Document:

EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
  

 
  
 

 
 364-DAY BRIDGE CREDIT AGREEMENT 

Dated as of May 15, 2017 

among 
 MOODY’S CORPORATION,

 as Borrower, 
 VARIOUS
FINANCIAL INSTITUTIONS, 
 as Lenders, 

and 
 JPMORGAN CHASE BANK, N.A.

 as Administrative Agent 
  

 
 JPMORGAN CHASE BANK, N.A., 

as Sole Lead Arranger and Sole Bookrunner 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	  	 	1	 
			
	 SECTION 1.01
	 	 Certain Defined Terms
	  	 	1	 
			
	 SECTION 1.02
	 	 Computation of Time Periods
	  	 	24	 
			
	 SECTION 1.03
	 	 Accounting Terms
	  	 	25	 
			
	 SECTION 1.04
	 	 Terms Generally
	  	 	25	 
			
	 SECTION 1.05
	 	 Currency Translations
	  	 	26	 
		
	ARTICLE II AMOUNTS AND TERMS OF THE ADVANCES	  	 	26	 
			
	 SECTION 2.01
	 	 The Advances
	  	 	26	 
			
	 SECTION 2.02
	 	 Making the Advances
	  	 	26	 
			
	 SECTION 2.03
	 	 [Reserved]
	  	 	28	 
			
	 SECTION 2.04
	 	 Fees
	  	 	28	 
			
	 SECTION 2.05
	 	 Termination or Reduction of the Commitments; Mandatory Prepayments
	  	 	28	 
			
	 SECTION 2.06
	 	 Repayment of Advances
	  	 	30	 
			
	 SECTION 2.07
	 	 Interest on Advances
	  	 	30	 
			
	 SECTION 2.08
	 	 Interest Rate Determination
	  	 	31	 
			
	 SECTION 2.09
	 	 Optional Conversion of Advances
	  	 	32	 
			
	 SECTION 2.10
	 	 Optional Prepayments of Advances
	  	 	32	 
			
	 SECTION 2.11
	 	 Increased Costs
	  	 	33	 
			
	 SECTION 2.12
	 	 Illegality
	  	 	34	 
			
	 SECTION 2.13
	 	 Payments and Computations
	  	 	34	 
			
	 SECTION 2.14
	 	 Taxes
	  	 	35	 
			
	 SECTION 2.15
	 	 Sharing of Payments, Etc.
	  	 	39	 
			
	 SECTION 2.16
	 	 Use of Proceeds
	  	 	40	 
			
	 SECTION 2.17
	 	 Evidence of Debt
	  	 	40	 

  
 i 

							
	 SECTION 2.18
	 	 Defaulting Lenders
	  	 	40	 
			
	 SECTION 2.19
	 	 Mitigation
	  	 	41	 
		
	ARTICLE III CONDITIONS TO EFFECTIVENESS AND LENDING	  	 	42	 
			
	 SECTION 3.01
	 	 Conditions Precedent to Effective Date
	  	 	42	 
			
	 SECTION 3.02
	 	 Conditions Precedent to Closing Date
	  	 	43	 
			
	 SECTION 3.03
	 	 Actions by Lenders During the Certain Funds Period
	  	 	44	 
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	 	45	 
			
	 SECTION 4.01
	 	 Organization; Powers
	  	 	45	 
			
	 SECTION 4.02
	 	 Authorization; Enforceability
	  	 	45	 
			
	 SECTION 4.03
	 	 Governmental Approvals; No Conflicts
	  	 	45	 
			
	 SECTION 4.04
	 	 Financial Condition; No Material Adverse Change
	  	 	45	 
			
	 SECTION 4.05
	 	 Properties
	  	 	46	 
			
	 SECTION 4.06
	 	 Litigation and Environmental Matters
	  	 	46	 
			
	 SECTION 4.07
	 	 Compliance with Laws and Agreements
	  	 	46	 
			
	 SECTION 4.08
	 	 Investment Company Status
	  	 	47	 
			
	 SECTION 4.09
	 	 Taxes
	  	 	47	 
			
	 SECTION 4.10
	 	 ERISA
	  	 	47	 
			
	 SECTION 4.11
	 	 Disclosure
	  	 	47	 
			
	 SECTION 4.12
	 	 Subsidiaries
	  	 	47	 
			
	 SECTION 4.13
	 	 Use of Proceeds
	  	 	48	 
			
	 SECTION 4.14
	 	 Solvency
	  	 	48	 
			
	 SECTION 4.15
	 	 Anti-Corruption Laws and Sanctions.
	  	 	48	 
			
	 SECTION 4.16
	 	 EEA Financial Institution. The Borrower is not an EEA Financial Institution.
	  	 	48	 
			
	 SECTION 4.17
	 	 Target Acquisition
	  	 	48	 
			
	 SECTION 4.18
	 	 Federal Reserve Regulations
	  	 	48	 
		
	ARTICLE V COVENANTS	  	 	49	 

  
 ii 

							
	 SECTION 5.01
	 	 Affirmative Covenants
	  	 	49	 
			
	 SECTION 5.02
	 	 Negative Covenants
	  	 	52	 
		
	ARTICLE VI EVENTS OF DEFAULT	  	 	56	 
			
	 SECTION 6.01
	 	 Events of Default
	  	 	56	 
		
	ARTICLE VII THE ADMINISTRATIVE AGENT	  	 	58	 
			
	 SECTION 7.01
	 	 Authorization and Action
	  	 	58	 
			
	 SECTION 7.02
	 	 Administrative Agent Individually
	  	 	59	 
			
	 SECTION 7.03
	 	 Duties of Administrative Agent; Exculpatory Provisions
	  	 	59	 
			
	 SECTION 7.04
	 	 Reliance by Administrative Agent
	  	 	60	 
			
	 SECTION 7.05
	 	 Delegation of Duties
	  	 	60	 
			
	 SECTION 7.06
	 	 Resignation of Administrative Agent
	  	 	60	 
			
	 SECTION 7.07
	 	 Non-Reliance on Administrative Agent and Other
Lenders
	  	 	61	 
			
	 SECTION 7.08
	 	 Indemnification
	  	 	62	 
			
	 SECTION 7.09
	 	 Lenders
	  	 	62	 
		
	ARTICLE VIII [RESERVED]	  	 	62	 
		
	ARTICLE IX MISCELLANEOUS	  	 	62	 
			
	 SECTION 9.01
	 	 Amendments, Etc.
	  	 	62	 
			
	 SECTION 9.02
	 	 Notices, Etc.
	  	 	64	 
			
	 SECTION 9.03
	 	 No Waiver; Remedies
	  	 	65	 
			
	 SECTION 9.04
	 	 Costs and Expenses
	  	 	65	 
			
	 SECTION 9.05
	 	 Right of Setoff
	  	 	67	 
			
	 SECTION 9.06
	 	 Binding Effect
	  	 	67	 
			
	 SECTION 9.07
	 	 Assignments and Participations
	  	 	67	 
			
	 SECTION 9.08
	 	 Confidentiality
	  	 	71	 
			
	 SECTION 9.09
	 	 [Reserved]
	  	 	72	 
			
	 SECTION 9.10
	 	 Governing Law
	  	 	72	 

  
 iii 

							
	 SECTION 9.11
	 	 Execution in Counterparts
	  	 	72	 
			
	 SECTION 9.12
	 	 Jurisdiction, Etc.
	  	 	73	 
			
	 SECTION 9.13
	 	 Patriot Act Notice
	  	 	73	 
			
	 SECTION 9.14
	 	 No Advisory or Fiduciary Responsibility
	  	 	73	 
			
	 SECTION 9.15
	 	 WAIVER OF JURY TRIAL
	  	 	74	 
			
	 SECTION 9.16
	 	 Conversion of Currencies
	  	 	74	 
			
	 SECTION 9.17
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	74	 

 SCHEDULES 
  

					
	Schedule I	 	-	 	Commitments
	Schedule II	 	-	 	Administrative Agent’s Office; Certain Addresses for Notices
	
	EXHIBITS
			
	Exhibit A	 	-	 	Form of Notice of Borrowing
	Exhibit B	 	-	 	Form of Assignment and Acceptance
	Exhibit C-1	 	-	 	Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)
	Exhibit C-2	 	-	 	Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)
	Exhibit C-3	 	-	 	Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)
	Exhibit C-4	 	-	 	Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)

  
 iv 

 364-DAY BRIDGE CREDIT AGREEMENT 

This 364-Day Bridge Credit Agreement (this “Agreement”) dated as of
May 15, 2017 is among Moody’s Corporation, a Delaware corporation (the “Borrower”), the Lenders (as defined below) that are parties hereto, and JPMorgan Chase Bank, N.A., as administrative agent (together with any
successor thereto appointed pursuant to Article VII, and including any applicable designated Affiliate, the “Administrative Agent”) for the Lenders. 

RECITALS 

WHEREAS, the Borrower intends to directly or indirectly acquire (the “Target Acquisition”) all of the
outstanding shares of Target from the “Sellers” (as defined in the Target Acquisition Agreement (as defined below)). 

WHEREAS, in connection with the Target Acquisition, the Borrower intends to finance a portion of the payment of the cash
consideration in respect of the Target Acquisition, the repayment of Existing Target Indebtedness (as defined below) and the payment of fees and expenses related to the Target Acquisition from the following sources: (i) the proceeds of up to
$1,000,000,000 in senior unsecured notes (the “New Senior Notes”) of the Borrower or, to the extent that the New Senior Notes are not issued at or prior to the time the Target Acquisition is consummated, the proceeds of up to
$1,000,000,000 (or an equivalent in Sterling and/or euro thereof) in borrowings by the Borrower under the Tranche 1 Commitments and (ii) the proceeds of up to $500,000,000 (or an equivalent in Sterling and/or Euros thereof) from borrowings by
the Borrower under a senior unsecured term loan facility (the “New Term Loan Facility”, the term loans thereunder “New Term Loans”) or, to the extent that the New Term Loans are not made at or prior to the time the
Target Acquisition is consummated, the proceeds of up to $500,000,000 (or an equivalent in Sterling and/or euro thereof) in borrowings by the Borrower under the Tranche 2 Commitments. The transactions set forth in the preceding two paragraphs above
are collectively referred to as the “Transactions”. 
 IN CONSIDERATION THEREOF the parties hereto agree
as follows: 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

SECTION 1.01        Certain Defined Terms. 

As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to
both the singular and plural forms of the terms defined): 
 “Acceptable Insurer” means
(i) Lloyd’s of London, so long as it is rated at least 3 crowns by S&P, (ii) an insurance company having an A.M. Best rating of “A-” or better or a Moody’s rating of A3
or better and being in a financial size category of IX or larger (as such category is defined on the date hereof) or (iii) an insurance company otherwise reasonably acceptable to the Administrative Agent. 

“Administrative Agent” has the meaning specified in the preamble to this Agreement. 

 

  
 1 

 “Administrative Agent’s Office” means the
Administrative Agent’s address as set forth on Schedule II, or such other address as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 

“Administrative Questionnaire” means an administrative questionnaire in the form supplied by
the Administrative Agent. 
 “Advance” means a Tranche 1 Advance or a Tranche 2 Advance, as
appropriate. 
 “Affiliate” means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agent Parties” has the meaning set forth in Section 9.02(c). 

“Agreed Currencies” means (i) Dollars, (ii) euro and (iii) Sterling. 

“Agreement” has the meaning set forth in the introduction hereto. 

“Agreement Currency” has the meaning set forth in Section 9.16. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable
to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption. 

“Applicable Creditor” has the meaning set forth in Section 9.16. 

“Applicable Lending Office” means, with respect to any Lender, the office of such Lender
specified as its “Applicable Lending Office” or similar concept in its Administrative Questionnaire or in the Assignment and Acceptance pursuant to which it became a Lender, or such other office, branch, Subsidiary or affiliate of such
Lender as such Lender may from time to time specify to the Borrower and the Administrative Agent. 

“Applicable Rate” means, for any day, with respect to any Eurocurrency Rate Advance or any
Base Rate Advance or with respect to the ticking fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Applicable Rate for Eurocurrency Rate Advances”, “Applicable Rate for Base
Rate Advances” or “Applicable Ticking Fee Percentage”, as the case may be, based upon the ratings by S&P and Fitch, respectively, applicable on such date to the Index Debt: 

 

									
	
Pricing

Level
	  	
Index Debt Ratings

(S&P/Fitch)
	  	Applicable Ticking Fee
Percentage	  	Applicable Rate for
Eurocurrency Rate
Advances	  	
Applicable Rate for
Base Rate

Advances

	
Level 1:
  
	  	A/A or higher	  	0.08%	  	0.875%	  	0%
	
Level 2:
  
	  	A-/A-	  	0.10%	  	1.00%	  	0%

  
 2 

									
	
Level 3:
  
	  	BBB+/BBB+	  	0.125%	  	1.125%	  	0.125%
	
Level 4:
  
	  	BBB/BBB	  	0.15%	  	1.25%	  	0.25%
	
Level 5:
  
	  	BBB-/BBB- or lower	  	0.175%	  	1.50%	  	0.50%

 For purposes of the foregoing, (i) if neither S&P nor Fitch shall
have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this paragraph), then Pricing Level 5 shall be in effect; (ii) if only one of S&P or Fitch provides a rating for
the Index Debt, the Pricing Level corresponding to such rating shall be in effect; (iii) if the ratings established or deemed to have been established by S&P and Fitch for the Index Debt shall fall within different Pricing Levels, the
Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Pricing Levels lower than the other, in which case the Applicable Rate shall be determined by reference to the Pricing Level next below that
of the higher of the two ratings; and (iv) if the ratings established or deemed to have been established by S&P and Fitch for the Index Debt shall be changed (other than as a result of a change in the rating system of S&P or Fitch),
such change shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders pursuant
to Section 5.01 or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the
rating system of S&P or Fitch shall change, or if both such rating agencies shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect
such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change
or cessation. 
 Notwithstanding anything to the contrary herein, both the Applicable Rate for Eurocurrency
Rate Advances and the Applicable Rate for Base Rate Advances at each of the Pricing Levels in the above chart shall increase by 0.25% per annum on the date that is three months after the Closing Date and by an additional 0.25% per annum at the end
of each three-month period thereafter (it being understood that the Applicable Rate for Base Rate Advances shall at all times be 1.00% per annum less than the Applicable Rate for Eurocurrency Rate Advances (but in any case not less than zero)). 

“Arranger” means JPMorgan Chase Bank, N.A., in its capacity as sole lead arranger and sole
bookrunner hereunder. 
 “Asset Sale” means the sale or other disposition by a member of
the Consolidated Group of assets of the Consolidated Group (including the sale of Equity Interests of any Subsidiary of a member of the Consolidated Group or pursuant to any casualty or condemnation proceeding). 

“Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and
an Eligible Assignee, and accepted by the Administrative Agent, in substantially the form of Exhibit B hereto. 

  
 3 

 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA
Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
 “Base Rate” means for
any day a fluctuating rate per annum equal to the highest of (a) the NYFRB Rate in effect on such day plus 1/2 of 1%, (b) the Prime Rate in effect on such day and (c) the Eurocurrency Rate on such day (or, if such day is not a Business
Day, the next preceding Business Day) for a deposit in Dollars with a maturity of one month plus 1.00%; provided that for the purpose of this definition, the Eurocurrency Rate for any day shall be based on the Eurocurrency Rate (or if the
Eurocurrency Rate is not available for such one month interest period, the Interpolated Rate) at approximately 11:00 a.m. (London Time) on such day. Any change in the Base Rate due to a change in the Prime Rate, the NYFRB or the Eurocurrency Rate
shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Eurocurrency Rate, respectively. 

“Base Rate Advance” means an Advance denominated in Dollars that bears interest as provided
in Section 2.07(a)(i). 
 “Board” means the Board of Governors of the Federal Reserve
System of the United States of America. 
 “Borrowed Debt” means any Indebtedness for
borrowed money, including loans, hybrid securities, debt convertible into Equity Interests and any Indebtedness represented by notes, bonds, debentures or other similar evidences of Indebtedness for borrowed money. 

“Borrower” has the meaning set forth in the preamble hereto. 

“Borrower Materials” has the meaning specified in Section 5.01(a). 

“Borrowing” means a borrowing consisting of simultaneous Advances of the same Type and
Class made by each of the Lenders to the Borrower pursuant to Section 2.01. 
 “Bridge
Facility” means the Commitments and any Advances made hereunder. 
 “Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, New York City or London and any day on which dealings in the Agreed Currency in the London
interbank eurocurrency market (and, if the Borrowing, payment or rate selection are denominated in euro, the term “Business Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of
payments in euro). 

  
 4 

 “Capital Lease Obligations” of any Person means
the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for
as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, however, all obligations of any Person that are or
would have been treated as operating leases (including for avoidance of doubt, any network lease or any operating indefeasible right of use) for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25,
2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such operating lease
obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the financial
statements to be delivered pursuant to Section 5.01(a). 
 “Certain Funds Default”
means an Event of Default arising from any of the following (other than to the extent it relates to or arises in respect of Target and its subsidiaries (the “Target Group”)): 

(a)        Section 6.01(a); 

(b)        Section 6.01(c) as it relates to a Certain Funds Representation; 

(c)        Section 6.01(d) as it relates to the failure to perform any of the
following covenants: (i) Sections 5.01(c) (solely as it relates to existence of the Borrower) or (ii) Sections 5.02(a) (solely as it relates to the Borrower), (b) (solely as it relates to the Borrower) or (f); 

(d)        Section 6.01(h), (i) or (j), in each case, solely in relation to the
Borrower, but excluding, in relation to involuntary proceedings referenced in Section 6.01(h), any Event of Default caused by a frivolous or vexatious (and in either case, lacking in merit) action, proceeding or petition in respect of which no order
or decree in respect of such involuntary proceeding shall have been entered. 
 “Certain Funds
Period” means the period commencing on the Effective Date and ending on the date on which a Mandatory Cancellation Event occurs or exists, for the avoidance of doubt, on such date but immediately after the relevant Mandatory Cancellation
Event occurs or first exists. 
 “Certain Funds Purposes” means: 

(a)        payment (directly or indirectly) of the cash price payable by the Borrower
(or the Buyer (as defined in the Target Acquisition Agreement)) to the Sellers in respect of the Target Acquisition; 

(b)        financing (directly or indirectly) the fees, costs and expenses in respect
of the Transactions; and 

  
 5 

 (c)        repayment of Existing Target
Indebtedness and termination of the Hedging Arrangements (as defined in the Target Acquisition Agreement). 

“Certain Funds Representations” means each of the following, in each case, solely as they
apply to the Borrower: (1) Section 4.01; (2) Section 4.02; (3) Section 4.03(b)(ii); (4) Section 4.08; (5) Section 4.13; (6) Section 4.14; (7) Section 4.15(b) and (8) Section 4.18. 

“Change in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) (other than any corporation owned, directly or indirectly, by the
stockholders of the Borrower in substantially the same proportions as their ownership of stock in the Borrower) of shares representing more than 40% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of
the Borrower; or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were not (i) nominated or approved by the board of directors of the Borrower or
(ii) appointed by directors so nominated, approved or appointed. 
 “Class” when used
in reference to any Advance or Borrowing, refers to whether such Advance, or the Advances comprising such Borrowing, are Tranche 1 Advances or Tranche 2 Advances. When used in reference to any Commitment, “Class” refers to whether such
Commitment is a Tranche 1 Commitment or a Tranche 2 Commitment. 

“Clean-up Date” has the meaning set forth in
Section 6.01. 
 “Closing Date” means the date on which each of the conditions set
forth in Section 3.02 have been satisfied (or waived in accordance with Section 9.01). 

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

“Commitment” means, the Tranche 1 Commitments and the Tranche 2 Commitments. 

“Commitment Termination Date” means the earlier of (a) the date on which a Mandatory
Cancellation Event occurs or exists, for the avoidance of doubt, on such date but immediately after the relevant Mandatory Cancellation Event occurs or first exists and (b) the date on which the applicable Class of Commitments is
terminated in full in accordance with Section 2.05 or, subject to Section 3.03, Section 6.01. 

“Consolidated Group” means, prior to the consummation of the Target Acquisition, the Borrower
and its Subsidiaries (excluding the Target and its Subsidiaries) and thereafter, the Borrower and its Subsidiaries (including the Target and its subsidiaries). 

“Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability 

  
 6 

 
to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Conversion”, “Convert”, or “Converted” each refers to a
conversion of Advances of one Type into Advances of the other Type pursuant to Section 2.08 or 2.09. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to
time in effect. 
 “Default” means any Event of Default or any event that would constitute
an Event of Default but for the requirement specified in Article VI that notice be given or time elapse or both. 

“Default Interest” has the meaning specified in Section 2.07(b). 

“Defaulting Lender” means, subject to Section 2.18(b), any Lender that (a) has failed to
(i) fund all or any portion of its Advances within two Business Days of the date such Advances were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result
of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or
(ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does
not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund an Advance hereunder and states that such position
is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has
failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder
(provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof
by a governmental authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of 

  
 7 

 
courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority) to reject, repudiate, disavow or
disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent
manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.18(b)) upon delivery of written notice of such determination to the Borrower and each Lender. 

“Designated Subsidiary” means (i) Moody’s and (ii) any other Subsidiary
designated as a “Designated Subsidiary” by the Borrower. 
 “Disclosed Matters”
means the actions, suits and proceedings and other matters disclosed in the Borrower’s Report on Form 10-K filed with the SEC for the annual period ending December 31, 2016, and as disclosed on
Schedule 4.06 to the Disclosure Letter. 
 “Disclosure Letter” means the disclosure
letter, dated as of the date hereof, delivered by the Borrower to the Administrative Agent for the benefit of the Lenders. 

“Disqualified Equity Interest” means, with respect to any Person, any Equity Interest in such
Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the happening of any event or condition: 

(a) matures or is mandatorily redeemable (other than solely for Equity Interests in such Person that do
not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests), whether pursuant to a sinking fund obligation or otherwise; 

(b) is convertible or exchangeable at the option of the holder thereof for Indebtedness or Equity
Interests (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests); or 

(c) is or may be redeemable (other than solely for Equity Interests in such Person that do not constitute
Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests) or is or may be required to be repurchased by such Person or any of its Affiliates, in whole or in part, at the option of the holder thereof; 

in each case, on or prior to the date that occurs 91 days after the Maturity Date. 

“Dollar Equivalent” means, on any date, (a) with respect to any amount in Dollars, such
amount, and (b) with respect to any amount in any currency other than Dollars, the equivalent in Dollars of such amount, determined by the Administrative Agent pursuant to Section 1.05 using the Exchange Rate with respect to such currency
at the time in effect pursuant to the provisions of such Section 1.05. 
 “Dollars”
and the “$” sign each means lawful currency of the United States. 

  
 8 

 “EBITDA” means, for any period, the consolidated
net income of the Borrower and its consolidated Subsidiaries for such period plus, to the extent deducted in computing such consolidated net income for such period, the sum (without duplication) of (a) income tax expense,
(b) Interest Expense, (c) depreciation and amortization expense, (d) extraordinary losses, (e) any non-cash charges, expenses or losses, (f) any cash charges, fees and expenses
incurred in connection with the Transactions or any issuance of Indebtedness or Equity Interests, acquisitions, investments, asset sales or other divestitures permitted hereunder, whether or not successful and (g) any other non-recurring cash charges, expenses or losses resulting from payment of amounts in settlement of any action brought, or threatened by, any governmental agency relating to events or conduct that occurred prior to
December 31, 2010, and minus, to the extent added in computing such consolidated net income for such period, the sum (without duplication) of (1) extraordinary gains plus (2) any cash payments made during such period in respect
of items described in clause (e) above subsequent to the fiscal quarter in which the relevant non-cash charges, expenses or losses were incurred. 

“EEA Financial Institution” means (a) any credit institution or investment firm
established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition,
or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland,
Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative
authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date the conditions set forth in Section 3.01 are satisfied
(or waived in accordance with Section 9.01). 
 “Eligible Assignee” means (a) a
Lender; (b) an Affiliate of a Lender; (c) a commercial bank organized under the laws of the United States, or any State thereof, and having total assets in excess of $10,000,000,000; (d) a commercial bank organized under the laws of any
other country that is a member of the Organization for Economic Cooperation and Development or has concluded special lending arrangements with the International Monetary Fund associated with its General Arrangements to Borrow, or a political
subdivision of any such country, and having total assets in excess of $10,000,000,000, so long as such bank is acting through a branch or agency located in the country in which it is organized or another country that is described in this clause (d);
and (e) any other Person approved by the Administrative Agent and, so long as no Event of Default under Section 6.01(a), (b) (h), (i) or (j) has occurred and is continuing, by the Borrower, such approval not to be unreasonably withheld or
delayed; provided, however, 

  
 9 

 
that no Defaulting Lender (or Person who would be a Defaulting Lender upon becoming a Lender) nor the Borrower nor any Affiliate of the Borrower shall qualify as an Eligible Assignee. 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees,
judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened
release of any Hazardous Material. 
 “Environmental Liability” means any liability,
contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests
in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing; provided that
“Equity Interests” shall not include Indebtedness for borrowed money which is convertible into Equity Interests. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable
event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an
“accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an
application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan;
(e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is insolvent, within the meaning of Title IV of ERISA. 

  
 10 

 “Escrow Account” means any account established
for the purpose of depositing funds prior to their being applied towards Certain Funds Purposes. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“euro” and the “€” sign each means the single currency of the
Participating Member States. 
 “Eurocurrency” when used in reference to a currency means
an Agreed Currency and when used in reference to any Advance or Borrowing, means that such Advance, or the Advances comprising such Borrowing, bears interest at a rate determined by reference to the Eurocurrency Rate. 

“Eurocurrency Liabilities” has the meaning specified in Regulation D of the Board of
Governors of the Federal Reserve System, as in effect from time to time. 
 “Eurocurrency
Rate” means, with respect to any Eurocurrency Rate Advance denominated in any Agreed Currency for any Interest Period, the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes
over the administration of such rate) for the applicable currency for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters Screen that displays such rate (or, in the event such rate does not appear
on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent
in its reasonable discretion; in each case, the “Screen Rate”) at approximately 11:00 A.M., London time on the Quotation Day for such Agreed Currency and Interest Period; provided that if the Screen Rate shall be less than
zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that, if the Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest
Period”) with respect to the applicable currency, then the Eurocurrency Rate shall be the Interpolated Rate at such time; provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for
purposes of this Agreement. “Interpolated Rate” means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that
results from interpolating on a linear basis between: (a) the Screen Rate for the longest period (for which that Screen Rate is available in the applicable currency) that is shorter than the Impacted Interest Period and (b) the Screen Rate
for the shortest period (for which that Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time; provided further that if no Screen Rate is available for the
applicable currency, the Eurocurrency Rate shall be the Reference Bank Rate. 
 “Eurocurrency Rate
Advance” means an Advance denominated in an Agreed Currency that bears interest as provided in Section 2.07(a)(ii). 

  
 11 

 “Eurocurrency Rate Reserve Percentage” means a
fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including any marginal, special,
emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the Board of Governors of the Federal Reserve System, the Financial Conduct Authority, the Prudential Regulation Authority, the European
Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in the applicable currency, expressed in the case of each such requirement as a decimal. Such reserve, liquid asset, fees or
similar requirements shall include those imposed pursuant to Eurocurrency Liabilities. Eurocurrency Rate Advances shall be deemed to be subject to such reserve, liquid asset, fee or similar requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or regulation, including Eurocurrency Liabilities. The Eurocurrency Rate Reserve Percentage shall be adjusted automatically on and as of the
effective date of any change in any reserve, liquid asset or similar requirement. 
 “Events of
Default” has the meaning specified in Section 6.01. 
 “Exchange Rate” means,
on any day, with respect to any Foreign Currency, the rate at which such Foreign Currency may be exchanged into Dollars, as set forth at approximately 11:00 a.m., Local Time, on such date on the Reuters World Currency Page for such Foreign
Currency. In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying exchange rates
as may be reasonably selected by the Administrative Agent or, in the event no such service is selected, such Exchange Rate shall instead be calculated on the basis of the arithmetical mean of the buy and sell spot rates of exchange of the
Administrative Agent for such Foreign Currency on the London market at 11:00 a.m., Local Time, on such date for the purchase of Dollars with such Foreign Currency, for delivery two Business Days later; provided, that if at the time of
any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the Borrower, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be
conclusive absent manifest error. 
 “Excluded Taxes” has the meaning specified in Section
2.14(a). 
 “Existing Credit Agreement” means the Credit Agreement dated as of May 11,
2015 among the Borrower, the borrowing subsidiaries party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Existing Target Indebtedness” means the Senior Facilities Agreement dated September 19,
2014, as amended and restated pursuant to the First Amendment and Restatement Agreement dated August 4, 2016 and as amended and restated pursuant to the Second Amendment and Restatement Agreement, dated February 13, 2017, between, amongst
others, Yellow Maple Holding BV as company and Deutsche Bank AG London Branch as agent and security agent. 

  
 12 

 “FATCA” means Sections 1471 through 1474 of the
Code, as of the date of this Agreement (or any amended or successor version of such Sections that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and
any agreements entered into pursuant to Section 1471(b)(1) of the Code. 
 “Federal Funds
Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time)
and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; provided that if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Financial Officer” of any Person means the chief financial officer, principal accounting
officer, treasurer or controller of such Person. 
 “Fitch” means Fitch Ratings. 

“Foreign Currencies” means Agreed Currencies other than Dollars. 

“Foreign Lender” means any Lender that is not a U.S. Person. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“Governmental Authority” means the government of the United States of America, any other
nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards
(including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

“Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”), whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to
support such Indebtedness or 

  
 13 

 
obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes
of any nature regulated pursuant to any Environmental Law. 
 “Impacted Interest Period”
has the meaning provided in the definition of “Eurocurrency Rate”. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property
acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (e) all Indebtedness of others
secured by (or for which the holder of such Indebtedness has an existing unconditional right to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (the amount of any
Indebtedness resulting from this clause (e) shall be equal to the lesser of (i) the amount secured by such Lien and (ii) the fair market value of the property subject to such Lien as determined in good faith by such Person),
(f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and
letters of guaranty issued by banks or other financial institutions and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances created for the account of such Person. The Indebtedness of any Person
shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with
such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Party” has the meaning specified in Section 9.04(b). 

“Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the
Borrower that is not guaranteed by any other person or entity or subject to any other credit enhancement. 

“Information” has the meaning specified in Section 9.08. 

“Interest Expense” means, for any period, (x) the interest expense of the Borrower and
its consolidated Subsidiaries for such period determined on a consolidated basis in accordance with GAAP and including (i) the amortization of debt discounts to the extent included in interest expense in accordance with GAAP, (ii) the
amortization of all fees (including fees with respect to Swap Agreements) payable in connection with the 

  
 14 

 
incurrence of Indebtedness to the extent included in interest expense in accordance with GAAP, and (iii) the portion of any rents payable under capital leases allocable to interest expense
in accordance with GAAP minus (y) the interest income of the Borrower and its consolidated Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. 

“Interest Period” means, for each Eurocurrency Rate Advance comprising part of the same
Borrowing, the period commencing on the date of such Eurocurrency Rate Advance or the date of the Conversion of any Base Rate Advance into Eurocurrency Rate Advance and ending on the last day of the period selected by the Borrower pursuant to the
provisions below and, thereafter, with respect to Eurocurrency Rate Advances, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant
to the provisions below. The duration of each such Interest Period shall be one, two, three or six months, as the Borrower may, upon written notice received by the Administrative Agent not later than 11:00 A.M. (Local Time) on the third Business Day
prior to the first day of such Interest Period (or on the Business Day prior to the first day of such Interest Period in the case of Advances denominated in Sterling), select; provided, however, that: 

(a)        the Borrower may not select any Interest Period with
respect to any Class that ends after the Maturity Date for such applicable Class; 

(b)        Interest Periods commencing on the same date for
Eurocurrency Rate Advances comprising part of the same Borrowing shall be of the same duration (it being understood that the Borrower shall be permitted to make multiple Borrowings consisting of Eurocurrency Rate Advances on the same date, each of
which may be of different durations); 
 (c)        whenever the
last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, however, that, if such extension would cause the
last day of such Interest Period to occur in the next succeeding calendar month, the last day of such Interest Period shall occur on the immediately preceding Business Day; and 

(d)        whenever the first day of any Interest Period occurs on a
day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period
shall end on the last Business Day of such succeeding calendar month. 
 “Interpolated
Rate” has the meaning specified in the definition of “Eurocurrency Rate”. 

“Judgment Currency” has the meaning set forth in Section 9.16. 

“Lenders” means, collectively, (a) each bank, financial institution and other
institutional lender listed on the signature pages hereof and (b) each Eligible Assignee that shall become a party hereto pursuant to Section 9.07(a), (b) and (c). 

  
 15 

 “Lien” means, with respect to any asset of any
Person, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset of any Person, for the purpose of securing any obligation of such Person or any other Person, and
(b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.

 “Loan Documents” means this Agreement and any notes entered into in connection herewith.

 “Local Time” means (i) New York City time in the case of an Advance or Borrowing
denominated in Dollars and (ii) local time in the case of an Advance or Borrowing denominated in a Foreign Currency (it being understood that such local time shall mean London, England time unless otherwise notified by the Administrative
Agent). 
 “Long Stop Date” means the earliest of (i) 6:00 p.m. (New York Time) on
January 29, 2018 and (ii) the Completion (as defined in the Target Acquisition Agreement) of the Target Acquisition with or without the use of the Bridge Facility. 

“Losses” has the meaning specified in Section 9.04(b). 

“Mandatory Cancellation Event” means the occurrence of any of the following conditions or
events: 
 (i)        the Long Stop Date; or 

(ii)        the termination of the Target Acquisition Agreement in
accordance with its terms. 
 “Material Adverse Effect” means a material adverse effect on
(a) the business, assets, operations or financial condition of the Borrower and the Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any of its payment obligations under this Agreement or (c) the rights of or
benefits available to the Lenders under this Agreement. 
 “Material Indebtedness” means
Indebtedness (other than the Advances), or obligations in respect of one or more Swap Agreements, of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material Indebtedness, the
“principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would
be required to pay if such Swap Agreement were terminated at such time. 
 “Material
Subsidiary” means any Subsidiary (a) the Total Assets of which exceed 10% of the Total Assets of the Borrower and its consolidated Subsidiaries as of the end of the most recently completed fiscal year or (b) the Net Revenue of
which exceeds 10% of the Net Revenue of the Borrower and its consolidated Subsidiaries as of the end of the most recently completed fiscal year, provided that (i) any Subsidiary that directly or indirectly owns a Material Subsidiary
shall itself be a Material Subsidiary and (ii) in the 

  
 16 

 
event Subsidiaries that would otherwise not be Material Subsidiaries shall in the aggregate account for a percentage in excess of 15% of the Total Assets or 15% of the Net Revenue of the Borrower
and its consolidated Subsidiaries as of the end of the most recently completed fiscal year, then one or more of such Subsidiaries designated by the Borrower (or, if the Borrower shall make no designation, one or more of such Subsidiaries in
descending order based on their respective contributions to such determination of Total Assets), shall be included as Material Subsidiaries to the extent necessary to eliminate such excess. 

“Maturity Date” means the date that is 364 calendar days following the Closing Date, or, if
the date that is 364 calendar days following the Closing Date is not a Business Day, the Business Day immediately preceding the date that is 364 calendar days following the Closing Date. 

“Moody’s” means Moody’s Investors Service, Inc. (or any successor thereof). 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA. 
 “Net Cash Proceeds” means: 

(a)        with respect to any Asset Sale, the excess, if any, of
(i) the cash received in connection therewith (including any cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of
(A) payments made to retire any Indebtedness that is secured by such asset and that is required to be repaid in connection with the sale thereof (other than Advances), (B) the fees and expenses incurred by the Consolidated Group in connection
therewith, (C) taxes paid or reasonably estimated to be payable by the Consolidated Group in connection with such transaction, and (D) the amount of reserves established by the Consolidated Group in good faith and pursuant to commercially
reasonable practices for adjustment in respect of the sale price of such asset or assets in accordance with GAAP, provided that if the amount of such reserves exceeds the amounts charged against such reserves, then such excess, upon the
determination thereof, shall then constitute Net Cash Proceeds; provided that if no Event of Default exists and the Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer of the Borrower to the Administrative
Agent promptly following receipt of any such proceeds setting forth the Consolidated Group’s intention to use any portion of such proceeds to acquire, maintain, develop, construct, improve, upgrade or repair tangible or intangible assets useful
in the business of the Consolidated Group or to acquire Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of), any Person
engaged in a business of a type that the Consolidated Group would not be prohibited, pursuant to Section 5.02(b)(v), from conducting, in each case within the Reinvestment Period, such portion of such proceeds shall not constitute Net Cash Proceeds
except to the extent not, within the Reinvestment Period, so used; 

(b)        with respect to the incurrence, issuance, offering or
placement of Borrowed Debt, the excess, if any, of (i) cash received by the Consolidated Group in connection with such incurrence, issuance, offering or placement over (ii) the sum of (A) payments made to retire any Indebtedness that
is required to be repaid in connection with such issuance, offering or placement (other than Advances), and (B) the underwriting discounts and commissions and other fees and 

  
 17 

 
expenses incurred by the Consolidated Group in connection with such issuance, offering or placement; and 

(c)        with respect to the issuance of Equity Interests, the
excess of (i) the cash received in connection with such issuance over (ii) the underwriting discounts and commissions and other fees and expenses incurred by the Consolidated Group in connection with such issuance. 

“Net Revenue” means, with respect to any Person for any period, the net revenue of such
Person and its consolidated subsidiaries, determined on a consolidated basis in accordance with GAAP for such period. 

“New Senior Notes” has the meaning set forth in the recitals hereto. 

“New Term Loan Facility” has the meaning set forth in the recitals hereto. 

“New Term Loans” has the meaning set forth in the recitals hereto. 

“Non-Consenting Lender” has the meaning specified in
Section 9.01(b). 
 “Non-Defaulting Lender” means,
at any time, a Lender that is not a Defaulting Lender. 
 “Notice” has the meaning
specified in Section 9.02(d). 
 “Notice of Borrowing” has the meaning specified in Section
2.02(a). 
 “NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Rate in effect on
such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a
Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. (New York Time) on such day received by the Administrative Agent from a Federal funds broker of recognized standing selected by it;
provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 “Other Connection Taxes” means, with respect to any Lender, Taxes imposed as a result of
a present or former connection between such Lender and the jurisdiction imposing such Tax (other than connections arising from such Lender’s having executed, delivered, become a party to, performed its obligations under, received payments
under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan Document). 

  
 18 

 “Other Taxes” has the meaning specified in
Section 2.14(b). 
 “Overnight Bank Funding Rate” means, for any day, the rate comprised of
both overnight federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published
on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate). 

“Participant Register” has the meaning specified in Section 9.07(e). 

“Participating Member State” means any member state of the European Union that adopts or has
adopted the euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union. 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and
any successor entity performing similar functions. 
 “Permitted Encumbrances” means: 

(a)        Liens imposed by law for taxes, assessments and other
governmental charges that are not yet delinquent or are being contested in compliance with Section 5.01(d) and liens for unpaid utility charges; 

(b)        carriers’, warehousemen’s, mechanics’,
materialmen’s, landlords’, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance with
Section 5.01(d); 
 (c)        pledges and deposits made in the
ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations or employment laws or to secure other public statutory or regulatory obligations; 

(d)        deposits to secure the performance of bids, trade
contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business and deposits securing liabilities to insurance carriers under insurance or
self-insurance arrangements; 
 (e)        easements, zoning
restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary
obligations and do not materially detract from the value of the 

  
 19 

 
affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary; 

(f)        licenses, sublicenses, leases, or subleases granted to
other Persons not materially interfering with the conduct of the business of the Borrower or any of its Subsidiaries; 

(g)        banker’s liens, rights of setoff or similar rights and
remedies as to deposit accounts or other funds maintained with depository institutions; provided that such deposit accounts or funds are not established or deposited for the purpose of providing collateral for any Indebtedness; and 

(h)        Liens arising by virtue of Uniform Commercial Code
financing statement filings (or similar filings under applicable law) regarding operating leases entered into by the Borrower in the ordinary course of business. 

“Person” means an individual, partnership, corporation (including a business trust), joint
stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to
the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed
to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Platform” has
the meaning specified in Section 5.01(a). 
 “Prime Rate” means the rate of interest per
annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective. 
 “Pro Forma Financials” has the meaning provided in Section
3.02(i). 
 “Quotation Day” means, with respect to any Eurocurrency Borrowing for any
Interest Period, (i) if the currency is Sterling, the first day of such Interest Period, (ii) if the currency is euro, the day that is two (2) TARGET2 Days before the first day of such Interest Period, and (iii) for any other
currency, two (2) Business Days prior to the commencement of such Interest Period (unless, in each case, market practice differs in the relevant market where the Eurocurrency Rate for such currency is to be determined, in which case the
Quotation Day will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days)). 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal
places) supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) as of the applicable time on the Quotation Day for 

  
 20 

 
Advances in the applicable currency and the applicable Interest Period as the rate at which the relevant Reference Bank could borrow funds in the London (or other applicable) interbank market in
the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers in reasonable market size in that currency and for that period. 

“Reference Banks” means such banks as may be appointed by the Administrative Agent (and
agreed by such bank) in consultation with the Borrower. No Lender shall be obligated to be a Reference Bank without its consent. 

“Register” has the meaning specified in Section 9.07(d). 

“Reinvestment Period” means, with respect to any Net Cash Proceeds received in connection
with any Asset Sale, the period of six months following the receipt of such Net Cash Proceeds; provided that, in the event that, during such six-month period, a member of the Consolidated Group enters
into a binding commitment to reinvest any Net Cash Proceeds, the Reinvestment Period with respect to such Net Cash Proceeds shall be the period of 227 days following the receipt of such Net Cash Proceeds. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Removal Effective Date” has the meaning provided in Section 7.06(b). 

“Required Lenders” means, at any time, Lenders holding more than 50% of the unused
Commitments and aggregate outstanding principal amount of Advances at such time; provided that the Commitment of, and the Advances held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of
Required Lenders. 
 “Resignation Effective Date” has the meaning provided in Section
7.06(a). 
 “S&P” means S&P Global Ratings, a division of S&P Global Inc. 

“Sanctioned Country” means, at any time, a country, region or territory which is itself the
subject or target of comprehensive Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related
list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom or any relevant and applicable European Union member state,
(b) any Person organized or resident in a Sanctioned Country or (c) any Person owned 50% or more or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

  
 21 

 “Sanctions” means all economic or financial
sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European
Union, Her Majesty’s Treasury of the United Kingdom or any relevant and applicable European Union member state. 

“Screen Rate” has the meaning set forth in the definition of “Eurocurrency Rate”.

 “SEC” means the United States Securities and Exchange Commission. 

“Sellers” has the meaning set forth in the recitals hereto. 

“Sterling” and the “£” sign each means lawful currency of the United
Kingdom. 
 “subsidiary” means, with respect to any Person (the “parent”)
at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial
statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of
the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held by the parent or one or more subsidiaries of the parent or
by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means any
subsidiary of the Borrower. 
 “Successor Corporation” has the meaning set forth in
Section 5.02(b)(iii). 
 “Swap Agreement” means any agreement with respect to any
swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement. 

“Target” means Bureau van Dijk Electronic Publishing B.V., a besloten vennootschap met
beperkte aansprakelijkheid organized under the laws of the Netherlands and registered with the Dutch trade register under number 33242490. 

“Target Acquisition” has the meaning set forth in the recitals hereto. 

“Target Acquisition Agreement” means that certain Securities Purchase Agreement, dated
May 15, 2017, by and between the sellers identified therein, the Buyer (as defined therein) and the Borrower relating to the Securities in Yellow Maple I B.V., Yellow Maple Syrup I B.V. and Yellow Maple Syrup II B.V. 

  
 22 

 “Target Acquisition Documents” means
(a) the Target Acquisition Agreement and (b) the warranty agreement, dated May 15, 2017, between certain warrantors and the Buyer (as defined in the Target Acquisition Agreement). 

“Target Group” has the meaning set forth in the definition of Certain Funds Default. 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer
(TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in euro. 

“TARGET2 Day” means a day that TARGET2 is open for the settlement of payments in euro. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, fees,
assessments, charges or withholdings (including backup withholding) imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto 

“Total Assets” means, at any date as to any Person, the total assets of such Person and its
consolidated subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 

“Total Debt” means, at any date all indebtedness of the Borrower and its consolidated
Subsidiaries at such date to the extent such items should be reflected on the consolidated balance sheet of the Borrower (excluding any such items which appear only in the notes to such consolidated balance sheet) at such date in accordance with
GAAP; provided that obligations in respect of performance, surety, litigation or similar bonds which are not themselves guarantees of indebtedness shall not constitute indebtedness. 

“Total Debt to EBITDA Ratio” means, at any time, the ratio of (a) Total Debt (net of
unrestricted and unencumbered cash and cash equivalents maintained by the Borrower and its Subsidiaries in an aggregate amount not to exceed $100,000,000) at such time to (b) EBITDA for the most recent period of four consecutive fiscal quarters
of the Borrower ended at or prior to such time. Solely for purposes of this definition, (i) if the Borrower or any of its consolidated Subsidiaries shall have completed an acquisition of all or a substantial part of the assets, or a going
concern business or division, of any Person, or (ii) if the Borrower or any of its consolidated Subsidiaries shall have merged with any Person during such period or (iii) the Borrower or any of its consolidated Subsidiaries shall have
disposed of all or a substantial part of its assets or a going concern business or division, in each case, EBITDA for the relevant period shall be determined on a pro forma basis as if such acquisition, disposition or merger, and the incurrence
of any related Indebtedness, had occurred on the first day of such period. 
 “Tranche 1
Advance” means an advance by a Lender pursuant to its Tranche 1 Commitment to the Borrower as part of a Borrowing. 

  
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 “Tranche 1 Commitment” means as to any Lender,
the commitment of such Lender to make the Tranche 1 Advances pursuant to Section 2.01(a), as such commitment may be reduced from time to time pursuant to the terms hereof. The initial amount of each Lender’s Tranche 1 Commitment is (a) the
amount set forth in the column labeled “Tranche 1 Commitment” opposite such Lender’s name on Schedule I hereto, or (b) if such Lender has entered into any Assignment and Acceptance, the amount set forth for such Lender in the
Register maintained by the Administrative Agent pursuant to Section 9.07(d), as such amount may be reduced pursuant to Section 2.05. As of the Effective Date, the aggregate amount of the Tranche 1 Commitments is $1,000,000,000 as such amount
may be reduced in accordance with Section 2.05 or 6.01. 
 “Tranche 2 Advance” means
an advance by a Lender pursuant to its Tranche 2 Commitment to the Borrower as part of a Borrowing. 

“Tranche 2 Commitment” means as to any Lender, the commitment of such Lender to make the
Tranche 2 Advances pursuant to Section 2.01(b), as such commitment may be reduced from time to time pursuant to the terms hereof. The initial amount of each Lender’s Tranche 2 Commitment is (a) the amount set forth in the column
labeled “Tranche 2 Commitment” opposite such Lender’s name on Schedule I hereto, or (b) if such Lender has entered into any Assignment and Acceptance, the amount set forth for such Lender in the Register maintained by the
Administrative Agent pursuant to Section 9.07(d), as such amount may be reduced pursuant to Section 2.05. As of the Effective Date, the aggregate amount of the Tranche 2 Commitments is $500,000,000 as such amount may be reduced in
accordance with Section 2.05 or 6.01. 
 “Transactions” has the meaning set forth in
the recitals hereto. 
 “Type” refers to a Base Rate Advance or a Eurocurrency Rate
Advance. 
 “United States” and “U.S.” each means the United States of
America. 
 “U.S. Person” means a “United States person” within the meaning
of Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the
meaning assigned to such term in Section 2.14. 
 “Withdrawal Liability” means
liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the
write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

 SECTION 1.02        Computation of Time Periods . In this Agreement, in
the computation of periods of time from a specified date to a later specified date, the word “from” 

  
 24 

 means “from and including”, the word “through” means “through and
including” and each of the words “to” and “until” mean “to but excluding”. 
 SECTION
1.03        Accounting Terms. 

(a)        Except as otherwise expressly provided herein, all terms of an accounting
or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect
of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change
shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of
Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness
in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. 

(b)        All pro forma computations required to be made hereunder giving effect to
any acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction shall in each case be calculated giving pro forma effect thereto (and, in the case of any pro forma computation made hereunder to determine
whether such acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction is permitted to be consummated hereunder, to any other such transaction consummated since the first day of the period covered by any
component of such pro forma computation and on or prior to the date of such computation) as if such transaction had occurred on the first day of the period of four consecutive fiscal quarters ending with the most recent fiscal quarter for which
financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with the last fiscal quarter included in the financial statements referred to in
Section 4.04(a)), and, to the extent applicable, to the historical earnings and cash flows associated with the assets acquired or disposed of and any related incurrence or reduction of Indebtedness. If any Indebtedness bears a floating rate of
interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Swap Agreement
applicable to such Indebtedness). 
 SECTION 1.04        Terms Generally.
The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, 

  
 25 

 any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation
shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such
Person’s successors and assigns (subject to any restrictions on assignment set forth herein and (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereto. 
 SECTION
1.05        Currency Translations. The Administrative Agent shall determine the Dollar Equivalent of each Advance denominated in any Foreign Currency as of the date of the making of any Advance using
the Exchange Rate for such currency in relation to Dollars in effect on the date that is three Business Days prior to such calculation date and such amount shall be used in calculating any applicable fees payable hereunder, the amount the applicable
Commitments are reduced upon such Advance and other amounts to which the Dollar Equivalent applies pursuant to the terms hereof. 
 ARTICLE
II 
 AMOUNTS AND TERMS OF THE ADVANCES 

SECTION 2.01        The Advances. Each Lender severally and not jointly
agrees, on the terms and conditions hereinafter set forth (a) to make Tranche 1 Advances denominated in Agreed Currencies (selected by the Borrower) to the Borrower on the Closing Date in a Dollar Equivalent amount not to exceed such
Lender’s outstanding Tranche 1 Commitment immediately prior to the making of the Tranche 1 Advance and (b) to make Tranche 2 Advances denominated in Agreed Currencies (selected by the Borrower) to the Borrower on the Closing Date in a
Dollar Equivalent amount not to exceed such Lender’s outstanding Tranche 2 Commitment immediately prior to the making of the Tranche 2 Advance. Upon the making of any Advance by a Lender such Lender’s relevant Commitment will be
permanently reduced by the Dollar Equivalent of the aggregate principal amount of such Advance. The Borrower may prepay Advances pursuant to Section 2.10; provided that Advances may not be reborrowed once repaid. 

SECTION 2.02        Making the Advances. (a) Each Borrowing shall be made
on notice by the Borrower, given not later than (x) 9:00 A.M. (Local Time) on the third Business Day (or such shorter time period as may be agreed by the Administrative Agent in its reasonable discretion, or in the case of Advances denominated
in Sterling, on the Business Day) prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances or (y) 10:00 A.M. (New York Time) on the date of the proposed Borrowing in the case of a Borrowing
consisting of Base Rate Advances, to the Administrative Agent, which shall give to each Lender prompt notice thereof by telecopier or other electronic communication. Each 

  
 26 

 notice of a Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed
immediately in writing, including by telecopier (or other electronic communication) in substantially the form of Exhibit A hereto, specifying therein the requested (i) date of such Borrowing (which shall be a Business Day),
(ii) Type and Class of Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing, (iv) initial Interest Period for such Advance, if such Borrowing is to consist of Eurocurrency Rate Advances, and (v) account or
accounts in which the proceeds of the Borrowing should be credited. Each Lender shall, before 12:00 P.M. (Local Time) in the case of Advances in any Foreign Currency and 12:00 P.M. (New York Time) in the case of Advances in Dollars on the date of
such Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at the applicable Administrative Agent’s Office, in same day funds, such Lender’s ratable portion of such Borrowing. After the
Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower in immediately available funds to the
account or accounts specified by the Borrower to the Administrative Agent in the Notice of Borrowing relating to the applicable Borrowing. 

(b)        Anything in Section 2.02(a) to the contrary notwithstanding,
(i) Advances denominated in any Foreign Currency may only be requested and maintained as Eurocurrency Rate Advances (subject to Section 2.12), (ii) the Borrower may not select Eurocurrency Rate Advances denominated in Dollars if the
obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (iii) the Eurocurrency Rate Advances may not be outstanding as part of more than ten separate Borrowings. 

(c)        Each Notice of Borrowing shall be irrevocable and binding on the Borrower.
In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of Eurocurrency Rate Advances, the Borrower shall indemnify each Lender against any reasonable loss, cost or expense incurred by such Lender as a result
of any failure to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any reasonable loss (excluding loss of anticipated
profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such
failure, is not made on such date. 
 (d)        Unless the Administrative Agent
shall have received notice from a Lender prior to the time of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may assume that such
Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.02(a) and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date
a corresponding amount. If and to the extent that any Lender shall not have so made such ratable portion available to the Administrative Agent, such Lender and the Borrower severally agree to pay or to repay to the Administrative Agent forthwith on
demand such corresponding amount and to pay interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is paid or repaid to the Administrative Agent, at (i) in the case of the Borrower,
the higher of (A) the interest rate applicable at the time to Advances comprising such Borrowing and (B) the cost of funds incurred by the Administrative Agent in respect of such amount and (ii) in the case of such Lender, the greater
of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender shall pay to the Administrative Agent such 

  
 27 

 corresponding principal amount, such amount so paid shall constitute such Lender’s Advance
as part of such Borrowing for all purposes of this Agreement. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(e)        The failure of any Lender to make the Advance to be made by it as part of
any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such
other Lender on the date of any Borrowing. 
 (f)        If any Lender makes
available to the Administrative Agent funds for any Advance to be made by such Lender as provided herein, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to such Borrowing are not satisfied or
waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest. 

SECTION 2.03        [Reserved]. 

SECTION 2.04        Fees. (a) Ticking Fee. The Borrower agrees to
pay to the Administrative Agent, for the account of each Lender (other than a Defaulting Lender for such time as such Lender is a Defaulting Lender), a non-refundable ticking fee from the date that is sixty (60) days following the Effective
Date and from time to time through and including the date of termination of the Commitments in full, at a rate per annum equal to the Applicable Rate, on the aggregate daily amount of such Lender’s Commitments during such period, such fee to be
earned and payable in arrears quarterly on the last Business Day of each March, June, September and December, and the Commitment Termination Date. 

(b)        Duration Fee. The Borrower will pay to the Administrative Agent for
the account of each Lender (subject to Section 2.18(a)(ii)) a duration fee on each date set forth below in an amount equal to the percentage set forth opposite such date of the aggregate principal amount of Advances held by such Lender on such
date: 
  

			
	 DATE
	  	 PERCENTAGE

	 90 days after the Closing Date
	  	0.50%
	 180 days after the Closing Date
	  	0.75%
	 270 days after the Closing Date
	  	1.00%

 (c)        Additional Fees. The Borrower shall
pay to the Administrative Agent and Arranger for their account (or that of their applicable Affiliate) such fees as may from time to time be agreed between any of the Consolidated Group and the Administrative Agent and/or Arranger. 

SECTION 2.05        Termination or Reduction of the Commitments; Mandatory
Prepayments. (a) Unless previously terminated, the Commitments shall terminate in full at 6:00 p.m. (New York Time) on the date a Mandatory Cancellation Event occurs or exists, for the avoidance of doubt, on such date but immediately after
the relevant Mandatory Cancellation Event occurs or first exists. Additionally, each Lender’s Commitment will be permanently reduced upon such Lender making any Advance under such Commitment by an amount equal to the Dollar Equivalent of such
Advance. Any termination or reduction of the Commitments shall be permanent. 

  
 28 

 (b)        Ratable Reduction or
Termination. The Borrower shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the unused portions of any Class of Commitments of the
Lenders; provided that each partial reduction shall be in an aggregate amount of not less than $50,000,000 and an integral multiple of $5,000,000 in excess thereof; provided further that any such notice may state that such
notice is conditioned upon the effectiveness of other credit facilities or the consummation of a specific transaction, in which case such notice may be revoked by the Borrower if such condition is not satisfied. 

(c)        Defaulting Lender Commitment Reductions. The Borrower may terminate
the unused amount of the Commitments of any Lender that is a Defaulting Lender upon not less than three Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof), it being understood that
notwithstanding such Commitment termination, the provisions of Section 2.18(c) will continue to apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of
principal, interest, fees, indemnity or other amounts); provided that such termination shall not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent or any Lender may have against such Defaulting Lender.

 (d)        Mandatory Prepayment. First, any outstanding Advances of a
Class shall be prepaid, and second, if any Commitments of a Class are outstanding and no Advances of such Class are outstanding on (or such Advances of such Class have been prepaid as of) the applicable date, the Commitments of such Class shall be
reduced, in each case, on a Dollar-for-Dollar basis (with amounts received in non-Dollar currencies to be converted by the Borrower to Dollars for purposes of this calculation based upon foreign exchange rates actually received, in the case of a
prepayment (or that would actually be received, in the case of a Commitment reduction) by the Borrower acting in good faith and in a commercially reasonable manner in consultation with the Administrative Agent) within three Business Days of (in the
case of a prepayment of Advances) or on the date of (in the case of a reduction of Commitments) receipt by the Consolidated Group of any Net Cash Proceeds (or in the case of clause (i)(y) below, commitments) referred to in this paragraph (d): 

(i)        (x) from 100.0% of the Net Cash Proceeds actually received
by the Consolidated Group from the incurrence of Borrowed Debt by such entity (excluding (A) intercompany debt of such entities, (B) borrowings under the Borrower’s Existing Credit Agreement or any revolving facility in replacement
thereof in an amount up to $1,000,000,000, (C) any other ordinary course borrowings under existing working capital or overdraft facilities, (D) issuances of commercial paper and refinancings thereof, (E) purchase money indebtedness
incurred in the ordinary course of business, (F) indebtedness with respect to capital leases incurred in the ordinary course of business and (G) other Indebtedness in an amount not to exceed $500,000,000 in the aggregate) and (y) the
aggregate amount of commitments received in respect of the New Term Loan Facility (provided the fully documented conditions to availability and drawing of the New Term Loan Facility are no more restrictive or onerous to the borrower thereunder than
the conditions to availability and drawing the Advances); 

(ii)        from 100.0% of the Net Cash Proceeds actually received
from the issuance of any Equity Interests by the Consolidated Group (other than (A) issuances pursuant to employee stock plans or other benefit or employee incentive arrangements, (B) issuances among the Consolidated Group or
(C) issuances in connection with the purchase price payable with respect to the Target Acquisition); and 

(iii)        from 100.0% of the Net Cash Proceeds actually received by
the Consolidated Group from Asset Sales outside the ordinary course of business (except for (A) Asset Sales between or among such entities and (B) Asset Sales, the Net Cash Proceeds of which do not 

  
 29 

 exceed $20,000,000 in any single transaction or related series of transactions or
$200,000,000 in the aggregate). 
 All mandatory prepayments or Commitment reductions (a) in respect of the issuance of
senior notes and/or mandatorily convertible securities and/or hybrid equity or Equity Interests shall be applied first to Tranche 1 Advances and Tranche 1 Commitments and second to Tranche 2 Advances and Tranche 2 Commitments, (b) in respect of
the incurrence of New Term Loans shall be applied first to Tranche 2 Advances and Tranche 2 Commitments and second to Tranche 1 Advances and Tranche 1 Commitments, and (c) in respect of other mandatory prepayments or commitment reductions
described in this clause (d) shall be applied ratably to Tranche 1 Advances and Tranche 1 Commitments and Tranche 2 Advances and Tranche 2 Commitments. All mandatory prepayments and Commitment reductions will be applied without penalty or
premium (except for breakage costs and accrued interest, if any) and will be applied pro rata among the Lenders of the applicable Class of Advances (or, if applicable, Class of Commitments). Mandatory prepayments of the Advances may not be
reborrowed. 
 If the Net Cash Proceeds are received by any Person other than the Borrower, the Commitments shall only be
reduced (or the Advances prepaid) to the extent that such Net Cash Proceeds can be immediately transferred to the Borrower (with such amount net of the costs and taxes associated therewith); it being understood that if such a restriction on transfer
exists, upon such restriction ceasing to apply, the Commitments will be immediately reduced or, if applicable, the Advances will be repaid within three Business Days thereof, in the manner set forth above as if such Net Cash Proceeds were received
by the Borrower on the date such restriction ceased to exist. 
 SECTION
2.06        Repayment of Advances.         The Borrower shall repay on the Maturity Date for the applicable Class to the Administrative Agent for the ratable
account of the Lenders of such Class, the aggregate principal amount of all Advances under such Class made to the Borrower outstanding on such date. 

SECTION 2.07        Interest on Advances.    
(a)    Scheduled Interest.        The Borrower shall pay interest on the unpaid principal amount of each Advance made to it from the date of such Advance until such principal amount
shall be paid in full, at the following rates per annum: 

(i)        Base Rate Advances.    During
such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (A) the Base Rate in effect from time to time and (B) the Applicable Rate, payable in arrears quarterly on the last Business Day of each
March, June, September and December, during such periods and on the date the Advances are paid in full. 

(ii)        Eurocurrency Rate
Advances.    During such periods as such Advance is a Eurocurrency Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the Eurocurrency Rate for such Interest
Period for such Advance, and (B) the Applicable Rate, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every
three months from the first day of such Interest Period and on the date such Eurocurrency Rate Advance shall be Converted or paid in full. 

(b)         Default Interest.    Upon the occurrence and
during the continuance of an Event of Default pursuant to Section 6.01(a), the Administrative Agent shall, upon the request of the Required Lenders, require the Borrower to pay interest (“Default Interest”), which amount shall
accrue as of the 

  
 30 

 
date of occurrence of the Event of Default, on (i) amounts that are overdue, payable in arrears on the dates referred to in Section 2.07(a)(i) or 2.07(a)(ii), at a rate per annum equal
at all times to 2% per annum above the rate per annum required to be paid on such overdue amount pursuant to Section 2.07(a)(i) or 2.07(a)(ii) and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other
amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all
times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to Section 2.07(a)(i), or in the case of amounts due in any Foreign Currency, at a rate for short term borrowings of such Foreign Currency
determined in a customary manner in good faith by the Administrative Agent, provided, however, that following acceleration of the Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether or
not previously required by the Administrative Agent. 
 (c)        Additional
Interest on Eurocurrency Rate Advances.    The Borrower shall pay to each Lender, so long as and to the extent such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to
maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Advance of such Lender made to the Borrower that is a Eurocurrency Rate Advance,
from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (a) the Eurocurrency Rate for the applicable Interest Period for such Advance
from (b) the rate obtained by dividing such Eurocurrency Rate by a percentage equal to 100% minus the Eurocurrency Rate Reserve Percentage of such Lender for such Interest Period, payable on each date on which interest is payable on such
Advance. Such Lender shall as soon as practicable provide notice to the Administrative Agent and the Borrower of any such additional interest arising in connection with such Advance, which notice shall be conclusive and binding, absent demonstrable
error. 
 SECTION 2.08        Interest Rate
Determination.    (a)    The Administrative Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of
Section 2.07(a)(i) or 2.07(a)(ii). 
 (b)        If, with respect to any
Eurocurrency Rate Advances, (i) the Administrative Agent shall have determined (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means (including, without limitation, by means of an
Interpolated Rate) do not exist for ascertaining the Eurocurrency Rate for such Interest Period or (ii) the Required Lenders notify the Administrative Agent that (x) they are unable to obtain matching deposits in the London inter-bank
market at or about 11:00 A.M. (London time) on the second Business Day before (or in the case of Borrowings in Sterling, on the Business Day of) the making of a Borrowing in sufficient amounts to fund their respective Advances as a part of such
Borrowing during its Interest Period or (y) the Eurocurrency Rate for any Interest Period for such Advances will not adequately and fairly reflect the cost to the Required Lenders of making, funding or maintaining their respective Eurocurrency
Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Lenders, whereupon (A) the Borrower will, on the last day of the then existing Interest Period therefor, either, in the case of
Advances denominated in Dollars, (w) prepay such Advances or (x) Convert such Advances into Base Rate Advances or, in the case of Advances denominated in any Foreign Currency, (y) prepay such Advances or (z) consent to the
maintenance of such Advances at a rate for short term borrowings of such Foreign Currency determined in a customary manner in good faith by the Administrative Agent and (B) the obligation of the Lenders to make, or to Convert Advances
denominated in Dollars into, Eurocurrency Rate Advances shall be suspended, and any applicable Advances denominated in any Foreign Currency shall be made and maintained at a rate for short term borrowings of such Foreign Currency determined in a
customary manner in good faith by the Administrative Agent, until the 

  
 31 

 Administrative Agent shall notify the Borrower and the Lenders that the circumstances causing
such suspension no longer exist. 
 (c)        If the Borrower shall fail to select
the duration of any Interest Period for any Eurocurrency Rate Advances made to the Borrower in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will
forthwith so notify the Borrower and the Lenders and such Eurocurrency Rate Advances will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances, or in the case of Eurocurrency Rate Advances
denominated in a Foreign Currency, automatically Convert to a new Eurocurrency Rate Advance with an Interest Period of one month’s duration. 

(d)        [Reserved]. 

(e)        Upon the occurrence and during the continuance of any Event of Default,
(i) each Eurocurrency Rate Advance denominated in Dollars will automatically, on the last day of the then existing Interest Period therefor, be Converted into a Base Rate Advance (unless the Required Lenders otherwise consent) and (ii) the
obligation of the Lenders to make, or to Convert Advances denominated in Dollars into, Eurocurrency Rate Advances shall be suspended. 

SECTION 2.09        Optional Conversion of
Advances.    The Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 11:00 A.M. (New York Time) on the third Business Day prior to the date of the proposed Conversion (or in the case
of a Conversion into Base Rate Advances, the Business Day prior) and subject to the provisions of Sections 2.08 and 2.12, Convert all Advances denominated in Dollars made to the Borrower of one Type comprising the same Borrowing into Advances of the
other Type; provided, however, that any Conversion of Eurocurrency Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurocurrency Rate Advances, any Conversion of Base Rate Advances
into Eurocurrency Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.01 and no Conversion of any Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such
notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion (which shall be a Business Day), (ii) the Advances to be Converted, and (iii) if such Conversion is into Eurocurrency Rate
Advances, the duration of the initial Interest Period for each such Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower giving such notice. 

SECTION 2.10        Optional Prepayments of
Advances.    The Borrower may, upon written notice to the Administrative Agent stating the proposed date and aggregate principal amount of the proposed prepayment, given not later than 11:00 A.M. (New York Time) on the date
(which date shall be a Business Day) of such proposed prepayment, in the case of a Borrowing consisting of Base Rate Advances, and not later than 10:00 A.M. (Local Time) at least two Business Days prior to the date of such proposed prepayment, in
the case of a Borrowing consisting of Eurocurrency Rate Advances, and if such notice is given, the Borrower shall, prepay the outstanding principal amount of the Advances comprising part of the same Borrowing made to the Borrower in whole or ratably
in part, and in the case of any Eurocurrency Rate Borrowing, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (i) each partial prepayment shall be in an
aggregate principal amount of $50,000,000 (or at the Borrower’s option £50,000,000 (for any Borrowing denominated in 

  
 32 

 Sterling) or €50,000,000 (for any Borrowing denominated in euro)) and a multiple of
$5,000,000 (or at the Borrower’s option £5,000,000 (for any Borrowing denominated in Sterling) or €5,000,000 (for any Borrowing denominated in euro)) or, in each case, in excess thereof and (ii) if any prepayment of a
Eurocurrency Rate Advance is made on a date other than the last day of an Interest Period for such Eurocurrency Rate Advance, the Borrower shall also pay any amount owing pursuant to Section 9.04(c); and provided, further, that,
subject to clause (ii) of the immediately preceding proviso, any such notice may state that such notice is conditioned upon the effectiveness of other credit facilities or the consummation of a specific transaction, in which case such notice
may be revoked by the Borrower if such condition is not satisfied. 
 SECTION
2.11        Increased Costs.    (a)    If, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation or
(ii) the compliance with any directive, guideline or request from any central bank or other governmental authority including, without limitation, any agency of the European Union or similar monetary or multinational authority (whether or not
having the force of law), in each case after the date hereof (or with respect to any Lender (or the Administrative Agent), if later, the date on which such Lender (or the Administrative Agent) becomes a Lender (or the Administrative Agent)), there
shall be any increase in the cost to any Lender or the Administrative Agent of agreeing to make or making, funding or maintaining Advances (excluding for purposes of this Section 2.11 any such increased costs resulting from
(i) Taxes as to which such Lender is indemnified under Section 2.14, (ii) Excluded Taxes, or (iii) Other Taxes), then the Borrower shall from time to time, upon demand by such Lender or the Administrative Agent (with a copy of
such demand to the Administrative Agent, if applicable), pay to the Administrative Agent for the account of such Lender (or for its own account, if applicable) additional amounts sufficient to compensate such Lender or the Administrative Agent for
such increased cost. A certificate describing such increased costs in reasonable detail delivered to the Borrower shall be conclusive and binding for all purposes, absent demonstrable error. 

(b)         If any Lender reasonably determines that compliance with any law or
regulation or any directive, guideline or request from any central bank or other governmental authority including, without limitation, any agency of the European Union or similar monetary or multinational authority (whether or not having the force
of law), in each case promulgated or given after the date hereof (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), affects or would affect the amount of capital, insurance or liquidity required or expected to
be maintained by such Lender or any corporation controlling such Lender and that the amount of such capital, insurance or liquidity is increased by or based upon the existence of such Lender’s commitment to lend hereunder and other commitments
of this type, the Borrower shall, from time to time upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender, additional amounts sufficient to compensate such
Lender or such corporation in the light of such circumstances, to the extent that such Lender reasonably determines such increase in capital, insurance or liquidity to be allocable to the existence of such Lender’s Advances or commitment to
lend hereunder. A certificate as to such amounts submitted to the Borrower and the Administrative Agent by such Lender shall be conclusive and binding for all purposes, absent demonstrable error. 

(c)         Notwithstanding anything in this Section 2.11 to the contrary, for
purposes of this Section 2.11, (A) the Dodd Frank Wall Street Reform and Consumer Protection Act and the rules and regulations issued thereunder or in connection therewith or in implementation thereof, and (B) all requests, rules,
guidelines and directions promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any similar or successor agency, or the United States or foreign 

  
 33 

 regulatory authorities, in each case, pursuant to Basel III) shall be deemed to have been enacted
following the date hereof (or with respect to any Lender, if later, the date on which such Lender becomes a Lender); provided that no Lender shall demand compensation pursuant to this Section 2.11(c) unless such Lender is making
corresponding demands on similarly situated borrowers in comparable credit facilities to which such Lender is a party. 

SECTION
2.12        Illegality.        Notwithstanding any other provision of this Agreement, with respect to Advances denominated in Dollars , (a) if any Lender
shall notify the Administrative Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority, including without limitation, any agency of the
European Union or similar monetary or multinational authority, asserts that it is unlawful, for such Lender or its Eurocurrency Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances or to fund or maintain
Eurocurrency Rate Advances hereunder, (i) each Eurocurrency Rate Advance of such Lender will automatically, upon such notification, be Converted into a Base Rate Advance and (ii) the obligation of such Lender to make Eurocurrency Rate
Advances or to Convert Advances into Eurocurrency Rate Advances shall be suspended until the Administrative Agent shall notify the Borrower and such Lender that the circumstances causing such suspension no longer exist and (b) if Lenders
constituting the Required Lenders so notify the Administrative Agent, (i) each Eurocurrency Rate Advance of each Lender will automatically, upon such notification, Convert into a Base Rate Advance and (ii) the obligation of each Lender to
make Eurocurrency Rate Advances or to Convert Advances into Eurocurrency Rate Advances shall be suspended until the Administrative Agent shall notify the Borrower and each Lender that the circumstances causing such suspension no longer exist.
Notwithstanding any other provision of this Agreement, if any of the circumstances set forth in clauses (a) or (b) above arise with respect to Advances denominated in a Foreign Currency, such Advances shall be made or maintained, as
applicable, at a rate for short term borrowings of such Foreign Currency determined in a customary manner in good faith by the Administrative Agent. 

SECTION 2.13        Payments and
Computations.    (a)    The Borrower shall make each payment required to be made by it under this Agreement not later than 11:00 A.M. (Local Time) on the day when due in Dollars (or (i) with respect
to principal, interest or breakage indemnity due in respect of Advances denominated in any Foreign Currency, in such Foreign Currency and (ii) with respect to other payments required to be made pursuant to Section 2.11 or 9.04 that are
invoiced in a currency other than Dollars shall be payable in the currency so invoiced) to the Administrative Agent at the applicable Administrative Agent’s Office in same day funds. The Administrative Agent will promptly thereafter cause to be
distributed like funds relating to the payment of principal or interest or ticking fees ratably (other than amounts payable pursuant to Section 2.02(c), 2.07(c), 2.11, 2.12(a) (or if applicable the last sentence of Section 2.12), 2.14,
2.15 or 9.04(c)) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each
case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 9.07(c), from and after the effective
date specified in such Assignment and Acceptance, the Administrative Agent shall make all payments hereunder in respect of the interest assigned thereby to the assignor for amounts which have accrued to but excluding the effective date of such
assignment and to the assignee for 

  
 34 

 amounts which have accrued from and after the effective date of such assignment. All payments to
be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. 

(b)        All interest hereunder shall be computed on the basis of a year of
360 days, except that interest (i) computed by reference to the Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and (ii) for
Borrowings denominated in Sterling shall be computed on the basis of a year of 365 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate or
Eurocurrency Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

(c)        Whenever any payment hereunder shall be stated to be due on a day other
than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or ticking fee, as the case may be; provided,
however, that, if such extension would cause payment of interest on or principal of Eurocurrency Rate Advances to be made in the next following calendar month, such payment shall be made on the immediately preceding Business Day. 

(d)         Unless the Administrative Agent shall have received written notice from
the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent
on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent the Borrower shall not have so made
such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent, following prompt notice thereof, forthwith on demand such amount distributed to such Lender, together with interest thereon, for each day from the
date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal Funds Rate, or in the case of amounts in a Foreign Currency, at a rate for short term borrowings of such Foreign
Currency determined in a customary manner in good faith by the Administrative Agent. 
 SECTION
2.14        Taxes.    (a)    Any and all payments by or on behalf of the Borrower under any Loan Document shall be made, in accordance with Section 2.13,
free and clear of and without deduction for any and all present or future Taxes, including levies, imposts, deductions, charges and withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender and the
Administrative Agent, (i) taxes imposed on (or measured by) its overall net income (however denominated), franchise taxes, and branch profits taxes, in each case imposed by the jurisdiction under the laws of which such Lender or the
Administrative Agent, as the case may be, is organized or any political subdivision thereof, by the jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof or as a result of a present or former connection
between such Lender or the Administrative Agent and the jurisdiction imposing such Tax (other than connections arising from such Lender or the Administrative Agent having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Advance or Loan Document), (ii) any branch profits
Taxes imposed by the United States, (iii) any Tax that is imposed by reason of such Lender’s or the Administrative Agent’s failure to comply with Section 2.14(f), (iv) in the case of a Lender, U.S. federal withholding Taxes
imposed on amounts payable 

  
 35 

 to or for the account of such Lender with respect to an applicable interest in Advances pursuant
to a law in effect on the date on which (x) such Lender acquires such interest in the Advances or (y) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.14, amounts with respect to
such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in the Advances or to such Lender immediately before it changed its lending office, and (v) any U.S. federal
withholding taxes imposed under FATCA (all such excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments under any Loan Document being hereinafter referred to as “Excluded Taxes”). If
any Taxes from or in respect of any sum payable under any Loan Document to any Lender or the Administrative Agent shall be required to be deducted under applicable law, (A) the Borrower shall make such deductions and (B) the Borrower shall
pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. If the Borrower shall be required by applicable law to deduct any Taxes other than Excluded Taxes from or in respect of any sum
payable under any Loan Document to any Lender or the Administrative Agent, the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section 2.14) such Lender or the Administrative Agent, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made. 

(b)        In addition, without duplication of any other obligation set forth in this
Section 2.14, the Borrower agrees to pay any present or future stamp and documentary Taxes and any other excise or property Taxes, charges or similar levies that arise from any payment made by it under any Loan Document or from the execution,
delivery or registration of, or performance under, or otherwise with respect to, any Loan Document other than any such Taxes, charges or similar levies that are Other Connection Taxes imposed with respect to an assignment or the designation of a new
Applicable Lending Office (other than an assignment or designation pursuant to a request by Borrower) (such Taxes, charges or similar levies, hereinafter referred to as “Other Taxes”). 

(c)        Without duplication of any other obligation set forth in this
Section 2.14, the Borrower shall indemnify each Lender and the Administrative Agent for the full amount of Taxes (other than Excluded Taxes) and Other Taxes (except to the extent such Other Taxes are Other Connection Taxes imposed solely as a
result of an assignment or the designation of a new Applicable Lending Office) imposed on or paid by such Lender or the Administrative Agent, as the case may be, in respect of Advances made to the Borrower and any liability (including, without
limitation, penalties, interest and expenses) arising therefrom or with respect thereto. This indemnification shall be made within 30 days from the date such Lender or the Administrative Agent, as the case may be, makes written demand therefor. Such
Lender or the Administrative Agent shall deliver to the Borrower a certificate describing in reasonable detail the amount of such payment or liability. 

(d)        Each Lender shall severally indemnify the Administrative Agent, within 10
days after demand therefor, for (i) any Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Taxes and without limiting the obligation of the Borrower to do
so) and (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.07(e) relating to the maintenance of a Participant Register, in either case, that are payable or paid by the Administrative Agent
in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant governmental authority. A certificate
describing in reasonable detail the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent 

  
 36 

 to set off and apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d). 

(e)        As soon as practical after the date of any payment of Taxes or Other Taxes
for which the Borrower is responsible under this Section 2.14, the Borrower shall furnish to the Administrative Agent, at its address as specified pursuant to Section 9.02, the original or a certified copy of a receipt evidencing payment
thereof. 
 (f)        (i)        Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In
addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the
Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than such documentation set forth in Section 2.14(f)(iii) below) or the documentation set forth in Section 2.14(f)(ii) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii)        Without limiting the generality of the foregoing, in the event that the
Borrower is a U.S. Person, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an executed IRS Form W-9 certifying
that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to
the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States
is a party (x) with respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty; 

  
 37 

 (2) in the case of a Foreign Lender claiming that its extension
of credit will generate U.S. effectively connected income, an executed IRS Form W-8ECI; 
 (3) in the case
of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) an executed IRS Form W-8BEN-E or IRS Form W-8BEN; or 

(4) to the extent a Foreign Lender is not the beneficial owner, an executed IRS Form W-8IMY, accompanied by
IRS Form W-8ECI, IRS Form W-8BEN-E, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit C-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower or the Administrative Agent to comply with its obligations under
FATCA, to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for the purposes of this clause 2.14(f)(ii)(D), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any
form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or 

  
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certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g)        In the event that an additional payment is made under Section 2.14(a)
or 2.14(c) for the account of any Lender and such Lender, in its sole discretion exercised in good faith, determines that it has received a refund of any tax paid or payable by it in respect of or calculated with reference to the deduction or
withholding giving rise to such additional payment, such Lender shall pay to the Borrower such amount as such Lender shall, in its reasonable discretion exercised in good faith, have determined is attributable to such deduction or withholding and
will leave such Lender (after such payment) in no worse position than it would have been had the Borrower not been required to make such deduction or withholding. The Borrower, upon the request of such Lender, shall repay to such Lender the amount
paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such Lender is required to repay such refund to such Governmental Authority. Nothing
contained in this Section 2.14(g) shall (i) interfere with the right of a Lender to arrange its tax affairs in whatever manner it thinks fit or (ii) oblige any Lender to disclose any information relating to its tax returns, tax
affairs or any computations in respect thereof or (iii) require any Lender to take or refrain from taking any action that would prejudice its ability to benefit from any other credits, reliefs, remissions or repayments to which it may be
entitled. 
 (h)        Each party’s obligations under this Section 2.14
shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under the
Loan Documents. 
 (i)         For purposes of this Section 2.14, the term
“applicable law” includes FATCA. 
 SECTION 2.15        Sharing of
Payments, Etc.        Subject to Section 2.18 in the case of a Defaulting Lender, if any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff,
or otherwise) on account of the Advances owing to it (other than pursuant to Section 2.02(c), 2.07(c), 2.11, 2.12(a), 2.14 or 9.04(c)) in excess of its ratable share of payments on account of the Advances obtained by all the Lenders, such
Lender shall forthwith purchase from the other Lenders such participations in the Advances owing to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however,
that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such
recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (a) the amount of such Lender’s required repayment to (b) the total amount so recovered from the purchasing Lender) of any
interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.15 may, to the
fullest extent permitted by law, exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. The
provisions of this Section 2.15 shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement as in effect from time to time or (B) any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Advances to any assignee or participant permitted hereunder. 

  
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 SECTION 2.16        Use of
Proceeds.        The proceeds of the Advances shall be available, and the Borrower agrees that it shall apply such proceeds, solely towards Certain Funds Purposes. 

SECTION 2.17        Evidence of
Debt.        (a)        The Register maintained by the Administrative Agent pursuant to Section 9.07(d) shall include (i) the date and amount of each
Borrowing made hereunder by the Borrower, the Type and Class of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the terms of each Assignment and Acceptance delivered to and accepted by it,
(iii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) the amount of any sum received by the Administrative Agent from the Borrower hereunder and each
Lender’s share thereof. 
 (b)        Entries made reasonably and in good
faith by the Administrative Agent in the Register pursuant to subsection (a) above shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to each Lender
under this Agreement, absent manifest error; provided, however, that the failure of the Administrative Agent to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit,
expand or otherwise affect the obligations of the Borrower under this Agreement. 
 SECTION
2.18        Defaulting Lenders. 

(a)        Notwithstanding any provision of this Agreement to the contrary, if any
Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender (it being understood that the determination of whether a Lender is no longer a Defaulting Lender shall be made as
described in Section 2.18(b)): 
 (i)        such Defaulting
Lender will not be entitled to any fees accruing during such period pursuant to Section 2.04(a); 

(ii)        such Defaulting Lender will not be entitled to any fees
accruing under Section 2.04(b) to the extent it is a Defaulting Lender on the date such fee would otherwise be payable and such fee would be attributable to its Commitment (for the avoidance of doubt fees attributable to funded Advances shall
be payable); 
 (iii)        to the fullest extent permitted by
applicable law, such Lender will not be entitled to vote in respect of amendments and waivers hereunder, and the Commitment and the outstanding Advances of such Lender hereunder will not be taken into account in determining whether the Required
Lenders or all of the Lenders, as required, have approved any such amendment or waiver (and the definition of “Required Lenders” will automatically be deemed modified accordingly for the duration of such period); provided that any
such amendment or waiver that would increase or extend the term of the Commitment of such Defaulting Lender, extend the date fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any
obligation owing to such Defaulting Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, will
require the consent of such Defaulting Lender; and 

  
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 (iv)        the Borrower
may, at its sole expense and effort, require such Defaulting Lender to assign and delegate its interests, rights and obligations under this Agreement pursuant to Section 9.07. 

(b)        If the Borrower and the Administrative Agent agree in writing in their
discretion that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, such Lender will
cease to be a Defaulting Lender and will be a Non-Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any
party hereunder arising from such Lender’s having been a Defaulting Lender. 

(c)        Any payment of principal, interest, fees or other amounts received by the
Administrative Agent hereunder for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 6.01 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
Section 9.05 shall be applied at such time or times as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second as the Borrower may request (so long as no Default
or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by the Administrative Agent; third, as the
Borrower may request, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances under this Agreement; fourth, to the payment of any
amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
fifth, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held)
to pay amounts owed by a Defaulting Lender or otherwise pursuant to this Section 2.18(c) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

SECTION 2.19 Mitigation.    (a) Each Lender shall promptly notify the Borrower and the
Administrative Agent of any event of which it has knowledge that will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s good faith judgment, otherwise disadvantageous to such Lender) to mitigate or
avoid, (i) any obligation by the Borrower to pay any amount pursuant to Section 2.11 or 2.14 or (ii) the occurrence of any circumstance described in Section 2.12 (and, if any Lender has given notice of any such event described in
clause (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify the Borrower and the Administrative Agent). In furtherance of the foregoing, each Lender will designate a different funding office if
such designation will avoid (or reduce the cost to the Borrower of) any event described in clause (i) or (ii) of the preceding sentence and such designation will not, in such Lender’s good faith judgment, be otherwise disadvantageous
to such Lender. 
 (b)        Notwithstanding any other provision of this
Agreement, if any Lender fails to notify the Borrower of any event or circumstance which will entitle such Lender to compensation 

  
 41 

 
pursuant to Section 2.11 within 180 days after such Lender obtains knowledge of such event or circumstance, then such Lender shall not be entitled to compensation from the Borrower for any
amount arising prior to the date which is 180 days before the date on which such Lender notifies the Borrower of such event or circumstance. 

ARTICLE III 

CONDITIONS TO EFFECTIVENESS AND LENDING 

SECTION 3.01        Conditions Precedent to Effective
Date.    This Agreement shall become effective on and as of the first date on which the following conditions precedent have been satisfied (with the Administrative Agent acting reasonably in assessing whether the conditions
precedent are satisfactory) (or waived in accordance with Section 9.01): 

(a)        The Administrative Agent (or its counsel) shall have
received from each party hereto either (i) a counterpart of this Agreement and the other Loan Documents signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include .pdf or
facsimile transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 

(b)        All fees and other amounts then due and payable by the
Consolidated Group to the Administrative Agent, the Arranger and the Lenders under the Loan Documents or pursuant to any fee or similar letters relating to the Loan Documents shall be paid, to the extent invoiced by the relevant person at least one
Business Day prior to the Effective Date and to the extent such amounts are payable on or prior to the Effective Date. 

(c)        The Administrative Agent shall have received on or before
the Effective Date, each dated on or about such date: 

(i)        Certified copies of the resolutions or similar authorizing
documentation of the governing body of the Borrower authorizing the Transactions and the Borrower to enter into and perform its obligations under the Loan Documents; 

(ii)        A good standing certificate or similar certificate dated
a date reasonably close to the Effective Date from the jurisdiction of formation of the Borrower, but only where such concept is applicable; 

(iii)        A customary certificate of the Borrower certifying the
names and true signatures of the officers of the Borrower authorized to sign this Agreement and the other documents to be delivered by it hereunder; and 

(iv)        A favorable opinion letter of (x) John Goggins,
Esq., Executive Vice President and General Counsel of the Borrower and (y) Skadden, Arps, Slate, Meagher & Flom LLP, in each case, in form and substance reasonably satisfactory to the Administrative Agent. 

(d)        The Administrative Agent shall have received, at least 3
Business Days prior to the Effective Date, so long as requested no less than 10 Business Days prior to the Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the Patriot Act, in each case relating to the Borrower and its Subsidiaries. 

  
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 (e)        The
Administrative Agent shall have received a copy of each of the Target Acquisition Documents. 
 The Administrative Agent
shall notify the Borrower and the Lenders of the Effective Date in writing promptly upon such conditions precedent being satisfied (or waived in accordance with Section 9.01), and such notice shall be conclusive and binding. 

SECTION 3.02        Conditions Precedent to Closing
Date.        The obligation of each Lender to make an Advance on the Closing Date is subject to the satisfaction (or waiver in accordance with Section 9.01) of the following conditions: 

(a)        The Effective Date shall have occurred. 

(b)        The Administrative Agent shall have received a certificate
of the Borrower confirming that the Merger Control Clearance Condition (as defined in the Target Acquisition Agreement) has been satisfied. 

(c)        On the date of the applicable borrowing request and on the
proposed date of such borrowing (x) no Certain Funds Default is continuing or would result from the proposed Borrowing and (y) all the Certain Funds Representations are true or, if a Certain Funds Representation does not include a
materiality concept, true in all material respects. 

(d)        The Administrative Agent shall have received a copy of the
notary letter entered into with the Dutch civil law notary relating to the closing of the Target Acquisition and financing of the Target Acquisition. 

(e)        The Target Acquisition shall have been, or substantially
concurrently with the occurrence of the Closing Date shall be, consummated in all material respects in accordance with the terms and conditions of the Target Acquisition Agreement (it being understood that substantially concurrently shall include
the Target Acquisition being consummated no more than two Business Days after the initial Advance hereunder), without giving effect to (and there shall not have been) any modifications, amendments, consents or waivers by the Borrower (or its
applicable affiliate) thereunder that are materially adverse to the interests of the Lenders (it being understood and agreed that the following shall not be deemed to be materially adverse to the interests of the Lenders: (x) any increase in
the purchase price funded with the issuance of any equity securities by the Borrower or any of its Subsidiaries; (y) any increase in the purchase price funded other than through the issuance of equity securities by the Borrower or any of its
Subsidiaries of not more than 5.0%; and (z) any decrease in the purchase price of not more than 10.0%; provided that such decrease shall be allocated to ratably reduce the Commitments (ratably between the Tranche 1 Commitments, and
Tranche 2 Commitments on a Dollar for Dollar basis)), without the prior written consent of the Administrative Agent. 

(f)        All fees and other amounts due and payable by the Borrower
and its Subsidiaries to the Arranger, the Administrative Agent and the Lenders under the Loan Documents or pursuant to any fee or similar letters relating to the Loan Documents shall be paid, to the extent invoiced at least three Business Days prior
to the Closing Date by the relevant person and to the extent such amounts are payable on or prior to the Closing Date. 

(g)        The Administrative Agent shall have received a Notice of
Borrowing in accordance with Section 2.02. 

  
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 (h)        The
Administrative Agent shall have received a customary payoff letter with respect to, and reasonably satisfactory evidence that, all Existing Target Indebtedness shall be repaid in full and all security interests related thereto shall be terminated on
or prior to the Closing Date. 
 (i)        The Administrative Agent
shall have received a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower and its Subsidiaries as of and for the twelve-month period ending on the last day of the most recently completed
four-fiscal quarter period ended at least 45 days prior to the Closing Date, prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period
(in the case of such statement of income) (the “Pro Forma Financials”), it being acknowledged that neither the Administrative Agent nor any Lender shall have any approval right as regards the form or contents of the Pro Forma
Financials). 
 The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date as soon as
practicable upon its occurrence, and such notice shall be conclusive and binding. 
 SECTION
3.03        Actions by Lenders During the Certain Funds Period.        During the Certain Funds Period and notwithstanding (i) any provision to the contrary
in the Loan Documents or (ii) that any condition set out in Sections 3.01 or 3.02 may subsequently be determined to not have been satisfied or any representation given was incorrect in any material respect, none of the Lenders nor the
Administrative Agent shall, unless a Certain Funds Default has occurred and is continuing or would result from a proposed borrowing or a Certain Funds Representation remains incorrect or, if a Certain Funds Representation does not include a
materiality concept, incorrect in any material respect, be entitled to: 
  

	 	(i)	 cancel or reduce any of its Commitments; 

 

	 	(ii)	 rescind, terminate or cancel the Loan Documents or the Commitments or exercise any similar right or remedy or
make or enforce any claim under the Loan Documents it may have to the extent to do so would prevent or limit (A) the making of an Advance for Certain Funds Purposes or (B) the application of amounts standing to the credit of an Escrow
Account for Certain Funds purposes; 

  

	 	(iii)	 refuse to participate in the making of an Advance for Certain Funds Purposes unless the conditions set forth
in Section 3.02 have not been satisfied; 

  

	 	(iv)	 exercise any right of set-off or counterclaim in respect of an Advance to the extent to do so would prevent or
limit (A) the making of an Advance for Certain Funds Purposes or (B) the application of amounts standing to the credit of an Escrow Account for Certain Funds Purposes; or 

 

	 	(v)	 cancel, accelerate or cause repayment or prepayment of any amounts owing under any Loan Document to the extent
to do so would prevent or limit (A) the making of an Advance for Certain Funds Purposes or (B) the application of amounts standing to the credit of an Escrow Account for Certain Funds Purposes; 

provided that immediately upon the expiry of the Certain Funds Period all such rights, remedies and entitlements shall
be available to the Lenders and the Administrative Agent 

  
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notwithstanding that they may not have been used or been available for use during the Certain Funds Period. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lenders that: 

SECTION 4.01        Organization;
Powers.        Each of the Borrower and its Material Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power
and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good
standing in, every jurisdiction where such qualification is required. 
 SECTION
4.02        Authorization; Enforceability.        The Transactions are within the Borrower’s organizational powers and have been duly authorized by all
necessary organizational and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 4.03        Governmental Approvals; No
Conflicts.        The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or
made and are in full force and effect, and except for such consents, approvals, registrations, filings and other actions the failure to obtain or make could not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect, (b) will not violate (i) any applicable law or regulation, except, in the case of this clause (i), for such violations which, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, (ii) the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or (iii) any order of any Governmental Authority, except, in the case of this clause (iii), for such violations which,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (c) will not violate or result in a default under any indenture, agreement or other instrument binding the Borrower or any of its
Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, except for such violations and defaults which, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Material Subsidiaries. 

SECTION 4.04        Financial Condition; No Material Adverse Change. 

(a)        The Borrower has heretofore furnished to the Lenders its consolidated
balance sheet at December 31, 2016 and the related consolidated statements of operations, shareholders’ equity and cash flows for the fiscal year ended December 31, 2016, in each case reported on by KPMG LLP,

  
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independent public accountants. Such financial statements (including notes thereto) present fairly, in all material respects, the financial position and results of operations and cash flows of
the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP. 

(b)        Since December 31, 2016, there has been no material adverse change in
the business, assets, operations or financial condition, of the Borrower and its Subsidiaries, taken as a whole, except as publicly disclosed by the Borrower prior to March 31, 2017. 

SECTION 4.05        Properties.    Each of the Borrower
and its Material Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to the business of the Borrower and its Subsidiaries, taken as a whole, except for minor defects in title that do not
interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. There are no Liens on any such property other than Liens permitted under Section 5.02(a). 

(a)        Each of the Borrower and its Subsidiaries owns, or is licensed to use, all
trademarks, tradenames, copyrights, patents and other intellectual property material to the business of the Borrower and its Subsidiaries taken as a whole, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of
any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 4.06        Litigation and Environmental
Matters.        There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the
Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions. 

(a)        Except for the Disclosed Matters and except with respect to any other
matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain
or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or
(iv) knows of any basis for any Environmental Liability. 
 (b)        Since
the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in a Material Adverse Effect. 

SECTION 4.07        Compliance with Laws and
Agreements.        Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property (including without
limitation any “margin” rules or regulations promulgated by the Board) and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

  
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 SECTION 4.08        Investment
Company Status.        Neither the Borrower nor any of its Material Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

SECTION 4.09        Taxes.        Each
of the Borrower and each of its Subsidiaries has timely filed or caused to be filed all material Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes due with respect thereto, except (a) Taxes that are
being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected
to result in a Material Adverse Effect. 
 SECTION
4.10        ERISA.        No ERISA Event has occurred or is reasonably expected to occur prior to the Maturity Date that, when taken together with all other such
ERISA Events for which the Borrower and any ERISA Affiliate has, or is reasonably expected to have, any liability, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under
each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of
such Plan by an amount that could reasonably be expected to result in a Material Adverse Effect, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of
Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans by an amount that could reasonably be
expected to result in a Material Adverse Effect. 
 SECTION
4.11        Disclosure.    None of the reports, financial statements, certificates or other written information furnished by or on behalf of the Borrower to the Administrative Agent
or any Lender in connection with the negotiation of this Agreement or delivered hereunder or thereunder (as modified or supplemented by other information so furnished), taken as a whole and when furnished, contain any material misstatement of fact
or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only
that such information was prepared in good faith based upon assumptions believed to be reasonable at the time so furnished (it being understood by the Administrative Agent and the Lenders that any such projections are subject to significant
uncertainties and contingencies, many of which are beyond the control of the Borrower or its Subsidiaries, that no assurances can be given that such projections will be realized and that actual results may differ materially from such projections).

 SECTION 4.12        Subsidiaries.    Schedule 4.12 to
the Disclosure Letter sets forth as of December 31, 2016 a list of all Subsidiaries and the percentage ownership interest of the Borrower therein. As of December 31, 2016, the shares of capital stock of such Subsidiaries will be fully paid and
non-assessable and such shares and other ownership interests so indicated by Schedule 4.12 to the Disclosure Letter will be owned by the Borrower, directly or indirectly, free and clear of all Liens. 

  
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 SECTION
4.13     Use of Proceeds.   The proceeds of the Advances shall be applied by the Borrower in accordance with the provisions of Section 2.16.

 SECTION 4.14    
Solvency.   On the date of the first Borrowing hereunder and immediately after giving effect to such Borrowing, (a) the fair value of the assets of the Borrower
and its Subsidiaries, on a consolidated basis, at a fair valuation, will exceed their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Borrower and its Subsidiaries, on a
consolidated basis, will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured;
(c) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur or do not believe they will incur debts and liabilities, subordinated, contingent or otherwise, beyond their ability to pay such debts and liabilities as
they become absolute and matured; and (d) the Borrower and its Subsidiaries, on a consolidated basis, will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and is
proposed to be conducted following the Closing Date. 
 SECTION 4.15     Anti-Corruption Laws
and Sanctions. 
 (a)     The Borrower has implemented and maintains in effect policies and
procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions in all material respects, and the Borrower, its
Subsidiaries and their respective officers and to the knowledge of the Borrower its directors and employees, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (i) the Borrower, any Subsidiary
or to the knowledge of the Borrower any of their respective directors, officers or employees, or (ii) to the knowledge of the Borrower, any agent of the Borrower or any agent of any Subsidiary that will act in any capacity in connection with or
benefit from the credit facility established hereby, is a Sanctioned Person. 
 (b)     No Borrowing or
use of proceeds thereof will violate any Anti-Corruption Law or applicable Sanctions in any material respect. 
 SECTION
4.16     EEA Financial Institution.   The Borrower is not an EEA Financial Institution. 

SECTION 4.17     Target Acquisition.   The Borrower has delivered to the Administrative
Agent a complete and correct copy of the Target Acquisition Documents, including all schedules and exhibits thereto. As of the date of this Agreement, the Target Acquisition Documents contain all of the material terms and conditions of the Target
Acquisition. 
 SECTION 4.18     Federal Reserve Regulations.   No part of the
proceeds of any Advance have been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 

  
 48 

 ARTICLE V 

COVENANTS 

SECTION 5.01     Affirmative Covenants.   So long as any Advance shall remain unpaid or
any Lender shall have any Commitment hereunder, the Borrower covenants and agrees with the Lenders that: 

(a)         Financial Statements and Other Information. The Borrower will
furnish to the Administrative Agent for distribution to the Lenders: 
 (i)
        within 70 days after the end of each fiscal year of the Borrower (or the number of days that is ten days more than such shorter period as may be required by the SEC), its audited consolidated balance
sheet and related statements of operations, shareholders’ equity and cash flows as of the end of and for such year, setting forth in each case comparative figures for the previous fiscal year, all reported on by KPMG LLP or other independent
public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit; provided that such report may contain a “going
concern” or like qualification or exception, or qualification arising out of the scope of the audit, if such qualification or exception is related solely from the classification of the Advances hereunder as short-term indebtedness during the
twelve-month period prior to the Maturity Date hereunder) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
 (ii)
        within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or the number of days that is five days more than such shorter period as may be
required by the SEC), its consolidated balance sheet and related statements of operations, shareholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year and statements of cash
flow for the then elapsed portion of the fiscal year, setting forth in each case comparative figures for the corresponding periods of the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material
respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of
footnotes; 
 (iii)         concurrently with any delivery of
financial statements under clause (i) or (ii) above, a certificate of a Financial Officer of the Borrower (x) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto, (y) setting forth reasonably detailed calculations demonstrating compliance with Section 5.02(e) and (z) stating whether any material change in GAAP or in the application
thereof has occurred since the date of the audited financial statements referred to in Section 4.04 affecting the Borrower and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such
certificate; 
 (iv)       concurrently with any delivery of financial
statements under clause (i) above, a certificate of the accounting firm that reported on such financial statements 

  
 49 

 
stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting
rules or guidelines); 
 (v)         promptly after the same become
publicly available, copies of all periodic and other material reports (other than reports relating to employee benefit matters or employment plans) and proxy statements filed by the Borrower or any Subsidiary with the SEC, or any Governmental
Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be, and all material amendments to any of the foregoing; and 

(vi)       promptly following any request therefor, such other information
regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent may reasonably request. 

Information required to be delivered pursuant to clauses (i), (ii) and (v) of this
Section 5.01(a) shall be deemed to have been delivered if such information, or one or more annual, quarterly or other periodic reports containing such information, shall have been posted by the Administrative Agent on an IntraLinks or similar
site to which the Lenders have been granted access or shall be available on the website of the SEC at http://www.sec.gov; provided that, for the avoidance of doubt, the Borrower shall be required to provide copies of the compliance
certificates required by clause (iii) of this Section 5.01(a) to the Administrative Agent. Information required to be delivered pursuant to this Section may also be delivered by electronic communications pursuant to procedures approved by
the Administrative Agent. The Borrower hereby acknowledges that the Administrative Agent and/or the Arranger will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively,
“Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar secure electronic system (the “Platform”). 

(b)         Notices of Material Events.   The Borrower will, upon
knowledge thereof by a Financial Officer or other executive officer, furnish to the Administrative Agent for distribution to the Lenders prompt written notice of the following: 

(i)         the occurrence of any Default; 

(ii)       the filing or commencement of any action, suit or proceeding by or
before any arbitrator or Governmental Authority against or affecting the Borrower or any Subsidiary thereof that could reasonably be expected to result in a Material Adverse Effect; 

(iii)      the occurrence of any ERISA Event that, alone or together with any other
ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its ERISA Affiliates in an aggregate amount that could reasonably be expected to result in a Material Adverse Effect; 

(iv)     details of any material breach of the terms of the Target Acquisition Documents
or any material claim made by or against the Borrower, or, to the best of its 

  
 50 

 
knowledge and belief (having made all reasonable enquiries), pending or threatened, under the terms of the Target Acquisition Documents; and 

(v)       any other development that results in, or could reasonably be
expected to result in, a Material Adverse Effect. 
 Each notice delivered under this Section shall be
accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Information
required to be delivered pursuant to clause (ii) of this Section 5.01(b) shall be deemed to have been delivered if such information, or one or more annual or quarterly or other periodic reports containing such information, shall have been
posted by the Administrative Agent on an IntraLinks or similar site to which the Lenders have been granted access or shall be available on the website of the SEC at http://www.sec.gov. Information required to be delivered pursuant to this Section
may also be delivered by electronic communications pursuant to procedures approved by the Administrative Agent. 

(c)         Existence; Conduct of Business.   The Borrower will, and
will cause each of its Material Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the
conduct of the business of the Borrower and its Subsidiaries, taken as a whole; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted pursuant to Section 5.02(b). 

(d)         Payment of Obligations.   The Borrower will, and will
cause each of its Subsidiaries to, pay its obligations, including material Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (i) the validity or
amount thereof is being contested in good faith by appropriate proceedings, (ii) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (iii) the failure to make
payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 

(e)         Maintenance of Properties; Insurance.   The Borrower
will, and will cause each of its Material Subsidiaries to, (i) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (ii) maintain, with financially
sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations; provided that any such
insurance may be maintained through a program of self-insurance to the extent deemed prudent by the Borrower in its reasonable business judgment (which determination shall take into account the self-insurance practices customary among such
companies, to the extent the Borrower has knowledge thereof without any investigation). 

(f)         Books and Records; Inspection Rights.   The Borrower
will, and will cause each of its Material Subsidiaries to, keep proper books of record and account in accordance with GAAP (or, the case of a foreign Subsidiary, generally accepted accounting principles in the

  
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jurisdiction of organization of such foreign Subsidiary). The Borrower will, and will cause each of its Material Subsidiaries to, permit any representatives designated by the Administrative Agent
on its own initiative or at the request of the Required Lenders, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its
officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided that, unless an Event of Default has occurred and is continuing, such visitation and inspection rights may only be exercised
once per calendar year at the expense of the Borrower. 
 (g)         Compliance
with Laws.   The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including ERISA), except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures reasonably designed to promote compliance by the Borrower,
its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions in all material respects. 

(h)         Use of
Proceeds.   The proceeds of the Advances will be used in accordance with the provisions of Section 2.16. No part of the proceeds of any Advance will be used, whether
directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X. No Borrower will request any Borrowing, and no Borrower shall use, and the Borrower shall procure that its
Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing (i) for payments to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding,
financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation
incorporated in the United States or in a European Union member state or (iii) in any other manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 5.02     Negative
Covenants.   So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Borrower covenants and agrees with the Lenders that:

 (a)         Liens, Etc. The Borrower will not, and
will not permit any Subsidiary to create incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except: 

(i)         Permitted Encumbrances; 

(ii)       any Lien on any property or asset of the Borrower or any Subsidiary
existing on the date hereof and set forth in Schedule 5.02(a)(ii) to the Disclosure Letter and any modifications, renewals and extensions thereof and any Lien on such property or asset granted as a replacement or substitute therefor;
provided that (x) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary other than improvements thereon or proceeds from the disposition of such asset and (y) such Lien shall secure only those
obligations which it secures on the date hereof and extensions, renewals, refinancings and replacements thereof that do not increase the outstanding 

  
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principal amount thereof (other than by an amount equal to any costs and expenses incurred in connection with such extension, renewal, refinancing or replacement); 

(iii)      any Lien existing on any property or asset prior to the acquisition
thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary or any Lien on any asset of any Person existing at the
time such Person is merged into or consolidated with the Borrower or a Subsidiary and any modifications, renewals or extensions of such Lien on such property or asset; provided that (x) such Lien is not created in contemplation of or in
connection with such acquisition or such Person becoming a Subsidiary or such merger, as the case may be, (y) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary other than improvements thereon or proceeds
from the disposition of such asset and (z) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary or the date of such merger, as the case may be, and
extensions, renewals, refinancings and replacements thereof that do not increase the outstanding principal amount thereof (other than by an amount equal to any costs and expenses incurred in connection with such extension, renewal, refinancing or
replacement); 
 (iv)     any Lien on any asset (x) initially securing
Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring or constructing such asset or (y) securing Indebtedness incurred to extend, renew, refinance or replace the Indebtedness then secured by such
Lien, provided that (I) such Lien attaches to such asset concurrently with or within 180 days after the acquisition thereof or the completion of such construction and (II) the principal amount of Indebtedness secured by such
Lien shall not be increased in connection with any extension, renewal, refinancing or replacement of such Indebtedness (other than by an amount equal to any costs and expenses incurred in connection with such extension, renewal, refinancing or
replacement); 
 (v)      any Lien arising in connection with the financing of
accounts receivable by the Borrower or any of its Subsidiaries, provided that the uncollected amount of account receivables subject at any time to any such financing shall not exceed $150,000,000; 

(vi)     any Lien on any property sold or transferred pursuant to a transaction permitted
under Section 5.02(d); 
 (vii)     in the case of any joint venture, any put and
call arrangements related to its equity interests set forth in its organizational documents or any related joint venture or similar agreement; 

(viii)    Liens on assets arising in connection with the sale or transfer of such assets in a
transaction permitted hereunder and customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof; 

(ix)     Liens on earned money deposits of cash or cash equivalents made in connection
with any proposed acquisition or other investment not prohibited hereunder; 

  
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 (x)         any interest
or title of a lessor under any lease or sublease entered into by the Borrower or any Subsidiary in the ordinary course of its business and other statutory and common law landlords’ liens under leases; 

(xi)       any interest or title of a licensor under any license or
sublicense entered into by the Borrower or any Subsidiary as a licensee or sublicensee (A) existing on the date hereof or (B) in the ordinary course of its business; 

(xii)     Liens in the nature of the right of setoff in favor of counterparties to
contractual agreements with the Borrower or any Subsidiary in the ordinary course of business; 

(xiii)    Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 

(xiv)    any Lien in favor of the Borrower or any Subsidiary granted by the Borrower or
any Subsidiary in order to secure any intercompany obligations; 
 (xv)     any
Lien granted or arising in connection with any legal proceeding to the extent such proceeding has not resulted in an Event of Default under Section 6.01(k) or any Lien securing appeal or surety bonds related to such legal proceedings; and 

(xvi)    any Lien to secure Indebtedness and other obligations if, at any date,
immediately after the incurrence thereof, the sum (without duplication) of all amounts secured by Liens which would not be permitted but for this clause (xvi) does not exceed $100,000,000. 

(b)        Mergers, Etc. 

(i)       The Borrower will not (x) merge or consolidate with any
other Person or (y) permit any Designated Subsidiary to merge or consolidate with any other Person, except that (1) the Borrower and any Designated Subsidiaries may merge into or consolidate with each other, (2) the Borrower may merge
or consolidate with any other Person in accordance with subsection (ii) and (3) any Designated Subsidiary may merge or consolidate with any other Person so long as the surviving entity of such merger or consolidation is a Designated
Subsidiary. The Borrower will not, and will not permit any Designated Subsidiary to, liquidate or dissolve; 

(ii)      (x)    The Borrower will not sell, transfer,
lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of the Borrower and its consolidated Subsidiaries, taken as a whole, or all or substantially all of the stock or other equity
interests of any Designated Subsidiary and (y) the Borrower will not permit any Designated Subsidiary to sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of
such Designated Subsidiary and its subsidiaries, taken as a whole, except (1) the Borrower and any Designated Subsidiaries may consummate any transaction described in clause (x) or (y) with the Borrower or any other Designated
Subsidiary and (2) the Borrower may consummate any transaction described in clause (x) in accordance with clause (iii) of this Section 5.02(b); 

  
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 (iii)    The Borrower may consummate any of
the transactions described in clauses (i)(x) and (ii)(x) of this Section 5.02(b) if (x) the surviving corporation in any such merger or consolidation or the Person which acquires all or substantially all of the assets of the Borrower
and its consolidated Subsidiaries or all or substantially all of this capital stock or other equity interests of a Designated Subsidiary shall be a corporation organized and existing under the laws of the United States of America, any state thereof
or the District of Columbia (the “Successor Corporation”) and shall expressly assume, pursuant to documentation in form reasonably satisfactory to the Administrative Agent, the due and punctual payment of the principal of and
interest on the Advances and all other amounts payable under this Agreement and the payment and performance of every covenant hereof on the part of the Borrower to be performed or observed; (y) immediately after giving effect to such
transaction, no Default shall have occurred and be continuing; and (z) immediately after giving effect to such transaction, (I) the Borrower and its Subsidiaries are in compliance, on a pro-forma basis, with the covenant contained in
Section 5.02(e) recomputed as of the last day of the most recently ended fiscal quarter of the Borrower, as if such transaction had occurred on the first day of each relevant period for testing such compliance and (II) the Borrower shall
have delivered to the Administrative Agent, at least 10 Business Days prior to the consummation of any such transaction, a certificate of a Financial Officer of the Borrower certifying that the condition precedent set forth in clause (z)(I)
with respect to such transaction will be complied with and setting forth in reasonable detail the calculations required to demonstrate such compliance and the assumptions used by the Borrower to make such calculations; 

(iv)    [Reserved]; and 

(v)     The Borrower will not, and will not permit any of its Subsidiaries to, engage to
any material extent in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the Effective Date and businesses reasonably related or complementary thereto. 

(c)        Transactions with Affiliates. The Borrower will not, and will not
permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, unless
such transaction is (i) on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties (considering such transactions and all other related
transactions as a whole), (ii) approved by a majority of the disinterested members of the board of directors of the Borrower or (iii) between or among the Borrower and its Subsidiaries. Notwithstanding the foregoing, the Borrower may do
the following: (v) pay customary fees and indemnifications to directors of Borrower and its Subsidiaries; (x) enter into, and may make payments under, employment agreements, employee benefits plans, stock option plans, indemnification
provisions and other similar compensatory arrangements with officers, employees and directors of the Borrower and its Subsidiaries in the ordinary course of business; (y) enter into or make payments under leases or subleases of property in the
ordinary course of business not materially interfering with the business of the Borrower and the Subsidiaries taken as a whole; and (z) enter into any transaction with an Affiliate where the only consideration paid consists of Equity Interests
(other than Disqualified Equity Interests) of the Borrower. 
 (d)    Sale and Lease-Back
Transactions. The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into any arrangement with any Person (other than a Subsidiary) whereby it shall sell or transfer any property used or useful in
its business, whether now 

  
 55 

 
owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for substantially the same purpose or purposes as the property being sold or
transferred, except for any such arrangement or arrangements with an aggregate sale price not exceeding at any time $100,000,000. 

(e)      Total Debt to EBITDA Ratio. The Total Debt to EBITDA Ratio will not exceed
(i) 4.5 to 1.0 as of the end of the first three consecutive fiscal quarters immediately following the Closing Date and (ii) 4.0 to 1.0 as of the end of the fourth fiscal quarter immediately following the Closing Date and each fiscal
quarter thereafter. 
 (f)      Target Acquisition Documents. 

(i)      The Borrower will not amend or otherwise modify the Target Acquisition Agreement
in any manner that is materially adverse to the interests of the Lenders without the consent of the Administrative Agent. 

(ii)     The Borrower shall promptly upon written request from the Administrative Agent
supply to the Administrative Agent a copy of any amendment or modification referred to in the immediately preceding clause (f)(i). 
 ARTICLE
VI 
 EVENTS OF DEFAULT 

SECTION 6.01         Events of Default.   If any of the following events (“Events of Default”) shall occur and be continuing: 

(a)     the Borrower shall fail to pay any principal of any Advance when and as the same shall become due
and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b)     the Borrower shall fail to pay any interest on any Advance or any fee or any other amount (other
than an amount referred to in clause (a) of this Article) payable by the Borrower under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days; 

(c)     any representation or warranty made or deemed made by or on behalf of the Borrower or any
Subsidiary in or in connection with this Agreement, or any amendment or modification hereof, or in any certificate or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof, shall prove to
have been incorrect in any material respect when made or deemed made; 
 (d)     the Borrower shall
fail to observe or perform any covenant, condition or agreement contained in Section 5.01(b)(i), 5.01(c) (with respect to the Borrower’s existence), 5.01(h), in Section 5.02 or in Section 9.11(b); 

(e)     the Borrower shall fail to observe or perform any covenant, condition or agreement contained in
this Agreement (other than those specified in clause (a), (b), (c) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent (given at the
request of any Lender) to the Borrower; 

  
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 (f)     the Borrower or any Subsidiary shall fail to make
any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect to any grace period applicable thereto); 

(g)      any event or condition occurs that results in any Material Indebtedness becoming due prior to
its scheduled maturity; provided that this clause (g) shall not apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness (so long as such
Indebtedness is paid when due (or within any applicable grace period)) or (ii) any Indebtedness that is mandatorily prepayable prior to the scheduled maturity thereof with the proceeds of the issuance of capital stock, the incurrence of other
Indebtedness or the sale or other disposition of any assets, so long as such Indebtedness is so prepaid in full with such proceeds when due (or within any applicable grace period) and such event shall not have otherwise resulted in an event of
default with respect to such Indebtedness; 
 (h)      an involuntary proceeding shall be commenced or
an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a
substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i)      the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in
a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the
Borrower or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of
creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (j)     
the Borrower or any Material Subsidiary shall become unable, admit in writing or fail generally to pay its debts as they become due; 

(k)      one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000
(excluding any amount of such judgment as to which an Acceptable Insurer has acknowledged liability) shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain unpaid or undischarged for a period of
60 consecutive days during which execution shall not be effectively stayed, or any action, which shall not be effectively stayed, shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to
enforce any such judgment; 
 (l)      an ERISA Event shall have occurred that, in the reasonable
opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its ERISA Affiliates in an aggregate amount that could reasonably be
expected to result in a Material Adverse Effect; 
 (m)      [reserved]; 

  
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 (n)       a Change in Control shall occur; or 

(o)      (i) the Borrower shall have merged or consolidated with any Person or any Person shall have
acquired all or substantially all of the assets of the Borrower and its consolidated Subsidiaries, taken as a whole, or all or substantially all of the capital stock or other equity interests of any Designated Subsidiary, (ii) either the
Borrower or the Person with which it is merging or consolidating or the Person which is acquiring such assets or capital stock or other equity interests shall at the time of such merger or consolidation or acquisition have been rated by a rating
agency and (iii) the Successor Corporation shall not have in effect a rating of at least Baa1 from Moody’s or BBB+ from S&P on the 90th day following the consummation of such merger or consolidation or acquisition, as the case may be;

 then, and in any such event (subject to Section 3.03), the Administrative Agent (i) shall at the request, or may with the
consent, of the Required Lenders, by notice to the Borrower, declare the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the
Required Lenders, by notice to the Borrower, declare the Advances, all interest thereon and all other amounts payable under this Agreement to be forthwith due and payable, whereupon the Advances, all such interest and all such amounts shall become
and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, (but for the avoidance of doubt, always subject to
Section 3.03) that in the event of an Event of Default under Section 6.01(h) or (i), (A) the Commitment of each Lender shall automatically be terminated and (B) the Advances, all such interest and all such amounts shall
automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. 

Notwithstanding anything in this Agreement to the contrary, for a period commencing on the Closing Date and ending on the date
falling 120 days after the Closing Date (the “Clean-up Date”), notwithstanding any other provision of any Loan Document, any breach of covenants, misrepresentation or other default which arises with respect to the Target Group will
be deemed not to be a breach of representation or warranty, a breach of covenant or an Event of Default, as the case may be, if: 

(i)       it is capable of remedy and reasonable steps are being taken to remedy it; 

(ii)      the circumstances giving rise to it have not knowingly been procured by or approved by the
Borrower; and 
 (iii)     it is not reasonably likely to have a material adverse effect on the Borrower
and its Subsidiaries, on a consolidated basis. 
 If the relevant circumstances are continuing on or after the Clean-up Date, there shall be
a breach of representation or warranty, breach of covenant or Event of Default, as the case may be, notwithstanding the above. 
 ARTICLE VII

 THE ADMINISTRATIVE AGENT 

SECTION 7.01     Authorization and Action.   Each Lender hereby irrevocably appoints JPMorgan Chase Bank, N.A. (or an Affiliate thereof designated by it) to act on its behalf

  
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as the Administrative Agent hereunder and authorizes the Administrative Agent to take such actions on its behalf and to exercise such
powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article VII (other than the third sentence of Section 7.04) are solely
for the benefit of the Administrative Agent and the Lenders, and the Borrower shall not have rights as a third party beneficiary of any of such provisions (other than the third sentence of Section 7.04). 

SECTION 7.02      Administrative Agent Individually.   The Person serving as
the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity as a Lender. Such Person and its Affiliates may accept deposits from,
own securities of, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any member of the Consolidated Group or other Affiliate thereof as if such Person were not the
Administrative Agent hereunder and without any duty to account therefor to the Lenders. 
 SECTION
7.03      Duties of Administrative Agent; Exculpatory Provisions. 

(a)      The Administrative Agent’s duties hereunder and under the other Loan Documents
are solely ministerial and administrative in nature, and the Administrative Agent shall not have any duties or obligations except those expressly set forth herein or in any other Loan Document. Without limiting the generality of the foregoing, the
Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the
written direction of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in any other Loan Document); provided that the Administrative Agent shall not be required to take any
action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent or any of its Affiliates to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt, any action that
may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law. 

(b)      The Administrative Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as
provided in Section 9.01 or 6.01) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until the Borrower or
any Lender shall have given notice to the Administrative Agent describing such Default or Event of Default. 

(c)      The Administrative Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty, representation or other information made or supplied in or in connection with this Agreement or any other Loan Document or the information memorandum distributed in connection with the syndication of
the Commitments and Advances hereunder, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection 

  
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herewith or therewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or
(v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

(d)      Nothing in this Agreement or any other Loan Document shall require the Administrative
Agent or any of its Related Parties to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender, and each Lender confirms to the Administrative Agent that it is solely responsible for any such
checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Administrative Agent or any of its Related Parties. 

SECTION 7.04      Reliance by Administrative Agent. The Administrative Agent shall be
entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been
made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the Effective Date, the making of any Advance or the Closing Date that by its terms must be fulfilled to the
satisfaction of a Lender, each Lender shall be deemed to have consented to, approved or accepted such condition unless (i) an officer of the Administrative Agent responsible for the transactions contemplated hereby shall have received notice to
the contrary from such Lender prior to the occurrence of the Effective Date, the making of such Advance or the Closing Date, as applicable, and (ii) in the case of a condition to the making of an Advance, such Lender shall not have made
available to the Administrative Agent such Lender’s ratable portion of such Borrowing. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and
shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 7.05      Delegation of Duties. The Administrative Agent may perform any and all
of its duties and exercise its rights and powers hereunder by or through any one or more sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights
and powers by or through their respective Related Parties. Each such sub agent and the Related Parties of the Administrative Agent and each such sub agent shall be entitled to the benefits of all provisions of this Article VII and
Section 9.04 (as though such sub-agents were the “Administrative Agent” under this Agreement) as if set forth in full herein with respect thereto. 

SECTION 7.06      Resignation of Administrative Agent. 

(a)      The Administrative Agent may at any time give notice of its resignation to the Lenders
and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right (with the consent of the Borrower, provided that no consent of the Borrower shall be required if an Event of Default has occurred and is
continuing), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United 

  
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States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of
its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders (and with the
consent of the Borrower, provided that no consent of the Borrower shall be required if an Event of Default has occurred and is continuing), appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a
successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b)      If the Person serving as Administrative Agent is a Defaulting Lender pursuant to
clause (d) of the definition thereof, such Person shall automatically and without the taking of any action by any Person, be removed as Administrative Agent on the date that is 30 days following the date such Person became a Defaulting Lender
(or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”). In connection therewith, the Required Lenders, in consultation with the Borrower, shall appoint a successor. If no such successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment on or prior to the Removal Effective Date, then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 (c)      With effect from the Resignation Effective Date or the Removal Effective Date (as
applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii) except for any indemnity payments owed to the retiring or removed
Administrative Agent, all payments, communications and determinations to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor
Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations
hereunder and under the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article VII and Section 9.04 shall continue in effect for the benefit of such retiring or removed
Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 

SECTION 7.07      Non-Reliance on Administrative
Agent and Other Lenders.   Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and not investments in a business enterprise or securities. Each Lender further represents that it is
engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent, any arranger of the credit facilities evidenced by this Agreement or any other
Lender and their respective Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Advances
hereunder. Each Lender shall, independently and without reliance upon the Administrative Agent, any arranger of the credit facilities evidenced by this Agreement or any amendment thereof or any other Lender and their respective Related Parties and
based on such documents and information (which may contain material, non-public 

  
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information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer
its rights, interests and obligations hereunder. 
 SECTION 7.08    Indemnification.
  The Lenders agree to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower), ratably according to the respective principal amounts of the Advances made by each of them (or, if no Advances are at the time
outstanding, ratably according to the respective amounts of their Commitments), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature
whatsoever that may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any of the transactions contemplated hereby or any action taken or omitted by the Administrative
Agent under this Agreement, in each case, acting in the capacity of Administrative Agent; provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent promptly upon demand for its ratable share
of any out-of-pocket expenses (including reasonable counsel fees) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or
enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the Administrative Agent is not promptly reimbursed for such expenses
by the Borrower. 
 SECTION 7.09      Lenders. None of the Lenders identified on the
facing page or signature pages of this Agreement as an “arranger” or “book runner” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as
such. Without limiting the foregoing, none of the Lenders so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders so
identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 
 ARTICLE VIII 

[RESERVED] 
 ARTICLE IX

 MISCELLANEOUS 

SECTION 9.01      Amendments, Etc. 

(a)      No amendment or waiver of any provision of this Agreement, nor consent to any
departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders and the Borrower and acknowledged by the Administrative Agent,

  
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and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or
consent shall, unless in writing, do any of the following: 
 (i)      waive
any of the conditions specified in Section 3.01 or 3.02 unless signed by each Lender directly and adversely affected thereby; 

(ii)    increase or extend the Commitments of a Lender or subject a Lender to any
additional obligations, unless signed by such Lender; 
 (iii)    reduce the principal
of, or stated rate of interest on, the Advances, the stated rate at which any fees hereunder are calculated or any other amounts payable hereunder, unless signed by each Lender directly and adversely affected thereby; provided that only the
consent of the Required Lenders shall be necessary to amend the definition of “Default Interest” or to waive any obligation of the Borrower to pay Default Interest; 

(iv)     postpone any date fixed for any payment of principal of, or interest on, the
Advances or any fees or other amounts payable hereunder, unless signed by each Lender directly and adversely affected thereby; 

(v)    change the percentage of the Commitments or of the aggregate unpaid principal
amount of the Advances, or the number of Lenders, that, in each case, shall be required for the Lenders or any of them to take any action hereunder, unless signed by all Lenders; or 

(vi)      amend this Section 9.01, unless signed by all Lenders; 

and provided further that no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in
addition to the Lenders required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement. Notwithstanding the foregoing, the Administrative Agent and the Borrower may amend any Loan Document to correct
any errors, mistakes, omissions, defects or inconsistencies, or to effect administrative changes that are not adverse to any Lender, and such amendment shall become effective without any further consent of any other party to such Loan Document other
than the Administrative Agent and the Borrower. 
 (b)      If, in connection with any
proposed amendment, waiver or consent requiring the consent of “all Lenders,” “each Lender” or “each Lender directly and adversely affected thereby,” the consent of the Required Lenders is obtained, but the consent of
other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower may elect to
replace a Non-Consenting Lender as a Lender party to this Agreement; provided that, concurrently with such replacement, (i) another bank or other entity (which is reasonably satisfactory to the
Borrower and the Administrative Agent) shall agree, as of such date, to purchase at par for cash the Advances and other obligations under the Loan Documents due to the Non-Consenting Lender pursuant to an
Assignment and Acceptance and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date, and (ii) the Borrower
shall pay to such Non-Consenting Lender in same day funds on the day of such replacement all principal, interest, fees and other amounts then accrued but unpaid to such
Non-Consenting Lender by the Borrower to and including the date of termination. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a

  
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waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

SECTION 9.02      Notices, Etc. (a) All notices and other communications provided
for hereunder shall be in writing (including telecopier) and mailed, telecopied or delivered, if to the Borrower or the Administrative Agent, to the address, telecopier number or if applicable, electronic mail address, specified for such Person on
Schedule II; or, as to the Borrower or the Administrative Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to each other party, at such other address as shall be designated by such
party in a written notice to the Borrower and the Administrative Agent. All such notices and communications shall, when mailed or telecopied, be effective three Business Days after being deposited in the mails, postage prepaid, or upon confirmation
of receipt (except that if electronic confirmation of receipt is received at a time that the recipient is not open for business, the applicable notice or communication shall be effective at the opening of business on the next business day of the
recipient), respectively, except that notices and communications to the Administrative Agent pursuant to Article II, III or VII shall not be effective until received by the Administrative Agent. Delivery by telecopier or other
electronic communication of an executed counterpart of any amendment or waiver of any provision of this Agreement or of any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery of a manually executed counterpart
thereof. 
 (b)    Electronic Communications. Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the
foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent
or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function,
as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication
shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c)      THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND,
EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY
AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the 

  
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Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person for losses, claims,
damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such
losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided,
however, that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(d)    Each Lender agrees that notice to it (as provided in the next sentence) (a
“Notice”) specifying that any communication has been posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement. Each Lender agrees to
notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such Lender. 
 (e)    If any
notice required under this Agreement is permitted to be made, and is made, by telephone, actions taken or omitted to be taken in reliance thereon by the Administrative Agent or any Lender shall be binding upon the Borrower notwithstanding any
inconsistency between the notice provided by telephone and any subsequent writing in confirmation thereof provided to the Administrative Agent or such Lender; provided that any such action taken or omitted to be taken by the Administrative
Agent or such Lender shall have been in good faith and in accordance with the terms of this Agreement. 

(f)    With respect to notices and other communications hereunder from the Borrower to any Lender, the
Borrower shall provide such notices and other communications to the Administrative Agent, and the Administrative Agent shall promptly deliver such notices and other communications to any such Lender in accordance with subsection (b) above or
otherwise. 
 SECTION 9.03      No Waiver; Remedies.   No failure on the
part of any Lender or the Administrative Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by applicable law. 

SECTION 9.04      Costs and Expenses. (a) The Borrower agrees to pay, upon demand,
all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery, administration,
modification and amendment of this Agreement and the other documents to be delivered hereunder, including, (i) all due diligence, syndication (including printing and distribution), duplication and messenger costs and (ii) the
reasonable and documented fees and expenses of a single primary counsel (and a local counsel in each relevant jurisdiction) for the Administrative Agent with respect thereto and with respect to advising the Administrative Agent as to its rights and
responsibilities under this Agreement. The Borrower further agrees to pay, upon demand, all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent and the Lenders, if any, in
connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement and the other documents to be delivered hereunder, including, without limitation, reasonable and documented fees and expenses of a
single primary counsel and an 

  
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additional single local counsel in any local jurisdictions for the Administrative Agent and the Lenders and, in the case of an actual or perceived conflict of interest where the Administrative
Agent notifies the Borrower of the existence of such conflict, one additional counsel, in connection with the enforcement of rights under this Agreement. 

(b)      The Borrower agrees to indemnify and hold harmless the Administrative Agent and each
Lender and each of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, penalties, liabilities and expenses
(provided, that, the Borrower’s obligations to the Indemnified Parties in respect of fees and expenses of counsel shall be limited to the reasonable fees and expenses of one counsel for all Indemnified Parties, taken together, (and, if
reasonably necessary, one local counsel in any relevant jurisdiction) and, solely in the case of an actual or potential conflict of interest, of one additional counsel for all Indemnified Parties, taken together (and, if reasonably necessary, one
local counsel in any relevant jurisdiction) (all such claims, damages, losses, penalties, liabilities and reasonable expenses being, collectively, the “Losses”) that may be incurred by or asserted or awarded against any Indemnified Party,
in each case arising out of or in connection with or by reason of, or in connection with the preparation for a defense of, any investigation, litigation or proceeding arising out of, related to or in connection with (i) this Agreement, any of
the transactions contemplated hereby or the actual or proposed use of the proceeds of the Advances or (ii) the actual or alleged presence of Hazardous Materials on any property of the Consolidated Group or any Environmental Liability relating
in any way to the Consolidated Group, in each case whether or not such investigation, litigation or proceeding is brought by the Borrower, its directors, shareholders or creditors or an Indemnified Party or any other Person or any Indemnified Party
is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated, except to the extent Losses (A) are found in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from the
gross negligence, bad faith or willful misconduct of such Indemnified Party or any of its Affiliates (including any breach of its obligations under this Agreement as determined pursuant to a claim initiated by the Borrower), (B) result from any
dispute between an Indemnified Party and one or more other Indemnified Parties (other than against the Administrative Agent or Arranger acting in such a role) or (C) result from the claims of one or more Lenders solely against one or more other
Lenders (and not claims by one or more Lenders against the Administrative Agent acting in its capacity as such except, in the case of Losses incurred by the Administrative Agent or any Lender as a result of such claims, to the extent such Losses are
found in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence, bad faith or willful misconduct (including any breach of its obligations under this Agreement)) not
attributable to any actions of a member of the Consolidated Group and for which the members of the Consolidated Group otherwise have no liability. The Borrower further agrees that no Indemnified Party shall have any liability (whether direct or
indirect, in contract, tort or otherwise) to the Borrower or any of its shareholders or creditors for or in connection with this Agreement or any of the transactions contemplated hereby or the actual or proposed use of the proceeds of the Advances,
except to the extent such liability is found in a final nonappealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence, bad faith or willful misconduct (including any breach of its
obligations under this Agreement). In no event, however, shall any Indemnified Party be liable on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or
anticipated savings). Notwithstanding the foregoing, this section 9.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 (c)      If any payment of principal of, or Conversion of, any Eurocurrency Rate Advance
is made by the Borrower to or for the account of a Lender other than on the last day of the Interest Period for such Advance, as a result of (i) a payment or Conversion pursuant to Section 2.06,

  
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2.08(d), 2.08(e), 2.10 or 2.12, (ii) acceleration of the maturity of the Advances pursuant to Section 6.01, (iii) a payment by an Eligible Assignee to any Lender other than on the last day
of the Interest Period for such Advance upon an assignment of the rights and obligations of such Lender under this Agreement pursuant to Section 9.07 as a result of a demand by the Borrower pursuant to Section 9.07(a) or (iv) for any other
reason, the Borrower shall, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional
reasonable losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion or as a result of any inability to Convert or exchange in the case of Section 2.08 or 2.12, including, without limitation, any
reasonable loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. 

(d)      Without prejudice to the survival of any other agreement of the Borrower hereunder,
the agreements and obligations of the Borrower contained in Sections 2.11, 2.14 and 9.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder. 

SECTION 9.05    Right of Setoff. Subject to Section 3.03, upon (a) the occurrence and
during the continuance of any Event of Default and (b) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Advances due and payable pursuant to the
provisions of Section 6.01, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter
existing under this Agreement, whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender agrees promptly to notify the Borrower after any such setoff and application is
made by such Lender; provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender and its Affiliates under this Section 9.05 are in addition to other rights and remedies
(including, without limitation, other rights of setoff) that such Lender and its Affiliates may have. 
 SECTION
9.06      Binding Effect. This Agreement shall become effective upon the satisfaction (or waiver in accordance with Section 9.01) of the conditions set forth in Section 3.01 and, thereafter,
shall be binding upon and inure to the benefit of, and be enforceable by, the Borrower, the Administrative Agent and each Lender and their respective successors and permitted assigns, except that the Borrower shall have no right to assign its rights
hereunder or any interest herein without the prior written consent of the Lenders, and any purported assignment without such consent shall be null and void. 

SECTION 9.07      Assignments and Participations. (a) Each Lender may, with the
consent of the Borrower and the Administrative Agent, which consents shall not be unreasonably withheld or delayed (it being agreed that notwithstanding anything herein, including the proviso set forth below, during the Certain Funds Period the
Borrower may withhold such consent in its sole discretion unless a Certain Funds Default is continuing) and, in the case of the Borrower, (A) shall not be required while an Event of Default under Section 6.01 (a), (b), (h),
(i) or (j) has occurred and is continuing (or during the Certain Funds Period a Certain Funds Default) has occurred and is continuing and (B) shall be deemed given if the Borrower shall not have objected

  
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within 10 Business Days following its receipt of notice of such assignment (and, within five days after demand by the Borrower (with a copy of such demand to the Administrative Agent) to
(i) any Defaulting Lender, (ii) any Lender that has made a demand for payment pursuant to Section 2.11 or 2.14, (iii) any Lender that has asserted pursuant to Section 2.08(b) or 2.12 that it is impracticable or unlawful
for such Lender to make Eurocurrency Rate Advances or (iv) any Lender that fails to consent to an amendment or waiver hereunder for which consent of all Lenders (or all affected Lenders) is required and as to which the Required Lenders
shall have given their consent, such Lender will), assign to one or more Persons (other than natural persons) all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and
the Advances owing to it); provided, however, that: 

(A)      such consent shall not be required in the case of an assignment to any
other Lender or an Affiliate of any Lender, provided that notice thereof shall have been given to the Borrower and the Administrative Agent; 

(B)      each such assignment shall be of a constant, and not a varying,
percentage of all rights and obligations under this Agreement; 

(C)      except in the case of an assignment to a Person that, immediately prior
to such assignment, was a Lender or an assignment of all of a Lender’s rights and obligations under this Agreement associated with a particular Class, the amount of the Commitment of the assigning Lender being assigned pursuant to each such
assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $25,000,000 or an integral multiple of $5,000,000 in excess thereof; 

(D)      each such assignment shall be to an Eligible Assignee; 

(E)      each such assignment made as a result of a demand by the Borrower
pursuant to this Section 9.07(a) shall be arranged by the Borrower with the approval of the Administrative Agent (which approval shall not be unreasonably withheld) and shall be either an assignment of all of the rights and obligations of the
assigning Lender under this Agreement or an assignment of a portion of such rights and obligations made concurrently with another such assignment or other such assignments that, in the aggregate, cover all of the rights and obligations of the
assigning Lender under this Agreement; 
 (F)      no Lender shall be
obligated to make any such assignment as a result of a demand by the Borrower pursuant to this Section 9.07(a), (1) so long as a Default shall have occurred and be continuing and (2) unless and until such Lender shall have received one or more
payments from one or more Eligible Assignees in an aggregate amount at least equal to the aggregate outstanding principal amount of the Advances owing to such Lender, together with accrued interest thereon to the date of payment of such principal
amount, and from the Borrower or one or more Eligible Assignees in an aggregate amount equal to all other amounts accrued to such Lender under this Agreement (including, without limitation, any amounts owing under Sections 2.11, 2.14 or 9.04(c)) and
(3) unless and until the Borrower shall have paid (or caused to be paid) to the Administrative Agent a processing and recordation fee of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect
to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and 

  
 68 

 (G)      the parties to each such
assignment (other than, except in the case of a demand by the Borrower pursuant to this Section 9.07(a), the Borrower) shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and
Acceptance and, if such assignment does not occur as a result of a demand by the Borrower pursuant to this Section 9.07(a) (in which case the Borrower shall pay the fee required by subclause (F)(3) of this Section 9.07(a)), a processing and
recordation fee of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire. 
 Upon such execution, delivery, acceptance and recording, from and
after the effective date specified in each Assignment and Acceptance, (x) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and
Acceptance, have the rights and obligations of a Lender hereunder and (y) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish
its rights and be released from its obligations under this Agreement, except that such assigning Lender shall continue to be entitled to the benefit of Section 9.04(a) and (b) with respect to matters arising out of the prior involvement of such
assigning Lender as a Lender hereunder (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

 (b)    By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and
the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: 

(i)      other than as provided in such Assignment and Acceptance, such
assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; 

(ii)      such assigning Lender makes no representation or warranty and assumes
no responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its obligations under this Agreement or any other instrument or document furnished pursuant hereto; 

(iii)      such assignee confirms that it has received a copy of this Agreement,
together with copies of the financial statements referred to in Section 4.04 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; 

(iv)      such assignee will, independently and without reliance upon the
Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; 

(v)      such assignee confirms that it is an Eligible Assignee; 

  
 69 

 (vi)      such assignee appoints
and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers and
discretion as are reasonably incidental thereto; and 
 (vii)      such
assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender. 

(c)      Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and
an assignee representing that it is an Eligible Assignee, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit B hereto, (i) accept such Assignment and
Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. 

(d)      The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at its address referred to in Section 9.02(a) a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the
names and addresses of the Lenders and the Commitment of, and principal amount (and stated interest) of the Advances owing to, each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and
binding for all purposes, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall
be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. 

(e)      Each Lender may sell participations to one or more banks or other entities (other than
the Borrower or any of its Affiliates or any natural person) in or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the Advances owing to it) without the
consent of the Administrative Agent or the Borrower; provided, however, that: 

(i)      such Lender’s obligations under this Agreement (including,
without limitation, its Commitment) shall remain unchanged; 
 (ii)      such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; 

(iii)      such Lender shall remain the Lender of any such Advance for all
purposes of this Agreement; 
 (iv)      the Borrower, the Administrative
Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement; and 

(v)      no participant under any such participation shall have any right to
approve any amendment or waiver of any provision of this Agreement, or any consent to any departure by the Borrower herefrom or therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or stated rate of
interest on, the Advances or the stated rate at which any fees or any other amounts payable hereunder are calculated, in each case to the extent subject to such participation, or postpone any date 

  
 70 

 
fixed for any payment of principal of, or interest on, the Advances or any fees or any other amounts payable hereunder, in each case to the extent subject to such participation. 

Each Lender shall promptly notify the Borrower after any sale of a participation by such Lender pursuant to this Section 9.07(e);
provided that the failure of such Lender to give notice to the Borrower as provided herein shall not affect the validity of such participation or impose any obligations on such Lender or the applicable participant. 

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent
of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Advances or other obligations under the Loan Documents (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a
participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its
capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 The Borrower agrees that each
participant shall be entitled to the benefits of Sections 2.11, 2.14 and 9.04(c) (subject to the requirements and limitations therein, including the requirements under Sections 2.14(f) (it being understood that the documentation required under
Section 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such participant
(A) agrees to be subject to the provisions of Section 2.20 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.11 or 2.14, with respect
to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the participant acquired the applicable
participation. 
 (f)      Any Lender may, in connection with any assignment or participation
or proposed assignment or participation pursuant to this Section 9.07, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrower furnished to such Lender by or on behalf of the
Borrower; provided that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any Information relating to the Borrower received by it from such Lender as
more fully set forth in Section 9.08. 
 (g)    Notwithstanding any other provision set forth in
this Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement (including, without limitation and the Advances owing to it) to secure obligations of such Lender, including, without
limitation, any pledge or assignment to secure obligations in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System or any central bank having jurisdiction over such Lender. 

SECTION 9.08    Confidentiality. Each of the Administrative Agent and the Lenders agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective managers, administrators, trustees, partners, directors, officers,
employees, agents, advisors and other 

  
 71 

 
representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process (provided that the Administrative Agent or such Lender, as applicable, agrees that it will, to the extent practicable and other than with respect to any
audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, notify the Borrower promptly thereof, unless such notification is prohibited by law, rule or
regulation), (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or any action or proceeding relating to this Agreement or the enforcement of rights hereunder or thereunder,
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations
under this Agreement or (ii) any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap or derivative or similar
transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (iii) any rating agency, or (iv) the CUSIP Service Bureau or any similar organization,
(g) with the consent of the Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the
Administrative Agent, any Lender or any of their respective Affiliates on a non-confidential basis from a source other than the Borrower. 

For purposes of this Section, “Information” means this Agreement and the other Loan Documents and all
information received from the Consolidated Group relating to the Consolidated Group or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by the Consolidated Group and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table
providers, that serve the lending industry. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree
of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.09      [Reserved]. 

SECTION 9.10      Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 SECTION 9.11      Execution in
Counterparts. (a) This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile or in a .pdf or similar file shall be effective as delivery of a manually executed counterpart of this
Agreement. 
 (b) Notwithstanding any other provision of this Agreement to the contrary, upon the Administrative
Agent’s request, the Borrower agrees to promptly execute and deliver such amendments to this Agreement (other than any amendment to the definition of, or that affects the 

  
 72 

 
scope of, Certain Funds Default, Certain Funds Period, Certain Funds Purposes, Long Stop Date, Mandatory Cancellation Event, Certain Funds Representations (or any Section or definition referred
to therein or any Section including any of those terms, or cross-references to any of the Sections referred to in this Section to the extent modifying the conditionality, availability or termination of the Bridge Facility in a manner adverse to the
Borrower), Section 3.02, Section 3.03, Section 9.07 or this Section 9.11(b) or that would otherwise impair the availability of Advances for Certain Funds Purposes during the Certain Funds Period or would otherwise conflict with
restrictions set out in Section 3.03 (it being understood this parenthetical shall not restrict modifications to the fees and pricing of the Bridge Facility nor shall it restrict immaterial changes to such provisions)) as shall be necessary to
implement any modifications to this Agreement pursuant to any separate letter agreements between the Borrower and the Arranger during the period permitted therein (and notwithstanding anything to the contrary herein (including Section 9.01),
such amendment shall only require the consent of the Administrative Agent and the Borrower). 
 SECTION
9.12      Jurisdiction, Etc. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court sitting in
New York County or any federal court of the United States of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or 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 shall be heard and determined in any such New York State court or, to the extent permitted by law,
in any 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. 

(b)      Each of the parties hereto irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection that 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 in any New York State or federal court. 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. 

SECTION 9.13      Patriot Act Notice. Each Lender and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Patriot Act. The Borrower shall provide, to the extent commercially reasonable,
such information and take such actions as are reasonably requested by the Administrative Agent or any Lenders in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act. 

SECTION 9.14    No Advisory or Fiduciary Responsibility. In its capacity as an the Administrative
Agent or a Lender, (a) none of the Administrative Agent, any Lender or any of their respective Affiliates has any responsibility except as set forth herein and (b) none of the Administrative Agent, any Lender or any of their
respective Affiliates shall be subject to any 

  
 73 

 
fiduciary duties or other implied duties (to the extent permitted by law to be waived). The Borrower agrees that it will not take any position or bring any claim against any Agent or any Lender
that is contrary to the preceding sentence. 
 In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof), the Borrower acknowledges and agrees that: (i) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Lenders and
their respective Affiliates are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Lenders and their respective Affiliates, on
the other hand; (ii) the Administrative Agent, each Lender and each of their respective Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will
not be acting as an advisor or agent for the Borrower or any of its Affiliates, or any other Person; and (iii) the Administrative Agent, the Lenders and each of their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of the Borrower and its Affiliates, and none of the Administrative Agent, any Lender or any of their Affiliates has any obligation to disclose any of such interests to the Borrower or its Affiliates. 

SECTION 9.15      WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND
THE LENDERS HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY
LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 
 SECTION
9.16      Conversion of Currencies. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the
fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the
Business Day immediately preceding the day on which final judgment is given. 
 The obligations of the Borrower in respect
of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in
which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment
Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum
originally due to the Applicable Creditor in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrower
contained in this Section 9.16 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder. 

SECTION 9.17      Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and 

  
 74 

 
conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a)      the application of any Write-Down and Conversion Powers by an EEA Resolution Authority
to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)      the effects of any Bail-In Action on any such
liability, including, if applicable: 
 (i)      a reduction in full or in
part or cancellation of any such liability; 
 (ii)      a conversion of all,
or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii)      the variation of the terms of such liability in connection with the
exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 [SIGNATURE PAGES FOLLOW] 

  
 75 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their respective officers thereunto duly authorized, as of the date first above written. 
  

							
		 	 MOODY’S CORPORATION, as the Borrower

				
		 	 By: 
	 	 /s/ John Goggins
	 	
		 		 	 Name: John Goggins
	 	
		 		 	 Title: EVP and General Counsel
	 	

  
 Signature Page to 

364-Day Bridge Credit Agreement 

							
		 	 JPMORGAN CHASE BANK, N.A., as Administrative

Agent and a Lender

				
		 	 By: 
	 	 /s/ Phillip Mousin
	 	
		 		 	 Name: Phillip Mousin
	 	
		 		 	 Title: Executive Director
	 	

  
 Signature Page to 

364-Day Bridge Credit Agreement 

 SCHEDULE I 

COMMITMENTS 
  

									
	LENDER                            	  	TRANCHE 1       
COMMITMENT       	 	  	TRANCHE 2       
COMMITMENT       	 
			
	 JPMORGAN CHASE BANK, N.A.
	  	 	$1,000,000,000	 	  	 	$500,000,000	 
			
	 AGGREGATE COMMITMENTS
	  	 	$1,000,000,000	 	  	 	$500,000,000	 

 SCHEDULE II 

ADMINISTRATIVE AGENT’S OFFICE; CERTAIN ADDRESSES FOR NOTICE 

BORROWER: 
 Moody’s Corporation 

7 World Trade Center at 250 Greenwich Street 
 New York, New York
10007 
 Attention:   Stephen Maire 
 Telephone: (212)
298-7424 
 (with copies to) 

Moody’s Corporation 
 7 World Trade Center at 250 Greenwich
Street 
 New York, New York 10007 
 Attention: Elizabeth
McCarroll 
 Telephone: (212) 298-6025 

Moody’s Corporation 
 7 World Trade Center at 250 Greenwich
Street 
 New York, New York 10007 
 Attention: Zeeshan Naqvi

 Telephone: (212) 553-7759 

 ADMINISTRATIVE AGENT: 

In the case of requests for Borrowings and other notices 

For Borrowings denominated in Dollars: 

JPMorgan Loan Services 
 10 South Dearborn Street, L2 

Chicago, Illinois 60603 
 Attention: Katy Tyler 

Facsimile: 844 890 5663 
 For Borrowings
denominated in Foreign Currencies: 
 J.P. Morgan Europe Limited 

25 Bank Street, Canary Wharf 
 London E14 5JP 

United Kingdom 
 Attention: The Manager, Loan & Agency
Services 
 Facsimile: 44 207 777 2360 
 (in
each case with a copy to) 
 JPMorgan Chase Bank, N.A. 

270 Park Avenue, 43rd Floor 

New York, New York 10017 
 Attention: Seth Jacobson-Swanson 

Facsimile: (855) 463-9008 

  
 Signature Page to 

364-Day Bridge Credit Agreement 

 EXHIBIT A 

FORM OF NOTICE OF BORROWING 

JPMorgan Chase Bank, N.A., 
 as
Administrative Agent 
 [JPMorgan Loan Services 
 10 South
Dearborn Street, L2 
 Chicago, Illinois 60603 

Attention: Katy Tyler 
 Facsimile:
844 890 5663]1 
 [J.P. Morgan Europe Limited 

25 Bank Street, Canary Wharf 
 London E14 5JP 

United Kingdom 
 Attention: The Manager, Loan & Agency
Services 
 Facsimile: 44 207 777 2360]2 

[Date] 
 Ladies and Gentlemen: 

Reference is hereby made to the 364-Day Bridge Credit Agreement dated as of
May 15, 2017 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Moody’s Corporation (the “Borrower”), the Lenders from time to time
party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit
Agreement. This notice constitutes a Notice of Borrowing and the Borrower hereby requests an Advance under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to the Advance requested hereby:

  

	1.	 Principal amount of Advance:
                                        

  

	2.	 Currency of Advance: [Dollars][Sterling][Euro] 

 

	3.	 Date of Advance (which is a Business Day):
                                        

  

	4.	 Class of Advance3:
                                        

  

	5.	 Type of Advance4:
                                        

  
 1 To be used for Advances denominated in Dollars. 
 2 To be used for Eurocurrency Advances denominated in a Foreign Currency. 
 3 Tranche 1 Advance or Tranche 2 Advance. 
 4 Eurocurrency Rate Advance or Base Rate Advance. 

	6.	 [Interest Period5]
                                        

  

	7.	 Location and number of the Borrower’s account to which proceeds of Advance are to be disbursed:
                                        

 [Signature Page Follows] 
  

 
  

5 Applicable only in case of a Eurocurrency Rate Advance; if
included, must comply with the definition of “Interest Period” and end not later than the Maturity Date. 

  
 Exhibit A-2 

 IN WITNESS WHEREOF, the undersigned has caused this Notice of Borrowing to be
executed and delivered as of the date first above written. 
  

					
	 Very truly yours,

	
	 MOODY’S CORPORATION,

as the Borrower

		
	
By:                      
                                
	 	
	 Name:
	 		 	
	 Title:
	 		 	

  
 Exhibit A-1 

 EXHIBIT B 

FORM OF ASSIGNMENT AND ACCEPTANCE 

This Assignment and Acceptance (the “Assignment and Acceptance”) is dated as of the Assignment Date set
forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the
meanings given to them in the Credit Agreement identified below (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Assignment Date inserted by the Administrative Agent as contemplated below (i) all of
the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all
of such outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or
in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to
clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to
the Assignor and, except as expressly provided in this Assignment and Acceptance, without representation or warranty by the Assignor. 
  

					
	 1.
	  	 Assignor:
	  	 
                                         
                       

		  		  	
	 2.
	  	 Assignee:
	  	                     
                                         
  

		  		  	 [and is an Affiliate of [identify Lender]1]

		  		  	
	 3.
	  	 Borrower:
	  	   Moody’s
Corporation                           

		  		  	
	 4.
	  	 Administrative Agent:
	  	 JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement

		  		  	
	 5.
	  	 Credit Agreement:
	  	 The 364-Day Bridge Credit Agreement dated as of May 15, 2017 among
Moody’s Corporation, as borrower, the Lenders parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent

 
  

 
 1 Select as applicable. 

					
		  		  	
	 6.
	  	 Assigned Interest:
	  	

  

							
	Facility Assigned2	  	Aggregate Amount of Commitment/Advances for all Lenders	  	 Amount of    

Commitment/Advances    

Assigned    
	  	Percentage Assigned of  
Commitment/Advances3  
	 	  	 $
	  	 $
	  	
%

	 	  	 $
	  	 $
	  	 %

	 	  	 $
	  	 $
	  	 %

 Assignment Date:
                           , 20       [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH SHALL BE THE ASSIGNMENT DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The
Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance
procedures and applicable laws, including U.S. Federal and state securities laws. 
 The terms set forth in this Assignment
and Acceptance are hereby agreed to: 
  

	
	 ASSIGNOR

	
	 [NAME OF ASSIGNOR]

	
	
By:                      
                                      

	 Name:

	 Title:

	
	 ASSIGNEE

	
	 [NAME OF ASSIGNEE]

	
	
By:                      
                                      

	 Name:

	 Title:

 [Consented to and]4 Accepted: 

JPMORGAN CHASE BANK, N.A., 
  

 
 2 Fill in the appropriate terminology for the Class of facilities under the Credit Agreement that are being assigned under this Assignment (e.g., “Tranche 1 Commitment”, “Tranche 2
Commitment”, “Tranche 1 Advance”, “Tranche 2 Advance”, etc.). 

3 Set forth, to at least 9 decimals, as a percentage of the Commitment/Advances of
all Lenders thereunder. 
 4 To be added only if the consent of the Administrative
Agent is required by the terms of the Credit Agreement. 

  
 Exhibit B-2 

	
	as Administrative Agent
	
	
By:                       
                                     

Name:

	 Title:

 [Consented to:]5 

 

	
	 MOODY’S CORPORATION

	
	
By:                       
                                     

Name:

	 Title:

  
  
  

 
  
  

 
  
  

 
  
  

 
  

 
 5 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

  
 Exhibit B-3 

 ANNEX I 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ACCEPTANCE 

1. Representations and Warranties. 

1.1    Assignor.    The Assignor (a) represents and warrants that
(i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any collateral thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of the Credit Agreement or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under the Credit Agreement. 
 1.2.    Assignee.    The Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the
Assignment Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, any arranger of the credit
facilities evidenced by the Credit Agreement or any other Lender and their respective Related Parties, and (v) attached to the Assignment and Acceptance is any documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, any arranger of the credit facilities evidenced by the Credit Agreement, the Assignor
or any other Lender and their respective Related Parties, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and
(ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 

2.    Payments.    From and after the Assignment Date, the Administrative
Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the

  
 Exhibit B-1 

 
Assignment Date and to the Assignee for amounts which have accrued from and after the Assignment Date. 

3.    General Provisions.    This Assignment and Acceptance shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Acceptance and adoption
of the terms of this Assignment and Acceptance by the Assignee and the Assignor by Electronic Signature or delivery of an executed counterpart of a signature page of this Assignment and Acceptance by any Electronic System shall be effective as
delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed by, and construed in accordance with, the law of the State of New York. 

  
 Exhibit B-2 

 EXHIBIT C-1 

FORM OF 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the 364-Day Bridge Credit Agreement dated as of
May 15, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Moody’s Corporation (the “Borrower”), the Lenders from time to time party thereto
and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is
the sole record and beneficial owner of the Loan(s) (as well as any note(s) evidencing such Advance(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times
furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the
meanings given to them in the Credit Agreement. 
  

			
	 [NAME OF LENDER]

			
		
	 By:
	 	  

	 Name: 
	 	
	 Title:
	 	

 Date:                 
    , 20[    ] 

  
 Exhibit C-1-1 

 EXHIBIT C-2 

FORM OF 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the 364-Day Bridge Credit Agreement dated as of
May 15, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Moody’s Corporation (the “Borrower”), the Lenders from time to time party thereto
and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is
the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its
non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them
in the Credit Agreement. 
  

			
	 [NAME OF PARTICIPANT]

			
		
	 By:
	 	  

	 Name: 
	 	
	 Title:
	 	

 Date:                 
    , 20[    ] 

  
 Exhibit C-2-1 

 EXHIBIT C-3 

FORM OF 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the 364-Day Bridge Credit Agreement dated as of
May 15, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Moody’s Corporation (the “Borrower”), the Lenders from time to time party thereto
and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is
the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation,
neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is
claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned
shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. 
  
  

			
	 [NAME OF PARTICIPANT]

			
		
	 By:
	 	  

	 Name: 
	 	
	 Title:
	 	

 Date:                 
    , 20[    ] 

  
 Exhibit C-3-1 

 EXHIBIT C-4 

FORM OF 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the 364-Day Bridge Credit Agreement dated as of
May 15, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Moody’s Corporation (the “Borrower”), the Lenders from time to time party thereto
and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is
the sole record owner of the Loan(s) (as well as any note(s) evidencing such Advance(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Advance(s) (as
well as any note(s) evidencing such Advance(s)), (iii) with respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank
extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form
W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS
Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and
(2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  
  

			
	 [NAME OF LENDER]

			
		
	 By:
	 	  

	 Name: 
	 	
	 Title:
	 	

 Date:                 
    , 20[    ] 

  
 Exhibit C-4-1EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

Published CUSIP Numbers:              

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 

among 
 RHP HOTEL PROPERTIES,
LP, 
 as the Borrower, 

RYMAN HOSPITALITY PROPERTIES, INC. 

as Parent and a Guarantor 
 certain
Subsidiaries of 
 RYMAN HOSPITALITY PROPERTIES, INC. 

as Guarantors, 
 WELLS FARGO
BANK NATIONAL ASSOCIATION, 
 as Administrative Agent, Swing Line Lender and L/C Issuer, 

and 
 The Other Lenders Party
Hereto 
 WELLS FARGO SECURITIES LLC 

as Left Book Runner of the RL/TLA Facilities and Right Lead Arranger and Joint Book Runner of the Tranche B Term Loan Facility 

DEUTSCHE BANK SECURITIES INC., 

as Left Lead Arranger, Syndication Agent, Joint Book Runner and Co-Documentation Agent of the Tranche B
Term Loan Facility and as Right Lead Arranger, Joint Book Runner, Co-Documentation Agent and L/C Issuer under the RL/TLA Facilities 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

JPMORGAN CHASE BANK, N.A. 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 as Joint Lead Arrangers, Joint Book Runners and L/C Issuers under the RL/TLA Facilities 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

JPMORGAN CHASE BANK, N.A., 

U.S. BANK NATIONAL ASSOCIATION 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

THE BANK OF NOVA SCOTIA 

and 
 CAPITAL ONE, N.A.

 as Joint Lead Arrangers, Joint Book Runners and Co-Documentation Agents of the Tranche B Term
Loan Facility 
 and Co-Documentation Agents of the RL/TLA Facilities 

Dated as of May 11, 2017 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I.
	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 1.01.
	 	 Defined Terms
	  	 	1	 
			
	 1.02.
	 	 Other Interpretive Provisions
	  	 	34	 
			
	 1.03.
	 	 Accounting Terms
	  	 	35	 
			
	 1.04.
	 	 Rounding
	  	 	35	 
			
	 1.05.
	 	 Times of Day
	  	 	35	 
			
	 1.06.
	 	 Letter of Credit Amounts
	  	 	35	 
			
	 ARTICLE II.
	 	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	36	 
			
	 2.01.
	 	 Revolving Loans and Term Loans
	  	 	36	 
			
	 2.02.
	 	 Borrowings, Conversions and Continuations of Committed Loans
	  	 	37	 
			
	 2.03.
	 	 Letters of Credit
	  	 	38	 
			
	 2.04.
	 	 Swing Line Loans
	  	 	44	 
			
	 2.05.
	 	 Prepayments
	  	 	46	 
			
	 2.06.
	 	 Termination, Reduction or Increase of Commitments and Loans; Extensions of Revolving Credit
Maturity Date
	  	 	50	 
			
	 2.07.
	 	 Repayment of Loans
	  	 	55	 
			
	 2.08.
	 	 Interest
	  	 	55	 
			
	 2.09.
	 	 Fees
	  	 	56	 
			
	 2.10.
	 	 Computation of Interest and Fees; Retroactive Adjustment of Applicable Margin
	  	 	56	 
			
	 2.11.
	 	 Evidence of Debt
	  	 	57	 
			
	 2.12.
	 	 Payments Generally; Administrative Agent’s Clawback
	  	 	57	 
			
	 2.13.
	 	 Sharing of Payments by Lenders
	  	 	58	 
			
	 2.14.
	 	 Cash Collateral
	  	 	59	 
			
	 2.15.
	 	 Defaulting Lenders
	  	 	60	 
			
	 2.16.
	 	 Funds Transfer Disbursements
	  	 	61	 
			
	 2.17.
	 	 Recourse
	  	 	62	 
			
	 ARTICLE III.
	 	 TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	62	 
			
	 3.01.
	 	 Taxes
	  	 	62	 
			
	 3.02.
	 	 Illegality
	  	 	64	 
			
	 3.03.
	 	 Inability to Determine Rates
	  	 	65	 
			
	 3.04.
	 	 Increased Costs
	  	 	65	 
			
	 3.05.
	 	 Compensation for Losses
	  	 	66	 
			
	 3.06.
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	66	 
			
	 3.07.
	 	 Survival
	  	 	67	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE IV.
	 	 GUARANTY
	  	 	67	 
			
	 4.01.
	 	 The Guaranty
	  	 	67	 
			
	 4.02.
	 	 Obligations Unconditional
	  	 	67	 
			
	 4.03.
	 	 Reinstatement
	  	 	68	 
			
	 4.04.
	 	 Certain Additional Waivers
	  	 	68	 
			
	 4.05.
	 	 Remedies
	  	 	69	 
			
	 4.06.
	 	 Rights of Contribution
	  	 	69	 
			
	 4.07.
	 	 Guarantee of Payment; Continuing Guarantee
	  	 	69	 
			
	 4.08.
	 	 Keepwell
	  	 	69	 
			
	 ARTICLE V.
	 	 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	69	 
			
	 5.01.
	 	 Conditions of Closing Date and Initial Credit Extension and Closing Date
	  	 	69	 
			
	 5.02.
	 	 Conditions to all Credit Extensions
	  	 	73	 
			
	 ARTICLE VI.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	75	 
			
	 6.01.
	 	 Existence, Qualification and Power; Compliance with Laws
	  	 	75	 
			
	 6.02.
	 	 Authorization; No Contravention
	  	 	75	 
			
	 6.03.
	 	 Governmental Authorization; Other Consents
	  	 	76	 
			
	 6.04.
	 	 Binding Effect
	  	 	76	 
			
	 6.05.
	 	 Financial Statements; No Material Adverse Effect
	  	 	76	 
			
	 6.06.
	 	 Litigation
	  	 	76	 
			
	 6.07.
	 	 No Default
	  	 	77	 
			
	 6.08.
	 	 Ownership of Property; Liens
	  	 	77	 
			
	 6.09.
	 	 Environmental Compliance
	  	 	77	 
			
	 6.10.
	 	 Insurance
	  	 	78	 
			
	 6.11.
	 	 Taxes
	  	 	78	 
			
	 6.12.
	 	 ERISA Compliance
	  	 	78	 
			
	 6.13.
	 	 Capital Structure/Subsidiaries
	  	 	79	 
			
	 6.14.
	 	 Margin Regulations; Investment Company Act
	  	 	79	 
			
	 6.15.
	 	 Disclosure
	  	 	79	 
			
	 6.16.
	 	 Compliance with Laws
	  	 	79	 
			
	 6.17.
	 	 Intellectual Property
	  	 	79	 
			
	 6.18.
	 	 Solvency
	  	 	80	 
			
	 6.19.
	 	 Investments
	  	 	80	 
			
	 6.20.
	 	 Business Locations
	  	 	80	 
			
	 6.21.
	 	 Brokers’ Fees
	  	 	80	 
			
	 6.22.
	 	 Labor Matters
	  	 	80	 
			
	 6.23.
	 	 Representations and Warranties from Other Loan Documents
	  	 	80	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 6.24.
	 	 Collateral Documents
	  	 	80	 
			
	 6.25.
	 	 Borrowing Base Properties; Leases and Ground Leases
	  	 	80	 
			
	 6.26.
	 	 Nature of Business
	  	 	81	 
			
	 6.27.
	 	 REIT Status
	  	 	81	 
			
	 6.28.
	 	 Anti-Corruption Laws and Sanctions
	  	 	81	 
			
	 ARTICLE VII.
	 	 AFFIRMATIVE COVENANTS
	  	 	81	 
			
	 7.01.
	 	 Financial Statements
	  	 	81	 
			
	 7.02.
	 	 Certificates; Other Information
	  	 	82	 
			
	 7.03.
	 	 Notices and Information
	  	 	84	 
			
	 7.04.
	 	 Borrowing Base Property Ownership; Guarantors
	  	 	85	 
			
	 7.05.
	 	 Preservation of Existence, Etc
	  	 	85	 
			
	 7.06.
	 	 Maintenance of Properties
	  	 	85	 
			
	 7.07.
	 	 Maintenance of Insurance; Condemnation and Casualty
	  	 	85	 
			
	 7.08.
	 	 Compliance with Laws and Contractual Obligations
	  	 	91	 
			
	 7.09.
	 	 Books and Records
	  	 	92	 
			
	 7.10.
	 	 Inspection Rights
	  	 	92	 
			
	 7.11.
	 	 Use of Proceeds
	  	 	92	 
			
	 7.12.
	 	 Additional/Update Appraisals
	  	 	92	 
			
	 7.13.
	 	 Automatic Removal of Borrowing Base Properties
	  	 	92	 
			
	 7.14.
	 	 Pledged Assets
	  	 	93	 
			
	 7.15.
	 	 Ground Leases
	  	 	93	 
			
	 7.16.
	 	 Lease Agreements
	  	 	95	 
			
	 7.17.
	 	 Management Agreements
	  	 	96	 
			
	 ARTICLE VIII.
	 	 NEGATIVE COVENANTS
	  	 	96	 
			
	 8.01.
	 	 Liens
	  	 	96	 
			
	 8.02.
	 	 Investments
	  	 	98	 
			
	 8.03.
	 	 Indebtedness
	  	 	98	 
			
	 8.04.
	 	 Fundamental Changes
	  	 	99	 
			
	 8.05.
	 	 Dispositions
	  	 	100	 
			
	 8.06.
	 	 Restricted Payments
	  	 	100	 
			
	 8.07.
	 	 Change in Nature of Business
	  	 	101	 
			
	 8.08.
	 	 Transactions with Affiliates and Insiders
	  	 	101	 
			
	 8.09.
	 	 Burdensome Agreements
	  	 	101	 
			
	 8.10.
	 	 Use of Proceeds
	  	 	101	 
			
	 8.11.
	 	 Financial Covenants
	  	 	102	 

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 8.12.
	 	 Reduction Limitations
	  	 	102	 
			
	 8.13.
	 	 Prepayment of Other Indebtedness, Etc
	  	 	102	 
			
	 8.14.
	 	 Organization Documents; Fiscal Year
	  	 	102	 
			
	 8.15.
	 	 Ownership of Subsidiaries
	  	 	103	 
			
	 8.16.
	 	 Sale Leasebacks
	  	 	103	 
			
	 8.17.
	 	 Leases
	  	 	103	 
			
	 8.18.
	 	 Foreign Subsidiaries
	  	 	103	 
			
	 8.19.
	 	 Borrowing Base Property Matters
	  	 	103	 
			
	 8.20.
	 	 Management Agreements/Lease Agreements
	  	 	104	 
			
	 ARTICLE IX.
	 	 EVENTS OF DEFAULT AND REMEDIES
	  	 	104	 
			
	 9.01.
	 	 Events of Default
	  	 	104	 
			
	 9.02.
	 	 Remedies Upon Event of Default
	  	 	106	 
			
	 9.03.
	 	 Application of Funds
	  	 	106	 
			
	 ARTICLE X.
	 	 ADMINISTRATIVE AGENT
	  	 	107	 
			
	 10.01.
	 	 Appointment and Authority
	  	 	107	 
			
	 10.02.
	 	 Rights as a Lender
	  	 	108	 
			
	 10.03.
	 	 Exculpatory Provisions
	  	 	108	 
			
	 10.04.
	 	 Reliance by Administrative Agent
	  	 	108	 
			
	 10.05.
	 	 Delegation of Duties
	  	 	109	 
			
	 10.06.
	 	 Resignation/Removal of Administrative Agent
	  	 	109	 
			
	 10.07.
	 	 Non-Reliance on Administrative Agent and Other
Lenders
	  	 	110	 
			
	 10.08.
	 	 No Other Duties, Etc
	  	 	110	 
			
	 10.09.
	 	 Administrative Agent May File Proofs of Claim
	  	 	111	 
			
	 10.10.
	 	 Collateral and Guaranty Matters
	  	 	111	 
			
	 10.11.
	 	 Approvals of Lenders
	  	 	112	 
			
	 ARTICLE XI.
	 	 MISCELLANEOUS
	  	 	112	 
			
	 11.01.
	 	 Amendments, Etc
	  	 	112	 
			
	 11.02.
	 	 Notices; Effectiveness of Electronic Communications
	  	 	114	 
			
	 11.03.
	 	 No Waiver; Cumulative Remedies
	  	 	116	 
			
	 11.04.
	 	 Expenses; Indemnity; Damage Waiver
	  	 	116	 
			
	 11.05.
	 	 Payments Set Aside
	  	 	117	 
			
	 11.06.
	 	 Successors and Assigns
	  	 	118	 
			
	 11.07.
	 	 Treatment of Certain Information; Confidentiality
	  	 	122	 
			
	 11.08.
	 	 Set-off
	  	 	122	 
			
	 11.09.
	 	 Interest Rate Limitation
	  	 	123	 

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 11.10.
	 	 Counterparts; Integration; Effectiveness
	  	 	123	 
			
	 11.11.
	 	 Survival of Representations and Warranties
	  	 	123	 
			
	 11.12.
	 	 Severability
	  	 	123	 
			
	 11.13.
	 	 Replacement of Lenders
	  	 	124	 
			
	 11.14.
	 	 Governing Law; Jurisdiction; Etc
	  	 	124	 
			
	 11.15.
	 	 Waiver of Jury Trial
	  	 	125	 
			
	 11.16.
	 	 USA PATRIOT Act Notice
	  	 	125	 
			
	 11.17.
	 	 Subordination of Intercompany Debt
	  	 	125	 
			
	 11.18.
	 	 No Advisory or Fiduciary Responsibility
	  	 	126	 
			
	 11.19.
	 	 Amendment of Existing Credit Agreement
	  	 	126	 
			
	 11.20.
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	126	 

 SCHEDULES 
  

			
	 1.01(a)
	  	 Guarantors

	 1.01(b)
	  	 Borrowing Base Properties

	 1.01(d)
	  	 Designated Outparcels

	 2.01
	  	 Commitments and Applicable Percentages

	 11.02
	  	 Administrative Agent’s Office, Certain Addresses for Notices

 EXHIBITS 
  

			
	 A-1
	  	 Form of Committed Loan Notice

	 A-2
	  	 Form of Swing Line Loan Notice

	 B
	  	 Form of Security Agreement

	 C
	  	 Form of Pledge Agreement

	 D-1
	  	 Form of Revolving Note

	 D-2(a)
	  	 Form of Closing Date Term Note

	 D-2(b)
	  	 Form of Tranche B Term Note

	 D-3
	  	 Form of Swing Line Note

	 E
	  	 Form of Compliance Certificate

	 F
	  	 Form of Joinder Agreement

	 G
	  	 Form of Assignment and Assumption

	 H
	  	 Form of Disbursement Instruction Agreement

  
 -v- 

 FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (as amended, modified, restated or supplemented from time to time, this
“Agreement”) dated as of May 11, 2017, by and among RHP HOTEL PROPERTIES, LP, a Delaware limited partnership (together with any permitted successors and assigns, the “Borrower”), RYMAN HOSPITALITY PROPERTIES,
INC. (the “Parent”), the Parent and certain Subsidiaries of the Parent, as Guarantors, the Lenders (as defined herein) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swing Line Lender and any L/C Issuers (each,
as defined herein). 
 WHEREAS, the Borrower and Parent are parties to the Existing Credit Agreement (as defined herein); 

WHEREAS, the Borrower and Parent have requested that the Lenders amend and restate the Existing Credit Agreement; and 

WHEREAS, Lenders are willing to amend and restate the Existing Credit Facility on the terms and conditions set forth herein. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and agreements herein contained, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto covenant and agree as follows: 
 ARTICLE I. 

DEFINITIONS AND ACCOUNTING TERMS 

1.01.    Defined Terms. 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“Acquired Assets” means, for any twelve (12) month period, all assets purchased or otherwise acquired by the
Consolidated Parties during such period. 
 “Acquisition”, by any Person, means the acquisition by such Person, in a single
transaction or in a series of related transactions, of all of the Capital Stock or all or substantially all of the Property (or an entire business unit or product line) of another Person, whether or not involving a merger or consolidation with such
other Person and whether for cash, property, services, assumption of Indebtedness, securities or otherwise. 
 “Adjusted
Consolidated EBITDA” means, for any period, (a) Consolidated EBITDA for such period, minus (b) the FF&E/Capex Reserve. 

“Adjusted NOI” means, for any period, (a) the NOI for such period, minus (b) the FF&E/Capex Reserve with
respect to all Borrowing Base Properties held as of the end of such period. 
 “Administrative Agent” means Wells Fargo
Bank, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 

“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth
on Schedule 11.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent, any L/C Issuer or any Lender or any of their respective Affiliates be an Affiliate of Borrower. 

 “Agent-Related Persons” means Administrative Agent, together with its
Affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates. 

“Agent Lenders” means a collective reference to each Lender hereunder that also holds the title of Administrative Agent,
Syndication Agent (as identified on the cover hereto), Managing Agent (as identified on the cover hereto) or Co-Documentation Agents (as identified on the cover hereto) (whether such agency is held solely or
jointly with another Person). 
 “Aggregate Revolving Commitments” means the Revolving Commitments of all the Lenders, as
adjusted from time to time in accordance with the terms hereof. The initial amount of the Aggregate Revolving Commitments in effect on the Closing Date is SEVEN HUNDRED MILLION DOLLARS ($700,000,000.00). 

“Agreement” has the meaning assigned to such term in the heading hereof. 

“Anti-Corruption Laws” means all Laws of any jurisdiction concerning or relating to bribery or corruption, including without
limitation, the Foreign Corrupt Practices Act of 1977. 
 “Anti-Money Laundering Laws” means any and all Laws related to
the financing of terrorism or money laundering, including without limitation, any applicable provision of the Patriot Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§
5311-5330 and 12U.S.C. §§ 1818(s), 1820(b) and 1951-1959). 
 “Applicable Margin” means, 

(a)    in the case of Closing Date term Loans, Revolving Loans and Letters of Credit Fees, subject to the conditions
below, the percentages per annum set forth below, based upon the Consolidated Funded Indebtedness to Total Asset Value Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02(b):

  

							
	 Pricing Tier
	  	 Consolidated Funded

Indebtedness to Total Asset

Value Ratio
	  	Applicable Margin for
Revolving Loans,
Closing Date Term
Loans or Letter of
Credit 
Fees that are
Eurodollar Rate Loans	 	Applicable Margin for
Revolving Loans,
Closing Date Term
Loans or Letter of
Credit 
Fees that are
Base Rate Loans
	 I
	  	< 40.0%	  	1.60%	 	0.55%
	 II
	  	> 40.0% and < 45.0%	  	1.65%	 	0.65%
	 III
	  	> 45.0% and < 50.0%	  	1.85%	 	0.85%
	 IV
	  	> 50.0% and < 55.0%	  	2.00%	 	1.00%
	 V
	  	> 55.0% and < 60.0%	  	2.15%	 	1.15%
	 VI
	  	> 60.0%	  	2.40%	 	1.40%

 Any increase or decrease in the Applicable Margin for the Revolving Loans, Closing Date Term Loans or Letter
of Credit Fees resulting from a change in the Consolidated Funded Indebtedness to Total Asset Value Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is required to be delivered
pursuant to Section 7.02(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Tier VI shall apply as of the first Business Day after the date on
which such Compliance Certificate was required to have been delivered and shall continue to apply until the first Business Day immediately following the date a Compliance Certificate is delivered in accordance with Section 7.02(b),
whereupon the Applicable Margin shall be adjusted based upon the calculation of the Consolidated Funded Indebtedness to Total Asset Value Ratio contained in such Compliance Certificate. Notwithstanding anything in this definition to the contrary,
the determination of the Applicable Margin for any period shall be subject to the provisions of Section 2.10(b). 

  
 2 

 (b)    in the case of Tranche B Term Loans, (i) the Applicable Margin
for Tranche B Term Loans that are Eurodollar Rate Loans shall be 2.25%, and (ii) the Applicable Margin for Tranche B Term Loans that are Base Rate Loans shall be 1.25%. 

“Applicable Percentage” means with respect to any Lender at any time, (a) with respect to such Lender’s Revolving
Commitment at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Revolving Commitments represented by such Lender’s Revolving Commitment at such time, subject to adjustment as provided in
Section 2.15; provided, that if the commitment of each Lender to make Revolving Loans and the obligation of any L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 9.02 or if the Aggregate Revolving Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect
to any subsequent assignments, (b) with respect to such Lender’s portion of the outstanding Closing Date Term Loans at any time, the percentage (carried out to the ninth decimal place) of the outstanding principal amount of Closing Date
Term Loans held by such Lender at such time and (c) with respect to such Lender’s portion of the outstanding Tranche B Term Loans at any time, the percentage (carried out to the ninth decimal place) of the outstanding principal amount of
Tranche B Term Loans held by such Lender at such time. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a
party hereto, as applicable. 
 “Appraised Value” means, as of any date of determination, for each Borrowing Base Property
existing as of such date, the most-recently obtained “as-is” appraised value of such Borrowing Base Property as set forth in an appraisal in form and substance acceptable to the Administrative Agent
(in its discretion) and prepared by an appraiser acceptable to the Administrative Agent (in its discretion); provided, however, that (a) the “Appraised Value” for any Borrowing Base Property which is the subject of a
Substantial Casualty or Substantial Condemnation and which is being rebuilt, reconstructed and restored pursuant to the terms of Section 7.07 hereof shall, following the receipt by the Administrative Agent of any new
“as completed” appraisal pursuant to Section 7.12 hereof and prior to the receipt by the Administrative Agent of a new “as-is” appraisal of such Property following
the completion of the applicable rebuilding, reconstruction and restoration, equal the “as-completed” appraised value of such Borrowing Base Property, (b) if as of the Stabilization Date for any
Borrowing Base Property (as specified in such appraisal for such Borrowing Base Property), the trailing twelve (12) month net operating income for such Borrowing Base Property is within five percent (5%) of the net operating income projected by
such appraisal in its determination of the “as stabilized” value for such Borrowing Base Property, then the “as stabilized” value reflected in such appraisal and (c) the “Appraisal Value” for any Borrowing Base
Property shall be reduced by the value of any personal property related thereto that is transferred in accordance with the terms hereof. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arranger” means a collective
reference to the Tranche B Term Loan Arranger and the RL/TLA Arranger. 
 “Assignee Group” means two or more Eligible
Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 
 “Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative
Agent, in substantially the form of Exhibit G or any other form approved by the Administrative Agent. 
 “Attributable
Indebtedness” means, on any date, (a) in respect of any Capital Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in
respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were
accounted for as a Capital Lease. 

  
 3 

 “Audited Financial Statements” means the audited consolidated balance sheet of
the Parent and its Subsidiaries for the calendar year ended December 31, 2016, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such calendar year, including the notes thereto. 

“Availability Period” means, with respect to the Revolving Commitments, the period from the Closing Date to the earliest of
(i) the Revolving Credit Maturity Date, (ii) the date of termination of the Aggregate Revolving Commitments pursuant to Section 2.06 and (iii) the date of termination of the commitment of each Lender to make
Revolving Loans and of the obligation of any L/C Issuer to make L/C Credit Extensions pursuant to Section 9.02. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Code” means the Bankruptcy Code in Title 11 of the United States Code, as amended,
modified, succeeded or replaced from time to time. 
 “Base Rate” means for any day a fluctuating rate per annum equal to
the highest of (a) the Eurodollar Market Index Rate plus one percent (1.0%), (b) the Federal Funds Rate plus one and one-half percent (1.50%) and (c) the Prime Rate. Each
change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or the Eurodollar Market Index Rate (provided that clause (a) shall not be applicable during any period
in which the Eurodollar Rate is unavailable or unascertainable). 
 “Base Rate Loan” means a Loan that bears interest based
on the Base Rate. 
 “Base Rate Revolving Loan” means a Revolving Loan that is a Base Rate Loan. 

“BBP Insurance Proceeds” has the meaning specified in Section 7.07(b). 

“BBP Condemnation Proceeds” has the meaning specified in Section 7.07(c). 

“BBP Value” means, as of any date of determination, the sum of the most recently obtained (or determined) Appraised Values of
each of the Borrowing Base Properties existing as of such date. 
 “Borrower” has the meaning specified in the heading
hereof. 
 “Borrowing” means a Committed Borrowing or a Swing Line Borrowing, as the context may require. 

“Borrowing Base” means, as of any date of determination, an amount equal to (a) (i) prior to the first Disposition of a
Borrowing Base Property after the Closing Date, fifty-five percent (55.0%) and (ii) on and after the date of the first Disposition of a Borrowing Base Property, fifty percent (50.0%) multiplied by (b) the BBP Value as of such
date. 
 “Borrowing Base Leverage” means, as of any date of determination, the quotient, expressed as a percentage, of all
Indebtedness secured by the Borrowing Base Properties divided by the BBP Value. For avoidance of doubt, “Indebtedness” for this purpose and all Credit Extension availability calculations hereunder shall include, without
limitation, all Loans made pursuant to this Agreement. 
 “Borrowing Base Properties” means, as of any date of
determination, subject to the requirements of Section 7.04, the Real Properties (including, without limitation, all related land, improvements and fixtures) listed on Schedule 1.01(b) (as such schedule may be
adjusted (or deemed adjusted) pursuant to Section 7.13). 

  
 4 

 “Business Day” means, (a) for all purposes other than as set forth in
clause (b) below, any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and,
(b) with respect to all notices and determinations in connection with, and payments of principal and interest on, any Eurodollar Rate Loan, or any Base Rate Loan as to which the interest rate is determined by reference to the Eurodollar Rate,
any day that is a Business Day described in clause (a) and that is also a day for trading by and between banks in Dollar deposits in the London interbank Eurodollar market. 

“Businesses” means, at any time, a collective reference to the businesses operated by the Consolidated Parties at such time.

 “Capital Lease” means, as applied to any Person, any lease of any Property (whether real, personal or mixed) by that
Person as lessee which, in accordance with GAAP, is required to be accounted for as a capital lease on the balance sheet of that Person. 

“Capital Stock” means (i) in the case of a corporation, capital stock, (ii) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the case of a partnership, partnership interests (whether general or limited), (iv) in the case of
a limited liability company, membership interests, (v) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person; and
(vi) means, with respect to any Person, all other ownership or profit interests in such Person (including partnership, member or trust interests therein), all of the warrants, options or other rights for the purchase or acquisition from such
Person of any of the previously-noted interests in such Person, all of the securities convertible into or exchangeable for any of the previously-noted interests in such Person or warrants, rights or options for the purchase or acquisition from such
Person of such interests, in each case, whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
Administrative Agent, L/C Issuers or Swing Line Lender (as applicable) and the Lenders, as collateral for L/C Obligations, Obligations in respect of Swing Line Loans or obligations of Lenders to fund participations in respect of either thereof (as
the context may require), cash or deposit account balances or, if any L/C Issuers or Swing Line Lender benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and
substance reasonably satisfactory to (a) the Administrative Agent and (b) any L/C Issuers or the Swing Line Lender (as applicable). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the
proceeds of such cash collateral and other credit support. 
 “Cash Equivalents” means, as at any date, (a) securities
issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve
(12) months from the date of acquisition, (b) Dollar denominated time deposits and certificates of deposit of (i) any Lender, (ii) any domestic commercial bank of recognized standing having capital and surplus in excess of
$500,000,000 or (iii) any bank whose short-term commercial paper rating from S&P is at least A-1 or the equivalent thereof or from Moody’s is at least P-1 or the equivalent thereof (any such bank being an “Approved
Bank”), in each case with maturities of not more than two hundred seventy (270) days from the date of acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or
any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody’s and maturing within six (6) months of the date of
acquisition, (d) repurchase agreements entered into by any Person with a bank or trust company (including any of the Lenders) or recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by
or fully guaranteed by the United States in which such Person shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least one hundred percent (100%)
of the amount of the repurchase obligations, (e) Investments, classified in accordance with GAAP as current assets, in money market investment programs registered under the Investment Company Act of 1940, as amended, which are administered by
reputable financial institutions having capital of at least $500,000,000 and the portfolios of which are limited to Investments of the character described in the foregoing subdivisions (a) through (d), and (f) notwithstanding the GAAP classification
of same, Investments in AAA-rated auction rate securities with 

  
 5 

 
maturities of thirty (30) days or less purchased pursuant to underwriting agreements and/or other documentation with terms and conditions reasonably acceptable to the Administrative Agent
and which are administered by reputable financial institutions having capital of at least $500,000,000. 
 “Change in Law”
means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, that, notwithstanding anything
herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed
to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Change of Control” means an event
or series of events by which: 
 (a)    other than the creation of a holding company that does not involve a change in
the beneficial ownership of the Parent as a result of such transaction, any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit
plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such
person or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of thirty-five percent (35.0%) or more of the equity
securities of the Parent entitled to vote for members of the board of directors or equivalent governing body of the Parent on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire
pursuant to any option right); or 
 (b)    during any period of twelve (12) consecutive months, a majority of the
members of the board of directors or other equivalent governing body of the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or
nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or
(iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body; or 
 (c)    any Person or two or more Persons acting in concert shall have
acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or indirectly, a controlling influence over the
management or policies of the Parent, or control over the equity securities of the Parent entitled to vote for members of the board of directors or equivalent governing body of the Parent on a fully-diluted basis (and taking into account all such
securities that such Person or group has the right to acquire pursuant to any option right) representing thirty-five percent (35.0%) or more of the combined voting power of such securities; or 

(d)    the Parent ceases to own seventy-five percent (75%) of the limited partnership interests in the Borrower. 

“Class” means (a) when used with respect to Loans or a Borrowing, shall refer to whether such Loans, or the Loans
comprising such Borrowing, are Closing Date Term Loans, Tranche B Term Loans, Incremental Term Loans, Revolving Loans or Swing Line Loans, (b) when used with respect to Commitments, shall refer to whether such Commitments are Closing Date Term
Loan Commitments, Incremental Term Loan Commitments, Tranche B Term Loan Commitments or Revolving Commitments and (c) when used with respect to Lenders, shall refer to whether such Lenders are Closing Date Term Loan Lenders, Tranche B Term
Lenders, Incremental Term Loan Lenders, Swing Line Lender or Revolving Credit Lenders. 

  
 6 

 “Closing Date” means May 11, 2017. 

“Closing Date Term Loan Amendment” has the meaning specified in Section 5.03. 

“Closing Date Term Loan Commitment” means, as to any Lender, the obligation of such Lender, if any, to make a Closing Date
Term Loan to the Borrower pursuant to Section 2.01(b). The original aggregate principal amount of the Closing Date Term Loan Commitments of all Lenders in effect on the Closing Date is ZERO DOLLARS ($0). 

“Closing Date Term Loan Facility” has the meaning specified in the definition of “Facility”. 

“Closing Date Term Loan Funding Date” means the date of funding of the Closing Date Term Loans, which shall occur upon the
satisfaction of the conditions precedent to funding the Closing Date Term Loans set forth in Section 5.03. 

“Closing Date Term Loan Lender” means each Lender that has a Closing Date Loan Commitment or is the holder of a Closing Date
Term Loan. 
 “Closing Date Term Loan Maturity Date” means April 18, 2017, as such date may be extended as
contemplated in Section 5.03. 
 “Closing Date Term Loans” has the meaning specified in
Section 2.01(b). As of the Closing Date, the outstanding principal balance of the Closing Date Term Loans is ZERO DOLLARS ($0.00), provided, however, that subject to satisfaction of the requirements set forth
in Section 5.03, the outstanding principal balance of the Closing Date Term Loans from and after the funding of the Closing Date Term Loans on the Closing Date Term Loan Funding Date shall be TWO HUNDRED MILLION DOLLARS
($200,000,000). 
 “Closing Date Term Note” has the meaning specified in Section 2.11(a). 

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

“Collateral” means a collective reference to all real and personal Property with respect to which Liens in favor of the
Administrative Agent, for the benefit of the Secured Parties, are purported to be granted pursuant to and in accordance with the terms of the Collateral Documents. 

“Collateral Documents” means a collective reference to the Pledge Agreement, the Mortgage Instruments, the Security Agreement
and such other security documents as may be executed and delivered by the Loan Parties pursuant to the terms of Section 7.14. 

“Commitment” means, as to each Lender, the Revolving Commitment of such Lender, the Closing Date Term Loan Commitment of such
Lender, the Tranche B Term Loan Commitment of such Lender and/or the Incremental Term Loan Commitment of such Lender. 
 “Committed
Borrowing” means a borrowing consisting of simultaneous Loans of the same Class and Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to
Section 2.01. 
 “Committed Loan” means each Revolving Loan and each Term Loan. 

“Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one
Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of
Exhibit A-1. 
 “Commodity Exchange Act” means the
Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor statute. 

  
 7 

 “Compliance Certificate” means a certificate substantially in the form of
Exhibit E setting forth detailed calculations as more fully set forth in Section 7.02(b). 

“Consolidated Cash Taxes” means for any period for Consolidated Parties on a consolidated basis, the aggregate of all taxes,
as determined in accordance with GAAP, to the extent the same are paid in cash during such period. 
 “Consolidated EBITDA”
means, for any period, for the Parent and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period (provided, that for purposes of this definition, (x) when the applicable calculation period is
twelve (12) months and notwithstanding contrary provisions of GAAP, income allocable to each Acquired Asset for such period shall equal the net income, calculated on a trailing twelve month basis, derived from such Acquired Asset during such
period, regardless of how long such Acquired Asset has been owned by a Consolidated Party, (y) when the applicable calculation period is twelve (12) months and notwithstanding contrary provisions of GAAP, income allocable to Newly
Operational Assets shall (i) only be included to the extent such Newly Operational Assets have been open and operational for a full calendar quarter and (ii) until such Newly Operational Asset has been opened and operating for a full
calendar year, the net income allocable to each Newly Operational Asset for such period shall equal the annualized net income of the Consolidated Parties derived from such Newly Operational Asset based on the net income derived during the full
calendar quarters during which such Newly Operational Asset has been opened and operating (i.e., if the Newly Operational Asset is opened and operating for one quarter, the net income for such quarter multiplied by four (4), if such
Newly Operational Asset is opened and operating for two (2) quarters, the net income for such quarters multiplied by two (2) and if such Newly Operational Asset is opened and operating for three (3) quarters, the net
income for such quarters multiplied by one and one third) and (z) notwithstanding contrary provisions of GAAP, net income derived from assets disposed of during any such period shall not be included in the determination of
Consolidated Net Income for such period), plus 
 (a)    the following to the extent deducted in calculating such
Consolidated Net Income (and, in each case, without duplication): 
 (i)    Consolidated Fixed Charges
for such period; 
 (ii)    non-cash interest expenses; 

(iii)    the provision for Federal, state, local and foreign income taxes payable by the Parent and its
Subsidiaries for such period; 
 (iv)    depreciation and amortization expense (including amortization of
goodwill and other intangibles, but excluding amortization of prepaid cash expenses that were paid in a prior period); 

(v)    preopening costs relating to the hotel operations of the Parent or its Subsidiaries for such period;

 (vi)    losses related to discontinued operations (as calculated and presented in accordance with
GAAP); and 
 (vii)    all other non-cash expenses (including, but not limited to, the non-cash portion
of (A) non-cash write-offs of goodwill, intangibles and long-lived assets, (B) ground rents expense, but excluding any other such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or
amortization of a prepaid cash expense that was paid in a prior period), and (C) non-cash equity-based compensation; minus 

  
 8 

 (b)    the following to the extent included in calculating such Consolidated
Net Income (and without duplication): 
 (i)    Federal, state, local and foreign income tax credits of
the Parent and its Subsidiaries for such period; 
 (ii)    gains related to discontinued operations; and

 (iii)    all other non-cash items increasing Consolidated Net
Income for such period; plus 
 (c)    without duplication and to the extent not otherwise reflected in the
calculation of Consolidated Net Income, actual cash payments received from available taxes in conjunction with public incentives for future first-class hotel convention projects; 

provided, that, any add-backs or deductions related to a Newly Operational Asset will be calculated on
an annualized basis in the same manner used to determine net income for such Newly Operational Asset; provided, further, that, any add-backs or deductions related to an Acquired Asset will be
calculated on a trailing twelve month basis in the same manner used to determine net income for such Acquired Asset. Notwithstanding the preceding, provisions for taxes based on income or profits of, Consolidated Fixed Charges and other fixed
charges of and the depreciation and amortization and other non-cash expenses of the Consolidated Parties which are Subsidiaries shall be added to Consolidated Net Income (A) in the same proportion that
the net income of such Consolidated Party was added to compute Consolidated Net Income and (B) only to the extent that a corresponding amount would be permitted at the date of determination to be dividended or distributed to the Parent by the
applicable Consolidated Party without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes,
rules and governmental regulations applicable to that Consolidated Party or its stockholders. 
 “Consolidated Fixed Charge Coverage
Ratio” means for the Consolidated Parties in connection with any four (4) calendar quarter period for which the Parent has delivered the Required Financial Information, the ratio of (a) Adjusted Consolidated EBITDA for such period
(after giving effect on a Pro Forma Basis to any Dispositions or acquisitions of assets during such period) to (b) Consolidated Fixed Charges for such period. 

“Consolidated Fixed Charges” means for any period for the Consolidated Parties, the sum of (a) Consolidated Interest
Charges for such period, to the extent the same come due or are paid during such period (without duplication of amounts included in “Consolidated Fixed Charges” for prior period), plus (b) Consolidated Scheduled Funded Debt
Payments for such period plus (c) all cash dividends required to be paid on preferred capital stock, whether expensed or capitalized; determined without duplication of items included in Consolidated Interest Charges. 

“Consolidated Funded Indebtedness” means, as of any date of determination, for the Parent and its Subsidiaries on a
consolidated basis, without duplication, the sum of (a) the principal portion of all obligations for borrowed money, (b) the principal portion of all obligations evidenced by bonds, debentures, notes or similar instruments, or upon which
interest payments are customarily made, (c) the principal portion of all obligations under conditional sale or other title retention agreements relating to Property purchased by the Consolidated Parties (other than customary reservations or
retentions of title under agreements with suppliers entered into in the ordinary course of business), (d) the principal portion of all obligations issued or assumed as the deferred purchase price of Property or services purchased by the
Consolidated Parties (other than trade debt incurred in the ordinary course of business and due within six (6) months of the incurrence thereof) which would appear as liabilities on a balance sheet of the Consolidated Parties, (e) the
Attributable Indebtedness with respect to Capital Leases and Synthetic Lease Obligations, (f) all direct and contingent obligations arising under letters of credit (including standby and commercial and bankers’ acceptances, including,
without duplication, all unreimbursed drafts drawn thereunder (less the amount of any cash collateral securing any such letters of credit or and bankers’ acceptances), (g) all obligations to repurchase any securities issued by the
Consolidated Parties at any time prior to the Maturity Date which repurchase obligations are related to the issuance thereof, including, without limitation, obligations commonly known as residual equity appreciation potential shares, (h) the
aggregate amount of uncollected accounts receivable subject at such time to a sale or securitization of receivables (or similar transaction) to the extent such transaction is effected with recourse to the Consolidated Parties (whether or not
such transaction would be reflected on the balance sheet of the Consolidated Parties in accordance with GAAP) (all such Indebtedness of the types described in the forgoing clauses (a) through (h), as to any Person, “Funded
Indebtedness”), (i) all Funded 

  
 9 

 
Indebtedness of others secured by (or for which the holder of such Funded Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the
proceeds of production from, Property owned or acquired by the Consolidated Parties, whether or not the obligations secured thereby have been assumed, (j) all Guarantees with respect to Funded Indebtedness of another Person and (k) the
Funded Indebtedness of any Unconsolidated Affiliate based on the greater of (i) such Consolidated Party’s pro rata share of such Indebtedness based on its ownership percentage with respect to such Unconsolidated Affiliate and (ii) the
extent to which such Indebtedness is recourse to a Consolidated Party; provided, that “Consolidated Funded Indebtedness” shall not, in any case, include Indebtedness resulting from public incentives related to future projects as
long as such Indebtedness is non-recourse to any of the Loan Parties. 
 “Consolidated
Funded Indebtedness to Total Asset Value Ratio” means, as of any date of determination, the ratio (expressed as a percentage) of (a) Consolidated Funded Indebtedness as of such date, to (b) Consolidated Total Asset Value as of
such date. 
 “Consolidated Interest Charges” means for any period for the Consolidated Parties on a consolidated basis,
interest expense (including the amortization of debt discount and premium, the interest component under Capital Leases and the implied interest component of Synthetic Lease Obligations), as determined in accordance with GAAP; provided,
however, that notwithstanding the foregoing, (a) all non-cash interest expenses (including accrued interest associated with any deferred lease obligations or other obligations or liabilities
arising from Indebtedness that is non-recourse to any of the Loan Parties and that results from public incentives related to future first-class hotel convention projects) and (b) capitalized interest
reflected on any entity’s financial statements shall be excluded. 
 “Consolidated Net Leverage Ratio” means, as of
any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date minus all unrestricted cash and Cash Equivalents of the Consolidated Parties as of such date to (b) Consolidated EBITDA for the period of
the most recently ended four full consecutive fiscal quarters then last ended (in each case taken as one accounting period) for which financial statements have been or are required to be delivered pursuant to Section 7.01(a) or
(b). 
 “Consolidated Net Income” means for any period for the Consolidated Parties on a consolidated basis, net income
(excluding extraordinary items and applicable Designated Non-Recurring Items for such period (in each case, to the extent such items would increase or decrease such net income)) after interest expense, income
taxes and depreciation and amortization, all as determined in accordance with GAAP; provided, that (a) net income attributable to any interests of the Consolidated Parties in non-Consolidated
Parties shall be included in the determination of “Consolidated Net Income” only to the extent of the amount of cash dividends or distributions paid by such non-Consolidated Parties to Consolidated
Parties during the applicable period, (b) notwithstanding contrary provisions of GAAP, proceeds of any business interruption or rent loss insurance received by any Consolidated Party in connection with any Property owned by them shall be
included in the determination of net income upon the receipt thereof by the Parent or the applicable Loan Party(ies); provided, however, that to the extent any such proceeds are delivered in lump sum format for the purpose of covering
losses over a period extending to more than one calendar quarter, addition of such proceeds to net income shall be prorated over such period in a manner reasonably acceptable to the Administrative Agent. 

“Consolidated Net Secured Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded
Indebtedness that is secured by a Lien as of such date minus all unrestricted cash and Cash Equivalents of the Consolidated Parties as of such date to (b) Consolidated EBITDA for the period of the most recently ended four full
consecutive fiscal quarters then last ended (in each case taken as one accounting period) for which financial statements have been or are required to be delivered pursuant to Section 7.01(a) or (b). 

“Consolidated Parties” means a collective reference to the Parent and the Subsidiaries of the Parent, and
“Consolidated Party” means any one of them. 
 “Consolidated Scheduled Funded Debt Payments” means for any
period for the Consolidated Parties on a consolidated basis, the sum of all scheduled payments of principal on Consolidated Funded Indebtedness, as determined in accordance with GAAP. For purposes of this definition, “scheduled payments of
principal” (a) shall be determined without giving effect to any reduction of such scheduled payments resulting from the application of any voluntary or mandatory prepayments made during the most-recently ended calendar quarter (but shall
give 

  
 10 

 
effect to all such payments made prior thereto), (b) shall be deemed to include the Attributable Indebtedness in respect of Capital Leases and Synthetic Lease Obligations and (c) shall
not include any voluntary prepayments or mandatory prepayments required pursuant to Section 2.04. 

“Consolidated Tangible Net Worth” means, as of any date of determination, the Tangible Net Worth of the Consolidated Parties
as of that date. 
 “Consolidated Tax Expense” means, for any period, the tax expense (including federal, state, local and
foreign income taxes) of the Consolidated Parties, for such period, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Total Asset Value” means, for any date of calculation, the sum of (a) the Appraised Value of all Borrowing
Base Properties as of such date, (b) cash and Cash Equivalents set forth on the balance sheet of the Parent, (c) for all other assets or Persons that are consolidated with the Parent for financial reporting purposes, the greater of
(i) the undepreciated GAAP book value of such asset as reported for the most recently ended calendar quarter and (ii) the “as-is” appraised value of such asset, as determined by an
appraisal in form and substance reasonably acceptable to the Administrative Agent and with respect to which the Administrative Agent does not have a reasonable basis for believing that the value of such asset has been materially decreased since the
date of such appraisal and (d) for all other assets that the Parent owns through an Unconsolidated Affiliate, Parent’s pro rata share of the greater of (i) the undepreciated GAAP book value of such asset as reported for the most
recently ended calendar quarter and (ii) the “as-is” appraised value of such asset, as determined by an appraisal in form and substance reasonably acceptable to the Administrative Agent and with
respect to which the Administrative Agent does not have a reasonable basis for believing that the value of such asset has been materially decreased since the date of such appraisal. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension. 

“Debt Issuance” means the issuance by any Consolidated Party of any Indebtedness of the type referred to in clause (a)
or (b) of the definition thereof set forth in this Section 1.01. 
 “Debt Service” means,
for any period, Consolidated Interest Charges for such period plus scheduled principal amortization and mandatory principal repayments (whether pursuant to this Agreement or otherwise) of all Indebtedness for such period. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 
 “Declined Amount” has the meaning specified in
Section 2.05(b)(vii)(D). 
 “Declining Tranche B Lender” has the meaning specified
in Section 2.05(b)(vii)(D). 
 “Default” means any event or condition that constitutes an Event
of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 

  
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 “Default Rate” means (a) when used with respect to Obligations other than
Letter of Credit Fees, an interest rate equal to (a) the Base Rate plus (b) the Applicable Margin, if any, applicable to Base Rate Loans plus (c) two percent (2%) per annum; provided, however, that with
respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin) otherwise applicable to such Loan plus two percent (2%) per annum, and (b) when used with respect
to Letter of Credit Fees, a rate equal to the Applicable Margin plus two percent (2%) per annum. 
 “Defaulting
Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within three (3) Business Days of the date such Loans were required to be funded
hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent,
together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer, any Swingline Lender or any other Lender any other amount required to be
paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within three (3) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any L/C Issuer or
Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan
hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its
prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or
has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become
the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting
Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) upon delivery
of written notice of such determination to the Borrower, each L/C Issuer, each Swingline Lender and each Lender. 
 “Designated
Force Majeure Events” means strikes, lock-outs, war, civil disturbance, natural disaster, acts of terrorism or acts of God or other matters beyond the control of Borrower (which cannot be immediately cured merely through the payment of
money) which prevent the operation of any Borrowing Base Property; provided, however, that (a) events qualifying as “Designated Force Majeure Events” hereunder shall not, in any case, exceed fifteen (15) days in the
aggregate during the term hereof with respect to the operation of any Borrowing Base Property except as set forth in the following clause (b); and (b) events qualifying as “Designated Force Majeure Events” hereunder may,
notwithstanding the foregoing clause (a), continue with respect to any Designated Force Majeure Event (i) if the costs and expenses related to the construction, re-construction and/or restoration work
necessitated by such Designated Force Majeure Event is, in the reasonable judgment of the Administrative Agent (based on the information provided by the Borrower), fully covered by casualty or other insurance then-maintained by any Consolidated
Party (plus any applicable deductibles, to the extent the Consolidated Parties hold such deductible amount in cash and/or Cash Equivalents), (ii) to the extent the Borrower provides evidence of such insurance coverage promptly following such
event, delivers all information required by the applicable insurer for processing of the applicable claim within thirty (30) days of the occurrence of such event (or, to the extent delivery within such time frame is not reasonably possible, as
soon as reasonably practicable following such event) and proceeds to use commercially reasonable good faith efforts to pursue and resolve such claim with the applicable insurer as expeditiously as is reasonably possible without compromising any
material rights of the Borrower or any 

  
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other Loan Party with respect to such claim, and (iii) to the extent the Borrower has provided the Administrative Agent with restoration plans and other information with respect to the
applicable damage to the extent required herein and is proceeding with the restoration, repair or reconstruction work with all due diligence and in good faith, and (c) circumstances that can be remedied or mitigated merely through the payment
of money shall not constitute Designated Force Majeure Events hereunder to the extent such remedy or mitigation is deemed reasonable by Administrative Agent in its sole discretion. 

“Designated Non-Recurring Items” means, for any period of determination,
(a) lawsuit and settlement costs of the Consolidated Parties incurred during such period, plus (b) merger transaction and integration costs of the Consolidated Parties incurred during such period, plus (c) asset
impairment charges of the Consolidated Parties incurred during such period, plus (d) REIT conversion costs, plus (e) the amount of other non-recurring charges paid or incurred by the
Consolidated Parties during such period; provided, that the amount calculated pursuant to this clause (e) shall not exceed $15,000,000 for any twelve (12) month period. 

“Designated Outparcels” means those parcels of Real Property referenced on Schedule 1.01(d). 

“Disbursement Instruction Agreement” means an agreement substantially in the form of Exhibit H to
be executed and delivered by the Borrower pursuant to Section 5.01(a)(vi), as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent (such approval not to
be unreasonably withheld, delayed or conditioned). 
 “Disclosure Letter” means that certain Disclosure Letter, dated as of
the Closing Date, executed and delivered by the Borrower to the Administrative Agent, for the benefit of the Lenders. 

“Disposition” or “Dispose” means any sale, disposition or other transfer (including pursuant to a Sale and
Leaseback Transaction) of any or all of the Property (including, without limitation, the Capital Stock of a Subsidiary) of any Consolidated Party whether by sale, lease, licensing, transfer or otherwise, but other than pursuant to any casualty or
condemnation event; provided, however, that the term “Disposition” shall be deemed to exclude any Equity Issuance. 

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

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United
States. 
 “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any
other Person (other than a natural person) approved by (i) the Administrative Agent and, in the case of the assignment of any Revolving Commitment, any L/C Issuer and the Swingline Lender, and (ii) unless an Event of Default has occurred
and is continuing, the Parent (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates
or Subsidiaries. 

  
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 “Environmental Laws” means any and all Federal, state, local, and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, binding agreements or binding governmental restrictions relating to pollution and the protection of the environment or
the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or
(e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Issuance” means any issuance by any Consolidated Party to any Person of (a) shares of its Capital Stock,
(b) any shares of its Capital Stock pursuant to the exercise of options or warrants, (c) any shares of its Capital Stock pursuant to the conversion of any debt securities to equity or the conversion of any class equity securities to any
other class of equity securities or (d) any options or warrants relating to its Capital Stock. The term “Equity Issuance” shall not be deemed to include any Disposition. 

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

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

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Parent or any
ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as
such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Parent or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a
notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Sections 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan or Multiemployer
Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered
an at-risk plan or receipt of notification by the Parent that any Multiemployer Plan is in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Internal Revenue Code or Sections
303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Parent or any ERISA Affiliate. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar Market Index Rate” means, for any day, the Eurodollar Rate as of that day that would be applicable for a
Eurodollar Rate Loan having a one-month Interest Period determined by Administrative Agent at approximately 9:00 a.m. Pacific time for such day (or if such day is not a Business Day, the immediately preceding
Business Day). The Eurodollar Market Index Rate shall be determined by Administrative Agent on a daily basis and in no event shall be less than zero. 

“Eurodollar Rate” means, for the Interest Period for any Eurodollar Rate Loan, the rate of interest, rounded up to the
nearest whole multiple of one-hundredth of one percent (0.01%), obtained by dividing (i) the rate of interest, rounded upward to the nearest whole multiple of
one-hundredth of one percent (0.01%), referred to as the ICE LIBOR rate (or the successor thereto if the ICE Benchmark Administration is no longer making a LIBOR rate available) as set forth by any service
selected by the Administrative Agent that has been nominated by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) as an authorized 

  
 14 

 
information vendor for the purpose of displaying such rate for deposits in Dollars at approximately 9:00 a.m. Pacific time, two (2) Business Days prior to the date of commencement of such
Interest Period for purposes of calculating effective rates of interest for loans or obligations making reference thereto, for an amount approximately equal to the applicable Eurodollar Rate Loan and for a period of time approximately equal to such
Interest Period by (ii) a percentage equal to one minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as
“Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on
Eurodollar Rate Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America), provided that, notwithstanding the foregoing,
(i) in the case of the Revolving Loans, the Eurodollar Rate shall at no time be less than 0% per annum, (ii) in the case of Closing Date Term Loans, the Eurodollar Rate shall at no time be less than 0% per annum, and (iii) in the case
of Tranche B Term Loans, the Eurodollar Rate shall at no time be less than 0% per annum. Any change in such maximum rate shall result in a change in the Eurodollar Base Rate on the date on which such change in such maximum rate becomes effective.

 “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on the Eurodollar Rate. 

“Event of Default” has the meaning specified in Section 9.01. 

“Excess Cash Flow” means, for any period, the sum, without duplication, of: 

(a)    the sum, without duplication, of: 

(i)    Consolidated EBITDA for such period; 

(ii)    cash items of income during such period not included in calculating Consolidated EBITDA; 

(iii)    the decrease, if any, in the Net Working Capital from the beginning to the end of such period; and

 (iv)    the reversal, during such period, of any reserve established pursuant to clause (b)(i) below;
minus 
 (b)    the sum, without duplication, of: 

(i)    the amount of any cash Consolidated Tax Expense paid or payable by Borrower and its Subsidiaries
with respect to such period and for which, to the extent required under GAAP, reserves have been established; 

(ii)    the amount of Debt Service for such period; 

(iii)    the amount of any dividends or distributions made in accordance with this Agreement, in each case
during such period; 
 (iv)    the increase, if any, in the Net Working Capital from the beginning to the
end of such period; 
 (v)    cash items of expense (including losses) during such period not deducted in
calculating Consolidated EBITDA; 
 (vi)    the amount of any capital expenditures made in cash during
such period, to the extent funded from Internally Generated Funds; 
 (vii)    [reserved]; and 

  
 15 

 (viii)    the amount of any
non-cash gain included in Consolidated EBITDA for such period recognized as a result of any Disposition of a Borrowing Base Property. 

“Excess Cash Flow Application Date” has the meaning specified in Section 2.05(b)(vi).  

“Excluded Swap Contract” means, with respect to any Guarantor, any Swap Contract if, and to the extent that, all or a portion
of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Contract (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the
Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Contract. If a Swap Contract arises under a master agreement governing more
than one swap, such exclusion shall apply only to the portion of such Swap Contract that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, any L/C Issuer or any other recipient of any
payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the
jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any branch
profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under
Section 11.06), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is attributable to such Foreign
Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 3.01(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation
of a new Lending Office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 3.01(a) and (d) any U.S. federal withholding Taxes imposed under FATCA
on any amount payable to such recipient as a result of the failure of such recipient to satisfy the applicable conditions for exemption from such withholding as set forth under FATCA. 

“Existing Credit Agreement” means that certain Fourth Amended and Restated Credit Agreement, dated as of April 18, 2013,
among the Borrower, the Administrative Agent, the lenders party thereto and the other parties named therein, as the same may have been amended, restated, supplemented or otherwise modified from time to time prior to the date hereof. 

“Existing Letters of Credit” means those letters of credit issued pursuant to the Existing Credit Agreement and set forth on
Schedule 1.01(c) to the Disclosure Letter, which letters of credit shall, as of the Closing Date, be deemed to be Letters of Credit hereunder. 

“Facility” means each of (a) the Closing Date Term Loan Commitments and the Closing Date Term Loans made thereunder (the
“Closing Date Term Loan Facility”), (b) the Tranche B Term Loan Commitments and the Tranche B Term Loans made thereunder (the “Tranche B Term Loan Facility”) and (c) the Revolving Commitments and the Revolving
Loans made thereunder (the “Revolving Credit Facility”). 
 “FAS 141R Changes” means those changes made to
a buyer’s accounting practices by the Financial Accounting Standards Board’s Statement of Financial Accounting Standard No. 141R, Business Combinations, which is effective for annual reporting periods that begin in calendar year 2009. 

“FATCA” shall mean Sections 1471 through 1474 of the Code as of the Closing Date, any amendment or successor provisions that
are substantively identical and which do not impose criteria that are materially more onerous than those contained in such Sections, any regulations promulgated thereunder or official interpretations thereof and any agreements entered into
pursuant to Section 1471(b)(1) of the Code. 

  
 16 

 “Federal Funds Rate” means, for any period, the greater of (a) zero percent
(0%) or (b) a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers,
as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations
for such day on such transactions received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by the Administrative Agent. 

“Fee Letter” means, collectively, (a) the letter agreements, one each, among Borrower, and each RL/TLA Arranger and its
affiliated Agent Lender entered into in connection with this Agreement and the Closing Date Term Loan Amendment, (b) the Arrangement Fee Letter between the Borrower and the Tranche B Term Loan Arranger entered into in connection with the
Tranche B Term Loan Facility, and (c) the fee letters, one each, between Borrower and each of the Tranche B Term Loan Arranger and the Administrative Agent entered into in connection with the Tranche B Term Loan Facility. 

“FF&E/Capex Reserve” means, for any period and with respect to any one or more of the Real Properties that are hotels
which are owned at any time during such period, an amount equal to the applicable Reserve Percentage of Gross Revenues of such Real Properties. For purposes of this definition, the term “Reserve Percentage” means (a) for properties in
operation for less than one (1) year, one percent (1.0%); (b) for properties in operation for less than two (2) years, but equal to or more than one (1) year, two percent (2.0%); (c) for properties in operation for less than three
(3) years, but equal to or more than two (2) years, three percent (3.0%); and (c) for all other properties, four percent (4.0%). Notwithstanding the foregoing, the “Reserve Percentage” for Newly Operational Assets shall be
one percent (1.0%) during the year such property is a Newly Operational Asset, and shall increase one percent per year thereafter, to a maximum of four percent (4.0%). 

“FFO Distribution Allowance” means, for any fiscal year of the Consolidated Parties, an amount equal to ninety-five percent
(95%) of Funds From Operations for such period. 
 “Financial Covenant Default” means (i) a failure to comply with any
financial covenant set forth in Section 8.11 or (ii) the taking of any action by any Loan Party or its Subsidiaries if such action was prohibited hereunder solely due to the existence of a Financial Covenant Default of
the type described in clause (i) of this definition. It is understood and agreed that this definition may not be amended without the written consent of the Required Covenant Lenders. 

“FIRREA” means the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, and any successor
statute thereto, as interpreted by the rules and regulations thereunder, as amended, including, without limitation, 12 CFR part 34.41 to 34.47. 

“First Extended Revolving Credit Maturity Date” means December 5, 2019, as such date may be extended as contemplated in
Section 5.03. 
 “Florida Lease Agreement” means that certain lease agreement, dated as of
October 1, 2012, between RHP Operations GP, LLC, as lessee and RHP Property GP, LP, as lessor, as the same may be modified, amended or restated from time to time. 

“Florida Management Agreement” means that certain management agreement, dated as of October 1, 2012, between RHP
Property GP, LP and Marble Transfer LLC (which via assignments and transfer documents is between RHP Operations GP, LLC and Marriott Hotel Services, Inc., as of October 1, 2012), as the same may be modified, amended or restated from time to
time. 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the
Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

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

  
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 “FRB” means the Board of Governors of the Federal Reserve System of the United
States. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any L/C Issuer,
such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in
accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 
 “Fully
Satisfied” means, with respect to the Obligations as of any date, that, as of such date, (a) all principal of and interest accrued to such date which constitute Obligations shall have been irrevocably paid in full in cash, (b) all
fees, expenses and other amounts then due and payable which constitute Obligations shall have been irrevocably paid in cash, (c) all outstanding Letters of Credit shall have been (i) terminated, (ii) fully irrevocably Cash
Collateralized or (iii) secured by one or more letters of credit on terms and conditions, and with one or more financial institutions, reasonably satisfactory to any L/C Issuer and (d) the Commitments shall have expired or been terminated
in full. 
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Funded Indebtedness” has the meaning given to such term in the definition of Consolidated Funded Indebtedness in
Section 1.01. 
 “Funds From Operations” means, with respect to the immediately prior fiscal
quarter period, Consolidated Net Income, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures as hereafter provided; provided, that, to the extent such calculations include amounts
allocable to Unconsolidated Affiliates, such calculations shall be without duplication and shall only include such amounts to the extent attributable to any Unconsolidated Affiliate Interests. Without limiting the foregoing, notwithstanding contrary
treatment under GAAP, for purposes hereof, (a) “Funds From Operations” shall include, and be adjusted to take into account, (i) Parent’s interests in unconsolidated partnerships and joint ventures, on the same basis as
consolidated partnerships and subsidiaries, as provided in the “white paper” issued in April 2002 by the National Association of Real Estate Investment Trusts, as may be amended from time to time, and (ii) amounts deducted from net
income as a result of pre-funded fees or expenses incurred in connection with acquisitions permitted under the Loan Documents that can no longer be capitalized due to FAS 141R Changes and charges relating to
the under-accrual of earn outs due to the FAS 141R Changes, and (b) net income (or loss) of the Consolidated Parties on a consolidated basis shall not include gains (or, if applicable, losses) resulting from or in connection with
(i) restructuring of indebtedness, (ii) sales of property, (iii) sales or redemptions of preferred stock or (iv) non cash asset impairment charges. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Gaylord Palms Ground Lease” means that certain Opryland Hotel — Florida Hotel Lease by and between GP Limited
Partnership, as ground lessor/landlord, and Opryland Hotel – Florida Limited Partnership, as hotel lessee/tenant, dated as of March 3, 1999, as the same has been amended, restated, supplemented or otherwise modified from time to time prior
to the date hereof (for purposes of this definition, the “Sub-Ground Lease”), which Sub-Ground Lease constitutes a
sub-ground lease by GP Limited Partnership of its interest in the Property referenced therein arising pursuant to that certain GP / Xentury Master Ground Lease, dated as of March 3, 1999, between GP
Limited Partnership and Xentury City Development Company, L.C. 

  
 18 

 “Governmental Authority” means the government of the United States or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Gross Revenues” means, for any Real Property that is a hotel over any period, all receipts resulting from the operation of
such Real Property, determined net of allowances in accordance with GAAP and consistent with the Uniform System of Accounts for the Lodging Industry, 11th Revised Edition, 2014, as published by the Hotel Association of New York City, as the same may
be further revised from time to time, including, without limitation, rents or other payments from guests and customers, tenants, licensees and concessionaires and business interruption and rental loss insurance payments; provided, that Gross
Revenues shall exclude (a) excise, sales, use, occupancy and similar taxes and charges collected from guests or customers and remitted or required to be remitted to governmental authorities, (b) gratuities collected for employees
(excluding service charges), (c) security deposits and other advance deposits, unless and until same are forfeited to Parent or Borrower, (d) federal, state or municipal excise, sales, use or similar taxes collected directly from patrons or
guests or included as part of the sales price of any goods or services, (e) interest income, and (f) rebates, refunds or discounts (including, without limitation, free or discounted accommodations). 

“Guarantee” means, as to any Person, any (a) any obligation, contingent or otherwise, of such Person guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person,
direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the
obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or
level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such
Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation
of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to
be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantors” means a collective reference to the Persons identified as “Guarantors” on the signature pages to this
Agreement, the Parent and each other Person that subsequently becomes a Guarantor by executing a Joinder Agreement as contemplated by Section 7.04 or otherwise, and “Guarantor” means any one of them. A list
of the Guarantors as of the date hereof is set forth on Schedule 1.01(a). 
 “Guaranty” means the
Guaranty made by the Guarantors in favor of the Administrative Agent and the Lenders pursuant to Article IV hereof. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law. 
 “Implied Debt Service Coverage Ratio” means, for any four (4) calendar quarter period for
which the Parent has delivered the Required Financial Information, the ratio of (a) Adjusted NOI for such period to (b) Minimum Debt Service for such period. 

“Incremental Closing Date Term Loan” has the meaning provided in Section 2.01(b)(ii). 

  
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 “Incremental Closing Date Term Loan Commitment” means the commitment of a Lender
to make an Incremental Closing Date Term Loan hereunder in accordance with Section 2.06(b). 

“Incremental Tranche B Term Loan” has the meaning provided in Section 2.06(b)(iii). 

“Incremental Tranche B Term Loan Commitment” means the commitment of a Lender to make an Incremental Tranche B Term Loan
hereunder in accordance with Section 2.06(b). 
 “Incremental Term Loan” means, collectively,
(i) the Incremental Closing Date Term Loans, and (ii) Incremental Tranche B Term Loans. 
 “Incremental Term Loan
Lender” means each Lender that has a Incremental Closing Date Term Loan Commitment or an Incremental Tranche B Term Loan Commitment, or is the holder of an Incremental Term Loan. 

“Indebtedness” means, with respect to any Person, without duplication, (a) all obligations of such Person for borrowed
money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (c) all obligations of such Person under conditional sale or other title
retention agreements relating to Property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business), (d) all obligations of such Person
issued or assumed as the deferred purchase price of Property or services purchased by such Person (other than trade debt incurred in the ordinary course of business and due within six months of the incurrence thereof) which would appear as
liabilities on a balance sheet of such Person, (e) all obligations of such Person under take-or-pay or similar arrangements or under commodities agreements,
(f) the Attributable Indebtedness of such Person with respect to Capital Leases and Synthetic Lease Obligations, (g) all net obligations of such Person under Swap Contracts, (h) all direct and contingent obligations arising under
letters of credit (including standby and commercial) and bankers’ acceptances, including, without duplication, all unreimbursed drafts drawn thereunder (less the amount of any cash collateral securing any such letters of credit or and
bankers’ acceptances), (i) all obligations of such Person to repurchase any securities issued by such Person at any time prior to the Maturity Date which repurchase obligations are related to the issuance thereof, including, without
limitation, obligations commonly known as residual equity appreciation potential shares, (j) the aggregate amount of uncollected accounts receivable of such Person subject at such time to a sale or securitization of receivables (or similar
transaction) to the extent such transaction is effected with recourse to such Person (whether or not such transaction would be reflected on the balance sheet of such Person in accordance with GAAP), (k) all Indebtedness of others secured by (or
for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, Property owned or acquired by such Person, whether or not the obligations
secured thereby have been assumed, (l) all Guarantees of such Person with respect to Indebtedness of another Person and (m) the Indebtedness of any partnership or unincorporated joint venture in which a Person is a general partner or a
joint venturer based on the greater of (i) such Person’s pro rata share of such Indebtedness based on its ownership percentage with respect to such partnership or unincorporated joint venture and (ii) the extent to which such
Indebtedness is recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. To the extent that the rights and remedies of the obligee of any
Indebtedness are limited to certain property and are otherwise non-recourse to such Person, the amount of such Indebtedness shall be limited to the value of the Person’s interest in such property (valued
at the higher of book value or market value as of such date of determination). 
 “Indemnified Taxes” means Taxes other
than Excluded Taxes. 
 “Indemnitees” has the meaning specified in Section 11.04(b). 

“Intangible Assets” means all assets which would be properly classified as intangible assets under GAAP. For purposes of
clarification “Intangible Assets” shall include intangible lease assets. 
 “Intellectual Property” has the
meaning specified in Section 6.17. 

  
 20 

 “Interest Payment Date” means, (a) as to any Loan other than a Base Rate
Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date applicable to such Loan; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that
fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and
December and the Maturity Date applicable to such Loan. 
 “Interest Period” means, as to each Eurodollar Rate Loan,
the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter (or such earlier date which is at least seven
(7) days thereafter as may be approved by the Administrative Agent; provided, that the Administrative Agent shall not approve any such shorter Interest Periods to the extent any Lender has notified the Administrative Agent in writing
that it is unable, for any reason, to fund, maintain or otherwise account for such shorter Interest Periods; and provided, further, that the Borrower shall not request any Interest Periods with a duration of less than one month with
respect to any Loans hereunder more than once during every thirty (30) day period), as selected by the Borrower in its Committed Loan Notice; provided, that: 

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

(ii)    any Interest Period that begins on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period (subject to the effectiveness of an Interest Period which
is shorter than one month, as provided for above); and 
 (iii)    no Interest Period shall extend beyond
the Maturity Date applicable to such Loan. 
 “Internally Generated Funds” means funds not constituting the proceeds of any
Indebtedness, Debt Issuance, Equity Issuance, Disposition, or Involuntary Disposition (in each case, without regard to the exclusions from the definitions thereof). 

“Investment” by any Person (a) in any Person means (i) any Acquisition of such Person or its Property,
(ii) any other acquisition of Capital Stock, bonds, notes, debentures, partnership, joint ventures or other ownership interests or other securities of such other Person, (iii) any deposit with, or advance, loan or other extension of credit
to, such Person (other than deposits made in connection with the purchase of equipment inventory and supplies in the ordinary course of business) or (iv) any other capital contribution to or investment in such Person, including, without
limitation, any Guarantee (including any support for a letter of credit issued on behalf of such Person) incurred for the benefit of such Person and any Disposition to such Person for consideration less than the fair market value of the Property
disposed in such transaction, but excluding any Restricted Payment to such Person; and (b) means the purchase price paid, acquisition costs and expenses incurred and any other value given by such Person in connection with the purchase or other
acquisition for value of any Property which qualifies as a capital asset or is otherwise purchased outside the ordinary course of business of such Person. Investments which are capital contributions or purchases of Capital Stock which have a right
to participate in the profits of the issuer thereof shall be valued at the amount (or, in the case of any Investment made with Property other than cash, the book value of such Property) actually contributed or paid (including cash and non-cash consideration and any assumption of Indebtedness) to purchase such Capital Stock as of the date of such contribution or payment, less the amount of all repayments and returns of principal or capital thereon
to the extent paid in cash or Cash Equivalents (or, in the case of any Investment made with Property other than cash, upon return of such Property, by an amount equal to the lesser of the book value of such Property at the time of such Investment or
the fair market value of such Property at the time of such return) and received after the Closing Date. Investments which are loans, advances, extensions of credit or Guarantees shall be valued at the principal amount of such loan, advance or
extension of credit outstanding as of the date of determination or, as applicable, the principal amount of the loan or advance outstanding as of the date of determination actually guaranteed by such Guarantees. 

  
 21 

 “Involuntary Disposition” means any loss of, damage to or destruction of, or any
condemnation or other taking for public use of, any Property of any Consolidated Party. 
 “IRS” means the United States
Internal Revenue Service. 
 “ISP” means, with respect to any Letter of Credit issued hereunder, the “International
Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter Credit Application, and any other document,
agreement and instrument entered into by any L/C Issuer and the Borrower (or any Subsidiary) or in favor of any L/C Issuer and relating to any such Letter of Credit. 

“Joinder Agreement” means a Joinder Agreement substantially in the form of Exhibit F hereto,
executed and delivered by a new Guarantor in accordance with the provisions of Section 7.04. 

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

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

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the increase of the amount thereof. 
 “L/C Issuer” means, collectively or individually, as the context may
suggest or require, Wells Fargo Bank, Bank of America, N.A., Deutsche Bank AG New York Branch, JPMorgan Chase Bank, N.A. or U.S. Bank, N.A., each in its capacity as issuer of certain Letters of Credit hereunder, each as applicable, or any successor
issuer of Letters of Credit hereunder. 
 “L/C Obligations” means, as of any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For the purposes of computing the amount available to be drawn under any Letter of Credit, the amount
of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Lease” means a lease, sublease, license, concession agreement or other agreement or other agreement (not including any
ground lease) providing for the use or occupancy of any portion of any Real Property owned or leased by any Loan Party, including all amendments, supplements, restatements, assignments and other modifications thereto. 

“Lease Agreements” means, collectively, the Tennessee Lease Agreement, the Florida Lease Agreement, the Texas Lease
Agreement, and the Maryland Lease Agreement. 

  
 22 

 “Lenders” means a collective reference to the Closing Date Term Loan Lenders,
Tranche B Term Lenders, Incremental Term Loan Lenders or Revolving Credit Lenders, together with any Person that subsequently becomes a Lender by way of assignment in accordance with the terms of Section 11.7 or pursuant to
an amendment in accordance with the terms of Section 2.06(b) or Section 11.01, together with their respective successors, other than any Person that ceases to be a Lender as a result of an
assignment in accordance with the terms of Section 11.7 and “Lender” means any one of them, and, as the context requires, includes the Swing Line Lender. 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

“Letter of Credit” means any letter of credit issued hereunder, including any Existing Letter of Credit. A Letter of Credit
may be a standby letter of credit only. 
 “Letter of Credit Application” means an application and agreement for the
issuance or amendment of a Letter of Credit in the form from time to time in use by any L/C Issuer. 
 “Letter of Credit Expiration
Date” means the day that is thirty-five (35) days prior to the Revolving Credit Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 

“Letter of Credit Fee” has the meaning specified in Section 2.03(h). 

“Letter of Credit Sublimit” means, as of any date of determination, an amount equal to the lesser of (a) $75,000,000 and
(b) the Aggregate Revolving Commitments as of such date. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments and only Lenders holding Revolving Commitments shall participate in exposure related
to Letters of Credit. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loan” means any extension of credit by a Lender to the Borrower under Article II in the form of a Revolving Loan, a Swing
Line Loan and/or a Term Loan, as the context may require. 
 “Loan Documents” means this Agreement, each Note, each Letter
of Credit, each Issuer Document, each Joinder Agreement, the Closing Date Term Loan Amendment (if entered into), and any agreement creating or perfecting rights in Cash Collateral pursuant to Section 2.14 and the Collateral
Documents. 
 “Loan Parties” means, collectively, the Borrower and each Guarantor. 

“Management Agreements” means, collectively, the Florida Management Agreement, the Maryland Management Agreement, the
Tennessee Management Agreement and the Texas Management Agreement. 
 “Marriott International” means Marriott
International, Inc. 
 “Maryland Lease Agreement” means that certain lease agreement, dated as of October 1, 2012,
between RHP Operations NH, LLC, as lessee and RHP Property NH, LLC, as lessor, as the same may be modified, amended or restated from time to time. 

“Maryland Management Agreement” means that certain management agreement, dated as of October 1, 2012, between RHP Property
NH, LLC and Marble Transfer LLC (which via assignments and transfer documents is between RHP Operations NH, LLC and Marriott Hotel Services, Inc., as of the October 1, 2012), as the same may be modified, amended or restated from time to time. 

  
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 “Material Adverse Effect” means (a) a material adverse change in, or a
material adverse effect upon, the operations, business, properties or condition (financial or otherwise) of the Parent and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any Loan Party to perform its obligations
under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 

“Maturity Date” means the Revolving Credit Maturity Date, the Tranche B Term Loan Maturity Date or the Closing Date Term Loan
Maturity Date, as applicable. 
 “Minimum Debt Service” means, for any date of calculation over any specified period, the
sum of the monthly principal and interest payments that would be required to be made during such period in order to amortize the aggregate of the Total Facility Outstandings as determined as of 12:00 p.m. on such date over a 25-year period at an interest rate equal to the greater of (a) the then-current yield for a seven (7) year U.S. Treasury Notes plus two hundred fifty (250) basis points and (b) seven
percent (7.00%). 
 “MLPFS” means Merrill Lynch, Pierce, Fenner & Smith Incorporated and its successors and
assigns. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Mortgage Instruments” shall have the meaning assigned such term in Section 5.01(d). 

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any
Loan Party or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Net Cash Proceeds” means the aggregate cash or Cash Equivalents proceeds received by any Consolidated Party in respect of
any Disposition, Equity Issuance, Debt Issuance or Involuntary Disposition, net of (a) direct costs incurred in connection therewith (including, without limitation, legal, accounting and investment banking fees, and sales commissions),
(b) taxes paid or payable as a result thereof and (c) in the case of any Disposition, the amount necessary to retire any Indebtedness secured by a Permitted Lien (ranking senior to any Lien of the Administrative Agent) on the related
Property; it being understood that “Net Cash Proceeds” shall include, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration
received by any such Consolidated Party in any Disposition, Equity Issuance, Debt Issuance or Involuntary Disposition. 
 “Net
Working Capital” means, at any time, consolidated current assets at such time minus consolidated current liabilities at such time, each as calculated in accordance with past practices approved by Agent, consistently applied, from the
financial statements of the Consolidated Parties required to be delivered pursuant to Section 7.01(a) for such calendar period. 

“Newly Operational Assets” means, for any twelve (12) month period, real property assets of the Consolidated Parties
with respect to which either (a) construction of the primary improvements related thereto has been substantially completed and such assets have been opened for business for the first time during such period or (b) construction of
substantial renovations or expansions thereto have been completed and, to the extent closed for such renovations, such assets have re-opened for business during such period. 

“NOI” means, for any period, an amount equal to (a) Gross Revenues for such period for all Borrowing Base Properties
existing as of the end of such period, minus, (b) Operating Expenses for such period for all such Borrowing Base Properties, where Gross Revenues and Operating Expenses are determined on an accrual basis, except for ground rents payable
under the Gaylord Palms Ground Lease which, for the purposes of this definition will be determined on a cash basis. 

“Note” or “Notes” means the Revolving Notes, the Closing Date Term Notes, the Tranche B Term Notes and/or
the Swing Line Note, individually or collectively, as appropriate. 

  
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 “Obligations” means all advances to, and debts, liabilities, obligations,
covenants and duties of, any Loan Party arising under any Loan Document, any Fee Letter or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to
become due, now existing or hereafter arising and including (i) interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding and (ii) any Swap Contract of any Loan Party to which a Lender or any Affiliate of such Lender is a party and (iii) all
obligations under any Treasury Management Agreement between any Loan Party and any Lender or Affiliate of a Lender; provided, that, with respect to the Guarantee, Obligations shall not include Excluded Swap Contracts. 

“OFAC” shall have the meaning assigned to such term in Section 6.28(b). 

“Operating Expenses” means, with respect to any Borrowing Base Property for any period, the actual costs and expenses of
owning, operating, managing, repairing and maintaining such Borrowing Base Property during such period (other than extraordinary costs and expenses, pre-opening costs, applicable Designated Non-Recurring Items, in each case to the extent related to such Borrowing Base Properties), including ground rents payable for such period and actual real estate taxes, as determined in accordance with GAAP. 

“Operating Lease” means, as applied to any Person, any lease (including, without limitation, leases which may be terminated
by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity. 
 “Original Revolving Credit Maturity Date” means June 5, 2019, as such
date may be extended as contemplated in Section 5.03. 
 “Other Covered Events” means all events
and circumstances (other than those referenced in the definition of the term “Designated Force Majeure Events”) which cause any shutdown or cessation of construction or operations at any Borrowing Base Property and (a) which either
(i) is related to a condemnation event with respect to which any related condemnation award is or will be delivered to the Administrative Agent for application pursuant to the terms of Section 7.07(c) hereof and which
are reasonably expected to be (in the reasonable judgment of the Administrative Agent), together with any amounts on deposit with the Administrative Agent in any related escrow account, sufficient to rebuild or restore the applicable Property or
(ii) gives rise to a fully insured claim (subject to applicable deductibles) in favor of the Borrower or any Loan Party pursuant to the terms of valid insurance policies and the proceeds of which are reasonably expected to be, together with any
amounts on deposit with the Administrative Agent for the account of the Borrower or the applicable Loan Party, sufficient to rebuild or restore the applicable Property; (b) to the extent such circumstance or event is a casualty event, the
Borrower provides evidence of the applicable insurance coverage promptly following such event, delivers all information required by the applicable insurer for processing of the applicable claim within thirty (30) days of the occurrence of such
event (or, to the extent delivery within such time frame is not reasonably possible, as soon as reasonably practicable following such event) and proceeds to use commercially reasonable good faith efforts to pursue and resolve such claim with the
applicable insurer as expeditiously as is reasonably possible without compromising any material rights of the Borrower or any other Loan Party with respect to such claim; and (c) the Borrower has provided the Administrative Agent with
restoration plans and other information with respect to the applicable damage to the extent required herein and, in any case, is proceeding with the restoration, repair or reconstruction work with all due diligence and in good faith. 

  
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 “Other Taxes” means all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan
Document. 
 “Outstanding Amount” means (i) with respect to any Loans on any date, the aggregate outstanding principal
amount thereof after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date; and (ii) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to
any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts. 

“Parent” has the meaning specified in the recitals hereto. 

“Participant” has the meaning specified in Section 11.07(d). 

“Participant Register” has the meaning specified in Section 11.07(d). 

“Patriot Act” has the meaning specified in Section 11.16. 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 

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

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Pension Plans and Multiemployer Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Internal Revenue Code and Section 302 of ERISA,
each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 3004 and 305 of ERISA. 

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

“Permitted Investments” means, at any time, Investments by the Consolidated Parties permitted to exist at such time pursuant
to the terms of Section 8.02. 
 “Permitted Liens” means, at any time, Liens in respect of
Property of the Consolidated Parties permitted to exist at such time pursuant to the terms of Section 8.01; provided, that with respect to Liens related to Borrowing Base Properties, the term “Permitted
Liens” means (a) Liens permitted to exist at such time pursuant to the terms of Sections 8.01(c), (d), (g) or (j) which Liens, in the reasonable judgment of the Administrative Agent, do
not adversely affect in any material respect the value of the applicable Borrowing Base Property and (b) such other Liens that have been approved in writing by the Administrative Agent in its sole discretion. 

“Permitted PILOT Transaction” means any PILOT Transaction consummated pursuant to documentation in form and substance
reasonably satisfactory to the Administrative Agent. 
 “Person” means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “PILOT Lease
Agreement” has the meaning assigned to such term in the definition of “PILOT Transaction”. 
 “PILOT
Transaction” means a transaction or series of related transactions in which (a) the Guarantor that owns the Borrowing Base Property known as Gaylord Opryland (as described on Schedule 1.01(b)) transfers the

  
 26 

 
legal title of such Borrowing Base Property (subject to the Mortgage Instrument then in existence with respect to such Borrowing Base Property) to The Industrial Development Board of the
Metropolitan Government of Nashville and Davidson County (the “IDB”) and simultaneously leases such Borrowing Base Property back pursuant to a lease (a “PILOT Lease Agreement”) which (i) obligates the Parent
and/or such Guarantor to make payments in lieu of ad valorem taxes (“PILOT Payments”) equal to what such taxes would be if such Guarantor had retained legal title to such Borrowing Base Property, (ii) obligates the Parent
and/or such Guarantor to make nominal rent payments and (iii) grants to the Parent and/or such Guarantor the option to reacquire title of such Borrowing Base Property for a nominal sum at such time as the Bonds (as herein defined) have been
paid, and (b) the IDB issues bonds (the “Bonds”) which are payable from all or a portion of such PILOT Payments and/or other payments to be made by the Parent and/or such Guarantor. 

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

“Platform” means IntraLinks, Syndtrak or another similar electronic system. 

“Pledge Agreement” means the Fifth Amended and Restated Pledge Agreement, in the form of Exhibit C, dated as of the
Closing Date, executed in favor of the Administrative Agent (for the benefit of the Secured Parties) by the Loan Parties thereto, as amended, modified, restated or supplemented from time to time. 

“Pledged Interests” means, as of any date of determination, a collective reference to one hundred percent (100.0%) of the
Capital Stock of each Person owning a Borrowing Base Property as of such date. 
 “Prime Rate” means, at any time, the rate
of interest per annum publicly announced from time to time by the Lender then acting as the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime
rate occurs. The parties hereto acknowledge that the rate announced publicly by the Lender acting as Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or
other banks. 
 “Pro Forma Basis” means, for purposes of (w) calculating the Borrowing Base, (x) calculating the
Applicable Margin, (y) calculating compliance with the covenant is Section 8.02(f) and (z) calculating each of the financial covenants set forth in Section 8.11, (a) any incurrence
or assumption of Indebtedness pursuant to Sections 8.03(i) and (j), (b) any Disposition pursuant to Section 8.05; (c) any Acquisition pursuant to
Sections 8.02(d) or (f); or (d) any removal of a Real Property as a Borrowing Base Property pursuant to Section 7.13 shall be deemed to have occurred as of the first day of the four
calendar quarter period ending as of the most recent calendar quarter end preceding the date of such transaction with respect to which the Administrative Agent has received the Required Financial Information. 

In connection with the foregoing: 

(i)    with respect to any incurrence or assumption of Indebtedness pursuant to
Sections 8.03(i) and (j), any Indebtedness which is retired in connection with such incurrence or assumption shall be excluded and deemed to have been retired as of the first day of the
applicable period; 
 (ii)    with respect to any Disposition pursuant to
Section 8.05 or any removal of a Borrowing Base Property pursuant to Section 7.13, income statement and cash flow statement items (whether positive or negative) attributable to the Property
disposed of or the Borrowing Base Property removed shall be excluded to the extent relating to any period occurring prior to the date of such transaction; 

(iii)    with respect to any Acquisition pursuant to Sections 8.02(d) or
(f), (A) any Indebtedness incurred or assumed by any Consolidated Party (including the Person or Property acquired) in connection with such transaction and any Indebtedness of the Person or Property acquired which is not retired in
connection with such transaction (1) shall be deemed to have been incurred as of the first day of the applicable period and (2) if such Indebtedness has a floating or formula rate, shall have an implied rate of

  
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interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of
determination, (B) income statement and cash flow statement items (whether positive or negative) attributable to the Person or Property acquired shall be included beginning as of the first day of the applicable period, (C) pro
forma adjustments may be included to the extent that such adjustments would give effect to events that are (1) directly attributable to such transaction, (2) expected to have a continuing impact on the Consolidated Parties and
(3) factually supportable (in the reasonable judgment of the Administrative Agent) and, if applicable and (D) any Indebtedness which is retired in connection with such transaction shall be excluded and deemed to have been retired as
of the first day of the applicable period. 
 “Pro Forma Compliance Certificate” means a certificate of a Responsible
Officer of the Parent delivered to the Administrative Agent in accordance with the terms hereof giving effect to the applicable transaction as of the most recent calendar quarter end preceding the date of the applicable transaction with respect to
which the Administrative Agent shall have received the Required Financial Information. 
 “Property” means any interest in
any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 
 “Qualified ECP Guarantor”
means, in respect of any Swap Contract, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Contract or such other
person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by
entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Real Properties” means, at
any time, a collective reference to each of the facilities and real properties (including the Borrowing Base Properties) owned or leased by the Consolidated Parties at such time. 

“Register” has the meaning specified in Section 11.07(c). 

“REIT” means a Person qualifying for treatment as a “real estate investment trust” under the Code. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Reportable Event” means any of the
events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period has been waived. 

“Repricing Event” means (a) any prepayment of the Tranche B Term Loans with the proceeds of a substantially
concurrent issuance or incurrence of, or any conversion of Tranche B Term Loans into, any new or replacement tranche of secured bank term loans bearing interest at an “effective” interest rate less than the “effective” interest
rate applicable to the Tranche B Term Loans; provided, that any such prepayment, conversion or replacement that occurs as a result of and in connection with a Change of Control relating to the Parent shall not be deemed a “Repricing Event”
hereunder, and (b) any amendment to the Tranche B Term Loan Facility that, directly or indirectly, reduces the “effective” interest rate applicable to the Tranche B Term Loans (in each case, taking into account original issue discount
and upfront fees, which will be deemed to constitute like amounts of original issue discount, being equated to interest rate margins based on an assumed four-year life to maturity), including any mandatory assignment in connection therewith with
respect to each Tranche B Term Lender that refuses to consent to such amendment. 
 “Request for Credit Extension” means
(a) with respect to a Committed Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application and (c) with respect to a Swing Line Loan, a
Swing Line Loan Notice. 

  
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 “Required Covenant Lenders” means, at any time, Lenders holding in the aggregate
more than fifty percent (50%) of (a) (i) the Aggregate Revolving Commitments (and participations therein) or (ii) if the Aggregate Revolving Commitments have been terminated, the Total Revolving Outstandings (and participations
therein); plus (b) the Total Closing Date Term Loan Outstandings; provided, that the unfunded Revolving Commitments of, Total Revolving Outstandings and Total Closing Date Term Loan Outstandings held or deemed held by any
Defaulting Lender shall be excluded for purposes of making a determination of Required Covenant Lenders. 
 “Required Financial
Information” means, with respect to each calendar period or quarter of the Parent, (a) the financial statements required to be delivered pursuant to Section 7.01(a) or (b) for such calendar period
or quarter, and (b) the certificate of a Responsible Officer of the Parent required by Section 7.02(b) to be delivered with the financial statements described in clause (a) above. 

“Required Lenders” means, at any time, Lenders holding in the aggregate more than fifty percent (50%) of (a)
(i) the Aggregate Revolving Commitments (and participations therein) or (ii) if the Aggregate Revolving Commitments have been terminated, the Total Revolving Outstandings (and participations therein); plus (b) the Total Term
Loan Outstandings; provided, that the unfunded Revolving Commitments of and the Total Facility Outstandings held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Required Revolving Lenders” means at any time, Lenders holding in the aggregate more than fifty percent (50%) of (a)
the Aggregate Revolving Commitments (and participations therein) or (b) if the Aggregate Revolving Commitments have been terminated, the Total Revolving Outstandings (and participations therein). 

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, vice president of
treasury or assistant treasurer of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other
action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Payment” means (a) any dividend or other payment or distribution, direct or indirect, on account of any
shares of any class of Capital Stock of any Consolidated Party, now or hereafter outstanding (including without limitation any payment in connection with any dissolution, merger, consolidation or disposition involving any Consolidated Party), or to
the holders, in their capacity as such, of any shares of any class of Capital Stock of any Consolidated Party, now or hereafter outstanding, (b) any purchase, redemption, retirement, sinking fund or similar payment, purchase or other
acquisition for value, direct or indirect, of any shares of any class of Capital Stock of any Consolidated Party, now or hereafter outstanding, or (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options
or other rights to acquire shares of any class of Capital Stock of any Consolidated Party, now or hereafter outstanding. 

“Revolver Unused Fee” has the meaning specified in Section 2.09(a). 

“Revolving Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to the Borrower pursuant to
Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 “Revolving Credit Facility” has the meaning specified in the definition of “Facility”. 

“Revolving Credit Lender” means each Lender that has a Revolving Commitment or is the holder of a Revolving Loan. 

  
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 “Revolving Credit Maturity Date” means the Original Revolving Credit Maturity
Date, subject to extension to the First Extended Revolving Credit Maturity Date and the Second Extended Revolving Credit Maturity Date in accordance with Section 2.06(d). 

“Revolving Facility Unused Percentage” means, as of any date of determination, the percentage amount equal to (a) the
Aggregate Revolving Commitments as of such date minus the Total Revolving Outstandings (exclusive of the amount of any Swing Line Loans outstanding) as of such date, divided by (b) the Aggregate Revolving Commitments as of
such date. 
 “Revolving Loan” has the meaning specified in Section 2.01(a). 

“Revolving Note” has the meaning specified in Section 2.11(a). 

“Sanctioned Country” means, at any time, a country, territory or region which is, or whose government is, the subject or
target of any Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related
list of designated Persons maintained by any Governmental Authority of the United States of America, including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security Council, Her Majesty’s Treasury, the
European Union or any other Governmental Authority, (b) any Person located, operating, organized or resident in a Sanctioned Country, (c) an agency of the government of a Sanctioned Country or (d) any Person Controlled by any Person
or agency described in any of the preceding clauses (a) through (c). 
 “Sanctions” means any sanctions or trade
embargoes imposed, administered or enforced by any Governmental Authority of the United States of America, including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security Council, Her Majesty’s Treasury,
the European Union or any other Governmental Authority. 
 “RL/TLA Arranger” means a collective reference to Wells Fargo
Securities LLC, MLPFS, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A. and U.S. Bank National Association, in their capacities as joint lead arrangers and joint book runners of the Facilities (other than the Tranche B Term Loan Facility).

 “S&P” means S&P Global Ratings or any successor thereto. 

“Sale and Leaseback Transaction” means any arrangement pursuant to which any Consolidated Party, directly or indirectly,
becomes liable as lessee, guarantor or other surety with respect to any lease, whether an Operating Lease or a Capital Lease, of any Property (a) which such Consolidated Party has sold or transferred (or is to sell or transfer) to a Person
which is not a Consolidated Party or (b) which such Consolidated Party intends to use for substantially the same purpose as any other Property which has been sold or transferred (or is to be sold or transferred) by such Consolidated Party to
another Person which is not a Consolidated Party in connection with such lease. 
 “SEC” means the Securities and Exchange
Commission, or any Governmental Authority succeeding to any of its principal functions. 
 “Second Extended Revolving Credit
Maturity Date” means June 5, 2020, as such date may be extended as contemplated in Section 5.03. 

“Secured Parties” mean a collective reference to the Administrative Agent, any L/C Issuer, the Lenders, each Lender or
Affiliate of a Lender that is a party to a Swap Contract or Treasury Management Agreement and each other Person to whom any Loan Party owes any of the Obligations which are secured by the Loan Documents. 

“Security Agreement” means that certain Fifth Amended and Restated Security Agreement, in the form of Exhibit B, dated
as of the Closing Date, executed in favor of the Administrative Agent (for the benefit of the Secured Parties) by the Loan Parties thereto, as amended, modified, restated or supplemented from time to time. 

  
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 “Senior Notes Indenture” means that certain Indenture, dated as of
April 14, 2015, between the Borrower, RHP Finance Corporation, and U.S. Bank National Association, as trustee, as amended from time to time in accordance with its terms (the “Original Indenture”), under which the Borrower and
RHP Finance Corporation issued their 5.00% Senior Notes due 2023 (the “5.00% Notes”); provided, however, that, if the Parent or the Borrower issues notes or bonds (the “New Notes”), the proceeds of
which are used, in whole or in part, to redeem, purchase or otherwise repay the 5.00% Notes, “Senior Notes Indenture” shall mean the indenture under which such New Notes are issued, as amended from time to time in accordance with its terms
(the “New Indenture”); and provided further, that (a) if the Original Indenture is terminated for any reason and the New Indenture has not been entered into, “Senior Notes Indenture” shall mean the
Original Indenture as in effect at the time of such termination, and (b) if the New Indenture is terminated for any reason, “Senior Notes Indenture” shall mean the New Indenture as in effect at the time of such termination. 

“SNDA” means, with respect to any Borrowing Base Property, the applicable Subordination,
Non-Disturbance and Attornment Agreement between the Administrative Agent, Marriott Hotel Services, Inc. and the applicable owner of such Borrowing Base Property, dated on or about the closing date of the
Existing Credit Agreement, and reconfirmed pursuant to the applicable Manager’s Reconfirmation of Subordination, Non-Disturbance and Attornment Agreement and Estoppel, dated on or about the Closing Date.

 “Solvent” or “Solvency” means, with respect to any Person as of a particular date, that on such date
(a) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the ordinary course of business, (b) such Person does not intend to, and does not believe that it will, incur
debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature in their ordinary course, (c) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a
transaction, for which such Person’s Property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged or is to engage, (d) the fair value of the
Property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person and (e) the present fair salable value of the assets of such Person is not less than the amount that
will be required to pay the probable liability of such Person on its debts as they become absolute and matured. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which,
in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of Capital Stock having ordinary voting power for the election of directors or other governing body (other than Capital Stock having such power only by reason of the happening of a contingency) are at the time
beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to
“Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Parent. 
 “Substantial Casualty” has the
meaning assigned to such term in Section 7.07(b). 
 “Substantial Condemnation” has the meaning
assigned to such term in Section 7.07(c). 
 “Swap Contract” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or
liabilities under any Master Agreement. 

  
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 “Swap Termination Value” means, in respect of any one or more Swap Contracts,
after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance
therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s)
for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any
Affiliate of a Lender). 
 “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to
Section 2.04. 
 “Swing Line Lender” means Wells Fargo Bank in its capacity as provider of Swing
Line Loans, or any successor swing line lender hereunder. 
 “Swing Line Loan” has the meaning specified in
Section 2.04(a). 
 “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit A-2. 

“Swing Line Note” has the meaning specified in Section 2.11(a). 

“Swing Line Sublimit” means an amount equal to the lesser of (a) $50,000,000 and (b) the Revolving Commitment of the
Swing Line Lender minus the aggregate outstanding Revolving Loans made by Swing Line Lender as of such date. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments and only Lenders holding Revolving
Commitments shall participate in exposure to Swingline Loans. 
 “Synthetic Lease Obligation” means the monetary obligation
of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating
obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Tangible Net Worth” means, for any Person as of any date of determination, the consolidated shareholders’ equity of
such Person determined in accordance with GAAP, less (without duplication), the sum of the following: (a) all intangibles determined in accordance with GAAP (including, without limitation, goodwill and deferred or
capitalized acquisition costs), (b) unamortized debt discount and expense, (c) any non-cash gain (or plus any non-cash loss, as applicable) resulting from any mark-to-market adjustments made directly to consolidated shareholders’ equity as a result of fluctuations in the value of financial instruments owned by Parent or any of
its Subsidiaries as mandated under FAS 133. 
 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Tenants” means, collectively, RHP Operations OH, LLC, RHP Operations GP, LLC, RHP Operations GT, LLC and RHP Operations NH,
LLC. 
 “Tennessee Lease Agreement” means that certain lease agreement dated as of October 1, 2012, between RHP
Operations OH, LLC, as lessee and RHP Hotels, LLC, as successor by merger to RHP Property OH, LLC, as lessor, as the same may be modified, amended or restated from time to time. 

“Tennessee Management Agreement” means that certain management agreement dated as of October 1, 2012, between RHP Hotels, LLC
(as successor by merger to RHP Property OH, LLC) and Marble Transfer LLC (which via assignments and transfer documents is between RHP Operations OH, LLC and Marriott Hotel Services, Inc., as of October 1, 2012), as the same may be modified, amended
or restated from time to time. 

  
 32 

 “Term Loans” means the Closing Date Term Loans, the Tranche B Term Loans and the
Incremental Term Loans. 
 “Texas Lease Agreement” means that certain lease agreement, dated as of October 1, 2012,
between RHP Operations GT, LLC, as lessee and RHP Property GT, LP, as lessor, as the same may be modified, amended or restated from time to time. 

“Texas Management Agreement” means that certain management agreement, dated as of October 1, 2012, between RHP Property
GT, LP and Marble Transfer LLC (which via assignments and transfer documents is between RHP Operations GT, LLC and Marriott Hotel Services, Inc., as of October 1, 2012), as the same may be modified, amended or restated from time to time. 

“Threshold Amount” means $10,000,000. 

“Title Insurance Company” means Fidelity National Title Insurance Company. 

“Total Closing Date Term Loan Outstandings” means, as of any date of determination, the aggregate Outstanding Amount of all
Closing Date Term Loans as of such date. 
 “Total Facility Outstandings” means, as of any date of determination, the Total
Revolving Outstandings as of such date plus the Total Term Loan Outstandings as of such date. 
 “Total Revolving
Outstandings” means, as of any date of determination, the aggregate Outstanding Amount of all Revolving Loans, all L/C Obligations and all Swing Line Loans as of such date. 

“Total Term Loan Outstandings” means, as of any date of determination, the aggregate Outstanding Amount of all Term Loans as
of such date. 
 “Tranche B Term Lender” means each Lender that has a Tranche B Term Loan Commitment or is the holder of a
Tranche B Term Loan. 
 “Tranche B Term Loan” has the meaning specified in Section 2.01(c). 

“Tranche B Term Loan Arranger” means Deutsche Bank Securities Inc. in its capacity as lead arrangers and left book runner of
the Tranche B Term Loan Facility. 
 “Tranche B Term Loan Commitment” means, as to any Lender, the obligation of such
Lender, if any, to make a Tranche B Term Loan to the Borrower as provided in this Agreement in a principal amount not to exceed the amount set forth under the heading “Tranche B Term Loan Commitment” opposite such Lender’s name on
Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate principal amount of the Tranche B Term
Loan Commitments on the Closing Date is FIVE HUNDRED MILLION DOLLARS ($500,000,000.00). 
 “Tranche B Term Loan Facility”
has the meaning specified in the definition of “Facility”. 
 “Tranche B Term Loan Maturity Date” means
May 11, 2024. 
 “Tranche B Term Note” has the meaning specified in Section 2.11(a). 

“Treasury Management Agreement” means any agreement governing the provision of treasury or cash management services,
including deposit accounts, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services. 

“Type” means, with respect to any Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

  
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 “Unconsolidated Affiliate” means any corporation, partnership, association,
joint venture or other entity in each case which is not a Consolidated Party and in which a Consolidated Party owns, directly or indirectly, any Capital Stock. 

“Unconsolidated Affiliate Interest” means the percentage of the Capital Stock owned by a Consolidated Party in an
Unconsolidated Affiliate accounted for pursuant to the equity method of accounting under GAAP. 
 “United States” and
“U.S.” mean the United States of America. 
 “Unreimbursed Amount” has the meaning specified in
Section 2.03(c)(i). 
 “Unused Rate” means, with respect to the Aggregate Revolving Commitments
as of any date, a percentage per annum equal to (a) if the Total Revolving Outstandings is less than fifty percent (50%) of the Aggregate Revolving Commitments, three-tenths percent (0.30%) and (b) if the Total Revolving Outstandings is
greater than or equal to fifty percent (50%) of the Aggregate Revolving Commitments, two-tenths percent (0.20%). 

“Wells Fargo Bank” means Wells Fargo Bank, National Association, and its successors. 

“Wholly Owned Subsidiary” means any Person one hundred percent (100%) of whose Capital Stock is at the time owned by the
Parent directly or indirectly through other Persons one hundred percent (100%) of whose Capital Stock is at the time owned, directly or indirectly, by the Parent. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 “Yield Differential” shall mean, with respect to any
Incremental Closing Date Term Loans and/or Revolving Loans made pursuant to Section 2.06(b), (i) the interest rate applicable to such Incremental Closing Date Term Loans and/or Revolving Loans, as the case may be,
minus (ii) the interest rate applicable to Tranche B Term Loans, as the case may be, set forth in Section 2.08, minus (iii) 50 basis points. 

1.02.    Other Interpretive Provisions. 

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or
other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all
references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, and (v) any reference to any law
shall include all statutory and regulatory provisions consolidating, amending replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time. 

  
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 (b)    In the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means
“to and including.” 
 (c)    Section headings herein and in the other Loan Documents are included
for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 

1.03.    Accounting Terms. 

(a)    Generally. Except as otherwise specifically prescribed herein, all accounting terms not specifically or
completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP
applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements; provided, however, that calculations of Attributable Indebtedness under any
Synthetic Lease Obligations or the implied interest component of any Synthetic Lease Obligations shall be made by the Borrower in accordance with accepted financial practice and consistent with the terms of such Synthetic Lease Obligations. 

(b)    Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided, that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to
such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

(c)    Effect of Transactions on Calculations. Notwithstanding the above, the parties hereto acknowledge and agree
that (i) calculation of the Borrowing Base, (ii) calculation of the Applicable Margin, (iii) calculation of the covenant in Section 8.02(f) and (iv) calculation of the financial covenants set forth in
Section 8.11 shall be determined on a Pro Forma Basis. 
 1.04.    Rounding. 

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a
rounding-up if there is no nearest number). 
 1.05.    Times of Day. 

Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 1.06.    Letter of Credit Amounts. 

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

  
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 ARTICLE II. 

THE COMMITMENTS AND CREDIT EXTENSIONS 

2.01.    Revolving Loans and Term Loans. 

(a)    Revolving Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make
loans (each such loan, a “Revolving Loan”) in Dollars to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such
Lender’s Revolving Commitment; provided, however, that after giving effect to any Borrowing of Revolving Loans, (i) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (ii) the Total
Facility Outstandings shall not exceed the Borrowing Base, and (iii) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Revolving Commitment. Within the limits of each Lender’s Revolving Commitment, and subject to the other
terms and conditions hereof, the Borrower may borrow under this Section 2.01(a), prepay under Section 2.05(a), and reborrow under this Section 2.01(a). Revolving Loans may
be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
 (b)    Closing Date Term Loan.
Subject to the terms and conditions set forth herein (including each proviso hereto), each Lender severally agrees to make its portion of a term loan (the “Closing Date Term Loan”) in Dollars to the Borrower on the Closing Date Term
Loan Funding Date in an aggregate amount not to exceed such Lender’s Closing Date Term Loan Commitment (as set forth in Closing Date Term Loan Amendment, if any); provided, however, that after giving effect to the Borrowing of
Closing Date Term Loans, the Total Facility Outstandings shall not exceed the Borrowing Base. Amounts repaid or prepaid on the Closing Date Term Loans may not be reborrowed. The Closing Date Term Loans may consist of Base Rate Loans or Eurodollar
Rate Loans, as further provided herein. 
 (c)    Tranche B Term Loans. Subject to the terms and conditions set
forth herein (including each proviso hereto and thereto), each Lender severally agrees to make its portion of a term loan (the “Tranche B Term Loan”) in Dollars to the Borrower on the Closing Date in an aggregate amount not to
exceed such Lender’s Tranche B Term Loan Commitment; provided, however, that after giving effect to the Borrowing of Tranche B Term Loans, the Total Facility Outstandings shall not exceed the Borrowing Base. Amounts repaid or
prepaid on the Tranche B Term Loans may not be reborrowed. The Tranche B Term Loans may consist of Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

(d)    Incremental Closing Date Term Loan. Each Lender with an Incremental Closing Date Term Loan Commitment
pursuant to Section 2.06(b) severally agrees to make its portion of the applicable Incremental Closing Date Term Loan in a single advance in Dollars to the Borrower in an aggregate amount not to exceed such Lender’s
Incremental Closing Date Term Loan Commitment; provided, however, that after giving effect to the Borrowing of the applicable Incremental Closing Date Term Loan, the Total Facility Outstandings shall not exceed the Borrowing Base. Once
advanced, Incremental Closing Date Term Loans shall be aggregated with Closing Date Term Loans and all such Loans shall be referred to as Closing Date Term Loans. Amounts repaid on the Closing Date Term Loans may not be reborrowed. The Term Loans,
including any Incremental Closing Date Term Loan, may consist of Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

(e)    Incremental Tranche B Term Loan. Each Lender with an Incremental Tranche B Term Loan Commitment pursuant to
Section 2.06(b) severally agrees to make its portion of the applicable Incremental Tranche B Term Loan in a single advance in Dollars to the Borrower in an aggregate amount not to exceed such Lender’s Incremental
Tranche B Term Loan Commitment; provided, however, that after giving effect to the Borrowing of the applicable Incremental Tranche B Term Loan, the Total Facility Outstandings shall not exceed the Borrowing Base. Once advanced,
Incremental Tranche B Term Loans shall be aggregated with Tranche B Term Loans and all such Loans shall be referred to as Tranche B Term Loans. Amounts repaid on the Tranche B Term Loans may not be reborrowed. The Term Loans, including any
Incremental Tranche B Term Loan, may consist of Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

  
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 2.02.    Borrowings, Conversions and Continuations of Committed Loans. 

(a)    Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of
Eurodollar Rate Loans shall be made upon the irrevocable notice from the Borrower to the Administrative Agent, which may be given by telephone (provided that such telephonic notice complies with the information requirements of the form of
Committed Loan Notice attached hereto). Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation
of Eurodollar Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans; provided, however, all Committed Borrowings made on the Closing Date shall be made as Base Rate Loans; and provided
further, that if the Borrower wishes to request Eurodollar Rate Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest Period”, the applicable notice must be
received by the Administrative Agent not later than 11:00 a.m. four (4) Business Days prior to the requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Lenders of such
request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., three (3) Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall
notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must be
confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans
shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in a
principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Committed Borrowing, a conversion of Committed
Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed
Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the
Borrower fails to specify a Type of Committed Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate
Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or
continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a Swing Line Loan
may not be converted to a Eurodollar Rate Loan. 
 (b)    Following receipt of a Committed Loan Notice, the
Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall
notify each Lender of the details of any automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative
Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in
Section 5.02 or Section 5.03, as applicable (and, if such Borrowing is the initial Credit Extension, Section 5.01), the Administrative Agent shall make all funds so
received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Wells Fargo Bank with the amount of such funds or (ii) wire transfer of such
funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, however, that if, on the date a Committed Loan Notice with respect to a Borrowing
consisting of Revolving Loans is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing first shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the
Borrower as provided above. 
 (c)    Subject to Section 3.05, a Eurodollar Rate Loan may be
continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans having Interest Periods greater than
one month without the consent of the Required Lenders. During the existence of an Event of Default, no Loans may be converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders. 

  
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 (d)    The Administrative Agent shall promptly notify the Borrower and the
Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. 

(e)    After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and
all continuations of Committed Loans as the same Type, there shall not be more than (i) ten (10) Interest Periods in effect with respect to the Revolving Loans, and (ii) ten (10) Interest Periods in effect with respect to
the Term Loans. 
 2.03.    Letters of Credit. 

(a)    The Letter of Credit Commitment. 

(i)    Subject to the terms and conditions set forth herein, (A) any L/C Issuer agrees, in reliance
upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of
Credit denominated in Dollars for the account of the Borrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of
Credit; and (B) the Lenders holding Revolving Commitments and Revolving Loans severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder (based on their respective
Applicable Percentages of the Aggregate Revolving Commitments); provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (w) the Total Facility Outstandings shall not exceed the Borrowing Base,
(x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding
Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Revolving Commitment, and (z) the Outstanding Amount of the L/C
Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies
with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly
the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto,
and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof. 

(ii)    An L/C Issuer shall not issue any Letter of Credit if, subject to
Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve (12) months after the date of issuance or last extension, unless the Required Revolver Lenders have
approved such expiry date; or the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders holding Revolving Commitments have approved such expiry date. 

(iii)    No L/C Issuer shall be under any obligation to issue any Letter of Credit if: 

(A)    any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport
to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C
Issuer shall prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction,
reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing
Date and which such L/C Issuer in good faith deems material to it; 

  
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 (B)    the issuance of such Letter of Credit would violate
one or more policies of such L/C Issuer; 
 (C)    except as otherwise agreed by the Administrative Agent
and such L/C Issuer, such Letter of Credit is in an initial stated amount less than $250,000; 

(D)    such Letter of Credit is to be denominated in a currency other than Dollars; 

(E)    such Letter of Credit contains any provision for automatic reinstatement of the stated amount after
any drawing thereunder; or 
 (F)    any Lender is at that time a Defaulting Lender, unless such L/C
Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate such L/C Issuer’s actual or potential Fronting Exposure
(after giving effect to Section 2.15(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such
L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion. 

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

(vii)    No L/C Issuer shall be under any obligation to issue any Letter of Credit if the issuance of such
Letter of Credit would cause (A) the aggregate amount of Letters of Credit issued by such L/C Issuer to exceed twenty percent (20%) of the Letter of Credit Sublimit or (B) the aggregate Outstanding Amount of the Revolving Loans of such
Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations issued by another L/C Issuer, plus 100% of the Outstanding Amount of all L/C Obligations issued by such L/C Issuer, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made by another Lender, plus 100% of the Swing Line Loans, if any, outstanding from such L/C Issuer, to exceed such L/C Issuer’s Revolving Commitment. 

(b)    Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 

(i)    Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the
Borrower delivered to any L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be
received by an L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and such L/C Issuer may agree in a particular instance in their sole
discretion) prior to the proposed issuance date or 

  
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date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to
the applicable L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary
thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature
of such Letter of Credit and (H) such other matters as the applicable L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail
satisfactory to the applicable L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as
the applicable L/C Issuer may require. Additionally, the Borrower shall furnish to the applicable L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment,
including any Issuer Documents, as the applicable L/C Issuer or the Administrative Agent may require. 

(ii)    Promptly after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm
with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Administrative Agent with a copy
thereof. Unless the applicable L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit,
that one or more of the applicable conditions contained in Article V shall not then be satisfied, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or the applicable Subsidiary) or enter
into the applicable amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby
irrevocably and unconditionally agrees to, purchase from the applicable L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of
Credit. 
 (iii)    If the Borrower so requests in any applicable Letter of Credit Application, the
applicable L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension
Letter of Credit must permit such L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a
day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the applicable L/C Issuer,
the Borrower shall not be required to make a specific request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable L/C
Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that such L/C Issuer shall not permit any such extension if (A) such L/C
Issuer has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form under the terms hereof (by reason of the provisions of clause (ii) or (iii) of
Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is five (5) Business Days before the
Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or any Loan Party that
one or more of the applicable conditions specified in Section 5.02 is not then satisfied, and in each case directing such L/C Issuer not to permit such extension. 

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

  
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 (c)    Drawings and Reimbursements; Funding of Participations. 

(i)    Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such
Letter of Credit, subsequent to the examination of documents and determination that the drawing complies with the Letter of Credit terms and conditions, the applicable L/C Issuer shall notify the Borrower and the Administrative Agent thereof. Not
later than 11:00 a.m. on the date of any payment by any L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to
the amount of such drawing. If the Borrower fails to so reimburse such L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender holding a Revolving Commitment of the Honor Date, the amount of the unreimbursed drawing (the
“Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof (which shall be based on such Lender’s Applicable Percentage of the Revolving Commitments). In such event, the Borrower shall be deemed
to have requested a Borrowing of Base Rate Revolving Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the
principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Commitments and the conditions set forth in Section 5.02 (other than the delivery of a Committed Loan
Notice). Any notice given by any L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate
confirmation shall not affect the conclusiveness or binding effect of such notice. 
 (ii)    Each Lender
holding a Revolving Commitment shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the
account of any L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Percentage (with respect to the Revolving Commitments) of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in
such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Revolving Loan to the Borrower in
such amount. The Administrative Agent shall remit the funds so received to the applicable L/C Issuer. 

(iii)    With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate
Revolving Loans because the conditions set forth in Section 5.02 (other than delivery of a Committed Loan Notice) cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the
applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event,
each Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall
constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03. 

(iv)    Until each applicable Lender funds its Revolving Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of such
L/C Issuer. 
 (v)    Each applicable Lender’s obligation to make Revolving Loans or L/C Advances to
reimburse any L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff,
counterclaim, recoupment, defense or other right which such Lender may have against any L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence,
event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Revolving Loans (but not to reimburse any L/C Issuer for any L/C Advance in the event the Borrower fails
to do so) pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 5.02 (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance
shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable L/C Issuer for the amount of any payment made by any L/C Issuer under any Letter of Credit, together with interest as provided herein. 

  
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 (vi)    If any applicable Lender fails to make available to
the Administrative Agent for the account of the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in
Section 2.03(c)(ii), such L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and rate determined by such L/C Issuer in accordance with banking industry rules on interbank
compensation from time to time in effect. A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

 (d)    Repayment of Participations. 

(i)    At any time after any L/C Issuer has made a payment under any Letter of Credit and has received from
any Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related
Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable
Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received by the Administrative Agent. 

(ii)    If any payment received by the Administrative Agent for the account of any L/C Issuer pursuant to
Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.06 (including pursuant to any settlement entered into by such L/C Issuer in its discretion),
each Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is
returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. 

(e)    Obligations Absolute. The obligation of the Borrower to reimburse any L/C Issuer for each drawing under each
Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i)    any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan
Document; 
 (ii)    the existence of any claim, counterclaim,
set-off, defense or other right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any
such transferee may be acting), any L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated
transaction; 
 (iii)    any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a
drawing under such Letter of Credit; 
 (iv)    any payment by any L/C Issuer under such Letter of Credit
against presentation of a draft or certificate that does not comply with the terms of such Letter of Credit; or any payment made by any L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter
of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 

  
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 (v)    any other circumstance or happening whatsoever,
whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary. 

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of
any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the applicable L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the applicable
L/C Issuer and its correspondents unless such notice is given as aforesaid. 
 (f)    Role of L/C Issuer. Each
Lender holding a Revolving Commitment and the Borrower agree that, in paying any drawing under a Letter of Credit, the applicable L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and
documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of any L/C Issuer, any Agent-Related
Person nor any of the respective correspondents, participants or assignees of any L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the
Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in a final non-appealable judgment of a court of competent
jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrower hereby assumes all risks of the acts or omissions of
any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have
against the beneficiary or transferee at law or under any other agreement. None of any L/C Issuer, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for
any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against an
L/C Issuer, and such L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such L/C
Issuer’s willful misconduct or gross negligence (as determined in a final non-appealable judgment of a court of competent jurisdiction). In furtherance and not in limitation of the foregoing, any L/C
Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency
of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

(g)    Applicability of ISP. Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrower when a
Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each Letter of Credit. 

(h)    Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Lender
holding a Revolving Commitment in accordance with its Applicable Percentage (based on the respective Lenders’ Revolving Commitments/Loans) a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to
the Applicable Margin for Eurodollar Rate Loan times the daily amount available to be drawn under such Letter of Credit. For the purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such
Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) computed on a quarterly basis in arrears, and (ii) due and payable on the first Business Day after the end
of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable
Margin during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Margin separately for each period during such quarter that such Applicable Margin was in effect.
Notwithstanding anything to the contrary contained herein, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 

(i)    Fronting Fee and Processing Charges Payable to L/C Issuer. The Borrower shall, in connection with the
issuance or extension (whether or not pursuant to an automatic extension) of each Letter of Credit, pay 

  
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directly to the applicable L/C Issuer for its own account a fronting fee for each Letter of Credit equal to the greater of (i) $1,500.00 and (ii) one hundred twenty-five thousandths
percent (0.125%) times the maximum amount available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect with respect to such Letter of Credit). Such fronting fee shall be payable upon issuance or extension
of the applicable Letter of Credit. For the purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.
In addition to the foregoing, the Borrower shall pay directly to the applicable L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer
relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 

(j)    Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any
Issuer Documents, the terms hereof shall control. 
 (k)    Letters of Credit Issued for Subsidiaries.
Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for any and all
drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits
from the businesses of such Subsidiaries. 
 2.04.    Swing Line Loans. 

(a)    The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees (unless it
has determined that it is reasonably likely that a Lender holding Revolving Commitments is or shall become a Defaulting Lender on or prior to the time on which the relevant Swing Line Loan is capable of being refinanced in accordance with
Section 2.04(c)) may, in its sole discretion and in reliance upon the agreements of the other Lenders holding Revolving Commitments as set forth in this Section 2.04, make loans (each such loan, a
“Swing Line Loan”) to the Borrower from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact
that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Committed Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Commitment;
provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the Revolving Loans of any Lender,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s
Revolving Commitment, and provided, further, that the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Additionally, the Swing Line Lender shall not be obligated to make a Swing
Line Loan if, after giving effect to such Swing Line Loan, the aggregate Outstanding Amount of the Revolving Loans of the Swing Line Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations issued by
another Lender, plus 100% of the Outstanding Amount of all L/C Obligations issued by such Swing Line Lender, plus 100% of the Swing Line Loans then outstanding, shall exceed the Swing Line Lender’s Revolving Commitment. Within the foregoing
limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this
Section 2.04. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Lender holding a Revolving Commitment shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage (with respect to such Lender’s Revolving Commitment) times the
amount of such Swing Line Loan. 
 (b)    Borrowing Procedures. Each Swing Line Borrowing shall be made upon the
Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the
requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $250,000 and integral multiples of $50,000 in excess thereof, and (ii) the requested borrowing date, which shall be a Business Day. Each
such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the 

  
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Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing Line Lender of any
telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will
notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00
p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of
Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than
3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower. 

(c)    Refinancing of Swing Line Loans. 

(i)    The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the
Borrower (which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Lender with a Revolving Commitment make a Base Rate Revolving Loan in an amount equal to such Lender’s Applicable Percentage (with
respect to such Lender’s Revolving Commitment) of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance
with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate Revolving Commitments
and the conditions set forth in Section 5.02. The Swing Line Lender shall furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each
Lender shall make an amount equal to its Applicable Percentage (with respect to such Lender’s Revolving Commitment) of the amount specified in such Committed Loan Notice available to the Administrative Agent in immediately available funds (and
the Administrative Agent may apply Cash Collateral available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such
Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Revolving Loan to the Borrower in such amount. The Administrative Agent
shall remit the funds so received to the Swing Line Lender. 
 (ii)    If for any reason any Swing Line
Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Revolving Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request
by the Swing Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to
Section 2.04(c)(i) shall be deemed payment in respect of such participation. 

(iii)    If any Lender fails to make available to the Administrative Agent for the account of the Swing
Line Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line
Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan
included in the relevant Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts
owing under this clause (iii) shall be conclusive absent manifest error. 

  
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 (iv)    Each Lender’s obligation to make Committed Loans
or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff,
counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to the
conditions set forth in Section 5.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein. 

(d)    Repayment of Participations. 

(i)    At any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if
the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage (with respect to such Lender’s Revolving Commitment) thereof in the same funds as
those received by the Swing Line Lender. 
 (ii)    If any payment received by the Swing Line Lender in
respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by the
Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage (with respect to such Lender’s Revolving Commitment) thereof on demand of the Administrative Agent, plus interest thereon from the
date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of the Lenders under this clause
shall survive the payment in full of the Obligations and the termination of this Agreement. 
 (e)    Interest for
Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this
Section 2.04 to refinance such Lender’s Applicable Percentage (with respect to such Lender’s Revolving Commitment) of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the
account of the Swing Line Lender. 
 (f)    Payments Directly to Swing Line Lender. The Borrower shall make all
payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender. 

2.05.    Prepayments. 

(a)    Voluntary Prepayments of Loans. 

(i)    The Borrower may, upon notice to the Administrative Agent, at any time or from time to time
(A) voluntarily prepay Base Rate Loans in whole or in part without premium or penalty except as provided in Section 2.05(a)(iii), and (B) voluntarily prepay Eurodollar Rate Loans in whole or in part on the last
day of the applicable Interest Period without premium or penalty except as provided Section 2.05(a)(iii) and Section 3.05 hereof; provided that (1) such notice must be received by the
Administrative Agent not later than 11:00 a.m. (x) three (3) Business Days prior to any date of prepayment of Eurodollar Rate Loans and (y) on the date of prepayment of Base Rate Loans; (2) any prepayment of Eurodollar Rate
Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (3) any prepayment of Base Rate Loans shall be in a principal amount of
$500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (4) any prepayment of the Term Loans shall be applied ratably to the Term Loans. Each such notice shall specify
the date and amount of such prepayment and the Class and Type(s) of Committed Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable
Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on 

  
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the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to
Section 3.05. Each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages. 

(ii)    The Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent),
at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Swing Line Lender and the Administrative Agent not later than
1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the
Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 

(iii)    Any prepayment made pursuant to this Section 2.05(a)(i) or
Section 2.05(b)(v) of the Tranche B Term Loans as a result of a Repricing Event shall be accompanied by a prepayment fee, which shall initially be 1% of the aggregate principal amount prepaid and shall decline to 0% after
the six-month anniversary of the Closing Date. Such amounts shall be due and payable to the Tranche B Lenders on the date of effectiveness of such Repricing Event. 

(b)    Mandatory Prepayments. 

(i)    Aggregate Revolving Commitments. If for any reason the Total Revolving Outstandings at any
time exceed the Aggregate Revolving Commitments then in effect, the Borrower shall immediately prepay Revolving Loans or Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided,
however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(i) unless after the prepayment in full of the Revolving Loans and Swing Line Loans the Total
Revolving Outstandings exceed the Letter of Credit Sublimit. 
 (ii)    Total Facility
Outstandings. If for any reason the Total Facility Outstandings as of any date of determination exceed the Borrowing Base as of such date, the Borrower shall immediately prepay the Loans and/or Cash Collateralize the L/C Obligations in an
aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(iii) unless after the prepayment in
full of the Loans the remaining L/C Obligations exceed the Letter of Credit Sublimit. 

(iii)    Borrowing Base Property Dispositions. 

(A)    Upon the Disposition of any Borrowing Base Property, the Borrower shall, immediately upon the
receipt of the Net Cash Proceeds related thereto (and, in any case, not later than the day following the date on which such Disposition occurs) prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to (x) if
after giving effect to such Disposition there is less than two (2) remaining hotel Borrowing Base Properties, one hundred percent (100%) of such Net Cash Proceeds or (y) if after giving effect to such Disposition there is at least two
remaining hotel Borrowings Base Properties, the lesser of (1) one hundred percent (100%) of such Net Cash Proceeds and (2) the amount of the prepayment required to cause the Total Facility Outstandings as of the date of such prepayment to
be equal to or less than fifty percent (50.0%) of the then-applicable BBP Value. Notwithstanding anything to the contrary contained herein, upon the first occurrence of any such Disposition of a Borrowing Base Property, the percentage referenced in
clause (b) of the definition of the term “Borrowing Base” contained in Section 1.01 shall, immediately upon the consummation of such Disposition, be irrevocably reduced from fifty-five percent (55.0%) to
fifty percent (50.0%). Further, all Dispositions of Borrowing Base Properties hereunder remain subject to the terms and conditions set forth in Section 8.05 (including, without limitation, the timely delivery by the
Borrower of a Pro Forma Compliance Certificate giving Pro Forma Effect to such Disposition). The Administrative Agent 

  
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shall, in connection with any assertion or claim by the Borrower that it is entitled to prepay an amount that is less than one hundred percent (100%) of the Net Cash Proceeds with respect to any
Disposition of a Borrowing Base Property, have the right to obtain, at the expense of the Borrower, a new appraisal with respect to any one or more of the remaining Borrowing Base Properties as of such date for recalculation of the Appraised Values
associated therewith (such appraisal to be in form and substance acceptable to the Administrative Agent, in its discretion). The Borrower shall, pending the completion of such re-appraisals, deposit one
hundred percent (100%) of the Net Cash Proceeds related to such Disposition in an account controlled by the Administrative Agent to be held in escrow pending the final determination of the new Appraised Values for the remaining Borrowing Base
Properties and shall execute any and all other documents, instruments or agreements requested by Administrative Agent in connection with such account or to establish Administrative Agent’s rights with respect thereto. Upon the final
determination of the new Appraised Values for the remaining Borrowing Base Properties, the Administrative Agent shall release any amount of such Net Cash Proceeds to which the Borrower may be entitled pursuant to the proviso set forth above. 

(B)    In addition to any prepayments required pursuant to item (A) above, to the extent any Net Cash
Proceeds from the Disposition of a Borrowing Base Property are applied to pay down any Indebtedness of any Loan Party or any of their Subsidiaries, such Net Cash Proceeds shall be applied to discharge or otherwise prepay the Obligations prior to any
payment being made against any Indebtedness evidenced by or related to any Senior Notes Indenture. 

(iv)    Casualty and Condemnation Events Related to Borrowing Base Properties. The Borrower
shall deliver to the Administrative Agent the Net Cash Proceeds related to any Involuntary Disposition with respect to any Borrowing Base Property immediately upon the receipt of such Net Cash Proceeds. Such Net Cash Proceeds will be held in escrow
by the Administrative Agent subject to the terms of Section 7.07 hereof. If the Borrower and Loan Parties elect, pursuant to Section 7.07 hereof, not to fully rebuild, reconstruct and otherwise
restore the applicable Borrowing Base Property with such Net Cash Proceeds, such Net Cash Proceeds will, following the sixty (60) day decision period provided the Borrower in such Section 7.07 or upon the written
direction of the Borrower, be applied to the Obligations in the manner described in subsection (vii) below except to the extent that (A) such prepayment would be in an amount that would necessarily result in a paydown of the principal
balance of the Term Loans (assuming the Borrower’s election to cause such proceeds to be first applied to the Revolving Loans and the Cash Collateralization of the L/C Obligations); (B) the Borrower delivers to the Administrative Agent, prior
to the end of such sixty (60) day period and prior to its delivery of any written direction for application of the funds against the Obligations, a request for the re-appraisal of such Borrowing Base
Property (which such appraisal shall constitute an appraisal obtained in connection with a casualty or condemnation event pursuant to Section 7.12 hereof) and return of any Net Cash Proceeds held by the Administrative Agent
which would otherwise necessarily be used for the prepayment of the Term Loans; (C) there exists, at the time of the Borrower’s written request and upon receipt of such new appraisal, no Default or Event of Default hereunder; and
(D) the Borrowing Base, once calculated taking into account such new appraisal, is sufficient to cover the Total Facility Outstandings as of the date on which such new appraisal is obtained. If Borrower provides a request pursuant to item
(B) above, the Net Cash Proceeds held in escrow by the Administrative Agent (1) shall, upon the receipt of the Borrower’s request pursuant to item (B) above, be applied, to the extent possible, to the outstanding Swing Line Loans
and Revolving Loans and to the Cash Collateralization of the L/C Obligations; and (2) if items (A) – (D) are fully satisfied, the excess proceeds remaining after application to the Revolving Loans and to the Cash Collateralization of the
L/C Obligations shall be returned to the Borrower. To the extent the Borrower delivers a request pursuant to item (B) above and the new appraisal obtained shows that the Borrowing Base is not sufficient to cover the Total Facility Outstandings,
the remaining amount held by the Administrative Agent in escrow shall be immediately applied to the Obligations in accordance with subclause (vii) below. The parties hereto each acknowledge and agree that the funds held by the
Administrative Agent in escrow shall, at all times prior to application to the Obligations or return to the Borrower, be subject to a first priority security interest in favor of the Administrative Agent for the benefit of the Secured Parties. 

  
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 (v)    Debt Issuance. The Borrower shall deliver to
the Administrative Agent the Net Cash Proceeds related to any Debt Issuance (other than as permitted by Section 8.03), not later than the next Business Day following such incurrence. 

(vi)    Excess Cash Flow. If, for any fiscal year of the Borrower commencing with the fiscal year
ending December 31, 2018, there shall be Excess Cash Flow, then, on the relevant Excess Cash Flow Application Date, the Tranche B Term Loans shall be prepaid by an amount equal to (A) (x) 50% of Excess Cash Flow for the fiscal year then ended
if the Consolidated Net Leverage Ratio at the end of such period is greater than or equal to 4.75:1.00, (y) 25% of Excess Cash Flow for the fiscal year then ended if the Consolidated Net Leverage Ratio at the end of such period is less than
4.75:1.00 but greater than or equal to 4.25:1.00 and (z) 0% of Excess Cash Flow for the fiscal year then ended if the Consolidated Net Leverage Ratio at the end of such period is less than 4.25:1.00 minus (B) the aggregate principal amount of
optional prepayments of Term Loans or Revolving Loans (accompanied by a permanent reduction in the corresponding Revolving Commitments in an aggregate amount equal to such prepayment of Revolving Loans) pursuant to
Section 2.05(a) made during such period to the extent such prepayment (1) does not occur in connection with a refinancing of all or a portion of such Loans and (2) is made with Internally Generated Funds. Each
such prepayment shall be made on a date (an “Excess Cash Flow Application Date”) no later than five Business Days after the earlier of the date on which the financial statements of the Company referred to in
Section 7.01(a), for the fiscal year with respect to which such prepayment is made, (i) are required to be delivered to the Administrative Agent and (ii) are actually delivered; provided, however,
that no such prepayment under this Section 2.05(b)(vi) if the foregoing prepayment amount would be less than $5,000,000. 

(vii)    Application of Mandatory Prepayments. All amounts required to be paid pursuant to this
Section 2.05(b) shall be applied as follows: 
 (A)    with respect to all
amounts prepaid pursuant to Section 2.05(b)(i), first to Swing Line Loans and then to Revolving Loans and (after all Revolving Loans and Swing Line Loans have been repaid) to Cash Collateralize L/C Obligations; 

(B)    subject to Section 2.05(b)(vii)(D), with respect to all amounts prepaid
pursuant to Sections 2.05(b)(ii), (iii) or (iv), to Term Loans, Revolving Loans or Swing Line Loans (at the option and written direction of the Borrower delivered concurrently with such prepayment) and (after all Term Loans,
Revolving Loans and Swing Line Loans have been repaid) to Cash Collateralize L/C Obligations; provided, that to the extent no direction is given by Borrower with respect to the application of any such prepayments, such prepayments shall be
applied first, to the Swing Line Loans, second, to the Revolving Loans and, third, to the Term Loans; 

(C)    with respect to all amounts prepaid pursuant to Sections 2.05(b)(v) or (vi), to Term
Loans to be applied ratably; and 
 (D)    if the Borrower elects or is deemed to have elected to pay
Term Loans in accordance with Section 2.05(b)(vii)(B), or if Borrower is required to make a prepayment of the Term Loans in accordance with Section 2.05(b)(v) or (vi), each Tranche B Term Lender shall have the
right to reject (a “Declining Tranche B Lender”) all or any part of the prepayment (the “Declined Amount”) within two (2) Business Days following a notice of prepayment (or if no notice is provided, the date of
such prepayment) by notice to the Administrative Agent and to the extent disbursed to the Declining Tranche B Lender, return of the Declined Amounts to the Administrative Agent. The Administrative Agent shall within five (5) Business Days of
receipt of the Declined Amounts notify the Borrower and pay the Declined Amounts first, to the Closing Date Term Loans, second to Swing Line Loans, third to Revolving Loans, and fourth, after all Closing Date Term Loans,
Swing Line Loans and Revolving Loans have been repaid, to the Borrower. 

  
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 Within the parameters of the applications set forth above, prepayments shall be applied first to
Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.05(b) shall be applied ratably (other than as expressly set forth in
Section 2.05(b)(vii)) without premium or penalty except as set forth in Section 2.05(a)(iii) and Section 3.05 and shall be accompanied by interest on the principal amount
prepaid through the date of prepayment. 
 (viii)    Prepayment Account. If the Borrower is
required to make a mandatory prepayment of Eurodollar Rate Loans under this Section 2.05(b), the Borrower shall have the right, in lieu of making such prepayment in full, to deposit an amount equal to such mandatory
prepayment with the Administrative Agent in a cash collateral account maintained (pursuant to documentation reasonably satisfactory to the Administrative Agent) by and in the sole dominion and control of the Administrative Agent. Any amounts so
deposited shall be held by the Administrative Agent as collateral for the prepayment of such Eurodollar Rate Loans and shall be applied to the prepayment of the applicable Eurodollar Rate Loans at the end of the current Interest Periods applicable
thereto. At the request of the Borrower, amounts so deposited shall be invested by the Administrative Agent in Cash Equivalents maturing prior to the date or dates on which it is anticipated that such amounts will be applied to prepay such
Eurodollar Rate Loans; any interest earned on such Cash Equivalents will be for the account of the Borrower and the Borrower will deposit with the Administrative Agent the amount of any loss on any such Cash Equivalents to the extent necessary in
order that the amount of the prepayment to be made with the deposited amounts may not be reduced. 

(ix)    Availability. Prepayments of the Revolving Loans or Swing Line Loans made pursuant to this
Section 2.05(b) shall not be deemed to permanently reduce the Aggregate Revolving Commitments. 

2.06.    Termination, Reduction or Increase of Commitments and Loans; Extensions of Revolving Credit Maturity Date. 

(a)    Voluntary and Mandatory Reductions. 

(i)    The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving
Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments; provided, that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five (5) Business Days prior
to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate
Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, (A) the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments or (B) with respect to any Aggregate Revolving
Commitment reduction or termination, the Total Facility Outstandings would exceed the Borrowing Base, and (iv) if, after giving effect to any reduction of the Aggregate Revolving Commitments, the Letter of Credit Sublimit or the Swing Line
Sublimit exceeds the amount of the Aggregate Revolving Commitments, such Sublimit shall be automatically reduced by the amount of such excess. 

(ii)    The Aggregate Revolving Commitments shall automatically be reduced to zero ($0) upon the
termination or expiration of the Availability Period. 
 (b)    Increases of Commitments or Loans. The Borrower
may at any time and from time to time, upon prior written notice by the Borrower to the Administrative Agent, (i) increase the Aggregate Revolving Commitments (but not the Letter of Credit Sublimit or the Swing Line Sublimit), (ii) increase the
total original principal amount of Closing Date Term Loans, and/or (iii) increase the total original principal amount of the Tranche B Term Loans, by a maximum aggregate amount of up to FIVE HUNDRED MILLION DOLLARS ($500,000,000) as follows:

 (i)    Increase in Aggregate Revolving Commitments. The Borrower may, at any time and from time
to time, upon prior written notice by the Borrower to the Administrative Agent increase the Aggregate Revolving Commitments (but not the Letter of Credit Sublimit or the Swing Line Sublimit) with additional Revolving Commitments from any existing
Lender with a Revolving Commitment or new 

  
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Revolving Commitments from any other Eligible Assignee selected by the Borrower and reasonably acceptable to the Administrative Agent, any L/C Issuer and the Swing Line Lender; provided
that: 
 (A)    any such increase shall be in a minimum principal amount of $10,000,000 and in integral
multiples of $1,000,000 in excess thereof. 
 (B)    no Default or Event of Default shall exist and be
continuing at the time of any such increase. 
 (C)    no existing Lender shall be under any obligation
to increase its Commitment and any such decision whether to increase its Revolving Commitment shall be in such Lender’s sole and absolute discretion. 

(D)    (1) any new Lender shall join this Agreement by executing such joinder documents reasonably required
by the Administrative Agent and/or (2) any existing Lender electing to increase its Commitment shall have executed a commitment agreement reasonably satisfactory to the Administrative Agent. 

(E)    After giving effect to such increase, the Administrative Agent shall reallocate any outstanding
Revolving Loans among the Lenders to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Revolving Commitments arising from any nonratable increase in the Revolving Commitments under this Section. 

(F)    as a condition precedent to such increase, the Borrower shall deliver to the Administrative Agent a
certificate of each Loan Party dated as of the date of such increase (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (1) certifying and attaching the resolutions adopted by such Loan Party approving or
consenting to such increase, and (2) in the case of the Borrower, certifying that, before and after giving effect to such increase, (x) the representations and warranties contained in Article VI and the other Loan Documents are true
and correct in all material respects on and as of the date of such increase, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of
such earlier date and (y) no Default or Event of Default exists. 
 (G)    as a condition precedent
to such increase, the Borrower shall deliver to the Administrative Agent a Pro Forma Compliance Certificate demonstrating that, upon giving effect to such increase, on a Pro Forma Basis, (1) the Loan Parties would be in compliance with the
financial covenants set forth in Section 8.11 as of the first day of the four calendar quarter period ending as of the most recent calendar quarter end preceding the date of such increase with respect to which the
Administrative Agent has received the Required Financial Information and (2) the Total Facility Outstandings do not exceed the Borrowing Base. 

(H)    Schedule 2.01 shall be deemed revised to reflect the new Revolving Commitments and Applicable
Percentages of the applicable Lenders. 
 (I)    the Borrower shall execute and provide new Notes to such
Lenders as may request in connection herewith. 
 (J)    the Borrower shall pay all fees required in
connection with such increase in the Aggregate Revolving Commitments and all costs and expenses (including attorneys’ costs and fees) incurred by the Administrative Agent in documenting or implementing such increase. 

(K)    After giving effect to such increase, the Borrowing Base Leverage will not exceed fifty-five percent
(55.0%). 

  
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 (ii)    Increase in Amount of Closing Date Term Loans.
The Borrower may, at any time, upon prior written notice to the Administrative Agent, institute one or more additional term loans (each an “Incremental Closing Date Term Loan”); provided that 

(A)    any such increase shall be in a minimum principal amount of $10,000,000 and in integral multiples of
$1,000,000 in excess thereof. 
 (B)    no Default or Event of Default shall exist and be continuing at
the time of any such increase. 
 (C)    no existing Lender shall be under any obligation to participate
in any Incremental Closing Date Term Loan and any such decision whether to participate shall be in such Lender’s sole and absolute discretion. 

(D)    (1) any new Lender shall join this Agreement by executing such joinder documents reasonably required
by the Administrative Agent and/or (2) any existing Lender electing to participate in an Incremental Closing Date Term Loan shall have executed a commitment agreement reasonably satisfactory to the Administrative Agent. 

(E)    following the advance of an Incremental Closing Date Term Loan, such amounts shall be deemed to be
Closing Date Term Loans and shall be subject to substantially the same terms and conditions as all other Closing Date Term Loans. 

(F)    as a condition precedent to such Incremental Closing Date Term Loan, the Borrower shall deliver to
the Administrative Agent a certificate of each Loan Party dated as of the date of such increase (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (1) certifying and attaching the resolutions adopted by
such Loan Party approving or consenting to such Incremental Closing Date Term Loan and (2) certifying that, before and after giving effect to such increase, (x) the representations and warranties contained in Article VI and the
other Loan Documents are true and correct in all material respects on and as of the date of such increase, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct
in all material respects as of such earlier date and (y) no Default or Event of Default exists. 

(G)    as a condition precedent to such Incremental Closing Date Term Loan, the Borrower shall deliver to
the Administrative Agent a Pro Forma Compliance Certificate demonstrating that, upon giving effect to such Incremental Closing Date Term Loan, on a Pro Forma Basis, (1) the Loan Parties would be in compliance with the financial covenants set
forth in Section 8.11 as of the first day of the four calendar quarter period ending as of the most recent calendar quarter end preceding the date of such increase with respect to which the Administrative Agent has received
the Required Financial Information and (2) the Total Facility Outstandings do not exceed the Borrowing Base. 

(H)    Schedule 2.01 shall be deemed revised to reflect the amount of the Incremental Closing Date
Term Loan and the Applicable Percentages of the applicable Lenders. 
 (I)    the Borrower shall execute
and provide new Notes to such Lenders as may request in connection herewith. 
 (J)    the Borrower shall
pay all fees required in connection with such increase in the Closing Date Term Loans and all costs and expenses (including attorneys’ costs and fees) incurred by the Administrative Agent in documenting or implementing such increase. 

(K)    After giving effect to such increase, the Borrowing Base Leverage will not exceed fifty-five percent
(55.0%). 

  
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 (iii)    Increase in Amount of Tranche B Term Loans.
The Borrower may, at any time, upon prior written notice to the Administrative Agent, institute one or more additional term loans (each an “Incremental Tranche B Term Loan”); provided that 

(A)    any such increase shall be in a minimum principal amount of $10,000,000 and in integral multiples of
$1,000,000 in excess thereof. 
 (B)    no Default or Event of Default shall exist and be continuing at
the time of any such increase. 
 (C)    no existing Lender shall be under any obligation to participate
in any Incremental Tranche B Term Loan and any such decision whether to participate shall be in such Lender’s sole and absolute discretion. 

(D)    (1) any new Lender shall be acceptable to Borrower, Administrative Agent and each Arranger, and
shall join this Agreement by executing such joinder documents reasonably required by the Administrative Agent and/or (2) any existing Lender electing to participate in an Incremental Tranche B Term Loan shall have executed a commitment
agreement reasonably satisfactory to the Administrative Agent. 
 (E)    following the advance of an
Incremental Tranche B Term Loan, such amounts shall be deemed to be Tranche B Term Loans and shall be subject to substantially the same terms and conditions as all other Tranche B Term Loans, provided, that such Incremental Tranche B Term
Loans may have maturity dates which are later than the Tranche B Term Loan Maturity Date. 
 (F)    as a
condition precedent to such Incremental Tranche B Term Loan, the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the date of such increase (in sufficient copies for each Lender) signed by a Responsible
Officer of such Loan Party (1) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such Incremental Tranche B Term Loan and (2) certifying that, before and after giving effect to such increase,
(x) the representations and warranties contained in Article VI and the other Loan Documents are true and correct in all material respects on and as of the date of such increase, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date and (y) no Default or Event of Default exists. 

(G)    as a condition precedent to such Incremental Tranche B Term Loan, the Borrower shall deliver to the
Administrative Agent a Pro Forma Compliance Certificate demonstrating that, upon giving effect to such Incremental Tranche B Term Loan, on a Pro Forma Basis, (1) the Loan Parties would be in compliance with the financial covenants set forth in
Section 8.11 as of the first day of the four calendar quarter period ending as of the most recent calendar quarter end preceding the date of such increase with respect to which the Administrative Agent has received the
Required Financial Information and (2) the Total Facility Outstandings do not exceed the Borrowing Base. 

(H)    Schedule 2.01 shall be deemed revised to reflect the amount of the Incremental Tranche B Term
Loan and the Applicable Percentages of the applicable Lenders. 
 (I)    the Borrower shall execute and
provide new Notes to such Lenders as may request in connection herewith. 
 (J)    the Borrower shall pay
all fees required in connection with such increase in the Tranche B Term Loans and all costs and expenses (including attorneys’ costs and fees) incurred by the Administrative Agent in documenting or implementing such increase. 

  
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 (K)    After giving effect to such increase, the Borrowing
Base Leverage will not exceed fifty-five percent (55.0%). 
 (iv)    Notwithstanding anything in this
Agreement to the contrary, if the weighted average interest rates applicable to the Incremental Closing Date Term Loans, Incremental Tranche B Term Loans, and/or Revolving Loans made pursuant to this Section 2.06(b) exceed
the interest rates set forth in Section 2.08 for the Tranche B Term Loans by more than 50 basis points, then the interest rates set forth in Section 2.08 for the Tranche B Term Loans shall increase
by the Yield Differential (it being understood that any increase in the weighted average interest rates may (i) take the form of original issue discount (“OID”) or upfront fees, with such OID or upfront fees being equated to
such interest margins in a manner determined by the Administrative Agent and consistent with generally accepted financial practice based on an assumed four-year life to maturity or (ii) be accomplished by a combination of an increase in the
weighted average interest rates, OID and/or upfront fees). 
 (v)    The effectiveness of any increase
under this Section 2.06(b) shall, in each case, be subject to the securing of additional commitments from existing Lenders, each in its sole discretion, or the obtaining of commitments of one or more new lending
institutions, each of which new lending institutions must be an Eligible Assignee and otherwise acceptable to the Borrower, Wells Fargo Securities, LLC and the Administrative Agent. 

(vi)    After giving effect to all increases under this Section 2.06(b), (i) the
Outstanding Amount of the Tranche B Term Loans shall not exceed the limitation set forth in Section 8.12, and (ii) in no event shall the Aggregate Revolving Commitments, together with the total original principal
amount of Closing Date Term Loans and the total original principal amount of the Tranche B Term Loans, in the aggregate, exceed ONE BILLION NINE HUNDRED MILLION DOLLARS ($1,900,000,000). 

(c)    General. The Administrative Agent will promptly notify the Lenders of any such notice of termination,
reduction or increase of the Aggregate Revolving Commitments or any increase in the Closing Date Term Loans or Tranche B Term Loans. Any reduction of the Aggregate Revolving Commitments shall be applied to the Revolving Commitment of each Lender
according to its Applicable Percentage. All Revolver Unused Fees accrued until the effective date of any termination of the Aggregate Revolving Commitments shall be paid on the effective date of such termination. 

(d)    Extensions of Revolving Credit Maturity Date. The Borrower shall have the right to extend the Original
Revolving Credit Maturity Date to the First Extended Revolving Credit Maturity Date (the “First Extension Option”) and, following the successful exercise of the First Extension Option, Borrower shall have the right to extend
the First Extended Revolving Credit Maturity Date to the Second Extended Revolving Credit Maturity Date (the “Second Extension Option”; together with the First Extension Option, the “Extension Options”
and each an “Extension Option”), in each such case, subject to the satisfaction of the conditions precedent set forth in this Section below. The Borrower may exercise each Extension Option only by executing and
delivering to the Administrative Agent at least sixty (60) days, but not more than one hundred eighty (180) days, prior to the then-current Revolving Credit Maturity Date, a written request for such extension (an “Extension
Request”). The Administrative Agent shall notify the Revolving Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the applicable Extension Option shall become
effective: (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist, and (B) the representations and warranties made or deemed made by the Borrower and each
other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty
shall be true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier
date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be
true and correct in all respects) on and as of such earlier date), and (y) the Borrower shall have paid the Extension Fee for the applicable Extension Option payable under Section 2.09(c). At any time prior to the
effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from the chief executive officer or chief financial officer certifying the matters referred to in
the immediately preceding clauses (x)(A) and (x)(B). 

  
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 2.07.    Repayment of Loans. 

(a)    Revolving Loans. The Borrower shall repay to the Revolving Lenders on the Revolving Credit Maturity Date the
aggregate principal amount of Revolving Loans outstanding on such date. 
 (b)    Term Loans. 

(i)    The Borrower shall repay to the Closing Date Term Loan Lenders on the Closing Date Term Loan
Maturity Date the aggregate principal amount of the Closing Date Term Loans outstanding on such date. 

(ii)    The Borrower shall repay to the Tranche B Term Lenders, on each March 31, June 30,
September 30 and December 31, beginning with June 30, 2017 or if any such date is not a Business Day, on the immediately following Business Day, a principal amount of the Tranche B Term Loans equal to 0.25% of the initial aggregate
principal amount of such Tranche B Term Loans, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment. The Borrower shall repay to the Tranche B Term Lenders on the Tranche
B Term Loan Maturity Date the aggregate principal amount of the Tranche B Term Loans outstanding on such date. 

(c)    Swing Line Loans. The Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date
five (5) Business Days after such Swing Line Loan is made and (ii) the Revolving Credit Maturity Date. 

2.08.    Interest. 

(a)    Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on
the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Margin; (ii) each Base Rate Loan and each Swing Line Loan shall bear interest
on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin. 

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

(ii)    If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is
not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then, unless otherwise agreed to by the Required Lenders, such amount shall thereafter bear interest at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii)    Upon the request of the Required Lenders, while any Event of Default (other than an Event of
Default predicated on the failure of the Borrower to pay amounts due under the Loan Documents, as addressed in subclauses (i) and (ii) above) exists, the Borrower shall pay interest on the principal amount of all outstanding Obligations
hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iv)    Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be
due and payable upon demand. 
 (c)    Interest on each Loan shall be due and payable in arrears on each Interest
Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding
under any Debtor Relief Law. 

  
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 2.09.    Fees. 

In addition to certain fees described in subsections (h) and (i) of Section 2.03: 

(a)    Revolver Unused Fees. The Borrower shall, for each day during the term of this Agreement on which there
exist any Revolving Commitments, pay to the Administrative Agent for the account of each Lender holding a Revolving Commitment (in accordance with such Lender’s Applicable Percentage thereof), an unused fee (the “Revolver Unused
Fee”) equal to the Unused Rate times the actual daily amount by which the Aggregate Revolving Commitments exceed the Total Revolver Outstandings (less the amount of any outstanding Swing Line Loans) as of such date. The Revolver
Unused Fee shall accrue at all times during the term of this Agreement on which there exist any Revolving Commitments, including at any time during which one or more of the conditions in Article V is not met, and shall be
due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing on June 30, 2017 (with such initial payment to include such fees commencing from the Closing Date), and on the Revolving
Credit Maturity Date; provided, that (A) no Revolver Unused Fee shall accrue on the Revolving Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender and (B) any Revolver Unused Fee accrued with respect to the
Revolving Commitment of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender. The Revolver
Unused Fee shall be calculated quarterly in arrears, based on the applicable daily Unused Rates during each day of such quarter. 

(b)    Other Fees. The Borrower shall pay to each Arranger and the Administrative Agent, for their own respective
accounts, fees in the amounts and at the times specified in the applicable Fee Letter (without duplication of fees otherwise referenced herein). Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

(c)    Revolving Credit Extension Fee. If the Borrower exercises an Extension Option in accordance with
Section 2.06(d), the Borrower agrees to pay to the Administrative Agent, with respect to each Extension Option exercised, for the account of each Revolving Credit Lender a fee equal to seventy-five thousandths of one
percent (0.075%) of the amount of such Revolving Credit Lender’s Revolving Commitment (whether or not utilized) (the “Extension Fee”). Such Extension Fee shall be fully earned and due and payable in full on the date the
applicable Extension Option is effective. 
 2.10.    Computation of Interest and Fees; Retroactive Adjustment of Applicable
Margin. 
 (a)    All computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue
on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made
shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(b)    If, as a result of any restatement of or other adjustment to the financial statements of the Borrower, the Borrower
or the Lenders determine that (i) the Consolidated Funded Indebtedness to Total Asset Value Ratio, as calculated by the Borrower as of any applicable date, was inaccurate and (ii) a proper calculation of the Consolidated Funded
Indebtedness to Total Asset Value Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, any L/C Issuer
or the Swing Line Lender, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States,
automatically and without further action by the Administrative Agent, any Lender, any L/C Issuer or the Swing Line Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount
of interest and fees actually 

  
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paid for such period; provided, however, the Administrative Agent shall be required to make any demand pursuant to this Section 2.10(b) within six months
of the first date that the Administrative Agent had actual knowledge of any such inaccurate calculation. This paragraph shall not limit the rights of the Administrative Agent, any Lender or any L/C Issuer, as the case may be, under
Section 2.03(c)(iii), 2.03(h) or 2.08(b) or under Article IX. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments of all of the Lenders and the
repayment of all other Obligations hereunder. 
 2.11.    Evidence of Debt. 

(a)    The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records (including the
Register maintained pursuant to Section 11.06(c)) maintained by such Lender and by the Administrative Agent in the ordinary course of business. Such accounts or records maintained by the Administrative Agent and each Lender
shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise
affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent
in respect of such matters, the accounts and records of the Administrative Agent (including the Register maintained pursuant to Section 11.06(c)) shall control in the absence of manifest error. Upon the request of any
Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a promissory note which shall evidence such Lender’s Loans in addition to such accounts or records. Each such
promissory note shall (i) in the case of Revolving Loans, be in the form of Exhibit D-1 (a “Revolving Note”), (ii) in the case of the Closing Date Term Loans, be
in the form of Exhibit D-2(a) (a “Closing Date Term Note”), (iii) in the case of the Tranche B Term Loans, be in the form of Exhibit D-2(b) (a “Tranche B Term Note”) and (iv) in the case of the Swing Line Loans, be in the form of Exhibit D-3 (the
“Swing Line Note”). Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

(b)    In addition to the accounts and records referred to in subsection (a), each Lender and the Administrative
Agent shall maintain in accordance with its usual practice accounts or records (including the Register maintained pursuant to Section 11.06(c)) evidencing the purchases and sales by such Lender of participations in Letters
of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the
Administrative Agent (including the Register maintained pursuant to Section 11.06(c)) shall control in the absence of manifest error. 

2.12.    Payments Generally; Administrative Agent’s Clawback. 

(a)    General. All payments to be made by the Borrower shall be made without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at
the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next
succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such
extension of time shall be reflected in computing interest or fees, as the case may be. 
 (b)    Fundings and
Payments; Presumptions by Administrative Agent. 
 (i)    Funding by Lenders. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date (or, with respect to a Borrowing of Base Rate Loans, prior to the proposed time) of any Committed Borrowing that such Lender will not make available to the
Administrative Agent such Lender’s share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 and

  
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may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day
from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and
such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender
pays its share of the applicable Committed Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Committed Borrowing. Any payment by the Borrower shall be without prejudice to any
claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii)    Payments by Borrower. Unless the Administrative Agent shall have received notice from the
Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or any L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has
made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or any L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then
each of the Lenders or any L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or any L/C Issuer, in immediately available funds with interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation. 
 A notice of the Administrative Agent to any Lender or the Borrower with respect to any
amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c)    Failure to Satisfy
Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made
available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article V are not satisfied or waived in accordance with the terms hereof, the Administrative
Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 

(d)    Obligations of Lenders Several. The obligations of the Lenders hereunder to make Committed Loans and to fund
participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make any Committed Loan, to fund any such participation or
to make any payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any
other Lender to so make its Committed Loan, purchase its participation or make its payment pursuant to Section 11.04(c). 

(e)    Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in
any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

2.13.    Sharing of Payments by Lenders. 

If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest
on any of the Committed Loans made by it, or the participations in L/C 

  
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Obligations or in Swing Line Loans held by it (excluding any amounts applied by the Swing Line Lender to outstanding Swing Line Loans and excluding any amounts received by any L/C Issuer and/or
the Swing Line Lender to secure the obligations of a Defaulting Lender to fund risk participations hereunder) resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Committed Loans or participations and
accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face
value) participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans and other amounts owing them, provided that: 

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

(ii)    the provisions of this Section shall not be construed to apply to (x) any payment made by
the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans or subparticipations in
L/C Obligations or Swing Line Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply). 

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such
participation. 
 2.14.    Cash Collateral. 

(a)    Certain Credit Support Events. Upon the request of the Administrative Agent or any L/C Issuer (i) if any
L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains
outstanding, the Borrower shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. At any time that there shall exist a Defaulting Lender, promptly upon the request of the Administrative Agent, any L/C
Issuer or the Swing Line Lender, the Borrower shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.15(a)(iv) and any Cash
Collateral provided by the Defaulting Lender). 
 (b)    Grant of Security Interest. All Cash Collateral (other
than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at the Administrative Agent. The Borrower, and to the extent provided by any
Revolving Lender, such Revolving Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, any L/C Issuer and the Revolving Lenders (including the Swing Line Lender) and agrees
to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all balances therein, and all other property so provided as
collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.14(c). If at any time the Administrative Agent
determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other
obligations secured thereby, the Borrower or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such
deficiency. 
 (c)    Application. Notwithstanding anything to the contrary contained in this Agreement, Cash
Collateral provided under any of this Section 2.14 or Sections 2.03, 2.04, 2.05, 2.15 or 9.02 in respect of Letters of Credit or Swing Line Loans shall be held and applied in satisfaction
of the specific L/C Obligations, Swing Line Loans, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash
Collateral was so provided, prior to any other application of such property as may be provided herein. 

  
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 (d)    Release. Cash Collateral (or the appropriate portion thereof)
provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender
status of the applicable Lender), (ii) the Administrative Agent’s good faith determination that there exists excess Cash Collateral or (iii) repayment in full of the Obligations (other than contingent indemnification obligations for which
no claim has been asserted), together with termination of all Commitments hereunder; provided, however, (x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default
or Event of Default (and following application as provided in this Section 2.14 may be otherwise applied in accordance with Section 9.03) and (y) the Person providing Cash Collateral and any
L/C Issuer or Swing Line Lender, as applicable, may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations. 

2.15.    Defaulting Lenders. 

(a)    Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i)    Waivers and Amendment. The Defaulting Lender’s right to approve or disapprove any
amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 11.01. 

(ii)    Reallocation of Payments. Any payment of principal, interest, fees or other amount received
by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting
Lender pursuant to Section 11.08), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to any L/C Issuer or Swing Line Lender hereunder; third, if so determined by the Administrative
Agent or requested by any L/C Issuer or Swing Line Lender, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Swing Line Loan or Letter of Credit; fourth, as the Borrower may
request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent;
fifth, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund
Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, any L/C Issuer or Swing Line Lender as a result of any final and non-appealable judgment of a court of competent
jurisdiction obtained by any Lender, any L/C Issuer or Swing Line Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of
Default exists, to the payment of any amounts owing to the Borrower as a result of any final and non-appealable judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting
Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided, that, if (x) such
payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set
forth in Section 5.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro
rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts
owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.15(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

  
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 (iii)    Certain Fees. The Defaulting Lender
(x) shall not be entitled to receive any Commitment Fee pursuant to Section 2.09(a) for any period during which such Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that
otherwise would have been required to have been paid to such Defaulting Lender) and (y) shall be limited in its right to receive Letter of Credit Fees as provided in Section 2.03(h). 

(iv)    Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in
which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans
pursuant to Sections 2.03 and 2.04, the “Applicable Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender;
provided, that, (x) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (y) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Revolving Loans of that Lender. Subject to Section 11.20, no reallocation hereunder shall constitute a
waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(b)    Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swing Line Lender and any L/C Issuer
agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions
as the Administrative Agent may determined to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with
their Applicable Percentages (without giving effect to Section 2.15(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided, that, no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; provided, further, that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender. 

2.16.    Funds Transfer Disbursements. 

(a)    Generally. The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made
by any Lender or any Affiliate of a Lender pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement. The Borrower agrees to be bound by
any transfer request: (i) authorized or transmitted by the Borrower; or, (ii) made in the Borrower’s name and accepted by the Administrative Agent in good faith and in compliance with these transfer instructions, even if not properly
authorized by the Borrower. The Borrower further agrees and acknowledges that the Administrative Agent may rely solely on any bank routing number or identifying bank account number or name provided by the Borrower to effect a wire of funds transfer
even if the information provided by the Borrower identifies a different bank or account holder than named by the Borrower. The Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided
by the Borrower. If the Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfer or requests or takes any actions in an attempt to detect unauthorized funds transfer requests, the Borrower
agrees that no matter how many times the Administrative Agent takes these actions the Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any
part of the transfer disbursement procedures authorized under this provision, the Loan Documents, or any agreement between the Administrative Agent and the Borrower. The Borrower agrees to notify the Administrative Agent of any errors in the
transfer of any funds or of any unauthorized or improperly authorized transfer requests within fourteen (14) days after the Administrative Agent’s confirmation to the Borrower of such transfer. 

  
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 (b)    Funds Transfer. The Administrative Agent will, in its sole
discretion, determine the funds transfer system and the means by which each transfer will be made. The Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this
authorization (ii) require use of a bank unacceptable to the Administrative Agent or any Lender or prohibited by any Governmental Authority; (iii) cause the Administrative Agent or any Lender to violate any Federal Reserve or other
regulatory risk control program or guideline, or (iv) otherwise cause the Administrative Agent or any Lender to violate any Law or regulation. 

(c)    Limitation of Liability. Neither the Administrative Agent, any L/C Issuer nor any Lender shall be liable to
the Borrower or any other parties for (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the Borrower’s transfers may be made or information received or
transmitted, and no such entity shall be deemed an agent of the Administrative Agent, any L/C Issuer or any Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of
government, labor disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent’s, L/C Issuer’s or any Lender’s control, or (iii) any special, consequential, indirect or punitive
damages, whether or not (x) any claim for these damages is based on tort or contract or (y) the Administrative Agent, any L/C Issuers, any Lender or the Borrower knew or should have known the likelihood of these damages in any situation.
Neither the Administrative Agent, any L/C Issuer nor any Lender makes any representations or warranties other than those expressly made in this Agreement. 

2.17.    Recourse. 

The Obligations shall be fully, jointly and severally, recourse to Borrower, Guarantors and all of their respective assets. 

ARTICLE III. 
 TAXES,
YIELD PROTECTION AND ILLEGALITY 
 3.01.    Taxes. 

(a)    Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or
under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if the Borrower or an applicable withholding agent shall be required by applicable law
to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable by the Borrower shall be increased as necessary so that after making all required deductions (including deductions applicable to additional
sums payable under this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or applicable withholding agent
shall make such deductions and (iii) the Borrower or applicable withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b)    Payment of Other Taxes by the Borrower. Without limiting the provisions of subsection (a) above, the
Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c)    Indemnification by the Borrower. 

(i)    The Borrower shall indemnify the Administrative Agent, each Lender and any L/C Issuer, within ten
(10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative
Agent, such Lender or any L/C Issuer, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. The Borrower shall also, and does hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, for any

  
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amount which a Lender or any L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required by clause (ii) of this subsection. A certificate as to the amount of
such payment or liability delivered to the Borrower by a Lender or any L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or any L/C Issuer, shall be conclusive absent
manifest error. 
 (ii)    Without limiting the provisions of subsection (a) or (b) above, each
Lender and any L/C Issuer shall, and does hereby, indemnify the Administrative Agent (but only to the extent that the Borrower has not already done so and without limiting the Borrower’s obligation to do so), and shall make payment in respect
thereof within ten (10) days after demand therefor, against any and all Taxes (including any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.07(d) relating to the
maintenance of a Participant Register) and any and all related losses, claims, liabilities, penalties, interest and reasonable expenses (including the fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or
asserted against the Administrative Agent by any Governmental Authority and attributable to such Lender or any L/C Issuer, as the case may be, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. Each Lender and any L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or any L/C Issuer, as the case may be, under this Agreement or any other Loan Document
against any amount due to the Administrative Agent under this clause (ii). The agreements in this clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a
Lender or any L/C Issuer, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations. 

(d)    Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e)    Status of Lenders.
Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to
payments hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent, such
properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative
Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject
to backup withholding or information reporting requirements. 
 Without limiting the generality of the foregoing, in the event that the
Borrower is resident for tax purposes in the United States, any Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

 (i)    duly completed copies of Internal Revenue Service Form
W-8BEN or W-8BEN-E, as applicable, (or successor form) claiming eligibility for benefits of an income tax treaty to which the
United States is a party, 
 (ii)    duly completed copies of Internal Revenue Service Form W-8ECI (or successor form), 
 (iii)    in the case of a Foreign Lender
claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code,
(B) a “10 percent shareholder” of the 

  
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Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed
copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable, (or successor form), or 

(iv)    any other form (including, for example, Internal Revenue Service Form W-8IMY, or successor form) prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as
may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. 

In addition, each Lender shall deliver to the Administrative Agent and the Borrower at the time or times prescribed by law and at such time or
times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by
the Administrative Agent or the Borrower sufficient for the Administrative Agent and the Borrower to comply with their obligations under FATCA and to determine whether payments to such Lender are subject to withholding tax under FATCA. Solely for
purposes of this paragraph, “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its
legal inability to do so. 
 (f)    Treatment of Certain Refunds. Unless required by applicable Laws, at no time
shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or any L/C Issuer, or have any obligation to pay to any Lender or any L/C Issuer, any refund of Taxes withheld or deducted from funds paid for
the account of such Lender or any L/C Issuer, as the case may be. If the Administrative Agent, any Lender or any L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been
indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the
Administrative Agent, such Lender or any L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of
the Administrative Agent, such Lender or any L/C Issuer, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or
any L/C Issuer in the event the Administrative Agent, such Lender or any L/C Issuer is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require the Administrative Agent, any Lender or any L/C
Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

(g)    Certain Terms. For purposes of this Section 3.01, the term “Lender”
includes any L/C Issuer and the term “applicable law” includes FATCA. 
 3.02.    Illegality. 

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender
or its applicable Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such
Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue Eurodollar Rate
Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such
notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period
therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrower
shall also pay accrued interest on the amount so prepaid or converted. 

  
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 3.03.    Inability to Determine Rates. 

If the Required Lenders determine that for any reason in connection with any request for a Eurodollar Rate Loan or a conversion to or
continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not
exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not
adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be
suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar
Rate Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 

3.04.    Increased Costs. 

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

(i)    impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or
similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the Eurodollar Rate) or any L/C Issuer; 

(ii)    subject any Lender or any L/C Issuer to any tax of any kind whatsoever with respect to this
Agreement, any Letter of Credit, any participation in a Letter of Credit or any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Lender or any L/C Issuer in respect thereof (except for Indemnified Taxes or Other
Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or any L/C Issuer); or 

(iii)    impose on any Lender or any L/C Issuer or the London interbank market any other condition, cost or
expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of
the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Rate Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or any L/C Issuer of participating in,
issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or any L/C Issuer hereunder (whether of
principal, interest or any other amount) then, upon request of such Lender or any L/C Issuer, the Borrower will pay to such Lender or any L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or any L/C
Issuer, as the case may be, for such additional costs incurred or reduction suffered. 
 (b)    Capital
Requirements. If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender or any L/C Issuer or any Lending Office of such Lender or such Lender’s or any L/C Issuer’s holding company, if any, regarding
capital requirements and/or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or any L/C Issuer’s capital or on the capital of such Lender’s or any L/C Issuer’s holding company,
if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by any L/C Issuer, to a level below that which such Lender
or any L/C Issuer or such Lender’s or any L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or any L/C Issuer’s policies and the policies of such Lender’s or
any L/C Issuer’s holding company with respect to capital 

  
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adequacy), then from time to time the Borrower will pay to such Lender or any L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or any L/C Issuer or
such Lender’s or any L/C Issuer’s holding company for any such reduction suffered. 
 (c)    Certificates
for Reimbursement. A certificate of a Lender or any L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or any L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of
this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or any L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after
receipt thereof. 
 (d)    Delay in Requests. Failure or delay on the part of any Lender or any L/C Issuer to
demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or any L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to
compensate a Lender or any L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or any L/C Issuer, as the case may be,
notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or any L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

3.05.    Compensation for Losses. 

Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for
and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
 (a)    any continuation,
conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b)    any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow,
continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or 

(c)    any assignment or other termination of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 11.13 or in connection with Section 2.06(b); 

including any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan
or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to
have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such
Eurodollar Rate Loan was in fact so funded. 
 3.06.    Mitigation Obligations; Replacement of Lenders. 

(a)    Designation of a Different Lending Office. If any Lender requests compensation under
Section 3.04, or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a
notice pursuant to Section 3.02, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another
of its offices, branches or 

  
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affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or
3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b)    Replacement of Lenders. If any Lender requests compensation under Section 3.04, or
if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance with
Section 11.13. 
 3.07.    Survival. 

All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Revolving
Commitments and repayment of all other Obligations hereunder. 
 ARTICLE IV. 

GUARANTY 

4.01.    The Guaranty. 

Each of the Guarantors hereby jointly and severally guarantees to each Lender, each Affiliate of a Lender that enters into a Swap Contract or
Treasury Management Agreement with a Loan Party, the Administrative Agent and L/C Issuer as hereinafter provided, as primary obligor and not as surety, the prompt payment of the Obligations in full when due (whether at stated maturity, as a
mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise) strictly in accordance with the terms thereof. The Guarantors hereby further agree that if any of the Obligations are not paid in full when due (whether at
stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise), the Guarantors will, jointly and severally, promptly pay the same, without any demand or notice whatsoever, and that in the case of any
extension of time of payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise) in
accordance with the terms of such extension or renewal. 
 Notwithstanding any provision to the contrary contained herein or in any other of
the Loan Documents, Swap Contracts or Treasury Management Agreements, the obligations of each Guarantor under this Agreement and the other Loan Documents shall be limited to an aggregate amount equal to the largest amount that would not render such
obligations subject to avoidance under the Debtor Relief Laws, any comparable provisions of any applicable state Law or any applicable corporate or other organizational Laws relating to the ability of an entity to approve and authorize or make
Guarantees or Indebtedness (or the effectiveness of any such approval or authorization or making) in excess of an amount that would render such entity insolvent or such other amount as may be established by such Law. 

4.02.    Obligations Unconditional. 

The obligations of the Guarantors under Section 4.01 are joint and several, absolute and unconditional, irrespective
of the value, genuineness, validity, regularity or enforceability of any of the Loan Documents, Swap Contracts or Treasury Management Agreements, or any other agreement or instrument referred to therein, or any substitution, release, impairment or
exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or
defense of a surety or guarantor, it being the intent of this Section 4.02 that the obligations of the Guarantors hereunder shall be absolute and unconditional under any and all circumstances. Each Guarantor agrees that
such Guarantor shall have no right of subrogation, indemnity, reimbursement or contribution against the Borrower or any other Guarantor for amounts paid under this Article IV until such time as the Obligations have been
Fully Satisfied. Without limiting the generality of the foregoing, it is agreed that, to the fullest extent permitted by law, the occurrence of any one or more of the following shall not alter 

  
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or impair the liability of any Guarantor hereunder which shall remain absolute and unconditional as described above: 

(a)    at any time or from time to time, without notice to any Guarantor, the time for any performance of
or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived; 

(b)    any of the acts mentioned in any of the provisions of any of the Loan Documents, any Swap Contract
or Treasury Management Agreement between any Loan Party and any Lender, or any Affiliate of a Lender, or any other agreement or instrument referred to in the Loan Documents or such Swap Contracts or Treasury Management Agreements shall be done or
omitted; 
 (c)    the maturity of any of the Obligations shall be accelerated, or any of the Obligations
shall be modified, supplemented or amended in any respect, or any right under any of the Loan Documents, any Swap Contract or Treasury Management Agreement between any Loan Party and any Lender, or any Affiliate of a Lender, or any other agreement
or instrument referred to in the Loan Documents, such Swap Contracts or such Treasury Management Agreements shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in whole
or in part or otherwise dealt with; 
 (d)    any Lien granted to, or in favor of, the Administrative
Agent or any Lender or Lenders as security for any of the Obligations shall fail to attach or be perfected; or 

(e)    any of the Obligations shall be determined to be void or voidable (including, without limitation,
for the benefit of any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including, without limitation, any creditor of any Guarantor). 

With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence, presentment, demand of payment, protest and all
notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against any Person under any of the Loan Documents, any Swap Contract or Treasury Management Agreement between any Loan
Party and any Lender, or any Affiliate of a Lender, or any other agreement or instrument referred to in the Loan Documents, such Swap Contracts or such Treasury Management Agreements, or against any other Person under any other guarantee of, or
security for, any of the Obligations. 
 4.03.    Reinstatement. 

The obligations of the Guarantors under this Article IV shall be automatically reinstated if and to the extent that
for any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any proceedings in bankruptcy or reorganization or
otherwise, and each Guarantor agrees that it will indemnify the Administrative Agent, L/C Issuer and each Lender on demand for all reasonable costs and expenses (including, without limitation, fees and expenses of counsel) incurred by the
Administrative Agent or such Lender in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar
payment under any bankruptcy, insolvency or similar law. 
 4.04.    Certain Additional Waivers. 

Each Guarantor agrees that such Guarantor shall have no right of recourse to security for the Obligations, except through the exercise of
rights of subrogation pursuant to Section 4.02 and through the exercise of rights of contribution pursuant to Section 4.06. 

  
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 4.05.    Remedies. 

The Guarantors agree that, to the fullest extent permitted by law, as between the Guarantors, on the one hand, and the Administrative Agent,
L/C Issuer and the Lenders, on the other hand, the Obligations may be declared to be forthwith due and payable as provided in Section 9.02 (and shall be deemed to have become automatically due and payable in the
circumstances provided in said Section 9.02) for purposes of Section 4.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the Obligations from
becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or the Obligations being deemed to have become automatically due and payable), the Obligations (whether or not due and payable by any
other Person) shall forthwith become due and payable by the Guarantors for purposes of Section 4.01. The Guarantors acknowledge and agree that their obligations hereunder are secured in accordance with the terms of the
Collateral Documents and that the Lenders may exercise their remedies thereunder in accordance with the terms thereof. 

4.06.    Rights of Contribution. 

The Guarantors hereby agree as among themselves that, in connection with payments made hereunder, each Guarantor shall have a right of
contribution from each other Guarantor in accordance with applicable Law. Such contribution rights shall be subordinate and subject in right of payment to the Obligations until such time as the Obligations have been Fully Satisfied, and none of the
Guarantors shall exercise any such contribution rights until the Obligations have been Fully Satisfied. 
 4.07.    Guarantee of
Payment; Continuing Guarantee. 
 The guarantee in this Article IV is a guaranty of payment and not of
collection, is a continuing guarantee, and shall apply to all Obligations whenever arising. 
 4.08.    Keepwell.

 Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds
or other support as may be needed from time to time by each Loan Party to honor all of its obligations under this Guaranty in respect of Swap Contracts (provided, however, that each Qualified ECP Guarantor shall only be liable under this
Section 4.08 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 4.08, or otherwise under this Guaranty, voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until such time as the Obligations have been Fully Satisfied. Each Qualified ECP
Guarantor intends that this Section 4.08 constitute, and this Section 4.08 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 ARTICLE V. 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 

5.01.    Conditions of Closing Date and Initial Credit Extension and Closing Date. 

The conditions to effectiveness of this Agreement, and to the occurrence of the Closing Date and the obligation of any L/C Issuer and each
Lender to make its initial Credit Extension under this Agreement are subject to satisfaction of the following conditions precedent: 

(a)    Loan Documents, Organization Documents, Etc. The Administrative Agent’s receipt of the following, each
of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the

  
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case of certificates of governmental officials, a recent date before the Closing Date) or such other date as specified herein and each in form and substance satisfactory to the Administrative
Agent and each of the Lenders: 
 (i)    executed counterparts of this Agreement and the other Loan
Documents (provided, that with respect to the Mortgage Instruments, the originals thereof and the amendments executed in connection with this Agreement shall have been delivered to title agents or other parties acceptable to the Administrative Agent
for recording in the land records of the applicable jurisdictions in which the Borrowing Base Properties are located and the Administrative Agent shall have received fully executed copies of same); 

(ii)    Notes executed by the Borrower in favor of each Lender requesting same; 

(iii)    copies of the Organization Documents of each Loan Party certified to be true and complete as of a
recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where applicable, and certified by a secretary or assistant secretary of such Loan Party to be true and correct as of the
Closing Date; 
 (iv)    such certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with
this Agreement and the other Loan Documents to which such Loan Party is a party; 
 (v)    such documents
and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in (A) the jurisdiction of its
incorporation or organization and (B) each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be
expected to have a Material Adverse Effect; and 
 (vi)    a Disbursement Instruction Agreement effective
as of the Closing Date. 
 (b)    Opinions of Counsel. The Administrative Agent shall have received, in each case
dated as of the Closing Date and in form and substance reasonably satisfactory to the Administrative Agent: 

(i)    a legal opinion of Bass, Berry & Sims, PLC, general counsel for the Loan Parties; 

(ii)    a legal opinion of special local counsel for each Loan Party not organized in the State of
Tennessee or Delaware; and 
 (iii)    a legal opinion of special local counsel for the Loan Parties for
each state in which any Borrowing Base Property is located. 
 (c)    Personal Property Collateral. The
Administrative Agent shall have received the following (excluding any of the following delivered in connection with or under the Existing Credit Agreement with respect to any applicable Collateral, the further delivery of which would, in the
judgment of the Administrative Agent, be redundant or duplicative of such items previously delivered): 

(i)    updated searches of Uniform Commercial Code filings in the jurisdiction of organization of each Loan
Party and each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent’s security interest in the Collateral, copies of the financing statements on file in such
jurisdictions and evidence that no Liens exist other than Permitted Liens; 
 (ii)    duly executed UCC
financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the Collateral; 

  
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 (iii)    updated searches of ownership of, and Liens on,
intellectual property f each Loan Party in the appropriate governmental offices; 
 (iv)    all
certificates evidencing any certificated Capital Stock pledged to the Administrative Agent pursuant to the Pledge Agreement, together with duly executed in blank, undated stock powers attached thereto; 

(v)    duly executed notices of grant of security interest in the form required by the Pledge Agreement as
are necessary, in the Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the Collateral; 

(vi)    all instruments and chattel paper (if any) in the possession of any of the Loan Parties, together
with allonges or assignments as may be necessary or appropriate to perfect the Administrative Agent’s security interest in the Collateral; and 

(vii)    duly executed consents as are necessary, in the Administrative Agent’s sole discretion, to
perfect the Administrative Agent’s security interest in the Collateral. 
 (d)    Real Property Collateral.
The Administrative Agent shall have received the following, in each case in form and substance reasonably satisfactory to the Administrative Agent (excluding any of the following delivered in connection with or under the Existing Credit Agreement
with respect to any applicable Collateral, the further delivery of which would, in the judgment of the Administrative Agent, be redundant or duplicative of such items previously delivered): 

(i)    if required by the Administrative Agent, fully executed and notarized amendments to the Mortgage
Instruments (each, a “Mortgage Modification” and collectively the “Mortgage Modifications”) reflecting changes necessitated by the execution and delivery hereof as an amendment and/or restatement of the mortgages,
deeds of trust or deeds to secure debt (each, as amended by the Mortgage Modifications, and as heretofore or hereafter further amended, modified, restated or supplemented from time to time, a “Mortgage Instrument” and collectively
the “Mortgage Instruments”), encumbering the fee interest and/or leasehold interest of any Loan Party in each of the Borrowing Base Properties existing as of the Closing Date; and; 

(ii)    in the case of each real property leasehold interest of any Loan Party constituting a Borrowing
Base Property, (A) such estoppel letters, consents and waivers from the landlords on such real property as may be required by the Administrative Agent, which estoppel letters shall be in the form and substance reasonably satisfactory to the
Administrative Agent and (B) evidence that the applicable lease, a memorandum of lease with respect thereto, or other evidence of such lease in form and substance reasonably satisfactory to the Administrative Agent, has been or will be recorded
in all places to the extent necessary or desirable, in the reasonable judgment of the Administrative Agent, so as to enable the Mortgage Instrument encumbering such leasehold interest to effectively create a valid and enforceable first priority lien
(subject only to Liens acceptable to the Administrative Agent, in its discretion) on such leasehold interest in favor of the Administrative Agent (or such other Person as may be required or desired under local law) for the benefit of Lenders; 

(iii)    maps or plats of an ALTA (or other form acceptable to the Administrative Agent in its discretion)
survey of the sites of the real property covered by the Mortgage Instruments certified to the Title Insurance Company in a manner reasonably satisfactory to each of the Administrative Agent and the Title Insurance Company, dated a date
reasonably satisfactory to each of the Administrative Agent and the Title Insurance Company by an independent professional licensed land surveyor, which maps or plats and the surveys on which they are based shall be sufficient to delete any
standard printed survey exception contained in the applicable title policy and be made in accordance with the Minimum Standard Detail Requirements for Land Title Surveys, jointly established and adopted by the American Land Title Association and the
American Congress on Surveying and Mapping in 1997, with all items from Table A thereof completed, except for Nos. 5 and 12; 

  
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 (iv)    if available in the applicable state where such
Borrowing Base Property is located, and if required by the Administrative Agent, modification endorsements to each existing loan policy of title insurance issued by the Title Insurance Company (the “Title Policy Endorsements”) with
respect to each Borrowing Base Property, assuring the Administrative Agent that the lien of the Mortgage Instruments, from and after the Closing Date, shall continue to be a valid and enforceable first priority mortgage lien on the applicable
Borrowing Base Property, free and clear of all defects and encumbrances except Permitted Liens, which Title Policy Endorsements shall otherwise be in form and substance reasonably satisfactory to the Administrative Agent, together with evidence of
recording of the Mortgage Modifications in the land records of the proper jurisdictions and evidence of the Borrower’s payment of all premiums required to be paid as a condition to the issuance of such Title Policy Endorsements; 

(v)    [intentionally omitted]; 

(vi)    evidence reasonably satisfactory to the Administrative Agent that each of the Borrowing Base
Properties, and the uses of the Borrowing Base Properties, are in compliance in all material respects with all applicable zoning laws (the evidence submitted as to which should include the zoning designation made for each of the Borrowing Base
Properties, the permitted uses of each such Borrowing Base Properties under such zoning designation and, if available, zoning requirements as to parking, lot size, ingress, egress and building setbacks); 

(vii)    an updated “as-is” and “as-stabilized” appraisal of each Borrowing Base Property, each such appraisal to be in form and substance acceptable to the Administrative Agent in its discretion and from an appraiser acceptable to the
Administrative Agent in its discretion; provided, that to the extent required by FIRREA, each such appraisal shall either satisfy the requirements of FIRREA or be accompanied by appraisals meeting such requirements; and 

(viii)    updated evidence of insurance with respect to each Borrowing Base Property in form and substance
acceptable to the Administrative Agent and otherwise meeting the requirements set forth in Section 7.07 hereof and in the Mortgage Instrument executed with respect thereto. 

(e)    Evidence of Insurance. Receipt by the Administrative Agent of copies of all other insurance policies or
certificates of insurance of the Loan Parties evidencing liability and casualty insurance meeting the requirements set forth in Section 7.07 hereof and otherwise set forth in the Loan Documents, including, but not limited
to, naming the Administrative Agent as additional insured (in the case of liability insurance) or loss payee (in the case of hazard insurance) on behalf of the Lenders. 

(f)    Officer’s Certificates. The Administrative Agent shall have received a certificate or certificates
executed by a Responsible Officer of the Borrower as of the Closing Date, in form and substance satisfactory to the Administrative Agent, stating that (A) the conditions specified in Sections 5.02(a) and
(b) have been satisfied, (B) each Loan Party is in compliance with all existing financial obligations, (C) all material governmental, shareholder and third party consents and approvals, if any, with respect to the Loan
Documents and the transactions contemplated thereby have been obtained (and attaching copies thereof), and (D) no action, suit, investigation or proceeding is pending or threatened in any court or before any arbitrator or governmental
instrumentality that purports to affect any Loan Party or any transaction contemplated by the Loan Documents, if such action, suit, investigation or proceeding could reasonably be expected to have a Material Adverse Effect. 

(g)    Solvency. The Administrative Agent shall have received (i) a certificate executed by a Responsible
Officer of the Borrower as of the Closing Date, in form and substance satisfactory to the Administrative Agent, regarding the Solvency of each of the Loan Parties on a consolidated basis. 

(h)    Fees. Any fees required to be paid on or before the Closing Date, together with any Unused Fees that have
accrued, but that are not yet payable, under the Existing Credit Agreement, shall have been paid. 
 (i)    Attorney
Costs. The Borrower shall have paid all reasonable fees, charges and disbursements of counsel of the Administrative Agent to the extent invoiced prior to or on the Closing Date, plus such additional

  
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amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing
proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent). 

(j)    Compliance Certificate. The Administrative Agent shall have received a duly completed Compliance Certificate
as of March 31, 2017, signed by a Responsible Officer of the Borrower and a Pro Forma Compliance Certificate as of the Closing Date, taking into account any material Acquisitions, Dispositions or Debt Issuances or any other events or
circumstances which, on a Pro Forma Basis, have had an effect on the calculations presented in the Compliance Certificate as of March 31, 2017. 

(k)    Accuracy of Representations and Warranties. The representations and warranties of the Borrower and each
other Loan Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on and as of the
Closing Date. 
 (l)    No Default. No Default shall exist, or would result from, such proposed Credit Extension
or from the application of the proceeds thereof. 
 (m)    Know Your Customer. The Borrower and each other Loan
Party shall have provided all information requested by the Administrative Agent and each Lender in order to comply with applicable “know your customer” and Anti-Money Laundering Laws, including without limitation, the Patriot Act; 

(n)    Material Adverse Changes. There shall not have occurred a material adverse change (i) in the business,
assets, properties, liabilities (actual or contingent), operations, condition (financial or otherwise) of the Loan Parties and their respective Subsidiaries, taken as a whole, during the period from December 31, 2016 through and including the
Closing Date or (ii) in the facts and information regarding such entities as represented to date and the Administrative Agent shall have completed a due diligence investigation of the Loan Parties (with the aid of such parties) revealing no
material adverse changes or departures from the information and materials previously provided by such parties. 

(o)    Material Adverse Effect. The absence of any condition, circumstance, action, suit, investigation or
proceeding pending or, to the knowledge of the Borrower and/or Guarantors, threatened in any court or before any arbitrator or governmental authority that could reasonably be expected to have a Material Adverse Effect. 

(p)    Other. Receipt by the Lenders of such other documents, instruments, agreements or information as reasonably
requested by any Lender, including, but not limited to, information regarding litigation, tax, accounting, labor, insurance, pension liabilities (actual or contingent), real estate leases, material contracts, environmental conditions, asset
valuations/appraisals, debt agreements, property ownership and contingent liabilities of the Consolidated Parties. 

5.02.    Conditions to all Credit Extensions. 

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

(a)    The representations and warranties of the Borrower and each other Loan Party contained in
Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of
such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this
Section 5.02, the representations and warranties contained in subsections (a) and (b) of Section 6.05 shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 7.01. 
 (b)    No Default shall exist, or
would result from, such proposed Credit Extension. 

  
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 (c)    There shall not have been commenced against any Consolidated Party an
involuntary case under any applicable Debtor Relief Law, now or hereafter in effect, or any case, proceeding or other action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such
Person or for any substantial part of its Property or for the winding up or liquidation of its affairs, and such involuntary case or other case, proceeding or other action shall remain undismissed. 

(d)    The Administrative Agent and, if applicable, any L/C Issuer or Swing Line Lender shall have received a Request for
Credit Extension in accordance with the requirements hereof. 
 (e)    Assuming the effectiveness of the requested
Credit Extension, (i) the Total Facility Outstandings as of such date do not exceed the Borrowing Base and (ii) the Total Revolving Outstandings do not exceed the Aggregate Revolving Commitments. 

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a
continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 5.02(a), (b), (c) and (e) have been
satisfied on and as of the date of the applicable Credit Extension. 
 5.03.    Conditions to funding Closing Date Term Loans.

 The obligation of each Lender to fund its pro rata share of the Closing Date Term Loans on the Closing Date Term Loan Funding Date is
subject to satisfaction of the following conditions precedent on or before the date sixty (60) days following the Closing Date: 

(a)    The representations and warranties of the Borrower and each other Loan Party contained in
Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the Closing
Date Term Loan Funding Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this
Section 5.03, the representations and warranties contained in subsections (a) and (b) of Section 6.05 shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 7.01. 
 (b)    No Default shall exist, or
would result from, such funding of the Closing Date Term Loans. 
 (c)    There shall not have been commenced against
any Consolidated Party an involuntary case under any applicable Debtor Relief Law, now or hereafter in effect, or any case, proceeding or other action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or
similar official) of such Person or for any substantial part of its Property or for the winding up or liquidation of its affairs, and such involuntary case or other case, proceeding or other action shall remain undismissed. 

(d)    Administrative Agent shall have received from the Lenders Closing Date Term Loan Commitments in the aggregate
amount of TWO HUNDRED MILLION DOLLARS ($200,000,000). 
 (e)    Administrative Agent shall have received evidence as to
(A) whether any Borrowing Base Property is in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards (a “Flood Hazard Property”) and (B) if any Borrowing Base Property is
a Flood Hazard Property, (1) whether the community in which such Borrowing Base Property is located is participating in the National Flood Insurance Program, (2) the applicable Loan Party’s written acknowledgment of receipt of written
notification from the Administrative Agent (a) as to the fact that such Borrowing Base Property is a Flood Hazard Property and (b) as to whether the community in which each such Flood Hazard Property is located is participating in the
National Flood Insurance Program and (3) copies of insurance policies or certificates of insurance of the Consolidated Parties evidencing flood insurance satisfactory to the Administrative Agent and naming the Administrative Agent as sole loss
payee on behalf of the Lenders. 

  
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 (f)    Borrower, Parent, Administrative Agent and the Lenders shall have
entered into an amendment to this Agreement, effective concurrently with the funding of the Closing Date Term Loans, memorializing the increased outstanding amount of the Closing Date Term Loans to $200,000,000, extending the maturity dates of the
Closing Date Term Loans and the Revolving Loans, and providing for such other modifications as agreed to between Borrower, Parent, Administrative Agent and the Lenders (the “Closing Date Term Loan Amendment”). 

(g)    Borrower shall have provided executed and delivered updated Mortgage Modifications reflecting changes necessitated
by the execution and delivery of the Closing Date Term Loan Amendment as an amendment to the Mortgage Instruments. 

(h)    Assuming the funding of the Closing Date Term Loans on the Closing Date Term Loan Funding Date, the Total Facility
Outstandings as of such date shall not exceed the Borrowing Base. 
 (i)    The Borrower shall have executed and
provided new Notes to any Lenders requesting new Notes in connection therewith. 
 (j)    The Borrower shall have paid
all fees required in connection with such funding of the Closing Date Term Loans and all costs and expenses (including attorneys’ costs and fees) incurred by the Administrative Agent in documenting or implementing such increase. 

(k)    The Borrower shall have provided the Lenders with such other documents, instruments, agreements or information as
reasonably requested by any Lender, provided, however, that so long as the Closing Date Term Loan Funding Date is within sixty (60) days following the Closing Date, and except as otherwise required under this
Section 5.03, Borrower shall not be required to provide Administrative Agent or the Lenders with any of the items required under Section 5.01 to the extent such items were provided in connection
with the closing of this Agreement. 
 ARTICLE VI. 

REPRESENTATIONS AND WARRANTIES 

The Loan Parties represent and warrant to the Administrative Agent and the Lenders that: 

6.01.    Existence, Qualification and Power; Compliance with Laws. 

Each Consolidated Party (a) is duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority under the laws of its jurisdiction of incorporation or organization and all requisite governmental licenses, authorizations, consents and approvals to (i) own its
assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents, if any, to which it is a party and (c) is duly qualified and is licensed and in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not
reasonably be expected to have a Material Adverse Effect. 
 6.02.    Authorization; No Contravention. 

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party, have been duly authorized by
all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or result in or
require the creation of any Lien under, or require any payment to be made under (i) any material Contractual Obligation to which such Person is a party or affecting such Person or the Property of such Person or any of its Subsidiaries or
(ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law (including, without limitation, Regulation U or Regulation X
issued by the FRB). Each Loan Party and each Subsidiary thereof is in compliance with all Contractual Obligations referred to in clause (b)(i), except to the extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect. 

  
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 6.03.    Governmental Authorization; Other Consents. 

No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other
Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, except for (a) consents, authorizations, notices and filings
described in Schedule 6.03 to the Disclosure Letter, all of which have been obtained or made or have the status described in such schedules and (b) filings or recordations to perfect the Liens created by the Collateral
Documents. 
 6.04.    Binding Effect. 

This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party
that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with
its terms except as enforceability may be limited by applicable Debtor Relief Laws and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

6.05.    Financial Statements; No Material Adverse Effect. 

(a)    The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Consolidated Parties as of the date thereof and their results of operations for the period covered thereby in accordance
with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material Indebtedness, material commitments for Indebtedness and material tax liabilities of the Consolidated
Parties as of the date of such financial statements. 
 (b)    Except as disclosed on Schedule 6.05 to the
Disclosure Letter during the period from December 31, 2016 to and including the Closing Date, there has been no sale, transfer or other disposition by any Consolidated Party of any material part of the business or Property of the
Consolidated Parties, taken as a whole, and no purchase or other acquisition by any of them of any business or property (including any Capital Stock of any other Person) material in relation to the consolidated financial condition of the
Consolidated Parties, taken as a whole, in each case, which is not reflected in the foregoing financial statements or in the notes thereto and has not otherwise been disclosed in writing to the Lenders on or prior to the Closing Date. 

(c)    The financial statements delivered pursuant to Section 7.01(a) and (b) have
been prepared in accordance with GAAP (except as may otherwise be permitted under Section 7.01(a) and (b)) and present fairly (on the basis disclosed in the footnotes to such financial statements) the consolidated
financial condition, results of operations and cash flows of the Consolidated Parties as of such date and for such periods. 

(d)    During the period from December 31, 2016, to and including the Closing Date, there has been no event or
circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 

(e)    Each delivery hereunder by the Parent or any of its Subsidiaries of any financial statements, compliance
certificates or other calculations involving pro forma determinations or calculations fairly presents the pro forma financial condition of the Parent and/or its Subsidiaries (as applicable) as at the date set forth thereon. 

6.06.    Litigation. 

There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Loan Parties, threatened or contemplated, at
law, in equity, in arbitration or before any Governmental Authority, by or 

  
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against any Consolidated Party or against any of its properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions
contemplated hereby or (b) as to which there is a reasonable probability of an adverse determination that could reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect. 

6.07.    No Default. 

No Consolidated Party is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 

6.08.    Ownership of Property; Liens. 

Each Consolidated Party has good record and marketable title in fee simple to, or valid leasehold interests in, (a) all Borrowing Base
Properties and (b) all other Real Property necessary or used in the ordinary conduct of its business, except, with respect to clause (b) only, for such defects in title as could not individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. The Property of the Consolidated Parties is subject to no Liens, other than Permitted Liens. 

6.09.    Environmental Compliance. 

Except, (i) with respect to the Borrowing Base Properties, as disclosed and described in Schedule 6.09 to the
Disclosure Letter and (ii) with respect to all other Real Properties, where the occurrence and/or existence of any of the following could not reasonably be expected to have a Material Adverse Effect: 

(a)    Each of the Real Properties and all operations at the Real Properties are in material compliance with all
applicable Environmental Laws, there is no material violation of any Environmental Law with respect to the Real Properties or the Businesses, and there are no conditions relating to the Real Properties or the Businesses that could give rise to
material liability of any Consolidated Party under any applicable Environmental Laws. 
 (b)    None of the Real
Properties contains, or, to the best knowledge of the Consolidated Parties, has previously contained, any Hazardous Materials at, on or under the Real Properties in amounts or concentrations that constitute or constituted a material violation of, or
could give rise to material liability of any Consolidated Party under, Environmental Laws. 
 (c)    In the past five
(5) years, no Consolidated Party has received any written notice of, or inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance, liability or potential
liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Real Properties or the Businesses, nor does any Responsible Officer of any Loan Party have knowledge or reason to believe that any such notice
will be received or is being threatened. 
 (d)    Hazardous Materials have not been transported or disposed of from the
Real Properties, or generated, treated, stored or disposed of at, on or under any of the Real Properties or any other location, in each case by or on behalf of any Consolidated Party in material violation of, or in a manner that could give rise to
material liability under, any applicable Environmental Law. 
 (e)    No judicial proceeding or governmental or
administrative action is pending or, to the knowledge of the Responsible Officers of the Loan Parties, threatened, under any Environmental Law to which any Consolidated Party is or will be named as a party, nor are there any consent decrees or other
decrees, consent orders, administrative orders or other orders, or other binding administrative or judicial requirements outstanding under any Environmental Law with respect to the Consolidated Parties, the Real Properties or the Businesses. 

(f)    There has been no release, or threat of release, of Hazardous Materials at or from the Real Properties, or arising
from or related to the operations (including, without limitation, disposal) of any Consolidated Party in connection with the Real Properties or otherwise in connection with the Businesses, in violation of or in amounts or in a manner that could give
rise to material liability of any Consolidated Party under Environmental Laws. 

  
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 6.10.    Insurance. 

The Properties of the Parent and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the
Parent, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Parent or the applicable Subsidiary operates and
otherwise in compliance with the requirements of Section 7.07. The present insurance coverage of the Loan Parties as of the Closing Date is outlined as to carrier, policy number, expiration date, type and amount on
Schedule 6.10 to the Disclosure Letter. 
 6.11.    Taxes. 

The Consolidated Parties have filed all Federal, state and other material tax returns and reports required to be filed, and have paid prior to
delinquency all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good
faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against the Parent or any Subsidiary that Parent or any Subsidiary has received
written notice of and would, if made, be reasonably expected to have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement. 

6.12.    ERISA Compliance. 

(a)    (i) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other
federal or state Laws and (ii) each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such
Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code or an application for such a letter
is currently being processed by the Internal Revenue Service and to the best knowledge of the Loan Parties, nothing has occurred which would prevent, or cause the loss of, such tax-qualified status. 

(b)    There are no pending or, to the best knowledge of the Loan Parties, threatened claims, actions or lawsuits, or
action by any Governmental Authority, with respect to any Plan or Multiemployer Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules
with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. 

(c)    (i) no ERISA Event has occurred with respect to any Pension Plan and to the knowledge of the Loan Parties there is
no fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Parent and each ERISA Affiliate have met all applicable requirements under the Pension Funding
Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) neither the Parent nor any ERISA Affiliate has incurred any liability to the PBGC
other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (iv) neither the Parent nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected to be subject to
Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been terminated by the plan administrator thereof in a non-standard termination or by the PBGC, and no event or circumstance
has occurred or exists that could reasonably be expected to cause the PGBC to institute proceedings under Title IV of ERISA to terminate any Pension Plan. 

  
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 6.13.    Capital Structure/Subsidiaries. 

The corporate capital and ownership structure of the Consolidated Parties, as of the Closing Date, is as described in Schedule 6.13(a)
to the Disclosure Letter. Set forth on Schedule 6.13(b) to the Disclosure Letter is a complete and accurate list, as of the Closing Date, with respect to each of the direct and indirect Subsidiaries of the Parent including
(i) jurisdiction of incorporation, (ii) percentage of outstanding shares of each class owned (directly or indirectly) by the Consolidated Parties and the number of such shares owned by the Consolidated Parties with respect to the Loan
Parties or where the Consolidated Parties own less than one hundred percent (100%) of the applicable entity and (iii) number and effect, if exercised, of all outstanding options, warrants, rights of conversion or purchase and all other similar
rights with respect thereto. The outstanding Capital Stock of all such Persons is validly issued, fully paid and non-assessable and is owned by the Consolidated Parties, directly or indirectly, in the manner
set forth on Schedule 6.13(b) to the Disclosure Letter, free and clear of all Liens (other than those arising under or contemplated in connection with the Loan Documents). As of the Closing Date, other than as set forth in
Schedule 6.13(b) to the Disclosure Letter, neither the Parent nor any of the other Loan Parties has outstanding any securities convertible into or exchangeable for its Capital Stock nor does any such Person have outstanding
any rights to subscribe for or to purchase or any options for the purchase of, or any agreements providing for the issuance (contingent or otherwise) of, or any calls, commitments or claims of any character relating to its Capital Stock. 

6.14.    Margin Regulations; Investment Company Act. 

(a)    No Loan Party or any Subsidiary is engaged or will engage, principally or as one of its important activities, in the
business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

(b)    None of any Loan Party, any Person Controlling a Loan Party, or any Subsidiary is or is required to be registered
as an “investment company” under the Investment Company Act of 1940. 
 6.15.    Disclosure. 

Each Loan Party has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to
which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other
information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or
under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, that, with respect to projected financial information, the Loan Parties represent only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time. 
 6.16.    Compliance with Laws. 

Each Consolidated Party is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and
decrees applicable to it or to its Properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the
failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

6.17.    Intellectual Property. 

Each Loan Party has the legal right to use, all material trademarks, service marks, trade names, trade dress, patents, copyrights, technology, know-how and processes (the “Intellectual Property”) necessary for each of them to conduct its business as currently conducted, except to the extent that failure to maintain the right to use such
Intellectual Property could not reasonably be expected to have a Material Adverse Effect. No Loan Party owns any material Intellectual Property related to the Borrowing Base Properties. 

  
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 6.18.    Solvency. 

The Loan Parties are Solvent on a consolidated basis. 

6.19.    Investments. 

All Investments of each Consolidated Party are Permitted Investments. 

6.20.    Business Locations. 

As of the Closing Date, set forth on Schedule 6.20 to the Disclosure Letter, is (a) a list of all Real
Properties located in the United States that are owned or leased by the Loan Parties, (b) a list of all locations where any tangible personal property of a Loan Party is located and (c) the chief executive office and principal place of
business of each Loan Party. 
 6.21.    Brokers’ Fees. 

No Consolidated Party has any obligation to any Person in respect of any finder’s, broker’s, investment banking or other similar fee
in connection with any of the transactions contemplated under the Loan Documents. 
 6.22.    Labor Matters. 

Except as set forth on Schedule 6.22 to the Disclosure Letter, there are no collective bargaining agreements or Multiemployer Plans
covering the employees of a Consolidated Party as of the Closing Date. None of the Consolidated Parties has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five (5) years. 

6.23.    Representations and Warranties from Other Loan Documents. 

Each of the representations and warranties made by any of the Loan Parties in any of the other Loan Documents is true and correct in all
material respects. 
 6.24.    Collateral Documents. 

The provisions of the Collateral Documents are effective to create in favor of the Administrative Agent for the benefit of the Lenders and any
other secured parties identified therein, a legal, valid and enforceable first priority (subject only to Permitted Liens) security interest or Lien in all right, title and interest of the Parent and its Subsidiaries in the Collateral described
therein and all proceeds thereof. Except for filings completed prior to the Closing Date and as contemplated by this Agreement and the Collateral Documents, no filing or other action will be necessary to perfect or protect such security interest.

 6.25.    Borrowing Base Properties; Leases and Ground Leases. 

(a)    Each of the Borrowing Base Properties is either (i) wholly owned in fee by a Loan Party or (ii) leased by
a Loan Party pursuant to a long term ground lease which has been reviewed and approved by the Administrative Agent, in its discretion, in each case subject to (x) no Liens other than Permitted Liens and (y) the terms of the Lease
Agreements. 
 (b)    To the extent a Borrowing Base Property is leased by a Loan Party pursuant to a ground lease,
(i) such lease is in full force and effect and remains unmodified except to the extent disclosed to the Administrative Agent in writing; (ii) no rights in favor of the applicable Loan Party lessee have been waived, canceled or surrendered;
(iii) no election or option under such ground lease has been exercised by the Loan Party lessee; (iv) all 

  
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rental and other charges due and payable thereunder have been paid in full (except to the extent such payment is not yet overdue); (v) no Loan Party or other Consolidated Party is in default
under or has received any notice of default with respect to such ground lease; (vi) to the knowledge of the Loan Parties, no lessor under such a ground lease is in default thereunder; (vii) a true and correct copy of such ground lease
(together with any amendments, modifications, restatements or supplements thereof) has been delivered to the Administrative Agent; and (viii) there exist no adverse claims as to the applicable Loan Party’s title or right to possession of
the leasehold premises referenced therein. 
 6.26.    Nature of Business. 

The Loan Parties are engaged principally in the business of developing, owning and operating hotel properties and other businesses described in
the Parent’s SEC filings. 
 6.27.    REIT Status. 

On and subsequent to January 1, 2017: 

(a)    The Parent is and has been qualified as a real estate investment trust under Section 856 of the Code; and 

(b)    Upon the filing of Parent’s federal income tax return for 2013, the Parent is and has been in compliance in
all material respects with all provisions of the Code applicable to the qualification of the Parent as a real estate investment trust. 

6.28.    Anti-Corruption Laws and Sanctions. None of the Consolidated Parties, or any of their respective directors,
officers, or, to the knowledge of such Consolidated Party, employees, Affiliates or any agent or representative of the Consolidated Parties that will act in any capacity in connection with or benefit from this Agreement, (i) is a Sanctioned
Person or currently the subject or target of any Sanctions, (ii) has its assets located in a Sanctioned Country, (ii) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons or (iv) has
violated any Anti-Money Laundering Law in any material respect. Each of the Consolidated Parties, and to the knowledge of each of the Consolidated Parties, each director, officer, employee, agent and Affiliate of the Consolidated Parties, is in
compliance with the Anti-Corruption Laws in all material respects. The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance with the Anti-Corruption Laws and applicable Sanctions by the Consolidated
Parties, their respective directors, officers, employees, Affiliates and agents and representatives of the Consolidated Parties that will act in any capacity in connection with or benefit from this Agreement. 

ARTICLE VII. 

AFFIRMATIVE COVENANTS 
 So
long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall not be Fully Satisfied, or any Letter of Credit shall remain outstanding, each Loan Party shall, and shall (except in the case of the covenants set
forth in Sections 7.01, 7.02, 7.03 and 7.11) cause each Subsidiary to: 

7.01.    Financial Statements. 

Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 

(a)    as soon as available, but in any event within ninety (90) days after the end of each calendar year (commencing
with the calendar year ended 2017), a consolidated balance sheet of the Consolidated Parties as at the end of such calendar year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such
calendar year, setting forth in each case in comparative form the figures for the previous calendar year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be

  
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audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and
opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification, exception, assumption or explanatory language or any qualification, exception,
assumption or explanatory language as to the scope of such audit and such statements to be certified by a Responsible Officer of the Parent to the effect that such statements are fairly stated in all material respects when considered in relation to
the consolidated financial statements of the Parent and its Subsidiaries; and 
 (b)    as soon as available, but in any
event within forty-five (45) days after the end of each of the first three calendar quarters of each calendar year, a consolidated balance sheet of the Consolidated Parties as at the end of such calendar quarter, and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for such calendar quarter and for the portion of the calendar year then ended, setting forth in each case in comparative form the figures for the corresponding calendar
quarter of the previous calendar year and the corresponding portion of the previous calendar year, all in reasonable detail, such consolidated statements to be certified by a Responsible Officer of the Parent as fairly presenting the financial
condition, results of operations, shareholders’ equity and cash flows of the Consolidated Parties in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes
and such statements to be certified by a Responsible Officer of the Parent to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Parent and its
Subsidiaries. 
 As to any information contained in materials furnished pursuant to Section 7.02(h), the Parent
shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Parent to furnish the information and materials described in clauses (a) and
(b) above at the times specified therein. 
 7.02.    Certificates; Other Information. 

Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 

(a)    concurrently with the delivery of the financial statements referred to in
Section 7.01(a), a certificate of its independent certified public accountants certifying such financial statements; 

(b)    concurrently with the delivery of the financial statements referred to in
Sections 7.01(a) and (b), (i) a duly completed Compliance Certificate signed by a Responsible Officer of the Parent and calculating the financial covenants in Section 8.11, and the Borrowing
Base using the financial information provided in such financial statements and (ii) operating statements for each of the Borrowing Base Properties for the most-recently ended calendar quarter; 

(c)    within thirty (30) days following the final completion thereof and, in any case, not more than ninety
(90) days following the end of each calendar year, beginning with the calendar year ending December 31, 2017, an annual budget and forecasted balance sheet of the Consolidated Parties containing, among other things, pro forma financial
statements for the next calendar year, in each case prepared in good faith on the basis of the assumptions stated therein, which assumptions shall be fair in light of the conditions existing at the time of delivery of such forecasts, and shall
represent, at the time of delivery, the Parent’s best estimate of its future financial performance; 

(d)    within ninety (90) days after the end of each calendar year, a certificate containing information regarding
the amount of all material Dispositions, Debt Issuances, Equity Issuances and Acquisitions that occurred during the prior calendar year; 

(e)    promptly after any request by the Administrative Agent or any Lender, copies of any detailed audit reports,
management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Parent by independent accountants in connection with the accounts or books of the Parent or any Subsidiary, or any
audit of any of them; 

  
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 (f)    promptly after the furnishing thereof, copies of any statement or
report furnished to any holder of debt securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to
Section 7.01 or any other clause of this Section 7.02; 

(g)    promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party or any
Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or
other inquiry by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof; 

(h)    promptly after the same are available, (i) copies of each annual report, proxy or financial statement or other
report or communication sent to the stockholders of the Parent, and copies of all annual, regular, periodic and special reports and registration statements which the Parent may file or be required to file with the SEC under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or to a holder of any Indebtedness owed by any Consolidated Party in its capacity as such a holder and not otherwise required to be delivered to the Administrative Agent pursuant hereto and (ii) upon the
request of the Administrative Agent, all reports and written information to and from the United States Environmental Protection Agency, or any state or local agency responsible for environmental matters, the United States Occupational Health and
Safety Administration, or any state or local agency responsible for health and safety matters, or any successor agencies or authorities concerning environmental, health or safety matters; 

(i)    promptly upon receipt thereof, a copy of any other report or “management letter” submitted by independent
accountants to any Consolidated Party in connection with any annual, interim or special audit of the books of such Person; 

(j)    within ninety (90) days after the end of each calendar year, copies of the most current Smith Travel
Accommodations Report available, including each Borrowing Base Property with its primary competitive set; and 

(k)    promptly, such additional information regarding the business, financial or corporate affairs of the Parent or any
Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request. 

Documents required to be delivered pursuant to Section 7.01(a) or (b) or
Section 7.02 may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent posts such documents, or provides a link thereto, on the Parent’s
website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents are posted on the Parent’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Parent shall deliver paper copies of such documents to the Administrative Agent or any
Lender that requests the Parent to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Parent shall notify the Administrative Agent and each Lender
(by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every
instance the Parent shall be required to provide paper copies of the Compliance Certificates required by Section 7.02(b) to the Administrative Agent and each of the Lenders. Except for such Compliance Certificates, the
Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parent with any such request for delivery, and
each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
 The Parent hereby
acknowledges that (a) the Administrative Agent will make available to the Lenders and any L/C Issuer materials and/or information provided by or on behalf of the Parent hereunder (collectively, “Borrower Materials”) by posting
the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Parent or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to
such Persons’ securities. The Parent hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders 

  
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shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Borrower Materials “PUBLIC,” the Parent shall be deemed to have authorized the Administrative Agent, any L/C Issuer and the Lenders to treat such Borrower Materials as either publicly available information or not material
information (although it may be sensitive and proprietary) with respect to the Parent or its securities for purposes of United States Federal and state securities laws; (y) all Borrower Materials marked “PUBLIC” are permitted to be
made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for
posting on a portion of the Platform not designated “Public Investor.” 
 7.03.    Notices and Information. 

(a)    Promptly notify the Administrative Agent and each Lender of the occurrence of any Default and the nature thereof.

 (b)    Promptly notify the Administrative Agent and each Lender of any matter that has resulted or could reasonably
be expected to result in a Material Adverse Effect (including, without limitation, any of the following (to the extent reasonably expected to result in a Material Adverse Effect): (i) breach or
non-performance of, or any default under, a Contractual Obligation of the Parent or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between the Parent or any
Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Parent or any Subsidiary, including pursuant to any applicable Environmental Laws). 

(c)    Promptly notify the Administrative Agent and each Lender of the occurrence of any ERISA Event. 

(d)    Promptly notify the Administrative Agent and each Lender of any material change in accounting policies or financial
reporting practices by the Parent or any Subsidiary, including any determination by the Parent referred to in Section 2.10(b). 

(e)    Upon the reasonable written request of the Administrative Agent following the occurrence of any event or the
discovery of any condition which the Administrative Agent or the Required Lenders reasonably believe has caused (or could be reasonably expected to cause) the representations and warranties set forth in Section 6.09 to be
untrue in any material respect, the Loan Parties will furnish or cause to be furnished to the Administrative Agent, at the Loan Parties’ expense, a report of an environmental assessment of reasonable scope, form and depth, (including, where
appropriate, invasive soil or groundwater sampling) by a consultant reasonably acceptable to the Administrative Agent as to the nature and extent of the presence of any Hazardous Materials on any Real Properties and as to the compliance by any
Consolidated Party with Environmental Laws at such Real Properties. If the Loan Parties fail to deliver such an environmental report within seventy-five (75) days after receipt of such written request then the Administrative Agent may arrange
for same, and the Consolidated Parties hereby grant to the Administrative Agent and its representatives access to the Real Properties to reasonably undertake such an assessment (including, where appropriate, invasive soil or groundwater sampling).
The reasonable cost of any assessment arranged for by the Administrative Agent pursuant to this provision will be payable by the Loan Parties on demand and added to the obligations secured by the Collateral Documents. 

(f)    At the time of delivery of the financial statements and reports provided for in
Section 7.01(a), deliver to the Administrative Agent a report signed by an Responsible Officer of the Parent setting forth (i) a list of registration numbers for all patents, trademarks, service marks, trade names and
copyrights awarded to any Loan Party since the last day of the immediately preceding calendar year and (ii) a list of all patent applications, trademark applications, service mark applications, trade name applications and copyright applications
submitted by any Loan Party since the last day of the immediately preceding calendar year and the status of each such application, all in such form as shall be reasonably satisfactory to the Administrative Agent. 

Each notice pursuant to this Section 7.03(a) through (e) shall be accompanied by a statement of a
Responsible Officer of the Parent setting forth details of the occurrence referred to therein and stating what action the Parent has taken and proposes to take with respect thereto. Each notice pursuant to Section 7.03(a)
shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

  
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 7.04.    Borrowing Base Property Ownership; Guarantors. 

Ensure at all times that each of the Borrowing Base Properties are (a) either (i) wholly owned in fee by a Loan Party or (ii) ground
leased by a Loan Party pursuant to a long term ground lease which has been reviewed and approved by the Administrative Agent, in its discretion and (b) subject to no Liens other than Permitted Liens; provided, however, that the
Loan Parties shall be permitted to lease each of the Borrowing Base Properties to the Tenants pursuant to the Lease Agreements. If, subsequent to the Closing Date, any Subsidiary that is not a Loan Party obtains, for any reason, any interest in a
Borrowing Base Property following the Closing Date (other than pursuant to the Lease Agreements), the Parent shall cause such Subsidiary to immediately upon obtaining such interest, (x) enter into and deliver to the Administrative Agent a
Joinder Agreement and (y) deliver to the Administrative Agent the materials and information with respect to such Subsidiary if it had been a Loan Party on the Closing Date, including, without limitation, the materials and information set forth
in Sections 5.01(a)(iii) – (v), (b), (c) and (e), together with any additional information or materials as may be reasonably requested by the Administrative Agent in connection therewith. 

7.05.    Preservation of Existence, Etc. 

(a)    Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the
jurisdiction of its organization except in a transaction permitted by Section 8.04 or 8.05; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or
desirable in the normal conduct of its business; (c) preserve or renew all of its material registered copyrights, patents, trademarks, trade names and service marks to the extent necessary for the continued conduct of its business; and
(d) maintain or cause to be maintained (as applicable) the Parent’s status as a REIT in compliance with all applicable provisions of the Code relating to such status. 

7.06.    Maintenance of Properties. 

With respect to each of the Borrowing Base Properties: (a) cause the Tenants to maintain, preserve and protect all of its material
properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear and Involuntary Dispositions excepted; (b) cause the Tenants to make all necessary repairs thereto and renewals and
replacements thereof; (c) cause the Tenants to use the standard of care typical in the industry in the operation and maintenance of its facilities and the personal property related thereto; (d) cause the Tenants to comply in all material
respects with the terms, conditions, restrictions and other requirements of all recorded documents related thereto; (e) cause the Tenants to comply in all material respects with the terms, conditions, restrictions and other requirements set
forth in all applicable local, state and Federal ordinances, zoning laws and other applicable laws; and (f) cause the Loan Party owning each such respective Borrowing Base Property to also own all material personal and real Property (including,
without limitation, furnishings, equipment, software and other Property) required for the continued operation and maintenance of such Borrowing Base Property in the ordinary course of business (except for (i) such Property as has been
traditionally leased by such Loan Party in connection with such operation and maintenance, to the extent such leases have been disclosed to the Administrative Agent in writing prior to the date of this Agreement, (ii) leasing arrangements with
respect to the central plant equipment related to such Borrowing Base Property, to the extent such arrangements are on terms and conditions similar to those typically found in the convention center hotel industry and otherwise on terms and
conditions and subject to documentation acceptable to the Administrative Agent in its discretion and (iii) the transfer of personal property related to the Borrowing Base Properties to the Tenants as permitted hereunder). 

7.07.    Maintenance of Insurance; Condemnation and Casualty. 

(a)    Maintain or cause to be maintained in full force and effect insurance (including worker’s compensation
insurance, liability insurance, property insurance and business interruption insurance) in such amounts, covering such risks and liabilities and with such deductibles or self insurance retentions (i) as are, with respect to the Borrowing Base
Properties, generally maintained by Persons who own, operate and/or maintain convention center hotel properties or as may be otherwise reasonable given the risks and liabilities associated with 

  
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the operation, ownership and maintenance of convention center hotel properties; (ii) as are, with respect to all other Property held by such Persons, in accordance with normal industry
practice; (iii) in any case (with respect to all Properties), as may be required pursuant to the terms of the Collateral Documents; and (iv) with respect to any self-insurance retentions, in amounts and subject to terms and conditions
disclosed in writing to the Administrative Agent and reasonably acceptable to the Administrative Agent; provided, that the Administrative Agent hereby pre-approves changes or other increases in such
retention amounts to an amount up to $1,400,000 per Borrowing Base Property. The Administrative Agent shall be named as mortgagee and loss payee, as its interest may appear or as it may deem necessary, and as certificate holder and additional
insured with respect to any such insurance providing coverage in respect of any Collateral, and each provider of any such insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the
Administrative Agent, that it will give the Administrative Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceled. Not in limitation of the foregoing, the Loan Parties shall, with respect to
each Borrowing Base Property, maintain builder’s risk and contractor’s liability insurance during any period of construction in an amount equal to not less than 100% of the value of the work completed and, upon completion, “all
risk” insurance in an amount equal to not less than 100% of the replacement cost of such assets, in all cases with insurers having an A.M. Best policyholder’s rating of not less than A- and financial
size category of not less than IX (or, in the case of any general liability coverage of the Loan Parties in excess of $50,000,000, but less than $100,000,000, B++/VII (or such lesser rating and size as may be approved by the Administrative Agent in
its sole discretion), and above $100,000,000 at the option and discretion of the Parent), which insurance shall in any event not provide for materially less coverage than the insurance in effect on the Closing Date; provided, that (A) in
the case of general liability insurance, coverage equal to or in excess of $100,000,000 per occurrence/annual aggregate shall not be deemed to be “materially less” coverage for purposes of this provision and (B) with respect to
“all risk” coverage of the Loan Parties in excess of $50,000,000, the A.M. Best rating of the applicable insurer may be less than A- and/or have a financial size category of less than VII to the
extent requested by the Parent and consented to by the Administrative Agent (such consent to be in the absolute discretion of the Administrative Agent). The Loan Parties will deliver to the Administrative Agent upon request of the Administrative
Agent from time to time full information as to the insurance carried and within ten (10) days of receipt of notice from any insurer a copy of any notice of cancellation or material change in coverage from that existing on the Closing Date. 

(b)    If any loss occurs at any time when any applicable Loan Party has failed to perform any of the covenants and
agreements set forth in this Section 7.07 with respect to any insurance payable because of loss sustained to any part of the Borrowing Base Properties or the Property related thereto, whether or not such insurance is
required by Administrative Agent, Administrative Agent shall (for the benefit of the Secured Parties) nevertheless be entitled to the benefit of all insurance covering the loss and held by or for any such Loan Party, to the same extent as if it had
been made payable to Administrative Agent. Upon any foreclosure hereof or transfer of title to any Borrowing Base Property in extinguishment of the whole or any part of the Obligations, all of the applicable Loan Party’s right, title and
interest in and to the insurance policies referred to in this Agreement (including unearned premiums) and all proceeds payable thereunder shall thereupon vest in the purchaser at foreclosure or other such transferee, to the extent permissible
under such policies. Insurance proceeds from any loss with respect to any Borrowing Base Property (or the Property related thereto) shall also be subject to the following terms and conditions: 

(i)    Administrative Agent shall (for the benefit of the Secured Parties) have the right (but not the
obligation) to make proof of loss for, settle and adjust any claim under, and receive the proceeds of, all insurance for loss of or damage to the Borrowing Base Properties or the Property related thereto regardless of whether or not such insurance
policies are required by Administrative Agent, and the expenses incurred by Administrative Agent in the adjustment and collection of insurance proceeds shall be a part of the Obligations and shall be due and payable to Administrative Agent in
accordance with Section 11.04 hereof. Administrative Agent shall not be, under any circumstances, liable or responsible for failure to collect or exercise diligence in the collection of any of such proceeds or for the
obtaining, maintaining or adequacy of any insurance or for failure to see to the proper application of any amount paid over to any Loan Party. 

(ii)    To the extent any of the proceeds related to insurance coverage with respect to any of the
Borrowing Base Properties or the Property related thereto (the “BBP Insurance Proceeds”) are delivered to or otherwise obtained by the Parent or any other Loan Party and are (A) in the aggregate, in a gross amount in excess of
$50,000,000 (the applicable casualty constituting, in such case, a “Substantial Casualty”) or 

  
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(B) the Parent and Loan Parties do not intend to use such BBP Insurance Proceeds for the purpose of restoring or rebuilding the applicable Borrowing Base Property or the Property related thereto,
such proceeds shall be immediately delivered to the Administrative Agent to be held or applied in accordance with the provisions of this Section 7.07(b). Prior to any required delivery of BBP Insurance Proceeds by the Loan
Parties to the Administrative Agent, such BBP Insurance Proceeds shall be held in escrow by the applicable Loan Party(ies) for the account and benefit of the Administrative Agent and the Secured Parties. 

(iii)    Any BBP Insurance Proceeds received by Administrative Agent (whether from the applicable insurer
or from a Loan Party pursuant to subclause (ii) above) shall, after deduction therefrom of all reasonable expenses actually incurred by Administrative Agent in the collection of the same, including attorneys’ fees, be (A) held by the
Administrative Agent in escrow in a cash collateral account subject to a first priority security interest in favor of the Administrative Agent (for the benefit of the Secured Parties), to the extent such BBP Insurance Proceeds relate to a
Substantial Casualty and the Parent has elected to fully rebuild, reconstruct and restore the Property pursuant to and in accordance with the terms of this Section 7.07(b); (B) applied by the Administrative Agent to the
Obligations in the priority set forth in Section 2.05(b)(vii), to the extent the Parent has elected not to fully rebuild, reconstruct and restore the Property pursuant to and in accordance with the terms of this
Section 7.07(b) (provided, that the Parent will have a period of sixty (60) days following the delivery of such proceeds to the Administrative Agent in which to deliver written notice to the Administrative Agent
stating whether it intends to rebuild, reconstruct and restore the Property or cause such proceeds to be applied to the Obligations and the details of same and provided, further, that any failure to deliver any such notice shall evidence the
Parent’s election to cause such proceeds to be applied to the Obligations in accordance with this subclause (iii)(B)); or (C) delivered to the Parent or any Loan Party designated by the Parent for the purpose of financing the rebuilding,
reconstruction and restoration of the applicable Property, to the extent such BBP Insurance Proceeds do not relate to a Substantial Casualty and the Parent has elected to fully rebuild, reconstruct and restore the Property pursuant to and in
accordance with the terms of this Section 7.07(b); provided, that, if (1) the BBP Insurance Proceeds paid in connection with any given casualty event are in excess of the amount that is spent on the
reconstruction, rebuilding or restoration of the applicable Borrowing Base Property, (2) the Parent requests in writing the return of such funds following the completion of such rebuilding, reconstruction and restoration and (3) there is
no then-continuing Default or Event of Default, the Administrative Agent shall return such excess funds to the Parent. The Parent and each Loan Party hereby assigns to, and grants Administrative Agent a security interest in, all BBP Insurance
Proceeds (prior to application thereof) and to any escrow account established pursuant to the terms of this Section 7.07(b) and in the funds held therein to secure the payment and performance of the Obligations. 

(iv)    In the event that the Parent elects to cause the full rebuilding, restoration and reconstruction of
any Borrowing Base Property or the Property related thereto following any casualty resulting in BBP Insurance Proceeds, the Parent and Loan Parties shall (A) if such BBP Insurance Proceeds relate to a Substantial Casualty, (1) certify to
the Administrative Agent that, in its good faith judgment, such casualty event is covered by the insurance held by the Parent or the applicable Loan Party; (2) deliver all information required by the applicable insurer for processing of the
applicable claim within thirty (30) days of the occurrence of such event (or, to the extent delivery within such time frame is not reasonably possible, as soon as reasonably practicable following such event); (3) upon receipt of the applicable
BBP Insurance Proceeds or, if earlier, upon receipt of the applicable insurer’s confirmation of the approved amounts thereof, deliver evidence to the Administrative Agent (in form and substance reasonably acceptable to the Administrative Agent)
that there are sufficient funds from such BBP Insurance Proceeds (or prospective BBP Insurance Proceeds) and from cash and Cash Equivalents available to the applicable Loan Party, if needed, to completely restore or repair the applicable Property to
its use, value and condition immediately prior to the casualty as well as to maintain compliance with the financial and other covenants set forth herein; and (4) proceed to use commercially reasonable good faith efforts to pursue and resolve
such claim with the applicable insurer as expeditiously as is reasonably possible without compromising any material rights of the Parent or any other Loan Party with respect to such claim; (B) diligently commence to (1) prepare (or cause
to be prepared) all plans and specifications with respect to the full rebuilding, reconstruction and restoration of the applicable Property (to the extent necessary in connection with such rebuilding, reconstruction and/or restoration), such plans
and specifications to be, in the case of a Substantial Casualty, in all material respects acceptable to the Administrative Agent in its reasonable 

  
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discretion, and (2) enter into any necessary engineering, architects and construction contracts required to fully complete such rebuilding, reconstruction and restoration on reasonable
market-based terms and conditions; provided, that the Parent shall, in the case of a Substantial Casualty, complete items (1) and (2) of this subclause (iv)(B) within twelve (12) months following the applicable casualty event in a
manner that is satisfactory to the Administrative Agent, in its reasonable discretion and shall, within (6) months following the applicable casualty, provide preliminary plans and specifications and a summary budget with respect to the
applicable restoration; (C) in the case of any Substantial Casualty, deposit into the escrow account being maintained by the Administrative Agent pursuant to clause (iii) above any amount of cash and Cash Equivalents (in addition to the
BBP Insurance Proceeds held therein), which, in the reasonable judgment of Administrative Agent, is necessary and sufficient to fund the full rebuilding, reconstruction and restoration of the applicable Property to its use, value and condition
immediately prior to the casualty; provided, that the Administrative Agent shall be entitled, at the expense of the Loan Parties, to consult such professionals as Administrative Agent may deem necessary, in its sole discretion, to determine
the total costs of restoring the applicable Property; (D) cause the applicable rebuilding, reconstruction and restoration to be diligently completed in a workmanlike manner under, if necessary for such rebuilding, reconstruction and
restoration, the supervision of an architect and/or engineer selected and paid for by the Parent or the Loan Parties but, in the case of a Substantial Casualty, approved in advance by the Administrative Agent in its reasonable discretion, and, in
the case of a Substantial Casualty, by a general contractor who must be acceptable in all material respects to Administrative Agent, in its reasonable discretion and who shall have, if required by the Administrative Agent, obtained (1) payment
and performance bonds from a corporate surety reasonably acceptable to Administrative Agent and naming Administrative Agent as dual obligee or (2) such other protections concerning performance of the applicable contractor as may be reasonably
satisfactory to the Administrative Agent; and (E) have otherwise complied with any of the terms, conditions or restrictions set forth herein or in any Mortgage Instrument or other Loan Document with respect to the consummation of such
rebuilding, reconstruction and restoration. If any of the foregoing conditions are not satisfied, Administrative Agent may, in its sole discretion (subject to the direction of the Required Lenders), apply all BBP Insurance Proceeds held by it to the
payment of the Obligations in accordance with the priorities established pursuant to Section 2.05(b)(vii). 

(v)    With respect to BBP Insurance Proceeds held by the Administrative Agent pursuant to the terms of
this Section 7.07(b) in connection with any Substantial Casualty, the Administrative Agent shall, following the satisfaction of the conditions set forth in subclauses (iv)(A) and (iv)(B)(1) and (2), disburse such BBP
Insurance Proceeds to the Parent or any Loan Party for the payment of invoices related to the rebuilding, reconstruction or restoration of the applicable Property (A) to the extent the Administrative Agent will not incur any liability to any
other person as a result of such use or release of such BBP Insurance Proceeds; (B) subject to such holdbacks and other terms, conditions and restrictions as may be in accordance with the construction lending practices of the Administrative
Agent and (C) to the extent no Default or Event of Default is then-continuing. 

(vi)    Notwithstanding anything contained in the foregoing to the contrary, (1) immediately upon the
occurrence and during the continuance of any Default, Administrative Agent may cease the distribution of any amounts related to the BBP Insurance Proceeds or otherwise held in the escrow account related thereto until such Default is cured or waived
by the Lenders in accordance with the terms hereof; (2) immediately upon the occurrence and during the continuance of any Event of Default, Administrative Agent may apply all BBP Insurance Proceeds and any other sums deposited with
Administrative Agent pursuant to the terms of this Section 7.07(b) to the repayment of the Obligations in accordance with the priorities established pursuant to Section 2.05(b)(vii); and
(3) Administrative Agent may apply all BBP Insurance Proceeds and any other sums deposited with Administrative Agent pursuant to the terms of this Section 7.07(b) and held by Administrative Agent as of the Maturity
Date to the repayment of the Obligations in accordance with the priorities established pursuant to Section 2.05(b)(vii). 

(vii)    Regardless of whether any BBP Insurance Proceeds are applied to reduce the Obligations pursuant to
the terms of this Section 7.07(b), the unpaid portion of the Obligations shall remain in full force and effect and the payment thereof shall not be excused. The Loan Parties shall at all times comply with the requirements
of the insurance policies required hereunder and of the issuers of such policies and of any board of underwriters or similar body as applicable to or affecting the Borrowing Base Properties or the Property related thereto. 

  
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 (c)    The Parent shall notify Administrative Agent immediately of any
threatened or pending proceeding for condemnation affecting any Borrowing Base Property or the Property related thereto or arising out of damage to any Borrowing Base Property or the Property related thereto, and Parent shall, at Parent’s
expense, diligently prosecute any such proceedings. Administrative Agent shall (for the benefit of the Secured Parties) have the right (but not the obligation) to participate in any such proceeding and to be represented by counsel of its own choice.
Proceeds related to any condemnation event with respect to any Borrowing Base Property or the Property related thereto shall also be subject to the following terms and conditions: 

(i)    Administrative Agent shall be entitled to receive all sums which may be awarded or become payable to
any Loan Party for the condemnation of any Borrowing Base Property or the Property related thereto, or any part thereof, for public or quasi-public use, or by virtue of private sale in lieu thereof (such proceeds constituting the “BBP
Condemnation Proceeds”). The applicable Loan Party(ies) shall, promptly upon request of Administrative Agent, execute such additional assignments and other documents as may be necessary from time to time to permit such participation and to
enable Administrative Agent to collect and receive any such BBP Condemnation Proceeds. Administrative Agent shall not be, under any circumstances, liable or responsible for failure to collect or to exercise diligence in the collection of any BBP
Condemnation Proceeds or for failure to see to the proper application of any amount paid over to any Loan Party. Administrative Agent is hereby authorized, in the name of any applicable Loan Party, to execute and deliver valid acquittances for, and
to appeal from, any award, judgment or decree constituting BBP Condemnation Proceeds. All costs and expenses (including but not limited to attorneys’ fees) incurred by Administrative Agent in connection with any condemnation shall be a demand
obligation owing by the Parent and the Loan Parties payable to Administrative Agent in accordance with Section 11.04 hereof. 

(ii)    To the extent any of the BBP Condemnation Proceeds are delivered to or otherwise obtained by the
Parent or any other Loan Party and are (A) in the aggregate, in a gross amount in excess of $50,000,000 (the applicable condemnation constituting, in such case, a “Substantial Condemnation”) or (B) the Parent and Loan
Parties do not intend to use such BBP Condemnation Proceeds for the purpose of restoring or rebuilding the applicable Borrowing Base Property or the Property related thereto, such proceeds shall be immediately delivered to the Administrative Agent
to be held or applied in accordance with the provisions of this Section 7.07(c). Prior to any required delivery of BBP Condemnation Proceeds by the Loan Parties to the Administrative Agent, such BBP Condemnation Proceeds
shall be held in escrow by the applicable Loan Party(ies) for the account and benefit of the Administrative Agent and the Secured Parties. 

(iii)    Any BBP Condemnation Proceeds received by Administrative Agent (whether from the applicable
Governmental Authority or from a Loan Party pursuant to subclause (ii) above) shall, after deduction therefrom of all reasonable expenses actually incurred by Administrative Agent in the collection of the same, including attorneys’ fees,
be (A) held by the Administrative Agent in escrow in a cash collateral account subject to a first priority security interest in favor of the Administrative Agent (for the benefit of the Secured Parties), to the extent such BBP Condemnation
Proceeds relate to a Substantial Condemnation and the Parent has elected to fully rebuild, reconstruct and restore the Property pursuant to and in accordance with the terms of this Section 7.07(c); (B) applied by the
Administrative Agent to the Obligations in the priority set forth in Section 2.05(b)(vii), to the extent the Parent has elected not to fully rebuild, reconstruct and restore the Property pursuant to and in accordance with
the terms of this Section 7.07(c) (provided, that the Parent will have a period of sixty (60) days following the delivery of such proceeds to the Administrative Agent in which to deliver written notice to the
Administrative Agent stating whether it intends to rebuild, reconstruct and restore the Property or cause such proceeds to be applied to the Obligations and the details of same and provided, further, that any failure to deliver any
such notice shall evidence the Parent’s election to cause such proceeds to be applied to the Obligations in accordance with this subclause (iii)(B)); or (C) delivered to the Parent or any Loan Party designated by the Parent for the purpose
of financing the rebuilding, reconstruction and restoration of the applicable Property, to the extent such BBP Condemnation Proceeds do not relate to a Substantial Condemnation and the Parent 

  
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has elected to fully rebuild, reconstruct and restore the Property pursuant to and in accordance with the terms of this Section 7.07(c); provided, that, if
(1) the BBP Condemnation Proceeds paid in connection with any given condemnation event are in excess of the amount that is spent on the reconstruction, rebuilding or restoration of the applicable Borrowing Base Property, (2) the Parent
requests in writing the return of such funds following the completion of such rebuilding, reconstruction and restoration and (3) there is no then-continuing Default or Event of Default, the Administrative Agent shall return such excess funds to
the Parent. The Parent and each Loan Party hereby assigns to, and grants Administrative Agent a security interest in, all BBP Condemnation Proceeds (prior to application thereof) and to any escrow account established pursuant to the terms of this
Section 7.07(c) and in the funds held therein to secure the payment and performance of the Obligations. 

(iv)    In the event that the Parent elects to cause the full rebuilding, restoration and reconstruction of
any Borrowing Base Property or the Property related thereto following any condemnation resulting in BBP Condemnation Proceeds, the Parent and Loan Parties shall (A) if such BBP Condemnation Proceeds relate to a Substantial Condemnation, provide
to the Administrative Agent, within thirty (30) days of the related condemnation event (or, to the extent delivery within such time frame is not reasonably possible, as soon as reasonably practicable following such event), evidence satisfactory
to the Administrative Agent in its reasonable discretion that there are sufficient funds from the BBP Condemnation Proceeds and from cash and Cash Equivalents available to the applicable Loan Party, if needed, to completely restore or repair the
applicable Property to its use, value and condition immediately prior to the condemnation as well as to maintain compliance with the financial and other covenants set forth herein; (B) diligently commence to (1) prepare (or cause to be
prepared) all plans and specifications with respect to the full rebuilding, reconstruction and restoration of the applicable Property (to the extent necessary in connection with such rebuilding, reconstruction and/or restoration), such plans and
specifications to be, in the case of a Substantial Condemnation, in all material respects acceptable to the Administrative Agent in its reasonable discretion, and (2) enter into any necessary engineering, architects and construction contracts
required to fully complete such rebuilding, reconstruction and restoration on reasonable market-based terms and conditions; provided, that the Parent shall, in the case of a Substantial Condemnation, complete items (1) and (2) of this
subclause (iv)(B) within twelve (12) months following the applicable condemnation event in a manner that is satisfactory to the Administrative Agent, in its reasonable discretion and shall, within (6) months following the applicable
condemnation event, provide preliminary plans and specifications and a summary budget with respect to the applicable restoration; (C) in the case of any Substantial Condemnation, deposit into the escrow account being maintained by the
Administrative Agent pursuant to clause (iii) above any amount of cash and Cash Equivalents (in addition to the BBP Condemnation Proceeds held therein), which, in the reasonable judgment of Administrative Agent, is necessary and sufficient to
fund the full rebuilding, reconstruction and restoration of the applicable Property to its use, value and condition immediately prior to the condemnation; provided, that the Administrative Agent shall be entitled, at the expense of the Loan
Parties, to consult such professionals as Administrative Agent may deem necessary, in its sole discretion, to determine the total costs of restoring the applicable Property; (D) cause the applicable rebuilding, reconstruction and restoration to
be diligently completed in a workmanlike manner under the supervision of an architect and/or engineer, if necessary for such rebuilding, reconstruction and restoration, selected and paid for by the Parent or the Loan Parties but, in the case of a
Substantial Condemnation, approved in advance by the Administrative Agent in its reasonable discretion, and, in the case of a Substantial Condemnation, by a general contractor who must be acceptable in all material respects to Administrative Agent,
in its reasonable discretion and who shall have, if required by the Administrative Agent, obtained (1) payment and performance bonds from a corporate surety reasonably acceptable to Administrative Agent and naming Administrative Agent as dual
obligee or (2) such other protections concerning performance of the applicable contractor as may be reasonably satisfactory to the Administrative Agent; and (E) have otherwise complied with any of the terms, conditions or restrictions set
forth herein or in any Mortgage Instrument or other Loan Document with respect to the consummation of such rebuilding, reconstruction and restoration. If any of the foregoing conditions are not satisfied, Administrative Agent may, in its sole
discretion (subject to the direction of the Required Lenders), apply all BBP Condemnation Proceeds held by it to the payment of the Obligations in accordance with the priorities established pursuant to
Section 2.05(b)(vii). 

  
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 (v)    With respect to BBP Condemnation Proceeds held by the
Administrative Agent pursuant to the terms of this Section 7.07(c) in connection with any Substantial Condemnation, the Administrative Agent shall, following the satisfaction of the conditions set forth in subclauses
(iv)(A) and (iv)(B)(1) and (2), disburse such BBP Condemnation Proceeds to the Parent or any Loan Party for the payment of invoices related to the rebuilding, reconstruction or restoration of the applicable Property (A) to the extent the
Administrative Agent will not incur any liability to any other person as a result of such use or release of such BBP Condemnation Proceeds; (B) subject to such holdbacks and other terms, conditions and restrictions as may be in accordance with
the construction lending practices of the Administrative Agent and (C) to the extent no Default or Event of Default is then-continuing. 

(vi)    Notwithstanding anything contained in the foregoing to the contrary, (1) immediately upon the
occurrence and during the continuance of any Default, Administrative Agent may cease the distribution of any amounts related to the BBP Condemnation Proceeds or otherwise held in the escrow account related thereto until such Default is cured or
waived by the Lenders in accordance with the terms hereof; (2) immediately upon the occurrence and during the continuance of any Event of Default, Administrative Agent may apply all BBP Condemnation Proceeds and any other sums deposited with
Administrative Agent pursuant to the terms of this Section 7.07(c) to the repayment of the Obligations in accordance with the priorities established pursuant to Section 2.05(b)(vii); and
(3) Administrative Agent may apply all BBP Condemnation Proceeds and any other sums deposited with Administrative Agent pursuant to the terms of this Section 7.07(c) and held by Administrative Agent as of the Maturity
Date to the repayment of the Obligations in accordance with the priorities established pursuant to Section 2.05(b)(vii). 

(vii)    Regardless of whether any BBP Condemnation Proceeds are applied to reduce the Obligations pursuant
to the terms of this Section 7.07(c), the unpaid portion of the Obligations shall remain in full force and effect and the payment thereof shall not be excused. 

(d)    Deliver (or cause to be delivered) to the Administrative Agent fully paid American Land Title Association
Lender’s Extended Coverage title insurance policies with respect to each of the Borrowing Base Properties, such that, at all times, the aggregate amount of coverage under such title insurance policies is equal to or greater than (i) the
aggregate amount of Commitments hereunder (as such amount may be increased or decreased from time to time hereunder in accordance with the provision of Section 2.06 or otherwise), plus (ii) $20,000,000. Each such
title insurance policies covering an individual Borrowing Base Property shall be in form and in an amount reasonable acceptable to the Administrative Agent, and shall include all such endorsements as are reasonably requested by the Administrative
Agent (including tie-in, first loss and last dollar endorsements, in each case, where available). Each such title insurance policy shall be issued, coinsured and reinsured by title insurers reasonably
acceptable to the Administrative Agent, insuring the applicable Mortgage Instruments to be valid first and subsisting Liens on the property described therein, free and clear of all defects and encumbrances except Permitted Liens, and shall provide
for such other affirmative insurance (including endorsements for future advances under the Loan Documents and for zoning of the applicable Borrowing Base Property, in each case where available) and such coinsurance and direct access reinsurance as
the Administrative Agent reasonably may deem necessary or desirable and as may be available in the state where such Borrowing Base Property is located. 

7.08.    Compliance with Laws and Contractual Obligations. 

Comply with the requirements of all Laws, all Contractual Obligations and all orders, writs, injunctions and decrees applicable to it or to its
business or property, except in such instances in which (a) such requirement of Law, Contractual Obligation or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the
failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. The Borrower shall maintain in effect and enforce policies and procedures designed to ensure compliance with the Anti-Corruption Laws and applicable
Sanctions by the Loan Parties, their respective directors, officers, employees, Affiliates and agents and representatives of the Loan Parties that will act in any capacity in connection with or benefit from this Agreement. 

  
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 7.09.    Books and Records. 

Maintain proper books of record and account, in which entries that are full, true and correct in all material respects in conformity with GAAP
consistently applied shall be made of all financial transactions and matters involving the assets and business of the Parent or such Subsidiary, as the case may be; and (b) maintain such books of record and account in material conformity with
all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Parent or such Subsidiary, as the case may be. 

7.10.    Inspection Rights. 

Permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its Properties, to
examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the
Administrative Agent and Lenders (as applicable) and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided, however, that when an Event
of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance
notice. The Loan Parties agree that the Administrative Agent, and its representatives, may, notwithstanding the foregoing provisions concerning the allocation of expenses related to inspections, conduct an annual audit of the Collateral and books
and records of the Consolidated Parties at the expense of the Loan Parties. 
 7.11.    Use of Proceeds. 

The proceeds of the Closing Date Term Loans, Tranche B Term Loans, Revolving Loans and the Letters of Credit shall be used for working capital,
capital expenditures, and other lawful corporate purposes, including, but not limited to, the repayment of indebtedness, permitted dividend payments, permitted repurchases of REIT stock, property acquisitions and other permitted investments. 

7.12.    Additional/Update Appraisals. 

Acknowledge and agree that the Administrative Agent shall have the right, in its discretion, to obtain, at the expense of the Borrower, a new
or updated “as-is” appraisal with respect to each Borrowing Base Property once every eighteen (18) months during the term of this Agreement for use in determining such Borrowing Base
Property’s Appraised Value. In addition to the foregoing, the Loan Parties hereby acknowledge and agree that the Administrative Agent shall, (a) upon the occurrence of any Substantial Casualty or Substantial Condemnation, have the
right to obtain a new appraisal with respect to the Borrowing Base Property which is the subject thereof both upon the delivery of the plans and specifications related to the rebuilding, reconstruction and restoration of such Property and upon the
completion of such rebuilding, reconstruction and restoration; provided, that the appraisal obtained in connection with the delivery of the applicable plans and specifications related to such rebuilding, reconstruction and restoration shall
be performed on as “as-completed” basis and (b) in connection with the Disposition of a Borrowing Base Property or the removal of a Borrowing Base Property, have the right to obtain new
appraisals with respect to the remaining Borrowing Base Properties. To the extent the Administrative Agent incurs any costs or expenses related to any new appraisal provided for in this Section 7.12, the Borrower and/or
other Loan Parties shall reimburse the Administrative Agent upon demand in the amount of such costs or expenses. Each appraisal obtained pursuant to this Section 7.12 shall be in form and substance and from an appraiser
acceptable to the Administrative Agent. 
 7.13.    Automatic Removal of Borrowing Base Properties. 

Acknowledge and agree that notwithstanding anything contained herein to the contrary, to the extent any Borrowing Base Property (a) ceases
to be wholly owned by a Loan Party or ground leased by a Loan Party pursuant to a long term ground lease which has been reviewed and approved by the Administrative Agent, in its discretion; or (b) ceases to be encumbered by a first priority
perfected Lien (subject only to Permitted Liens) in favor of the Administrative Agent (for the benefit of the Secured Parties), (i) such Real Property shall cease to qualify as a 

  
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Borrowing Base Property hereunder, (ii) Schedule 1.01(b) shall be deemed to have been amended to remove such Real Property from the list of Borrowing Base Properties and
(iii) the Borrower shall make the payment required by Section 2.05(b)(ii), if any; provided, that no such removal of a Borrowing Base Property from qualification as such shall result in the release of any Liens
in favor of the Administrative Agent except to the extent otherwise specifically provided herein or in any other Loan Document. Notwithstanding the foregoing, in no event shall the leasing of the Borrowing Base Properties to the Tenants pursuant to
the Lease Agreements trigger the removal of the Borrowing Base Properties under this Section 7.13. 

7.14.    Pledged Assets. 

Each Loan Party will (a) cause all real Property interests related to the Borrowing Base Properties (other than the Designated
Outparcels), all personal Property (including, without limitation, any and all construction drawings, construction plans and architectural renderings relating thereto) owned by the Loan Parties and relating to any Borrowing Base Properties (other
than vehicles subject to certificates of title) and all of the Pledged Interests to be subject at all times to first priority, perfected and, in the case of the real Property interest in each Borrowing Base Property (whether leased or owned), title
insured Liens in favor of the Administrative Agent to secure the Obligations pursuant to the terms and conditions of the Collateral Documents or, with respect to any such Property acquired subsequent to the Closing Date that becomes a Borrowing Base
Property, such other additional security documents as the Administrative Agent shall reasonably request, subject in any case only to Permitted Liens; (b) except to the extent the delivery of the following would, in the judgment of the
Administrative Agent, be redundant or duplicative of such items delivered in connection with or under the Existing Credit Agreement with respect to any Collateral described in the foregoing clause (a), deliver such other documentation as the
Administrative Agent may reasonably request in connection with the foregoing, including, without limitation, appropriate UCC-1 financing statements, real estate title insurance policies, surveys, environmental
reports, landlord’s waivers, certified resolutions and other organizational and authorizing documents of such Person, favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect
and enforceability of the documentation referred to above and the perfection of the Administrative Agent’s Liens thereunder) and other items of the types required to be delivered pursuant to Section 5.01(c) and
(d), all in form, content and scope reasonably satisfactory to the Administrative Agent; (c) indemnify and/or reimburse (as applicable) the Administrative Agent for any and all costs, expenses, losses, claims, fees or other amounts paid
or incurred by the Administrative Agent to the extent paid or incurred in connection with the filing or recording of any documents, agreement or instruments related to the Collateral, the protection of any of the Collateral, its rights and interests
therein or any Loan Party’s underlying rights and interests therein or the enforcement of any of its other rights with respect to the Collateral; provided, that the reimbursement and indemnity obligations set forth in this clause
(c) shall be in addition to and in furtherance of all other reimbursement or indemnity obligations of the Loan Parties referenced herein or in any other Loan Document; provided further, that the obligations set forth in clauses (a), (b) and
(c) above shall not apply to the extent such obligation would violate the Parent’s requirements with respect to maintaining its status as a REIT; and (d) cause the rights of the applicable Loan Parties under the Lease Agreements to be
subject at all times to first priority, perfected Liens in favor of the Administrative Agent to secure the Obligations pursuant to the terms and conditions of the Collateral Documents. 

7.15.    Ground Leases. 

Shall (and Borrower shall cause such Loan Parties to), with respect to any ground lease related to any Borrowing Base Property or material
easement agreements in favor of such Loan Party and related to any Borrowing Base Property (as applicable): 

(a)    pay when due the rent and other amounts due and payable thereunder (subject to applicable cure or grace periods);

 (b)    timely perform and observe all of the material terms, covenants and conditions required to be performed and
observed by it as tenant thereunder (subject to applicable cure or grace periods); 
 (c)    do all things necessary to
preserve and keep unimpaired such ground lease or easement agreement and its rights thereunder; 

  
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 (d)    not waive, excuse or discharge any of the material obligations of the
lessor or other obligor thereunder; 
 (e)    diligently and continuously enforce the material obligations of the lessor
or other obligor thereunder; 
 (f)    not do, permit or suffer (i) any act, event or omission which would be
likely to result in a default or permit the applicable lessor or other obligor to terminate or exercise any other remedy with respect to the applicable ground lease or easement or (ii) any act, event or omission which, with the giving of notice
or the passage of time, or both, would constitute a default or permit the lessor or such other obligor to exercise any other remedy under the applicable agreement; 

(g)    cancel, terminate, surrender, modify or amend any of the provisions of any such ground lease or easement or agree
to any termination, amendment, modification or surrender thereof without the prior written consent of the Administrative Agent; 

(h)    deliver to the Administrative Agent all default and other material notices received by it or sent by it under the
applicable ground lease or easement agreement; 
 (i)    at Administrative Agent’s request, provide to
Administrative Agent any information or materials relating to such ground lease or easement agreement and evidencing such Loan Party’s due observance and performance of its obligations thereunder; 

(j)    not permit or consent to the subordination of such ground lease or easement agreement to any mortgage or other
leasehold interest of the premises related thereto; 
 (k)    execute and deliver (to the extent permitted to do so
under such ground lease or easement agreement), upon the request of the Administrative Agent, any documents, instruments or agreements as may be required to permit the Administrative Agent to cure any default under such ground lease or easement
agreement; 
 (l)    provide to Administrative Agent written notice of its intention to exercise any option or renewal
or extension rights with respect to such ground lease or easement at least thirty (30) days prior to the expiration of the time to exercise such right or option and, upon the direction of the Administrative Agent, duly exercise any renewal or
extension option with respect to any such ground lease or easement (provided, that Borrower and each Loan Party hereby appoints the Administrative Agent its
attorney-in-fact, coupled with an interest, to execute and deliver, for and in the name of such Person, all instruments, documents or agreements necessary to extend or
renew any such ground lease or easement); 
 (m)    not treat, in connection with the bankruptcy or other insolvency
proceedings of any ground lessor or other obligor, any ground lease or easement agreement as terminated, cancelled or surrendered pursuant to the Bankruptcy Code without the Administrative Agent’s prior written consent; 

(n)    in connection with the bankruptcy or other insolvency proceedings of any ground lessor or other obligor, ratify the
legality, binding effect and enforceability of the applicable ground lease or easement agreement within the applicable time period therefore in such proceedings, notwithstanding any rejection by such ground lessor or obligor or trustee, custodian or
receiver related thereto; 
 (o)    provide to the Administrative Agent not less than thirty (30) days prior
written notice of the date on which the applicable Loan Party shall apply to any court or other governmental authority for authority or permission to reject the applicable ground lease or easement agreement in the event that there shall be filed by
or against any Loan Party any petition, action or proceeding under the Bankruptcy Code or any similar federal or state law; provided, that the Administrative Agent shall have the right, but not the obligation, to serve upon the applicable
Loan Party within such thirty (30) day period a notice stating that (i) the Administrative Agent demands that such Loan Party assume and the assign the relevant ground lease or easement agreement to the Administrative Agent subject to an
in accordance with the Bankruptcy Code and (ii) the Administrative Agent covenants to cure or 

  
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provide reasonably adequate assurance thereof with respect to all defaults susceptible of being cured by the Administrative Agent and of future performance under the applicable ground lease or
easement agreement; provided, further, that if the Administrative Agent serves such notice upon the applicable Loan Party, such Loan Party shall not seek to reject the applicable agreement and shall promptly comply with such demand;

 (p)    permit the Administrative Agent (at its option), during the continuance of any Event of Default, to
(i) perform and comply with all obligations under the applicable ground lease or easement agreement; (ii) do and take such action as the Administrative Agent deems necessary or desirable to prevent or cure any default by such Loan Party
under such ground lease or easement agreement and (iii) enter in and upon the applicable premises related to such ground lease or easement agreement to the extent and as often as the Administrative Agent deems necessary or desirable in order to
prevent or cure any default under the applicable ground lease or easement agreement; 
 (q)    in the event of any
arbitration, court or other adjudicative proceedings under or with respect to any such ground lease or easement agreement, permit the Administrative Agent (at its option) to exercise all right, title and interest of the applicable Loan Party in
connection with such proceedings; provided, that (i) Borrower and each other Loan Party hereby irrevocably appoint the Administrative Agent as their
attorney-in-fact (which appointment shall be deemed coupled with an interest) to exercise such right, interest and title and (ii) the Loan Parties shall bear all
costs, fees and expenses related to such proceedings; provided, further, that each Loan Party hereby further agrees that the Administrative Agent shall have the right, but not the obligation, to proceed in respect of any claim, suit,
action or proceeding relating to the rejection of any of the ground leases or easement agreements referenced above by the relevant ground lessor or obligor as a result of bankruptcy or similar proceedings (including, without limitation, the right to
file and prosecute all proofs of claims, complaints, notices and other documents in any such bankruptcy case or similar proceeding); and 

(r)    deliver to the Administrative Agent (or, subject to the requirements of the subject ground lease, cause the
applicable lessor or other obligor to deliver to the Administrative Agent) an estoppel certificate in relation to such ground lease or easement agreement in form and substance acceptable to the Administrative Agent, in its discretion, and, in any
case, setting forth (i) the name of lessee and lessor under the ground lease (if applicable); (ii) that such ground lease or easement agreement is in full force and effect and has not been modified except to the extent Administrative Agent
has received notice of such modification; (iii) that no rental and other payments due thereunder are delinquent as of the date of such estoppel; and (iv) whether such Person knows of any actual or alleged defaults or events of default
under the applicable ground lease or easement agreement; 
 provided, that each Loan Party hereby agrees to execute and deliver to Administrative
Agent, within ten (10) days of any request therefor, such documents, instruments, agreements, assignments or other conveyances reasonably requested by the Administrative Agent in connection with or in furtherance of any of the provisions set
forth above or the rights granted to the Administrative Agent in connection therewith. 
 7.16.    Lease Agreements. 

Except with respect to Borrowing Base Properties that have been disposed of in accordance with the terms of
Section 8.05: 
 (a)    Enforce, at all times, all material terms and provisions of the
applicable Loan Party’s Lease Agreement with the applicable Tenant. 
 (b)    Cause the rights under the Management
Agreements and all other material assets of the Tenants to be pledged to secure the obligations of the Tenants under the Lease Agreements. 

(c)    Cause RHP Operations and Attractions Holdings, LLC (“Attractions”) and RHP Hotel Operations
Holdco, LLC to guaranty the obligations of the Tenants under the Lease Agreements. Notwithstanding the foregoing, in connection with and as a condition precedent to a corporate disposition or reorganization otherwise permitted pursuant to the terms
of this Agreement, (i) Borrower shall be permitted to replace one or both of Attractions and RHP Hotel Operations Holdco, LLC, as guarantors of, and pledgors as security for, the obligations 

  
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of the Tenants under the Lease Agreements, with each of the new taxable REIT subsidiary (non-Loan Party) entities which own, directly or indirectly, such
Tenants (collectively, the “New Inter-Company Lease Guarantors”); and (ii) the pledge agreement in favor of Administrative Agent shall be amended to permit (with the prior written consent of Administrative Agent) the
pledge of the ownership interests in the New Inter-Company Lease Guarantor that is the top-tier taxable REIT subsidiary (i.e., owned directly by a Credit Party) to be substituted for the pledge of the
ownership interests in Attractions in the event Attractions no longer directly or indirectly owns the Tenants. 

7.17.    Management Agreements. 

Cause the Tenants to enforce and comply with all material terms and provisions of the Management Agreements. 

7.18.    Flood Compliance Deliverables. 

Borrower shall use good faith efforts to, within thirty (30) days following the Closing Date (or such longer period as approved by
Administrative Agent), provide to each Lender all information reasonably requested by such Lender in order for such Lender to comply with its internal flood compliance procedures, provided that this obligation shall cease on the earlier of
(i) the funding of the Closing Date Term Loans or (ii) the date on which Lenders and/or Borrower elect not to fund the Closing Date Term Loans. Additionally, subject to Borrower’s compliance with this
Section 7.18, Lenders shall use good faith efforts to complete each of their respective flood compliance procedures within sixty (60) days following the Closing Date. 

ARTICLE VIII. 
 NEGATIVE
COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall not be Fully
Satisfied, or any Letter of Credit shall remain outstanding, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 

8.01.    Liens. 

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other
than the following: 
 (a)    Liens pursuant to any Loan Document; 

(b)    Liens existing on the Closing Date and listed on Schedule 8.01 to the Disclosure Letter
and any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased, (iii) the direct or any contingent obligor with respect
thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 8.03(b); 

(c)    Liens (other than Liens imposed under ERISA) for taxes, assessments or governmental charges or levies not yet due
or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(d)    statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and suppliers and other
Liens imposed by law or pursuant to customary reservations or retentions of title arising in the ordinary course of business and in an aggregate amount not to exceed (in the aggregate), with respect to the Borrowing Base Properties, (i) an
amount equal to (A) ten percent (10.0%) of the construction budget of any hotel then being constructed by the Loan Parties (including construction costs with respect to any portion of an operating hotel then subject to an expansion, but in all
cases excluding pre-opening costs and capitalized interest related to any such property), plus (B) $50,000,000 in the aggregate with respect to all other operating properties; provided,
further, that with respect to all Liens referenced in this subclause (i), such Liens shall secure only amounts not yet 

  
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due and payable or, if due and payable, are unattached and no other action has been taken to enforce the same, plus (ii) $15,000,000 in the aggregate with respect to any Liens which have attached
or are subject to some enforcement action and, in each case, for which adequate reserves determined in accordance with GAAP have been established; provided, that Liens referenced in this subclause (ii) with respect to which the Borrower
(x) has procured bonding such that the applicable Lien does not, under the laws of the applicable jurisdiction, attach to the subject Borrowing Base Property(ies) or (y) has otherwise provided security reasonably satisfactory to the
Administrative Agent (which may be in the form of a reserve against Borrower’s availability for Revolving Loans), shall not be considered “Liens” with respect to the Borrowing Base Properties for purposes of this
Section 8.01(d); 
 (e)    pledges or deposits in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 

(f)    deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory
obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(g)    easements, rights-of-way,
restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, which do not in any case materially detract from the value of the property subject thereto or materially interfere with the
ordinary conduct of the business of the applicable Person and which, with respect to Borrowing Base Properties, have been reviewed and approved by the Administrative Agent (such approval to be in the sole discretion of the Administrative Agent);

 (h)    Liens securing judgments for the payment of money not constituting an Event of Default under
Section 9.01(h) or securing appeal or other surety bonds related to such judgments; 
 (i)    Liens securing
Indebtedness permitted under Section 8.03; 
 (j)    Leases or subleases permitted under
Section 8.17; 
 (k)    any interest of title of a lessor under, and Liens arising from UCC
financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, leases permitted by this Agreement; 

(l)    Liens deemed to exist in connection with Investments in repurchase agreements permitted under
Section 8.02; 
 (m)    normal and customary rights of setoff upon deposits of cash in favor
of banks or other depository institutions; 
 (n)    Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection; 

(o)    Liens of sellers of goods to the Parent and any of its Subsidiaries arising under Article 2 of the Uniform
Commercial Code or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only the unpaid purchase price for such goods and related expenses; 

(p)    Liens pursuant to any Permitted PILOT Transaction; and 

(q)    Liens on (i) the assets of the Tenants to secure their obligations under the Lease Agreements and
(ii) the assets of RHP Operations and Attractions Holdings, LLC and RHP Operations HoldCo, LLC to secure the guaranties of their obligations of the Tenants under the Lease Agreements. 

  
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 8.02.    Investments. 

Make any Investments, except: 

(a)    Investments held by the Parent or such Subsidiary in the form of Cash Equivalents; 

(b)    Investments existing as of the Closing Date and set forth in Schedule 8.02 to the
Disclosure Letter; 
 (c)    Investments consisting of advances or loans to directors, officers, employees, agents,
customers or suppliers in an aggregate principal amount (including Investments of such type set forth in Schedule 8.02 to the Disclosure Letter) not to exceed $10,000,000 at any time outstanding; provided, that all
such advances must be in compliance with applicable Laws, including, but not limited to, the Sarbanes-Oxley Act of 2002. 

(d)    Investments (whether constituting Acquisitions or otherwise) in Subsidiaries of the Parent (or Persons that will,
immediately upon the consummation of such Investment, be Subsidiaries of the Parent) or in the assets of such Persons, to the extent such Investments are made in Persons or Property relating to the types of businesses which are not prohibited by
Section 8.07 hereof; 
 (e)    Investments consisting of extensions of credit in the nature of
accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent
reasonably necessary in order to prevent or limit loss; 
 (f)    Investments (whether constituting Acquisitions or
otherwise) in Persons that are Unconsolidated Affiliates (or that will, immediately upon the consummation of such Investment, be an Unconsolidated Affiliate) or in the assets of such Persons, to the extent such Investments are made in Persons or
Property relating to the types of businesses which are not prohibited by Section 8.07 hereof; provided, however, that in the aggregate such Investments by the Borrower and the other Loan Parties in Persons
which are Unconsolidated Affiliates (whether made pursuant to this clause (f) or any other clause of this Section 8.02) shall not, at any time, exceed an amount equal to fifteen percent (15.0%) of Consolidated Total
Asset Value; provided, further, that, in each case, Persons which become Unconsolidated Affiliates by reason of the sale of an interest in any assets existing as of the Closing Date shall be excluded from this calculation and shall not
be limited pursuant to this Section 8.02; or 
 (g)    Investments in connection with a
Permitted PILOT Transaction. 
 8.03.    Indebtedness. 

Create, incur, assume or suffer to exist any Indebtedness, except: 

(a)    Indebtedness under the Loan Documents; 

(b)    Indebtedness of the Parent and its Subsidiaries outstanding on the Closing Date and set forth in
Schedule 8.03 to the Disclosure Letter (and renewals, refinancings and extensions thereof on terms and conditions no less favorable to such Person than such existing Indebtedness; provided that the amount of such
Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such
refinancing and by an amount equal to any existing commitments unutilized thereunder); 
 (c)    intercompany
Indebtedness and Guarantees with respect to Indebtedness so long as in each case the related Investment made by the holder of such Indebtedness or by the provider of such Guarantee, as applicable, is permitted under
Section 8.02 (other than Section 8.02(f)); 
 (d)    obligations
(contingent or otherwise) of the Parent or any Subsidiary existing or arising under any Swap Contract, provided that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of
directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or
taking a “market view;” and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the
defaulting party; 

  
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 (e)    [Intentionally omitted]; 

(f)    Guarantees with respect to any Indebtedness permitted under this Section 8.03; 

(g)    Indebtedness in the form of Capital Lease obligations and purchase money Indebtedness; provided that
(i) the total of all such Indebtedness for all such Persons taken together shall not exceed an aggregate principal amount of $25,000,000 at any one time outstanding; (ii) such Indebtedness when incurred shall not exceed the purchase price
of the asset(s) financed; and (iii) no such Indebtedness shall be refinanced for a principal amount in excess of the principal balance outstanding thereon at the time of such refinancing; 

(h)    Guarantees of Operating Lease obligations of Subsidiaries of the Parent; 

(i)    other Indebtedness hereafter incurred by the Parent or any of its Subsidiaries in an amount not to exceed an
aggregate amount of $25,000,000 at any time outstanding; provided, that the Parent (i) shall provide the Administrative Agent with copies of any certifications, computations or other information or materials required to be provided by it
under the Senior Notes Indenture with respect to the incurrence of any such Indebtedness (if any) and (ii) shall not incur any such Indebtedness if it has reason to believe that the incurrence of such Indebtedness is likely to result in the
occurrence of a Default or Event of Default hereunder or under any Loan Document; and 
 (j)    other Indebtedness
hereafter incurred by the Parent or any of its Subsidiaries; provided, that the Parent shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate demonstrating that, upon giving effect on a Pro Forma Basis to the
incurrence of such Indebtedness and to the concurrent retirement of any other Indebtedness of any Consolidated Party, the Loan Parties would be in compliance with the covenant in Section 8.02(f) and the financial covenants
set forth in Section 8.11 (regardless of whether Section 8.11 is in effect or the Closing Date Term Loan Facility or Revolving Credit Facility have been Fully Satisfied) and as of the most recent
calendar quarter end with respect to which the Administrative Agent has received the Required Financial Information. 

8.04.    Fundamental Changes. 

Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions)
all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person; provided, that, notwithstanding the foregoing provisions of this Section 8.04, but subject to the terms
of Sections 7.13 and 7.14, (a) the Borrower may merge or consolidate with any of its Subsidiaries; provided, that the Borrower shall be the continuing or surviving corporation, (b) any Loan Party
other than the Borrower or the Parent may merge or consolidate with any other Loan Party or the Borrower or the Parent, as applicable, (c) any Consolidated Party which is not a Loan Party may be merged or consolidated with or into any Loan
Party provided that such Loan Party shall be the continuing or surviving corporation, (d) any Consolidated Party which is not a Loan Party may be merged or consolidated with or into any other Consolidated Party which is not a Loan Party,
including any merger of such non Loan Party into an acquisition target, (e) any Subsidiary of the Parent may merge with any Person that is not a Loan Party in connection with a Disposition permitted under Section 8.05,
and (f) any Wholly Owned Subsidiary of the Parent that is not a Loan Party may Dispose of all or substantially all of its assets (whether now owned or hereafter acquired), dissolve, liquidate or wind up its affairs at any time provided that
such Disposition, dissolution, liquidation or winding up, as applicable, could not reasonably be expected to have a Material Adverse Effect. Notwithstanding anything contained or implied herein to the contrary, this provision shall not, in any case,
be construed to limit (y) the transfer, sale or other disposition by a non-Loan Party Subsidiary of the Parent of any of its assets (whether a portion of or all or substantially all of its assets) to the
Parent or any other Subsidiary of the Parent or (z) the transfer, sale or other disposition by a Loan Party Subsidiary of the Parent of any of its assets (whether a portion of or all or substantially all of its assets) to any other Loan Party.

  
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 8.05.    Dispositions. 

Make any Disposition of any Borrowing Base Property (other than (x) the Disposition of a Borrowing Base Property pursuant to a Permitted
PILOT Transaction and (y) in connection with the Lease Agreements) unless: 
 (a)    the consideration paid in
connection therewith shall be in an amount not less than the fair market value of the Property disposed of and in cash or Cash Equivalents with such payment to be made contemporaneously with consummation of the applicable transaction; 

(b)    no later than five (5) Business Days prior to any such Disposition, the Parent shall have delivered to the
Administrative Agent (i) a Pro Forma Compliance Certificate demonstrating that, upon giving effect on a Pro Forma Basis to such transaction and any prepayments to be made in connection therewith pursuant to
Section 2.05, the Loan Parties would be in compliance with the provisions of Article II hereof concerning the Total Revolving Outstandings and Total Facility Outstandings, the covenant set forth in
Section 8.02(f) and the financial covenants set forth in and Section 8.11 (regardless of whether Section 8.11 is in effect or the Closing Date Term Loan Facility or
Revolving Credit Facility have been Fully Satisfied) as of the most recent calendar quarter end with respect to which the Administrative Agent has received the Required Financial Information and (ii) a certificate of a Responsible Officer of
the Parent specifying the anticipated date of such Disposition, briefly describing the asset(s) to be sold or otherwise disposed of and setting forth the value of such assets, the aggregate consideration and the Net Cash Proceeds to be received for
such assets in connection with such Disposition and certifying that no Default or Event of Default then exists; 

(c)    the Loan Parties, to the extent required by Section 2.05(b), prepay the Loans (and Cash
Collateralize L/C Obligations) in the amount and as of the date required pursuant to such section; 
 (d)    for all
Dispositions of Borrowing Base Properties following (or occurring concurrently with) the initial Disposition of a Borrowing Base Property hereunder, such Disposition has been approved in writing by the Required Lenders; 

(e)    to the extent not applied in accordance with Section 8.05(c), the Net Cash Proceeds
derived from any such Disposition are applied to Indebtedness or otherwise reinvested in a manner not prohibited hereunder or a binding commitment to so reinvest is entered into within three hundred sixty (360) days following the receipt of
such Net Cash Proceeds by the Loan Parties; 
 (f)    immediately following such Disposition, there shall exist at least
two (2) hotel Borrowing Base Properties that continue to fully qualify as such pursuant to the terms of this Agreement. 

8.06.    Restricted Payments. 

Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except: 

(a)    each Subsidiary may make Restricted Payments (directly or indirectly) to any Loan Party and any other Person that
owns any Capital Stock in such Subsidiary, ratably according to their respective holdings of the type of Capital Stock in respect of which such Restricted Payment is being made; 

(b)    the Parent and each Subsidiary may declare and make dividend payments or other distributions payable solely in the
Capital Stock of such Person; 
 (c)    the Parent and each Subsidiary may purchase, redeem or otherwise acquire Capital
Stock issued by it with the proceeds received from the substantially concurrent issue of new shares of its common stock or other common Capital Stock; 

(d)    as long as no Default shall have occurred and continuing, the Parent and its Subsidiaries may make Restricted
Payments to the holders of its Capital Stock to the extent not prohibited by the Senior Notes Indenture; 
 (e)    the
Parent shall be permitted to make Restricted Payments to the holders of its Capital Stock and during any fiscal year in an amount not to exceed the FFO Distribution Allowance for such fiscal year; and 

  
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 (f)    the Borrower shall be permitted to make Restricted Payments in cash to
the Parent and its other limited partners, in each case to permit the Parent to make Restricted Payments in cash to the holders of its Capital Stock to the extent necessary to (x) maintain its status as a REIT and (y) pay any special or
extraordinary tax liabilities of the Parent then due (after taking into account any losses, offsets and credits, as applicable), and the Parent shall be able to distribute such Restricted Payments to its equity holders. 

8.07.    Change in Nature of Business. 

Engage in any material line of business substantially different from those lines of business conducted by the Parent and its Subsidiaries on
the Closing Date or any business substantially related or incidental thereto or any other line of business related to the entertainment or hospitality industries. 

8.08.    Transactions with Affiliates and Insiders. 

Enter into or permit to exist any transaction or series of transactions with any officer, director or Affiliate of such Person other than
(a) advances of working capital to any Loan Party, (b) transfers of cash and assets to any Loan Party, (c) intercompany transactions expressly permitted by Section 8.02,
Section 8.03, Section 8.04, Section 8.05 or Section 8.06, (d) compensation and reimbursement of expenses of officers and directors approved in
accordance with company policies, (e) the Lease Agreements with the Tenants, and (f) except as otherwise specifically limited in this Agreement, other transactions which are entered into in the ordinary course of such Person’s
business on terms and conditions substantially as favorable to such Person as would be obtainable by it in a comparable arms-length transaction with a Person other than an officer, director or Affiliate. 

8.09.    Burdensome Agreements. 

(a)    Enter into any Contractual Obligation that encumbers or restricts the ability of any such Person to (i) pay
dividends or make any other distributions to any Loan Party on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits, (ii) pay any Indebtedness or other obligation owed to any Loan Party,
(iii) make loans or advances to any Loan Party, (iv) sell, lease or transfer any of its Property to any Loan Party or (v) except in respect of any Consolidated Party which is not a Loan Party, (A) pledge its Property pursuant to
the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof or (B) act as a Loan Party pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except (in respect
of any of the matters referred to in clauses (i)-(v)(A) above) for (1) this Agreement and the other Loan Documents, (2) any Permitted Lien or any document or instrument governing any Permitted Lien, provided that any such
restriction contained therein relates only to the asset or assets subject to such Permitted Lien or (3) customary restrictions and conditions contained in any agreement relating to the sale of any Property permitted under
Section 8.05 pending the consummation of such sale. 
 (b)    Enter into any Contractual
Obligation that prohibits or otherwise restricts the existence of any Lien upon any of its Property in favor of the Administrative Agent (for the benefit of the Lenders) for the purpose of securing the Obligations, whether now owned or hereafter
acquired, or requiring the grant of any security for any obligation if such Property is given as security for the Obligations, except (i) in connection with any Permitted Lien or any document or instrument governing any Permitted Lien,
provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien and (ii) pursuant to customary restrictions and conditions contained in any agreement relating to the sale of any
Property permitted under Section 8.05, pending the consummation of such sale. 
 Notwithstanding the foregoing,
the Loan Parties shall be permitted to enter into the Lease Agreements with the Tenants and the Tenants shall be permitted to enter into the Management Agreements with Marriott Hotel Services, Inc. 

8.10.    Use of Proceeds. 

Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or
carry margin stock (within the meaning of Regulation U of the FRB) or to 

  
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extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. The Borrower shall not, and shall not permit any
other Loan Party or any other Subsidiary to, use any proceeds of the Loans or any Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any
Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (c) in any manner that
would result in the violation of any Sanctions applicable to any party hereto. 
 8.11.    Financial Covenants. 

Except as provided in Sections 8.03(j) and 8.05(b), prior to (i) the Closing Date Term Loan Maturity Date, solely with
respect to the Closing Date Term Loan Facility and (ii) the Revolving Credit Maturity Date, solely with respect to the Revolving Credit Facility: 

(a)    Consolidated Funded Indebtedness to Total Asset Value Ratio. Permit the Consolidated Funded Indebtedness to
Total Asset Value Ratio, as of the end of any calendar quarter, to be greater than sixty-five percent (65.0%). 

(b)    Consolidated Tangible Net Worth. Permit the Consolidated Tangible Net Worth, at any time, to be less than
the sum of (i) $175,000,000 plus (ii) seventy-five percent (75%) of Net Cash Proceeds received by any Consolidated Party in connection with any Equity Issuance after December 31, 2016. 

(c)    Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio, as of the end
of any calendar quarter, to be less than 1.50 to 1.0. 
 (d)    Implied Debt Service Coverage Ratio. Permit the
Implied Debt Service Coverage Ratio, as of the end of any calendar quarter, to be less than 1.60 to 1.0. 
 8.12.    Reduction
Limitations. 
 Other than following the later of (i) the Closing Date Term Loan Maturity Date or (ii) the expiration of
the Aggregate Revolving Commitment on the applicable Revolving Credit Maturity Date, permit the Outstanding Amount of the Tranche B Term Loans to equal or exceed either (a) the Aggregate Revolving Commitments plus the Outstanding Amount
of the Closing Date Term Loans or (b) if the Aggregate Revolving Commitments have been terminated, the Total Revolving Outstandings plus the Outstanding Amount of the Closing Date Term Loans. 

8.13.    Prepayment of Other Indebtedness, Etc. 

Permit any Consolidated Party to, if any Default or Event of Default has occurred and is continuing or would be directly or indirectly caused
as a result thereof, (a) amend or modify any of the terms of any Indebtedness of such Consolidated Party (other than Indebtedness under the Loan Documents) if such amendment or modification would add or change any terms in a manner adverse to
such Consolidated Party, or shorten the final maturity or average life to maturity or require any payment to be made sooner than originally scheduled or increase the interest rate applicable thereto, or (b) make (or give any notice with respect
thereto) any voluntary, optional or other non-scheduled payment, prepayment, redemption, acquisition for value (including without limitation, by way of depositing money or securities with the trustee with
respect thereto before due for the purpose of paying when due), refund, refinance or exchange of any Indebtedness of such Consolidated Party (other than Indebtedness under the Loan Documents) (in each case, whether or not mandatory). 

8.14.    Organization Documents; Fiscal Year. 

Permit any Consolidated Party to (a) amend, modify or change its Organization Documents in a manner materially adverse to the Lenders or
(b) change its fiscal year. 

  
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 8.15.    Ownership of Subsidiaries. 

Notwithstanding any other provisions of this Agreement to the contrary, (a) permit any Person (other than the Parent or any Wholly Owned
Subsidiary of the Parent) to own any Capital Stock of any Loan Party that owns a Borrowing Base Property, except (i) to qualify directors where required by applicable law, (ii) as a result of or in connection with a dissolution, merger,
consolidation or disposition of a Subsidiary not prohibited by Section 8.04 or Section 8.05 or (iii) the Borrower may issue limited partnership interest to third parties as long as the Parent
owns not less than 75% of the Borrower, (b) permit any Loan Party that owns a Borrowing Base Property to issue or have outstanding any shares of preferred Capital Stock, (c) permit, create, incur, assume or suffer to exist any Lien on any
Capital Stock constituting Pledged Interests. 
 8.16.    Sale Leasebacks. 

Permit any Consolidated Party to enter into any Sale and Leaseback Transaction with respect to any Borrowing Base Property, other than a
Permitted PILOT Transaction. 
 8.17.    Leases. 

Permit any Consolidated Party to enter into, terminate, cancel, amend, restate, supplement or otherwise modify any Lease relating to any
Borrowing Base Property without the prior written consent of the Administrative Agent (such consent to be granted or withheld in the reasonable discretion of the Administrative Agent, subject to the applicable tenant’s entering into of a
subordination, non-disturbance and attornment agreement with respect to the applicable Lease in form and substance acceptable to the Administrative Agent); provided, that this
Section 8.17 shall not be deemed (a) to prohibit the applicable Loan Party’s continued performance under any Lease existing as of the Closing Date; (b) to require the Administrative Agent’s approval for
any Lease or any such termination, cancellation, amendment, restatement, supplement or modification thereof with respect to Leases permitted or authorized under the Management Agreements (other than the Lease Agreements) or any parking, restaurant,
retail, business, spa, laundry service spaces or wireless antennae leases or any other leases for uses that are customary or ancillary to the operation of the applicable Borrowing Base Property that is on market-rate terms and conditions and by its
terms is expressly subordinated to the Mortgage Instrument related to the applicable Borrowing Base Property; (c) to prohibit the applicable Loan Party from terminating any Lease by reason of a default by the tenant thereunder, provided that
such termination is commercially reasonable; (d) to prohibit the entering into by a Loan Party of any ground lease with respect to outparcels held in connection with the applicable Borrowing Base Property, to the extent (i) the value of
such ground leased outparcels are not material to the operation of the applicable hotel and (ii) the applicable ground lessee has entered into a subordination, non-disturbance and attornment agreement
with respect to the applicable ground lease in form and substance acceptable to the Administrative Agent; (e) to prohibit the Loan Parties from entering into the Lease Agreements; or (f) to prohibit RHP Hotels, LLC, as successor by merger
to RHP Property OH, LLC, from leasing what is commonly referred to as the La Petite Building on market terms. 
 8.18.    Foreign
Subsidiaries. 
 Permit the owner of any Borrowing Base Property to be a Foreign Subsidiary. 

8.19.    Borrowing Base Property Matters. 

Permit (a) any Borrowing Base Property to cease to be wholly owned by a Loan Party or ground leased by a Loan Party pursuant to a long
term ground lease which has been reviewed and approved by the Administrative Agent, in its discretion, except in connection with a Disposition completed in accordance with Section 8.05; provided that such Property will no
longer be a Borrowing Base Property in accordance with Section 7.13, (b) the existence of (i) any default or event of default of a Loan Party under any ground lease underlying any Loan Party’s ownership of any
Borrowing Base Property or (ii) any default or event of default by a ground lessor under any such ground lease which default or event of default has caused or otherwise resulted in or could reasonably be expected to cause or otherwise result in
any material interference with the applicable Loan Party lessee’s occupancy or other rights under the applicable ground lease; (c) any Borrowing Base Property to cease to be encumbered by a first

  
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priority perfected Lien (subject only to Permitted Liens) in favor of the Administrative Agent (for the benefit of the Secured Parties); or (d) any Lease Agreement (other than a Lease
Agreement with respect to a Borrowing Base Property disposed of in accordance with the terms of Section 8.05) to cease to be encumbered by a first priority perfected Lien (subject only to Permitted Liens) in favor of the
Administrative Agent (for the benefit of the Secured Parties). 
 8.20.    Management Agreements/Lease Agreements. 

(a)    Permit the Tenants to amend, modify or change the Management Agreements except for such amendments, modifications or
changes that would not reasonably be likely to adversely affect the Lenders. 
 (b)    Amend, modify or change the Lease
Agreements except for such amendments, modifications or changes that would not reasonably be likely to adversely affect the Lenders. 

ARTICLE IX. 
 EVENTS OF
DEFAULT AND REMEDIES 
 9.01.    Events of Default. 

Any of the following shall constitute an Event of Default: 

(a)    Non-Payment. The Borrower or any other Loan Party fails to pay
(i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within five (5) days after the same becomes due, any interest on any Loan or on any L/C Obligation, any fee due hereunder
or any other amount payable hereunder, under any other Loan Document or under any Fee Letter; or 
 (b)    Specific
Covenants. The Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 7.01, 7.02, 7.03, 7.05, 7.08, 7.10, 7.11, 7.13,
7.14, 7.15, 7.16, or Article VIII or any Guarantor fails to perform or observe any term, covenant or agreement contained in Article IV hereof; provided, that, any Financial Covenant
Default shall not constitute an Event of Default with respect to the Tranche B Term Loans until the date on which any Revolving Loans or Closing Date Term Loans have been declared by the Administrative Agent to be due and payable pursuant to this
Article IX on account of a Financial Covenant Default; or 
 (c)    Other Defaults. Any Loan Party fails
to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document or any Fee Letter on its part to be performed or observed and such failure continues for thirty
(30) days after the earlier of (i) the Borrower’s obtaining knowledge thereof or (ii) the delivery of notice from the Administrative Agent; or 

(d)    Representations and Warranties. Any representation, warranty, certification or statement of fact made or
deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed
made; or 
 (e)    Cross-Default. (i) A Loan Party or any Subsidiary (A) fails to perform or observe
(beyond the applicable grace period with respect thereto, if any) any Contractual Obligation if such failure could reasonably be expected to have a Material Adverse Effect, (B) fails to make any payment when due (whether by scheduled maturity,
required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (including, without limitation, any Senior Notes Indenture, but other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an
aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (C) fails to observe or perform
any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause,
or to permit the holder or holders of 

  
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such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of
notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its
stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any
event of default under such Swap Contract as to which the Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Borrower or
any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount; or 

(f)    Insolvency Proceedings, Etc. Any Loan Party or any of its Subsidiaries institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues
undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 

(g)    Inability to Pay Debts; Attachment. (i) A Loan Party or any Subsidiary becomes unable or admits in
writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and
is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or 

(h)    Judgments. There is entered against a Loan Party or any Subsidiary (i) any one or more final judgments
or orders for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any
creditor upon such judgment or order, or (B) there is a period of ten (10) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(i)    ERISA. (i) An ERISA Event occurs with respect to a Plan which has resulted or could reasonably be
expected to result in liability of a Loan Party or any Subsidiary under Title IV of ERISA to the Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) a Loan Party or any ERISA Affiliate fails to pay when due,
after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or 

(j)    Invalidity of Loan Documents; Guarantees. (i) Any Loan Document, at any time after its execution and
delivery and for any reason other than as expressly permitted hereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or
enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or (ii) except as the result of or in
connection with a dissolution, merger or disposition of a Subsidiary not prohibited by Section 8.04 or Section 8.05, the Guaranty given by any Guarantor hereunder or any provision thereof shall
cease to be in full force and effect, or any Guarantor hereunder or any Person acting by or on behalf of such Guarantor shall deny or disaffirm such Guarantor’s obligations under its Guaranty, or any Guarantor shall default in the due
performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant to its Guaranty; or 

(k)    Change of Control. There occurs any Change of Control; or 

(l)    Abandonment of Collateral/Construction. The Loan Parties abandon or otherwise cease operations with respect
to any Borrowing Base Property for a period in excess of (A) seven (7) consecutive days or 

  
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(B) twenty (20) days in the aggregate over the term hereof (subject, in each case, to Designated Force Majeure Events or Other Covered Events, but regardless of whether any other conditions
typically described as “force majeure” may exist with respect to any such property); 
 (m)    Lease
Agreements/Management Agreements. (i) Any event of default occurs in connection with any Lease Agreement, subject to applicable notice or grace periods, (ii) any event of default occurs under a Management Agreement, subject to
applicable notice or grace periods, as a result of an action or inaction by the applicable Tenant or (iii) any Lease Agreement or Management Agreement ceases to be in full force and effect (except with respect to a Borrowing Base Property
disposed of in accordance with Section 8.05); 
 (n)    SNDA. Any SNDA ceases to be in
full force and effect (except with respect to a Borrowing Base Property disposed of in accordance with Section 8.05); or 

(o)    Money Laundering. The indictment, arraignment, custodial detention or conviction of any Loan Party, any
Affiliate or a Loan Party, or any officer, director, agent or representative acting, at any time, in any capacity on behalf of any Loan Party, on any charge of violating any Anti-Money Laundering Laws, or the involvement of any such
Person in any activity which, in the reasonable opinion of the Administrative Agent, could result in an indictment, arraignment, custodial detention or conviction on any such charge. 

9.02.    Remedies Upon Event of Default. 

If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required
Lenders (and in the case of a Financial Covenant Default, the Required Covenant Lenders), take any or all of the following actions: 

(a)    declare the commitment of each Lender to make Loans and any obligation of any L/C Issuer to make L/C Credit
Extensions to be terminated, whereupon such commitments and obligation shall be terminated; 
 (b)    declare the unpaid
principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by the Borrower; 
 (c)    require that the Borrower Cash
Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and 
 (d)    exercise on
behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents; 
 provided,
however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of any L/C
Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower
to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 

9.03.    Application of Funds. 

After the exercise of remedies provided for in Section 9.02(b) (or after the Loans have automatically become
immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 9.02), any amounts received on account of the Obligations shall,
subject to the provisions of Section 2.14 and Section 2.15 be applied by the Administrative Agent in the following order: 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

  
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 Second, to payment of that portion of the Obligations constituting fees, indemnities and
other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and any L/C Issuer (including fees, charges and disbursements of counsel to any L/C Issuer and amounts payable under Article III), ratably among
them in proportion to the respective amounts described in this clause Second payable to them; 
 Third, to payment of that
portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and any L/C Issuer in proportion to the respective amounts described in this
clause Third payable to them; 
 Fourth, to (a) payment of that portion of the Obligations constituting accrued and
unpaid principal of the Loans and L/C Borrowings, (b) payment of breakage, termination or other payments, and any interest accrued thereon, due under any Swap Contract between any Loan Party and any Lender, or any Affiliate of a Lender,
to the extent such Swap Contract is permitted by Section 8.03(d), (c) payments of amounts due under any Treasury Management Agreement between any Loan Party and any Lender, or any Affiliate of a Lender and (d) Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders, applicable Affiliates (in the case of such Swap Contracts and Treasury Management Agreements) and any L/C Issuer
in proportion to the respective amounts described in this clause Fourth held by them; and 
 Last, the balance, if any, after
all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law. 
 Subject to
Sections 2.03(c) and 2.14 amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit
as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 

ARTICLE X. 

ADMINISTRATIVE AGENT 

10.01.    Appointment and Authority. 

(a)    Each of the Lenders and each L/C Issuer hereby irrevocably appoints Wells Fargo Bank, as its contractual
representative, to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and each L/C Issuer,
and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 

(b)    The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and
each of the Lenders and each L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and each L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral
granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to
Section 10.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the
Administrative Agent), shall be entitled to the benefits of all provisions of this Article X and Article XI (including Section 11.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with
respect thereto. 

  
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 10.02.    Rights as a Lender. 

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the
Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with
any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

10.03.    Exculpatory Provisions. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents.
Without limiting the generality of the foregoing, the Administrative Agent: 
 (a)    shall not be subject to any
fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
 (b)    shall not
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any
action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and 

(c)    shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.01 and 9.02)
or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the
Borrower, a Lender or any L/C Issuer. 
 The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. 
 10.04.    Reliance by Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been 

  
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signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by
the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction
of a Lender or any L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or such L/C Issuer
prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

10.05.    Delegation of Duties. 

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by
or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and
exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative
Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

10.06.    Resignation/Removal of Administrative Agent. 

The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrower. In addition, the
Administrative Agent may be removed at the written direction of the Required Lenders to the extent the Administrative Agent is shown to be grossly negligent in the performance of its material obligations and/or duties hereunder or to have engaged in
willful misconduct in the performance of such obligations and/or duties; provided, that any such removal of an Administrative Agent shall also constitute its removal as an L/C Issuer. Upon receipt of any such notice of resignation or upon any
removal of the Administrative Agent by the Required Lenders, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such
bank with an office in the United States. In the case of a retiring Administrative Agent, if no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the
retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications set forth above;
provided, that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and
(1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders
or any L/C Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and
determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for
above in this Section. In the case of the removal of an Administrative Agent by the Required Lenders, such removal shall constitute the immediate termination of such Administrative Agent’s position hereunder and (1) the removed
Administrative Agent shall be immediately discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or any
L/C Issuer under any of the Loan Documents, the removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and
determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for
above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or
removed Administrative Agent, and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not 

  
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already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless
otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and
Section 10.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions
taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 
 Any resignation by or
removal of an Administrative Agent pursuant to this Section shall also constitute its resignation or removal as an L/C Issuer and Swing Line Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
(a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line Lender, (b) the retiring or removed L/C Issuer and Swing Line Lender shall be discharged
from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such
succession or make other arrangement satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. 

10.07.    Non-Reliance on Administrative Agent and Other Lenders. 

Each of the Lenders and each L/C Issuer expressly acknowledges and agrees that neither the Administrative Agent nor any of its officers,
directors, employees, agents, advisors, counsel, attorneys in fact or other affiliates has made any representations or warranties to such L/C Issuer or such Lender and that no act by the Administrative Agent hereafter taken, including any review of
the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to any L/C Issuer or any Lender. Each of the Lenders and each L/C
Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective officers, directors, employees, agents or counsel, and based on
the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the
other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate, made its own
credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby. Each of the Lenders and each L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent,
any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its
own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of the Loan Documents or any
other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and
information expressly required to be furnished to the Lenders and any L/C Issuer by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender
or any L/C Issuer with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into
possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys in fact or other Affiliates. Each of the Lenders and each L/C Issuer acknowledges that the Administrative Agent’s legal counsel in connection
with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender or any L/C Issuer. 

10.08.    No Other Duties, Etc. 

Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers, Syndication Agents or Documentation Agents listed on the
cover page hereof or to the Existing Credit Agreement shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an L/C
Issuer hereunder. 

  
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 10.09.    Administrative Agent May File Proofs of Claim.

 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 

(a)    to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the
Loans, L/C Obligations and all other Obligations (other than obligations under Swap Contracts and Treasury Management Agreements to which the Administrative Agent is not a party) that are owing and unpaid and to file such other documents as may be
necessary or advisable in order to have the claims of the Lenders, any L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, any L/C Issuer and the
Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, any L/C Issuer and the Administrative Agent under Sections 2.03(h) and (i), 2.09 and 11.04) allowed in
such judicial proceeding; and 
 (b)    to collect and receive any monies or other property payable or deliverable on
any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders
and any L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent
under Sections 2.09 and 11.04. 
 Nothing contained herein shall be deemed to authorize the Administrative
Agent to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative
Agent to vote in respect of the claim of any Lender in any such proceeding. 
 10.10.    Collateral and Guaranty Matters.

 The Lenders and each L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion, 

(a)    to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document
(i) upon termination of the Aggregate Revolving Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit, (ii) that is transferred or
to be transferred as part of or in connection with any Disposition permitted hereunder or under any other Loan Document (provided, that in the case of any transfer of a Borrowing Base Property, such transfer shall be accompanied by the prepayment
(if any) of the Obligations required pursuant to Section 2.05(b)), or (iii) subject to Section 11.01, if approved, authorized or ratified in writing by the Required Lenders; 

(b)    to release, upon the written request of Borrower, any Guarantor from its obligations under the Guaranty if
(x) such Person ceases to be a Subsidiary of the Parent as a result of a transaction permitted hereunder or (y) such Person (or all of its assets) are otherwise sold, transferred or disposed of by the Parent or another applicable Loan
Party and, after giving effect to such sale, transfer or disposition, (A) Parent, on a Pro Forma Basis, is in compliance with all financial covenants contained herein (including, without limitation, the covenants set forth in
Sections 8.02(f) and 8.11), (B) after giving effect thereto, the Total Facility Outstandings do not exceed the Borrowing Base, (C) no Defaults or Events of Default exist as of the date of the requested release
and (D) Parent certifies in writing to the satisfaction of the above-noted conditions; and 

  
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 (c)    to subordinate any Lien on any Property granted to the Administrative
Agent under the Loan Documents to the holder of any Lien on such Property that is permitted by Section 8.01(i) for Indebtedness incurred pursuant to Section 8.03(g). 

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority
to release or subordinate its interest in particular types or items of Property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 10.11. 

10.11.    Approvals of Lenders. 

All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval
(a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender
where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to
such Lender, written materials and a summary of all oral information provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course
of action or determination in respect thereof. 
 ARTICLE XI. 

MISCELLANEOUS 

11.01.    Amendments, Etc. 

No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower, the
Parent or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower, the Parent or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

(a)    extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 9.02) without the written consent of such Lender (it being understood and agreed that a waiver of any condition precedent set forth in Section 5.02 or of any Default or Event of Default or
mandatory reduction in the Commitments shall not constitute a change in the terms of any Commitment of any Lender); provided, however, that this clause shall not be deemed to prevent the Required Lenders and Loan Parties from approving
(i) any increase in the aggregate Commitments of the Lenders hereunder (to the extent such increase does not increase the Commitment of any individual Lender without such Lender’s written consent); and/or (ii) the addition of one or
more borrowing tranches to this Agreement and providing for the ratable sharing of the benefits of this Agreement and the other Loan Documents with the other then-outstanding Obligations in respect of the extensions of credit from time to time
outstanding under such additional borrowing tranche(s) and the accrued interest and fees in respect thereof; and/or (iii) the inclusion of such lenders under any additional borrowing tranches in the determination of the “Required
Lenders” or “Lenders” hereunder and/or consent rights in favor of such Persons under any or all of subsections (b) through (j) (inclusive) of this Section 11.01 corresponding to the
consent rights of the other Lenders thereunder; 
 (b)    postpone any date fixed by this Agreement or any other Loan
Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected
thereby; 
 (c)    reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or
any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary to
amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate; 

  
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 (d)    change Section 2.12 or
Section 9.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender directly affected thereby; 

(e)    change any provision of this Section or the definition of “Required Lenders” or any other provision
hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly affected thereby;

 (f)    except as the result of or in connection with a Disposition permitted by and pursuant to
Section 8.05, release all or substantially all of the Collateral without the written consent of each Lender directly affected thereby; 

(g) (i) release the Borrower or (ii) except as the result of or in connection with a dissolution or merger of a Guarantor permitted
by Section 8.04 or a Disposition of all or substantially all of such Guarantor’s assets permitted by and pursuant to Section 8.05, or except to the extent permitted by
Section 10.10, release any Guarantor from its respective obligations under the Loan Documents without the written consent of each Lender directly affected thereby; 

(h)    without the consent of Required Revolving Lenders, (i) waive any Default or Event of Default for purposes of
the funding of a Revolving Loan under Section 5.02(b); (ii) amend, change, waive, discharge or terminate Section 2.01(a), 2.02 or 2.03 or (iii) amend or change any provision of
this Section 11.01(h); or 
 (i)    without the express written approval of each of the
Lenders directly affected thereby, permit the addition of any Property to the list set forth on Schedule 1.01(b) or otherwise permit any additional Property to be treated as a “Borrowing Base Property” for purposes of this
Agreement; provided, that this provision shall not be deemed to restrict the removal of Properties from Schedule 1.01(b) to the extent otherwise permitted herein. 

and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the applicable L/C Issuer in
addition to the Lenders required above, affect the rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it (including, without limitation, the priority of any
payments, indemnities or reimbursements due to such L/C Issuer hereunder); (ii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or
duties of the Administrative Agent under this Agreement or any other Loan Document (including, without limitation, the priority of any payments, indemnities or reimbursements due to the Administrative Agent); (iii) no amendment, waiver or consent
shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; and (iv) any Fee Letter may be amended, or rights or privileges
thereunder waived, in a writing executed only by the applicable parties thereto. 
 Notwithstanding anything to the contrary herein, any waiver, amendment
or modification of this Agreement that by its terms directly affects the rights or duties under this Agreement of a particular Class of Lenders (but not each Class of Lenders) may be effected by an agreement or agreements in writing
entered into by Borrower and the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this Section 11.01 if such Class or Classes of Lenders were the
only Class or Classes of Lenders hereunder at the time. 
 Notwithstanding anything to the contrary set forth herein or in any other Loan Document but
subject to the proviso in Section 9.01(b), (i) no Tranche B Term Lender shall have any right to exercise, or direct the Administrative Agent to exercise or refrain from exercising, any right or remedy arising or available
hereunder or under any other Loan Document upon the occurrence or during the continuance of a Default or an Event of Default if the only such Default or Event of Default that shall have occurred and be continuing is a Financial Covenant Default,
(ii) prior to the Closing Date Term Loan Maturity Date with respect to the Closing Date Term Loan Facility or the Revolving Credit Maturity Date with respect to the Revolving Credit Facility, no Tranche B Term Lender shall have any right

  
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to approve or disapprove (X) any amendment or modification to Section 8.11, (Y) any waiver of a Financial Covenant Default or (Z) any amendment or modification
to the definition of “Required Covenant Lenders” and (iii) it is understood and agreed that any Tranche B Term Loans held by any Tranche B Term Lender shall be excluded from any vote of the Lenders (and shall be deemed to not be
outstanding) for the purposes described in clause (i) above and clause (ii) above, including in determining whether the “Required Covenant Lenders” have directed the Administrative Agent to exercise or refrain from exercising any
such rights or remedies or to approve or disapprove any such amendment, modification or waiver. For the avoidance of doubt (a) nothing in this paragraph shall in any way limit or restrict the rights or remedies of the Tranche B Term Lenders in
connection with any Default or Event of Default other than a Financial Covenant Default (whether arising before or after the occurrence of the Financial Covenant Default) or the right of any Tranche B Term Lenders to approve or disapprove any
amendment or modification to any other provision hereof or of any other Loan Document or to waive any Default or Event of Default other than a Financial Covenant Default and (b) after the occurrence of the Closing Date Term Loan Maturity Date
with respect to the Closing Date Term Loan Facility or the Revolving Credit Maturity Date with respect to the Revolving Credit Facility, the Tranche B Term Lenders will have a right to approve or disapprove the actions specified in clauses (ii)(X),
(ii)(Y) and (ii)(Z) of this paragraph. 
 Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder, except that (x) the Commitment of such Lender may not be increased or extended, or amounts due to it permanently reduced (other than by way of payment) or the payment date of any
outstanding amounts owing to it extended, without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more
adversely than other affected Lenders shall require the consent of such Defaulting Lender. 
 Notwithstanding the fact that the consent of all the Lenders
is required in certain circumstances as set forth above, (x) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of
Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein and (y) the Required Lenders shall determine whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or
insolvency proceeding and such determination shall be binding on all of the Lenders. 
 11.02.    Notices; Effectiveness of
Electronic Communications. 
 (a)    Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i)    if to the Borrower, the Administrative Agent, any L/C Issuer or the Swing Line Lender, to the
address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 11.02; and 

(ii)    if to any other Lender, to the address, telecopier number, electronic mail address or telephone
number specified in its Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 

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

  
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electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an
e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to
have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

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

(f)    The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the

  
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Borrower, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the
Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a
final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, any L/C
Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

11.03.    No Waiver; Cumulative Remedies. 

No failure by any Lender, any L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right,
remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 9.02 for the benefit of all the Lenders and each L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from
exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any L/C Issuer or the Swing Line Lender from exercising the rights
and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with
Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall
have the rights otherwise ascribed to the Administrative Agent pursuant to Section 9.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to
Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

11.04.    Expenses; Indemnity; Damage Waiver. 

(a)    Costs and Expenses. The Borrower shall pay (without duplication of other amounts required to be paid by
Borrower hereunder): (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and
disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan
Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any L/C Issuer or, during the continuance of an Event of Default, the Lenders (including the fees, charges and
disbursements of any counsel for the Administrative Agent, any Lender or any L/C Issuer), and shall pay all fees and time charges for attorneys who may be employees of the Administrative Agent, any L/C Issuer or, during the continuance of any Event
of Default, any Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or
Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or
Letters of Credit. 
 (b)    Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent (and any sub-agent thereof), each Agent Lender (in their respective agent capacities), each Lender and each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being
called an “Indemnitee”) against, and 

  
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hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and
shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the
Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by
the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby or any administration thereof, (ii) any Loan or Letter of Credit or the use or proposed use of the
proceeds therefrom (including any refusal by any L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit),
(iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any
other Loan Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided,
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and
non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 

(c)    Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any
amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing,
each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), any L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the
time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by
or asserted against the Administrative Agent (or any such sub-agent) or any L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any
such sub-agent) or any L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d).

 (d)    Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower
shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection
(b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with
this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

(e)    Payments. All amounts due under this Section shall be payable not later than ten Business Days after
demand therefor. 
 (f)    Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent, any L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Revolving Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

11.05.    Payments Set Aside. 

To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, any L/C Issuer or any Lender, or the
Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be 

  
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fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its discretion) to be repaid to
a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without
duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.
The obligations of the Lenders and the L/C Issuers under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

11.06.    Successors and Assigns. 

(a)    Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)    Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion
of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it);
provided, that any such assignment shall be subject to the following conditions: 

(i)    Minimum Amounts. 

(A)    in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B)    in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the
Revolving Commitment or Revolving Loans or Closing Date Term Loan Commitments or Closing Date Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 and the aggregate amount
of the Tranche B Term Loan Commitment or Tranche B Term Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent
or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $1,000,000, in each case, unless each of the Administrative Agent and, so
long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group
and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount
has been met. 

  
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 (ii)    Proportionate Amounts. Each partial assignment
shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not (A) apply to
the Swing Line Lender’s rights and obligations in respect of Swing Line Loans or (B) prohibit any Lender from assigning all or a portion of its rights and obligations among the Revolving Loan Commitments or outstanding Term Loans on a non-pro rata basis; 
 (iii)    Required Consents. No consent
shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 

(A)    the consent of the Parent (such consent not to be unreasonably withheld or delayed) shall be
required unless (1) an Event of Default has occurred and is continuing at the time of such assignment, (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund or (3) Parent fails to consent or object to any
such assignment within five (5) Business Days following Parent’s receipt of the request therefor; 

(B)    the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed)
shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; 

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

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

(c)    Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500 (or, if the assigning Lender is a Defaulting Lender, $7,000); provided, however, that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(i)    No Assignment to Borrower. No such assignment shall be made to the Borrower or any of the
Borrower’s Affiliates or Subsidiaries. 
 (d)    No Assignment to Natural Persons. No such assignment shall
be made to a natural person. 
 (e)    Defaulting Lenders. No such assignment shall be made to a Defaulting
Lender or any of its Subsidiaries or Affiliates. 
 (f)    Certain Additional Payments. In connection with any
assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby
irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any
Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until
such compliance occurs. 

  
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 Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection
(c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case
of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01,
3.04, 3.05, and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with subsection (d) of this Section. 
 (g)    Register. The Administrative Agent, acting solely
for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation
of the names and addresses of the Lenders, and the Commitments of, and principal amounts of (and stated interests on) the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting
Lender. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(h)    Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights
and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent,
the Lenders and any L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree
to any amendment, waiver or other modification described in the first proviso to Section 11.01 that affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall
be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it
were a Lender. 
 Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts of (and stated interest on) each Participant’s interest in
the Loans or other Obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other Obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such
Commitment, Loan, Letter of Credit or other Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each Person whose 

  
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name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(i)    Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment
under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless such Participant agrees, for the benefit of
the Borrower, to comply with Section 3.01(e) as though it were a Lender (it being understood that the documentation required under Section 3.01(e) shall be delivered to the participating Lender).

 (j)    Certain Pledges. Any Lender may, without the consent of, or notice to, the Borrower or the
Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(k)    Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption (or in any amendment or modification hereof) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of
the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

(l)    USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with the USA Patriot Act
of 2001 (Public Law 107-56), prior to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may
request, and such Lender or Participant shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal
law. 
 (m)    Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the
contrary contained herein, if at any time Wells Fargo Bank assigns all of its Revolving Commitment and Revolving Loans pursuant to subsection (b) above, Wells Fargo Bank may, (i) upon thirty (30) days’ notice to the Borrower and
the Lenders, resign as L/C Issuer and/or (ii) upon thirty (30) days’ notice to the Borrower, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing Line Lender, the Borrower shall be entitled to
appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Wells Fargo Bank as L/C Issuer or
Swing Line Lender, as the case may be. If Wells Fargo Bank resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of any L/C Issuer hereunder with respect to all Letters of Credit issued by Wells Fargo Bank outstanding
as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to
Section 2.03(c)). If Wells Fargo Bank resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the
effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a
successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Wells Fargo Bank to effectively assume the obligations of
Wells Fargo Bank with respect to such Letters of Credit. 

  
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 Notwithstanding anything to the contrary contained herein, if at any time any L/C Issuer assigns
all of its Revolving Commitment and Revolving Loans pursuant to subsection (b) above, such L/C Issuer may, upon thirty (30) days’ notice to the Borrower and the Lenders, resign as L/C Issuer. In the event of any such resignation as
L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such
resigning L/C Issuer. If any L/C Issuer resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of any L/C Issuer hereunder with respect to all Letters of Credit issued by such L/C Issuer outstanding as of the effective
date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to
Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, and (b) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the resigning L/C Issuer to effectively assume the
obligations of such resigning L/C Issuer with respect to such Letters of Credit. 
 11.07.    Treatment of Certain Information;
Confidentiality. 
 Each of the Administrative Agent, the Lenders and any L/C Issuer agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have
jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any
other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential
basis from a source other than the Borrower. 
 For purposes of this Section, “Information” means all information received
from the Parent or any Subsidiary relating to the Parent or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any L/C Issuer on a non-confidential basis prior to disclosure by the Parent or any Subsidiary, provided that, in the case of information received from the Parent or any Subsidiary after the Closing Date, such information is
clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

11.08.    Set-off. 

If an Event of Default shall have occurred and be continuing, each Lender, any L/C Issuer and each of their respective Affiliates is hereby
authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent (which consent shall only be withheld for the purpose of preventing any triggering of any applicable “single action” laws),
to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by such Lender, any L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this
Agreement or any other Loan Document to such Lender or any L/C Issuer, irrespective of whether or not such Lender or any L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of the
Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or any L/C Issuer different 

  
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from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff hereunder,
(x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable
detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, any L/C Issuer, the Swing Line Lender and their respective Affiliates under this Section are in addition to other
rights and remedies (including other rights of setoff) that such Lender, any L/C Issuer or their respective Affiliates may have. Each Lender and any L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff
and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

11.09.    Interest Rate Limitation. 

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall
not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude
voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

11.10.    Counterparts; Integration; Effectiveness. 

This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective (i) when executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
thereof that, when taken together, bear the signatures of each of the other parties thereto, and (ii) upon satisfaction of each of the conditions to effectiveness of this Agreement set forth in Article V. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 

11.11.    Survival of Representations and Warranties. 

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by
the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and
effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

11.12.    Severability. 

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity
and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other 

  
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jurisdiction. Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement relating
to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, any L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent
not so limited. 
 11.13.    Replacement of Lenders. 

If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender
and the Administrative Agent, provided no Default or Event of Default then exists, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by,
Section 11.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment), provided that: 
 (a)    the Borrower shall have paid to the Administrative Agent the
assignment fee specified in Section 11.06(b); 
 (b)    such Lender shall have received
payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

(c)    in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 

(d)    such assignment does not conflict with applicable Laws. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

11.14.    Governing Law; Jurisdiction; Etc. 

(a)    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 
 (b)    SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE
COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT
THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION. 

  
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 (c)    WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH
ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d)    SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

11.15.    Waiver of Jury Trial. 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

11.16.    USA PATRIOT Act Notice. 

Each Lender that is subject to the Patriot Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any
Lender) hereby notifies each Loan Party that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it
is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to
identify such Loan Party in accordance with the Patriot Act. 
 11.17    Entire Agreement. THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

11.17.    Subordination of Intercompany Debt. 

Each Loan Party agrees that all intercompany Indebtedness among Loan Parties (the “Intercompany Debt”) is subordinated in
right of payment, to the prior payment in full of all Obligations. Notwithstanding any provision of this Agreement to the contrary, Loan Parties may make and receive payments with respect to the Intercompany Debt to the extent otherwise permitted by
this Agreement; provided, that in the event of and during the continuation of any Event of Default, no payment shall be made by or on behalf of any Loan Party on account of any Intercompany Debt. In the event that any Loan Party receives any
payment of any Intercompany Debt at a time when such payment is prohibited by this Section 11.18 hereof, such payment shall be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith over and
delivered, upon written request, to, the Administrative Agent. 

  
 125 

 11.18.    No Advisory or Fiduciary Responsibility. 

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement
provided by the Administrative Agent, the Arranger, and the other Agent Lenders are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the
one hand, and the Administrative Agent, the Arranger, and the Agent Lenders, on the other hand, (B) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (C) the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the
Administrative Agent, the Arranger, and each Agent Lender each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or
fiduciary for the Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (B) neither the Administrative Agent, the Arranger nor any the other Agent Lenders has any obligation to the Borrower, any other
Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arranger and the
other Agent Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative
Agent, the Arranger nor any other Agent Lender has any obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and the
other Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent, the Arranger and the other Agent Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any
aspect of any transaction contemplated hereby. Each Loan Party agrees that it will not claim that any of the Administrative Agent, the Arrangers, other Arrangers or the Lenders has rendered advisory services of any nature or respect or owes a
fiduciary or similar duty to such Loan Party, in connection with such transactions or the process leading thereto. 

11.19.    Amendment of Existing Credit Agreement. 

Each of the parties hereto hereby agrees that (i) the outstanding balance of the obligations under the Existing Credit Agreement remain
outstanding and constitute Obligations hereunder and (ii) this Agreement is an amendment of the Existing Credit Agreement, all documents, instruments or agreements creating security interests or liens in favor of the “Administrative
Agent” or “Lenders” as defined in the Existing Credit Agreement and securing the obligations thereunder continue to secure the Obligations under this Agreement and nothing contained herein is intended to represent a novation of any
type with respect to the “Obligations” as defined in the Existing Credit Agreement or with respect to any other Indebtedness evidenced by the Existing Credit Agreement or any documents, instruments or agreements executed in connection
therewith. This amendment and restatement is being approved and executed by no less than the Required Lenders under the Existing Credit Agreement and shall have full force and effect as between Borrower and all Lenders. This Credit Agreement is
being entered into as an amendment and restatement, instead of an amendment to the Existing Credit Agreement, for administrative purposes only, and the failure of any Lender to execute this Credit Agreement shall not affect its obligations under the
Existing Credit Agreement as amended herein. 
 11.20.    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
 
 Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any
such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a)    the application of any
Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
 126 

 (b)    the effects of any Bail-in
Action on any such liability, including, if applicable: 
 (i)    a reduction in full or in part or
cancellation of any such liability; 
 (ii)    a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and
conversion powers of any EEA Resolution Authority. 
 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK –SCHEDULE(S) AND EXHIBIT(S) TO
FOLLOW] 

  
 127 

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

											
		 	BORROWER:
			
		 		 	     RHP HOTEL PROPERTIES, LP

		 		 	     a Delaware limited partnership

					
		 		 		 	By:	 	RHP Partner, LLC,
		 		 		 		 	a Delaware limited liability company
		 		 		 		 	its general partner
						
		 		 		 		 	By:	 	                /s/ Mark Fioravanti               
                
		 		 		 		 		 	                Mark Fioravanti
		 		 		 		 		 	                Vice President
		
		 	GUARANTORS:
			
		 		 	     RYMAN HOSPITALITY PROPERTIES, INC.,

		 		 	     a Delaware corporation

				
		 		 	     By:
	 	            /s/ Mark Fioravanti                 
                              
		 		 		 	            Mark Fioravanti
		 		 		 	            President and Chief Financial Officer
			
		 		 	     RHP PROPERTY GP, LP

		 		 	     a Florida limited partnership

					
		 		 		 	By:	 	Opryland Hospitality, LLC,
		 		 		 		 	a Tennessee limited liability company
		 		 		 		 	its general partner
						
		 		 		 		 	By:	 	                    /s/ Mark Fioravanti           
                 
		 		 		 		 		 	                    Mark Fioravanti
		 		 		 		 		 	                    Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
							
	 RHP PROPERTY GT, LP
 a
Delaware limited partnership

			
		 	By:	 	Opryland Hospitality, LLC,
		 		 	a Tennessee limited liability company
		 		 	its general partner
				
		 		 	By:	 	               /s/ Mark
Fioravanti

		 		 		 	              Mark Fioravanti
		 		 		 	              Vice President
	
	 RHP PROPERTY NH, LLC
 a
Maryland limited liability company

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President
	
	 RHP PARTNER, LLC
 a Delaware
limited liability company

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 RHP HOTELS, LLC
 a Delaware
limited liability company

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President
	
	 RHP PROPERTY GT, LLC
 a
Delaware limited liability company

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President
	
	 OPRYLAND HOSPITALITY, LLC
 a
Tennessee limited liability company

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 ADMINISTRATIVE AGENT AND LENDERS: 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as a Lender, Swing Line Lender and L/C Issuer, and as Administrative Agent
		
	By:	 	
    /s/ Anand J. Jobanputra          
                       .

	Name:	 	    Anand J. Jobanputra
	Title:	 	    Senior Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

in its capacity as a Lender

		
	By:	 	
/s/ James Rolison                
                             .

	Name:	 	James Rolison
	Title:	 	Managing Director
		
	By:	 	
/s/ Joanna Soliman                
                           .

	Name:	 	Joanna Soliman
	Title:	 	Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 JP MORGAN CHASE BANK, N.A.,

in its capacity as a Lender

		
	By:	 	
/s/ Amrish Despai                
                               .

	Name:	 	Amrish Despai
	Title:	 	Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

in its capacity as a Lender

		
	By:	 	
/s/ Lori Y. Jensen               
                                  .

	Name:	 	Lori Y. Jensen
	Title:	 	Senior Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

in its capacity as a Lender

		
	By:	 	
/s/ Steven Jonassen                
                            .

	Name:	 	Steven Jonassen
	Title:	 	Managing Director
		
	By:	 	
/s/ Adam Jenner                 
                                .

	Name:	 	Adam Jenner
	Title:	 	Director

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 THE BANK OF NOVA SCOTIA,
 in
its capacity as a Lender

		
	By:	 	
/s/ Chad Hale                 
                                         
 .

	Name:	 	Chad Hale
	Title:	 	Director & Execution Head
		 	REGAL

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 CAPITAL ONE, N.A.,
 in its
capacity as a Lender

		
	By:	 	
/s/ Thomas A. Kashynski              
                      .

	Name:	 	Thomas A. Kashynski
	Title:	 	Senior Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 MIDFIRST BANK, a federally chartered savings association,

in its capacity as a Lender

		
	By:	 	
/s/ Tom L. Gray                
                                   .

	Name:	 	Tom L. Gray
	Title:	 	Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 RAYMOND JAMES BANK, N.A.,
 in
its capacity as a Lender

		
	By:	 	
    /s/ Matthew Stein            
                                .

	Name:	 	    Matthew Stein
	Title:	 	    Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	 TD BANK, N.A.,
 in its
capacity as a Lender

		
	By:	 	
    /s/ Sean Dunne             
                                     .

	Name:	 	    Sean Dunne
	Title:	 	    Vice President

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 
			
	SUMITOMO MITSUI BANKING CORPORATION, in its capacity as a Lender
		
	By:	 	
/s/ William G. Karl               
                                 .

	Name:	 	William G. Karl
	Title:	 	Executive Officer

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 Schedule 1.01(a) 

Guarantors 
  

	1.	Ryman Hospitality Properties, Inc., a Delaware corporation 

	2.	RHP Partner, LLC, a Delaware limited liability company 

	3.	RHP Hotels, LLC, a Delaware limited liability company 

	4.	RHP Property GP, LP, a Florida limited partnership 

	5.	RHP Property GT, LP, a Delaware limited partnership 

	6.	RHP Property NH, LLC, a Maryland limited liability company 

	7.	RHP Property GT, LLC, a Delaware limited liability company 

	8.	Opryland Hospitality, LLC, a Tennessee limited liability company 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 Schedule 1.01(b) 

Borrowing Base Properties 
  

	1.	Gaylord Opryland Resort & Convention Center, located at 2800 Opryland Drive, Nashville, Tennessee 37214, consisting of 2,888 rooms and 640,000 square feet of meeting space (the “Gaylord Opryland”).

  

	2.	Gaylord Palms Resort & Convention Center, located at 6000 West Osceola Parkway, Kissimmee, Florida 34746, consisting of 1,416 rooms and 400,000 square feet of meeting space (the “Gaylord Palms”).

  

	3.	Gaylord Texan Resort & Convention Center, located at 1501 Gaylord Trail, Grapevine, Texas 76051, consisting of 1,511 rooms and 400,000 square feet of meeting space (the “Gaylord Texan”).

  

	4.	Gaylord National Resort & Convention Center, located at 201 Waterfront Street, National Harbor, Maryland 20745, consisting of approximately 1,996 rooms and 470,000 square feet of meeting space (the
“Gaylord National”). 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 Schedule 1.01(d) 

Designated Outparcels 
 Parcel of land
located in Grapevine, Tarrant County, Texas and further described as Lot 2, Block 1, Opryland Second Addition Cabinet A, Slide 9044 P.R.T.C.T. 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 Schedule 2.01 

Commitments and Applicable Percentages 

Closing Date Term Loans and Revolving Loan 
  

																	
	 Lender
	  	Closing Date
Term Loan
Commitment	 	  	Pro Rata
Share of
Closing Date
Term Loans	 	 	Revolving
Commitment	 	  	Pro Rata Share
of Revolving
Commitment	 
	 Wells Fargo Bank, National Association
	  	$	0	 	  	 	0.00000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 Bank of America, N.A.
	  	$	0	 	  	 	0.00000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 Deutsche Bank AG New York Branch
	  	$	0	 	  	 	0.00000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 JPMorgan Chase Bank, N.A.
	  	$	0	 	  	 	0.00000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 U.S. Bank National Association
	  	$	0	 	  	 	0.00000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 Credit Agricole
	  	$	0	 	  	 	0.00000000	% 	 	$	70,000,000	 	  	 	10.00000000	% 
	 The Bank of Nova Scotia
	  	$	0	 	  	 	0.00000000	% 	 	$	63,000,000	 	  	 	9.00000000	% 
	 Capital One, N.A.
	  	$	0	 	  	 	0.00000000	% 	 	$	55,000,000	 	  	 	7.85714286	% 
	 TD Bank, N.A.
	  	$	0	 	  	 	0.00000000	% 	 	$	42,000,000	 	  	 	6.00000000	% 
	 Sumitomo Mitsui Banking Corporation
	  	$	0	 	  	 	0.00000000	% 	 	$	42,000,000	 	  	 	6.00000000	% 
	 MidFirst Bank
	  	$	0	 	  	 	0.00000000	% 	 	$	20,000,000	 	  	 	2.85714286	% 
	 Raymond James Bank, N.A.
	  	$	0	 	  	 	0.00000000	% 	 	$	14,000,000	 	  	 	2.00000000	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 Total
	  	$	0	 	  	 	0.00000000	% 	 	$	700,000,000	 	  	 	100.00000000	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 

 Tranche B Term Loan 
  

									
	 Lender
	  	Tranche B Term
Loan Commitment	 	  	Pro Rata Share of
Tranche B Term Loans	 
	 Deutsche Bank AG New York Branch
	  	$	500,000,000	 	  	 	100.00000000	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	500,000,000	 	  	 	100.00000000	% 
		  	  
	  
	 	  	  
	  
	 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 Schedule 11.02 

Administrative Agent’s Office, Certain Addresses for Notices 

If to the Borrower: 
 RHP Hotel Properties, LP 

One Gaylord Drive 
 Nashville, Tennessee 37214 

Attn: Chief Financial Officer 
 Phone: (615) 316-6000 
 Borrower’s website: http://www.rymanhp.com 

If to the Administrative Agent: 
 Notices
(other than Requests for Extensions of Credit): 
 Wells Fargo Bank, National Association 

Hospitality Finance Group 
 301 S. College Street, 4th Floor 
 MAC D1053-04N 

Charlotte, NC 28202 
 Attention: Anand Jobanputra 

Phone: (704) 383-4013 

Fax: (704) 715-1428 

Email: anand.jobanputra@wellsfargo.com 
 With a CC to:

 Wells Fargo Bank, National Association 
 Hospitality Finance
Group 
 2030 Main Street, Suite 800 
 Irvine, CA 92614 

Attention: Rhonda Friedly 
 Phone: (949) 251-4383 
 Fax: (949) 851-9728 

Email: friedlyr@wellsfargo.com 
 For Requests for
Extensions of Credit: 
 Wells Fargo Bank, National Association 

Hospitality Finance Group 
 301 S. College Street, 4th Floor 
 MAC D1053-04N 

Charlotte, NC 28202 
 Attention: Anand Jobanputra 

Phone: (704) 383-4013 

Fax: (704) 715-1428 

Email: anand.jobanputra@wellsfargo.com 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 With a CC to: 

Wells Fargo Bank, National Association 
 Hospitality Finance
Group 
 2030 Main Street, Suite 800 
 Irvine, CA 92614 

Attention: Rhonda Friedly 
 Phone: (949) 251-4383 
 Fax: (949) 851-9728 

Email: friedlyr@wellsfargo.com 
 For Payments (Closing
Date Term Loan Facility, Tranche B Term Loan Facility and Revolving Credit Facility): 
 Wells Fargo Bank, National Association 

CRE Agency Services-Loan Service Operations 
 600 S. 4th Street, 9th Floor 
 Minneapolis, MN 55415 

Attention: Marsha Rouch 
 Telephone: (612) 667-1098 
 Fax: (866) 968-5589 

Email: marsha.rouch@wellsfargo.com 
 If to Wells
Fargo Bank, National Association as L/C Issuer: 
 Wells Fargo Bank, National Association 

Hospitality Finance Group 
 301 S. College Street, 4th Floor 
 MAC D1053-04N 

Charlotte, NC 28202 
 Attention: Anand Jobanputra 

Phone: (704) 383-4013 

Fax: (704) 715-1428 

Email: anand.jobanputra@wellsfargo.com 
 With a CC to:

 Wells Fargo Bank, National Association 
 Hospitality Finance
Group 
 2030 Main Street, Suite 800 
 Irvine, CA 92614 

Attention: Rhonda Friedly 
 Phone: (949) 251-4383 
 Fax: (949) 851-9728 

Email: friedlyr@wellsfargo.com 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 And CC to: 
 Wells
Fargo Bank, National Association 
 CRE Agency Services-Loan Service Operations 

600 S. 4th Street, 9th Floor 

Minneapolis, MN 55415 
 Attention: Marsha Rouch 

Telephone: (612) 667-1098 

Fax: (866) 968-5589 

Email: marsha.rouch@wellsfargo.com 
 If to Wells
Fargo Bank, National Association, as Swing Line Lender: 
 Wells Fargo Bank, National Association 

Hospitality Finance Group 
 301 S. College Street, 4th Floor 
 MAC D1053-04N 

Charlotte, NC 28202 
 Attention: Anand Jobanputra 

Phone: (704) 383-4013 

Fax: (704) 715-1428 

Email: anand.jobanputra@wellsfargo.com 
 With a CC to:

 Wells Fargo Bank, National Association 
 Hospitality Finance
Group 
 2030 Main Street, Suite 800 
 Irvine, CA 92614 

Attention: Rhonda Friedly 
 Phone: (949) 251-4383 
 Fax: (949) 851-9728 

Email: friedlyr@wellsfargo.com 
 And CC to:

 Wells Fargo Bank, National Association 
 CRE Agency
Services-Loan Service Operations 
 600 S. 4th Street,
9th Floor 
 Minneapolis, MN 55415 

Attention: Marsha Rouch 
 Telephone: (612) 667-1098 
 Fax: (866) 968-5589 

Email: marsha.rouch@wellsfargo.com 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 If to Lenders, as Lenders and/or L/C Issuers, as applicable: 

Bank of America, N.A. 
 Primary Credit Contact

 Roger Davis 
 Senior Vice President 

Bank of America, N.A. 
 901 Main Street, 64th Floor 

Dallas, TX 75202 
 Tel: (214)
209-9505 
 Fax: (214) 209-1559 

Email: davis.c.davis@baml.com 
 Primary Operations
Contact 
 Susheel Kumar Jaiswal 
 Customer Service
Representative 
 Bank of America, N.A. 
 501 N. Main Street

 Dallas, TX 75217 
 Tel: (415)
436-3685 x64344 
 Fax: (972) 728-9506 

Email: susheel.k.jaiswal@bankofamerica.com 
 Deutsche
Bank AG New York Branch 
 Primary Credit Contact 

Frank Iantorno 
 Vice President 

Hanover Street Capital, LLC 
 48 Wall Street, 14th Floor 
 New York, NY 10005 

Tel: (212) 380-9390 
 Fax:
n/a 
 Email: frank.iantorno@hanoverstcap.com 

Primary Operations Contact 
 Lakshmi Thimmaraju 

5022 Gate Parkway, Suite 200 
 Jacksonville, FL 32256 

Tel: (904) 520-5449 
 Fax:
(866) 240-3622 
 Email: Loan.admin-Ny@db.com 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 JPMorgan Chase Bank, N.A. 

Primary Credit Contact 
 Amrish Desai 

Vice President 
 JPMorgan Chase Bank, N.A. 

383 Madison Avenue, Floor 24 
 New York, NY 10179 

Tel: (212) 622-6401 
 Fax:
n/a 
 Email: amrish.desai@chase.com 
 Operations
Contact 
 Pallanti Pavan Kumar 
 Account Manager 

JPMorgan Chase Bank, N.A. 
 Sarjaput Outer Ring Road, Vathur
Hobli, Floor 01 
 Bangalore, 560 087, India 
 Tel: +91-80-66762935 
 Fax: (201) 244-3885 

Email: Pallanti.v.pavan.kumar@jpmorgan.com 
 US Bank
National Association 
 Primary Credit Contact 

Lori Jensen 
 Vice President 

US Bank National Association 
 1100 Abernathy Road, Bldg. 500,
Suite 1250 
 Atlanta, GA 30052 
 Tel: (770) 512-3118 
 Fax: (770) 512-3130 

Email: lori.jensen@usbank.com 
 Primary Operations
Contact 
 Breyn Smasal 
 Loan Processor 

US Bank National Association 
 400 City Center 

Oshkosh, WI 54901 
 Tel: (920)
237-7436 
 Fax: (920) 237-7993 

Complex.credits.oshksoh@usbank.com 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 If to Lenders 

Credit Agricole Corporate and Investment Bank 

Primary Credit Contact 
 Steve Jonassen 

Managing Director 
 1301 Ave of Americas 

New York, NY 10019 
 Tel: (212)
261-7764 
 Fax: n/a 

Steve.jonassen@ca-cib.com 

Primary Operations Contact 
 Gener P. David 

Loan Administrator 
 1301 Ave of Americas 

New York, NY 10019 
 Tel: (732)
590-7751 
 Fax: (917) 849-5543 

Email: Gener.David@ca-cib.com 

The Bank of Nova Scotia 
 Primary Credit Contact

 Chad Hale 
 Director 

The Bank of Nova Scotia 
 40 King Street West 

Toronto, Ontario M5H 1H1 
 Telephone: 416) 350-1173 
 Fax: 416) 350-1161 

Email: chad.hale@scotiabank.com 
 Primary Operations
Contact 
 Vesna Vukelich 
 Corporate Loan Officer 

The Bank of Nova Scotia 
 720 King Street West, 2nd Floor 

Toronto, Ontario M5P 2T3 
 Tel: (212) 225-5705 
 Fax: (212) 225-5709 

Vesna.vukelich@scotiabank.com 
 Capital One, N.A.

 Primary Credit Contact 
 Ashish Tandon 

Vice President 
 Capital One, N.A. 

1680 Capital One Drive 
 McLean, VA 22102 

Tel: (703) 720-6736 
 Fax:
(703) 720-2023 
 ashish.tandon@capitalone.com 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 Primary Operations Contact 

Jill Wilbert 
 Loan Admin Coordinator 

Capital One, N.A. 
 6200 Chevy Chase Drive 

Laurel, MD 20707 
 Tel: (301)
953-6174 
 Fax: (301) 953-8692 

CLSSyndicationMember@capitalone.com 
 TD Bank, N.A.

 Primary Credit Contact 
 Sean Dunne 

Vice President 
 TD Bank, N.A. 

2307 W. Kennedy Boulevard, 3rd Floor 
 Tampa, FL 33609 

Tel: (813) 250-3093 
 Fax:
(813) 258-5622 
 Email: sean.dunne@td.com 

Primary Operations Contact 
 Barbara Matta 

Investor Processing 
 TD Bank, N.A. 

6000 Atrium Way 
 Mt. Laurel, NJ 08054 

Tel: (856) 533-4683 
 Fax:
(856) 533-7128 or (856) 533-4879 
 Sumitomo Mitsui Banking Corporation

 Primary Credit Contact 
 John Corrigan 

Sumitomo Mitsui Banking Corporation, NY Branch 
 277 Park Avenue

 New York, NY 10172 
 Tel: (212) 224-4735 
 Fax: (212) 224-5190 

E-mail: jcorrigan@smbclf.com 

Primary Operations Contact 
 Delma Mitchell 

Sumitomo Mitsui Banking Corporation, NY Branch 
 277 Park Avenue

 New York, NY 10172 
 Tel: (212) 224-4387 
 Fax: (212) 224-4391 

E-mail: Delma_c_mitchell@smbcgroup.com 

Raymond James Bank, N.A. 
 Primary Credit Contact

 Matthew Stein 
 Raymond James Bank, N.A. 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 710 Carillon Parkway 

St. Petersburg, FL 33716 
 Phone: (727) 567-5118 
 Fax: (866) 205-1396 

E-mail: matt.stein@raymondjames.com 

Primary Operations Contact 
 Loan Ops/CML 

Raymond James Bank, N.A. 
 710 Carillon Parkway 

St. Petersburg, FL 33716 
 Tel: (727) 567-1815 
 Fax: (866) 597-4002 

Email: RJBank-LoanOpsCorp@RaymondJames.com 

  
 Fifth Amended and Restated
Credit Agreement 
 Ryman Hospitality Properties, Inc. 

 Exhibit A-1 

FORM OF COMMITTED LOAN NOTICE 

Date:             ,         

  

	To:	Wells Fargo Bank, National Association, as Administrative Agent 

 Ladies and Gentlemen: 

Reference is made to that certain Fifth Amended and Restated Credit Agreement, dated as of
[            , 2017] (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein
being used herein as therein defined), among RHP HOTEL PROPERTIES, LP, a Delaware limited partnership, (together with any permitted successors and assigns, the “Borrower”), RYMAN HOSPITALITY PROPERTIES, INC., a Delaware corporation
(the “Parent”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Issuer. 

The undersigned hereby requests (select one): 
  

	 	☐	A Borrowing of [Revolving][Term] Loans 

  

	 	☐	A conversion or continuation of Loans 

  

	 	1.	On                      (a Business Day). 

 

	 	2.	In the amount of $        . 

  

	 	3.	Comprised of                     
                    . 

	 	[Type	of Committed Loan requested] 

  

	 	4.	For Eurodollar Rate Loans: with an Interest Period of      months. 

 [For Borrowings
of Revolving Loans & Term Loans] 
 [The Borrowing requested herein complies with Section 2.01 of the Agreement.] 

The Borrower hereby represents and warrants that the conditions specified in Section 4.02 shall be satisfied on and as of the date
of the applicable Credit Extension. 
  

					
	RHP HOTEL PROPERTIES, LP
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Exhibit A-2 

FORM OF SWING LINE LOAN NOTICE 

Date:             ,         

  

	To:	Wells Fargo Bank, National Association, as Swing Line Lender 

 Wells Fargo Bank, National
Association, as Administrative Agent 
 Ladies and Gentlemen: 

Reference is made to that certain Fifth Amended and Restated Credit Agreement, dated as of
[            , 2017] (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein
being used herein as therein defined), among RHP HOTEL PROPERTIES, LP, a Delaware limited partnership, (together with any permitted successors and assigns, the “Borrower”), RYMAN HOSPITALITY PROPERTIES, INC., a Delaware corporation
(the “Parent”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Issuer. 

The undersigned hereby requests a Swing Line Loan: 

1.        On
                                         
(a Business Day). 
 2.        In the amount of $        . 

The Swing Line Borrowing requested herein complies with the requirements of the provisos to the first sentence of Section 2.04(a) of
the Agreement. 
 The Borrower hereby represents and warrants that the conditions specified in Section 4.02 shall be satisfied on
and as of the date of the applicable Credit Extension. 
  

					
	RHP HOTEL PROPERTIES, LP
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Exhibit B 

FORM OF SECURITY AGREEMENT 

FIFTH AMENDED AND RESTATED SECURITY AGREEMENT 

[Related to RYMAN HOSPITALITY PROPERTIES, INC. 

Fifth Amended and Restated Credit Agreement, dated as of [            ,
2017]] 
 THIS FIFTH AMENDED AND RESTATED SECURITY AGREEMENT (this “Security Agreement”), dated as of
[            , 2017], is by and among the parties identified as “Grantors” on the signature pages hereto and such other parties as may become Grantors hereunder after the
date hereof (individually a “Grantor”, and collectively the “Grantors”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative Agent”) for the
holders of the Secured Obligations referenced below and is an amendment and restatement of that certain Fourth Amended and Restated Security Agreement among the parties hereto and dated as of April 18, 2013 (as amended, restated, supplemented
or otherwise modified prior to the date hereof, the “Replaced Security Agreement”). 
 W I T N E S S E T H 

WHEREAS, pursuant to that certain Fifth Amended and Restated Credit Agreement, dated as of the date hereof (as amended, modified, extended,
renewed or replaced from time to time, the “Credit Agreement”). among Ryman Hospitality Properties, Inc., a Delaware corporation (the “Parent”), RHP Hotel Properties, LP, a Delaware limited partnership (the
“Borrower”), the Guarantors party thereto, the Lenders and the Administrative Agent, the Lenders have agreed to make Loans upon the terms and subject to the conditions set forth therein; and 

WHEREAS, this Security Agreement is required under the terms of the Credit Agreement. 

NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 1.    Definitions. 

(a)    Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Credit Agreement.

 (b)    The following terms shall have the meanings assigned thereto in the Uniform Commercial Code in effect in the
State of New York on the date hereof: Accession, Account, As-Extracted Collateral, Chattel Paper, Commercial Tort Claim, Commingled Goods, Consumer Goods, Deposit Account, Document, Equipment, Farm Products,
Fixtures, General Intangible, Goods, Instrument, Inventory, Investment Property, Letter-of-Credit Right, Manufactured Home, Proceeds, Software, timber to be cut,
Supporting Obligation and Tangible Chattel Paper. 
 (c)    As used herein, the following terms shall have the meanings
set forth below: 
 “Collateral” has the meaning provided in Section 3 hereof. 

“Copyright License” means any written agreement, naming any Grantor as licensor, granting any right under any
Copyright. 
 “Copyrights” means (a) all registered United States copyrights in all Works, now existing
or hereafter created or acquired, all registrations and recordings thereof, and all applications in connection therewith, including, without limitation, registrations, recordings and applications in the United States Copyright Office and
(b) all renewals thereof. 

 “Patent License” means any agreement, whether written or oral,
providing for the grant by or to a Grantor of any right to manufacture, use or sell any invention covered by a Patent. 

“Patents” means (a) all letters patent of the United States or any other country and all reissues and
extensions thereof, and (b) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part
thereof. 
 “Secured Obligations” means, without duplication, (i) all of the Obligations and
(ii) all reasonable and documented costs and expenses actually incurred by the Administrative Agent in connection with enforcement and collection of the Obligations, including reasonable and documented attorneys’ fees. 

“Trademark License” means any agreement, written or oral, providing for the grant by or to a Grantor of any
right to use any Trademark. 
 “Trademarks” means (a) all registered trademarks, trade names, corporate
names, company names, business names, fictitious business names, trade styles, service marks, logos and other registered source or business identifiers, and the goodwill associated therewith, now existing or hereafter adopted or acquired, all
registrations and recordings thereof, and all applications in connection therewith and (b) all renewals thereof. 

“UCC” means the Uniform Commercial Code of the applicable jurisdiction(s). 

“Work” means any work that is subject to copyright protection pursuant to Title 17 of the United States Code.

 2.    Effectiveness. This Security Agreement (including, without limitation, the grant of security interest in
Section 3, the representations and warranties in Section 5 and the covenants in Section 6) shall become effective immediately upon the Closing Date without any further
action on the part of any of the parties hereto. 
 3.    Grant of Security Interest in the Collateral. To secure
the prompt payment and performance in full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations, (a) Borrower and each Guarantor (other than Ryman Hospitality Properties, Inc.) hereby
grants to the Administrative Agent, for the benefit of the holders of the Secured Obligations, a continuing security interest in, and a right to set off against, any and all right, title and interest of such Grantor in and to all of the following,
whether now owned or existing or owned, acquired, or arising hereafter: 
 (i)    all Accounts; 

(ii)    all cash and currency; 

(iii)    all Chattel Paper; 

(iv)    all Commercial Tort Claims, including those identified on Schedule 2 attached hereto; 

(v)    all Copyrights; 

(vi)    all Copyright Licenses; 

(vii)    all Deposit Accounts; 

(viii)    all Documents; 

(ix)    all Equipment; 

(x)    all Fixtures; 

 (xi)    all General Intangibles; 

(xii)    all Instruments; 

(xiii)    all Inventory; 

(xiv)    all Investment Property; 

(xv)    all
Letter-of-Credit Rights; 

(xvi)    all Patents; 

(xvii)    all Patent Licenses; 

(xviii)    all Software; 

(xix)    all Supporting Obligations; 

(xx)    all Trademarks; 

(xxi)    all Trademark Licenses; 

(xxii)    all domain names; 

(xxiii)    all Goods; 

(xxiv)    all Payment Intangibles; 

(xxv)    all other personal property of such Grantor of whatever type or description; and 

(xxvi)    to the extent not otherwise included, all Accessions and all Proceeds of any and all of the
foregoing. 
 and (b) Ryman Hospitality Properties, Inc., hereby grants to the Administrative Agent, for the benefit of the holders of
the Secured Obligations, a continuing security interest in, and a right to set off against, any and all right, title and interest of such Grantor in and to all of the following, whether now owned or existing or owned, acquired, or arising hereafter,
in each case to the extent the same is attached to, contained in, related to, arising from or used in connection with the operation, ownership, maintenance, construction, development or marketing of or otherwise in connection with any one or more of
the Borrowing Base Properties: 
 (i)    all Copyrights; 

(ii)    all Copyright Licenses; 

(iii)    all Patents; 

(iv)    all Patent Licenses; 

(v)    all Software; 

(vi)    all Supporting Obligations; 

(vii)    all Trademarks; 

(viii)    all Trademark Licenses; and 

 (ix)    to the extent not otherwise included, all Accessions
and all Proceeds of any and all of the foregoing. 
 The property listed in clauses (a)(i)-(xxvi) and (b)(i)-(ix) above shall be
collectively referred to as the “Collateral”. 
 Notwithstanding anything to the contrary contained herein, the security
interests granted under this Security Agreement shall not (A) extend to any Property that is subject to a Lien securing purchase money Indebtedness permitted under the Credit Agreement pursuant to documents that prohibit such Grantor from
granting any other Liens in such Property, (B) extend to any lease, license or other contract if the grant of a security interest in such lease, license or contract in the manner contemplated by this Security Agreement is prohibited by the
terms of such lease, license or contract or by law and would result in the termination of such lease, license or contract, but only to the extent that (1) after reasonable efforts, consent from the relevant party or parties has not been
obtained, (2) any such prohibition could not be rendered ineffective pursuant to the UCC or any other applicable law (including Debtor Relief Laws) or principles of equity, and (3) in the event of the termination or elimination of any such
prohibition or the requirement for any consent contained in any applicable Law, General Intangible, permit, lease, license, contract or other Instrument, to the extent sufficient to permit any such item to become Collateral hereunder, or upon the
granting of any such consent, or waiving or terminating any requirement for such consent, a security interest in such General Intangible, permit, lease, license, contract or other Instrument shall be automatically and simultaneously granted
hereunder and shall be included as Collateral hereunder, and (C) extend to any vehicles owned by any Grantor that are subject to certificates of title. 

The Grantors and the Administrative Agent, on behalf of the holders of the Secured Obligations, hereby acknowledge and agree that the security
interest created hereby in the Collateral (i) constitutes continuing collateral security for all of the Secured Obligations, whether now existing or hereafter arising and (ii) is not to be construed as an assignment or license of any
Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks or Trademark Licenses. 
 4.    Provisions
Relating to Accounts. 
 (a)    Anything herein to the contrary notwithstanding, each of the Grantors shall remain
liable under each of the Accounts to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise to each such Account. Neither the Administrative
Agent nor any holder of the Secured Obligations shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this Security Agreement or the receipt by the Administrative Agent or any
holder of the Secured Obligations of any payment relating to such Account pursuant hereto, nor shall the Administrative Agent or any holder of the Secured Obligations be obligated in any manner to perform any of the obligations of a Grantor under or
pursuant to any Account (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party under any Account (or
any agreement giving rise thereto), to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts that may have been assigned to it or to which it may be entitled at any time or times. 

(b)    At any time after the occurrence and during the continuation of an Event of Default, (i) the Administrative
Agent shall have the right, but not the obligation, to make test verifications of the Accounts in any manner and through any medium that it reasonably considers advisable, and the Grantors shall furnish all such assistance and information as the
Administrative Agent may reasonably require in connection with such test verifications, (ii) upon the Administrative Agent’s request and at the expense of the Grantors, the Grantors shall cause independent public accountants or others
reasonably satisfactory to the Administrative Agent to furnish to the Administrative Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts and (iii) the Administrative Agent in its own name
or in the name of others may communicate with account debtors on the Accounts to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any Accounts. 

 5.    Representations and Warranties. Each Grantor hereby represents
and warrants to the Administrative Agent, for the ratable benefit of the holders of the Secured Obligations, that: 

(a)    Legal Name. 

(i)    Each Grantor’s exact legal name (and for the prior five years or since the date of its
formation has been), and each Grantor’s taxpayer identification number and organization identification number, if any, are as of the date hereof as set forth on Schedule 5(a) hereto. 

(ii)    Each Grantor’s jurisdiction of incorporation or formation is (and for the prior five years or
since the date of its incorporation or formation has been) as of the date hereof as set forth on Schedule 6.13 to the Credit Agreement. 

(iii)    Other than as set forth on Schedule 5(c) hereto, no Grantor has been party to a merger,
consolidation or other change in structure in the five years prior to the Closing Date. 
 (b)    Ownership. Each
Grantor is the legal and beneficial owner of its Collateral and has the right to pledge, sell, assign or transfer the same. 

(c)    Security Interest/Priority. This Security Agreement creates a valid security interest in favor of the
Administrative Agent, for the benefit of the holders of the Secured Obligations, in the Collateral of such Grantor, except as enforceability may be limited by applicable Debtor Relief Laws or by equitable principles relating to enforceability. When
properly perfected by filing of financing statements, such security interest shall constitute a perfected security interest in such Collateral, to the extent such security interest can be perfected by filing of financing statements under the UCC,
free and clear of all Liens except for Permitted Liens. 
 (d)    Types of Collateral. None of the Collateral
consists of, or is the Accessions or the Proceeds of, As-Extracted Collateral, Consumer Goods, Farm Products, Manufactured Homes, or timber to be cut. 

(e)    Accounts. (i) To such Grantor’s knowledge, each Account of such Grantor that is Collateral
hereunder and the papers and documents relating thereto are genuine and in all material respects what they purport to be, (ii) each Account of such Grantor that is collateral hereunder arises out of (A) a bona fide sale of goods sold and
delivered by such Grantor (or is in the process of being delivered) or (B) services theretofore actually rendered by such Grantor to, the account debtor named therein and (iii) no surety bond was required or given in connection with any
Account of such Grantor that is Collateral hereunder or the contracts or purchase orders out of which they arose. 

(f)    Inventory. No Inventory of such Grantor that is Collateral hereunder is held by any Person other than such
Grantor pursuant to consignment, sale or return, sale on approval or similar arrangement. 
 (g)    Copyrights, Patents
and Trademarks. 
 (i)    Each Copyright, Patent and Trademark of such Grantor is valid, subsisting,
unexpired, enforceable and has not been abandoned as of the date hereof (except as deemed necessary in the reasonable business judgment of Grantor) to the knowledge of such Grantor. 

(ii)    None of the material Copyrights, Patents and Trademarks of such Grantor is the subject of any
licensing or franchise agreement as of the date hereof. 
 (iii)    No holding, decision or judgment has
been finally rendered by any Governmental Authority that would limit, cancel or question the validity of any Copyright, Patent or Trademark of such Grantor. 

(h)    No action or proceeding is pending in writing seeking to limit, cancel or question the validity of any Copyright,
Patent or Trademark of such Grantor, or that, if adversely determined, could reasonably be expected to have a material adverse effect on the value of any material Copyright, Patent or Trademark of such Grantor. 

 (i)    All applications pertaining to the material
Copyrights, Patents and Trademarks of each Grantor have been duly and properly filed (except as deemed necessary in the reasonable business judgment of Grantor), and all registrations or letters pertaining to such Copyrights, Patents and Trademarks
have been duly and properly filed and issued. 
 (i)    Except as expressly permitted by the Credit Agreement, no
Grantor has made any assignment or agreement in conflict with the security interest in the Copyrights, Patents or Trademarks of any Grantor hereunder. 

(j)    Commercial Tort Claims. Schedule 2 hereto sets forth each Commercial Tort Claim that is Collateral
hereunder seeking damages in excess of $1,000,000 before any Governmental Authority by or in favor of such Grantor. 

6.    Covenants. Each Grantor covenants that, so long as any of the Secured Obligations remains outstanding (other
than any such obligations which by the terms thereof are stated to survive termination of the Loan Documents and any contingent indemnity obligations that are not yet due and payable) and until all of the commitments relating thereto have been
terminated, such Grantor shall: 
 (a)    Other Liens. Defend the Collateral against the claims and demands of
all other parties claiming an interest therein other than Permitted Liens. 
 (b)    Instruments/Tangible Chattel
Paper/Documents. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument or Tangible Chattel Paper, or if any property constituting Collateral shall be stored or shipped subject to a
Document in each case having a value in excess of $250,000, (i) ensure that such Instrument, Tangible Chattel Paper or Document is either in the possession of such Grantor at all times or, if requested by the Administrative Agent, is immediately
delivered to the Administrative Agent, duly endorsed in a manner satisfactory to the Administrative Agent and (ii) ensure that any Collateral consisting of Tangible Chattel Paper is marked with a legend acceptable to the Administrative Agent
indicating the Administrative Agent’s security interest in such Tangible Chattel Paper. 
 (c)    Perfection of
Security Interest. Execute and deliver to the Administrative Agent such agreements, assignments or instruments (including affidavits, notices, reaffirmations and amendments and restatements of existing documents, as the Administrative Agent may
reasonably request) and do all such other things as the Administrative Agent may reasonably deem necessary, appropriate or convenient (i) to assure to the Administrative Agent the effectiveness, perfection and priority of its security interests
hereunder, including (A) such instruments as the Administrative Agent may from time to time reasonably request in order to perfect and maintain the security interests granted hereunder in accordance with the UCC, (B) with regard to
Copyrights, a Notice of Grant of Security Interest in Copyrights for filing with the United States Copyright Office in the form of Schedule 6(c)(i) attached hereto or other form reasonably acceptable to the Administrative Agent, (C) with
regard to Patents, a Notice of Grant of Security Interest in Patents for filing with the United States Patent and Trademark Office in the form of Schedule 6(c)(ii) attached hereto or other form reasonably acceptable to the Administrative
Agent and (D) with regard to Trademarks, a Notice of Grant of Security Interest in Trademarks for filing with the United States Patent and Trademark Office in the form of Schedule 6(c)(iii) attached hereto or other form reasonably
acceptable to the Administrative Agent, (ii) to consummate the transactions contemplated hereby and (iii) to otherwise protect and assure the Administrative Agent of its rights and interests hereunder. To that end, each Grantor authorizes
the Administrative Agent to file one or more financing statements (which, as to each Grantor other than Ryman Hospitality Properties, Inc., may describe the collateral as “all assets” or “all personal property”) disclosing the
Administrative Agent’s security interest in any or all of the Collateral of such Grantor without such Grantor’s signature thereon, and further each Grantor also hereby irrevocably makes, constitutes and appoints the Administrative Agent,
its nominee or any other Person whom the Administrative Agent may designate, as such Grantor’s attorney-in-fact with full power and for the limited purpose to sign
in the name of such Grantor any such financing statements (including renewal statements), amendments and supplements, notices or any similar documents that in the Administrative Agent’s reasonable discretion would be necessary, appropriate or
convenient in order to perfect and maintain perfection of the security interests granted hereunder, such power, being coupled with an interest, being and remaining irrevocable so long as the Secured Obligations remain unpaid and until the
commitments relating thereto shall have been terminated. Each Grantor hereby agrees that a carbon, photographic or other reproduction of this Security Agreement or any such financing statement is sufficient for filing as a

 
financing statement by the Administrative Agent without notice thereof to such Grantor wherever the Administrative Agent may in its sole discretion desire to file the same. In the event for any
reason the law of any jurisdiction other than New York becomes or is applicable to the Collateral of any Grantor or any part thereof, or to any of the Secured Obligations, such Grantor agrees to execute and deliver all such instruments and to do all
such other things as the Administrative Agent in its sole discretion reasonably deems necessary, appropriate or convenient to preserve, protect and enforce the security interests of the Administrative Agent under the law of such other jurisdiction
(and, if a Grantor shall fail to do so promptly upon the request of the Administrative Agent, then the Administrative Agent may execute any and all such requested documents on behalf of such Grantor pursuant to the power of attorney granted
hereinabove). If any Collateral is in the possession or control of a Grantor’s agents and the Administrative Agent so requests, such Grantor agrees to notify such agents in writing of the Administrative Agent’s security interest therein
and, upon the Administrative Agent’s request, instruct them to hold all such Collateral for the account of the holders of the Secured Obligations and subject to the Administrative Agent’s instructions. Each Grantor agrees to mark its books
and records to reflect the security interest of the Administrative Agent in the Collateral. 
 (d)    Control.
Execute and deliver all agreements, assignments, instruments or other documents as the Administrative Agent shall reasonably request for the purpose of obtaining and maintaining control within the meaning of the UCC with respect to any Collateral
consisting of Deposit Accounts, Investment Property, Letter-of-Credit Rights and Electronic Chattel Paper. 

(e)    Collateral held by Warehouseman, Bailee, etc. If any Collateral is at any time in the possession or control
of a warehouseman, bailee, agent or processor of such Grantor, (i) notify the Administrative Agent of such possession or control, (ii) notify such Person of the Administrative Agent’s security interest in such Collateral,
(iii) instruct such Person to hold all such Collateral for the Administrative Agent’s account and subject to the Administrative Agent’s instructions and (iv) use commercially reasonable efforts to obtain an acknowledgment from
such Person that it is holding such Collateral for the benefit of the Administrative Agent. 
 (f)    Treatment of
Accounts. Not grant or extend the time for payment of any Account, or compromise or settle any Account for less than the full amount thereof, or release any Person or property, in whole or in part, from payment thereof, or allow any credit or
discount thereon, other than as normal and customary in the ordinary course of a Grantor’s business or as required by law. 

(g)    Covenants Relating to Copyrights. 

(i)    Not do any act or knowingly omit to do any act whereby any Copyright owned by it and material to the
business of such Grantor may become invalidated and (A) not do any act, or knowingly omit to do any act, whereby any Copyright owned by it and material to the business of such Grantor may become injected into the public domain; (B) notify
the Administrative Agent promptly if it knows that any Copyright owned by it and material to the business of such Grantor may become injected into the public domain or of any adverse determination or development (including, without limitation, the
institution of, or any such determination or development in, any court or tribunal in the United States or any other country) regarding a Grantor’s ownership of any such Copyright or its validity; (C) take all necessary steps as it shall
deem appropriate under the circumstances, to maintain and pursue each application (and to obtain the relevant registration) of each Copyright owned by a Grantor and material to the business of such Grantor and to maintain each registration of each
Copyright owned by a Grantor and material to the business of such Grantor including, without limitation, filing of applications for renewal where necessary; and (D) promptly notify the Administrative Agent of any material infringement of any
Copyright of a Grantor that is material to the business of such Grantor of which it becomes aware and take such actions as it shall reasonably deem appropriate under the circumstances to protect such Copyright, including, where appropriate, the
bringing of suit for infringement, seeking injunctive relief and seeking to recover any and all damages for such infringement. 

(ii)    Not make any assignment or agreement in conflict with the security interest in the Copyrights of
each Grantor hereunder (other than in connection with a Permitted Lien or as otherwise provided in the Credit Agreement). 

 (h)    Covenants Relating to Patents and Trademarks. 

(i)    With respect to each material Trademark of such Grantor, (A) continue to use such Trademark on
each and every trademark class of goods applicable to its current line as reflected in its current catalogs, brochures and price lists in order to maintain such Trademark in full force free from any valid claim of abandonment for non-use unless such Grantor determines to abandon any Trademark in is reasonable business judgment, (B) maintain as in the past the quality of products and services offered under any Trademark in use,
(C) employ such Trademark with the appropriate notice of registration, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect, and (D) not (and not permit any licensee or sublicensee
thereof to) do any act or knowingly omit to do any act whereby any Trademark may become invalidated. 

(ii)    Not do any act, or omit to do any act, whereby any material Patent of such Grantor may become
abandoned or dedicated. 
 (iii)    Notify the Administrative Agent immediately if it knows that any
application or registration relating to any material Patent or Trademark of such Grantor may become abandoned or dedicated, or of any adverse determination or development (including, without limitation, the institution of, or any such determination
or development in, any proceeding in the United States Patent and Trademark Office or any court or tribunal in any country) regarding a Grantor’s ownership of any material Patent or Trademark or its right to register the same or to keep and
maintain the same. 
 (iv)    Take all commercially reasonable steps, including, without limitation, in
any proceeding before the United States Patent and Trademark Office, or any similar office or agency in any other country or any political subdivision thereof, to maintain and pursue each application (and to obtain the relevant registration) and to
maintain each registration of its material Patents and Trademarks, including, without limitation, filing of applications for renewal, affidavits of use and affidavits of incontestability. 

(v)    Promptly notify the Administrative Agent after it learns that any material Patent or Trademark of
such Grantor included in the Collateral is infringed, misappropriated or diluted by a third party and, to the extent such infringement could have a material adverse effect on any business of Grantor or its Subsidiaries or otherwise have a material
adverse effect on the value of such Patent or Trademark, promptly sue for infringement, misappropriation or dilution, to seek injunctive relief where appropriate and to recover any and all damages for such infringement, misappropriation or dilution,
or to take such other actions as it shall reasonably deem appropriate under the circumstances to protect such Patent or Trademark. 

(i)    Commercial Tort Claims. 

(i)    Promptly notify the Administrative Agent in writing of the initiation of any Commercial Tort Claim
that is Collateral hereunder seeking damages in excess of $1,000,000 before any Governmental Authority by or in favor of such Grantor. 

(ii)    Execute and deliver such statements, documents and notices and do and cause to be done all such
things as the Administrative Agent may reasonably deem necessary, appropriate or convenient, or as are required by law, to create, perfect and maintain the Administrative Agent’s security interest in any Commercial Tort Claim that is Collateral
hereunder. 
 7.    Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of
the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the
performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other
expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended 

 
shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute
additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or
expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby
authorized in accordance with any bill, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax
assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP. 

8.    Events of Default. The occurrence of an event which under the Credit Agreement or any other Loan Document
would constitute an Event of Default shall be an event of default hereunder (an “Event of Default”). 

9.    Remedies. 

(a)    General Remedies. Upon the occurrence of an Event of Default and during the continuation thereof, the
Administrative Agent and the holders of the Secured Obligations shall have, in addition to the rights and remedies provided herein, in the Loan Documents, in any other documents relating to the Secured Obligations, or by law (including, without
limitation, levy of attachment and garnishment), the rights and remedies of a secured party under the UCC of the jurisdiction applicable to the affected Collateral and, further, the Administrative Agent may, with or without judicial process or the
aid and assistance of others (to the extent permitted under applicable law), (i) subject to the rights of tenants in possession, enter on any premises on which any of the Collateral may be located and, without resistance or interference by the
Grantors, take possession of the Collateral, (ii) dispose of any Collateral on any such premises, (iii) require the Grantors to assemble and make available to the Administrative Agent at the expense of the Grantors any Collateral at any
place and time designated by the Administrative Agent that is reasonably convenient to both parties, (iv) remove any Collateral from any such premises for the purpose of effecting sale or other disposition thereof, and/or (v) except as
provided below in the case of notice required by law, without demand and without advertisement, notice or hearing, all of which each of the Grantors hereby waives to the fullest extent permitted by law, at any place and time or times, sell and
deliver any or all Collateral held by or for it at public or private sale, by one or more contracts, in one or more parcels, for cash, upon credit or otherwise, at such prices and upon such terms as the Administrative Agent deems advisable, in its
sole discretion (subject to any and all mandatory legal requirements). Each of the Grantors acknowledges that any private sale referenced above may be at prices and on terms less favorable to the seller than the prices and terms that might have been
obtained at a public sale and agrees (to the extent permitted by applicable law) that such private sale shall be deemed to have been made in a commercially reasonable manner. Neither the Administrative Agent’s compliance with applicable law nor
its disclaimer of warranties relating to the Collateral shall be considered to adversely affect the commercial reasonableness of any sale. In addition to all other sums due the Administrative Agent and the holders of the Secured Obligations with
respect to the Secured Obligations, the Grantors shall pay the Administrative Agent and each of the holders of the Secured Obligations all reasonable documented costs and expenses actually incurred by the Administrative Agent or any such holder of
the Secured Obligations, including, but not limited to, reasonable attorneys’ fees and court costs, in obtaining or liquidating the Collateral, in enforcing payment of the Secured Obligations, or in the prosecution or defense of any action or
proceeding by or against the Administrative Agent or the holders of the Secured Obligations or the Grantors concerning any matter arising out of or connected with this Security Agreement, any Collateral or the Secured Obligations, including, without
limitation, any of the foregoing arising in, arising under or related to a case under the Bankruptcy Code. To the extent the rights of notice cannot be legally waived hereunder, each Grantor agrees that any requirement of reasonable notice shall be
met if such notice is personally served on or mailed, postage prepaid, to the Borrower in accordance with the notice provisions of Section 11.02 of the Credit Agreement at least ten Business Days before the time of sale or
other event giving rise to the requirement of such notice. The Administrative Agent and the holders of the Secured Obligations shall not be obligated to make any sale or other disposition of the Collateral regardless of notice having been given. To
the extent permitted by applicable law, any holder of the Secured Obligations may be a purchaser at any such sale. To the extent permitted by applicable law, each of the Grantors hereby waives all of its rights of redemption with respect to any such
sale. Subject to the provisions of applicable law, the Administrative Agent and the holders of the Secured Obligations may postpone or cause the postponement of the sale of all or any portion of the Collateral

 
by announcement at the time and place of such sale, and such sale may, without further notice, to the extent permitted by applicable law, be made at the time and place to which the sale was
postponed, or the Administrative Agent and the holders of the Secured Obligations may further postpone such sale by announcement made at such time and place. 

(b)    Remedies Relating to Accounts. Upon the occurrence of an Event of Default and during the continuation
thereof, whether or not the Administrative Agent has exercised any or all of its rights and remedies hereunder, (i) each Grantor will promptly upon request of the Administrative Agent instruct all account debtors to remit all payments in
respect of Accounts to a mailing location selected by the Administrative Agent and (ii) the Administrative Agent shall have the right to enforce any Grantor’s rights against its customers and account debtors, and the Administrative Agent
or its designee may notify any Grantor’s customers and account debtors that the Accounts of such Grantor have been assigned to the Administrative Agent or of the Administrative Agent’s security interest therein, and may (either in its own
name or in the name of a Grantor or both) demand, collect (including without limitation by way of a lockbox arrangement), receive, take receipt for, sell, sue for, compound, settle, compromise and give acquittance for any and all amounts due or to
become due on any Account, and, in the Administrative Agent’s discretion, file any claim or take any other action or proceeding to protect and realize upon the security interest of the holders of the Secured Obligations in the Accounts. Each
Grantor acknowledges and agrees that the Proceeds of its Accounts remitted to or on behalf of the Administrative Agent in accordance with the provisions hereof shall be solely for the Administrative Agent’s own convenience and that such Grantor
shall not have any right, title or interest in such Accounts or in any such other amounts except as expressly provided herein. The Administrative Agent and the holders of the Secured Obligations shall have no liability or responsibility to any
Grantor for acceptance of a check, draft or other order for payment of money bearing the legend “payment in full” or words of similar import or any other restrictive legend or endorsement or be responsible for determining the correctness
of any remittance. Each Grantor hereby agrees to indemnify the Administrative Agent and the holders of the Secured Obligations from and against all liabilities, damages, losses, actions, claims, judgments, costs, expenses, charges and reasonable
attorneys’ fees suffered or incurred by the Administrative Agent or the holders of the Secured Obligations (each, an “Indemnified Party”) because of the maintenance of the foregoing arrangements except as relating to or arising
out of the gross negligence or willful misconduct of an Indemnified Party or its officers, employees or agents. In the case of any investigation, litigation or other proceeding, the foregoing indemnity shall be effective whether or not such
investigation, litigation or proceeding is brought by a Grantor, its directors, shareholders or creditors or an Indemnified Party or any other Person or any other Indemnified Party is otherwise a party thereto. 

(c)    Access. In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default and
during the continuation thereof, the Administrative Agent shall have the right, subject to the rights of tenants in possession, to enter and remain upon the various premises of the Grantors without cost or charge to the Administrative Agent, and use
the same, together with materials, supplies, books and records of the Grantors for the purpose of collecting and liquidating the Collateral, or for preparing for sale and conducting the sale of the Collateral, whether by foreclosure, auction or
otherwise. In addition, the Administrative Agent may remove Collateral, or any part thereof, from such premises and/or any records with respect thereto, in order to effectively collect or liquidate such Collateral. 

(d)    Nonexclusive Nature of Remedies. Failure by the Administrative Agent or the holders of the Secured
Obligations to exercise any right, remedy or option under this Security Agreement, any other Loan Document, any other documents relating to the Secured Obligations, or as provided by law, or any delay by the Administrative Agent or the holders of
the Secured Obligations in exercising the same, shall not operate as a waiver of any such right, remedy or option. No waiver hereunder shall be effective unless it is in writing, signed by the party against whom such waiver is sought to be enforced
and then only to the extent specifically stated, which in the case of the Administrative Agent or the holders of the Secured Obligations shall only be granted as provided herein. To the extent permitted by applicable law, neither the Administrative
Agent, the holders of the Secured Obligations, nor any party acting as attorney for the Administrative Agent or the holders of the Secured Obligations, shall be liable hereunder for any acts or omissions or for any error of judgment or mistake of
fact or law other than their gross negligence or willful misconduct hereunder. The rights and remedies of the Administrative Agent and the holders of the Secured Obligations under this Security Agreement shall be cumulative and not exclusive of any
other right or remedy that the Administrative Agent or the holders of the Secured Obligations may have. 

 (e)    Retention of Collateral. To the extent permitted under
applicable law, in addition to the rights and remedies hereunder, upon the occurrence and during the continuation of an Event of Default, the Administrative Agent may, after providing the notices required by Sections
9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable law of the relevant jurisdiction, accept or retain all or any portion of the
Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have accepted or retained any Collateral in satisfaction of
any Secured Obligations for any reason. 
 (f)    Deficiency. In the event that the proceeds of any sale,
collection or realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Grantors shall be jointly and severally liable for the deficiency (subject to
Section 24 hereof), together with interest thereon at the Default Rate for Base Rate Revolving Loans, together with the costs of collection and reasonable attorneys’ fees. Any surplus remaining after the full payment
and satisfaction of the Secured Obligations shall be returned to the Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. 

10.    Rights of the Administrative Agent. 

(a)    Power of Attorney. In addition to other powers of attorney contained herein, each Grantor hereby designates
and appoints the Administrative Agent, on behalf of the holders of the Secured Obligations, and each of its designees or agents, as attorney-in-fact of such Grantor,
irrevocably and with power of substitution, with authority to take any or all of the following actions upon the occurrence and during the continuation of an Event of Default: 

(i)    to demand, collect, settle, compromise and adjust, and give discharges and releases concerning the
Collateral, all as the Administrative Agent may reasonably deem appropriate; 
 (ii)    to commence and
prosecute any actions at any court for the purposes of collecting any of the Collateral and enforcing any other right in respect thereof; 

(iii)    to defend, settle or compromise any action brought and, in connection therewith, give such
discharge or release as the Administrative Agent may reasonably deem appropriate; 
 (b)    to receive, open and dispose
of mail addressed to a Grantor and endorse checks, notes, drafts, acceptances, money orders, bills of lading, warehouse receipts or other instruments or documents evidencing payment, shipment or storage of the goods giving rise to the Collateral on
behalf of and in the name of such Grantor, or securing, or relating to such Collateral; 
 (i)    to pay
or discharge taxes, liens, security interests or other encumbrances levied or placed on or threatened against the Collateral; 

(c)    to direct any parties liable for any payment in connection with any of the Collateral to make payment of any and
all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; 

(d)    to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any
time in respect of or arising out of any Collateral; 
 (e)    to sell, assign, transfer, make any agreement in respect
of, or otherwise deal with or exercise rights in respect of, any Collateral or the goods or services that have given rise thereto, as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes; 

(f)    to adjust and settle claims under any insurance policy relating thereto; 

(i)    to execute and deliver all assignments, conveyances, statements, financing statements, renewal
financing statements, security and pledge agreements, affidavits, notices and other agreements, 

 
instruments and documents that the Administrative Agent may reasonably deem appropriate in order to perfect and maintain the security interests and liens granted in this Security Agreement and in
order to fully consummate all of the transactions contemplated herein; 
 (g)    to institute any foreclosure
proceedings that the Administrative Agent may reasonably deem appropriate; and 
 (h)    to do and perform all such
other acts and things as the Administrative Agent may reasonably deem appropriate or convenient in connection with the Collateral. 
 This
power of attorney is a power coupled with an interest and shall be irrevocable for so long as any of the Secured Obligations shall remain outstanding (other than any such obligations which by the terms there of are stated to survive termination of
the Loan Documents and any contingent indemnity obligations that are not yet due and payable) and until all of the commitments relating thereto shall have been terminated. The Administrative Agent shall be under no duty to exercise or withhold the
exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the Administrative Agent in this Security Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Administrative Agent
shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact
except acts or omissions resulting from its gross negligence or willful misconduct. This power of attorney is conferred on the Administrative Agent solely to protect, preserve and realize upon its security interest in the Collateral. 

(i)    The Administrative Agent’s Duty of Care. Other than the exercise of reasonable care to assure the safe
custody of the Collateral while being held by the Administrative Agent hereunder, the Administrative Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that the Grantors shall be responsible
for preservation of all rights in the Collateral, and the Administrative Agent shall be relieved of all responsibility for the Collateral upon surrendering it or tendering the surrender of it to the Grantors. The Administrative Agent shall be deemed
to have exercised reasonable care in the custody and preservation of the Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own property, which shall be no
less than the treatment employed by a reasonable and prudent agent in the industry, it being understood that the Administrative Agent shall not have responsibility for taking any necessary steps to preserve rights against any parties with respect to
any of the Collateral. In the event of a public or private sale of Collateral pursuant to Section 8 hereof, the Administrative Agent shall have no obligation to clean, repair or otherwise prepare the Collateral for sale.

 11.    Rights of Required Lenders. All rights of the Administrative Agent hereunder, if not exercised by the
Administrative Agent, may be exercised by the Required Lenders. 
 12.    Application of Proceeds. Upon the
occurrence and during the continuation of an Event of Default, any payments in respect of the Secured Obligations and any proceeds of the Collateral, when received by the Administrative Agent or any of the holders of the Secured Obligations in cash
or its equivalent, will be applied in reduction of the Secured Obligations in the order set forth in the Credit Agreement or other document relating to the Secured Obligations, and each Grantor irrevocably waives the right to direct the application
of such payments and proceeds and acknowledges and agrees that the Administrative Agent shall have the continuing and exclusive right to apply and reapply any and all such payments and proceeds in the Administrative Agent’s sole discretion,
notwithstanding any entry to the contrary upon any of its books and records. 
 13.    Continuing Agreement. 

(a)    This Security Agreement shall be a continuing agreement in every respect and shall remain in full force and effect
so long as any of the Secured Obligations remains outstanding (other than any such obligations which by the terms thereof are stated to survive termination of the Loan Documents and any contingent indemnity obligations that are not yet due and
payable) and until all of the commitments relating thereto have been terminated. Upon such payment and termination, this Security Agreement and the liens and security interests of the Administrative Agent hereunder shall be automatically terminated
and the Administrative Agent shall, upon the request and at the expense of the Grantors, execute and deliver all UCC termination statements and/or other documents reasonably requested by the Grantors evidencing such termination. Notwithstanding the
foregoing, all releases and indemnities provided hereunder shall survive termination of this Security Agreement. 

 (b)    This Security Agreement shall continue to be effective or be
automatically reinstated, as the case may be, if at any time payment, in whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any holder of the Secured Obligations
as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, all as though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must
be restored or returned, all reasonable costs and expenses (including, without limitation, attorneys’ fees and disbursements) actually incurred by the Administrative Agent or any holder of the Secured Obligations in defending and enforcing such
reinstatement shall be deemed to be included as a part of the Secured Obligations. 
 14.    Amendments and
Waivers. This Security Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged or terminated except as set forth in Section 11.01 of the Credit Agreement. 

15.    Successors in Interest. This Security Agreement shall create a continuing security interest in the
Collateral and shall be binding upon each Grantor, its successors and assigns, and shall inure, together with the rights and remedies of the Administrative Agent and the holders of the Secured Obligations hereunder, to the benefit of the
Administrative Agent and the holders of the Secured Obligations and their successors and permitted assigns; provided, however, that none of the Grantors may assign its rights or delegate its duties hereunder without the prior written
consent of the each Lender or the Required Lenders under the Credit Agreement; provided, further, however, that Grantor shall have the right to transfer the Patents, Trademarks and Copyrights subject to the security interests
created hereby to an intellectual property holding company upon (a) prior written notice to the Administrative Agent and (b) the execution and delivery by such holding company of any documents, instruments, agreements or other materials
necessary or reasonably requested by the Administrative Agent to evidence or cause the uninterrupted continuation of a first priority perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties with
respect to such Patents, Trademarks and Copyrights. To the fullest extent permitted by law, each Grantor hereby releases the Administrative Agent and each holder of the Secured Obligations, their respective successors and assigns and their
respective officers, attorneys, employees and agents, from any liability for any act or omission or any error of judgment or mistake of fact or of law relating to this Security Agreement or the Collateral, except for any liability arising from the
gross negligence or willful misconduct of the Administrative Agent or such holder, or their respective officers, attorneys, employees or agents. 

16.    Notices. All notices required or permitted to be given under this Security Agreement shall be given as
provided in Section 11.02 of the Credit Agreement. 
 17.    Counterparts. This
Security Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this
Security Agreement to produce or account for more than one such counterpart. 
 18.    Headings. The headings of
the sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning or construction of any provision of this Security Agreement. 

19.    Governing Law; Submission to Jurisdiction; Venue; WAIVER OF JURY TRIAL. The terms of Sections 11.14
and 11.15 of the Credit Agreement with respect to governing law, submission to jurisdiction, venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

20.    Severability. If any provision of this Security Agreement is determined to be illegal, invalid or
unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. 

 21.    Entirety. This Security Agreement, the other Loan Documents and
the other documents relating to the Secured Obligations represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or
correspondence relating to the Loan Documents, any other documents relating to the Secured Obligations, or the transactions contemplated herein and therein. 

22.    Survival. All representations and warranties of the Grantors hereunder shall survive the execution and
delivery of this Security Agreement, the other Loan Documents and the other documents relating to the Secured Obligations, the delivery of the Notes and the extension of credit thereunder or in connection therewith. 

23.    Other Security. To the extent that any of the Secured Obligations are now or hereafter secured by property
other than the Collateral (including, without limitation, real property and securities owned by a Grantor), or by a guarantee, endorsement or property of any other Person, then the Administrative Agent shall have the right to proceed against such
other property, guarantee or endorsement upon the occurrence and during the continuation of any Event of Default, and the Administrative Agent shall have the right, in its sole discretion, to determine which rights, security, liens, security
interests or remedies the Administrative Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or the Secured Obligations or any of the rights of the
Administrative Agent or the holders of the Secured Obligations under this Security Agreement, under any of the other Loan Documents or under any other document relating to the Secured Obligations. 

24.    Joint and Several Obligations of Grantors. 

(a)    Subject to subsection (c) of this Section 24, each of the Grantors is accepting joint
and several liability hereunder in consideration of the financial accommodation to be provided by the holders of the Secured Obligations, for the mutual benefit, directly and indirectly, of each of the Grantors and in consideration of the
undertakings of each of the Grantors to accept joint and several liability for the obligations of each of them. 

(b)    Subject to subsection (c) of this Section 24, each of the Grantors jointly and
severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Grantors with respect to the payment and performance of all
of the Secured Obligations arising under this Security Agreement, the other Loan Documents and any other documents relating to the Secured Obligations, it being the intention of the parties hereto that all the Secured Obligations shall be the joint
and several obligations of each of the Grantors without preferences or distinction among them. 
 (c)    Notwithstanding
any provision to the contrary contained herein, in any other of the Loan Documents or in any other documents relating to the Secured Obligations, the obligations of each Guarantor under the Credit Agreement and the other Loan Documents shall be
limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under Section 548 of the Bankruptcy Code, any comparable provisions of any applicable state law or any applicable corporate
or other organizational Laws relating to the ability of an entity to approve, authorize and make Guarantees or Indebtedness (or the effectiveness of any such approval, authorization or making) in excess of an amount that would render such entity
insolvent or such other amount as may be established by such Law. 
 25.    Costs and Expenses. At all times
hereafter, the Grantors agree to promptly pay upon demand any and all reasonable costs and expenses of the Administrative Agent or the holders of the Secured Obligations, (a) as required under Section 11.04 of the
Credit Agreement and (b) as necessary to protect the Collateral or to exercise any rights or remedies under this Security Agreement or with respect to any Collateral. All of the foregoing costs and expenses shall constitute Secured Obligations
hereunder. 
 26.    Amendment and Restatement. The parties hereto hereby acknowledge and agree that
(a) this Security Agreement represents an amendment and restatement of the Replaced Security Agreement, (b) the liens and security interests in favor of the Administrative Agent and Lenders and created by the Replaced Security Agreement
shall continue uninterrupted upon the effectiveness hereof and (c) nothing contained herein is intended to represent a novation of any type with respect to the “Secured Obligations” as defined in the Replaced Security Agreement. 

 27.    Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. 
 Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges and agrees that Section 11.20 of the Credit Agreement is hereby incorporated in its entirety as if fully set forth herein.

 [Remainder of Page Left Intentionally Blank - Signature Page(s) and Exhibits to Follow] 

 Each of the parties hereto has caused a counterpart of this Security Agreement to be duly
executed and delivered as of the date first above written. 
  

							
	GRANTORS:
		
		 	RYMAN HOSPITALITY PROPERTIES, INC.,
		 	a Delaware corporation
			
		 	By:	 	  

		 		 	Mark Fioravanti
		 		 	Executive Vice President; Chief Financial Officer
		
		 	 RHP HOTELS, LLC,
 a Delaware
limited liability company

			
		 	By:	 	  

		 		 	Mark Fioravanti
		 		 	Vice President
		
		 	 RHP PROPERTY GP, LP,
 a
Florida limited partnership

			
		 	By:	 	 Opryland Hospitality, LLC,
 a
Tennessee limited liability company
 its general partner

				
		 		 	By:	 	  

		 		 		 	Mark Fioravanti
		 		 		 	Vice President

					
	RHP PROPERTY GT, LP,
	a Delaware limited partnership
		
	By:	 	 Opryland Hospitality, LLC, its general partner

a Tennessee limited liability company
 its general
partner

			
		 	By:	 	  

		 		 	Mark Fioravanti
		 		 	Vice President
	
	RHP PROPERTY NH, LLC
	a Maryland limited liability company
		
	By:	 	  

		 	Mark Fioravanti
		 	Vice President
	
	 RHP HOTEL PROPERTIES, LP,
 a
Delaware limited partnership

		
	By:	 	 RHP Partner, LLC,
 a Delaware
limited liability company,
 its general partner

			
		 	By:	 	  

		 		 	Mark Fioravanti
		 		 	Vice President
	
	 RHP PARTNER, LLC,
 a Delaware
limited liability company

		
	By:	 	  

		 	Mark Fioravanti
		 	Vice President
	
	 RHP PROPERTY GT, LLC,
 a
Delaware limited liability company

		
	By:	 	  

		 	Mark Fioravanti
		 	Vice President

 
			
	OPRYLAND HOSPITALITY, LLC
	a Tennessee limited liability company
		
	By:	 	  

		 	Mark Fioravanti
		 	Vice President

 Accepted and agreed to as of the date first above written. 

 

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	                                   
                                         
             
		 	Name:	 	                                     
                                      
		 	Title:	 	                                     
                                      

 SCHEDULE 2 

COMMERCIAL TORT CLAIMS 

 SCHEDULE 6(c)(i) 

NOTICE OF GRANT OF SECURITY INTEREST IN COPYRIGHTS 

United States Copyright Office 
 Ladies and Gentlemen: 

Please be advised that pursuant to the Fifth Amended and Restated Security Agreement, dated as of
[            , 2017], (as the same may be amended, modified, extended or restated from time to time, the “Security Agreement”) by and among the Grantors party
thereto (each a “Grantor” and collectively, the “Grantors”) and Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) for the holders of the Secured
Obligations referenced therein, the undersigned Grantor has granted a continuing security interest in and continuing lien upon, the copyrights and copyright applications shown on Schedule 1 attached hereto to the Administrative Agent for the
ratable benefit of the holders of the Secured Obligations. 
 The undersigned Grantor and the Administrative Agent, on behalf of the holders
of the Secured Obligations, hereby acknowledge and agree that the security interest in the copyrights and copyright applications set forth on Schedule 1 attached hereto (i) may only be terminated in accordance with the terms of the
Security Agreement and (ii) is not to be construed as an assignment of any copyright or copyright application. 
  

					
	Very truly yours,
	
	  

	[Grantor]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Acknowledged and Accepted: 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

					
	as Administrative Agent
		
	By:	 	                                   
                                         
             
		 	Name:	 	                                     
                                       

		 	Title:	 	                                     
                                       

 SCHEDULE 6(c)(ii) 

NOTICE OF GRANT OF SECURITY INTEREST IN PATENTS 

United States Patent and Trademark Office 
 Ladies and
Gentlemen: 
 Please be advised that pursuant to the Fifth Amended and Restated Security Agreement, dated as of
[            , 2017], (the “Security Agreement”), by and among the Grantors party thereto (each a “Grantor” and collectively, the
“Grantors”) and Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) for the holders of the Secured Obligations referenced therein, the undersigned Grantor has granted a
continuing security interest in and continuing lien upon, the patents and patent applications set forth on Schedule 1 attached hereto to the Administrative Agent for the ratable benefit of the holders of the Secured Obligations. 

The undersigned Grantor and the Administrative Agent, on behalf of the holders of the Secured Obligations, hereby acknowledge and agree that
the security interest in the patents and patent applications set forth on Schedule 1 attached hereto (i) may only be terminated in accordance with the terms of the Security Agreement and (ii) is not to be construed as an assignment
of any patent or patent application. 
  

					
	Very truly yours,
	
	  

	[Grantor]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Acknowledged and Accepted: 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

					
	as Administrative Agent
		
	By:	 	                                   
                                         
             
		 	Name:	 	                                     
                                       
		 	Title:	 	                                     
                                       

 SCHEDULE 6(c)(iii) 

NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS 

United States Patent and Trademark Office 
 Ladies and
Gentlemen: 
 Please be advised that pursuant to the Fifth Amended and Restated Security Agreement, dated as of
[            , 2017], (the “Security Agreement”), by and among the Grantors party thereto (each a “Grantor” and collectively, the
“Grantors”) and Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) for the holders of the Secured Obligations referenced therein, the undersigned Grantor has granted a
continuing security interest in and continuing lien upon, the trademarks and trademark applications set forth on Schedule 1 attached hereto to the Administrative Agent for the ratable benefit of the holders of the Secured Obligations. 

The undersigned Grantor and the Administrative Agent, on behalf of the holders of the Secured Obligations, hereby acknowledge and agree that
the security interest in the trademarks and trademark applications set forth on Schedule 1 attached hereto (i) may only be terminated in accordance with the terms of the Security Agreement and (ii) is not to be construed as an
assignment of any trademark or trademark application. 
  

					
	Very truly yours,
	
	  

	[Grantor]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Acknowledged and Accepted: 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

					
	as Administrative Agent
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Exhibit C 

FORM OF PLEDGE AGREEMENT 

FIFTH AMENDED AND RESTATED PLEDGE AGREEMENT 

[Related to RYMAN HOSPITALITY PROPERTIES, INC. 

Fifth Amended and Restated Credit Agreement, dated [            , 2017] 

THIS FIFTH AMENDED AND RESTATED PLEDGE AGREEMENT, dated as of
[            , 2017] (this “Pledge Agreement”), is made by the parties listed on the signature pages hereto (each individually a “Pledgor”
and collectively, the “Pledgors”) in favor of Wells Fargo Bank, National Association, in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders (as defined in the Credit
Agreement described below) and is an amendment and restatement of that certain Fourth Amended and Restated Pledge Agreement, dated as of April 18, 2013, among the parties hereto (as amended, restated, supplemented or otherwise modified prior to
the date hereof, the “Replaced Pledge Agreement”). 
 RECITALS 

WHEREAS, pursuant to that certain Fifth Amended and Restated Credit Agreement, dated as of the date hereof (as amended, modified,
extended, renewed or replaced from time to time, the “Credit Agreement”), among Ryman Hospitality Properties, Inc., a Delaware corporation (the “Parent”), RHP Hotel Properties, LP, a Delaware limited partnership
(the “Borrower”), the Guarantors party thereto, the Lenders and the Administrative Agent, the Lenders have agreed to make Loans upon the terms and subject to the conditions set forth therein; 

WHEREAS, the Pledgors, collectively, are the owners of all of the outstanding equity interests in the Guarantors; 

WHEREAS, the Parent, either directly or indirectly, owns all of the outstanding interests in the other Pledgors; 

WHEREAS, as a result of the Pledgors’ respective ownership in the Borrower and the Guarantors, the Pledgors expect to receive
certain benefits as a result of the pledge, assignment and grant of security interest contemplated herein; and 
 WHEREAS, it is a
condition precedent to the effectiveness of the Credit Agreement and the obligations of the Lenders to make their respective Loans under the Credit Agreement that the Pledgors shall have executed and delivered this Pledge Agreement to the
Administrative Agent for the ratable benefit of the holders of the Secured Obligations. 
 NOW, THEREFORE, in consideration of these
premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1.    Definitions. 

(a)    Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Credit
Agreement. 
 (b)    The following terms which are defined in the Uniform Commercial Code (the “UCC”)
in effect in the State of New York on the date hereof are used herein as so defined: Securities Account. 

 (c)    As used herein, the following terms shall have the meanings set forth
below: 
 “Secured Obligations” means, without duplication, (i) all of the Obligations and
(ii) all reasonable and documented costs and expenses actually incurred by the Administrative Agent in connection with enforcement and collection of the Obligations, including reasonable and documented attorneys’ fees. 

2.    Pledge and Grant of Security Interest. To secure the prompt payment and performance in full when due, whether
by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations, each Pledgor hereby pledges and assigns to the Administrative Agent, for the benefit of the holders of the Secured Obligations, and grants to the
Administrative Agent, for the benefit of the holders of the Secured Obligations, a continuing security interest in, and a right to set off against, any and all right, title and interest of such Pledgor in and to the following, whether now owned or
existing or owned, acquired, or arising hereafter (collectively, the “Pledged Collateral”): 

(a)    Pledged Capital Stock. One hundred percent (100%) of the issued and outstanding Capital Stock owned by such
Pledgor in (i) the Borrower, (ii) the Guarantors (other than the Parent), (iii) all pledgors of equity in the Guarantors and (iv) RHP Operations and Attractions Holdings, LLC (a list of such Persons and the Capital Stock owned by the
respective Pledgors therein, as of the Closing Date, is set forth on Schedule 2(a) attached hereto) together with the certificates (or other agreements or instruments), if any, representing such Capital Stock and all options and other rights,
contractual or otherwise, with respect thereto (collectively, together with the Capital Stock described in Sections 2(b) and 2(c) below, the “Pledged Capital Stock”), including, but not limited to,
the following: 
 (A)    all shares, securities, partnership interests, membership interests or other
equity interests representing a dividend on any of the Pledged Capital Stock, or representing a distribution or return of capital upon or in respect of the Pledged Capital Stock, or resulting from a stock split, revision, reclassification or other
exchange therefor, and any subscriptions, warrants, rights or options issued to the holder of, or otherwise in respect of, the Pledged Capital Stock; and 

(B)    without affecting the obligations of the Pledgors under any provision prohibiting such action
hereunder or under the Credit Agreement, in the event of any consolidation or merger involving the issuer of any Pledged Capital Stock and in which such issuer is not the surviving entity, the Capital Stock (in the applicable percentage specified in
Section 2(a) above) of the successor entity formed by or resulting from such consolidation or merger. 

(b)    Additional Shares. One hundred percent (100%) (or, if less, the full amount owned by such Pledgor) of the
issued and outstanding Capital Stock of any Person which hereafter directly or indirectly owns a Borrowing Base Property together with the certificates (or other agreements or instruments), if any, representing such Capital Stock. 

(c)    Proceeds. All proceeds and products of the foregoing, however and whenever acquired and in whatever form.

 Without limiting the generality of the foregoing, it is hereby specifically understood and agreed that each Pledgor may from time to time
hereafter deliver additional shares of Capital Stock to the Administrative Agent as collateral security for the Secured Obligations. Upon delivery to the Administrative Agent, such additional Capital Stock shall be deemed to be part of the Pledged
Collateral and shall be subject to the terms of this Pledge Agreement whether or not Schedule 2(a) is amended to refer to such additional Capital Stock. 

3.    Security for Secured Obligations. The security interest created hereby in the Pledged Collateral constitutes
continuing collateral security for all of the Secured Obligations. 
 4.    Delivery of the Pledged Collateral;
Perfection of Security Interest. Each Pledgor hereby agrees that: 
 (a)    Delivery of Certificates. Each
Pledgor shall deliver to the Administrative Agent (i) simultaneously with or prior to the execution and delivery of this Pledge Agreement, all certificates representing the Pledged Capital Stock of such Pledgor and (ii) promptly upon the
receipt thereof by or on behalf of a Pledgor, all 

 
other certificates and instruments constituting Pledged Collateral of a Pledgor. Prior to delivery to the Administrative Agent, all such certificates and instruments constituting Pledged
Collateral of a Pledgor shall be held in trust by such Pledgor for the benefit of the Administrative Agent pursuant hereto. All such certificates shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed
instruments of transfer or assignment in blank, substantially in the form provided in Exhibit 4(a) attached hereto. 

(b)    Additional Securities. If such Pledgor shall receive by virtue of its being, becoming or having been the
owner of any Pledged Collateral, any (i) certificate, including without limitation, any certificate representing a dividend or distribution in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale
of assets, combination of shares or membership or equity interests, stock splits, spin-off or split-off, promissory notes or other instrument; (ii) option or right,
whether as an addition to, substitution for, or an exchange for, any Pledged Collateral or otherwise; (iii) dividends payable in securities; or (iv) distributions of securities or other equity interests in connection with a partial or
total liquidation, dissolution or reduction of capital, capital surplus or paid-in surplus, such Pledgor shall receive such certificate, instrument, option, right or distribution in trust for the benefit of
the Administrative Agent, shall segregate it from such Pledgor’s other property and shall deliver it forthwith to the Administrative Agent in the exact form received together with any necessary endorsement and/or appropriate stock power duly
executed in blank, substantially in the form provided in Exhibit 4(a), to be held by the Administrative Agent as Pledged Collateral and as further collateral security for the Secured Obligations. 

(c)    Financing Statements. Each Pledgor shall deliver to the Administrative Agent such UCC or other applicable
financing statements as may be reasonably requested by the Administrative Agent in order to perfect and protect the security interest created hereby in the Pledged Collateral of such Pledgor. 

5.    Representations and Warranties. Each Pledgor hereby represents and warrants to the Administrative Agent, for
the benefit of the holders of the Secured Obligations, that so long as any of the Secured Obligations remain outstanding (other than any such obligations which by the terms thereof are stated to survive termination of the Loan Documents and any
contingent indemnity obligations that are not yet due and payable): 
 (a)    Authorization of Pledged Capital
Stock. The Pledged Capital Stock is duly authorized and validly issued, is fully paid and, with respect to any Pledged Capital Stock consisting of stock of a corporation, nonassessable and is not subject to the preemptive rights of any Person.
All other shares of Capital Stock constituting Pledged Collateral will be duly authorized and validly issued, fully paid and, with respect to any Pledged Capital Stock consisting of stock of a corporation, nonassessable and not subject to the
preemptive rights of any Person. 
 (b)    Title. Each Pledgor has good and indefeasible title to the
Pledged Collateral of such Pledgor and will at all times be the legal and beneficial owner of such Pledged Collateral free and clear of any Lien, other than Permitted Liens. There exists no “adverse claim” within the meaning of Section 8-102 of the UCC with respect to the Pledged Capital Stock of such Pledgor. 

(c)    Exercising of Rights. The exercise by the Administrative Agent of its rights and remedies hereunder will not
violate any law or governmental regulation or any material contractual restriction binding on or affecting a Pledgor or any of its property. 

(d)    Pledgor’s Authority. No authorization, approval or action by, and no notice or filing with any
Governmental Authority or with the issuer of any Pledged Capital Stock is required either (i) for the pledge made by a Pledgor or for the granting of the security interest by a Pledgor pursuant to this Pledge Agreement or (ii) for the
exercise by the Administrative Agent or the holders of the Secured Obligation of their rights and remedies hereunder (except as may be required by Laws affecting the offering and sale of securities). 

(e)    Security Interest/Priority. This Pledge Agreement creates a valid security interest in favor of the
Administrative Agent, for the benefit of the holders of the Secured Obligations, in the Pledged Collateral. The taking possession by the Administrative Agent of the certificates, if any, representing the Pledged Capital Stock and all other
certificates and instruments constituting Pledged Collateral will perfect and establish the first priority of the Administrative Agent’s security interest in all certificated Pledged Capital Stock and such certificates and instruments and, upon
the filing of UCC financing statements in the appropriate filing office in the location of each 

 
Pledgor’s state of formation, the Administrative Agent shall have a first priority perfected security interest in all uncertificated Pledged Capital Stock consisting of partnership or
limited liability company interests that do not constitute a security pursuant to Section 8-103(c) of the UCC. Except as set forth in this Section 5(e), no action is necessary to
perfect or otherwise protect such security interest. 
 (f)    No Other Capital Stock. No Pledgor owns any
Capital Stock of any Person which directly or indirectly owns a Borrowing Base Property other than as set forth on Schedule 2(a) attached hereto. 

(g)    Partnership and Limited Liability Company Interests. Except as previously disclosed to the Administrative
Agent, none of the Pledged Capital Stock consisting of partnership or limited liability company interests (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that it is a
security governed by Article 8 of the UCC, (iii) is an investment company security, (iv) is held in a Securities Account or (v) constitutes a “security” or a “financial asset” as such terms are defined in Article 8
of the UCC. 
 6.    Covenants. Each Pledgor hereby covenants, that so long as any of the Secured Obligations
remain outstanding (other than any such obligations which by the terms thereof are stated to survive termination of the Loan Documents and any contingent indemnity obligations that are not yet due and payable) and until all of the commitments
relating thereto have been terminated, such Pledgor shall: 
 (a)    Books and Records. Mark its books and
records (and shall cause the issuer of the Pledged Capital Stock of such Pledgor to mark its books and records) to reflect the security interest granted to the Administrative Agent, for the benefit of the holders of the Secured Obligations, pursuant
to this Pledge Agreement. 
 (b)    Defense of Title. Warrant and defend title to and ownership of the Pledged
Collateral of such Pledgor at its own expense against the claims and demands of all other parties claiming an interest therein, keep the Pledged Collateral free from all Liens, except for Permitted Liens, and not sell, exchange, transfer, assign,
lease or otherwise dispose of Pledged Collateral of such Pledgor or any interest therein, except as permitted under the Credit Agreement and the other Loan Documents. 

(c)    Further Assurances. Promptly execute and deliver at its expense all further instruments and documents and
take all further action that the Administrative Agent may reasonably request in order to (i) perfect and protect the security interest created hereby in the Pledged Collateral of such Pledgor (including, without limitation, the execution and
filing of UCC financing statements and any and all action necessary to satisfy the Administrative Agent that the Administrative Agent has obtained a first priority perfected security interest in all Pledged Collateral); (ii) enable the
Administrative Agent to exercise and enforce its rights and remedies hereunder in respect of the Pledged Collateral of such Pledgor; and (iii) otherwise effect the purposes of this Pledge Agreement, including, without limitation and if
requested by the Administrative Agent, delivering to the Administrative Agent irrevocable proxies in respect of the Pledged Collateral of such Pledgor. 

(d)    Amendments; Modifications; Changes in Corporate Status. Not make or consent to any amendment or other
modification or waiver with respect to any of the Pledged Collateral of such Pledgor or enter into any agreement or allow to exist any restriction with respect to any of the Pledged Collateral of such Pledgor other than pursuant hereto or as may be
permitted under the Credit Agreement and not cause or permit without the prior written consent of the Administrative Agent any change in the organizational documents, name or corporate status or jurisdiction of organization of such Pledgor that
could reasonably be expected to, in any manner, cause any security interest granted herein or any filing made in connection herewith to lapse, terminate or otherwise become ineffective (whether immediately or as a result of the passage of time) with
respect to any of the Pledged Collateral. 
 (e)    Compliance with Securities Laws. File all reports and other
information now or hereafter required to be filed by such Pledgor with the United States Securities and Exchange Commission and any other state, federal or foreign agency in connection with the ownership of the Pledged Collateral of such Pledgor.

 7.    Performance of Obligations and Advances by Administrative Agent or Lenders. On failure of any Pledgor to
perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole 

 
option and in its sole discretion, perform or cause to be performed the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance
thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures
which the Administrative Agent may make for the protection of the security hereof or which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Pledgors on a joint and several basis (subject
to Section 25 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate specified in the Credit Agreement
for Loans that are Base Rate Revolving Loans. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Pledgor, and no such advance or expenditure therefor, shall relieve the Pledgors of any default under the
terms of this Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any bill, statement or estimate procured from the
appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such
payment is being contested in good faith by a Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP. 

8.    Events of Default. The occurrence of an event which under the Credit Agreement or any other Loan Document
would constitute an Event of Default shall be an event of default hereunder (an “Event of Default”). 

9.    Remedies. 

(a)    General Remedies. Upon the occurrence of an Event of Default and during the continuation thereof, the
Administrative Agent and the holders of the Secured Obligations shall have, in respect of the Pledged Collateral of any Pledgor, in addition to the rights and remedies provided herein, in the Loan Documents, in any other documents relating to the
Secured Obligations or by law, the rights and remedies of a secured party under the UCC or any other applicable law. 

(b)    Sale of Pledged Collateral. Upon the occurrence of an Event of Default and during the continuation thereof,
without limiting the generality of this Section and without notice, the Administrative Agent may, in its sole discretion, sell or otherwise dispose of or realize upon the Pledged Collateral, or any part thereof, in one or more parcels, at
public or private sale, at any exchange or broker’s board or elsewhere, at such price or prices and on such other terms as the Administrative Agent may deem commercially reasonable, for cash, credit or for future delivery or otherwise in
accordance with applicable law. To the extent permitted by law, any holder of the Secured Obligations may in such event bid for the purchase of such securities. Each Pledgor agrees that, to the extent notice of sale shall be required by law and has
not been waived by such Pledgor, any requirement of reasonable notice shall be met if notice, specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed postage prepaid to such
Pledgor in accordance with the notice provisions of Section 11.02 of the Credit Agreement at least ten (10) days before the time of such sale. The Administrative Agent shall not be obligated to make any sale of Pledged
Collateral of such Pledgor regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further
notice, be made at the time and place to which it was so adjourned. 
 (c)    Private Sale. Upon the occurrence
of an Event of Default and during the continuation thereof, the Pledgors recognize that the Administrative Agent may be unable or deem it impracticable to effect a public sale of all or any part of the Pledged Collateral and that the Administrative
Agent may, therefore, determine to make one or more private sales of any such Pledged Collateral to a restricted group of purchasers who will be obligated to 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 Pledgor acknowledges that any such private sale may be at prices and on terms less favorable to the seller than the prices and other terms which might have been obtained at a
public sale and, notwithstanding the foregoing, agrees that such private sale shall be deemed to have been made in a commercially reasonable manner and that the Administrative Agent shall have no obligation to delay sale of any such Pledged
Collateral for the period of time necessary to permit the issuer of such Pledged Collateral to register such Pledged Collateral for public sale under the Securities Act of 1933 or under applicable state securities laws.

 
Each Pledgor further acknowledges and agrees that any offer to sell such Pledged Collateral which has been (i) publicly advertised on a bona fide basis in a newspaper or other publication of
general circulation in the financial community of New York, New York (to the extent that such offer may be advertised without prior registration under the Securities Act of 1933), or (ii) made privately in the manner described above shall be
deemed to involve a “public sale” under the UCC, notwithstanding that such sale may not constitute a “public offering” under the Securities Act of 1933, and the Administrative Agent may, in such event, bid for the purchase of
such Pledged Collateral. 
 (d)    Retention of Pledged Collateral. In addition to the rights and remedies
hereunder, upon the occurrence and during the continuation of an Event of Default, the Administrative Agent may, after providing the notices required by Sections 9-620 and
9-621 of the UCC (or any successor sections of the UCC) or otherwise complying with the requirements of applicable law of the relevant jurisdiction, retain all or any portion of the Pledged Collateral in
satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have retained any Pledged Collateral in satisfaction of any Secured
Obligations for any reason. 
 (e)    Deficiency. In the event that the proceeds of any sale, collection or
realization are insufficient to pay all amounts to which the Administrative Agent or the holders of the Secured Obligations are legally entitled, the Pledgors shall be jointly and severally liable (subject to Section 25 hereof) for the
deficiency, together with interest thereon at the Default Rate specified in the Credit Agreement for Loans that are Base Rate Revolving Loans and together with the costs of collection and the reasonable fees of any attorneys employed by the
Administrative Agent to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Pledgors or to whomsoever a court of competent jurisdiction shall determine to be
entitled thereto. 
 10.    Rights of the Administrative Agent. 

(a)    Power of Attorney. In addition to other powers of attorney contained herein, each Pledgor hereby designates
and appoints the Administrative Agent, on behalf of the holders of the Secured Obligations, and each of its designees or agents as attorney-in-fact of such Pledgor,
irrevocably and with power of substitution, with authority to take any or all of the following actions upon the occurrence and during the continuance of an Event of Default: 

(ii)    to demand, collect, settle, compromise, adjust and give discharges and releases concerning the
Pledged Collateral of such Pledgor, all as the Administrative Agent may reasonably determine; 

(iii)    to commence and prosecute any actions at any court for the purposes of collecting any of the
Pledged Collateral of such Pledgor and enforcing any other right in respect thereof; 
 (iv)    to
defend, settle, adjust or compromise any action, suit or proceeding brought and, in connection therewith, give such discharge or release as the Administrative Agent may deem reasonably appropriate; 

(v)    to pay or discharge taxes, liens, security interests, or other encumbrances levied or placed on or
threatened against the Pledged Collateral of such Pledgor; 
 (vi)    to direct any parties liable for
any payment under any of the Pledged Collateral to make payment of any and all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; 

(vii)    to receive payment of and receipt for any and all monies, claims, and other amounts due and to
become due at any time in respect of or arising out of any Pledged Collateral of such Pledgor; 

(viii)    to sign and endorse any drafts, assignments, proxies, stock powers, verifications, notices and
other documents relating to the Pledged Collateral of such Pledgor; 

 (ix)    to execute and deliver all assignments, conveyances,
statements, financing statements, renewal financing statements, pledge agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may determine necessary in order to perfect and maintain the
security interests and liens granted in this Pledge Agreement and in order to fully consummate all of the transactions contemplated herein; 

(x)    to exchange any of the Pledged Collateral of such Pledgor or other property upon any merger,
consolidation, reorganization, recapitalization or other readjustment of the issuer thereof and, in connection therewith, deposit any of the Pledged Collateral of such Pledgor with any committee, depository, transfer agent, registrar or other
designated agency upon such terms as the Administrative Agent may determine; 
 (xi)    to vote for a
shareholder or member resolution, or to sign an instrument in writing, sanctioning the transfer of any or all of the Pledged Collateral of such Pledgor into the name of the Administrative Agent or one or more of the holders of the Secured
Obligations or into the name of any transferee to whom the Pledged Collateral of such Pledgor or any part thereof may be sold pursuant to Section 9 hereof; and 

(xii)    to do and perform all such other acts and things as the Administrative Agent may reasonably deem
to be necessary, proper or convenient in connection with the Pledged Collateral of such Pledgor. 
 This power of attorney is a power coupled with an
interest and shall be irrevocable for so long as any of the Secured Obligations remain outstanding (other than any such obligations which by the terms thereof are stated to survive termination of the Loan Documents and any contingent indemnity
obligations that are not yet due and payable) and until all of the commitments relating thereto shall have been terminated. The Administrative Agent shall be under no duty to exercise or withhold the exercise of any of the rights, powers, privileges
and options expressly or implicitly granted to the Administrative Agent in this Pledge Agreement and shall not be liable for any failure to do so or any delay in doing so. The Administrative Agent shall not be liable for any act or omission or for
any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross
negligence or willful misconduct. This power of attorney is conferred on the Administrative Agent solely to protect, preserve and realize upon its security interest in the Pledged Collateral. 

(b)    Assignment by the Administrative Agent. The Administrative Agent may from time to time assign the Secured
Obligations and any portion thereof and/or the Pledged Collateral and any portion thereof, and the assignee shall be entitled to all of the rights and remedies of the Administrative Agent under this Pledge Agreement in relation thereto. 

(c)    The Administrative Agent’s Duty of Care. Other than the exercise of reasonable care to ensure the safe
custody of the Pledged Collateral while being held by the Administrative Agent hereunder, the Administrative Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that each of the Pledgors shall
be responsible for preservation of all rights in the Pledged Collateral of such Pledgor, and the Administrative Agent shall be relieved of all responsibility for such Pledged Collateral upon surrendering it or tendering the surrender of it to such
Pledgor. The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equal to that which the
Administrative Agent accords its own property, which shall be no less than the treatment employed by a reasonable and prudent agent in the industry, it being understood that the Administrative Agent shall not have responsibility for
(i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Pledged Collateral, whether or not the Administrative Agent has or is deemed to have knowledge of such
matters; or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral. 

(d)    Voting Rights in Respect of the Pledged Collateral. 

(i)    So long as no Event of Default shall have occurred and be continuing, to the extent permitted by
law, each Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral of such Pledgor or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement or the Credit Agreement;
and 

 (ii)    Upon the occurrence and during the continuance of an
Event of Default, all rights of a Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to paragraph (i) of this subsection (d) shall cease and all such rights shall thereupon
become vested in the Administrative Agent which shall then have the sole right to exercise such voting and other consensual rights. 

(e)    Dividend and Distribution Rights in Respect of the Pledged Collateral. 

(iii)    So long as no Event of Default shall have occurred and be continuing and subject to
Section 4(b) hereof, each Pledgor may receive and retain any and all dividends (other than stock dividends and other dividends constituting Pledged Collateral which are addressed hereinabove), distributions or interest paid in respect of the
Pledged Collateral to the extent they are allowed under the Credit Agreement. 
 (iv)    Upon the
occurrence and during the continuance of an Event of Default: 
 (A)    all rights of a Pledgor to
receive the dividends, distributions and interest payments which it would otherwise be authorized to receive and retain pursuant to paragraph (i) of this subsection (e) shall cease and all such rights shall thereupon be vested in the
Administrative Agent which shall then have the sole right to receive and hold as Pledged Collateral such dividends, distributions and interest payments; and 

(B)    all dividends, distributions and interest payments which are received by a Pledgor contrary to the
provisions of subsection (A) of this Section shall be received in trust for the benefit of the Administrative Agent, shall be segregated from other property or funds of such Pledgor, and shall be forthwith paid over to the Administrative
Agent as Pledged Collateral in the exact form received, to be held by the Administrative Agent as Pledged Collateral and as further collateral security for the Secured Obligations. 

(e)    Release of Pledged Collateral. The Administrative Agent may release any of the Pledged Collateral from this
Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Pledge Agreement as to any Pledged
Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority lien on all Pledged Collateral not expressly released or substituted. 

11.    Rights of Required Lenders. All rights of the Administrative Agent hereunder, if not exercised by the
Administrative Agent, may be exercised by the Required Lenders. 
 12.    Application of Proceeds. Upon the
occurrence and during the continuance of an Event of Default, any payments in respect of the Secured Obligations and any proceeds of any Pledged Collateral, when received by the Administrative Agent or any of the holders of the Secured Obligations
in cash or its equivalent, will be applied in reduction of the Secured Obligations in the order set forth in Section 9.03 of the Credit Agreement, and each Pledgor irrevocably waives the right to direct the application of
such payments and proceeds and acknowledges and agrees that the Administrative Agent shall have the continuing and exclusive right to apply and reapply any and all such payments and proceeds in the Administrative Agent’s sole discretion,
notwithstanding any entry to the contrary upon any of its books and records. 
 13.    Costs and Expenses. At all
times hereafter, the Pledgors agree to promptly pay upon demand any and all reasonable costs and expenses of the Administrative Agent or the holders of the Secured Obligations, (a) as required under Section 11.04 of
the Credit Agreement and (b) as necessary to protect the Pledged Collateral or to exercise any rights or remedies under this Pledge Agreement or with respect to any Pledged Collateral. All of the foregoing costs and expenses shall constitute
Secured Obligations hereunder. 

 14.    Continuing Agreement. 

(a)    This Pledge Agreement shall be a continuing agreement in every respect and shall remain in full force and effect so
long as any of the Secured Obligations remain outstanding (other than any such obligations which by the terms thereof are stated to survive termination of the Loan Documents and any contingent indemnity obligations that are not yet due and payable)
and until all of the commitments relating thereto have been terminated. Upon such payment and termination, this Pledge Agreement shall be automatically terminated and the Administrative Agent and the holders of the Secured Obligations shall, upon
the request and at the expense of the Pledgors, (i) return all certificates representing the Pledged Capital Stock, all other certificates and instruments constituting Pledged Collateral and all instruments of transfer or assignment which have
been delivered to the Administrative Agent pursuant to this Pledge Agreement and (ii) forthwith release all of its liens and security interests hereunder and shall execute and deliver all UCC termination statements and/or other documents
reasonably requested by the Pledgors evidencing such termination. Notwithstanding the foregoing, all releases and indemnities provided hereunder shall survive termination of this Pledge Agreement. 

(b)    This Pledge Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any
time payment, in whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any holder of the Secured Obligations as a preference, fraudulent conveyance or otherwise
under any bankruptcy, insolvency or similar law, all as though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be restored or returned, all reasonable costs and
expenses (including without limitation any reasonable legal fees and disbursements) incurred by the Administrative Agent or any holder of the Secured Obligations in defending and enforcing such reinstatement shall be deemed to be included as a part
of the Secured Obligations. 
 15.    Amendments; Waivers; Modifications. This Pledge Agreement and the
provisions hereof may not be amended, waived, modified, changed, discharged or terminated except as set forth in Section 11.01 of the Credit Agreement. 

16.    Successors in Interest. This Pledge Agreement shall create a continuing security interest in the Pledged
Collateral and shall be binding upon each Pledgor, its successors and assigns and shall inure, together with the rights and remedies of the Administrative Agent and the holders of the Secured Obligations hereunder, to the benefit of the
Administrative Agent and the holders of the Secured Obligations and their successors and permitted assigns; provided, however, that none of the Pledgors may assign its rights or delegate its duties hereunder without the prior written
consent of each Lender or the Required Lenders, as required by the Credit Agreement. To the fullest extent permitted by law, each Pledgor hereby releases the Administrative Agent and each holder of the Secured Obligations, and its successors and
assigns, from any liability for any act or omission relating to this Pledge Agreement or the Pledged Collateral, except for any liability arising from the gross negligence or willful misconduct of the Administrative Agent, or such holder, or its
officers, employees or agents. 
 17.    Notices. All notices required or permitted to be given under this Pledge
Agreement shall be in conformance with Section 11.02 of the Credit Agreement. 

18.    Counterparts. This Pledge Agreement may be executed in any number of counterparts, each of which where so
executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Pledge Agreement to produce or account for more than one such counterpart. 

19.    Headings. The headings of the sections and subsections hereof are provided for convenience only and shall
not in any way affect the meaning, construction or interpretation of any provision of this Pledge Agreement. 

20.    Governing Law; Submission to Jurisdiction; Venue; WAIVER OF JURY TRIAL. The terms of Sections 11.14
and 11.15 of the Credit Agreement with respect to governing law, submission to jurisdiction, venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

 21.    Severability. If any provision of this Pledge Agreement is
determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable
provisions. 
 22.    Entirety. This Pledge Agreement, the other Loan Documents and the other documents relating
to the Secured Obligations represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to the Loan
Documents, such Swap Contracts or the transactions contemplated herein and therein. 
 23.    Survival. All
representations and warranties of the Pledgors hereunder shall survive the execution and delivery of this Pledge Agreement, the other Loan Documents and other documents relating to the Secured Obligations, the delivery of the Notes, the making of
the Loans. 
 24.    Other Security. To the extent that any of the Secured Obligations are now or hereafter
secured by property other than the Pledged Collateral (including, without limitation, real and other personal property owned by a Pledgor), or by a guarantee, endorsement or property of any other Person, then the Administrative Agent shall have the
right to proceed against such other property, guarantee or endorsement upon the occurrence of any Event of Default, and the Administrative Agent have the right, in its sole discretion, to determine which rights, security, liens, security interests
or remedies the Administrative Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or any of the rights of the Administrative Agent or the holders of the
Secured Obligations under this Pledge Agreement, under any other of the Loan Documents or under any other document relating to the Secured Obligations. 

25.    Joint and Several Obligations of Pledgors. 

(a)    Each of the Pledgors is accepting joint and several liability hereunder in consideration of the financial
accommodation to be provided by the holders of the Secured Obligations under the Credit Agreement, for the mutual benefit, directly and indirectly, of each of the Pledgors and in consideration of the undertakings of each of the Pledgors to accept
joint and several liability for the obligations of each of them. 
 (b)    Each of the Pledgors jointly and severally
hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Pledgors with respect to the obligations arising under this Pledge
Agreement, it being the intention of the parties hereto that all the obligations hereunder shall be the joint and several obligations of each of the Pledgors without preferences or distinction among them. 

(c)    Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents, or other
documents relating to the Secured Obligations, the obligations of each Pledgor hereunder shall be limited to an aggregate amount equal to the largest amount that would render such obligations subject to avoidance under
Section 548 of the Bankruptcy Code, any comparable provisions of any applicable state law or any applicable corporate or other organizational Laws relating to the ability of an entity to approve and authorize Guarantees or
Indebtedness (or the effectiveness of any such approval or authorization) in excess of an amount that would render such entity insolvent or such other amount as may be established by such Law. 

26.    Amendment and Restatement. The parties hereto hereby acknowledge and agree that (a) this Pledge
Agreement represents an amendment and restatement of the Replaced Pledge Agreement, (b) the liens and security interests in favor of the Administrative Agent and Lenders and created by the Replaced Pledge Agreement shall continue uninterrupted
upon the effectiveness hereof and (c) nothing contained herein is intended to represent a novation of any type with respect to the “Secured Obligations” as defined in the Replaced Pledge Agreement. 

27.    Consent of Issuers of Pledged Capital Stock. Each issuer of Pledged Capital Stock party to this Agreement
hereby acknowledges, consents and agrees to the grant of the security interests in such Pledged Capital Stock by the applicable Pledgors pursuant to this Agreement, together with all rights accompanying such security interest as provided by this
Agreement and applicable law, notwithstanding any anti-assignment provisions in any operating agreement, limited partnership agreement or similar organizational or governance documents of such issuer. 

 28.    Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. 
 Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges and agrees that Section 11.20 of the Credit Agreement is hereby incorporated in its entirety as if fully set forth herein.

 [Remainder of this page intentionally left blank] 

 Each of the parties hereto has caused a counterpart of this Pledge Agreement to be duly executed and delivered as
of the date first above written. 
  

							
	PLEDGORS:
		
		 	RHP HOTEL PROPERTIES, LP,
		 	a Delaware limited partnership
			
		 	By:	 	RHP Partner, LLC,
		 		 	 a Delaware limited liability company,

its general partner

				
		 		 	By:	 	
                     
                                         
       

		 		 		 	Mark Fioravanti
		 		 		 	Vice President
		
		 	RYMAN HOSPITALITY PROPERTIES, INC.,
		 	a Delaware corporation
			
		 	By:	 	  

		 		 	Mark Fioravanti
		 		 	Executive Vice President and Chief Financial Officer
		
		 	RHP HOTELS, LLC,
		 	a Delaware limited liability company
			
		 	By:	 	  

		 		 	Mark Fioravanti
		 		 	Vice President
		
		 	RHP PROPERTY NH, LLC,
		 	a Maryland limited liability company
			
		 	By:	 	  

		 		 	Mark Fioravanti
		 		 	Chief Financial Officer, Vice President

 
			
	 RHP PARTNER, LLC,
 a
Delaware limited liability company

		
	By:	 	  

		 	Mark Fioravanti
		 	Vice President
	
	 OPRYLAND HOSPITALITY, LLC.

a Tennessee limited liability company

		
	By:	 	  

		 	Mark Fioravanti
		 	Chief Financial Officer, Vice President
	
	 RHP PROPERTY GT, LLC,

a Delaware limited liability company

		
	By:	 	  

		 	Mark Fioravanti
		 	Vice President

 Accepted and agreed as of the date first above written. 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as
Administrative Agent 
  

					
	By:	 	  

		 	Name:	 	Anand J. Jobanputra
		 	Title:	 	Vice President

 Schedule 2(a) 

to 
 Fifth Amended and Restated
Pledge Agreement 
 dated as of [             , 2017], in favor of

 Wells Fargo Bank, National Association, 

as Administrative Agent 

PLEDGED CAPITAL STOCK 
 “GP”
refers to a general partnership interest. 
 “LP” refers to a limited partnership interest. 

“Member” refers to a membership interest. 

“Shareholder” refers to a shareholder or corporate stock interest. 
  

											
	 Pledgor
	  	 Subsidiary

Pledged
	  	 Number of
Shares
	  	 Certificate
Number
	  	 Percentage
Ownership and
Type
	  	 Percentage
Pledged

	RHP Hotels, LLC	  	RHP Operations and Attractions Holdings, LLC	  	N/A	  	N/A	  	 100% Member
	  	100%
	RHP Hotels, LLC	  	RHP Property NH, LLC	  	N/A	  	N/A	  	 100% Member
	  	100%
	RHP Hotels, LLC	  	Opryland Hospitality, LLC	  	N/A	  	N/A	  	 100% Member
	  	100%
	RHP Hotels, LLC	  	RHP Property GT, LLC	  	N/A	  	N/A	  	 100% Member
	  	100%
	RHP Property NH, LLC	  	RHP Property GP, LP	  	N/A	  	N/A	  	 99% LP
	  	100%
	Opryland Hospitality, LLC	  	RHP Property GP, LP	  	N/A	  	N/A	  	 1% GP
	  	100%
	Opryland Hospitality, LLC	  	RHP Property GT, LP	  	N/A	  	N/A	  	 1% GP
	  	100%
	RHP Property GT, LLC	  	RHP Property GT, LP	  	N/A	  	N/A	  	 99% LP
	  	100%
	RHP Hotel Properties, LP	  	RHP Hotels, LLC	  	N/A	  	N/A	  	 100% Member
	  	100%
	RHP Partner, LLC	  	RHP Hotel Properties, LP	  	N/A	  	N/A	  	 0.5% GP
	  	100%
	Ryman Hospitality Properties, Inc.	  	RHP Hotel Properties, LP	  	N/A	  	N/A	  	 99.5% LP
	  	100%
	Ryman Hospitality Properties, Inc.	  	RHP Partner, LLC	  	N/A	  	N/A	  	 100% Member
	  	100%

 Exhibit 4(a) 

to 
 Fifth Amended and Restated
Pledge Agreement 
 dated as of [             , 2017] in favor of

 Wells Fargo Bank, National Association, 

as Administrative Agent 

Irrevocable Stock Power 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to the following shares of capital stock of
                            , a
                     corporation: 
  

			
	 No. of Shares
	  	 Certificate No.

		  	

 and irrevocably appoints
                                        
its agent and attorney-in-fact to transfer all or any part of such capital stock and to take all necessary and appropriate action to effect any such transfer. The agent
and attorney-in-fact may substitute and appoint one or more persons to act for him. 

 

					
	                                    
                                         
                         ,
	a                      corporation
		
	By:	 	                                    
                                         
                  
		 	Name:	 	                                     
                                         
  
		 	Title:	 	                                     
                                         
  

 Exhibit D-1 

FORM OF REVOLVING NOTE 

            , 201   

FOR VALUE RECEIVED, RHP HOTEL PROPERTIES, LP, a Delaware limited partnership (the “Borrower”), hereby promises to pay to
                     or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of each Revolving Loan from time to time made by the Lender to the Borrower under that certain Fifth Amended and Restated Credit Agreement, dated as of
[            , 2017] (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein
being used herein as therein defined), among the Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C
Issuer. 
 The Borrower promises to pay interest on the unpaid principal amount of each Revolving Loan from the date of such Revolving Loan
until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in
immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment
(and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 
 This Revolving Note is one of the
Revolving Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Revolving Note is also entitled to the benefits of the Guaranty and
is secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Revolving Note shall become, or may be declared to be, immediately due
and payable all as provided in the Agreement. Revolving Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this
Revolving Note and endorse thereon the date, amount and maturity of its Revolving Loans and payments with respect thereto. 
 The Borrower,
for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Revolving Note. 

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

 

					
	 RHP HOTEL PROPERTIES, LP

a Delaware limited partnership,

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Exhibit D-2(a) 

FORM OF CLOSING TERM NOTE 

            , 201   

FOR VALUE RECEIVED, RHP HOTEL PROPERTIES, LP, a Delaware limited partnership (the “Borrower”), hereby promises to pay to
                     or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of each Term Loan from time to time made by the Lender to the Borrower under that certain Fifth Amended and Restated Credit Agreement, dated as of
[            , 2017] (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein
being used herein as therein defined), among the Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C
Issuer. 
 The Borrower promises to pay interest on the unpaid principal amount of each Term Loan from the date of such Term Loan until such
principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately
available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before
as well as after judgment) computed at the per annum rate set forth in the Agreement. 
 This Term Note is one of the Term Notes referred to
in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Term Note is also entitled to the benefits of the Guaranty and is secured by the Collateral. Upon
the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Term Note shall become, or may be declared to be, immediately due and payable all as provided in the
Agreement. Term Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Term Note and endorse thereon the date,
amount and maturity of its Term Loans and payments with respect thereto. 
 The Borrower, for itself, its successors and assigns, hereby
waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Term Note. 

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

 

					
	 RHP HOTEL PROPERTIES, LP

a Delaware limited partnership,

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Exhibit D-2(b) 

FORM OF TRANCHE B TERM NOTE 

            , 201   

FOR VALUE RECEIVED, RHP HOTEL PROPERTIES, LP, a Delaware limited partnership (the “Borrower”), hereby promises to pay to
                     or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of each Tranche B Term Loan from time to time made by the Lender to the Borrower under that certain Fifth Amended and Restated Credit Agreement, dated as of
[            , 2017] (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein
being used herein as therein defined), among the Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C
Issuer. 
 The Borrower promises to pay interest on the unpaid principal amount of each Tranche B Term Loan from the date of such Tranche B
Term Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars
in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual
payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 
 This Tranche B Term Note is one
of the Tranche B Term Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Tranche B Term Note is also entitled to the benefits of
the Guaranty and is secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Tranche B Term Note shall become, or may be declared to
be, immediately due and payable all as provided in the Agreement. Tranche B Term Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also
attach schedules to this Tranche B Term Note and endorse thereon the date, amount and maturity of its Tranche B Term Loans and payments with respect thereto. 

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Term Note. 
 THIS TRANCHE B TERM NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

					
	 RHP HOTEL PROPERTIES, LP

a Delaware limited partnership,

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Exhibit D-3 

FORM OF SWING LINE NOTE 

            , 201   

FOR VALUE RECEIVED, RHP HOTEL PROPERTIES, LP, a Delaware limited partnership (the “Borrower”), hereby promises to pay to
Wells Fargo Bank, National Association, or registered assigns (the “Swing Line Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Swing Line Loan from
time to time made by the Swing Line Lender to the Borrower under that certain Fifth Amended and Restated Credit Agreement, dated as of [            , 2017] (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, the Guarantors from time to time party thereto, the
Lenders from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Issuer. 

The Borrower promises to pay interest on the unpaid principal amount of each Swing Line Loan from the date of such Swing Line Loan until such
principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Swing Line Lender in Dollars in
immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment
(and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 
 This Swing Line Note is the Swing Line
Note referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Swing Line Note is also entitled to the benefits of the Guaranty and is secured
by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Swing Line Note shall become, or may be declared to be, immediately due and payable
all as provided in the Agreement. Swing Line Loans made by the Swing Line Lender shall be evidenced by one or more loan accounts or records maintained by the Swing Line Lender in the ordinary course of business. The Swing Line Lender may also attach
schedules to this Swing Line Note and endorse thereon the date, amount and maturity of its Swing Line Loans and payments with respect thereto. 

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Swing Line Note. 
 THIS SWING LINE NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

					
	 RHP HOTEL PROPERTIES, LP

a Delaware limited partnership,

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Exhibit E 

FORM OF COMPLIANCE CERTIFICATE 

For the calendar quarter ended             , 201  .

 I,                     ,
[Title] of RYMAN HOSPITALITY PROPERTIES, INC. (the “Parent”) hereby certify that, to the best of my knowledge and belief, with respect to that certain Fifth Amended and Restated Credit Agreement, dated as of
[            , 2017] (as amended, modified, restated or supplemented from time to time, the “Credit Agreement”; all of the defined terms in the Credit Agreement are
incorporated herein by reference), among the Parent, RHP Hotel Properties, LP (the “Borrower”), the Guarantors, the Lenders and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Issuer. 

 

	 	a.	The company-prepared financial statements which accompany this certificate are true and correct in all material respects and have been prepared in accordance with GAAP applied on a consistent basis, subject to changes
resulting from normal year-end audit adjustments. 

  

	 	b.	Since                      (the date of the last similar certification, or, if none, the Closing Date) no
Default or Event of Default has occurred under the Credit Agreement. 

 Delivered herewith are (a) detailed calculations
demonstrating compliance by the Loan Parties with (i) the Borrowing Base provisions of the Credit Agreement, (ii) the financial covenants contained in Section 8.11 of the Credit Agreement and (iii) the Credit
Facilities Implied DSCR as of the end of the calendar period referred to above and (b) operating statements for each of the Borrowing Base Properties for the most-recently ended calendar quarter. 

This      day of
            , 201  . 
  

					
	RYMAN HOSPITALITY PROPERTIES, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Attachment to Officer’s Certificate 

Computation of Financial Covenants 

 Exhibit F 

FORM OF JOINDER AGREEMENT 

THIS JOINDER AGREEMENT (the “Agreement”), dated as of
            , 201  , is by and between
                    , a
                     (the “Subsidiary”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent
under that certain Fifth Amended and Restated Credit Agreement, dated as of [            , 2017] (as it may be amended, modified, restated or supplemented from time to time, the
“Credit Agreement”), by and among RHP HOTEL PROPERTIES, LP, a Delaware limited partnership (the “Borrower”), the Guarantors, the Lenders and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and
L/C Issuer. 
 All of the defined terms in the Credit Agreement are incorporated herein by reference. 

The Loan Parties are required by Section 7.04 of the Credit Agreement to cause the Subsidiary to become a
“Guarantor”. 
 Accordingly, the Subsidiary hereby agrees as follows with the Administrative Agent, for the benefit of the
Lenders: 
 1.    The Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the
Subsidiary will be (a) deemed to be a party to the Credit Agreement, [the Pledge Agreement] and the Security Agreement, (b) a “Guarantor” for all purposes of the Credit Agreement, and shall have all of the obligations of a
Guarantor thereunder as if it had executed the Credit Agreement, [and] (c) a “Grantor” for all purposes of the Security Agreement, and shall have all of the obligations of a Grantor thereunder [and (d) a “Pledgor” for
all purposes of the Pledge Agreement and shall have all of the obligations of a Grantor thereunder]. The Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions applicable to the
Guarantors contained in the Credit Agreement. Without limiting the generality of the foregoing terms of this paragraph 1, the Subsidiary hereby jointly and severally together with the other Guarantors, guarantees to each Lender and the
Administrative Agent, as provided in Article IV of the Credit Agreement, the prompt payment and performance of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in
accordance with the terms thereof. 
 2.    The address of the Subsidiary for purposes of all notices and other
communications is                     ,
                                        ,
Attention of                      (Facsimile No.
                    ). 

3.    The Subsidiary hereby waives acceptance by the Administrative Agent and the Lenders of the guaranty by the
Subsidiary under Section 4 of the Credit Agreement upon the execution of this Agreement by the Subsidiary. 

4.    This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of
which when taken together shall constitute one contract. 
 5.    This Agreement shall be governed by and construed and
interpreted in accordance with the laws of the State of New York. 
 [Remainder of Page Intentionally Blank] 

 IN WITNESS WHEREOF, the Subsidiary has caused this Agreement to be duly executed and delivered by
its authorized officers, and the Administrative Agent, for the benefit of the Lenders, has caused the same to be accepted by its authorized officer and the Administrative Agent, as of the day and year first above written. 

 

					
	[SUBSIDIARY]
		
	By:	 	                                   
                                         
                   
		 	Name:	 	                                     
                                         
    
		 	Title:	 	                                     
                                         
    
	
	Acknowledged and accepted:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

		
	By:	 	                                   
                                         
                   
		 	Name:	 	                                     
                                         
    
		 	Title:	 	                                     
                                         
    

 Schedule 1 

TO FORM OF JOINDER AGREEMENT 

[Chief Executive Office and 
 Chief
Place of Business of Subsidiary] 

 Schedule 2 

TO FORM OF JOINDER AGREEMENT 

[Types and Locations of Collateral] 

 Schedule 3 

TO FORM OF JOINDER AGREEMENT 

[Tradenames] 

 Schedule 4 

TO FORM OF JOINDER AGREEMENT 

[Patents and Trademarks] 

 Schedule 5 

TO FORM OF JOINDER AGREEMENT 

[Subsidiary Equity] 

 Exhibit G 

FORM OF ASSIGNMENT AND ASSUMPTION 
 This
ASSIGNMENT AND ASSUMPTION (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of
Assignee] (the “Assignee”). Capitalized terms used but not defined herein have the meanings provided in the Credit Agreement identified below, receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and
Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and
obligations as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of
the Assignor under the respective facilities identified below (including, without limitation, the Letters of Credit and the Swing Line Loans and the Guarantees included in such facilities) and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to
herein collectively as, the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

  

					
	1	  	Assignor:	  	                                     
                                         
              
			
	2.	  	Assignee:	  	                                     
                                         
              
		  		  	[and is an Affiliate/Approved Fund of [identify Lender]]
			
	3.	  	Borrower:	  	RHP Hotel Properties, LP, a Delaware limited partnership
			
	4.	  	Administrative Agent:	  	Wells Fargo Bank, National Association, as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	Fifth Amended and Restated Credit Agreement, dated as of [            , 2017] (as amended, modified, supplemented or extended from time to time, the
“Credit Agreement”) among the Borrower, the Guarantors, the Lenders and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Issuer.
			
	6.	  	Assigned Interest:	  	

  

													
	 Facility Assigned1
	  	Aggregate Amount of
Commitment/Loans for all
Lenders2	 	  	Amount of
Commitment/Loans
Assigned*	 	  	Percentage Assigned of
Commitment/Loans3	 
		  	$	                	 	  	$	                	 	  	 	    	% 
		  	$	                	 	  	$	                	 	  	 	    	% 
		  	$	                	 	  	$	                	 	  	 	    	% 

  

	1 	Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. “Revolving Commitment” or “Term Loan Commitment”)

	2 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

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

					
	7.	  	Trade Date:	  	                                      
                      
			
	8.	  	Effective Date:	  	                                      
                      

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

							
	ASSIGNOR:	 	[NAME OF ASSIGNOR]
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

		
	ASSIGNEE:	 	[NAME OF ASSIGNEE]
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

			
	[Consented to and]4 Accepted:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

		
	By:	 	                                     
                                         
     
	Name:	 	
	Title:	 	
	
	[Consented to:]5
	
	 RHP HOTEL PROPERTIES, LP,
 a
Delaware limited partnership

		
	By:	 	                                     
                                         
     
	Name:	 	
	Title:	 	
	
	[Consented to:]6
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as L/C Issuer

		
	By:	 	                                     
                                         
     
	Name:	 	
	Title:	 	
	
	[Consented to:]7
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Swing Line Lender

		
	By:	 	                                     
                                         
     
	Name:	 	
	Title:	 	

  
  

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

	5 	To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

	6 	To be added only if the consent of any L/C Issuer is required by the terms of the Credit Agreement. 

	7 	To be added only if the consent of the Swing Line Lender is required by the terms of the Credit Agreement. 

 Annex 1 to Assignment and Assumption 

STANDARD TERMS AND CONDITIONS 
 1.
Representations and Warranties. 
 1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or
Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan
Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets the requirements to be an assignee under
Section 11.06(b)(v)-(vii) of the Credit Agreement (subject to such consents, if any, as may be required under Section 11.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective
Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to
acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a
copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 7.01 thereof, as applicable, and such other
documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, and
(vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will,
independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by
telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

 EXHIBIT H 

FORM OF DISBURSEMENT INSTRUCTION AGREEMENT 

ADDITIONAL TERMS AND CONDITIONS TO THE DISBURSEMENT INSTRUCTION AGREEMENT 

Definitions. The following capitalized terms shall have the meanings set forth below: 

“Authorized Representative” means any or all of the Closing Disbursement Authorizers, Subsequent Disbursement Authorizers and
Restricted Account Disbursement Authorizers, as applicable. 
 “Receiving Bank” means the financial institution where a
Receiving Party maintains its account. 
 “Receiving Party” means the ultimate recipient of funds pursuant to a
Disbursement Request. 
 “Restricted Account” means an account at Wells Fargo Bank, N.A. associated with the Loan to which
Borrower’s access is restricted. 
 Capitalized terms used in these Additional Terms and Conditions to Disbursement Instruction
Agreement and not otherwise defined herein shall have the meanings given to such terms in the body of the Agreement. 
 Disbursement
Requests. Except as expressly provided in the Credit Agreement, Administrative Agent must receive Disbursement Requests in writing. Disbursement Requests will only be accepted from the applicable Authorized Representatives designated in the
Disbursement Instruction Agreement. Disbursement Requests will be processed subject to satisfactory completion of Administrative Agent’s customer verification procedures. Administrative Agent is only responsible for making a good faith effort
to execute each Disbursement Request and may use agents of its choice to execute Disbursement Requests. Funds disbursed pursuant to a Disbursement Request may be transmitted directly to the Receiving Bank, or indirectly to the Receiving Bank through
another bank, government agency, or other third party that Administrative Agent considers to be reasonable. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each Disbursement will be made.
Administrative Agent may delay or refuse to accept a Disbursement Request if the Disbursement would: (i) violate the terms of this Agreement; (ii) require use of a bank unacceptable to Administrative Agent or Lenders or prohibited by
government authority; (iii) cause Administrative Agent or Lenders to violate any Federal Reserve or other regulatory risk control program or guideline; or (iv) otherwise cause Administrative Agent or Lenders to violate any applicable law
or regulation. 
 Limitation of Liability. Administrative Agent, L/C Issuers, Swingline Lender and Lenders shall not be liable to
Borrower or any other parties for: (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which Borrower’s requested Disbursements may be made or information
received or transmitted, and no such entity shall be deemed an agent of the Administrative Agent, any L/C Issuer, Swingline Lender or any Lender; (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power
surges or failures, acts of government, labor disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent’s, any L/C Issuer’s, Swingline Lender’s or any Lender’s control; or
(iii) any special, consequential, indirect or punitive damages, whether or not (A) any claim for these damages is based on tort or contract or (B) Administrative Agent, any L/C Issuer, Swingline Lender any Lender or Borrower knew or
should have known the likelihood of these damages in any situation. Neither Administrative Agent, any L/C Issuer, Swingline Lender nor any Lender makes any representations or warranties other than those expressly made in this Agreement. IN NO EVENT
WILL ADMINISTRATIVE AGENT, ANY L/C ISSUER, SWINGLINE LENDER OR ANY LENDER BE LIABLE FOR DAMAGES ARISING DIRECTLY OR INDIRECTLY IF A DISBURSEMENT REQUEST IS EXECUTED BY ADMINISTRATIVE AGENT IN GOOD FAITH AN IN ACCORDANCE WITH THE TERMS OF THIS
AGREEMENT. 
 Reliance on Information Provided. Administrative Agent is authorized to rely on the information provided by Borrower or
any Authorized Representative in or in accordance with this Agreement when executing a 

 
Disbursement Request until Administrative Agent has received a new Agreement signed by Borrower. Borrower agrees to be bound by any Disbursement Request: (i) authorized or transmitted by
Borrower; or (ii) made in Borrower’s name and accepted by Administrative Agent in good faith and in compliance with this Agreement, even if not properly authorized by Borrower. Administrative Agent may rely solely (i) on the account
number of the Receiving Party, rather than the Receiving Party’s name, and (ii) on the bank routing number of the Receiving Bank, rather than the Receiving Bank’s name, in executing a Disbursement Request. Administrative Agent is not
obligated or required in any way to take any actions to detect errors in information provided by Borrower or an Authorized Representative. If Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of
transfers or requests or takes any actions in an attempt to detect unauthorized Disbursement Requests, Borrower agrees that, no matter how many times Administrative Agent takes these actions, Administrative Agent will not in any situation be liable
for failing to take or correctly perform these actions in the future, and such actions shall not become any part of the Disbursement procedures authorized herein, in the Loan Documents, or in any agreement between Administrative Agent and Borrower.

 International Disbursements. A Disbursement Request expressed in US Dollars will be sent in US Dollars, even if the Receiving
Party or Receiving Bank is located outside the United States. Administrative Agent will not execute Disbursement Requests expressed in foreign currency unless permitted by the Credit Agreement. 

Errors. Borrower agrees to notify Administrative Agent of any errors in the Disbursement of any funds or of any unauthorized or
improperly authorized Disbursement Requests within fourteen (14) days after Administrative Agent’s confirmation to Borrower of such Disbursement. 

Finality of Disbursement Requests. Disbursement Requests will be final and will not be subject to stop payment or recall; provided that
Administrative Agent may, at Borrower’s request, make an effort to effect a stop payment or recall but will incur no liability whatsoever for its failure or inability to do so. 

 CLOSING EXHIBIT 

WIRE INSTRUCTIONS 

ADMINISTRATIVE AGENT TO ATTACH WIRE INSTRUCTIONS FROM RECEIVING PARTIES 

All wire instructions must contain the following information: 

Transfer/Deposit Funds to (Receiving Party Account Name) 

Receiving Party Deposit Account Number 
 Receiving
Bank Name, City and State 
 Receiving Bank Routing (ABA) Number 

Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.) 

 SUBSEQUENT DISBURSEMENT EXHIBIT 

WIRE INSTRUCTIONS 

ADMINISTRATIVE AGENT TO ATTACH WIRE INSTRUCTIONS FROM RECEIVING PARTIES 

All wire instructions must contain the following information: 

Transfer/Deposit Funds to (Receiving Party Account Name) 

Receiving Party Deposit Account Number 
 Receiving
Bank Name, City and State 
 Receiving Bank Routing (ABA) Number 

Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.)

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