Document:

Credit Agreement

 Exhibit 10.1 
  

 
 $200,000,000 

CREDIT AGREEMENT 

among 
 GAMES
INTERMEDIATE MERGER CORP. (to be merged with and into 
 DAVE & BUSTER’S HOLDINGS, INC., with DAVE &
BUSTER’S HOLDINGS, INC. 
 as the surviving entity), 
 GAMES MERGER CORP. (to be merged with and into DAVE & BUSTER’S, INC., with DAVE & 
 BUSTER’S, INC. as the surviving entity), 
 as Borrower, 

6131646 CANADA INC., 
 as Canadian Borrower, 
 The Several Lenders from Time to Time Parties Hereto,

 GENERAL ELECTRIC CAPITAL CORPORATION, 
 as Documentation Agent, 
 JPMORGAN CHASE BANK, N.A. AND JEFFERIES FINANCE LLC,

 as Co-Syndication Agents, 
 and 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 
 Dated as of June 1, 2010 
  

 
 J.P. MORGAN SECURITIES INC. and
JEFFERIES FINANCE LLC, 
 as Joint Lead Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 Section 1. DEFINITIONS
	  	 	1	  
				
		 	     1.1  	  	Defined Terms	  	 	1	  
		 	1.2  	  	Other Definitional Provisions	  	 	29	  
		
	 Section 2. AMOUNT AND TERMS OF COMMITMENTS
	  	 	29	  
				
		 	2.1  	  	Term Commitments	  	 	29	  
		 	2.2  	  	Procedure for Term Loan Borrowing	  	 	29	  
		 	2.3  	  	Repayment of Term Loans	  	 	30	  
		 	2.4  	  	Revolving Commitments	  	 	30	  
		 	2.5  	  	Procedure for Revolving Loan Borrowing; Currency Fluctuation Matters	  	 	31	  
		 	2.6  	  	Swingline Commitment	  	 	33	  
		 	2.7  	  	Procedure for Swingline Borrowing; Refunding of Swingline Loans	  	 	34	  
		 	2.8  	  	Commitment Fees, etc	  	 	35	  
		 	2.9  	  	Termination or Reduction of Revolving Commitments	  	 	35	  
		 	2.10	  	Optional Prepayments	  	 	36	  
		 	2.11	  	Mandatory Prepayments	  	 	36	  
		 	2.12	  	Conversion and Continuation Options	  	 	37	  
		 	2.13	  	Limitations on Eurodollar Tranches and CCOF Tranches	  	 	38	  
		 	2.14	  	Interest Rates and Payment Dates	  	 	38	  
		 	2.15	  	Computation of Interest and Fees	  	 	39	  
		 	2.16	  	Inability to Determine Interest Rate	  	 	39	  
		 	2.17	  	Pro Rata Treatment and Payments	  	 	40	  
		 	2.18	  	Requirements of Law	  	 	42	  
		 	2.19	  	Taxes	  	 	43	  
		 	2.20	  	Indemnity	  	 	45	  
		 	2.21	  	Change of Lending Office	  	 	46	  
		 	2.22	  	Replacement of Lenders	  	 	46	  
		 	2.23	  	Defaulting Lenders	  	 	47	  
		 	2.24	  	Incremental Facilities	  	 	48	  
		
	 Section 3. LETTERS OF CREDIT
	  	 	50	  
				
		 	3.1  	  	L/C Commitment	  	 	50	  
		 	3.2  	  	Procedure for Issuance of Letter of Credit	  	 	50	  
		 	3.3  	  	Fees and Other Charges	  	 	50	  
		 	3.4  	  	L/C Participations	  	 	51	  
		 	3.5  	  	Reimbursement Obligation of the Borrower	  	 	51	  
		 	3.6  	  	Obligations Absolute	  	 	52	  
		 	3.7  	  	Letter of Credit Payments	  	 	52	  

									
		 	      3.8  	  	Applications	  	 	52	  
		 	3.9  	  	Existing Letters of Credit	  	 	52	  
		
	 Section 4. REPRESENTATIONS AND WARRANTIES
	  	 	52	  
				
		 	4.1  	  	Financial Condition	  	 	52	  
		 	4.2  	  	No Change	  	 	53	  
		 	4.3  	  	Existence; Compliance with Law	  	 	53	  
		 	4.4  	  	Power; Authorization; Enforceable Obligations	  	 	53	  
		 	4.5  	  	No Legal Bar	  	 	54	  
		 	4.6  	  	Litigation	  	 	54	  
		 	4.7  	  	No Default	  	 	54	  
		 	4.8  	  	Ownership of Property; Liens	  	 	54	  
		 	4.9  	  	Intellectual Property	  	 	54	  
		 	4.10	  	Taxes	  	 	54	  
		 	4.11	  	Federal Regulations	  	 	55	  
		 	4.12	  	Labor Matters	  	 	55	  
		 	4.13	  	ERISA	  	 	55	  
		 	4.14	  	Investment Company Act; Other Regulations	  	 	55	  
		 	4.15	  	Subsidiaries	  	 	55	  
		 	4.16	  	Use of Proceeds	  	 	55	  
		 	4.17	  	Environmental Matters	  	 	55	  
		 	4.18	  	Accuracy of Information, etc	  	 	56	  
		 	4.19	  	Security Documents	  	 	57	  
		 	4.20	  	Solvency	  	 	58	  
		 	4.21	  	Certain Documents	  	 	58	  
		 	4.22	  	Franchise Agreements	  	 	58	  
		 	4.23	  	Anti-Terrorism	  	 	58	  
		
	 Section 5. CONDITIONS PRECEDENT
	  	 	58	  
				
		 	5.1  	  	Conditions to Initial Extension of Credit	  	 	58	  
		 	5.2  	  	Conditions to Each Extension of Credit	  	 	62	  
		
	 Section 6. AFFIRMATIVE COVENANTS
	  	 	62	  
				
		 	6.1  	  	Financial Statements	  	 	62	  
		 	6.2  	  	Certificates; Other Information	  	 	63	  
		 	6.3  	  	Payment of Obligations	  	 	64	  
		 	6.4  	  	Maintenance of Existence; Compliance	  	 	65	  
		 	6.5  	  	Maintenance of Property; Insurance	  	 	65	  
		 	6.6  	  	Inspection of Property; Books and Records; Discussions	  	 	65	  
		 	6.7  	  	Notices	  	 	65	  
		 	6.8  	  	Environmental Laws	  	 	66	  
		 	6.9  	  	Additional Collateral, etc	  	 	66	  

  
 ii 

									
		 	      6.10	  	Landlord Consents	  	 	67	  
		 	6.11	  	Mortgages	  	 	67	  
		 	6.12	  	Maintenance of Ratings	  	 	68	  
		 	6.13	  	Post-Closing Covenants	  	 	68	  
		
	 Section 7. NEGATIVE COVENANTS
	  	 	68	  
				
		 	7.1  	  	Financial Condition Covenants	  	 	68	  
		 	7.2  	  	Indebtedness	  	 	70	  
		 	7.3  	  	Liens	  	 	71	  
		 	7.4  	  	Fundamental Changes	  	 	73	  
		 	7.5  	  	Disposition of Property	  	 	74	  
		 	7.6  	  	Restricted Payments	  	 	74	  
		 	7.7  	  	Capital Expenditures	  	 	75	  
		 	7.8  	  	Investments	  	 	75	  
		 	7.9  	  	Optional Payments and Modifications of Certain Debt Instruments	  	 	76	  
		 	7.10	  	Transactions with Affiliates	  	 	77	  
		 	7.11	  	Sales and Leasebacks	  	 	78	  
		 	7.12	  	Swap Agreements	  	 	78	  
		 	7.13	  	Changes in Fiscal Periods	  	 	78	  
		 	7.14	  	Negative Pledge Clauses	  	 	78	  
		 	7.15	  	Clauses Restricting Subsidiary Distributions	  	 	79	  
		 	7.16	  	Lines of Business	  	 	79	  
		 	7.17	  	Amendments to Acquisition Documents	  	 	79	  
		 	7.18	  	Franchises	  	 	79	  
		
	 Section 8. EVENTS OF DEFAULT
	  	 	79	  
				
		 	8.1  	  	Events of Default	  	 	79	  
		 	8.2  	  	Right to Cure	  	 	82	  
		
	 Section 9. THE AGENTS
	  	 	83	  
				
		 	9.1  	  	Appointment	  	 	83	  
		 	9.2  	  	Delegation of Duties	  	 	83	  
		 	9.3  	  	Exculpatory Provisions	  	 	83	  
		 	9.4  	  	Reliance by Administrative Agent	  	 	83	  
		 	9.5  	  	Notice of Default	  	 	84	  
		 	9.6  	  	Non-Reliance on Agents and Other Lenders	  	 	84	  
		 	9.7  	  	Indemnification	  	 	84	  
		 	9.8  	  	Agent in Its Individual Capacity	  	 	85	  
		 	9.9  	  	Successor Administrative Agent	  	 	85	  
		 	9.10	  	Documentation Agents and Syndication Agent	  	 	85	  

  
 iii

									
	 Section 10. MISCELLANEOUS
	  	 	86	  
				
		 	           10.1
	 	 Amendments and Waivers
	  	 	86	  
		 	           10.2
	 	 Notices
	  	 	87	  
		 	           10.3
	 	 No Waiver; Cumulative Remedies
	  	 	88	  
		 	           10.4
	 	 Survival of Representations and Warranties
	  	 	88	  
		 	           10.5
	 	 Payment of Expenses and Taxes
	  	 	89	  
		 	           10.6
	 	 Successors and Assigns; Participations and Assignments
	  	 	89	  
		 	           10.7
	 	 Adjustments; Set-off
	  	 	92	  
		 	           10.8
	 	 Counterparts
	  	 	93	  
		 	           10.9
	 	 Severability
	  	 	93	  
		 	           10.10
	 	 Integration
	  	 	93	  
		 	           10.11.
	 	 GOVERNING LAW
	  	 	93	  
		 	           10.12
	 	 Submission To Jurisdiction; Waivers
	  	 	93	  
		 	           10.13
	 	 Acknowledgements
	  	 	94	  
		 	           10.14
	 	 Releases of Guarantees and Liens
	  	 	94	  
		 	           10.15
	 	 Confidentiality
	  	 	95	  
		 	           10.16.
	 	 WAIVERS OF JURY TRIAL
	  	 	95	  
		 	           10.17
	 	 Delivery of Addenda
	  	 	95	  

  
 iv 

			
	 SCHEDULES:

		
	 1.1A
	  	Commitments
	 1.1B-1
	  	Owned Real Property
	 1.1B-2
	  	Unrestricted Leasehold Properties
	 1.1B-3
	  	Leasehold Consents
	 1.1C
	  	Canadian Revolving Lender/Canadian Commitments
	 1.1D
	  	Existing Letters of Credit
	 4.4
	  	Consents, Authorizations, Filings and Notices
	 4.6
	  	Litigation
	 4.9
	  	Intellectual Property
	 4.15
	  	Subsidiaries
	 4.17
	  	Environmental Matters
	 4.19(a)
	  	UCC Filing Jurisdictions
	 4.19(b)
	  	Mortgage Filing Jurisdictions
	 5.1
	  	Pro Forma Leverage Ratio
	 6.13
	  	Post-Closing Matters
	 7.2(d)
	  	Existing Indebtedness
	 7.3(f)
	  	Existing Liens
	 7.8(j)
	  	Existing Investments
	 7.10
	  	Transactions with Affiliates
	
	EXHIBITS:
		
	 A
	  	Form of Guarantee and Collateral Agreement
	 B
	  	Form of Compliance Certificate
	 C
	  	Form of Closing Certificate
	 D
	  	Form of Mortgage
	 E
	  	Form of Assignment and Assumption
	 F
	  	Form of Legal Opinion of Weil, Gotshal & Manges LLP
	 G
	  	Form of U.S. Tax Compliance Certificate
	 H
	  	Form of Addendum
	 I
	  	Form of Incremental Facility Activation Notice

  
 v 

 CREDIT AGREEMENT (this “Agreement”), dated as of June 1, 2010, among
GAMES INTERMEDIATE MERGER CORP., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with Dave & Buster’s Holdings, Inc. as the surviving entity) (“Holdings”), GAMES MERGER
CORP., a Missouri corporation (to be merged with and into Dave & Buster’s, Inc., with Dave & Buster’s, Inc. as the surviving entity) (the “Borrower”), 6131646 CANADA INC., a Canadian corporation (the
“Canadian Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”), GENERAL ELECTRIC CAPITAL CORPORATION, as documentation agent (in such
capacity, the “Documentation Agent”), JPMORGAN CHASE BANK, N.A and JEFFERIES FINANCE LLC, as co-syndication agents (in such capacity, the “Co-Syndication Agents”), and JPMORGAN CHASE BANK, N.A., as administrative
agent. 
 The parties hereto hereby agree as follows: 
 SECTION 1. DEFINITIONS 
 1.1 Defined Terms. As used in this Agreement,
the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. 
 “ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) 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 Eurodollar Rate that would be calculated as of such day (or, if such day is not a Business Day, as of the next preceding Business Day) in respect of a proposed Eurodollar Loan with
a one-month Interest Period plus 1.0%; provided, that for purposes of determining the interest rate applicable to Term Loans, the ABR shall not be less than 2.75%. Any change in the ABR due to a change in the Prime Rate, the Federal
Funds Effective Rate or such Eurodollar Rate shall be effective as of the opening of business on the day of such change in the Prime Rate, the Federal Funds Effective Rate or such Eurodollar Rate, respectively. 

“ABR Loans”: Loans the rate of interest applicable to which is based upon the ABR. 

“Acquisition”: as defined in Section 5.1. 
 “Acquisition Documentation”: collectively, the Purchase Agreement and all schedules, exhibits and annexes thereto and all side letters and agreements affecting the terms thereof or
entered into in connection therewith. 
 “Addendum”: an instrument, substantially in the form of
Exhibit H, by which a Lender becomes a party to this Agreement as of the Closing Date. 
 “Additional Revolving
Loans”: as defined in Section 2.4A. 
 “Adjusted Debt”: at any date, the sum of
(a) Consolidated Total Debt at such date plus (b) an amount equal to (i) eight times (ii)(A) the Consolidated Lease Expense for the four most recent fiscal quarters ending not less than 45 days prior to the Closing Date less
(B) any such Consolidated Lease Expense for the period set out in (A) above with respect to any location made prior to the opening of the Unit at such location. 
 “Adjusted EBITDAR”: for any period, the sum of (a) Consolidated EBITDA for such period, subject to adjustments permitted by Regulation S-X and such other adjustments as the
Administrative Agent reasonably determines reflect the pro forma financial condition of the Borrower and may be used in the offering memorandum or prospectus for the Senior Notes, plus (b)(i) the Consolidated Lease Expense for the four most
recent fiscal quarters ending not less than 45 days prior to the Closing Date less (ii) any such Consolidated Lease Expense for the period set out in (i) above with respect to any location made prior to the opening of the Unit at such
location. 

  
 1 

 “Adjustment Date”: as defined in the definition of Pricing Grid.

 “Administrative Agent”: JPMorgan Chase Bank, N.A., together with its affiliates, as the arranger of the
Commitments and as the administrative agent for the Lenders under this Agreement and the other Loan Documents, together with any of its successors (it being understood that, with respect to the Canadian Revolving Loans, the Administrative Agent
shall be JPMorgan Chase Bank, N.A., Toronto Branch). 
 “Affiliate”: as to any Person, any other Person that,
directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more
of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or
otherwise. 
 “Agents”: the collective reference to the Co-Syndication Agents, the Documentation Agent and the
Administrative Agent. 
 “Aggregate Exposure”: with respect to any Lender at any time, an amount equal to
(a) until the Closing Date, the aggregate amount of such Lender’s Commitments at such time and (b) thereafter, the sum of (i) the aggregate then unpaid principal amount of such Lender’s Term Loans, (ii) the amount of
such Lender’s Revolving Commitment then in effect or, if the Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding and (iii) the amount of such Lender’s Canadian
Revolving Commitment then in effect or, if the Canadian Revolving Commitments have been terminated, the amount of such Lender’s Canadian Revolving Extensions of Credit then outstanding. 

“Aggregate Exposure Percentage”: with respect to any Lender at any time, the ratio (expressed as a percentage) of such
Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 

“Agreement”: as defined in the preamble hereto. 

“Applicable Margin”: for each Type of Loan, the rate per annum set forth under the relevant column heading below:

  

					
	 	  	ABR Loans	 	Eurodollar Loans
	 Revolving Loans, Additional
	  		 	
	 Revolving Loans and

Swingline Loans
	  	3.00%	 	4.00%
	 Term Loans
	  	3.25%	 	4.25%
			
	 	  	Canadian Prime Rate Loans	 	Canadian Cost of Funds Loans
	 Canadian Revolving Loans
	  	3.00%	 	4.00%

  
 2 

 ; provided, that on and after the first Adjustment Date occurring after the completion of the first
full fiscal quarter of the Borrower after the Closing Date, the Applicable Margin with respect to the Loans (other than Term Loans) will be determined pursuant to the Pricing Grid. 

“Application”: an application, in such form as the Issuing Lender may specify from time to time, requesting the Issuing
Lender to open a Letter of Credit. 
 “Approved Fund”: as defined in Section 10.6(b). 

“Asset Sale”: any Disposition of property or series of related Dispositions of property (excluding any such Disposition
permitted by clause (a), (b), (c), (d), (e), (g), (h) or (i) of Section 7.5) that yields gross proceeds to any Group Member (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other
debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $1,000,000. 

“Assignee”: as defined in Section 10.6(b). 

“Assignment and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit E. 

“Available Canadian Revolving Commitment”: as to any Canadian Revolving Lender at any time, an amount equal to the
excess, if any, of (a) such Canadian Revolving Commitment then in effect over (b) such Lender’s Canadian Revolving Extensions of Credit then outstanding. 
 “Available Revolving Commitment”: as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect
over (b) such Lender’s Revolving Extensions of Credit then outstanding; provided, that in calculating any Lender’s Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving
Commitment pursuant to Section 2.8(a), the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero. 
 “Benefitted Lender”: as defined in Section 10.7(a). 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrower”: as defined in the preamble hereto. 
 “Borrowing Date”: any Business Day specified by the Borrower or the Canadian Borrower as a date on which such Borrower or Canadian Borrower requests the relevant Lenders to make Loans
hereunder. 
 “Business”: as defined in Section 4.17(b). 

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, Eurodollar Loans, such day is also a day for trading by and between banks in
Dollar deposits in the interbank eurodollar market. 
 “Calculation Date”: (a) the last calendar day of
each month (or, if such day is not a Canadian Business Day, the next succeeding Canadian Business Day) and (b) at any time when a Default or Event of Default shall have occurred and be continuing, any other Canadian Business Day which the
Administrative Agent may determine in its sole discretion to be a Calculation Date. 

  
 3 

 “Canadian Borrower”: as defined in the preamble hereto. 

“Canadian Business Day”: a Business Day and a day other than a Saturday, Sunday or other day on which commercial banks
in Toronto, Ontario are authorized or required by law to close. 
 “Canadian Cost of Funds Loan”: a Canadian
Revolving Loan funded in Canadian Dollars, bearing interest calculated by reference to the Canadian Cost of Funds Rate. 

“Canadian Cost of Funds Rate”: the fixed rate of interest determined by JPMorgan Chase Bank, N.A., Toronto Branch at or
about 10:00 a.m., New York City time, on the first day of an Interest Period in respect of a Canadian Cost of Funds Loan as being sufficient to compensate JPMorgan Chase Bank, N.A., Toronto Branch for its cost of funds for funding a Canadian Cost of
Funds Loan in an aggregate amount equal to the Canadian Cost of Funds Loan and having a maturity comparable to the Interest Period relating to said Canadian Costs of Funds Loan. 

“Canadian Dollars” or “C$”: dollars designated as lawful currency of Canada. 

“Canadian Prime Rate”: the higher of (a) the annual rate of interest announced from time to time by JPMorgan Chase
Bank, N.A., Toronto Branch at its head office as its “prime rate” for C$ denominated commercial loans to borrowers in Canada (it being understood that such rate is a reference rate and not necessarily the lowest rate of interest charged by
JPMorgan Chase Bank, N.A., Toronto Branch) and (b) the sum of (i) the CDOR Rate and (ii) 1% per annum. 

“Canadian Prime Rate Loan”: a Canadian Revolving Loan funded in Canadian Dollars that accrues interest calculated by
reference to the Canadian Prime Rate. 
 “Canadian Revolving Commitment”: as to any Canadian Revolving Lender,
the obligation of such Lender, if any, to make Canadian Revolving Loans and Additional Revolving Loans in an aggregate principal amount not to exceed the amount set forth under the heading “Canadian Revolving Commitment” opposite such
Lender’s name on Schedule 1.1C or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original amount of the Total Canadian
Revolving Commitments is $1,000,000. 
 “Canadian Revolving Extensions of Credit”: as to any Canadian Revolving
Lender at any time, an amount equal to the aggregate principal amount (USD Equivalent) of all Canadian Revolving Loans and Additional Revolving Loans held by such Lender then outstanding. 

“Canadian Revolving Lender”: the Lender set forth on Schedule 1.1C and any other Eligible Canadian Assignee who becomes
an assignee of any rights and obligations of a Canadian Revolving Lender pursuant to Section 10.6, acting in their role as makers of Canadian Revolving Loans and Additional Revolving Loans, none of which lenders shall be a non-resident of
Canada for purposes of the Income Tax Act (Canada), except as otherwise provided under the definition of Eligible Canadian Assignee. 
 “Canadian Revolving Loans”: as defined in Section 2.4A. 

  
 4 

 “Canadian Revolving Percentage”: as to any Canadian Revolving Lender at any
time, the percentage which such Lender’s Canadian Revolving Commitment then constitutes of the Total Canadian Revolving Commitments or, at any time after the Canadian Revolving Commitments shall have expired or terminated, the percentage which
the aggregate principal amount of such Lender’s Canadian Revolving Loans and Additional Revolving Loans then outstanding constitutes of the aggregate principal amount of the Canadian Revolving Loans and Additional Revolving Loans then
outstanding; provided that, in the case of Section 2.23 when a Defaulting Lender shall exist, any such Defaulting Lender’s Canadian Revolving Commitment shall be disregarded in such calculations. 

“Capital Expenditures”: for any period, with respect to any Person, the aggregate of all expenditures by such Person and
its Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) that should be capitalized under
GAAP on a consolidated balance sheet of such Person and its Subsidiaries; provided that capital expenditures shall not include any such expenditures that constitute (a) Permitted Acquisitions or (b) Reinvestment Deferred Amounts,
and provided, further, that any Capital Expenditures shall be reduced by amounts received by the Borrower or any of its Subsidiaries from any landlord or similar party in such period in respect of contributions, as specified in the
applicable lease with such landlord or similar party, if and to the extent that the expenditures in respect of which such contributions were made would otherwise be treated as Capital Expenditures hereunder. 

“Capital Lease Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for
the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 
 “Capital Stock”: 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. 
 “Card
Programs”: (i) purchasing card programs offered by any Lender or any affiliate of a Lender established to enable the Borrower or any Subsidiary to purchase goods and supplies from vendors and (ii) any travel and entertainment card
program offered by any Lender or any Affiliate of any Lender established to enable the Borrower or any Subsidiary to make payments for expenses incurred related to travel and entertainment. 

“Cash Equivalents”: (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United
States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time
deposits or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States or any state thereof having combined capital and
surplus of not less than $500,000,000; (c) commercial paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies
cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of
this definition, having a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or
fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth,
territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by
standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; (g) money market mutual or similar funds that invest exclusively in assets satisfying the requirements of
clauses (a) through (f) of this definition; or (h) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa
by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 

  
 5 

 “CCOF Tranche”: the collective reference to Canadian Cost of Funds Loans
the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“CDOR Rate”: the annual rate of interest equal to the average 30 day rate applicable to Canadian bankers’
acceptances appearing on the “Reuters Screen CDOR Page” (as defined in the International Swaps and Derivatives Association, Inc. 1991 ISDA definitions, as modified and amended from time to time) as of 10:00 a.m., New York City time, on
such day, or if such day is not a Canadian Business Day, then on the immediately preceding Canadian Business Day; provided that if such rate does not appear on the Reuters Screen CDOR Page as contemplated, then the CDOR Rate on any day shall
be calculated as the arithmetic mean of the 30 day rates applicable to Canadian bankers’ acceptances quoted by the Schedule I Reference Banks as of 10:00 a.m., New York City time, on such day, or if such day is not a Canadian Business Day, then
on the immediately preceding Canadian Business Day. 
 “Change of Control”: 

(a) at any time prior to the consummation of a Qualifying IPO (i) the Permitted Investors shall cease to have the power to vote or
direct the voting of securities having a majority of the ordinary voting power for the election of directors of Holdings (determined on a fully diluted basis); or (ii) the Permitted Investors shall cease to own of record and beneficially,
directly or indirectly, a majority of the outstanding common stock of Holdings; 
 (b) at any time following the consummation of
a Qualifying IPO, any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, excluding the Permitted Investors, shall acquire or otherwise obtain the
power, or rights (whether by means or warrants, options or otherwise) to obtain the power, directly or indirectly, to vote or direct the voting of Capital Stock having more than 35% of the ordinary voting power for the election of directors of
Holdings, unless the Permitted Investors have the power, directly or indirectly, to vote or direct the voting of Capital Stock having a greater percentage of the ordinary voting power for the election of directors of Holdings than such
“person” or “group”; 
 (c) the board of directors of Holdings shall cease to consist of a majority of
Continuing Directors; 
 (d) Holdings shall cease to own and control, of record and beneficially, directly, 100% of each class
of outstanding Capital Stock of the Borrower free and clear of all Liens (except Liens created by the Guarantee and Collateral Agreement or Liens permitted pursuant to Section 7.3(a)); or 

(e) a Specified Change of Control shall occur. 

  
 6 

 “Closing Date”: the date on which the conditions precedent set forth in
Section 5.1 shall have been satisfied, which date is June 1, 2010. 
 “Code”: the U.S. Internal
Revenue Code of 1986, as amended from time to time. 
 “Collateral”: all property of the Loan Parties, now
owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document. 

“Commitment”: as to any Lender, the sum of the Term Commitment, the Revolving Commitment and the Canadian Revolving
Commitment of such Lender. 
 “Commitment Fee Rate”: 0.75% per annum. 

“Commonly Controlled Entity”: an entity, whether or not incorporated, that is under common control with the Borrower or
the Canadian Borrower within the meaning of Section 4001 of ERISA, or is part of a group that includes the Borrower or the Canadian Borrower and that is treated as a single employer under Section 414 of the Code. 

“Compliance Certificate”: a certificate duly executed by a Responsible Officer substantially in the form of Exhibit B.

 “Conduit Lender”: any special purpose corporation organized and administered by any Lender for the purpose
of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its
obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and
waivers required or requested under this Agreement with respect to its Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.18, 2.19, 2.20 or
10.5 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment. 

“Confidential Information Memorandum”: the Confidential Information Memorandum dated May 6, 2010 and furnished to
certain Lenders. 
 “Consolidated Current Assets”: at any date, all amounts (other than cash and Cash
Equivalents) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date. 

“Consolidated Current Liabilities”: at any date, all amounts that would, in conformity with GAAP, be set forth opposite
the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date, but excluding (a) the current portion of any Funded Debt of the Borrower and its
Subsidiaries and (b) without duplication of clause (a) above, all Indebtedness consisting of Revolving Loans, Canadian Revolving Loans, Additional Revolving Loans or Swingline Loans to the extent otherwise included therein. 

  
 7 

 “Consolidated EBITDA”: for any period, Consolidated Net Income for such
period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense, (b) interest expense, amortization or write-off of debt
discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the Loans), (c) depreciation and amortization expense, (d) amortization or impairment of intangibles (including,
but not limited to, goodwill) and organization costs, (e) any extraordinary, unusual or non-recurring non-cash expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net
Income for such period, losses on the sales of assets outside of the ordinary course of business), (f) any extraordinary, unusual or non-recurring cash expenses or losses in an aggregate amount not to exceed $5,000,000 in any Fiscal Year of the
Borrower (including, without duplication of amounts referred to in clause (e) above, and whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on the sales of assets
outside of the ordinary course of business), (g) non-cash expenses resulting from any employee benefit or management compensation plan or the grant of stock and stock options to employees of the Borrower or any of its Subsidiaries pursuant to a
written plan or agreement, (h) cash and non-cash expenses incurred in connection with the Transactions in an aggregate amount not to exceed $26,000,000 (including a $9,000,000 premium relating to the redemption of the Existing Notes),
(i) cash expenses related to officers and employees of the Borrower in connection with the Transactions relating to the cancellation of equity-related options, (j) Consolidated Start-up Costs for such period in an aggregate amount not to
exceed $5,000,000 in any Fiscal Year of the Borrower, (k) other non-cash charges reducing Consolidated Net Income (including any net change in deferred amusement revenue and ticket liability reserves, but excluding any other non-cash charge to
the extent it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period not included in the calculation), (l) fees and expenses permitted by
Section 7.10, and (m) payments relating to change of control contracts for key management employees of the Borrower in an aggregate amount not to exceed $5,000,000 during the term of this Agreement, minus, (a) without
duplication and to the extent included in the statement of such Consolidated Net Income for such period, the sum of (i) interest income, (ii) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise
includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business), (iii) income tax credits (to the extent not netted from income tax
expense) and (iv) any other non-cash income and (b) any cash payments made during such period in respect of items described in clause (e) or (k) above subsequent to the fiscal quarter in which the relevant non-cash expenses or
losses were reflected as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis. For the avoidance of doubt, if the proceeds of business interruption insurance would, because included in the net income (or
loss) of the Borrower and its Subsidiaries as determined on a consolidated basis in accordance with GAAP, be included in the definition of Consolidated Net Income, in no event will such amounts be subsequently excluded from Consolidated EBITDA by
the operation of any of the foregoing adjustments pursuant to this definition. For the purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”) pursuant to any
determination of the Consolidated Leverage Ratio, (i) if at any time during such Reference Period the Borrower or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced by an
amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable
thereto for such Reference Period and (ii) if during such Reference Period the Borrower or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving pro
forma effect thereto as if such Material Acquisition occurred on the first day of such Reference Period. As used in this definition, “Material Acquisition” means any acquisition of property or series of related acquisitions
of property that (a) constitutes assets comprising all or substantially all of an operating unit of a business or constitutes all or substantially all of the common stock of a Person and (b) involves the payment of consideration by the
Borrower and its Subsidiaries in excess of $1,000,000; and “Material Disposition” means any Disposition of property or series of related Dispositions of property that yields gross proceeds to the Borrower or any of its Subsidiaries
in excess of $1,000,000. Notwithstanding the foregoing, (x) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower ended January 31, 2010, shall be deemed to equal $83,145,000 and (y) Consolidated
EBITDA for the quarterly period of the Borrower ended January 31, 2010, shall be deemed to equal $24,901,000. 

  
 8 

 “Consolidated EBITDAR”: for any period, Consolidated EBITDA for such
period, plus Consolidated Lease Expense for such period. 
 “Consolidated Fixed Charge Coverage Ratio”: for any
period, the ratio of (a) Consolidated EBITDAR for such period less the aggregate amount actually paid by the Borrower and its Subsidiaries during such period on account of Maintenance Capital Expenditures (excluding (i) the principal
amount of Indebtedness (other than any Loans) incurred in connection with such expenditures and (ii) any Reinvestment Deferred Amount) to (b) Consolidated Fixed Charges for such period. 

“Consolidated Fixed Charges”: for any period, the sum (without duplication) of (a) Consolidated Interest Expense
for such period, (b) Consolidated Lease Expense for such period and (c) scheduled payments made during such period on account of principal of Indebtedness of the Borrower or any of its Subsidiaries (including scheduled principal payments
in respect of the Term Loans). 
 “Consolidated Interest Expense”: for any period, total cash interest expense
(including that attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries. 

“Consolidated Lease Expense”: for any period, the aggregate amount of fixed and contingent rental expense of the
Borrower and its Subsidiaries for such period with respect to leases of real and personal property, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Leverage Ratio”: as at the last day of any period, the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated EBITDA for such period. 

“Consolidated Net Income”: for any period, the consolidated net income (or loss) of the Borrower and its Subsidiaries,
determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or
consolidated with the Borrower or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary of the Borrower) in which the Borrower or any of its Subsidiaries has an ownership interest, except to the extent that
any such income is actually received by the Borrower or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of the Borrower to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary. 

“Consolidated Start-up Costs”: consolidated “start-up costs” (as such term is defined in SOP 98-5 published by
the American Institute of Certified Public Accountants) of the Borrower and its Subsidiaries related to the acquisition, opening and organizing of new Units or conversion of existing Units, including, without limitation, rental payments with respect
to any location made prior to the opening of the Unit at such location, the cost of feasibility studies, staff-training and recruiting and travel costs for employees engaged in such start-up activities, in each case net of landlord reimbursements
for such costs. 
 “Consolidated Total Debt”: at any date, the aggregate principal amount of all Indebtedness
(other than Indebtedness arising under Card Programs incurred pursuant to Section 7.2(r)) of the Borrower and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP; provided that obligations described
in clause (f) of the definition of “Indebtedness” shall not constitute “Consolidated Total Debt” to the extent such obligations are not drawn and unreimbursed. 

  
 9 

 “Consolidated Working Capital”: at any date, the excess of Consolidated
Current Assets on such date over Consolidated Current Liabilities on such date. 
 “Co-Syndication
Agents”: as defined in the preamble hereto. 
 “Continuing Directors”:
(a) the directors of Holdings on the Closing Date, after giving effect to the Acquisition and the other transactions contemplated hereby, and (b) each other director if (i) such other director’s nomination for election to the
board of directors of Holdings is recommended by at least 662/3% of the then Continuing Directors or (ii) such other director receives the indirect vote of the Permitted Investors in his or her election by the shareholders of Holdings. 

“Contractual Obligation”: 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 Investment Affiliate”: as to any Person, any other Person that (a) directly or indirectly, is in control
of, is controlled by, or is under common control with, such Person and (b) is organized by primarily for the purpose of making equity or debt investments in one or more companies. For purposes of this definition, “control” of a Person
means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 
 “Cumulative Credit”: as of any period beginning on the Closing Date and ending at any time of determination thereafter, with respect to any proposed use of the Cumulative Credit, an
amount equal to (a) the sum of (i) the amount of Excess Cash Flow minus the ECF Application Amount, in each case, for each Fiscal Year of the Borrower for which the financial statements required to be delivered under Section 6.1(a)
have been delivered and any prepayment that may be required pursuant to Section 2.11(c) with respect to the ECF Application Amount for such Fiscal Year has been made plus (ii) the amount of Net Cash Proceeds of any issuance of Capital
Stock issued by Holdings that have been contributed to the Borrower as common equity minus (b) the aggregate amount of (i) Capital Expenditures made utilizing the Cumulative Credit and (ii) Permitted Acquisitions and
Investments made under Sections 7.8(l) and 7.8(p) respectively, in each case to the extent made during such period through utilization of the Cumulative Credit (excluding such proposed use of the Cumulative Credit (but including any other
simultaneous proposed use of the Cumulative Credit)). 
 “Cure Amount”: as defined in Section 8.2.

 “Cure Date”: as defined in Section 8.2. 

“Cure Right”: as defined in Section 8.2. 
 “Default”: any of the events specified in Section 8.1, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 

  
 10 

 “Defaulting Lender”: any Lender, as determined by the Administrative Agent,
that has (a) failed to fund any portion of its Loans or participations in Letters of Credit or Swingline Loans within three Business Days of the date required to be funded by it hereunder, (b) notified the Borrower, the Administrative
Agent, the Issuing Lender, the Swingline Lender or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with
its funding obligations under this Agreement or under other agreements in which it commits to extend credit, (c) failed, within three Business Days after request by the Administrative Agent, to confirm that it will comply with the terms of this
Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans, (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount
required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith dispute, or (e) (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) become
the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such
proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or
indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 
 “Disposition”:
with respect to any property, any sale, lease, sale and leaseback (including, without limitation, any Permitted Sale-Leaseback), assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and
“Disposed of” shall have correlative meanings. 
 “Documentation Agent”: as defined in the
preamble hereto. 
 “Dollars” and “$”: dollars in lawful currency of the United States.

 “Domestic Subsidiary”: any Subsidiary of the Borrower organized under the laws of any jurisdiction within
the United States. 
 “ECF Application Amount”: as defined in Section 2.11(c). 

“ECF Percentage”: 50%; provided, that, with respect to each Fiscal Year of the Borrower ending on or after
January 29, 2012, the ECF Percentage shall be reduced to (a) 25% if the Consolidated Leverage Ratio as of the last day of such Fiscal Year is not greater than 3.25 to 1.0 and (b) 0% if the Consolidated Leverage Ratio as of the last
day of such Fiscal Year is not greater than 2.5 to 1.0. 
 “Eligible Canadian Assignee”: any institutional
lender which is (i) a lender named in Schedule I, Schedule II or Schedule III to the Bank Act (Canada) having total assets in excess of C$500,000,000, (ii) any other lender approved by the Administrative Agent and the Canadian Borrower,
which approval shall not be unreasonably withheld or (iii) if, but only if, an Event of Default has occurred and is continuing, any other bank, insurance company, commercial finance company or other financial institution or other Person
approved by the Administrative Agent, such approval not to be unreasonably withheld, or any Approved Fund. 

“Environmental Laws”: any and all applicable foreign, Federal, state, provincial, local or municipal laws, rules,
orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of
the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Materials of Environmental Concern or occupational safety and health matters (as such matters relate to Materials of
Environmental Concern or exposure thereto), as now or may at any time hereafter be in effect. 
 “Equity
Contribution”: as defined in Section 5.1(b). 

  
 11 

 “ERISA”: the Employee Retirement Income Security Act of 1974, as amended
from time to time. 
 “ERISA Event”: (a) any Reportable Event; (b) the existence with respect to any
Plan of a non-exempt Prohibited Transaction; (c) any failure by any Single Employer Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Single
Employer Plan, whether or not waived; (d) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Single Employer Plan, the
failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Single Employer Plan or the failure by the Borrower, the Canadian Borrower or any of their Commonly Controlled Entities to make any
required contribution to a Multiemployer Plan; (e) the incurrence by the Borrower, the Canadian Borrower or any of their Commonly Controlled Entities of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent
under Section 4007 of ERISA, with respect to the termination of any Single Employer Plan, including but not limited to the imposition of any Lien in favor of the PBGC; (f) a determination that any Single Employer Plan is in “at
risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (g) the receipt by the Borrower, the Canadian Borrower or any of their Commonly Controlled Entities from the PBGC or a plan administrator of
any notice relating to an intention to terminate any Single Employer Plan under Section 4041 of ERISA or to appoint a trustee to administer any Single Employer Plan under Section 4042 of ERISA; (h) the incurrence by the Borrower, the
Canadian Borrower or any of their Commonly Controlled Entities of any liability with respect to the withdrawal or partial withdrawal from any Single Employer Plan subject to Section 4063 of ERISA during a plan year it was a substantial employer
(as defined in Section 4001(a)(2) of ERISA) or Multiemployer Plan; or (i) the receipt by the Borrower, the Canadian Borrower or any of their Commonly Controlled Entities of any notice, or the receipt by any Multiemployer Plan from a the
Borrower, the Canadian Borrower or any of their Commonly Controlled Entities of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is Insolvent, in Reorganization, or in “endangered”
or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA; and (j) with respect to any Foreign Plan, (A) the failure by the Borrower, the Canadian Borrower or any of their Commonly
Controlled Entities to make, or if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan; (B) the failure by the Borrower, the
Canadian Borrower or any of their Commonly Controlled Entities to register or loss of good standing with applicable regulatory authorities of any such Foreign Plan required to be registered; or (C) the failure of any Foreign Plan to comply with
any material provisions of applicable law and regulations or with the material terms of such Foreign Plan. 

“Eurocurrency Reserve Requirements”: for any day as applied to a Eurodollar Loan, the aggregate (without duplication) of
the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction
with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System.

 “Eurodollar Base Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar
Loan, the rate per annum determined on the basis of the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London
time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does not appear on such page (or otherwise on such screen), the “Eurodollar Base Rate” shall be determined by reference to such
other comparable publicly available service for displaying eurodollar rates as may be selected by the Administrative Agent or, in the absence of such availability, by reference to the rate at which the Administrative Agent is offered Dollar deposits
at or about 11:00 a.m., New York City time, two Business Days prior to the beginning of such Interest Period in the interbank eurodollar market where its eurodollar and foreign currency and exchange operations are then being conducted for delivery
on the first day of such Interest Period for the number of days comprised therein; provided, that for purposes of determining the interest rate applicable to Term Loans, the Eurodollar Base Rate shall not be less than 1.75%. 

  
 12 

 “Eurodollar Loans”: Loans the rate of interest applicable to which is based
upon the Eurodollar Rate. 
 “Eurodollar Rate”: with respect to each day during each
Interest Period pertaining to a Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

					
		 	 Eurodollar Base Rate
	 	
		 	 1.00 - Eurocurrency Reserve Requirements
	 	

 “Eurodollar Tranche”: the collective reference to Eurodollar Loans under a particular
Facility the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Event of Default”: any of the events specified in Section 8.1, provided that any requirement for the giving
of notice, the lapse of time, or both, has been satisfied. 
 “Excess Cash Flow”: for any Fiscal Year of the
Borrower, the excess, if any, of (a) the sum, without duplication, of (i) Consolidated Net Income for such Fiscal Year, (ii) the amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such
Consolidated Net Income, (iii) decreases in Consolidated Working Capital for such Fiscal Year, (iv) the aggregate net amount of non-cash loss on the Disposition of property by the Borrower and its Subsidiaries during such Fiscal Year
(other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income and (v) income tax expenses for such Fiscal Year over (b) the sum, without duplication, of
(i) the amount of all non-cash credits included in arriving at such Consolidated Net Income, (ii) the aggregate amount actually paid by the Borrower and its Subsidiaries in cash during such Fiscal Year on account of Capital Expenditures
(excluding the principal amount of Indebtedness incurred in connection with such expenditures and any such expenditures financed with the proceeds of any Reinvestment Deferred Amount) to the extent permitted to be made under this Agreement,
(iii) the aggregate amount of all regularly scheduled principal payments of Funded Debt (including the Term Loans) of the Borrower and its Subsidiaries made during such Fiscal Year (other than in respect of any revolving credit facility to the
extent there is not an equivalent permanent reduction in commitments thereunder) to the extent permitted to be paid under this Agreement, (iv) increases in Consolidated Working Capital for such Fiscal Year, (v) the aggregate net amount of
non-cash gain on the Disposition of property by the Borrower and its Subsidiaries during such Fiscal Year (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such Consolidated Net Income,
(vi) Restricted Payments paid in cash pursuant to Section 7.6(b)(ii) and (c), in each case to a Person other than the Borrower or its Subsidiaries and to the extent permitted under this Agreement, (viii) payments in respect of income
taxes, and (ix) income tax benefits for such Fiscal Year. 
 “Excess Cash Flow Application Date”: as
defined in Section 2.11(c). 

  
 13 

 “Exchange Rate”: with respect to Canadian Dollars on a particular date, the
rate at which such currency may be exchanged into Dollars, as set forth on such date as determined by the Administrative Agent on the applicable Reuters currency page with respect to such currency. In the event that such rate does not appear on the
applicable Reuters currency page, the Exchange Rate with respect to such currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the
Borrower or, in the absence of such agreement, such Exchange Rate shall instead be JPMorgan Chase Bank, N.A., Toronto Branch’s spot rate of exchange in the London interbank or other market where its foreign currency exchange operations in
respect of such currency are then being conducted, at or about 10:00 a.m., local time, at such date for the purchase of Dollars with Canadian Dollars, for delivery two Business Days later; provided, that if at the time of any such
determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 

“Excluded Foreign Subsidiary”: the Canadian Borrower and any other Foreign Subsidiary in respect of which either
(a) the pledge of any of the Capital Stock or any of the assets of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in the good faith judgment of the Borrower, result in adverse tax
consequences to the Borrower. 
 “Excluded Taxes”: as defined in Section 2.19(a). 

“Existing Credit Agreement”: as defined in Section 5.1(b)(iv). 

“Existing Letter of Credit Issuer”: JPMorgan Chase Bank, N.A. 

“Existing Letters of Credit”: the letters of credit set forth on Schedule 1.1D. 

“Existing Notes”: the 11.25% Senior Notes due March 15, 2014 of the Borrower. 

“Facility”: each of (a) the Term Commitments and the Term Loans made thereunder (the “Term
Facility”), (b) the Revolving Commitments and the extensions of credit made thereunder (the “Revolving Facility”) and (c) the Canadian Revolving Commitments and the extensions of credit made thereunder (the
“Canadian Revolving Facility”). 
 “Federal Funds Effective Rate”: for any day, the weighted
average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published 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 of the quotations for the day of such transactions received by JPMorgan Chase Bank, N.A. from three federal funds brokers of recognized standing selected by it. 

“Fee Payment Date”: (a) the third Business Day following the last day of each March, June, September and December
and (b) the last day of the Revolving Commitment Period. 
 “Financial Condition Covenants”: the covenants
set forth in Section 7.1. 
 “Fiscal Year”: the 12 monthly fiscal accounting periods described in
Section 7.13. 
 “Foreign Plan”: each “employee pension benefit plan” (within the meaning of
Section 3(2) of ERISA, whether or not subject to ERISA) that is not subject to U.S. law and is maintained or contributed to by the Borrower, the Canadian Borrower or any of their Commonly Controlled Entities. 

  
 14 

 “Foreign Subsidiary”: any Subsidiary of the Borrower that is not a Domestic
Subsidiary. 
 “Funded Debt”: as to any Person, all Indebtedness of such Person that matures more than one year
from the date of its creation or matures within one year from such date but is renewable or extendible, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates
the lender or lenders to extend credit during a period of more than one year from such date, including all current maturities and current sinking fund payments in respect of such Indebtedness whether or not required to be paid within one year from
the date of its creation and, in the case of the Borrower or the Canadian Borrower, Indebtedness in respect of the Loans. 

“Funding Office”: with respect to the Borrower, the office of the Administrative Agent specified in Section 10.2 or
such other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower or the Canadian Borrower, as the case may be, and the Lenders, and with respect to the Canadian Borrower, the
office of the Canadian Revolving Lender set forth on Schedule 1.1C or, as relevant, the office of each Eligible Canadian Assignee set out in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be
changed from time to time pursuant to the terms hereof. 
 “GAAP”: generally accepted accounting principles in
the United States as in effect from time to time, except that for purposes of Section 7.1, GAAP shall be determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most
recent audited financial statements referred to in Section 4.1(b). In the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants,
standards or terms in this Agreement, then the Borrower, the Canadian Borrower and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with
the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been
executed and delivered by the Borrower, the Canadian Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting
Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute
of Certified Public Accountants or, if applicable, the SEC. 
 “Governmental Authority”: any nation or
government, any state, province or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government. 
 “Group Members”: the collective reference to Holdings, the
Borrower, the Canadian Borrower and their respective Subsidiaries. 
 “Guarantee and Collateral Agreement”: the
Guarantee and Collateral Agreement to be executed and delivered by Holdings, the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit A. 

  
 15 

 “Guarantee Obligation”: as to any Person (the “guaranteeing
person”), any obligation, including a reimbursement, counter-indemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another
Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation
or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit
or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect
of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, 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 Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as
determined by the Borrower in good faith. 
 “Guarantors”: the collective reference to Holdings and the
Subsidiary Guarantors. 
 “Holdings”: as defined in the preamble hereto. 

“Increased Amount Date”: as defined in Section 2.24(a). 

“Incremental Amount”: at any time, the excess, if any, of (a) $50,000,000 over (b) the aggregate amount of all
Incremental Term Loans. 
 “Incremental Assumption Agreement”: an Incremental Assumption Agreement in form and
substance reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and one or more Incremental Term Lenders. 
 “Incremental Facility Activation Notice”: a notice substantially in the form of Exhibit I. 
 “Incremental Term Lender”: each Lender which holds an Incremental Term Loan. 
 “Incremental Term Loans”: the term loans made by one or more Lenders to the Borrower pursuant to Section 2.24. 

“Incurrence Ratio”: as at the last day of any period of four consecutive fiscal quarters, the maximum permitted
Consolidated Leverage Ratio for such period as set forth in Section 7.1(a), with the numerator of such ratio decreased by 0.25. 
 “Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred
purchase price of property or services (other than current trade payables incurred in the ordinary course of such Person’s business) which purchase price is due more than six months after the date of placing such property in service or taking
delivery and title thereto, (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations of
such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all
redeemable preferred Capital Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all obligations of the kind referred to in
clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person,
whether or not such Person has assumed or become liable for the payment of such obligation, and (j) for the purposes of Section 8.1(e) only, all obligations of such Person in respect of Swap Agreements. 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 expressly provide that such Person is not liable therefor. 

  
 16 

 “Insolvent”: with respect to any Multiemployer Plan, the condition that
such Multiemployer Plan is insolvent within the meaning of Section 4245 of ERISA. 
 “Intellectual
Property”: the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including all copyrights and any registrations
and applications for registration thereof, copyright licenses, patents and patent applications, patent licenses, trademarks and any registrations and applications for registration thereof, trademark licenses, trade names, domain names, technology,
know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Interest Payment Date”: (a) as to any ABR Loan (other than any Swingline Loan) or any Canadian Prime Rate Loan,
the last day of each March, June, September and December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such
Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period,
(d) as to any Canadian Cost of Funds Loan having an Interest Period of 90 days or less, the last day of such Interest Period, (e) as to any Canadian Cost of Funds Loan having an Interest Period longer than 90 days, each day that is three
months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period, (f) as to any Loan (other than any Revolving Loan or Additional Revolving Loan that is an ABR Loan, any Swingline Loan
and any Canadian Prime Rate Loan), the date of any repayment or prepayment made in respect thereof and (g) as to any Swingline Loan, the day that such Loan is required to be repaid. 

“Interest Period”: (a) as to any Eurodollar Loan, (i) initially, the period commencing on the borrowing or
conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six (or, if agreed to by all Lenders under the relevant Facility, nine or twelve) months thereafter, as selected by the Borrower in its notice of
borrowing or notice of conversion, as the case may be, given with respect thereto; and (ii) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three
or six (or, if agreed to by all Lenders under the relevant Facility, nine or twelve) months thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not later than 11:00 a.m., New York City time, on the date that is
three Business Days prior to the last day of the then current Interest Period with respect thereto; and (b) as to any Canadian Cost of Funds Loan, (i) initially, the period commencing on the borrowing or conversion date, as the case may
be, with respect to such Canadian Cost of Funds Loan and ending 30, 60, 90 or 180 days thereafter, as selected by the Canadian Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and
(ii) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Canadian Cost of Funds Loan and ending 30, 60, 90 or 180 days thereafter, as selected by the Canadian Borrower by irrevocable
notice to the Administrative Agent not later than 11:00 a.m., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing
provisions relating to Interest Periods are subject to the following: 
 (i) if any Interest Period with respect
to a Eurodollar Loan would otherwise end on a day that is not a Business Day, or if any Interest Period with respect to a Canadian Cost of Funds Loan would otherwise end on a day that is not a Canadian Business Day, such Interest Period shall be
extended to the next succeeding Business Day or Canadian Business Day, as applicable, unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the
immediately preceding Business Day or Canadian Business Day, as applicable; 

  
 17 

 (ii) neither the Borrower nor the Canadian Borrower may select an Interest
Period under a particular Facility that would extend beyond the Revolving Termination Date or beyond the date final payment is due on the Term Loans, as the case may be; 

(iii) any Interest Period that begins on the last Business Day or Canadian Business Day, as applicable, of a calendar
month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day or Canadian Business Day, as applicable, of a calendar month; and 

(iv) the Borrower and the Canadian Borrower shall select Interest Periods so as not to require a payment or prepayment of
any Eurodollar Loan or any Canadian Cost of Funds Loan, as the case may be, during an Interest Period for such Loan. 

“Investments”: as defined in Section 7.8. 
 “Issuing Lender”: JPMorgan Chase Bank, N.A. or any affiliate thereof, in its capacity as issuer of any Letter of Credit, and any other Lender selected by the Borrower to be an Issuing
Lender with the consent of the Administrative Agent and such Lender, in such capacity. 
 “L/C Commitment”:
$20,000,000. 
 “L/C Exposure”: at any time, the total L/C Obligations. The L/C Exposure of any Revolving
Lender at any time shall be its Revolving Percentage of the total L/C Exposure at such time. 
 “L/C
Obligations”: at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not
then been reimbursed pursuant to Section 3.5. 
 “L/C Participants”: the collective reference to all the
Revolving Lenders other than the Issuing Lender. 
 “Lead Arrangers”: J.P. Morgan Securities Inc. and Jefferies
Finance LLC, in their capacities as joint lead arrangers of the Facilities. 

  
 18 

 “Lenders”: as defined in the preamble hereto and shall include each Term
Lender, Revolving Lender, Canadian Revolving Lender and Swingline Lender; provided, that unless the context otherwise requires, each reference herein to the Lenders shall be deemed to include any Conduit Lender. 

“Letters of Credit”: as defined in Section 3.1(a). 

“Lien”: with respect to any asset, any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including the interest of a vendor or a lessor under any conditional
sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing). 
 “Loan”: any loan made by any Lender pursuant to this Agreement. 

“Loan Documents”: this Agreement, the Security Documents, the Notes and any amendment, waiver, supplement or other
modification to any of the foregoing. 
 “Loan Parties”: each Group Member that is a party to a Loan Document.

 “Maintenance Capital Expenditures”: Capital Expenditures that are not New Unit Capital Expenditures.

 “Majority Facility Lenders”: with respect to any Facility, the holders of more than 50% of the aggregate
unpaid principal amount of the Term Loans, the Total Revolving Extensions of Credit or the Total Canadian Revolving Extensions of Credit, as the case may be, outstanding under such Facility (or, in the case of the Revolving Facility and the Canadian
Revolving Facility, prior to any termination of the Revolving Commitments or the Canadian Revolving Commitments, as the case may be, the holders of more than 50% of the Total Revolving Commitments or the Total Canadian Revolving Commitments, as the
case may be). 
 “Material Adverse Effect”: a material adverse effect on (a) the business, property,
operations, condition (financial or otherwise) or prospects of the Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the
Administrative Agent or the Lenders hereunder or thereunder. 
 “Materials of Environmental Concern”: any
gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including asbestos, polychlorinated
biphenyls and urea-formaldehyde insulation. 
 “Moody’s”: Moody’s Investors Service, Inc. 

“Mortgaged Properties”: the real properties listed on Schedule 1.1B-1 and 1.1B-2, and any other leasehold real property
held by any Loan Party with respect to which landlord consent to the granting of a leasehold mortgage thereon is obtained pursuant to Section 6.10. 
 “Mortgages”: each of the mortgages and deeds of trust made by any Loan Party in favor of, or for the benefit of, the Administrative Agent for the benefit of the Lenders, substantially in
the form of Exhibit D (with such changes thereto as shall be advisable under the law of the jurisdiction in which such mortgage or deed of trust is to be recorded). 

  
 19 

 “Multiemployer Plan”: a Plan that is a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 
 “Net Cash Proceeds”: (a) in connection with any Asset Sale or any
Recovery Event, the proceeds thereof in the form of cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or
otherwise, but only as and when received), net of attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness that is secured by a Lien expressly permitted hereunder on any
asset that is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document) or that is otherwise subject to mandatory prepayment, and other customary fees and expenses actually incurred in connection
therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and net of the amount of any reserves established to fund
contingent liabilities estimated in good faith to be payable and that are directly attributable to such event (as determined reasonably and in good faith by the Chief Financial Officer of the Borrower), provided, that upon any termination of
any such reserve, all amounts not paid-out in connection therewith shall be deemed to be “Net Cash Proceeds” of such Asset Sale, and (b) in connection with any issuance or sale of Capital Stock or any incurrence of Indebtedness, the
cash proceeds (net of any Indebtedness to be refinanced with such proceeds) received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other
customary fees and expenses actually incurred in connection therewith. 
 “New Unit Capital Expenditures”:
Capital Expenditures related to the construction, acquisition or opening of new Units net of landlord reimbursements. 

“Non-Consenting Lender”: as defined in Section 2.22(b). 

“Non-Excluded Taxes”: as defined in Section 2.19(a). 

“Non-U.S. Person”: as defined in Section 2.19(d). 

“Notes”: the collective reference to any promissory note evidencing Loans. 

“Obligations”: the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and
Reimbursement Obligations and interest accruing after the filing of any petition or assignment in bankruptcy, or the commencement of any insolvency, reorganization, plan of arrangement or like proceeding, relating to the Borrower or the Canadian
Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower and the Canadian Borrower to the Administrative Agent or to any Lender (or,
in the case of Specified Swap Agreements and Specified Cash Management Agreements, any affiliate of any Lender), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under,
out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit, any Specified Swap Agreement, any Specified Cash Management Agreement or any other document made, delivered or given in connection herewith or therewith,
whether on account of principal, interest, Reimbursement Obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the
Borrower or the Canadian Borrower pursuant hereto) or otherwise. 
 “Other Taxes”: any and all present or
future stamp or documentary taxes or any other similar excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any
other Loan Document, excluding, however, such amounts imposed as a result of an assignment. 

  
 20 

 “Participant”: as defined in Section 10.6(c). 

“PATRIOT Act”: Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Public Law 107- 56. 
 “PBGC”: the Pension Benefit Guaranty Corporation established
pursuant to Subtitle A of Title IV of ERISA (or any successor). 
 “Permitted Acquisition”: the acquisition by
the Borrower (whether of stock or of substantially all of the assets of a business or business division as a going concern or by means of a merger or consolidation) of a 100% interest in any other Person, provided that all of the following
conditions shall have been satisfied: (a) such other Person shall operate a similar business to that of the Borrower’s, (b) no Default or Event of Default shall have occurred and be continuing and none shall exist after giving effect
thereto, (c) if the Borrower shall merge or amalgamate with such other Person, the Borrower shall be the surviving party of such merger or amalgamation, (d) if such Person shall become a Subsidiary of the Borrower, such new Subsidiary
shall become a Subsidiary Guarantor pursuant to, and take all other actions required by, Section 6.9 hereof, (e) the Borrower shall have delivered to the Administrative Agent a Compliance Certificate (such Compliance Certificate to be
distributed to the Lenders by the Administrative Agent) demonstrating, both immediately prior to and immediately after such acquisition, compliance on a pro forma basis with the covenants set forth in Section 7.1 hereof and (f) the
aggregate amount expended by the Borrower and its Subsidiaries for all Permitted Acquisitions shall not exceed the sum of (i) $15,000,000 plus (ii) the then available Cumulative Credit; provided that to the extent
consideration for a Permitted Acquisition consists of Capital Stock issued by Holdings or any direct or indirect parent of Holdings, the amount of such Capital Stock shall not, in any case, be counted towards the restriction in this clause (f).

 “Permitted Cure Securities”: (a) any common equity security of Holdings and/or (b) any equity
security of Holdings having no mandatory redemption, repurchase or similar requirements prior to 91 days after the date final payment is due on the Term Loans, and upon which all dividends or distributions (if any) shall be payable solely in
additional shares of such equity security. 
 “Permitted Investors”: the collective reference to the Sponsor
and the Control Investment Affiliates in relation thereto. 
 “Permitted Sale-Leaseback”: as defined in
Section 7.11. 
 “Permitted Senior Indebtedness”: unsecured senior (or subordinated) Indebtedness of the
Borrower (i) the terms of which do not provide for any scheduled repayment, mandatory redemption or sinking fund obligation prior to the date on which the final maturity of the Senior Notes issued on the Closing Date occurs (as in effect
on the Closing Date) and (ii) the covenant, default and remedy provisions of which are not materially more restrictive, and the mandatory prepayment provisions and repurchase and redemption provisions of which are not materially more onerous or
expansive in scope, taken as a whole, than those set forth in the Senior Note Indenture. 
 “Person”: an
individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

  
 21 

 “Plan”: any employee pension benefit plan (within in the meaning of
Section 3(2) of ERISA) in respect of which the Borrower, the Canadian Borrower or any of their Commonly Controlled Entities is (or, if such plan were terminated at such time, would under Section 4062 or 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA. 
 “Pricing Grid”: the table set forth below.

  

					
	 Consolidated

Leverage Ratio
	  	Applicable Margin for
Eurodollar Loans	 	Applicable Margin for
ABR Loans
	 Greater than or equal

to 4.50:1.00
	  	4.50%	 	3.50%
			
	 Less than 4.50:1.00

but greater than or

equal to 4.00:1.00
	  	4.25%	 	3.25%
			
	 Less than 4.00:1.00

but greater than or

equal to 3.50:1.00
	  	4.00%	 	3.00%
			
	 Less than 3.50:1.00
	  	3.50%	 	2.50%

 For the purposes of the Pricing Grid, changes in the Applicable Margin resulting from changes in the
Consolidated Leverage Ratio shall become effective on the date (the “Adjustment Date”) that is three Business Days after the date on which financial statements are delivered to the Lenders pursuant to Section 6.1 and shall
remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified in Section 6.1, then, until the date that is three Business Days
after the date on which such financial statements are delivered, the higher rate set forth in each column of the Pricing Grid shall apply. In addition, at all times while an Event of Default shall have occurred and be continuing, the higher rate set
forth in each column of the Pricing Grid shall apply. Each determination of the Consolidated Leverage Ratio pursuant to the Pricing Grid shall be made in a manner consistent with the determination thereof pursuant to Section 7.1. 

“Prime Rate”: the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its
prime rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A. in connection with extensions of credit to debtors). 

“Pro Forma Balance Sheet”: as defined in Section 4.1(a). 

“Pro Forma Leverage Ratio”: as at the Closing Date and calculated giving effect to the Transactions on a pro forma
basis, the ratio of (a) Adjusted Debt on such date to (b) Adjusted EBITDAR for the four most-recent fiscal quarters ended not less than 45 days prior to the Closing Date (it being understood that Schedule 5.1 sets forth (i) the
Consolidated EBITDA and (ii) the amount to be included in Adjusted EBITDAR pursuant to clause (b) of the definition thereof, in each case, for the fiscal quarters indicated thereon for the purposes of such calculation); provided
that such calculation shall be made after giving effect to the application of cash proceeds from the issuance of equity on the Closing Date (including the Equity Contribution and any amounts in excess thereof) which are utilized to permanently
reduce Indebtedness (including any utilization to reduce the amount of Indebtedness outstanding under the Facilities on such date) of the Borrower. 

  
 22 

 “Pro Forma Statement of Income”: as defined in Section 4.1(a).

 “Prohibited Transaction”: has the meaning assigned to such term in Section 406 of ERISA and
Section 4975(f)(e) of the Code. 
 “Projections”: as defined in Section 6.2(c). 

“Properties”: as defined in Section 4.17(a). 

“Purchase Agreement”: the Stock Purchase Agreement, dated as of May 2, 2010, by and among Holdings and the seller
parties thereto (together with all exhibits, schedules and disclosure letters thereto). 
 “Purchaser”:
Dave & Buster’s Parent, Inc., a Delaware corporation, formerly known as Games Acquisition Corp. 

“Qualifying IPO”: the issuance by Holdings or any direct or indirect parent of Holdings of its common Capital Stock in
an underwritten primary public offering for cash (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act (whether alone
or in connection with a secondary public offering). 
 “Real Estate”: all real property at any time owned or
leased (as lessee or sublessee) by the Borrower or its Subsidiaries. 
 “Recovery Event”: any settlement of or
payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of any Group Member. 
 “Refunded Swingline Loans”: as defined in Section 2.7. 

“Register”: as defined in Section 10.6(b). 

“Regulation S-X”: Regulation S-X of the Securities Act. 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Obligation”: the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5
for amounts drawn under Letters of Credit. 
 “Reinvestment Deferred Amount”: with respect to any Reinvestment
Event, the aggregate Net Cash Proceeds received by any Group Member in connection therewith that are not applied to prepay the Term Loans pursuant to Section 2.11(b) as a result of the delivery of a Reinvestment Notice. 

“Reinvestment Event”: any Asset Sale or Recovery Event in respect of which the Borrower has delivered a Reinvestment
Notice. 
 “Reinvestment Notice”: a written notice executed by a Responsible Officer stating that no Event of
Default has occurred and is continuing and that the Borrower (directly or indirectly through a Subsidiary) intends and expects to use all or a specified portion of the Net Cash Proceeds of an Asset Sale or Recovery Event to acquire or repair assets
useful in its business. 

  
 23 

 “Reinvestment Prepayment Amount”: with respect to any Reinvestment Event,
the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire or repair assets useful in the Borrower’s business. 

“Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the earlier of (a)(i) the date occurring 365
days after such Reinvestment Event (if no binding commitment to reinvest all or a portion of the Reinvestment Deferred Amount relating to such Reinvestment Event has been entered into by such date) or (ii) the date occurring 18 calendar months
after such Reinvestment Event (if a binding commitment to reinvest all or a portion of the Reinvestment Deferred Amount relating to such Reinvestment Event has been entered into within 365 days following the applicable Reinvestment Event) and
(b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to, acquire or repair assets useful in the Borrower’s business with all or any portion of the relevant Reinvestment Deferred Amount.

 “Reorganization”: with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is in
reorganization within the meaning of Section 4241 of ERISA. 
 “Replaced Term Loans”: as defined in
Section 10.1. 
 “Replacement Term Loans”: as defined in Section 10.1. 

“Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which
the thirty day notice period is waived under PBGC Reg. § 4043. 
 “Required Lenders”: at any time,
the holders of more than 50% of (a) until the Closing Date, the Commitments then in effect and (b) thereafter, the sum of (i) the aggregate unpaid principal amount of the Term Loans then outstanding, (ii) the Total Revolving
Commitments then in effect or, if the Revolving Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding and (iii) the Total Canadian Revolving Commitments then in effect or, if the Canadian Revolving
Commitments have been terminated, the Total Canadian Revolving Extensions of Credit then outstanding. 
 “Requirement of
Law”: as to any Person, the Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Reset Date”: the second Canadian Business Day following each Calculation Date; provided that, in connection with any Calculation Date designated pursuant to clause (b) of the
definition thereof, the applicable Reset Date shall be such Calculation Date. 
 “Responsible Officer”: the
chief executive officer, president, chief financial officer or any vice president of the Borrower, but in any event, with respect to financial matters, the chief financial officer of the Borrower. 

“Restricted Payments”: as defined in Section 7.6. 

“Revolving Commitment”: as to any Revolving Lender, the obligation of such Lender, if any, to make Revolving Loans and
participate in Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such Lender’s name on Schedule 1.1A or in the
Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original amount of the Total Revolving Commitments is $49,000,000. 

  
 24 

 “Revolving Commitment Period”: the period from and including the Closing
Date to the Revolving Termination Date. 
 “Revolving Extensions of Credit”: as to any Revolving Lender at any
time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding and (c) such
Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding. 
 “Revolving
Lender”: each Lender (other than the Canadian Revolving Lender) that has a Revolving Commitment or that holds Revolving Loans. 
 “Revolving Loans”: as defined in Section 2.4(a). 

“Revolving Percentage”: as to any Revolving Lender at any time, the percentage which such Lender’s Revolving
Commitment then constitutes of the Total Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Loans then
outstanding constitutes of the aggregate principal amount of the Revolving Loans then outstanding, provided, that, in the event that the Revolving Loans are paid in full prior to the reduction to zero of the Total Revolving Extensions of
Credit, the Revolving Percentages shall be determined in a manner designed to ensure that the other outstanding Revolving Extensions of Credit shall be held by the Revolving Lenders on a comparable basis; provided further that, in the case of
Section 2.23 when a Defaulting Lender shall exist, any such Defaulting Lender’s Revolving Commitment shall be disregarded in such calculations. 
 “Revolving Termination Date”: June 1, 2015. 

“S&P”: Standard & Poor’s Ratings Services. 

“Sale-Leaseback”: as defined in Section 7.11. 

“Schedule I Reference Banks”: means collectively Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of
Commerce, Royal Bank of Canada and The Toronto-Dominion Bank and such one or more other Canadian banks identified in Schedule I to the Bank Act (Canada) as may from time to time be designated by the Administrative Agent, in consultation with the
Canadian Borrower. 
 “SEC”: the Securities and Exchange Commission, any successor thereto and any analogous
Governmental Authority. 
 “Securities Act”: the Securities Act of 1933, as amended. 

“Security Documents”: the collective reference to the Guarantee and Collateral Agreement, the Mortgages and all other
security documents hereafter delivered to the Administrative Agent granting a Lien on any property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 

  
 25 

 “Sellers”: Wellspring Capital Partners III, L.P., a Delaware limited
partnership and HBK Main Street Investments L.P., a Delaware limited partnership. 
 “Senior Note Indenture”:
the Indenture entered into by Holdings, the Borrower and certain of its Subsidiaries in connection with the issuance of the Senior Notes, together with all instruments and other agreements entered into by Holdings, the Borrower or such Subsidiaries
in connection therewith. 
 “Senior Notes”: the senior notes of the Borrower issued pursuant to the Senior Note
Indenture. 
 “Significant Group Member”: (i) Holdings, (ii) the Borrower, (iii) the Canadian
Borrower and (iv) any of their respective Subsidiaries accounting for more than 5% of the total assets or revenues of Holdings or the Borrower on a consolidated basis; provided that the aggregate assets and revenues of Subsidiaries that
are not Significant Group Members shall not exceed 5% of the total assets or revenues of Holdings or the Borrower on a consolidated basis (and the Borrower will designate in writing to the Administrative Agent from time to time the Subsidiaries that
will not be treated as Significant Group Members in order to comply with the foregoing limitation). 
 “Single Employer
Plan”: any Plan (other than a Multiemployer Plan) that is subject to the provisions of Section 302 or Title IV of ERISA or Section 412 of the Code. 
 “Solvent”: when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “present fair saleable value” of the assets of such
Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing
determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts
become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as they mature. For purposes of this
definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent,
matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is
reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 
 “Specified
Cash Management Agreement”: any agreement providing for treasury, depositary or cash management services, including in connection with any automated clearing house transfers of funds or any similar transactions between the Borrower or any
Guarantor and any Lender or Affiliate thereof. 
 “Specified Change of Control”: a “Change of
Control” (or any other defined term having a similar purpose) as defined in the Senior Note Indenture. 

“Specified Representations”: as defined in Section 5.2(a). 

“Specified Swap Agreement”: any Swap Agreement entered into by the Borrower or any Guarantor and any Lender or Affiliate
thereof in respect of interest rates. 

  
 26 

 “Sponsor”: the collective reference to Oak Hill Capital Partners III, L.P.,
Oak Hill Capital Management Partners III, L.P., Oak Hill Capital Management, LLC and OHCP GenPar III, L.P. or any of them. 

“Subsidiary”: as to any Person, a corporation, partnership, limited liability company or other entity of which more than
50% of the total shares of stock or other ownership interests or more than 50% of ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of
the board of directors or other managers of such corporation, partnership or other entity are at the time owned, Controlled or held by such Person, or the management of which is otherwise Controlled, directly or indirectly through one or more
intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Subsidiary Guarantor”: each Subsidiary of the Borrower other than any Excluded Foreign Subsidiary. 

“Swap Agreement”: 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 any of its Subsidiaries shall be a “Swap Agreement”. 
 “Swingline Commitment”: the
obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.6 in an aggregate principal amount at any one time outstanding not to exceed $5,000,000. 
 “Swingline Exposure”: at any time, the sum of the aggregate undrawn amount of all outstanding Swingline Loans at such time. The Swingline Exposure of any Revolving Lender at any time
shall be its Revolving Percentage of the total Swingline Exposure at such time. 
 “Swingline Lender”: JPMorgan
Chase Bank, N.A., in its capacity as the lender of Swingline Loans. 
 “Swingline Loans”: as defined in
Section 2.6. 
 “Swingline Participation Amount”: as defined in Section 2.7. 

“Target”: Dave & Buster’s Holdings, Inc. 

“Term Commitment”: as to any Lender, the obligation of such Lender, if any, to make a Term Loan to the Borrower in a
principal amount not to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule 1.1A. The original aggregate amount of the Term Commitments is $150,000,000. 

“Term Lenders”: each Lender that holds a Term Commitment or that holds a Term Loan. 

“Term Loans”: as defined in Section 2.1. 

  
 27 

 “Term Percentage”: as to any Term Lender at any time, the percentage which
such Lender’s Term Commitment then constitutes of the aggregate Term Commitments (or, at any time after the Closing Date, the percentage which the aggregate principal amount of such Lender’s Term Loans then outstanding constitutes of the
aggregate principal amount of the Term Loans then outstanding. 
 “Total Canadian Revolving Commitments”: at
any time, the aggregate amount of the Canadian Revolving Commitments then in effect. 
 “Total Canadian Revolving
Extensions of Credit”: at any time, the aggregate amount of the Canadian Revolving Extensions of Credit of the Canadian Revolving Lenders outstanding at such time. 
 “Total Revolving Commitments”: at any time, the aggregate amount of the Revolving Commitments then in effect. 
 “Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders outstanding at such time. 

“Transactions”: the Acquisition, the Equity Contribution, the borrowing of the Loans on the Closing Date, the issuance
of the Senior Notes, the repayment of existing Indebtedness of Target and its Subsidiaries on or prior to the Closing Date and the payment of fees and expenses in connection with the foregoing. 

“Transferee”: any Assignee or Participant. 
 “Type”: as to any Loan, its nature as an ABR Loan, a Eurodollar Loan, a Canadian Prime Rate Loan or a Canadian Cost of Funds Loan, as the case may be. 

“Unit”: a particular restaurant and/or entertainment center at a particular location that is owned or operated by the
Borrower or one of its Subsidiaries or that is operated by a franchisee of the Borrower or one of its Subsidiaries. 

“United States”: the United States of America. 
 “USD Equivalent”: with respect to an amount of Canadian Dollars on any date, the amount of Dollars that may be purchased with such amount of Canadian Dollars at the Exchange Rate in
effect on such date. 
 “Wholly Owned Subsidiary”: as to any Person, any other Person all of the Capital Stock
of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 
 “Wholly Owned Subsidiary Guarantor”: any Subsidiary Guarantor that is a Wholly Owned Subsidiary of the Borrower. 
 “Withdrawal Liability”: liability to a Multiemployer Plan as the 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, by the Borrower, the Canadian Borrower or any of their Commonly Controlled Entities. 

  
 28 

 1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all
terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

(b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto,
(i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP (provided that,
notwithstanding anything to the contrary herein, all accounting or financial terms used herein shall be construed, and all financial computations pursuant hereto shall be made, without giving effect to any election under Statement of Financial
Accounting Standards 159 (or any other Financial Accounting Standard having a similar effect) to value any Indebtedness or other liabilities of any Group Member at “fair value”, as defined therein), (ii) the words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or
suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iv) 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, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless
otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time. 
 (c) The words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 
 2.1 Term Commitments. Subject to the terms and conditions hereof, each Term Lender severally agrees to make a term loan (a “Term Loan”) to the Borrower on the Closing Date in an
amount not to exceed the amount of the Term Commitment of such Lender. The Term Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2
and 2.12. 
 2.2 Procedure for Term Loan Borrowing. The Borrower shall give the Administrative Agent irrevocable
notice (which notice must be received by the Administrative Agent prior to 10:00 a.m., New York City time, one Business Day prior to the anticipated Closing Date requesting that the Term Lenders make the Term Loans on the Closing Date and specifying
the amount to be borrowed. The Term Loans made on the Closing Date shall initially be ABR Loans and, unless otherwise agreed by the Administrative Agent in its sole discretion, no Term Loan may be converted into or continued as a Eurodollar Loan
having an Interest Period in excess of one month prior to the date that is 30 days after the Closing Date. Upon receipt of such notice the Administrative Agent shall promptly notify each Term Lender thereof. Not later than 12:00 Noon, New York City
time, on the Closing Date each Term Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Term Loan or Term Loans to be made by such Lender. The Administrative Agent shall
credit the account of the Borrower on the books of such office of the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Term Lenders in immediately available funds. 

  
 29 

 2.3 Repayment of Term Loans. The Term Loan of each Lender shall mature in 25
consecutive quarterly installments, each of which shall be in an amount equal to such Lender’s Term Percentage multiplied by the percentage set forth below opposite such installment of the aggregate principal amount of Term Loans made on the
Closing Date: 
  

			
	 Installment
	  	Percentage
	 July 31, 2010
	  	0.25%
	 October 31, 2010
	  	0.25%
	 January 31, 2011
	  	0.25%
	 April 30, 2011
	  	0.25%
	 July 31, 2011
	  	0.25%
	 October 31, 2011
	  	0.25%
	 January 31, 2012
	  	0.25%
	 April 30, 2012
	  	0.25%
	 July 31, 2012
	  	0.25%
	 October 31, 2012
	  	0.25%
	 January 31, 2013
	  	0.25%
	 April 30, 2013
	  	0.25%
	 July 31, 2013
	  	0.25%
	 October 31, 2013
	  	0.25%
	 January 31, 2014
	  	0.25%
	 April 30, 2014
	  	0.25%
	 July 31, 2014
	  	0.25%
	 October 31, 2014
	  	0.25%
	 January 31, 2015
	  	0.25%
	 April 30, 2015
	  	0.25%
	 July 31, 2015
	  	0.25%
	 October 31, 2015
	  	0.25%
	 January 31, 2016
	  	0.25%
	 April 30, 2016
	  	0.25%
	 June 1, 2016
	  	94.00%

 2.4 Revolving Commitments. (a) Subject to the terms and conditions hereof, each Revolving
Lender severally agrees to make revolving credit loans (“Revolving Loans”) to the Borrower in Dollars from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding which, when
added to such Lender’s Revolving Percentage of the sum of (i) the L/C Obligations then outstanding and (ii) the aggregate principal amount of the Swingline Loans then outstanding, does not exceed the amount of such Lender’s
Revolving Commitment; provided, that the aggregate amount of Revolving Loans made on the Closing Date shall not exceed $5,000,000 (which shall not include the Existing Letters of Credit which are deemed to be outstanding under this Agreement
pursuant to Section 3.9). During the Revolving Commitment Period, the Borrower may use the Revolving Commitments by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions
hereof. The Revolving Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.5 and 2.12. 

(b) The Borrower shall repay all outstanding Revolving Loans on the Revolving Termination Date. 

  
 30 

 2.4A. Canadian Revolving Commitments; Additional Revolving Loans. (a) Subject to
the terms and conditions hereof, each Canadian Revolving Lender severally agrees to make (i) revolving credit loans (“Canadian Revolving Loans”) to the Canadian Borrower in Canadian Dollars and (ii) revolving credit loans
(“Additional Revolving Loans”) to the Borrower in Dollars from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding (USD Equivalent) which does not exceed the amount of
such Lender’s Canadian Revolving Commitment; provided, that no Canadian Revolving Loans or Additional Revolving Loans shall be made on the Closing Date. During the Revolving Commitment Period, the Canadian Borrower and the Borrower may
use the Canadian Revolving Commitments by borrowing, prepaying the Canadian Revolving Loans and the Additional Revolving Loans, as the case may be, in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The
Canadian Revolving Loans may from time to time be Canadian Prime Rate or Canadian Cost of Funds Loans, as determined by the Canadian Borrower and notified to the Administrative Agent in accordance with Sections 2.5(b) and 2.12. The Additional
Revolving Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.5(c) and 2.12. 

(b) The Canadian Borrower shall repay all outstanding Canadian Revolving Loans on the Revolving Termination Date. 

(c) The Borrower shall repay all outstanding Additional Revolving Loans on the Revolving Termination Date. 

2.5 Procedure for Revolving Loan Borrowing; Currency Fluctuation Matters. (a) The Borrower may borrow under the Revolving
Commitments during the Revolving Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 11:00 a.m., New York City
time, (i) three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (ii) one Business Day prior to the requested Borrowing Date, in the case of ABR Loans) (provided that any such notice of a borrowing
of ABR Loans under the Revolving Facility to finance payments required by Section 3.5 may be given not later than 10:00 a.m., New York City time, on the date of the proposed borrowing), specifying (A) the amount and Type of Revolving Loans
to be borrowed, (B) the requested Borrowing Date and (C) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Any Revolving Loans made on the
Closing Date shall initially be ABR Loans and, unless otherwise agreed by the Administrative Agent in its sole discretion, no Revolving Loan may be made as, converted into or continued as a Eurodollar Loan having an Interest Period in excess of one
month prior to the date that is 30 days after the Closing Date. Each borrowing under the Revolving Commitments shall be in an amount equal to (x) in the case of ABR Loans, $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if the
then aggregate Available Revolving Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if the then aggregate Available Revolving
Commitments are less than $1,000,000, such lesser amount); provided, that the Swingline Lender may request, on behalf of the Borrower, borrowings under the Revolving Commitments that are ABR Loans in other amounts pursuant to Section 2.7. Upon
receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for
the account of the Borrower at the Funding Office prior to 12:00 Noon, New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the
Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the
Administrative Agent. 

  
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 (b) The Canadian Borrower may borrow under the Canadian Revolving Commitments during the
Revolving Commitment Period on any Canadian Business Day, provided that the Canadian Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 11:00 a.m., New York City
time, three Canadian Business Days prior to the requested Borrowing Date) specifying (A) the amount in Canadian Dollars and Type of Canadian Revolving Loans to be borrowed, (B) the requested Borrowing Date and (C) in the case of
Canadian Cost of Funds Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Any Canadian Revolving Loans made on the Closing Date shall initially be Canadian Prime Rate Loans
and, unless otherwise agreed by the Administrative Agent in its sole discretion, no Canadian Revolving Loan may be made as, converted into or continued as a Canadian Cost of Funds Loan having an Interest Period in excess of 30 days prior to the date
that is 30 days after the Closing Date. Each borrowing of Canadian Revolving Loans under the Canadian Revolving Commitments shall be in an amount equal to (x) in the case of Canadian Prime Rate Loans, C$100,000 or a whole multiple of C$100,000
in excess thereof (or, if the then aggregate Available Canadian Revolving Commitments are less than C$100,000, such lesser amount) and (y) in the case of Canadian Cost of Funds Loans, C$100,000 or a whole multiple of C$100,000 in excess thereof
(or, if the then aggregate Available Canadian Revolving Commitments are less than C$100,000, such lesser amount). Upon receipt of any such notice from the Canadian Borrower, the Administrative Agent shall promptly notify each Canadian Revolving
Lender thereof. Each Canadian Revolving Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Canadian Borrower at the Funding Office prior to 12:00 Noon, New York
City time, on the Borrowing Date requested by the Canadian Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Canadian Borrower by the Administrative Agent crediting the account of
the Canadian Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Canadian Revolving Lenders and in like funds as received by the Administrative Agent. 

(c) The Borrower may borrow under the Canadian Revolving Commitments during the Revolving Commitment Period on any Business Day,
provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 11:00 a.m., New York City time, (i) three Business Days prior to the requested
Borrowing Date, in the case of Eurodollar Loans, or (ii) one Business Day prior to the requested Borrowing Date, in the case of ABR Loans), specifying (A) the amount and Type of Additional Revolving Loans to be borrowed, (B) the
requested Borrowing Date and (C) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Any Additional Revolving Loans made on the Closing Date shall
initially be ABR Loans and, unless otherwise agreed by the Administrative Agent in its sole discretion, no Additional Revolving Loan may be made as, converted into or continued as a Eurodollar Loan having an Interest Period in excess of one month
prior to the date that is 30 days after the Closing Date. Each borrowing of Additional Revolving Loans under the Canadian Revolving Commitments shall be in an amount equal to (x) in the case of ABR Loans, $200,000 or a whole multiple of
$100,000 in excess thereof (or, if the then aggregate Available Canadian Revolving Commitments are less than $200,000, such lesser amount) and (y) in the case of Eurodollar Loans, $200,000 or a whole multiple of $100,000 in excess thereof (or,
if the then aggregate Available Canadian Revolving Commitments are less than $200,000, such lesser amount). Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Canadian Revolving Lender thereof. The
U.S. Affiliate of each Canadian Revolving Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 12:00 Noon, New York City time,
on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of
such office with the aggregate of the amounts made available to the Administrative Agent by the U.S. Affiliate of the Canadian Revolving Lenders and in like funds as received by the Administrative Agent. 

  
 32 

 (d) With respect to each borrowing of Canadian Revolving Loans, not later than 11:00 a.m.,
New York City time, on the second Canadian Business Day preceding the Borrowing Date with respect to such Canadian Revolving Loan, the Administrative Agent shall determine the Exchange Rate as of such date and give notice thereof to the Canadian
Borrower and the Canadian Revolving Lenders. The Exchange Rate so determined shall become effective on such Borrowing Date for the purposes of determining the availability under the Canadian Revolving Commitments (it being understood that such
availability shall be calculated and determined by applying such Exchange Rate to the aggregate principal amount of Canadian Revolving Loans which are outstanding on such Borrowing Date). 

(e) With respect to each borrowing of Additional Revolving Loans at a time when Canadian Revolving Loans are outstanding, not later than
11:00 a.m., New York City time, on the second Business Day preceding the Borrowing Date (or, in the case of an ABR Loan, promptly on the Borrowing Date) with respect to such Additional Revolving Loan, the Administrative Agent shall determine the
Exchange Rate as of such date and give notice thereof to the Borrower and the Canadian Revolving Lenders. The Exchange Rate so determined shall become effective on such Borrowing Date for the purposes of determining the availability under the
Canadian Revolving Commitments (it being understood that such availability shall be calculated and determined by applying such Exchange Rate to the aggregate principal amount of Canadian Revolving Loans which are outstanding on such Borrowing Date).

 (f) Not later than 2:00 p.m., New York City time, on each Calculation Date (so long as any Canadian Revolving Loans are
outstanding), the Administrative Agent shall determine the Exchange Rate as of such Calculation Date and give notice thereof to the Borrower, the Canadian Borrower and the Canadian Revolving Lenders. The Exchange Rate so determined shall become
effective on the next succeeding Reset Date. If, on any Reset Date, the Total Canadian Revolving Extensions of Credit exceed an amount equal to 105% of the Total Canadian Revolving Commitments, then the Canadian Borrower and/or the Borrower, as the
case may be, shall, within three Canadian Business Days (or Business Days, as applicable) after notice thereof from the Administrative Agent, or so long as no Default or Event of Default has occurred and is continuing, with respect to any Canadian
Cost of Funds Loans or Eurodollar Loans to be prepaid, on the next applicable Interest Payment Date, prepay Canadian Revolving Loans and/or Additional Revolving Loans in an amount such that, after giving effect thereto, the Total Canadian Revolving
Extensions of Credit do not exceed the Total Canadian Revolving Commitments (such calculation to be made using the Exchange Rate that is effective on such Reset Date); provided that any such prepayment shall be accompanied by accrued interest
on the amount prepaid (except in the case of Canadian Revolving Loans that are Canadian Prime Rate Loans or Additional Revolving Loans that are ABR Loans) but shall be without premium or penalty of any kind (other than any payments required under
Section 2.20). 
 2.6 Swingline Commitment. (a) Subject to the terms and conditions hereof, the Swingline
Lender agrees to make a portion of the credit otherwise available to the Borrower under the Revolving Commitments from time to time during the Revolving Commitment Period by making swing line loans (“Swingline Loans”) to the
Borrower; provided that (i) the aggregate principal amount of Swingline Loans outstanding at any time shall not exceed the Swingline Commitment then in effect (notwithstanding that the Swingline Loans outstanding at any time, when
aggregated with the Swingline Lender’s other outstanding Revolving Loans, may exceed the Swingline Commitment then in effect) and (ii) the Borrower shall not request, and the Swingline Lender shall not make, any Swingline Loan if, after
giving effect to the making of such Swingline Loan, the aggregate amount of the Available Revolving Commitments would be less than zero. During the Revolving Commitment Period, the Borrower may use the Swingline Commitment by borrowing, repaying and
reborrowing, all in accordance with the terms and conditions hereof. Swingline Loans shall be ABR Loans only. 

  
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 (b) The Borrower shall repay to the Swingline Lender the then unpaid principal amount of
each Swingline Loan on the earlier of the Revolving Termination 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 two Business Days after such Swingline Loan is made;
provided that on each date that a Revolving Loan is borrowed, the Borrower shall repay all Swingline Loans then outstanding. 
 2.7 Procedure for Swingline Borrowing; Refunding of Swingline Loans. (a) Whenever the Borrower desires that the Swingline Lender make Swingline Loans it shall give the Swingline Lender
irrevocable telephonic notice confirmed promptly in writing (which telephonic notice must be received by the Swingline Lender not later than 1:00 p.m., New York City time, on the proposed Borrowing Date), specifying (i) the amount to be
borrowed and (ii) the requested Borrowing Date (which shall be a Business Day during the Revolving Commitment Period). Each borrowing under the Swingline Commitment shall be in an amount equal to $500,000 or a whole multiple of $100,000 in
excess thereof. Not later than 3:00 p.m., New York City time, on the Borrowing Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall make available to the Administrative Agent at the Funding Office an amount in
immediately available funds equal to the amount of the Swingline Loan to be made by the Swingline Lender. The Administrative Agent shall make the proceeds of such Swingline Loan available to the Borrower on such Borrowing Date by depositing such
proceeds in the account of the Borrower with the Administrative Agent on such Borrowing Date in immediately available funds. 

(b) The Swingline Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower (which
hereby irrevocably directs the Swingline Lender to act on its behalf), on one Business Day’s notice given by the Swingline Lender no later than 12:00 Noon, New York City time, request each Revolving Lender to make, and each Revolving Lender
hereby agrees to make, a Revolving Loan, in an amount equal to such Revolving Lender’s Revolving Percentage of the aggregate amount of the Swingline Loans (the “Refunded Swingline Loans”) outstanding on the date of such notice,
to repay the Swingline Lender. Each Revolving Lender shall make the amount of such Revolving Loan available to the Administrative Agent at the Funding Office in immediately available funds, not later than 10:00 a.m., New York City time, one Business
Day after the date of such notice. The proceeds of such Revolving Loans shall be immediately made available by the Administrative Agent to the Swingline Lender for application by the Swingline Lender to the repayment of the Refunded Swingline Loans.
The Borrower irrevocably authorizes the Swingline Lender to charge the Borrower’s accounts with the Administrative Agent (up to the amount available in each such account) in order to immediately pay the amount of such Refunded Swingline Loans
to the extent amounts received from the Revolving Lenders are not sufficient to repay in full such Refunded Swingline Loans. 

(c) If prior to the time a Revolving Loan would have otherwise been made pursuant to Section 2.7(b), one of the events described in
Section 8.1(f) shall have occurred and be continuing with respect to the Borrower or if for any other reason, as determined by the Swingline Lender in its sole discretion, Revolving Loans may not be made as contemplated by Section 2.7(b),
each Revolving Lender shall, on the date such Revolving Loan was to have been made pursuant to the notice referred to in Section 2.7(b), purchase for cash an undivided participating interest in the then outstanding Swingline Loans by paying to
the Swingline Lender an amount (the “Swingline Participation Amount”) equal to (i) such Revolving Lender’s Revolving Percentage times (ii) the sum of the aggregate principal amount of Swingline Loans then
outstanding that were to have been repaid with such Revolving Loans. 

  
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 (d) Whenever, at any time after the Swingline Lender has received from any Revolving Lender
such Lender’s Swingline Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Lender its Swingline Participation Amount (appropriately adjusted, in the
case of interest payments, to reflect the period of time during which such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s pro rata
portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline Loans then due); provided, however, that in the event that such payment received by the Swingline Lender is required to be
returned, such Revolving Lender will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender. 
 (e) Each Revolving Lender’s obligation to make the Loans referred to in Section 2.7(b) and to purchase participating interests pursuant to Section 2.7(c) shall be absolute and unconditional
and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Revolving Lender or the Borrower may have against the Swingline Lender, the Borrower or any other Person for any
reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or otherwise)
of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other Revolving Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any
of the foregoing. 
 2.8 Commitment Fees, etc. (a) The Borrower agrees to pay to the Administrative Agent for the
account of each Revolving Lender a commitment fee for the period from and including the date hereof to the last day of the Revolving Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the Available Revolving
Commitment of such Lender during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof. 

(b) The Canadian Borrower and the Borrower, jointly and severally, agree to pay to the Administrative Agent for the account of each
Canadian Revolving Lender a commitment fee for the period from and including the date hereof to the last day of the Revolving Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the Available Canadian Revolving
Commitment of such Lender during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof. 

(c) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any fee agreements
with the Administrative Agent and to perform any other obligations contained therein. 
 2.9 Termination or Reduction of
Revolving Commitments. (a) The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the
Revolving Commitments (without any reduction of the Canadian Revolving Commitments); provided that no such termination or reduction of Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the
Revolving Loans and Swingline Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple of
$500,000 in excess thereof, and shall reduce permanently the Revolving Commitments then in effect. 

  
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 (b) The Canadian Borrower and the Borrower shall have the right, upon not less than three
Canadian Business Days’ (or Business Days’, as applicable) notice to the Administrative Agent, to terminate the Canadian Revolving Commitments or, from time to time, to reduce the amount of the Canadian Revolving Commitments (without any
reduction of the Revolving Commitments); provided that no such termination or reduction of Canadian Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Canadian Revolving Loans and the
Additional Revolving Loans made on the effective date thereof, the Total Canadian Revolving Extensions of Credit would exceed the Total Canadian Revolving Commitments. Any such reduction shall be in an amount equal to $100,000, or a whole multiple
of $100,000 in excess thereof, and shall reduce permanently the Canadian Revolving Commitments then in effect. 
 2.10
Optional Prepayments. (a) The Borrower may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 11:00 a.m., New
York City time, three Business Days prior thereto, in the case of Eurodollar Loans, and no later than 11:00 a.m., New York City time, one Business Day prior thereto, in the case of ABR Loans, which notice shall specify the date and amount of
prepayment and whether the prepayment is of Eurodollar Loans or ABR Loans; provided, that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts
owing pursuant to Section 2.20. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date
specified therein, together with (except in the case of Revolving Loans or Additional Revolving Loans that are ABR Loans and Swingline Loans) accrued interest to such date on the amount prepaid. Partial prepayments of Term Loans, Revolving Loans and
Additional Revolving Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Partial prepayments of Swingline Loans shall be in an aggregate principal amount of $100,000 or a whole multiple
thereof. 
 (b) The Canadian Borrower may at any time and from time to time prepay the Canadian Revolving Loans, in whole or in
part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 11:00 a.m., New York City time, three Canadian Business Days prior thereto, in the case of Canadian Cost of Funds Loans, and no later than
11:00 a.m., New York City time, one Canadian Business Day prior thereto, in the case of Canadian Prime Rate Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of Canadian Cost of Funds Loans or Canadian
Prime Rate Loans; provided, that if a Canadian Cost of Funds Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Canadian Borrower shall also pay any amounts owing pursuant to Section 2.20.
Upon receipt of any such notice the Administrative Agent shall promptly notify the Canadian Revolving Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together
with (except in the case of Canadian Revolving Loans that are Canadian Prime Rate Loans) accrued interest to such date on the amount prepaid. Partial prepayments of Canadian Revolving Loans shall be in an aggregate principal amount of C$100,000 or a
whole multiple of C$100,000 in excess thereof. 
 2.11 Mandatory Prepayments. (a) If any Indebtedness shall be
issued or incurred by any Group Member (excluding any Indebtedness incurred in accordance with Section 7.2, other than paragraph (g) thereof), an amount equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such
issuance or incurrence toward the prepayment of the Term Loans as set forth in Section 2.11(d). 
 (b) If on any date any
Group Member shall receive Net Cash Proceeds from any Asset Sale or Recovery Event then, unless a Reinvestment Notice shall be delivered in respect thereof, such Net Cash Proceeds shall be applied within three (3) Business Days of such date
toward the prepayment of the Term Loans as set forth in Section 2.11(d); provided, that, notwithstanding the foregoing, (i) the aggregate Net Cash Proceeds of Asset Sales and Recovery Events that may be excluded from the foregoing
requirement pursuant to a Reinvestment Notice shall not exceed $5,000,000 in any Fiscal Year of the Borrower and (ii) on each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant
Reinvestment Event shall be applied toward the prepayment of the Term Loans as set forth in Section 2.11(d). 

  
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 (c) If, for any Fiscal Year of the Borrower commencing with the Fiscal Year ending
January 29, 2012 there shall be Excess Cash Flow, the Borrower shall, on the relevant Excess Cash Flow Application Date (as defined below), apply an amount (the “ECF Application Amount”) equal to (i)(A) such Excess Cash Flow
multiplied by (B) the relevant ECF Percentage minus (ii) the aggregate amount of all prepayments of Revolving Loans, Canadian Revolving Loans, Additional Revolving Loans and Swingline Loans during such Fiscal Year (or during
the current Fiscal Year but prior to the relevant Excess Cash Flow Application Date, in which case such amount shall not be deducted in any subsequent calculation of Excess Cash Flow) to the extent accompanying permanent optional reductions of the
Revolving Commitments, or the Canadian Revolving Commitments, as the case may be, and all optional prepayments of the Term Loans during such Fiscal Year (or during the current Fiscal Year but prior to the relevant Excess Cash Flow Application Date,
in which case such amount shall not be deducted in any subsequent calculation of Excess Cash Flow), toward the prepayment of the Term Loans as set forth in Section 2.11(d). Each such prepayment shall be made on a date (an “Excess Cash
Flow Application Date”) no later than five days after the earlier of (i) the date on which the financial statements of the Borrower referred to in Section 6.1(a), for the Fiscal Year with respect to which such prepayment is made,
are required to be delivered to the Lenders and (ii) the date such financial statements are actually delivered. 
 (d)
Amounts to be applied in connection with prepayments made pursuant to Section 2.11 shall be applied to the prepayment of the Term Loans in accordance with Section 2.17(b). The application of any prepayment pursuant to Section 2.11
shall be made, first, to ABR Loans and, second, to Eurodollar Loans. Each prepayment of the Loans under Section 2.11 shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid. 

2.12 Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Loans to ABR
Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 a.m., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurodollar Loans
may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than
11:00 a.m., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be
converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such
conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 
 (b)
Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term
“Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurodollar Loan under a particular Facility may be continued as such when any Event of
Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations, and provided,
further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on
the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

  
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 (c) The Canadian Borrower may elect from time to time to convert Canadian Cost of Funds
Loans to Canadian Prime Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 a.m., New York City time, on the Canadian Business Day preceding the proposed conversion date, provided that
any such conversion of Canadian Cost of Funds Loans may only be made on the last day of an Interest Period with respect thereto. The Canadian Borrower may elect from time to time to convert Canadian Prime Rate Loans to Canadian Cost of Funds Loans
by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 a.m., New York City time, on the third Canadian Business Day preceding the proposed conversion date (which notice shall specify the length of the
initial Interest Period therefor), provided that no Canadian Prime Rate Loan may be converted into a Canadian Cost of Funds Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility
Lenders in respect of the Canadian Revolving Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

 (d) Any Canadian Cost of Funds Loan may be continued as such upon the expiration of the then current Interest Period with
respect thereto by the Canadian Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest
Period to be applicable to such Loans, provided that no Canadian Cost of Funds Loan may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect
of the Canadian Revolving Facility have determined in its or their sole discretion not to permit such continuations, and provided, further, that if the Canadian Borrower shall fail to give any required notice as described above in this
paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to Canadian Prime Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof. 
 2.13 Limitations on Eurodollar Tranches and CCOF
Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations of Eurodollar Loans or Canadian Cost of Funds Loans and all selections of Interest Periods shall be in such amounts and be made
pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of (i) the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $1,000,000 or a whole multiple of $500,000 in excess
thereof and (ii) the Canadian Cost of Funds Loans comprising each CCOF Tranche shall be equal to C$100,000 or a whole multiple of C$100,000 in excess thereof and (b) no more than ten Eurodollar Tranches and two CCOF Tranches shall be
outstanding at any one time. 
 2.14 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest
for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin. 
 (b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin. 

  
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 (c) Each Canadian Revolving Loan that is a Canadian Prime Rate Loan shall bear interest at a
rate per annum equal to the Canadian Prime Rate plus the Applicable Margin. 
 (d) Each Canadian Revolving Loan that is a
Canadian Cost of Funds Loan shall bear interest at a rate per annum equal to the Canadian Cost of Funds Rate plus the Applicable Margin. 
 (e) (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount
shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement
Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder
shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans or Canadian Prime Rate Loans, as the case may be,
under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to
clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment). 
 (f) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph (e) of this Section shall be payable from time to time on demand.

 2.15 Computation of Interest and Fees. (a) Interest and fees payable pursuant hereto shall be calculated on the
basis of a 360-day year for the actual days elapsed, except that, with respect to ABR Loans the rate of interest on which is calculated on the basis of the Prime Rate and Canadian Prime Rate Loans, the interest thereon shall be calculated on the
basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the
interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as
practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate. 
 (b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Canadian Borrower, as the case
may be, and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate
pursuant to Section 2.14(a) or Section 2.14(d). 
 (c) Wherever interest is calculated on the basis of a period which
is less than the actual number of days in a calendar year, each rate of interest determined pursuant to such calculation, for the purposes of the Interest Act (Canada) is equivalent to such rate multiplied by the actual number of days in the
calendar year in which such rate is to be ascertained and divided by the number of days used as the basis of that calculation. 

2.16 Inability to Determine Interest Rate. If prior to the first day of any Interest Period: 

(a) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower
and the Canadian Borrower, as the case may be, in the absence of manifest error) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate or the Canadian Cost of
Funds Rate for such Interest Period, or 

  
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 (b) the Administrative Agent shall have received notice from the Majority
Facility Lenders in respect of the relevant Facility that the Eurodollar Rate or the Canadian Cost of Funds Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively
certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, 
 the Administrative Agent shall give
telecopy or telephonic notice thereof to the Borrower or the Canadian Borrower, as the case may be, and the relevant Lenders as soon as practicable thereafter. If such notice is given, (x) any Eurodollar Loans or Canadian Cost of Funds Loans
under the relevant Facility requested to be made on the first day of such Interest Period shall be made as ABR Loans or Canadian Prime Rate Loans, respectively, (y) any Loans under the relevant Facility that were to have been converted on the
first day of such Interest Period to Eurodollar Loans or Canadian Cost of Funds Loans shall be continued as ABR Loans or Canadian Prime Rate Loans, as the case may be, and (z) any outstanding Eurodollar Loans or Canadian Cost of Funds Loans
under the relevant Facility shall be converted, on the last day of the then-current Interest Period, to ABR Loans or Canadian Prime Rate Loans, respectively. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar
Loans or Canadian Cost of Funds Loans under the relevant Facility shall be made or continued as such, nor shall the Borrower or the Canadian Borrower, as the case may be, have the right to convert Loans under the relevant Facility to Eurodollar
Loans or Canadian Cost of Funds Loans, as the case may be. 
 2.17 Pro Rata Treatment and Payments. (a) Each
borrowing by the Borrower or the Canadian Borrower, as the case may be, from the Lenders hereunder, each payment by the Borrower or the Canadian Borrower, as the case may be, on account of any commitment fee and any reduction of the Commitments of
the Lenders shall be made pro rata according to the respective Term Percentages, Revolving Percentages or Canadian Revolving Percentages, as the case may be, of the relevant Lenders. 

(b) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Term Loans shall be made
pro rata according to the respective outstanding principal amounts of the Term Loans then held by the Term Lenders. The amount of each principal prepayment of the Term Loans made pursuant to Section 2.10(a) shall be applied to
reduce the then remaining installments of the Term Loans, as directed by the Borrower. The amount of each principal prepayment of the Term Loans made pursuant to Section 2.11 shall be applied, first, to reduce the scheduled installments
of the Term Loans occurring within the next 12 months in the direct order of maturity and, second, to reduce the then remaining installments of the Term Loans pro rata based upon the respective then remaining principal amounts
thereof. Amounts prepaid on account of the Term Loans may not be reborrowed. 
 (c) Each payment (including each prepayment) by
the Borrower or the Canadian Borrower, respectively, on account of principal of and interest on the Revolving Loans, the Canadian Revolving Loans and the Additional Revolving Loans shall be made pro rata according to the respective
outstanding principal amounts of the Revolving Loans, the Canadian Revolving Loans and the Additional Revolving Loans then held by the Revolving Lenders and the Canadian Revolving Lenders, respectively. 

  
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 (d) All payments (including prepayments) to be made by the Borrower or the Canadian
Borrower, as the case may be, hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the
Administrative Agent, for the account of the relevant Lenders, at the Funding Office, in Dollars or Canadian Dollars, as the case may be, and in immediately available funds. The Administrative Agent shall distribute such payments to the relevant
Lenders promptly upon receipt in like funds as received, net of any amounts owing by such Lender pursuant to Section 9.7. If any payment hereunder (other than payments on the Eurodollar Loans or Canadian Cost of Funds Loans) becomes due and
payable on a day other than a Business Day or a Canadian Business Day, as the case may be, such payment shall be extended to the next succeeding Business Day or Canadian Business Day, as the case may be. If any payment on a Eurodollar Loan or
Canadian Cost of Funds Loan becomes due and payable on a day other than a Business Day or a Canadian Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or Canadian Business Day, as the case
may be, unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day or Canadian Business Day, as the case may be. In the case of
any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 
 (e) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing
available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the
Borrower or the Canadian Borrower, as the case may be, a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent,
on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be
conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be
entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans or Canadian Prime Rate Loans, as the case may be, under the relevant Facility, on demand, from the Borrower or the Canadian Borrower, as the case may
be. 
 (f) Unless the Administrative Agent shall have been notified in writing by the Borrower or the Canadian Borrower prior to
the date of any payment due to be made by the Borrower or the Canadian Borrower hereunder that the Borrower or the Canadian Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower or the
Canadian Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If
such payment is not made to the Administrative Agent by the Borrower or the Canadian Borrower within three Business Days or Canadian Business Days, as the case may be, after such due date, the Administrative Agent shall be entitled to recover, on
demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed
to limit the rights of the Administrative Agent or any Lender against the Borrower or the Canadian Borrower. 

  
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 2.18 Requirements of Law. (a) If the adoption of or any change in any
Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date
hereof: 
 (i) shall subject any Lender to any tax on its capital reserves with respect to this Agreement, any
Loan, any Letter of Credit or any Note made by it, (except for Non-Excluded Taxes or Excluded Taxes covered by Section 2.19); 
 (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances,
loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the Eurodollar Rate or the Canadian Cost of Funds Rate; or 

(iii) shall impose on such Lender any other condition; 
 and the result of any of the foregoing is to increase the cost to such Lender, by an amount that such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans or
Canadian Cost of Funds Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower or the Canadian Borrower, as the case may be, shall promptly pay
such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall
promptly notify the Borrower or the Canadian Borrower, as the case may be, (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. 
 (b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender
or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the
rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but
for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, after submission
by such Lender to the Borrower or the Canadian Borrower, as the case may be, (with a copy to the Administrative Agent) of a written request therefor, the Borrower or the Canadian Borrower, as the case may be, shall pay to such Lender such additional
amount or amounts as will compensate such Lender or such corporation for such reduction. 
 (c) A certificate as to any
additional amounts payable pursuant to this Section submitted by any Lender to the Borrower or the Canadian Borrower, as the case may be, (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. Notwithstanding
anything to the contrary in this Section, the Borrower or the Canadian Borrower, as the case may be, shall not be required to compensate a Lender pursuant to this Section for any amounts incurred more than nine months prior to the date that such
Lender notifies the Borrower or the Canadian Borrower, as the case may be, of such Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such
nine-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrower or the Canadian Borrower, as the case may be, pursuant to this Section shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder. 

  
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 2.19 Taxes. (a) Each payment made by or on behalf of any Loan Party under any
Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter
imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding income, branch profit and franchise taxes imposed on (or measured by) the net income or net profits of the Administrative Agent or any Lender as a result of a
present or former connection between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection
arising solely from the Administrative Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document) and any United States withholding taxes imposed
by reason of Section 1471 or Section 1472 of the Code other than by reason of a change in law imposed after the date hereof (“Excluded Taxes”); provided that if any such non-excluded taxes, levies, imposts, duties,
charges, fees, deductions or withholdings (“Non-Excluded Taxes”) or Other Taxes are required to be withheld from any amounts payable to the Administrative Agent or any Lender, the amounts so payable to the Administrative Agent or
such Lender by the applicable Loan Party shall be increased to the extent necessary to yield to the Administrative Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable hereunder at
the rates or in the amounts specified in this Agreement; provided further, however, that the applicable Loan Party shall not be required to increase any such amounts payable to the Administrative Agent or any Lender with respect to any
Non-Excluded Taxes (i) that are attributable to the Administrative Agent’s or such Lender’s failure to comply with the requirements of paragraph (d), (e) or (i), where applicable, of this Section 2.19, (ii) that are
United States withholding taxes imposed on amounts payable to the Administrative Agent or such Lender at the time the Administrative Agent or such Lender becomes a party to this Agreement except to the extent that such Lender’s assignor (if
any) was entitled, at the time of assignment, to receive additional amounts from the Borrower or the Canadian Borrower with respect to such Non-Excluded Taxes pursuant to this paragraph, or, (iii) that are United States withholding taxes
imposed on amounts payable to the Administrative Agent or such Lender at the time the Administrative Agent or such Lender changes its lending office or other jurisdiction in which it receives payments from the Borrower or the Canadian Borrower
(other than in accordance with Section 2.21) except to the extent that the Administrative Agent or such Lender was entitled, prior to the change in lending office, to receive additional amounts from the Borrower or the Canadian Borrower with
respect to such Non-Excluded Taxes pursuant to this paragraph. 
 (b) In addition, the Borrower and the Canadian Borrower shall
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Whenever any Non-Excluded
Taxes or Other Taxes are payable by the Borrower or the Canadian Borrower, as promptly as possible thereafter the Borrower or the Canadian Borrower shall send to the Administrative Agent for its own account or for the account of the relevant Lender,
as the case may be, a copy (or, if reasonably available, a certified copy) of an original official receipt received by the Borrower or the Canadian Borrower showing payment thereof. If (i) the Borrower or the Canadian Borrower fails to pay any
Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority or (ii) the Borrower or the Canadian Borrower fails to remit to the Administrative Agent the required receipts or other required documentary evidence or
(iii) any Non-Excluded Taxes or Other Taxes are imposed directly upon the Administrative Agent or any Lender, the Borrower or the Canadian Borrower shall indemnify the Administrative Agent and the Lenders for such amounts and any incremental
taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure in the case of (i) or (ii), or any direct imposition, in the case of (iii). 

  
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 (d) Any Lender that is entitled to an exemption from or reduction of any applicable
withholding tax with respect to payments hereunder shall, to the extent it is legally entitled to do so, deliver to the Borrower (with a copy to the Administrative Agent), at the time or times reasonably requested by the Borrower or Administrative
Agent, such properly completed and executed documentation prescribed by applicable law or as reasonable requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding (including any documentation necessary to prevent withholding under Section 1471 or Section 1472 of the Code). Each Lender and Administrative Agent that is not a “U.S. Person” as defined in Section 7701(a)(30) of
the Code (a “Non-U.S. Person”) shall deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Borrower and the Lender from which the related participation shall have been purchased) two true,
accurate and complete originals (together with any applicable underlying IRS forms) of either U.S. Internal Revenue Service Form W-8BEN, W-8IMY, W-8EXP, W-8ECI or any subsequent versions thereof or successors thereto or, in the case of a Non-U.S.
Person claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a statement substantially in the form of Exhibit G and a Form W-8BEN, or any
subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Person claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on all payments by the Borrower under this Agreement
and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Person on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related
participation) and from time to time thereafter upon the request of the Borrower or the Administrative Agent. In addition, each Non-U.S. Person shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by
such Non-U.S. Person. Each Non-U.S. Person shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by
the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this Section, a Non-U.S. Person shall not be required to deliver any form pursuant to this Section that such Non-U.S. Person is not legally able to deliver.

 (e) A Lender or Administrative Agent that is entitled to an exemption from or reduction of non-U.S. withholding tax under the
law of the jurisdiction in which the Borrower or the Canadian Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower or the Canadian Borrower (with a copy
to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower or the Canadian Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable
law as will permit such payments to be made without withholding or at a reduced rate, provided that such Lender or Administrative Agent is legally entitled to complete, execute and deliver such documentation and in such Lender’s or
Administrative Agent’s judgment such completion, execution or submission would not materially prejudice the legal position of such Lender or Administrative Agent. 
 (f) Each Lender shall indemnify the Administrative Agent for the full amount of any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or similar charges imposed by any Governmental
Authority that are attributable to such Lender and that are payable or paid by the Administrative Agent, together with all interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto, as determined by the
Administrative Agent in good faith. 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. 

  
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 (g) If the Administrative Agent or any Lender determines, in its sole discretion, that it
has received a refund of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by the Borrower or the Canadian Borrower or with respect to which the Borrower or the Canadian Borrower has paid additional amounts pursuant to this
Section 2.19, it shall pay over such refund to the Borrower or the Canadian Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower or the Canadian Borrower under this Section 2.19 with
respect to the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided, that the Borrower and the Canadian Borrower, upon the request of the Administrative Agent or such Lender, agree to repay the amount paid over to the Borrower or the Canadian Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.
This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower, the Canadian Borrower or any
other Person. 
 (h) The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans
and all other amounts payable hereunder. 
 (i) Each Lender, other than a Non-U.S. Person, and Administrative Agent (other than
Persons that are corporations or otherwise exempt from United States backup withholding tax), shall deliver at the time(s) and in the manner(s) prescribed by applicable law, to the Borrower, the Canadian Borrower and Administrative Agent (or, in the
case of a Participant, to the Lender from which the related participation shall have been purchased with copies to the Borrower and the Canadian Borrower), as applicable, a properly completed and duly executed U.S. Internal Revenue Service Form W-9
or any subsequent versions thereof or successors thereto, certifying under penalty of perjury that such Person is exempt from United States backup withholding tax on payments made hereunder. 

2.20 Indemnity. Each of the Borrower and the Canadian Borrower agrees, jointly and severally, to indemnify each Lender for, and to
hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower or the Canadian Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans or
Canadian Cost of Funds Loans, as the case may be, after the Borrower or the Canadian Borrower, as the case may be, has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower or the
Canadian Borrower in making any prepayment of or conversion from Eurodollar Loans or Canadian Cost of Funds Loans, as the case may be, after the Borrower or the Canadian Borrower, as the case may be, has given a notice thereof in accordance with the
provisions of this Agreement or (c) the making of a prepayment of Eurodollar Loans or Canadian Cost of Funds Loans, as the case may be, on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may
include an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to
borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of
interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such
amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower or the Canadian Borrower, as the case
may be, by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

  
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 2.21 Change of Lending Office. Each Lender agrees that, upon the occurrence of any
event giving rise to the operation of Section 2.18 or 2.19(a) with respect to such Lender, it will, if requested by the Borrower or the Canadian Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to
designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender
and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the Canadian Borrower or the
rights of any Lender pursuant to Section 2.18 or 2.19(a). 
 2.22 Replacement of Lenders. (a) Each of the
Borrower and the Canadian Borrower shall be permitted to replace any Lender that (i) requests reimbursement for amounts owing pursuant to Section 2.18 or 2.19(a) or (ii) becomes a Defaulting Lender, with a replacement financial
institution; provided that (A) such replacement does not conflict with any Requirement of Law, (B) no Event of Default shall have occurred and be continuing at the time of such replacement, (C) prior to any such replacement,
such Lender shall have taken no action under Section 2.21 so as to eliminate the continued need for payment of amounts owing pursuant to Section 2.18 or 2.19(a), (D) the replacement financial institution shall purchase, at par, all
Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (E) the Borrower or the Canadian Borrower, as the case may be, shall be liable to such replaced Lender under Section 2.20 if any Eurodollar Loan
or Canadian Cost of Funds Loan, as the case may be, owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (F) the replacement financial institution shall be reasonably satisfactory
to the Administrative Agent, (G) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrower or the Canadian Borrower, as the case may be, shall be obligated
to pay the registration and processing fee referred to therein), (H) until such time as such replacement shall be consummated, the Borrower or the Canadian Borrower, as the case may be, shall pay all additional amounts (if any) required
pursuant to Section 2.18 or 2.19(a), as the case may be, and (I) any such replacement shall not be deemed to be a waiver of any rights that the Borrower or the Canadian Borrower, as the case may be, the Administrative Agent or any other
Lender shall have against the replaced Lender. 
 (b) If any Lender (such Lender, a “Non-Consenting Lender”)
has failed to consent to a proposed amendment or waiver which pursuant to the terms of Section 10.1 requires the consent of all Lenders or of all Lenders directly affected thereby and with respect to which the Required Lenders shall have
granted their consent, then the Borrower or the Canadian Borrower, as the case may be, shall be permitted to replace such Non-Consenting Lender (unless such Non-Consenting Lender grants such consent); provided that (i) such replacement
does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) the replacement financial institution shall purchase, at par, all Loans and other amounts
owing to such replaced Lender on or prior to the date of replacement, (iv) the Borrower or the Canadian Borrower, as the case may be, shall be liable to such replaced Lender under Section 2.20 if any Eurodollar Loan or Canadian Cost of
Funds Loan, as the case may be, owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (v) the replacement financial institution shall be reasonably satisfactory to the
Administrative Agent, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrower or the Canadian Borrower, as the case may be, shall be obligated to
pay the registration and processing fee referred to therein), and (vii) any such replacement shall not be deemed to be a waiver of any rights that the Borrower or the Canadian Borrower, as the case may be, the Administrative Agent or any other
Lender shall have against the replaced Lender. 

  
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 2.23 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 Revolving Commitment or the Canadian Revolving Commitment (as applicable) of such Defaulting Lender pursuant to Sections 2.8(a) or 2.8(b);

 (b) the Revolving Commitment, Canadian Revolving Commitment, Revolving Extensions of Credit and Canadian Revolving Extensions
of Credit of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 10.1),
provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender;

 (c) if any Swingline Exposure or L/C Exposure exists at the time a Lender becomes a Defaulting Lender then: 

(i) all or any part of such Swingline Exposure and L/C Exposure shall be reallocated among the non-Defaulting Lenders in
accordance with their respective Revolving Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving Extensions of Credit do not exceed the total of all non-Defaulting Lenders’ Revolving Commitments and
(y) the conditions set forth in Section 5.2 are satisfied at such time; and 
 (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 Defaulting Lender’s Swingline Exposure and
(y) second, cash collateralize such Defaulting Lender’s L/C Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 8.1 for so long as such
L/C Exposure is outstanding; 
 (iii) if the Borrower cash collateralizes any portion of such Defaulting
Lender’s L/C Exposure pursuant to Section 2.23(c), the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure during the period
such Defaulting Lender’s L/C Exposure is cash collateralized; 
 (iv) if the L/C Exposure of the
non-Defaulting Lenders is reallocated pursuant to Section 2.23(c), then the fees payable to the Lenders pursuant to Section 2.28(a) and Section 3.3(a) shall be adjusted in accordance with such non-Defaulting Lenders’ Revolving
Percentages; or 
 (v) if any Defaulting Lender’s L/C Exposure is neither cash collateralized nor
reallocated pursuant to Section 2.23(c), then, without prejudice to any rights or remedies of the Issuing Lender or any Lender hereunder, all letter of credit fees payable under Section 3.3(a) with respect to such Defaulting Lender’s
L/C Exposure shall be payable to the Issuing Lender until such L/C Exposure is cash collateralized and/or reallocated; 
 (d) so
long as any Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related
exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.23(c), and participating interests in any such newly issued or
increased Letter of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.23(c)(i) (and Defaulting Lenders shall not participate therein); and 

  
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 (e) any amount payable to such Defaulting Lender hereunder (whether on account of principal,
interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 10.7(a) but excluding Section 2.22(a)) shall, in lieu of being distributed to such Defaulting Lender, be
retained by the Administrative Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by the Administrative Agent (i) first, to the payment of any amounts owing by
such Defaulting Lender to the Administrative Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by such Defaulting Lender to the Issuing Lender or Swingline Lender hereunder, (iii) third, if so determined by the
Administrative Agent or requested by an Issuing Lender or Swingline Lender, to be held in such account as cash collateral for future funding obligations of the Defaulting Lender of any participating interest in any Swingline Loan or Letter of
Credit, (iv) fourth, to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent, (v) fifth, if so determined by the
Administrative Agent and the Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender of any Loans under this Agreement, (vi) sixth, to the payment of any amounts owing to the Lenders or an
Issuing Lender or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender or such Issuing Lender or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach
of its obligations under this Agreement, (vii) seventh, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of
such Defaulting Lender’s breach of its obligations under this Agreement, and (viii) eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is (x) a
prepayment of the principal amount of any Loans or Reimbursement Obligations in respect of L/C Obligations for which a Defaulting Lender has funded its participation obligations and (y) made at a time when the conditions set forth in
Section 5.2 are satisfied, such payment shall be applied solely to prepay the Loans of, and Reimbursement Obligations owed to, all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or Reimbursement
Obligations owed to, any Defaulting Lender. 
 In the event that the Administrative Agent, the Borrower, the Issuing Lender and
the Swingline Lender 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 L/C Exposure of the Lenders shall be readjusted to reflect the inclusion
of such Lender’s Revolving 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 Revolving Percentage. 
 2.24 Incremental Facilities. (a) The Borrower
may, by written notice to the Administrative Agent from time to time request Incremental Term Loans in an aggregate amount not to exceed the Incremental Amount from one or more Incremental Term Lenders (which may include any existing Lender, it
being understood that no existing Lender shall be required to provide any Incremental Term Loans) willing to provide such Incremental Term Loans, as the case may be, in their own discretion; provided, that each Incremental Term Lender, if not
already a Lender hereunder (unless such Lender is the Sponsor or an Affiliate thereof), shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld). Such notice shall set forth (i) the amount
of the Incremental Term Loans being requested (which shall be (1) in minimum increments of $10,000,000, or (2) equal to the remaining Incremental Amount), (ii) the date, which shall be a Business Day, on which such Incremental Term
Loans are requested to be made to become effective (the “Increased Amount Date”) pursuant to an Incremental Facility Activation Notice, (iii) whether such Incremental Term Loans are to be loans on the same terms as the
outstanding Term Loans or loans with terms different from the outstanding Term Loans, (iv) the use of proceeds for such Incremental Term Loan and (v) pro forma financial statements demonstrating (A) compliance on a pro forma basis
with the financial covenant contained in Section 7.1(b) and (B) that the Consolidated Leverage Ratio is not greater than the Incurrence Ratio, in each case, after giving effect to such Incremental Term Loan and the application of the
proceeds therefrom (including by giving pro forma effect to any Permitted Acquisition financed thereby) as if made and applied on the date of the most-recent financial statements of the Borrower delivered pursuant to Section 6.1. 

  
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 (b) The Borrower and each Incremental Term Lender shall execute and deliver to the
Administrative Agent an Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Term Loans of such Incremental Term Lender. Each Incremental Assumption Agreement
shall specify the terms of the Incremental Term Loans to be made thereunder; provided that (i) the maturity date of any Incremental Term Loan shall be no earlier than June 1, 2016, (ii) the weighted average life to maturity of
any Incremental Term Loan shall be no shorter than the average life to maturity of the existing Term Facility, (iii) if the total yield (calculated for both the Incremental Term Loans and the Term Loans, including the upfront fees, any interest
rate floors and any OID (as defined below but excluding any arrangement, underwriting or similar fee paid by the Borrower)) in respect of any Incremental Term Loans exceeds the total yield for the existing Term Loans (it being understood that any
such increase may take the form of original issue discount (“OID”), with OID being equated to the interest rates in a manner determined by the Administrative Agent based on an assumed four-year life to maturity), the Applicable
Margin for the Term Loans shall be increased so that the total yield in respect of such Incremental Term Loans is no higher than the total yield for the existing Term Loans, (iv) the Incremental Term Loans will rank pari passu with in right of
payment and security with the Loans, (v) the proceeds for such Incremental Term Loan shall not be used to repurchase any subordinated Indebtedness and (vi) the other terms of the Incremental Term Loans, to the extent not consistent with
those of the Term Loans, shall be reasonably satisfactory to the Administrative Agent. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Assumption Agreement. Each of the parties hereto hereby
agrees that, upon the effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loans evidenced thereby. Any
such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to the other parties hereto. 

(c) Notwithstanding the foregoing, no Incremental Term Loan may be made under this Section 2.24 unless (i) on the date on which
such Loan is made or of such effectiveness, the conditions set forth in Section 5.2 shall be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible Officer of the
Borrower and (ii) the Administrative Agent shall have received legal opinions, board resolutions and other closing certificates and documentation to the extent (i) required by the relevant Incremental Assumption Agreement and
(ii) consistent with those delivered on the Closing Date under Section 6.1 and such additional documents and filings (including amendments to the Mortgages and other Security Documents and title endorsement bring downs) as the
Administrative Agent may reasonably require to assure that the Incremental Term Loans are secured by the Collateral ratably with the existing Term Loans. 

  
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 SECTION 3. LETTERS OF CREDIT 

3.1 L/C Commitment. (a) Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of the
other Revolving Lenders set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower on any Business Day during the Revolving Commitment Period in such form as may be
approved from time to time by the Issuing Lender; provided that the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment
or (ii) the aggregate amount of the Available Revolving Commitments would be less than zero. Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire no later than the earlier of (x) the first anniversary of its
date of issuance and (y) the date that is five Business Days prior to the Revolving Termination Date, provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which
shall in no event extend beyond the date referred to in clause (y) above). 
 (b) The Issuing Lender shall not at any time
be obligated to issue any Letter of Credit if such issuance would conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 

3.2 Procedure for Issuance of Letter of Credit. The Borrower may from time to time request that the Issuing Lender issue a Letter
of Credit by delivering to the Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the
Issuing Lender may request. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary
procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all
such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing
Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the
issuance of each Letter of Credit (including the amount thereof). 
 3.3 Fees and Other Charges. (a) The Borrower
will pay a fee on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Facility, shared ratably among the Revolving Lenders and payable quarterly in
arrears on each Fee Payment Date after the issuance date. In addition, the Borrower shall pay to the Issuing Lender for its own account a fronting fee of 0.25% per annum on the undrawn and unexpired amount of each Letter of Credit, payable
quarterly in arrears on each Fee Payment Date after the issuance date. 
 (b) In addition to the foregoing fees, the Borrower
shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit.

  
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 3.4 L/C Participations. (a) The Issuing Lender irrevocably agrees to grant and
hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions
set forth below, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Percentage in the Issuing Lender’s obligations and rights under and in respect of each Letter of Credit
and the amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrower in
accordance with the terms of this Agreement, such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Percentage of
the amount of such draft, or any part thereof, that is not so reimbursed. Each L/C Participant’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff,
counterclaim, recoupment, defense or other right that such L/C Participant may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default
or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the
Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 
 (b) If any amount required to be paid by any L/C Participant to the Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by the Issuing Lender under
any Letter of Credit is paid to the Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to the Issuing Lender on demand an amount equal to the product of (i) such amount, times
(ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the Issuing Lender, times (iii) a fraction the
numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the Issuing Lender by
such L/C Participant within three Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per
annum applicable to ABR Loans under the Revolving Facility. A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. 

(c) Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant
its pro rata share of such payment in accordance with Section 3.4(a), the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral
applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the event that any
such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously distributed by the Issuing Lender to it. 

3.5 Reimbursement Obligation of the Borrower. If any draft is paid under any Letter of Credit, the Borrower shall reimburse the
Issuing Lender for the amount of (a) the draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment, not later than 12:00 Noon, New York City time, on
(i) the Business Day that the Borrower receives notice of such draft, if such notice is received on such day prior to 10:00 a.m., New York City time, or (ii) if clause (i) above does not apply, the Business Day immediately following
the day that the Borrower receives such notice. Each such payment shall be made to the Issuing Lender at its address for notices referred to herein in Dollars and in immediately available funds. Interest shall be payable on any such amounts from the
date on which the relevant draft is paid until payment in full at the rate set forth in (x) until the Business Day next succeeding the date of the relevant notice, Section 2.14(b) and (y) thereafter, Section 2.14(e). 

  
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 3.6 Obligations Absolute. The Borrower’s obligations under this Section 3
shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lender, any beneficiary of a Letter of Credit or any
other Person. The Borrower also agrees with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected by, among other things, the validity
or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other
party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender shall not be liable for any error, omission, interruption or
delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and non-appealable decision of a court of competent jurisdiction to
have resulted from the gross negligence or willful misconduct of the Issuing Lender. The Borrower agrees that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if
done in the absence of gross negligence or willful misconduct, shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the Borrower. 
 3.7 Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The
responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to
determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit. 

3.8 Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the
provisions of this Section 3, the provisions of this Section 3 shall apply. 
 3.9 Existing Letters of Credit.
On the Closing Date, all Existing Letters of Credit shall be deemed to have been issued under this Agreement and shall be outstanding hereunder and subject to all provisions contained herein and shall be deemed to be Letters of Credit, and the
Existing Letter of Credit Issuer shall be deemed to be the Issuing Lender with respect to each Existing Letter of Credit. 

SECTION 4. REPRESENTATIONS AND WARRANTIES 
 To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, Holdings, the Borrower and the Canadian Borrower
hereby jointly and severally represent and warrant to the Administrative Agent and each Lender (subject to Section 5.2(a)) that: 
 4.1 Financial Condition. (a) The unaudited pro forma consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at January 31, 2010 (including the notes thereto) (the
“Pro Forma Balance Sheet”) and the related pro forma consolidated statement of income of the Borrower and its consolidated Subsidiaries (the “Pro Forma Statement of Income”) for the 12-month period ending on
January 31, 2010, copies of which have heretofore been furnished to each Lender, have been prepared giving effect to the Transactions as if such events had occurred as of such date (in the case of the Pro Forma Balance Sheet) or at the
beginning of the period (in the case of the other financial statements). The Pro Forma Balance Sheet has been prepared based on the best information available to the Borrower as of the date of delivery thereof, and presents fairly on a pro forma
basis the estimated financial position of Borrower and its consolidated Subsidiaries as at January 31, 2010, assuming that the events specified in the preceding sentence had actually occurred at such date. 

  
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 (b) The audited consolidated balance sheets of the Borrower as at February 3,
2008, February 1, 2009 and January 31, 2010, and the related consolidated statements of income and of cash flows for the Fiscal Years ended on such dates, reported on by and accompanied by an unqualified report from Ernst &
Young LLP, present fairly the consolidated financial condition of the Borrower as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective Fiscal Years then ended. The unaudited consolidated
balance sheet of the Borrower as at January 31, 2010, and the related unaudited consolidated statements of income and cash flows for the twelve-month period ended on such date, present fairly the consolidated financial condition of the Borrower
as at such date, and the consolidated results of its operations and its consolidated cash flows for the twelve-month period then ended (subject to normal year-end audit adjustments). All such financial statements, including the related schedules and
notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). No Group Member has any material Guarantee
Obligations, contingent liabilities and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of
derivatives, that are not reflected in the most recent financial statements referred to in this paragraph. During the period from January 31, 2010 to and including the date hereof, there has been no Disposition by any Group Member of any
material part of its business or property. 
 4.2 No Change. Since January 31, 2010, there has been no development
or event that has had or could reasonably be expected to have a Material Adverse Effect. 
 4.3 Existence; Compliance with
Law. Each Group Member (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the power and authority, and the legal right, to own and operate its property, to lease
the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction where its ownership,
lease or operation of property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law, except, in the case of clauses (c) and (d), to the extent that the failure to be so qualified
or to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 4.4 Power;
Authorization; Enforceable Obligations. Each Loan Party has the power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower and the Canadian Borrower, to
obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower and the Canadian
Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in
connection with the Acquisition and the extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents, except (i) consents, authorizations, filings and
notices described in Schedule 4.4 (which such consents, authorizations, filings and notices, if specified as having been obtained or made or as being in full force and effect in Schedule 4.4, have been so obtained or made or are in full force and
effect) and (ii) the filings referred to in Section 4.19. Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto. This Agreement constitutes, and each other Loan Document upon execution will
constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

  
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 4.5 No Legal Bar. The execution, delivery and performance of this Agreement and the
other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law in any material respect or any material Contractual Obligation of any Group Member and will
not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security Documents).

 4.6 Litigation. Except as disclosed in Schedule 4.6, no litigation, investigation or proceeding of or before any
arbitrator or Governmental Authority is pending or, to the knowledge of Holdings, the Borrower or the Canadian Borrower, threatened by or against any Group Member or against any of their respective properties or revenues (a) with respect to any
of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 
 4.7 No Default. No Group Member is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No
Default or Event of Default has occurred and is continuing. 
 4.8 Ownership of Property; Liens. Each Group Member has
good, sufficient and legal title in (in the case of fee interests in real property), or a valid leasehold interest in (in the case of leasehold interests in real property), all its real property, and good title to, or a valid leasehold interest in,
all its other material personal property, and none of such property is subject to any Lien except as permitted by Section 7.3. 
 4.9 Intellectual Property. Each Group Member owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted. Except as disclosed on Schedule
4.9, no claim has been asserted and is pending or threatened, in writing, by any Person challenging any Intellectual Property owned or used by any Group Member, nor does Holdings, the Borrower or the Canadian Borrower know of any valid basis for any
such claim. To the knowledge of Holdings, the Borrower and the Canadian Borrower, (a) the conduct of the business by each Group Member does not infringe on the rights of any Person in any material respect, and (b) each Group Member’s
Intellectual Property is not being infringed by any Person in any material respect. Each Group Member takes commercially reasonable steps to maintain and protect its Intellectual Property necessary for the conduct of its business in all material
respects. 
 4.10 Taxes. Each Group Member has filed or caused to be filed all material Federal, state, provincial and
other tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other material taxes, fees or other charges imposed on it or any
of its property by any Governmental Authority (other than any the amount or validity of which are currently 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 relevant Group Member); to the best knowledge of Holdings, the Borrower and the Canadian Borrower, no tax Lien has been filed (other than tax Liens on its property that are not yet due and payable), and, to the best knowledge of
Holdings, the Borrower and the Canadian Borrower, no claim is being asserted, with respect to any such tax, fee or other charge. 

  
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 4.11 Federal Regulations. No part of the proceeds of any Loans, and no other
extensions of credit hereunder, will be used for any purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender
a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. 
 4.12 Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against any Group Member
pending or, to the knowledge of Holdings, the Borrower or the Canadian Borrower, threatened; (b) to the knowledge of Holdings, the Borrower and the Canadian Borrower, hours worked by and payment made to employees of each Group Member have not
been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of employee health and welfare insurance have been paid or accrued
as a liability on the books of the relevant Group Member. 
 4.13 ERISA. No ERISA Event has occurred during the five-year
period prior to the date on which this representation is made that, when taken together with all other such ERISA Events would reasonably be expected to result in a Material Adverse Effect. The present value of all accrued benefits under each Single
Employer Plan (based on those assumptions used for purposes of Statement of Financial Accounting Standards No. 158) did not, as of the last annual valuation date prior to the date on which this representation is made, exceed the value of the
assets of such Single Employer Plan allocable to such accrued benefits by an amount that has had, or would reasonably be expected to have, a Material Adverse Effect, and, if all of the Single Employer Plans were terminated (disregarding any Single
Employer Plans with surpluses), the unfunded liabilities with respect to such Single Employer Plans, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

4.14 Investment Company Act; Other Regulations. No Loan Party is an “investment company”, or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law (other than Regulation X of the Board) that limits
its ability to incur Indebtedness. 
 4.15 Subsidiaries. Except as disclosed to the Administrative Agent by the Borrower
in writing from time to time after the Closing Date, (a) Schedule 4.15 sets forth the name and jurisdiction of incorporation or formation of each Subsidiary, including without limitation the Canadian Borrower, and, as to each such Subsidiary,
the percentage of each class of Capital Stock owned by any Loan Party and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or
directors and directors’ qualifying shares) of any nature relating to any Capital Stock of the Borrower or any Subsidiary, except as created by the Loan Documents or under such Subsidiaries’ existing constituent documents. 

4.16 Use of Proceeds. The proceeds of the Term Loans shall be used to finance a portion of the Acquisition and to pay related fees
and expenses. The proceeds of the Revolving Loans, the Canadian Revolving Loans, the Additional Revolving Loans, the Swingline Loans and the Letters of Credit shall be used for general corporate purposes. 

4.17 Environmental Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect or as
disclosed on Schedule 4.17: 
 (a) the facilities and properties owned, leased or operated by any Group Member (the
“Properties”) do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations or under circumstances that constitute or constituted a violation of, or could give rise to
liability under, any Environmental Law; 

  
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 (b) no Group Member has received or is aware of any notice of violation, alleged violation,
non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated by any Group Member (the “Business”), nor does
Holdings, the Borrower or the Canadian Borrower have knowledge or reason to believe that any such notice will be received or is being threatened; 
 (c) Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location that could give rise to liability under, any
Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability under, any applicable
Environmental Law; 
 (d) no judicial proceeding or governmental or administrative action is pending or, to the knowledge of
Holdings, the Borrower and the Canadian Borrower, threatened, under any Environmental Law to which any Group Member is or will be named as a party with respect to the Properties or the Business, nor are there any consent decrees or other decrees,
consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business; 

(e) there has been no release or threat of release of Materials of Environmental Concern at or from the Properties, or arising from or
related to the operations of any Group Member in connection with the Properties or otherwise in connection with the Business, in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws; 

(f) the Properties and all operations at the Properties are in compliance, and have in the last five years been in compliance, with all
applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties or the Business; and 

(g) no Group Member has assumed any liability of any other Person under Environmental Laws. 

4.18 Accuracy of Information, etc. No statement or information contained in this Agreement, any other Loan Document, the
Confidential Information Memorandum or any other document, certificate or statement furnished by or on behalf of any Loan Party to the Administrative Agent or the Lenders, or any of them (as modified or supplemented by other information so
furnished), for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished (or, in the case of the Confidential
Information Memorandum, as of the date of this Agreement), any untrue statement of a material fact or omitted (when taken as a whole and after giving effect to any updates and supplements thereto) to state a material fact (known to Holdings, the
Borrower or the Canadian Borrower, in the case of any document not furnished by any of them) necessary to make the statements contained herein or therein not misleading in light of the circumstances in which the same were made. The projections and
pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made or furnished, it being recognized
by the Lenders that such financial information as it relates to future events are subject to significant uncertainties and contingencies and are not to be viewed as fact and that actual results during the period or periods covered by such financial
information may differ from the projected results set forth therein and such differences may be material or substantial. As of the date hereof, the representations and warranties contained in the Acquisition Documentation are true and correct in all
material respects. There is no fact known to any Loan Party (other than matters of a general economic and industry specific nature) that could reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein, in
the other Loan Documents, in the Confidential Information Memorandum or in any other documents, certificates and statements furnished to the Administrative Agent and the Lenders for use in connection with the transactions contemplated hereby and by
the other Loan Documents. 

  
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 4.19 Security Documents. (a) The Guarantee and Collateral Agreement is effective
to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of the Pledged Stock defined in and described in
the Guarantee and Collateral Agreement, when stock certificates representing such Pledged Stock are delivered to the Administrative Agent, and in the case of the other Collateral described in the Guarantee and Collateral Agreement, when financing
statements and other filings specified on Schedule 4.19(a) in appropriate form are filed in the offices specified on Schedule 4.19(a), the Guarantee and Collateral Agreement shall constitute a fully perfected (with respect to Intellectual
Property, to the extent such perfection and priority may be achieved by filings made in the U.S. Patent and Trademark Office and the U.S. Copyright Office) Lien on, and security interest in, all right, title and interest of the Loan Parties in such
Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock,
Liens permitted by Section 7.3); provided, however, that (i) the recordation of any trademark security agreement in the U.S. Patent and Trademark Office shall occur within three (3) months of the date of the Guarantee
and Collateral Agreement; (ii) the recordation of any copyright security agreement shall occur within one (1) month of the date of the Guarantee and Collateral Agreement; (iii) subsequent recordations may be necessary to perfect the
security interest in issued registrations and applications for Intellectual Property acquired after the date of the Guarantee and Collateral Agreement; and (iv) certain actions may be required in order to perfect the Lien in Intellectual
Property included in the Collateral which is protected under non-U.S. law. 
 (b) Each of the Mortgages is effective to create
in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable Lien on the Mortgaged Properties described therein and proceeds thereof, and when the Mortgages are filed in the offices specified on
Schedule 4.19(b), each such Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the Mortgaged Properties and the proceeds thereof, as security for the Obligations
(as defined in the relevant Mortgage), in each case prior and superior in right to any other Person. Schedule 1.1B-1 lists, as of the Closing Date, each parcel of owned real property located in the United States and held by the Borrower or any of
its Subsidiaries and Schedule 1.1B-2 lists, as of the Closing Date, each leasehold interest in real property located in the United States and held by the Borrower or any of its Subsidiaries where the applicable lease agreement does not require the
consent of the landlord thereunder to the granting of a leasehold mortgage by the lessee thereunder. Schedule 1.1B-3 lists, as of the Closing Date, each leasehold interest in real property located in the United States and held by the Borrower or any
of its Subsidiaries where the applicable lease agreement requires the consent of the landlord thereunder to the granting of a leasehold mortgage by the lessee thereunder. 
 4.20 Solvency. Each Loan Party is, and after giving effect to the Acquisition and the incurrence of all Indebtedness and obligations being incurred in connection herewith and therewith will be,
Solvent (it being understood that the representation contained in this Section 4.20, when made on the Closing Date, shall be made on a consolidated basis for Holdings and its Subsidiaries, after giving effect to the Transactions). 

  
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 4.21 Certain Documents. The Borrower has delivered to the Administrative Agent a
complete and correct copy of the Acquisition Documentation and the Senior Note Indenture, including any amendments, supplements or modifications with respect to any of the foregoing. 

4.22 Franchise Agreements. The Borrower has delivered to the Administrative Agent true and complete copies of any franchise
agreements to which the Borrower or any of its Subsidiaries is a party. 
 4.23 Anti-Terrorism. (a) The Borrower is
not and, to the knowledge of the Borrower, none of its Affiliates is, in violation of any laws relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001 (the “Executive Order”), and the PATRIOT Act. 
 (b) The Borrower is not, and to the knowledge
of the Borrower, no (i) agent of the Borrower (excluding any Agent, Lender, Swing Line Lender or Issuing Bank) acting directly at the request of the Borrower or (ii) Affiliate of the Borrower benefiting in any capacity in connection with
the Loans is, any of the following (in each case, with respect to agents of the Borrower, as at the date of such Person acting at the request of the Borrower): 
 (i) a Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (ii) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 

(iii) a Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any
Anti-Terrorism Law; or 
 (iv) a Person that commits, threatens or conspires to commit or supports
“terrorism” as defined in the Executive Order. 
 (c) The Borrower does not, and to the knowledge of the Borrower, no
agent of the Borrower (excluding any Agent, Lender, Swing Line Lender or Issuing Bank) acting directly at the request of the Borrower in connection with the Loans, (i) conducts any business or engages in making or receiving any contribution of
funds, goods or services to or for the benefit of any Person described in paragraph (b) above, (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive
Order or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

SECTION 5. CONDITIONS PRECEDENT 
 5.1 Conditions to Initial Extension of Credit. The agreement of each Lender to make the initial extension of credit requested to be made by it is subject to the satisfaction, prior to or
concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent: 
 (a) Credit Agreement; Guarantee and Collateral Agreement. The Administrative Agent shall have received (i) this Agreement or, in the case of the Lenders, an Addendum, executed and delivered by
the Administrative Agent, Holdings, the Borrower, the Canadian Borrower and each Person listed on Schedules 1.1A and 1.1C, (ii) the Guarantee and Collateral Agreement, executed and delivered by Holdings, the Borrower and each Subsidiary
Guarantor and (iii) an Acknowledgement and Consent in the form attached to the Guarantee and Collateral Agreement, executed and delivered by each Issuer (as defined therein), if any, that is not a Loan Party. 

  
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 (b) Acquisition, etc. The following transactions shall have been
consummated, in each case on terms and conditions reasonably satisfactory to the Lenders: 
 (i) the Purchaser
shall acquire Target in accordance with the Purchase Agreement and in accordance with applicable law (the “Acquisition”) (it being understood that no material provision of the Purchase Agreement shall have been amended or waived in
any respect which could reasonably be considered to be materially adverse to the Lenders without the prior written consent of the Lead Arrangers); 
 (ii) the Purchaser shall issue to the Sponsor, the Sellers, certain members of the Borrower’s management and/or certain co-investors reasonably satisfactory to the Administrative Agent, common equity
of the Purchaser in an amount equal to at least 35% of the total capitalization of Holdings and the Borrower (the “Equity Contribution”); 
 (iii) the Borrower shall receive, substantially concurrently with the initial extension of credit hereunder, at least $200,000,000 in aggregate gross cash proceeds from the issuance of the Senior Notes;
and 
 (iv)(A) The Administrative Agent shall receive satisfactory evidence that the Borrower’s Credit
Agreement, dated as of March 8, 2006, as amended by the first amendment dated August 17, 2006 (the “Existing Credit Agreement”), shall be terminated and all amounts thereunder shall be paid in full; and
(B) satisfactory arrangements shall have been made for the termination of all Liens granted in connection therewith. 
 (c) Existing Notes. The Borrower (i) shall have delivered to the trustee under the Existing Notes an irrevocable notice of redemption to be given by the trustee on the Closing Date to all
holders of the Existing Notes to effect the redemption in full of all outstanding Existing Notes on the earliest possible date following the Closing Date; and (ii) shall have deposited with the trustee an amount equal to the amount that the
holders of the Existing Notes are entitled to receive on the redemption date of the Existing Notes, including accrued and unpaid interest thereon to, but excluding, the redemption date. 

(d) Pro Forma Balance Sheet; Financial Statements. The Lenders shall have received (i) the Pro Forma Balance
Sheet and Pro Forma Statement of Income and (ii) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the Borrower and its Subsidiaries for each fiscal quarter ended (A) after
January 31, 2010 and (B) at least 45 days before the Closing Date ; provided that filing of the required financial statements on form 10-K and form 10-Q by the Borrower will satisfy such requirements. 

(e) Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid, and all
expenses for which invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Closing Date. All such amounts will be paid with proceeds of Loans made on the Closing Date and will be reflected in the
funding instructions given by the Borrower to the Administrative Agent on or before the Closing Date. 

  
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 (f) Closing Certificate; Certified Certificate of Incorporation; Good
Standing Certificates. The Administrative Agent shall have received a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments, including the certificate of
incorporation of each Loan Party that is a corporation certified by the relevant authority of the jurisdiction of organization of such Loan Party. 
 (g) Legal Opinions. The Administrative Agent shall have received the following executed legal opinions: 
 (i) the legal opinion of Weil, Gotshal & Manges LLP, counsel to the Borrower, the Canadian Borrower and their Subsidiaries, substantially in the form of Exhibit F; and 

(ii) the legal opinion of local counsel in each of New York, Delaware, Missouri, California, Texas, and Canada.

 Each such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as the
Administrative Agent may reasonably require. 
 (h) Pledged Stock; Stock Powers; Pledged Notes. The
Administrative Agent shall have received (i) the certificates representing the shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank
by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative Agent pursuant to the Guarantee and Collateral Agreement endorsed (without recourse) in blank (or accompanied by an
executed transfer form in blank) by the pledgor thereof; provided that, in the event that items described in clause (ii) are not or cannot be provided on the Closing Date after the Borrower’s use of commercially reasonable efforts
to do so or without undue delay, burden or expense, the delivery of such items shall not constitute a condition precedent to the initial extensions of credit on the Closing Date, but instead shall be provided in accordance with Section 6.13.

 (i) Filings, Registrations and Recordings. The Administrative Agent shall have received each document
(including any Uniform Commercial Code financing statement) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the
Administrative Agent, for the benefit of the Lenders, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 7.3), and each document
shall be in proper form for filing, registration or recordation; provided that, in the event that items described in this Section 5.1(i) (other than any Uniform Commercial Code financing statements) are not or cannot be provided on the
Closing Date after the Borrower’s use of commercially reasonable efforts to do so or without undue delay, burden or expense, the delivery of such items shall not constitute a condition precedent to the initial extension of credit on the Closing
Date, but instead shall be provided in accordance with Section 6.13. 
 (j) Solvency Certificate. The
Administrative Agent shall have received a certificate from the chief financial officer of Holdings certifying that Holdings and its subsidiaries, on a consolidated basis after giving effect to the Transactions and the transactions specified in
paragraph (b) above, are Solvent. 

  
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 (k) Insurance. The Administrative Agent shall have received insurance
certificates satisfying the requirements of Section 5.2(b) of the Guarantee and Collateral Agreement; provided that in the event such certificates are not or cannot be provided on the Closing Date after the Borrower’s use of
commercially reasonable efforts to do so or without undue delay, burden or expense, the delivery of such certificates shall not constitute a condition precedent to the initial extension of credit on the Closing Date, but instead shall be provided in
accordance with Section 6.13. 
 (l) Pro Forma Leverage Ratio. The Pro Forma Leverage Ratio shall not
exceed 5.65 to 1.0, and the Borrower shall have provided reasonably satisfactory support for such calculation, provided that the Sponsor shall have the ability to cure any shortfall with equity contributions in the same manner as provided for
in Section 8.2 with respect to the Financial Condition Covenants. 
 (m) Ratings. The Borrower shall
have received a public corporate credit rating and the Facilities shall have received a rating, in each case, from both Moody’s and S&P. 
 (n) Since January 31, 2010, there shall not have been any change, effect, event, occurrence, state of facts or development, that, individually or in the aggregate has had, or would reasonably be
expected to have, a material adverse effect on the business, assets, financial condition, liabilities or results of operations of the Target and its subsidiaries, taken as a whole (a “Closing Date Material Adverse Effect”);
provided that none of the following shall be deemed, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or would reasonably be expected to have a Closing
Date Material Adverse Effect: (1) any change, effect, event, occurrence, state of facts or development in the financial or securities markets or the economy in general; (2) any change, effect, event, occurrence, state of facts or
development in general political or business conditions (including the commencement, continuation or escalation of war, material armed hostilities or other material international or national calamity or acts of terrorism or earthquakes, hurricanes,
other natural disasters or acts of God); (3) any change, effect, event, occurrence, state of facts or development in the industries in which the Target or its subsidiaries operate in general, including prevailing interest rates, commodity
markets and energy costs; (4) any change in applicable Legal Requirements, GAAP (in each case as defined in the Purchase Agreement) or other accounting standard, or authoritative interpretations thereof, after the date of the Purchase
Agreement; (5) the announcement of the execution of the Purchase Agreement; (6) any change, effect, event, occurrence state of facts or development resulting from the Sellers’ (as defined in the Purchase Agreement) or the
Target’s compliance with its obligations under the Purchase Agreement; or (7) any change, effect, event, occurrence, state of facts or development resulting from the Buyer’s (as defined in the Purchase Agreement) unreasonably
withholding its consent following written notice from the Securityholder Representative (as defined in the Purchase Agreement) to the Buyer of such request pursuant to Section 7.1 (Conduct of Business of the Company) of the Purchase Agreement;
provided, further, that, with respect to clauses (1), (2), (3) and (4), any such change, effect, event, occurrence, state of facts or development occurring after the date hereof shall not be disregarded to the extent that it disproportionately
impacts the Target and its subsidiaries, taken as a whole, as compared to other similarly situated companies (by size or otherwise) operating in the principal industries and geographic areas in which the Company and its subsidiaries operate.

  
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 (o) On the Closing Date, after giving effect to the Transactions, neither
the Borrower nor any of its Subsidiaries shall have any material Indebtedness for borrowed money other than (i) the Facilities, (ii) the Senior Notes, (iii) Closing Indebtedness (as such term is defined in the Purchase Agreement, but
with it being understood that the only amounts of material indebtedness for borrowed money itemized in Schedule 1.1(a) of the Purchase Agreement outstanding after giving effect to the Transactions will be the amounts itemized under the heading
“Fin Agreement (2)” thereof) and (iv) an amount equal to approximately $1,400,000, which reflects the amount payable to the Borrower’s previous owners or employees, including relating to the Founders’ Employment Agreements
(as defined in the Purchase Agreement). 
 (p) The Administrative Agent shall have received all documentation and
other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act. 

5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to be made by
it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent: 
 (a) Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and
as of such date as if made on and as of such date, except to the extent that such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all
material respects on and as of such earlier date (it being understood that, notwithstanding the foregoing, only the making of the representations and warranties contained in Sections 4.3, 4.4, 4.11, 4.14, 4.16, 4.19 (subject, on the Closing Date to
the provisos contained in each of Section 5.1(h), (i) and (k) above) and 4.20 (the “Specified Representations”) will be a condition on the Closing Date and that, to the extent that any of the representations and
warranties made on the Closing Date are qualified by or subject to “Material Adverse Effect”, such representation or warranty shall be deemed to be qualified by or subject to “Closing Date Material Adverse Effect” for the
purposes of any representations and warranties made or to be made on, as of, or prior to the Closing Date). 

(b) No Default. No Default or Event of Default (subject, in the case of the initial extensions of credit on the
Closing Date, to Section 5.2(a) above) shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 
 Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the
conditions contained in this Section 5.2 have been satisfied. 
 SECTION 6. AFFIRMATIVE COVENANTS 

Holdings, the Borrower and the Canadian Borrower hereby jointly and severally agree that, so long as the Commitments remain in effect,
any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder, each of Holdings, the Borrower and the Canadian Borrower shall and shall cause each of its Subsidiaries to:

 6.1 Financial Statements. Furnish to the Administrative Agent and each Lender: 

  
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 (a) as soon as available, but in any event within 90 days after the end
of each Fiscal Year of the Borrower, a copy of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such
year, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Ernst &
Young LLP or other independent certified public accountants of nationally recognized standing; 
 (b) as soon as
available, but in any event not later than 45 days (or, in the case of the first quarterly period end date following the Closing Date, not later than 75 days) after the end of each of the first three quarterly periods of each Fiscal Year of the
Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion of the
Fiscal Year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer as fairly presenting, in all material respects, the consolidated financial condition
and results of operations of the Borrower and its Subsidiaries as at the dates indicated (subject to normal year-end audit adjustments and the absence of footnotes); and 

(c) as soon as available, but in any event not later than 30 days after the end of each monthly fiscal accounting period
occurring during each Fiscal Year of the Borrower (other than the third, sixth, ninth and twelfth such monthly fiscal accounting period), financial statements of the Borrower and its Subsidiaries in a form reasonably acceptable to the Administrative
Agent, prepared in accordance with GAAP, certified by a Responsible Officer as fairly presenting, in all material respects, the consolidated financial condition and results of operations of the Borrower and its Subsidiaries as at the dates indicated
(subject to normal year-end audit adjustments and the absence of footnotes). 
 All such financial statements shall be complete and correct in
all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the
periods reflected therein and with prior periods. 
 6.2 Certificates; Other Information. Furnish to the Administrative
Agent and each Lender (or, in the case of clause (h), to the relevant Lender): 
 (a) concurrently with the
delivery of the financial statements referred to in Section 6.1(a), a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was
obtained of any Default or Event of Default, except as specified in such certificate; 
 (b) concurrently with
the delivery of any financial statements pursuant to Section 6.1(a) or (b), (i) a certificate of a Responsible Officer stating that, to the best of each such Responsible Officer’s knowledge, such Responsible Officer has obtained no
knowledge of any Default or Event of Default except as specified in such certificate and (ii) (x) a Compliance Certificate containing all information and calculations necessary for determining compliance by each Group Member with the
provisions of this Agreement referred to therein as of the last day of the fiscal quarter or Fiscal Year of the Borrower, as the case may be, and (y) to the extent not previously disclosed to the Administrative Agent, a description of any
change in the jurisdiction of organization of any Loan Party and a list of any Intellectual Property acquired by any Loan Party since the date of the most recent report delivered pursuant to this clause (y) (or, in the case of the first such
report so delivered, since the Closing Date); 

  
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 (c) as soon as available, and in any event no later than 45 days after the
end of each Fiscal Year of the Borrower, a detailed consolidated budget for the following Fiscal Year (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the following Fiscal Year, the related
consolidated statements of projected cash flow, projected changes in financial position and projected income (showing quarter-by-quarter break-downs) and a description of the underlying assumptions applicable thereto), and, as soon as available,
significant revisions, if any, of such budget and projections with respect to such Fiscal Year (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating
that such Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect; 

(d) concurrently with the delivery of any financial statements pursuant to Section 6.1(a) or (b), a narrative
discussion and analysis of the financial condition and results of operations of the Borrower and its Subsidiaries (including comparable store narrative discussion and analysis for same store sales) for such fiscal quarter and for the period from the
beginning of the then current Fiscal Year to the end of such fiscal quarter, as compared to the portion of the Projections covering such periods and to the comparable periods of the previous year; 

(e) no later than 10 Business Days prior to the effectiveness thereof, copies of substantially final drafts of any
proposed amendment, supplement, waiver or other modification with respect to the Senior Note Indenture or the Acquisition Documentation; 
 (f) within five days after the same are sent, copies of all financial statements and reports that Holdings or the Borrower sends to the holders of any class of its debt securities or public equity
securities and, within five days after the same are filed, copies of all financial statements and reports that Holdings or the Borrower may make to, or file with, the SEC; 

(g) promptly following receipt thereof, copies of any documents described in Sections 101(k) and 101(l) of ERISA that the
Borrower, the Canadian Borrower or any of their Commonly Controlled Entities may request with respect to any Multiemployer Plan; provided, that if the Borrower, the Canadian Borrower or any of their Commonly Controlled Entities have not requested
such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Borrower, the Canadian Borrower and/or any of their Commonly Controlled Entities shall
promptly make a request for such documents or notices from such administrator or sponsor and the Borrower or the Canadian Borrower or any of their Commonly Controlled Entities shall provide copies of such documents and notices to the Administrative
Agent promptly after receipt thereof; and 
 (h) promptly, such additional financial and other information as any
Lender through the Administrative Agent may from time to time reasonably request. 
 6.3 Payment of Obligations. Pay,
discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except (i) where the amount or validity thereof is currently being contested in good
faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the relevant Group Member or (ii) where the amount thereof, the failure of which to make such payment, would not cause
an Event of Default under Section 8.1(e). 

  
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 6.4 Maintenance of Existence; Compliance. (a)(i) Preserve, renew and keep in full
force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by
Section 7.4 and except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations and Requirements of Law
except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 6.5 Maintenance of Property; Insurance. (a) Keep all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted and (b) maintain
with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks (but including in any event public liability, product liability, flood and business interruption) as are
usually insured against in the same general area by companies engaged in the same or a similar business. 
 6.6 Inspection of
Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to
its business and activities and (b) permit representatives of any Lender upon reasonable advance notice and during normal business hours to visit and inspect any of its properties and examine and make abstracts from any of its books and records
at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Group Members with officers and employees of the Group Members and with their independent
certified public accountants; provided that in the case of any discussion or meeting with the independent public accountants, only if the Borrower has been given the opportunity to participate in such discussion or meeting. 

6.7 Notices. Promptly give notice to the Administrative Agent and each Lender of: 

(a) the occurrence of any Default or Event of Default; 

(b) any (i) default or event of default under any Contractual Obligation of any Group Member or (ii) litigation,
investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse
Effect; 
 (c) any litigation or proceeding affecting any Group Member (i) in which the amount involved is
$2,500,000 or more and not covered by insurance, (ii) in which injunctive or similar relief is sought or (iii) which relates to any Loan Document; 
 (d) the occurrence of any ERISA Event that, when taken alone or together with any other ERISA Events, would reasonably be expected to have a Material Adverse Effect; 

(e) any development or event that has had or could reasonably be expected to have a Material Adverse Effect; and

 (f) any amendment or modification of any material provision relating to compensation, term or advertising
requirements under any franchise agreement. 

  
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 Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer
setting forth details of the occurrence referred to therein and stating what action the relevant Group Member proposes to take with respect thereto. 
 6.8 Environmental Laws. (a) Comply with, and use commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain
and comply with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable
Environmental Laws, except to the extent that the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
 (b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply with all lawful orders and
directives of all Governmental Authorities regarding Environmental Laws, except to the extent that the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

6.9 Additional Collateral, etc. (a) With respect to any property acquired after the Closing Date by any Group Member (other
than (w) any property described in paragraph (b), (c), (d) or (e) below, (x) any property subject to a Lien expressly permitted by Section 7.3(g), (y) property acquired by any Excluded Foreign Subsidiary and
(z) any property not meeting the minimum thresholds set forth in the Guarantee and Collateral Agreement) as to which the Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien, promptly (i) execute and deliver
to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a security
interest in such property and (ii) take all actions necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in such property, including the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent. 

(b) With respect to any fee interest in any real property having a value (together with improvements thereof) of at least $1,000,000
acquired after the Closing Date by any Group Member (other than (x) any such real property subject to a Lien expressly permitted by Section 7.3(g) and (y) real property acquired by any Excluded Foreign Subsidiary), promptly
(i) execute and deliver a first priority Mortgage, in favor of the Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title
and extended coverage insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent) as well as a current ALTA survey
thereof, together with a surveyor’s certificate and (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably
satisfactory to the Administrative Agent and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from
counsel, reasonably satisfactory to the Administrative Agent. 
 (c) With respect to any leasehold property acquired after the
Closing Date (other than any leasehold property acquired by any Excluded Foreign Subsidiary), promptly execute and deliver (or, to the extent landlord consent to such leasehold Mortgage is required, use its commercially reasonable efforts to execute
and deliver) a first priority leasehold Mortgage, in favor of the Administrative Agent, for the benefit of the Lenders, covering such leasehold property, together with such documents, title insurance policies and legal opinions as the Administrative
Agent shall request consistent with the provisions of Section 6.11. 

  
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 (d) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created
or acquired after the Closing Date by any Group Member (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), promptly (i) execute and deliver to the
Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security
interest in the Capital Stock of such new Subsidiary that is owned by any Group Member, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and
delivered by a duly authorized officer of the relevant Group Member, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions necessary or advisable to grant to the
Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial
Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent and (C) to deliver to the Administrative Agent a certificate of such
Subsidiary, substantially in the form of Exhibit C, with appropriate insertions and attachments, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above,
which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
 (e)
With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date by any Group Member (other than by any Group Member that is an Excluded Foreign Subsidiary), promptly (i) execute and deliver to the Administrative
Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the
Capital Stock of such new Subsidiary that is owned by any such Group Member (provided that in no event shall more than 66% of the total outstanding voting Capital Stock of any such new Subsidiary be required to be so pledged), (ii) deliver to
the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, and take such other action as may be necessary
or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein, and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to
the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
 6.10 Landlord Consents. Use its commercially reasonable efforts to obtain landlord consents to the granting of a leasehold mortgage in favor of the Administrative Agent with respect to each
leasehold property listed on Schedule 1.1B-3, in form and substance reasonably satisfactory to the Administrative Agent. 
 6.11
Mortgages. On or prior to the date that is 90 days following the Closing Date (or, in relation to a landlord consent obtained pursuant to Section 6.10 above, following the date such consent is obtained, or, in either case, such later
date as the Administrative Agent may agree in its sole discretion), deliver to the Administrative Agent the following with respect to each Mortgaged Property: (i) a Mortgage with respect to each such Mortgaged Property; (ii) any existing
maps, plats and/or as-built surveys of such Mortgaged Properties which are in the possession of any Loan Party; (iii) a mortgagee’s title insurance policy (or policies) or marked up unconditional binder for such insurance, in each case in
form and substance reasonably satisfactory to the Administrative Agent (together with evidence that all premiums in respect of each such policy, all charges for mortgage recording taxes, and all related expenses, if any, have been paid); (iv) a
“life of loan” standard flood hazard determination; (v) if such Mortgaged Property is located in a “special flood hazard area” (A) a policy of flood insurance that (1) covers such Mortgaged Property, written in an
amount reasonably satisfactory to the Administrative Agent, and (B) confirmation that the Borrower has received, with respect to such Mortgaged Property, the notice required pursuant to Section 208(e)(3) of Regulation H of the Board; and
(vi) a copy of all recorded documents referred to, or listed as exceptions to title in, the title policy or policies referred to in clause (iii) above and a copy of all other material documents affecting such Mortgaged Property.

  
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 6.12 Maintenance of Ratings. Each of Holdings and the Borrower will use commercially
reasonable efforts, including, for the avoidance of doubt, the payment of the usual and customary fees and expenses of each of S&P and Moody’s, to cause (a) the Borrower to continuously have a public corporate credit rating from each
of S&P and Moody’s (but not to maintain a specific rating) and (b) the Term Facility and the Revolving Facility to be continuously rated by each of S&P and Moody’s (but not to maintain a specific rating). 

6.13 Post-Closing Covenants. Cause each post-closing matter identified on Schedule 6.13 to be on or before the date set forth on
Schedule 6.13 with respect to such post-closing matter. 
 SECTION 7. NEGATIVE COVENANTS 

Holdings, the Borrower and the Canadian Borrower hereby jointly and severally agree that, so long as the Commitments remain in effect,
any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder, each of Holdings, the Borrower and the Canadian Borrower shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly: 
 7.1 Financial Condition Covenants. 

(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as at the last day of any period of four consecutive
fiscal quarters of the Borrower ending with any fiscal quarter set forth below to exceed the ratio set forth below opposite such fiscal quarter: 
  

					
	 Fiscal Quarter
	  	Consolidated
Leverage Ratio	 
		
	 Third Quarter of Fiscal Year 2010 through First Quarter of Fiscal Year 2011
	  	 	5.25:1.00	  
		
	 Second Quarter of Fiscal Year 2011 through Fourth Quarter of Fiscal Year 2011
	  	 	5.00:1.00	  
		
	 First Quarter of Fiscal Year 2012
	  	 	4.75:1.00	  
		
	 Second Quarter of Fiscal Year 2012 through Fourth Quarter of Fiscal Year 2012
	  	 	4.50:1.00	  
		
	 First Quarter of Fiscal Year 2013
	  	 	4.25:1.00	  

  
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	 Second Quarter of Fiscal Year 2013 through Fourth Quarter of Fiscal Year 2013
	  	 	4.00:1.00	  
		
	 First Quarter of Fiscal Year 2014
	  	 	3.75:1.00	  
		
	 Second Quarter of Fiscal Year 2014 through Third Quarter of Fiscal Year 2014
	  	 	3.50:1.00	  
		
	 Fourth Quarter of Fiscal Year 2014 and thereafter
	  	 	3.25:100	  

 (b) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio
for any period of four consecutive fiscal quarters of the Borrower ending with any fiscal quarter set forth below to be less than the ratio set forth below opposite such fiscal quarter: 

 

			
	 Fiscal Quarter
	  	Consolidated Fixed
Charge Coverage Ratio
		
	 Third Quarter of Fiscal Year 2010 through Fourth Quarter of Fiscal Year 2010
	  	1.00:1.00
		
	 First Quarter of Fiscal Year 2011 through Fourth Quarter of Fiscal Year 2011
	  	1.05:1.00
		
	 First Quarter of Fiscal Year 2012 through Fourth Quarter of Fiscal Year 2012
	  	1.10:1.00
		
	 First Quarter of Fiscal Year 2013 through Fourth Quarter of Fiscal Year 2013
	  	1.15:1.00
		
	 First Quarter of Fiscal Year 2014 through Third Quarter of Fiscal Year 2014
	  	1.20:1.00
		
	 Fourth Quarter of Fiscal Year 2014 and thereafter
	  	1.30:1.00

 ; provided, that for the purposes of determining the ratio described above for the third quarter of Fiscal Year
2010, the fourth quarter of Fiscal Year 2010 and the first quarter of Fiscal Year 2011, Consolidated Fixed Charges for the relevant period shall be deemed to equal Consolidated Fixed Charges for such fiscal quarter (and, in the case of the latter
two such determinations, each previous fiscal quarter commencing after the Closing Date) multiplied by 4, 2 and 4/3, respectively. 

  
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 7.2 Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer
to exist any Indebtedness, except: 
 (a) Indebtedness of any Loan Party pursuant to any Loan Document;

 (b) Indebtedness of the Borrower to any Subsidiary and of any Wholly Owned Subsidiary Guarantor to the
Borrower or any other Subsidiary; 
 (c) Guarantee Obligations incurred in the ordinary course of business by the
Borrower or any of its Subsidiaries of obligations of any Wholly Owned Subsidiary Guarantor; 
 (d) Indebtedness
outstanding on the date hereof and listed on Schedule 7.2(d) and any refinancings, refundings, replacements, renewals or extensions thereof (without increasing the principal amount thereof or shortening the maturity thereof); 

(e) Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens permitted by
Section 7.3(g) in an aggregate principal amount not to exceed $15,000,000 at any one time outstanding and any refinancings, refundings, replacements, renewals or extensions thereof (without increasing the principal amount thereof or shortening
the maturity thereof); 
 (f) (i) Indebtedness of the Borrower in respect of the Senior Notes in an aggregate
principal amount not to exceed $200,000,000, (ii) Indebtedness of the Borrower in respect of the Senior Notes or other Permitted Senior Indebtedness in an aggregate principal amount not to exceed $50,000,000 provided that (A) the Borrower
is in compliance on a pro forma basis with the financial covenants contained in Section 7.1 and (B) the Consolidated Leverage Ratio is not greater than the Incurrence Ratio, in each case, after giving effect to the incurrence of such
Indebtedness and the application of the proceeds therefrom and (iii) Guarantee Obligations of Holdings and any Subsidiary Guarantor in respect of such Indebtedness under clauses (i) and (ii) above and any refinancings, refundings,
replacements, renewals or extensions thereof (without increasing the principal amount thereof or shortening the maturity thereof) that qualifies as Permitted Senior Indebtedness; 

(g) Permitted Senior Indebtedness and any refinancings, refundings, replacements, renewals or extensions thereof (without
increasing the principal amount thereof or shortening the maturity thereof) to the extent the Net Cash Proceeds in respect thereof are used to prepay Term Loans pursuant to Section 2.11(a); 

(h) endorsements of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
business; 
 (i) Indebtedness in respect of Swap Agreements permitted under Section 7.12; 

(j) Indebtedness of any Excluded Foreign Subsidiary to the Borrower or any Subsidiary of the Borrower, provided that all
such intercompany Indebtedness shall be subordinated to the Obligations on terms satisfactory to the Administrative Agent and shall be in an aggregate principal amount not to exceed $1,000,000; 

(k) Indebtedness consisting of Guarantee Obligations of any Indebtedness of the Borrower or any of its Subsidiaries
otherwise permitted to be incurred pursuant to this Section 7.2; 

  
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 (l) Indebtedness of a Person existing at the time such Person becomes a
Subsidiary of the Borrower following the Closing Date, which Indebtedness is in existence at the time such Person becomes a Subsidiary and is not created in connection with or in contemplation of such Person becoming a Subsidiary; provided
that the aggregate principal amount of all such Indebtedness in the aggregate shall not exceed $5,000,000 at any time outstanding (and any refinancings, refundings, replacements, renewals or extensions thereof (without increasing the principal
amount thereof or shortening the maturity thereof)); 
 (m) Indebtedness consisting of obligations to employees,
directors and consultants of Holdings (or any direct or indirect parent of Holdings that exists for the sole purpose of being a direct or indirect holding company of Holdings to the extent attributable to the operation of Holdings and its
Subsidiaries), the Borrower or its Subsidiaries in respect of stock ownership or stock option plans to the extent that such obligations are permitted under Section 7.6; 

(n) Indebtedness incurred in respect of workers’ compensation claims, self-insurance obligations, performance, surety
and similar bonds and completion guarantees provided by the Borrower or any Subsidiary of the Borrower in the ordinary course of business, provided such Indebtedness is not overdue; 

(o) Indebtedness arising from agreements of Holdings, the Borrower or any Subsidiary of the Borrower providing for
indemnification, adjustment of purchase price or similar obligations (including payments in relation to escrow or holdback obligations or, solely pursuant to clause (ii) below, tax benefit obligations), in each case, incurred or assumed
(i) in connection with the disposition of any business, assets or Capital Stock or (ii) in connection with the Acquisition Documentation (without giving effect to subsequent amendments, waivers or other modifications to such agreements or
documents); 
 (p) Indebtedness arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business, provided, however, that such Indebtedness is extinguished within five Business Days of
incurrence; 
 (q) additional Indebtedness of the Borrower or any of its Subsidiaries in an aggregate principal
amount (for the Borrower and all Subsidiaries) not to exceed $20,000,000 at any one time outstanding; and 
 (r)
Indebtedness arising under Card Programs, provided that the aggregate outstanding amount of such Indebtedness shall not exceed $5,000,000 at any time. 
 7.3 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter acquired, except: 

(a) Liens for taxes not yet due and payable or that are being contested in good faith by appropriate proceedings,
provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising
in the ordinary course of business that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings; 

  
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 (c) pledges or deposits in connection with workers’ compensation,
unemployment insurance and other social security legislation; 
 (d) deposits to secure the performance of bids,
trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(e) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business
that, in the aggregate, are not substantial in amount and that do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Borrower or any of its
Subsidiaries and other encumbrances on each Mortgaged Property as and to the extent permitted by the Mortgage applicable thereto; 
 (f) Liens in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted by Section 7.2(d), provided that no such Lien is spread to cover any additional property
after the Closing Date and that the amount of Indebtedness secured thereby is not increased; 
 (g) Liens
securing Indebtedness of the Borrower or any other Subsidiary incurred pursuant to Section 7.2(e) to finance the acquisition of fixed or capital assets, provided that (i) such Liens shall be created substantially simultaneously with
the acquisition of such fixed or capital assets, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness, (iii) the Indebtedness secured thereby does not exceed 100% of the cost of
such assets at the time of such acquisition, including transaction costs incurred in connection with such acquisition and (iv) the amount of Indebtedness secured thereby is not increased; 

(h) Liens created pursuant to the Security Documents; 

(i) any interest or title of a lessor under any lease entered into by the Borrower or any other Subsidiary in the ordinary
course of its business and covering only the assets so leased; 
 (j) purported Liens evidenced by the filing of
precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business; 
 (k) any attachment or judgment Lien not constituting an Event of Default under Section 8.1(h); 
 (l) non-exclusive licenses or sublicenses of Intellectual Property granted by the Borrower or any of its Subsidiaries in the ordinary course of business consistent with past practice and not interfering
in any respect with the ordinary conduct of the business of the Borrower or such Subsidiary; 
 (m) bankers liens
and rights of set-off with respect to customary depositary arrangements entered into in the ordinary course of business of the Borrower and its Subsidiaries; 
 (n) Liens securing Indebtedness permitted under Section 7.2(l); provided that (i) such Liens are not created in contemplation of or in connection with such Person becoming a Subsidiary,
(ii) such Liens do not apply to any other property of the Borrower or any of its Subsidiaries, and (iii) such Liens secure only those obligations secured by such Liens on the date such Person becomes a Subsidiary; 

  
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 (o) Liens in favor of customs and revenue authorities arising as a matter of
law to secure payment of customs duties in connection with the importation of goods; 
 (p) Liens in favor of
issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant to the request of and for the account of such Person in the ordinary course of its business so long as neither (i) the aggregate
outstanding principal amount of the obligations secured thereby nor (ii) the aggregate fair market value (determined as of the date such Lien is incurred) of the assets subject thereto exceeds (as to the Borrower and all Subsidiaries)
$2,000,000 at any one time; 
 (q) Liens securing Swap Agreements permitted under Section 7.12 so long as
neither (i) the aggregate outstanding principal amount of the obligations secured thereby nor (ii) the aggregate fair market value (determined as of the date such Lien is incurred) of the assets subject thereto exceeds (as to the Borrower
and all Subsidiaries) $5,000,000 at any one time; 
 (r) Liens not otherwise permitted by this Section so long as
neither (i) the aggregate outstanding principal amount of the obligations secured thereby nor (ii) the aggregate fair market value (determined as of the date such Lien is incurred) of the assets subject thereto exceeds (as to the Borrower
and all Subsidiaries) $5,000,000 at any one time; and 
 (s) Liens on property or assets of Excluded Foreign
Subsidiaries securing Indebtedness and other obligations of Excluded Foreign Subsidiaries that are incurred under Section 7.2 in an aggregate principal amount outstanding at any one time not to exceed $10,000,000. 

7.4 Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer
any liquidation or dissolution), or Dispose of all or substantially all of its property or business, except that: 
 (a) (i) any Subsidiary of the Borrower (other than the Canadian Borrower) may be merged or consolidated with or into the Borrower (provided that the Borrower shall be the continuing or surviving
corporation) or with or into any Wholly Owned Subsidiary Guarantor (provided that the Wholly Owned Subsidiary Guarantor shall be the continuing or surviving corporation) and (ii) any Excluded Foreign Subsidiary (other than the Canadian
Borrower) may be merged or consolidated with or into any other Excluded Foreign Subsidiary; 
 (b) (i) any
Subsidiary of the Borrower (other than the Canadian Borrower) may Dispose of any or all of its assets (x) to the Borrower or any Wholly Owned Subsidiary Guarantor (upon voluntary liquidation or otherwise) or (y) pursuant to a Disposition
permitted by Section 7.5 and (ii) any Excluded Foreign Subsidiary (other than the Canadian Borrower) may Dispose of any or all of its assets to any other Excluded Foreign Subsidiary; 

(c) any Investment expressly permitted by Section 7.8 may be structured as a merger, consolidation or amalgamation;
and 
 (d) the Acquisition may be consummated. 

  
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 7.5 Disposition of Property. Dispose of any of its property, whether now owned or
hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: 
 (a) the Disposition of damaged, obsolete, surplus or worn out property in the ordinary course of business; 
 (b) the sale of inventory or the licensing of Intellectual Property or other general intangibles in connection with franchise agreements in the ordinary course of business; 

(c) Dispositions permitted by clause (i)(x) or clause (ii) of Section 7.4(b); 

(d) the sale or issuance of the Borrower’s or any Subsidiary’s Capital Stock to Holdings, the Borrower or any
Wholly Owned Subsidiary Guarantor; 
 (e) cash and Cash Equivalents; 

(f) Permitted Sale-Leasebacks to the extent the Net Cash Proceeds in respect thereof are used to prepay Term Loans
pursuant to Section 2.11(b); 
 (g) Dispositions to the Borrower or any of its Subsidiaries; provided
that any such Dispositions involving a Subsidiary that is not a Loan Party shall be made in compliance with Section 7.10; 
 (h) Dispositions constituting Investments permitted under Section 7.8; 
 (i) Dispositions of assets in a single or series of related transaction not constituting an Asset Sale; and 
 (j) the Disposition of other property or a series of related Dispositions of property having a book value not to exceed $15,000,000 in the aggregate for any Fiscal Year of the Borrower. 

7.6 Restricted Payments. Declare or pay any dividend (other than dividends payable solely in Capital Stock of the Person making
such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Group Member, whether now or
hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Group Member (collectively, “Restricted Payments”), except that:

 (a) any Subsidiary may make Restricted Payments to the Borrower or any Wholly Owned Subsidiary Guarantor and,
on a pro rata basis, to its equity holders (with respect to any non-Wholly Owned Subsidiary); 
 (b) so long as
no Default or Event of Default shall have occurred and be continuing, the Borrower may pay dividends to Holdings, and Holdings may pay dividends to its direct or indirect parent that exists for the sole purpose of being a direct or indirect holding
company of Holdings, to: (i) purchase its own common stock or common stock options from present or former officers, directors, consultants or employees of such Person upon the death, disability or termination of employment of such officer,
director, consultant or employee or make payments to present or former officers, directors, consultants or employees of such Person in respect of stock ownership or stock option plans, provided, that the aggregate amount of payments under
this clause (i) after the date hereof (net of any proceeds received by Holdings (or any such direct or indirect parent of Holdings) and contributed to the Borrower after the date hereof in connection with resales of any common stock or common
stock options so purchased) shall not exceed $2,500,000 in the aggregate for any Fiscal Year of the Borrower; and (ii) pay amounts expressly permitted by Section 7.10(b) below; and 

  
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 (c) the Borrower may pay dividends to Holdings and Holdings may pay
dividends to its direct or indirect parent that exists for the sole purpose of being a direct or indirect holding company of Holdings, to pay: (i) corporate overhead expenses incurred in the ordinary course of business not to exceed
(A) $1,000,000 prior to a Qualifying IPO and (B) $2,000,000 on or following a Qualifying IPO, in each case in any Fiscal Year, (ii) any taxes that are due and payable by Holdings (or any such direct or indirect parent of Holdings) as
a result of being part of a consolidated, combined or unitary tax group with the Borrower, or (iii) amounts contemplated by Section 7.2(o). 
 7.7 Capital Expenditures. Make or commit to make any initial New Unit Capital Expenditure at any time that (a) the aggregate Available Revolving Commitments is less than $15,000,000 and
(b) the Consolidated Leverage Ratio as at the last day of the period of four consecutive fiscal quarters most recently ended for which the Borrower has delivered a Compliance Certificate is greater than the Incurrence Ratio; provided
that the restrictions contained in this Section 7.7 shall not apply to initial New Unit Capital Expenditures comprised of the then available Cumulative Credit that is attributable to clause (a)(ii) of the definition of “Cumulative
Credit” that the Borrower chooses to apply to an initial New Unit Capital Expenditure. 
 7.8 Investments. Make any
advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other
investment in, any Person (all of the foregoing, “Investments”), except: 
 (a) extensions of
trade credit in the ordinary course of business; 
 (b) investments in cash and Cash Equivalents; 

(c) Guarantee Obligations permitted by Section 7.2; 

(d) loans and advances to employees of any Group Member in the ordinary course of business (including for travel,
entertainment and relocation expenses) in an aggregate amount for all Group Members not to exceed $2,500,000 at any one time outstanding; 
 (e) the Acquisition; 
 (f) Investments in assets useful in the
business of the Borrower and its Subsidiaries made by the Borrower or any of its Subsidiaries with the proceeds of any Reinvestment Deferred Amount; 
 (g) intercompany Investments by any Group Member in the Borrower or any Person that, prior to such Investment, is a Wholly Owned Subsidiary Guarantor, or upon the making of such Investment or if as a
result of such Investment, such Person becomes a Wholly Owned Subsidiary Guarantor, or such Person is merged into or consolidated with or transfers all or substantially all of its assets to the Borrower or any Wholly Owned Subsidiary Guarantor;

  
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 (h) intercompany loans to any Excluded Foreign Subsidiary to the extent
permitted under Section 7.2(j); 
 (i) Capital Expenditures permitted by Section 7.7; 

(j) Investments existing as of the Closing Date and listed on Schedule 7.8(j); 

(k) Investments in Swap Agreements permitted under Section 7.12; 

(l) Permitted Acquisitions; 
 (m) Capital Stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing to the Borrower or any Subsidiary of the Borrower or in satisfaction of
judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of a debtor; 
 (n) Investments made as a result of the receipt of non-cash consideration from a Disposition of property that was made pursuant to and in compliance with Section 7.5; 

(o) Investments in or by any Foreign Subsidiary in an aggregate amount at the time of such Investments not to exceed
$10,000,000 outstanding at any one time (with the fair market value of such Investment being measured at the time made and without giving effect to subsequent changes in value); 

(p) Investments by the Borrower or any Subsidiary in an amount not to exceed the then available Cumulative Credit; and

 (q) in addition to Investments otherwise expressly permitted by this Section, Investments by the Borrower or
any of its Subsidiaries in an aggregate amount (valued at cost) not to exceed $10,000,000 during the term of this Agreement. 

7.9 Optional Payments and Modifications of Certain Debt Instruments. (a) Make or offer to make any optional or voluntary
payment, prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease or segregate funds with respect to the Senior Notes or any Permitted Senior Indebtedness; provided that the Borrower may: 

(i) make prepayments in connection with any refinancing, refunding, replacement, renewal or extension of the Senior Notes
or any Permitted Senior Indebtedness permitted under Section 7.2 (in each case, without increasing the principal amount thereof or shortening the maturity thereof), 

(ii) prepay, repurchase or redeem Senior Notes and Permitted Senior Indebtedness in an aggregate amount not to exceed
$15,000,000 so long as (x) no such repurchase or redemption is made with the proceeds of Revolving Loans, Canadian Revolving Loans or Additional Revolving Loans and (y) after giving pro forma effect to such repurchase or redemption, the
Borrower is in compliance with both covenants set forth in Section 7.1, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.1,
and 

  
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 (iii) in addition to as permitted in clause (ii) above, prepay,
repurchase or redeem up to 40% of the original principal amount of the Senior Notes (calculated after giving effect to the issuance of any additional Senior Notes) (any such prepayment, repurchase or redemption pursuant solely to this clause (iii),
a “Note Prepayment”) with the Net Cash Proceeds of one or more equity offerings, issuances or sales of Capital Stock issued by the Borrower or Holdings, in each case on and subject to the terms set out in the Senior Note Indenture,
provided that, with respect to any such Note Prepayment (I) after the aggregate of all Note Prepayments exceed $25,000,000 of principal amount of Senior Notes or (II) that would result in the aggregate of all Note Prepayments exceeding
$25,000,000 of principal amount of Senior Notes, the Borrower shall first make an offer (an “Offer”) to the Term Lenders to repurchase and cancel the Term Loans (x) in the case of a Note Prepayment described in clause
(I) above, in the amount of such intended Note Prepayment or (y) in the case of a Note Prepayment described in clause (II) above, in the amount by which such intended Note Prepayment would cause the aggregate of all Note Prepayments to
exceed $25,000,000 (such Term Loans, the “Offer Loans”), and in connection therewith (A) the Borrower shall deliver a notice of such Offer to the Administrative Agent and all Term Lenders no later than 12:00 noon New York City
time at least five Business Days in advance of a proposed consummation date of such Offer indicating (1) the last date on which such Offer may be accepted, (2) the maximum dollar amount of such Offer; (B) the Borrower shall hold such
Offer open for a minimum period of two Business Days; (C) a Term Lender who elects to participate in the Offer may choose to sell all or part of such Term Lender’s Offer Loans; and (D) such Offer shall be made to Term Lenders on a pro
rata basis in accordance with the respective principal amount then due and owing to the Term Lenders; provided, that: (1) if any Term Lender elects not to participate in the Offer, either in whole or in part, the amount of such Term
Lender’s Offer Loans not being tendered shall be excluded in calculating the pro rata amount applicable to each Term Lender tendering Offer Loans; and (2) an amount equal to the excess of (x) the Net Cash Proceeds of the relevant
equity offerings, issuances or sales of Capital Stock over (y) the amount required to repurchase and cancel Offer Loans from participating Term Lenders in accordance with the Offer, may be applied by the Borrower or Holdings to such Note
Prepayment without any further Offer being required; or 
 (b) amend, modify, waive or otherwise change, or consent or agree to
any amendment, modification, waiver or other change to, any of the terms of the Senior Notes or any Permitted Senior Indebtedness (other than any such amendment, modification, waiver or other change that (i) would extend the maturity or reduce
the amount of any payment of principal thereof or reduce the rate or extend any date for payment of interest thereon and (ii) does not involve the payment of a consent fee). 

7.10 Transactions with Affiliates. 
 (a) Enter into any transaction, including any purchase, sale, lease or exchange of property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate
(other than Holdings, the Borrower or any Wholly Owned Subsidiary Guarantor) unless such transaction is (i) otherwise permitted under this Agreement, (ii) in the ordinary course of business of the relevant Group Member, and (iii) upon
fair and reasonable terms no less favorable to the relevant Group Member than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate. 

(b) Notwithstanding paragraph (a) above, Holdings, the Borrower and its Subsidiaries may (i) pay to the Sponsor
and its Control Investment Affiliates fees and expenses pursuant to a reimbursement agreement approved by the board of directors of the Borrower in an aggregate amount not to exceed in any Fiscal Year of the Borrower $750,000 plus other fees
or expenses incurred by the Sponsor or its Affiliates in connection with the procurement of insurance and/or goods and services by such Person on behalf of the Borrower or its Subsidiaries as permitted by such reimbursement agreement, (ii) pay
reasonable and customary fees and expenses to members of the Board of Directors of Holdings (or any direct or indirect parent of Holdings that exists for the sole purpose of being a direct or indirect holding company of Holdings), to the extent
attributable to the operation of Holdings, the Borrower and its Subsidiaries, (iii) make loans and advances to non-executive employees in the ordinary course of business to the extent permitted as a permitted Investment under
Section 7.8(d), (iv) consummate the transactions set forth on Schedule 7.10 and (v) pay amounts to the Sellers and their affiliates on the Closing Date under the Acquisition Documentation in accordance with Section 7.2(o)(ii)
above. 

  
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 7.11 Sales and Leasebacks. Enter into any arrangement with any Person providing for
the leasing by any Group Member of real or personal property that has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of
such property or rental obligations of such Group Member (a “Sale-Leaseback”); provided that, so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower or any Subsidiary of the
Borrower may enter into a Sale-Leaseback with respect to any Unit which commences operations after the Closing Date (regardless of when the Real Estate on which such Unit is located was acquired) or any fee or leasehold interest in Real Estate
acquired after the Closing Date if (a) the terms of the sale as such are comparable to terms which could be obtained in an arm’s-length sale among unaffiliated parties not involving a Sale-Leaseback transaction, (b) the terms of the
lease as such are comparable to terms which could be obtained in an arm’s-length commercial operating lease among unaffiliated parties and (c) the Net Cash Proceeds in respect thereof are used to prepay Term Loans pursuant to
Section 2.11(b) and, provided further that, assuming that such Sale-Leaseback (and any repayment of Indebtedness in conjunction therewith) had occurred immediately prior to the period of four consecutive fiscal quarters most recently
ended, no Default or Event of Default would have occurred under Section 7.1 after giving effect to such Sale-Leaseback (any such Sale-Leaseback referred to herein, a “Permitted Sale-Leaseback”). 

7.12 Swap Agreements. 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 Capital Stock or the Senior Notes) 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. 
 7.13 Changes in Fiscal Periods. Permit the Fiscal Year of the Borrower to end on a day other than the Sunday after the Saturday closest to January 31 of each calendar year or change the
Borrower’s method of determining fiscal quarters. The term “Fiscal Year XXXX”, where “XXXX” is a calendar year, shall refer to the Fiscal Year of the Borrower beginning during such calendar year. 

7.14 Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits the ability
of any Group Member to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, other than (a) this Agreement and the other Loan Documents, (b) the Senior Notes
Indenture, (c) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby),
(d) customary provisions contained in any agreement that has been entered into in connection with a Disposition of assets permitted under Section 7.5, (e) customary anti-assignment provisions contained in leases and licensing
agreements entered into in the ordinary course of business, if required by such lessor or licensor and (f) in the case of a joint venture that becomes a Subsidiary following the Closing Date, restrictions in such Person’s organizational
documents or pursuant to any joint venture agreement or stockholders’ agreements that solely affect the Capital Stock of or property held in such Person. 

  
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 7.15 Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or
become effective any consensual encumbrance or restriction on the ability of any Subsidiary of the Borrower to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the
Borrower or any other Subsidiary of the Borrower, (b) make loans or advances to, or other Investments in, the Borrower or any other Subsidiary of the Borrower or (c) transfer any of its assets to the Borrower or any other Subsidiary of the
Borrower, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents or the Senior Notes Indenture, (ii) 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, or (iii) any customary provisions in joint venture agreements relating to joint
ventures and other similar agreements entered into in the ordinary course of business (and in the case of a joint venture that becomes a Subsidiary following the Closing Date, restrictions in such Person’s organizational documents or pursuant
to any joint venture agreement or stockholders’ agreements solely to the extent of the Capital Stock of or property held in such Person) that solely affect the relevant joint venture and any customary encumbrances or restrictions on any Foreign
Subsidiary pursuant to Indebtedness incurred by such Foreign Subsidiary that solely affect such Foreign Subsidiary. 
 7.16
Lines of Business. Enter into any business, either directly or through any Subsidiary, except for those businesses in which the Borrower and its Subsidiaries are engaged on the date of this Agreement (after giving effect to the Acquisition)
or that are reasonably related thereto. 
 7.17 Amendments to Acquisition Documentation. (a) Amend, supplement or
otherwise modify (pursuant to a waiver or otherwise) the terms and conditions of the indemnities and licenses furnished to the Borrower or any of its Subsidiaries pursuant to the Acquisition Documentation such that after giving effect thereto such
indemnities or licenses shall be materially less favorable to the interests of the Loan Parties or the Lenders with respect thereto or (b) otherwise amend, supplement or otherwise modify the terms and conditions of the Acquisition Documentation
or any such other documents except for any such amendment, supplement or modification that (i) becomes effective after the Closing Date and (ii) could not reasonably be expected to have a Material Adverse Effect. 

7.18 Franchises. Enter into any franchise agreement pursuant to which the Borrower or any of its Subsidiaries is prohibited from
pledging or otherwise assigning its rights under such franchise agreement, including its right to receive any franchise fees or other fees or amounts paid to the Borrower or such Subsidiary thereunder. 

SECTION 8. EVENTS OF DEFAULT 
 8.1 Events of Default. If any of the following events shall occur and be continuing: 
 (a) the Borrower or the Canadian Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms hereof; or the Borrower or the Canadian Borrower
shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within five days after any such interest or other amount becomes due in accordance with the terms hereof;
or 
 (b) any representation or warranty made or deemed made by any Loan Party herein or in any other Loan
Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any material
respect on or as of the date made or deemed made; or 

  
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 (c) any Loan Party shall default in the observance or performance of any
agreement contained in clause (i) or (ii) of Section 6.4(a) (with respect to Holdings, the Borrower and the Canadian Borrower only), Section 6.7(a) or Section 7 of this Agreement or Sections 5.4 and 5.6(b) of the Guarantee
and Collateral Agreement; or 
 (d) any Loan Party shall default in the observance or performance of any other
agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after notice to the Borrower from
the Administrative Agent or the Required Lenders; or 
 (e) any Significant Group Member shall (i) default
in making any payment of any principal of any Indebtedness (including any Guarantee Obligation, but excluding the Loans) on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on any
such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such
Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or
beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness
constituting a Guarantee Obligation) to become payable; provided, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at
such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of
which exceeds in the aggregate $5,000,000; or 
 (f) (i) any Significant Group Member shall commence any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it,
or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver,
trustee, custodian, monitor, conservator or other similar official for it or for all or any substantial part of its assets, or any Significant Group Member shall make a general assignment for the benefit of its creditors; or (ii) there shall be
commenced against any Significant Group Member any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or
(B) remains undismissed or undischarged for a period of 90 days; or (iii) there shall be commenced against any Significant Group Member any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint
or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or
(iv) any Significant Group Member shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Significant Group
Member shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 

  
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 (g) the occurrence of an ERISA Event that, when taken alone or together with
any other ERISA Events, would reasonably be expected to have a Material Adverse Effect; or 
 (h) one or more
judgments or decrees shall be entered against any Significant Group Member involving in the aggregate a liability (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage) of $10,000,000 or more,
and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; or 
 (i) any of the Security Documents shall cease, for any reason, to be in full force and effect, or any Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of the
Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or 
 (j) the guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason, to be in full force and effect or any Loan Party or any Affiliate of any Loan Party
shall so assert; or 
 (k) a Change of Control shall occur; or 

(l) Holdings shall (i) conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage
in, any business or operations other than those incidental to its ownership of the Capital Stock of the Borrower or as permitted by this Agreement, (ii) incur, create, assume or suffer to exist any Indebtedness except (A) Indebtedness
incurred pursuant to Sections 7.2(a), 7.2(f)(iii), (g), (k), (m) or (o) (B) nonconsensual obligations imposed by operation of law, (y) obligations pursuant to the Loan Documents to which it is a party and (C) obligations
with respect to its Capital Stock, or (iii) own, lease, manage or otherwise operate any properties or assets (including cash (other than cash received in connection with dividends made by the Borrower in accordance with Section 7.6 pending
application in the manner contemplated by said Section) and cash equivalents) other than the ownership of shares of Capital Stock of the Borrower; 
 then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect to the Borrower or the Canadian Borrower,
automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the
beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following
actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower and/or the Canadian Borrower declare the
Revolving Commitments and/or the Canadian Revolving Commitments to be terminated forthwith, whereupon the Revolving Commitments and/or the Canadian Revolving Commitments shall immediately terminate; and (ii) with the consent of the Required
Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower and/or the Canadian Borrower, declare the Loans (with accrued interest thereon) and all other amounts owing
under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable
forthwith, whereupon the same shall immediately become due and payable. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower
shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by
the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of
the Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and
under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided above in
this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower. 

  
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 8.2 Right to Cure. (a) Notwithstanding anything to the contrary contained in
Section 8.1, in the event that the Borrower fails to comply with the requirements of any Financial Condition Covenant, until the expiration of the 15th day subsequent to the date the certificate calculating such Financial Condition Covenant is
required to be delivered pursuant to Section 6.2(b) (the “Cure Date”), Holdings shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash contributions to the capital of Holdings, and, in each
case, to contribute any such cash to the capital of the Borrower (collectively, the “Cure Right”), and upon the receipt by the Borrower of such cash (the “Cure Amount”) pursuant to the exercise by Holdings of such
Cure Right and request to the Administrative Agent to effect such recalculation, such Financial Condition Covenant shall be recalculated giving effect to the following pro forma adjustments: 

(i) Consolidated EBITDAR shall be increased, solely for the purpose of measuring the Financial Condition Covenants and not
for any other purpose under this Agreement, by an amount equal to the Cure Amount; and 
 (ii) if, after giving
effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of all Financial Condition Covenants, the Borrower shall be deemed to have satisfied the requirements of the Financial Condition Covenants as of
the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the Financial Condition Covenants that had occurred shall be deemed cured for the
purposes of this Agreement. 
 For the avoidance of doubt, from the date that a Permitted Investor delivers a
notice to the Administrative Agent specifying its intent to exercise its Cure Right, until the expiration of the earlier of (i) the Cure Date and (ii) the date on which the Borrower shall be deemed to have satisfied the requirements of the
Financial Condition Covenants as set out above, neither the Administrative Agent nor any Lender shall exercise any right to accelerate the Loans, terminate the Commitments or foreclose on or take possession of the Collateral solely on the basis of
an Event of Default having occurred and being continuing under Section 7.1 unless the Administrative Agent is notified in writing that the payment of such Cure Amount will not be made or, by the Cure Date, Cure Amounts have been made but in an
amount less than the amount necessary to cause the Loan Parties to be in compliance with the covenants set forth in Section 7.1. 
 (b) Notwithstanding anything herein to the contrary, (a) in each four-fiscal-quarter period there shall be at least two fiscal quarters in which the Cure Right is not exercised, (b) in each
eight-fiscal-quarter period, there shall be a period of at least four consecutive fiscal quarters during which the Cure Right is not exercised, (c) the Cure Amount shall be no greater than the amount required for purposes of complying with the
Financial Condition Covenants, (d) no Indebtedness repaid with the proceeds of Permitted Cure Securities shall be deemed repaid for the purposes of calculating the ratios specified in Section 7.1(a) or (b) for the period during which
such Permitted Cure Securities were issued, (e) the Cure Amount received pursuant to any exercise of the Cure Right shall be disregarded for purposes of determining any available basket under Section 7 and (f) the Cure Right may be
exercised no more than five times during the term of this Agreement. 

  
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 SECTION 9. THE AGENTS 

9.1 Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under
this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to
exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding
any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 

9.2 Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents
by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys
in-fact selected by it with reasonable care. 
 9.3 Exculpatory Provisions. Neither any Agent nor any of their respective
officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except
to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any
manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document
referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other
Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any
of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 
 9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent,
certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice
and statements of legal counsel (including counsel to Holdings or the Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof
for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this
Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction
by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding
upon all the Lenders and all future holders of the Loans. 

  
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 9.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge
or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender, Holdings, the Borrower or the Canadian Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received
such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

 9.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any of
their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any
affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on
such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made
its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to
the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative
Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or
creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 

9.7 Indemnification. The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by Holdings,
the Borrower or the Canadian Borrower and without limiting the obligation of Holdings, the Borrower or the Canadian Borrower to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on which
indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure Percentages
immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the
payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or
therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross
negligence or willful misconduct. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

  
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 9.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans
to, accept deposits from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by
it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include
each Agent in its individual capacity. 
 9.9 Successor Administrative Agent. The Administrative Agent may resign as
Administrative Agent upon 30 days’ notice to the Lenders, the Borrower and the Canadian Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders
shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default shall have occurred and be continuing) be subject to approval by the Borrower and/or the Canadian Borrower (which
approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent
effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent
or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 30 days following a retiring Administrative Agent’s notice of resignation, the
retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint
a successor agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while
it was Administrative Agent under this Agreement and the other Loan Documents. 
 9.10 Documentation Agent and Co-Syndication
Agents. Neither the Documentation Agent nor the Co-Syndication Agents shall have any duties or responsibilities hereunder in its capacity as such. 

  
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 SECTION 10. MISCELLANEOUS 

10.1 Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended,
supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the Administrative
Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this
Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case
may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall (i) reduce or forgive the principal amount or extend the final scheduled date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of
any interest or fee payable hereunder (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Majority Facility Lenders of each adversely
affected Facility) and (y) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the
scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Revolving Commitment or Canadian Revolving Commitment, in each case without the written consent of each Lender directly affected
thereby; (ii) eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written consent of such Lender; (iii) reduce any percentage specified in the definition of Required Lenders, consent to the
assignment or transfer by the Borrower or the Canadian Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release all or substantially all of the
Subsidiary Guarantors from their obligations under the Guarantee and Collateral Agreement, in each case without the written consent of all Lenders; (iv) amend, modify or waive any provision of Section 2.17 without the written consent of
the Majority Facility Lenders in respect of each Facility adversely affected thereby; (v) reduce the amount of Net Cash Proceeds or Excess Cash Flow required to be applied to prepay Loans under this Agreement without the written consent of the
Majority Facility Lenders with respect to each Facility adversely affected thereby; (vi) reduce the percentage specified in the definition of Majority Facility Lenders with respect to any Facility without the written consent of all Lenders
under such Facility; (vii) amend, modify or waive any provision of Section 9 without the written consent of the Administrative Agent; (viii) amend, modify or waive any provision of Section 2.6 or 2.7 without the written consent
of the Swingline Lender; or (ix) amend, modify or waive any provision of Section 3 without the written consent of the Issuing Lender. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the
Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their former
position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or
impair any right consequent thereon. 
 Notwithstanding the foregoing, this Agreement may be amended (or amended and restated)
with the written consent of the Required Lenders, the Administrative Agent, the Borrower and the Canadian Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time
outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and Revolving Extensions of Credit and the accrued interest and fees in
respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and Majority Facility Lenders. 

  
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 In addition, notwithstanding the foregoing, this Agreement may be amended with the written
consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans (as defined below) to permit the refinancing, replacement or modification of all outstanding Term Loans (“Replaced Term
Loans”) with a replacement term loan tranche hereunder (“Replacement Term Loans”), provided that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount
of such Replaced Term Loans, (b) the Applicable Margin for such Replacement Term Loans shall not be higher than the Applicable Margin for such Replaced Term Loans and (c) the weighted average life to maturity of such Replacement Term Loans
shall not be shorter than the weighted average life to maturity of such Replaced Term Loans at the time of such refinancing. 

Finally, notwithstanding the foregoing, for all matters requiring a vote of the Lenders under this Agreement (including, without
limitation, with respect to all proposed amendments, waivers and consents), the Sponsor shall vote its Loans (and shall approve, consent or reject all amendments, waivers and consents) in accord with the Required Lenders or the Majority Facility
Lenders, as applicable, which for these purposes shall be calculated only with respect to the interests of Lenders other than the Sponsor (all as determined by the Administrative Agent), except where the vote relates to any of the matters set forth
in (i), (ii) or (iii) of the proviso in the first paragraph of Section 10.1, in which case the Sponsor may vote its interest. The Sponsor designates the Administrative Agent as the Sponsor’s attorney-in-fact with authority to
vote the Sponsor’s interest as a Lender as provided in this paragraph. All references to the Sponsor in this paragraph shall be deemed to include any Affiliate thereof. 
 10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided
herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed as follows in the case of Holdings, the
Borrower, the Canadian Borrower and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the
respective parties hereto: 
  

			
	 Holdings, Borrower

and Canadian Borrower:
	  	 2481 Manana Drive
 Dallas,
Texas 75220
 Attention: Chief Financial Officer
 Telecopy: 214-357-1536
 Telephone: 214-357-9588

		
		  	 With a copy to:
 Oak Hill
Capital Partners III, L.P.
 201 Main Street
 Fort Worth, TX 76102
 Facsimile: 817-339-7350

Attention: Corporate Counsel

		
	 Administrative Agent:
	  	 JPMorgan Chase Bank, N.A.

Loan and Agency Services
 1111 Fannin Street,
10th Floor

Houston, TX 77002-6925
 Attention: Lisa
McCants
 Telecopy: 713-750-2956
  

With a copy to:
 JPMorgan Chase Bank,
N.A.
 383 Madison Avenue, 24th Floor

New York, NY 10179
 Attention: Malwina
Siedlinska

  
 87 

			
		  	 Email:malwina.m.siedlinska@jpmorgan.com
  

Copy of covenant compliance to:

covenant.compliance@jpmorgan.com

		
		  	 With a copy to (if pertaining to Canadian

Revolving Loans or Canadian Borrower):

JPMorgan Chase Bank, N.A.

Loan and Agency Services

1111 Fannin Street, 10th Floor
 Houston, TX 77002-6925
 Attention: Carla Kinney

Telecopy: 713-374-4312

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be
effective until received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 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. 
 10.3 No Waiver; Cumulative Remedies. No failure to
exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law. 
 10.4 Survival of Representations and
Warranties. All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this
Agreement and the making of the Loans and other extensions of credit hereunder. 

  
 88 

 10.5 Payment of Expenses and Taxes. Each of the Borrower and the Canadian Borrower
agrees (a) to pay or reimburse the Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this
Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements
of one outside counsel and any necessary local counsel to the Administrative Agent and filing and recording fees and expenses, with statements with respect to the foregoing to be submitted to the Borrower prior to the Closing Date (in the case of
amounts to be paid on the Closing Date) and from time to time thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall deem appropriate, (b) to pay or reimburse each Lender and the Administrative Agent for
all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the fees and disbursements of counsel (including the
allocated fees and expenses of in-house counsel) to each Lender and of counsel to the Administrative Agent, (c) to pay, indemnify, and hold each Lender and the Administrative Agent harmless from, any and all recording and filing fees and any
and all liabilities with respect to, or resulting from any delay in paying, stamp and excise taxes, if any, that may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of
the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and (d) to pay, indemnify, and hold each
Lender and the Administrative Agent and their respective officers, directors, employees, affiliates, agents and controlling persons (each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents
and any such other documents, including any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of any Group Member or any of
the Properties and the reasonable fees and expenses of legal counsel in connection with claims, actions or proceedings by any Indemnitee against any Loan Party under any Loan Document (all the foregoing in this clause (d), collectively, the
“Indemnified Liabilities”), provided, that neither the Borrower nor the Canadian Borrower shall have any obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified
Liabilities are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. Without limiting the foregoing, and to the extent permitted by
applicable law, each of the Borrower and the Canadian Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of
recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any
Indemnitee. All amounts due under this Section 10.5 shall be payable not later than 10 days after written demand therefor. Statements payable by the Borrower or the Canadian Borrower pursuant to this Section 10.5 shall be submitted to 2481
Manana Drive, Dallas, Texas 75220 Attention: Chief Financial Officer (Telephone No. 214-357-9588) (Telecopy No. 214-357-1536), at the address of the Borrower or the Canadian Borrower set forth in Section 10.2, or to such other Person
or address as may be hereafter designated by the Borrower or the Canadian Borrower in a written notice to the Administrative Agent. The agreements in this Section 10.5 shall survive repayment of the Loans and all other amounts payable
hereunder. 
 10.6 Successors and Assigns; Participations and Assignments. (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 Lender that issues any Letter of Credit), except that (i) the Borrower and
the Canadian Borrower may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower or the Canadian 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. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees or, in the case of the Canadian Revolving Facility, to an Eligible Canadian
Assignee (in each case, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent of:

 (A) the Borrower (such consent not to be unreasonably withheld), provided that no consent of the
Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default has occurred and is continuing, any other Person; provided further, that the Borrowers shall be
deemed to have consented to any such assignment unless the Borrower shall object thereto by written notice to the Administrative Agent within five Business Days after having received notice thereof; and 

  
 89 

 (B) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund, in each case unless such Lender, Affiliate or Approved Fund is the Sponsor or an Affiliate
thereof, provided further that, in relation to an assignment of all or any portion of the Revolving Facility to an Affiliate of a Lender or an Approved Fund, the consent of the Administrative Agent shall be required but shall not be unreasonably
withheld. 
 (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 Commitments or Loans under any Facility, the amount of the Commitments 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 (or, in the case of the Term Facility and the Canadian Revolving Facility, $1,000,000) unless each of the Borrower and the Administrative
Agent otherwise consent, provided that (1) no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates
or Approved Funds, if any; 
 (B) 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; 
 (C) the
Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire; and 
 (D) after giving effect to any assignment, the aggregate amount of the Loans and Commitments held by the Sponsor and its affiliates shall not exceed $15,000,000. 

For the purposes of this Section 10.6, “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. 
 (iii) Subject to acceptance and
recording thereof pursuant to paragraph (b)(iv) below, 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 and
subject to the limitations and requirements of Sections 2.18, 2.19, 2.20 and 10.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6 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. 

  
 90 

 (iv) The Administrative Agent, acting for this purpose as an 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 Commitments of, and principal amount of the Loans and L/C
Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Canadian Borrower, the Administrative Agent, the Issuing
Lender and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower, the Canadian Borrower, the Issuing Lender and any Lender, at any reasonable time and from time to time upon reasonable prior notice. This Section 10.6(b)(iv) shall be construed so that the Term Loans and the
Revolving Loans, the Canadian Revolving Loans and the Additional Revolving Loans are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (and
any other relevant or successor provisions of the Code or such regulations). 
 (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)(ii)(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. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a
portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments 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 Canadian Borrower, the Administrative Agent, the Issuing Lender 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 pursuant to which a Lender sells such a participation shall provide that such Lender shall
retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to the proviso to the second sentence of Section 10.1 and (2) directly affects such
Participant. Subject to paragraph (c)(ii) of this Section, each of the Borrower and the Canadian Borrower agrees that each Participant shall be entitled, through the participating Lender, to the benefits of Sections 2.18, 2.19 and 2.20 to the same
extent and subject to the same limitations and requirements of such Sections as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section as though it were a Lender, provided such Participant shall be subject to Section 10.7(a) as though it were a Lender. Each Lender that sells a participation, acting solely for this purpose as
an agent of the Borrower, shall 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”). The entries in the Participant Register shall be conclusive, and such Lender, each Loan Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register
pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary. 

  
 91 

 (ii) A Participant shall not be entitled to receive any greater payment
under Section 2.18 or 2.19 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s
prior written consent. No Participant shall be entitled to the benefits of Section 2.19 unless such Participant complies with Section 2.19(d), (e) and (i) as applicable and agrees, for the benefit of the Borrower and the Canadian
Borrower, to comply with Section 2.19(f). 
 (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 (i) any pledge or assignment to secure obligations to a Federal Reserve Bank and (ii) any pledge or assignment to any holders of obligations
owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders, 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) Each of the Borrower and the Canadian Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type
described in paragraph (d) above. 
 (f) Notwithstanding the foregoing, any Conduit Lender may assign any or all of the
Loans it may have funded hereunder to its designating Lender without the consent of the Borrower or the Administrative Agent and without regard to the limitations set forth in Section 10.6(b). Each of Holdings, the Borrower, the Canadian
Borrower, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating
any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of
forbearance. 
 10.7 Adjustments; Set-off. (a) Except to the extent that this Agreement expressly provides for
payments to be allocated to a particular Lender or to the Lenders under a particular Facility, if any Lender (a “Benefitted Lender”) shall receive any payment of all or part of the Obligations owing to it, or receive any collateral
in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 8.1(f), or otherwise), in a greater proportion than any such payment to or collateral received by any
other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or
shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided,
however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but
without interest. 

  
 92 

 (b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall
have the right, upon the occurrence and during the continuance of an Event of Default, without prior notice to Holdings, the Borrower or the Canadian Borrower, any such notice being expressly waived by Holdings, the Borrower and the Canadian
Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by Holdings, the Borrower or the Canadian Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and appropriate and
apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or
contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of Holdings, the Borrower or the Canadian Borrower, as the case may be. Each Lender agrees promptly to
notify the Borrower, the Canadian Borrower and the Administrative Agent after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application.

 10.8 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of
separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 
 10.9 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

10.10 Integration. This Agreement and the other Loan Documents represent the entire agreement of Holdings, the Borrower, the
Canadian Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the
subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 
 10.11. GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

10.12 Submission To Jurisdiction; Waivers. Each of Holdings, the Borrower and the Canadian Borrower hereby irrevocably and
unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this
Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States
for the Southern District of New York, and appellate courts from any thereof; 
 (b) consents that any such
action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and
agrees not to plead or claim the same; 

  
 93 

 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to Holdings, the Borrower or the Canadian Borrower, as the case may be at its address set forth in Section 10.2 or
at such other address of which the Administrative Agent shall have been notified pursuant thereto; 
 (d) agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
 10.13
Acknowledgements. Each of Holdings, the Borrower and the Canadian Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan
Documents; 
 (b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to
Holdings, the Borrower or the Canadian Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and Lenders, on one hand, and Holdings, the Borrower and the
Canadian Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among Holdings, the Borrower, the Canadian
Borrower and the Lenders. 
 10.14 Releases of Guarantees and Liens. (a) Notwithstanding anything to the contrary
contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 10.1) to take any action
requested by the Borrower having the effect of releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in
accordance with Section 10.1 or (ii) under the circumstances described in paragraph (b) below. 
 (b) At such
time as the Loans, the Reimbursement Obligations and the other obligations under the Loan Documents (other than obligations under or in respect of Swap Agreements) shall have been paid in full, the Commitments have been terminated and no Letters of
Credit shall be outstanding, the Collateral shall be released from the Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive such termination) of the Administrative
Agent and each Loan Party under the Security Documents shall terminate, all without delivery of any instrument or performance of any act by any Person. 

  
 94 

 10.15 Confidentiality. Each of the Administrative Agent and each Lender agrees to
keep confidential all non-public information provided to it by any Loan Party, the Administrative Agent or any Lender pursuant to or in connection with this Agreement that is designated by the provider thereof as confidential; provided that
nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such information (a) to the Administrative Agent, any other Lender or any affiliate thereof (it being understood that the Persons to whom such disclosure is
being made will be informed of the confidential nature of such information and instructed to keep such information confidential), (b) subject to an agreement to comply with the provisions of this Section, to any actual or prospective Transferee
or any direct or indirect counterparty to any Swap Agreement (or any professional advisor to such counterparty), (c) to its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates
(it being understood that the Persons to whom such disclosure is being made will be informed of the confidential nature of such information and instructed to keep such information confidential), (d) upon the request or demand of any
Governmental Authority, (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (f) if requested or required to do so in connection with any litigation
or similar proceeding, (g) that has been publicly disclosed, (h) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a
Lender’s investment portfolio in connection with ratings issued with respect to such Lender, or (i) in connection with the exercise of any remedy hereunder or under any other Loan Document. 

10.16. WAIVERS OF JURY TRIAL. HOLDINGS, THE BORROWER, THE CANADIAN BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

10.17 Delivery of Addenda. Each initial Lender shall become a party to this Agreement by delivering to the Administrative Agent an
Addendum duly executed by such Lender. 

  
 95 

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

			
	GAMES MERGER CORP.
		
	By:	 	  

		 	Name:
		 	Title:

  
 96 

 
			
	GAMES INTERMEDIATE MERGER CORP.
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	6131646 CANADA INC.
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	GENERAL ELECTRIC CAPITAL CORPORATION, as Documentation Agent and as a Lender
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 
 FORM OF 
 GUARANTEE AND COLLATERAL AGREEMENT 

 EXECUTION VERSION 

 
  

 
 GUARANTEE AND COLLATERAL
AGREEMENT 
 made by 
 GAMES INTERMEDIATE MERGER CORP. (to be merged with and into 
 DAVE &
BUSTER’S HOLDINGS, INC, with DAVE & BUSTER’S HOLDINGS, INC. 
 as the surviving entity), 

GAMES MERGER CORP. (to be merged with and into DAVE & BUSTER’S, INC., with DAVE & 

BUSTER’S, INC. as the surviving entity), 
 as Borrower, 
 in favor of 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 Dated as of June 1, 2010 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	SECTION 1.	  	DEFINED TERMS	  	 	1	  
	 1.1
	  	Definitions	  	 	1	  
	 1.2
	  	Other Definitional Provisions	  	 	4	  
			
	SECTION 2.	  	GUARANTEE	  	 	5	  
	 2.1
	  	Guarantee	  	 	5	  
	 2.2
	  	Right of Contribution	  	 	5	  
	 2.3
	  	No Subrogation	  	 	5	  
	 2.4
	  	Amendments, etc. with respect to the Borrower Obligations	  	 	6	  
	 2.5
	  	Guarantee Absolute and Unconditional	  	 	6	  
	 2.6
	  	Reinstatement	  	 	7	  
	 2.7
	  	Payments	  	 	7	  
			
	SECTION 3.	  	GRANT OF SECURITY INTEREST	  	 	7	  
			
	SECTION 4.	  	REPRESENTATIONS AND WARRANTIES	  	 	9	  
	 4.1
	  	Title; No Other Liens	  	 	9	  
	 4.2
	  	Perfected First Priority Liens	  	 	9	  
	 4.3
	  	Jurisdiction of Organization; Chief Executive Office	  	 	9	  
	 4.4
	  	Inventory and Equipment	  	 	9	  
	 4.5
	  	Farm Products	  	 	10	  
	 4.6
	  	Investment Property	  	 	10	  
	 4.7
	  	Receivables	  	 	10	  
	 4.8
	  	Material Contracts	  	 	10	  
	 4.9
	  	Intellectual Property	  	 	11	  
	 4.10
	  	Commercial Tort Claims	  	 	11	  
			
	SECTION 5.	  	COVENANTS	  	 	12	  
	 5.1
	  	Delivery of Instruments, Certificated Securities and Chattel Paper	  	 	12	  
	 5.2
	  	Maintenance of Insurance	  	 	12	  
	 5.3
	  	Maintenance of Perfected Security Interest; Further Documentation	  	 	12	  
	 5.4
	  	Changes in Name, etc.	  	 	13	  
	 5.5
	  	Notices	  	 	13	  
	 5.6
	  	Investment Property	  	 	13	  
	 5.7
	  	Receivables	  	 	14	  
	 5.8
	  	Material Contracts	  	 	14	  
	 5.9
	  	Intellectual Property	  	 	14	  
	 5.10
	  	Commercial Tort Claims	  	 	16	  
			
	SECTION 6.	  	REMEDIAL PROVISIONS	  	 	16	  
	 6.1
	  	Certain Matters Relating to Receivables	  	 	16	  
	 6.2
	  	Communications with Obligors; Grantors Remain Liable	  	 	16	  
	 6.3
	  	Pledged Stock	  	 	17	  
	 6.4
	  	Proceeds to be Turned Over To Administrative Agent	  	 	18	  
	 6.5
	  	Application of Proceeds	  	 	18	  
	 6.6
	  	Code and Other Remedies	  	 	18	  

  
 i 

							
	 6.7
	  	Registration Rights	  	 	19	  
	 6.8
	  	Deficiency	  	 	20	  
			
	SECTION 7.	  	THE ADMINISTRATIVE AGENT	  	 	20	  
	 7.1
	  	Administrative Agent’s Appointment as Attorney-in-Fact, etc.	  	 	20	  
	 7.2
	  	Duty of Administrative Agent	  	 	21	  
	 7.3
	  	Execution of Financing Statements	  	 	22	  
	 7.4
	  	Authority of Administrative Agent	  	 	22	  
			
	SECTION 8.	  	MISCELLANEOUS	  	 	22	  
	 8.1
	  	Amendments in Writing	  	 	22	  
	 8.2
	  	Notices	  	 	22	  
	 8.3
	  	No Waiver by Course of Conduct; Cumulative Remedies	  	 	22	  
	 8.4
	  	Enforcement Expenses; Indemnification	  	 	22	  
	 8.5
	  	Successors and Assigns	  	 	23	  
	 8.6
	  	Set-Off	  	 	23	  
	 8.7
	  	Counterparts	  	 	23	  
	 8.8
	  	Severability	  	 	23	  
	 8.9
	  	Section Headings	  	 	24	  
	 8.10
	  	Integration	  	 	24	  
	 8.11
	  	GOVERNING LAW	  	 	24	  
	 8.12
	  	Submission To Jurisdiction; Waivers	  	 	24	  
	 8.13
	  	Acknowledgements	  	 	24	  
	 8.14
	  	Additional Grantors	  	 	25	  
	 8.15
	  	Releases	  	 	25	  
	 8.16
	  	WAIVER OF JURY TRIAL	  	 	25	  
		
	SCHEDULES	  			
			
	Schedule 1	  	Notice Addresses	  			
	Schedule 2	  	Investment Property	  			
	Schedule 3	  	Perfection Matters	  			
	Schedule 4	  	Jurisdictions of Organization and Chief Executive Offices	  			
	Schedule 5	  	Inventory and Equipment Locations	  			
	Schedule 6	  	Intellectual Property	  			

  
 ii 

 GUARANTEE AND COLLATERAL AGREEMENT 

GUARANTEE AND COLLATERAL AGREEMENT, dated as of June 1, 2010, made by each of the signatories hereto (together with any other entity
that may become a party hereto as provided herein, the “Grantors”), in favor of JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the banks and other financial
institutions or entities (the “Lenders”) from time to time parties to the Credit Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Games Intermediate Merger Corp., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with Dave & Buster’s Holdings, Inc. as the surviving entity) (“Holdings”), Games
Merger Corp., a Missouri corporation (to be merged with and into Dave & Buster’s, Inc., with Dave & Buster’s, Inc. as the surviving entity) (the “Borrower”), 6131646 Canada Inc., a Canadian corporation
(the “Canadian Borrower”), the Lenders, General Electric Capital Corporation, as Documentation Agent, JPMorgan Chase Bank, N.A. and Jefferies Finance LLC as Co-Syndication Agents and the Administrative Agent. 

W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower and the
Canadian Borrower upon the terms and subject to the conditions set forth therein; 
 WHEREAS, the Borrower and the Canadian
Borrower are members of an affiliated group of companies that includes each other Grantor; 
 WHEREAS, the proceeds of the
extensions of credit under the Credit Agreement will be used in part to enable the Borrower and the Canadian Borrower to make valuable transfers to one or more of the other Grantors in connection with the operation of their respective businesses;

 WHEREAS, the Borrower, the Canadian Borrower and the other Grantors are engaged in related businesses, and each Grantor will
derive substantial direct and indirect benefit from the making of the extensions of credit under the Credit Agreement; and 

WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower and
the Canadian Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Secured Parties; 

NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit
Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower and the Canadian Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable benefit of the Secured Parties, as
follows: 
 SECTION 1. DEFINED TERMS 
 1.1 Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following
terms are used herein as defined in the New York UCC: Accounts, Certificated Security, Chattel Paper, 

 
Commercial Tort Claims, Documents, Equipment, Farm Products, Fixtures, General Intangibles, Instruments, Inventory, Letter-of-Credit Rights and Supporting Obligations. 

(b) The following terms shall have the following meanings: 
 “Agreement”: this Guarantee and Collateral Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 

“Borrower Obligations”: the collective reference to the unpaid principal of and interest on the Loans and Reimbursement
Obligations and all other obligations and liabilities of the Borrower and the Canadian Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and
Reimbursement Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the
Borrower or the Canadian Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender (or, in the case of any Specified Swap Agreement, any Affiliate of any
Lender), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents, any
Letter of Credit, any Specified Swap Agreement or any other document made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs,
expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower or the Canadian Borrower pursuant to the terms of any of the
foregoing agreements). 
 “Collateral”: as defined in Section 3. 

“Collateral Account”: any collateral account established by the Administrative Agent as provided in Section 6.1 or
6.4. 
 “Copyrights”: (i) all copyrights arising under the laws of the United States, any other country or
any political subdivision thereof, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof (including, without limitation, those listed in Schedule 6), and all applications in connection
therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright Office, and (ii) the right to obtain all renewals thereof 

“Copyright Licenses”: any agreement, whether written or oral, naming any Grantor as licensor or licensee (including,
without limitation, those listed in Schedule 6), granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright. 

“Deposit Account”: as defined in the New York UCC and, in any event, including, without limitation, any demand, time,
savings, passbook or like account maintained with a depositary institution. 
 “Foreign Subsidiary”: any
Subsidiary organized under the laws of any jurisdiction outside the United States of America. 
 “Foreign Subsidiary
Voting Stock”: the voting Capital Stock of any Foreign Subsidiary. 

  
 2 

 “Guarantor Obligations”: with respect to any Guarantor, all obligations and
liabilities of such Guarantor which may arise under or in connection with this Agreement (including, without limitation, Section 2) or any other Loan Document, any Specified Swap Agreement or any Specified Cash Management Agreement to which
such Guarantor is a party, in each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the
Administrative Agent or to the Lenders that are required to be paid by such Guarantor pursuant to the terms of this Agreement or any other Loan Document). 
 “Guarantors”: the collective reference to each Grantor (including the Borrower, but only with respect to the Borrower’s guarantee of the Borrower Obligations of the Canadian
Borrower). 
 “Infringe”: as defined in Section 4.9(c). 

“Intellectual Property”: the collective reference to all rights, priorities and privileges relating to intellectual
property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and all
rights to sue at law or in equity for any Infringement, including the right to receive all proceeds and damages therefrom. 

“Intercompany Note”: any promissory note evidencing loans made by any Grantor to Holdings or any of its Subsidiaries.

 “Investment Property”: the collective reference to (i) all “investment property” as such term
is defined in Section 9-102(a)(49) of the New York UCC (other than any Foreign Subsidiary Voting Stock excluded from the definition of “Pledged Stock”) and (ii) whether or not constituting “investment property” as so
defined, all Pledged Notes and all Pledged Stock. 
 “Issuers”: the collective reference to each issuer of any
Investment Property. 
 “Material Contracts”: the contracts and agreements to which any Grantor is a party for.
which breach, non-performance, cancellation or failure to renew would reasonably be expected to have a Material Adverse Effect as the same may be amended, supplemented or otherwise modified from time to time, including, without limitation,
(i) all rights of any Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (ii) all rights of any Grantor to damages arising thereunder and (iii) all rights of any Grantor to perform and to
exercise all remedies thereunder. 
 “New York UCC”: the Uniform Commercial Code as from time to time in effect
in the State of New York. 
 “Obligations”: (i) in the case of the Borrower, the Borrower Obligations of
the Borrower, and (ii) in the case of each Guarantor, its Guarantor Obligations. 
 “Patents”:
(i) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof, including, without limitation, any of the foregoing referred to in Schedule 6, (ii) all
applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof, including, without Iimitation, any of the foregoing referred to in Schedule 6, and (iii) all
rights to obtain any reissues of the foregoing. 
 “Patent License”: any agreement, whether written or oral,
providing for the grant by or to any Grantor of any right to have manufactured, use or sell (directly or indirectly) any invention covered 

  
 3 

 in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in
Schedule 6. 
 “Pledged Notes”: all promissory notes issued to or held by any Grantor (other than
promissory notes issued in connection with extensions of trade credit by any Grantor in the ordinary course of business) including, without limitation, all promissory notes listed on Schedule 2 and all Intercompany Notes at any time issued to
any Grantor. 
 “Pledged Stock”: the shares of Capital Stock listed on Schedule 2. together with any
other shares, stock certificates, options, interests or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect; provided that
in no event shall Pledged Stock include more than 66% of the total outstanding Foreign Subsidiary Voting Stock of any Foreign Subsidiary. 
 “Proceeds”: all “proceeds” as such term is defined in Section 9-102(a)(64) of the New York UCC and, in any event, shall include, without limitation, all dividends or other
income from the Investment Property, collections thereon or distributions or payments with respect thereto. 

“Receivable”: any right to payment for goods sold or leased or for services rendered, whether or not such right is
evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account). 
 “Secured Parties”: the collective reference to the Administrative Agent, the Lenders and any affiliate of any Lender to which Borrower Obligations or Guarantor Obligations, as applicable,
are owed. 
 “Securities Act”: the Securities Act of 1933, as amended. 

“Trademarks”: (i) all trademarks, trade names, brand names, corporate names, company names, business names,
fictitious business names, trade styles, trade dress, domain names, service marks, logos and other source or business identifiers, and all goodwill connected with the use of and symbolized by the foregoing, now existing or hereafter adopted or
acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other
country or any political subdivision thereof, or otherwise, and all common-law rights related thereto, including, without limitation, any of the foregoing referred to in Schedule 6, and (ii) the right to obtain all renewals thereof.

 “Trademark License”: any agreement, whether written or oral, providing for the grant by or to any Grantor of
any right to use any Trademark, including, without limitation, any of the foregoing referred to in Schedule 6. 
 1.2
Other Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to
any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. 
 (b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 (c) Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof.

  
 4 

 SECTION 2. GUARANTEE 

2.1 Guarantee. (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the
Administrative Agent, for the ratable benefit of the Secured Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower and the Canadian Borrower when due (whether at
the stated maturity, by acceleration or otherwise) of the Borrower Obligations. 
 (b) Anything herein or in any other Loan
Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws
relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2). 
 (c)
Each Guarantor agrees that the Borrower Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and
remedies of the Administrative Agent or any Lender hereunder. 
 (d) The guarantee contained in this Section 2 shall remain
in full force and effect until all the Borrower Obligations and the obligations of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by payment in full, no Letter of Credit shall be outstanding and the
Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrower and the Canadian Borrower may be free from any Borrower Obligations. 

(e) No payment made by the Borrower, the Canadian Borrower, any of the Guarantors, any other guarantor or any other Person or received or
collected by the Administrative Agent or any Lender from the Borrower, the Canadian Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any
time or from time to time in reduction of or in payment of the Borrower Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder for any portion of the Borrower Obligations which have not
been paid which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Borrower Obligations or any payment received or collected from such Guarantor in respect of the Borrower Obligations), remain
liable for the portion of the Borrower Obligations which have not been paid up to the maximum liability of such Guarantor hereunder until the Borrower Obligations are paid in full, no Letter of Credit shall be outstanding and the Commitments are
terminated. 
 2.2 Right of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent that a Subsidiary
Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Subsidiary Guarantor hereunder which has not paid its
proportionate share of such payment. Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and
liabilities of any Subsidiary Guarantor to the Administrative Agent and the Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

 2.3 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds
of any Guarantor by the Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against 

  
 5 

 the Borrower, the Canadian Borrower or any other Guarantor or any collateral security or guarantee or right
of offset held by the Administrative Agent or any Lender for the payment of the Borrower Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower, the Canadian Borrower or any other
Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrower or the Canadian Borrower on account of the Borrower Obligations are paid in full, no Letter of
Credit shall be outstanding and the Commitments are terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Borrower Obligations shall not have been paid in full, such amount shall
be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form
received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Borrower Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. 

2.4 Amendments, etc. with respect to the Borrower Obligations. Each Gruarantor shall remain obligated hereunder notwithstanding
that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Borrower Obligations made by the Administrative Agent or any Lender may be rescinded by the
Administrative Agent or such Lender and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and the Credit Agreement and the other
Loan Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be)
may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of the Borrower Obligations may be sold, exchanged, waived, surrendered or
released. Neither the Administrative Agent nor any Lender shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee contained in this Section 2
or any property subject thereto. 
 2.5 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of
the creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon the guarantee contained in this Section 2 or acceptance of the guarantee contained
in this Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2;
and all dealings between the Borrower, the Canadian Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in
reliance upon the guarantee contained in this Section 2. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower, the Canadian Borrower or any of the Guarantors with
respect to the Borrower Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the
validity or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by
the Administrative Agent or any Lender, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower, the Canadian Borrower or any other Person
against the Administrative Agent or any Lender, or (c) any other 

  
 6 

 
circumstance whatsoever (with or without notice to or knowledge of the Borrower, the Canadian Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or
legal discharge of the Borrower or the Canadian Borrower for the Borrower Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise
pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the
Borrower, the Canadian Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any
Lender to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, the Canadian Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to
exercise any such right of offset, or any release of the Borrower, the Canadian Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or
liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall
include the commencement and continuance of any legal proceedings. 
 2.6 Reinstatement. The guarantee contained in this
Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent
or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower, the Canadian Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or
similar officer for, the Borrower, the Canadian Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 2.7 Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the Funding Office. 

SECTION 3. GRANT OF SECURITY INTEREST 
 Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants to the Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in, all of the
following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”), as collateral
security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s Obligations: 
 (a) all Accounts; 
 (b) all Chattel Paper; 

(c) all contracts and agreements, including, without limitation, all Material Contracts; 

(d) all Deposit Accounts; 
 (e) all Documents; 
 (f) all Equipment; 

  
 7 

 (g) all Fixtures; 
 (h) all General Intangibles; 
 (i) all Instruments; 

(j) all Intellectual Property; 
 (k) all Inventory; 
 (1) all Investment Property; 

(m) all Letter-of-Credit Rights; 
 (n) all Commercial Tort Claims; 
 (o) all other property not otherwise
described above (except for any property specifically excluded from any clause in this section above, any property specifically excluded from any defined term used in any clause of this section above and any property excluded in the proviso
contained at the end of this Section 3); 
 (p) all books and records pertaining to the Collateral; and 

(q) to the extent not otherwise included, all Proceeds, Supporting Obligations and products of any and all of the foregoing and all
collateral security and guarantees given by any Person with respect to any of the foregoing; 
 provided, however, that
notwithstanding any of the other provisions set forth in this Section 3, this Agreement shall not constitute a grant of a security interest in, and Collateral shall not include (a) any property to the extent that such grant of a security
interest is prohibited by any Requirements of Law of a Governmental Authority or requires a consent not obtained of any Governmental Authority pursuant to such Requirement of Law (including in each case federal, state and local franchising or
alcoholic beverage control laws or any related laws or regulations regulating liquor licenses) or is prohibited by, or constitutes a breach or default under or results in the termination of or requires any consent not obtained under, any contract,
license, agreement, instrument or other document evidencing or giving rise to such property or, in the case of any Investment Property, Pledged Stock or Pledged Note, any applicable shareholder or similar agreement, except to the extent that such
Requirement of Law or the term in such contract, license, agreement, instrument or other document or shareholder or similar agreement providing for such prohibition, breach, default or termination or requiring such consent is ineffective under
applicable law, (b) any of the outstanding Foreign Subsidiary Voting Stock of a Foreign Subsidiary in excess of 66% of the voting power of all classes of Capital Stock of such Foreign Subsidiary entitled to vote and (c) trademark
applications filed in the United States Patent and Trademark Office on the basis of the Borrower’s “intent-to-use” such trademark, unless and until acceptable evidence of use of the Trademark has been filed with the United States
Patent and Trademark Office pursuant to Section l(c) or Section l(d) of the Lanham Act (15 U.S.C. 1051, et seq.), to the extent that granting a Lien in such Trademark application prior to such filing would adversely affect the enforceability or
validity of such Trademark application; provided that, upon filing such evidence, such application shall be automatically subject to the security interest granted herein and deemed to be included in the Collateral. 

  
 8 

 SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective
extensions of credit to the Borrower and the Canadian Borrower thereunder, each Grantor hereby represents and warrants (subject to the terms of Section 5.2 of the Credit Agreement) to the Administrative Agent and each Lender that: 

4.1 Title: No Other Liens. Except for the security interest granted to the Administrative Agent for the ratable benefit of the
Secured Parties pursuant to this Agreement and the other Liens permitted to exist on the Collateral by the Credit Agreement, such Grantor owns each item of the Collateral free and clear of any and all Liens. No financing statement under the Uniform
Commercial Code or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except such as have been filed in favor of the Administrative Agent, for the ratable benefit of the Secured
Parties, pursuant to this Agreement or as are permitted by the Credit Agreement. For the avoidance of doubt, it is understood and agreed that any Grantor may, as part of its business, grant licenses in the ordinary course of business to third
parties to use Intellectual Property owned by, licensed to or developed by a Grantor. For purposes of this Agreement and the other Loan Documents, such licensing activity shall not constitute a “Lien” on such Intellectual Property. Each of
the Administrative Agent and each Lender understands that any such licenses may be exclusive to the applicable licensees, and such exclusivity provisions may limit the ability of the Administrative Agent to utilize, sell, lease or transfer the
related Intellectual Property or otherwise realize value from such Intellectual Property pursuant hereto. 
 4.2 Perfected
First Priority Liens. The security interests granted pursuant to this Agreement (a) upon completion of the filings and other actions specified on Schedule 3 (which, in the case of all filings and other documents referred to on said Schedule
required by the Loan Documents to be delivered by the date hereof, have been so delivered to the Administrative Agent in completed and duly executed form) will constitute valid perfected security interests in all of the Collateral in favor of the
Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor’s Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to
purchase any Collateral from such Grantor and (b) are prior to all other Liens on the Collateral in existence on the date hereof except for Liens permitted by the Credit Agreement; provided, however, that additional filings in the
United States Patent and Trademark Office and United States Copyright Office may be necessary with respect to the perfection of the Administrative Agent’s Lien in United States registrations and applications for Trademarks, Patents and
Copyrights which are filed by, issued to, or acquired by Grantor after the date hereof and, provided, further, that additional filings and/or other actions may be required to perfect the Administrative Agent’s Lien in Intellectual Property
Collateral which is created under the laws of a jurisdiction outside the United States. 
 4.3 Jurisdiction of Organization:
Chief Executive Office. On the date hereof, such Grantor’s jurisdiction of organization, identification number from the jurisdiction of organization (if any) and the location of such Grantor’s chief executive office or sole place of
business or principal residence, as the case may be, are specified on Schedule 4. Such Grantor has furnished to the Administrative Agent a certified charter, certificate of incorporation or other organization document and a short-form good standing
certificate as of a date which is recent to the date hereof. 
 4.4 Inventory and Equipment. On the date hereof, the
Inventory and the Equipment (other than de minimis amounts of Equipment and Inventory not located in such locations in the ordinary course of business, Equipment and Inventory in transit between locations identified on Schedule 5 and mobile goods)
are kept at the locations listed on Schedule 5. 

  
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 4.5 Farm Products. None of the Collateral constitutes, or is the Proceeds of, Farm
Products. 
 4.6 Investment Property. (a) The shares of Pledged Stock pledged by such Grantor hereunder constitute
all the issued and outstanding shares of all classes of the Capital Stock of each Issuer of Pledged Stock owned by such Grantor or, in the case of Foreign Subsidiary Voting Stock, if less, 66% of the outstanding Foreign Subsidiary Voting Stock of
each relevant Issuer. 
 (b) All the shares of the Pledged Stock have been duly and validly issued and are fully paid and
nonassessable. 
 (c) Each of the Pledged Notes, to the knowledge of such Grantor, constitutes the legal, valid and binding
obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
 (d) Such Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of, or claims
of, any other Person, except the security interest created by this Agreement, other Liens permitted under the Credit Agreement and customary change of control restrictions. 
 4.7 Receivables. (a) No amount payable to such Grantor under or in connection with any material Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the
Administrative Agent. 
 (b) None of the obligors on any material Receivables of trade creditors or suppliers is a Governmental
Authority. 
 (c) The amounts represented by such Grantor to the Lenders from time to time as owing to such Grantor in respect
of any material Receivables will at such times be accurate. 
 4.8 Material Contracts. (a) No consent of any party
(other than such Grantor) to any Material Contract is required in connection with the execution, delivery and performance of this Agreement (except as has been (or is otherwise required to be) obtained in accordance with the terms of the Credit
Agreement). 
 (b) Each Material Contract, to the knowledge of such Grantor, is in full force and effect and constitutes a valid
and legally enforceable obligation of the parties thereto, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general
equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
 (c) No consent or authorization of, filing with or other act by or in respect of any Governmental Authority is required in connection with the execution, delivery, performance, validity or enforceability
of any of the Material Contracts by any party thereto other than those which have been duly obtained, made or performed, are in full force and effect, except for any such consent, authorization or filing, the failure to obtain or make, could not
reasonably be expected to have a Material Adverse Effect. 
 (d) Neither such Grantor nor (to the best of such Grantor’s
knowledge) any of the other parties to the Material Contracts is in default in the performance or observance of any of the terms thereof in any manner that, in the aggregate, could reasonably be expected to have a Material Adverse Effect.

  
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 (e) The right, title and interest of such Grantor in, to and under the Material Contracts
are not subject to any defenses, offsets, counterclaims or claims that, in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (f) Such Grantor has delivered to the Administrative Agent a complete and correct copy of each Material Contract, including all amendments, supplements and other modifications thereto. 

(g) No amount payable to such Grantor under or in connection with any Material Contract is evidenced by any Instrument or Chattel Paper
which has not been delivered to the Administrative Agent. 
 (h) None of the parties to any Material Contract is a Governmental
Authority. 
 4.9 Intellectual Property. (a) Schedule 6 lists all Intellectual Property which is the subject of a
registration or application owned by such Grantor in its own name on the date hereof. 
 (b) Each Grantor owns free of all
Liens, or has the right to use, all material Intellectual Property necessary for the operation of such Grantor’s business. 

(c) On the date hereof, all material Intellectual Property owned by such Grantor is valid, subsisting, unexpired and enforceable, has not
been abandoned and does not, to such Grantor’s knowledge, infringe, impair, misappropriate, dilute or otherwise violate (to “Infringe” and similar constructions will be construed accordingly) the Intellectual Property rights of
any other Person or is being Infringed by any other Person. 
 (d) Except as set forth in Schedule 6, on the date hereof,
none of the Intellectual Property owned by such Grantor is the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or franchisor. 
 (e) No holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or challenge the validity, enforceability, ownership or use of, or such Grantor’s rights
in, any Intellectual Property owned by such Grantor in any respect, and such Grantor knows of no valid basis for same, that could reasonably be expected to have a Material Adverse Effect. 

(f) No action or proceeding is pending, or, to the knowledge of such Grantor, threatened or imminent, on the date hereof (i) seeking
to limit, cancel or challenge the validity, enforceability, ownership or use of any Intellectual Property owned by such Grantor or such Grantor’s interest therein, or (ii) which, if adversely determined, would have a Material Adverse
Effect on the value of any Intellectual Property owned by such Grantor. 
 4.10 Commercial Tort Claims 

(a) On the date hereof, except to the extent listed in Section 3.1 above, no Grantor has rights in any Commercial Tort Claim with
potential value in excess of $100,000. 
 (b) Upon the filing of a financing statement covering any Commercial Tort Claim
referred to in Section 5.11 hereof against such Grantor in the jurisdiction specified in Schedule 3 hereto, the security interest granted in such Commercial Tort Claim will constitute a valid perfected security interest in favor of the
Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor’s Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to
purchase such Collateral from Grantor, which security interest 

  
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shall be prior to all other Liens on such Collateral except for unrecorded liens permitted by the Credit Agreement which have priority over the Liens on such Collateral by operation of law.

 SECTION 5. COVENANTS 
 Each Grantor covenants and agrees with the Administrative Agent and the Lenders that, from and after the date of this Agreement until the Obligations shall have been paid in fall, no Letter of Credit
shall be outstanding and the Commitments shall have terminated: 
 5.1 Delivery of Instruments, Certificated Securities and
Chattel Paper. if any amount payable in excess of $250,000 under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, such Instrument, Certificated Security or
Chattel Paper shall be immediately delivered to the Administrative Agent, duly indorsed in a manner satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. 

5.2 Maintenance of Insurance. (a) Such Grantor will maintain, with financially sound and reputable companies, insurance
policies (i) insuring the Inventory and Equipment against loss by fire, explosion, theft and such other casualties in such amounts as are usually insured against in the same general area by companies engaged in the same or substantially similar
business or otherwise as may be reasonably satisfactory to the Administrative Agent and (ii) insuring such Grantor and the Administrative Agent (on behalf of the Lenders) against liability for personal injury and property damage relating to
such Inventory and Equipment, such policies to be in such form and amounts and having such coverage as are usually insured against in the same general area by companies in the same or substantially similar business or otherwise as may be reasonably
satisfactory to the Administrative Agent and the Lenders. 
 (b) All such insurance shall (i) provide that no cancellation,
material reduction in amount or material change in coverage thereof shall be effective until at least 30 days after receipt by the Administrative Agent of written notice thereof, (ii) name the Administrative Agent as insured party or loss
payee, (iii) if reasonably requested by the Administrative Agent, include a breach of warranty clause and (iv) be reasonably satisfactory in all other respects to the Administrative Agent. 

(c) The Borrower shall deliver to the Administrative Agent and the Lenders a report of a reputable insurance broker with respect to such
insurance substantially concurrently with each delivery of the Borrower’s audited annual financial statements and such supplemental reports with respect thereto as the Administrative Agent may from time to time reasonably request. 

5.3 Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest
created by this Agreement as a perfected security interest having at least the priority described in Section 4.2 and shall defend such security interest against the claims and demands of all Persons whomsoever, subject to the rights of such
Grantor under the Loan Documents to dispose of the Collateral and other permitted Liens under the Credit Agreement. 
 (b) Such
Grantor will furnish to the Administrative Agent and the Lenders from time to time statements and schedules further identifying and describing the assets and property of such Grantor and such other reports in connection therewith as the
Administrative Agent may reasonably request, all in reasonable detail. 
 (c) At any time and from time to time, upon the
written request of the Administrative Agent, and at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the

  
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Administrative Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without
limitation, (i) filing any financing or continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby and (ii) in the case of
Investment Property, Deposit Accounts in an amount in excess of $250,000, Letter-of-Credit Rights in an amount in excess of $250,000 and any other relevant Collateral, using commercially reasonable efforts to enable the Administrative Agent to
obtain “control” (within the meaning of the applicable Uniform Commercial Code) with respect thereto. 
 5.4
Changes in Name, etc. Such Grantor will not, except upon 15 days’ prior written notice to the Administrative Agent and delivery to the Administrative Agent of all additional financing statements and other documents reasonably requested
by the Administrative Agent to maintain the validity, perfection and priority of the security interests provided for herein, (i) change its jurisdiction of organization or the location of its chief executive office from that referred to in
Section 4.3 or (ii) change its name. 
 5.5 Notices. Such Grantor will advise the Administrative Agent
promptly, in reasonable detail, of: 
 (a) any Lien (other than security interests created hereby or Liens permitted under the
Credit Agreement) on any of the Collateral which would adversely affect the ability of the Administrative Agent to exercise any of its remedies hereunder; and 
 (b) of the occurrence of any other event which could reasonably be expected to have a Material Adverse Effect on the aggregate value of the Collateral or on the security interests created hereby.

 5.6 Investment Property. (a) Except as otherwise permitted pursuant to the Loan Documents, if such Grantor shall
become entitled to receive or shall receive any certificate (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued
in connection with any reorganization), option or rights in respect of the Capital Stock of any Issuer of Pledged Stock, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or
otherwise in respect thereof, such Grantor shall accept the same as the agent of the Administrative Agent and the Lenders, hold the same in trust for the Administrative Agent and the Lenders and deliver the same forthwith to the Administrative Agent
in the exact form received, duly indorsed by such Grantor to the Administrative Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor to be held by the Administrative Agent, subject
to the terms hereof, as additional collateral security for the Obligations. If any distribution of capital shall be made on or in respect of the Investment Property or any property shall be distributed upon or with respect to the Investment Property
pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favor of the Administrative
Agent, be delivered to the Administrative Agent to be held by it hereunder as additional collateral security for the Obligations. If any sums of money or property so paid or distributed in respect of the Investment Property shall be received by such
Grantor, such Grantor shall, until such money or property is paid or delivered to the Administrative Agent, hold such money or property in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor, as additional
collateral security for the Obligations. 
 (b) Without the prior written consent of the Administrative Agent, such Grantor will
not (i) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the 

  
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Investment Property or Proceeds thereof, (ii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Investment Property or
Proceeds thereof, or any interest therein, except for the security interests created by this Agreement or as otherwise permitted pursuant to the Loan Documents or (iii) enter into any agreement or undertaking restricting the right or ability of
such Grantor or the Administrative Agent to sell, assign or transfer any of the Investment Property or Proceeds thereof except, in the case of clauses (i) through (iii) above, pursuant to a transaction permitted by the Loan Documents.

 (c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this
Agreement relating to the Investment Property issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Administrative Agent promptly in writing of the occurrence of any of the events
described in Section 5.6(a) with respect to the Investment Property issued by it and (iii) the terms of Sections 6.3(c) and 6.7 shall apply to it, mutatis mutandis, with respect to all actions that may be required of it
pursuant to Section 6.3(c) or 6.7 with respect to the Investment Property issued by it 
 5.7 Receivables.
(a) Other than in the ordinary course of business consistent with its past practice, such Grantor will not (i) grant any extension of the time of payment of any Receivable, (ii) compromise or settle any Receivable for less than the
full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any Receivable, (iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any
manner that could adversely affect the value thereof 
 (b) Such Grantor will deliver to the Administrative Agent a copy of each
material demand, notice or document received by it that questions or calls into doubt the validity or enforceability of more than 5% of the aggregate amount of the then outstanding Receivables. 

5.8 Material Contracts. (a) Such Grantor will perform and comply in all material respects with all its obligations under the
Material Contracts. 
 (b) Such Grantor will not amend, modify, terminate or waive any provision of any Material Contract in any
manner which could reasonably be expected to materially adversely affect the value of such Material Contract as Collateral. 

(c) Such Grantor will exercise promptly and diligently each and every material right which it may have under each Material Contract
(other than any right of termination). 
 5.9 Intellectual Property. (a) Such Grantor (either itself or through
licensees) will (i) continue to use each material Trademark owned by such Grantor on each and every trademark class of goods or services applicable to its current business, including without limitation, as reflected in its current service
offerings, catalogs, brochures and price lists in order to maintain such Trademark in full force free from any claim of abandonment for non-use, (ii) maintain in a manner substantially consistent with past practices the quality’ of all
products and services offered under such Trademark, (iii) use such Trademark with the appropriate notice of registration and all other notices and legends required by applicable Requirements of Law, (iv) not adopt or use any new mark or
any mark which is confusingly similar or a colorable imitation of such material Trademark unless the Administrative Agent, for the ratable benefit of the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this
Agreement, and (v) not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby such material Trademark may become invalidated or impaired in any way. 

  
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 (b) Such Grantor (either itself or through licensees) will not do any act, or omit to do any
act, whereby any material Patent owned by such Grantor may become forfeited, abandoned or dedicated to the public. 
 (c) Such
Grantor (either itself or through licensees) will not (and will not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any material portion of any material Copyright owned by such Grantor may become
invalidated or otherwise impaired. Such Grantor will not (either itself or through licensees) do any act whereby any material portion of any material Copyright owned by such Grantor may fall into the public domain. 

(d) Such Grantor (either itself or through licensees) will not do any act that knowingly uses any material Intellectual Property owned by
such Grantor to Infringe upon the Intellectual Property rights of any other Person. 
 (e) Such Grantor will notify the
Administrative Agent and the Lenders immediately if it knows, or has reason to know, that any application or registration relating to any material Intellectual Property owned by such Grantor may become forfeited, abandoned or dedicated to the
public, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright
Office or any court or tribunal in any country) regarding such Grantor’s rights in, or the validity, enforceability, ownership or use of, any material Intellectual Property owned by such Grantor, including, without limitation such
Grantor’s right to register or to maintain the same. 
 (f) Whenever such Grantor, either by itself or through any agent,
employee, licensee or designee, shall file an application or statement of use for the registration of any Intellectual Property with the United States Patent and Trademark Office or any similar office or agency in any other country or any political
subdivision thereof, such Grantor shall report such filing to the Administrative Agent within ten Business Days after the last day of the fiscal quarter in which such filing occurs. Whenever such Grantor, either by itself or through any agent,
employee, licensee or designee, shall file an application for the registration of any Copyright with the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, such Grantor shall
report such filing to the Administrative Agent within ten Business Days after the last day of the fiscal quarter in which such filing occurs. Upon request of the Administrative Agent, such Grantor shall execute and deliver, and have recorded, any
and all agreements, instruments, documents, and papers as the Administrative Agent may request to evidence the Administrative Agent’s and the Lenders’ security interest in any Copyright, Patent or Trademark owned by such Grantor.

 (g) Such Grantor will take all reasonable and necessary steps, including, without limitation, in any proceeding before the
United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, to maintain and pursue each material application (and to obtain the relevant
registration) and to maintain each registration of the material Intellectual Property owned by such Grantor, including, without limitation, filing of applications for renewal, affidavits of use and affidavits of incontestability and the payment of
maintenance fees. 
 (h) In the event that any material Intellectual Property owned by such Grantor is Infringed by a third
party, such Grantor shall (i) take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such Intellectual Property is of material economic value, promptly
notify the Administrative Agent after it learns thereof and if appropriate in Grantor’s reasonable commercial judgment, sue for Infringement, to seek injunctive relief where appropriate and to recover any and all damages for such Infringement.

  
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 5.10 Commercial Tort Claims. If such Grantor shall obtain an interest in any
Commercial Tort Claim with a potential value in excess of $100,000, such Grantor shall within 30 days of obtaining such interest sign and deliver documentation acceptable to the Administrative Agent granting a security interest under the terms and
provisions of this Agreement in and to such Commercial Tort Claim. 
 SECTION 6. REMEDIAL PROVISIONS 

6.1 Certain Matters Relating to Receivables. (a) Following the occurrence and during the continuation of an Event of Default
and the giving of notice to the relevant Grantor of the Administrative Agent’s intent to exercise its rights pursuant to this Section 6.1, the Administrative Agent shall have the right to make test verifications of the Receivables in any
manner and through any medium that it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the Administrative Agent may reasonably require in connection with such test verifications and upon the
Administrative Agent’s request and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the Administrative Agent to furnish to the Administrative Agent reports showing
reconciliations, aging and test verifications of, and trial balances for, the Receivables. 
 (b) If required by the
Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any event, within two Business Days) deposited
by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent if required, in a Collateral Account maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the
Administrative Agent for the account of the Lenders only as provided in Section 6.5, and (ii) until so turned over, shall be held by such Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such
Grantor. If an Event of Default has occurred and is continuing, each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. 

(c) At the Administrative Agent’s request following the occurrence and during the continuance of an Event of Default, each Grantor
shall deliver to the Administrative Agent all original and other documents in their possession or their control or which can be reasonably obtained evidencing, and relating to, the agreements and transactions which gave rise to the Receivables,
including, without limitation, all original orders, invoices and shipping receipts. 
 6.2 Communications with Obligors;
Grantors Remain Liable. (a) The Administrative Agent in its own name or in the name of others may at any time after the occurrence and during the continuance of an Event of Default communicate with obligors under the Receivables and parties
to the Material Contracts to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any Receivables or Material Contracts. 
 (b) Upon the request of the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, each Grantor shall notify obligors on the Receivables and parties to
the Material Contracts that the Receivables and the Material Contracts have been assigned to the Administrative Agent for the ratable benefit of the Secured Parties and that payments in respect thereof shall be made directly to the Administrative
Agent. 
 (c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of the Receivables
and Material Contracts to observe and perform in all material respects all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the 

  
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terms of any agreement giving rise thereto. Neither the Administrative Agent nor any Lender shall have any obligation or liability under any Receivable (or any agreement giving rise thereto) or
Material Contract by reason of or arising out of this Agreement or the receipt by the Administrative Agent or any Lender of any payment relating thereto, nor shall the Administrative Agent or any Lender be obligated in any manner to perform any of
the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto) or Material Contract, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the
sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any
time or times. 
 6.3 Pledged Stock. (a) Unless an Event of Default shall have occurred and be continuing and the
Administrative Agent shall have given notice to the relevant Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 6.3(b), each Grantor shall be permitted to receive all cash dividends paid
in respect of the Pledged Stock and all payments made in respect of the Pledged Notes, in each case paid in the normal course of business of the relevant Issuer and consistent with past practice, to the extent permitted in the Credit Agreement, and
to exercise all voting and corporate or other organizational rights with respect to the Investment Property; provided, however, that no vote shall be cast or corporate or other organizational right exercised or other action taken which, in the
Administrative Agent’s reasonable judgment, would impair the Collateral or which would be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 

(b) If an Event of Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to exercise such
rights to the relevant Grantor or Grantors, (i) the Administrative Agent shall have the right to receive any and all cash dividends, payments or other Proceeds paid in respect of the Investment Property and make application thereof to the
Obligations in such order as the Administrative Agent may determine, and (ii) any or all of the Investment Property shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may
thereafter exercise (x) all voting, corporate and other rights pertaining to such Investment Property at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and
subscription and any other rights, privileges or options pertaining to such Investment Property as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Investment Property
upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of any right, privilege or
option pertaining to such Investment Property, and in connection therewith, the right to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent, registrar or other designated agency upon such terms
and conditions as the Administrative Agent may determine), all without liability except to account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option
and shall not be responsible for any failure to do so or delay in so doing. 
 (c) Each Grantor hereby authorizes and instructs
each Issuer of any Investment Property pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default has occurred and is continuing and
(y) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) if an Event of
Default shall occur and be continuing, pay any dividends or other payments with respect to the Investment Property directly to the Administrative Agent in accordance with Section 6.3(b) above. 

  
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 6.4 Proceeds to be Turned Over To Administrative Agent. In addition to the rights of
the Administrative Agent and the Lenders specified in Section 6.1 with respect to payments of Receivables, if an Event of Default shall occur and be continuing, all Proceeds received by any Grantor consisting of cash, checks and other near-cash
items shall be held by such Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor, and shall upon the request of the Administrative Agent, forthwith upon receipt by such Grantor, be turned over to
the Administrative Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent hereunder shall be held by the Administrative Agent in a
Collateral Account maintained under its sole dominion and control. All Proceeds while held by the Administrative Agent in a Collateral Account (or by such Grantor in trust for the Administrative Agent and the Lenders) shall continue to be held as
collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.5. 
 6.5 Application of Proceeds. At such intervals as may be agreed upon by the Borrower and the Administrative Agent, or, if an Event of Default shall have occurred and be continuing, at any time at
the Administrative Agent’s election, the Administrative Agent may apply all or any part of Proceeds constituting Collateral, whether or not held in any Collateral Account, and any proceeds of the guarantee set forth in Section 2, in
payment of the Obligations in the following order: 
 First, to pay incurred and unpaid fees and expenses
of the Administrative Agent under the Loan Documents; 
 Second, to the Administrative Agent, for
application by it towards payment of amounts then due and owing and remaining unpaid in respect of the Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then due and owing and remaining unpaid to the Secured
Parties; 
 Third, to the Administrative Agent, for application by it towards prepayment of the
Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then held by the Secured Parties; and 
 Fourth, any balance remaining after the Obligations shall have been paid in full, no Letters of Credit shall be outstanding and the Commitments shall have terminated shall be paid over to the
Borrower or to whomsoever may be lawfully entitled to receive the same. 
 6.6 Code and Other Remedies. If an Event of
Default shall occur and be continuing, the Administrative Agent, on behalf of the Lenders, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or
relating to the Obligations, all rights and remedies of a secured party under the New York UCC or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may
in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or
any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or any Lender or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale or
sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the 

  
 18 

 
Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released. Each Grantor further agrees, if an Event of Default shall occur
and be continuing, at the Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such Grantor’s premises or
elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.6, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care
or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in
whole or in part of the Obligations, in such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, including,
without limitation, Section 9-615(a)(3) of the New York UCC, need the Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may
acquire against the Administrative Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable
and proper if given at least ten days before such sale or other disposition. 
 6.7 Registration Rights. (a) If the
Administrative Agent shall determine to exercise its right to sell any or all of the Pledged Stock pursuant to Section 6.6, and if in the opinion of the Administrative Agent it is necessary or advisable to have the Pledged Stock, or that
portion thereof to be sold, registered under the provisions of the Securities Act, the relevant Grantor will cause the Issuer thereof to (i) execute and deliver, and cause the directors and officers of such Issuer to execute and deliver, all
such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion of the Administrative Agent, necessary or advisable to register the Pledged Stock, or that portion thereof to be sold, under the provisions of
the Securities Act, (ii) use its best efforts to cause the registration statement relating thereto to become effective and to remain effective for a period of one year from the date of the first public offering of the Pledged Stock, or that
portion thereof to be sold, and (iii) make all amendments thereto and/or to the related prospectus which, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and
the rules and regulations of the Securities and Exchange Commission applicable thereto. Each Grantor agrees to cause such Issuer to comply with the provisions of the securities or “Blue Sky” laws of any and all jurisdictions which the
Administrative Agent shall designate and to make available to its security holders, as soon as practicable, an earnings statement (which need not be audited) which will satisfy the provisions of Section 1l(a) of the Securities Act. 

(b) Each Grantor recognizes that the Administrative Agent may be unable to effect a public , sale of any or all the Pledged Stock, by
reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree,
among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less
favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to
delay a sale of any of the Pledged Stock for the period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such Issuer would agree
to do so. 
 (c) Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary
to make such sale or sales of all or any portion of the Pledged Stock pursuant to this Section 6.7 valid and binding and in compliance with any and all other applicable Requirements of Law.

  
 19 

 
Each Grantor further agrees that a breach of any of the covenants contained in this Section 6.7 will cause irreparable injury to the Administrative Agent and the Lenders, that the
Administrative Agent and the Lenders have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 6.7 shall be specifically enforceable against such Grantor, and such
Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred under the Credit Agreement. 

6.8 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the
Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency. 

SECTION 7. THE ADMINISTRATIVE AGENT 
 7.1 Administrative Agent’s Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof,
with full power of substitution, as its true and lawful attomey-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of
this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each
Grantor hereby gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 

(i) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks,
drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable or Material Contract or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity
or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under any Receivable or Material Contract or with respect to any other Collateral whenever payable; 

(ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements,
instruments, documents and papers as the Administrative Agent may request to evidence the Administrative Agent’s and the Lenders’ security interest in such Intellectual Property; 

(iii) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or any
insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 
 (iv) execute, in connection with any sale provided for in Section 6.6 or 6.7, any indorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and

 (v) (1) direct any party liable for any payment under any of the Collateral to make payment of any and
all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts
due or to become due at any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications,
notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or 

  
 20 

 
proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral;
(5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as
the Administrative Agent may deem appropriate; (7) subject to any licenses (and the rights granted therein) existing at the time of such assignment, assign any Copyright, Patent or Trademark owned by such Grantor throughout the world for such
term or terms, on such conditions, and in such manner, as the Administrative Agent shall in its sole discretion determine; and (8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the
Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts
and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative Agent’s and the Lenders’ security interests therein and to effect the intent of this Agreement, all as
fully and effectively as such Grantor might do. 
 Anything in this Section 7.1(a) to the contrary notwithstanding,
the Administrative Agent agrees that it will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless an Event of Default shall have occurred and be continuing. 

(b) If any Grantor fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but
without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 

(c) The expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1,
together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would then be payable on any category of past due ABR Loans under the Credit Agreement, from the date of payment by the Administrative Agent to
the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 
 (d) Each
Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is
terminated and the security interests created hereby are released. 
 7.2 Duty of Administrative Agent. The
Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as
the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any Lender nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize
upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the
Collateral or any part thereof. The powers conferred on the Administrative Agent and the Lenders hereunder are solely to protect the Administrative Agent’s and the Lenders’ interests in the Collateral and shall not impose any duty upon the
Administrative Agent or any Lender to exercise any such powers. The Administrative Agent and the Lenders shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their
officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

  
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 7.3 Execution of Financing Statements. Pursuant to any applicable law, each Grantor
authorizes the Administrative Agent or counsel to the Administrative Agent to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral without the signature of such Grantor in such
form and in such offices as the Administrative Agent determines appropriate to perfect the security interests of the Administrative Agent under this Agreement. Each Grantor authorizes the Administrative Agent to use the collateral description
“all personal property, whether now owned or hereafter acquired” or words of a similar effect in any such financing statements. Each Grantor hereby ratifies and authorizes the filing by the Administrative Agent of any financing statement
with respect to the Collateral made prior to the date hereof. 
 7.4 Authority of Administrative Agent. Each Grantor
acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right,
request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with respect
thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or
refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 
 SECTION 8. MISCELLANEOUS 
 8.1 Amendments in Writing. None of the terms or
provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 10.1 of the Credit Agreement. 
 8.2 Notices. All notices, requests and demands to or upon the Administrative Agent or any Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit
Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1. 
 8.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to Section 8.1), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any
Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on
any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

8.4 Enforcement Expenses; Indemnification. (a) Each Guarantor agrees to pay or reimburse each Lender and the Administrative
Agent for all its costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such
Guarantor is a party, including, without limitation, the fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Lender and of counsel to the Administrative Agent. 

  
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 (b) Each Guarantor agrees to pay, and to save the Administrative Agent and the Lenders
harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection
with any of the transactions contemplated by this Agreement. 
 (c) Each Guarantor agrees to pay, and to save the Administrative
Agent and the Lenders harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement,
performance and administration of this Agreement to the extent the Borrower or the Canadian Borrower, as the case may be, would be required to do so pursuant to Section 10.5 of the Credit Agreement. 

(d) The agreements in this Section 8.4 shall survive repayment of the Obligations and all other amounts payable under the Credit
Agreement and the other Loan Documents. 
 8.5 Successors and Assigns. This Agreement shall be binding upon the
successors and assigns of each Grantor and shall inure to the benefit of the Administrative Agent and the Lenders and their successors and. assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations
under this Agreement without the prior written consent of the Administrative Agent. 
 8.6 Set-Off. Each Grantor hereby
irrevocably authorizes the Administrative Agent and each Lender, at any time and from time to time, but in each case only while an Event of Default shall have occurred and be continuing, without notice to such Grantor or any other Grantor, any such
notice being expressly waived by each Grantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Administrative Agent or such Lender to or for the credit or the account of such Grantor, or any part thereof in such amounts as the
Administrative Agent or such Lender may elect, against and on account of the obligations and liabilities of such Grantor to the Administrative Agent or such Lender hereunder and claims of every nature and description of the Administrative Agent or
such Lender against such Grantor, in any currency, whether arising hereunder, under the Credit Agreement, any other Loan Document or otherwise, as the Administrative Agent or such Lender may elect, whether or not the Administrative Agent or any
Lender has made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The Administrative Agent and each Lender shall notify such Grantor promptly of any such set-off and the application made by
the Administrative Agent or such Lender of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Administrative Agent and each Lender under this
Section 8.6 are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Administrative Agent or such Lender may have. 
 8.7 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. 
 8.8 Severability. Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 23 

 8.9 Section Headings. The Section headings used in this Agreement are for convenience
of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

8.10 Integration. This Agreement and the other Loan Documents represent the agreement of the Grantors, the Administrative Agent
and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set
forth or referred to herein or in the other Loan Documents. 
 8.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 8.12 Submission To
Jurisdiction; Waivers. Each Grantor hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in
any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the
State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or
that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in
Section 8.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 
 (d)
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section any special, exemplary, punitive or consequential damages. 
 8.13 Acknowledgements. Each
Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents to which it is a party; 
 (b) neither the Administrative Agent nor any Lender has any
fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the Administrative Agent and Lenders, on the
other hand, in connection herewith or therewith is solely that of debtor and creditor; and 

  
 24 

 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Lenders or among the Grantors and the Lenders. 
 8.14 Additional
Grantors. Each Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to Section 6.9 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such
Subsidiary of an Assumption Agreement in the form of Annex 2 hereto. 
 8.15 Releases. (a) At such time as the
Loans, the Reimbursement Obligations and the other Obligations (other than Obligations in respect of Specified Swap Agreements) shall have been paid in full, the Commitments have been terminated and no Letters of Credit shall be outstanding, the
Collateral shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without
delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver
to such Grantor any Collateral held by the Administrative Agent hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

(b) If any of the Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a transaction permitted by the Credit
Agreement, then the Administrative Agent, at the request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on
such Collateral. At the request and sole expense of the Borrower, a Subsidiary Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock of such Subsidiary Guarantor shall be sold, transferred or otherwise
disposed of in a transaction permitted by the Credit Agreement; provided that the Borrower shall have delivered to the Administrative Agent, at least ten Business Days prior to the date of the proposed release, a written request for release
identifying the relevant Subsidiary Guarantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrower stating that such
transaction is in compliance with the Credit Agreement and the other Loan Documents. 
 8.16 WAIVER OF JURY TRIAL.
EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

  
 25 

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

			
	GAMES MERGER CORP.
		
	By:	 	 /s/ John Monsky

	Name:	 	John Monsky
	Title:	 	Vice President

 [SIGNATURE PAGE; GUARANTEE AND
COLLATERAL AGREEMENT] 

 
			
	GAMES INTERMEDIATE MERGER CORP.
		
	By:	 	 /s/ John Monsky

	Name:	 	John Monsky
	Title:	 	Vice President

 [SIGNATURE PAGE; GUARANTEE AND
COLLATERAL AGREEMENT] 

 EXHIBIT B 
 FORM OF 
 COMPLIANCE CERTIFICATE 

This Compliance Certificate is delivered pursuant to Section 6.2(b) of the Credit Agreement, dated as of June 1, 2010 (as
amended, supplemented or otherwise modified from time to time (the “Credit Agreement”), among GAMES INTERMEDIATE MERGER CORP., a Delaware corporation (to be merged with and into DAVE & BUSTER’S HOLDINGS, INC., with
Dave & Buster’s Holdings, Inc. as the surviving entity) (“Holdings”), GAMES MERGER CORP., a Missouri corporation (to be merged with and into DAVE & BUSTER’S, INC., with Dave & Buster’s, Inc.
as the surviving entity) (the “Borrower”), 6131646 CANADA INC., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and Co-Syndication Agents named therein and
JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
 1. I am the duly elected, qualified and acting Chief Financial Officer of the Borrower. 

2. I have reviewed and am familiar with the contents of this Certificate. 

3. I have reviewed the terms of the Credit Agreement and the Loan Documents and have made or caused to be made under my supervision, a
review in reasonable detail of the transactions and condition of the Borrower during the accounting period covered by the financial statements attached hereto as Attachment 1 (the “Financial Statements”). Such review did not
disclose the existence during or at the end of the accounting period covered by the Financial Statements, and I have no knowledge of the existence, as of the date of this Certificate, of any condition or event which constitutes a Default or Event of
Default, except as set forth below. 
 4. Attached hereto as Attachment 2 are the computations showing compliance with
the covenants set forth in Section 7.1, 7.2(e), 7.2(f), 7.2(j), 7.2(l), 7.2(q), 7.2(r), 7.3(p), 7.3(q), 7.3(r), 7.3(s), 7.5(j), 7.6(b), 7.6(c), 7.7, 7.8(d), 7.8(o), 7.8(p) and 7.8(q) of the Credit Agreement. 

5. Attached hereto as Attachment 3 is a description of any change in the jurisdiction of organization of any Loan Party and a list
of any Intellectual Property acquired by any Loan Party, to the extent not previously disclosed to the Administrative Agent, since the most recent Compliance Certificate was delivered (or in the case of the first Compliance Certificate so delivered,
since the Closing Date). 
 IN WITNESS WHEREOF, the undersigned has hereunto set his name as of the date first set forth herein.

  

			
	By:	 	 
	Name:
	Title: Chief Financial Officer

 Attachment 1 
 to Compliance Certificate 
 [Attach Financial Statements] 

 Attachment 2 
 to Compliance Certificate 
 The information described herein is as of ____, ___,
and pertains to the period from ______, ___ to __________, ___. 
 [Set forth Covenant Calculations] 

 Attachment 3 
 to Compliance Certificate 
 [Attach description of change in the jurisdiction of
organization and any Intellectual Property acquired] 

 EXHIBIT C 
 FORM OF 
 CLOSING CERTIFICATE 

PART A 
 Pursuant to Section 5.1 (f) of the Credit Agreement, dated as of June 1, 2010 (the “Credit Agreement”; terms defined therein, unless otherwise defined herein, being used
herein as therein defined), among GAMES INTERMEDIATE MERGER CORP., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with Dave & Buster’s Holdings, Inc. as the surviving entity)
(“Holdings”), GAMES MERGER CORP., a Missouri corporation (to be merged with and into DAVE & BUSTER’S, INC., with Dave & Buster’s, Inc. as the surviving entity) (the “Borrower”), 6131646
CANADA INC., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and Co-Syndication Agents named therein and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the
“Administrative Agent”), the undersigned [INSERT TITLE OF OFFICER] of [INSERT NAME OF LOAN PARTY] (the “Certifying Loan Party”) hereby certifies as follows: 

1. The representations and warranties of the Certifying Loan Party contained in Sections 4.3, 4.4, 4.11,4.14, 4.16, 4.19 (subject, on the
Closing Date, to the provisos and limitations contained in each of Sections 5. 1(h), (i) and (k) of the Credit Agreement) and 4.20 of the Credit Agreement are true and correct in all material respects on and as of the date hereof as if
made on the date hereof, except to the extent that such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as of such earlier
date; provided that to the extent that any of such representations and warranties made on, as of or prior to the Closing Date are qualified by or subject to “Material Adverse Effect”, such representation or warranty shall be deemed
to be qualified by or subject to “Closing Date Material Adverse Effect” for the purposes of any representations and warranties made or to be made on, as of or prior to the Closing Date). [Holdings, Borrower and Canadian Borrower
only] 
 2.
                     is the duly elected and qualified Corporate Secretary of the Certifying Loan Party and the signature set forth for such
officer below is such officer’s true and genuine signature. 
 3. No Default or Event of Default (subject to
Section 5.2(a) of the Credit Agreement) has occurred and is continuing as of the date hereof or after giving effect to the extensions of credit to be made on the date hereof. [Borrower and Canadian Borrower only] 

4. The conditions precedent set forth in Section 5.1 of the Credit Agreement (subject, on the Closing Date to the provisos and
limitations contained therein) were satisfied as of the Closing Date. [Borrower and Canadian Borrower only] 

 IN WITNESS WHEREOF, the undersigned has hereunto set his name as of the date first set forth
herein. 
  

			
	By:	 	 
	Name:	 	
	Title:	 	

 PART B 

Pursuant to Section 5.1(f) of the Credit Agreement, dated as of June 1, 2010 (the “Credit Agreement”; terms defined
therein, unless otherwise defined herein, being used herein as therein defined), among GAMES INTERMEDIATE MERGER CORP., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with Dave &
Buster’s Holdings, Inc. as the surviving entity) (“Holdings”), GAMES MERGER CORP., a Missouri corporation (to be merged with and into DAVE & BUSTER’S, INC., with Dave & Buster’s, Inc. as the surviving
entity) (the “Borrower”), 6131646 CANADA INC., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and Co-Syndication Agents named therein and JPMORGAN CHASE BANK, N.A., as
administrative agent (in such capacity, the “Administrative Agent”), the undersigned [INSERT TITLE OF OFFICER] of [INSERT NAME OF LOAN PARTY] (the “Certifying Loan Party”) hereby certifies as follows: 

1. Attached hereto as Annex 1 is a true and complete copy of resolutions duly adopted by the [Board of Directors] of the
Certifying Loan Party on June 1, 2010; such resolutions have not in any way been amended, modified, revoked or rescinded, have been in full force and effect since their adoption to and including the date hereof and are now in full force and
effect and are the only corporate proceedings of the Certifying Loan Party now in force relating to or affecting the matters referred to therein. 
 2. Attached hereto as Annex 2 is a true and complete copy of the [By-Laws] of the Certifying Loan Party as in effect on the date hereof. 

3. Attached hereto as Annex 3 is a true and complete copy of the [Certificate of Incorporation] of the Certifying Loan Party as in
effect on the date hereof. 
 4. The following persons are now duly elected and qualified officers of the Certifying Loan Party
holding the offices indicated next to their respective names below, and the signatures appearing opposite their respective names below are the true and genuine signatures of such officers, and each of such officers is duly authorized to execute and
deliver on behalf of the Certifying Loan Party each of the Loan Documents to which it is a party and any certificate or other document to be delivered by the Certifying Loan Party pursuant to the Loan Documents to which it is a party: 

[Signature Page to Follow] 

							
	 Name
	  	Office	  	Signature
			
	  	  	 	  	  

			
	  	  	 	  	  

			
	  	  	 	  	  

 IN WITNESS WHEREOF, the
undersigned has hereunto set his name as of the date first set forth herein. 
  

			
	By:	 	 
	Name:	 	
	Title:	 	

 ANNEX 1 
 [Board Resolutions] 

 ANNEX 2 
 [Bylaws] 

 ANNEX 3 
 [Certificate of Incorporation] 

 EXHIBIT D 
 FORM OF 
 MORTGAGE 

 After recording please return to: 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 
 Attention: Christopher
Garcia 
 [             County,
             ] 
  

 
 DEED OF TRUST, SECURITY AGREEMENT,
ASSIGNMENT OF LEASES AND RENTS, 
 AND FIXTURE FILING 
 made by 

[                      
  ], 
 Grantor, 
 to 

[                      
       ], 
 as Trustee 
 for the use and benefit of 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent, Beneficiary 
 Dated as of [                         ], 2010 

 
  
 THIS INSTRUMENT IS TO BE INDEXED AS BOTH A DEED OF TRUST 
 AND AS A FINANCING
STATEMENT FILED AS A FIXTURE FILING 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	 BACKGROUND
	  	 	1	  
		
	 GRANTING CLAUSES
	  	 	1	  
		
	 TERMS AND CONDITIONS
	  	 	4	  
		 	2.	  	Defined Terms	  	 	4	  
		 	3.	  	Warranty of Title	  	 	4	  
		 	4.	  	Payment of Obligations	  	 	4	  
		 	5.	  	Requirements	  	 	4	  
		 	6.	  	Payment of Taxes and Other Impositions	  	 	5	  
		 	7.	  	Insurance	  	 	5	  
		 	8.	  	Restrictions on Liens and Encumbrances	  	 	6	  
		 	9.	  	Due on Sale and Other Transfer Restrictions	  	 	6	  
		 	10.	  	Condemnation/Eminent Domain	  	 	6	  
		 	11.	  	Leases	  	 	6	  
		 	12.	  	Further Assurances	  	 	6	  
		 	13.	  	Beneficiary’s Right to Perform	  	 	7	  
		 	14.	  	Remedies	  	 	7	  
		 	15.	  	Right of beneficiary to Credit Sale	  	 	8	  
		 	16.	  	Appointment of Receiver	  	 	9	  
		 	17.	  	Extension, Release, etc.	  	 	9	  
		 	18.	  	Security Agreement under Uniform Commercial
Code; Fixture Filing	  	 	10	  
		 	19.	  	Assignment of Rents	  	 	10	  
		 	20.	  	Additional Rights	  	 	11	  
		 	21.	  	Notices	  	 	11	  
		 	22.	  	No Oral Modification	  	 	11	  
		 	23.	  	Partial Invalidity	  	 	11	  
		 	24.	  	Grantor’s Waiver of Rights 	  	 	12	  
		 	25.	  	Remedies Not Exclusive	  	 	12	  
		 	26.	  	Multiple Security	  	 	13	  
		 	27.	  	Successors and Assigns	  	 	14	  
		 	28.	  	No Waivers, etc.	  	 	14	  
		 	29.	  	Governing Law, etc.	  	 	14	  
		 	30.	  	Certain Definitions	  	 	14	  
		 	31.	  	Trust Lease Provisions	  	 	15	  
		 	32.	  	Duty of Beneficiary; Authority of Beneficiary	  	 	18	  
		 	33.	  	Last Dollars Secured; Priority
	  	 	18	  
		 	34.	  	Enforcement Expenses; Indemnification	  	 	19	  
		 	35.	  	Release	  	 	19	  
		 	36.	  	Substitute Trustee	  	 	19	  
		 	37.	  	Indemnification of Trustee	  	 	20	  
		 	38.	  	Receipt of Copy	  	 	20	  
		 	39.	  	Revolving Credit	  	 	20	  
		 	40.	  	Acceptance by Trustee	  	 	20	  
		 	41.	  	State Specific Provisions	  	 	20	  

 DEED OF TRUST, SECURITY AGREEMENT, 

ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FILING 
 THIS DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FILING, dated as of [            ], 2010 is made by
[                    ] (“Grantor”), whose address is 2481 Manana Drive, Dallas, Texas 75220, to
[                        ], as trustee (in such capacity, “Trustee”), whose address is
[                        ], for the use and benefit of JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such
capacity, “Beneficiary”) whose address is 270 Park Avenue, New York, New York 10017. References to this “Deed of Trust” shall mean this instrument and any and all renewals, modifications, amendments, supplements,
extensions, consolidations, substitutions, spreaders and replacements of this instrument. 
 SECTION 1. Background 

(a) Games Intermediate Merger Corp., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc.,
with Dave & Buster’s Holdings, Inc. as the surviving entity), Games Merger Corp., a Missouri corporation (to be merged with and into Dave & Buster’s, Inc., with Dave & Buster’s Inc. as the surviving entity),
as Borrower, 6131646 CANADA INC., a Canadian corporation, as Canadian Borrower, the several banks and other financial institutions or entities from time to time parties thereto, as lenders, General Electric Capital Corporation, as Documentation
Agent, [    ], as Syndication Agent, and JPMorgan Chase Bank, N.A., as Administrative Agent, are parties to that certain Credit Agreement, dated as of [        ], 2010 (as
amended, restated, supplemented, substituted, or otherwise modified from time to time, the “Credit Agreement”). 
 (b) Pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrowers upon the terms and subject to the conditions set forth therein. 

(c) Grantor (i) is the owner of the fee simple estate in the parcel(s) of real property, if any, described on Schedule A
attached hereto (the “Owned Land”); (ii) is the owner of a leasehold estate in the parcel(s) of real property, if any, described on Schedule B attached hereto (the “Leased Land”; together with the Owned
Land, collectively, the “Land”), pursuant to the agreement described on Schedule C attached hereto (as the same may be amended, supplemented or otherwise modified from time to time, the “Trust Lease”); and
(iii) owns, leases or otherwise has the right to use all of the buildings, improvements, structures, and fixtures now or subsequently located on the Land (the “Improvements”; the Land and the Improvements being collectively
referred to as the “Real Estate”). 
 (d) It is a condition precedent to the obligation of the Lenders to make
their respective extensions of credit to the Grantor under the Credit Agreement that Grantor shall have executed and delivered this Deed of Trust to Beneficiary for the ratable benefit of the Secured Parties. 

SECTION 2. Granting Clauses 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor agrees that to secure the prompt and complete payment and performance when due (whether at the
stated maturity, by acceleration or otherwise) all obligations and liabilities of Grantor which may arise under or in connection with this Deed of Trust, the Guarantee and Collateral Agreement (including, without limitation, Section 2 thereof)
or any other Loan Document, any Specified Swap Agreement or any Specified Cash Management Agreement to which Grantor is a party, in each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses
or otherwise (including, without limitation, all fees and disbursements of counsel to Beneficiary 

  
 1 

 
or to the Lenders that are required to be paid by Grantor pursuant to this Deed of Trust, the Guarantee and Collateral Agreement or any other Loan Document) (collectively, the
“Obligations”); 
 GRANTOR HEREBY CONVEYS TO TRUSTEE AND HEREBY MORTGAGES, GRANTS, ASSIGNS, TRANSFERS AND SETS OVER TO TRUSTEE
AND ALSO TO SUBSTITUTE TRUSTEE (AS DEFINED BELOW), IN TRUST WITH POWER OF SALE AND RIGHT OF ENTRY FOR THE USE AND BENEFIT OF BENEFICIARY, FOR THE RATABLE BENEFIT OF THE SECURED PARTIES, AND GRANTS BENEFICIARY AND TRUSTEE A SECURITY INTEREST IN:

 (a) the Owned Land; 
 (b) the leasehold estate created under and by virtue of the Trust Lease, any interest in any fee, greater or lesser title to the Leased Land and Improvements located thereon that Grantor may own or
hereafter acquire (whether acquired pursuant to a right or option contained in the Trust Lease or otherwise) and all credits, deposits, options, privileges and rights of Grantor under the Trust Lease (including all rights of use, occupancy and
enjoyment) and under any amendments, supplements, extensions, renewals, restatements, replacements and modifications thereof (including, without limitation, during the occurrence and continuance of an Event of Default, (i) the right to give
consents, (ii) the right to receive moneys payable to Grantor, (iii) the right, if any, to renew or extend the Trust Lease for a succeeding term or terms, (iv) the right, if any, to purchase the Leased Land and Improvements located
thereon, and (v) the right to terminate or modify the Trust Lease); all of Grantor’s claims and rights to the payment of damages arising under the Bankruptcy Code (as defined below) from any rejection of the Trust Lease by the lessor
thereunder or any other party; 
 (c) all right, title and interest Grantor now has or may hereafter acquire in
and to the Improvements or any part thereof (whether owned in fee by Grantor or held pursuant to the Trust Lease or otherwise) and all the estate, right, title, claim or demand whatsoever of Grantor, in possession or expectancy, in and to the Real
Estate or any part thereof; 
 (d) all right, title and interest of Grantor in, to and under all easements,
rights of way, licenses, operating agreements, abutting strips and gores of land, streets, ways, alleys, passages, sewer rights, waters, water courses, water and flowage rights, development rights, air rights, mineral and soil rights, plants,
standing and fallen timber, and all estates, rights, titles, interests, privileges, licenses, tenements, hereditaments and appurtenances belonging, relating or appertaining to the Real Estate, and any reversions, remainders, rents, issues, profits
and revenue thereof and all land lying in the bed of any street, road or avenue, in front of or adjoining the Real Estate to the center line thereof; 
 (e) all of the fixtures, chattels, business machines, machinery, apparatus, equipment, furnishings, fittings, appliances and articles of personal property of every kind and nature whatsoever, and all
appurtenances and additions thereto and substitutions or replacements thereof (together with, in each case, attachments, components, parts and accessories) currently owned or subsequently acquired by Grantor and now or subsequently attached to, or
contained in or used or usable in any way in connection with any operation or letting of the Real Estate, including but without limiting the generality of the foregoing, all screens, awnings, shades, blinds, curtains, draperies, artwork, carpets,
rugs, storm doors and windows, furniture and furnishings, heating, electrical, and mechanical equipment, lighting, switchboards, plumbing, ventilating, air conditioning and air-cooling apparatus, refrigerating, and incinerating equipment,
escalators, elevators, loading and unloading equipment and systems, stoves, ranges, laundry equipment, cleaning systems (including window cleaning apparatus), telephones, communication systems (including satellite dishes and antennae), televisions,
computers, sprinkler systems and other fire 

  
 2 

 
prevention and extinguishing apparatus and materials, security systems, motors, engines, machinery, pipes, pumps, tanks, conduits, appliances, fittings and fixtures of every kind and description
(all of the foregoing in this paragraph (e) being referred to as the “Equipment”); 
 (f)
all right, title and interest of Grantor in and to all substitutes and replacements of, and all additions and improvements to, the Real Estate and the Equipment, subsequently acquired by or released to Grantor or constructed, assembled or placed by
Grantor on the Real Estate, immediately upon such acquisition, release, construction, assembling or placement, including, without limitation, any and all building materials whether stored at the Real Estate or offsite, and, in each such case,
without any further deed, conveyance, assignment or other act by Grantor; 
 (g) all right, title and interest of
Grantor in, to and under all leases, subleases, underlettings, concession agreements, management agreements, licenses and other agreements relating to the use or occupancy of the Real Estate or the Equipment or any part thereof, now existing or
subsequently entered into by Grantor and whether written or oral and all guarantees of any of the foregoing (collectively, as any of the foregoing may be amended, restated, extended, renewed or modified from time to time, the
“Leases”), and all rights of Grantor in respect of cash and securities deposited thereunder and the right to receive and collect the revenues, income, rents, issues and profits thereof, together with all other rents, royalties,
issues, profits, revenue, income and other benefits arising from the use and enjoyment of the Trust Property (as defined below) (collectively, the “Rents”); 

(h) all unearned premiums under insurance policies now or subsequently obtained by Grantor relating to the Real Estate or
Equipment and Grantor’s interest in and to all proceeds of any such insurance policies (including title insurance policies) including the right to collect and receive such proceeds, subject to the provisions relating to insurance generally set
forth below; and all awards and other compensation, including the interest payable thereon and the right to collect and receive the same, made to the present or any subsequent owner of the Real Estate or Equipment for the taking by eminent domain,
condemnation or otherwise, of all or any part of the Real Estate or any easement or other right therein; 
 (i)
to the extent not prohibited under the applicable contract, consent, license or other item unless the appropriate consent has been obtained, all right, title and interest of Grantor in and to (i) all contracts from time to time executed by
Grantor or any manager or agent on its behalf relating to the ownership, construction, maintenance, repair, operation, occupancy, sale or financing of the Real Estate or Equipment or any part thereof and all agreements and options relating to the
purchase or lease of any portion of the Real Estate or any properly which is adjacent or peripheral to the Real Estate, together with the right to exercise such options and all leases of Equipment, (ii) all consents, licenses, building permits,
certificates of occupancy and other governmental approvals relating to construction, completion, occupancy, use or operation of the Real Estate or any part thereof, and (iii) all drawings, plans, specifications and similar or related items
relating to the Real Estate; and 
 (j) all proceeds, both cash and noncash, of the foregoing; 

(All of the foregoing property and rights and interests now owned, leased or held or subsequently acquired by Grantor and described in
the foregoing clauses (a) through (d) are collectively referred to as the “Premises”, and those described in the foregoing clauses (a) through (j) are collectively referred to as the “Trust
Property”). 
 TO HAVE AND TO HOLD the Trust Property and the rights and privileges hereby mortgaged unto Beneficiary,
its successors and assigns for the uses and purposes set forth, until the 

  
 3 

 
Obligations are fully paid and performed, provided, however, that the condition of this Deed of Trust is such that if the Obligations are fully paid and performed, then the estate hereby granted
shall cease, terminate and become void but shall otherwise remain in full force and effect. 
 This Deed of Trust covers present
and future advances and re-advances, in the aggregate amount of the obligations secured hereby, made by the Secured Parties for the benefit of Grantor, and the lien of such future advances and re-advances shall relate back to the date of this Deed
of Trust. 
 Terms and Conditions 
 Grantor further represents, warrants, covenants and agrees with Beneficiary and the Secured Parties (as defined below) as follows: 
 2.2 Defined Terms. Capitalized terms used herein (including in the “Background” and “Granting Clauses” sections above) and not otherwise defined herein shall have the meanings
ascribed thereto in the Credit Agreement. References in this Deed of Trust to the “Default Rate” shall mean the interest rate applicable pursuant to Section 2.14(e) of the Credit Agreement. References herein to the
“Secured Parties” shall mean the collective reference to Beneficiary, the Lenders and any affiliate of any Lender to which the Obligations are owed. 
 2.3 Warranty of Title. Grantor warrants that it has good record title in fee simple to, or a valid leasehold interest in, the Real Estate, and good title to, or a valid leasehold interest in, the
rest of the Trust Property, subject only to the matters that are set forth in Schedule B of the title insurance policy or policies, if any, being issued to Beneficiary to insure the lien of this Deed of Trust and any other lien or encumbrance as
permitted by Section 7.3 of the Credit Agreement (the “Permitted Exceptions”). Grantor shall warrant, defend and preserve such title and the lien of this Deed of Trust against all claims of all persons and entities (not
including the holders of the Permitted Exceptions). To the extent applicable. Grantor represents and warrants that (a) it has the right to mortgage the Trust Property; (b) the Trust Lease is in full force and effect and Grantor is the
holder of the lessee’s or tenant’s interest thereunder; (c) the Trust Lease has not been amended, supplemented or otherwise modified, except as may be specifically described in Schedule C attached to this Deed of Trust;
(d) Grantor has paid all rents and other charges to the extent due and payable under the Trust Lease (except to the extent Grantor is contesting in good faith by appropriate proceedings any such rents and other charges in accordance with and to
the extent permitted by the terms of the relevant Trust Lease or the Credit Agreement), is not in default under the Trust Lease in any material respect, has received no notice of default from the lessor thereunder and knows of no material default by
the lessor thereunder; and (e) the granting of this Deed of Trust does not violate the terms of the Trust Lease nor is any consent of the lessor under the Trust Lease required to be obtained in connection with the granting of this Deed of Trust
unless such consent has been obtained. 
 2.4 Payment of Obligations. Grantor shall pay and perform the Obligations at
the times and places and in the manner specified in the Loan Documents. 
 2.5 Requirements. Grantor shall comply with
all covenants, restrictions and conditions now or later of record which may be applicable to any of the Trust Property, or to the use, manner of use, occupancy, possession, operation, maintenance, alteration, repair or reconstruction of any of the
Trust Property, except where a failure to do so could not reasonably be expected to have a material adverse effect (considered both individually and together with 

  
 4 

 
other such failures) on (i) the current business, operations or condition (financial or otherwise) of the Grantor, (ii) the current use of the Trust Property or (iii) the value of
the Trust Property (assuming its current use). 
 2.6 Payment of Taxes and Other Impositions. 1. Prior to the date on
which any fine, penalty, interest or cost may be added thereto or imposed, but only to the extent Grantor is responsible for payment under the Trust Lease, Grantor shall pay and discharge all taxes, charges and assessments of every kind and nature,
all charges for any easement or agreement maintained for the benefit of any of the Real Estate, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges, vault taxes and all other
public charges even if unforeseen or extraordinary, imposed upon or assessed against or which may become a lien on any of the Real Estate, or arising in respect of the occupancy, use or possession thereof, together with any penalties or interest on
any of the foregoing (all of the foregoing are collectively referred to herein as the “Impositions”), except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, and
(ii) the Grantor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. Upon request by Beneficiary, Grantor shall deliver to Beneficiary evidence reasonably acceptable to Beneficiary showing the payment of
any such Imposition. If by law any Imposition, at Grantor’s option, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition), Grantor may elect to pay such Imposition in such installments and
shall be responsible for the payment of such installments with interest, if any. 
 (i) Nothing herein shall affect any right or
remedy of Trustee or Beneficiary under this Deed of Trust or otherwise, without notice or demand to Grantor, to pay any Imposition after the date such Imposition shall have become delinquent, and add to the Obligations the amount so paid, together
with interest from the time of payment at the Default Rate. Any sums paid by Trustee or Beneficiary in discharge of any Impositions shall be (i) a lien on the Trust Property secured hereby prior to any right or title to, interest in, or claim
upon the Trust Property subordinate to the lien of this Deed of Trust, and (ii) payable on demand by Grantor to Trustee or Beneficiary, as the case may be, together with interest at the Default Rate as set forth above. 

2.7 Insurance. 2. Grantor shall maintain, with financially sound and reputable companies, insurance policies (i) insuring the
Real Estate against loss by fire, explosion, theft and such other casualties in such amounts as are usually insured against in the same general area by companies engaged in the same or substantially similar business or otherwise as may be reasonably
satisfactory to the Beneficiary, and (ii) insuring Grantor, the Beneficiary and the other Secured Parties against liability for personal injury and property damage relating to such Real Estate, such policies to be in such form and amounts and
having such coverage as are usually insured against in the same general area by companies engaged in the same or substantially similar business or otherwise as may be reasonably satisfactory to the Beneficiary. All such insurance shall
(i) provide that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least thirty (30) days after receipt by the Beneficiary of written notice thereof, (ii) name the
Beneficiary as an additional insured party or loss payee, and (iii) include deductibles consistent with past practice or consistent with industry practice or otherwise reasonably satisfactory to the Beneficiary. 

(i) Grantor promptly shall comply with and conform in all material respects to (i) all provisions of each such insurance policy, and
(ii) all requirements of the insurers applicable to Grantor or to any of the Trust Property or to the use, manner of use, occupancy, possession, operation, maintenance, 

  
 5 

 
alteration or repair of any of the Trust Property. Grantor shall not use or permit the use of the Trust Property in any manner which would permit any insurer to cancel any insurance policy or
void coverage required to be maintained by this Deed of Trust. 
 (ii) If Grantor is in default of its obligations to insure or
deliver any such prepaid policy or policies, then Beneficiary, at its option upon five (5) days’ notice to Grantor, may effect such insurance from year to year at rates substantially similar to the rate at which Grantor had insured the
Premises, and pay the premium or premiums therefor, and Grantor shall pay to Beneficiary on demand such premium or premiums so paid by Beneficiary with interest from the time of payment at the Default Rate. 

(iii) If the Trust Property, or any part thereof, shall be destroyed or damaged and the reasonably estimated cost thereof would exceed
$500,000, Grantor shall give prompt notice thereof to Beneficiary. All insurance proceeds paid or payable in connection with any damage or casualty to the Real Estate shall be deemed proceeds from a Recovery Event and applied in the manner specified
in the Credit Agreement. 
 (iv) In the event of foreclosure of this Deed of Trust or other transfer of title to the Trust
Property, all right, title and interest of Grantor in and to any insurance policies then in force shall pass to the purchaser or grantee. 
 2.8 Restrictions on Liens and Encumbrances. Except for the lien of this Deed of Trust and the Permitted Exceptions and the Trust Lease, Grantor shall not further mortgage, nor otherwise encumber
the Trust Property nor create or suffer to exist any lien, charge or encumbrance on the Trust Property, or any part thereof, whether superior or subordinate to the lien of this Deed of Trust and whether recourse or non-recourse. 

2.9 Due on Sale and Other Transfer Restrictions. Except as expressly permitted under Section 7.5 of the Credit Agreement,
Grantor shall not sell, transfer, convey or assign all or any portion of, or any interest in, the Trust Property. 
 2.10
Condemnation/Eminent Domain. Promptly upon obtaining knowledge of the institution of any proceedings for the condemnation of the Trust Property, or any material portion thereof, Grantor will notify Beneficiary of the pendency of such
proceedings. All awards and proceeds relating to such condemnation to which Grantor is entitled under the terms of the Trust Lease shall be deemed proceeds from a Recovery Event and applied in the manner specified in the Credit Agreement.

 2.11 Leases. Except as expressly permitted under the Credit Agreement, Grantor shall not (a) execute an
assignment or pledge of any Lease relating to all or any portion of the Trust Property other than in favor of Beneficiary, or (b) execute or permit to exist any Lease of any of the Trust Property (other than any subleases required under any
Requirement of Law regarding alcoholic beverage state laws). 
 2.12 Further Assurances. To further assure
Beneficiary’s and Trustee’s rights under this Deed of Trust, Grantor agrees promptly upon demand of Beneficiary or Trustee to do any act or execute any additional documents (including, but not limited to, security agreements on any
personalty included or to be included in the Trust Property and a separate assignment of each Lease in recordable form) as may be reasonably required by Beneficiary to confirm the lien of this Deed of Trust and all other rights or benefits conferred
on Beneficiary by this Deed of Trust. 

  
 6 

 2.13 Beneficiary’s Right to Perform. If Grantor fails to perform any of the
covenants or agreements of Grantor, within the applicable grace period, if any, provided for in this Deed of Trust, Beneficiary, or Trustee, without waiving or releasing Grantor from any obligation or default under this Deed of Trust, may, to the
extent permitted under the terms of the Trust Lease, at any time upon 5 days’ notice to Grantor (but shall be under no obligation to) pay or perform the same, and the amount or cost thereof, with interest at the Default Rate, shall immediately
be due from Grantor to Beneficiary or Trustee (as the case may be) and the same shall be secured by this Deed of Trust and shall be a lien on the Trust Property prior to any right, title to, interest in, or claim upon the Trust Property attaching
subsequent to the lien of this Deed of Trust. No payment or advance of money by Beneficiary or Trustee under this Section shall be deemed or construed to cure Grantor’s default or waive any right or remedy of Beneficiary or Trustee. 

2.14 Remedies. 3. Upon the occurrence and during the continuance of any Event of Default, in addition to any other rights and
remedies Beneficiary may have pursuant to the Loan Documents or as provided by law. Beneficiary may immediately take such action, without notice or demand, as it deems advisable to protect and enforce its rights against Grantor and in and to the
Trust Property, including, but not limited to, the following actions, each of which may be pursued concurrently or otherwise, at such time and in such manner as Beneficiary may determine, in its sole discretion, without impairing or otherwise
affecting the other rights and remedies of Beneficiary: 
 (i) Beneficiary may direct Trustee to exercise
Trustee’s power of sale with respect to the Trust Property in a non-judicial procedure as permitted by applicable law. The Trustee may proceed to sell the Trust Property and any and every part thereof, at public venue, to the highest bidder, at
the customary place in the county where the Real Estate is located, for cash in whole or in one parcel, first giving the public notice required by law of the time, terms and place of sales, and of the property to be sold; and upon such sale shall
execute and deliver a deed or deeds of conveyance of the property sold to the purchaser or purchasers thereof, and any statement or recital of fact in such deed in relation to the nonpayment of money hereby secured to be paid, existence of the
indebtedness so secured, notice of advertisement, sale, receipt of money, and the happening of any of the events whereby the successor trustee became successor as herein provided, shall be prima facie evidence of the truth of such statement or
recital; and said Trustee shall receive the proceeds of such sales and shall apply said proceeds in accordance with the provisions hereof; and the Trustee covenants faithfully to perform the trust herein created. Until a sale shall be held
hereunder, the Trustee hereby lets the Trust Property to Grantor, upon the following terms and conditions, to-wit: Grantor, and every and all persons claiming or possessing such Trust Property, and any part thereof, by, through, or under it shall or
will pay rent therefor during the term at the rate of one cent per month, payable monthly upon demand and shall and will surrender peaceable possession of the Trust Property, and any and every part thereof, to the Trustee, its successors, assignees,
or purchasers thereof, without notice or demand therefor, upon the occurrence of any Event of Default; 
 (ii)
Beneficiary may, to the extent permitted by applicable law, (A) institute and maintain an action of judicial foreclosure against all or any part of the Trust Property, (B) institute and maintain an action on the Credit Agreement, the
Guarantee and Collateral Agreement or any other Loan Document, (C) subject to the terms of the Trust Lease, sell all or part of the Trust Property (Grantor expressly granting to Beneficiary the power of sale), or (D) take such other action
at law or in equity for the enforcement of 

  
 7 

 
this Deed of Trust or any of the Loan Documents as the law may allow. Beneficiary may proceed in any such action to final judgment and execution thereon for all sums due hereunder, together with
interest thereon at the Default Rate and all costs of suit, including, without limitation, reasonable attorneys’ fees and disbursements. Interest at the Default Rate shall be due on any judgment obtained by Beneficiary from the date of judgment
until actual payment is made of the Ml amount of the judgment; and 
 (iii) Beneficiary may personally, or by its
agents, attorneys and employees and without regard to the adequacy or inadequacy of the Trust Property or any other collateral as security for the Obligations enter into and upon the Trust Property and each and every part thereof and exclude Grantor
and its agents and employees therefrom without liability for trespass, damage or otherwise (Grantor hereby agreeing to surrender possession of the Trust Property to Beneficiary upon demand at any such time) and use, operate, manage, maintain and
control the Trust Property and every part thereof Following such entry and taking of possession. Beneficiary shall be entitled, without limitation, subject to the terms of the Trust Lease, (x) to lease all or any part or parts of the Trust
Property for such periods of time and upon such conditions as Beneficiary may, in its discretion, deem proper, (y) to enforce, cancel or modify any Lease and (z) generally to execute, do and perform any other act, deed, matter or thing
concerning the Trust Property as Beneficiary shall deem appropriate as fully as Grantor might do. 
 (ii) In case
of a foreclosure sale, subject to the terms of the Trust Lease, the Real Estate may be sold, at Beneficiary’s election, in one parcel or in more than one parcel and Beneficiary is specifically empowered (without being required to do so, and in
its sole and absolute discretion) to cause successive sales of portions of the Trust Property to be held. 

(iii) In the event of any breach of any of the covenants, agreements, terms or conditions contained in this Deed of Trust,
Beneficiary shall be entitled to enjoin such breach and obtain specific performance of any covenant, agreement, term or condition and Beneficiary and Trustee shall have the right to invoke any equitable right or remedy as though other remedies were
not provided for in this Deed of Trust. 
 (iv) It is agreed that if an Event of Default shall occur and be
continuing, any and all proceeds of the Trust Property received by Beneficiary shall be held by Beneficiary for the benefit of the Secured Parties as collateral security for the Obligations (whether matured or unmatured), and shall be applied in
payment of the Obligations in the manner set forth in Section 6.5 of the Guarantee and Collateral Agreement. 
 2.15
Right of Beneficiary to Credit Sale. Upon the occurrence of any sale made under this Deed of Trust, whether made under the power of sale or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale. Beneficiary may
bid for and acquire the Trust Property or any part thereof. In lieu of paying cash therefor. Beneficiary may make settlement for the purchase price by crediting upon the Obligations or other sums secured by this Deed of Trust, the net sales price
after deducting therefrom the expenses of sale and the cost of the action and any other sums which Beneficiary is authorized to deduct under this Deed of Trust. In such event, this Deed of Trust, the Credit Agreement, the Guarantee and Collateral
Agreement and documents evidencing expenditures secured hereby may be presented to the person or persons conducting the sale in order that the amount so used or applied may be credited upon the Obligations as having been paid. 

  
 8 

 2.16 Appointment of Receiver. If an Event of Default shall have occurred and be
continuing, Beneficiary as a matter of right and without notice to Grantor, unless otherwise required by applicable law, provided Grantor hereby waives notice if and to the full extent any such requirement may be waived under applicable law, and
without regard to the adequacy or inadequacy of the Trust Property or any other collateral or the interest of Grantor therein as security for the Obligations, shall have the right to apply to any court having jurisdiction to appoint a receiver or
receivers or other manager of the Trust Property, without requiring the posting of a surety bond, and without reference to the adequacy or inadequacy of the value of the Trust Property or the solvency or insolvency of Grantor or any other party
obligated for payment of all or any part of the Obligations, and whether or not waste has occurred with respect to the Trust Property, and Grantor hereby irrevocably consents to such appointment and waives notice of any application therefor (except
as may be required by law). Any such receiver or receivers or manager shall have all the usual powers and duties of receivers in like or similar cases and all the powers and duties of Beneficiary in case of entry as provided in this Deed of Trust,
including, without limitation and to the extent permitted by law, the right to enter into leases of all or any part of the Trust Property, and shall continue as such and exercise all such powers until the date of confirmation of sale of the Trust
Property unless such receivership is sooner terminated. 
 2.17 Extension. Release, etc. 4. Without affecting the lien or
charge of this Deed of Trust upon any portion of the Trust Property not then or theretofore released as security for the full amount of the Obligations, Beneficiary may, from time to time and without notice, agree to (i) release any person
liable for the indebtedness borrowed or guaranteed under the Loan Documents, (ii) extend the maturity or alter any of the terms of the indebtedness borrowed or guaranteed under the Loan Documents or any other guaranty thereof, (iii) grant
other indulgences, (iv) release or reconvey, or cause to be released or reconveyed at any time at Beneficiary’s option any parcel, portion or all of the Trust Property, (v) take or release any other or additional security for any
obligation herein mentioned, or (vi) make compositions or other arrangements with debtors in relation thereto. 
 (i) No recovery of any judgment by Beneficiary and no levy of an execution under any judgment upon the Trust Property or upon any other property of Grantor shall affect the lien of this Deed of Trust or
any liens, rights, powers or remedies of Beneficiary hereunder, and such liens, rights, powers and remedies shall continue unimpaired. 
 (ii) If Beneficiary shall have the right to foreclose this Deed of Trust or to direct the Trustee to exercise its power of sale. Grantor authorizes Beneficiary at its option to foreclose the lien of this
Deed of Trust (or direct the Trustee to sell the Trust Property, as the case may be) subject to the terms of the Trust Lease. The failure to make any such tenants parties defendant to any such foreclosure proceeding and to foreclose their rights, or
to provide notice to such tenants as required in any statutory procedure governing a sale of the Trust Property, or to terminate such tenant’s rights in such sale will not be asserted by Grantor as a defense to any proceeding instituted by
Beneficiary to collect the Obligations or to foreclose the lien of this Deed of Trust. 
 (iii) Unless expressly
provided otherwise, in the event that Beneficiary’s interest in this Deed of Trust and title to the Trust Property or any estate therein shall become vested in the same person or entity, this Deed of Trust shall not merge in such title but
shall continue as a valid lien on the Trust Property for the amount secured hereby. 

  
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 2.18 Security Agreement under Uniform Commercial Code; Fixture Filing. 5. It is the
intention of the parties hereto that this Deed of Trust shall constitute a “security agreement” within the meaning of the Uniform Commercial Code (the “Code”) of the state in which the Trust Property is located. If an
Event of Default shall occur and be continuing, then in addition to having any other right or remedy available at law or in equity, Beneficiary shall have the option of either (i) proceeding under the Code and exercising such rights and
remedies as may be provided to a secured party by the Code with respect to all or any portion of the Trust Property which is personal property (including, without limitation, taking possession of and selling such property) or (ii) treating such
property as real property and proceeding with respect to both the real and personal property constituting the Trust Property in accordance with Beneficiary’s rights, powers and remedies with respect to the real property (in which event the
default provisions of the Code shall not apply). If Beneficiary shall elect to proceed under the Code, then ten (10) days’ notice of sale of the personal property shall be deemed reasonable notice and the reasonable expenses of retaking,
holding, preparing for sale, selling and the like incurred by Beneficiary shall include, but not be limited to, attorneys’ fees and legal expenses. At Beneficiary’s request, Grantor shall assemble the personal property and make it
available to Beneficiary at a place designated by Beneficiary which is reasonably convenient to both parties. 
 (i) Certain
portions of the Trust Property are or will become “fixtures” (as that term is defined in the Code) on the Land, and this Deed of Trust, upon being filed for record in the real estate records of the county wherein such fixtures are
situated, shall operate also as a financing statement filed as a fixture filing in accordance with the applicable provisions of said Code upon such portions of the Trust Property in which the Grantor has rights that are or become fixtures. The real
property to which the fixtures relate is described in Schedule A and Schedule B hereto. The record owner of the real property described in Schedule A hereto, if any, is Grantor. The record owner of the real property described in
Schedule B hereto, if any, is the landlord identified in Schedule C hereto. The name, type of organization and jurisdiction of organization of the debtor for purposes of this financing statement are the name, type of organization and
jurisdiction of organization of the Grantor set forth in the first paragraph of this Deed of Trust, and the name of the secured party for purposes of this financing statement is the name of the Beneficiary set forth in the first paragraph of this
Deed of Trust. The mailing address of the Grantor/debtor is the address of the Grantor set forth in the first paragraph of this Deed of Trust. The mailing address of the Beneficiary/secured party from which information concerning the security
interest hereunder may be obtained is the address of the Beneficiary set forth in the first paragraph of this Deed of Trust. Grantor’s organizational identification number is
[            ]. 
 2.19 Assignment of Rents. 6. To the
extent permitted under the terms of the Trust Lease, Grantor hereby assigns to Beneficiary the Rents as further security for the payment of and performance of the Obligations, and Grantor grants to Beneficiary the right to enter the Trust Property
for the purpose of collecting the same and to let the Trust Property or any part thereof, and to apply the Rents on account of the Obligations. The foregoing assignment and grant is present and absolute and shall continue in effect until the
Obligations are fully paid and performed, but Beneficiary hereby waives the right to enter the Trust Property for the purpose of collecting the Rents and Grantor shall be entitled to collect, receive, use and retain the Rents until the occurrence of
an Event of Default; such right of Grantor to collect, receive, use and retain the Rents may be revoked by Beneficiary upon the occurrence and during the continuance of any Event of Default by giving not less than five (5) days’ written
notice of such revocation to Grantor; in the event such notice is given, Grantor shall pay over to Beneficiary, or to any receiver appointed to collect the Rents, any lease security deposits, and shall pay monthly in advance to Beneficiary, or to
any such receiver, the fair and reasonable rental value as 

  
 10 

 
determined by Beneficiary for the use and occupancy of such part of the Trust Property as may be in the possession of Grantor or any affiliate of Grantor, and upon default in any such payment
Grantor and any such affiliate will vacate and surrender the possession of the Trust Property to Beneficiary or to such receiver, and in default thereof may be evicted by summary proceedings or otherwise. Grantor shall not accept prepayments of
installments of Rent to become due for a period of more than one month in advance (except for security deposits and estimated payments of percentage rent, if any). 
 (i) Except to the extent expressly permitted under the terms of the Credit Agreement, Grantor has not affirmatively done any act which would prevent Beneficiary from, or limit Beneficiary in, acting under
any of the provisions of the foregoing assignment. 
 (ii) Except for any matter disclosed in the Credit Agreement, no action
has been brought or, so far as is known to Grantor, is threatened, which would interfere in any way with the right of Grantor to execute the foregoing assignment and perform all of Grantor’s obligations contained in this Section and in the
Leases. 
 2.20 Additional Rights. The holder of any subordinate lien or subordinate deed of trust on the Trust Property
shall have no right to terminate any Lease whether or not such Lease is subordinate to this Deed of Trust nor shall Grantor consent to any holder of any subordinate lien or subordinate deed of trust joining any tenant under any Lease in any
trustee’s sale or action to foreclose the lien or modify, interfere with, disturb or terminate the rights of any tenant under any Lease. By recordation of this Deed of Trust all subordinate lienholders and the trustees and beneficiaries under
subordinate deeds of trust are subject to and notified of this provision, and any action taken by any such lienholder or trustee or beneficiary contrary to this provision shall be null and void. Any such application shall not be construed to cure or
waive any Default or Event of Default or invalidate any act taken by Beneficiary on account of such Default or Event of Default. 
 2-21
Notices. All notices, requests and demands to or upon the Beneficiary or the Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit Agreement; provided that any such notice, request or demand to or
upon Grantor shall be addressed to Grantor at its address set forth above. 
 2.22 No Oral Modification. This Deed of
Trust may not be amended, supplemented or otherwise modified except in accordance with the provisions of Section 10.1 of the Credit Agreement. Any agreement made by Grantor and Beneficiary after the date of this Deed of Trust relating to this
Deed of Trust shall be superior to the rights of the holder of any intervening or subordinate lien or encumbrance. Trustee’s execution of any written agreement between Grantor and Beneficiary shall not be required for the effectiveness thereof
as between Grantor and Beneficiary. 
 2.23 Partial Invalidity. In the event any one or more of the provisions contained
in this Deed of Trust shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, but each shall be construed as if such invalid,
illegal or unenforceable provision had never been included. Notwithstanding to the contrary anything contained in this Deed of Trust or in any provisions of any Loan Document, the obligations of Grantor and of any other obligor under any Loan
Documents shall be subject to the limitation that Beneficiary shall not charge, take or receive. 

  
 11 

 
nor shall Grantor or any other obligor be obligated to pay to Beneficiary, any amounts constituting interest in excess of the maximum rate permitted by law to be charged by Beneficiary.

 2.24 Grantor’s Waiver of Rights. 7. Grantor hereby voluntarily and knowingly releases and waives any and all
rights to retain possession of the Trust Property after the occurrence of an Event of Default and any and all rights of redemption from sale under any order or decree of foreclosure (whether full or partial), pursuant to rights, if any, therein
granted, as allowed under any applicable law, on its own behalf, on behalf of all persons claiming or having an interest (direct or indirectly) by, through or under each constituent of Grantor and on behalf of each and every person acquiring any
interest in the Trust Property subsequent to the date hereof, it being the intent hereof that any and all such rights or redemption of each constituent of Grantor and all such other persons are and shall be deemed to be hereby waived to the fullest
extent permitted by applicable law or replacement statute. Each constituent of Grantor shall not invoke or utilize any such law or laws or otherwise hinder, delay, or impede the execution of any right, power, or remedy herein or otherwise granted or
delegated to Beneficiary, but shall permit the execution of every such right, power, and remedy as though no such law or laws had been made or enacted. 
 (i) To the fullest extent permitted by law, Grantor waives the benefit of all laws now existing or that may subsequently be enacted providing for (i) any appraisement before sale of any portion of
the Trust Property, (ii) any extension of the time for the enforcement of the collection of the Obligations or the creation or extension of a period of redemption from any sale made in collecting such debt and (iii) exemption of the Trust
Property from attachment, levy or sale under execution or exemption from civil process. To the full extent Grantor may do so, Grantor agrees that Grantor will not at any time insist upon, plead, claim or take the benefit or advantage of any law now
or hereafter in force providing for any appraisement, valuation, stay, exemption, extension or redemption, or requiring foreclosure of this Deed of Trust before exercising any other remedy granted hereunder and Grantor, for Grantor and its
successors and assigns, and for any and all persons ever claiming any interest in the Trust Property, to the extent permitted by law, hereby waives and releases all rights of redemption, valuation, appraisement, stay of execution, notice of election
to mature (except as expressly provided in the Credit Agreement) or declare due the whole of the secured indebtedness and marshalling in the event of exercise by Trustee or Beneficiary of the foreclosure rights, power of sale, or other rights hereby
created. 
 2.25 Remedies Not Exclusive. Beneficiary and Trustee shall be entitled to enforce payment and performance of
the Obligations and to exercise all rights and powers under this Deed of Trust or under any of the other Loan Documents or other agreement or any laws now or hereafter in force, notwithstanding some or all of the Obligations may now or hereafter be
otherwise secured, whether by deed of trust, mortgage, security agreement, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement shall prejudice or in any manner affect Beneficiary’s or
Trustee’s right to realize upon or enforce any other security now or hereafter held by Beneficiary or Trustee, it being agreed that Beneficiary and Trustee shall be entitled to enforce this Deed of Trust and any other security now or hereafter
held by Beneficiary or Trustee in such order and manner as Beneficiary or Trustee may determine in its absolute discretion. No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended to be exclusive of any other remedy herein
or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Every power or remedy given by any of the Loan Documents to
Beneficiary or Trustee or to which either may otherwise be entitled, may be exercised, concurrently or independently, from time to time and as often as 

  
 12 

 
may be deemed expedient by Beneficiary or Trustee, as the case may be. In no event shall Beneficiary or Trustee, in the exercise of the remedies provided in this Deed of Trust (including, without
limitation, in connection with the assignment of Rents to Beneficiary, or the appointment of a receiver and the entry of such receiver on to all or any part of the Trust Property), be deemed a “mortgagee in possession,” and neither
Beneficiary nor Trustee shall in any way be made liable for any act, either of commission or omission, in connection with the exercise of such remedies. 
 2.26 Multiple Security. If (a) the Premises shall consist of one or more parcels, whether or not contiguous and whether or not located in the same county, or (b) in addition to this Deed
of Trust, Beneficiary shall now or hereafter hold or be the beneficiary of one or more additional mortgages, liens, deeds of trust or other security (directly or indirectly) for the Obligations upon other property in the State in which the Premises
are located (whether or not such property is owned by Grantor or by others) or (c) both the circumstances described in clauses (a) and (b) shall be true, then to the fullest extent permitted by law, Beneficiary may, at its election,
commence or consolidate in a single trustee’s sale or foreclosure action all trustee’s sale or foreclosure proceedings against all such collateral securing the Obligations (including the Trust Property), which action may be brought or
consolidated in the courts of, or sale conducted in, any county in which any of such collateral is located. Grantor acknowledges that the right to maintain a consolidated trustee’s sale or foreclosure action is a specific inducement to
Beneficiary to extend the indebtedness borrowed pursuant to or guaranteed by the Loan Documents, and Grantor expressly and irrevocably waives any objections to the commencement or consolidation of the foreclosure proceedings in a single action and
any objections to the laying of venue or based on the grounds of forum non conveniens which it may now or hereafter have. Grantor further agrees that if Trustee or Beneficiary shall be prosecuting one or more foreclosure or other proceedings against
a portion of the Trust Property or against any collateral other than the Trust Property, which collateral directly or indirectly secures the Obligations, or if Beneficiary shall have obtained a judgment of foreclosure and sale or similar judgment
against such collateral (or, in the case of a trustee’s sale, shall have met the statutory requirements therefor with respect to such collateral), then, whether or not such proceedings are being maintained or judgments were obtained in or
outside the state in which the Premises are located, Beneficiary may commence or continue any trustee’s sale or foreclosure proceedings and exercise its other remedies granted in this Deed of Trust against all or any part of the Trust Property
and Grantor waives any objections to the commencement or continuation of a foreclosure of this Deed of Trust or exercise of any other remedies hereunder based on such other proceedings or judgments, and waives any right to seek to dismiss, stay,
remove, transfer or consolidate either any action under this Deed of Trust or such other proceedings on such basis. The commencement or continuation of proceedings to sell the Trust Property in a trustee’s sale to foreclose this Deed of Trust,
or the exercise of any other rights hereunder or the recovery of any judgment by Beneficiary in any such proceedings or the occurrence of any sale by the Trustee in any such proceedings shall not prejudice, limit or preclude Beneficiary’s right
to commence or continue one or more trustee’s sales, foreclosure or other proceedings or obtain a judgment against (or, in the case of a trustee’s sale, to meet the statutory requirements for, any such sale of) any other collateral (either
in or outside the state in which the Premises are located) which directly or indirectly secures the Obligations, and Grantor expressly waives any objections to the commencement of, continuation of, or entry of a judgment in such other sales or
proceedings or exercise of any remedies in such sales or proceedings based upon any action or judgment connected to this Deed of Trust, and Grantor also waives any right to seek to dismiss, stay, remove, transfer or consolidate either such other
sales or proceedings or any sale or action 

  
 13 

 
under this Deed of Trust on such basis. It is expressly understood and agreed that to the fullest extent permitted by law, Beneficiary may, at its election, cause the sale of all collateral which
is the subject of a single trustee’s sale or foreclosure action at either a single sale or at multiple sales conducted simultaneously and take such other measures as are appropriate in order to effect the agreement of the parties to dispose of
and administer all collateral securing the Obligations (directly or indirectly) in the most economical and least time-consuming manner. 
 2.27 Successors and Assigns. All covenants of Grantor contained in this Deed of Trust are imposed solely and exclusively for the benefit of Beneficiary and Trustee and their respective successors
and assigns, and no other person or entity shall have standing to require compliance with such covenants or be deemed, under any circumstances, to be a beneficiary of such covenants, any or all of which may be freely waived in whole or in part by
Beneficiary or Trustee at any time if in the sole discretion of either of them such a waiver is deemed advisable. All such covenants of Grantor shall run with the land and bind Grantor, the successors and assigns of Grantor (and each of them) and
all subsequent owners, encumbrancers and tenants of the Trust Property, and shall inure to the benefit of Beneficiary, Trustee and their respective successors and assigns. The word “Grantor” shall be construed as if it read
“Grantors” whenever the sense of this Deed of Trust so requires and if there shall be more than one Grantor, the obligations of the Grantors shall be joint and several. 

2.28 No Waivers, etc. Any failure by Beneficiary to insist upon the strict performance by Grantor of any of the terms and
provisions of this Deed of Trust shall not be deemed to be a waiver of any of the terms and provisions hereof, and Beneficiary or Trustee, notwithstanding any such failure, shall have the right thereafter to insist upon the strict performance by
Grantor of any and all of the terms and provisions of this Deed of Trust to be performed by Grantor. Beneficiary may release, regardless of consideration and without the necessity for any notice to or consent by the holder of any subordinate lien on
the Trust Property, any part of the security held for the obligations secured by this Deed of Trust without, as to the remainder of the security, in any way impairing or affecting the lien of this Deed of Trust or the priority of such lien over any
subordinate lien or deed of trust. 
 2.29 Governing Law, etc. This Deed of Trust shall be governed by and construed and
interpreted in accordance with the laws of the state in which the Trust Property is located and applicable United States Federal Law, except that Grantor expressly acknowledges that by their respective terms the Credit Agreement and the Guarantee
and Collateral Agreement shall be governed and construed in accordance with the laws of the State of New York, and for purposes of consistency. Grantor agrees that in any in personam proceeding related to this Deed of Trust the rights of the parties
to this Deed of Trust shall also be governed by and construed in accordance with the laws of the State of New York governing contracts made and to be performed in that state. 
 2.30 Certain Definitions. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, words used in this Deed of Trust shall be used interchangeably in
singular or plural form and the word “Grantor” shall mean “each Grantor or any subsequent owner or owners of the Trust Property or any part thereof or interest therein,” the word “Beneficiary” shall mean
“Beneficiary or any successor agent for the Lenders,” the word “Trustee” shall mean “Trustee and any successor trustee hereunder,” the word “person” shall include any individual, corporation, partnership,
limited liability company, trust, unincorporated 

  
 14 

 
association, government, governmental authority, or other entity, and the words “Trust Property” shall include any portion of the Trust Property or interest therein. Whenever the
context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. The captions in this Deed of Trust are for
convenience or reference only and in no way limit or amplify the provisions hereof. 
 2.31 [Trust Lease Provisions. 8.
Grantor shall pay or cause to be paid all rent and other charges required under the Trust Lease as and when the same are due and shall promptly and faithfully perform or cause to be performed all other material terms, obligations, covenants,
conditions, agreements, indemnities, representations, warranties or liabilities of the lessee under the Trust Lease. Grantor shall not (i) in any manner, cancel, terminate or surrender, or permit the cancellation, termination or surrender of,
the Trust Lease, in whole or in part, except as may be expressly permitted under the Credit Agreement, (ii) either orally or in writing, modify, amend or permit any modification or amendment of any of the terms of the Trust Lease in any respect
which is materially adverse to the financial condition of Grantor, in the aggregate, or Beneficiary without the prior written consent of Beneficiary, which consent shall not be unreasonably withheld, or (iii) after the date hereof, and except
as required under the Trust Lease, permit the subordination of the Trust Lease to any mortgage or deed of trust, and any attempt to do any of the foregoing shall be null and void and of no effect and shall constitute an Event of Default. 

(i) Grantor shall do, or cause to be done, all things necessary to preserve and keep unimpaired all rights of Grantor as lessee under the
Trust Lease, and to prevent any default under the Trust Lease, or any termination, surrender, cancellation, forfeiture, subordination or impairment thereof. Grantor does hereby authorize and irrevocably appoint and constitute Beneficiary as its true
and lawful attorney-in-fact, which appointment is coupled with an interest, in its name, place and stead, (i) to do and take, but without any obligation so to do, if Grantor fails to do so at least five (5) Business Days prior to the
expiration of any applicable cure period, any action which Beneficiary deems necessary or desirable to cure any default, or to prevent any imminent default, by Grantor under the Trust Lease and (ii) to enter into and upon the Premises or any
part thereof to such extent and as often as Beneficiary, in its sole discretion, deems necessary or desirable in order to take any action permitted to be taken by Beneficiary pursuant to clause (i) (in each case, with respect to all of the
actions described in clauses (i) and (ii), after ten (10) days’ notice to Grantor, unless Grantor has itself taken the action(s) in questions within such ten (10) day period), to the end that the rights of Grantor in and to the
leasehold estate created by the Trust Lease shall be kept unimpaired and free from default. All sums so expended by Beneficiary, with interest thereon at the Default Rate from the date of each such expenditure, shall be paid by Grantor to
Beneficiary promptly upon demand by Beneficiary. Grantor shall, within five (5) Business Days after written request by Beneficiary, execute and deliver to Beneficiary, or to any person designated by Beneficiary, such further instruments,
agreements, powers, assignments, conveyances or the like as may be necessary to complete or perfect the interest, rights or powers of Beneficiary pursuant to this paragraph. 
 (ii) Grantor shall use commercially reasonable efforts to enforce the material obligations of the lessor under the Trust Lease and shall promptly notify Beneficiary in writing of any material default by
either the lessor or Grantor in the performance or observance of any of the terms, covenants and conditions contained in the Trust Lease. Grantor shall deliver to Beneficiary, within ten (10) Business Days after receipt, a copy of any notice of
default or noncompliance, demand or complaint made by the lessor under the Trust Lease. If the lessor shall deliver to Beneficiary a copy of any notice of default given to Grantor, such notice shall constitute full authority and protection to
Beneficiary for any actions taken or omitted to be taken in good faith by Beneficiary on such notice. 

  
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 (iii) If any action or proceeding shall be instituted to evict Grantor or to recover
possession of the Trust Property from Grantor or any part thereof or interest therein or any action or proceeding otherwise affecting the Trust Lease or this Deed of Trust shall be instituted, then Grantor shall, immediately after receipt, deliver
to Beneficiary a true and complete copy of each petition, summons, complaint, notice of motion, order to show cause and all other pleadings and papers, however designated, served in any such action or proceeding. 

(iv) Grantor covenants and agrees that the fee title to the Leased Land and the leasehold estate created under the Trust Lease shall not
merge but shall always remain separate and distinct, notwithstanding the union of said estates either in Grantor or a third party by purchase or otherwise; and in case Grantor acquires the fee title or any other estate, title or interest in and to
the Leased Land, the lien of this Deed of Trust shall, without further conveyance, simultaneously with such acquisition, be spread to cover and attach to such acquired estate and as so spread and attached shall be prior to the lien of any mortgage
or deed of trust placed on the acquired estate after the date of this Deed of Trust. 
 (v) No release or forbearance of any of
Grantor’s obligations under the Trust Lease, pursuant to the Trust Lease or otherwise, shall release Grantor from any of its obligations under this Deed of Trust, including its obligations to pay rent and to perform all of the terms,
provisions, covenants, conditions and agreements of the lessee under the Trust Lease. 
 (vi) Upon the occurrence and during the
continuance of any Event of Default, all rights of consent and approval, and all elections of Grantor as lessee under the Trust Lease, together with the right to terminate or to modify the Trust Lease, which have been assigned for collateral
purposes to Beneficiary, shall automatically vest exclusively in and be exercisable solely by Beneficiary. 
 (vii) Grantor will
give Beneficiary prompt written notice of the commencement of any arbitration or appraisal proceeding under and pursuant to the provisions of the Trust Lease involving amounts in excess of $100,000 on a present value basis. Automatically upon the
occurrence of an Event of Default and for so long as it shall be continuing, Beneficiary shall have, subject to the terms of the Trust Lease, the sole authority to conduct any such proceeding and Grantor hereby irrevocably appoints and constitutes
Beneficiary as its true and lawful attorney-in-fact, which appointment is coupled with an interest, in its name, place and stead, to exercise, at the expense of Grantor, all right, title and interest of Grantor in connection with such proceeding,
including the right to appoint arbitrators and to conduct arbitration proceedings on behalf of Grantor, following and during the continuance of an Event of Default. Nothing contained herein shall obligate Beneficiary to participate in such
proceeding. 
 (viii) Except as may be expressly permitted under the Credit Agreement, Grantor shall exercise any option or
right to renew or extend the term of the Trust Lease not less than thirty (30) days before the expiration of the exercise right. Grantor shall give Beneficiary simultaneous written notice of any such exercise together with a copy of the notice
or other document given to the lessor and shall promptly deliver to Beneficiary a copy of any acknowledgment by such lessor of the exercise of such option or right. In the event that Grantor fails to exercise any such option or right as required
hereunder by the date thirty (30) days prior to the date of expiration of the exercise right or upon the occurrence of any Event of Default, Beneficiary may, subject to the terms of the Trust Lease, act in its stead and Grantor hereby
irrevocably authorizes and appoints Beneficiary as its true and lawful attorney-in-fact, which appointment is coupled with an interest, in its name, place and stead, to execute and deliver, for and in the name of Grantor, all of the instruments and
agreements necessary under the Trust Lease or otherwise to cause any extension of the term thereof. Nothing contained herein shall affect or limit any rights of Grantor or Beneficiary granted under the Trust Lease. 

  
 16 

 (ix) During the occurrence and continuation of an Event of Default, Grantor shall, within
ten (10) days after written demand from Beneficiary, deliver to Beneficiary proof of payment of all items that are required to be paid by Grantor under the Trust Lease, including, without limitation, rent, taxes, operating expenses and other
charges. 
 (x) (a) The lien of this Deed of Trust shall attach to all of Grantor’s rights and remedies at any time
arising under or pursuant to Section 365(h) of the Bankruptcy Code, 11 U.S.C. § 365(h), as the same may hereafter be amended (the “Bankruptcy Code”), including, without limitation, all of Grantor’s rights to remain in
possession of the Leased Land. Except as may be expressly permitted under the Credit Agreement, Grantor shall not, without Beneficiary’s prior written consent, elect to treat the Trust Lease as terminated under Section 365(h)(l)(A)(i) of
the Bankruptcy Code. Any such election made without Beneficiary’s consent shall be void 
 (i) Beneficiary
shall have the right, if an Event of Default shall have occurred and be continuing or if Grantor fails to do so at least five (5) Business Days prior to the last day on which the Grantor has the right to do so, to proceed in its own name or in
the name of Grantor in respect of any claim, suit, action or proceeding relating to the rejection of the Trust Lease by the lessor or any other party, including, without limitation, the right to file and prosecute under the Bankruptcy Code, without
joining or the joinder of Grantor, any proofs of claim, complaints, motions, applications, notices and other documents. Any amounts received by Beneficiary as damages arising out of the rejection of the Trust Lease as aforesaid shall be applied
first to all costs and expenses of Beneficiary (including, without limitation, attorneys’ fees) incurred in connection with the exercise of any of its rights or remedies under this paragraph and thereafter in accordance with Section 13(d)
of this Deed of Trust. Grantor acknowledges that the assignment of all claims and rights to the payment of damages from the rejection of the Trust Lease made under the granting clauses of this Deed of Trust constitutes a present irreversible and
unconditional assignment and Grantor shall, at the request of Beneficiary, promptly make, execute, acknowledge and deliver, in form and substance satisfactory to Beneficiary, a UCC Financing Statement (Form UCC-1) and all such additional
instruments, agreements and other documents, as may at any time hereafter be required by Beneficiary to carry out such assignment. 
 (ii) If pursuant to Section 365(h)(l)(B) of the Bankruptcy Code, Grantor shall seek to offset against the rent reserved in the Trust Lease the amount of any damages caused by the nonperformance by
the lessor or any other party of any of their respective obligations under such Trust Lease after the rejection by the lessor or such other party of such Trust Lease under the Bankruptcy Code, then Grantor shall, if a Default or Event of Default
shall have occurred and be continuing, prior to effecting such offset, notify Beneficiary of its intent to do so, setting forth the amount proposed to be so offset and the basis therefor. In such event, Beneficiary shall have the right to object to
all or any part of such offset that, in the reasonable judgment of Beneficiary, would constitute a breach of such Trust Lease, and in the event of such objection, Grantor shall not effect any offset of the amounts found objectionable by Beneficiary.
Neither Beneficiary’s failure to object as aforesaid nor any objection relating to such offset shall constitute an approval of any such offset by Beneficiary. 

(iii) Grantor shall, after obtaining knowledge thereof, promptly notify Beneficiary of any filing by or against the lessor
or other party with an interest in the Premises of a petition under the Bankruptcy Code. Grantor shall promptly deliver to Beneficiary, following receipt, copies of any and all notices, summonses, pleadings,

  
 17 

 
applications and other documents received by Grantor in connection with any such petition and any proceedings relating thereto. 

(iv) If there shall be filed by or against Grantor a petition under the Bankruptcy Code and Grantor, as lessee under the
Trust Lease, shall determine to reject the Trust Lease pursuant to Section 365(a) of the Bankruptcy Code, then Grantor shall give Beneficiary not less than twenty (20) days’ prior notice of the date on which Grantor shall apply to the
Bankruptcy Court for authority to reject the Trust Lease. 
 (xi) Grantor shall request and use commercially reasonable efforts
to furnish to Beneficiary, from time to time upon receipt of reasonable notice from Beneficiary, in form and substance reasonably satisfactory to Beneficiary, an estoppel certificate from the lessor under the Trust Lease with respect to such Trust
Lease. 
 (xii) If the Trust Lease shall be terminated prior to the natural expiration of its term, and if, pursuant to any
provision of the Trust Lease or otherwise, Beneficiary or its designee shall acquire from the lessor under such Trust Lease a new lease of the Premises or any part thereof, Grantor shall have no right, title or interest in or to such new lease or
the leasehold estate created thereby, or renewal privileges therein contained. 
 (xiii) Notwithstanding anything to the
contrary set forth herein, to the extent that any covenant or other obligation of Grantor contained herein shall be expressly imposed upon the lessor under a Trust Lease pursuant to the provisions thereof, Grantor shall not be deemed to be in
default of such obligation or covenant with respect to such portion of the Premises as is covered by such Trust Lease, provided that Grantor shall be using commercially reasonable efforts to enforce such obligations of such lessor in accordance with
the terms of the Trust Lease.]1 

2.32 Beneficiary. (a) JPMorgan Chase Bank, N.A. has been appointed Beneficiary for the Secured Parties hereunder pursuant to
the Credit Agreement. It is expressly understood and agreed by the parties to this Deed of Trust that any authority conferred upon Beneficiary hereunder is subject to the terms of the delegation of authority made by the Secured Parties to
Beneficiary pursuant to the Credit Agreement, and that Beneficiary has agreed to act (and any successor Beneficiary shall act) as such hereunder only on the express conditions contained in the Credit Agreement. Any successor Beneficiary appointed
pursuant to the Credit Agreement shall be entitled to all the rights, interests and benefits of Beneficiary hereunder. 
 (b)
Grantor hereby agrees to indemnify Beneficiary and the other Secured Parties, and their respective successors, assigns, agents and employees, to the extent provided in Section 10.5 of the Credit Agreement. 

2.33 Last Dollars Secured; Priority. To the extent that this Deed of Trust secures only a portion of the indebtedness owing or
which may become owing by Grantor to the Secured Parties, the parties agree that any payments or repayments of such indebtedness shall be and be deemed to be applied first to the portion of the indebtedness that is not secured hereby, it being the
parties’ intent that the portion of the indebtedness last remaining unpaid shall be secured hereby. If at any time this Deed of Trust shall secure less than all of the principal amount of the Obligations, it is expressly agreed that any
repayments of the principal amount of the Obligations 
  

	1 	To be replaced with “[Intentionally Omitted]” for any owned real property 

  
 18 

 
shall not reduce the amount of the lien of this Deed of Trust until the lien amount shall equal the principal amount of the Obligations outstanding. 

2.34 Enforcement Expenses; Indemnification. i) Grantor agrees to pay, or reimburse each Secured Party and the Beneficiary for, all
its costs and expenses incurred in collecting against Grantor or otherwise enforcing or preserving any rights under this Deed of Trust, including, without limitation, the fees and disbursements of counsel to each Secured Party and of counsel to the
Beneficiary. 
 (b) Grantor agrees to pay, and to save the Beneficiary and the Secured Parties harmless from, any and all
liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Trust Property or in connection with any of the
transactions contemplated by this Deed of Trust. 
 (c) Grantor agrees to pay, and to save the Beneficiary and the Secured
Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance
and administration of this Deed of Trust to the extent the Borrower would be required to do so pursuant to Section 10.5 of the Credit Agreement. 
 (d) The agreements in this Section shall survive repayment of the Obligations and all other amounts payable. 
 2.35 Release. If any of the Trust Property shall be sold, transferred or otherwise disposed of by Grantor in a transaction permitted by the Credit Agreement and the Net Cash Proceeds are applied in
accordance with the terms of the Credit Agreement, then the Beneficiary, at the request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of
the Liens created hereby on such Trust Property. The Grantor shall deliver to the Beneficiary, at least five (5) Business Days prior to the date of the proposed release, a written request for release identifying the sale or other disposition in
reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by Grantor stating that such transaction is in compliance with, and permitted by, the Credit Agreement and the other Loan
Documents. 
 2.36 Substitute Trustee. In case of the resignation of the Trustee, or the inability (through death or
otherwise), refusal or failure of the Trustee to act, or at the option of Beneficiary or the holder(s) of a majority of the Obligations for any other reason (which reason need not be stated), a substitute Trustee (“Substitute
Trustee”) may be named, constituted and appointed by Beneficiary or the holder(s) of a majority of the Obligations, without other formality than an appointment and designation in writing, which appointment and designation shall be full
evidence of the right and authority to make the same and of all facts therein recited, and this conveyance shall vest in the Substitute Trustee the title, powers and duties herein conferred on the Trustee originally named herein, and the conveyance
of the Substitute Trustee to the purchaser(s) at any sale of the Trust Property of any part thereof shall be equally valid and effective. The right to appoint a Substitute Trustee shall exist as often and whenever from any of said causes, the
Trustee, original or Substitute Trustee, resigns or cannot, will not or does not act, or Beneficiary or the holder(s) of a majority of the Obligations desires to appoint a new Trustee. No bond shall ever be required of the Trustee, original or
Substitute Trustee. The recitals in any conveyance made by the Trustee, original or Substitute, shall be accepted and construed in court and elsewhere as prima facie evidence and proof of the facts recited, and no other proof shall be required as to
the request by Beneficiary or the holders(s) of a majority of Obligations to the 

  
 19 

 
Trustee to enforce this Deed of Trust, or as to the notice of or holding of the sale, or as to any particulars thereof, or as to the resignation of the Trustee, original or Substitute, or as to
the inability, refusal or failure of the Trustee, original or Substitute Trustee, to act, or as to the election of Beneficiary or the holder(s) of a majority of the Obligations to appoint a new Trustee, or as to appointment of a Substitute Trustee,
and all prerequisites of said sale shall be presumed to have been performed; and each sale made under the powers herein granted shall be a perpetual bar against Grantor and the heirs, personal representatives, successors and assigns of Grantor.
Trustee, original or substitute, is hereby authorized and empowered to appoint any one or more persons as attorney-in-fact to act as Trustee under it and in its name, place and stead in order to take any actions that Trustee is authorized and
empowered to do hereunder, such appointment to be evidenced by an instrument signed and acknowledged by said Trustee, original or Substitute Trustee; and all acts done by said attorney-in-fact shall be valid, lawful and binding as if done by said
Trustee, original or Substitute Trustee, in person. 
 2.37 Indemnification of Trustee. Except for gross negligence or
willful misconduct. Trustee shall not be liable for any act or omission or error of judgment. Trustee may rely on any document believed by it in good faith to be genuine. All money received by Trustee shall, until used or applied as herein provided,
be held in trust, and Trustee shall not be liable for interest thereon. Grantor shall indemnify Trustee against all liability and expenses that it may incur in the performance of its duties hereunder except for gross negligence or willful
misconduct. 
 2.38 Receipt of Copy. Grantor acknowledges that it has received a true copy of this Deed of Trust.

 2.39 Revolving Credit. This Deed of Trust secures, among other obligations, a revolving line of credit pursuant to the
terms and conditions of the Credit Agreement, under the terms of which funds may be advanced, paid back, and re-advanced. The sums advanced pursuant to and in accordance with the terms and conditions of the Credit Agreement after the effective date
of this Deed of Trust shall have the same priority over liens, encumbrances, and other matters as if such advances had been made as of the effective date of this Deed of Trust. 

2.40 Acceptance by Trustee. Trustee accepts its duties and obligations under this Deed of Trust and the Loan Documents when this
Deed of Trust, duly executed and acknowledged, is made a public record as provided by law. 
 2.41. State Specific
Provisions. 

  
 20 

 This Deed of Trust has been duly executed by Grantor as of the date first above written and
is intended to be effective as of such date. 
  

			
	[Grantor]
		
	By:	 	 
		 	Name:
		 	Title:

 STATE OF
                                ) 

                         
                           : ss.: 
 COUNTY OF                             ) 

On this          day of
                 in the year 2010 before me,
                                         
   , a Notary Public of said State, duly commissioned and sworn, personally appeared
                                         
   , personally known to me (or proved to me on the basis of satisfactory evidence
                                         
   ) to be the person who executed the within instrument as                      or on behalf of the corporation therein and
acknowledged to me that such corporation executed the same. 
 In Witness Whereof, I have hereunto set my hand and affixed by
official seal the day and year in this certificate first above written. 

	
	
	
	  
	 Notary Public

	
	 [Notarial Stamp]

 My commission Expires: 
  

 

 Schedule A 
 Description of the Owned Land 

 Schedule B 
 Description of the Leased Land 

 Schedule C 
 Description of the Trust Lease 

 EXHIBIT E 
 FORM OF 
 ASSIGNMENT AND ASSUMPTION 

Reference is made to the Credit Agreement, dated as of June 1,2010 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among GAMES INTERMEDIATE MERGER CORP., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with Dave & Buster’s Holdings, Inc. as the
surviving entity) (“Holdings”). GAMES MERGER CORP., a Missouri corporation (to be merged with and into DAVE & BUSTER’S, INC., with Dave & Buster’s, Inc. as the surviving entity) (the
“Borrower”), 6131646 CANADA INC., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and Co-Syndication Agents named therein and JPMORGAN CHASE BANK, N.A., as
administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
 The Assignor identified on Schedule 1 hereto (the “Assignor”) and the Assignee identified on
Schedule 1 hereto (the “Assignee”) agree as follows: 
 1. The Assignor hereby irrevocably sells and assigns to
the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below), the interest described in Schedule 1 hereto
(the “Assigned Interest”) in and to the Assignor’s rights and obligations under the Credit Agreement with respect to those credit facilities contained in the Credit Agreement as are set forth on Schedule 1 hereto (individually,
an “Assigned Facility”; collectively, the “Assigned Facilities”), in a principal amount for each Assigned Facility as set forth on Schedule 1 hereto. 

2. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the
transactions contemplated hereby. 
 3. The Assignor (a) makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with the Credit Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any
other Loan Document or any other instrument or document furnished pursuant thereto, other than that the Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such
adverse claim and (b) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower, the Canadian Borrower, any of their respective Affiliates or any other obligor or the performance
or observance by the Borrower, the Canadian Borrower, any of their respective Affiliates or any other obligor of any of their respective obligations under the Credit Agreement or any other Loan Document or any other instrument or document furnished
pursuant hereto or thereto. 
 4. The Assignee (a) represents and warrants that it is legally authorized to enter into this
Assignment and Assumption; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the financial statements delivered pursuant to Section 6.1 thereof and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into 

 
this Assignment and Assumption; (c) agrees that it will, independently and without reliance upon the Assignor, the Agents or any Lender and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto;
(d) appoints and authorizes the Agents to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or
thereto as are delegated to the Agents by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform in accordance with its terms all
the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender including, if it is organized under the laws of a jurisdiction outside the United States, its obligation pursuant to Section 2.19(d) of
the Credit Agreement. 
 5. The effective date of this Assignment and Assumption shall be the Effective Date of Assignment
described in Schedule 1 hereto (the “Effective Date”). Following the execution of this Assignment and Assumption, it will be delivered to the Administrative Agent and, if required under the Credit Agreement, the Borrower for
acceptance by each of them and recording by the Administrative Agent pursuant to the Credit Agreement, effective as of the Effective Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier than five Business Days or
Canadian Business Days, as the case may be, after the date of such acceptance and recording by the Administrative Agent). 
 6.
Upon such acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for
amounts which have accrued to the Effective Date and to the Assignee for amounts which have accrued subsequent to the Effective Date. 
 7. From and after the Effective Date, (a) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Assumption, have the rights and obligations of a
Lender thereunder and under the other Loan Documents and shall be bound by the provisions thereof and (b) the Assignor shall, to the extent provided in this Assignment and Assumption, relinquish its rights and be released from its obligations
under the Credit Agreement. 
 8. THIS ASSIGNMENT AND ASSUMPTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption to be executed as
of the date first above written by their respective duly authorized officers on Schedule 1 hereto. 

 Schedule 1 
 to Assignment and Assumption with respect to 
 the Credit Agreement, dated as of
June 1, 2010, 
 among 
 GAMES INTERMEDIATE MERGER CORP., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with Dave & Buster’s Holdings, Inc. as the surviving entity)
(“Holdings”), GAMES MERGER CORP., a Missouri corporation (to be merged with and into DAVE & BUSTER’S, INC., with Dave & Buster’s Inc. as the surviving entity) (the “Borrower”), 

6131646 CANADA INC., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and
Syndication Agent named therein and JPMORGAN CHASE, N.A., as Administrative Agent: 
 Name of
Assignor:                                       
                        

Name of
Assignee:                                       
                        

[Assignee is an Approved Lender and/or Affiliate Lender of:
                                         
               ] 
 Effective Date of
Assignment:                                       
      
  

									
	 Credit Facility Assigned
	  	Principal
Amount Assigned	 	  	Commitment Percentage 
Assigned2	 
	 [Canadian Revolving Facility]
	  	$	                    	  	  	 	        .            	% 
	 [Revolving Facility]
	  				  			
	 [Term Facility]
	  				  			

 [Signature Page Follows] 

 
  

	2 	 Calculate the Commitment Percentage
that is assigned to at least 15 decimal places and show as a percentage of the aggregate commitments of all Lenders. 

 
			
	[                    ], as Assignor
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	[                    ], as Assignee
		
	By:	 	 
		 	Name:
		 	Title:

			
	Accepted for Recordation in the Register:
	
	JPMorgan Chase Bank, N.A., as Administrative Agent
		
	By:	 	 
	Name:	 	
	Title:	 	

 Required Consents (if any): 

 

			
	Dave & Buster’s, Inc.
		
	By:	 	 
	 Name:

Title:

  

			
	6131646 Canada Inc.
		
	By:	 	 
	 Name:

Title:

  

			
	 JPMorgan Chase Bank, N.A., as
 Administrative Agent

		
	By:	 	 
	 Name:

Title:

  

			
	 JPMorgan Chase Bank, N.A., as
 Issuing Lender

		
	By:	 	 
	 Name:

Title:

 EXHIBIT F 
 FORM OF LEGAL OPINION OF WEIL, GOTSHAL & MANGES, LLP 

 June 1, 2010 
 JPMorganChase Bank, N.A., as Administrative Agent 
 under the Credit Agreement
(defined below) 
 and the Lenders party thereto 
 Ladies and Gentlemen: 
 We have acted as counsel to (i) Games Intermediate
Merger Corp., a Delaware corporation (“Intermediate”), (ii) Games Merger Corp., a Missouri corporation, (“Merger Corp.”), (iii) Dave & Buster’s Holdings, Inc., a Delaware corporation
(“Holdings”), (iv) Dave & Buster’s, Inc., a Missouri corporation (“Dave & Buster’s”), (v) 6131646 Canada Inc., a Canadian corporation (the “Canadian
Subsidiary”), and (vi) each of the subsidiaries of Dave & Buster’s identified on Schedule I hereto, in connection with the preparation, authorization, execution and delivery of, and the consummation of the
transactions contemplated by, the Credit Agreement by and among Intermediate (to be merged with and into Holdings), Merger Corp. (to be merged with and into Dave & Buster’s), the Canadian Subsidiary, the lenders from time to time party
thereto, General Electric Capital Corporation as Documentation Agent, JPMorgan Chase Bank, N.A. and Jefferies Finance LLC as Co-Syndication Agents and JPMorgan Chase Bank, N.A. as Administrative Agent (the “Credit Agreement”).
Intermediate, Holdings and each of the subsidiaries of Dave & Buster’s whose jurisdiction of organization is listed as Delaware on the Schedule hereto shall hereinafter be referred to as the “DE Opinion Parties”, and
each a “DE Opinion Party”. Dave & Buster’s of California, Inc., a California corporation, shall hereinafter be referred to as the “CA Opinion Party”. Dave & Buster’s of New York, Inc., a
New York corporation, shall hereinafter be referred to as the “NY Opinion Party” and together with the DE Opinion Parties and the CA Opinion Party, the “Specified Opinion Parties”. Merger Corp., Dave &
Buster’s, the Canadian Subsidiary and each of the subsidiaries of Dave & Buster’s listed on Schedule I other than the Specified Opinion Parties, shall hereinafter be referred to as the “Other Opinion Parties”. The
Other Opinion Parties and the Specified Opinion Parties shall hereinafter be referred to together as the “Opinion Parties”, and each, individually, an “Opinion Party”. Capitalized terms defined in the Credit
Agreement and used (but not otherwise defined) herein are used herein as so defined. 
 In so acting, we have examined originals
or copies (certified or otherwise identified to our satisfaction) of the following: (a) the Credit Agreement; (b) that certain joinder to the Credit Agreement entered into as of the date hereof by the Canadian Subsidiary and JPMorgan Chase
Bank, N.A. as Administrative Agent (the “Joinder”); (c) the Guarantee and Collateral Agreement as the same is supplemented by that certain assumption agreement (the 

 June 1, 2010 
 Page 2 
  

 
“Assumption Agreement”) to the Guarantee and Collateral Agreement entered into as of the date hereof by each of the subsidiaries of Dave & Buster’s other than the
Canadian Subsidiary (the Guarantee and Collateral Agreement together with and as supplemented by the Assumption Agreement, the “Collateral Agreement”); (d) that certain acknowledgement and consent in relation to the Guarantee
and Collateral Agreement entered into as of the date hereof by the Canadian Subsidiary (the “Acknowledgement and Consent”); (e) that certain copyright security agreement dated as of the date hereof by Dave &
Buster’s I, L.P. in favor of, amongst others, JPMorgan Chase Bank, N.A. as Administrative Agent; (f) that certain trademark security agreement dated as of the date hereof by Dave & Buster’s I, L.P. in favor of, amongst
others, JPMorgan Chase Bank, N.A. as Administrative Agent; and (g) the financing statements on Form UCC-1 attached hereto as Annex A-1, Annex A-2 and Annex A-3 respectively. The items specified in the foregoing clauses (c), (e) and
(f) are collectively referred to herein as the “Security Agreements” and together with the Credit Agreement, the Joinder and the Acknowledgement and Consent are collectively referred to herein as the “Opinion
Documents”. The items specified in the foregoing clause (g) are collectively referred to herein as the “Financing Statements”. 
 In addition, we have also examined originals or copies (certified or otherwise identified to our satisfaction) of such corporate and partnership, as applicable, records, agreements, documents and other
instruments, and such certificates or comparable documents of public officials and of officers and representatives of the Specified Opinion Parties, and have made such inquiries of such officers and representatives, as we have deemed relevant and
necessary as a basis for the opinions hereinafter set forth. 
 In such examination, we have assumed the genuineness of all
signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed or photostatic copies and the
authenticity of the originals of such latter documents. As to all questions of fact material to these opinions that have not been independently established, we have relied upon certificates or comparable documents of officers and representatives of
the Opinion Parties and upon the representations and warranties of the Opinion Parties contained in the Opinion Documents. We have also assumed (i) the due organization and valid existence of each Other Opinion Party, (ii) that each Other
Opinion Party has the requisite corporate, partnership or limited liability company power and authority to enter into and perform the Opinion Documents to which it is a party and (iii) the due authorization, execution and delivery of the
Opinion Documents to which it is a party by each Other Opinion Party. As used herein, “to our knowledge” and “of which we are aware” mean the conscious awareness of facts or other information by any lawyer in our firm actively
involved in the transactions contemplated by the Opinion Documents. 
 Based on the foregoing, and subject to the qualifications
stated herein, we are of the opinion that: 
 1.(a) Each DE Opinion Party is a corporation or limited partnership, as
applicable, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. 

 June 1, 2010 
 Page 3 
  

 (b) The CA Opinion Party is a corporation validly existing and in good standing under
the laws of the State of California and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. 

(c) The NY Opinion Party is a corporation validly existing and in good standing under the laws of the New York and has all requisite
corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. 

2. Each Specified Opinion Party has all requisite corporate or partnership power and authority, as the case may be, to execute and
deliver the Opinion Documents to which it is a party and to perform its obligations thereunder. The execution, delivery and performance of the Opinion Documents by each Specified Opinion Party a party thereto has been duly authorized by all
necessary corporate or partnership action, as applicable, on the part of such Specified Opinion Party. Each Opinion Document has been duly and validly executed and delivered by each Specified Opinion Party a party thereto and (assuming the due
authorization, execution and delivery thereof by the Other Opinion Parties and the other parties thereto) constitutes the legal, valid and binding obligation of each Opinion Party a party thereto, enforceable against each such Opinion Party in
accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general
principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that (A) rights to indemnification and
contribution thereunder may be limited by federal or state securities laws or public policy relating thereto, (B) no opinion is expressed with respect to set-offs by participants in financing agreements, (C) certain remedial provisions of
the Opinion Documents are or may be unenforceable in whole or in part under the laws of the State of New York, but the inclusion of such provisions does not affect the validity of the Opinion Documents, and the Opinion Documents contain adequate
provisions for the practical realization of the rights and benefits afforded thereby, and (D) no opinion is expressed with respect to any provision of the Opinion Documents providing for liquidated damages. No opinion is expressed in this
paragraph as to the attachment, perfection or priority of any liens granted pursuant to any of the Security Agreements. 
 3.
The execution and delivery by each Specified Opinion Party of the Opinion Documents to which it is a party and the performance by such Specified Opinion Party of its obligations thereunder will not conflict with, constitute a default under, or
violate (i) any of the terms, conditions or provisions of the articles of incorporation, certificate of formation, limited partnership agreement or by-laws, as applicable, of such Specified Opinion Party, (ii) any Delaware corporate or
limited partnership, California corporate, New York or federal law or regulation applicable to such Specified Opinion Party (other than (A) federal and state securities or blue sky laws, (B) federal, state and local franchising or similar
laws or regulations, and (C) federal, state and local alcoholic beverage control laws or regulations or any related laws or regulations regulating liquor licenses, in each case, as to which we express no opinion), or (iii) any judgment,
writ, injunction, decree, order or ruling of any court or governmental authority binding on any Specified Opinion Party of which we are aware. 

 June 1, 2010 
 Page 4 
  

 4. No consent, approval, waiver, license or authorization or other action by or filing
with any Delaware corporate or limited partnership, California corporate or New York or federal governmental authority is required in connection with the execution and delivery by any Specified Opinion Party of the Opinion Documents to which such
Specified Opinion Party is a party, the consummation by the Specified Opinion Parties of the transactions contemplated thereby or the performance by such Specified Opinion Party of its obligations thereunder, in each case except for (i) filings
in connection with perfecting security interests under the Opinion Documents, (ii) the filing with the appropriate authorities (including the Delaware Secretary of State) of the certificate of merger in relation to the mergers between
Intermediate and Holdings and Merger Corp. and Dave & Buster’s, (iii) such consents and approvals as have been obtained, (iv) federal and state securities or blue sky laws, (v) federal, state and local franchising or
similar laws or regulations, (vi) federal, state and local alcoholic beverage control laws or regulations or any related laws or regulations regulating liquor licenses and (vii) consents, approvals, waivers, licenses, authorizations or
other actions the failure of which to obtain or make could not reasonably be expected to result in a Material Adverse Effect (or on the date hereof, a Closing Date Material Adverse Effect), in each case as to which we express no opinion. 

5.(a) The execution and delivery of the Collateral Agreement creates a valid security interest in the Collateral (as defined in the
Collateral Agreement) in favor of the Administrative Agent for the benefit of the Lenders, as security for the Obligations (as defined in the Collateral Agreement). Assuming the filing of the Financing Statements attached as Annex A-1 herein
with the Secretary of State of the State of Delaware, such security interest with respect to the DE Opinion Parties is perfected to the extent a security interest in the Collateral may be perfected by the filing of a financing statement under the
Uniform Commercial Code in effect in the State of Delaware (the “DE UCC”). Assuming the filing of the Financing Statement attached as Annex A-2 herein with the Secretary of State of the State of California, such security
interest with respect to the CA Opinion Party is perfected to the extent a security interest in the Collateral of the CA Opinion Party may be perfected by the filing of a financing statement under the Uniform Commercial Code in effect in the State
of California (the “CA UCC”). Assuming the filing of the Financing Statement attached as Annex A-3 herein with the Secretary of State of the State of New York, such security interest with respect to the NY Opinion Party is
perfected to the extent a security interest in the Collateral of the NY Opinion Party may be perfected by the filing of a financing statement under the Uniform Commercial Code in effect in the State of New York (the “NY UCC”, and
together with the DE UCC and the CA UCC, the “UCC”). 
 (b) Upon (i) delivery in the State of New York to
the Administrative Agent (the “Pledgee”) of all certificates that represent the Pledged Stock (as defined in the Collateral Agreement), together with stock powers properly executed in blank with respect thereto, and assuming
(ii) that the Pledgee and the Lenders were without notice of any adverse claim (as such phrase is defined in Section 8-105 of the NY UCC) with respect to such Pledged Stock, such security interest of the Administrative Agent for the
benefit of the Lenders is perfected and is free of any adverse claim. 

 June 1, 2010 
 Page 5 
  

 The opinions in sub-paragraph (a) above and, with respect to sub-clauses A and B
below, sub-paragraph (b) above, are subject to the following exceptions: 
 A. that with respect to rights in the
Collateral of the Opinion Parties, we express no opinion, and have assumed that each Opinion Party has rights in the Collateral; 
 B. that with respect to any Collateral as to which the perfection of a lien or security interest is governed by the laws of any jurisdiction other than the State of Delaware, the State of California or
the State of New York, we express no opinion; 
 C. that with respect to any Collateral which is or may become fixtures (as
defined in Section 9-102(a)(41) of the DE UCC and NY UCC and Section 9102(a)(41) of the CA UCC) or a commercial tort claim (as defined in Section 9-102(a)(13) of the DE UCC and NY UCC and Section 9102(a)(13) of the CA UCC), we
express no opinion; and 
 D. that with respect to transactions excluded from Article 9 of the DE UCC and NY UCC by
Section 9-109 thereof and of Article 9 of the CA UCC by Section 9109 thereof, we express no opinion. 
 The opinion
set forth in sub-paragraph (b) above is also subject to the following exceptions: 
 E. that with respect to
(i) federal tax liens accorded priority under law and (ii) liens created under Title IV of the Employee Retirement Income Security Act of 1974 which are properly filed after the date hereof, we express no opinion as to the relative
priority of such liens and the security interests created by the Security Agreements or as to whether such liens may be adverse claims; and 
 F. that with respect to any claim (including for taxes) in favor of any state or any of its respective agencies, authorities, municipalities or political subdivisions which claim is given lien status
and/or priority under any law of such state, we express no opinion as to the relative priority of such liens and the security interests created by the Security Agreements or as to whether such liens may be adverse claims. 

In addition, the opinions in sub-paragraphs (a) and (b) above are subject to: (i) the limitations on perfection of security interests in
proceeds resulting from the operation of Section 9-315 of the DE UCC and NY UCC and Section 9315 of the CA UCC; (ii) the limitations with respect to buyers in the ordinary course of business imposed by Sections 9-318 and 9-320 of the
DE UCC and NY UCC and Sections 9318 and 9320 of the CA UCC; (iii) the limitations with respect to documents, instruments and securities imposed by Sections 8-302, 9-312 and 9-331 of the DE UCC and the NY UCC and Sections 8302, 9312 and 9331 of
the CA UCC; (iv) the provisions of Section 9-203 of the DE UCC and NY UCC and Section 9203 of the CA UCC relating to the time of attachment; and (v) Section 552 of Title 11 of the United States Code (the “Bankruptcy
Code”) with respect to any Collateral acquired by any Opinion Party subsequent to the commencement of a case against or by such Opinion Party under the Bankruptcy Code. 

We further assume that all filings will be timely made and duly filed as necessary (i) in the event of a change in the name,
identity or corporate structure of any Specified Opinion Party, (ii) in the event of a change in the location of any Specified Opinion Party and (iii) to continue to maintain the effectiveness of the original filings. 

 June 1, 2010 
 Page 6 
  

 The opinions expressed herein are limited to the laws of the State of New York, the
corporate laws of the State of California, the corporate and partnership laws of the State of Delaware, as applicable, Article 9 of the DE UCC and the CA UCC and the federal laws of the United States, and we express no opinion as to the effect on
the matters covered by this letter of the laws of any other jurisdiction. 
 The opinions expressed herein are rendered solely
for your benefit in connection with the transactions described herein. Those opinions may not be used or relied upon by any other person, nor may this letter or any copies hereof be furnished to a third party, filed with a governmental agency,
quoted, cited or otherwise referred to without our prior written consent. 
 Very truly yours, 

 Schedule I 

 

			
	 Name of Opinion Party
	 	 Jurisdiction of

Organization

		
	 Dave & Buster’s of California, Inc.
	 	California
		
	 Dave & Buster’s of Colorado, Inc.
	 	Colorado
		
	 Dave & Buster’s Management Corporation, Inc.
	 	Delaware
		
	 Tango Acquisition, Inc.
	 	Delaware
		
	 Tango of Arizona, Inc.
	 	Delaware
		
	 Tango of Arundel, Inc.
	 	Delaware
		
	 Tango of Farmingdale, Inc.
	 	Delaware
		
	 Tango of Franklin, Inc.
	 	Delaware
		
	 Tango of Houston, Inc.
	 	Delaware
		
	 Tango of North Carolina, Inc.
	 	Delaware
		
	 Tango of Sugarloaf, Inc.
	 	Delaware
		
	 Tango of Tennessee, Inc.
	 	Delaware
		
	 Tango of Westbury, Inc.
	 	Delaware
		
	 Tango License Corporation
	 	Delaware
		
	 Sugarloaf Gwinnett Entertainment Company, L.P.
	 	Delaware
		
	 Dave & Buster’s of Florida, Inc.
	 	Florida
		
	 Dave & Buster’s of Georgia, Inc.
	 	Georgia
		
	 Dave & Buster’s of Hawaii, Inc.
	 	Hawaii
		
	 Dave & Buster’s of Illinois, Inc.
	 	Illinois
		
	 Dave & Buster’s of Indiana, Inc.
	 	Indiana
		
	 Dave & Buster’s of Kansas, Inc.
	 	Kansas
		
	 Dave & Buster’s of Maryland, Inc.
	 	Maryland
		
	 Dave & Buster’s of Massachusetts, Inc.
	 	Massachusetts
		
	 D&B Realty Holding, Inc.
	 	Missouri
		
	 Dave & Buster’s of Nebraska, Inc.
	 	Nebraska
		
	 Dave & Buster’s of New York, Inc.
	 	New York
		
	 Dave & Buster’s of Oklahoma, Inc.
	 	Oklahoma

			
		
	 Dave & Buster’s of Oregon, Inc.
	  	Oregon
		
	 Dave & Buster’s of Pennsylvania, Inc.
	  	Pennsylvania
		
	 Dave & Buster’s of Pittsburgh, Inc.
	  	Pennsylvania
		
	 DANB Texas, Inc.
	  	Texas
		
	 D&B Leasing, Inc.
	  	Texas
		
	 Dave & Buster’s I, L.P.
	  	Texas
		
	 D&B Marketing Company LLC
	  	Virginia
		
	 Dave & Buster’s of Virginia, Inc.
	  	Virginia
		
	 Dave & Buster’s of Washington, Inc.
	  	Washington
		
	 Dave & Buster’s of Wisconsin, Inc.
	  	Wisconsin

 Annex A-1 

Delaware Financing Statements 

 Annex A-2 

California Financing Statements 

 Annex A-3 

New York Financing Statements 

 EXHIBIT G 
 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement, dated as of June 1, 2010 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among Games Intermediate Merger Corp., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with Dave & Buster’s Holdings, Inc. as the
surviving entity) (“Holdings”), Games Merger Corp., a Missouri corporation (to be merged with and into Dave & Buster’s, Inc., with Dave & Buster’s, Inc. as the surviving entity) (the
“Borrower”), 6131646 Canada Inc., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and Co-Syndication Agents named therein and JPMorgan Chase Bank, N.A., as
administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
 Pursuant to the provisions of Section 2.19(d) of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) it is not a “10-percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code,
(iv) it is not a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question are not effectively connected with the undersigned’s
conduct of a U.S. trade or business. 
 The undersigned has furnished the Administrative Agent and the Borrower with a
certificate of its non-U.S. person status on Internal Revenue Service Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
the Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	 Name:

Title:

 Date: ______,     , 20[    ] 

 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For
U.S. Federal Income Tax Purposes) 
 Reference is made to the Credit Agreement, dated as of June 1, 2010 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Games Intermediate Merger Corp., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with
Dave & Buster’s Holdings, Inc. as the surviving entity) (“Holdings”), Games Merger Corp., a Missouri corporation (to be merged with and into Dave & Buster’s, Inc., with Dave & Buster’s, Inc.
as the surviving entity) (the “Borrower”), 6131646 Canada Inc., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and Co-Syndication Agents named therein and
JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.19(d) of the Credit Agreement, the undersigned
hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such
Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its partners/members is a “bank”
within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), (iv) none of its partners/members is a “10-percent shareholder” of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in
question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished the Administrative Agent and the Borrower with Internal Revenue Service Form W-8IMY accompanied by an Internal Revenue Service Form W-8BEN (or other applicable form) from
each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	 Name:

Title:

 Date: ______,     , 20[    ] 

 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Not
Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is made to the Credit Agreement, dated as of June 1, 2010
(as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Games Intermediate Merger Corp., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with
Dave & Buster’s Holdings, Inc. as the surviving entity) (“Holdings”), Games Merger Corp., a Missouri corporation (to be merged with and into Dave & Buster’s, Inc., with Dave & Buster’s, Inc.
as the surviving entity) (the “Borrower”), 6131646 Canada Inc., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and Co-Syndication Agents named therein and
JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.19(d) of the Credit Agreement, the undersigned
hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the
Internal Revenue Code of 1986, as amended (the “Code”), (iii) it is not a “10-percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled
foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business.

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

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
		 	Name:
		 	Title:

 Date: ____, __, 20[    ] 

 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes) 
 Reference is made to the Credit Agreement, dated as of June 1, 2010 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Games Intermediate Merger Corp., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with
Dave & Buster’s Holdings, Inc. as the surviving entity) (“Holdings”), Games Merger Corp., a Missouri corporation (to be merged with and into Dave & Buster’s, Inc., with Dave & Buster’s, Inc.
as the surviving entity) (the “Borrower”), 6131646 Canada Inc., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and Co-Syndication Agents named therein and
JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.19(d) of the Credit Agreement, the undersigned
hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such participation, (iii) with respect to
such participation, neither the undersigned nor any of its partners/members is a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), (iv) none of its
partners/members is a “10-percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a “controlled foreign corporation” related to the Borrower as
described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished its participating Non-U.S. Lender with Internal Revenue Service Form W-8IMY accompanied by an Internal
Revenue Service Form W-8BEN (or other applicable form) from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Non-U.S. Lender and (2) the undersigned shall have at all times furnished such Non-U.S. Lender with a properly completed and currently effective certificate in either the calendar year in
which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
		 	Name:
		 	Title:

 Date: _____, __, 20[    ] 

 EXHIBIT H 
 FORM OF 
 LENDER ADDENDUM 

The undersigned Lender (i) agrees to all of the provisions of the Credit Agreement, dated as of June 1, 2010 (the
“Credit Agreement”), among GAMES INTERMEDIATE MERGER CORP., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with Dave & Buster’s Holdings, Inc. as the surviving entity)
(“Holdings”), GAMES MERGER CORP., a Missouri corporation (to be merged with and into DAVE & BUSTER’S, INC., with Dave & Buster’s, Inc. as the surviving entity) (the “Borrower”), 6131646
CANADA INC., a Canadian corporation (the “Canadian Borrower”), the Lenders party thereto, the Documentation Agent and Co-Syndication Agents named therein and JPMORGAN CHASE BANK, N.A., as Administrative Agent, and (ii) becomes
a party thereto, as a Lender, with obligations applicable to such Lender thereunder, including, without limitation, the obligation to make extensions of credit to the Borrower and the Canadian Borrower in an aggregate principal amount not to exceed
the amount of its Term Commitment, Revolving Commitment and/or Canadian Revolving Commitment, as the case may be, as set forth opposite the undersigned Lender’s name in Schedule 1.1 A or 1.1C, as the case may be, to the Credit Agreement, as
such amount may be changed from time to time as provided in the Credit Agreement. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

 

			
	 	 	 
		 	(Name of Lender)
		
	By:	 	 
		 	Name:
		 	Title:

 Dated as of __________, 2010 

 EXHIBIT I 
 FORM OF 
 INCREMENTAL FACILITY ACTIVATION NOTICE 

[            ],20[    ] 

 

	To:	JPMorgan Chase Bank, N.A., 

	    	as Administrative Agent under the Credit Agreement referred to below 

 Reference is hereby made to the Credit Agreement dated as of June 1, 2010, (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among
Games Intermediate Merger Corp., a Delaware corporation (to be merged with and into Dave & Buster’s Holdings, Inc., with Dave & Buster’s Holdings, Inc. as the surviving entity) (“Holdings”), Games Merger
Corp., a Missouri corporation (to be merged with and into Dave & Buster’s, Inc., with Dave & Buster’s, Inc. as the surviving entity) (the “Borrower”), 6131646 Canada Inc., a Canadian corporation (the
“Canadian Borrower”), the Lenders, General Electric Capital Corporation, as Documentation Agent, JPMorgan Chase Bank, N.A. and Jefferies Finance LLC, as Co-Syndication Agents and JPMorgan Chase Bank, N.A., as Administrative Agent.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 This notice is an Incremental Facility Activation Notice referred to in the Credit Agreement, and the Borrower and each of the Incremental Term Lenders signatory hereto hereby notify you that: 

 

	 	1.	The amount of the Incremental Term Loan requested by this Incremental Facility Activation Notice is
$[            ].1 

  

	 	2.	The amount of the Incremental Term Loan to be made by each Incremental Term Lender is set forth opposite such Incremental Term Lender’s name on the signature pages
hereof under the caption “Incremental Term Loan amount”. 

  

	 	3.	The Business Day on which such Incremental Term Loans are requested to be made to become effective (the “Increased Amount Date”) pursuant to this
Incremental Facility Activation Notice is [            ] [    ], 201[    ]. 

 

	 	4.	The Incremental Term Loans are to be [on the same terms as] [with terms different from] the outstanding Term Loans. 

 

	 	5.	The use of proceeds of such Incremental Term Loans are to be used for
[                    ]. 

  

	 	6.	Attached hereto as Schedule B are the pro forma financial calculations demonstrating (a) compliance on a pro forma basis with the
financial covenant 

  

	1 	The amount of Incremental Term Loans requested in an aggregate amount may not exceed the Incremental Amount at such time. The Incremental Term Loans being requested
shall be (1) in minimum increments of $10,000,000, or (2) equal to the remaining Incremental Amount at such time. 

	 	
set forth in Section 7.1(b) of the Credit Agreement and (b) that the Consolidated Leverage Ratio is not greater than the Incurrence Ratio, in each case, after giving effect to such
Incremental Term Loan and the application of the proceeds therefrom (including by giving pro forma effect to any Permitted Acquisition financed thereby) as if made and applied on the date of the most-recent financial statements of the
Borrower delivered pursuant to Section 6.1 of the Credit Agreement. 

 Each of the
Incremental Term Lenders and the Borrower hereby agrees that (a) the amortization schedule relating to this Incremental Term Loan is set forth in Schedule A attached hereto, pursuant to which the maturity date shall be no earlier than
[    ], 2016 and (b) the Applicable Margin for this Incremental Term Loan shall be
[                    ].2 
  

	2 	Note that for the Incremental Term to become effective, all conditions specified under 2.24(c) of the Credit Agreement must be met. 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly
authorized officer to execute and deliver this Agreement as of [            ]
[        ],[            ]• 
  

			
	DAVE & BUSTER’S, INC.
		
	By	 	 
		 	Name:
		 	Title:

  

									
	INCREMENTAL TERM LENDER	 		 	 Incremental Term Loan Amount
 [$                    ]

					
	By	 	 	 		 		 	
		 	Name:	 		 		 	
		 	Title:	 		 		 	

 Schedule A 

 

			
	 Amortization Payment Date
	  	 Principal Amount

 Schedule B 
 [Set forth Covenant Calculations] 

 Schedule 1.1 A Commitments 

 

					
	 Term Loan
	  	Amount	 
	 JPMorgan Chase Bank, N.A.
	  	 	118,750,000.00	  
	 General Electric Capital Corporation
	  	 	6,800,000.00	  
	 GE Capital Financial Inc.
	  	 	19,450,000.00	  
	 Jefferies Finance LLC
	  	 	5,000,000.00	  
	 Total
	  	 	150,000,000.00	  

  

					
	 Revolving Credit Facility
	  	Amount	 
	 JPMorgan Chase Bank, N.A.
	  	 	19,625,000.00	  
	 GE Capital Financial Inc.
	  	 	8,750,000.00	  
	 Jefferies Finance LLC
	  	 	20,625,000.00	  
	 Total
	  	 	49,000,000.00	  

 Schedule 1.1 B-1 

 

			
	 Owner
	  	 Location

	 D&B Realty Holding, Inc.
	  	 10727 Composite Drive

Dallas, TX 75220

 Schedule 1.1B-2 

 

							
	 Store Number
	  	 Store Name
	  	 City
	  	 State

	 005
	  	Philly	  	Philadelphia	  	PA
	 006
	  	Addison	  	Addison	  	IL
	 007
	  	Goldcoast	  	Chicago	  	IL
	 008
	  	Hollywood	  	Hollywood	  	FL
	 009
	  	Bethesda	  	Bethesda	  	MD
	 010
	  	Ontario	  	Ontario	  	CA
	 O1l
	  	Cincy/Springdale	  	Springdale	  	OH
	 013
	  	Utica	  	Utica	  	MI
	 015
	  	Palisades	  	West Nyack	  	NY
	 016
	  	Orange	  	Orange	  	CA
	 017
	  	Columbus/Hilliard	  	Hillard	  	OH
	 018
	  	San Antonio	  	San Antonio	  	TX
	 019
	  	Gwinnett	  	Duluth	  	GA
	 020
	  	St. Louis	  	Maryland Heights	  	MO
	 022
	  	Jacksonville	  	Jacksonville	  	FL
	 024
	  	San Jose	  	Milpitas	  	CA
	 026
	  	Pittsburgh	  	Homestead	  	PA
	 028
	  	Miami	  	Miami	  	FL
	 029
	  	Frisco	  	Frisco	  	TX
	 030
	  	Honolulu	  	Honolulu	  	HI
	 031
	  	Cleveland	  	Westlake	  	OH
	 032
	  	Islandia/ Long Island	  	Islandia	  	NY
	 034
	  	Santa Anita	  	Arcadia	  	CA
	 039
	  	Houston II	  	Houston	  	TX
	 043
	  	Phoenix	  	Phoenix	  	AZ
	 047
	  	Omaha	  	Omaha	  	NE
	 049
	  	Kansas City	  	Kansas City	  	KS
	 051
	  	Maple Grove	  	Maple Grove	  	MN
	 052
	  	Tempe	  	Tempe	  	AZ
	 53
	  	Plymouth Meeting	  	Plymouth Meeting	  	PA
	 54
	  	South Arlington	  	Arlington	  	TX
	 56
	  	Tulsa	  	Tulsa	  	OK
	 55
	  	Richmond	  	Glen Allen	  	VA
	 57
	  	Indianapolis	  	Indianapolis	  	IN

							
	 59
	  	Milwaukee	  	Wauwatosa	  	WI
	 60
	  	Roseville	  	Roseville	  	CA
	 61
	  	Braintree	  	Braintree	  	MA
	 62
	  	Burlington	  	Burlington	  	MA

 Schedule 1.1B-3 

 

							
	 Store Number
	  	 Store Name
	  	 City
	  	 State

	 001
	  	WHQ	  	Dallas	  	TX
	 002
	  	Dallas	  	Dallas	  	TX
	 003
	  	Houston	  	Houston	  	TX
	 004
	  	Atlanta	  	Marietta	  	GA
	 012
	  	Denver	  	Denver	  	CO
	 014
	  	Irvine	  	California	  	CA
	 021
	  	Austin	  	Austin	  	TX
	 023
	  	Providence	  	Providence	  	RI
	 025
	  	Westminster	  	Westminster	  	CO
	 027
	  	San Diego	  	San Diego	  	CA
	 033
	  	Toronto	  	Vaughan	  	ON
	 035
	  	Arundel Mills	  	Hanover	  	MD
	 036
	  	Concord Mills	  	Concord	  	NC
	 037
	  	Farmingdale	  	East Farmingdale	  	NY
	 038
	  	Franklin Mills	  	Philadelphia	  	PA
	 042
	  	Nashville	  	Nashville	  	TN
	 044
	  	Westbury	  	Westbury	  	NY
	 045
	  	Discover Mills	  	Lawrenceville	  	GA
	 048
	  	Buffalo	  	Williamsville	  	NY
	 050
	  	Times Square	  	New York	  	NY
	 058
	  	Polaris	  	Columbus	  	OH

 Schedule 1.1C: Canadian Revolving Lender/Canadian Commitments 

 

					
	 Canadian Revolving Credit Facility
	  	Amount	 
	 JPMorgan Chase Bank, N.A., Toronto Branch
	  	 	1,000,000.00	  

 Schedule 1.1D: Existing Letters of Credit 

 

																	
	 Borrower
	  	 Issuing Bank
	  	 Beneficiary
	  	Current
Amount	 	  	Effective
Date	 	  	Expiry
Date	 
	 DAVE & BUSTER’S, INC
	  	JPMorgan Chase Bank	  	Liberty Mutual Insurance Company	  	 	4,141,000.00	  	  	 	17-May-10	  	  	 	1-Mar-11	  
	 DAVE & BUSTER’S, INC
	  	JPMorgan Chase Bank	  	National Union Fire Insurance Co.	  	 	1,500,000.00	  	  	 	5-May-09	  	  	 	1-Mar-11	  

 Schedule 4.4: Consents, Authorizations, Filings and Notices 

 

	1.	Filings with applicable federal, state and local alcoholic beverage control authorities required in connection with the Acquisition and filings in relations to federal,
state and local franchising laws or regulations. 

  

	2.	Consents of and/or notices to landlords of certain properties rented by the Borrower or any of its Subsidiaries. 

 

	3.	Applicable filings under the Securities Exchange Act of 1934, as amended, the Securities Act of 1933, as amended and the pre-merger notification requirements under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and the filing and recordation with the appropriate authorities of appropriate Articles of Merger as required by the Missouri Business Corporation Law and Delaware General Corporation
Law 

  

	4.	Federal and state securities or blue sky laws. 

 Schedule 4.6: Litigation 

 

	1.	Joseph McMurray v. Dave & Buster’s of California, Inc. and Dave & Buster’s, Inc. Orange County Superior Court Case No. 06 CC00099

 Latoya Collins v. Dave & Buster’s of California, Inc., Orange County Superior Court Case
No. 06 CC00181. 
 McMurray and Collins are class action cases filed in California alleging violations of mandatory meal
breaks and rest periods. The cases have been consolidated because the facts and classes involved are virtually identical. The parties have mediated a settlement to these disputes and the Company has paid $1,190,000,00 in order to resolve such
matters in advance of trial. The settlement received final court approval on May 28, 2009, and approval of the payments to the members of the class is expected to be issued by the court within the next sixty days. Dave & Buster’s
will not be required to pay any further sums in connection with this settlement. 

 Schedule 4.9: Intellectual Property 

 

	1.	Settlement Agreement, dates as of February 19, 2008, by and between Dave & Buster’s I, L.P., and Damien Black Company (“Black”) allowing
Black to use the initials “DB” for various clothing items. 

  

	2.	Settlement Agreement, dated as of February 3, 2009, by and between Dave & Buster’s I, L.P., the Dinex Group and Daniel Boulud (collectively
“Dinex”) allowing Dinex to registrer “db BISTRO” and “db BISTRO MODERNE” for restaurant, bar and cafe services, but restricting the rights of Dinex to otherwise use “db” or “DB.”

 Schedule 4.15: Subsidiaries 

 

							
	 Entity Name
	  	 Jurisdiction of

Incorporation or
 Formation
	  	 Owner
	  	 Percentage and

Class of Capital
 Stock or
 Ownership Interest

				
	Dave & Buster’s I, L.P.	  	Texas	  	 Dave & Buster’s of
 California, Inc.
	  	99% limited partnership interest
				
		  		  	Dave & Buster’s, Inc.	  	1% General partnership interest
				
	Dave & Buster’s of Illinois, Inc.	  	Illinois	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Georgia, Inc.	  	Georgia	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Pennsylvania, Inc.	  	Pennsylvania	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	DANB Texas, Inc.	  	Texas	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Maryland, Inc.	  	Maryland	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of California, Inc.	  	California	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Colorado, Inc.	  	Colorado	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of New York, Inc.	  	New York	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Florida, Inc.	  	Florida	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Pittsburgh, Inc.	  	Pennsylvania	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	D&B Realty Holding, Inc.	  	Missouri	  	 Dave & Buster’s of
 California, Inc.
	  	99% Common Shares
				
		  		  	Dave & Buster’s, Inc.	  	1% Common Shares
				
	Dave & Buster’s of Hawaii, Inc.	  	Hawaii	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	D&B Leasing, Inc.	  	Texas	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Kansas, Inc.	  	Kansas	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Nebraska, Inc.	  	Nebraska	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	6131646 Canada Inc.	  	Ontario, Canada	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s Management Corporation, Inc.	  	Delaware	  	Dave & Buster’s, Inc.	  	100% Common Shares

							
				
	Sugarloaf Gwinnett Entertainment, L.P.	  	Delaware	  	Tango of Sugarloaf, Inc.	  	50.1% GP Interest
				
		  		  	Dave & Buster’s of Georgia, Inc.	  	49.9% LP Interest
				
	Tango Acquisition, Inc.	  	Delaware	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Tango of North Carolina, Inc.	  	Delaware	  	Tango Acquisition, Inc.	  	100% Common Shares
				
	Tango of Tennessee, Inc.	  	Delaware	  	Tango Acquisition, Inc.	  	100% Common Shares
				
	Tango of Arizona, Inc.	  	Delaware	  	Tango Acquisition, Inc.	  	100% Common Shares
				
	Tango of Franklin, Inc.	  	Delaware	  	Tango Acquisition, Inc.	  	100% Common Shares
				
	Tango of Farmingdale, Inc.	  	Delaware	  	Tango Acquisition, Inc.	  	100% Common Shares
				
	Tango of Houston, Inc.	  	Delaware	  	Tango Acquisition, Inc.	  	100% Common Shares
				
	Tango of Westbury, Inc.	  	Delaware	  	Tango Acquisition, Inc.	  	100% Common Shares
				
	Tango of Amndel, Inc.	  	Delaware	  	Tango Acquisition, Inc.	  	99.9% Common Shares
				
	Tango License Corporation	  	Delaware	  	Tango Acquisition, Inc.	  	100% Common Shares
				
	Tango of Sugarloaf, Inc.	  	Delaware	  	Tango Acquisition, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Indiana, Inc.	  	Indiana	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Massachusetts, Inc.	  	Massachusetts	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Oklahoma, Inc.	  	Oklahoma	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Oregon, Inc.	  	Oregon	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	D&B Marketing Company LLC	  	Virginia	  	Dave & Buster’s, Inc.	  	100% of LLC Interests
				
	Dave & Buster’s of Virginia, Inc.	  	Virginia	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Washington, Inc.	  	Washington	  	Dave & Buster’s, Inc.	  	100% Common Shares
				
	Dave & Buster’s of Wisconsin, Inc.	  	Wisconsin	  	Dave & Buster’s, Inc.	  	100% Common Shares

 Schedule 4.17: Environmental Matters 

None. 

 Schedule 4.19(a) UCC Filing Jurisdictions 

UCC Filings: 
  

					
	 Entity Name
	  	 Filling Jurisdiction
	  	 Filling Office

	Dave & Buster’s of California, Inc.	  	California	  	Secretary of State
			
	Dave & Buster’s of Colorado, Inc.	  	Colorado	  	Secretary of State
			
	Dave & Buster’s Management Corporation, Inc.	  	Delaware	  	Secretary of State
			
	Sugarloaf Gwinnett Entertainment, L.P.	  	Delaware	  	Secretary of State
			
	Tango Acquisition, Inc.	  	Delaware	  	Secretary of State
			
	Tango of Arizona, Inc.	  	Delaware	  	Secretary of State
			
	Tango of Arundel, Inc.	  	Delaware	  	Secretary of State
			
	Tango of Farmingdale, Inc.	  	Delaware	  	Secretary of State
			
	Tango of Franklin, Inc.	  	Delaware	  	Secretary of State
			
	Tango of Houston, Inc.	  	Delaware	  	Secretary of State
			
	Tango of North Carolina, Inc.	  	Delaware	  	Secretary of State
			
	Tango of Sugarloaf, Inc.	  	Delaware	  	Secretary of State
			
	Tango of Tennessee, Inc.	  	Delaware	  	Secretary of State
			
	Tango of Westbury, Inc.	  	Delaware	  	Secretary of State
			
	Tango License Corporation	  	Delaware	  	Secretary of State
			
	Dave & Buster’s Holdings, Inc.	  	Delaware	  	Secretary of State
			
	Dave & Buster’s of Florida, Inc.	  	Florida	  	 Florida Secured Transaction
 Registry

			
	Dave & Buster’s of Georgia, Inc.	  	Georgia	  	Fulton County
			
	Dave & Buster’s of Hawaii, Inc.	  	Hawaii	  	Bureau of Registrar and Conveyances
			
	Dave & Buster’s of Illinois, Inc.	  	Illinois	  	Secretary of State
			
	Dave & Buster’s of Indiana, Inc.	  	Indiana	  	Secretary of State
			
	Dave & Buster’s of Kansas, Inc.	  	Kansas	  	Secretary of State
			
	Dave & Buster’s of Maryland, Inc.	  	Maryland	  	Maryland State Department of Assessments and Taxation
			
	Dave & Buster’s of Massachusetts, Inc.	  	Massachusetts	  	Secretary of Commonwealth
			
	Dave & Buster’s, Inc.	  	Missouri	  	Secretary of State

					
			
	D&B Realty Holding, Inc.	  	Missouri	  	Secretary of State
			
	Dave & Buster’s of Nebraska, Inc.	  	Nebraska	  	Secretary of State
			
	Dave & Buster’s of New York, Inc.	  	New York	  	NY Department of State
			
	Dave & Buster’s of Oklahoma, Inc.	  	Oklahoma	  	Oklahoma County Clerk
			
	Dave & Buster’s of Oregon, Inc.	  	Oregon	  	Secretary of State
			
	Dave & Buster’s of Pennsylvania, Inc.	  	Pennsylvania	  	Department of State
			
	Dave & Buster’s of Pittsburgh, Inc.	  	Pennsylvania	  	Department of State
			
	DANB Texas, Inc.	  	Texas	  	Secretary of State
			
	D&B Leasing, Inc.	  	Texas	  	Secretary of State
			
	Dave & Buster’s I, L.P.	  	Texas	  	Secretary of State
			
	D&B Marketing Company LLC	  	Virginia	  	State Corporation Commission
			
	Dave & Buster’s of Virginia, Inc.	  	Virginia	  	State Corporation Commission
			
	Dave & Buster’s of Washington, Inc.	  	Washington	  	Department of Licensing
			
	Dave & Buster’s of Wisconsin, Inc.	  	Wisconsin	  	Department of Financial Institutions

  

	2.	The filing of any trademark or patent security agreement with the U.S Patent and Trademark Office and/or the filing of any copyright security agreement with the U.S.
Copyright Office. 

 Schedule 4.19(b): Mortgage Filing Jurisdictions 

Fee Property 
  

					
	 Owner
	  	 Mortgaged Property
	  	 Filing Office

	D&B Realty Holding, Inc.	  	 10727 Composite Drive
 Dallas,
TX 75220
	  	 Dallas County Clerk

Records Building,
 2nd Floor

Dallas, Texas 75202

 Leasehold Property Set Forth on Schedule 1.1B-2 

 

					
	 Lessee
	  	 Leased Property
	  	 Filing County

	Dave & Buster’s of Pennsylvania, Inc.	  	 325 North Columbus Blvd.

Philadelphia, PA 19106
	  	Philadelphia County
			
	Dave & Buster’s, Inc.	  	 1155 North Swift Road
 Addison,
IL 60101
	  	DuPage County
			
	Dave & Buster’s, Inc.	  	 1030 North Clark Street

Chicago, IL 60610
	  	Cook County
			
	Dave & Buster’s, Inc.	  	 3000 Oakwood Blvd.
 Hollywood,
FL 33020
	  	Broward County
			
	D&B Holding, Inc.	  	 11301 Rockville Pike
 North
Bethesda, MD 20895
	  	Montgomery County
			
	Dave & Buster’s of California, Inc.	  	 4821 Mills Circle
 Ontario, CA
91764
	  	San Bernardino County
			
	Dave & Buster’s, Inc.	  	 11775 Commons Drive

Springdale, OH 45246
	  	Hamilton County
			
	Dave & Buster’s, Inc.	  	 45511 Park Avenue
 Utica, MI
48315
	  	Macomb County
			
	Dave & Buster’s of New York, Inc.	  	 4661 Palisades Center Drive

West Nyack, NY 10994
	  	Rockland County
			
	Dave & Buster’s of California, Inc.	  	 20 City Blvd. West
 Orange, CA
92868
	  	Orange County
			
	Dave & Buster’s, Inc.	  	 3665 Park Mill Run Drive

Hilliard, OH 43026
	  	Franklin County
			
	Dave & Buster’s I, L.P.	  	 440 Crossroads Blvd.
 San
Antonio, TX 78201
	  	Bexar County
			
	Dave & Buster’s, Inc.	  	 4000 Venture Drive, N.W.

Duluth, GA 30096
	  	Gwinnett County
			
	Dave & Buster’s, Inc.	  	 13857 Riverport Drive
 Maryland
Heights, MO 63043
	  	St. Louis County
			
	Dave & Buster’s, Inc.	  	 7025 Salisbury Road

Jacksonville, FL 32256
	  	Duval County
			
	Dave & Buster’s of California, Inc.	  	 940 Great Mall Drive
 Milpitas,
CA 95035
	  	Santa Clara County
			
	Dave & Buster’s of Pittsburgh, Inc.	  	 180 E. Waterfront Drive

Homestead, PA 15120
	  	Allegheny County
			
	Dave & Buster’s, Inc.	  	 11481 N.W. 12th Street
 Miami,
FL 33172
	  	Miami-Dade County
			
	Dave & Buster’s I, L.P.	  	 2601 Preston Road
 Frisco, TX
75034
	  	Collin County

					
			
	Dave & Buster’s of Hawaii, Inc.	  	 1030 Auahi Street
 Honolulu, HI
96814
	  	Honolulu County
			
	Dave & Buster’s, Inc.	  	 25735 First Street
 Westlake,
OH 44145
	  	Cuyahoga County
			
	Dave & Buster’s, Inc.	  	 1856 Veteran’s Memorial Highway
 Islandia, NY 11749
	  	Suffolk County
			
	Dave & Buster’s of California, Inc.	  	 400 S. Baldwin Avenue
 Arcadia,
CA 91007
	  	Los Angeles County
			
	Tango of Houston, Inc.	  	 7620 Katy Freeway
 Houston, TX
77024
	  	Harris County
			
	Dave & Buster’s, Inc.	  	 21001 N. Tatum Blvd.
 Phoenix,
AZ 85050
	  	Maricopa County
			
	Dave & Buster’s of Nebraska, Inc.	  	 2502 S. 133rd Plaza
 Omaha, NE
68144
	  	Douglas County
			
	Dave & Buster’s of Kansas, Inc.	  	 1843 Village West Parkway

Kansas City, KS 66111
	  	Wyandotte County
			
	Dave & Buster’s, Inc.	  	 11780 Fountains Way
 Maple
Grove, MN 55369
	  	Hennepin County
			
	Dave & Buster’s, Inc.	  	 2000 E. Rio Salado Parkway

Tempe, AZ 85281
	  	Maricopa County
			
	Dave & Buster’s of Pennsylvania, Inc.	  	 500 West Germantown Pike

Plymouth Meeting, PA 19462
	  	Montgomery County
			
	Dave & Buster’s I, L.P.	  	 425 Curtis Mathes Way

Arlington, TX 76018
	  	Tarrant County
			
	Dave & Buster’s of Oklahoma, Inc.	  	 6812 S. 105th East Avenue

Tulsa, OK 74133
	  	Tulsa County
			
	Dave & Buster’s of Virginia, Inc.	  	 4001 Brownstone Blvd.
 Glen
Allen, VA 23060
	  	Henrico County
			
	Dave & Buster’s of Indiana, Inc.	  	 8350 Castleton Comer Drive

Indianapolis, IN 46250
	  	Marion County
			
	Dave & Buster’s of Wisconsin, Inc.	  	 2201 North Mayfair Road

Wauwatosa, WI 53226
	  	Milwaukee County
			
	Dave & Buster’s of California, Inc.	  	 1174 Roseville Parkway

Roseville, CA 95678
	  	Placer County
			
	Dave & Buster’s of Massachusetts, Inc.	  	 250 Granite Street
 Braintree,
MA 02184
	  	Norfolk County
			
	Dave & Buster’s of Massachusetts, Inc.	  	 90 Middlesex Turnpike

Burlington, MA 01803
	  	Middlesex County

 Leasehold Property Set Forth on Schedule 1.1B-3 

 

					
	 Lessee
	  	 Leased Property
	  	 Filing County

	Dave & Buster’s, Inc.	  	 2481 Manana Drive
 Dallas, TX
75220
	  	Dallas County
			
	Dave & Buster’s I, LP.	  	 8021 Walnut Hill, Suite 700, Dallas,
 TX 75231
	  	Dallas County
			
	Dave and Buster’s I, L.P.	  	 6010 Richmond Avenue
 Houston,
TX 77057
	  	Harris County
			
	Dave & Buster’s, Inc.	  	 2215 D&B Drive
 Marietta,
GA 30067
	  	Cobb County
			
	Dave & Busters of Colorado, Inc.	  	 2000 S. Colorado Blvd.
 Denver,
CO 80222
	  	Denver County

					
			
	Dave & Buster’s of California, Inc.	  	 71 Fortune Drive, Suite 960, Irvine,
 CA 92618
	  	Orange County
			
	Dave & Buster’s I, L.P.	  	 9333 Research Blvd.
 Austin, TX
78759
	  	Travis County
			
	Dave & Buster’s I, L.P., Inc.	  	 40 Providence Place

Providence, RI 02903
	  	Providence County
			
	Dave & Buster’s of Colorado, Inc.	  	 10667 Westminster Blvd. W.

Westminster, CO 80020
	  	Jefferson County
			
	Dave & Buster’s of California, Inc.	  	 2931 Camino Del Rio North
 San
Diego, CA 92108
	  	San Diego County
			
	6131646 Canada Inc.	  	 120 Interchange Way
 Concord,
Vaughan, ON L4K 5C3
	  	Regional Municipality of York
			
	Dave & Buster’s, Inc.	  	 7000 Arundel Mills Circle

Hanover, MD 21076
	  	Anne Arundel County
			
	Tango of North Carolina, Inc.	  	 8361 Concord Mills Blvd.

Concord, NC 28027
	  	Cabarrus County
			
	Tango of Farmingdale, Inc.	  	 Airport Plaza Shopping Center

East Farmingdale, NY 11735
	  	Nassau County
			
	Tango of Franklin, Inc.	  	 1995 Franklin Mills Circle

Philadelphia, PA 19154
	  	Philadelphia County
			
	Tango of Tennessee, Inc.	  	 540 Opry Mills Drive

Nashville, TN 37214
	  	Davidson County
			
	Tango of Westbury, Inc.	  	 1504 Old Country Road

Westbury, NY 11590
	  	Nassau County
			
	Sugarloaf Gwinnett Entertainment Company, L.P.	  	 5900 Sugarloaf Parkway

Lawrenceville, GA 30043
	  	Gwinnett County
			
	Dave and Buster’s of New York, Inc.	  	 4545 Transit Road

Williamsville, NY 14221
	  	Erie County
			
	Dave & Buster’s of New York, Inc.	  	 234 West 42nd Street
 New York,
NY 10036
	  	New York County
			
	Dave & Buster’s, Inc.	  	 1554 Polaris Parkway
 Columbus,
OH 43240
	  	Delaware County

 Schedule 5.1: Pro Forma Leverage Ratio 

 

																	
	 	  	1Q09	 	  	2Q09	 	  	3Q09	 	  	4Q09	 
	 Consolidated EBITDA
	  	$	27,536,000	  	  	$	19,266,000	  	  	$	11,442,000	  	  	$	24,901,000	  
	 Consolidated Lease Expense less Consolidated Lease Expense with respect to any location made prior to the opening of the
Unit at such location
	  	$	10,456,000	  	  	$	10,614,000	  	  	$	10,639,000	  	  	$	10,626,000	  

 Schedule 6.13: Post-Closing Matters 

 

	1.	Pursuant to Section 6.11, on or prior to the date 90 days following the Closing Date (or, in relation to a landlord consent obtained pursuant to Section 6.10,
90 days following the date such consent is obtained), (i) a Mortgage with respect to each Mortgaged Property; (ii) any existing maps, plats and/or as-built surveys of Mortgaged Properties which are in the possession of any Loan Party;
(iii) a mortgagee’s title insurance policy (or policies) or marked up unconditional binder for such insurance, in each case in form and substance reasonably satisfactory to the Administrative Agent (together with evidence that all premiums
in respect of each such policy, all charges for mortgage recording taxes, and all related expenses, if any, have been paid); (iv) a “life of loan” standard flood hazard determination; (v) if such Mortgaged Property is located in
a “special flood hazard area” (A) a policy of flood insurance that covers such Mortgaged Property, written in an amount reasonably satisfactory to the Administrative Agent, and (B) confirmation that the Borrower has received,
with respect to such Mortgaged Property, the notice required pursuant to Section 208(e)(3) of Regulation H of the Board; and (vi) a copy of all recorded documents referred to, or listed as exceptions to title in, the title policy or
policies referred to in clause (iii) above and a copy of all other material documents affecting such Mortgaged Property 

  

	2.	Deposit Account Control Agreements in relation to the bank accounts held with Bank of America, Bank of Hawaii, JPMorgan Chase Bank, N.A. and Wells Fargo Bank pursuant
to Section 5.1(i) of the Credit Agreement (to be delivered on or prior to 75 days following the Closing Date). 

  

	3.	Other post-closing deliverables pursuant to Sections 5.1(h), 5.1(i) or 5.1(k) of the Credit Agreement. 

 Schedule 7.2(d): Existing Indebtedness 

 

	1.	$700,000 payable to James W. Corley pursuant to Section 4.2 of the Employment Agreement, dated April 3, 2000, by and between Dave & Buster’s,
Inc. and James W. Corley. 

  

	2.	$700,000 payable to David O. Corriveau pursuant to Section 4.2 of the Employment Agreement, dated April 3,2000, by and between Dave & Buster’s,
Inc. and David O. Corriveau. 

  

	3.	Attached list of utility, liquor and other financial bonds. 

 Dave & Buster’s Inc. 

 

																							
	 Store #
	 	 Insured Name
	 	Bond #	 	Limit	 	 	Premium	 	 	Status	 	Original
Eff Date	 	 	 Obligee Name
	 	 Bond Description

	Store #55	 	DAVE & BUSTER’S, INC.	 	CMS240040	 	$	4,020.00	  	 	$	101.00	  	 	Open	 	 	05/21/2009	  	 	CITY OF RICHMOND DEPARTMENT OF	 	FINANCIAL GUARANTEE - UTILITY
	Store #56	 	DAVE & BUSTER’S, INC.	 	CMS240044	 	$	1,900.00	  	 	$	100.00	  	 	Open	 	 	04/20/2009	  	 	OKLAHOM NATURAL GAS COMPANY	 	FINANCIAL GUARANTEE - UTILITY
	Store #57	 	DAVE & BUSTER’S INDIANAPOLIS	 	CMS240036	 	$	2,244.00	  	 	$	100.00	  	 	Open	 	 	01/01/2009	  	 	IPL- ELECTRIC	 	FINANCIAL GUARANTEE - UTILITY
	Store # Unkn	 	DAVE & BUSTER’S MILWAUKEE	 	CMS240038	 	$	18,505.00	  	 	$	463.00	  	 	Open	 	 	01/01/2009	  	 	WE ENERGY- ELECTRIC	 	FINANCIAL GUARANTEE - UTILITY
	Store # Unkn	 	DAVE & BUSTER’S MILWAUKEE	 	CMS240033	 	$	15,501.00	  	 	$	388.00	  	 	Open	 	 	01/01/2009	  	 	WE ENERGY- GAS	 	FINANCIAL GUARANTEE - UTILITY
	Store #28	 	DAVE & BUSTER’S, INC.	 	CMS240026	 	$	45,525.00	  	 	$	1,149.38	  	 	Open	 	 	08/23/2008	  	 	FLORIDA POWER & LIGHT COMPANY	 	FINANCIAL GUARANTEE - UTILITY
	Store #50	 	DAVE & BUSTER’S OF NEW YORK, D	 	CMS240032	 	$	1,000.00	  	 	$	200.00	  	 	Open	 	 	03/01/2008	  	 	NEW YORK STATE LIQUOR AUTHORIT	 	TAX - ALCOHOL/LIQUOR - RETAILE
	Store #52	 	DAVE & BUSTER’S, INC.	 	CMS240027	 	$	55,000.00	  	 	$	1,375.00	  	 	Open	 	 	09/25/2007	  	 	SALT RIVER PROJECT, COMMERCIAL	 	FINANCIAL GUARANTEE - UTILITY
	Store #10,14,	 	DAVE & BUSTER’S, INC.	 	CMS240030	 	$	300,000.00	  	 	$	7,500.00	  	 	Open	 	 	06/18/2007	  	 	SOUTHERN CALIFORNIA EDISON COM	 	FINANCIAL GUARANTEE - UTILITY
	Store #44	 	DAVE & BUSTER’S OF NEW YORK, I	 	CMS240039	 	$	1,000.00	  	 	$	100.00	  	 	Open	 	 	02/01/2007	  	 	NEW YORK STATE LIQUOR AUTHORIT	 	TAX - ALCOHOL/LIQUOR - RETAILE
	Store # Unkn	 	DAVE & BUSTER’S OF NEW YORK, I	 	CMS240042	 	$	1,000.00	  	 	$	100.00	  	 	Open	 	 	01/05/2007	  	 	NEW YORK STATE LIQUOR AUTHORIT	 	TAX - ALCOHOL/LIQUOR - RETAILE
	Store #32	 	DAVE & BUSTER’S OF NEW YORK, I	 	CMS240052	 	$	1,000.00	  	 	$	100.00	  	 	Open	 	 	09/01/2006	  	 	STATE LIQUOR AUTHORITY	 	TAX - ALCOHOL/LIQUOR - RETAILE
	Store #45	 	TANGO OF SUGARLOAF	 	CMS240025	 	$	31,645.00	  	 	$	791.00	  	 	Open	 	 	12/22/2005	  	 	GEORGIA POWER COMPANY	 	FINANCIAL GUARANTEE - UTILITY
	Store #15	 	DAVE & BUSTER’S OF NEW YORK, I	 	CMS240037	 	$	1,000.00	  	 	$	118.00	  	 	Open	 	 	07/27/2005	  	 	NEW YORK STATE LIQUOR AUTHORIT	 	TAX - ALCOHOL/LIQUOR TAX -MAN
	Store #48	 	DAVE & BUSTER’S GRAND SPORTS C	 	CMS240050	 	$	1,000.00	  	 	$	150.00	  	 	Open	 	 	04/14/2005	  	 	NEW YORK STATE LIQUOR AUTHORIT	 	TAX - ALCOHOL/LIQUOR - RETAILE
	Store #19	 	DAVE & BUSTER’S, INC.	 	CMS240024	 	$	36,199.00	  	 	$	905.00	  	 	Open	 	 	03/16/2005	  	 	GEORGIA POWER COMPANY	 	FINANCIAL GUARANTEE - TRADITIO
	Store #37	 	DAVE & BUSTER’S, INC.	 	CMS240045	 	$	84,125.00	  	 	$	2,103.00	  	 	Open	 	 	02/14/2006	  	 	LONG ISLAND LIGHTING COMPANY D	 	FINANCIAL GUARANTEE - TRADITIO
	Store #35	 	DAVE & BUSTER’S, INC.	 	CMS240047	 	$	5,892.00	  	 	$	147.00	  	 	Open	 	 	02/14/2005	  	 	BGE	 	FINANCIAL GUARANTEE - TRADITIO
	Store # Unkn	 	DAVE & BUSTER’S, INC.	 	CMS240049	 	$	6,315.00	  	 	$	158.00	  	 	Open	 	 	02/14/2005	  	 	KEYSPAN GAS EAST CORP. DBA KEY	 	FINANCIAL GUARANTEE - TRADITIO
	Store #42	 	TANGO OF TENNESSEE, INC. DBA D	 	CMS240043	 	$	81,700.00	  	 	$	2,043.00	  	 	Open	 	 	09/15/2004	  	 	TENNESSEE DEPARTMENT OF REVENU	 	TAX - ALCOHOL/LIQUOR - RETAILE
	Store #8	 	DAVE & BUSTER’S, INC.	 	CMS240034	 	$	29,770.00	  	 	$	751.44	  	 	Open	 	 	05/20/2004	  	 	FLORIDA POWER & LIGHT COMPANY	 	FINANCIAL GUARANTEE - TRADITIO
		 	Sherri smith	 	15849959	 				 	$	46.00	  	 	Open	 	 	8/30/2008	  	 	Secretary of State	 	Notary Bond
		 	Jill Valachovic	 	LSM0173583	 				 	$	50.00	  	 	Open	 	 	1/20/2010	  	 	Secretary of State	 	Notary Bond
		 	Jill Valachovic	 	LSM0173596	 	$	5,000.00	  	 	$	18.00	  	 	Open	 	 	1/20/2010	  	 	Secretary of State	 	E&O Bond
		 	Total Bond Premiums	 				 	$	18,956.82	  	 		 				 		 	

 Schedule 7.3(f): Existing Liens 

None. 

 Schedule 7.8(j): Existing Investments 

None. 

 Schedule 7.10: Transactions with Affiliates 

None.Depositary Trust Agreement dated as of August 16, 2011

 Exhibit 4.1 
 RYDEX SPECIALIZED PRODUCTS LLC, d/b/a “RYDEX INVESTMENTS”, 
 as Sponsor

 and 

THE BANK OF NEW YORK MELLON, 
 as Trustee 
  

 
 Depositary Trust
Agreement 
 CurrencyShares® Chinese Renminbi Trust 
  

 
 Dated as of
August 16, 2011 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	ARTICLE 1	  	DEFINITIONS AND RULES OF CONSTRUCTION	  	 	2	  
			
	 Section 1.1
	  	Definitions.	  	 	2	  
	 Section 1.2
	  	Rules of Construction.	  	 	8	  
			
	ARTICLE 2	  	STATEMENT OF PURPOSE; CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES; DEPOSIT OF CHINESE RENMINBI; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES	  	 	9	  
			
	 Section 2.1
	  	Statement of Purpose; Duties and Powers of the Trust.	  	 	9	  
	 Section 2.2
	  	Creation and Declaration of Trust; Business of the Trust.	  	 	10	  
	 Section 2.3
	  	Form of Certificates; Book-Entry System; Transferability of Shares.	  	 	10	  
	 Section 2.4
	  	Deposit of Chinese Renminbi.	  	 	13	  
	 Section 2.5
	  	Delivery of Shares.	  	 	14	  
	 Section 2.6
	  	Registration and Registration of Transfer of Shares; Combination and Split-up of Certificates.	  	 	15	  
	 Section 2.7
	  	Surrender of Shares and Withdrawal of Trust Property.	  	 	16	  
	 Section 2.8
	  	Limitations on Delivery, Registration of Transfer and Surrender of Shares.	  	 	18	  
	 Section 2.9
	  	Lost Certificates, Etc.	  	 	19	  
	 Section 2.10
	  	Cancellation and Destruction of Surrendered Certificates.	  	 	19	  
	 Section 2.11
	  	Splits and Reverse Splits of Shares.	  	 	20	  
			
	ARTICLE 3	  	CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES	  	 	20	  
			
	 Section 3.1
	  	Liability of Registered Owner for Taxes and Other Governmental Charges.	  	 	20	  
	 Section 3.2
	  	Warranties on Deposit of Chinese Renminbi.	  	 	21	  
			
	ARTICLE 4	  	ADMINISTRATION OF THE TRUST	  	 	21	  
			
	 Section 4.1
	  	Evaluation of Chinese Renminbi; Calculation of Net Asset Value.	  	 	21	  
	 Section 4.2
	  	Responsibility of the Trustee for Evaluations.	  	 	22	  
	 Section 4.3
	  	Interest Account and Non-Interest Account.	  	 	23	  
	 Section 4.4
	  	Cash Distributions.	  	 	23	  
	 Section 4.5
	  	Distributions of Surplus Property.	  	 	24	  
	 Section 4.6
	  	Fixing of Record Date.	  	 	24	  
	 Section 4.7
	  	Payment of Trust Expenses.	  	 	24	  
	 Section 4.8
	  	Statements and Reports.	  	 	26	  

  
 i 

							
	 Section 4.9
	  	Further Provisions for Sales of Trust Property; Currency Conversion.	  	 	26	  
	 Section 4.10
	  	Counsel.	  	 	28	  
	 Section 4.11
	  	Grantor Trust.	  	 	29	  
			
	ARTICLE 5	  	THE SPONSOR	  	 	29	  
			
	 Section 5.1
	  	Duties of the Sponsor.	  	 	29	  
	 Section 5.2
	  	Obligations of the Sponsor.	  	 	30	  
	 Section 5.3
	  	Prevention or Delay in Performance by the Sponsor.	  	 	31	  
	 Section 5.4
	  	Certain Matters Regarding Successor Sponsor.	  	 	32	  
	 Section 5.5
	  	Resignation of Sponsor; Successors.	  	 	32	  
	 Section 5.6
	  	Compensation of the Sponsor.	  	 	33	  
	 Section 5.7
	  	Federal Securities Law Filings.	  	 	34	  
	 Section 5.8
	  	Discretionary Actions by Sponsor; Consultation.	  	 	34	  
			
	ARTICLE 6	  	THE TRUSTEE	  	 	35	  
			
	 Section 6.1
	  	Maintenance of Office and Transfer Books by the Trustee.	  	 	35	  
	 Section 6.2
	  	Obligations of the Trustee.	  	 	36	  
	 Section 6.3
	  	Prevention or Delay in Performance by the Trustee.	  	 	37	  
	 Section 6.4
	  	Resignation or Removal of the Trustee; Appointment of Successor Trustee.	  	 	38	  
	 Section 6.5
	  	Transfers Between Interest Account and Non-Interest Account.	  	 	40	  
	 Section 6.6
	  	The Depository.	  	 	40	  
	 Section 6.7
	  	Compensation of the Trustee.	  	 	41	  
	 Section 6.8
	  	Retention of Trust Documents.	  	 	42	  
	 Section 6.9
	  	Prospectus Delivery.	  	 	42	  
	 Section 6.10
	  	Discretionary Actions by Trustee; Consultation.	  	 	43	  
			
	ARTICLE 7	  	INDEMNIFICATION	  	 	43	  
			
	 Section 7.1
	  	Indemnification of the Sponsor and Trustee.	  	 	43	  
			
	ARTICLE 8	  	AMENDMENT AND TERMINATION	  	 	47	  
			
	 Section 8.1
	  	Amendment.	  	 	47	  
	 Section 8.2
	  	Termination.	  	 	49	  
			
	ARTICLE 9	  	MISCELLANEOUS	  	 	52	  
			
	 Section 9.1
	  	Counterparts.	  	 	52	  
	 Section 9.2
	  	Third-Party Beneficiaries.	  	 	52	  
	 Section 9.3
	  	Severability.	  	 	53	  
	 Section 9.4
	  	Certain Matters Relating to Beneficial Owners.	  	 	53	  
	 Section 9.5
	  	Notices.	  	 	54	  
	 Section 9.6
	  	Agent for Service; Submission to Jurisdiction.	  	 	55	  
	 Section 9.7
	  	Governing Law.	  	 	56	  

  
 ii 

 EXHIBIT A –DEPOSIT ACCOUNT AGREEMENT 
 EXHIBIT B –FORM OF CERTIFICATES 

  
 iii

 DEPOSITARY TRUST AGREEMENT 

THIS DEPOSITARY TRUST AGREEMENT dated as of August 16, 2011, between Rydex Specialized Products LLC, a Delaware limited liability
company d/b/a “RYDEX INVESTMENTS”, as sponsor, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee. 
 W I T N E S S E T H : 
 WHEREAS the Sponsor desires to
establish a trust, to be known as the “CurrencyShares® Chinese Renminbi Trust”, pursuant to the laws
of the State of New York; 
 WHEREAS the Sponsor desires to establish the terms on which Chinese Renminbi (as herein defined)
may be deposited in the trust and provide for the creation of Chinese Renminbi Shares in Baskets (as herein defined) representing fractional undivided interests in the net assets of the trust and the execution and delivery of Certificates (as herein
defined) evidencing the Chinese Renminbi Shares; and 
 WHEREAS the Sponsor desires to provide for other terms and conditions
upon which the trust shall be established and administered, as hereinafter provided. 

 NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein
contained, the Sponsor and the Trustee hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS AND RULES OF CONSTRUCTION 
 Section 1.1 Definitions. 
 Except as otherwise specified in this Trust
Agreement or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Depositary Trust Agreement. 
 “Agreement” means this Depositary Trust Agreement, as amended or supplemented in accordance with its terms. 
 “Authorized Participant” means a Person that, at the time of submitting a Purchase Order or a Redemption Order, (i) is a registered broker-dealer or other securities market participant,
(ii) is a DTC Participant or an Indirect Participant and (iii) has in effect a valid Authorized Participant Agreement. 
 “Authorized Participant Agreement” means an agreement among the Trustee, the Sponsor and an Authorized Participant that authorizes the Authorized Participant to submit Purchase Orders and
Redemption Orders under this Agreement. The Trustee has no duty or liability to any Person on account of the selection of any Authorized Participant. 
 “Basket” means 50,000 Shares, except that the Trustee, in consultation with the Sponsor, may from time to time increase or decrease the number of Shares comprising a Basket. 

“Basket Chinese Renminbi Amount” is the amount of Chinese Renminbi that must be deposited for issuance of one Basket or that,
subject to the exception stated in Section 2.7, is deliverable upon Surrender of one Basket. The Basket Chinese Renminbi Amount will be determined as provided in Section 2.4(b). 

  
 2 

 “Beneficial Owner” means any Person owning, through DTC, a DTC Participant, or an
Indirect Participant, a Share. 
 “Certificate” means a certificate that may be executed and delivered by the Trustee
under this Agreement evidencing Shares. 
 “Chinese Renminbi” means the official offshore currency of the
People’s Republic of China. 
 “Closing Spot Rate” means the Chinese Renminbi/Dollar exchange rate, as determined
and published by The WM Company at 4:00 PM (London time) on each day that the Exchange is open for regular trading. 

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

“Commission” means the Securities and Exchange Commission of the United States or any successor governmental agency in the
United States. 
 “Corporate Trust Office” means the office of the Trustee at which its depositary receipt business is
administered which, at the date of this Agreement, is located at 101 Barclay Street, New York, New York 10286. 

“Deliver” means (a) when used with respect to Chinese Renminbi, either (i) a wire transfer of immediately available
Chinese Renminbi to the account specified by the Person entitled to the Delivery or (ii) if requested by the Person entitled to the Delivery, delivery of a certified or official bank check for Chinese Renminbi payable as requested by the person
entitled to the Delivery and (b) when used with respect to Shares, either (i) one or more book-entry transfers of those Shares to an account or accounts at DTC designated by the Person entitled to such delivery for further credit as
specified by that Person or (ii) in the circumstances specified in Section 2.3(e), execution and delivery at the Corporate Trust Office of the Trustee of one or more Certificates evidencing those Shares. 

  
 3 

 “Deposit Account Agreement” means the Deposit Account Agreement entered into
between the Trustee and the Depository, substantially in the form annexed hereto as Exhibit A, as it may be amended or supplemented in accordance with this Agreement. 
 “Depositor” means any Authorized Participant that deposits Chinese Renminbi into the Trust, either for its own account or on behalf of another Person that is the owner or beneficial owner of
those Chinese Renminbi. 
 “Depository” means JPMorgan Chase Bank, N.A., London Branch. 

“Dollars” or “$” means the official currency of the United States of America. 

“DTC” means The Depository Trust Company, its nominees and their respective successors. 

“DTC Participant” means a Person that, pursuant to DTC’s governing documents, is entitled to deposit securities with DTC
in its capacity as a “participant.” 
 “Exchange” means the exchange on which the Shares are principally
traded, as specified by the Sponsor, initially the NYSE Arca. 
 “Fiscal Year” means the annual accounting periods of
the Trust which will end on October 31 of each year. 
 “Indemnified Amounts” is defined in Section 7.1.

 “Indemnitee” is defined in Section 7.1. 

“Indemnitor” is defined in Section 7.1. 

  
 4 

 “Indirect Participant” means a Person that, by clearing securities through, or
maintaining a custodial relationship with, a DTC Participant, has access to the DTC clearing system. 
 “Interest
Account” means the interest-bearing account for the Trust’s assets maintained with the Depository pursuant to the Deposit Account Agreement. 
 “Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in China. 

“NAV” means the net asset value of the Trust determined under Section 4.1. 

“NAV per Basket” means the value of a Basket determined under Section 2.4. 

“NAV per Share” means the value of a Share determined under Section 4.1. 

“New York Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day on which the Exchange is not
open for regular trading at noon, New York time. 
 “Non-Interest Account” means the non-interest-bearing account
maintained with the Depository pursuant to the Deposit Account Agreement. 
 “Order Cutoff Time” means (i) 4:00
PM (New York time) or (ii) another time agreed to by the Sponsor and the Trustee and of which Registered Owners and all existing Authorized Participants have been notified by the Trustee. 

“Order Date” means, with respect to a Purchase Order, the date specified in Section 2.4(a) and, with respect to a
Redemption Order, the date specified in Section 2.7. 

  
 5 

 “Person” means any natural person or any limited liability company, corporation,
partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Proceeding” is defined in Section 7.1. 
 “Purchase
Order” is defined in Section 2.4. 
 “Qualified Bank” means a bank, trust company, corporation or national
banking association organized and doing business under the laws of the United States or any State of the United States that is authorized under those laws to exercise corporate trust powers and that (i) is a DTC Participant or a participant in
such other securities depository as is then acting with respect to the Shares, (ii) unless counsel to the Sponsor determines that the following requirement is not necessary for the exception under Section 408(m) of the Code to apply, is a
banking institution as defined in Section 408(n) of the Code and (iii) had, as of the date of its most recent annual financial statements, an aggregate capital, surplus and undivided profits of at least $500,000,000. 

“Redemption Order” is defined in Section 2.7. 
 “Registered Owner” means the Person in whose name Shares are registered on the books of the Trustee maintained for that purpose. 

“Registrar” means any bank or trust company that is appointed to register Shares and transfers of Shares as herein provided.

 “Relevant Price” means the Closing Spot Rate, except as provided below. If, on a particular evaluation day, The WM
Company does not announce a Closing Spot Rate by 6:00 PM (London time), the Trustee will notify the Sponsor. Unless the Sponsor notifies the Trustee by 4:00 p.m. (New York time) that the Sponsor has determined it to be inappropriate to use as the
basis for such valuation, the most recent determination of 

  
 6 

 
the Closing Spot Rate by The WM Company will be the “Relevant Price.” In the event that the Sponsor determines that the most recent determination of the Closing Spot Rate by The WM
Company is not an appropriate basis for valuation of the Trust’s Chinese Renminbi, the Sponsor shall determine and provide the Trustee an alternative basis for such evaluation to be employed by the Trustee, which will be the “Relevant
Price.” The Sponsor shall not be liable to any Person for any determination with respect to the appropriate basis for the Relevant Price made by the Sponsor in good faith. 

“Settlement Date” means, with respect to a Purchase Order, the date specified in Section 2.4(a) and, with respect to a
Redemption Order, the date specified in Section 2.7. 
 “Shares” means Chinese Renminbi Shares created under this
Agreement, each representing a fractional undivided ownership interest in the net assets of the Trust, which interest shall equal a fraction, the numerator of which is 1 and the denominator of which is the total number of Shares outstanding.

 “Sponsor” means Rydex Specialized Products LLC, a Delaware limited liability company, d/b/a “Rydex
Investments”. 
 “Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal
to (.004/365 or 366, depending on the number of days in the year) multiplied by (the Chinese Renminbi in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each
as accrued through the immediately preceding day). 
 “Sponsor Indemnified Persons” is defined in Section 7.1.

 “Surplus Property” means any Trust Property other than (i) Chinese Renminbi deposited by or on behalf of
Authorized Participants pursuant to Section 2.4, in the Interest Account or the Non-Interest Account, (ii) Chinese Renminbi received as interest on Chinese Renminbi in the Interest Account, (iii) amounts withdrawn from the Interest
Account in order to make a redemption described in Section 2.7, or (iv) amounts being held for the payment of estimated Trust expenses. 

  
 7 

 “Surrender” means, when used with respect to Shares, (a) one or more
book-entry transfers of Shares to the DTC account of the Trustee or (b) surrender to the Trustee at its Corporate Trust Office of one or more Certificates evidencing Shares. 

“The WM Company” means The World Markets Company PLC, a State Street Business. 

“Trust” means the CurrencyShares® Chinese Renminbi Trust, the trust entity created by this Agreement. 
 “Trust Property” means the Chinese Renminbi that are deposited under this Agreement and any other money or other property that is received by the Trustee in respect of Trust Property and that is
being held under this Agreement. Trust Property shall not include any property subject to distribution for which the record date for determining Registered Owners entitled to such distribution has passed. 

“Trustee” means The Bank of New York Mellon, a New York banking corporation, in its capacity as trustee under this Agreement,
or any successor as trustee under this Agreement. 
 “Trustee Indemnified Persons” is defined in Section 7.1.

 Section 1.2 Rules of Construction. 
 Unless the context otherwise requires: 
 (i) a term has the meaning assigned to
it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted
accounting principles as in effect in the United States; 

  
 8 

 (iii) “or” is not exclusive; 

(iv) the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Article, Section or other subdivision; 
 (v) “including” means including
without limitation; and 
 (vi) words in the singular include the plural and words in the plural include the singular.

 ARTICLE 2 
 STATEMENT OF PURPOSE; 
 CREATION AND DECLARATION OF 

TRUST; 

FORM OF CERTIFICATES; DEPOSIT OF 
 CHINESE RENMINBI; DELIVERY, 
 REGISTRATION OF TRANSFER AND 

SURRENDER OF SHARES 
 Section 2.1 Statement of Purpose; Duties and Powers of the Trust. 

(a) The Trust is a passive investment vehicle that is not actively managed. The sole purpose of the Trust is to hold Chinese Renminbi on
behalf of the Registered Owners. The Trust shall have no directors or persons acting in similar capacity and no officers or employees, and shall act only through the Trustee and the Sponsor. 

(b) The Trust shall have the power to receive and hold deposits of Chinese Renminbi, issue Baskets representing those deposits,
distribute Chinese Renminbi upon surrenders of Baskets, and perform acts incidental to the foregoing as provided in this Agreement, but the Trust shall not have the power to engage in any other business activities. 

  
 9 

 Section 2.2 Creation and Declaration of Trust; Business of the Trust.

 (a) The Trustee acknowledges that it has received confirmation from the Depository of an initial deposit of 500 Chinese
Renminbi under and in accordance with this Agreement has been made in the Interest Account by the Sponsor on the date hereof in exchange for one Share. The Sponsor is purchasing the initial Share solely for the purpose of forming the Trust. The
Sponsor will redeem the initial Share for 500 Chinese Renminbi as promptly as practicable after the Form S-1 registration statement filed with the Commission with respect to the Shares is declared effective by the Commission and the Initial
Purchaser, as defined in the registration statement, deposits Chinese Renminbi in accordance with the registration statement. 
 (b) The Trustee declares that it will hold that initial deposit and all other Trust Property as trustee for the benefit of the Registered Owners for the purposes of, and subject to and limited by the
terms and conditions set forth in, this Agreement. The trust created by this Agreement shall be known as the
“CurrencyShares® Chinese Renminbi Trust”. 

Section 2.3 Form of Certificates; Book-Entry System; Transferability of Shares. 

(a) The Certificates evidencing Shares shall be substantially in the form set forth in Exhibit B annexed to this Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided. No Shares shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless a Certificate evidencing those Shares has been executed
by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized
officer of the Registrar. The Trustee shall maintain books on which the registered ownership of each Share and transfers, if any, of such registered ownership shall be recorded. Certificates evidencing Shares bearing the manual or

  
 10 

 
facsimile signature of a duly authorized signatory of the Trustee and the manual signature of a duly authorized officer of the Registrar, if applicable, who was, at the time such Certificates
were executed, a proper signatory of the Trustee or Registrar, if applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Certificates. 

(b) The Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not
inconsistent with the provisions of this Agreement as may be required by the Trustee or required to comply with any applicable law or regulations thereunder or with the rules and regulations of the Exchange or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which the Shares evidenced by a particular Certificate are subject. 
 (c) The Sponsor and the Trustee will apply to DTC for acceptance of the Shares in its book-entry settlement system. Shares deposited with DTC shall be evidenced by one or more global Certificates which
shall be registered in the name of Cede & Co., as nominee for DTC, and shall bear the following legend: 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
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 (d) So long as the Shares are eligible for book-entry settlement with DTC and such
settlement is available, unless otherwise required by law, notwithstanding the provisions of Section 2.3(a) and Section 2.3(b), all Shares shall be evidenced by one or more global Certificates the Registered Owner of which is DTC or a
nominee of DTC and (i) no Beneficial Owner of Shares will be entitled to receive a separate Certificate evidencing those Shares, (ii) the interest of a Beneficial Owner in Shares represented by a global Certificate will be shown only on,
and transfer of that interest will be effected only through, records maintained by DTC or a DTC Participant or Indirect Participant through which the Beneficial Owner holds that interest and (iii) the rights of a Beneficial Owner with respect
to Shares represented by a global Certificate will be exercised only to the extent allowed by, and in compliance with, the arrangements in effect between such Beneficial Owner and DTC or the DTC Participant or Indirect Participant through which that
Beneficial Owner holds an interest in Shares. So long as DTC or another authorized depository of the Shares selected by the Sponsor or the Trustee is the Registered Owner, the Trustee and the Sponsor may treat DTC or such other depository as the
absolute owner of the Shares for all purposes whatsoever, including the payment of distributions, and the giving of notices of redemption, tender and other matters with respect to the Shares. 

(e) If, at any time when Shares are evidenced by a global Certificate, DTC ceases to make its book-entry settlement system available for
such Shares and no successor depository of the Shares is identified by the Sponsor and available to act, the Trustee shall execute and deliver separate Certificates evidencing Shares to the DTC Participants entitled thereto, with such additions,
deletions and modifications to this Agreement and to the form of Certificate evidencing Shares as the Sponsor and the Trustee may agree. 
 (f) Title to a Certificate evidencing Shares (and to the Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with the same
effect as in the case of a negotiable instrument 

  
 12 

 
under the laws of New York; provided, however, that the Trustee, notwithstanding any notice to the contrary, may treat the Registered Owner of Shares as the absolute owner thereof
for the purpose of determining the person entitled to any distribution or to any notice provided for in this Agreement and for all other purposes. 
 Section 2.4 Deposit of Chinese Renminbi. 
 (a) After the deposit of
Chinese Renminbi in the Trust by the Initial Purchaser, as defined in the registration statement, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as
supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place
an order with the Trustee (a “Purchase Order”). Purchase Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day will have that day as the Order Date. Purchase Orders received on a day that is not a
New York Business Day or received after the Order Cutoff Time on a New York Business Day will have the next following New York Business Day as the Order Date. The “Settlement Date” for a Purchase Order shall be the third New York
Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. As consideration for each Basket
acquired, Authorized Participants must deposit with the Depository the Basket Chinese Renminbi Amount determined by the Trustee on the Business Day prior to the Settlement Date for the corresponding Purchase Order. The Basket Chinese Renminbi Amount
shall be deposited in the Interest Account. Pursuant to Section 6.5, the Trustee shall contemporaneously instruct the Depository to transfer the portion of the Basket Chinese Renminbi Amount representing interest (including accrued but unpaid
interest) from the Interest Account to the Non-Interest Account. The portion of the Basket Chinese Renminbi Amount representing principal will remain in the Interest Account. 

  
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 (b) The Trustee shall determine the Basket Chinese Renminbi Amount for each New York
Business Day. The initial “Basket Chinese Renminbi Amount” is [    ] Chinese Renminbi. After the initial deposit, the “Basket Chinese Renminbi Amount” shall be an amount of Chinese Renminbi equal
to the quotient obtained by dividing the NAV per Basket on the date on which the determination is being made by the Relevant Price on such date. For purposes of this computation, “NAV per Basket” is the product obtained by
multiplying (x) the NAV per Share determined in compliance with Section 4.1, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Chinese Renminbi smaller than .001
shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each New York Business Day, the Basket Chinese Renminbi Amount. 
 (c) If the Trust Property includes Surplus Property, no deposits of Chinese Renminbi will be accepted until after a record date for distribution of that money or property, or proceeds from that property,
has passed. 
 (d) All deposited Chinese Renminbi shall be owned by the Trust and held for the Trust by the Depository in the
Interest Account or the Non-Interest Account. Any assets of the Trust other than Chinese Renminbi shall be held by the Trustee or the Depository at such place and in such manner as the Trustee shall determine. 

Section 2.5 Delivery of Shares. 
 Upon receipt by the Trustee of any deposit in accordance with Section 2.4, together with a Purchase Order and the other documents required under this Agreement, if any, and a confirmation from the
Depository that the Basket Chinese Renminbi Amount has been Delivered to the Depository for each Basket of Shares and the Depository is holding those Chinese Renminbi for the account of the Trust, the Trustee, subject to the terms and conditions of
this Agreement, shall Deliver to the Depositor the number of Baskets of Shares issuable in respect of such deposit as requested in the corresponding Purchase Order, but only upon payment to the Trustee of the fees and

  
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expenses of the Trustee as provided in Section 6.7 and of all taxes and governmental charges and fees payable in connection with such deposit, the transfer of the Chinese Renminbi and the
issuance and Delivery of the Shares. 
 Section 2.6 Registration and Registration of Transfer of Shares; Combination and
Split-up of Certificates. 
 (a) The Trustee shall keep or cause to be kept a register of Registered Owners of Shares and
shall provide for the registration of Shares and the registration of transfers of Shares. 
 (b) The Trustee, subject to the
terms and conditions of this Agreement, shall register transfers of ownership of Shares on its transfer books from time to time, upon any Surrender of a Certificate evidencing such Shares, by the Registered Owner in person or by a duly authorized
attorney, properly endorsed or accompanied by proper instruments of transfer, and duly stamped as may be required by the laws of the State of New York and of the United States of America. Thereupon the Trustee shall execute a new Certificate or
Certificates evidencing such Shares, and deliver the same to or upon the order of the Person entitled thereto. 
 (c) The
Trustee, subject to the terms and conditions of this Agreement, shall, upon Surrender of a Certificate or Certificates evidencing Shares for the purposes of effecting a split-up or combination of that certificate or certificates, execute and deliver
one or more new Certificates evidencing those Shares. 
 (d) The Trustee may, with the written approval of the Sponsor (which
approval shall not be unreasonably withheld), appoint one or more co-transfer agents for the purpose of effecting registration of transfers of Shares and combinations and split-ups of Certificates at designated transfer offices on behalf of the
Trustee at the Trustee’s expense. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Registered Owners or Persons entitled to Shares and will be
entitled to protection and indemnity to the same extent as the Trustee. 

  
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 Section 2.7 Surrender of Shares and Withdrawal of Trust Property. 

(a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby,
and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the
terms and conditions of this Agreement, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures
attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Chinese Renminbi Amounts
corresponding to such Baskets for the New York Business Day prior to the Settlement Date (as defined below), but excluding from those Basket Chinese Renminbi Amounts any portion that represents the value of Trust Property that is not held as Chinese
Renminbi. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day
will have that day as the Order Date. Redemption Orders received by the Trustee after the Order Cutoff Time on a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The
“Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a
New York Business Day and a Local Business Day. Any Trust Property other than Chinese Renminbi will be delivered by the Trustee. 

  
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 (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose
of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee
shall instruct the Depository to Deliver, to or to the order of the Surrendering Authorized Participant, the amount of Chinese Renminbi represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to
the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Chinese Renminbi other than by wire transfer or at the office of the Depository will be at
the expense and risk of the Authorized Participant. 
 (c) In accordance with the Procedures, the Trustee will instruct the
Depository to Deliver the Basket Chinese Renimbi Amount represented by the number of Baskets specified in the Redemption Order of an Authorized Participant notwithstanding that the Authorized Participant has not Surrendered at the times prescribed
in the Procedures the required number of Shares, if the Authorized Participant has, in accordance with the Procedures, deposited with the Trustee collateral in the form of U.S. dollars equal to 105% of the value of the NAV per Share of the Shares
not Surrendered. The Authorized Participant shall be obligated daily to deposit such additional U.S. dollars as shall be required to maintain an amount equal to 105% of the value of the NAV per Share of the Shares not Surrendered; the Trustee shall
not be obligated to refund any collateral until the Authorized Participant has Surrendered the total number of Shares specified in the Redemption Order. At any time the Sponsor, in its sole discretion, may buy in Shares for the account of the
Authorized Participant and direct the Trustee to apply the collateral to settle such purchase. The Sponsor shall cause such Shares to be Delivered to the Trustee who shall credit and cancel them as Shares surrendered for redemption by the Authorized
Participant in accordance with the preceding provisions of this Section. Notwithstanding any such application of the collateral, the Authorized Participant shall in all events remain liable for any shortfall between the cost to the Trust

  
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of purchasing such Shares and the value of the collateral and for any expense or loss incurred by the Sponsor or Trustee (including attorneys’ fees and disbursements) in the event the
Authorized Participant fails to Surrender Shares or pay such shortfall upon the Sponsor’s demand. Neither the Sponsor nor the Trustee shall be liable to any Authorized Participant, the Beneficial Owners or other Person for loss arising from
actions taken pursuant to this paragraph and, except as directed by the Sponsor and upon receipt of indemnification for costs and liability satisfactory to the Trustee, the Trustee shall not take any action to enforce any obligation of the
Authorized Participant to deposit additional collateral or Surrender Shares. 
 Section 2.8 Limitations on Delivery,
Registration of Transfer and Surrender of Shares. 
 (a) As a condition precedent to the Delivery, registration of transfer,
split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar may require payment from the Depositor or the Authorized Participant Surrendering the Shares of a sum sufficient to reimburse it for any
tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, may
require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement, including this
Section 2.8. 
 (b) The Delivery of Shares against deposits of Chinese Renminbi or the registration of transfer of Shares
shall be suspended generally, or refused with respect to particular requested Deliveries or transfers, (i) as provided in Section 4.5, (ii) during any period when the transfer books of the Trustee are closed, (iii) in the event
the Depository refuses to accept the deposit of Chinese Renminbi pursuant to the terms of the Deposit Account Agreement, or (iv) if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any time or
from time to time. The Trustee will 

  
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inform the Sponsor of Purchase Orders as received on each Business Day, and the Sponsor will monitor such Purchase Orders against the Depository’s deposit limits as then in effect and will
alert the Trustee and Authorized Participants when the maximum amount of Purchase Orders have been received, whereupon the Trustee shall refuse all further Purchase Orders until the following Business Day (in respect of the daily deposit limit) or
until informed by the Sponsor that further Purchase Orders may be accepted (in respect of the aggregate deposit limit). 
 (c)
The Surrender of Shares for purposes of withdrawing Trust Property shall be suspended by the Trustee only if (i) the Trust holds Surplus Property that has not been distributed in accordance with Section 4.5 (ii) the Depository is
unable to process withdrawal instructions, or (iii) the Sponsor determines, in its sole discretion, that a suspension is necessary or desirable. In any case, the Trustee and the Depository shall consult with each other and use good faith
efforts to resume accepting and honoring Redemption Orders as soon as possible. 
 Section 2.9 Lost Certificates,
Etc. 
 The Trustee shall execute and deliver a new Certificate of like tenor in exchange and substitution for a mutilated
Certificate upon cancellation thereof, or in lieu of and in substitution for a destroyed, lost or stolen Certificate if the Registered Owner thereof has (a) filed with the Trustee (i) a request for such execution and delivery before the
Trustee has notice that the Shares evidenced by the Certificate have been acquired by a protected purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed by the Trustee. 

Section 2.10 Cancellation and Destruction of Surrendered Certificates. 

All Certificates Surrendered to the Trustee shall be canceled by the Trustee. The Trustee is authorized to destroy Certificates so
canceled. 

  
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 Section 2.11 Splits and Reverse Splits of Shares. 

If requested in writing by the Sponsor, the Trustee shall effect a split or reverse split of the Shares as of a record date set by the
Trustee in accordance with procedures determined by the Trustee. 
 Unless otherwise directed by the Sponsor, the Trustee shall
not be required to distribute any fraction of a Share in connection with a split or reverse split of the Shares. The Trustee may sell the aggregated fractions of Shares that would otherwise be distributed in a split or reverse split of the Shares or
the amount of Trust Property that would be represented by those Shares and distribute the net proceeds of those Shares or that Trust Property to the Registered Owners entitled to them. 

The amount of Trust Property represented by each Share and the Basket Chinese Renminbi Amount shall be adjusted as appropriate as of the
open of business on the New York Business Day following the record date for a split or reverse split of the Shares. 
 ARTICLE
3 
 CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES 

Section 3.1 Liability of Registered Owner for Taxes and Other Governmental Charges. 

If any tax or other governmental charge shall become payable by the Trustee with respect to any transfer or redemption of Shares, such
tax or other governmental charge shall be payable by the Registered Owner of such Shares to the Trustee. The Trustee shall refuse to effect any registration of transfer of such Shares or any withdrawal of Trust Property represented by such Shares
until such payment is made, and may withhold any distributions, or may sell for the account of the Registered Owner thereof Trust Property or Shares, and may apply such distributions or the proceeds of any

  
 20 

 
such sale in payment of such tax or other governmental charge, and the Registered Owner of such Shares shall remain liable for any deficiency. The Trustee shall distribute any net proceeds of a
sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Registered Owners entitled thereto as in the case of a distribution in cash. 

Section 3.2 Warranties on Deposit of Chinese Renminbi. 

Every Person depositing Chinese Renminbi under this Agreement shall be deemed thereby to represent and warrant that the Person making
such deposit is duly authorized to do so and that at the time of delivery, the Chinese Renminbi are free and clear of any lien, pledge, encumbrance, right, charge or claim (other than the rights created by this Agreement). All representations and
warranties deemed made under this Section 3.2 shall survive the deposit of Chinese Renminbi, Delivery or Surrender of Shares or termination of this Agreement. 
 ARTICLE 4 
 ADMINISTRATION OF THE TRUST 

Section 4.1 Evaluation of Chinese Renminbi; Calculation of Net Asset Value. 

As promptly as practicable after the determination of the Relevant Price on each New York Business Day, ordinarily no later than 2:00 PM
(New York time), the Trustee will calculate, and the Sponsor or a person designated by the Sponsor will publish, the Trust’s net asset value (“NAV”). To calculate the NAV, the Trustee will: 

(a) take the sum of Chinese Renminbi in the Interest Account and Non-Interest Account as of the close of business on the preceding Local
Business Day, as reported by the Depository; 

  
 21 

 (b) add interest accrued but unpaid on the Interest Account through the preceding day;

 (c) subtract the accrued but unpaid Sponsor’s Fee through the preceding day; 

(d) add Chinese Renminbi receivable by the Trust under Purchase Orders having Order Dates on or before the preceding New York Business
Day; 
 (e) subtract Chinese Renminbi payable by the Trust under Redemption Orders having Order Dates on or before the preceding
New York Business Day; 
 (f) convert the result after step (e) into Dollars using the Relevant Price; 

(g) add the Dollar value of any other assets included in the Trust Property as of the close of business on the preceding New York
Business Day; and 
 (h) subtract the Dollar value of any other expenses and liabilities of the Trust as of the close of
business on the preceding New York Business Day. 
 The result is the NAV of the Trust for that New York Business Day. The
Trustee shall also divide the NAV of the Trust by the number of Shares outstanding for the date of the evaluation then being made, which figure is the “NAV per Share.” For purposes of the preceding sentence, the number of Shares
deemed outstanding shall include Shares to be Delivered under Purchase Orders having Order Dates on or before the preceding New York Business Day and shall exclude Shares to be Surrendered under Redemption Orders having Order Dates on or before the
preceding New York Business Day. 
 Section 4.2 Responsibility of the Trustee for Evaluations. 

The Sponsor, Depositors, Registered Owners and Beneficial Owners may rely on any evaluation or determination of any amount made by the
Trustee, and the 

  
 22 

 
Sponsor shall have no responsibility for the accuracy thereof. The determinations made by the Trustee under this Agreement shall be made in good faith upon the basis of information reasonably
available to it, and the Trustee shall in no event be liable to any Person for any errors contained in the Relevant Price or any balance, transaction or related information provided to the Trustee from the Depository. The Trustee shall be under no
liability to the Sponsor, or to Depositors, Registered Owners or Beneficial Owners, for errors in judgment; provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be
subject by reason of negligence or bad faith in the performance of its duties. 
 Section 4.3 Interest Account and
Non-Interest Account. 
 All Chinese Renminbi will be deposited into the Interest Account or the Non-Interest Account in
accordance with Section 6.5. The Interest Account will accrue interest in accordance with the terms of the Deposit Account Agreement. The Non-Interest Account will not accrue interest. 

Section 4.4 Cash Distributions. 
 On the first Local Business Day of each month, the Depository will deposit into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both
a Local Business Day and a New York Business Day, the Trustee will make withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses. In the event that the interest deposited
exceeds the sum of the Sponsor’s Fee for the previous month plus other Trust expenses, if any, then the Trustee shall convert the excess into Dollars in accordance with Section 4.9, and, as promptly as practicable declare a record date and
distribute the net proceeds to Registered Owners on a pro rata basis (in accordance with the number of Shares that they own); provided, however, that in the event that the Trustee shall be required to withhold and does withhold from
such cash an amount on account of taxes, the amount distributed to the Registered Owners shall be reduced accordingly; and provided, further, that the Trustee shall round the amount paid to each Registered Owner to the nearest whole cent.

  
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 Section 4.5 Distributions of Surplus Property. 

At any time that the Trust Property includes Surplus Property, the Trustee shall, as promptly as practicable, (a) distribute all
Surplus Property consisting of Dollars to the Registered Owners in proportion to the number of Shares held by them, and (b) as directed by the Sponsor, convert into Dollars or sell for Dollars all other Surplus Property and distribute the
Dollar proceeds, net of the fees and expenses of the Trustee, to the Registered Owners in proportion to the number of Shares held by them. If the Trust Property includes any Surplus Property that is not Chinese Renminbi, the Trustee shall suspend
deposits of Chinese Renminbi for the purpose of issuance of Shares until after a record date for distribution of that Surplus Property, or proceeds of that Surplus Property, has passed. 

Section 4.6 Fixing of Record Date. 
 Whenever any distribution will be made, or whenever the Trustee receives notice of any solicitation of proxies or consents from Registered Owners, or whenever for any reason there is a split, reverse
split or other change in the outstanding Shares, or whenever the Trustee shall find it necessary or convenient in respect of any matter, the Trustee, in consultation with the Sponsor, shall fix a record date for the determination of the Registered
Owners who shall be (i) entitled to receive such distribution or the net proceeds of the sale thereof, (ii) entitled to give such proxies or consents in respect of any such solicitation or (iii) entitled to act in respect of any other
matter for which the record date was set. 
 Section 4.7 Payment of Trust Expenses. 

(a) The following expenses are or may be accrued and paid by the Trust: 

(1) the Sponsor’s Fee and other fees and expenses of the Sponsor set forth in Section 5.6; 

  
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 (2) expenses of the Trust not assumed by the Sponsor pursuant to Section 5.1(b);

 (3) taxes and other governmental charges; 
 (4) expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of
Registered Owners; and 
 (5) indemnification of the Sponsor as provided in Section 7.1(d). 

(b) On first day of each month that is both a Local Business Day and a New York Business Day, the Trustee shall withdraw from the
Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder. In the event that the expenses exceed the balance of the Non-Interest Account, such excess shall be
withdrawn from the Interest Account. The Trustee will withdraw and, pursuant and subject to the provisions of Section 4.9, convert or sell sufficient Chinese Renminbi to purchase an amount of currency other than Chinese Renminbi sufficient to
pay any Trust expenses payable other than in Chinese Renminbi and the costs of currency conversion. 
 (c) Notwithstanding the
foregoing, if requested by the Sponsor and agreed to by the Trustee, the Trustee will advance amounts out of its own funds for the payment of Trust expenses, provided that the amount advanced at any time shall not exceed $20,000. The amount of such
advances, together with interest thereon at a percentage rate equal to then-current overnight federal funds rate, shall be expenses of the Trust. The Trustee shall have a lien on the balances on hand in the Interest Account and Non-Interest Account
to the extent of all amounts advanced by it pursuant to this Section 4.7(c), which lien shall be superior to the interest of the Registered Owners. 

  
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 (d) The Trustee is conclusively authorized to sell Chinese Renminbi in the smallest amounts
required to permit payment of Trust expenses, it being the intention to minimize the Trust’s holdings of assets other than Chinese Renminbi. Neither the Trustee nor the Sponsor shall have any liability for loss or depreciation resulting from
sales of Chinese Renminbi so made. The Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale made in accordance with this Section 4.7(d). 

Section 4.8 Statements and Reports. 
 After the end of each Fiscal Year and within the time period required by applicable laws, rules and regulations, at the Sponsor’s expense, the Trustee shall send to the Registered Owners as of the
end of such Fiscal Year, an annual report of the Trust containing financial statements audited by independent accountants designated by the Sponsor and such other information as may be required by such laws, rules and regulations or otherwise, or
which the Sponsor determines shall be included. The Trustee may distribute the annual report by any means acceptable to the Registered Owners and that complies with applicable laws, rules and regulations. 

Section 4.9 Further Provisions for Sales of Trust Property; Currency Conversion. 

In addition to selling Chinese Renminbi in accordance with Section 4.7, the Trustee shall sell Chinese Renminbi whenever any one or
more of the following conditions exist: 
 (i) the Sponsor has notified the Trustee that such sale is required by applicable law
or regulation; or 
 (ii) the Trust is to be terminated and its assets liquidated in accordance with Section 8.2.

  
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 When the Trustee is required or permitted to sell Trust Property, it shall sell that Trust
Property as directed by the Sponsor by public or private sale in any manner and on any terms that the Sponsor determines are (i) commercially reasonable in the circumstances and (ii) reasonably calculated to maximize the value of the Trust
Property while taking into account any duty of the Trustee under this Agreement to sell that Trust Property as promptly as practicable. 
 However, whenever the Trustee is required or permitted to sell Trust Property that is currency, unless the Sponsor otherwise directs, the Trustee shall place an order with the Depository (which may act
through an affiliate or a member of its local bank or dealer network) to convert the currency into the required currency that, if applicable, is transferable to the United States, at the Depository’s (or its affiliate’s) rate of exchange
(net of commission). If the Depository declines to convert the currency or if the Sponsor determines that the currency shall be otherwise converted into the required currency, the Sponsor shall instruct the Trustee to place orders with dealers
(which may include the Trustee or any of its affiliates who shall receive compensation at its normal rates) through which the Sponsor may reasonably expect to obtain a commercially reasonable rate of exchange (net of commission) and good execution
of orders. 
 If such conversion can be effected only with the approval or license of any government or agency thereof, the
Trustee, as directed by the Sponsor, shall engage an agent to prepare and file such application for approval or license, if any, as the Sponsor may deem desirable. 
 If at any time the Sponsor shall determine that in its judgment the currency is not convertible on a reasonable basis into the required currency or that, if applicable, is transferable to the United
States, or if any approval or license of any government or agency thereof which is required for such conversion is denied or in the opinion of the Sponsor is not obtainable, or if any such approval or license is not obtained within a reasonable
period as determined by the Sponsor, the Sponsor shall notify the Trustee thereof and the Trustee shall distribute the currency without conversion (or an appropriate 

  
 27 

 
document evidencing the right to receive such currency) to, or in its sole discretion may hold such currency for the respective accounts of, the Persons entitled to receive it. Any interest
earned or investment gains attributable to amounts so held, net of all expenses of the distribution or holding thereof (which shall include the compensation charged by the Trustee for such services), shall be held for distribution to the Persons
entitled to the amount to which the interest or gain is attributable. 
 If any such conversion of currency, in whole or in
part, cannot be effected for distribution to some of the persons entitled to it, the Trustee may, in its discretion, make such conversion and distribution to the extent permissible to the persons entitled to it and may distribute the balance of the
currency without conversion to, or in its sole discretion may hold such currency for the respective accounts of, the Persons entitled to receive it, as described in the preceding paragraph. Any interest earned or investment gains attributable to
amounts so held, net of all expenses of the distribution or holding thereof (which shall include the compensation charged by the Trustee for such services), shall be held for distribution to the Persons entitled to the amount to which the interest
or gain is attributable. 
 In making determinations with respect to the manner of conversion or sale of currency, the Sponsor
may consult with, and shall have no liability for actions taken in reliance upon the advice of, the Depository. The Trustee and the Sponsor shall not be liable or responsible in any way for depreciation or loss incurred by reason of any conversion
or other disposition or of holding of currency pursuant to this Section 4.9. 
 Section 4.10 Counsel.

 The Sponsor may from time to time employ counsel to act on behalf of the Trust and perform any legal services in connection
with the Chinese Renminbi and the Trust, including any legal matters relating to the possible disposition or acquisition of any Chinese Renminbi. The reasonable fees and expenses of such counsel shall be paid by the Sponsor up to an aggregate
maximum of $100,000 per year, with any excess amount to be paid by the Trust. 

  
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 Section 4.11 Grantor Trust. 

Nothing in this Agreement, any agreement with a Depository, or otherwise, shall be construed to give the Trustee or Sponsor the power to
vary the investment of the Beneficial Owners within the meaning of Section 301.7701-4(c) of the regulations under the Code or any similar or successor provision of the regulations under the Code, nor shall the Sponsor give the Trustee any
direction that would vary the investment of the Beneficial Owners. However, the Trustee shall not be liable to any Person for any failure of the Trust to qualify as a grantor trust under the Code or any comparable provision of the laws of any State
or other jurisdiction where that treatment is sought, except that this sentence shall not limit the Trustee’s responsibility for the administration of the Trust in accordance with this Agreement. Neither the Trustee nor the Sponsor will
agree to any amendment of the Deposit Account Agreement unless the Sponsor obtains and delivers to the Trustee a prior written opinion of counsel to the effect that such amendment will have no adverse effect on the classification of the Trust as a
“grantor trust” under the Code. 
 ARTICLE 5 

THE SPONSOR 
 Section 5.1 Duties of the Sponsor. 
 (a) The Sponsor shall select the
Depository and shall be solely responsible for that selection. The Sponsor is responsible for establishing the Trust and for the registration of the Shares. The Sponsor will generally oversee the performance of the Trustee and the Trust’s
principal service providers, but will not exercise day-to-day oversight over the Trustee or such service providers. The Sponsor will regularly communicate with the Trustee to monitor the overall performance of the Trust. The Sponsor will also
designate the independent certified public accountants of the Trust and may from time to time employ legal counsel for the Trust. 

  
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 (b) The Sponsor shall be responsible for all organizational expenses of the Trust, and for
the following administrative and marketing expenses of the Trust: the Trustee’s monthly fee and reimbursement of its ordinary expenses, routine transaction and maintenance fees charged by the Depository, listing fees of the Exchange,
registration fees charged by the Commission, printing and mailing costs, audit fees, legal expenses not in excess of $100,000 per year and any applicable license fees. 
 (c) The Sponsor will monitor the interest rate paid by the Depository and has the right and duty to instruct the Trustee to terminate the Deposit Account Agreement if the Sponsor considers the interest
rate to be noncompetitive. The Trustee shall have no duty to monitor or determine the sufficiency of the interest rate paid by the Depository. 
 Section 5.2 Obligations of the Sponsor. 
 (a) The Sponsor does not
assume any obligation nor shall it be subject to any liability under this Agreement to any Registered Owner or Beneficial Owner or Depositor (including liability with respect to the worth of the Trust Property), except that the Sponsor agrees to
perform its obligations specifically set forth in this Agreement without negligence or bad faith. In no event shall the Sponsor be liable for any indirect, consequential, punitive or special damages, regardless of the form of action and whether or
not any such damages were foreseeable or contemplated. 
 (b) The Sponsor shall not be under any obligation to prosecute any
action, suit or other proceeding in respect of any Trust Property or in respect of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or other Person. 
 (c) The Sponsor shall not be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any Depositor, any Registered Owner or any other
person believed by it in good faith to be competent to give such advice or information. 

  
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 (d) The Sponsor shall not be liable for any acts or omissions made by a successor sponsor
whether in connection with a previous act or omission of the Sponsor or in connection with any matter arising wholly after the resignation of the Sponsor, provided that in connection with the issue out of which such potential liability arises the
Sponsor performed its obligations without negligence or bad faith while it acted as sponsor. 
 (e) The Sponsor shall have no
obligation to comply with any direction or instruction from any Registered Owner or Beneficial Owner or Depositor regarding Shares except to the extent specifically provided in this Agreement. 

Section 5.3 Prevention or Delay in Performance by the Sponsor. 

The Sponsor and its directors, employees, agents and affiliates shall not incur any liability to any Registered Owner, Beneficial Owner
or Depositor if, by reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism or
other circumstances beyond its control, the Sponsor is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed in, doing or performing any act or thing which by the terms of this Agreement it is
provided shall be done or performed and accordingly the Sponsor does not do that act or thing or does that act or thing at a later time than would otherwise be required. The Sponsor will not incur any liability to any Registered Owner or Beneficial
Owner or Depositor by reason of any non-performance or delay in the performance of any act or thing which by the terms of this Agreement it is provided may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion
provided for in this Agreement. 

  
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 Section 5.4 Certain Matters Regarding Successor Sponsor. 

The covenants, provisions and agreements herein contained shall in every case be binding upon any successor to the business of the
Sponsor. The Sponsor may transfer all or substantially all of its assets to an entity which carries on the business of the Sponsor, if at the time of such transfer such successor duly assumes all the obligations of the Sponsor under this Agreement,
and in such event, the Sponsor shall be relieved of all further liability under this Agreement. 
 Section 5.5
Resignation of Sponsor; Successors. 
 If at any time the Sponsor desires to resign its position as Sponsor hereunder, it
may resign by delivering to the Trustee an instrument of resignation executed by the Sponsor. Such resignation shall become effective upon the earliest of the following: (i) the effective date of the appointment by the Trustee of a successor
sponsor and the acceptance by the successor sponsor of that appointment, with such compensation from the Trust as the Trustee may deem reasonable under the circumstances, by an instrument of appointment and assumption executed by the Trustee and the
successor sponsor; or (ii) an agreement by the Trustee to act as sponsor hereunder succeeding to all the rights and duties of the resigning Sponsor without appointing a successor sponsor and without terminating this Agreement; or
(iii) termination of this Agreement in accordance with its terms and completion of distribution of all remaining assets to Registered Owners. The Trustee shall have no obligation to appoint a successor sponsor or to assume the duties of the
Sponsor and shall have no liability to any person because the Trust is terminated by reason of the Sponsor’s resignation. 

If the Sponsor shall fail to undertake or perform or become incapable of undertaking or performing its duties hereunder or shall become
bankrupt or its affairs shall be taken over by public authorities, the effect of that event shall be the same as if the Sponsor had given a notice of resignation as provided in the preceding paragraph. 

Upon its resignation becoming effective, the resigning Sponsor shall be discharged and shall no longer be liable in any manner hereunder
except as to acts or 

  
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omissions occurring before its resignation became effective, and the successor sponsor shall thereupon undertake and perform all duties and be entitled to all rights and compensation as sponsor
under this Agreement. The successor sponsor shall not be under any liability hereunder for acts or omissions occurring prior to the effective date stated in the instrument appointing it successor sponsor. The Trustee shall notify Registered Owners
of the appointment of a successor sponsor. 
 Section 5.6 Compensation of the Sponsor. 

(a) The Sponsor is entitled to receive from the Trust, as an expense of the Trust, the Sponsor’s Fee. The Sponsor’s Fee shall
be accrued daily but paid monthly in arrears. 
 (b) In addition to the Sponsor’s Fee, the Sponsor is entitled to receive
reimbursement from the Trust for all expenses and disbursements incurred by it (exclusive of the expenses assumed by the Sponsor under Section 5.1). Such reimbursement shall be made promptly after such expenses are incurred by the Sponsor.
Notwithstanding the foregoing, the Sponsor is not entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange and (ii) expenses for performing, or fees of
agents for performing, services the Sponsor is required to perform under this Agreement. 
 (c) Within 30 days following the end
of each Fiscal Year, the Sponsor shall certify to the Trustee the amount of its actual expenses and disbursements incurred by it during the preceding Fiscal Year by it in connection with action taken by it pursuant to Section 5.8 and shall
reimburse the Trust any amounts received by it from the Trust that exceed the amount so certified. 
 (d) The Trustee shall have
no liability or responsibility for amounts paid to the Sponsor pursuant to this Section 5.6. 

  
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 Section 5.7 Federal Securities Law Filings. 

The Sponsor shall (i) prepare and file a registration statement with the Commission and take such action as is necessary from time
to time to qualify the Shares for offering and sale under the federal securities laws of the United States, including the preparation and filing of amendments and supplements to such registration statement, (ii) promptly notify the Trustee of
any amendment or supplement to the registration statement or prospectus, of any order preventing or suspending the use of any prospectus, of any request for the amending or supplementing of the registration statement or prospectus or if any event or
circumstance occurs that is known to the Sponsor as a result of which the registration statement or prospectus, as then amended or supplemented, would include an untrue statement of a material 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 misleading, (iii) provide the Trustee from time to time with copies, including copies in electronic form, of the prospectus, as amended and
supplemented, in such quantities as the Trustee may reasonably request and (iv) prepare and file any periodic reports or updates that may be required under the Securities Exchange Act of 1934, as amended. The Trustee shall furnish to the
Sponsor any information from the records of the Trust that the Sponsor reasonably requests in writing that is needed to prepare any filing or submission that the Sponsor or the Trust is required to make under the federal securities laws of the
United States. 
 Section 5.8 Discretionary Actions by Sponsor; Consultation. 

(a) The Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable to protect the rights of the
Registered Owners. The expenses incurred by the Sponsor in connection with taking any action under the preceding sentence (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Sponsor shall be entitled to be
promptly reimbursed for those expenses by the Trust. 

  
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 (b) The Sponsor shall promptly notify the Trustee (i) regarding any action it takes
pursuant to Section 5.8(a) or (ii) if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. 

ARTICLE 6 

THE TRUSTEE 
 Section 6.1 Maintenance of Office and Transfer Books by the Trustee. 

(a) Until termination of this Agreement in accordance with its terms, the Trustee shall maintain facilities for the Delivery,
registration, registration of transfers and Surrender of Shares in accordance with the provisions of this Agreement. 
 (b) The
Trustee shall keep books for the registration of Shares and registration of transfers of Shares which at all reasonable times shall be open for inspection by the Registered Owners. 

(c) Pursuant to Section 2.8(b) and otherwise at the reasonable written request of the Sponsor, the Trustee shall close the transfer
books at any time or from time to time if such action is deemed necessary or advisable in the reasonable judgment of the Sponsor. 
 (d) Pursuant to Section 2.8(c) and otherwise at the reasonable written request of the Sponsor, the Trustee shall suspend withdrawals of Trust Property if the Sponsor, at its sole discretion,
determines that such a suspension is necessary or desirable. 
 (e) Subject to Section 2.3(d), if any Shares are listed on
one or more stock exchanges in the United States, the Trustee shall act as Registrar or, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint a registrar or one or more co-registrars for registry of
such Shares in accordance with any requirements of such exchange or exchanges. 

  
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 Section 6.2 Obligations of the Trustee. 

(a) The Trustee assumes no obligation nor shall it be subject to any liability under this Agreement to the Sponsor, any Registered Owner
or Beneficial Owner or Depositor (including liability with respect to the worth of the Trust Property), except that the Trustee agrees to perform its obligations specifically set forth in this Agreement without negligence or bad faith. In no event
shall the Trustee be liable for any indirect, consequential, punitive or special damages, regardless of the form of action and whether or not any such damages were foreseeable or contemplated; or for an amount in excess of the value of the assets of
the Trust. 
 (b) The Trustee shall not be under any obligation to prosecute any action, suit or other proceeding in respect of
any Trust Property or in respect of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or other Person. 

(c) The Trustee shall not be liable for any action or non-action by it pursuant to the Sponsor’s instruction or in reliance upon the
advice of or information from the Sponsor, legal counsel, accountants, any Depositor, any Registered Owner or any other person believed by it in good faith to be competent to give such advice or information. The Trustee may employ agents, attorneys,
accountants, auditors and other professionals and shall not be responsible for the acts or omissions thereof if selected with reasonable care. The Sponsor shall reimburse the Trustee for the cost of the ordinary services of such of agents,
attorneys, accountants, auditors and other professionals pursuant to the Sponsor’s separate agreement with the Trustee. 

(d) The Trustee shall not be liable for any acts or omissions made by a successor trustee whether in connection with a previous act or
omission of the Trustee or in connection with any matter arising wholly after the resignation of the Trustee, provided that in connection with the issue out of which such potential liability arises the Trustee performed its obligations without
negligence or bad faith while it acted as Trustee. 

  
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 (e) The Trustee shall have no obligation to comply with any direction or instruction from
any Registered Owner or Beneficial Owner or Depositor regarding Shares except to the extent specifically provided in this Agreement. 
 (f) In no event shall the Trustee be personally liable for any taxes or other governmental charges imposed upon or in respect of the Chinese Renminbi or the holding by and deposit or withdrawal thereof
from the Depository, moneys or other assets from time to time held hereunder, or on the income therefrom or the sale or proceeds of sale thereof, or upon it as Trustee hereunder or upon or in respect of the Trust or the Shares, which it may be
required to pay under any present or future law of the United States of America or of any other taxing authority having jurisdiction in the premises. For all such taxes and charges and for any expenses, including counsel’s fees, which the
Trustee may sustain or incur with respect to such taxes or charges, the Trustee shall be reimbursed and indemnified out of the assets of the Trust and the payment of such amounts shall be secured by a lien on the Trust. This paragraph shall survive
notwithstanding any termination of this Agreement and the Trust or the resignation or removal of the Trustee. 

Section 6.3 Prevention or Delay in Performance by the Trustee. 

The Trustee and its directors, employees, agents and affiliates shall not incur any liability to the Sponsor, any Registered Owner,
Beneficial Owner or Depositor if, by reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or
war or terrorism or other circumstances beyond its control, the Trustee is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed in, doing or performing any act or thing which by the terms of
this Agreement it is provided shall be done or performed and accordingly the Trustee does not do that act or thing or does that act or thing at a later 

  
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time than would otherwise be required. The Trustee will not incur any liability to the Sponsor, any Registered Owner or Beneficial Owner or Depositor by reason of any non-performance or delay in
the performance of any act or thing which by the terms of this Agreement it is provided may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Agreement. 

Section 6.4 Resignation or Removal of the Trustee; Appointment of Successor Trustee. 

(a) Resignation. The Trustee may at any time resign as Trustee hereunder by notice of its election so to do, delivered to the
Sponsor, and such resignation shall take effect upon the appointment of a successor trustee and its acceptance of such appointment. 
 (b) Removal by the Sponsor. In case at any time the Trustee shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or a trustee or liquidator
or any public officer shall take charge or control of the Trustee or of its property or affairs for the purposes of rehabilitation, conservation or liquidation, then in any such case the Sponsor shall, subject to the requirements of
Section 6.4(e), remove the Trustee by notice to the Trustee, and such removal shall take effect upon the appointment of a successor trustee and its acceptance of such appointment. 

(c) Removal by Registered Owners. Registered Owners of at least two-thirds (66-2/3 %) of the Shares then outstanding may at any
time remove the Trustee by a notice delivered to the Trustee and Sponsor, and such removal shall take effect upon the appointment of a successor trustee and its acceptance of such appointment. 

(d) Removal for Material Breach. If at any time the Trustee ceases to be a Qualified Bank or is in material breach of its
obligations under this Agreement and the Trustee fails to cure such breach within 30 days after receipt by the Trustee of notice from the Sponsor or Registered Owners acting on behalf of at least 25% of the

  
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outstanding Shares specifying such default and requiring the Trustee to cure such default, the Sponsor may remove the Trustee by notice delivered to the Trustee, and such removal shall take
effect upon the appointment of a successor trustee and its acceptance of such appointment as hereinafter provided. 
 (e)
Appointing Successor Trustees. If the Trustee acting hereunder resigns or is removed, the Sponsor, acting on behalf of the Registered Owners, shall use its reasonable efforts promptly to appoint a successor trustee, which shall be a Qualified
Bank. Every successor trustee shall execute and deliver to its predecessor and to the Sponsor, acting on behalf of the Registered Owners, an instrument in writing accepting its appointment hereunder, and thereupon such successor trustee, without any
further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Sponsor, acting on behalf of
the Registered Owners, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Trust Property to such
successor, and shall deliver to such successor a list of the Registered Owners of all outstanding Shares. The Sponsor or any such successor trustee shall promptly notify the Registered Owners of the appointment of such successor trustee. 

(f) Liability of Trustee. Upon effective resignation hereunder, the resigning or removed Trustee shall be discharged and shall no
longer be liable in any manner hereunder except as to acts or omissions occurring prior to such resignation or removal, and the new trustee shall thereupon undertake and perform all duties and be entitled to all rights and compensation as trustee
under this Agreement. The successor trustee shall not be under any liability hereunder for acts or omissions occurring prior to execution of an instrument accepting its appointment as trustee. 

(g) Effect of Merger of the Trustee. Any corporation into which the Trustee may be merged, consolidated or converted in a
transaction in which the Trustee is not the surviving corporation shall be the successor of the Trustee without the execution or filing of any document or any further act. 

  
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 Section 6.5 Transfers Between Interest Account and Non-Interest Account.

 (a) Proceeds from creation of Baskets shall be deposited into the Interest Account. The Trustee shall contemporaneously
instruct the Depository to transfer the portion of the Basket Chinese Renminbi Amount representing interest (including accrued but unpaid interest) from the Interest Account to the Non-Interest Account. The portion of the Basket Chinese Renminbi
Amount representing principal will remain in the Interest Account. 
 (b) Amounts payable upon Surrender of Shares in whole
Baskets shall be paid from the Interest Account. The Trustee shall contemporaneously instruct the Depository to transfer the portion of the Basket Chinese Renminbi Amount representing interest (including accrued but unpaid interest) from the
Non-Interest Account to the Interest Account. 
 Section 6.6 The Depository. 

(a) The parties acknowledge that the Depository was selected solely by the Sponsor. The Trustee will have no duty or liability to any
Person on account of that selection or the terms, validity or enforceability of the Deposit Account Agreement (except for the due execution thereof by the Trustee). The Depository will be subject at all times and in all respects to the directions of
the Trustee and will be responsible solely to it (provided, however, that any discretionary action to be taken, or decision to be made, by the Trustee pursuant to the Deposit Account Agreement shall only be taken or made if and as directed by the
Sponsor and the directed action or decision does not, in the Trustee’s reasonable discretion, adversely affect the Trustee’s rights or obligations hereunder). The rights and duties of the Depository with reference to the Trust will be
determined by the Deposit Account Agreement and applicable law. The Trustee shall not amend or terminate the Deposit Account Agreement without the written consent of the Sponsor. The Trustee shall terminate the Deposit Account Agreement if the
Sponsor directs it in writing to do so. 

  
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 (b) With respect to the monitoring of the Depository, the Trustee shall: (i) review
statements submitted to the Trustee by the Depository pursuant to the Deposit Account Agreement; and (ii) arrange for inspections, audits or examinations of the Trust Property held for the Trust by the Depository and of the Depository’s
accounts and operations related to the Deposit Account by accountants or other inspectors selected by the Sponsor at such times as directed by the Sponsor and as permitted by the Deposit Account Agreement, and shall report the results of such
reviews, inspections, audits or examinations to the Sponsor. Other than as set forth in this Section 6.6(b), the Trustee shall have no duty to monitor the Depository or to take any action in respect of the Depository except as provided in
Section 6.6(a). In no event shall the Trustee be liable for any loss or damage resulting from any act, omission, insolvency or other failure of the Depository. 
 Section 6.7 Compensation of the Trustee. 
 (a) Each Depositor, and
each person surrendering Shares for the purpose of withdrawing Trust Property, shall pay to the Trustee a fee of $500.00 per Purchase Order pursuant to Section 2.5 or Redemption Order pursuant to Section 2.7 or surrender of Shares after
termination of this Agreement pursuant to Section 8.2(e). 
 (b) The Trustee is entitled to receive from the Sponsor fees
for its services and reimbursement for its out-of-pocket expenses in accordance with written agreements between the Sponsor and the Trustee. Should the Sponsor fail to pay any such fees and expenses when due, the Trustee shall be authorized to
charge such fees and expenses to the Trust to the extent of amounts which could be charged to the Trust under Section 5.8(a) hereof in respect of the Sponsor’s Fee (and the Trustee may charge the same to the Trust to such extent without
regard to whether, because of the Sponsor’s default, fee waiver or other reason, the Sponsor may not then be entitled to payment pursuant to 

  
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Section 5.8(a)), and any amount paid to the Sponsor pursuant to Section 5.8(a) shall be net of amounts so withheld. Upon a failure of the Sponsor to pay any such fees or expenses, the
Trustee’s right of reimbursement shall be secured by a lien on amounts chargeable to the Trust under Section 5.6(a), without giving effect to any fee waiver then in effect, prior to the interest of the Sponsor, the Registered Owners,
Beneficial Owners, Depositors, and any other Person. 
 (c) The Trustee is entitled to charge the Trust for its compensation and
all expenses and disbursements incurred by it in connection with action taken by it under Section 6.10(a) (including the reasonable fees and disbursements of its legal counsel), except that the Trustee is not entitled to charge the Trust
for (i) expenses and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange and (ii) fees of agents for performing services the Trustee is required to perform under this Agreement. 

Section 6.8 Retention of Trust Documents. 
 The Trustee is authorized to destroy those documents, records, bills and other data compiled during the term of this Agreement at the times permitted by the laws or regulations governing the Trustee,
unless the Sponsor reasonably requests the Trustee in writing to retain those items for a longer period. 
 Section 6.9
Prospectus Delivery. 
 The Trustee shall, if required by the federal securities laws of the United States, in any manner
permitted by such laws, deliver, at the time of issuance of Shares, a copy of the relevant prospectus, as most recently furnished to the Trustee by the Sponsor, to each Depositor. 

  
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 Section 6.10 Discretionary Actions by Trustee; Consultation. 

(a) The Trustee may, in its discretion, undertake any action which it may deem necessary or desirable to protect the rights of the
Registered Owners. The Trustee’s customary fee for such actions (which services are extraordinary and not compensated by the Trustee’s customary fee provided in Section 6.7(b)) and expenses incurred by the Trustee in connection with
taking any action under the preceding sentence (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Trustee shall be entitled to be promptly reimbursed for those expenses by the Trust. 

(b) The Trustee shall notify and consult with the Sponsor before undertaking any action under subsection (a) above or if the Trustee
becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. 
 ARTICLE 7 
 INDEMNIFICATION 

Section 7.1 Indemnification of the Sponsor and Trustee. 

(a) The Sponsor shall indemnify the Trustee, its directors, employees and agents (the “Trustee Indemnified Persons”)
against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including, but not limited to, the reasonable fees and expenses of counsel) (collectively “Indemnified Amounts”) that is incurred by any
of them and that arises out of or is related to (i) any offer or sale by the Trust of Baskets of Shares under this Agreement, (ii) the performance of the Trustee’s obligations under this Agreement and under each other agreement
entered into by the Trustee in furtherance of the administration of the Trust (including, without limiting the scope of the foregoing, the Deposit Account Agreement and any Authorized Participant Agreement, including the Trustee’s
indemnification obligations thereunder) or by reason of the Trustee’s acceptance of the Trust or (iii) any filings with or submissions to the 

  
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Commission in connection with or with respect to the Shares (which, by way of illustration and not by way of limitation, include any registration statement and any amendments or supplements
thereto filed with the Commission or any periodic reports or updates that may be filed under the Securities Exchange Act of 1934, as amended, or any failure to make any filings with or submissions to the Commission which are required to be made in
connection with or with respect to the Shares), except that the Sponsor shall not have any obligations under this Section 7.1(a) to pay Indemnified Amounts incurred as a result of and attributable to (x) the negligence or bad faith
of, or material breach of the terms of this Agreement by, the Trustee, (y) written information furnished in writing by the Trustee to the Sponsor expressly for use in the registration statement, or any amendment thereto, filed with the
Commission relating to the Shares that is not materially altered by the Sponsor. Should the Sponsor fail to pay any amount to any Trustee Indemnified Person when due, the Trustee, on behalf of itself or such other Trustee Indemnified Person, shall
be authorized to charge such amount to the Trust. Upon a failure of the Sponsor to pay any such amount, the Trustee’s right of reimbursement shall be secured by a lien on the assets of the Trust, prior to the interest of the Sponsor, Registered
Owners, Beneficial Owners and any other Person. 
 (b) The Trustee shall indemnify the Sponsor, its members, officers, employees
and agents against, and hold each of them harmless from, any Indemnified Amounts (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly
for use in an registration statement, or any amendment thereto, a prospectus pursuant to the Securities Act of 1933 Section 10(a) or Section 10(b), or a prospectus supplement thereto with the Commission relating to the Shares that is not
materially altered by the Sponsor. 
 (c) If the indemnification provided for in Section 7.1(a) or Section 7.1(b) is
unavailable or insufficient to hold harmless the indemnified party under subsection (a) or (b) above, then the indemnifying party shall contribute to the Indemnified Amounts referred to in subsection (a) or (b) above (i) in
such proportion as is appropriate to reflect 

  
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the relative benefits received by the Sponsor on the one hand and the Trustee on the other hand from the fees each receives that are attributable to the Shares which are the subject of the action
or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of
the Sponsor on the one hand and the Trustee on the other hand in connection with the action, statement or omission which resulted in such Indemnified Amount as well as any other relevant equitable considerations. The relative fault shall be
determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact from which the action arises relates to information supplied by the
Sponsor or the Trustee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission or the act or omission from which the action arises. The amount of Indemnified
Amounts referred to in the first sentence of this subsection (c) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the
subject of this subsection (c). 
 (d) The Sponsor and its shareholders, directors, officers, employees, affiliates (as such
term is defined under the Securities Act of 1933, as amended) and subsidiaries (each, a “Sponsor Indemnified Party”) shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without
(i) negligence, bad faith, willful misconduct or willful malfeasance on the part of the Sponsor arising out of or in connection with the performance of its obligations under this Agreement or any actions taken in accordance with the provisions
of this Agreement or (ii) reckless disregard by the Sponsor of its obligations and duties under this Agreement. Such indemnity shall include payment from the Trust of the costs and expenses incurred by such Sponsor Indemnified Party in
defending itself against any claim or liability in its capacity as Sponsor. Any amounts payable to a Sponsor Indemnified Party under this Section 7.1(d) may be payable in advance or shall be secured by a lien on the Trust. 

  
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 (e) If an action, proceeding (including, but not limited to, any governmental
investigation), claim or dispute (each, a “Proceeding”) in respect of which indemnity may be sought by a party is brought or asserted against the another party, the party seeking indemnification (the “Indemnitee”)
shall promptly (and in no event more than seven (7) days after receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the
Indemnitee to so notify the Indemnitor shall not impair the Indemnitee’s ability to seek indemnification from the Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the
Indemnitor’s ability to adequately oppose or defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no
conflict of interest exists as specified in clause (i) below and there are no other defenses available to Indemnitee as specified in clause (iii) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee
(in which case all attorney’s fees and expenses shall be borne by the Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to
participate in the defense thereof, but, in such case, no fees and expenses of such counsel shall be borne by the Indemnitor unless such fees and expenses are otherwise required to be indemnified under Section 7.1(a), Section 7.1(b) or
Section 7.1(d), as applicable, and (i) there is such a conflict of interest between the Indemnitor and the Indemnitee as would preclude, in compliance with the ethical rules in effect in the jurisdiction in which the Proceeding was
brought, one lawyer from representing both parties simultaneously, (ii) the Indemnitor fails, within the earlier of (x) twenty (20) days following receipt of notice of the Proceeding from the Indemnitee or (y) seven (7) days
prior to the date the first response or appearance is required to be made in such Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or (iii) there are legal defenses available to
Indemnitee that are different from or are in addition to those available to the Indemnitor. No compromise or settlement of such Proceeding may 

  
 46 

 
be effected by either party without the other party’s consent unless (m) there is no finding or admission of any violation of law and no effect on any other claims that may be made
against such other party and (n) the sole relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability with respect to any compromise or settlement effected without its
consent, which shall not be unreasonably withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee as a result of a default judgment entered against
the Indemnitee unless such judgment was entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding. 
 ARTICLE 8 
 AMENDMENT AND TERMINATION 

Section 8.1 Amendment. 
 The Trustee and the Sponsor may amend any provisions of this Agreement without the consent of any Registered Owner; provided, however, that the provisions of Section 2.6, Section 2.7,
Section 2.10, Section 4.2 through Section 4.7, this Section 8.1 and Section 8.2 may not be amended unless (i) the provision relates solely to procedural or logistical matters (as distinguished from core economic
rights), or (ii) prior to the amendment, (a) the Sponsor obtains and delivers to the Trustee a written opinion of counsel to the effect that after such amendment the Trust will continue to be classified as a “grantor trust” under
the Code, and (b) in the event that such opinion of counsel assumes that certain actions are taken by the Sponsor or the Trustee in connection with such amendment, such actions shall be taken by the Sponsor or the Trustee, as the case may be.
Any amendment that imposes or increases any fees or charges (other than taxes and other governmental charges, registration fees or other such expenses), or that otherwise prejudices any substantial existing right of the Registered Owners, will not
become effective as to outstanding Shares until 30 days after notice of such amendment is given to the Registered Owners. Every Registered Owner and Beneficial Owner, at the time any amendment so becomes effective, shall be deemed, by continuing to
hold any 

  
 47 

 
Shares or an interest therein, to consent and agree to such amendment and to be bound by this Agreement as amended thereby. In no event shall any amendment impair the right of the Registered
Owner of Shares to Surrender Baskets of Shares and receive therefor the amount of Trust Property represented thereby, except in order to comply with mandatory provisions of applicable law. 

  
 48 

 Section 8.2 Termination. 

(a) The Trustee shall set a date on which this Agreement will terminate and mail notice of that termination to the Registered Owners at
least 30 days prior to the date set for termination, which date shall be no later than 90 days from the mailing of termination notice, if any of the following occurs: 
 (i) the Sponsor has given notice of resignation or is unable to perform its duties or becomes bankrupt or insolvent and the Trustee will not appoint a successor sponsor or agree to act as Sponsor;

 (ii) Registered Owners holding at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the
Trust; 
 (iii) the Depository resigns or is removed; or 

(iv) the Trust receives notice from the Internal Revenue Service or counsel for the Trust or the Sponsor that the Trust fails to qualify
for treatment, or will not be treated, as a grantor trust under the Code. 
 (b) The Trustee shall set a date on which this
Agreement will terminate and mail notice of that termination to the Registered Owners at least 30 days prior to the date set for termination, which date shall be no later than 90 days from the mailing of termination notice, if any of the following
occurs and the Sponsor has notified the Trustee that it elects to terminate this Agreement: 
 (i) The Trustee is notified that
the Shares are delisted from a national securities exchange and are not approved for listing on another national securities exchange within five New York Business Days of their delisting; 

  
 49 

 (ii) the Commission determines that the Trust is an investment company under the Investment
Company Act of 1940, as amended; 
 (iii) the NAV of the Trust remains less than $100 million for 30 consecutive New York
Business Days at any time after the first 90 days of the Shares being traded on the Exchange; 
 (iv) all of the Trust’s
assets are sold; 
 (v) the aggregate market capitalization of the Trust, based on the closing price for the Shares remains
less than $300 million at any time for five consecutive trading days beginning after the first anniversary of this Agreement; or 
 (vi) DTC ceases providing book-entry settlement services for the Shares. 
 (c) If
60 days have elapsed since the Trustee gave the Sponsor notice of its election to resign and no successor trustee appointed by the Sponsor has accepted appointment as Trustee, the Trustee may set a date on which this Agreement will terminate and
mail notice of that termination to the Registered Owners at least 30 days prior to the date set for termination. 
 (d) If not
terminated sooner, this Agreement shall terminate forty years from the date of this Agreement, and the Trustee shall mail a notice of that termination to the Registered Owners and the Sponsor at least 30 days before the termination date, provided,
however, that if the law governing the Trust limits the maximum period during which the Trust may continue, the trust shall terminate upon the expiration of 21 years after the death of the last survivor of all of the descendants of Elizabeth II,
Queen of England, living on the date of this Agreement. 

  
 50 

 (e) On and after the date of termination of this Agreement, the Trustee shall not accept any
deposits of Chinese Renminbi. If any Shares remain outstanding after the date of termination of this Agreement, the Trustee thereafter shall discontinue the registration of transfers of Shares, shall not make any distributions to Registered Owners,
and shall not give any further notices or perform any further acts under this Agreement, except that the Trustee shall continue to collect distributions pertaining to Trust Property and hold the same uninvested (except to the extent
the Depository credits interest pursuant to the Deposit Account Agreement) and without liability for interest, pay the Trust’s expenses and sell Chinese Renminbi as necessary to meet those expenses and shall continue to deliver Trust Property,
together with any distributions received with respect thereto and the net proceeds of the sale of any other property, in exchange for Shares Surrendered to the Trustee by Authorized Participants in accordance with Section 2.7 (after deducting
or upon payment of, in each case, the fee of the Trustee set forth in Section 6.7 for the Surrender of Shares, any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Agreement,
and any applicable taxes or other governmental charges), and the Trustee is authorized to make such computations and take such other actions provided in this Agreement as may be necessary to accomplish the foregoing limited purposes. Upon the
expiration of 90 days following the date of termination of this Agreement, pursuant to the Sponsor’s direction or if the Sponsor fails to provide direction as the Trustee determines, the Trustee shall sell for Dollars the Trust Property and any
other property then held under this Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it under this Agreement, unsegregated and without liability for interest, for the
pro rata benefit of the Registered Owners of Shares that have not theretofore been Surrendered, such Registered Owners thereupon becoming general creditors of the Trustee with respect to such net proceeds. The Trustee shall have no
liability for loss or depreciation resulting from any sale made pursuant to the Sponsor’s direction or otherwise made by the Trustee in good faith. After making such sale, the trust created by this Agreement shall terminate and the Trustee
shall be 

  
 51 

 
discharged from all obligations under this Agreement, except to deliver to such Registered Owners against Surrender of Shares (and, if DTC is the Registered Owner, in accordance with its rules
and procedures for such Surrender and delivery) their pro rata portion of the net proceeds and other cash (after deducting, in each case, any accrued fees and expenses, and any taxes, other governmental charges or liabilities payable
by the Trust, and any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Agreement). Upon the termination of this Agreement, the Sponsor shall be discharged from all obligations under
this Agreement except for its obligations to the Trustee under Section 6.7 and Section 7.1, each of which shall survive termination of this Agreement. The Trustee’s recourse to the Trust under Sections 6.7 and 7.1, the Sponsor’s
right to compensation under Section 5.6 and this Section 8.2(e) shall also survive termination of this Agreement. 

ARTICLE 9 

MISCELLANEOUS 
 Section 9.1 Counterparts. 
 This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute one and the same instrument. Copies of this Agreement shall be filed with the Trustee and shall be open to inspection by any Registered
Owner during the Trustee’s business hours. 
 Section 9.2 Third-Party Beneficiaries. 

This Agreement is for the exclusive benefit of the parties hereto and Beneficial Owners, and shall not be deemed to give any legal or
equitable right, remedy or claim whatsoever to any other person. 

  
 52 

 Section 9.3 Severability. 

In case any one or more of the provisions contained in this Agreement should be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall in no way be affected, prejudiced or disturbed thereby. 
 Section 9.4 Certain Matters relating to Beneficial Owners. 
 (a) By
the purchase and acceptance or other lawful delivery and acceptance of Shares, each Beneficial Owner thereof shall be deemed to be a beneficiary of the Trust created by this Agreement and vested with beneficial undivided interest in the Trust to the
extent of the Shares owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Agreement. Upon issuance as provided herein, Shares shall be fully paid and non assessable. 

(b) Subject to and in accordance with Sections 2.7 and 2.8, Shares may at any time prior to the date specified by the Trustee in
connection with the termination of the Trust be tendered to the Trustee for redemption. 
 (c) The death or incapacity of any
Beneficial Owner shall not operate to terminate this Agreement or the Trust, nor entitle such Beneficial Owner’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding
up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Beneficial Owner expressly waives any right such Beneficial Owner may have under any rule of law, or the provisions of any
statute, or otherwise, to require the Trustee at any time to account, in any manner other than as expressly provided in the Agreement, in respect of the Trust Property from time to time received, held and applied by the Trustee hereunder.

 (d) No Beneficial Owner shall have any right to vote or in any manner otherwise to control the operation and management of
the Trust, or the obligations of the 

  
 53 

 
parties hereto. Nothing set forth in this Agreement shall be construed so as to constitute the Beneficial Owners from time to time as partners or members of an association; nor shall any
Beneficial Owner ever be liable to any third person by reason of any action taken by the parties to this Agreement, or for any other cause whatsoever. 
 (e) The rights of Beneficial Owners must be exercised by DTC Participants or participants of any successor Depository acting on their behalf in accordance with its rules and procedures and shall be bound
by all of the terms and conditions hereof by their acceptance of Shares or any interest therein or by their depositing Chinese Renminbi, as the case may be. 
 Section 9.5 Notices. 
 (a) All notices given under this Agreement must
be in writing. 
 (b) Any and all notices to be given to the Trustee or the Sponsor shall be deemed to have been duly given
(i) when it is actually delivered by a messenger or recognized courier service, (ii) five days after it is mailed by registered or certified mail, postage paid or (iii) when receipt of a facsimile transmission is acknowledged via a
return receipt or receipt confirmation as requested by the original transmission, in each case to or at the address set forth below: 
 To the Trustee: 
 The Bank of New York Mellon 

2 Hanson Place – 9th Floor 
 Brooklyn, NY 11217 
 or any other place to which the Trustee may have transferred its Corporate
Trust Office with notice to the Sponsor. 

  
 54 

 To the Sponsor: 
 Rydex Specialized Products LLC 
 c/o Rydex Investments 

805 King Farm Boulevard, Suite 600 
 Rockville, Maryland 20850 
 Attention: Kevin Farragher 

Facsimile: 301-296-5112 
 or any
other place to which the Sponsor may have transferred its principal office with notice to the Trustee. 
 (c) Any and all
notices to be given to a Registered Owner shall be deemed to have been duly given (i) when actually delivered by messenger or a recognized courier service, (ii) when mailed, postage prepaid or (iii) when sent by facsimile transmission
confirmed by letter, in each case at or to the address of such Registered Owner as it appears on the transfer books of the Trustee, or, if such Registered Owner shall have filed with the Trustee a written request that any notice or communication
intended for such Registered Owner be delivered to some other address, at the address designated in such request, provided, however, that notices to DTC shall be given in accordance with its rules and procedures established from time to time.

 Section 9.6 Agent for Service; Submission to Jurisdiction. 

The Sponsor hereby (i) irrevocably designates and appoints CT Corporation, in the State of New York, as the Sponsor’s
authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares, the Trust Property or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in The City
of New York, State of New York, in which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Sponsor in any
such suit or proceeding. The Sponsor agrees to deliver, upon the execution and delivery of this Agreement, a written acceptance by such agent of its 

  
 55 

 
appointment as such agent. The Sponsor further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue such
designation and appointment in full force and effect for so long as any Shares remain outstanding or this Agreement remains in force. In the event the Sponsor fails to continue such designation and appointment in full force and effect, the Sponsor
hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Sponsor at its address last specified for notices hereunder, and
service so made shall be deemed completed five (5) days after the same shall have been so mailed. 
 Section 9.7
Governing Law. 
 This Agreement shall be interpreted under, and all rights and duties under this Agreement shall be
governed by, the laws of the State of New York. 
 IN WITNESS WHEREOF, RYDEX SPECIALIZED PRODUCTS LLC and THE BANK OF NEW YORK
MELLON have duly executed this Agreement as of the day and year first set forth above. 
  

			
	RYDEX SPECIALIZED PRODUCTS LLC,
	 as Sponsor

		
	By:	 	 /s/ Nikolaos Bonos

	Name: Nikolaos Bonos
	Title: President & CEO
	
	 THE BANK OF NEW YORK MELLON,
 as Trustee

		
	By:	 	 /s/ Howard Phillips

	Name: Howard Phillips
	Title: Managing Director

  
 56 

 EXHIBIT A 
 Form of Deposit Account Agreement 

  
 1 

 EXHIBIT B 
 Form of Certificate 
 THE SHARES EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING
TRUST PROPERTY (AS DEFINED IN THE TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY THE SPONSOR OR THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED UNDER ANY AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

  
 2 

 CHINESE RENMINBI SHARES 

ISSUED BY 
 CURRENCYSHARES® CHINESE RENMINBI TRUST 

REPRESENTING 

FRACTIONAL INTERESTS IN DEPOSITED CHINESE RENMINBI AND ANY 
 OTHER TRUST PROPERTY 
 THE BANK OF NEW YORK MELLON, as Trustee 

 

			
	No. 1	  	* Shares

 CUSIP: 23131C107 

THE BANK OF NEW YORK MELLON, as Trustee (hereinafter called the Trustee), hereby certifies that CEDE & CO.,
as nominee of the Depository Trust Company, or registered assigns, IS THE OWNER OF * Shares issued by
CurrencyShares® Chinese Renminbi Trust, each representing a fractional undivided interest in the net assets of
the Trust, as provided in the Agreement referred to below. At the time of delivery of the Agreement, each 50,000 Shares represented an interest in 25,000,000 Chinese Renminbi that are deposited under the Agreement and held by the Depository referred
to in the Agreement. The amount of Chinese Renminbi in which each 50,000 Shares represents an interest may change from time to time as provided in the Agreement. The Trustee’s Corporate Trust Office is located at a different address than its
principal executive office. Its Corporate Trust Office is located at 2 Hanson Place, Brooklyn, New York 11217, and its principal executive office is located at One Wall Street, New York, New York 10286. 

This Certificate is issued upon the terms and conditions set forth in the Trust Agreement dated as of August 16, 2011 (the
“Agreement”) between Rydex Specialized Products LLC d/b/a “Rydex Investments” (herein called the Sponsor) and the Trustee. By becoming a Registered Owner or Beneficial Owner, or by depositing Chinese Renminbi, a Person is bound
by all the terms and conditions of the Agreement. The Agreement sets forth the rights of Depositors and Registered Owners and the rights and duties of the Trustee and the Sponsor. Copies of the Agreement are on file at the Trustee’s Corporate
Trust Office in New York City. 
  

	*	That number of Shares held at The Depository Trust Company at any given point in time. 

  
 3 

 The Agreement is hereby incorporated by reference into and made a part of this Certificate
as if set forth in full in this place. Capitalized terms not defined herein shall have the meanings set forth in the Agreement. 

This Certificate shall not be entitled to any benefits under the Agreement or be valid or obligatory for any purpose unless it is
executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly
authorized officer of the Registrar. 
  

							
	Dated: August 16, 2011	 		 	THE BANK OF NEW YORK MELLON,
		 		 	 as Trustee

				
		 		 	By:	 	/s/ Howard Phillips
				
		 		 	Its:	 	Managing Director

 THE TRUSTEE’S CORPORATE TRUST OFFICE ADDRESS IS 

2 Hanson Place, Brooklyn, New York 11217 

  
 4

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