsidiary Guarantor
and, to the extent applicable, a Grantor hereunder with the same force and effect as if originally named as a Subsidiary Guarantor and a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other
Loan Party hereunder. The rights and obligations of each Loan Party hereunder shall remain in full force and effect notwithstanding the addition of any new Loan Party as a party to this Agreement. 
 SECTION 7.17. Reaffirmation. Each of the Guarantors and Grantors hereby acknowledges its receipt of a copy of the Credit Agreement
and its review of the terms and conditions thereof, and each of the Guarantors and Grantors hereby consents to the terms and conditions of the Credit Agreement and the transactions contemplated thereby. Each Guarantor and Grantor party to the
Existing Guarantee and Pledge Agreement hereby reaffirms its guarantee, pledge and other agreements thereunder and agrees that, notwithstanding the effectiveness of the Credit Agreement and this Agreement and the consummation of the 

  

 30 

 
transactions contemplated thereby and hereby, such guarantee, pledge and other agreements shall continue to be in full force and effect and shall accrue to
the benefit of the Secured Parties as restated under this Agreement. 
 SECTION 7.18. No Novation. This Agreement shall
not extinguish the obligations for the payment of money outstanding under the Existing Credit Agreement or discharge or release the priority of any Loan Document or any other security therefor. Nothing herein contained shall be construed as a
substitution or novation of the obligations outstanding under the Existing Credit Agreement or instruments securing the same, which shall remain in full force and effect, except to any extent modified hereby or by instruments executed concurrently
herewith. Nothing implied in this Agreement or in any other document contemplated hereby shall be construed as a release or other discharge of any Borrower, Holdings or any Subsidiary Guarantor or Grantor under any Loan Document from any of its
obligations and liabilities under the Existing Credit Agreement or the other Loan Documents. 
 [Remainder of this page intentionally left
blank] 
  

 31 

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

					
	 CB RICHARD ELLIS SERVICES, INC.,

		
	by	 	
		 	 /s/ Debera Fan

		 	Name:	 	Debera Fan
		 	Title:	 	Sr. Vice President & Treasurer

  

					
	 CB RICHARD ELLIS GROUP, INC.,

		
	by	 	
		 	 /s/ Debera Fan

		 	Name:	 	Debera Fan
		 	Title:	 	Sr. Vice President & Treasurer

  

					
	 EACH OF THE SUBSIDIARIES LISTED ON SCHEDULE I HERETO,

		
	by	 	
		 	 /s/ Debera Fan

		 	Name:	 	Debera Fan
		 	Title:	 	Sr. Vice President & Treasurer

							
	CB/TCC GLOBAL HOLDINGS LIMITED,
		
	by	  	
		  	 /s/ Philip Emburey
	 	 /s/ Marcus Smith

		  	Name:	 	Philip Emburey	 	Marcus Smith
		  	Title:	 	Director	 	Director

					
	TC HOUSTON, INC.,
		
	by	 	
		 	 /s/ Robert E. Sulentic

		 	Name:	 	Robert E. Sulentic
		 	Title:	 	Executive Vice President

					
	TCCT REAL ESTATE, INC.,
		
	by	 	
		 	 /s/ Robert E. Sulentic

		 	Name:	 	Robert E. Sulentic
		 	Title:	 	Executive Vice President

 Schedule I to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

			
	 TCDFW, INC.,

		
	 by
	 	
		 	 /s/ Robert E. Sulentic

		 	Name: Robert E. Sulentic
		 	Title: Executive Vice President

 Schedule I to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

			
	 TRAMMELL CROW DEVELOPMENT &
 INVESTMENT,
INC.,

		
	by	 	
		 	 /s/ Robert E. Sulentic

		 	Name: Robert E. Sulentic
		 	Title: President and Chief Executive Officer

 Schedule I to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 IN WITNESS WHEREOF, the U.K. Borrower, the Canadian Borrower, the Australian Borrower and the New
Zealand Borrower have duly executed this Agreement, as of the day and year first above written, solely with respect to Article VI of this Agreement. 
  

					
	 CB RICHARD ELLIS LIMITED, a limited
 company
organized under the laws of
 England and Wales,

			
	by	  		 	
		  	 /s/ M F Creamer
	 	 /s/ P. Emburey

		  	Name: M F Creamer	 	P. Emburey
		  	Title: Director	 	Director

  

			
	 CB RICHARD ELLIS LIMITED, a
 corporation
organized under the laws
 of the province of New Brunswick,

		
	by	  	
		  	 /s/ Camille McKee

		  	Name: Camille McKee
		  	Title: CFO, Vice President

  

					
	 CB RICHARD ELLIS PTY LTD, a
 company
organized under the laws of
 Australia,

			
	by	  		 	
		  	 /s/ John Bell
	 	 /s/ Belinda Tozer

		  	Name: John Bell	 	Belinda Tozer
		  	Title: Director	 	Secretary

  

			
	 CB RICHARD ELLIS LIMITED, a
 company
organized under the laws of New
 Zealand,

		
	by	  	
		  	 /s/ John Bell

		  	Name: John Bell
		  	Title: Director

 Schedule I to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 SUBSIDIARIES 
 CB Holdco, Inc. 
 CB Richard Ellis Investors, Inc. 
 CB
Richard Ellis Investors, L.L.C. 
 CBRE Capital Markets of Texas, LP 
 CBRE/LJM Mortgage Company, L.L.C. 
 HoldPar A 
 HoldPar
B 
 CB/TCC Holdings LLC 
 CB/TCC, LLC 
 Westmark Real Estate Acquisition Partnership, L.P. 
 CB Richard Ellis, Inc.

 CBRE/LJM-Nevada, Inc. 
 Insignia/ESG Capital Corporation

 CBRE Capital Markets, Inc. 
 Trammell Crow Company 

Trammell Crow Services, Inc. 
 The Polacheck Company, Inc. 
 CBRE Technical Services, LLC 
 Vincent F. Martin, Jr., Inc. 

 Signature Page to the
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

					
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Collateral Agent
	
	 by

		 	 /s/ Bill O’Daly

		 	 Name:
	 	Bill O’Daly
		 	 Title:
	 	 Director

  

					
	 by

		 	 /s/ Mikhail Faybusovich

		 	Name:	 	Mikhail Faybusovich
		 	Title:	 	Vice President

 Schedule I to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 SUBSIDIARY GUARANTORS 

 Schedule II to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
 EQUITY INTERESTS 
  

									
	 Issuer
	 	 Number of
 Certificate
	 	 Registered
 Owner
	 	 Number and
 Class of
 Equity Interest
	 	 Percentage
 of Equity Interests

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 PLEDGED DEBT SECURITIES 
  

							
	 Issuer
	 	 Principal
 Amount
	 	 Date of Note
	 	 Maturity Date

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 Schedule III to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
 U.S. COPYRIGHTS OWNED BY [NAME OR GRANTOR] 
 [Make a separate
page of Schedule III for each Grantor and state if no copyrights are owned. List in numerical order by Registration No.] 
 U.S.
Copyright Registrations 
  

					
	 Title
	 	 Reg. No.
	 	 Author

		 		 	
		 		 	
		 		 	
		 		 	

 Pending U.S. Copyright Applications for Registration 
  

							
	 Title
	 	 Author
	 	 Class
	 	 Date Filed

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 Schedule III to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 LICENSES 
 [Make a separate page of Schedule III for each Grantor, and state if any Grantor is not a party to a license/sublicense.] 
 I.
Licenses/Sublicensees of [Name of Grantor] as Licensor on Date Hereof 
 A. Copyrights 
 [List U.S. copyrights in numerical order by Registration No.] 
 U.S. Copyrights 
  

									
	 Licensee Name
 and Address
	 	 Date of License/
 Sublicense
	 	 Title of
 U.S.
 Copyright
	 	 Author
	 	 Reg. No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 B. Patents 
 [List U.S. patent nos. and U.S. patent application nos. in numerical order.] 
 U.S. Patents 
  

							
	 Licensee Name
 and Address
	 	 Date of License/
 Sublicense
	 	 Issue Date
	 	 Patent No.

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 Schedule III to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 U.S. Patent Applications 
  

							
	 Licensee Name
 and address
	 	 Date of License/
 Sublicense
	 	 Date Filed
	 	 Application No.

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 C. Trademarks 
 [List U.S. trademark nos. and U.S. trademark application nos. in numerical order.] 
 U.S. Trademarks 
  

									
	 Licensee Name
 and Address
	 	 Date of License/
 Sublicense
	 	 U.S. Mark
	 	 Reg. Date
	 	 Reg. No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 Schedule III to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 U.S. Trademark Applications 
  

									
	 Licensee Name
 and Address
	 	 Date of License/
 Sublicense
	 	 U.S. Mark
	 	 Date Filed
	 	 Application
 No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 D. Others 
  

					
	 Licensee Name
 and Address
	 	 Date of License/
 Sublicense
	 	 Subject
 Matter

		 		 	
		 		 	
		 		 	
		 		 	

 Schedule III to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 II. Licensees/Sublicenses of [Name of Grantor] as Licensee on Date Hereof 
 A. Copyrights 
 [List U.S. copyrights in numerical order by
Registration No.] 
 U.S. Copyrights 
  

									
	 Licensor Name and
 Address
	 	 Date of License/
 Sublicense
	 	 Title of
 U.S. Copyright
	 	 Author
	 	 Reg. No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 B. Patents 
 [List U.S. patent nos. and U.S. patent application nos. in numerical order.] 
 U.S. Patents 
  

							
	 Licensor Name
 and Address
	 	 Date of License/
 Sublicense
	 	 Issue Date
	 	 Patent No.

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 U.S. Patent Applications 
  

							
	 Licensor Name
 and Address
	 	 Date of License/
 Sublicense
	 	 Date Filed
	 	 Application No.

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 C. Trademarks 
 [List U.S. trademark nos. and U.S. trademark application nos. in numerical order.] 
 U.S. Trademarks 
  

									
	 Licensor Name
 and Address
	 	 Date of License/
 Sublicense
	 	 U.S. Mark
	 	 Reg. Date
	 	 Reg. No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 Schedule III to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 U.S. Trademark Applications 
  

									
	 Licensor Name
 and Address
	 	 Date of License/
 Sublicense
	 	 U.S. Mark
	 	 Date
 Filed
	 	 Application
 No.

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 D. Others 
  

					
	 Licensor Name and Address
	 	 Date of License/
 Sublicense
	 	 Subject Matter

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
		 		 	

 Schedule III to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 PATENTS OWNED BY [NAME OF GRANTOR] 
 [Make a separate page of Schedule III for each Grantor and state if no patents are owned. List in numerical order by Patent No./Patent Application No.] 
 U.S. Patent Registrations 
  

			
	 Patent Numbers
	 	 Issue Date

		 	
		 	
		 	
		 	

 U.S. Patent Applications 
  

			
	 Patent Application No.
	 	 Filing Date

		 	
		 	
		 	
		 	

 TRADEMARK/TRADE NAMES OWNED BY [NAME OF GRANTOR] 
 [Make a separate page of Schedule III for each Grantor and state if no trademarks/trade names are owned. List in numerical order by trademark registration/application
no.] 
 U.S. Trademark Registrations 
  

					
	 Mark
	 	 Reg. Date
	 	 Reg. No.

		 		 	
		 		 	
		 		 	
		 		 	

 U.S. Trademark Applications 
  

					
	 Mark
	 	 Filing Date
	 	 Application No.

		 		 	
		 		 	
		 		 	
		 		 	

 Schedule III to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 State Trademark Registrations 
 [List in alphabetical order by state/numerical order by trademark no. within each state] 
  

							
	 State
	 	 Mark
	 	 Filing Date
	 	 Application No.

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 Trade Names 
  

			
	 Country(s) Where Used
	 	 Trade Names

		 	
		 	
		 	
		 	

 Schedule IV to 
 the Amended and Restated Guarantee and 
 Pledge Agreement 
  

 [COMMERCIAL TORT CLAIMS] 

 Exhibit A to the 
 Amended and Restated Guarantee and 
 Pledge Agreement 
  

 SUPPLEMENT NO. [—] (this
“Supplement”) dated as of [            ], to the Amended and Restated Guarantee and Pledge Agreement dated as of March [—], 2009
(the “Guarantee and Pledge Agreement”), among CB RICHARD ELLIS SERVICES, INC., a Delaware corporation (the “U.S. Borrower”), CB RICHARD ELLIS GROUP, INC., a Delaware corporation
(“Holdings”), each Subsidiary of the U.S. Borrower from time to time party thereto (each such Subsidiary that is also a Domestic Subsidiary individually a “Subsidiary Guarantor” and collectively, the
“Subsidiary Guarantors”; the Subsidiary Guarantors, Holdings and the U.S. Borrower are referred to collectively herein as the “Grantors”) and CREDIT SUISSE (“Credit Suisse”), as
collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties (as defined therein). 
 A.
Reference is made to the Amended and Restated Credit Agreement dated as of March [—], 2009 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among
the U.S. Borrower, CB Richard Ellis Limited, a limited company organized under the laws of England and Wales (the “U.K. Borrower”), CB Richard Ellis Limited, a corporation organized under the laws of the province of New
Brunswick (the “Canadian Borrower”), CB Richard Ellis Pty Ltd, a company organized under the laws of Australia and registered in New South Wales (the “Australian Borrower”), CB Richard Ellis
Limited, a company organized under the laws of New Zealand (the “New Zealand Borrower”), Holdings, the lenders from time to time party thereto (the “Lenders”) and Credit Suisse, as administrative
agent (in such capacity, the “Administrative Agent”) and Collateral Agent. 
 B. Capitalized terms used herein and
not otherwise defined herein shall have the meanings assigned to such terms in the Guarantee and Pledge Agreement and the Credit Agreement. 
 C. The Grantors have entered into the Guarantee and Pledge Agreement in consideration of, among other things, Loans made and Letters of Credit issued under the Credit Agreement. Section 7.16 of the Guarantee and Pledge Agreement
provides that additional Subsidiaries of the U.S. Borrower may become Subsidiary Guarantors and Grantors under the Guarantee and Pledge Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary
(the “New Loan Party”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Subsidiary Guarantor and a Grantor under the Guarantee and Pledge Agreement in order to induce the
Lenders to make additional Loans and the Issuing Bank to issue additional Letters of Credit and as consideration for Loans previously made and Letters of Credit previously issued. 

 Accordingly, the Collateral Agent and the New Loan Party agree as follows: 
 SECTION 1. In accordance with Section 7.16 of the Guarantee and Pledge Agreement, the New Loan Party by its signature below becomes a Grantor and
Subsidiary Guarantor under the Guarantee and Pledge Agreement with the same force and effect as if originally named therein as a Grantor and Subsidiary Guarantor and the New Loan Party hereby (a) agrees to all the terms and provisions of the
Guarantee and Pledge Agreement applicable to it as a Grantor and Subsidiary Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor and Subsidiary Guarantor thereunder are true and
correct on and as of the date hereof. In furtherance of the foregoing, the New Loan Party, as security for the payment and performance in full of the Obligations (as defined in the Guarantee and Pledge Agreement), does hereby create and grant to the
Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, their successors and assigns, a security interest in and lien on all of the New Loan Party’s right, title and interest in and to the Collateral (as
defined in the Guarantee and Pledge Agreement) of the New Loan Party. Each reference to a “Grantor” or a “Subsidiary Guarantor” in the Guarantee and Pledge Agreement shall be deemed to include the New Loan Party. The Guarantee
and Pledge Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Loan Party represents and warrants to the Collateral
Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 
 SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Collateral Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of
the New Loan Party and the Collateral Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Supplement. 
 SECTION 4. The New Loan Party hereby represents and warrants that (a) set forth on Schedule I attached hereto is a true and correct schedule of
(i) any and all Equity Interests and all Pledged Debt Securities now owned by the New Loan Party and (ii) any and all Intellectual Property now owned by the New Loan Party and (b) set forth under its signature hereto, is the true and
correct legal name of the New Loan Party and its jurisdiction of organization. 
 SECTION 5. Except as expressly supplemented hereby, the
Guarantee and Pledge Agreement shall remain in full force and effect. 
  

 A-2 

 SECTION 6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 SECTION 7. In case any one or more of the provisions contained in this Supplement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guarantee and Pledge Agreement shall not in any way be affected or impaired thereby (it being understood that
the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 8. All communications and notices hereunder shall (except as otherwise expressly permitted by the Guarantee and Pledge Agreement) be in writing
and given as provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to the New Loan Party shall be given to it in care of the U.S. Borrower as provided in Section 9.01 of the Credit Agreement.

 [Remainder of this page intentionally left blank] 
  

 A-3 

 IN WITNESS WHEREOF, the New Loan Party and the Collateral Agent have duly executed this Supplement to the
Guarantee and Pledge Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW LOAN PARTY]
		
	by	 	  

			
	Name:
	Title:
	Address:
	Legal Name:
	Jurisdiction of Formation:

  

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Collateral Agent
		
	by	 	  

	Name:	 	
	Title:	 	
		
	by	 	  

	Name:	 	
	Title:	 	

  

 A-4 

 Schedule I 
 to the Supplement No     to the 
 Amended and Restated Guarantee and 
 Pledge Agreement 
 LOCATION OF COLLATERAL

  

			
	 Description
	 	 Location

 Schedule II 
 to the Supplement No      to the 
 Amended and Restated Guarantee and 
 Pledge Agreement 
 Equity Interests

  

									
	 Issuer
	 	 Number of
 Certificate
	 	 Registered
 Owner
	 	 Number and
 Class of
 Equity Interests
	 	 Percentage
 of Equity Interests

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 Pledged Debt Securities 
  

							
	 Issuer
	 	 Principal
 Amount
	 	 Date of Note
	 	 Maturity Date

		 		 		 	

 Schedule III 
 to the Supplement No      to the 
 Amended and Restated Guarantee and 
 Pledge Agreement 
 INTELLECTUAL PROPERTY

 To be provided separately. 

 Exhibit B to the 
 Amended and Restated Guarantee and 
 Pledge Agreement 
 [FORM OF] 
 PERFECTION CERTIFICATESeries Terms Certificate

 Exhibit 4(a) 
 WAL-MART STORES, INC. 
 Series Terms Certificate 
 Pursuant to Section 3.01 of the Indenture 
 Relating to 5.625% Notes Due 2034 
 Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005,
as amended and supplemented (the “Indenture”), made between Wal-Mart Stores, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Charles M.
Holley, Jr., Executive Vice President, Finance and Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Anthony D. George, Associate General Counsel, Finance and Assistant Secretary of the
Company, attests to the following certification. Any capitalized term used herein shall have the definition ascribed to that term as set forth in the Indenture unless otherwise defined herein. 
 A. This certificate is a Series Terms Certificate contemplated by Section 3.01 of the Indenture and is being executed to evidence the establishment
and approval of the terms and conditions of the Series that was established pursuant to Section 3.01 of the Indenture by means of a Unanimous Written Consent of the Executive Committee of the Board of Directors of the Company, dated
March 20, 2009 (the “Series Consent”), which Series is designated as the “5.625% Notes Due 2034” (the “2034 Series”), by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the
Series Consent. 
 B. Each of the undersigned has read the Indenture, including the provisions of Sections 1.02 and 3.01 and the definitions
relating thereto, and the resolutions adopted in the Series Consent. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to enable the undersigned to express an informed opinion as to
whether or not all conditions precedent provided for in the Indenture relating to the execution and delivery by the Trustee of the Indenture, to the creation, establishment and approval of the title, the form and the terms of a Series under the
Indenture, and to the authentication and delivery by the Trustee of promissory notes of a Series, have been complied with. In the opinion of the undersigned, (i) all such conditions precedent have been complied with and (ii) there are no
Events of Default, or events which, with the passage of time, would become an Event of Default under the Indenture that have occurred and are continuing at the date of this certificate. 
 C. Pursuant to the Series Consent, the Company is authorized to issue initially £1,000,000,000 aggregate principal amount of promissory notes of the
2034 Series. A copy of the Series Consent is attached hereto as Annex A. Any promissory notes that the Company issues that are a part of the 2034 Series (the “2034 Notes”) shall be issued in registered book-entry form and shall be
represented by a global security substantially in the form attached hereto as Annex B (the “Form of 2034 Note”). Acting pursuant to authority delegated to him pursuant to the Series Consent, the Executive Vice President, Finance and
Treasurer, of the Company have approved and set the aggregate principal amount of the 2034 Notes initially to be issued (the “Initial 2034 Notes”) to be £1,000,000,000. 

 D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2034 Series and the
2034 Notes are established and approved to be the following: 
  

	 	1.	Designation: 

 The Series established by the Series
Consent is designated as the “5.625% Notes Due 2034”. 
  

	 	2.	Aggregate Principal Amount: 

 The 2034 Series is
not limited as to the aggregate principal amount of all the promissory notes of the 2034 Series that the Company may issue. The Company is issuing the Initial 2034 Notes in an aggregate original principal amount of £1,000,000,000. 

 

	 	3.	Maturity: 

 Final maturity of the 2034 Notes will
be March 27, 2034. 
  

	 	4.	Interest: 

  

	 	a.	Rate 

 The 2034 Notes will bear interest at the
rate of 5.625% per annum, which interest shall commence accruing from and including March 27, 2009. Additional Amounts (as defined in Section 4(a) of the Form of 2034 Note), if any, will also be payable on the 2034 Notes. 

 

	 	b.	Payment Dates 

 Interest will be payable on the
2034 Notes semi-annually in arrears on March 27 and September 27 of each year, commencing on September 27, 2009, to the person or persons in whose name or names the 2034 Notes are registered at the close of business on the immediately
preceding March 15 or September 15, as the case may be. Interest on the 2034 Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. 
  

	 	5.	Currency of Payment: 

 The principal and interest
payable with respect to the 2034 Notes shall be payable in pounds sterling. 
 If, prior to the maturity of the 2034 Notes, the United
Kingdom adopts the euro as its lawful currency in accordance with the Treaty establishing European Communities, as amended from time to time, the 2034 Notes will be re-denominated into euro, and the principal, interest, any Tax 

  

 2 

 
Redemption Price (as defined in the Form of 2034 Note) and any Additional Amounts (as defined in the Form of 2034 Note) will become payable in euro.

  

	 	6.	Payment Places: 

 All payments of principal of, any
Tax Redemption Price with respect to, and interest on, the 2034 Notes shall be made as set forth in Section 6 of the Form of 2034 Note. 
  

	 	7.	Optional Redemption Features: 

 The Company may
redeem the 2034 Notes upon the occurrence of certain tax events as set forth in Section 4(b) of the Form of 2034 Note. 
 There is no
sinking fund with respect to the 2034 Notes. 
  

	 	8.	Special Redemption Features, etc.: 

 None.

  

	 	9.	Denominations: 

 £50,000 and integral
multiples of £1,000 in excess thereof for the 2034 Notes. 
  

	 	10.	Principal Repayment: 

 100% of the principal amount
of the 2034 Notes. 
  

	 	11.	Registrar, Paying Agent and Transfer Agent: 

 The
Bank of New York Mellon Trust Company, N.A. will be the registrar, U.S. paying agent and U.S. transfer agent for the 2034 Notes. The Bank of New York Mellon will be the London paying agent and the London transfer agent for the 2034 Notes.

  

	 	12.	Payment of Additional Amounts: 

 The Company shall
pay additional amounts as set forth under Section 4(a) of the Form of 2034 Note. 
  

	 	13.	Book-Entry Procedures: 

 The 2034 Notes shall be
issued in the form of a single global note registered in the name of The Bank of New York Mellon Depository (Nominees) Limited, as nominee for The Bank of New York Mellon, as common depositary for Clearstream Banking, société
anonyme and Euroclear Bank S.A./N.V., and will be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 12 and 13 of the Form of 2034 Note. 
  

 3 

	 	14.	Other Terms: 

 Sections 2, 3, 5, 7, 8, 9, 10, 11,
12, 13, 14, 15, 16, 17 and 18 of the Form of 2034 Note shall also apply to the 2034 Notes. 
 The 2034 Notes will not have any terms or
conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xii), (xiii), (xiv), (xvi), (xvii), (xix) or (xx) of Section 3.01 of the Indenture. 
 E. The 2034 Notes will be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2034 Notes
specifically or apply to the terms of all Securities of all Series established pursuant to and governed by the Indenture, such terms shall apply to the 2034 Notes. 
 [signature page follows] 
  

 4 

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of March 20,
2009. 
  

	
	 /s/ Charles M. Holley, Jr.

	Charles M. Holley, Jr.
	Executive Vice President, Finance and Treasurer

 ATTEST: 
  

	
	 /s/ Anthony D. George

	Anthony D. George
	Associate General Counsel, Finance and Assistant Secretary

 Series Term Certificate for WMT 5.625% Notes - Signature Page 

 ANNEX A 
 UNANIMOUS CONSENT TO ACTION 
 IN LIEU OF A SPECIAL MEETING 
 OF THE EXECUTIVE COMMITTEE OF 
 THE
BOARD OF DIRECTORS 
 OF WAL-MART STORES, INC. 
 March 20, 2009 
  
  
 The undersigned, being all of
the members of the Executive Committee of the Board of Directors of Wal-Mart Stores, Inc., a Delaware corporation (the “Company”), do hereby consent to the adoption of the following resolutions in accordance with the provisions of
Section 141(f) of the General Corporation Law of Delaware: 
 WHEREAS, the Company has registered with the Securities and
Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder, the offer and sale in one or more offerings of an indeterminate amount of its debt securities, which debt
securities are to be issued pursuant to the terms of the Indenture, dated as of July 19, 2005, between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee under the Indenture (the
“Indenture Trustee”), as supplemented to date (the “Indenture”); and 
 WHEREAS, the Company desires to issue and
sell in an underwritten public offering (the “Offering”) its debt securities denominated in British pounds sterling and having an aggregate principal amount not to exceed £1,000,000,000, a portion of which debt securities are to be
offered and sold pursuant to the Company’s Registration Statement on Form S-3 (Registration No. 333-156724) (the “Registration Statement”) and the balance of which debt securities are to be sold in transactions outside of the
United States in reliance on Regulation S under the Securities Act and otherwise in accordance with the laws of the countries in which such debt securities are offered and sold, and to make application for the admission of such debt securities to
the Official List of the Irish Stock Exchange and for trading on the regulated market of the Irish Stock Exchange; it is 
 RESOLVED,
that a series of senior, unsecured promissory notes of the Company in an initial aggregate principal amount not to exceed £1,000,000,000, that shall mature on a date that shall be no earlier than the twentieth anniversary of, and no later than
the last day of the first full month next following the thirtieth anniversary of, the date of initial issuance of notes of such series (the “March 2009 Notes”) shall be, and it hereby is, created, established and authorized for issuance
and sale pursuant to the terms of the Indenture; and be it 
 FURTHER RESOLVED, that the March 2009 Notes shall have such terms,
including the rate at which interest will accrue on the Promissory Notes (as defined below) of the March 2009 Notes and the maturity date thereof, and shall be in such form as shall be established and approved by one or more of the Chairman of the
Board of Directors, the Chief Executive Officer, any Vice Chairman, the Chief Financial Officer, any Executive Vice President, any Senior Vice President, any Vice President, the Controller and the Treasurer of the Company (each an 

  

 1 

 
“Authorized Officer”) in accordance with the provisions of Section 3.01 of the Indenture pursuant to the authority granted by these
resolutions, which approval will be conclusively evidenced by that Authorized Officer’s or those Authorized Officers’ execution of a Series Terms Certificate (as defined in the Indenture) with respect to the March 2009 Notes; and be it

 FURTHER RESOLVED, that the Authorized Officers shall be, and each of them hereby is, authorized, in the name and on behalf of the
Company, to establish and to approve the terms and conditions of the March 2009 Notes, to set the aggregate principal amount of the March 2009 Notes to be sold in the Offering, which aggregate principal amount shall not exceed £1,000,000,000
(the “Offering Amount”), and to approve the form, terms and conditions of the promissory notes representing notes in the March 2009 Notes (the “Promissory Notes”); and be it 
 FURTHER RESOLVED, that the Authorized Officers shall be, and each of them hereby is, authorized, in the name and on behalf of the Company, to
execute Promissory Notes having an aggregate principal amount not to exceed the Offering Amount, all as provided in the Indenture, and to deliver those Promissory Notes to the Indenture Trustee for authentication and delivery in accordance with the
terms of the Indenture; and 
 FURTHER RESOLVED, that the Indenture Trustee shall be, and it hereby is, authorized and directed to
authenticate and deliver Promissory Notes having an aggregate principal amount not to exceed the Offering Amount to or upon the written order of the Company, as provided in the Indenture; and be it 
 FURTHER RESOLVED, that the Company shall be and hereby is authorized, and the Authorized Officers shall be, and each of them hereby is, authorized
and directed to take, or cause to be taken, for and on behalf of the Company, all actions necessary or advisable for the Company to make application for and to effect the admission of the March 2009 Notes or such Promissory Notes as are outstanding
from time to time to the Official List of the Irish Stock Exchange and for trading on the regulated market of the Irish Stock Exchange, and, in connection therewith, to prepare, execute and file all necessary applications, documents, forms and
agreements with the Irish Stock Exchange, to grant all powers of attorney to Arthur Cox Listing Services Limited, as the Company’s listing agent with respect to the admission of the March 2009 Notes or such Promissory Notes as are outstanding
from time to time to the Official List of, and for trading on the regulated market of, the Irish Stock Exchange, to pay all filing, listing and application fees and related expenses, and to take any other action necessary to achieve such admission
of the March 2009 Notes or such Promissory Notes as are outstanding from time to time to the Official List of, and for trading on the regulated market of, the Irish Stock Exchange; and be it 
 FURTHER RESOLVED, the Company shall be and hereby is authorized, and the Authorized Officers shall be, and each of them hereby is, authorized and
directed, for and on behalf of the Company, to take, or cause to be taken, all actions, to make all filings, and pay all fees necessary or advisable, in order to make application to the Irish Financial Services Regulatory Authority for, and to
obtain, the approval of a prospectus relating to the offer and sale of Promissory Notes having an aggregate principal amount not to exceed the Offering Amount in member states of the European Union, pursuant to the European Union’s Directive
2003/71/EC and the Republic of Ireland’s Prospectus (Directive 2003/71/EC) Regulations 2005; and be it 
  

 2 

 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to enter into, execute
and deliver, and perform its obligations under, and each Authorized Officer is authorized to execute and deliver, for and on behalf of the Company, a Pricing Agreement and an Underwriting Agreement (collectively, the “Underwriting
Agreement”) between the Company and Goldman Sachs International, Citigroup Global Markets Limited, HSBC Bank plc and any other underwriters and managers named therein (collectively, the “Underwriters”), providing for the sale by the
Company and the purchase by the Underwriters of Promissory Notes having an aggregate principal amount equal to the Offering Amount as determined by one or more Authorized Officers, such determination to be evidenced by the execution and delivery of
the Underwriting Agreement by an Authorized Officer on behalf of the Company, and any other agreements necessary to effectuate the intent of these resolutions, the Underwriting Agreement and any other such agreements to be in the forms and to
contain the terms, including the price to be paid to the Company by the Underwriter for the Promissory Notes being purchased pursuant to the Underwriting Agreement, and conditions as the Authorized Officer executing the same approves, such approval
to be conclusively evidenced by that Authorized Officer’s execution and delivery of the Underwriting Agreement or other agreement; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to sell the Promissory Notes to the Underwriters pursuant to the Underwriting Agreement at the price set forth in, and pursuant to the other terms and
conditions of, the Underwriting Agreement; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to
perform its obligations under the Promissory Notes issued and sold by the Company and its obligations under the Indenture, as those obligations relate to those Promissory Notes; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to issue one or more global certificates to represent the Promissory
Notes authorized in accordance with these resolutions and not otherwise issue the Promissory Notes in certificated form, and to permit each global certificate representing Promissory Notes to be registered in the name of a common depository for, or
a nominee of, Clearstream Banking, S.A., Luxembourg (“Clearstream”) and Euroclear Bank, S.A./N.V. (“Euroclear”) or both and beneficial interests in the global certificates representing the Promissory Notes to be otherwise shown
on, and transfers of such beneficial interests effected through, records maintained by Clearstream and Euroclear and their respective participants, as the case may be; and be it 
 FURTHER RESOLVED, that the signatures of the Authorized Officers executing any Promissory Note may be the manual or facsimile signatures of the
present or any future Authorized Officers and may be imprinted or otherwise reproduced thereon, and any such facsimile signature shall be binding upon the Company, notwithstanding the fact that at the time the Promissory Notes are authenticated and
delivered and disposed of, the person signing the facsimile signature shall have ceased to be an Authorized Officer; and be it 
  

 3 

 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to enter into, execute
and deliver, and perform its obligations under, and each Authorized Officer is authorized to execute and deliver, for and on behalf of the Company, a paying agent and transfer agent agreement with The Bank of New York Mellon and a calculation agency
agreement with The Bank of New York Mellon, each of which agreements shall be in such form and contain such terms and conditions as an Authorized Officer shall determine to be appropriate, such determination to be evidenced by the execution and
delivery of each of such agreements by an Authorized Officer for and on behalf of the Company; and be it 
 FURTHER RESOLVED,
that, without in any way limiting the authority heretofore granted to any Authorized Officer, the Authorized Officers shall be, and each of them individually is, authorized and empowered to do and perform all such acts and things and to execute and
deliver, for and on behalf of the Company, any and all documents and instruments and to take any and all such actions as they may deem necessary, desirable or proper in order to carry out the intent and purpose of the foregoing resolutions and fully
to establish the March 2009 Notes, to perform the provisions of the Underwriting Agreement, the Indenture and the Promissory Notes, to cause the March 2009 Notes or such Promissory Notes as are outstanding from time to time to be admitted to the
Official List of, and for trading on the regulated market of, the Irish Stock Exchange, and to incur on behalf of the Company all such expenses and obligations in connection therewith as they may deem proper. 
 Dated this 20th
day of March 2009 

									
				
	/s/ Michael T. Duke	 		 		 	/s/ S. Robson Walton
	Michael T. Duke	 		 		 	S. Robson Walton
				
	/s/ H. Lee Scott, Jr.	 		 		 	/s/ Christopher J. Williams
	H. Lee Scott, Jr.	 		 		 	Christopher J. Williams

  

 4 

 ANNEX B 
 FORM OF GLOBAL NOTE 
 This Note is a global security and is registered in the name of The Bank of New
York Mellon Depository (Nominees) Limited, as nominee of the common depositary, The Bank of New York Mellon (the “Common Depositary”), for Clearstream Banking, société anonyme (“Clearstream”) and Euroclear
Bank S.A./N.V. (“Euroclear”). Unless and until this Note is exchanged in whole or in part for Notes in definitive form, this Note may not be transferred except as a whole by the Common Depositary or a nominee of the Common Depositary to
the Common Depositary or another depositary or by the Common Depositary or a nominee of the Common Depositary to a successor depositary or a nominee of such successor depositary. 
 WAL-MART STORES, INC. 
 5.625% NOTES DUE 2034 
  

					
	Number 1	  		 	ISIN No.: XS0419834931
	£1,000,000,000	  		 	Common Code: 041983493

 WAL-MART STORES, INC., a corporation duly organized and existing under the laws of the State of
Delaware, and any successor corporation pursuant to the Indenture (herein referred to as the “Company”), for value received, hereby promises to pay to THE BANK OF NEW YORK MELLON DEPOSITORY (NOMINEES) LIMITED or registered assigns, the
principal sum of ONE BILLION POUNDS STERLING (£1,000,000,000) on March 27, 2034 in such coin or currency of the United Kingdom as at the time of payment shall be legal tender for the payment of public and private debts, and to pay
interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on March 27 and September 27 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each,
an “Interest Payment Date”), commencing on September 27, 2009, on said principal sum in like coin or currency, at the rate per annum specified in the title of this Note from March 27, 2009 or from the most recent March 27
and September 27 to which interest has been paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the
“Holder”) at the close of business on the preceding March 15, in the case of an Interest Payment Date of March 27, and on the preceding September 15, in the case of an Interest Payment Date of September 27 (each, a
“Record Date”). “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in New
York, New York or London, England. 
 Reference is made to the further provisions of this Note set forth on the succeeding sections hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
  

 This Note shall not be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been signed by the Trustee under the Indenture referred to in Section 1 hereof. 
 IN WITNESS WHEREOF, the Company has
caused this instrument to be signed by its Chairman of the Board, its Vice Chairman, its President or one of its Vice Presidents and by its Secretary or one of its Assistant Secretaries, each by manual or facsimile signature and under its corporate
seal. 
  

					
		 	WAL-MART STORES, INC.
			
		 	By:	 	  

		 	Name:	 	Charles M. Holley, Jr.
		 	Title:	 	Executive Vice President, Finance and Treasurer
			
	[SEAL]	 	By:	 	  

		 	Name:	 	Anthony D. George
		 	Title:	 	Associate General Counsel, Finance and Assistant Secretary

 Dated: March 27, 2009 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the Series designated herein
referred to in the within-mentioned Indenture. 
  

					
		 	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

 as Trustee

			
		 	By:	 	THE BANK OF NEW YORK MELLON, as Authenticating Agent
			
		 	By:	 	  

		 		 	Authorized Signatory

  

 2 

 WAL-MART STORES, INC. 
 5.625% NOTES DUE 2034 
 1. Indenture; Notes. This Note is one of a duly authorized series of
Securities of the Company designated as the “5.625% Notes Due 2034” (the “Notes”), initially issued in an aggregate principal amount of £1,000,000,000 on March 27, 2009. Such series of Securities has been established
pursuant to, and is one of an indefinite number of series of debt securities of the Company, issued or issuable under and pursuant to, the Indenture, dated as of July 19, 2005, by and between the Company, as Issuer, and The Bank of New York
Mellon Trust Company, N.A., as Trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, by and between the Company, as Issuer, and the Trustee (the “Indenture”), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes and of the terms
upon which this Note is, and is to be, authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended,
and those set forth in this Note. To the extent that the terms, conditions and other provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and other provisions of this Note shall
govern. 
 All capitalized terms which are used but not defined in this Note shall have the meanings assigned to them in the Indenture.

 The Company may, without the consent of the Holders, create and issue additional Securities ranking equally with the Notes and otherwise
identical in all respects (except for their date of issue, issue price and the date from which interest payments thereon shall accrue) so that such additional Securities shall be consolidated and form a single series with the Notes; provided,
however, that no additional Securities of any existing or new series may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. 
 2. Ranking. The Notes shall constitute the senior unsecured debt obligations of the Company and shall rank equally in right of payment among
themselves and with all other existing and future senior unsecured debt obligations of the Company. 
 3. Payment of Overdue Amounts.
The Company shall pay interest, calculated on the basis of a 360-day year consisting of twelve 30-day months, on overdue principal and overdue installments of interest, if any, from time to time, on demand at the interest rate borne by the Notes to
the extent lawful. 
 4. Payment of Additional Amounts; Redemption Upon a Tax Event. 
 (a) Payment of Additional Amounts. The Company shall pay to the Holder (including, for purposes of this Section 4, each beneficial owner) of
this Note who is a Non-U.S. Person (as defined below) additional amounts as may be necessary so that every net payment of principal of and interest on this Note to such Holder, after deduction or withholding for or on 

 
account of any present or future tax, assessment or other governmental charge imposed upon such Holder by the United States of America or any taxing
authority thereof or therein, will not be less than the amount provided in this Note to be then due and payable (such amounts, the “Additional Amounts”); provided, however, that the Company shall not be required to make any payment
of Additional Amounts for or on account of: 
 (i) any tax, assessment or other governmental charge that would not have been imposed but for
(A) the existence of any present or former connection between such Holder, or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or
corporation, and the United States including, without limitation, such Holder, or such fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident of the United States of America or treated as a
resident thereof or being or having been engaged in trade or business or present in the United States of America or (B) the presentation of this Note for payment on a date more than 30 days after the later of (x) the date on which such
payment becomes due and payable and (y) the date on which payment thereof is duly provided for; 
 (ii) any estate, inheritance, gift,
sales, transfer, excise, personal property or similar tax, assessment or other governmental charge; 
 (iii) any tax, assessment or other
governmental charge imposed on foreign personal holding company income or by reason of such Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or a personal holding company with respect to
the United States of America or as a corporation which accumulates earnings to avoid United States federal income tax; 
 (iv) any tax,
assessment or other governmental charge which is payable otherwise than by withholding from payment of principal of or interest on this Note; 
 (v) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest on this Note if such payment can be made without withholding by any other paying agent;

 (vi) any tax, assessment or other governmental charge which would not have been imposed but for the failure to comply with certification,
information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of America of the Holder of this Note, if such compliance is required by statute or by regulation of the
United States Treasury Department as a precondition to relief or exemption from such tax, assessment or other governmental charge; 
 (vii)
any tax, assessment or other governmental charge imposed on interest received by (A) a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the
regulations that may be promulgated thereunder) of the Company or (B) a controlled foreign corporation with respect to the Company within the meaning of the Code; 
  

 2 

 (viii) any withholding or deduction that is imposed on a payment to an individual and is required to be
made pursuant to that European Union Directive relating to the taxation of savings adopted on June 3, 2003 by the European Union’s Economic and Financial Affairs Council, or any law implementing or complying with, or introduced in order to
conform to, such Directive; or 
 (ix) any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii) in this
Section 4(a); 
 nor shall any Additional Amounts be paid to any Holder who is a fiduciary or partnership to the extent that a beneficiary or settlor
with respect to such fiduciary, or a member of such partnership or a beneficial owner thereof, would not have been entitled to the payment of such Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder.

 “Non-U.S. Person” means any corporation, partnership, individual or fiduciary that is, as to the United States of America, a
foreign corporation, a non-resident alien individual who has not made a valid election to be treated as a United States resident, a non-resident fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is,
as to the United States of America, a foreign corporation, a non-resident alien individual or a non-resident fiduciary of a foreign estate or trust. 
 (b) Redemption Upon a Tax Event. The Notes may be redeemed at the option of the Company in whole, but not in part, on a date (such date, the “Tax Redemption Date”) to be fixed by the Company on not
more than 60 days’ and not less than 30 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes (the “Tax Redemption Price”) plus accrued but unpaid interest, if any, and any Additional Amounts
thereon, if the Company determines that as a result of any change in or amendment to the laws, treaties, regulations or rulings of the United States of America or any political subdivision or taxing authority thereof, or any proposed change in such
laws, treaties, regulations or rulings, or any change in the official application, enforcement or interpretation of such laws, treaties, regulations or rulings, including a holding by a court of competent jurisdiction in the United States of
America, or any other action, other than an action predicated on laws generally known on or before March 20, 2009 except for proposals before the U.S. Congress before such date, taken by any taxing authority or a court of competent jurisdiction
in the United States of America, or the official proposal of any such action, whether or not such action or proposal was taken or made with respect to the Company, (A) the Company has or will become obligated to pay Additional Amounts or
(B) there is a substantial possibility that the Company will be required to pay such Additional Amounts. 
 Prior to the publication of
any notice of redemption pursuant to Section 16 hereof, the Company shall deliver to the Trustee (1) an Officers’ Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts
showing that the conditions precedent to the rights of the Company to so redeem have occurred and (2) an Opinion of Counsel to such effect based on such statement of facts. 
 If the Company elects to redeem the Notes pursuant to this Section 4(b), then it shall give notice to the Holders pursuant to Section 16
hereof. 
  

 3 

 The notice of redemption, shall specify the following: 
 (i) the Tax Redemption Date; 
 (ii) a brief
statement to the effect that the Notes are being redeemed at the option of the Company pursuant to this Section 4(b) and a brief statement of the facts permitting such redemption; 
 (iii) that on the Tax Redemption Date, the Tax Redemption Price, plus accrued but unpaid interest on the Notes, if any, will become due and payable and
that interest thereon shall cease to accrue on and after such Tax Redemption Date; 
 (iv) the amount of the Tax Redemption Price and accrued
but unpaid interest, if any, that will be due and payable on the Notes on the Tax Redemption Date; 
 (v) the place or places where the Notes
are to be surrendered for payment of the Tax Redemption Price and other amounts due under clause (iv) above; 
 (vi) that payment of the
amounts due under clause (iv) above will be made upon presentation and surrender of the Notes; and 
 (vii) the ISIN and Common Code
numbers of the Notes. 
 The notice of redemption regarding the Notes shall be, at the election of the Company, given by the Company or, at
the Company’s request, by the Trustee in the name and at the expense of the Company. 
 On or before the opening of business on any Tax
Redemption Date, the Company shall deposit with the Trustee or with the U.S. Paying Agent or London Paying Agent (or, if the Company is acting as its own paying agent, segregate and hold in trust as provided in Section 5.03 of the Indenture) an
amount of money sufficient to pay the Tax Redemption Price of, and except if the Tax Redemption Date shall be an Interest Payment Date, accrued but unpaid interest on, the Notes to be redeemed on the Tax Redemption Date. 
 The notice of redemption having been given as specified above, the Notes shall, on the Tax Redemption Date, become due and payable at the Tax Redemption
Price, and from and after such date, unless the Company shall default in the payment of the Tax Redemption Price and accrued but unpaid interest, if any, the Notes shall cease to bear interest. Upon surrender of the Notes for redemption in
accordance with such notice, the Notes shall be paid by the Company at the Tax Redemption Price, together with accrued but unpaid interest, if any, to the Tax Redemption Date. 
 If the Notes, having been called for redemption, shall not be so paid upon surrender thereof for redemption, the Tax Redemption Price shall, until paid,
bear interest from the Tax Redemption Date at the interest rate borne by this Note. 
 5. Re-Denomination in Euro. If, prior to the
maturity of the Notes, the United Kingdom adopts the euro as its lawful currency in accordance with the Treaty 

  

 4 

 
establishing European Communities, as amended from time to time, the Notes will be re-denominated into euro, and the regulations of the European Commission
relating to the euro shall apply to the Notes. The circumstances and consequences described in this Section 5 will not entitle the Company, the Trustee or any Holder of the Notes to redeem early, rescind or receive notice relating to the Notes,
repudiate the terms of the Notes or the Indenture, raise any defense, request any compensation or make any claim, nor will these circumstances and consequences affect any of the Company’s other obligations under the Notes or the Indenture.

 6. Place and Method of Payment. The Company shall pay principal (and the Tax Redemption Price, if any) of and interest on the Notes
at the office or agency of the U.S. Paying Agent in the Borough of Manhattan, The City of New York and of the London Paying Agent in London; provided, however, that at the option of the Company, the Company may pay interest by check mailed to
the person entitled thereto at such person’s address as it appears on the Registry for the Notes. 
 7. Defeasance of the Notes.
Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 
 8. No Redemption; Sinking Fund. The Notes are not
redeemable prior to maturity, other than as set forth in Section 4(b) hereof, and are not subject to a sinking fund. 
 9. Amendment
and Modification. Article Nine of the Indenture contains provisions for the amendment or modification of the Indenture and the Notes without the consent of the Holders in certain circumstances and requiring the consent of Holders of not less
than a majority in aggregate principal amount of the Notes and Securities of other series that would be affected in certain other circumstances. However, the Indenture requires the consent of each Holder of the Notes and Securities of other series
that would be affected for certain specified amendments or modifications of the Indenture and the Notes. These provisions of the Indenture, which provide for, among other things, the execution of supplemental indentures, are applicable to the Notes.

 10. Event of Default; Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes shall
occur and be continuing, then the aggregate principal amount of the Notes of this series may be declared by either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes of this series then Outstanding to be, and,
in certain cases, may automatically become, immediately due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. The Indenture provides that, in the event of such an acceleration of the maturity of the
Notes, the Holders of a majority in aggregate principal amount of all of the Notes of this series then Outstanding, voting as a separate class, in accordance with the provisions of, and in the circumstances provided by, the Indenture, may rescind
and annul such acceleration and its consequences with respect to all of the Notes. 
 11. Absolute Obligation. No reference herein to
the Indenture and no provisions of the Notes or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the place, at the time and in the coin or
currency herein prescribed. 
  

 5 

 12. Form and Denominations; Global Note; Definitive Notes. The Notes are being issued in
registered form without interest coupons in denominations of £50,000 and integral multiples of £1,000 in excess thereof. The Notes are being issued in the form of a single global note (the “Global Note”), evidencing all or any
portion of the Notes and registered in the name of The Bank of New York Mellon Depository (Nominees) Limited, as nominee of the Common Depositary (including its respective successors) under the Indenture. The Notes shall be issued in certificated
form (each, a “Definitive Note”) only in the following limited circumstances: (1) the Common Depositary is at any time unwilling or unable to continue as the Common Depositary, or Clearstream Banking, société
anonyme or Euroclear Bank S.A./N.V. ceases to be a clearing agency registered under applicable law, and a successor Common Depositary is not appointed by the Company or a successor clearing agency satisfactory to the Company is not established
within 90 days after the Company receives notice thereof; (2) the Company delivers to the Trustee a Company Order to the effect that this Note shall be exchangeable for Definitive Notes; or (3) an Event of Default has occurred and is
continuing with respect to the Notes, in each such case this Note shall be exchangeable for Definitive Notes in an equal aggregate principal amount. Such Definitive Notes shall be registered in such name or names as the Common Depositary shall
instruct the Trustee. 
 13. Registration, Transfer and Exchange. As provided in the Indenture and subject to certain limitations
therein set forth, the Company shall provide for the registration of the Notes and the transfer and exchange of the Notes, whether in global or definitive form. At the option of the Holders, at the offices of the U.S. Transfer Agent or the London
Transfer Agent (each as defined in Section 15 hereof), or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose pursuant to the provisions of the Indenture, and in the manner and subject to
the limitations provided in the Indenture, but without the payment of any service charge, except for any transfer tax or other governmental charges imposed in connection therewith subject to Section 4 hereof, the Notes may be transferred or
exchanged for an equal aggregate principal amount of the Notes of like tenor and of other authorized denominations upon surrender and cancellation of the Notes upon any such transfer. 
 The Company, the Trustee and any agent of the Company or of the Trustee may deem and treat the Holder as the absolute owner of this Note (whether or not
the Notes shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payments hereon, or on account hereof, and for all other purposes, and neither the Company nor the Trustee nor any agent
of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made to or upon the order of such Holder shall, to the extent of the amount or amounts paid, effectually satisfy and discharge liability for moneys
payable on this Note. 
 Notwithstanding the preceding paragraphs of this Section 13, any registration of transfer or exchange of a
Global Note shall be subject to the terms of the legend appearing on the initial page thereof. 
 14. No Recourse Against Others. No
recourse under or upon any obligation, covenant or agreement of the Company arising under or set forth in the Notes or under the Indenture, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the Company or 

  

 6 

 
of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of
law or by the enforcement of any assessment or penalty or otherwise, any and all such personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
stockholder, officer or director, as such, being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 15. Appointment of Agents. The Bank of New York Mellon Trust Company, N.A. is hereby appointed the registrar for the purpose of registering the Notes and transfers and exchanges of the Notes pursuant to the
Indenture and this Note, paying agent pursuant to Section 3.04 of the Indenture (the “U.S. Paying Agent”) and transfer agent (the “U.S. Transfer Agent”) with respect to the Notes in the United States at its offices in the
Borough of Manhattan, The City of New York. 
 The Bank of New York Mellon is hereby appointed paying agent pursuant to Section 3.04 of
the Indenture (the “London Paying Agent”) and transfer agent (the “London Transfer Agent”) with respect to the Notes in the United Kingdom at its offices in London. 
 16. Notices. If the Company is required to give notice to the Holders of the Notes pursuant to the terms of the Indenture, then it shall do so by
the means and in the manner set forth in Section 1.06 of the Indenture. 
 In addition, the Company shall give notices to the Holders of
the Notes by publication in a leading daily newspaper in The City of New York and in London and, so long as the Notes are admitted to the Official List of the Irish Stock Exchange and to trading on its regulated market, in Ireland. Initially, such
publication shall be made in The City of New York in The Wall Street Journal, in London in The Financial Times and in Ireland in the Irish Times. Any such notice shall be deemed to have been given on the date of publication or,
if published more than once, on the date of the first publication. 
 17. Separability. In case any provision of the Indenture or the
Notes shall, for any reason, be held to be invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions thereof and hereof shall not in any way be affected or impaired thereby. 
 18. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA.

  

 7 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 For the value received, the undersigned hereby assigns and transfers the
within Note, and all rights thereunder, to: 
  

	
	  

	(Insert assignee’s legal name)
	
	  

	(Insert assignee’s social security or tax identification number)
	
	  

	(Print or type assignee’s name, address and zip code)
	
	  

	
	  

	
	and irrevocably appoints

  

			
	  
	  	

 to transfer this Note on the books of Wal-Mart Stores, Inc. The agent may substitute another to act for it.

  

					
		 	Your Signature:	 	  

		 		 	(Sign exactly as your name appears on the face of this Note)

 Date:
                                        

 Signature Guarantee 
 The signature(s) should be
Guaranteed by an Eligible Guarantor Institution pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended. 
 *    *    *    *    * 
 The following
abbreviations, when used in the inscription on the face of the within Note, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	 TEN COM -
	  	as tenants in common
		
	 TEN ENT -
	  	as tenants by the entireties
		
	 JT ENT -
	  	as joint tenants with right of survivorship and not as tenants in common

                                 UNIF GIFT MIN ACT-
             Custodian              under the Uniform Gifts to Minors Act
             
                                         
                                (Cust)       
             (Minor)                          
                                      (State)

 Additional abbreviations may also be used although not in the above list.

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