Document:

Exhibit 10.6

 

Execution Version

 

 

VOTING AND COOPERATION AGREEMENT

 

VOTING AND COOPERATION AGREEMENT (this “Agreement”),
dated as of October 28, 2015 (the “Effective Date”), among Lateral Juscom Feeder LLC, a Delaware limited liability
company (“WP”), Lateral FTE Feeder LLC, a Delaware limited liability company (together with WP, “Lateral”),
the stockholders of FTE Networks, Inc., a Nevada corporation (the “Company”) listed on Schedule A
hereto (each, a “Stockholder” and, collectively, the “Stockholders”) and the Company.

RECITALS

 

WHEREAS, concurrently herewith,
Lateral is providing up to $8,000,000 of senior secured term loans (“Credit Facility”) to Jus-Com Inc., a
wholly-owned subsidiary of the Company (“Jus-Com”), pursuant to that certain Credit Agreement (the
“Loan Agreement”) dated as of the date hereof by and among Jus-Com, the Company, Lateral and the other
parties thereto;

 

WHEREAS, pursuant to the Loan Agreement,
the Company has agreed to issue to Lateral 163,441 shares of Series D Convertible Preferred Stock (“Series D Preferred
Stock”), par value $0.01, of the Company and 391,903 shares of Series F Convertible Preferred Stock (“Series
F Preferred Stock”), par value $0.01, of the Company (the “Issuance”);

 

WHEREAS, each Stockholder is the record
and “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange Act) of shares of the voting stock
of the Company (“Shares”) as set forth on Schedule A hereto (with respect to each Stockholder, the
“Owned Shares”; the Owned Shares and any additional Shares or other voting securities of the Company of which
such Stockholder (or such Stockholder’s affiliates) acquires record or beneficial ownership after the date hereof, including,
without limitation, by purchase, as a result of a stock dividend, stock split, recapitalization, combination, reclassification,
exchange or change of such shares, or upon exercise or conversion of any securities, such Stockholder’s “Covered
Shares”);

 

WHEREAS, as a condition and inducement to
Lateral’s willingness to enter into the Loan Agreement and to proceed with the transactions contemplated thereby, Lateral,
the Company and the Stockholders are entering into this Agreement; and

 

WHEREAS, the Company and the Stockholders
acknowledge that Lateral is entering into the Loan Agreement in reliance on the representations, warranties, covenants and other
agreements of, the Company and the Stockholders set forth in this Agreement and would not enter into the Loan Agreement if any
Stockholder did not enter into this Agreement.

AGREEMENT

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, Lateral, the Company
and the Stockholders hereby agree as follows:

 

     

     

    

 

1.                 
Agreement to Vote. Prior to the Termination Date (as defined herein), each Stockholder irrevocably and unconditionally
agrees that it shall at any meeting of the stockholders of the Company (whether annual or special and whether or not an adjourned
or postponed meeting), however called, or in connection with any written consent of stockholders of the Company (a) when a
meeting is held, appear at such meeting or otherwise cause the Covered Shares to be counted as present thereat for the purpose
of establishing a quorum, and respond to each request by the Company for written consent, if any and (b) vote (or consent),
or cause to be voted at such meeting (or validly execute and return and cause such consent to be granted with respect to), all
Covered Shares (i) in favor of (A) an amendment to the articles of incorporation (the “Charter”) of the
Company to increase the number of authorized shares of Common Stock (“Common Stock”), par value $0.001 per share,
of the Company to a number sufficient to effect the conversion of all preferred stock of the Company outstanding following the
Issuance (including, without limitation, the Series D Preferred Stock and the Series F Preferred Stock) and the conversion of any
and all other securities of the Company outstanding as of the date hereof that are intended to be convertible into Common Stock
(the “Increase”), (B) an amendment to the Charter to implement any reverse stock split of the Company’s
shares of stock pursuant to Section 2(a) of the Certificate of Designations of Series D Preferred Stock of the Company (the “Series
D Designation”) and Section 2(a) of the Certificate of Designations of Series F Preferred Stock of the Company (the “Series
F Designation”) in order to cause a Mandatory Conversion (as defined in the Series D Designation and Series F Designation,
as applicable) of the Series D Preferred Stock and Series F Preferred Stock and (C) the nomination and election of any one individual
designated by Lateral from time to time for election to the board of directors of the Company; and (ii) against (A) any
Acquisition Proposal, (B) any proposal for any reorganization, liquidation, dissolution, amalgamation, merger, sale of assets
or other business combination between the Company and any other Person (other than the Issuance, the Increase and the Reverse Stock
Split, or any transaction involving a third-party which is, itself or through its subsidiaries, an operating company in a business
synergistic with the business of the Company that shall provide to the Company additional benefits in addition to the investment
of funds), and (C) any other action that could reasonably be expected to impede, interfere with, delay, postpone or adversely
affect the Issuance, the Increase, the Reverse Stock Split or any of the transactions contemplated by the Loan Agreement or this
Agreement or any transaction that results in a breach in any material respect of any covenant, representation or warranty or other
obligation or agreement of the Company or any of its Subsidiaries under the Loan Agreement.

 

2.                 
Grant of Irrevocable Proxy; Appointment of Proxy.

 

(a)               
EACH STOCKHOLDER HEREBY GRANTS TO, AND APPOINTS, LATERAL, THE EXECUTIVE OFFICERS OF LATERAL, AND ANY OTHER DESIGNEE OF LATERAL,
EACH OF THEM INDIVIDUALLY, SUCH STOCKHOLDER’S IRREVOCABLE (UNTIL THE TERMINATION DATE) PROXY AND ATTORNEY-IN-FACT (WITH FULL
POWER OF SUBSTITUTION) TO VOTE THE COVERED SHARES AS INDICATED IN SECTION 1. EACH STOCKHOLDER INTENDS THIS PROXY TO
BE IRREVOCABLE (UNTIL THE TERMINATION DATE) AND COUPLED WITH AN INTEREST AND WILL TAKE SUCH FURTHER ACTION OR EXECUTE SUCH OTHER
INSTRUMENTS AS MAY BE NECESSARY TO EFFECTUATE THE INTENT OF THIS PROXY AND HEREBY REVOKES ANY PROXY PREVIOUSLY GRANTED BY SUCH
STOCKHOLDER WITH RESPECT TO THE COVERED SHARES (THE STOCKHOLDER REPRESENTING TO THE COMPANY THAT ANY SUCH PROXY IS NOT IRREVOCABLE).

 

     

     

    

 

(b)              
The proxy granted in this Section 2 shall automatically expire upon the Termination Date.

 

3.                 
No Inconsistent Agreements. Each Stockholder hereby represents, covenants and agrees that, except as contemplated
by this Agreement, such Stockholder (a) has not entered into, and shall not enter into at any time prior to the Termination
Date, any voting agreement or voting trust with respect to any Covered Shares and (b) has not granted, and shall not grant
at any time prior to the Termination Date, a proxy or power of attorney with respect to any Covered Shares, in either case, which
is inconsistent with such Stockholder’s obligations pursuant to this Agreement.

 

4.                 
Company Cooperation. So long as Lateral (together with its affiliates) owns in the aggregate 5% of the Common Stock
outstanding on a fully-diluted basis, the Company shall facilitate the nomination and election of any one individual designated
by Lateral from time to time for election to the board of directors of the Company by, among other things, including such individual
on any proxy statement soliciting votes for the election of directors of the Company.

 

5.                 
Termination. This Agreement shall terminate upon the earliest of (a) the consummation of the Increase and the
Reverse Stock Split, and (b) written notice of termination of this Agreement by Lateral to the Stockholders and the Company
(such earliest date being referred to herein as the “Termination Date”); provided, that the provisions
set forth in Section 1(b)(i)(C), Section 4 and Sections 12 to 28 shall survive the termination
of this Agreement until such time as Lateral’s (together with its affiliates) aggregate beneficial ownership of Common Stock
is less than 5% of the Common Stock outstanding on a fully-diluted basis and the provisions set forth in Section 7(c) shall
terminate on the date that is one (1) year after the Effective Date; provided further, that any liability incurred
by any party hereto as a result of a breach of a term or condition of this Agreement prior to such termination shall survive the
termination of this Agreement.

 

6.                 
Representations and Warranties of Stockholders. Each Stockholder, as to itself (severally and not jointly), hereby
represents and warrants to Lateral as follows:

 

(a)               
Such Stockholder is the record and beneficial owner of, and has good and valid title to, the Covered Shares, free and clear
of Liens other than as created by this Agreement. Such Stockholder has sole voting power, sole power of disposition, sole power
to demand appraisal rights and sole power to agree to all of the matters set forth in this Agreement, in each case with respect
to all of such Covered Shares, with no limitations, qualifications or restrictions on such rights, subject to applicable federal
securities laws and the terms of this Agreement. As of the date hereof, other than the Owned Shares, such Stockholder does not
own beneficially or of record any (i) shares of capital stock or voting securities of the Company, (ii) securities of the Company
convertible into or exchangeable for shares of capital stock or voting securities of the Company or (iii) options or other rights
to acquire from the Company any capital stock, voting securities or securities convertible into or exchangeable for capital stock
or voting securities of the Company. The Covered Shares are not subject to any voting trust agreement or other Contract to which
such Stockholder is a party restricting or otherwise relating to the voting or Transfer (as defined below) of the Covered Shares.
Such Stockholder has not appointed or granted any proxy or power of attorney that is still in effect with respect to any Covered
Shares, except as contemplated by this Agreement.

 

     

     

    

 

(b)              
Each such Stockholder which is an entity is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its formation and has all requisite power and authority to execute and deliver this Agreement and to perform its
obligations hereunder; each such Stockholder who is a natural person has full legal power and capacity to execute and deliver this
Agreement and to perform such Stockholder’s obligations hereunder. The execution, delivery and performance of this Agreement
by each such Stockholder which is an entity, the performance by such Stockholder of its obligations hereunder and the consummation
by such Stockholder of the transactions contemplated hereby have been duly and validly authorized by such Stockholder and no other
actions or proceedings on the part of such Stockholder are necessary to authorize the execution and delivery by such Stockholder
of this Agreement, the performance by such Stockholder of its obligations hereunder or the consummation by such Stockholder of
the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by such Stockholder and,
assuming due authorization, execution and delivery by Lateral and the Company constitutes a legal, valid and binding obligation
of such Stockholder, enforceable against such Stockholder in accordance with its terms, except as enforcement may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by
general principles of equity (regardless of whether considered in a proceeding in equity or at law). If such Stockholder is married,
and any of the Covered Shares of such Stockholder constitute community property or otherwise need spousal or other approval for
this Agreement to be legal, valid and binding, this Agreement has been duly and validly executed and delivered by such Stockholder’s
spouse and, assuming due authorization, execution and delivery by Lateral, constitutes a legal, valid and binding obligation of
such Stockholder’s spouse, enforceable against such Stockholder’s spouse in accordance with its terms, except as enforcement
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights
generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law).

 

(c)               
Except for the applicable requirements of the Exchange Act (i) no filing with, and no permit, authorization, consent
or approval of, any Governmental Authority is necessary on the part of such Stockholder for the execution, delivery and performance
of this Agreement by such Stockholder or the consummation by such Stockholder of the transactions contemplated hereby and (ii) neither
the execution, delivery or performance of this Agreement by such Stockholder nor the consummation by such Stockholder of the transactions
contemplated hereby nor compliance by such Stockholder with any of the provisions hereof shall (A) conflict with or violate,
any provision of the organizational documents of any such Stockholder which is an entity, (B) result in any breach or violation
of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on such property
or asset of such Stockholder pursuant to, any Contract to which such Stockholder is a party or by which such Stockholder or any
property or asset of such Stockholder is bound or affected or (C) violate any order, writ, injunction, decree, statute, rule
or regulation applicable to such Stockholder or any of such Stockholder’s properties or assets.

 

     

     

    

 

(d)              
There is no action, suit, investigation, complaint or other proceeding pending against any such Stockholder or, to the knowledge
of such Stockholder, any other Person or, to the knowledge of such Stockholder, threatened against any Stockholder or any other
Person that restricts or prohibits (or, if successful, would restrict or prohibit) the exercise by Lateral of its rights under
this Agreement or the performance by any party of its obligations under this Agreement.

 

(e)               
Such Stockholder understands and acknowledges that Lateral is entering into the Loan Agreement in reliance upon such Stockholder’s
execution and delivery of this Agreement and the representations and warranties of such Stockholder contained herein.

 

7.                 
Certain Covenants of Stockholders. Each Stockholder, for itself (severally and not jointly), hereby covenants and
agrees as follows , in each case except as otherwise approved in writing by Lateral:

 

(a)               
Prior to the Termination Date, such Stockholder shall not, and shall not authorize or permit any of its Subsidiaries or
Representatives, directly or indirectly, to:

 

(i)                
solicit, initiate, endorse, encourage or facilitate the making by any Person of any Acquisition Proposal;

 

(ii)              
enter into, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any Person any
information or data with respect to, or otherwise cooperate in any way with, any Acquisition Proposal;

 

(iii)            
execute or enter into any Contract constituting or relating to any Acquisition Proposal, or approve or recommend or propose
to approve or recommend any Acquisition Proposal or any Contract constituting or relating to any Acquisition Proposal (or authorize
or resolve to agree to do any of the foregoing actions); or

 

(iv)            
make, or in any manner participate in a “solicitation” (as such term is used in the rules of the Securities
and Exchange Commission (the “SEC”)) of proxies or powers of attorney or similar rights to vote, or seek to
advise or influence any Person with respect to the voting of the Shares intending to facilitate any Acquisition Proposal or cause
stockholders of the Company not to vote to approve the transactions contemplated by Section 2 of this Agreement or the Loan
Agreement.

 

(b)              
Such Stockholder will immediately cease and cause to be terminated all existing discussions or negotiations with any Person
conducted heretofore with respect to any of the matters described in Section 9(a) above.

 

(c)               
Prior to the Termination Date, and except as contemplated hereby, such Stockholder shall not (i) tender into any tender
or exchange offer, (ii) sell (constructively or otherwise), transfer, pledge, hypothecate, grant, encumber, assign or otherwise
dispose of (collectively “Transfer”), or enter into any contract, option, agreement or other arrangement or
understanding with respect to the Transfer of any of the Covered Shares or beneficial ownership or voting power thereof or therein
(including by operation of law), (iii) grant any proxies or powers of attorney, deposit any Covered Shares into a voting trust
or enter into a voting agreement with respect to any Covered Shares or (iv) knowingly take any action that would make any
representation or warranty of such Stockholder contained herein untrue or incorrect or have the effect of preventing or disabling
such Stockholder from performing its obligations under this Agreement. Any Transfer in violation of the foregoing sentence shall
be void. Such Stockholder further agrees to authorize and request the Company to notify the Company’s transfer agent that
there is a stop transfer order with respect to all of the Covered Shares and that this Agreement places limits on the voting of
the Covered Shares. If so requested by Lateral, such Stockholder agrees that the certificates representing Covered Shares shall
bear a legend stating that they are subject to this Agreement and to the irrevocable proxy granted in Section 2(a).

 

     

     

    

 

(d)              
Prior to the Termination Date, in the event that a Stockholder acquires record or beneficial ownership of, or the power
to vote or direct the voting of, any additional Shares or other voting interests with respect to the Company, such Shares or voting
interests shall, without further action of the parties, be deemed Covered Shares and subject to the provisions of this Agreement,
and the number of Shares held by such Stockholder set forth on Schedule A hereto will be deemed amended accordingly and
such Shares or voting interests shall automatically become subject to the terms of this Agreement. Each Stockholder shall promptly
notify Lateral and the Company of any such event.

 

8.                 
Disclosure. Each Stockholder hereby authorizes Lateral and the Company to publish and disclose in any announcement
or disclosure required by the SEC such Stockholder’s identity and ownership of the Covered Shares and/or Notes and the nature
of such Stockholder’s obligations under this Agreement.

 

9.                 
Further Assurances. From time to time, at the request of Lateral and without further consideration, each Stockholder
shall take such further action as may reasonably be deemed by Lateral to be necessary or desirable to consummate and make effective
the transactions contemplated by this Agreement.

 

10.             
Non-Survival of Representations and Warranties. The representations and warranties of the Stockholders contained
herein shall not survive the Termination Date.

 

11.             
Amendment and Modification. This Agreement may not be amended, modified or supplemented in any manner, whether by
course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf
of each party and otherwise as expressly set forth herein.

 

12.             
Waiver. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they
would otherwise have hereunder. Any agreement on the part of a party to any such waiver shall be valid only if set forth in a written
instrument executed and delivered by such party.

 

     

     

    

 

13.             
Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on
the date of delivery if delivered personally, or if by facsimile or e-mail, upon written confirmation of receipt by facsimile,
e-mail or otherwise, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service
by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth Business Day following the date of
mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be
delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party
to receive such notice:

 

(i)             If
to a Stockholder, to the address set forth opposite such Stockholder’s name on Schedule A hereto.

 

(ii)            If
to Lateral:

 

Lateral Investment Management

1825 S. Grant St., Suite 210

San Mateo, CA 94402

Attention: Patrick Feeney

Facsimile: (773) 496-2949

E-mail: patrick@lateralim.com

 

with a copy (which shall not constitute notice) to:

 

Gibson, Dunn & Crutcher LLP

2029 Century Park East, Suite 4000

Los Angeles, CA 90067

Attention: Cromwell Montgomery, Esq.

Facsimile: 310-552-7063

E-mail: cmontgomery@gibsondunn.com

 

(iii)            
If to the Company:

 

FTE Networks, Inc.

 

5495 Bryson Drive, Suite 423

Naples, Florida 34109

Attention: Michael Palleschi

Facsimile: 877-781-2583

E-mail: mpalleschi@ftenet.com

 

with a copy (which shall not constitute notice) to:

 

K&L Gates LLP

200 S. Biscayne Boulevard, Ste. 3900

Miami, Florida 33131

Attention: Clayton E. Parker, Esq.

Facsimile: 303-358-7095

E-mail: clayton.parker@klgates.com

 

     

     

    

 

14.             
Entire Agreement. This Agreement and the Loan Agreement (including the Exhibits and Schedules thereto) constitute
the entire agreement, and supersede all prior written agreements, arrangements, communications and understandings and all prior
and contemporaneous oral agreements, arrangements, communications and understandings between the parties with respect to the subject
matter hereof and thereof.

 

15.             
No Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon
any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or
remedy of any nature under or by reason of this Agreement.

 

16.             
Governing Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the
transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware,
without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State
of Delaware.

 

17.             
Submission to Jurisdiction. Each of the parties irrevocably agrees that any legal action or proceeding arising out
of or relating to this Agreement brought by any other party or its successors or assigns shall be brought and determined in the
Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (unless the Delaware Court of Chancery
shall decline to accept jurisdiction over a particular matter, in which case, in any Delaware state or federal court within the
State of Delaware), and each of the parties hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts for
itself and with respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out
of or relating to this Agreement and the transactions contemplated hereby. Each of the parties agrees not to commence any action,
suit or proceeding relating thereto except in the courts described above in Delaware, other than actions in any court of competent
jurisdiction to enforce any judgment, decree or award rendered by any such court in Delaware as described herein. Each of the parties
further agrees that notice as provided herein shall constitute sufficient service of process and the parties further waive any
argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to
assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction
of the courts in Delaware as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction
of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the suit, action or
proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper
or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

     

     

    

 

18.             
Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations under this Agreement
may be assigned or delegated, in whole or in part, by operation of law or otherwise, by either party without the prior written
consent of the other party, and any such assignment without such prior written consent shall be null and void; provided,
however, that Lateral may assign all or any of its rights and obligations hereunder to any direct or indirect Subsidiary
of Lateral; provided further, that no assignment shall limit the assignor’s obligations hereunder. Subject
to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and
their respective successors and assigns.

 

19.             
Enforcement. The parties agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each of the parties
shall be entitled to specific performance of the terms hereof, including an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions of this Agreement in the Delaware Court of Chancery and any state
appellate court therefrom within the State of Delaware (unless the Delaware Court of Chancery shall decline to accept jurisdiction
over a particular matter, in which case, in any Delaware state or federal court within the State of Delaware), this being in addition
to any other remedy to which such party is entitled at law or in equity. Each of the parties hereby further waives (a) any
defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law
to post security as a prerequisite to obtaining equitable relief.

 

20.             
Severability. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement
is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this
Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
or portion of any provision had never been contained herein.

 

21.             
Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

22.             
Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and
the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered
to the other party; provided, however, that if any of the Stockholders fail for any reason to execute this Agreement,
then this Agreement shall become effective as to the other Stockholders who execute this Agreement..

 

23.             
Facsimile or .pdf Signature. This Agreement may be executed by facsimile or .pdf signature and a facsimile or .pdf
signature shall constitute an original for all purposes.

 

     

     

    

 

24.             
Confidentiality. The Stockholders agree (a) to hold any non-public information regarding this Agreement in strict
confidence and (b) except as required by law or legal process, including but not limited to state or federal securities regulations,
not to divulge any such non-public information to any third Person.

 

25.             
No Presumption Against Drafting Party. Each of the parties to this Agreement acknowledges that it has been represented
by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law
or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party
has no application and is expressly waived.

 

26.             
Certain Definitions. For purposes of this Agreement:

 

(a)               
“Acquisition Proposal” means any proposal or offer with respect to any direct or indirect acquisition
or purchase or license, in one transaction or a series of transactions, and whether through any merger, reorganization, consolidation,
tender offer, self-tender, exchange offer, stock acquisition, asset acquisition, binding share exchange, business combination,
recapitalization, liquidation, dissolution, joint venture, licensing or similar transaction, or otherwise, of (A) assets or
businesses of the Company and its Subsidiaries that generate 25% or more of the net revenues or net income (for the 12-month period
ending on the last day of the Company’s most recently completed fiscal quarter) or that represent 25% or more of the total
assets (based on fair market value) of the Company and its Subsidiaries, taken as a whole, immediately prior to such transaction,
or (B) 60% or more of any class of capital stock, other equity securities or voting power of the Company, any of its Subsidiaries
or any resulting parent company of the Company, in each case other than the transactions contemplated by the Loan Agreement and
by this Agreement.

 

(b)              
“Business Day” means any day other than a Saturday, a Sunday or a day on which banks in New York, New
York are authorized or required by applicable Law to be closed.

 

(c)               
“Contract” means any bond, debenture, note, mortgage, indenture, guarantee, license, lease, purchase
or sale order or other contract, commitment, agreement, instrument, obligation, arrangement, understanding, undertaking, permit,
concession or franchise, whether oral or written, including all amendments thereto.

 

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

 

(e)               
“Governmental Authority” means any federal, state, local or foreign government or subdivision thereof
or any other governmental, administrative, judicial, arbitral, legislative, executive, regulatory or self-regulatory authority,
instrumentality, agency, commission or body.

 

(f)               
“Law” means any federal, state, local or foreign law (including common law), statute, ordinance, rule,
code, regulation, order, judgment, injunction, decree or other legally enforceable requirement.

 

(g)              
“Liens” means any pledges, claims, liens, charges, options, rights of first refusal, encumbrances and
security interests of any kind or nature whatsoever (including any limitation on voting, sale, transfer or other disposition or
exercise of any other attribute of ownership).

 

(h)              
“Person” means an individual, corporation, partnership, limited liability company, association, trust
or other entity or organization, including any Governmental Authority.

 

(i)                
“Representative” means with respect to any Person any director, officer, employee, investment banker,
financial advisor, attorney, accountant or other advisor, agent or representative of such Person.

 

(j)                
“Subsidiary” means with respect to any Person, any other Person of which stock or other equity interests
having ordinary voting power to elect more than 50% of the board of directors or other governing body are owned, directly or indirectly,
by such first Person.

 

[The remainder of this page is intentionally
left blank.]

 

     

     

    

 

IN WITNESS WHEREOF, Lateral, the Company
and the Stockholders have caused to be executed or executed this Agreement as of the date first written above.

LATERAL JUSCOM FEEDER LLC

 

By: Lateral Global Investors, LLC, its Manager

__________________________________________

Name:

Title:

 

 

LATERAL FTE FEEDER LLC

 

By: Lateral Global Investors, LLC, its Manager

__________________________________________

Name:

Title:

 

FTE NETWORKS,
INC.

/s/ Michael Palleschi

Name: Michael Palleschi

Title: Chief Executive Officer

 

STOCKHOLDER:

__________________________________________

__________________________________________

Name:

Title:

 

 

[Insert additional stockholders]

 

 

Signature
Page to Voting and Cooperation Agreement 

     

     

    

 

SCHEDULE A

 

	 	SHAREHOLDER	ADDRESS	SHARES	Class
	TBK 327 Partners LLC	258 North West End Rd., Suite 505, Quakertown, Pennsylvania 18951	256488	Series D Preferred
	TBK 327 Partners LLC	258 North West End Rd., Suite 505, Quakertown, Pennsylvania 18951	78125	Series D Preferred
	TLP Investments, LLC, Managed by Michael Palleschi	1464 Palma Blanca Ct., Naples, Florida 34119	256488	Series D Preferred
	TLP Investments, LLC, Managed by Michael Palleschi	1464 Palma Blanca Ct., Naples, Florida 34119	78125	Series D Preferred
	TLP Investments, LLC, Managed by Michael Palleschi	1464 Palma Blanca Ct., Naples, Florida 34119	62502	Series D Preferred
	TLP Investments, LLC, Managed by Michael Palleschi	1464 Palma Blanca Ct., Naples, Florida 34119	48330	Series D Preferred
	Michael Palleschi	1464 Palma Blanca Ct., Naples, Florida 34119	157500	Series F Preferred (1)
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	(1) Held Pursuant to Stock Options	 	 	 

 

Schedule
aEX-10.1

 EXHIBIT 10.1 

EXECUTION VERSION 
  

 
  
 

 
 AMENDED AND RESTATED 

CREDIT AGREEMENT 
 dated as of
January 14, 2013, 
 amended and restated as of October 30, 2015 

among 
 MARKETAXESS HOLDINGS INC.,

 as Borrower 
 The Lenders
Party Hereto 
 and 
 JPMORGAN
CHASE BANK, N.A. 
 as Administrative Agent 
  

 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I Definitions
	  	 	1	  
			
	 SECTION 1.01
	 	 Defined Terms
	  	 	1	  
	 SECTION 1.02
	 	 Classification of Loans and Borrowings
	  	 	28	  
	 SECTION 1.03
	 	 Terms Generally
	  	 	29	  
	 SECTION 1.04
	 	 Accounting Terms; GAAP
	  	 	29	  
	 SECTION 1.05
	 	 Classification of Permitted Items
	  	 	30	  
	 SECTION 1.06
	 	 Rounding
	  	 	30	  
		
	 ARTICLE II The Credits
	  	 	30	  
			
	 SECTION 2.01
	 	 Commitments
	  	 	30	  
	 SECTION 2.02
	 	 Loans and Borrowings
	  	 	30	  
	 SECTION 2.03
	 	 Requests for Revolving Borrowings
	  	 	31	  
	 SECTION 2.04
	 	 Swingline Loans
	  	 	32	  
	 SECTION 2.05
	 	 Letters of Credit
	  	 	33	  
	 SECTION 2.06
	 	 Funding of Borrowings
	  	 	37	  
	 SECTION 2.07
	 	 Interest Elections
	  	 	38	  
	 SECTION 2.08
	 	 Termination and Reduction of Commitments
	  	 	39	  
	 SECTION 2.09
	 	 Repayment of Loans; Evidence of Debt
	  	 	40	  
	 SECTION 2.10
	 	 Prepayment of Loans
	  	 	40	  
	 SECTION 2.11
	 	 Fees
	  	 	41	  
	 SECTION 2.12
	 	 Interest
	  	 	42	  
	 SECTION 2.13
	 	 Alternate Rate of Interest
	  	 	43	  
	 SECTION 2.14
	 	 Increased Costs
	  	 	44	  
	 SECTION 2.15
	 	 Break Funding Payments
	  	 	45	  
	 SECTION 2.16
	 	 Payments Free of Taxes.
	  	 	45	  
	 SECTION 2.17
	 	 Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of
Set-offs
	  	 	49	  
	 SECTION 2.18
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	52	  
	 SECTION 2.19
	 	 Defaulting Lenders
	  	 	53	  
	 SECTION 2.20
	 	 Expansion Option
	  	 	55	  
		
	 ARTICLE III Representations and Warranties
	  	 	57	  
			
	 SECTION 3.01
	 	 Organization; Powers
	  	 	57	  
	 SECTION 3.02
	 	 Authorization; Enforceability
	  	 	57	  
	 SECTION 3.03
	 	 Governmental Approvals; No Conflicts
	  	 	57	  
	 SECTION 3.04
	 	 Financial Condition; No Material Adverse Change
	  	 	57	  
	 SECTION 3.05
	 	 Properties
	  	 	58	  
	 SECTION 3.06
	 	 Litigation and Environmental Matters
	  	 	58	  
	 SECTION 3.07
	 	 Compliance with Laws and Contractual Obligations
	  	 	58	  
	 SECTION 3.08
	 	 Investment Company Status
	  	 	58	  
	 SECTION 3.09
	 	 Taxes
	  	 	58	  
	 SECTION 3.10
	 	 ERISA
	  	 	59	  
	 SECTION 3.11
	 	 Disclosure
	  	 	59	  
	 SECTION 3.12
	 	 Federal Reserve Regulations
	  	 	59	  
	 SECTION 3.13
	 	 Solvency
	  	 	59	  

  
 i 

							
	 SECTION 3.14
	 	 Use of Proceeds
	  	 	59	  
	 SECTION 3.15
	 	 Subsidiaries
	  	 	59	  
	 SECTION 3.16
	 	 No Default
	  	 	60	  
	 SECTION 3.17
	 	 Anti-Corruption Laws and Sanctions
	  	 	60	  
		
	 ARTICLE IV Conditions
	  	 	60	  
			
	 SECTION 4.01
	 	 Restatement Effective Date
	  	 	60	  
	 SECTION 4.02
	 	 Each Credit Event
	  	 	61	  
		
	 ARTICLE V Affirmative Covenants
	  	 	62	  
			
	 SECTION 5.01
	 	 Financial Statements and Other Information
	  	 	62	  
	 SECTION 5.02
	 	 Notices of Material Events
	  	 	63	  
	 SECTION 5.03
	 	 Existence; Conduct of Business
	  	 	64	  
	 SECTION 5.04
	 	 Payment of Obligations
	  	 	65	  
	 SECTION 5.05
	 	 Maintenance of Properties; Insurance
	  	 	65	  
	 SECTION 5.06
	 	 Books and Records; Inspection Rights
	  	 	65	  
	 SECTION 5.07
	 	 Compliance with Laws and Material Contractual Obligations
	  	 	65	  
	 SECTION 5.08
	 	 Use of Proceeds and Letters of Credit
	  	 	66	  
	 SECTION 5.09
	 	 Accuracy of Information
	  	 	66	  
	 SECTION 5.10
	 	 Additional Guarantors
	  	 	66	  
	 SECTION 5.11
	 	 Additional Collateral; Further Assurances.
	  	 	66	  
		
	 ARTICLE VI Negative Covenants
	  	 	68	  
			
	 SECTION 6.01
	 	 Indebtedness
	  	 	68	  
	 SECTION 6.02
	 	 Liens
	  	 	71	  
	 SECTION 6.03
	 	 Fundamental Changes and Asset Sales
	  	 	72	  
	 SECTION 6.04
	 	 Investments, Loans, Advances, Guarantees and Acquisitions
	  	 	74	  
	 SECTION 6.05
	 	 Swap Agreements
	  	 	77	  
	 SECTION 6.06
	 	 Restricted Payments
	  	 	77	  
	 SECTION 6.07
	 	 Transactions with Affiliates
	  	 	77	  
	 SECTION 6.08
	 	 Restrictive Agreements
	  	 	78	  
	 SECTION 6.09
	 	 Financial Covenants.
	  	 	80	  
		
	 ARTICLE VII Events of Default
	  	 	80	  
		
	 ARTICLE VIII The Administrative Agent
	  	 	83	  
		
	 ARTICLE IX Miscellaneous
	  	 	86	  
			
	 SECTION 9.01
	 	 Notices
	  	 	86	  
	 SECTION 9.02
	 	 Waivers; Amendments
	  	 	87	  
	 SECTION 9.03
	 	 Expenses; Indemnity; Damage Waiver
	  	 	89	  
	 SECTION 9.04
	 	 Successors and Assigns
	  	 	91	  
	 SECTION 9.05
	 	 Survival
	  	 	95	  
	 SECTION 9.06
	 	 Counterparts; Integration; Effectiveness
	  	 	95	  
	 SECTION 9.07
	 	 Severability
	  	 	96	  
	 SECTION 9.08
	 	 Right of Setoff
	  	 	96	  
	 SECTION 9.09
	 	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	96	  
	 SECTION 9.10
	 	 WAIVER OF JURY TRIAL
	  	 	97	  

  
 ii 

							
	 SECTION 9.11
	 	 Headings
	  	 	97	  
	 SECTION 9.12
	 	 Confidentiality
	  	 	97	  
	 SECTION 9.13
	 	 Material Non-Public Information.
	  	 	98	  
	 SECTION 9.14
	 	 Authorization to Distribute Certain Materials to Public-Siders.
	  	 	99	  
	 SECTION 9.15
	 	 Interest Rate Limitation
	  	 	99	  
	 SECTION 9.16
	 	 USA PATRIOT Act
	  	 	99	  
	 SECTION 9.17
	 	 Appointment for Perfection
	  	 	99	  
	 SECTION 9.18
	 	 Release of Liens and Guarantees.
	  	 	100	  
	 SECTION 9.19
	 	 Amendment and Restatement.
	  	 	101	  

  

							
	 SCHEDULES:

			
	 Schedule 2.01
	 	 	–	  	 	 Commitments

	 Schedule 3.06
	 	 	–	  	 	 Disclosed Matters

	 Schedule 3.15
	 	 	–	  	 	 Subsidiaries

	 Schedule 6.01
	 	 	–	  	 	 Existing Indebtedness

	 Schedule 6.02
	 	 	–	  	 	 Existing Liens

	 Schedule 6.08
	 	 	–	  	 	 Existing Restrictions

 EXHIBITS: 
  

			
	 Exhibit A – Form of Assignment and Assumption
	  	
	 Exhibit B-1 – U.S. Tax Certificate (For Non-U.S.
Lenders that are not Partnerships for U.S. Federal Income Tax Purposes
	  	
	 Exhibit B-2 – U.S. Tax Certificate (For Non-U.S.
Lenders that are Partnerships for U.S. Federal Income Tax Purposes
	  	
	 Exhibit B-3 – U.S. Tax Certificate (For Non-U.S.
Participants that are not Partnerships for U.S. Federal Income Tax Purposes
	  	
	 Exhibit B-4 – U.S. Tax Certificate (For Non-U.S.
Participants that are Partnerships for U.S. Federal Income Tax Purposes
	  	
	 Exhibit C – Form of Borrowing Request / Interest Rate Election
	  	
	 Exhibit D – Form of Compliance Certificate
	  	
	 Exhibit E – Form of Increasing Lender Agreement
	  	
	 Exhibit F – Form of Augmenting Lender Agreement
	  	

  
 iii 

 AMENDED AND RESTATED CREDIT AGREEMENT (the “Amended Agreement”) dated as
of January 14, 2013, and amended and restated as of October 30, 2015, among MARKETAXESS HOLDINGS INC., a Delaware corporation (the “Borrower”), the LENDERS party hereto, and JPMORGAN CHASE BANK, N.A., as
Administrative Agent. 
 WITNESSETH: 

WHEREAS, each of the Borrower and the Administrative Agent, together with the lenders party thereto, are party to that certain Credit
Agreement dated as of January 14, 2013 (the “Original Credit Agreement”), which became effective on the Effective Date (as defined below); and 

WHEREAS, upon satisfaction of the conditions set forth therein, the Loan Parties, the Required Lenders (as defined in the Original Credit
Agreement) and the Administrative Agent have approved the amendment and restatement of the Original Credit Agreement, and the Original Credit Agreement is hereby amended and restated, in the form of this Agreement. 

The parties hereto agree as follows: 

ARTICLE I 
 Definitions 

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquisition” means any
transaction or series of related transactions resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of any Person, or any business unit, division, product line or line of business of any Person,
(b) the acquisition of in excess of fifty percent (50%) of the Equity Interests of any Person, or (c) the acquisition of another Person by a merger, amalgamation or consolidation or any other combination with such Person. 

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per
annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMorgan Chase Bank, N.A. in its capacity as administrative agent for the Lenders
hereunder. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by or
otherwise reasonably satisfactory to the Administrative Agent. 

  
 - 1 - 

 “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 assigned to it in Section 9.01(d). 

“Aggregate Commitments” means the aggregate amount of the Commitments of all of the Lenders, as reduced or increased
from time to time pursuant to the terms and conditions hereof. As of the Restatement Effective Date, the Aggregate Commitments are $100,000,000. 

“Agreement” shall mean the Original Credit Agreement, as amended and restated by this Amended Agreement, and as the
same may be further amended, amended and restated, supplemented or otherwise modified from time to time. 
 “Alternate Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus
 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding
Business Day) plus 1%, provided that the Adjusted LIBO Rate for any day shall be based on the LIBO Rate at approximately 11:00 a.m. London time on such day , subject to the interest rate floors set forth therein. Any change in the Alternate Base
Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate,
respectively. 
 “Amended Agreement” has the meaning assigned to such term in the preamble. 

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

“Applicable Percentage” means, with respect to any Lender, with respect to Revolving Loans, LC Exposure or Swingline
Loans, the percentage equal to a fraction, the numerator of which is such Lender’s Commitment and the denominator of which is the Aggregate Commitments; provided, that if the Aggregate Commitments have terminated or expired, the
Applicable Percentages shall be determined based upon the Commitments most recently in effect, after giving effect to any assignments; provided further, that in the case of Section 2.19 when a Defaulting Lender shall exist, any
such Defaulting Lender’s Commitment shall be disregarded in the foregoing calculation. 
 “Applicable Rate”
means, for any day, a rate per annum equal to (a) with respect to any Eurodollar Revolving Loan or letter of credit fee, 1.50% and (b) with respect to any ABR Loan, 0.50%. 

“Approved Fund” has the meaning assigned to it in Section 9.04(b). 

“Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee
(with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form approved by the Administrative Agent. 

  
 - 2 - 

 “Augmenting Lender” has the meaning assigned to such term in
Section 2.20(a). 
 “Availability Period” means the period from and including the Effective Date to but
excluding the earlier of the Maturity Date and the date of termination of the Commitments. 
 “Banking Services”
means any of the following bank services provided to the Borrower or any Subsidiary by any Banking Services Provider: (a) credit cards for commercial customers (including “commercial credit cards” and purchasing cards),
(b) stored value cards and (c) treasury management services (including controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 

“Banking Services Agreement” means any agreement entered into in connection with Banking Services. 

“Banking Services Obligations” means any and all obligations of the Borrower or any Subsidiary, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) under any and all Banking Services Agreements with a Banking Services Provider.

 “Banking Services Provider” means any Person that (i) is a Lender or an Affiliate of a Lender at the time it
enters into the applicable Banking Services Agreement, in its capacity as a party thereto, or (ii) with respect to any Banking Services Agreement existing as of the Effective Date, is a Lender or an Affiliate of a Lender as of the Effective
Date, in its capacity as a party thereto, in each case together with such Person’s successors and permitted assigns. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, a forced liquidation, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it or any
substantial part of its assets, or, in the good faith determination of the Administrative Agent, such Person has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment,
provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results
in or provides such Person 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 Person (or such Governmental Authority or instrumentality) to
reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Board” means the Board
of Governors of the Federal Reserve System of the United States of America. 
 “Borrower” has the meaning assigned
to such term in the preamble. 

  
 - 3 - 

 “Borrowing” means (a) Revolving Loans of the same Type, made,
converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. 

“Broker-Dealer Subsidiary” means any Subsidiary that (a) is a
“registered broker and/or dealer” under the Securities Exchange Act or under any similar foreign law or regulatory regime established for the registration of brokers and/or dealers of securities and/or (b) is required to be registered
under the Commodity Exchange Act or under any similar regulatory regime established for the registration of operators, merchants, brokers and/or dealers of commodities, including, but not limited to, future commissions merchants, introducing brokers
and commodity pool operators. For the avoidance of doubt, MarketAxess SEF Corporation and MarketAxess Europe Limited are Broker-Dealer Subsidiaries. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the
London interbank market. 
 “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
(excluding the footnotes thereto) of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of
capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing, including convertible securities but excluding debt
securities convertible or exchangeable into any of the foregoing. 
 “Cash Equivalent Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency or instrumentality thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within two years from the date of acquisition thereof; 

(b) investments in commercial paper and variable or fixed rate notes maturing within one year from the date of acquisition thereof rated at
least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another nationally recognized statistical rating agency); 

  
 - 4 - 

 (c) investments in certificates of deposit, banker’s acceptances, time deposits and
eurodollar time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any Lender or with any domestic or foreign bank having, or which
is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any State thereof or the District of Columbia or any U.S. branch of a foreign bank having, capital and surplus of not less than
$500,000,000; 
 (d) fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described
in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 

(e) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the
Investment Company Act of 1940, and (ii) are rated AAA- or better (or the equivalent thereof) by S&P (or the equivalent thereof) and Aaa3 or better by Moody’s (or the equivalent thereof) (or, if
at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency); 

(f) readily marketable direct obligations issued by any state, commonwealth or territory of the United States of America or any political
subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally
recognized statistical rating agency) with maturities of two years or less from the date of acquisition; and 
 (g) investment funds
investing substantially all of their assets in Cash Equivalent Investments of the kinds described in clauses (a) through (f) of this definition. 

“CFC Holdco” means any Domestic Subsidiary of the Borrower that has no material assets other than Equity Interests in
one or more CFC Subsidiaries and that conducts no material business other than holding such Equity Interests. 
 “CFC
Subsidiary” means any Subsidiary which is a “controlled foreign corporation” within the meaning of Section 957 of the Internal Revenue Code. 

“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), but excluding any employee benefit plan of the Borrower or any of its Subsidiaries and any Person
acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the
Borrower, or (b) the occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii) appointed by
directors so nominated or elected by a majority of shareholders. 
 “Change in Law” means the occurrence after the
date of this Agreement or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement) of (a)

  
 - 5 - 

 
the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any
Governmental Authority or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with
any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to
be a “Change in Law,” regardless of the date enacted, adopted or issued. 
 “Class”, when used in
reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans. 

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

“Collateral” means all of the “Collateral” referred to in the Collateral Documents and any and all other
personal property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a Lien in favor of the Administrative Agent, on behalf of the Secured Parties, to secure the Secured Obligations. 

“Collateral Documents” means, collectively, the Security Agreement and all other agreements, instruments and documents
executed in connection with this Agreement that are intended to create or perfect Liens to secure the Secured Obligations, whether heretofore, now, or hereafter executed by the Borrower or any Loan Party. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to
time pursuant to Section 2.08 or increased from time to time pursuant to Section 2.20 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The
initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable. As
of the date of this Agreement, there is a single Lender, and the initial aggregate amount of the Lender’s Commitment is $100,000,000. 

“Communications” has the meaning assigned to it in Section 9.01(d). 

“Compliance Certificate” means a certificate substantially in the form of Exhibit D. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 

  
 - 6 - 

 “Consolidated” or “consolidated” means, with
reference to financial statements or financial statement items of any Person, such statements or items of such Person and its subsidiaries on a consolidated basis in accordance with applicable principles of consolidation under GAAP. 

“Consolidated Adjusted EBITDA” means, for any Reference Period, the sum of Consolidated EBITDA for such Reference
Period plus, to the extent a Permitted Acquisition has been consummated during such Reference Period, Pro Forma EBITDA attributable to such Permitted Acquisition (but only that portion of Pro Forma EBITDA attributable to the portion of such
Reference Period that occurred prior to the date of consummation of such Permitted Acquisition). 
 “Consolidated
EBITDA” means, for any Reference Period, Consolidated Net Income for such Reference Period, plus  
 (a) without
duplication and to the extent deducted (and not added back) in arriving at such Consolidated Net Income (except with respect to clause (viii)), the sum of the following amounts for such Reference Period: 

(i) Consolidated Interest Expense, increased, to the extent not already reflected in Consolidated Interest Expense, by payments made in
respect of hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk (minus any payments received in respect of such hedging obligations or other derivative instruments), amortization or write off
of debt discount and debt issuance costs and commissions and discounts and other fees and charges (including bank fees) associated with Indebtedness (including the Loans and Letters of Credit), 

(ii) the provision for taxes based on income, profits or capital of the Borrower and its Subsidiaries, including foreign, state, franchise
and similar taxes (including foreign withholding and penalties and interest), 
 (iii) depreciation expense, 

(iv) amortization expense, 

(v) non-cash compensation expense, including deferred compensation, and any other related non-cash losses, charges or expenses (including any writeoffs or writedowns), 
 (vi) extraordinary,
unusual or non-recurring non-cash losses or expenses (provided that if any cash expenditures are subsequently made in respect of such
non-cash losses or expenses that were added back pursuant to this clause (a)(vi), such cash expenditures shall be deducted in determining Consolidated EBITDA for the Reference Period during which such
expenditures are made), 
 (vii) extraordinary, unusual or non-recurring cash losses or expenses,
provided that the amounts added back to Consolidated Net Income in any Reference Period pursuant to this clause (a)(vii) and pursuant to clause (a)(viii) shall not in the aggregate exceed 10% of Consolidated EBITDA for such Reference Period (as
Consolidated EBITDA is calculated immediately prior to any addbacks pursuant to this clause (a)(vii)); and 

  
 - 7 - 

 (viii) in connection with a Permitted Acquisition, without duplication, the amount of net cost
savings and synergies projected by the Borrower in good faith to be realized as a result of specified actions taken or expected to be taken and calculated on a pro forma basis as though such cost savings and synergies had been realized on the first
day of such Reference Period, net of the amount of actual benefits realized from such actions; provided that the chief financial officer of the Borrower shall have certified to the Administrative Agent that (1) such cost savings and
synergies are reasonably identifiable and factually supportable, reasonably attributable to the actions specified and reasonably anticipated to result from such actions, (2) such actions have been taken, initiated or are reasonably expected to
be taken and (3) the benefits resulting therefrom are anticipated by the Borrower to be realized within twelve (12) months after the date of such Permitted Acquisition, and provided further that the amounts added back to
Consolidated Net Income in any Reference Period pursuant to this clause (a)(viii) and pursuant to clause (a)(vii) shall not in the aggregate exceed 10% of Consolidated EBITDA for such Reference Period (as Consolidated EBITDA is
calculated immediately prior to any addbacks pursuant to this clause (a)(viii)); 
 minus 

(b) without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such
Reference Period: 
 (i) non-cash income or gains (other than amounts accrued in the ordinary
course of business consistent under accrual-based revenue recognition procedures in accordance with GAAP) excluding any such income that represents the reversal of any accrual of, or cash reserve for,
anticipated cash charges in any prior Reference Period (other than such cash charges that have not increased Consolidated EBITDA), 
 (ii)
extraordinary, unusual or non-recurring income or gains; in each case, as determined on a consolidated basis for the Borrower and its Subsidiaries; and 

(iii) federal, state, local and foreign income tax credits and refunds (to the extent not netted from clause (a)(ii) above). 

“Consolidated Interest Coverage Ratio” means, as of the last day of any fiscal quarter, the ratio of
(a) Consolidated Adjusted EBITDA for the Reference Period ended on such date to (b) Consolidated Interest Expense paid or payable in cash for the Reference Period ended on such date. 

“Consolidated Interest Expense” means, for any Reference Period, for the Borrower and the Subsidiaries calculated in
accordance with GAAP on a consolidated basis (without duplication) for such Reference Period, all interest expense (including interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP) with respect to all
outstanding Indebtedness of the Borrower and the Subsidiaries allocable to such Reference Period in accordance with GAAP (including all commissions, discounts and other fees and charges owed with respect to letters of credit). 

  
 - 8 - 

 “Consolidated Net Income” means, for any Reference Period, the net income
(or loss) of the Borrower and the Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such Reference Period; provided, that the net income (and loss) of any Person that is not the Borrower or a
Subsidiary will be excluded except to the extent that any such net income is actually received in cash by the Borrower or a Subsidiary in the form of dividends or similar distributions in respect of such Reference Period. In addition, to the extent
not already included in Consolidated Net Income, notwithstanding anything to the contrary in the foregoing (but without duplication of any of the foregoing exclusions and adjustments), Consolidated Net Income shall include the amount of
(i) proceeds received from business interruption insurance in respect of expenses, charges or losses with respect to business interruption and (ii) reimbursements of any expenses and charges in connection with any Investment or any
Disposition of assets or properties (including Capital Stock) permitted hereunder (and whether or not consummated) to the extent reducing Consolidated Net Income, in each case, provided that such proceeds or reimbursements are actually
received and covered by third-party indemnification or other reimbursement provisions. 

“Consolidated Net Tangible Assets” means, as of any date of determination, the consolidated total assets of the
Borrower and its Subsidiaries less the goodwill and other intangible assets of the Borrower and its Subsidiaries, as reflected on the most recent consolidated balance sheet of the Borrower and its Subsidiaries, determined on a consolidated basis in
accordance with GAAP. 
 “Consolidated Total Funded Debt” means, as of any date of determination, the outstanding
principal amount as of such date of all Indebtedness of the type described in clauses (a), (b), (f) (to the extent such Guarantee relates to Indebtedness of the type referred to in clauses (a), (b), (g), (h) (to the extent such
Indebtedness consists of unreimbursed payments made by the issuers of letters of credit described in such clause (h)) and (i) (to the extent such Indebtedness consists of unreimbursed payments made by the issuers of bankers’
acceptances described in such clause (i)) of the definition of “Indebtedness”), (g), (h) (to the extent such Indebtedness consists of unreimbursed payments made by the issuers of letters of credit described in such
clause (h)) and (i) (to the extent such Indebtedness consists of unreimbursed payments made by the issuers of bankers’ acceptances described in such clause (i)) of the definition of “Indebtedness”, in each case of the
Borrower and the Subsidiaries on a consolidated basis. 
 “Consolidated Total Leverage Ratio” means, as of the last
day of any fiscal quarter, the ratio of (a) Consolidated Total Funded Debt as of such date (less the aggregate amount of Unrestricted Cash of the Borrower (but not of other Loan Parties) on such date in an amount not to exceed $30,000,000) to
(b) Consolidated Adjusted EBITDA for the Reference Period ended on such date. 
 “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. 

  
 - 9 - 

 “Credit Party” means the Administrative Agent, the Issuing Bank, the
Swingline Lender or any other Lender. 
 “Default” means any event or condition which constitutes an Event of
Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Defaulting
Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or
Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result
of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or
has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good
faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend
credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is
financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this
clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 

“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule
3.06. 
 “Disposition” means, with respect to any Property, any sale, lease, sale and leaseback, assignment,
conveyance, transfer or other disposition thereof (excluding Liens); and the terms “Dispose”, “Disposes” and “Disposed” shall have correlative meanings. 

“Disqualified Capital Stock” means any Capital Stock that, by its terms (or by the terms of any security or other
Capital Stock into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or is mandatorily redeemable (other than solely for Capital Stock which is not otherwise Disqualified
Capital Stock), pursuant to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Capital Stock which is not otherwise Disqualified Capital Stock), in whole or in part,
(iii) provides for the scheduled payments of dividends in cash, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Capital Stock that would constitute Disqualified Capital Stock, in each case, prior to the
date that is 91 days after the Maturity Date, except, in the case of clauses (i) and (ii), if as a result of a change of control 

  
 - 10 - 

 
event or asset sale or other Disposition or casualty event, so long as any rights of the holders thereof to require the redemption thereof upon the occurrence of such a change of control event or
asset sale or other Disposition or casualty event are subject to the prior payment in full of the Obligations (other than any contingent indemnification and reimbursement obligations, in each case in respect of which no claim has been asserted by
the Person entitled thereto); provided that if such Capital Stock is issued pursuant to any equity or incentive compensation or benefit plan or arrangement of the Borrower or any of its Subsidiaries (or for the benefit of employees, officers,
directors or members of management of any such Person), such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by the Borrower or any of its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations or as a result of the termination, death or disability of the Person to whom such Capital Stock is issued. 

“Disqualified Lender” means a competitor of the Borrower or any of its Subsidiaries that is in the same or similar
industry or line of business as the Borrower and its Subsidiaries; provided, however, that no commercial bank (as hereinafter defined) shall be deemed to be a competitor. As used herein, a “commercial bank” shall mean (i) any
bank or trust company incorporated and doing business under the laws of the United States (including laws relating to the District of Columbia) or of any state, a substantial part of the business of which consists of receiving deposits and making
loans and discounts, or of exercising fiduciary powers similar to those permitted to national banks under authority of the Comptroller of the Currency, and which is subject by law to supervision and examination by state, territorial or federal
authority having supervision over banking institutions, and (ii) any entity chartered under the laws of a country outside the United States that has a business similar to that described in clause (i) and which is subject by law, treaty or
otherwise to supervision by provincial, territorial, national, supranational or other governmental or international authority having supervision over banking institutions. 

“Disregarded Entity” means an entity that is treated as disregarded from its sole owner under U.S. Treasury
Regulations Sections 301.7701-2 and -3. 

“dollars” or “$” refers to lawful money of the United States of America. 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States of America, any State
of the United States of America or the District of Columbia, except for any Subsidiary that is directly or indirectly owned by a CFC Subsidiary. 

“Effective Date” means January 14, 2013. 

“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or
other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. 
 “Electronic
System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt
Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Bank and any of its respective Related
Persons or any other Person, providing for access to data protected by passcodes or other security system. 

  
 - 11 - 

 “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 or to health and safety matters. 
 “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. 

“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 thirty (30) day notice period is waived); (b) the existence with respect to any Multiemployer Plan of an “accumulated funding deficiency” (as
defined in Sections 412 and 431 of the Code or Sections 302 and 304 of ERISA), whether or not waived, or the determination that any Multiemployer Plan is in either “endangered status” or “critical status” (as defined in
Section 432 of the Code or Section 305 of ERISA), or the failure of any Plan that is not a Multiemployer Plan to satisfy the minimum funding standards of Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA, or the
determination that any Plan that is not a Multiemployer Plan is in “at-risk” status (as defined in Section 430(i) of the Code or Section 303(i) of ERISA) or the imposition of any lien on
the Borrower or any of its ERISA Affiliates pursuant to Section 430(k) of the Code or Section 303(k) of ERISA; (c) the filing pursuant to Section 412(c) of the Code or Section 303(c) of ERISA of an application for a waiver
of the minimum funding standard with respect to any Plan; (d) the incurrence by 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 

  
 - 12 - 

 
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; (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, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; (h) the engagement by the Borrower or
any of its ERISA Affiliates in a non-exempt “prohibited transaction” (as defined under Section 406 of ERISA or Section 4975 of the Code) or a breach of a fiduciary duty under ERISA that
could result in liability to the Borrower or any Subsidiary; (i) the failure of any Plan (and any related trust) that is intended to be qualified under Sections 401 and 501 of the Code to be so qualified; (j) the commencement, existence or
threatening of a claim, action, suit, audit or investigation with respect to any Plan, other than a routine claim for benefits; (k) any incurrence by or any expectation of the incurrence by the Borrower or any of its ERISA Affiliates of any
liability for post-retirement benefits under any employee benefit plan described in Section 3(1) of ERISA, other than as required by Section 601 et seq. of ERISA or Section 4980B of the Code or
similar state law; or (l) the occurrence of an event with respect to any employee benefit plan described in Section 3(3) of ERISA that results in the imposition of an excise tax or any other liability on the Borrower or any of its ERISA
Affiliates or of the imposition of a Lien on the assets of the Borrower or any of its ERISA Affiliates. 

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising
such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of
Default” has the meaning assigned to such term in Article VII. 
 “Excluded Taxes” means any of
the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a
Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under
Section 2.18(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.16, amounts with respect to such Taxes were payable either to such Lender’s assignor
immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with
Section 2.16(f) and (d) any U.S. Federal withholding Taxes imposed under FATCA. 

  
 - 13 - 

 “Existing Letter of Credit” means that certain Irrevocable Letter of
Credit No. CTCS-782889 issued by JPMorgan Chase Bank, N.A. on July 22, 2009 in the original stated amount of USD1,421,472.00. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code,
and any applicable intergovernmental agreements with respect thereto and applicable fiscal or regulatory legislation rules, practices or other official implementing guidance thereunder or pursuant to such intergovernmental agreements. 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next
1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it; provided, that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Financial Officer” means, with respect to any Loan Party, such Loan Party’s chief financial officer, principal
accounting officer, treasurer or corporate controller, or any other authorized officer of such Loan Party who is reasonably acceptable to the Administrative Agent and familiar with the historical and current financial condition of the Borrower and
the Subsidiaries. 
 “Financial Statements” means the financial statements to be furnished pursuant to Sections
5.01(a) and (b). 
 “Foreign Lender” means a Lender that is not a U.S. Person. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time.

 “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 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 

  
 - 14 - 

 
Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, 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 obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business or customary indemnity obligations in effect on the Effective Date or
entered into in connection with any acquisition or Disposition permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee of any guaranteeing person shall be deemed to be the lower of
(x) the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and (y) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such
Guarantee, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guaranteeing person’s maximum reasonably
anticipated liability in respect thereof as determined by the Borrower in good faith. 
 “Guarantee Agreement” means
the Amended and Restated Guarantee Agreement dated as of the date hereof by the Guarantors in favor of the Secured Parties, as amended, restated, supplemented or otherwise modified from time. 

“Guarantors” means (a) all Domestic Subsidiaries of the Borrower other than the
Broker-Dealer Subsidiaries and (b) any other Subsidiaries that are party to the Guarantee Agreement. 

“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. 
 “Immaterial Subsidiary” means, on any date of determination, any Subsidiary
with (i) total assets (less goodwill and other intangible assets) equal to or less than 3.0% of Consolidated Net Tangible Assets (as set forth in the most recently available balance sheet) and (ii) total revenue equal to or less than 5.0%
of total revenue of the Borrower and its Subsidiaries, in each case as determined in accordance with GAAP, and with respect to revenue, for the most recent Reference Period preceding such date of determination for which the Borrower has delivered
financial statements. 
 “Impacted Interest Period” has the meaning assigned to such term in the
definition of “LIBO Rate.” 

  
 - 15 - 

 “Increasing Lender” has the meaning assigned to such term in
Section 2.20(a). 
 “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 (i) current accounts payable incurred in the ordinary course of business, (ii) any earn-out obligation unless either (A) such obligation is not paid within thirty (30) days after becoming due and payable or (B) such obligation becomes a liability on the balance sheet of such Person
prepared in accordance with GAAP, and (iii) accruals for payroll or other employee compensation and other liabilities accrued in the ordinary course of business), (e) 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 property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (but limited to the lesser of the fair market
value of such property and the principal amount of such Indebtedness), (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 and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. 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
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in
(a) hereof, Other Taxes. 
 “Ineligible Institution” has the meaning assigned to it in Section 9.04(b).

 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with
Section 2.07. 
 “Interest Payment Date” means (a) with respect to any ABR Loan (other than a
Swingline Loan), commencing with the last day of December 2015, the last day of each March, June, September and December and the Maturity Date, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the
Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period and the Maturity Date, and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Maturity Date. 

“Interest Period” means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter (or, if available to all Lenders, 

  
 - 16 - 

 
twelve months thereafter), as the Borrower may elect (or any shorter period approved by the Administrative Agent); provided, that (i) if any Interest Period would end on a day other
than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding
Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such
Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving
Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to
the same number of decimal places as the LIBO Screen Rate) 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 LIBO Screen Rate for the longest period for which the LIBO Screen Rate is available for U.S. Dollars) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that
LIBO Screen Rate is available for U.S. Dollars) that exceeds the Impacted Interest Period, in each case, at such time. 

“Investment” has the meaning assigned to such term in Section 6.04. 

“Investment Grade Rating” means a corporate credit rating equal to or higher than Baa3 by Moody’s and BBB- by S&P. 
 “IRS” means the United States Internal Revenue Service. 

“Issuing Bank” means JPMorgan Chase Bank, N.A. in its capacity as the issuer of Letters of Credit hereunder, and its
successors in such capacity as provided in Section 2.05(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing
Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “LC
Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 
 “LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at
such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 

“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have
become a Lender hereunder pursuant to Section 2.20 or pursuant to an Assignment and 

  
 - 17 - 

 
Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the
Swingline Lender. 
 “Letter of Credit” means the Existing Letter of Credit and any letter of credit issued pursuant
to this Agreement. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the
London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars 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 “LIBO Screen Rate”) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period; provided that if the LIBO 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”) for U.S. Dollars then the LIBO Rate shall be the Interpolated Rate; provided that if any Interpolated Rate shall be less than
zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “LIBO Screen Rate” has the meaning
assigned to it in the definition of “LIBO Rate.” 
 “Lien” means, with respect to any asset, (a) any
mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset 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 (provided that in no event shall an operating lease in and of itself constitute a Lien). 

“Liquidity” means, as of any date of determination, the sum of (a) the aggregate unused amount of the Commitments
as of such date and (b) all unrestricted and unencumbered (other than encumbrances arising pursuant to the Loan Documents and Permitted Encumbrances not described in clauses (c), (d), (g), (m) and (n) of the definition of
“Permitted Encumbrances”) cash and Cash Equivalent Investments of the Loan Parties as of such date. 
 “Loan
Documents” means, collectively, this Agreement, the Guarantee Agreement, each promissory note delivered pursuant to this Agreement, any Letter of Credit applications, the Collateral Documents and any other agreements, instruments,
documents and certificates executed by or on behalf of any Loan Party and delivered to or in favor of the Credit Parties concurrently herewith or hereafter in connection with the Transactions hereunder. Any reference in this Agreement or any other
Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to such Loan Document as the same may be in effect at any and
all times such reference becomes operative. 

  
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 “Loan Parties” means, collectively, the Borrower and each Guarantor. 

“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 

“MarketAxess Brazil” means MarketAxess Plataforma de Negociacao Ltda., a company organized under the laws of Brazil.

 “MarketAxess Canada” means MarketAxess Canada Limited, a Canadian corporation. 

“MarketAxess Europe” means MarketAxess Europe Limited, a company organized under the laws of England and Wales. 

“MarketAxess Limited” means MarketAxess Limited, a company organized under the laws of England and Wales. 

“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 Loan Parties, taken as a whole, to perform their obligations under any Loan Document to which they are a party, or (c) the Collateral, taken as a
whole, or the Administrative Agent’s Liens (on behalf of itself and the other Secured Parties) on the Collateral, taken as a whole, or the priority of such Liens, or the rights of or benefits available to the Credit Parties under the Loan
Documents, taken as a whole. 
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters of
Credit or other Obligations), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and the Subsidiaries in an aggregate principal amount exceeding $10,000,000. 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. 
 “Maturity Date”
means October 30, 2017. 
 “Moody’s” means Moody’s Investors Service, Inc. 

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

“Non-Consenting Lender” means any Lender that does not approve any consent,
waiver or amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 9.02 and (b) has been approved by the Required Lenders. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after
the 

  
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commencement by or against any Loan Party of any proceeding under any debtor relief laws naming such Loan Party as the debtor in such proceeding, regardless of whether such interest and fees are
allowed claims in such proceeding. 
 “Original Credit Agreement” shall mean the Credit Agreement dated as of
January 14, 2013 among the Borrower, the Administrative Agent and the lenders party thereto. 
 “Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient 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, Letter of Credit or Loan Document). 
 “Other Taxes” means all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise
with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.18). 

“Paid in Full” or “Payment in Full” means, with respect to the Secured Obligations or the
Guaranteed Obligations (as defined in the Guarantee Agreement), that (a) such Secured Obligations or Guaranteed Obligations, as the case may be, consisting of Obligations (other than contingent indemnification and reimbursement obligations in
respect of which no claim for payment has been asserted by the Person entitled thereto) have been fully performed or paid in cash, as applicable, (b) such Secured Obligations or Guaranteed Obligations, as the case may be, consisting of Swap
Obligations and Banking Services Obligations then due and payable (or which will be due and payable following notice or expiration of any grace period) have been (i) fully paid in cash or (ii) cash collateralized or made subject to other
arrangements reasonably satisfactory to the applicable Swap Providers and Banking Services Providers, and (c) the Commitments and all Letters of Credit have been terminated or have expired or, in the case of Letters of Credit, (i) cash
collateralized in a manner consistent with Section 2.05(j) or (ii) made subject to other arrangements reasonably satisfactory to the Issuing Bank. 

“Participant” has the meaning assigned to such term in Section 9.04(c). 

“Participant Register” has the meaning assigned to such term in Section 9.04(c). 

“Patriot Act” has the meaning assigned to such term in Section 9.16. 

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

  
 - 20 - 

 “Permitted Acquisition” means any Acquisition by the Borrower or any
Subsidiary that satisfies all of the following conditions: 
 (a) both before and immediately after giving effect to such Acquisition and
the incurrence or assumption of any Indebtedness in connection therewith, no Event of Default shall have occurred and be continuing; 
 (b)
both before and immediately after giving effect to such Acquisition and the incurrence or assumption of any Indebtedness in connection therewith, the Borrower shall be in compliance on a pro forma basis with each financial covenant set forth
in Section 6.09 (provided, however, that Borrower shall have a Consolidated Total Leverage Ratio equal to or less than 2.25:1.00), recomputed, in the case of each such financial covenant, (i) as if such Acquisition
(and any other Permitted Acquisition consummated after the most recent Reference Period preceding the date of such Acquisition for which the Borrower has delivered Financial Statements), including the incurrence or assumption of any Indebtedness in
connection therewith, had occurred on the first day of such Reference Period, (ii) with Consolidated Total Funded Debt and Unrestricted Cash measured as of the date of such Acquisition and immediately after giving effect to such Acquisition and
any Indebtedness incurred or assumed in connection therewith, and (iii) with Consolidated EBITDA, Consolidated Adjusted EBITDA and Consolidated Interest Expense measured for such Reference Period (and, if the Indebtedness incurred or assumed
has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable Reference Period for purposes hereof determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as of
the first day of such Reference Period); 
 (c) the Borrower shall have delivered to the Administrative Agent a certificate demonstrating
pro forma financial covenant compliance (as required pursuant to clause (b) above) and compliance with the other conditions required by this paragraph, together with copies of corresponding pro forma financial statements
(which may be internally prepared), in each case in form and substance satisfactory to the Administrative Agent (copies of which certificate and financial statements the Administrative Agent shall promptly provide to the Lenders); and 

(d) in the case of an Acquisition involving the merger, amalgamation or consolidation of any Loan Party, the surviving Person shall be or
simultaneously become a Loan Party pursuant to Section 5.10. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law (other than Liens imposed under ERISA) for Taxes that are not yet due or are being contested in compliance with
Section 5.04; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’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 5.04; 

  
 - 21 - 

 (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 (other than Liens imposed under ERISA); 
 (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; 

(e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; 

(f) 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 affected property or interfere with the ordinary conduct of
business of the Borrower and its Subsidiaries taken as a whole; 
 (g) Liens securing good faith earnest money deposits made in connection
with a Permitted Acquisition or any other Investment or letter of intent or purchase agreement permitted hereunder; 
 (h) (i) any
interest or title of a lessor or sublessor under any lease or sublease or real property license or sub-license entered into by the Borrower or any Subsidiary in the ordinary course of its business and covering
only the assets so leased, subleased, licensed or sub-licensed, (ii) any Liens on such lessor’s, sublessor’s, licensee or sub-licensee’s interest or
title and (iii) subordination of the interest of the lessee or sublessee under such lease to any Lien or restriction referred to in the preceding clause (ii); 

(i) Liens consistent with those arising by operation of law consisting of customary and ordinary course rights of setoff upon deposits of cash
and Cash Equivalent Investments in favor of banks or other financial or depository institutions in the ordinary course of business; 
 (j)
(i) Liens of a collection bank arising under Section 4-208 of the Uniform Commercial Code on the items in the course of collection, (ii) Liens attaching to commodity trading accounts or other
commodities brokerage accounts incurred in the ordinary course of business and not for speculative purposes and (iii) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to accounts and cash and Cash
Equivalent Investments on deposit in accounts maintained by the Borrower or any Subsidiary (including any restriction on the use of such cash and Cash Equivalent Investments or investment property), in each case under this clause
(iii) granted in the ordinary course of business in favor of the banks or other financial or depositary institutions with which such accounts are maintained, securing amounts owing to such Person with respect to Banking Services Obligations
(including operating account arrangements and those involving pooled accounts and netting arrangements); provided that, in the case of this clause (iii), unless such Liens arise by operation of applicable law, in no case shall any such
Liens secure (either directly or indirectly) the repayment of any Indebtedness for borrowed money; 

  
 - 22 - 

 (k) licenses and sublicenses of intellectual property granted by the Borrower or any Subsidiary
in the ordinary course of business; 
 (l) UCC financing statements or similar public filings that are filed as a precautionary measure in
connection with operating leases or consignment of goods in the ordinary course of business; 
 (m) Liens (i) on cash advances in favor
of the seller of any property to be acquired in a Permitted Acquisition or an Investment permitted pursuant to Section 6.04 to be applied against the purchase price for such Investment or (ii) consisting of an agreement to Dispose
of any property in a Disposition permitted under Section 6.03, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien; 

(n) Liens deemed to exist in connection with Investments in repurchase agreements under Section 6.04; provided such Liens
do not extend to any assets other than those assets that are the subject of such repurchase agreement; and 
 (o) Liens that are customary
contractual rights of setoff relating to purchase orders and other agreements entered into with customers of the Borrower or any Subsidiary in the ordinary course of business; 

provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 

“Permitted Liens” means Liens permitted under Section 6.02. 

“Permitted Refinancing” means, with respect to any Indebtedness of any Person, any refinancing, refunding, renewal,
replacement, defeasance, discharge or extension of such Indebtedness (including any such Indebtedness incurred or issued pursuant to a Permitted Refinancing) (each, a “refinancing,” with “refinanced” having a
correlative meaning); provided that the aggregate principal amount (or accreted value, if applicable) does not exceed the then outstanding aggregate principal amount (or accreted value, if applicable) of the Indebtedness so refinanced, except
by an amount equal to all unpaid accrued or capitalized interest thereon, any make-whole payments or premium (including tender premium) applicable thereto or paid in connection therewith, any swap breakage
costs and other termination costs related to Swap Agreements, plus upfront fees and original issue discount on such refinancing Indebtedness, plus other customary fees and expenses in connection with such refinancing and by an amount equal to any
existing commitments unutilized thereunder. 
 “Permitted Restructuring” means any transaction or series of related
transactions pursuant to which the ownership of the shares of Capital Stock of MarketAxess Europe, MarketAxess Canada and/or MarketAxess Brazil is transferred to MarketAxess Limited. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 

  
 - 23 - 

 “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. 
 “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 office located at 270 Park Avenue, New York, New York; each change in the Prime Rate
shall be effective from and including the date such change is publicly announced as being effective. 
 “Public-Sider” means a Lender or any representative of such Lender that does not want to receive material non-public information within the meaning of the federal
and state securities laws. 
 “Qualified Capital Stock” means Capital Stock that is not Disqualified Capital Stock.

 “Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any Issuing
Bank. 
 “Reference Period” means, as of the last day of any fiscal quarter, the period of four (4) consecutive
fiscal quarters of the Borrower and the Subsidiaries ending on such date. 
 “Refinancing Indebtedness” means, with
respect to any Indebtedness, any other Indebtedness incurred in connection with a Permitted Refinancing of such Indebtedness. 

“Register” has the meaning assigned to such term in Section 9.04(b). 

“Regulatory Net Capital” of any Person means (a) in the case such Person is a
Broker-Dealer Subsidiary of the type described in clause (a) of the definition of “Broker-Dealer Subsidiary”, the amount of net capital held by
such Person as a broker-dealer under Section 15(c)(3) of the Securities Exchange Act and regulations promulgated thereunder (or under comparable statutes and regulations of the applicable jurisdiction)
and (b) in the case such Person is a Broker-Dealer Subsidiary of the type described in clause (b) of the definition of “Broker-Dealer
Subsidiary”, the amount of net capital held by such Person as a futures commission merchant or introducing broker under Section 4f(b) of the Commodity Exchange Act and regulations promulgated thereunder (or under comparable statutes and
regulations of the applicable jurisdiction). 
 “Related Parties” means, with respect to any specified Person, such
Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Replacement Liens” means, with respect to any Lien, any modification, replacement, renewal or extension of such Lien;
provided that (i) such modification, replacement, renewal or extension of such Lien does not extend to any additional property other than (A) after-acquired property (to the extent such after-acquired property would have been subject to such Lien prior to such modification, replacement, renewal or extension) and (B) proceeds and products thereof, and (ii) any Indebtedness secured by such
Liens is permitted by Section 6.01. 

  
 - 24 - 

 “Required Lenders” means, at any time, subject to
Section 2.19(b), Lenders having Revolving Credit Exposures and unused Commitments representing more than fifty percent of the sum of the total Revolving Credit Exposures and unused Commitments at such time. 

“Restatement Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02). 
 “Restricted Payment” means any dividend or
other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Borrower or any Subsidiary. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount
of such Lender’s Revolving Loans, its LC Exposure and its Swingline Exposure at such time. 
 “Revolving Loan”
means a Loan made pursuant to Section 2.03. 
 “S&P” means Standard & Poor’s. 

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any
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 the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department
of State, or by the United Nations Security Council, the European Union or any European Union member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or
Persons described in the foregoing clauses (a) or (b). 
 “Sanctions” means 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 the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of
State, or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom. 

“SEC” means the Securities and Exchange Commission of the United State of America. 

“Secured Obligations” means, collectively, all Obligations, Swap Obligations and Banking Services Obligations;
provided, that any release of Collateral or Guarantors effected in the manner permitted by this Agreement or any Collateral Document shall not require the consent of holders of Swap Obligations or Banking Services Obligations. 

  
 - 25 - 

 “Secured Parties” means, collectively, the holders of the Secured
Obligations from time to time and shall include (a) each Lender and the Issuing Bank in respect of their Loans, LC Exposure and Swingline Exposure, (b) the Administrative Agent, the Issuing Bank and the Lenders in respect of all other
present and future obligations and liabilities of the Loan Parties of every type and description arising under or in connection with this Agreement or any other Loan Document, (c) each Swap Provider and Banking Services Provider in respect of
Swap Obligations and Banking Services Obligations, (d) each indemnified party under Section 9.03 in respect of the obligations and liabilities of the Loan Parties to such Person hereunder and under the other Loan Documents, and
(e) the respective successors and (in the case of a Lender, permitted) transferees and assigns of the foregoing Persons. 

“Security Agreement” means the Amended and Restated Pledge and Security Agreement dated as of the date hereof among
the Loan Parties and the Administrative Agent, for the benefit of the Secured Parties, as amended, restated, supplemented or otherwise modified from time. 

“Solvent” means that (a) the fair value of the assets of the Borrower and the Subsidiaries on a consolidated
basis, at a fair valuation, exceeds their aggregate debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the assets of the Borrower and the 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 the
Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Borrower and the Subsidiaries on a consolidated
basis will not have unreasonably small capital with which to conduct the business in which they are engaged. 
 “Specified Event
of Default” means any Event of Default (i) arising due to a breach of Section 6.09(a) or (b), or (ii) under any of clauses (a), (b), (f), (h), (i), (j), (k),
(o), (p), (q), (r), (s) or (t) of Article VII. 
 “Statutory Reserve
Rate” 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 percentage (including any marginal, special, emergency
or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in
Regulation D of the Board). Such reserve percentage shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or
credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage. 
 “Subordinated Indebtedness” means any Indebtedness of the Borrower or any
Subsidiary that is expressly subordinated in right of payment and performance to the Obligations. 

  
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 “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 (a) 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, or (b) that
is, as of such date, otherwise Controlled, 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. 

“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. 
 “Swap Obligations” means any and all obligations of
the Borrower or any Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all
Swap Agreements permitted hereunder with a Swap Provider, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction. 

“Swap Provider” means any Person that (i) is a Lender or an Affiliate of a Lender at the time it enters into the
applicable Swap Agreement, in its capacity as a party thereto, or (ii) with respect to any Swap Agreement existing as of the Effective Date, is a Lender or an Affiliate of a Lender as of the Effective Date, in its capacity as a party thereto,
in each case together with such Person’s successors and permitted assigns. 
 “Swingline Commitment” means, as
of the date of this Agreement, $0. 
 “Swingline Exposure” means, at any time, the aggregate principal amount of all
Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be the sum of (a) its Applicable Percentage of the total Swingline Exposure at such time other than with respect to any Swingline Loans made by
such Lender in its capacity as a Swingline Lender and (b) without duplication, the aggregate principal amount of all Swingline Loans made by such Lender as a Swingline Lender outstanding at such time (less the amount of participations funded by
the other Lenders in such Swingline Loans). 
 “Swingline Lender” means JPMorgan Chase Bank, N.A. in its capacity as
lender of Swingline Loans hereunder. 

  
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 “Swingline Loan” means a Loan made pursuant to Section 2.04.

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

“Transactions” means (i) the execution, delivery and performance by the Loan Parties of the Loan Documents, the
borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder, and (ii) the payment of fees, costs and expenses (including fees, costs and expenses payable to lawyers and accountants) owing in connection
with any of the foregoing. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York; provided, that if perfection or
the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority. 
 “Unrestricted Cash” means cash or Cash
Equivalent Investments of the Borrower or any of its Subsidiaries that are not subject to any express contractual restrictions on the application thereof or any regulatory restrictions by any applicable Governmental Authority, including with regard
to capital maintenance requirements of any registered broker and/or dealer or holding company of any registered broker and/or dealer (it being expressly understood and agreed that, for the avoidance of doubt, affirmative and negative covenants and
events of default that do not expressly restrict the application of such cash or Cash Equivalent Investments shall not constitute express contractual restrictions for purposes of this definition) and not subject to any Lien (other than Permitted
Liens). 
 “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 2.16(f)(ii)(B)(3). 
 “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. 

SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and
referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 

  
 - 28 - 

 SECTION 1.03 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, 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”. The word “law” shall be construed as referring to
all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental
Authorities. 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 law shall be construed as referring
thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), except that for purposes of determining the accuracy of any representation or warranty, such reference or definition
shall only be to such law as in effect on the date the representation and warranty was made, (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, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (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 hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04 Accounting
Terms; GAAP. 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, (a) 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, without giving effect to any election under Financial
Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair

  
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value”, as defined therein, and (b) any obligations of a Person under a lease (whether existing now or entered into in the future) that is not (or would not be) a Capital Lease
Obligation under GAAP as in effect on the Effective Date shall not be treated as a Capital Lease Obligation solely as a result of the adoption of changes in GAAP. 

SECTION 1.05 Classification of Permitted Items. For purposes of determining the amount of any Investment, Indebtedness or
Disposition permitted under Article VI relating to a percentage of Consolidated Net Tangible Assets, Consolidated Net Tangible Assets shall be measured at the time such Investment, Indebtedness or Disposition is made, incurred or consummated
(without adjustment for subsequent changes to Consolidated Net Tangible Assets, and no Default shall be deemed to have occurred solely as a result of a change in Consolidated Net Tangible Assets occurring after the time such Investment, Indebtedness
or Disposition is made, incurred or consummated). 
 SECTION 1.06 Rounding. Any financial ratios required to be satisfied in
order for a specific action to be permitted under 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). 

ARTICLE II 
 The Credits

 SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving
Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing pursuant to Section 2.10) in (a) such
Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the Revolving Credit Exposures exceeding the Aggregate Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the
Borrower may borrow, prepay and reborrow Revolving Loans. 
 SECTION 2.02 Loans and Borrowings. (a) Each Revolving Loan
shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender
of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with the
procedures set forth in Section 2.04. 
 (b) Subject to Section 2.13, each Revolving Borrowing shall
be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith; provided, that if the initial Borrowing hereunder is made on or before the third Business Day following the date hereof, the initial
Borrowing hereunder shall be comprised entirely of ABR Loans unless the Borrower has delivered to the Administrative Agent, at least three (3) Business Days prior to the date of the proposed initial Borrowing, a funding indemnity letter in form
and substance reasonably satisfactory to the Administrative Agent. Each Swingline 

  
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Loan shall be an ABR Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any
exercise of such option shall not affect the obligation of the applicable Lender to make such Loan and the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate
amount that is an integral multiple of $500,000 and not less than $1,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than
$1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.05(e). Each Swingline Loan shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that
there shall not at any time be more than a total of seven (7) Eurodollar Revolving Borrowings outstanding. 
 (d)
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

SECTION 2.03 Requests for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative
Agent of such request by telephone confirmed promptly by hand delivery, telecopy or electronic communication to the Administrative Agent of a written Borrowing Request signed by the Borrower (a) in the case of a Eurodollar Borrowing, not later
than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, the day of the proposed Borrowing; provided that
any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each
such telephonic Borrowing Request shall be irrevocable and shall specify the following information in compliance with Section 2.02: 

(i) the Type of such Borrowing 

(ii) the aggregate amount of the requested Borrowing; 

(iii) the date of such Borrowing, which shall be a Business Day; 

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”; and 
 (v) the location and number of the Borrower’s account to which funds are to
be disbursed, which shall comply with the requirements of Section 2.06. 

  
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 If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall
be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one (1) month’s duration. Promptly following receipt of a
Borrowing Request in accordance with this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Revolving Borrowing. 

SECTION 2.04 Swingline Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make
Swingline Loans to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the
Swingline Commitment as in effect from time to time, or (ii) the total Revolving Credit Exposures exceeding the Aggregate Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an
outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 

(b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by
telecopy or electronic communication), not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of
the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the
general deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e), by remittance to the Issuing Bank) by
3:00 p.m., New York City time, on the requested date of such Swingline Loan. 
 (c) The Swingline Lender may by written
notice given to the Administrative Agent require the Lenders to acquire participations in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate.
Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and
unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 12:00 noon, New York City time, on a Business Day no later than 5:00 p.m. New York City time on such Business
Day and if received after 12:00 noon, New York City time, on a Business Day shall mean no later than 10:00 a.m. New York City time on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the Swingline
Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall
not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or

  
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reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with
respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the
Lenders. The Administrative Agent shall notify the Borrower in writing (including by electronic mail) of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be
made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the
proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made
their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the
extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 

SECTION 2.05 Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the Borrower may
request the issuance of Letters of Credit as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time
during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered
into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue,
and shall not issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is
the subject of any Sanctions, to the extent such funding would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state, or (ii) in any manner that would result in a
violation of any Sanctions by any party to this Agreement. As of the Restatement Effective Date, the Existing Letter of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit issued and
outstanding hereunder. 
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the
issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the
Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three Business Days or such shorter period as the Issuing Bank
shall agree) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or

  
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extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of
Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a letter of credit
application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter
of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $5,000,000 and (ii) the sum of the total Revolving Credit
Exposures shall not exceed the Aggregate Commitments. 
 (c) Expiration Date. Each Letter of Credit shall expire (or
be subject to termination by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any
renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Maturity Date; provided, that any Letter of Credit may contain customary automatic renewal provisions agreed upon
by the Borrower and the Issuing Bank pursuant to which the expiration date of such Letter of Credit shall be automatically extended for a period of up to twelve (12) months (but not to a date later than the date set forth in clause
(ii) above). 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of
Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter
of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to
pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph
(e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters
of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

(e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower
shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received
notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day
immediately following the day that the Borrower receives such notice; provided that, if such LC 

  
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Disbursement is not less than $250,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such
payment be financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving
Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, or finance such payment in accordance with the proviso to the preceding sentence, the Administrative Agent shall notify each Lender of the applicable LC Disbursement,
the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment
then due from the Borrower, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the
Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may
appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not
relieve the Borrower of its obligation to reimburse such LC Disbursement. 
 (f) Obligations Absolute. The
Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of
Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document
that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or
equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Credit Parties nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the
issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising
from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect,
consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining
whether drafts and other 

  
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documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the
Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties
agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without
responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

(g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has
made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC
Disbursement. 
 (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower
shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the
reimbursement is due and payable at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is payable; provided that, if the Borrower fails to reimburse such LC
Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.12(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after
the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 

(i) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the
Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank; provided that no consent of the replaced Issuing Bank will be required if the replaced Issuing Bank has no Letters of Credit or Reimbursement
Obligations with respect thereto outstanding. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for
the account of the replaced Issuing Bank pursuant to Section 2.11(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this
Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all
previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and

  
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obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional
Letters of Credit. 
 (j) Cash Collateralization. If any Event of Default shall occur and be continuing, on the
Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, the Required Lenders) demanding the deposit of cash collateral pursuant to this paragraph,
the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to 103% of the amount of the LC Exposure as of such date plus any accrued and
unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the
occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the
Secured Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account, and the Borrower hereby grants to the Administrative Agent, for the benefit of the Secured
Parties, a security interest in such account. Other than any interest earned on the investment of such deposits, which investments shall be made, in consultation with the Borrower, at the option and sole discretion of the Administrative Agent and at
the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the
Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the
Loans has been accelerated (but subject to the consent of Required Lenders), be applied to satisfy other Secured Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of
Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. 

SECTION 2.06 Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date
thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans
shall be made as provided in Section 2.04. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the
Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be
remitted by the Administrative Agent to the Issuing Bank. 
 (b) Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may

  
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assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the
Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable 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 with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the
case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate
applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 

SECTION 2.07 Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue
such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in
which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline
Borrowings which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower shall
notify the Administrative Agent of such election by telephone confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the
Borrower by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. 

(c) Each telephonic and written Interest Election Request shall be irrevocable and shall specify the following information in
compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options
are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be
specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which
shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

  
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 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable
thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have
selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request,
the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior
to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof,
if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower in writing (including by electronic mail), then, so long as an Event of Default is continuing
(i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period
applicable thereto. 
 SECTION 2.08 Termination and Reduction of Commitments. (a) Unless previously terminated, the
Commitments shall terminate on the Maturity Date. 
 (b) The Borrower may at any time terminate, or from time to time reduce,
the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $2,500,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments
if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the Revolving Credit Exposures would exceed the Aggregate Commitments. 

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under
paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may
state that such notice is conditioned upon the effectiveness of other credit facilities or any other financing or a sale transaction, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective
Commitments. 

  
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 SECTION 2.09 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, and (ii) to the Administrative Agent for the account of the
Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least four Business Days
after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding and the proceeds of any such Borrowing shall be applied by the Administrative
Agent to repay any Swingline Loans outstanding. 
 (b) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder,
the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum
received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d)
The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence, absent manifest error, of the existence and amounts of the obligations recorded
therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this
Agreement. 
 (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower
shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the
Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named
therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
 SECTION 2.10 Prepayment of
Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section; provided, that each partial
prepayment shall be in an aggregate amount that is (i) an integral multiple of (A) in the case of an ABR Borrowing (other than a Swingline Borrowing), $500,000, and (B) in the case of a Eurodollar Borrowing, $500,000, and
(ii) not less than (A) in the case of a Swingline Borrowing, $500,000, (B) in the case of an ABR Borrowing (other than a Swingline Borrowing), $500,000, and (C) in the case of a Eurodollar Borrowing, $500,000. 

  
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 (b) The Borrower shall notify the Administrative Agent (and, in the case of
prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m., New York City time, three
Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing (other than a Swingline Borrowing), not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment or
(iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each
Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.08, then such notice of
prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.08 and any notice of prepayment of Borrowings may be conditioned upon the effectiveness of other credit facilities or any other financing or
a sale transaction, in which case such notice shall be deemed to have been properly revoked by the Borrower if such condition is not met. The Borrower shall give notice to the Administrative Agent on or prior to the specified effective date if such
condition is not satisfied. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an
amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid
Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12 and break funding payments to the extent required by Section 2.15. 

SECTION 2.11 Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment
fee, which shall accrue at the rate of 0.40% per annum (subject to adjustment as set forth in Section 2.12(c)) on the average daily unused amount of the Commitment of such Lender during the period from and including the Restatement
Effective Date to but excluding the date on which such Commitment terminates; provided, that if such Lender continues to have any Swingline Exposure after its Commitment terminates, then such commitment fee shall continue to accrue on the
daily amount of such Lender’s Swingline Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Revolving Lender ceases to have any Swingline Exposure. Accrued commitment fees shall be
payable in arrears on the last day of March, June, September and December of each year and on the date on which the Aggregate Commitments terminate, commencing on the first such date to occur after the date hereof; provided, that any
commitment fees accruing after the date on which the Aggregate Commitments terminate shall be payable on demand. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). For purposes of this Section 2.11(a), the unused amount of the Commitment of any Lender shall be deemed to be the excess of (i) the Commitment of such Lender over (ii) the
Revolving Credit Exposure of such Lender (exclusive of Swingline Exposure). 

  
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 (b) The Borrower agrees to pay (i) to the Administrative Agent for the
account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the average daily
amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Restatement Effective Date to but excluding the later of the date on which such
Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) following the joinder to this Agreement of Lenders other than the initial Lender and for so long as there are additional Lenders
other than the initial Lender, to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the date of such joinder to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s
standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder; provided that, notwithstanding the foregoing, with respect to the Existing Letter of Credit,
participation fees and fronting fees (if any) payable pursuant to this Section 2.11(b) shall not begin to accrue until July 22, 2016. Participation fees and fronting fees accrued through and including the last day of March, June,
September and December of each year shall be payable on the fifth Business Day following such last day, commencing on the first such date to occur after the Restatement Effective Date; provided that all such fees shall be payable on the date
on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 days after
written demand therefor (which may be by electronic mail). All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). 
 (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in
the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d) All fees
payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the
Lenders. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.12 Interest. (a) The Loans comprising each
ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b)
The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

  
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 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or
any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal
to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2% plus the rate applicable to
ABR Loans as provided in paragraph (a) of this Section. 
 (d) Accrued interest on each Loan shall be payable in
arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of
any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or
prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to
the Alternate Base Rate at times when the Alternate 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 in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.13 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

(a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable,
for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or
continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the
circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 

  
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 SECTION 2.14 Increased Costs. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan
requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; 

(ii) impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes)
affecting any Loan Document or Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii) subject any
Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal,
letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any
of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such
Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether
of principal, interest or otherwise), then the Borrower will pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other
Recipient, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) If any Lender or the Issuing
Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the
Issuing Bank’s holding company, if any, as a consequence of any Loan Document or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which
such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of
such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as
will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 

(c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or
the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such
Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

  
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 (d) Failure or delay on the part of any Lender or the Issuing Bank to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing
Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased
costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.15 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on
the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to
borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.10(b) and is revoked in accordance therewith), or
(d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18, then, in any such event, the Borrower shall compensate
each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of
(i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan (excluding therefrom, for the avoidance of doubt, any
loss of margin or anticipated profits), for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar
deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower
and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 15 days after receipt thereof. 

SECTION 2.16 Payments Free of Taxes. (a) Any and all payments by or on account of any obligation of any Loan Party under any Loan
Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding
of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority
in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section 2.16) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

  
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 (b) Payment of Other Taxes by the Borrower. The Loan Parties shall timely
pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes. 

(c) Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental
Authority pursuant to this Section 2.16, such Loan Party 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. 
 (d)
Indemnification by the Borrower. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or
by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e)
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party
has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of
Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each 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 as to 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 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 (e). 

(f) Status of Lenders. (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 

  
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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 2.16(f)(ii)(A), (ii)(B) and (ii)(D) below) 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), executed originals of 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, executed originals of IRS Form W-8BEN-E 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 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; 
 (2) in the case of a Foreign Lender claiming that its extension of credit will generate U.S.
effectively connected income, executed originals of 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 B-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) executed originals of IRS Form W-8BEN;
or 

  
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 (4) to the extent a Foreign Lender is not the beneficial owner, executed
originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-2 or Exhibit B-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 B-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 and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (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 certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.16 (including by the payment of additional amounts pursuant to this Section 2.16), it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this Section 2.16 with 

  
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respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party 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 indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would
place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (h)
Survival. Each party’s obligations under this Section 2.16 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 any Loan Document. 
 (i) Defined
Terms. For purposes of this Section 2.16, the term “Lender” includes any Issuing Bank and the phrase “applicable law” includes FATCA. 

SECTION 2.17 Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of
Set-offs. (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements (except to the extent otherwise
required under Section 2.05(e) with respect to reimbursement deadlines for LC Disbursements), or of amounts payable under Section 2.14, 2.15 or 2.16, or otherwise) at or prior to the time expressly required
hereunder or under such other Loan Document for such payment (or if no such time is expressly required, prior to 2:00 p.m. New York City time), on the date when due, in immediately available funds, without set off or counterclaim. Any amounts
received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the
Administrative Agent at its offices at 270 Park Avenue, New York, New York, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.14,
2.15, 2.16 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly
following receipt thereof. Except as otherwise provided in clause (i) to the proviso to the definition of Interest Period, if any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended
to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars. 

  
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 (b) Any proceeds of Collateral received by the Administrative Agent (i) not
constituting a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower) or (ii) after an Event of Default has occurred and is continuing and the
Administrative Agent so elects or the Required Lenders so direct, such proceeds shall be applied ratably first, to pay that portion of the Obligations constituting fees, indemnities, expense reimbursements and other amounts payable to the
Administrative Agent; second, to pay that portion of the Obligations constituting fees, indemnities, expense reimbursements and other amounts (other than principal, interest, commitment fees, Letter of Credit participation fees and Letter of
Credit fronting fees) payable to the Lenders and the Issuing Bank; third, to pay that portion of the Obligations constituting accrued and unpaid commitment fees, Letter of Credit participation fees and Letter of Credit fronting fees and
interest then due and payable on the Loans and other Obligations, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause third payable to them; fourth, to pay that portion of the
Secured Obligations constituting unpaid principal on the Loans and unreimbursed LC Disbursements and any Banking Services Obligations and Swap Obligations then owing, ratably among the Lenders, the Issuing Bank, the Swap Providers and the Banking
Services Providers in proportion to the respective amounts described in this clause fourth held by them; provided, however, that ABR Borrowings shall be paid prior to payment of Eurodollar Borrowings; fifth, to the extent applicable
under Section 2.05(j), to the Administrative Agent for the benefit of the Issuing Bank and the Lenders, to cash collateralize that portion of the LC Exposure comprised of the aggregate undrawn amount of Letters of Credit in accordance
with Section 2.05(j); and sixth, to pay any other Secured Obligation then owing, ratably among the Secured Parties in proportion to the respective amounts described in this clause sixth payable to them. Notwithstanding the
foregoing, Banking Services Obligations and Swap Obligations shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the
Administrative Agent may request, from the applicable Banking Services Provider or Swap Provider. Each Banking Services Provider or Swap Provider not a party to this Agreement that has given the notice contemplated by the preceding sentence shall,
by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article VIII hereof for itself and its Affiliates as if a “Lender” party hereto. No Banking Services
Provider or Swap Provider that obtains the benefits of this Section 2.17(b), the Guarantee Agreement or any Collateral by virtue of the provisions hereof or of the Guarantee Agreement or any Collateral Document shall have any right to
notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender
and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Agreement to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other
satisfactory arrangements have been made with respect to, Banking Services Obligations or Swap Obligations unless the Administrative Agent has received written notice of such Secured Obligations, together with such supporting documentation as the
Administrative Agent may request, from the applicable Banking Services Provider or Swap Provider. 

  
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 (c) If at any time insufficient funds are received by and available to the
Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the
parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
 (d) If any
Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary 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 Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that
(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a
Defaulting Lender) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements and Swingline Loans to any assignee or participant, other than to the
Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of
the Borrower in the amount of such participation. 
 (e) Unless the Administrative Agent shall have received notice from the
Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has
made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment,
then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation. 

  
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 (f) If any Lender shall fail to make any payment required to be made by it
pursuant to Section 2.04(c), 2.05(d) or (e), 2.06(b), 2.17(e) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts
thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated
account over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clause (i) and
(ii) above, in any order as determined by the Administrative Agent in its discretion. 
 SECTION 2.18 Mitigation
Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or Issuing Bank or any Governmental
Authority for the account of any Lender or Issuing Bank pursuant to Section 2.16, then such Lender or Issuing Bank shall use reasonable efforts to designate a different lending office for funding or booking its Loans or Letters of Credit
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or Issuing Bank, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Sections 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender or Issuing Bank to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or Issuing
Bank. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or Issuing Bank in connection with any such designation or assignment. 

(b) If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or if any Lender becomes a Defaulting Lender or a Non-Consenting
Lender, then the Borrower may, in its sole discretion, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, either 

(A) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.14 or 2.16) and obligations under the Loan Documents to an assignee that shall assume such obligations (which
assignee may be another Lender, if a Lender accepts such assignment); provided, that (i) to the extent that consent for an Assignment and Assumption would be required by such Person pursuant to Section 9.04, the Borrower
shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, delayed or conditioned, (ii) such Lender shall have
received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (including amounts due
under Section 2.15), from the assignee (to the extent of 

  
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such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments; or 

(B) so long as no Event of Default shall have occurred and be continuing, terminate the Commitment of such Lender and repay all
obligations of the Borrower owing to such Lender relating to the Loans and participations held by such Lender as of such termination date. A Lender shall not be required to make any such assignment and 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, or to terminate such Commitments or repay such obligations, cease to apply. 

(c) If any Lender (such Lender, a “Non-Consenting Lender”) has failed to
consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 9.02 requires the consent of all of the Lenders or all affected Lenders and with respect to which the Required Lenders shall have
granted their consent, then the Borrower shall have the right, in its sole discretion, to either (A) replace such Non-Consenting Lender by requiring such
Non-Consenting Lender to assign all or the affected portion of its Loans, Letters of Credit, participations in Loans and Letters of Credit and its Commitments hereunder to one or more assignees reasonably
acceptable to the Administrative Agent; provided that: (a) all Obligations (other than contingent reimbursement and indemnification obligations, in each case in respect of which no claim has been asserted by the Person entitled thereto)
of the Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, (b) the
replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest and unpaid fees thereon, (c) in
connection with any such assignment the Borrower, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.04 (including, obtaining the consent of the
Administrative Agent and each Issuing Bank if so required thereunder); provided that, if the required Assignment and Assumption is not executed and delivered by the Non-Consenting Lender, such Non-Consenting Lender will be unconditionally and irrevocably deemed to have executed and delivered such Assignment and Assumption as of the date such Non-Consenting Lender
receives payment in full of the Obligations (excluding contingent reimbursement and indemnification obligations, in each case in respect of which no claim has been asserted by the Person entitled thereto) of the Borrower owing to such Non-Consenting Lender, (d) the replacement Lender shall pay any processing and recordation fee referred to in Section 9.04(b)(ii)(C), if applicable in accordance with the terms of such Section
and (e) the replacement Lender shall grant its consent with respect to the applicable proposed amendment, waiver, discharge or termination, or (B) so long as no Event of Default shall have occurred and be continuing, terminate the
Commitment of such Non-Consenting Lender and repay all obligations of the Borrower owing to such Lender relating to the Loans and participations held by such
Non-Consenting Lender as of such termination date. 
 SECTION 2.19 Defaulting Lenders.
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: 

(a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to
Section 2.11(a); 

  
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 (b) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall
not be included in determining whether all Lenders or the Required Lenders, as applicable, have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02);
provided, that any waiver, amendment or other modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender disproportionately when compared to the other affected Lenders, or increases or
extends the Commitment of such Defaulting Lender, shall require the consent of such Defaulting Lender; 
 (c) if any
Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 
 (i) all or any part of the Swingline
Exposure and LC Exposure of such Defaulting Lender (other than the portion of such Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the
non-Defaulting Lenders in accordance with their respective Applicable Percentages but only (x) to the extent that such reallocation does not, as to any
non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Exposure to exceed its Commitment and (y) if the conditions set forth in
Section 4.02 are satisfied at such time; 
 (ii) if the reallocation described in clause (i) above cannot, or can
only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit of the Issuing Bank only the
Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in
Section 2.05(j) for so long as such LC Exposure is outstanding; 
 (iii) if the Borrower cash collateralizes any portion of
such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.11(a) with respect to such Defaulting Lender’s
LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 
 (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.11(a) and Section 2.11(b) shall be adjusted in
accordance with such non-Defaulting Lenders’ Applicable Percentages; and 
 (v) if all or any
portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other
Lender hereunder, all letter of credit fees payable under Section 2.11(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or
cash collateralized; and 

  
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 (d) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not
be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend, renew, extend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC
Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.19(c), and Swingline Exposure
related to any newly made Swingline Loan or LC Exposure related to any newly issued increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with
Section 2.19(c)(i) (and such Defaulting Lender shall not participate therein). 
 If (i) a Bankruptcy Event with respect to
a Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or
more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend, renew, extend or increase any Letter of Credit,
unless the Swingline Lender or the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in
respect of such Lender hereunder. 
 In the event that the Administrative Agent, the Borrower, the Swingline Lender and the Issuing Bank
each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s
Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance
with its Applicable Percentage. 
 SECTION 2.20 Expansion Option. (a) The Borrower may from time to time elect to increase
the Aggregate Commitments in a minimum amount of $10,000,000 and an integral multiple of $5,000,000 in excess thereof so long as, after giving effect thereto, the aggregate amount of all such Commitment increases does not exceed $50,000,000. The
Borrower may arrange for any such Commitment increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, an “Increasing Lender”), or by one or more new banks, financial
institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Commitments or extend Commitments, as the case may be; provided, that
(i) each Augmenting Lender shall be subject to the approval of the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank, which approvals shall not be unreasonably withheld, delayed or conditioned and
(ii) (A) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit E, and (B) in the case of an Augmenting Lender, the Borrower and such Augmenting
Lender execute an agreement substantially in the form of Exhibit F hereto. No consent of any Lender (other than the Lenders participating in such Commitment increase) shall be required for any such increase pursuant to this
Section 2.20. 

  
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 (b) Commitment increases and new Commitments created pursuant to this
Section 2.20 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding
the foregoing, no increase in the Aggregate Commitments (or in the Commitment of any Lender) shall become effective under this paragraph unless (i) on the proposed date of the effectiveness of such Commitment increase, (A) the conditions
set forth in paragraphs (a) and (b) of Section 4.02 shall either (i) be satisfied both immediately before and immediately after giving effect to such Commitment increase or (ii) be waived by the Lenders,
and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower and (B) the Borrower shall be in pro forma compliance with each financial covenant set
forth in Section 6.09, recomputed (1) as if such Commitment increase (and the application of proceeds thereof to the repayment of any other Indebtedness) had occurred on the first day of the most recent Reference Period preceding
the date thereof for which the Borrower has delivered Financial Statements, (2) with Consolidated Total Funded Debt and Unrestricted Cash measured as of the date of and immediately after giving effect to any funding in connection with such
Commitment increase (and the application of the proceeds thereof to the repayment of any other Indebtedness) and (3) with Consolidated EBITDA, Consolidated Adjusted EBITDA and Consolidated Interest Expense measured for such Reference Period, as
adjusted to give pro forma effect (in the manner set forth in the definition of Permitted Acquisition) to any Permitted Acquisition consummated after such Reference Period, and (ii) the Administrative Agent shall have received documents
(including customary legal opinions) consistent with those delivered on the Effective Date as to the corporate power and authority of the Borrower to borrow hereunder immediately after giving effect to such Commitment increase. 

(c) On the effective date of any increase in the Aggregate Commitments, (i) each relevant Increasing Lender and Augmenting
Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such
Commitment increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and
(ii) the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Aggregate Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest
Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be
accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs
other than on the last day of the related Interest Periods. 

  
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 ARTICLE III 

Representations and Warranties 

The Borrower represents and warrants to the Lenders that: 

SECTION 3.01 Organization; Powers. Each of the Borrower and each Subsidiary (other than Immaterial Subsidiaries that are not Loan
Parties and for which the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect) is duly organized, validly existing and in good standing (or its jurisdictional equivalent) 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 (or its jurisdictional equivalent) in, every jurisdiction where such qualification is required. 

SECTION 3.02 Authorization; Enforceability. The Transactions are within each Loan Party’s corporate or other applicable
organizational powers and have been duly authorized by all necessary corporate or other applicable organizational actions and, if required, actions by stockholders or other equity holders. Each Loan Document has been duly executed and delivered by
each Loan Party that is a party thereto and constitutes a legal, valid and binding obligation of each such Loan Party, enforceable against such Loan Party 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 3.03 Governmental Approvals; No Conflicts. The Transactions (a) do not require any material 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, (b) will not violate any applicable material law or regulation, (c) will not
violate the charter, by-laws or other organizational documents of the Borrower or any Subsidiary or any order of any Governmental Authority, (d) as of the Effective Date, will not violate in any material
respect or result in a material default under any indenture, agreement or other instrument binding upon the Borrower or any Subsidiary or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any
Subsidiary, and (e) will not result in the creation or imposition of any Lien (other than a Permitted Lien) on any asset of the Borrower or any Subsidiary. 

SECTION 3.04 Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders its
consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2014, reported on by PricewaterhouseCoopers, LLP, independent public accountants, and (ii) as
of and for the fiscal quarter and the portion of the fiscal year ended September 30, 2015. Such financial statements 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, subject to year end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above. 

(b) Since December 31, 2014, there has been no event, development or circumstance that, individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect. 

  
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 SECTION 3.05 Properties. (a) Except for exceptions to the following that,
individually or in the aggregate, could not reasonably be expected to exceed $5,000,000, each of the Borrower and each Subsidiary has good title to, or valid leasehold interests in, all its real and personal property material to the businesses 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. 

(b) Except for exceptions to the following that, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect, each of the Borrower and each Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and the
Subsidiaries does not infringe upon the rights of any other Person. 
 SECTION 3.06 Litigation and Environmental Matters.
(a) There are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any Subsidiary
(i) that 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 the Loan Documents or the Transactions. 

(b) 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 have a Material Adverse Effect, neither the Borrower nor any Subsidiary (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. 

(c) 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, or could reasonably be expected to result in, a Material Adverse Effect. 
 SECTION 3.07 Compliance
with Laws and Contractual Obligations. Each of the Borrower and each Subsidiary is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all of its Contractual Obligations, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.08 Investment Company Status. No Loan Party or Broker-Dealer Subsidiary is an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 3.09
Taxes. Each of the Borrower and each Subsidiary has timely filed or caused to be filed all U.S. federal income tax and all other material Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required
to have been paid by it, 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, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 3.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, 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, as amended, or any successor thereto) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by
more than $10,000,000 the fair market value of the assets of such Plan, 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, as amended, or any successor thereto) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market value of the assets of all such underfunded Plans. 

SECTION 3.11 Disclosure. The reports, financial statements, certificates and other written information (taken as a whole)
furnished by or on behalf of the Borrower to the Administrative Agent or any Lender pursuant to or in connection with the Loan Documents (as modified or supplemented by other information so furnished) do not contain any material misstatement of fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to projections, pro forma financial
information and information of a general economic nature or general industry nature, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time, it being recognized by
the Lenders that such projections and information are not to be viewed as fact and that actual results during the period or periods covered by such projections and information may differ from the projected results set forth therein by a material
amount. 
 SECTION 3.12 Federal Reserve Regulations. Neither the Borrower nor any Subsidiary is engaged principally, or as one
of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any Loan will be used, directly or indirectly, to buy or
carry, or to extend credit to others to buy or carry, any Margin Stock or for any other purpose, in each case that entails a violation of Regulations T, U and X. 

SECTION 3.13 Solvency. The Borrower and the Subsidiaries on a consolidated basis are Solvent. 

SECTION 3.14 Use of Proceeds. The proceeds of the Loans will be used only for general corporate purposes of the Borrower and the
Subsidiaries including Permitted Acquisitions. 
 SECTION 3.15 Subsidiaries. As of the date of this Agreement, Schedule
3.15 is a complete list of each Subsidiary, identifying such Subsidiary’s jurisdiction of organization, and identifying if such Subsidiary is a Broker-Dealer Subsidiary or an Immaterial Subsidiary.

  
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 SECTION 3.16 No Default. No Default or Event of Default has occurred and is
continuing. 
 SECTION 3.17 Anti-Corruption Laws and Sanctions. The Borrower has
implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrower its directors and agents, are in compliance with
Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge
of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other
transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions. 

ARTICLE IV 
 Conditions 

SECTION 4.01 Restatement Effective Date. The obligations of the Lenders and the Issuing Bank to amend and restate the Original
Credit Agreement, the Lenders to continue and to make the Loans and the Issuing Bank to continue and to issue the outstanding Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is
satisfied (or waived in accordance with Section 9.02): 
 (a) Loan Documents. The Administrative Agent (or
its counsel) shall have received from each party to the Loan Documents either (i) a counterpart of each Loan Document to which such Person is a party, signed on behalf of such Person or (ii) written evidence satisfactory to the
Administrative Agent (which may include telecopy or any other electronic transmission of a signed signature page of each Loan Document to which such Person is a party) that such Person has signed a counterpart of each such Loan Document. 

(b) Collateral Documents. The Administrative Agent shall have received all other Collateral Documents (or reaffirmations
thereof) required to be executed and/or delivered pursuant to the Security Agreement, including such UCC-1 Financing Statements and intellectual property filings with the United States Copyright Office and the
United States Patent and Trademark Office as will be necessary or reasonably requested by the Administrative Agent to provide the Administrative Agent with a perfected first-priority security interest (subject
to Permitted Liens permitted under any of clauses (a) through (f) of Section 6.02) in the Collateral as and to the extent required under the Security Agreement. 

(c) Lien Searches. The Administrative Agent (or its counsel) shall have received from each Loan Party copies of Uniform
Commercial Code search reports listing all effective financing statements filed against such Loan Party, with copies of such financing statements, as well as copies of such tax, litigation, judgment, bankruptcy, intellectual property and any other
search reports as the Administrative Agent may reasonably request. 

  
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 (d) Legal Opinion. The Administrative Agent shall have received a
favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Restatement Effective Date) of counsel for the Loan Parties, in a form reasonably satisfactory to the Administrative Agent. 

(e) Organizational Documents and Certificates. The Administrative Agent shall have received such documents and
certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions and any other legal matters relating to the Loan
Parties, the Loan Documents and the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

(f) Officer’s Certificate. The Administrative Agent shall have received a certificate, dated the Restatement
Effective Date and signed by the president, a vice president or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a)(i) and (b) of Section 4.02. 

(g) Fees and Expenses. The Administrative Agent and the Lenders shall have received all fees and other amounts due and
payable on or prior to the Restatement Effective Date, including, to the extent invoiced, reimbursement or payment of all reasonable and documented out-of-pocket
expenses required to be reimbursed or paid by the Borrower hereunder, and all accrued and unpaid unused commitment fees and letter of credit participation fees under the Original Credit Agreement. 

(h) KYC, etc. The Administrative Agent and the Lenders shall have received all documentation and other information
reasonably requested by them under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 

(i) Solvency Certificate. The Administrative Agent and the Lenders shall have received a written certification from a
Financial Officer of the Borrower that, after giving effect to all Indebtedness of the Borrower and the Subsidiaries outstanding on the Restatement Effective Date (including, for the avoidance of doubt, the aggregate amount of Loans, if any, to be
borrowed hereunder on the Restatement Effective Date), the Borrower and the Subsidiaries, on a consolidated basis, are Solvent and will be Solvent subsequent to incurring such Indebtedness on the Restatement Effective Date. 

(j) Governmental and Third Party Approvals. All material governmental and material third party approvals necessary or
reasonably requested by the Administrative Agent in connection with the consummation of the Transactions shall have been obtained and be in full force and effect. 

SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing
Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction (or waiver in accordance with Section 9.02) of the following conditions: 

(a) (i) In the case of any such credit event on the Effective Date, the representations and warranties of the Loan Parties set
forth in the Loan Documents shall be true and correct 

  
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in all respects on and as of the Effective Date (or, to the extent any such representation or warranty is expressly stated to have been made as of a specific earlier date, on and as of such
earlier date), and (ii) in the case of any such credit event after the Effective Date, the representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects (or, with respect
to representations and warranties already qualified by concepts of materiality, in all respects) on and as of the date of such credit event (or, to the extent any such representation or warranty is expressly stated to have been made as of a specific
earlier date, on and as of such earlier date). 
 (b) At the time of and immediately after giving effect to such credit
event, no Default or Event of Default shall have occurred and be continuing. 
 Each such credit event shall be deemed to constitute a representation and
warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section 4.02. 

ARTICLE V 
 Affirmative
Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable
hereunder shall have been Paid in Full and all Letters of Credit shall have expired or terminated or been cash collateralized in a manner consistent with Section 2.05(j), in each case, without any pending draw, and all LC Disbursements
shall have been reimbursed, the Borrower covenants and agrees with the Lenders as follows; provided that, notwithstanding anything to the contrary herein, the provisions of Sections 5.03 through 5.07 shall not apply to any Immaterial
Subsidiary: 
 SECTION 5.01 Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent
and each Lender, including their Public-Siders: 
 (a) within 90 days after the end
of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous fiscal year, all reported on by PricewaterhouseCoopers, 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 (other than any such exception or explanatory paragraph that is solely with respect to, or solely resulting from, an upcoming maturity date under any of the credit facilities hereunder occurring within one
year from the time such report is delivered) 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; 
 (b) within 45 days after the end of each of the first
three fiscal quarters of each fiscal year of the Borrower, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then

  
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elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end 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; 

(c) concurrently with any delivery of financial statements under clause (a) or (b) above (beginning
with the financial statements for the fiscal quarter ending September 30, 2015), a duly completed Compliance Certificate signed by a Financial Officer of the Borrower; 

(d) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other
materials 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; 
 (e) promptly after receipt thereof by the Borrower or any Subsidiary, copies of each notice
or other correspondence received from the SEC, the Securities Investor Protection Corporation or the Financial Industry Regulatory Authority (or comparable agency in any applicable foreign jurisdiction) concerning any investigation or possible
investigation or other inquiry by such agency regarding financial or other operational results of the Borrower or any Subsidiary; and 

(f) promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of any Loan Party as the Administrative Agent or any Lender may reasonably request. 
 Notwithstanding the foregoing, the
obligations in paragraphs (a) and (b) of this Section 5.01 may be satisfied with respect to financial information of the Borrower and its Subsidiaries by furnishing the Borrower’s (or any direct or indirect
parent company thereof), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; provided that, to the extent such information is in lieu of
information required to be provided under Section 5.01(a), the consolidated financial statements included in the materials provided pursuant to the foregoing provisions of this paragraph are accompanied by a report by
PricewaterhouseCoopers, LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception or qualification arising out of the scope of such audit, other than any such
exception or explanatory paragraph that is solely with respect to, or solely resulting from, an upcoming maturity date under any of the credit facilities hereunder occurring within one year from the time such report is delivered). 

SECTION 5.02 Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written
notice of the following: 
 (a) knowledge by a Financial Officer of any Loan Party of the occurrence of any Default or Event
of Default; 

  
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 (b) 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 or other Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

(c) 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 the Subsidiaries in an aggregate amount exceeding $7,500,000; 
 (d)
any material change in accounting policies or financial reporting practices by the Borrower or any Subsidiary not otherwise reported in the Borrower’s SEC filings; 

(e) any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or
proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding; and 

(f) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect, including
(i) breach or non-performance of, or any default under, a Contractual Obligation of the Borrower or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between the
Borrower or any Subsidiary and any Governmental Authority; and (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Borrower or any Subsidiary, including pursuant to any applicable Environmental
Laws, which in each instance referred to in the foregoing clauses (i), (ii) and (iii) 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. 

SECTION 5.03 Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done
all things necessary to (a) preserve, renew and keep in full force and effect its legal existence (it being understood, for the avoidance of doubt, that the foregoing shall not limit any change in form of entity or organization) and good
standing (or its jurisdictional equivalent) under the laws of the jurisdiction of its organization, (b) maintain all requisite power and authority to carry on its business as now conducted, (c) except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, preserve, renew and keep in full force and effect its qualification to do business in, and its good standing (or its jurisdictional
equivalent) in, every jurisdiction where such qualification is required, and (d) except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, preserve, renew and
keep in full force and effect all other rights, qualifications, licenses, permits, privileges and franchises material to the conduct of its business; provided, that the foregoing shall not prohibit any merger, consolidation, liquidation or
dissolution permitted under Section 6.03. 

  
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 SECTION 5.04 Payment of Obligations. The Borrower will, and will cause each of its
Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or
amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment
pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.05 Maintenance of
Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and
(b) maintain, with financially sound and reputable insurance companies, insurance (or a program of self insurance acceptable to the Administrative Agent) 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 such insurance shall not be required to cover matters for which insurance is not available, or is not available on commercially reasonable terms. The
Borrower will furnish to the Administrative Agent, upon its request, information in reasonable detail as to the insurance so required to be maintained. The Borrower shall deliver to the Administrative Agent endorsements (x) to all property or
casualty insurance policies covering Collateral naming the Administrative Agent as lender loss payee, and (y) to all general liability and other liability policies naming the Administrative Agent an additional insured, which endorsements shall
be in effect at all times during the term of this Agreement. In the event the Borrower or any Subsidiary at any time hereafter shall fail to obtain or maintain any of the policies or insurance required herein or to pay any premium in whole or in
part relating thereto, then the Administrative Agent, without waiving or releasing any obligations or resulting Default hereunder, may at any time or times thereafter (but shall be under no obligation to do so) obtain and maintain such policies of
insurance and pay such premiums and take any other action with respect thereto which the Administrative Agent deems advisable. All sums so disbursed by the Administrative Agent shall constitute part of the Obligations, payable as provided in this
Agreement. 
 SECTION 5.06 Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to,
(a) keep proper books of record and account in which full, true and correct in all material respects entries are made of all material financial dealings and transactions in relation to its business and activities, and (b) permit any
representatives designated by the Administrative Agent or any Lender, 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. 
 SECTION 5.07
Compliance with Laws and Material Contractual Obligations. The Borrower will, and will cause each of its Subsidiaries to, (a) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its
property (including Environmental Laws) and (b) perform in all material respects its Contractual Obligations, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect. 

  
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 SECTION 5.08 Use of Proceeds and Letters of Credit. The proceeds of the Loans and the
Letters of Credit will be used only for general corporate purposes of the Borrower and the Subsidiaries including Permitted Acquisitions, and the Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall
ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or 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, 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 (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 5.09 Accuracy of Information. The Borrower will ensure that the written information, including financial statements or
other documents (taken as a whole), furnished to the Administrative Agent or the Lenders in connection with any Loan Document or any amendment or modification thereof or waiver thereunder (or modified or supplemented by other information so
furnished) contains no 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 materially misleading; provided, that, with
respect to projections, pro forma financial information and information of a general economic nature or general industry nature, the Lenders recognize that such projections and information as they relate to future events are not to be viewed
as fact and that actual results during the period or periods covered by such projections and information may differ from the projected results set forth therein by a material amount. 

SECTION 5.10 Additional Guarantors. In the event the Borrower acquires or creates any Domestic Subsidiary (other than a Broker-Dealer Subsidiary), the Borrower shall forthwith promptly (and in any event within thirty days (or such longer time as the Administrative Agent may agree) after the acquisition or creation of such Domestic
Subsidiary) cause such Domestic Subsidiary to become a Guarantor by delivering to the Administrative Agent joinders to the Guarantee Agreement and the Security Agreement (in each case in the form contemplated thereby), duly executed by such Domestic
Subsidiary, pursuant to which such Domestic Subsidiary agrees to be bound by the terms and provisions of the Guarantee Agreement and the Security Agreement, such joinder to be accompanied by appropriate corporate resolutions, other corporate
documentation and, for each Domestic Subsidiary other than an Immaterial Subsidiary, legal opinions in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

SECTION 5.11 Additional Collateral; Further Assurances. 

(a) The Borrower will, and will cause each other Loan Party to, cause all of its personal property (whether tangible,
intangible or mixed, subject to the exceptions expressly contained in the Security Agreement) to be subject at all times to first priority, perfected Liens in favor of the Administrative Agent, for the benefit of the Secured Parties, to secure the
Secured Obligations in accordance with the terms and conditions of the Collateral 

  
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Documents, subject in any case to Permitted Liens. Notwithstanding anything to the contrary herein or any other Loan Document, (a) in no case shall stock or other Capital Stock representing
more than 65% of the total combined voting power of a CFC Holdco or CFC Subsidiary be pledged directly or indirectly to secure the Secured Obligations (including by virtue of a pledge of Capital Stock in a Disregarded Entity that owns a CFC Holdco
or CFC Subsidiary), (b) no CFC Holdco or CFC Subsidiary (or Disregarded Entity that is a direct or indirect subsidiary of such CFC Holdco or CFC Subsidiary) shall guaranty directly or indirectly the Secured Obligations and (c) no asset of
any CFC Holdco or CFC Subsidiary (or a Disregarded Entity that is a direct or indirect Subsidiary of such CFC Holdco or CFC Subsidiary, provided however that, under subclauses (a), (b) and (c) of this
Section 5.11(a), in the case of a Disregarded Entity that is a direct or indirect Subsidiary of such CFC Holdco, such Disregarded Entity has no material assets other than Equity Interests in one or more CFC Subsidiaries and conducts no
material business other than holding such Equity Interests), including any Capital Stock in its Subsidiaries and including the assets of any Subsidiary shares of which are owned by a CFC Holdco or CFC Subsidiary, shall directly or indirectly serve
as security for the Secured Obligations under the Loan Documents. In addition, the Borrower and the other Loan Parties will not be required to take any steps to perfect the security interest of the Administrative Agent for the benefit of the Secured
Parties with respect to Immaterial Subsidiaries other than (i) pledging the Equity Interests therein pursuant to, and to the extent required by, the Security Agreement and (ii) causing UCC-1
financing statements to be filed in the office of the Secretary of State (or other central filing office) of the jurisdiction of organization of each Immaterial Subsidiary with respect to the personal property assets of such Immaterial Subsidiaries
constituting Collateral pursuant to the Security Agreement. However, in the event that any CFC Holdco acquires any assets or commences any business that causes it to fail to comply with the definition of “CFC Holdco” contained in this
Agreement, then the Borrower will give prompt written notice thereof to the Administrative Agent and promptly, but in no event later than 30 days after such entity ceases to be a CFC Holdco, take such steps as are required by the first sentence of
this Section 5.11(a), including by causing such entity to become a party to the Guarantee Agreement and the Security Agreement. 

(b) The Borrower will, and will cause each other Loan Party to, execute and deliver, or cause to be executed and delivered, to
the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements and other documents and such other actions or deliveries of the
type required by Section 4.01, as applicable), which may be required by law or which the Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents
and, subject to the exceptions expressly contained in the Security Agreement, to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all at the expense of the Borrower. 

(c) The Borrower will furnish to the Administrative Agent prompt written notice of any change in (i) the legal name of any
Loan Party, as set forth in its organizational documents, (ii) the jurisdiction of organization or the form of organization of any Loan Party (including as a result of any merger or consolidation), or (iii) the organizational
identification number, if any, or, with respect to any Loan Party organized under the laws of a jurisdiction 

  
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that requires such information to be set forth on the face of a Uniform Commercial Code financing statement, the Federal Taxpayer Identification Number of such Loan Party. The Borrower agrees not
to effect or permit any change referred to in the preceding sentence, including pursuant to any transactions otherwise permitted under Section 6.03, unless, subject to Article II of the Security Agreement, all filings have been made
under the Uniform Commercial Code or otherwise that are required in order for the Administrative Agent to continue at all times following such change to have a valid, legal and perfected security interest in all Collateral. 

(d) Notwithstanding the foregoing provisions of this Section 5.11 or any other provision hereof or of any other
Loan Document, (i) the Loan Parties shall not be required to grant a security interest in any Excluded Property (as defined in the Security Agreement), (ii) Liens required to be granted pursuant to this Section 5.11, and
actions required to be taken, including to create or perfect such Liens, shall be subject to exceptions and limitations set forth in the Collateral Documents on the Effective Date (or as created or amended after the Effective Date with the approval
of the Borrower) and shall, in no event require the taking of any perfection steps or actions except to the extent expressly set forth in the Security Agreement, (iii) without limiting the generality of clause (ii), no Loan Party shall
be required to take any actions outside the United States to create or perfect any Liens on the Collateral (including any intellectual property registered in any jurisdiction outside the United States) and no Collateral Document shall be governed by
the laws of any jurisdiction outside the United States, and (iv) without limiting the generality of clause (ii), the Loan Parties shall not be required to deliver any landlord waivers, estoppels, collateral access agreements or bailee
letters, and (v) without limiting the generality of clause (ii), the Loan Parties shall not be required to deliver control agreements with respect to deposit accounts, securities accounts and commodities accounts other than accounts opened
after the Effective Date that individually or in the aggregate for all such accounts contain an aggregate amount and/or value (in the case of value, as reasonably determined by the Borrower in good faith) of cash or securities on deposit at any time
exceeding $25,000,000. 
 ARTICLE VI 

Negative Covenants 
 Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been Paid in Full and all Letters of Credit have expired or terminated or have been cash collateralized in a manner
consistent with Section 2.05(j), in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders as follows; provided that, notwithstanding anything
to the contrary herein, the provisions of Section 6.03 and Sections 6.05 through 6.08, shall not apply to any Immaterial Subsidiary: 

SECTION 6.01 Indebtedness. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist
any Indebtedness, except: 
 (a) the Secured Obligations; 

  
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 (b) (i) Indebtedness existing on the date hereof and set forth in Schedule
6.01 and (ii) intercompany Indebtedness outstanding on the Effective Date, and Permitted Refinancings in respect of Indebtedness permitted under Section 6.01(b)(i); 

(c) Indebtedness of the Borrower owed to any Subsidiary and of any Subsidiary owed to the Borrower or any other Subsidiary;
provided, that (a) Indebtedness of any Subsidiary that is not a Loan Party owed to any Loan Party shall be subject to the limitations set forth in Section 6.04, and (b) Indebtedness of any Subsidiary that is a Loan Party
owed to any Subsidiary that is not a Loan Party shall be subordinated in right of payment to the Obligations on terms reasonably acceptable to the Administrative Agent; 

(d) Guarantees by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any
other Subsidiary; provided, that Guarantees by Loan Parties of the Indebtedness of Subsidiaries that are not Loan Parties shall not exceed the greater of (i) $50,000,000 and (ii) 15% of Consolidated Net Tangible Assets (measured as
of the date of incurrence) in the aggregate at any time outstanding (as such amount is reduced by Investments permitted under Section 6.04(d)); 

(e) Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition, installation, repair, construction,
replacement or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition
thereof, and Permitted Refinancings in respect thereof; provided that (i) such Indebtedness is incurred prior to or within 270 days after such acquisition or the completion of such installation, repair, construction, replacement or
improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed the greater of (i) $10,000,000 and (ii) 5% of Consolidated Net Tangible Assets (measured as of the date of
incurrence) at any time outstanding 
 (f) Indebtedness under Swap Agreements permitted under Section 6.05; 

(g) Indebtedness of the Borrower or any Subsidiary as an account party in respect of trade letters of credit; 

(h) to the extent constituting Indebtedness, liabilities of any Broker-Dealer
Subsidiary payable to brokers, dealers, clearing organizations, clients and correspondents, and liabilities in respect of securities or commodities sold but not yet purchased, in each case incurred in the ordinary course of the “broker-dealer” or “commodity futures trading” business of such Broker-Dealer Subsidiary; 

(i) secured Indebtedness of the Borrower or any Subsidiary in an aggregate principal amount for the Borrower and all
Subsidiaries not exceeding the greater of (i) $50,000,000 and (ii) 15% of Consolidated Net Tangible Assets (measured as of the date of incurrence) at any time outstanding; 

(j) Indebtedness incurred by the Borrower or any of its Subsidiaries in respect of letters of credit, bank guarantees,
bankers’ acceptances or similar instruments issued or created in the ordinary course of business in respect of workers compensation claims, health, 

  
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disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; provided that upon the drawing of such letter of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 270
days (or such longer period as may be agreed upon by the Administrative Agent) unless the amount or validity of such obligations are being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP
have been provided on the books of the Borrower or the applicable Subsidiary, as the case may be; 
 (k) Indebtedness of the
Borrower or any Subsidiary in respect of performance, bid, release, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any of its Subsidiaries, in each case in the ordinary course of
business, and letters of credit supporting such obligations; 
 (l) to the extent constituting Indebtedness, cash management
obligations and other Indebtedness in respect of cash management services in the ordinary course of business and Indebtedness arising from the endorsement of instruments or other payment items for deposit and the honoring by a bank or other
financial institution of instruments or other payments items drawn against insufficient funds; 
 (m) to the extent
constituting Indebtedness, indemnification, deferred purchase price adjustments, earn-outs or similar obligations, in each case, incurred or assumed in connection with the acquisition of any business or assets
or any Investment permitted to be acquired or made hereunder or any Disposition permitted hereunder; 
 (n) Indebtedness
representing deferred compensation or similar obligations to directors, officers, employees, members of management and consultants of the Borrower or any of its Subsidiaries incurred in the ordinary course of business or in connection with Permitted
Acquisitions; 
 (o) Indebtedness of the Borrower or any Subsidiary incurred in the ordinary course of business with respect
to customer deposits and other unsecured current liabilities not the result of borrowing and not evidenced by any note or other evidence of Indebtedness; 

(p) Indebtedness of the Borrower or any Subsidiary supported by a trade Letter of Credit in a principal amount not to exceed
the face amount of such Letter of Credit; 
 (q) Indebtedness issued by the Borrower or any Subsidiary to future, current or
former directors, officers, employees, members of management or consultants thereof or any direct or indirect parent thereof, their respective estates, heirs, family members, spouses or former spouses, in each case to be used solely to finance the
purchase or redemption of Capital Stock of the Borrower or any Subsidiary; 
 (r) to the extent constituting Indebtedness,
any Investment permitted under Section 6.04; 
 (s) Refinancing Indebtedness in respect of Indebtedness permitted
by any of Sections 6.01(a), (e), (i), (k) and (t); 

  
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 (t) Indebtedness of the Borrower or any Subsidiary other than the Broker-Dealer Subsidiaries, but including any Subsidiary acquired in connection with a Permitted Acquisition and shall include any Permitted Refinancings in respect thereof; provided, that, at the time of the
initial incurrence or assumption of any such Indebtedness and immediately after giving effect thereto, (i) no Event of Default has occurred and is continuing and no Event of Default would result immediately therefrom, and (ii) the Borrower
shall have a Consolidated Total Leverage Ratio equal to or less than 2.25:1.00 (with Consolidated Total Funded Debt measured as of such time and Consolidated EBITDA and Consolidated Adjusted EBITDA measured for the Reference Period then most
recently ended for which the Borrower has delivered Financial Statements); provided further, that (x) the aggregate principal amount of Indebtedness of Subsidiaries (which shall include any Subsidiary acquired in connection with a
Permitted Acquisition and shall include any extensions, renewals and replacements of any such Indebtedness with Indebtedness that does not increase the outstanding principal amount thereof) that are not Loan Parties incurred or assumed in reliance
upon this clause (t) shall not, at any time, exceed the greater of (i) $50,000,000 and (ii) 15% of Consolidated Net Tangible Assets (measured as of the date of incurrence), less, in the case of the foregoing (i) and
(ii), the amount of Indebtedness existing under the proviso to clause (d) of this Section 6.01 and the amount of Indebtedness of Subsidiaries that are not Loan Parties existing under clause (i) of this
Section 6.01, and (y) such Indebtedness incurred or assumed in reliance upon this clause (t) shall be unsecured; and 

(u) to the extent constituting Indebtedness, all premiums (if any), interest (including
post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in Sections 6.01(a) through (t) above. 

SECTION 6.02 Liens. 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, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Liens created pursuant to any Loan Document; 

(b) Permitted Encumbrances; 

(c) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in
Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary (other than proceeds or products thereof) and (ii) such Lien shall secure only those obligations
which it secures on the date hereof; and Replacement Liens; 
 (d) 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; provided that (i) such Lien is
not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary (other than
proceeds or products thereof), (iii) such Lien shall secure only those obligations which it secures on the date of 

  
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such acquisition or the date such Person becomes a Subsidiary, as the case may be; and Replacement Liens and (iv) any Liens existing on the property or assets of any Person that becomes a
Subsidiary after the date hereof pursuant to a Permitted Acquisition shall comply with Section 6.02(g); 
 (e)
Liens securing Indebtedness of the Borrower or any of its Subsidiaries incurred pursuant to Section 6.01(e) (and related obligations) to finance the acquisition, construction, installation, repair, replacement or improvement of fixed or
capital assets or the refinancing thereof, provided that (i) such Liens shall be created within 270 days of the construction, installation, repair or improvement or refinancing of such fixed or capital assets, (ii) such Liens do not
at any time encumber any property other than the property acquired, constructed, installed, repaired, improved or financed by such Indebtedness when such Indebtedness was originally incurred, and the proceeds and products of such property, and
(iii) the principal amount of Indebtedness initially secured thereby is not more than 100% of the purchase price or cost of construction, installation, repair or improvement of such fixed or capital asset; provided that, in each case,
individual financings of equipment provided by one lender or lessor may be cross collateralized to other outstanding financings of equipment provided by such lender or lessor; and Replacement Liens in respect thereof; 

(f) Liens created, incurred, assumed or suffered to exist by any Broker-Dealer
Subsidiary in the ordinary course of business upon assets owned by such Broker-Dealer Subsidiary or as to which such Broker-Dealer Subsidiary has rights to create Liens
thereon or held for its account to secure liabilities or obligations, actual or contingent, incurred in the ordinary course of business, including Liens in favor of clearing houses, clearing brokers or other entities providing clearing services and
borrowings collateralized by client assets in the ordinary course of business; and 
 (g) in addition to Liens otherwise
permitted by this Section 6.02, Liens on any property or assets of the Borrower or any Subsidiary which, when added together with Liens described in Section 6.02(d)(iv), do not secure obligations in excess of the greater of
(i) $50,000,000, and (ii) 15% of Consolidated Net Tangible Assets (measured as of the date of incurrence) in the aggregate for all such Liens at any time outstanding. 

SECTION 6.03 Fundamental Changes and Asset Sales. (a) The Borrower will not, and will not permit any Subsidiary to, merge
into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or Dispose of (in one transaction or in a series of transactions) any of its material assets (including the Equity Interests of any of its
subsidiaries) (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that the Borrower may, and may permit any Subsidiary to, engage in the transactions set forth in clauses (a)(i) through (a)(xvi) of
this Section 6.03, subject, in all cases, to compliance with Section 5.11(c), and provided, however, that, with respect to clauses (a)(vi)(E), (a)(vii) and (a)(xiii) below, the Borrower and its
Subsidiaries may engage in the transactions specified in such clauses only if at the time thereof and immediately after giving effect thereto no Specified Event of Default shall have occurred and be continuing or would result immediately therefrom:

 (i) any Subsidiary that is not a Loan Party may merge into the Borrower or another Subsidiary that is a Loan Party in a transaction in
which the Borrower or such Subsidiary that is a Loan Party is the surviving entity; 

  
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 (ii) any Subsidiary that is not a Loan Party may merge into another Subsidiary that is not a
Loan Party; 
 (iii) any Subsidiary that is a Loan Party may merge into the Borrower or another Subsidiary that is a Loan Party; 

(iv) any Subsidiary that is a Loan Party may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another
Subsidiary that is a Loan Party; 
 (v) any Subsidiary that is not a Loan Party may Dispose of its assets to the Borrower or to another
Subsidiary; provided, however, that a Broker-Dealer Subsidiary may only Dispose of assets pursuant to or in reliance upon this clause (a)(v) if such Disposition is to a Loan Party or to another Broker-Dealer Subsidiary; 
 (vi) the Borrower and the Subsidiaries may (A) sell inventory and
equipment in the ordinary course of business, (B) Dispose of worn-out, obsolete or damaged assets in the ordinary course of business, (C) grant licenses or sublicenses of intellectual property or
allow to lapse or abandon any registrations or applications for registration of any intellectual property in the ordinary course of business which is not material to the business of the Borrower or such Subsidiary, (D) make the disposition
previously identified to the Administrative Agent in writing, and (E) make any other sales, transfers, leases or other dispositions of assets with an aggregate value (as reasonably determined by the Borrower in good faith) not to exceed the
greater of (i) $35,000,000 and (ii) 10% of Consolidated Net Tangible Assets (measured as of the date of Disposition) in any fiscal year; 

(vii) any Subsidiary (other than MarketAxess Corporation) that is not a Guarantor, and any Immaterial Subsidiary, may liquidate or dissolve
if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; 

(viii) any Investment permitted by Section 6.04 may be structured as a merger, consolidation or amalgamation; provided
that in the case of any such merger, consolidation or amalgamation of a Loan Party, the surviving, continuing or resulting legal entity of such merger, consolidation or amalgamation is a Loan Party (or simultaneously with such transaction, the
continuing, surviving or resulting entity shall become a Subsidiary Guarantor) and the Borrower shall comply with Section 5.10 in connection therewith, and provided further that in the case of any such merger, consolidation or
amalgamation of a Broker-Dealer Subsidiary, the surviving, continuing or resulting legal entity of such merger, consolidation or amalgamation shall either be a Loan Party or a
Broker-Dealer Subsidiary; 
 (ix) the Disposition of cash or Cash Equivalent Investments; 

(x) the Disposition of surplus or other property no longer used or useful in the business of the Borrower and its Subsidiaries in the
ordinary course of business; 

  
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 (xi) Dispositions consisting of Liens permitted by Section 6.02, Investments
permitted by Section 6.04 or Restricted Payments permitted by Section 6.06; 
 (xii) Dispositions of Investments in
joint ventures to the extent required by, or made pursuant to, customary drag-along or buy/sell arrangements between the joint venture parties set forth in the joint venture agreements; 

(xiii) Dispositions of accounts receivable in connection with the collection or compromise thereof in the ordinary course of business (and
not for financing purposes); 
 (xiv) the unwinding of any Swap Agreement; 

(xv) in order to resolve disputes that occur in the ordinary course of business, the Borrower and its Subsidiaries may discount or otherwise
compromise for less than the face value thereof, notes or accounts receivable; 
 (xvi) the Permitted Restructuring; and 

(xvii) the Borrower or a Subsidiary may sell or dispose of shares of Capital Stock of any of its Subsidiaries in order to qualify members of
the governing body of the Subsidiary if and solely to the extent required by applicable law. 
 (b) The Borrower will not,
and will not permit any Subsidiary to, engage to any material extent in any business other than businesses of the type conducted by the Borrower and the Subsidiaries on the date of execution of this Agreement and businesses reasonably related or
ancillary thereto. 
 (c) The Borrower will not, and will not permit any Subsidiary to, change its fiscal year from
December 31; provided, that any Subsidiary acquired after the Effective Date may change its fiscal year to December 31. 

SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit any Subsidiary
to, (x) purchase, hold or acquire any Equity Interests, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances or capital
contributions to, Guarantee any obligations of, or make or permit to exist any other investment or any other interest in, any other Person, or (y) consummate any Acquisition (each, an “Investment”), except: 

(a) Investments existing on the date hereof and set forth in Schedule 6.04 and any modification, replacement, renewal,
reinvestment or extension thereof (provided that the amount of the original Investment is not increased except by the terms of such original Investment or as otherwise permitted by this Section 6.04); 

(b) Investments in cash and Cash Equivalent Investments; 

(c) Investments (i) by the Loan Parties in the Equity Interests of their respective Subsidiaries that are Loan Parties and
in the Broker-Dealer Subsidiaries, (ii) by any 

  
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Broker-Dealer Subsidiary in the Equity Interests of its Subsidiaries that are Loan Parties, or (iii) made by (v) any Broker-Dealer Subsidiary to another Broker-Dealer Subsidiary, (w) any Immaterial Subsidiary in any other Immaterial Subsidiary, (x) any Loan Party to any other Loan
Party, (y) any Subsidiary that is not a Loan Party to any Loan Party so long as such Investments, to the extent constituting loans or advances, are subordinated in right of payment to the Obligations on terms reasonably acceptable to the
Administrative Agent, or (z) any Subsidiary (other than a Broker-Dealer Subsidiary) that is not a Loan Party to any other Subsidiary that is not a Loan Party; 

(d) Investments (i) by the Loan Parties in the Equity Interests of their respective subsidiaries that are not Loan
Parties, (ii) by Subsidiaries that are not Loan Parties in the Equity Interests of their respective Subsidiaries, or (iii) consisting of loans or advances made by any Loan Party or any Broker-Dealer
Subsidiary to any Subsidiary that is not a Loan Party, in an aggregate amount for all Investments covered by this clause (d) not to exceed the greater of (i) $50,000,000 and (ii) 15% of Consolidated Net Tangible Assets
(measured as of the date of each Investment) at any time (as such amount is reduced by Guarantees permitted under the proviso to Section 6.01(d)); 

(e) Guarantees constituting Indebtedness permitted by Section 6.01; 

(f) Guarantees under the Guarantee Agreement; 

(g) Guarantees (i) by a Loan Party of obligations (other than Indebtedness, which Guarantees are addressed by clause
(e) above) of any Loan Party, or (ii) by any Subsidiary that is not a Loan Party of obligations (other than Indebtedness, which Guarantees are addressed by clause (e) above) of the Borrower or any other Subsidiary,
provided, however, that a Broker-Dealer Subsidiary may not Guarantee the obligations of any Subsidiary that is not a Loan Party or a Broker-Dealer Subsidiary;

 (h) Investments in and obligations under Swap Agreements permitted by Section 6.05; 

(i) Investments consisting of (i) endorsements of negotiable instruments and other payment items for collection or deposit
in the ordinary course of business and (ii) lease, utility or other similar deposits in the ordinary course of business; 

(j) Investments consisting of loans or advances to directors, officers, employees, managers or consultants in the ordinary
course of business, in an aggregate amount for all such loans and advances not to exceed the greater of (i) $2,000,000 and (ii) 1.0% of Consolidated Net Tangible Assets (measured as of the time of each Investment) at any time outstanding;

 (k) Permitted Acquisitions; 

(l) extensions of trade credit or the holding of receivables in the ordinary course of business and Investments received in
satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business; 

  
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 (m) Investments received in connection with the workout, bankruptcy or
reorganization of, insolvency or liquidation of, or settlement of claims against and delinquent accounts of and disputes with, customers and suppliers, or as security for any such claims, accounts and disputes, or upon the foreclosure with respect
to any secured Investment; 
 (n) Investments consisting of promissory notes and other deferred payment obligations and
noncash consideration delivered as the purchase consideration for a Disposition permitted by Section 6.03, so long as such notes and deferred payment obligations do not exceed the greater of (i) $25,000,000 and (ii) 7.5% of
Consolidated Net Tangible Assets (measured as of the date of each such Investment) in the aggregate, net of recoveries and distributions thereon received in cash by any Loan Party, at any time outstanding; 

(o) Investments consisting of obligations under Swap Agreements permitted by Section 6.05; 

(p) Investments consisting of Restricted Payments permitted by Section 6.06; 

(q) Investments of any Person that becomes (or is merged or consolidated or amalgamated with) a Subsidiary of the Borrower on
or after the date hereof on the date such Person becomes (or is merged or consolidated or amalgamated with) a Subsidiary of the Borrower; provided that (i) such Investments exist at the time such Person becomes (or is merged or
consolidated or amalgamated with) a Subsidiary, and (ii) such Investments are not made in anticipation or contemplation of such Person becoming (or merging or consolidating or amalgamated with) a Subsidiary; 

(r) Investments consisting of good faith deposits made in accordance with clause (g) of the definition of Permitted
Encumbrances; 
 (s) cash Investments (including in the form of intercompany loans) made by the Borrower or any Subsidiary in
their respective direct and indirect equity holders in lieu of paying such cash as a Restricted Payment permitted by Section 6.06; provided that the aggregate amount of such Investments (valued as of the date made) shall not
exceed the amount that would have otherwise been permitted as a Restricted Payment in cash pursuant to Section 6.06 (without giving effect to the proviso at the end of such Section); 

(t) in addition to Investments otherwise permitted by this Section, Investments in an aggregate amount not to exceed, the
greater of (i) $35,000,000 and (ii) 10% of Consolidated Net Tangible Assets (measured as of the date of each Investment); 

(u) Investments consisting of Permitted Liens; 

(v) the Borrower and its Subsidiaries may acquire Capital Stock in connection with the satisfaction or enforcement of
Indebtedness or claims due or owing to the Borrower or any of its Subsidiaries or as security for any such Indebtedness or claim; 

(w) the Permitted Restructuring; and 

  
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 (x) Investments in corporate bonds and similar debt securities of issuers having
(at the time of such Investment) an Investment Grade Rating (including Investments in investment funds holding as investments solely assets consisting of such corporate bonds and similar debt securities having an Investment Grade Rating). 

For purposes of compliance with this Section 6.04, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases, write-downs or write-offs in the value of such Investment; provided, that (x) Investments that are acquisitions of
Equity Interests or other securities or capital contributions shall be valued at the amount actually contributed or paid to acquire such Equity Interests or other securities as of the date of such contribution or payment less all cash distributions
and returns of capital from the date such Investment is made through and including the date of calculation and (y) Investments that are loans or advances, or Guarantees of loans or advances, shall be valued at the outstanding principal amount
of such loan or advance as of the date of determination, or the outstanding principal amount of the loan or advance as of the date of determination actually Guaranteed, as applicable. 

SECTION 6.05 Swap Agreements. The Borrower will not, and will not permit any Subsidiary to, enter into any Swap Agreement, except
(a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any Subsidiary), and (b) Swap Agreements entered
into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability
or investment of the Borrower or any Subsidiary. 
 SECTION 6.06 Restricted Payments. The Borrower will not, and will not permit
any Subsidiary to, declare or make, directly or indirectly, any Restricted Payment, except (a) the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock,
(b) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, (c) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or
employees of the Borrower and the Subsidiaries and (d) the Borrower may make other Restricted Payments so long as (i) no Event of Default has occurred and is continuing at the time such Restricted Payment is declared or would result from
the making of such Restricted Payment, and (ii) the Borrower’s Liquidity immediately after giving effect to such Restricted Payment (determined one Business Day prior to the declaration of the Restricted Payment) is not less than
$25,000,000; provided that any Restricted Payments permitted to be paid in cash pursuant to this Section 6.06 may be made as an Investment (including an Investment in a Person that would be the ultimate recipient of the proceeds
of such Restricted Payment) pursuant to Section 6.04(s) (which Investment may be made by the Person who would have been permitted to make such Restricted Payment or by any Restricted Subsidiary of such Person) and the amount of any such
Investment (less the aggregate amount of all cash distributions and returns of capital on such Investment) shall reduce the relevant amounts permitted to be made as a Restricted Payment under this Section 6.06 on a dollar-for-dollar basis. 
 SECTION 6.07 Transactions with
Affiliates. The Borrower will not, and will not permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, 

  
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lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) at prices and on terms and conditions (taken as
a whole) not less favorable to the Borrower or such Subsidiary than could be obtained (taken as a whole) on an arm’s-length basis from unrelated third parties, (b) transactions between or among the
Borrower, the Subsidiaries or any Person that becomes a Subsidiary as a result of such transaction not involving any other Affiliate; provided, however, that any such transaction by any Loan Party to any Subsidiary that is not a Loan Party,
or any Affiliate thereof that is not a Loan Party, shall be at prices and on terms and conditions (taken as a whole) not less favorable to the Borrower or such Loan Party than could be obtained (taken as a whole) on an
arm’s-length basis from unrelated third parties, (c) any Indebtedness permitted by Sections 6.01(b)(ii), (c), (d), (n), and (q), any Lien permitted pursuant to
Sections 6.02 clauses (a) through (f), any Investment permitted by Sections 6.04(c), (d), (e), (g), (j), (p) and (s), or any Restricted Payment permitted by
Section 6.06, (d) employment and severance arrangements with officers, directors, members of management, consultants and employees of the Borrower or any of its Subsidiaries, (e) the payment of director, officer and employee
compensation (including bonuses) and other benefits (including retirement, health, stock option and other benefit plans) and indemnification and expense reimbursement arrangements, (f) the issuance or transfer of Qualified Capital Stock of the
Borrower or any of its Subsidiaries to any former, current or future director, member of management, officer, employee or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of
the foregoing) of the Borrower or any of its Subsidiaries to the extent otherwise permitted by this Agreement, (g) payments to and receipt of payments from, and the entry into and consummation of transactions with, joint ventures (to the extent
any such joint venture is only an Affiliate as a result of Investments by the Borrower or any of its Subsidiaries in such joint venture) in the ordinary course of business to the extent otherwise permitted hereunder, (h) any contribution to the
capital of the Borrower or other Loan Party and if the Person making such contribution is not a Loan Party, any contribution to the capital of any other Subsidiary that is not a Loan Party, (i) the payment of reasonable and customary fees and
reasonable out-of-pocket costs to members of the governing bodies of Borrower and its Subsidiaries including any reasonable out-of-pocket costs paid to Persons with observation rights on such governing bodies, (j) the entry into of any Tax sharing agreement, and the making of payments with respect thereto in each case, with
the Borrower to the extent attributable to the ownership of the Subsidiaries, and (k) the Permitted Restructuring. 
 SECTION 6.08
Restrictive Agreements. The Borrower will not, and will not permit any Subsidiary to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon
(a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of
its capital stock or other Equity Interests or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (i) the foregoing shall not
apply to restrictions and conditions imposed by law or by any Loan Document, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided
such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iii) the foregoing shall not apply to any restrictions imposed by any agreement governing Indebtedness entered into after
the Effective Date and permitted under Section 6.01 that are, taken as a whole, in the good faith judgment of the 

  
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Borrower, no more restrictive with respect to the Borrower or any Subsidiary than the then customary market terms for Indebtedness of such type (as determined in good faith by the Borrower), so
long as the Borrower shall have determined in good faith that such restrictions will not affect the obligation or ability of the Borrower and its Subsidiaries to (x) make any payments required to be made by it hereunder or under the Guarantee
Agreement, (y) become a Loan Party (to the extent so required by Section 5.10), or (z) perform obligations required to be performed by it under the Loan Documents to which it is a party, (iv) clause (a) of this
Section 6.08 shall not apply to customary provisions in leases and other contracts restricting the assignment thereof, (v) clause (a) of this Section 6.08 shall not apply to customary provisions in joint
venture agreements and similar agreements that restrict transfer of assets of, or Equity Interests in, joint ventures provided that such provisions do not restrict the applicable Loan Party from granting the Administrative Agent a Lien on the
proceeds of such Loan Party’s interest therein, (vi) clause (a) of this Section 6.08 shall not apply to licenses or sublicenses by the Borrower and its Subsidiaries of intellectual property in the ordinary course of
business (in which case any prohibition or limitation shall only be effective against the intellectual property subject thereto) and provided that, with respect to outbound licenses only, which are entered into on or after the Effective Date,
each Loan Party shall use its commercially reasonable efforts (as such term is used in Section 1.4 of the Security Agreement) not to enter into any such licenses that prohibit the applicable Loan Party from granting the Liens to the
Administrative Agent contemplated by the Loan Documents unless such Loan Party believes, in its reasonable judgment, that such prohibition is usual and customary in transactions of such type) (it being acknowledged that enforcement of or other
exercise of remedies in connection with any such Lien may trigger termination rights of the licensee thereunder), (vii) the foregoing shall not apply to any prohibitions and limitations that are binding on a Subsidiary at the time such
Subsidiary first becomes a Subsidiary, so long as such prohibitions and limitations were not created in contemplation of such Person becoming a Subsidiary and apply only to such Subsidiary and provided that any such prohibitions and
limitations do not prevent the Administrative Agent from acquiring a Lien on the assets of such Subsidiary to the extent required by Section 5.11, (viii) clause (a) of this Section 6.08 shall not apply to any
customary restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business, (ix) clause (b) of this Section 6.08 shall not apply to any restrictions with respect
to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary which Disposition is permitted by Section 6.03,
(x) clause (b) of this Section 6.08 shall not apply to any customary net worth provisions contained in real property leases, subleases, licenses or permits entered into by the Borrower or any of its Subsidiaries so long
as such net worth provisions would not reasonably be expected to impair materially the ability of the Loan Parties to meet their ongoing obligations under this Agreement or any of the other Loan Documents, and (xi) the foregoing shall not apply
to restrictions imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through
(x) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower, no more restrictive with respect to
such Lien restrictions than those contained in the restrictions described in clauses (a) and (b) of this Section prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or
refinancing. 

  
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 SECTION 6.09 Financial Covenants. 

(a) Consolidated Total Leverage. The Borrower will not permit the Consolidated Total Leverage Ratio as of the last day
of any Reference Period to be greater than 2.50:1.00. 
 (b) Consolidated Interest Coverage. The Borrower will not
permit the Consolidated Interest Coverage Ratio as of the last day of any Reference Period to be less than 3:50:1.00. 
 (c)
Consolidated Adjusted EBITDA. The Borrower will not permit Consolidated Adjusted EBITDA as of the last day of any Reference Period, for such Reference Period, to be less than $80,000,000. 

ARTICLE VII 
 Events of Default

 If any of the following events (“Events of Default”) shall occur: 

(a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement
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 Loan or any fee or any other amount (other than an amount referred to in
clause (a) of this Article) payable under any Loan Document, 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 Loan Party (other than an
Immaterial Subsidiary) or any Broker-Dealer Subsidiary in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial
statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect (or in any respect if such
representation or warranty is already qualified by concepts of materiality) when made or deemed made; 
 (d) the Borrower
shall fail to observe or perform any covenant, condition or agreement contained in Section 5.01(a) through (f), 5.02, 5.03 (with respect to any Loan Party), 5.06(b), 5.08 or 5.10 or in Article
VI; 
 (e) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan
Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days following the first to occur of (i) a Financial Officer of the
Borrower or any Loan Party having knowledge of such failure, and (ii) delivery of written notice thereof to the Borrower by the Administrative Agent; 

  
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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 (in each case after giving effect to any applicable grace period); 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or
that enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing 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 Subsidiary (other than an Immaterial 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 Subsidiary (other than an Immaterial Subsidiary) or for a substantial part
of its assets, and, in any such case, such proceeding or petition shall continue undismissed or undischarged for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) the Borrower or any Subsidiary (other than an Immaterial 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 Subsidiary (other than an Immaterial 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 Subsidiary (other than an Immaterial Subsidiary) shall become unable, admit in writing its inability 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 $10,000,000 shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 45 consecutive days during which execution shall not be effectively stayed, or
any action 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; 

  
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 (l) an ERISA Event shall have occurred that, when taken together with all other
ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $10,000,000 for all periods; 

(m) any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted
hereunder or thereunder or satisfaction in full of all the Obligations (other than contingent indemnification and reimbursement Obligations in respect of which no claim for payment has been asserted by the Person entitled thereto), shall cease to be
in full force and effect; or any Loan Party or any other Person shall contest in any manner the validity or enforceability of any Loan Document; or any Loan Party shall deny that it has any or further liability or obligation under any Loan Document,
or shall purport to revoke, terminate or rescind any Loan Document; 
 (n) any Collateral Document shall for any reason fail
to create a valid and perfected first priority security interest (subject to Permitted Liens) in any material portion of the Collateral purported to be covered thereby, except as permitted by the terms of any Loan Document or except to the extent
that any such failure to create a security interest or any such loss of perfection or priority results from (i) the failure to file UCC financing statements with respect to commercial tort claims, (ii) the failure of the Administrative
Agent to maintain possession of certificates, instruments, chattel paper or documents actually delivered to it representing securities, instruments, chattel paper or documents pledged under the Loan Documents or to file UCC continuation statements
or (iii) the filing by the Administrative Agent of any termination statements or partial releases in respect of any or all of the Collateral; 

(o) a Change in Control of the Borrower shall occur; 

(p) any Broker-Dealer Subsidiary shall fail to meet the minimum capital requirements
imposed by applicable regulatory authorities that is not cured within five Business Days of a Financial Officer of the Borrower or any other Loan Party having knowledge of such failure; 

(q) the Borrower or any Subsidiary that holds the Equity Interests of a Broker-Dealer
Subsidiary shall become ineligible to hold such Equity Interests by reason of a statutory disqualification or otherwise; 

(r) the SEC shall revoke the registration of any Broker-Dealer Subsidiary as a broker-dealer under the Securities Exchange Act or any such Broker-Dealer Subsidiary shall fail to maintain such registration; 

(s) the Examining Authority (as defined in Rule 15c3-l) for any Broker-Dealer Subsidiary shall suspend or shall revoke such Broker-Dealer Subsidiary’s status as a member organization thereof; or 

(t) the occurrence of any event of acceleration in a subordination agreement, as defined in Appendix D to Rule 15c3-l of the Securities Exchange Act, to which the Borrower or any Broker-Dealer Subsidiary is a party; 

  
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 then, and in every such event (other than an event with respect to the Borrower or any Subsidiary described in
clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or
both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in
part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with
respect to the Borrower or any Subsidiary described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon
and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence
and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity,
including all remedies provided under the UCC. 
 ARTICLE VIII 

The Administrative Agent 

Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative
Agent to take such actions on its behalf, including execution of the other Loan Documents, 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. 
 Any 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 such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any
Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative
Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly
set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable 

  
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for the failure to disclose, any information relating to the Borrower or any Subsidiary that is communicated to or obtained by the Person serving as 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 with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the
circumstances as provided in Section 9.02) or 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 written notice thereof is
given to the Administrative Agent by the Borrower or a Lender, and 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
any Loan Document, (ii) the contents of any certificate, report or other document delivered under any Loan Document or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the
Collateral or the existence of the Collateral or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 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 believed by it to be genuine and to have been signed or sent 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 be made by the proper Person, and shall not incur any liability for relying thereon. 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. 

The Administrative Agent may perform any and all its duties and exercise its rights and powers 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 its duties and exercise its rights and powers through
their respective Related Parties. The exculpatory provisions of the preceding paragraphs 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. 

Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may
resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which successor Administrative Agent
shall be subject to written approval by the Borrower at all times other than during the continuance of an Event of Default (which approval shall not be unreasonably withheld, delayed or conditioned). If no 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, then the retiring Administrative Agent may, 

  
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on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the
acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder. 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 Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 

Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit 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 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 Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each
Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public 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 the Loan Documents, 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. 

In its capacity as Administrative Agent, the Administrative Agent is a “representative” of the Secured Parties within the meaning of
the term “secured party” as defined in the UCC. Each Lender authorizes the Administrative Agent to enter into each of the Collateral Documents to which it is a party and to take all action contemplated by such documents. Each Lender agrees
that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood and agreed that such rights and remedies may be exercised
solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Collateral Documents. In the event that any Collateral is hereafter pledged by any Person as collateral security for the Secured Obligations, the
Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the
Administrative Agent on behalf of the Secured Parties. The Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Lien granted to or held by the Administrative Agent upon any
Collateral in accordance with Section 9.02(d) or pursuant to and in accordance with Section 9.18. Upon any sale or transfer of assets constituting Collateral that is permitted pursuant to the terms of any Loan Document, or
consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least five (5) Business Days’ prior written request by the Borrower to the Administrative Agent, the Administrative Agent

  
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shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Administrative Agent for the benefit
of the Secured Parties herein or pursuant hereto upon the Collateral that was sold or transferred; provided, that (a) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative
Agent’s reasonable opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (b) such release shall not in any
manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the Borrower or any Subsidiary in respect of) all interests retained by the Borrower or any Subsidiary, including the proceeds of the sale, all of which
shall continue to constitute part of the Collateral. 
 ARTICLE IX 

Miscellaneous 

SECTION 9.01 Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone
(and subject to paragraph (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 telecopy,
as follows: 
 (i) if to the Borrower, to it at MarketAxess Holdings Inc., 299 Park Avenue, 10th Floor, New York, NY, 10171, Attention of
Antonio L. DeLise and Scott Pintoff (email: tdelise@marketaxess.com and/or spintoff@marketaxess.com) (Telecopy No. (212-813-7007)); with copies (which shall not
constitute notice) to Proskauer Rose LLP, Eleven Times Square, New York, NY 10036, Attention of Ori Solomon and Andrew Bettwy (Telecopy No. (212) 969-2900); 

(ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 South Dearborn, Floor L2S, Chicago,
Illinois 60603, Attention of Joyce King (Telecopy No. (888) 292-9533), with a copy to JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor 9 (Mail code
IL1-0364), Chicago, IL, 60603-2300, United States, Attention of Jennifer Dunneback (Telecopy No. (312) 386-7605); 

(iii) if to the Issuing Bank, to it at 10 South Dearborn, Floor L2S, Chicago, Illinois 60603 , Attention to Joyce King (Telecopy No. (888) 292-9533); 
 (iv) if to the Swingline Lender, to it at 10 South Dearborn, Floor L2S, Chicago,
Illinois 60603, Attention to Joyce King (Telecopy No. (888) 292-9533); and 
 (v) if to any
other Lender, to it at its address (or telecopy number) set forth 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 facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for

  
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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 Systems, to the extent provided in
paragraph (b) below, shall be effective as provided in said paragraph (b). 
 (b) Notices and other communications to
the Lenders and the Issuing Bank hereunder may be delivered or furnished by using Electronic Systems pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II
unless otherwise agreed by the Administrative Agent and the applicable Lender. 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. 

(c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the
other parties hereto. 
 (d) Electronic Systems. 

(i) Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available
to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. 

(ii) Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties (as
defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. 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
Communications or any Electronic System. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or the other Loan Parties, any Lender,
the Issuing Bank or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any
Loan Party’s or the Administrative Agent’s transmission of communications through an Electronic System, except as may be determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Agent Party or a Primary Related Party of such Agent Party. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by
or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section,
including through an Electronic System. 
 SECTION 9.02 Waivers; Amendments. (a) No failure or delay by any Credit Party in
exercising any right or power under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment 

  
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or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Credit
Parties under the Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any
event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality
of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether any Credit Party may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided, that no such agreement shall (i) increase the Commitment of
any Lender without the written consent of such Lender (it being understood that a waiver of any condition precedent set forth in Section 4.02 or the waiver of any Default shall not constitute an increase of any Commitment of any Lender),
(ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly and adversely affected thereby, provided,
however, that only the consent of the Required Lenders shall be necessary to amend the provisions with respect to the application or amount of the default rate described in Section 2.12(c) or waive any obligation of the Borrower
to pay interest, fees or other amounts at such default rate, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of,
waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby (it being understood that a waiver of any condition precedent set
forth in Section 4.02 or the waiver of any Default shall not constitute a postponement of the scheduled date of expiration of any Commitment of any Lender), (iv) change Section 2.17(b), (c) or
(d) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) except as provided in Section 9.18, release any Loan Party from its Obligations
without the written consent of each Lender, (vi) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive,
amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender, (vii) except as provided in Section 9.18, release all or substantially all of the Guarantors
from their obligations under the Guarantee Agreement, except in accordance with Section 6.03, without the written consent of each Lender or (viii) except as provided in Section 9.18, release all or substantially all of
the Collateral, without the written consent of each Lender; provided further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline Lender
hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be. 

(c) Notwithstanding anything to the contrary herein (i) the Administrative Agent may, with the consent of the Borrower
only, amend, modify or supplement any Loan Document to 

  
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cure any ambiguity, omission, mistake, defect or inconsistency, and (ii) the Administrative Agent may, in its sole discretion, waive any of the conditions set forth in
Section 4.01 with respect to immaterial matters or items noted in any post-closing letter made available to the Lenders with respect to which the Borrower has given assurances satisfactory to the
Administrative Agent that such items shall be delivered within the time period(s) specified in such post-closing letter. Such amendments shall become effective without any further action or consent of any
other party to any Loan Document. 
 (d) The Lenders hereby irrevocably authorize the Administrative Agent to take any action
and execute any document releasing any Liens upon any Collateral (i) reasonably requested by the Borrower to effect the release of Collateral pursuant to and in accordance with Section 9.18 of this Agreement following the occurrence
of the events specified in Section 9.18, (ii) constituting property being sold or disposed of if the Borrower certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement
(and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting property leased to the Borrower or any Subsidiary under a lease which has expired or been terminated in a transaction
permitted under this Agreement, (iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII, (v) as
otherwise permitted by, but only in accordance with, the terms of any Loan Document, or (vi) if approved, authorized or ratified in writing by the Required Lenders, unless such release is required to be approved by all of the Lenders hereunder;
provided, that the written consent of each Lender shall be required for the release of all or substantially all of the Collateral other than pursuant to and in accordance with Section 9.18. Upon request by the Administrative Agent at any
time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant hereto. Any such release shall not in any manner discharge, affect, or impair the Secured Obligations or
any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the
Collateral. 
 SECTION 9.03 Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable and
documented out of pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities
provided for herein, the preparation, execution, delivery and administration of the Loan Documents and any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or
extension of any Letter of Credit or any demand for payment thereunder and (iii) all documented out-of-pocket expenses incurred by the Credit Parties including the
fees, charges and disbursements of any counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with any Loan Document, including its rights under this
Section, or 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 provided that 

  
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the Borrower’s obligations under this Section 9.03(a) for fees and expenses of legal counsel shall be limited to fees and expenses of (x) one outside legal counsel for all
Persons described in clauses (i), (ii) and (iii) above, taken as a whole, (y) in the case of any conflict of interest, one outside legal counsel for such affected Person or group of Persons and (z) if
necessary, one local legal counsel in each relevant jurisdiction. 
 (b) The Borrower shall indemnify each Credit Party and
its Related Parties (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related reasonable, documented and invoiced out-of-pocket expenses (including the reasonable and documented out-of-pocket fees, charges and
disbursements of (i) one outside legal counsel to the Administrative Agent and one outside legal counsel to the other Indemnitees taken as a whole, (ii) in the case of any conflict of interest, one outside legal counsel for the affected
Lender or group of Lenders and (iii) if necessary, one local legal counsel in each relevant jurisdiction), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery
of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties to the Loan Documents of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated
thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank 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 Subsidiary, or any Environmental Liability related
in any way to the Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by
the Borrower or any other Loan Party or its or their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (1) are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or a Primary Related Party of such Indemnitee, or (2) arise out of any claim, litigation, investigation or proceeding that does not
involve an act or omission by the Borrower or any of its Affiliates and that is brought by an Indemnitee against any other Indemnitee (provided that in the event of such a claim, litigation, investigation or proceeding involving a claim of
proceeding brought against the Administrative Agent (in its capacity as such) by other Indemnitees, the Administrative Agent shall be entitled (subject to the other limitations and exceptions set forth above) to the benefit of the indemnities set
forth above). As used herein, the “Primary Related Parties” of an Indemnitee are its Affiliates with direct involvement in the negotiation and syndication of the revolving credit facility under this Agreement and such
Indemnitee’s and Affiliates’ directors, officers and employees. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim. 
 (c) To the extent that the Borrower fails to pay any amount required to
be paid by it to the Administrative Agent, the Issuing Bank or the Swingline Lender under paragraph (a) or 

  
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(b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be,
was incurred by or asserted against the Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity as such. 

(d) To the extent permitted by applicable law, no party hereto or any Indemnitee shall assert, and each such Person hereby
waives, any claim against the Borrower or any of its Subsidiaries or 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, any Loan Document or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause (d) shall relieve the
Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. 

(e) All amounts due under this Section shall be payable promptly after written demand therefor. 

SECTION 9.04 Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section. 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
(including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Credit Parties) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject to the
conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under the Loan Documents (including all or a portion of its
Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 
 (A)
the Borrower, provided that, the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof;
provided further that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; 

  
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 (B) the Administrative Agent, provided that no consent of the Administrative Agent shall
be required for an assignment of any Commitment to an assignee that is a Lender with a Commitment immediately prior to giving effect to such assignment, an Affiliate of a Lender or an Approved Fund; 

(C) the Issuing Bank; and 

(D) the Swingline Lender. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or 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) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of
Default has occurred and is continuing; 
 (B) 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, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of
one Class of Commitments or Loans; 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of $3,500; and 
 (D) the assignee, if it shall not be a Lender,
shall deliver to the Administrative Agent an 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, the Loan Parties 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 Federal and state securities laws. 
 For the purposes of this
Section 9.04(b), the term “Approved Fund” and “Ineligible Institution” have the following meanings: 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or
investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender. 
 “Ineligible Institution” means (a) a natural person, (b) a Defaulting
Lender or its Lender Parent, (c) a company, investment vehicle or trust for, or owned and operated for the 

  
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primary benefit of, a natural person or relative(s) thereof, (d) the Borrower or any of its Affiliates; provided that, such company, investment vehicle or trust shall not constitute
an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant
experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the
ordinary course of its business, or (e) a Disqualified Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to
paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto 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 2.14,
2.15, 2.16 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 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 paragraph (c) of this Section. 
 (iv) The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices 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 Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower and the Credit Parties shall 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. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time
upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an
assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to
such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning
Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.04(c), 2.05(d) or (e), 2.06(b), 2.17(d) or 9.03(c), the Administrative Agent shall have no
obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

  
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 (c) Any Lender may, without the consent of the Borrower, the Administrative
Agent, the Issuing Bank or the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in all or a portion of such Lender’s rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative Agent, the Issuing Bank 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. 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 the Loan
Documents and to approve any amendment, modification or waiver of any provision of any Loan Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 9.02(b) that (1) requires the consent of each Lender or each directly and adversely affected Lender and (2) directly and adversely affects such Participant. The
Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 (subject to the requirements and limitations therein, including the requirements under Section 2.16(f) (it being
understood that the documentation required under Section 2.16(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 2.18 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 2.14 or 2.16, 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. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower
to effectuate the provisions of Section 2.18(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender;
provided that such Participant agrees to be subject to Section 2.17(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on
which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (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 this Agreement) to any Person except to the extent that such disclosure is necessary to establish that such interest 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. 

  
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 (d) Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment
of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(e) It is intended that any Loans issued pursuant to this Agreement or any Loan Document shall be maintained at all times in
“registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code, and Section 5f.103-1(c) of the United States Treasury Regulations, and the
provisions of this Agreement shall be construed in accordance with this intention. 
 SECTION 9.05 Survival. All covenants,
agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to any Loan Document shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that any Credit Party may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or
any accrued interest on any Loan or any fee or any other amount payable under any Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of
Sections 2.14, 2.15, 2.16 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the
expiration or termination of the Letters of Credit and the Commitments or the termination of any Loan Document or any provision hereof. 

SECTION 9.06 Counterparts; Integration; Effectiveness. (a) This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect
to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken
together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

(b) Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that
reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,” “signed,” “signature,” “delivery,” and
words of like import 

  
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in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries 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, physical delivery thereof 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. 
 SECTION 9.07 Severability. Any provision of any Loan Document
held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the
remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates
is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) (excluding payroll accounts) at any time held and
other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the Obligations of the Borrower now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or
Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the
Administrative Agent for further application in accordance with the provisions of Section 2.19 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, the Issuing Bank and the Lenders, and (b) 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 under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each Lender shall notify the Administrative Agent and the
Borrower promptly after any such setoff; provided, that the failure to give such notice shall not affect the validity of such setoff and application. 

SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance
with and governed by the law of the State of New York. 
 (b) The Borrower hereby irrevocably and unconditionally submits,
for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan, and of the United States District Court for the Southern District of New York sitting in the Borough of
Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby

  
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irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of such New York State or, to the extent permitted by law, Federal court and agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing
Bank or any Lender may otherwise have to bring any action or proceeding relating to any Loan Document against the Borrower or its properties in the courts of any jurisdiction. 

(c) Each party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any 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 law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in any Loan Document will affect the right of any party to any Loan Document to serve process in any other manner permitted by law. 

SECTION 9.10 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 ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12 Confidentiality. Each Credit Party agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (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 Governmental Authority (including 

  
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any self-regulatory authority, such as the National Association of Insurance Commissioners) claiming jurisdiction over it, (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process (provided that the applicable Credit Party shall notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the
request of a regulatory authority claiming jurisdiction over it) unless such notification is prohibited by applicable law, rule or regulation), (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies
hereunder or any suit, action or proceeding relating to any Loan Document or the enforcement of rights 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 bona fide prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or bona fide prospective counterparty (or its advisors) to any swap or derivative transaction
relating to any Loan Party and its Obligations (provided such Persons are advised of and agree to be bound by either the provisions of this Section 9.12 or other provisions at least as restrictive as this
Section 9.12), in each case other than a Disqualified Lender, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) becomes available to any Credit Party on a non-confidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information
received from the Borrower relating to the Borrower or its business, other than any such information that is available to any Credit Party on a non-confidential basis prior to disclosure by the Borrower;
provided, that in the case of information received from the Borrower after the date hereof such information shall be deemed confidential unless, such information is clearly identified at the time of delivery as not being 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 which shall in no event be less than commercially reasonable care. 

SECTION 9.13 Material Non-Public Information. 

(a) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY
INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE
SECURITIES LAWS. 
 (b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE
ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC
INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS AND WARRANTS TO 

  
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THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 

SECTION 9.14 Authorization to Distribute Certain Materials to Public-Siders. 

(a) If the Borrower does not file this Agreement with the SEC, then the Borrower hereby authorizes the Administrative Agent to
distribute the execution version of this Agreement and the Loan Documents to all Lenders, including their Public-Siders. The Borrower acknowledges its understanding that
Public-Siders and their firms may be trading in any of the Parties’ respective securities while in possession of the Loan Documents. 

(b) The Borrower represents and warrants that none of the information in the Loan Documents constitutes or contains material non-public information within the meaning of the federal and state securities laws. To the extent that any of the executed Loan Documents constitutes at any time a material
non-public information within the meaning of the federal and state securities laws after the date hereof, the Borrower agrees that it will promptly make such information publicly available by press release or
public filing with the SEC. 
 SECTION 9.15 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any
time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful
rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of
this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the
Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 9.16 USA PATRIOT Act.
Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) hereby notifies each
Loan Party that pursuant to the requirements of 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 to identify such Loan Party in accordance with the Patriot Act. 
 SECTION 9.17 Appointment for
Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any
other applicable law can be perfected only by possession or control. Should any Lender (other 

  
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than the Administrative Agent) obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s
request therefor shall deliver such Collateral to the Administrative Agent (if applicable) or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 

SECTION 9.18 Release of Liens and Guarantees. 

(a) Notwithstanding anything to the contrary in any Loan Document, in the event that any Loan Party conveys, sells, leases,
assigns, transfers or otherwise Disposes of all or any portion of any of the Capital Stock or assets of any Loan Party to a Person that is not (and is not required hereunder to become) a Loan Party in a transaction permitted under this Agreement,
the Liens created by the Loan Documents in respect of such Capital Stock or assets shall automatically terminate and be released, without the requirement for any further action by any Person and the Administrative Agent shall promptly (and the
Lenders hereby authorize and instruct the Administrative Agent to) take such action and execute any such documents as may be reasonably requested by the Borrower and at the Borrower’s expense to further document and evidence such termination
and release of Liens created by any Loan Document in respect of such Capital Stock or assets, and, in the case of a transaction permitted under this Agreement the result of which is that a Loan Party would cease to be a Subsidiary, the Guarantees
created by the Loan Documents in respect of such Loan Party (and all security interests granted by such Guarantor under the Loan Documents) shall automatically terminate and be released, without the requirement for any further action by any Person
and the Administrative Agent shall promptly (and the Lenders hereby authorize and instruct the Administrative Agent to) take such action and execute any such documents as may be reasonably requested by the Borrower and at the Borrower’s expense
to further document and evidence such termination and release of such security interests and such Loan Party’s Guarantee in respect of the Secured Obligations (including its Guarantee under the Guarantee Agreement). Any representation, warranty
or covenant contained in any Loan Document relating to any such Capital Stock, asset or Subsidiary of any Loan Party shall no longer be deemed to be made with respect thereto once such Capital Stock or asset or Subsidiary is so conveyed, sold,
leased, assigned, transferred or disposed of. 
 (b) Upon the Payment in Full of the Secured Obligations (other than
contingent reimbursement and indemnification obligations, in each case in respect of which no claim for payment has been asserted by the Person entitled thereto) and the termination or expiration of the Commitments, all Liens created by the Loan
Documents shall automatically terminate and be released, without the requirement for any further action by any Person and the Administrative Agent shall promptly (and the Lenders hereby authorize and instruct the Administrative Agent to) take such
action and execute any such documents as may be reasonably requested by the Borrower and at the Borrower’s expense to further document and evidence such termination and release of Liens created by the Loan Documents, and the Guarantees created
by the Loan Documents in respect of the Guarantors shall automatically terminate and be released, without the requirement for any further action by any Person and the Administrative Agent shall promptly (and the Lenders hereby authorize and instruct
the Administrative Agent to) take such action and execute any such documents as may be reasonably requested by the Borrower and at the Borrower’s expense to further document and evidence such termination and release of the Guarantors’
Guarantees in respect of the 

  
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Obligations (including the Guarantees under the Guarantee Agreement); provided, however, that the foregoing provisions of this Section 9.18(b) are subject to the reinstatement
provisions of the Guarantee Agreement or Security Agreement, as the case may be. 
 SECTION 9.19 Amendment and Restatement. 

(a) On the Restatement Effective Date, without further action by any of the parties to the Original Credit Agreement,
(i) the Original Credit Agreement will be automatically amended and restated to read as this Agreement reads, and (ii) each of the schedules to the Original Credit Agreement will be replaced by the revised schedules delivered to the
Administrative Agent on or prior to the Restatement Effective Date. On and after the Restatement Effective Date, the rights and obligations of all Lenders and the other parties hereto shall be governed by the provisions hereof; provided that
the rights and obligations of the parties to the Original Credit Agreement with respect to the period before the Restatement Effective Date shall continue to be governed by the provisions thereof as in effect before the Restatement Effective Date.

 (b) It is the intention of each of the parties hereto and each Lender that the Original Credit Agreement be amended and
restated so as to preserve the perfection and priority of all security interests securing indebtedness and obligations under the Original Credit Agreement and that all Indebtedness and Obligations of the Loan Parties hereunder and thereunder shall
be secured by the Collateral as set forth in the Security Documents and that this Agreement does not constitute a novation of the obligations and liabilities existing under the Original Credit Agreement provided that all Loans or other credit
extensions outstanding under the Original Credit Agreement shall continue as Loans or other credit extensions, as applicable, under this Agreement (and, in the case of Eurodollar Loans, with the same Interest Periods as were applicable to such
Eurodollar Loans immediately prior to the Restatement Effective Date). Upon the effectiveness of this Agreement, each Loan Document that was in effect immediately prior to the Restatement Effective Date shall continue to be effective, unless the
context otherwise requires. The parties hereto and each Lender further acknowledge and agree that this Agreement constitutes an amendment of the Original Credit Agreement made under and in accordance with the terms of Section 9.02 of the
Original Credit Agreement. In addition, unless specifically amended or replaced as described herein, each of the Loan Documents, the Exhibits and Schedules to the Original Credit Agreement shall continue in full force and effect and that, from and
after the Restatement Effective Date, all references to the “Credit Agreement” or “thereof”, “thereunder”, “therein” or “thereby” or each similar reference to the Original Credit Agreement shall
refer to this Agreement. 
 (c) Each Loan Party hereby acknowledges that it has reviewed the terms and provisions of this
Agreement and consents to the amendment and restatement of the Original Credit Agreement effected pursuant to this Agreement. Each Loan Party hereby (i) confirms that each Loan Document to which it is a party or is otherwise bound and all
Collateral encumbered thereby will continue to guarantee and secure, as the case may be, to the fullest extent possible in accordance with the Loan Documents, the payment and performance of the Obligations, as the case may be, including without
limitation the payment and performance of all such Obligations which are joint and several obligations of each grantor now or hereafter existing, and (ii) reaffirms to the Collateral Agent for the benefit of the Lenders its grant under the
Security Agreement of a continuing lien on and security interest in and to such Loan Party’s right, title and interest in, to and under all Collateral as collateral security for the prompt payment and performance in full when due of the
Obligations (whether at stated maturity, by acceleration or otherwise). 

  
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 (d) Each Loan Party acknowledges and agrees that any of the Loan Documents to
which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of the amendment and
restatement of the Original Credit Agreement. 
 (e) For purposes of determining withholding Taxes imposed under FATCA, from
and after the Restatement Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans as not qualifying as a “grandfathered obligation” within the
meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

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

			
	MARKETAXESS HOLDINGS INC.
		
	By:	 	 /s/ Antonio L. DeLise

	Name:	 	Antonio L. DeLise
	Title:	 	Chief Financial Officer

 
			
	JPMORGAN CHASE BANK, N.A.,
	as a Lender, the Swingline Lender, the Issuing Bank and the Administrative Agent
		
	By:	 	 /s/ Jennifer M. Dunneback

	Name:	 	Jennifer M. Dunneback
	Title:	 	Vice President

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